---

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

              Tuesday, August 4, 2020, Vol. 24, No. 216

                            Headlines

ACADIAN CYPRESS: $900K Sale of Rose City Property to Home Bank OK'd
AERKOMM INC: Faces Lawsuit Over October 2018 Purchase Agreement
AKORN INC: Fresenius Kabi Raises Issues on Plan
APA CONSTRUCTION: Gets 1.5 Years for Tax Evasion, Ch. 7 Frau
ASP EMERALD: S&P Hikes ICR to 'B' on Refinancing; Outlook Stable

AVID BIOSERVICES: Interim President and CEO Resigns
AVINGER INC: Reports $4.97 Million Net Loss for Second Quarter
BABCOCK SURGICAL: Files for Chapter 7 Liquidation
BENEVIS CORP: Case Summary & 30 Largest Unsecured Creditors
BORDEN DAIRY: CEO to Step Down in July, Secures Bankruptcy Sale Ok

BROADSTREET PARTNERS: S&P Rates New $175 Term Loan 'B'
CALIFORNIA PIZZA: Moody's Cuts PDR to D-PD on Chapter 11 Filing
CAMELOT UK: S&P Puts 'B' ICR on Watch Positive on CPA Acquisition
CBL & ASSOCIATES: Issues 1.78 Million Shares of Common Stock
CEC ENTERTAINMENT: Chuck E. Cheese Closes in Gaithersburg, Md.

CEN BIOTECH: Incurs $1.66 Million Net Loss in Second Quarter
CLASSICAL ACADEMY: S&P Rates 2020 Bonds 'BB+'; Outlook Stable
COMCAR INDUSTRIES: Bulk Transportation's $15M Wins Bid for CT
CONTURA ENERGY: Increases COO's Base Salary to $650K
COUNTRYWIDE INSURANCE: A.M. Best Hikes Fin. Strength Rating to C++

COVENANT CHURCH: Files Ch 11 Bankruptcy Protection
CYTODYN INC: Issues $28.5 Million Convertible Note
DAVID A. ALLISON: $561K Sale of Muscogee County Property Approved
DISCOVERY INSURANCE: A.M. Best Affirms B(Fair) Fin. Strength Rating
DONALD B. BURNHAM: $157K Sale of North Port Property Approved

DUFL INC: Taps Quarles & Brady as Legal Counsel
EDGEMARC ENERGY: Liquidating Plan Confirmed by Judge
EKSO BIONICS: Widens Net Loss to $11.8 Million in Second Quarter
EMERALD X: S&P Affirms 'B' ICR; Rating Removed From Watch Negative
FAIRWAY MARKET: Closes Stores in Red Hook, Long Island and Harlem

FAIRWAY MARKET: Expects to Close Douglaston Plaza Store
FORESIGHT ENERGY: Touts Plan Confirmation After 4 Months
GA PAVING: Obenauf Auction of 39 Equipment Approved
GKS CORP: Guidelines on Sept. 30 Assets Zoom Sale Hearing Issued
GKS CORP: Sept. 23 Auction of Business Assets Set

GLOBAL EAGLE: Committee Questionnaires Deadline Set for Aug. 3
GNC HOLDINGS: Closes 27 Stores in California
GNC HOLDINGS: CLosing Five Stores in Minnesota
GOURDOUGH'S HOLDINGS: Files Chapter 11 Bankruptcy Protection
GRIFFIN OF LA 2011A-1: S&P Cuts Revenue Bond Rating to 'BB'

GROUP 1 AUTOMOTIVE: Moody's Alters Outlook on Ba1 CFR to Stable
HAPPY BEAVERS: Seeks Approval for Bankruptcy Counsel's Retainer
HERTZ CORP: Drivers Seek to Sue Company
HERTZ GLOBAL: Scrapped Stock Plan Won't Generate Followers
HOPEDALE MINING: U.S. Trustee Appoints Creditors' Committee

HORNBLOWER HOLDCO: S&P Lowers ICR to 'CCC-' on Liquidity Pressure
J.C. PENNEY: Oswego, NY Store Gets Reprieve, Will Remain Open
J.CREW: Court Approves Disclosure Statement
KTR GLOBAL: Taps Fennemore Craig as Legal Counsel
LIBBEY GLASS: A.A. Boos Resigns From Creditors' Committee

LIBBEY GLASS: U.S. Trustee Flags Bonus Terms in Ch. 11 Loan
LIVEXLIVE MEDIA: To Prepay in Full 2018 Convertible Debentures
LONGVIEW POWER: Exits Chapter 11 Bankruptcy
LUCKY BRANDS: Has Leave to Reply to Objection to Assets Sale
MACY'S INC: Fitch Corrects July 29 Ratings Releae

MATCHBOX FOOD: Case Summary & 20 Largest Unsecured Creditors
MICHAEL GALMOR: Trustee's $105K Sale of Mobeetie Property Approved
MICHAEL GALMOR: Trustee's $255K Sale of Barn Place Property Okayed
MOBIQUITY TECHNOLOGIES: Lowers Net Loss to $4.58 Million in Q2
MODELL'S SPORTING GOODS: GOB Sales Resume at 107 Locations

MOOD MEDIA: In Chapter 11 to Reduce Debt by $400 Million
MOUNT CLEMENS: Seeks Court Approval to Hire Bankruptcy Attorney
MOUNT GROUP: Seeks Court Approval to Hire Bankruptcy Attorney
MOUNT MORRIS: Seeks to Hire Peter M. Doerr as Legal Counsel
NFP CORP: S&P Assigns 'CCC+' Debt Rating to $950MM Senior Notes

NORTHERN OIL: Signs Deal to Acquire Assets in the Williston Basin
ONEWEB GLOBAL: UK Government to Acquire Satellite System
POLELINE SERVICES: Seeks Chapter 7 Bankruptcy Protection
POLYCONCEPT NORTH: Moody's Affirms B3 CFR, Outlook Negative
RANCHER'S LEGACY: Court Puts Asset Sale on Hold Pending Appeal

RAVN AIR: 30 Parties Submitted Offers for Assets
RAVN AIR: Sells Most of Remaining Assets
REMARK HOLDINGS: Nullifies Increase in Authorized Common Stock
REMINGTON ARMS CO: Preps Up Another Bankruptcy Filing
RGV SMILES: U.S. Trustee Unable to Appoint Committee

ROBERT D. SPARKS: $320K Sale of Rundell Place to Hartzog Approved
RONALD GOODWIN: $800K Sale of Wichita Property to Margoux Approved
SABLE PERMIAN: Wants to Buy Stake at Bankrupt McClendon Empire
SCIENTIFIC GAMES: Hikes Chief Legal Officer's Salary to $700K
SEAWORLD PARKS: S&P Alters Outlook to Negative, Affirms 'B-' ICR

SEEGRID HOLDING: Sued by HERC Over Unpaid Loans
SFP FRANCSHISE: Plan Disclosures Approved by Judge
SHALE FARM: Aug. 6 Hearing on Sale of Two Lee Road Lots for $48K
SM ENERGY: Incurs $89.3 Million Net Loss in Second Quarter
STAGE STORES: Gordmans Liquidating Merchandise

SUMMIT MIDSTREAM: Releases Final Results of Unit Exchange Offer
SUMMIT VIEW: Unsecureds to Receive $7,200 Per Month for 2 Years
SUN PACIFIC: Noteholder Agrees to 30-Day Forbearance
SUNNIVA INC: Enters Into Agreement with Matrix to Defer Hearing
TAILORED BRANDS: Case Summary & 30 Largest Unsecured Creditors

TAILORED BRANDS: Files Chapter 11 to Facilitate Restructuring
TAILORED BRANDS: Implements New Executive Incentive Program
TECNOGLASS INC: Moody's Confirms Ba3 CFR & Ba3 on 2022 Notes
TRANSOCEAN LTD: Incurs $497 Million Net Loss in Second Quarter
TRAVELEXPERIENCE LLC: $5K Sale of All Assets to Bove Approved

UNITED RENTALS: Moody's Rates Planned $1.1BB Unsecured Notes 'Ba3'
URBAN ONE: Posts $1.42 Million Net Income in Second Quarter
USA DRILLING: $116K Sale of Cumberland Property to Casey Approved
VBI VACCINES: Incurs $9.5 Million Net Loss in Second Quarter
WASHINGTON PLACE: S&P Lowers 2015A Revenue Bond Rating to 'BB+'

WESTERN GLOBAL AIRLINES: S&P Assigns 'B' ICR; Outlook Stable
WINDSTREAM HOLDINGS: Expects to Complete Restructuring in August
[*] 10 Commandments for Commercial Tenants/Landlords in Bankruptcy
[*] Appeals Court Says Bankrupt Hospitals Not Eligible for PPP Loan
[*] Can a Bankrupt Business Get PPP Loan?

[*] Can a Debtor Opt for Salvation Over Creditors?
[*] Companies Gave CEOs Millions Prior to Bankruptcy Filing
[*] Confusion in Bankr. Courts on PPP Loans’ Debtor Eligibility
[*] Deirdre Carey Joins Forshey Prostok as Partner
[*] June Another Awful Month for Retailers

[*] Lawyer Censured for Neglect in Client’s Bankruptcy Filing
[*] Michael Ricketts Joins Forshey Prostok as Of Counsel
[*] Surge of Small U.S. Oil Companies Bankruptcies
[*] The 1980s and 1990s Are Going Bankrupt
[*] The Coming Storm: DeFi and Bankruptcy Courts

[*] Troubling State of the Oil and Gas Industry of Louisiana
[*] Why Force Majeure Can Be Detrimental to Landlords
[^] Large Companies with Insolvent Balance Sheet

                            *********

ACADIAN CYPRESS: $900K Sale of Rose City Property to Home Bank OK'd
-------------------------------------------------------------------
Judge Jerry A. Brown of the U.S. Bankruptcy Court for the Eastern
District of Louisiana authorized Acadian Cypress & Hardwoods,
Inc.'s sale of the real property located at 645 Canary Street, Rose
City, Texas, and the equipment currently located on thereon to Home
Bank for $900,000 or such other value as agreed to upon after
appraisal or consideration as may be determined after a valuation
hearing if the parties cannot agree on a value.

The sale is free and clear of any lien, claim, or interest, with
the following liens to be released and erased including (i) the
Multiple Indebtedness Mortgage in favor of U.S. Small Business
Administration, at Book: 2719, Page 200, file Number 1014699 Seq.
2; and (ii) Multiple Indebtedness Mortgage in favor of Home Bank,
N.A. Book: 2324, Page 895, File Number 926262 Seq. 2; with the
proceeds net of closing costs and taxes paid to Home Bank, N.A.

The stay provided in Bankruptcy Rule 6004(h) is waived.  

The Debtor will serve the Order on the required parties who will
not receive notice through the ECF system pursuant to FRBP and
LBR's and file a certificate of service to that effect within three
days.

                     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.


AERKOMM INC: Faces Lawsuit Over October 2018 Purchase Agreement
---------------------------------------------------------------
Aircom Telecom LLC, a Taiwanese limited liability company and a
wholly owned subsidiary of Aircom Pacific, Inc., a California
corporation and a wholly-owned subsidiary of Aerkomm Inc., entered
into a product purchase agreement on Oct. 15, 2018, or the October
15th PPA, with Republic Engineers Maldives Pte. Ltd., a company
affiliated with Republic Engineers Pte. Ltd., a Singapore based,
private construction and contracting company.  On Nov. 30, 2018,
the October 15th PPA was re-executed with Republic Engineers Pte.
Ltd. as the signing party.  The parties refer to this new agreement
as the November 30th PPA and, together with the October 15th PPA,
the PPA.  Under the terms of the PPA, Republic Engineers committed
to the purchase of a minimum of 10 shipsets of the AERKOMM K++
system at an aggregate purchase price of $10 million.
Additionally, under the terms of the PPA, the Executive Director of
Republic Engineers, C. A. Raja, agreed to sign an agreement, or the
Guarantee, to guarantee all of the obligations of Republic
Engineers under the PPA.  Republic Engineers had submitted a
purchase order, or PO, dated Oct. 15, 2018 for the 10 shipsets and
was supposed to have made payments to Aircom Telecom against the
purchase order shortly thereafter.  To date, Republic Engineers has
made no payments against the purchase order and the Company has not
begun any work on the ordered shipsets.  On July 7, 2020, Republic
Engineers and Mr. Raja filed a complaint against Aerkomm, Aircom
and Aircom Telecom in the Superior Court of the State of California
for the County of Almeda, seeking declaratory relief only and no
money damages, alleging that the PPA and the PO were not executed
or authorized by Republic Engineers and that the Guarantee was not
executed or authorized by Mr. Raja.  Republic Engineers and C. A.
Raja have requested from the Court (i) orders that the PPA, the PO
and the Guarantee be declared null and void and (ii) the payment of
their reasonable attorney's fees.  On July 29, 2020, Aircom Telecom
provided notice to Republic Engineers that the PPA and the PO have
been terminated according to their terms as a result of the
non-performance of Republic Engineers and the failure of Mr. Raja
to provide the Guarantee.  Aerkomm denies the allegations in the
complaint and believes that the claims filed by Republic Engineers
and Mr. Raja have no merit.  Aerkomm has retained special
litigation counsel and intends to vigorously defend against the
claims.  Aerkomm does not expect that this proceeding will have a
material adverse effect on its results of operations or cashflow.

                         About Aerkomm

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

Aerkomm recorded a net loss of $7.98 million for the year ended
Dec. 21, 2019, compared to a net loss of $8.15 million for the year
ended Dec. 31, 2018.  As of March 31, 2020, the Company had $52.32
million in total assets, $8.13 million in total liabilities, and
$44.19 million in total stockholders' equity.


AKORN INC: Fresenius Kabi Raises Issues on Plan
-----------------------------------------------
Law360 (June 26, 2020, 8:00 PM EDT) -- Global health care company
Fresenius Kabi AG pilloried bankrupt Akorn Inc. Friday in an
objection to the generic-drug maker's Delaware Chapter 11
disclosure, alleging major omissions, improper liability releases,
violation of absolute payment priority rules, and misclassification
of a potential $74 million Fresenius unsecured claim.

The objection opened a new chapter in an already bitter history
between the two companies over a $4. 3 billion merger that
evaporated in 2018 after Delaware's Chancery Court sided with
Fresenius in a claim that Akorn breached the deal in part by
withholding information about serious regulatory compliance
problems.

                       About Akorn, Inc.

Akorn, Inc., together with its Debtor and non-Debtor subsidiaries,
is a specialty pharmaceutical company that develops, manufactures,
and markets generic and branded prescription pharmaceuticals,
branded as well as private-label over-the-counter consumer health
products, and animal health pharmaceuticals.  Akorn is
headquartered in Lake Forest, Illinois, and maintains a global
manufacturing presence, with pharmaceutical manufacturing
facilities located in Illinois, New Jersey, New York, Switzerland,
and India.  Visit www.akorn.com for more information.

Akorn, Inc. sought Chapter 11 protection, as the Lead Debtor,
together with its 16 affiliates: (i) 10 Edison Street LLC (Bankr.
D. Del. Case No. 20-11178); (ii) 13 Edison Street LLC (Bankr. D.
Del. Case No. 20-11180); (iii) Advanced Vision Research, Inc.
(Bankr. D. Del. Case No. 20-11182); (iv) Akorn (New Jersey), Inc.
(Bankr. D. Del. Case No. 20-11183); (v) Akorn Animal Health, Inc.
(Bankr. D. Del. Case No. 20-11185); (vi) Akorn Ophthalmics, Inc.
(Bankr. D. Del. Case No. 20-11186); (vii) Akorn Sales, Inc.(Bankr.
D. Del. Case No. 20-11174); (viii) Clover Pharmaceuticals Corp.
(Bankr. D. Del. Case No. 20-11187); (ix) Covenant Pharma, Inc.
(Bankr. D. Del. Case No. 20-11188); (x) Hi-Tech Pharmacal Co.,
Inc.
(Bankr. D. Del. Case No. 20-11189); (xi) Inspire Pharmaceuticals,
Inc. ((Bankr. D. Del. Case No. 20-11190); (xii) Oak
Pharmaceuticals, Inc. (Bankr. D. Del. Case No. 20-11192); (xiii)
Olta Pharmaceuticals Corp. ((Bankr. D. Del. Case No. 20-11191);
(xiv) VersaPharm Incorporated (Bankr. D. Del. Case No. 20-11194);
(xv) VPI Holdings Corp. (Bankr. D. Del. Case No. 20-11193); and
(xvi) VPI Holdings Sub, LLC (Bankr. D. Del. Case No. 20-11195), on
May 20, 2020.  The cases asre assigned to Judge John T. Dorsey.

In the petitions signed by Joseph Bonaccorsi, authorized
signatory,
the Debtors disclosed total assets of $1,032,275,000, and total
debt of $1,051,769,000 as of March 31, 2020.

The Debtors tapped Patrick J. Nash, Jr., P.C., Gregory F. Pesce,
Esq., Christopher M. Hayes, Esq., Nicole L. Greenblatt, P.C., at
Kirkland & Ellis LLP and Kirkland & Ellis International LLP as
their general bankruptcy counsel.  The Debtors tapped Paul N.
Heath, Esq., Amanda R. Steele, Esq., Zachary I. Shapiro, and Esq.,
Brett M. Haywood, Esq., at Ricahrds, Layton & Finger, P.A. as
their
General Bankruptcy Counsel.

AlixPartners, LLP serves as the Debtors' Restructuring Advisor,
PJT
Partners LP as their Financial Advisor and Investment Banker,
Grant
Thornton LP as their Tax Advisor, and Kurtzman Carson Consultants,
LLC as their Notice and Claims Agent.


APA CONSTRUCTION: Gets 1.5 Years for Tax Evasion, Ch. 7 Frau
------------------------------------------------------------
Law360 reports that the head of several New Jersey construction
companies received an 18-month prison sentence after admitting to
hiding more than $2 million in income from the government to dodge
taxes and avoid paying off debts when he filed for Chapter 7
bankruptcy.

Patrick Franconeri, who owns and operates APA Construction Inc. and
related businesses, pled guilty last year to one count of tax
evasion and one count of concealment of assets in bankruptcy. In
addition to being sentenced via videoconference to 18 months in
prison and three years of supervised release, a New Jersey federal
judge also ordered Franconeri to pay restitution.

APA Construction LLC is a general contractor of nonresidential
buildings.


ASP EMERALD: S&P Hikes ICR to 'B' on Refinancing; Outlook Stable
----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on ASP Emerald
Holdings LLC to 'B' from 'B-' and all of its issue-level ratings by
one notch. S&P's recovery ratings on the company's existing debt
remain unchanged. S&P expects to withdraw its ratings on the
existing debt once it has been fully repaid.

At the same time, S&P assigned its 'B' issue-level rating and '3'
recovery rating to Emerald's proposed first-lien credit facilities.
The '3' recovery rating indicates S&P's expectation for meaningful
(50%-70%; rounded estimate: 50%) recovery in the event of a payment
default.

S&P raised its ratings on Emerald following the divestiture of its
CTS segment, its subsequent debt pay down, and its announcement
that it will refinance its capital structure with a combination of
debt and equity.  Emerald is issuing $100 million of common equity
and $500 million of new senior secured credit facilities, which S&P
expects it will use the proceeds primarily to pay down its existing
first- and second-lien credit facilities. The company will fund the
common equity portion through two parent holding companies, which
will receive the funds though a convertible preferred equity
investment carrying a payment-in-kind (PIK) coupon. S&P does not
consider the non-common equity as debt in its calculations in part
because, based on conversations with the company and its financial
sponsor, the rating agency does not expect it to be replaced with
debt over the life of the investment. S&P believes this refinancing
will reduce Emerald's leverage and improve its credit metrics.

S&P assesses Emerald's business risk profile as weak.  The rating
agency's assessment of the company's business profile risk reflects
its exposure to some highly cyclical end markets and its
vulnerability to changes in raw material prices. Emerald is exposed
to multiple end markets related to the autos, tires, and coatings
and adhesives industries. The company's divestment of its CTS
segment reduced its exposure to these end markets; however,
cyclical end markets still account for about 30% of its revenue.
S&P also incorporates Emerald's vulnerability to volatile raw
material prices, although over half of its sales volume features
raw material cost pass-through provisions that provide some cushion
to its EBITDA margins during periods of high raw material cost
volatility. Somewhat offsetting these negative factors are the
company's strong market positions in niche products and
satisfactory customer and geographic diversity. Emerald maintains
high market shares and the No. 1 position in most of its niche
markets. Potential newcomers would need to make large investments
to compete in these relatively small markets, which require unique
chemistries and technologies. S&P expects these barriers to entry
to continue to support the company's market positions. Emerald's
customer and geographic diversity are also strengths as its
generates about 50% of its sales from outside North America and
none of its customers account for more than 10% of its sales.

S&P expects Emerald to maintain appropriate credit measures for the
current rating.  It assesses the company's financial risk profile
as highly leveraged, which reflects the rating agency's expectation
that the company's funds from operations (FFO) to adjusted debt
will be below 12% and its adjusted debt to EBITDA will be in the
5x-6x range over the next two years. S&P expects Emerald's credit
metrics to gradually improve in 2021 and beyond as the global
economy recovers and it benefits from a full year of benefits from
its cost-savings initiatives. It expects the company to maintain
sufficient liquidity (with sources of liquidity of at least 1.2x
its uses) and, given the relatively low capital intensity of its
business, generate positive free cash flow. S&P's view of Emerald's
financial risk also incorporates the company's ownership by
financial sponsor American Securities LLC. S&P believes financial
sponsor ownership leads to more aggressive financial policies, as
demonstrated by the dividend issued with the proceeds from the CTS
divestiture in 2020 and its divestiture of Emerald Specialties in
2016. Despite this, the rating agency does not expect Emerald to
refinance its capital structure by taking on additional debt to
eliminate the newly issued equity.

The stable outlook on Emerald reflects S&P's expectation that the
company's credit metrics will remain appropriate for the current
rating, with pro forma weighted-average debt to EBITDA in the 5x-6x
range, over the next 12 months. S&P's base-case scenario assumes
the company's revenue and EBITDA contract in 2020 due to the global
recession before modestly rebounding in 2021. S&P expects new
product launches, fewer operational disruptions, and price
increases to help offset its macroeconomic headwinds. Therefore,
the rating agency expects Emerald to gradually improve its EBITDA
margins to about 20% on a sustained basis. S&P does not assume any
acquisitions or shareholder rewards and does not expect the company
to replace the common equity with debt over the life of American
Securities' investment.

"We could lower our ratings on Emerald in the next 12 months if its
operating performance weakens such that its EBITDA margins decline
by 400 basis points. This could occur if the current recession
lasts longer than we expect or its effect on Emerald is more severe
than we currently forecast. Under this scenario, we believe that
the company's debt to EBITDA would exceed 6.5x on a sustained
basis," S&P said.

"We could also take a negative rating action on Emerald if its free
cash flow turns negative and its liquidity position deteriorates
such that its ratio of sources to uses falls below 1.2x or it
pursues large debt-funded acquisitions or shareholder rewards," the
rating agency said.

S&P could raise its ratings on Emerald in the next year if the
company experiences better-than-expected performances in its three
business segments relative to the rating agency's base-case
assumptions. This could occur due to the combination of
higher-than-expected demand for its new products, increased market
share among its current products, and declines in its raw material
costs.

"Under such a scenario, we would expect Emerald's weighted-average
debt to EBITDA to remain below 5x on a sustained basis, which could
occur if its EBITDA margins and revenues improve by 100 bps or more
beyond our expectations. We would also need to be certain that the
company's financial policies would support maintaining its credit
measures at these levels before considering raising our rating,"
S&P said.


AVID BIOSERVICES: Interim President and CEO Resigns
---------------------------------------------------
Richard B. Hancock notified the Board of Directors of Avid
Bioservices, Inc. that he was resigning as the Company's interim
president and chief executive officer effective as of the close of
business on July 31, 2020.  Mr. Hancock is succeeded by Mr.
Nicholas S. Green, whose appointment by the Board was previously
reported in the Company's Current Report on Form 8-K filed with the
Securities and Exchange Commission on June 25, 2020.  Mr. Hancock
will continue to serve as a member of the Board.

On July 30, 2020, the Company and Mr. Green entered into an
employment agreement containing the terms of his employment.

                    About Avid Bioservices

Avid Bioservices -- http://www.avidbio.com/-- is a dedicated
contract development and manufacturing organization (CDMO) focused
on development and CGMP manufacturing of biopharmaceutical drug
substances derived from mammalian cell culture.  The company
provides a comprehensive range of process development, CGMP
clinical and commercial manufacturing services for the
biotechnology and biopharmaceutical industries.  With over 27 years
of experience producing monoclonal antibodies and recombinant
proteins, Avid's services include CGMP clinical and commercial drug
substance manufacturing, bulk packaging, release and stability
testing and regulatory submissions support.  For early-stage
programs, the company provides a variety of process development
activities, including upstream and downstream development and
optimization, analytical methods development, testing and
characterization.  The scope of its services ranges from standalone
process development projects to full development and manufacturing
programs through commercialization.

Avid Bioservires reported a net loss of $10.47 million for the year
ended April 30, 2020, a net losses of $4.21 million for the year
ended April 30, 2019, and a net loss of $21.81 million for the year
ended April 30, 2018.  As of April 30, 2020, the Company had
$107.62 million in total assets, $65.72 million in total
liabilities, and $41.89 million in total stockholders' equity.

"We currently anticipate that our cash and cash equivalents as of
April 30, 2020, excluding the aforementioned $4.4 million in loan
proceeds that were returned to the lender thereof in May 2020,
combined with our projected cash receipts from services to be
rendered under our existing customer contracts, will be sufficient
to fund our operations for at least the next 12 months from the
date of this Annual Report.

"In the event we are unable to generate sufficient cash flow to
support our current operations, we may need to raise additional
capital in the equity markets in order to fund our future
operations.  We may raise funds through the issuance of debt or
through the public offering of securities.  There can be no
assurance that these financings will be available on acceptable
terms, or at all.  Our ability to raise additional capital in the
equity and debt markets is dependent on a number of factors
including, but not limited to, the market demand for our common
stock.  The market demand or liquidity of our common stock is
subject to a number of risks and uncertainties including, but not
limited to, our financial results and economic and market
conditions.  Further, global financial crises and economic
downturns, including those caused by widespread public health
crises such as the COVID-19 pandemic, may cause extreme volatility
and disruptions in capital and credit markets, and may impact our
ability to raise additional capital when needed on acceptable
terms, if at all.  If we are unable to fund our continuing
operations through these sources, we may need to restructure, or
cease, our operations.  In addition, even if we are able to raise
additional capital, it may not be at a price or on terms that are
favorable to us.  Any of these actions could materially harm our
business, financial condition, results of operations, and future
prospects," the Company stated in its Fiscal 2020 Annual Report.


AVINGER INC: Reports $4.97 Million Net Loss for Second Quarter
--------------------------------------------------------------
Avinger, Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q, reporting a net loss attributable to
common stockholders of $4.97 million on $1.47 million of revenues
for the three months ended June 30, 2020, compared to a net loss
attributable to common stockholders of $5.55 million on $2.32
million of revenues for the three months ended June 30, 2019.  The
decline in revenue reflected the effects of the COVID-19 pandemic,
which began to impact the Company's business in March 2020.

For the six months ended June 30, 2020, the Company reported a net
loss attributable to common stockholders of $11.78 million on $3.73
million of revenues compared to a net loss attributable to common
stockholders of $11.49 million on $4.16 million of revenues for the
same period during the prior year.

As of June 30, 2020, the Company had $28.88 million in total
assets, $21.33 million in total liabilities, and $7.55 million in
total stockholders' equity.

Gross margin for the second quarter of 2020 was 24%, compared to
31% in the second quarter of 2019 and 22% in the first quarter of
2020.  Operating expenses for the second quarter of 2020 were $4.0
million, compared with $5.4 million in the second quarter of 2019
and $6.0 million in the first quarter of 2020.  The $2.0 million
sequential decline in operating expenses reflected both temporary
and permanent cost savings from the company's COVID-19 response
plan.  Operating expenses are expected to increase in the third
quarter of 2020.

Cash and cash equivalents totaled $16.6 million as of June 30,
2020, compared with $9.9 million as of March 31, 2020.  In the
second quarter of 2020, Avinger announced approximately $9.0
million in gross proceeds from underwritten public offerings and
the receipt of $2.3 million pursuant to the Paycheck Protection
Program.  In July 2020, Avinger received $0.8 million in gross
proceeds from the closing of the over-allotment option.

Jeff Soinski, Avinger's president and CEO, commented, "The Avinger
team pulled together to deliver positive results during a
challenging second quarter.  Following a sharp decline in treatment
activity during March and April, business increased steadily
throughout May and June, as more states began to loosen
restrictions on elective procedures.  Our cost controls in response
to the pandemic were very effective, driving a $2 million reduction
in operating expenses compared to the first quarter and allowing us
to significantly improve our bottom-line performance.  We also
strengthened our balance sheet through our financing activities in
the second quarter, ending the quarter with $16.6 million in cash.

"In addition, we continued to advance a number of important
strategic programs to drive future growth.  In May, we submitted a
510(k) application for U.S. pre-marketing clearance of our Ocelaris
image-guided CTO crossing catheter.  We also made significant
progress in the development of our new L300 imaging console, which
will provide our proprietary imaging capabilities in a much smaller
form factor and at a lower cost.  On the clinical front, completion
of our INSIGHT IDE study remains a priority as it supports an
anticipated future 510(k) filing for an expanded indication of
plaque removal from in-stent restenosis (ISR) with the Pantheris
catheter," said Soinski.

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

                      https://is.gd/k0qtpN

                          About Avinger

Headquartered in Redwood City, California, Avinger --
http://www.avinger.com-- is a commercial-stage medical device
company that designs and develops image-guided, catheter-based
system for the diagnosis and treatment of patients with Peripheral
Artery Disease (PAD).

Avinger reported a net loss applicable to common stockholders of
$23.03 million for the year ended Dec. 31, 2019, compared to a net
loss applicable to common stockholders of $35.69 million for the
year ended Dec. 31, 2018.  As of March 31, 2020, the Company had
$22.80 million in total assets, $18.39 million in total
liabilities, and $4.41 million in total stockholders' equity.

Moss Adams LLP, in San Francisco, California, the Company's auditor
since 2017, issued a "going concern" qualification in its report
dated March 5, 2020, citing that the Company's recurring losses
from operations and its need for additional capital raise
substantial doubt about its ability to continue as a going
concern.



BABCOCK SURGICAL: Files for Chapter 7 Liquidation
-------------------------------------------------
Babcock Surgical Center, LLC, files Chapter 7 bankruptcy protection
sought Chapter 11 protection (Bankr. W.D. Tex. Case No.
20-bk-51117) on June 11, 2020.

San Antonio Business Journal reports that the Debtor listed an
address of 2425 Babcock Rd. #106, San Antonio, and is represented
in court by attorney Thomas Rice.

Babcock Surgical Center listed assets up to $50,493 and debts up to
$3,663,358. The filing's largest creditor was listed as United
Healthcare Insurance Co. with an outstanding claim of $2,930,052.

Babcock Surgical Center LLC was a medical and surgical facility
that specialized in anaesthesiology.


BENEVIS CORP: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------
Lead Debtor: Benevis Corp
             1090 Northcase Parkway SE
             Suite 150
             Marietta, GA 30067

Business Description:     Benevis -- https://benevis.com --
                          provides non-clinical, business support
                          services to dental practices in 17
                          states.

Chapter 11 Petition Date: August 2, 2020

Court:                    United States Bankruptcy Court
                          Southern District of Texas

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

     Debtor                                        Case No.
     ------                                        --------
     Benevis Corp                                  20-33918
     LT Smile Corporation                          20-33923
     Benevis Affiliates, LLC                       20-33919
     Benevis, LLC                                  20-33922
     Benevis Informatics, LLC                      20-33921
     Benevis Holding Corp.                         20-33920

Judge:                    Hon. David R. Jones

Debtors'
General
Bankruptcy
Counsel:                  Matthew D. Cavenaugh, Esq.
                          JACKSON WALKER L.L.P.
                          1401 McKinney Street, Suite 1900
                          Houston, Texas 77010
                          Tel: (713) 752-4200
                          Email: mcavenaugh@jw.com
  
Debtors'
Restructuring
Advisor:                 CONWAY MACKENZIE MANAGEMENT SERVICES, LLC

Debtors'
Financial
Advisor:                 LINCOLN PARTNERS ADVISORS LLC
      
Estimated Assets
(on a consolidated basis): $100 million to $500 million

Estimated Liabilities
(on a consolidated basis): $1 billion to $10 billion

The petitions were signed by Scott Mell, chief restructuring
officer.

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

                       https://is.gd/M6XA5E
                       https://is.gd/r6z5fD
                       https://is.gd/AjoMy0
                       https://is.gd/KoTfjk
                       https://is.gd/RVgZ2l
                       https://is.gd/xk296A

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Henry Schein                      Trade Payable      $3,671,336
P.O. Box 371952
Pittsburgh, PA 15250-7952

2. Elkin Note                        Trade Payable      $1,762,467
22 Lyndon Pl
Mellville, NY 11747

3. Dell Financial Services LLC       Trade Payable        $218,798
P.O. Box 6549
Carol Stream, IL 60197-6549
Abhilash Bandari
Email: Abhilash.Bandari@Dell.com

4. Littlejohn & Co., LLC             Trade Payable        $187,500
8 Soung Shore Dr, Ste 303
Greenwich, CT 06830

5. Tailwind Capital                  Trade Payable        $171,511
Attn: Syed Mohsin
485 Lexington Ave
New York, NY 10017
Tel: 212-271-3800 Ext. 0000

6. Fortyfour, LLC                    Trade Payable        $166,835
44 Russell St NE
Atlanta, GA 30317

7. Look Listen Creative, LLC         Trade Payable        $151,657

1737 Ellsworth Ind Blvd NW, Ste B-1
Atlanta, GA 30318
Tel: 404-861-0530 Ext. 0000

8. CIT                               Trade Payable        $135,847
21146 Network Pl
Chicago, IL 60673-1211

9. Veristor Systems, Inc.            Trade Payable        $127,655
4850 River Green Pkwy
Duluth, GA 30096

10. CDW                              Trade Payable        $120,477
P.O. Box 75723
Chicago, IL 60675-5723
Tel: 800-800-4239 Ext. 0000
Email: candeba@cdw.com

11. Braxtel Communications           Trade Payable        $102,331
99 Washington St
Melrose, MA 02176
Tel: 800-370-8353 Ext. 0000

12. Medicor Imaging                  Trade Payable         $97,150
1927 South Tryon St, Ste 200
Charlotte, NC 28203
Tel: 704-332-5532

13. A/Coe Communications             Trade Payable         $88,996
695 Littleton Rd
Parsippany, NJ 07054

14. Tri-North Builders Inc           Trade Payable         $73,732
2625 Research Park Dr
Fitchburg, WI 53711

15. Ariete International, Inc        Trade Payable         $72,623

1710 Cumberland Point Dr SE, Ste 16
Marietta, GA 3006
Tel: 770-446-5757

16. Home Media LLC                   Trade Payable         $68,612
1122 Oberlin Rd
Raleigh, NC 27605

17. Marchex Inc                      Trade Payable         $68,500
520 Pike St, Ste 2000
Seattle, WA 98101

18. MSG Consulting, Inc              Trade Payable         $64,648
411 Hackensack Ave, 5th Fl
Hackensack, NJ 07601

19. Snowcloud Partners LLC           Trade Payable         $62,500
645 Old Ranch Rd
Park City, UT 8409

20. Catamaran Resort Hotel & Spa     Trade Payable         $62,124
Attn: Accounts Receivable
3999 Mission BlvdSan Diego, CA 92109
  
21. ADP                              Trade Payable         $60,847
P.O. Box 842875
Boston, MA 02284-2875
Tel: 843-667-1836 Ext. 0000
Email: Johnny.Soto@ADP.com

22. Ivision, Inc                     Trade Payable         $60,655
1430 W Peachtree St NW, Ste 425
Atlanta, GA 30309

23. Responsive Service &             Trade Payable         $59,027
Maintenance Co.
P.O. Box 29
Covington, LA 70434
Tel: 985-893-8105 Ext. 0000

24. The Maintenance Company          Trade Payable         $51,079
8286 Cleveland Ave NW
North Canton, OH 44720
Tel: 800-309-8857

25. Elite Facility Services LLC      Trade Payable         $48,727
5221 St Augustine Rd
Jacksonville, FL 32207

26. Glidewell Laboratories           Trade Payable         $47,460
4141 Macarthur Blvd
Newport Beach, CA 92660
Tel: 800-854-7256
Email: Angela.Wright@Glidewelldental.Com

27. RDS Solutions, LLC               Trade Payable         $43,814
99 Grayrock Rd, Ste 206
Clinton, NJ 08809
Tel: 888-473-7435 Ext. 0000

28. Staples Business Advantage       Trade Payable         $41,171
P.O.Box 405386
Dept Atl
Atlanta, GA 30384-5386
Tel: 800-944-6819 Ext. 0000
Email: Ileana.Lopez@Staples.com

29. Cornerstone On Demand Inc        Trade Payable         $38,400
Dept Ch19590
Palatinee, IL 60055-959

30. Linkedin Corporation             Trade Payable         $36,070
62228 Collections Center Dr
Chicago, IL 60693-0622


BORDEN DAIRY: CEO to Step Down in July, Secures Bankruptcy Sale Ok
------------------------------------------------------------------
Lillianna Byington, writing for Food Dive, reports that a court
approved Borden Dairy's sale out of bankruptcy to Capitol Peak
Partners and KKR & Co.  Tony Sarsam, who took the helm at the
company in March 2018, has resigned.

Capitol Peak will assume majority ownership and KKR, an existing
lender to Borden, will be a minority investor. Capitol Peak is led
by Gregg Engles, a former chairman and chief executive of Dean
Foods. Engles will take over as CEO after Sarsam leaves Borden.

"My mission when I came here changed once we began understanding
the realities of the debt problem that was weighing on the
company," Mr. Sarsam told Food Dive in an interview.

After two years at the company and five months after it declared
bankruptcy, Sarsam will step down as the company takes on new
leadership and emerges from Chapter 11.

"My top priority these last six plus months has been to get the
best outcome for all 3,300 employees at Borden, and this outcome
with Capitol Peak is the best outcome," Sarsam said. "For me and
for perhaps a few others, we're going to move in a different
direction, but that was still our mission, to get the best outcome
for Borden and we've done that."

Capitol Peak Partners and KKR & Co. formed a joint venture and won
a bankruptcy auction for Borden. After union objections threatened
the deal, the $340 million sale was approved by the court.

Borden's business will remain intact, including all plants,
branches and the brand, the company said. The newly reorganized
company will continue to employ all its workers as well. Borden’s
main reason for its bankruptcy filing was to reduce its debt load,
but it was also facing challenges with the dairy space. Milk
companies like Borden have struggled in recent years with
increasing competition from milk alternatives, falling milk
consumption, innovative startups and deeply discounted private
label offerings. Rival Dean Foods filed for bankruptcy just two
months before Borden.

Borden once had a presence in all 50 states as one of the largest
dairy companies, but as of last summer, it offered 35 products in
the Midwest, South and Southeastern U.S. In its filing, the company
cited a 46% drop in fluid milk consumption per capita from 1980 to
2018.

Capitol Peak and KKR are accustomed to the struggles facing the
dairy industry today.  

KKR returns to Borden's ownership with this bankruptcy sale.  The
firm bought Borden for $2 billion in 1995 and took it private after
about 68 years as a public company. Over the years, KKR remained on
as a lender.

Sarsam said that Capitol Peak will be bringing in its own senior
leadership team members, including Engles as chief. Engles, who ran
Dean Foods for about 18 years, founded Capitol Peak in 2017.

"The Capitol Peak team is excited by this unique opportunity to
work alongside KKR and build this iconic dairy company," Engles
said in a release.

Engles has experience taking over dairy companies. In 2001, Suiza
Foods acquired Dean Foods, its rival at the time, and Engles, who
was CEO of Suiza, took over the new Dean. The company started out
strong, but in his time there, it faced antitrust lawsuits and
declining milk sales.

Engles' reputation was mixed during his time at Dean Foods. He went
from being called the "milkman to the nation" to Forbes ranking him
among its Worst Bosses for the Buck in 2011.

Toward the end of his time at Dean, Engles presided over Dean's
spinoff of WhiteWave Foods, which included brands like Silk and
Horizon Organic. He took over as CEO of WhiteWave, departing from
Dean, in 2013. He then sold WhiteWave for $12.5 billion to Danone
in 2017.

Sarsam called the new leadership “deep veterans of the dairy
industry” and said he is confident they will do well.

Sarsam, who has more than three decades of experience in the food
industry working for companies including PepsiCo and Nestlé, said
he’s just begun to contemplate his next steps. He said that he
likes businesses like Borden, “people-intensive businesses”
that make and sell products, and noted there are many where he
could provide value.

Would Sarsam change anything about his tenure at Borden if he could
go back? "I don't really spend a lot of time thinking what if I had
a time machine. If I had to do this all over again, I would do it
all over again," he said. "Me and my team, we played a small part
in adding to this storied history of this 163-year-old company, and
I feel great about that. The company will soldier on from here
forward."

                      About Borden Dairy

Borden Dairy Company -- http://www.bordendairy.com/-- is a
processor and direct-to-store distributor of fresh fluid milk,
dairy case products and other beverages. It produces and
distributes a wide variety of branded and private label
traditional, flavored and specialty milk, buttermilk, dips and sour
cream, juices, tea, and flavored drinks to mass merchandisers,
educational institutions, food service retailers, grocery stores,
drug stores, convenience stores, food and beverage wholesale
distributors, and retail warehouse club stores across the United
States.

Headquartered in Dallas, Borden Dairy operates 12 milk processing
plants and nearly 100 branches across the U.S. It was founded in
1857 by Gail Borden, Jr.

Borden Dairy and its subsidiaries sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 20-10010) on Jan. 5, 2020.

Judge Christopher S. Sontchi oversees the case.

Borden Dairy was estimated to have $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.

The Debtors tapped Arnold & Porter Kaye Scholer LLP as general
bankruptcy counsel; Young Conaway Stargatt & Taylor LLP as special
counsel; and Donlin Recano as the claims agent.


BROADSTREET PARTNERS: S&P Rates New $175 Term Loan 'B'
------------------------------------------------------
S&P Global Ratings said it assigned its 'B' debt rating to
BroadStreet Partners Inc.'s (B/Stable/--) proposed $175 million
term loan due 2027. The rating agency also assigned a '3' recovery
rating, indicating its expectation of meaningful recovery (50%) in
the event of payment default.

The new financing will have terms similar to the existing
first-lien term loan's but is expected to be nonfungible.

S&P Global Ratings expects the company to use the proceeds to repay
outstanding revolver drawings (the revolver balance was $75 million
as of the end of the second quarter and has grown to over $100
million since then due to acquisition funding) and fund additional
cash to the balance sheet. Pro forma for the new financing and
based on preliminary second-quarter results, S&P Global Ratings'
adjusted leverage after the transaction is about 5.9x, well within
its rating thresholds.

BroadStreet continues to meet S&P Global Ratings' performance
expectations. After the company posted strong organic growth of
4.8% for the first quarter of 2020, its preliminary organic growth
for the second quarter deteriorated to negative 1.7%, primarily on
lower renewal exposures. Given tough economic conditions, this
deterioration is relatively modest and reflects the resilience of
the business model. Despite the modest organic dip, preliminary
margins seem to have held up for the quarter on successful
absorption of accretive acquisitions and continued cost and
efficiency initiatives.


CALIFORNIA PIZZA: Moody's Cuts PDR to D-PD on Chapter 11 Filing
---------------------------------------------------------------
Moody's Investors Service downgraded California Pizza Kitchen,
Inc.'s probability of default rating to D-PD from Ca-PD/LD
following the company's announcement that it has commenced
voluntary Chapter 11 proceedings. All other ratings are unchanged
and the outlook has changed to stable from negative.

Downgrades:

Issuer: California Pizza Kitchen, Inc. (CPK)

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

Outlook Actions:

Issuer: California Pizza Kitchen, Inc. (CPK)

Outlook, Changed to Stable from Negative

RATINGS RATIONALE

The bankruptcy filing follows CPK's decision to stop paying
interest and principal on its debt due to poor operating results
and high capital spending that resulted in negative free cash flow
and an unsustainable capital structure.

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.

CPK is owned by Golden Gate Capital. CPK's financial sponsor
ownership is a rating factor given the potential implications from
both a capital structure and operating perspective. Financial
policies are always a key concern of sponsor-owned companies with
regards to the potential for higher leverage, extractions of cash
flow via dividends, or more aggressive growth strategies.

Subsequent to its actions, Moody's will withdraw the ratings due to
CPK's bankruptcy filing.

California Pizza Kitchen, Inc. is an owner, operator and franchisor
with 206 casual dining restaurants in 28 states and 6 countries.
The company is majority owned by affiliates of Golden Gate Capital.
Annual revenue was approximately $570 million for the LTM period
ending March 31, 2020.

The principal methodology used in this rating was Restaurant
Industry published in January 2018.


CAMELOT UK: S&P Puts 'B' ICR on Watch Positive on CPA Acquisition
-----------------------------------------------------------------
S&P Global Ratings placed its ratings on U.S.-based intellectual
property and scientific information services provider Camelot UK
Holdco Ltd. (doing business as Clarivate Analytics PLC), including
the 'B' issuer credit rating, on CreditWatch with positive
implications.

The CreditWatch placement follows the company's entry into a
definitive agreement to acquire CPA Global in a stock-for-stock
transaction. The proposed acquisition will be funded by 218 million
Clarivate shares. The company plans to retire CPA's existing
capital structure by using available cash and roughly $1.5 billion
in new debt.

"Our CreditWatch placement reflects our expectation that the
addition of CPA's patent renewal services and related product
offerings will strengthen the business. It also reflects our view
that their use of equity to partially fund the transaction, in
addition to acquisition integration efficiencies, will provide an
opportunity for Clarivate to lower leverage and generate free
operating cash flow to debt in excess of our prior expectations,"
S&P said.

CPA is a global company focused on intellectual property management
and workflow solutions to support the patent and trademark needs of
its client base. S&P believes its history of revenue growth and
strong EBITDA margins will benefit Clarivate's current intellectual
property platform. Specifically, S&P expects CPA's patent renewal,
litigation, and commercialization services will complement the
current patent origination services Clarivate offers to its current
client base.

Proposed transaction financing includes 218 million Clarivate
shares to be exchanged for 100% ownership of CPA. The company will
use a combination of available cash and roughly $1.5 billion in new
debt to refinance CPA's existing debt structure. The acquisition is
subject to customary regulatory approvals and Clarivate expects it
to close early in the fourth quarter of 2020. Clarivate has
procured bridge loan financing support for the deal, but aims to
close long-term financing before the deal closes.

S&P expects to resolve the CreditWatch placement no later than the
close of this transaction. It will monitor developments related to
the transaction, including required regulatory approvals, and will
conduct a detailed review of post-close business strategies,
related integration and restructuring charges, long-term capital
structure, ownership structure, and ongoing financial policy.

"We could raise the rating if we believe that Clarivate will
successfully close and integrate the CPA acquisition such that we
expect it to grow revenue in the low- to mid-single-digit
percentage range, lower leverage toward the mid-5x area, and
generate FOCF to debt at or above the high-single-digit percentage
area," S&P said.

"We could affirm the rating if we believe Clarivate will face
challenges integrating the acquisition and expanding its EBITDA
margins through cost efficiencies such that it is unable to lower
leverage and unable to generate FOCF to debt substantially above
the mid-single-digit percentage area," the rating agency said.


CBL & ASSOCIATES: Issues 1.78 Million Shares of Common Stock
------------------------------------------------------------
Effective July 24, 2020, CBL & Associates Properties, Inc., acting
through its wholly owned subsidiary that serves as the general
partner of CBL & Associates Limited Partnership, the Company's
operating partnership, approved the issuance, pursuant to the terms
of the Fourth Amended and Restated Agreement of Limited Partnership
of the Operating Partnership of an aggregate of 1,783,403 shares of
the Company's common stock, par value $.01 per share in response to
exchange notices previously received from the following limited
partners who may be considered affiliates of the Company (other
than Ben S. Landress, who became an emeritus officer of the Company
effective May 8, 2020), covering a like number of common units of
limited partnership in the Operating Partnership:

                                                  Number of   
                                                Common Units
                                                 Exchanged/
  Limited Partner Exercising                       Shares
  Common Unit Exchange Rights                      Issued
  ---------------------------                   ------------
  Ben S. Landress                                 120,480

  Charles B. Lebovitz                             756,350

  Alan L. Lebovitz                                155,847

  Alan L. Lebovitz and                             52,980
  Allison G. Lebovitz Irrevocable
  Trust U/A dated 3/24/2003,
  Michael I. Lebovitz, Trustee

  College Station Associates                      489,071

  CBL/Employees Partnership/Conway                 58,203

  Foothills Plaza Partnership                      92,793

  Girvin Road Partnership                           7,254

  Warehouse Partnership                            50,425
                                                ----------
  Total                                         1,783,403
  
These exchanges are expected to close July 31, 2020.  

In addition, effective July 23, 2020, pursuant to an exchange
notice previously received from non-affiliate John N. Foy, the
Company issued, pursuant to the terms of the Partnership Agreement,
338,331 shares of the Company's Common Stock in exchange for a like
number of common units of limited partnership in the Operating
Partnership.  The pending July 31 closing on the exchanges listed
in the table above, in combination with the previous closing on
shares issued to Mr. Foy, will result in an aggregate of 2,121,784
shares of Common Stock having been issued in such exchange
transactions since the filing of the Company's Quarterly Report on
Form 10-Q for the quarter ended March 31, 2020.

The Company's election to issue shares of Common Stock pursuant to
these exchange transactions was made in accordance with the
Company's right to deliver either shares of Common Stock, or their
cash equivalent (as determined pursuant to the Partnership
Agreement), to complete such exchanges.  The Company believes these
share issuances are exempt from the registration requirements of
the Securities Act of 1933, as amended, pursuant to Section 4(a)(2)
thereof, because they did not involve a public offering or sale.
No underwriters, brokers or finders were involved in any of these
transactions.

The issuance of these shares of Common Stock does not impact the
fully diluted ownership of the Company by the exchanging holders
listed in the table above, as disclosed in the beneficial ownership
tables in the Company's annual meeting proxy statements, because
ownership of Operating Partnership units potentially convertible
into shares of the Company's Common Stock is already reflected in
such calculations of fully diluted ownership.

The Company has been advised that certain Company executives who
were involved in these transactions, either directly or through
their ownership of a portion of the equity in CBL's Predecessor,
may elect in the future to sell shares of Common Stock that they
held prior to the completion of these exchange transactions for tax
planning purposes, and some of those sales may occur pursuant to
one or more trading plans entered into pursuant to Securities and
Exchange Commission Rule 10b5-1 promulgated under the Securities
Exchange Act of 1934, as amended.

                      About CBL Properties

Headquartered in Chattanooga, TN, CBL Properties --
http://www.cblproperties.com/-- owns and manages a national
portfolio of market-dominant properties located in dynamic and
growing communities.  CBL's portfolio is comprised of 108
properties totaling 68.2 million square feet across 26 states,
including 68 high-quality enclosed, outlet and open-air retail
centers and 9 properties managed for third parties.  CBL seeks to
continuously strengthen its company and portfolio through active
management, aggressive leasing and profitable reinvestment in its
properties.

CBL & Associates reported a net loss of $131.72 million for the
year ended Dec. 31, 2019, compared to a net loss of $99.23 million
for the year ended Dec. 31, 2018.

                           *   *   *

As reported by the TCR on June 1, 2020, Moody's Investors Service
downgraded the ratings of CBL & Associates Limited Partnership,
including the corporate family rating to Ca from Caa1 and senior
unsecured debt to C from Caa3.  The rating downgrade reflects
Moody's expectation that CBL's liquidity profile will erode rapidly
in the next two quarters.


CEC ENTERTAINMENT: Chuck E. Cheese Closes in Gaithersburg, Md.
--------------------------------------------------------------
Deirdre Byrne, writing for MYMC Media, reports that Chuck E. Cheese
has permanently closed its location in Gaithersburg, Maryland.

The news comes as Chuck E. Cheese's parent company, CEC
Entertainment, announced its Chapter 11 bankruptcy filing "in order
to overcome the financial strain resulting from prolonged, COVID-19
related venue closures."

"The Company expects to use the time and legal protections made
available through the Chapter 11 process to continue discussions
with financial stakeholders, as well as critical conversations with
its landlords, to achieve a comprehensive balance sheet
restructuring that supports its re-opening and longer-term
strategic plans," the CEC Entertainment statement says.

According to CEC Entertainment, since the coronavirus closures
began in March, the company has officially reopened 266 of its
Chuck E. Cheese and Peter Piper Pizza restaurants around the
country.

Although the Gaithersburg Chuck E. Cheese has closed, the Chuck E.
Cheeses in Rockville and Takoma Park have reopened and are still
operating.

                      About Chuck E. Cheese

CEC Entertainment -- http://www.chuckecheese.com/-- is a family   
entertainment and dining company that owns and operates Chuck E.
Cheese and Peter Piper Pizza restaurants.  As of Dec. 31, 2019,
CEC Entertainment and its franchisees operate a system of 612 Chuck
E.
Cheese restaurants and 129 Peter Piper Pizza stores, with locations
in 47 states and 16 foreign countries and territories.

CEC Entertainment recorded a net loss of $28.92 million for the
year ended Dec. 29, 2019, compared to a net loss of $20.46 million
for the year ended Dec. 30, 2018.  As of Dec. 29, 2019, CEC
Entertainment had $2.12 billion in total assets, $1.90 billion in
total liabilities, and $213.78 million in total stockholders'
equity.

On June 24, 2020, CEC Entertainment and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Tex. Lead Case No. 20-33163).  Judge Marvin Isgur oversees the
cases.

The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy
counsel; FTI Consulting, Inc. as financial advisor; PJT Partners LP
as investment banker; Hilco Real Estate, LLC as real estate
advisor; and Prime Clerk, LLC, as claims, noticing and solicitation
agent.


CEN BIOTECH: Incurs $1.66 Million Net Loss in Second Quarter
------------------------------------------------------------
CEN Biotech, Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q, reporting a net loss of $1.66
million for the three months ended June 30, 2020, compared to a net
loss of $1.85 million for the three months ended June 30, 2019.

For the six months ended June 30, 2020, the Company reported a net
loss of $2.96 million compared to a net loss of $3.09 million for
the same period in 2019.

As of June 30, 2020, the Company had $6.97 million in total assets,
$34.78 million in total liabilities, and a total shareholders'
deficit of $27.82 million.

A substantial doubt has been raised with regard to the ability of
the Company to continue as a going concern.  The Company has
incurred significant operating losses and negative cash flows from
operations since inception.  The Company had an accumulated deficit
of $44,270,165 at June 30, 2020 and had no committed source of
additional debt or equity financing.  The Company has not had any
operating revenue and does not foresee any operating revenue in the
near term.  The Company has relied on the issuance of loans payable
and convertible debt instruments to finance its expenses, including
notes that are in default.  The Company will continue to raise
additional capital through placement of our common stock, notes or
other securities in order to implement its business plan or
additional borrowings, including from related parties.  The
COVID-19 pandemic has hindered the Company's ability to raise
capital.  There can be no assurance that the Company will be
successful in either situation in order to continue as a going
concern.  The consolidated financial statements do not include any
adjustments that might result from the outcome of these
uncertainties.

The Company said its cash position may not be sufficient to support
the Company's daily operations or its ability to undertake any
business activity that will generate net revenue.

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

                       https://is.gd/Buviqs

                         About CEN Biotech

Headquartered in Ontario, Canada, CEN Biotech, Inc. --
http://www.cenbiotechinc.com/-- is focused on the manufacturing,
production and development of products within the cannabis
industry, including the LED lighting technology and hemp products.
The Company intends to explore the usage of hemp, which it intends
to cultivate for usage in industrial, medical and food products.

CEN Biotech reported a net loss of $5.65 million for the year ended
Dec. 31, 2019, compared to a net loss of $7.53 million for the year
ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had $7.30
million in total assets, $32.83 million in total liabilities, and a
total shareholders' deficit of $25.53 million.

Mazars USA LLP, in New York, New York, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
April 14, 2020 citing that the Company has incurred significant
operating losses and negative cash flows from operations since
inception.  The Company also had an accumulated deficit of
$41,310,172 at Dec. 31, 2019.  The Company is dependent on
obtaining necessary funding from outside sources, including
obtaining additional funding from the sale of securities in order
to continue their operations.  The COVID-19 pandemic has hindered
the Company's ability to raise capital. These conditions raise
substantial doubt about its ability to continue as a going concern.


CLASSICAL ACADEMY: S&P Rates 2020 Bonds 'BB+'; Outlook Stable
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term rating to the
California School Finance Authority's series 2020 bonds issued for
Partnering with Parents (PWP) LLC on behalf of Classical Academy
Inc. At the same time, S&P affirmed its 'BB+' rating on the
school's series 2017 charter school revenue bonds outstanding. The
outlook is stable.

The rating reflects the application of S&P's Group Rating
Methodology and its view of the combined credit of The Classical
Academy (TCA) and Coastal Academy Charter School (CACS). Schools in
TCA consist of The Classical Academy, an elementary and middle
school; Classical Academy High School; and Classical Academy
Vista.

"We assess the organization's combined enterprise profile as
strong, with a diverse enrollment base across its TCA and CACS
schools, continued enrollment growth and a competitive market
position supported by a unique independent program that excels
academically at the high school level," said S&P Global Ratings
credit analyst Phillip Pena. "The organization's combined financial
profile is vulnerable, in our opinion, given the schools'
moderately high and increasing debt burden, limited through growing
liquidity, and modest operating margins."

S&P believes these combined credit factors lead to an indicative
stand-alone credit profile of 'bb+' and a final rating of 'BB+'.

The stable outlook reflects S&P's expectation that the organization
will continue to incrementally grow enrollment across its schools,
maintain modest full-accrual operating surpluses, and generate
solid lease-adjusted maximum annual debt service (MADS) coverage.
If any additional debt is issued for any reason, S&P would first
expect a proportional increase in financial resources.

The COVID-19 outbreak has had some impact on the organization.
During spring 2020, following the governor's shelter-in-place
order, the organization conducted distance learning for the
remainder of the spring semester. The academies also provided and
continue to provide COVID-19 resources to students and staff on the
COVID-19 portion of their website. As of June 2020, the academies
have formed several contingency plans for fall enrollment, ranging
from a normal resumption of classes, to a hybrid mode of
instruction, to an entirely online instruction, depending on the
severity and duration of the outbreak. Given the unique distance
learning niche of the academies, S&P understands that demand has
not weakened over the past several months, and that inquiries and
enrollment are projected to grow relative to fall 2020. The
academies have been planning for fall 2020, including making
arrangements for providing computers and network access to students
who may lack these items. State testing has been suspended for the
2019-2020 school year. The state budget currently has a 10%
reduction to the Local Control Funding Formula for fiscal 2021,
although given the impacts of recessionary pressures, S&P expects
education funding might be cut further, which might result in
funding delays.

The series 2020 bonds will be used to the finance the acquisition
of several buildings that TCA currently leases at its Bear Valley,
Woodward, and Washington sites. The issuance will eliminate these
associated leases, though S&P notes CACS will maintain operating
leases through fiscal 2021. The series 2020 and series 2017 bonds
are not secured by the organization, but by TCA's loan payments,
consisting of rental payments on the facilities to the LLC, which
holds the schools' debt and associated assets, as well as an
intercept of state controller apportionment payments, charter
school block grants, and charter school categorical grants. Loan
payments under the indenture, a deed of trust, and a fully funded
debt service reserve fund also secure the bonds.


COMCAR INDUSTRIES: Bulk Transportation's $15M Wins Bid for CT
-------------------------------------------------------------
FreightWaves reports that Bulk Transportation has won the bid for
CT Transportation.

The bidding frenzy for the sale of flatbed hauler CT Transportation
by Comcar ended up with Bulk Transport Company East winning the
battle.

Bulk, a TFI subsidiary, put in a late bid on June 18, 2020, for $15
million.  Documents filed with the federal Bankruptcy Court in
Delaware early on June 23 show that the bid turned out to be the
winner, knocking out PS Logistics.  PS Logistics had been announced
as the buyer of CT Transportation when Comcar first announced it
had filed for Chapter 11 bankruptcy protection in mid-May 2020.

The documents are court orders and sales transaction documents.
They say nothing of the fact that PS Logistics had a lower bid,
except for one filing that is a sales transaction document with
references to PS – through P&S Acquisition LLC – crossed out
and Bulk Transport submitted in its place.

The section for the purchase price in the document reveals just how
frenzied the bidding for CT Transportation was. The original price
to be paid by PS Logistics was $8.7 million. The final price was
$15 million, and that topped by $1 million the final bid submitted
by PS on the evening of June 18. Bulk Transportation's final bid
was submitted after 10 p.m. that day.

According to the document, closing is to be Thursday, June 25.

The back-and-forth bidding took place almost all last week, with
the bids going through Bluejay Advisors, hired by Comcar to handle
that portion of its Chapter 11 proceedings. Comments made by TFI,
the parent of Bulk Transport, in various documents suggested
Bluejay resisted the entreaties of TFI. But ultimately, it
prevailed in the contest.

According to the Federal Motor Carrier Safety Administration
(FMCSA) profile of Bulk Transport Company East – along with
information from its web page – the company is a tank carrier. CT
is a flatbed carrier. The FMCSA document reports Bulk Transport has
204 total drivers, 189 of them interstate. It has 180 tractors.

                      About Comcar Industries

Comcar Industries -- https://comcar.com/ -- is a transportation and
logistics company headquartered in Auburndale, Fla., with over 40
strategically-located terminal and satellite locations across the
United States.

On May 17, 2020, Comcar Industries and related entities sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-11120).  In
the petitions signed by CRO Andrew Hinkelman, Comcar Industries
was
estimated to have $50 million to $100 million in assets and
liabilities as of the bankruptcy filing.

The Hon. Laurie Selber Silverstein is the presiding judge.

The Debtors tapped DLA Piper LLP (US) as counsel; FTI Consulting,
Inc., as financial advisor; and Bluejay Advisors, LLC as investment
banker.  Donlin Recano & Company, Inc., is the claims agent.




CONTURA ENERGY: Increases COO's Base Salary to $650K
----------------------------------------------------
In connection with a review of the executive compensation of the
Company and its peer group by the compensation committee of the
Company's board of directors, assisted by the Committee's
independent compensation consultant, the Committee modified the
compensation of Jason E. Whitehead, Contura Energy, Inc.'s
executive vice president and chief operating officer.  The
Committee increased Mr. Whitehead's annual base salary from
$475,000 to $650,000, effective as of the beginning of the current
pay period on July 6, 2020, and increased his annual long term
incentive award opportunity under the Contura Long Term Incentive
Plan from 200% to 225% of his base salary subject to applicable
performance criteria and plan terms.  The other terms of Mr.
Whitehead's compensation arrangements are unchanged, and the
current compensation arrangements of all other executive officers
also remain unchanged.

                      About Contura Energy

Contura Energy (NYSE: CTRA) -- http://www.conturaenergy.com/-- is
a Tennessee-based coal supplier with affiliate mining operations
across major coal basins in Pennsylvania, Virginia and West
Virginia.  With customers across the globe, high-quality reserves
and significant port capacity, Contura Energy reliably supplies
both metallurgical coal to produce steel and thermal coal to
generate power.

Contura Energy reported a net loss of $316.32 million for the year
ended Dec. 31, 2019.  As of March 31, 2020, the Company had $2.29
billion in total assets, $1.64 billion in total liabilities, and
$653.83 million in total stockholders' equity.

                           *   *   *

As reported by the TCR on June 5, 2020, S&P Global Ratings lowered
its issuer credit rating on U.S.-based coal producer Contura Energy
Inc. to 'CCC+' from 'B-'.  S&P expects earnings to deteriorate due
to continued weakness in coal markets further accelerated by the
COVID-19 pandemic.

In April 2020, Moody's Investors Service downgraded all long-term
ratings for Contura Energy, Inc., including the Corporate Family
Rating to Caa1 from B3.  "Contura has idled the majority of its
mines due to weak market conditions.  Moody's expects that demand
for metallurgical coal will weaken further in the near-term as
blast furnace steel producers adjust to reduced demand due to the
Coronavirus," said Ben Nelson, Moody's vice president -- senior
credit officer and lead analyst for Contura Energy, Inc.  "The
rating action is entirely driven by macro-level concerns resulting
from the global outbreak of Coronavirus."


COUNTRYWIDE INSURANCE: A.M. Best Hikes Fin. Strength Rating to C++
------------------------------------------------------------------
AM Best has upgraded the Financial Strength Rating to C++
(Marginal) from C+ (Marginal) and the Long-Term Issuer Credit
Rating to "b+" from "b-" of Country-Wide Insurance Company
(Country-Wide) (New York, NY). The outlook of the Credit Ratings
(ratings) is stable.

The ratings reflect Country-Wide's balance sheet strength, which AM
Best categorizes as weak, as well as its marginal operating
performance, limited business profile, and marginal enterprise risk
management.

The rating upgrades are the result of favorable trends in
Country-Wide's balance sheet strength. This is due to continued
improvements in policyholder surplus levels, and risk-adjusted
capitalization. Country-Wide's overall risk-adjusted
capitalization, as measured by Best's Capital Adequacy Ratio
(BCAR), has increased to a strong level from the weak level.
Country-Wide's focus on better, more profitable business, several
claims, and underwriting initiatives, as well as aggressive rate
actions, has resulted in lower premiums, which when coupled with
increasing capital, has led to the improved level of risk-adjusted
capitalization. However, these positive factors are offset
partially by historically unfavorable loss reserve developments
despite improvements in recent years and high underwriting
leverage. Although reinsurance dependence is high, the company has
reduced its quota share treaty continually. Additionally,
Country-Wide has a limited scale of operations. The company's
business profile is limited due to the product offerings as a
single-state auto insurer and geographic concentration in New York.


COVENANT CHURCH: Files Ch 11 Bankruptcy Protection
--------------------------------------------------
Patty Tascarella of Pittsburgh Business Times reports that the
Covenant Church of Pittsburgh, based in Wilkinsburg, has filed for
protection from creditors under Chapter 11 of the Federal
Bankruptcy Code.

Chapter 11 is a reorganization.  John Lacher, an attorney at the
Law Offices of Robert O. Lampl, the firm representing the church,
said it continues to operate.

Covenant Church employs 30, about half of whom are full-time,
Lacher said.

"The bankruptcy was filed because the mortgage company was in a
foreclosure action, we stayed that and are looking to restructure
that debt in a bankruptcy setting," Mr. Lacher said.  "What I hope
to do is negotiate.  We're happy to try to work it out."

Foundation Capital Resources of Springfield, Missouri, holds the
mortgage on the church property, Mr. Lacher said.  It is the
largest unsecured creditor according to the filing.  Mr. Lacher
said the amount is $6.4 million and that the loan "goes back a
decade."

There are very few creditors, Mr. Lacher said. According to the
filing, funds will be available for distribution to unsecured
creditors, which Lacher reiterated.

                About Covenant Church of Pittsburgh

Covenant Church of Pittsburgh, a tax-exempt religious organization
in Pittsburgh, Pa, filed a Chapter 11 petition (Bankr. W.D. Penn.
Case No. 20-21778) on June 9, 2020.  The petition was signed by
Bishop Joseph L. Garlington Sr.  At the time of the filing, the
Debtor was estimated to have assets of $1 million to $10 million
and liabilities of the same range.  The Debtor is represented by
Robert O Lampl Law Office.


CYTODYN INC: Issues $28.5 Million Convertible Note
--------------------------------------------------
CytoDyn Inc. entered into a securities purchase agreement on July
29, 2020, pursuant to which the Company issued a secured
convertible promissory note with a two-year maturity to an
institutional accredited investor in the initial principal amount
of $28.5 million.  The Note is secured by all of the assets of the
Company, excluding the Company's intellectual property.  The
Investor gave consideration of $25.0 million, reflecting original
issue discount of $3.4 million and transaction expense of $0.1
million.  The Company anticipates using the proceeds for general
working capital purposes.

In connection with the investment in the Note, the Company entered
into a Security Agreement, pursuant to which all obligations owing
to the Investor by the Company, are secured by a first-position
security interest in all the assets of the Company, excluding the
Company's intellectual property.  Interest accrues on the
outstanding balance of the Note at 10% per annum.  Upon the
occurrence of an Event of Default, interest accrues at the lesser
of 22% per annum or the maximum rate permitted by applicable law.
In addition, upon any Event of Default, the Investor may accelerate
the outstanding balance payable under the Note, which will increase
automatically upon such acceleration by 15%, 10% or 5%, depending
on the nature of the Event of Default.

The Investor may convert all or any part the outstanding balance of
the Note into shares of Common Stock at an initial conversion price
of $10.00 per share upon five trading days' notice, subject to
certain adjustments and ownership limitations specified in the
Note.  In addition to standard anti-dilution adjustments, the
conversion price of the Note is subject to full-ratchet
anti-dilution protection, pursuant to which the conversion price
will be automatically reduced to equal the effective price per
share in any new offering by the Company of equity securities that
have registration rights, are registered or become registered under
the Securities Act of 1933, as amended.  The Note provides for
liquidated damages upon failure to deliver Common Stock within
specified timeframes.

The Investor may redeem any portion of the Note, at any time after
six months from the issue date upon three trading days' notice,
subject to a Maximum Monthly Redemption Amount of $1,600,000.  The
Note requires the Company to satisfy its redemption obligations in
cash within three trading days of the Company's receipt of such
notice.  The Company may prepay the outstanding balance of the
Note, in part or in full, at a 15% premium to par value, at any
time upon fifteen trading days' notice.

Pursuant to the terms of the Agreement and the Note, the Company
must obtain the Investor's consent before assuming additional debt
with aggregate net proceeds to the Company of less than $25
million.  Upon any such approval, the outstanding principal balance
of the Notes will increase automatically by 5% upon the issuance of
such additional debt.  The Company agreed to use commercially
reasonable efforts to file a Registration Statement on Form S-3
with the U.S. Securities and Exchange Commission by Sept. 15, 2020,
registering a number of shares of Common Stock sufficient to
convert the entire Outstanding Balance of the Note.

                         About CytoDyn Inc.

Headquartered in Vancouver, Washington, CytoDyn Inc. --
http://www.cytodyn.com/-- is a late-stage biotechnology company
focused on the clinical development and potential commercialization
of leronlimab (PRO 140), a CCR5 antagonist to treat HIV infection,
with the potential for multiple therapeutic indications.  

As of Feb. 29, 2020, the Company had $38.82 million in total
assets, $43.20 million in total liabilities, and a total
stockholders' deficit of $4.38 million.

Warren Averett, LLC, in Birmingham, Alabama, the Company's auditor
since 2007, issued a "going concern" qualification in its report
dated Aug. 14, 2019, on the Company's consolidated financial
statements for the year ended May 31, 2019, citing that the Company
incurred a net loss of approximately $56,187,000 for the year ended
May 31, 2019 and has an accumulated deficit of approximately
$229,363,000 through May 31, 2019, which raises substantial doubt
about its ability to continue as a going concern.


DAVID A. ALLISON: $561K Sale of Muscogee County Property Approved
-----------------------------------------------------------------
Judge John T. Laney, III of the U.S. Bankruptcy Court for the
Middle District of Georgia authorized David A. Allison's sale of
the real property legally described as all that lot, tract and
parcel of land situate, lying and being in the State of Georgia,
County of Muscogee and being known and distinguished as all of Lot
Numbered Five in Block lettered "A" in that Subdivision of land
known as Old Town, as said lot appears upon a map or plat of
Section One, Old Town Subdivision, recorded at Plat Book 164, Page
179 in the Office of the Clerk of Superior County of Muscogee
County, Georgia, to George Zimmerman for $561,000 cash.

The Purchaser shall, upon closing, acquire good and marketable
title, free of all listed lien encumbrances, with all unpaid liens
and encumbrances transferred and attached to the proceeds.  The
Purchaser may lodge the Order as evidence of title with the Clerk
of the Superior Court.

The Debtor, through an appropriate closing attorney, is authorized
to make distributions for settlement charges, pro-rated taxes, and
to secured creditors as set forth in the Order, and to pay
realtor's commission, on which is approved.

These payments will be made to the following identified creditors
on the terms and conditions set forth:

     (a) The Debtor will pay Stifel, through closing attorney, its
payoff amount of $386,066, with an appropriate per diem of $37, as
of July 27, 2020, with Stifel to maintain its right to supply an
updated payoff prior to time of closing;

     (b) The Debtor will pay the IRS an amount necessary to pay its
secured claim, $143,882 with a per diem from date of confirmation
(June 16, 2020) in the amount of $20 per diem;

     (c) The Debtor need not pay anything to the CCG or Georgia DOR
as nothing is owed to them;

     (d) The Debtor shall, through closing attorney, will pay any
net payment after closing costs, Stifel and the IRS, as provided in
his confirmed Chapter 11 plan; and

     (e) As the Court finds that there exists no other secured
claim to be satisfied, no further payments are ordered and directed
to be paid from the proceeds at closing.

Upon payment as provided, each secured creditor will issue an
appropriate release or partial release of its liens as to the
property, but only as to the property.  

David A. Allison sought Chapter 11 protection (Bankr. M.D. Ga. Case
No. 18-41266) on Dec. 31, 2018.  The Debtor tapped Fife M.
Whiteside, Esq., at Fife M. Whiteside, PC as counsel.  The Debtor's
Third Amended Plan was confirmed by the Court on June 16, 2020.  On
Jan. 3, 2020, the Court appointed Coldwell Banker Kennon Parker
Duncan & Davis as Broker.


DISCOVERY INSURANCE: A.M. Best Affirms B(Fair) Fin. Strength Rating
-------------------------------------------------------------------
AM Best has revised the outlooks to positive from stable and
affirmed the Financial Strength Rating of B (Fair) and the
Long-Term Issuer Credit Rating of "bb+" of Discovery Insurance
Company (Discovery) (Kinston, NC).

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

The revised outlooks reflect risk-adjusted capitalization at the
strongest level, supported by premium leverage that has trended
lower in recent years to a level comparable with the composite. The
balance sheet further benefits from the investment portfolio that
is weighted toward high-quality fixed-income securities with solid
liquidity levels enhanced by service fee income. These strengths
are offset partially by limited financial flexibility and scale of
operations, above-average common stock leverage and reinsurance
dependence that is well in excess of the composite as 100% of the
company's auto liability premiums and losses (excluding unallocated
loss adjustment expenses) are ceded to the North Carolina
Reinsurance Facility. AM Best expects Discovery's overall balance
sheet strength will continue to be supported by that strongest
level of risk-adjusted capitalization, decreased underwriting
leverage metrics and organic surplus growth through profitable
operations.

Discovery's adequate operating performance reflects pretax
operating income reported in each of the last five years driven by
net investment income and other income, partially offset by
volatile underwriting results. The limited business profile
reflects the company's product and geographic concentration as an
insurer of private passenger non-standard auto liability and
physical damage insurance operating exclusively in North Carolina.
AM Best considers the company's ERM program to be marginal as the
framework continues to evolve with improvements in reporting and
auditing functions.  



DONALD B. BURNHAM: $157K Sale of North Port Property Approved
-------------------------------------------------------------
Judge Michael G. Williamson of the U.S. Bankruptcy Court for the
Middle District of Florida authorized Donald Raymond Burnham and
Alice Ann Burnham's sale of the real property located at 3481
Nekoosa St., North Port, Sarasota County, Florida, Sarasota County
Tax Collector Account No. 0993262920, to Antoinette Binedell or her
assigns for $157,000, pursuant to their "As Is" Residential
Contract for Sale and Purchase.

The sale is free and clear of liens, claims, interests,
encumbrances, and security interests of any nature or kind, all of
which will attach to the proceeds of the sale.  The proceeds of the
sale, after payment of regular and ordinary closing expenses, will
be disbursed to the Internal Revenue Service.

The Debtor is authorized to pay all broker's fees, liens, and all
other ordinary and necessary closing expenses normally attributed
to a seller of real estate at closing.

The 14-day stay required under Bankruptcy Rule 6004(h) will be
waived.

Within 10 days from the closing of the sale, the Debtors will file
a copy of the closing statement with the Court.

A hearing on the Motion was held on July 29, 2020.

Donald Raymond Burnham and Alice Ann Burnham sought Chapter 11
protection (Bankr. M.D. Fla. Case No. 15-11110) on Nov. 2, 2015.


DUFL INC: Taps Quarles & Brady as Legal Counsel
-----------------------------------------------
DUFL, Inc. received approval from the U.S. Bankruptcy Court for the
District of Arizona to hire Quarles & Brady LLP as its legal
counsel.

The firm will provide these services in connection with Debtor's
Chapter 11 case:

     (a) advise Debtor with respect to its powers and duties in the
continued management of its business and property;

     (b) attend meetings and negotiate with representatives of
creditors and other parties;

     (c) assist Debtor in the preparation of its schedules of
assets and liabilities and statements of financial affairs;

     (d) advise Debtor in connection with any contemplated sales of
its assets or business combinations, and formulate and implement
procedures with respect to the closing of any such transactions;

     (e) advise Debtor in connection with any financing
arrangements, and negotiate and draft related documents;

     (f) advise Debtor on matters relating to the assumption,
rejection or assignment of unexpired leases and executory
contracts;

     (g) advise Debtor on legal issues arising in or relating to
its ordinary course of business;

     (h) prepare legal papers;

     (i) negotiate and prepare a plan of reorganization, disclosure
statement, and all related documents and take necessary actions to
obtain confirmation of such plan;

     (j) attend meetings with third parties and participate in
negotiations; and

     (k) appear before the bankruptcy court, appellate courts and
the U.S. Trustee.

The firm's attorneys and paralegals will be paid at these rates:

     Name                     Title       Years in    Hourly Rate
                                          Practice
     Isaac M. Gabriel         Partner     18          $495
     Alissa Brice Castañeda   Partner     12          $395
     Hannah R. Torres         Associate   5           $315
     Kelly Webster            Paralegal   7           $225

Quarles & Brady was paid a $32,750 advance retainer by Debtor.  The
firm received from its retainer the total amount of $27,786.30 on
account of pre-bankruptcy  services and expenses, which does not
include reimbursement of the bankruptcy filing fees. The retainer
held by Quarles & Brady as of July 22 totals $4,963.70 after all
pre-bankruptcy invoices were paid.

Isaac Gabriel, Esq., a partner at Quarles & Brady, disclosed in
court filings that the firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

Quarles & Brady can be reached through:

     Isaac M. Gabriel, Esq.
     Alissa Brice Castañeda, Esq.
     Quarles & Brady LLP
     Renaissance One
     Two North Central Avenue
     Phoenix, AR 85004-2391
     Tel: (602) 229-5200
     Fax: (602) 229-5690
     Email: isaac.gabriel@quarles.com
     Email: alissa.castaneda@quarles.com

                          About DUFL Inc.

DUFL, Inc. develops and markets a mobile application for business
travelers for baggage packing and shipping.

On July 22, 2020, DUFL sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 20-08464).  At the time
of the filing, Debtor disclosed assets of $1,453,192 and
liabilities of $10,505,511.

Quarles & Brady, LLP is Debtor's legal counsel.


EDGEMARC ENERGY: Liquidating Plan Confirmed by Judge
----------------------------------------------------
Law360 reports that EdgeMarc Energy Holdings LLC finally quieted
echoes of a 2018 landslide and gas pipeline explosion that drove
the business into Chapter 11, with a Delaware bankruptcy judge
confirming its liquidating plan following an asset sale, mediation
and settlement.

U.S. Bankruptcy Judge John T. Dorsey approved the plan after an
Office of the U. S. Trustee check of creditor group votes and after
a court observation that things could have ended differently.  "I
recall very distinctly being on the precipice of a Chapter 7,"
Judge Dorsey said just before his confirmation order.

                    About EdgeMarc Energy

EdgeMarc Energy Holdings, LLC -- http://www.edgemarcenergy.com/--
is a locally based natural gas exploration and production company
headquartered in Canonsburg, Pa.  It is engaged in the acquisition,
production, exploration and development of natural gas and natural
gas liquids from underground deposits in the Appalachian Basin.
EdgeMarc Energy conducts its drilling and exploration activities in
the "stacked" liquid-rich Marcellus shale in Pennsylvania and dry
gas Utica shale in Ohio.

EdgeMarc Energy and its 8 affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 19-11104) on May 15, 2019.

EdgeMarc Energy was estimated to have assets of $100 million to
$500 million and liabilities of the same range as of the bankruptcy
filing.

The Hon. Brendan Linehan Shannon is the case judge.

The Debtors tapped Landis Rath & Cobb LLP as counsel; Davis Polk &
Wardwell LLP as corporate counsel; Evercore Partners as investment
banker; Oportune LLC and Dacarba LLC as financial advisor; and
Prime Clerk LLC as claims agent.


EKSO BIONICS: Widens Net Loss to $11.8 Million in Second Quarter
----------------------------------------------------------------
Ekso Bionics Holdings, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing
a net loss of $11.77 million on $2.26 million of revenue for the
three months ended June 30, 2020, compared to a net loss of $3.07
million on $3.26 million of revenue for the three months ended June
30, 2019.

Revenue in the second quarter of 2020 included approximately $2.1
million in EksoHealth revenue, compared to $2.8 million in the same
period in 2019, and approximately $0.2 million in EksoWorks sales,
compared to $0.4 million in the same period in 2019.  The decline
in revenue as compared to the same period in 2019 was due to a
decrease in volume of medical device sales driven by the impact of
COVID-19, as customers delayed orders to prepare for and manage
their business during the pandemic.

Gross profit for the quarter ended June 30, 2020 was $1.3 million,
compared to $1.6 million in the same period in 2019, representing a
gross margin of approximately 56% in the second quarter of 2020,
compared to a gross margin for the same period in 2019 of 48%.  The
decrease in gross profit is primarily attributed to lower volume of
medical device sales.

Sales and marketing expenses for the quarter ended June 30, 2020
were $1.7 million, a decrease of $1.3 million, or approximately
44%, compared to the same period in 2019.  The decrease was
primarily due to lower employee expenses and lower general
marketing and trade show expenses.

Research and development expenses for the quarter ended June 30,
2020 were $0.5 million, compared to $1.5 million for the same
period in 2019, a decrease of $1.0 million, or approximately 70%.
The decrease was primarily due to lower employee expenses and lower
patent and licensing costs.

General and administrative expenses for the quarter ended June 30,
2020 were $1.9 million, compared to $2.1 million for the same
period in 2019, a decrease of $0.2 million, or approximately 8%.
Loss on warrant liabilities for the quarter ended June 30, 2020 was
$8.6 million due to the revaluation of warrants issued in 2015,
2019 and 2020 compared to a $2.7 million gain associated with the
revaluation of warrants issued in 2015 and May 2019 for the same
period in 2019.

For the six months ended June 30, 2020, the Company reported a net
loss of $14.30 million on $3.73 million of revenue compared to a
net loss of $9.62 million on $6.88 million of revenue for the six
months ended June 30, 2019.

As of June 30, 2020, the Company had $22.35 million in total
assets, $22.38 million in total liabilities, and a total
stockholders' deficit of $28,000.

"We are pleased with our team's strong execution in navigating
through an extraordinarily difficult environment," said Jack
Peurach, president and chief executive officer of Ekso Bionics.
"Through our virtual selling approach, we maintained a strong order
pipeline by staying connected with our customer rehabilitation
centers and network operators in delivering online service support
and training.  Operationally, at the start of the COVID-19 pandemic
we took immediate actions to adjust our cost structure, enabling us
to adapt to the new environment under these challenging market
conditions.  While the pandemic may impact the near-term outlook
for the customers that we serve, we remain flexible both
strategically and operationally to create long-term value for
patients, customers, and our shareholders."

                   China Joint Venture Update

On July 13, 2020, Ekso and partners in its China joint venture
entered into a National Security Agreement which, among other
things, requires the termination of the Company's agreements and
role with the joint venture.  Ekso intends to work cooperatively
with the joint venture partners and Committee on Foreign Investment
in the United States to implement the terms of the NSA.

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

                     https://is.gd/0WOBG2

                       About Ekso Bionics

Ekso Bionics -- http://www.eksobionics.com/-- is a developer of
exoskeleton solutions that amplify human potential by supporting or
enhancing strength, endurance and mobility across medical and
industrial applications.  Founded in 2005, the Company continues to
build upon its expertise to design some of the most cutting-edge,
innovative wearable robots available on the market.  The Company is
headquartered in the Bay Area and is listed on the Nasdaq Capital
Market under the symbol EKSO.

Ekso Bionics reported a net loss of $12.13 million for the year
ended Dec. 31, 2019, compared to a net loss of $26.99 million for
the year ended Dec. 31, 2018.  As of March 31, 2020, the Company
had $16.94 million in total assets, $11.72 million in total
liabilities, and $5.23 in total stockholders' equity.

OUM & CO. LLP, in San Francisco, California, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated Feb. 27, 2020, citing that Company has incurred significant
recurring losses and negative cash flows from operations since
inception and an accumulated deficit.  This raises substantial
doubt about the Company's ability to continue as a going concern.


EMERALD X: S&P Affirms 'B' ICR; Rating Removed From Watch Negative
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on
California-headquartered trade show operator Emerald X Inc. and its
'B' issue-level rating on its senior credit facility and removed
them from CreditWatch, where it placed them with negative
implications on May 16, 2020.

Pro forma for the transaction, Emerald's debt leverage will be very
high due to the significant increase in its debt and its weak
operating performance. Pro forma for the transaction, the company's
adjusted debt leverage will increase to 12.3x from 7.3x as of March
31, 2020, due to the increase in its debt given S&P's treatment of
the preferred stock as a debt-like security. S&P considers the
preferred stock as debt because the alignment of the economic
incentives created between the common equity and the non-common
equity financing can be broken by the sale of the non-common equity
financing to a third party with no interest in the common equity.
S&P expects Emerald's debt leverage to increase further during the
second half of 2020 as its EBITDA continues to decline and turns
negative due to its inability to operate events because of the
COVID-19 pandemic and related social distancing restrictions.
Although S&P expects the company's revenue and EBITDA losses in
2020 related to the COVID-19 pandemic to be steep, Emerald--unlike
many other companies--benefits from an insurance policy against
show cancelations due to a pandemic. S&P expects that the company
will receive insurance proceeds sufficient to offset the majority
of its EBITDA loss in 2020 and, to some extent, in 2021 (S&P's
calculation of EBITDA does not add back insurance proceeds). S&P
expects Emerald's EBITDA coverage of cash interest expense to
remain adequate as the preferred stock interest accrues for the
life of the security at the company's option. Nevertheless, S&P
expects the company's adjusted leverage to remain elevated above
10x and anticipate its adjusted free operating cash flow to debt
will remain weak at less than 5% in 2021 because of a slow economic
recovery, the uncertainty around the timing of a vaccine (which may
not be widely available until the second half of 2021), and the
growing preferred stock obligation. The preferred stock accrues
interest at 7% per year for the next two years. S&P also believes
that management faces execution risks because the company will need
to significantly expand its EBITDA, both organically and through
acquisitions, to deleverage and eventually refinance the preferred
stock.

S&P expects the pandemic to continue to negatively affect the live
exposition industry for the remainder of 2020 before it slowly
recovers beginning in 2021. The rating agency expects Emerald's
revenue to decline significantly in the first and second quarters
of this year because a significant number, if not all, of its shows
were canceled or postponed to the fourth quarter of 2020.
Additionally, given the recent spike in coronavirus cases across
the U.S., it remains uncertain whether the company will be able to
operate any events in the fourth quarter. S&P expects Emerald to
experience a slow recovery as venues begin to reopen and businesses
gain enough confidence to send their employees to attend
tradeshows. However, S&P expects that a full recovery will be
challenging absent a widely distributed vaccine, which may take
some time to develop. Although the company's pandemic insurance
runs through 2021, S&P believes it may be more difficult for the
company to make a claim for upcoming shows that see reduced
attendance because of fears related to the pandemic. In addition,
Emerald has a high concentration of shows scheduled for the first
quarter of 2021 when the pandemic is more likely to have a
continued effect on attendance.

The company's current liquidity position provides it with
sufficient headroom to weather the effects of COVID-19 over the
next 12 months.

"Pro forma for the $400 preferred equity infusion, we estimate that
Emerald has $500 million of total liquidity consisting of about
$350 million of cash on hand and full availability under its $150
million revolving credit facility, which matures in May 2022," S&P
said.

"We believe the company's current cash position will enable it to
navigate through the pandemic and continue to invest in its
business and technology initiatives to expand its sales and
increase the number of exhibitors at its expositions after the
coronavirus pandemic subsides. Additionally, we believe Emerald's
cash position will enable it to make deleveraging acquisitions,"
the rating agency said.

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

-- Health and safety

The negative outlook reflects the uncertainty around when Emerald
will be able to resume operation and fully recover, its ability to
find accretive and deleveraging acquisitions, and whether the
pandemic will have an extended impact on the company's business.

"We could lower our rating on Emerald if its liquidity deteriorates
and its leverage remains high due to underperforming acquisitions
and significant operating losses stemming from a slow recovery or
negative long-term effects from the pandemic. Additionally, we
could lower our rating if we believe the company will be unable to
produce profitable exhibitions in the first half of 2021 due to
restrictions on gatherings or the absence of a widely distributed
vaccine," S&P said.

"We could revise our outlook on Emerald to stable if it is able to
start producing profitable exhibitions. We view an upgrade as
unlikely over the next 12 months given our expectation that the
company's leverage will remain elevated. However, we could raise
our rating on Emerald if it reduces its adjusted leverage below the
5x area on a sustained basis because of consistent low- to
mid-single-digit percent organic revenue growth coupled with stable
EBITDA margins, solid free cash flow generation, and accretive
acquisitions," the rating agency said.


FAIRWAY MARKET: Closes Stores in Red Hook, Long Island and Harlem
-----------------------------------------------------------------
Aaron Elstein, writing for Crains New York, reports that the
Fairway Market's location in Harlem will close for good, and stores
in Brooklyn, Queens and Nassau County could shut down within a
month, according to public documents and a person close to the
matter.

Except for the Harlem location, all other Fairway stores in
Manhattan will survive because they were acquired by a rival after
the grocer filed for bankruptcy protection earlier this year for
the second time. Neither Fairway nor its bankruptcy lawyer, Sunny
Singh of the firm Weil Gotshal & Manges, returned requests for
comment.

The Harlem Fairway will begin a store-closing sale, according a
federal court filing. It is expected to close no later than June
30, a filing with the state Department of Labor shows. The store
has about 165 unionized employees. Crain's reported in April that
the store was poised to close.

Fairways in Red Hook, Brooklyn; Douglaston, Queens; Plainview and
Westbury, Long Island, are expected to close by July 17, the
company disclosed in its Labor Department filing.  A person close
to the matter said a last-minute rescue is possible for the
Brooklyn, Queens and Westbury stores.  The Plainview location is to
begin a store-closing sale on Friday, according to a court
document.

It's a sad and perhaps surprising end for the Fairway locations,
considering supermarkets experienced a huge jump in business after
the pandemic-related lockdown began.

"The surge in sales was temporary and not a good indicator of the
long-term prospects for the stores or the chain as a whole," a
person close to the matter said.

Once the city's most beloved grocer whose store openings were
treated as major news, Fairway filed for bankruptcy protection in
January, its second Chapter 11 in four years. Customers had moved
on to stores such as Wegmans or Whole Foods, and Fairway's
comparable-store sales fell 5% last year, and its $66 million loss
left it unable to service its formidable debt load.  The debt is a
hangover from when a private-equity firm with no experience in
supermarkets bought Fairway from the founding family in 2007 for
$150 million and tried to expand the business quickly.

Fairway's flagship Upper West Side store was acquired earlier this
year as part of a $76 million deal with Village Super Market, which
pledged to keep the name and bought Fairway's Upper East Side,
Chelsea, Kips Bay and Pelham Manor locations. The leases for
Fairways in Woodland Park and Paramus, New Jersey, were acquired by
Amazon, which is expected to turn them into Whole Foods.  A
Georgetown, Brooklyn Fairway was bought and will become a Key
Food.

Fairway's 35,000-square-foot Harlem store opened in 1995 and was an
early sign of the neighborhood's renaissance.  Its wide aisles and
large inventory of everyday and gourmet items were a revelation to
New Yorkers accustomed to grocery shopping in cave-like
conditions.

Village Super Market agreed to buy the parking lot but not the
store, which made it harder for another buyer to step forward, and
none did. The location houses Fairway's corporate headquarters.

Rob Newell, president of Local 1500 of the United Food and
Commercial Workers International Union, which represents 2,300
Fairway employees, said management bungled the brand by failing to
invest in stores and staff.

"They took what was like no other market," he said, "and made it
like every other market."

                       About Fairway Market

Fairway Group -- https://www.fairwaymarket.com/ -- is a food
retailer operating 14 supermarkets across the New York, New Jersey
and Connecticut tri-state area, including two with freestanding
wine and liquor stores (the Stamford and Pelham locations) and two
with in-store wine and liquor stores (the Woodland Park and Paramus
locations). The company's flagship store is located at Broadway and
West 74th Street, on the Upper West Side of Manhattan, featuring a
cafe, Sur la Route, and state of the art cooking school.  Fairway's
stores emphasize an extensive selection of fresh, natural, and
organic products, prepared foods, and hard-to-find specialty and
gourmet offerings, along with a full assortment of conventional
groceries.

Fairway Group Holdings Corp. and 25 affiliated companies sought
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-10161) on
Jan. 23, 2020.  

In the petitions signed by CEO Abel Porter, the Debtors were
estimated to have $100 million to $500 million in assets and
liabilities.  

Judge James L. Garrity, Jr., is assigned to the cases.

The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel;
Peter J. Solomon and Mackinac Partners, LLC as financial advisor;
and Omni Agent Solutions as claims, noticing and solicitation
agent.


FAIRWAY MARKET: Expects to Close Douglaston Plaza Store
-------------------------------------------------------
Maya Kaufman, writing for Patch, reports that Fairway Market, which
filed for Chapter 11 bankruptcy protection in January 2020, closed
its Douglaston Plaza store in Queens, New York.

Fairway Group Holdings Corp. announced it will lay off 150 workers
at its Douglaston Plaza location between July 3 and July 17,
according to an amended WARN notice posted on the state Department
of Labor's website.

Fairway previously said it would keep the Douglaston store open
until at least August, after a surge in cases of the new
coronavirus brought a bump in business, but then announced plans to
close the location in June.

The Douglaston store and several other locations didn't receive any
bids during the grocer's bankruptcy auction that ended in March.

                       About Fairway Market

Fairway Group -- https://www.fairwaymarket.com/ -- is a food
retailer operating 14 supermarkets across the New York, New Jersey
and Connecticut tri-state area, including two with freestanding
wine and liquor stores (the Stamford and Pelham locations) and two
with in-store wine and liquor stores (the Woodland Park and Paramus
locations). The company's flagship store is located at Broadway and
West 74th Street, on the Upper West Side of Manhattan, featuring a
cafe, Sur la Route, and state of the art cooking school. Fairway's
stores emphasize an extensive selection of fresh, natural, and
organic products, prepared foods, and hard-to-find specialty and
gourmet offerings, along with a full assortment of conventional
groceries.

Fairway has filed for Chapter 11 bankruptcy twice in four years.
The company dug itself out of Chapter 11 proceedings in 2016 by
borrowing money and shifting ownership from Sterling Investment
Partners to a consortium led by Blackstone's GSO Capital Partners.

Fairway Group Holdings Corp. and its affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-10161) on Jan. 23,
2020.   In the petitions signed by CEO Abel Porter, the Debtors
were estimated to have $100 million to $500 million in assets and
liabilities.  

Judge James L. Garrity, Jr., is assigned to the present cases.

In the present case, the Debtors tapped Weil, Gotshal & Manges LLP
as legal counsel; Peter J. Solomon and Mackinac Partners, LLC as
financial advisor; and Omni Agent Solutions as claims, noticing and
solicitation
agent.


FORESIGHT ENERGY: Touts Plan Confirmation After 4 Months
--------------------------------------------------------
Foresight Energy LP announced June 24, 2020, that the United States
Bankruptcy Court for the Eastern District of Missouri has issued an
order confirming Foresight's chapter 11 plan of reorganization (the
"Plan").

The Plan provides for the reduction of over $1 billion of
Foresight's existing indebtedness and the elimination of
approximately $94 million of Foresight's anticipated annual cash
interest payments, plus additional reductions in annual cash flow
expenses through modified contractual terms with key logistics,
mineral interest, and vendor counterparties. Holders of Foresight's
limited partnership units will not receive any recovery under the
Plan. Additionally, pursuant to the Plan, Foresight will emerge
from chapter 11 with only $225 million in secured exit facility
loans (the "Exit Facility"), $75 million of which will convert to
equity 60 days following the closing of the Exit Facility, and will
have approximately $60 million in cash liquidity.

"We are thankful to our many stakeholders, including our creditors,
employees, customers, vendors, trade creditors, and key contract
counterparties, for their continued support. With their
cooperation, we have been able to achieve confirmation within four
months of entering chapter 11.  I count this as a tremendous
accomplishment," said Robert D. Moore, Chief Executive Officer. "We
are working expeditiously to timely implement the Plan, and we look
forward to emerging from the chapter 11 process in the coming
weeks."

Foresight's Plan and the order of the Court confirming the Plan
will be provided in a Current Report on Form 8-K to be filed with
the Securities and Exchange Commission (the "SEC"), which can be
viewed on the SEC’s website at http://www.sec.govor
Foresight’s website after filing. Additional information is
available by calling (833) 991-0977 (toll free) or (503) 597-7679
(international). Court filings and other information related to the
court-supervised proceedings are available at a website
administered by Foresight's claims agent, Prime Clerk LLC, at
https://cases.primeclerk.com/foresightenergy.

                    About Foresight Energy LP

Foresight Energy and its subsidiaries --
http://www.foresight.com/--are producers of thermal coal, with
four mining complexes and nearly 2.1 billion tons of proven and
probably coal reserves strategically located near multiple rail and
river transportation access points in the Illinois Basin. The
Debtors also own a barge-loading river terminal on the Ohio River.
From this strategic position, the Debtors sell their coal primarily
to electric utility and industrial companies located in the eastern
half of the United States and across the international market.

Foresight Energy LP and its affiliates sought Chapter 11 protection
(Bankr. E.D. Mo. Lead Case No. 20-41308) on March 10, 2020.

The Debtors were estimated to have $1 billion to $10 billion in
assets and liabilities.

The Hon. Kathy A. Surratt-States is the case judge.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal
counsel to Foresight Energy; Jefferies Group is acting as
investment banker; and FTI Consulting, Inc. is acting as financial
advisor. Prime Clerk LLC is the claims agent at
https://cases.primeclerk.com/ForesightEnergy

Akin Gump Strauss Hauer & Feld LLP is acting as legal counsel and
Lazard Freres & Co. LLC is acting as investment banker to the Ad
Hoc Lender Group representing lenders under the first lien credit
agreement.

Milbank LLP is acting as legal counsel and Perella Weinberg
Partners LP is acting as investment banker to the Ad Hoc Lender
Group representing crossover lenders under each of the second lien
indenture and first lien credit agreement.




GA PAVING: Obenauf Auction of 39 Equipment Approved
---------------------------------------------------
Judge Deborah L. Thorne of the U.S. Bankruptcy Court for the
Northern District of Illinois authorized G.A. Paving, LLC's auction
sale of 39 specified pieces of equipment listed on Exhibit A.

The Debtor may conduct the auction on the terms set out in the
contract dated Feb. 6, 2020 with Obenauf Auction Service.

A copy of the Exhibit A is available at
https://tinyurl.com/ya6je4lm from PacerMonitor.com free of charge.

                       About G.A. Paving

GA Paving LLC, a paving contractor in Bellwood, Ill., sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D.
Ill. Case No. 19-21753) on Aug. 2, 2019.  At the time of the
filing, the Debtor disclosed $3,255,141 in assets and $3,345,313 in
liabilities.  Judge Deborah L. Thorne oversees the case.  The
Debtor tapped the Law Offices of Bradley H. Foreman, P.C., as its
bankruptcy counsel.


GKS CORP: Guidelines on Sept. 30 Assets Zoom Sale Hearing Issued
----------------------------------------------------------------
Judge Elizabeth D. Katz of the U.S. Bankruptcy Court for the
District of Massachusetts has entered an order regarding the
hearing by Zoom video transmission on GKS Corp.'s sale of all
assets utilized in operating its business, to VS Southwick, LLC or
its eligible designee for $9 million, subject to higher and better
offers.

The Assets include without limitation (i) the real property and
improvements known as The American Inn for Retirement Living
located at One Sawmill Park, Southwick Massachusetts ("Community"),
(ii) personal property, including equipment, furniture and
inventory used to operate the Community, (iii) certain executory
contracts to be identified by the Purchaser, (iv) permits and
licenses authorizing the provision of certain services to Community
residents (to the extent transferable), and (v) other
miscellaneous, specified assets including the right to use the
Debtor's trade names and other intellectual property.

To expedite and facilitate Motion For Authority to Sell
Substantially All Assets Including Certain Executory Contracts
Pursuant to Sections 363 and 365 of the Bankruptcy Code, Free and
Clear of All Liens, Claims, and Interests dated July 20, 2020, the
Court entered the Order.

The Sale Hearing is set for Sept. 30, 2020, at 10:00 a.m. and will
be held via video transmission.  The Order sets forth requirements
related to the format of the Sale Hearing.

The Sale Hearing will take place remotely by means of Zoom Video
Communications videoconference technology.  All the counsel and the
other attendees who participate in the Hearing via Zoom will
undertake appropriate set up and testing of the Zoom application,
which is available from Zoom Video Communications free of charge.
Each Participant will be responsible for downloading the Zoom
application or accessing Zoom via a web browser, such as Safari or
Chrome.  Each Participant may use equipment such as a desktop or
laptop computer, a tablet, or a cellphone to access Zoom and join
the Sale Hearing.

The Participants are encouraged to limit video conference
participation to those who are necessary to the presentation of the
matter.  If the number of parties wishing to participate in the
Sale Hearing, in the Court's view, exceeds the number which would
permit the efficient, stable, and reliable transmission of the Sale
Hearing by video conference, the Court may require that certain
parties participate in the Sale Hearing only by telephone. It will
provide to each party participating by telephone separate dial-in
instructions, which may be used with any telephone equipment.

Each Participant will send a notice to Courtroom Deputy Stephen
Reynolds at stephen_reynolds@mab.uscourts.gov no later than 4:30
p.m. on Sept. 22, 2020.  The notice will include the Participant's
name, email address, role in the matter or proceeding, telephone
number at which the Participant may be reached during the Sale
Hearing, and type of device the Participant will be using.  Prior
to the Hearing, the Courtroom Deputy will send an email to each
Participant providing the login information to appear at the Sale
Hearing by video or by telephone.  Any questions regarding
participation in the Sale Hearing should be directed to Stephen
Reynolds at (413) 785-6909.

Those who receive the Sale Hearing login information from the Court
may not forward or otherwise share that invitation with any other
person, except that the counsel may share the login information
with their client in the matter or proceeding and with members of
their firm and/or staff as necessary.

Although it will be conducted by video conference, the Sale Hearing
constitutes a court proceeding, and all formalities of a court
proceeding must be observed in all respects, including proper
decorum and attire.

The Sale Hearing is open to the general public.  The public is
invited to listen to the Sale Hearing by telephone.  Any person
wishing to listen to the Sale Hearing by telephone must email the
Courtroom Deputy no later than 48 hours prior to the start of the
Sale Hearing; otherwise telephonic information may not be made
available.

No person may record the Sale Hearing from any location by any
means.  The audio recording maintained by the Court will be the
sole basis for creation of a transcript that constitutes the
official record of the Sale Hearing.

Failure to appear at the Hearing or to comply with any terms of the
Order, including the deadlines set forth therein, may result in the
imposition of sanctions on a party or the counsel by, inter alia,
reprimand, fine, award of attorneys' fees, or the entry of a
dismissal or default, all as the circumstances warrant.

A copy of the Agreement and the Procedures is available at
https://tinyurl.com/y5esx85k from PacerMonitor.com free of charge.

                      About GKS Corporation

                      GKS Corporation --
http://www.theamericaninn.net/-- owns and operates a continuing
care retirement community and assisted living facility for the
elderly. It is a 50-acre country village setting in Southwick,
Mass., with easy access to healthcare services, transportation,
shopping and recreation.

GKS Corporation sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Mass. Case No. 19-30998) on Dec. 26,
2019. At the time of the filing, the Debtor had estimated assets of
between $1 million and $10 million and liabilities of between $10
million and $50 million.

Michael J. Goldberg, Esq., at Casner & Edwards, LLP, is the
Debtor's legal counsel.

OnePoint Partners, LLC was approved to provide Toby Shea as Chief
Restructuring Officer for the Debtor.


GKS CORP: Sept. 23 Auction of Business Assets Set
-------------------------------------------------
Judge Elizabeth D. Katz of the U.S. Bankruptcy Court for the
District of Massachusetts authorized GKS Corp.'s procedures in
connection with the sale of assets utilized by the Debtor in
operating its business, to VS Southwick, LLC or its eligible
designee for $9 million, subject to higher and better offers.

The Assets include without limitation (i) the real property and
improvements known as The American Inn for Retirement Living
located at One Sawmill Park, Southwick Massachusetts ("Community"),
(ii) personal property, including equipment, furniture and
inventory used to operate the Community, (iii) certain executory
contracts to be identified by the Purchaser, (iv) permits and
licenses authorizing the provision of certain services to Community
residents (to the extent transferable), and (v) other
miscellaneous, specified assets including the right to use the
Debtor's trade names and other intellectual property.

The sale solicitation program described in the Sale Procedures
Motion is approved.

The submission of purchase offers for the Assets will be governed
by the Sale Procedures (Exhibit A), which Sale Procedures are
approved.  The Debtor will solicit competing bids for the Assets to
be submitted utilizing an Asset Purchase Agreement substantially in
the form ofthe APA,  and competing bidders are directed to utilize
the form ofAsset Purchase Agreement made available to them by the
Debtor and its advisors to submit competing bids.

The Break-Up Fee payable to VS Southwick, subject to the terms and
conditions set forth in the APA, is approved.  The Expense
Reimbursement payable to VS Southwick, subject to the terms and
conditions set forth in the APA is approved.

Notice of the Proposed Sale provided in the following manner,
coupled with notice of the proposed assumption and assignment of
the Assumed Contracts pursuant to Paragraph 9 of the Order, will be
good and sufficient notice of the Proposed Sale for purposes of
Rules 2002, 6004 and 6006 of the Federal Rules of Bankruptcy
Procedure:

     A. The Debtor will promptly serve a copy of each of the Sale
Motion, the Sale Procedures Order, the Sale Notice, and the Order
Regarding Hearing by Zoom Video Transmission, and file a
certificate of service reflecting same, upon the Notice Parties.
   
     B. The Debtor will promptly serve a copy of the Sale Notice
and Order Regarding Hearing by Zoom Video Transmission by United
States mail, and file a certificate of service reflecting same,
upon the Sale Notice Parties.  The Sale Notice will inform such
parties that a copy of the Sale Motion and the Sale Procedures
Order may be obtained by making a written request to the counsel to
the Debtor.

     C. The Debtor will promptly post a copy of the Sale Notice,
Sale Procedures Order, Sale Procedures, and Order Regarding Hearing
by Zoom Video Transmission on the on-line data room maintained by
the Debtor’s broker, Cushman & Wakefield ("C&W"), and will
otherwise make the Sale Notice, Sale Procedures Order, Sale
Procedures and Order Regarding Hearing by Zoom Video Transmission
available to prospective purchasers of the Assets through C&W's
administration of the sale solicitation program authorized.

The Bid Deadline is Sept. 18, 2020 at 4:00 p.m. (ET).  The Auction
among Qualified Bidders will be held on Sept. 23, 2020 commencing
at 10:00 a.m. and will be conducted by the Debtor and its advisors
as provided for by the Sale Procedures.  The Debtor will share each
bid with the Patient Care Ombudsman ("PCO"), and will consult with
the PCO respecting each bidder's plans with respect to the
operation of the assisted living component of the Community and
such bidder's qualifications respecting same.

The Auction will be hosted by the Debtor and/or its professionals
at such location(s) and/or through such means as the Debtor and its
professionals determine are most appropriate to the circumstances
presented, including without limitation the number and location of
Qualified Bidders and the circumstances surrounding COVID-19 and
governmental responses thereto.  The Debtor currently expects that
the Auction will be conducted through a videoconference involving
Qualified Bidders, utilizing Zoom or a similar videoconference
service.  It will notify all Qualified Bidders who have submitted
Qualified Bids of the arrangements for the Auction once
determined.

The Sale Hearing is set for Sept. 30, 2020 at 10:00 a.m.  It will
be held by Zoom video transmission before Judge Elizabeth D. Katz.
The Sale Objection Deadline is Sept. 28, 2020 at 4:00 p.m. (ET).

The Debtor Will promptly transmit to each non-Debtor party to the
executory contracts identified as potential Assumed Contracts, and
file a certificate of service reflecting same, the Order Regarding
Hearing by Zoom Video Transmission and the Assumed Contracts
Notice.  The Cure Objection Deadline is Sept. 11, 2020 at 4:00
p.m.

Other salient terms of the Procedures are:

     a. Minimum Amount of Competing Bids: Not less than $575,000
more than the Cash Purchase Price ($9 million) payable by VS
Southwick under the APA.

     b. Deposit: $250,000, payable to the order of Casner & Edward,
the Debtor's attorney

     c. Bid Increments: TBA at the Auction

     d. Break-Up Fee: 360,000

     e. Expense Reimbursement: $200,000

A copy of the Agreement and the Procedures is available at
https://tinyurl.com/y5esx85k from PacerMonitor.com free of charge.

                    About GKS Corporation

GKS Corporation -- http://www.theamericaninn.net/-- owns and
operates a continuing care retirement community and assisted
living
facility for the elderly. It is a 50-acre country village setting
in Southwick, Mass., with easy access to healthcare services,
transportation, shopping and recreation.

GKS Corporation sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Mass. Case No. 19-30998) on Dec. 26,
2019.  At the time of the filing, the Debtor had estimated assets
of between $1 million and $10 million and liabilities of between
$10 million and $50 million.

Michael J. Goldberg, Esq., at Casner & Edwards, LLP, is the
Debtor's legal counsel.

OnePoint Partners, LLC was approved to provide Toby Shea as Chief
Restructuring Officer for the Debtor.


GLOBAL EAGLE: Committee Questionnaires Deadline Set for Aug. 3
--------------------------------------------------------------
The U.S. Trustee is soliciting interest for those who want to serve
on an official unsecured creditors committee in the bankruptcy
cases of Global Eagle Entertainment Inc., et al.

The meeting on the committee formation will not be held in person.
The deadline for questionnaires for those who want to be considered
for membership to the committee was Aug. 3, 2020.  

A representative from the U.S. Trustee's Office will contact all
creditors submitting a questionnaire to arrange for a telephonic
interview.  

                About Global Eagle Entertainment

Headquartered in Los Angeles, California, Global Eagle --
http://www.GlobalEagle.com/-- is a provider of media, content,
connectivity and data analytics to markets across air, sea and
land. Global Eagle offers a fully integrated suite of media content
and connectivity solutions to airlines, cruise lines, commercial
ships, high-end yachts, ferries and land locations worldwide.

Global Eagle Entertainment Inc., based in Los Angeles, CA, and its
affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 20-11835) on July 22, 2020.  

In the petition signed by CFO Christian M. Mezger, Global Eagle
disclosed $630.5 million in assets and $1.086 billion in
liabilities.

The Hon. John T. Dorsey presides over the case.

Global Eagle tapped LATHAM & WATKINS LLP (CA), and YOUNG CONAWAY
STARGATT & TAYLOR, LLP, as counsel; GREENHILL & CO., LLC, as
investment banker; and ALVAREZ & MARSAL NORTH AMERICA, LLC, as
financial advisor.  PRIME CLERK LLC, is the claims and noticing
agent. PRICEWATERHOUSECOOPERS LLP is the tax advisor.


GNC HOLDINGS: Closes 27 Stores in California
--------------------------------------------
Courtney Teague, writing for Patch, reports that GNC Holdings Inc.
filed for bankruptcy, and announced plans to close 27 California
stores and between 800 to 1,200 stores nationwide.

The closures come after the Pittsburgh-based health supplement
giant struggled financially for years, working to pay off debt, GNC
said in a statement on its website.  Executives were working to
refinance the company when the pandemic began.

The pandemic "created a situation where we were unable to
accomplish our refinancing," GMC said. "The abrupt change in the
operating environment had a dramatic negative impact on our
business."

GMC felt Chapter 11 bankruptcy was its best option to stay in
business long-term. It plans to focus on stores that see more
customers, though shuttering stores may remain open in the
meantime.

California stores slated for closure are located in:

  * Brawley
  * Buena Park
  * Burbank
  * Carlsbad
  * Colton
  * Corona
  * Emeryville
  * Gilroy
  * Modesto
  * Monrovia
  * Monterey
  * Palmdale
  * Palo Alto
  * Rancho Bernardo
  * Rancho Cucamonga
  * Rancho Mirage
  * Red Bluff
  * Rocklin
  * San Diego
  * Santa Ana
  * Santa Cruz
  * Santa Rosa
  * Temecula
  * Tracy
  * Union City
  * West Sacramento
  * Yucaipa

Gift cards will retain value and GNC's 30-day return policy is
still in effect. No special promotions are forthcoming, the company
said.

                      About GNC Holdings

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

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

Judge Karen B. Owens oversees the cases.

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


GNC HOLDINGS: CLosing Five Stores in Minnesota
----------------------------------------------
WJON Radio reports that GNC is closing its Kandi Mall location in
Minnesota.  GNC is closing five of its stores in Minnesota.  The
retailer says the stores in Willmar, St. Paul, Edina, Burnsville,
and Andover are part of an initial closing of 248 stores
nationwide.  The health and wellness company GNC Holdings has filed
for Chapter 11 bankruptcy protection and is looking to close at
least 800 to 1,200 stores.  They have about 7,300 stores in all
including two in St. Cloud with one in the Division Place Fashion
Center and the other at Crossroads Center.  Those stores are safe,
but the GNC at The Kandi Mall in Willmar will close.

                      About GNC Holdings

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

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

Judge Karen B. Owens oversees the cases.

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


GOURDOUGH'S HOLDINGS: Files Chapter 11 Bankruptcy Protection
------------------------------------------------------------
Paul Thompson of Austin Business Journal reports that that the
doughnut-themed restaurant Gourdough's Public House, known for
extravagant doughnuts, has filed Chapter 11 bankruptcy protection.

In 2019, Gourdough's Public House opened a location on the San
Antonio River Walk.  It never lived up to expectations financially
and now the Austin-based company has filed for Chapter 11
bankruptcy protection.

It's just the latest restaurant to hit tough times during the
Covid-19 pandemic, which has depressed sales across the industry
and created uncertainty about when diners will feel safe packing
into dining rooms again. But the filings also show that Gourdough's
was hindered by an ambitious San Antonio expansion that never lived
up to expectations.

"Covid and other business factors have forced an Austin business
that was otherwise thriving to have to restructure its debt and
other obligations," said Kareem Hajjar, partner at Hajjar Peters
LLP, the Austin law firm representing Gourdough's in the bankruptcy
filings. "They have some substantial debt and debt service that got
to be too much to try to carry due to diminished sales due to
Covid."

Gourdough's initially rose to prominence with a trailer on South
First Street, which opened in September 2009. The company opened a
brick-and-mortar restaurant on South Lamar Boulevard in 2012 and a
short-lived location on San Antonio's River Walk in 2019. Its menu
features appetizers, entrees, salads and more, many featuring
doughnuts, as well as doughnut sandwiches and doughnut burgers,
like the Nacho Libre, which has beef, refried beans, chili, queso,
red onion, pickled jalapenos and Fritos before two doughnut
"buns."

Both the trailer on South First and the eatery on South Lamar
reopened in May. Sales at the South Lamar have been around 75% of
2019 levels, according to court filings.

By far, the top creditor for Gourdough's is a company called Grand
Parkway Capital Fund LLC with a debt of $1.42 million.  Court
records show Gourdough's sought a loan from Grand Parkway to fuel
its San Antonio expansion.

The claim is disputed and is related to monies loaned or advanced,
according to court records.  Grand Parkway is listed as to the
largest creditor for all three Gourdough’s entities that filed
for bankruptcy in the Western District of Texas.

Here are the financial details from the June 22 Chapter 11
bankruptcy filings:

   * Gourdough's LLC, tied to the food trailer at 1503 South First
St., filed with assets between $100,001 and $500,000 and
liabilities between $1 million and $50 million.

   * Gourdough's Public House LLC is tied to the location at 2700
S. Lamar Blvd. It also listed assets between $100,001 and $500,000
against liabilities between $1 million and $50 million. The entity
has a disputed $162,521.76 claim from the Texas Comptroller's
Office for taxes, along with credit card debt in excess of
$125,000, spread across a handful of creditors.

   * Gourdough's Holdings LLC is also tied to the South Lamar
location and listed assets between $0 and $50,000 against
liabilities between $1 million and $50 million.

Paula Samford and Ryan Palmer formed Gourdough's Holdings LLC in
2014, according to a declaration filed by Samford.  Samford and
Palmer each hold a 50% interest in the company, which in turn owns
100% of the interest in Gourdough's LLC and 80% of the interest in
Gourdough's Public House.  Tyler Browder owns the other 20%,
according to court records.

According to Samford, Gourdough's was approached in 2017 about
filling in a vacant space in San Antonio's River Walk, but needed
capital to fund the expansion. The company borrowed $1.25 million
from Grand Parkway Capital Fund, which was "used to pay $700,000
key money to the Landlord for the lease and the rest went to
improvements to the premises" at the San Antonio location,
according to the bankruptcy filing.

But that location "quickly became a drain" on the rest of the
company, according to Samford. In 2019, the company diverted nearly
$1.8 million to the River Walk location. That location's
controlling entity, Gourdough's River Walk LLC, defaulted on its
loan in summer 2019 and went into arbitration with Grand Parkway in
October.

Gourdough's River Walk LLC filed for Chapter 7 bankruptcy
protection in May — which typically leads to a liquidation of
assets and shuttering of a business. Samford suggested in her
declaration that the plan is to "come out of the current pandemic
with a clear plan for the future and to unburden themselves from
the debt of the attempt to open a restaurant on the San Antonio
River Walk."

Palmer signed on behalf of the company for all of the debtors.
Palmer and Samford are also listed as creditors, with $20,000
claims for wages. All of the entities are being represented by
Charlie Shelton of Hajjar Peters LLP. Shelton did not immediately
return an email seeking comment.

The companies behind the two Gourdough's locations in Austin were
approved for about $300,000 in Paycheck Protection Program loans
during the pandemic, according to Samford.

While Gourdough's is planning to restructure and get out of
bankruptcy, Hajjar, a prominent Austin attorney who represents
scores of restaurants, predicted that the area will see a flurry of
Chapter 7 filings before the end of the year.

"I haven't seen any big ones yet, but they're coming," Hajjar said.
"I don't think we'll see the wave of them until the fall."

                  About Gourdough's Holdings

Gourdough's operates in the service industry and has made a name
for themselves in the competitive Austin food scene.  Gourdough's
started as a food truck/trailer in 2009 gained notoriety for
creating a donut-centric menu of various foods, be they sweet or
savory.  Gourdough's has 28 different sweet flavors and a full menu
based on donuts including Chicken Fried Steak on a donut with a
potato pancake smothered in gravy or a variety of salads served
with a garlic donut.  

Gourdough's Holdings holds 100% of the interest in Gourdough's LLC,
which operates the location on South First, and 80% of the interest
of Gourdough's Public House, LLC, which operates the dine-in
restaurant location on S. Lamar.

Gourdough's Holdings and its affiliates sought Chapter 11
protection petition (Bankr. W.D. Tex. Lead Case No. 20-10720) on
June 22, 2020.  Hajjar Peters, LLP, serves as bankruptcy counsel to
the Debtors.


GRIFFIN OF LA 2011A-1: S&P Cuts Revenue Bond Rating to 'BB'
-----------------------------------------------------------
S&P Global Ratings lowered its rating on California Municipal
Finance Authority's series 2011A-1 multifamily housing revenue
bonds, issued for Griffin of LA L.P.'s Casa Griffin apartments
project, by one notch to 'BB' from 'BB+'. S&P also revised the
outlook to stable from negative.

"The rating reflects our opinion of the project's very weak
coverage," said S&P Global Ratings credit analyst Emily Avila,
"evidenced by low debt service coverage of 1.24x maximum annual
debt service on the bonds, based on a three-year average of audited
financials at fiscal year-end Dec. 31, 2019."

The rating also reflects S&P's view of the project's:

-- Volatile financial performance since bond issuance, stemming
from higher-than-expected expenditure growth without corresponding
revenue growth; and

-- Weak management and governance, based on its weak operational
effectiveness; relatively low number of units owned and managed by
ownership and property management, respectively; and lack of risk
management policies.

S&P has analyzed the project's ESG risks relative to coverage and
liquidity, management and governance, and market position. It views
the obligor's governance risk as higher than average compared with
the sector, based on its lack of risk-mitigation policies, which
leaves the project vulnerable to operational volatility.

With specific respect to environmental factors, S&P believes there
is elevated seismic risk compared with industry peers due to the
properties' location in California. However, S&P believes seismic
risk is mitigated because of strong state building codes.
Meanwhile, the rating agency views social risks as being in line
with its view of the sector standard.

"We consider health and safety concerns related to COVID-19 a
social risk under our ESG factors; in our view, what effect those
risks have on timely debt-service payments will be minimal for
subsidized affordable multifamily housing properties. Therefore, in
our opinion, the project's social risks are in line with the sector
standard," S&P said.

S&P could lower the rating within the one-year outlook period if
MADS coverage were to decrease below 1.1x, or the project's
physical condition were to deteriorate significantly.

"Although unlikely during the next 12 months, we could raise the
rating if occupancy were to remain high, HAP revenue were to grow,
and a trend of MADS coverage above 1.25x were to emerge," the
rating agency said.


GROUP 1 AUTOMOTIVE: Moody's Alters Outlook on Ba1 CFR to Stable
---------------------------------------------------------------
Moody's Investors Service, Inc. affirmed the ratings of Group 1
Automotive, Inc. including the Ba1 corporate family rating. The
outlook was changed to stable from negative. The SGL remains
unchanged at SGL-2.

"The outlook change to stable reflects the effectiveness of Group
1's strategy and execution as it has dealt with decreased revenues
across the board due to the coronavirus, with the end result
operating income is actually higher for the first half of 2020
compared to prior year despite a 19% drop in revenue," stated
Moody's Vice President Charlie O'Shea. "This validates the
flexibility in Group 1's business model, with management following
a similar playbook as during the 2008-09 recession by quickly
reducing variable costs, with SG&A down almost $100 million
year-over-year, outweighing the reduction in gross profit due to
reduced volumes," continued O'Shea. "With reductions in borrowing
costs due to April's debt repayment via lower-cost mortgage
financing, Group 1's interest coverage has rebounded to around 4.5
times, well above Moody's 4 times downgrade trigger."

Affirmations:

Issuer: Group 1 Automotive, Inc.

Probability of Default Rating, Affirmed Ba1-PD

Corporate Family Rating, Affirmed Ba1

Senior Unsecured Regular Bond/Debenture, Affirmed Ba2 (LGD6 from
LGD5)

Outlook Actions:

Issuer: Group 1 Automotive, Inc.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Group 1's Ba1 rating considers its flexible operating model, with
relatively unpredictable new car profitability exceeded by the more
predictable parts and service and growing used car segments, its
brand mix, which is weighted to the historically more stable
imports, and its geographic diversity, with presence in the UK and
Brazil, with used businesses in those markets driving profitability
under normal circumstances.

Moody's notes that challenges remain in both of these international
markets, as well as the potential for another "wave" of
pandemic-related pressures in the US, with Group 1's heavy
weighting in Texas noteworthy. The stable outlook recognizes the
flexibility in Group 1's cost structure to mitigate the potential
continued negative effect on revenues of the coronavirus such that
credit metrics will largely be maintained at current levels.

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

Ratings could be upgraded if operating performance improved and
financial policy remained conservative such that debt/EBITDA was
maintained around 3.5 times and EBIT/Interest was sustained above 5
times, with liquidity remaining at least good. Ratings could be
downgraded if negative trends in operating performance or financial
policy decisions resulted in debt/EBITDA rising above 4.75 times or
EBIT/Interest falling below 4 times, or if liquidity were to
weaken.

Headquartered in Houston, Texas, Group 1 Automotive, Inc. is a
leading retailer and servicer of new and used vehicles in the US,
with operations in the United Kingdom and Brazil as well.

The principal methodology used in these ratings was Retail Industry
published in May 2018.


HAPPY BEAVERS: Seeks Approval for Bankruptcy Counsel's Retainer
---------------------------------------------------------------
Happy Beavers, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Colorado of the retainer for its bankruptcy
counsel, Jorgensen, Brownell & Pepin, P.C.

The firm received a pre-petition retainer for undertaking this
matter in the amount of $10,000 from the Debtor.

The payment of a retainer is consistent with 11 U.S.C. Sec. 328 and
is a reasonable basis for employment. Given the nature of this
case, the fees and costs may exceed the amount of the retainer.
Since the retainer will secure post-petition fees and costs as they
are incurred and approved by the Court.

The firm can be reached through:
   
     Gerald L. Jorgensen, Esq.
     JORGENSEN, BROWNELL & PEPIN P.C.
     5285 McWhinney Blvd., Suite 100
     Loveland, CO 80538
     Telephone: (970) 304-0075
     Facsimile: (970) 351-8421
     E-mail: gerald@jbplegal.com

                               About Happy Beavers

Happy Beavers, LLC filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 20-
14853) on July 17, 2020. Jorgensen, Brownell & Pepin, P.C. serves
as the Debtor's bankruptcy counsel.


HERTZ CORP: Drivers Seek to Sue Company
---------------------------------------
Law360 reports that a group of Hertz Corp. customers asked the
Delaware bankruptcy court on June 25, 2020, to let them pursue
claims that the company falsely reported the cars they'd rented as
stolen, saying the company should not enjoy the protection Chapter
11 provides against pending litigation while it continues to break
the law.

The 26 customers, who each allege that they'd rented a Hertz
vehicle and then were arrested or otherwise prosecuted because the
company reported it stolen, said Hertz has been using the police as
a "taxpayer subsidized repo service," instead of updating its
computers and policies to prevent the false reports.

                  About Hertz Global Holdings

Hertz Corp. and its subsidiaries -- http://www.hertz.com/--
operate a worldwide vehicle rental business under the Hertz,
Dollar, and Thrifty brands, with car rental locations in North
America, Europe, Latin America, Africa, Asia, Australia, the
Caribbean, the Middle East, and New Zealand. The Company also
operates a vehicle leasing and fleet management solutions
business.

On May 22, 2020, The Hertz Corporation and certain of its U.S. and
Canadian subsidiaries and affiliates filed voluntary petitions for
reorganization under Chapter 11 in the U.S. Bankruptcy Court
(Bankr. D. Del. Case No. 20-11218).

The Hon. Mary F. Walrath is the presiding judge.

White & Case LLP is serving as legal advisor, Moelis & Co. is
serving as investment banker, and FTI Consulting is serving as
financial advisor.  Richards, Layton & Finger, P.A., is the local
counsel.

Prime Clerk LLC is the claims agent, maintaining the page
https://restructuring.primeclerk.com/hertz


HERTZ GLOBAL: Scrapped Stock Plan Won't Generate Followers
----------------------------------------------------------
Brian Guiney and Woleto Moko of Patterson Belknap Webb & Tyler LLP
wrote an article in JD Supra titled "Selling the DIP: Hertz's
Scrapped Stock Plan Unlikely to Generate Followers."

Hertz Global Holdings Inc. and most of its affiliates filed for
bankruptcy on May 22, 2020.  This was just one corporate failure
among many in the midst of the COVID-19 pandemic; but, a novel
strategy by Hertz to raise capital to fund its bankruptcy has
raised eyebrows instead.

On June 11, 2020 citing volatile trading activity in its common
stock, Hertz sought emergency approval from the Bankruptcy Court to
sell up to $1 billion of authorized but unissued shares of its
common stock pursuant to an existing shelf registration.[1]  The
Court approved the motion the very next day.  The SEC appeared at
the hearing to note that it would monitor the process closely but
did not object to the requested relief.

Despite the implications of permitting a debtor to sell stock to
the public that many believe will be worthless, the legal question
before the Court was not particularly difficult.  Section 363(b)(1)
of the Bankruptcy Code permits a debtor to sell property of the
estate outside of the ordinary course of business after notice and
a hearing.[2]  There is hardly any doubt that selling the stock
would be in the best interests of creditors, particularly when
compared to the alternative of seeking some kind of priming or
other expensive financing under Section 364 of the Bankruptcy Code.
Unlike typical DIP financing, the sale of stock would not place
any restrictive covenants on Hertz, would come with no repayment
obligations, no interest payments, and no fees to those providing
the funding.  From the perspective of every other non-equity
stakeholder in Hertz, this was free money.

Of course, as many observers recognize, the increased stock price
and trading volume belie Hertz’s grim financial condition:  Hertz
has approximately $24 billion in debt, a recent 10-Q showed a $355
million net loss, and it has furloughed or laid off approximately
21,000 employees.  Hertz has made no secret of the strong financial
headwinds it is facing, and has repeatedly stated – in the motion
and elsewhere – that the stock may have no value.[3]

Some have attributed volatility in the Hertz stock to the
exuberance of retail investors, whose low- or no-barrier access to
the market through commission-free brokerages, have driven the
stock higher purely on speculation.[4]  But, free access alone may
not be the only cause of the spike in price.  Hertz is a
recognizable brand with a seemingly easily understood business
model (although many retail investors may not fully grasp the
complexity of its vehicle finance program).  It is also possible
that younger retail investors – with more time and fewer outlets
for recreation than ever before, full control over their own
capital, and who have watched an uninterrupted bull market pass
them by for more than a decade – may have a new eagerness for
exposure to equities.

Whatever the reason, we are not prepared to predict a wave of
Chapter 11 stock sales.  For one thing, after a raft of negative
coverage of the Court’s approval of the sale of Hertz stock, the
SEC now appears to be taking a more aggressive posture.  On June
17, SEC Chairman Jay Clayton informed CNBC that the SEC had
comments on Hertz's drafted prospectus supplement.[5]  Later that
same day, Hertz's finance committee suspended the sale pending
their further understanding of the nature and timing of the SEC's
review.[6]  We expect that any similar transactions in the future
would undergo at least as much SEC scrutiny.  Moreover, a debtor
that wanted to follow in Hertz's footsteps would need not only a
sufficient number of unissued shares already registered with the
SEC, it would also need to enjoy a repeat of the unusual enthusiasm
for shares of a bankrupt company.  We think such a confluence of
factors will be difficult for the vast majority of debtors to
replicate.

________________________________________
[1] "Debtors' Emergency Motion for Authority to Enter into a Sale
Agreement with Jefferies LLC and to Sell Shares of Common Stock of
Debtor Hertz Global Holdings, Inc. Through At-The-Market
Transactions," In re: The Hertz Corporation, et al., Case No.
20-11218 (Bankr. D. Del. June 11, 2012), ECF No. 387.  According to
the motion, Hertz's common stock closed at a price of $0.56 per
share the first trading day after the bankruptcy case was filed. By
June 8, the common stock closed at a price of $5.53

[2] In fact, as Hertz observed in the motion, "[c]ertain courts
have found that a debtor does not have a property interest in
unissued stock, and therefore a debtor could issue stock without
complying with section 363 of the Bankruptcy Code."
  
[3] For example, Hertz's prospectus supplement reads in part: "[w]e
are in the process of a reorganization under chapter 11 of title
11, or Chapter 11, of the United States Code, or Bankruptcy Code,
which has caused and may continue to cause our common stock to
decrease in value, or may render our common stock worthless." Later
in the prospectus supplement, Hertz states, "[c]onsequently, there
is a significant risk that the holders of our common stock,
including purchasers in this offering, will receive no recovery
under the Chapter 11 Cases and that our common stock will be
worthless."  Hertz further states that "[i]f we are unable to
negotiate and confirm a Chapter 11 plan of reorganization, we could
be required to liquidate under chapter 7 ('Chapter 7') of the
Bankruptcy Code in which case our common stock would be worthless."
Hertz Global Holdings, Inc., Prospectus Supplement (Form 424(b)(5))
at Title Page, S-5, S-6 (June 15, 2020).

[4] Robintrack, a site that tracks the number of Robinhood users
holding different stocks over time, saw a 237% increase in the
number of users holding Hertz stock from May 22nd through June 11
(from 44,998 users on May 22, 2020 and 151,793 users on June 11).
Casey Primozic & Alex J., HTZ – Hertz,
https://robintrack.net/symbol/HTZ?symbol=HTZ (last visited June 23,
2020).

[5] Maggie Fitzgerald, The SEC told bankrupt Hertz it has issues
with its plan to sell stock, Chairman Jay Clayton says,
https://www.cnbc.com/2020/06/17/the-sec-told-bankrupt-hertz-it-has-issues-with-its-plan-to-sell-stock-chairman-jay-clayton-says.html
(last visited June 23, 2020).

[6] Michael Wayland, Hertz halts plan to sell $500 million in
shares pending SEC review,
https://www.cnbc.com/2020/06/17/hertz-halts-plan-to-sell-500-million-in-shares-after-sec-review.html
(last visited June 23, 2020).




HOPEDALE MINING: U.S. Trustee Appoints Creditors' Committee
-----------------------------------------------------------
The U.S. Trustee for Region 9 appointed a committee to represent
unsecured creditors in the Chapter 11 cases of Hopedale Mining, LLC
and its affiliates.

The committee members are:

     (1) Whayne Supply Company
         10001 Linn Station Rd.
         Louisville, KY 40223

     (2) Joy Global Underground Mining, LLC
         2101 West Pike Street
         Houston, PA 15342

     (3) Austin Sales LLC  
         1793 Dry Fork Road
         P.O. Box 133
         Vansant, VA, 24656

     (4) Phillips Machine Service, Inc.  
         357 George Street
         Beckly, WV 25801

     (5) Genco Mine Service  
         630 N. 400E
         Huntington, UT 84538
  
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 Hopedale Mining

Hopedale Mining, LLC and its affiliates are diversified coal
producers.  They produce, process and sell coal of various steam
and metallurgical grades from multiple coal-producing basins in the
United States.  They market steam coal primarily to electric
utility companies as fuel for their steam powered generators.  The
companies have a geographically diverse asset base with coal
reserves located in Central Appalachia, Northern Appalachia, the
Illinois Basin and the Western Bituminous region.

On July 22, 2020, Hopedale Mining sought protection under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Ohio Lead Case No.
20-12043).  At the time of the filing, Hopedale Mining had
estimated assets of between $10 million and $50 million and
liabilities of between $1 million and $10 million.  

Judge Guy R. Humphrey oversees the cases.

The Debtors tapped Frost Brown Todd LLC as their bankruptcy
counsel, Cambio Group LLC as restructuring advisor, Energy Ventures
Analysis Inc. as financial advisor, FTI Consulting Inc. as
bankruptcy consultant, and Epiq Corporate Restructuring LLC as
claims and noticing agent.


HORNBLOWER HOLDCO: S&P Lowers ICR to 'CCC-' on Liquidity Pressure
-----------------------------------------------------------------
S&P Global Ratings lowered its ratings, including its issuer-credit
rating on U.S.-based ferry and cruise operator Hornblower Holdco
LLC, to 'CCC-', from 'CCC+', reflecting heightened liquidity risk.

"The downgrade reflects our forecast for Hornblower's liquidity
position to be strained in the next few quarters," S&P said.

Under its base-case forecast for Hornblower, S&P believes the
company's liquidity position will remain strained over the next few
quarters. This is because the rating agency anticipates Hornblower
exhausted a large part of its liquidity sources (including its
excess cash and $120 million in total revolver availability) by the
end of the second quarter. S&P believes Hornblower experienced
negative EBITDA in the second quarter because the company's
concessions, and overnight cruises segments, were suspended for the
entire quarter, and the operations of the company's cruises and
events segment were suspended for the majority of the quarter.
These three segments account for around 80% of EBITDA before
corporate overhead expenses. Hornblower's NYC Ferry and contract
services segments have remained operational, however, S&P believes
the NYC Ferry segment experienced a decrease in ridership
subsequent to shelter in place orders in New York City. Further,
similar to cruise operators, S&P believes that in the second
quarter Hornblower funded a large portion of cash refunds to
customers in the company's overnight cruise segment related to
cruises that were suspended because of the pandemic.

Although the third quarter is Hornblower's seasonally strongest,
S&P is forecasting EBITDA to be meaningfully lower year-over-year
since it expects the concessions, cruises, and events, and
overnight cruise segments to be operational for only part of the
quarter, and since it expects those segments will resume operations
at reduced capacity, at least initially, which will weigh on
profitability. Given its third quarter forecast and the seasonally
weak fourth and first quarters, S&P believes Hornblower may be
challenged to meet its fixed charges by the end of this year or
early 2021 if EBITDA generation only modestly underperforms the
rating agency's base case, since in that scenario the company would
have minimal excess cash and no external sources of liquidity
available, absent potential support from the company's owner,
private equity firm Crestview Partners. S&P has not, however,
factored any support from the sponsor in its rating at this time.
S&P's forecast for EBITDA generation and liquidity is
notwithstanding cost cuts Hornblower has achieved as it relates to
variable expenses, and the expectation for a modest level of cash
inflows in the second half of this year related to customer
deposits for 2021 sailings.

"We believe Hornblower may be challenged in meeting its cash fixed
charges if EBITDA is modestly lower over the next few quarters than
we are forecasting.  Our forecast for Hornblower for the next few
quarters assumes EBITDA remains under pre-pandemic levels since we
expect weak demand and reduced capacity," S&P said.

"We believe consumers will have lingering fears around travel and
being in enclosed spaces, which may slow recovery particularly for
Hornblower's cruises and events, and overnight cruise segments,
which represent around 28% and 24%, respectively, of EBITDA before
corporate overhead. Further, given the current recession, we expect
a meaningful reduction in both consumer and corporate spending on
travel and events," the rating agency said.

S&P is forecasting U.S. unemployment to remain elevated through
2021 with the possibility that expanded unemployment benefits may
not be extended, which may translate into lower discretionary
spending on leisure activities into 2021. It also expects
Hornblower may be required to, or optionally, implement social
distancing and other health and safety measures on its vessels to
reduce the risk of spread of the virus, which would limit capacity
and revenue per vessel. Therefore, S&P believes Hornblower's EBITDA
margin may be pressured over the next few quarters as it ramps
operations to full capacity.

S&P expects Hornblower's 2020 EBITDA will be meaningfully negative
due to the temporary suspension, and assumed gradual ramp of the
company's concessions, cruises and events, and overnight cruises
segments. The rating agency acknowledges a high degree of
uncertainty around the recovery path for Hornblower over the next
several quarters, particularly as some municipalities may relax and
re-implement social distancing and other restrictions. S&P
preliminary forecast for 2020 assumes:

-- Total revenue is down around 50%-60%. This incorporates S&P's
assumption that Hornblower generates minimal revenue in the second
quarter since only its NYC Ferry and contract services segments
were running, and revenue in the third quarter remains around
50%-60% below 2019 levels due to a gradual ramp in operations,
particularly in Hornblwer's cruises and events and overnight cruise
segments, and reduced capacity on its vessels, at least initially.
S&P assumes the year over year revenue decline abates in the fourth
quarter but remains modestly below 2019 levels.

-- EBITDA is meaningfully negative due to the assumed decline in
revenue and reduced expected capacity on Hornblower's vessels once
operations resume, reducing profitability per vessel. Further, S&P
anticipates a continued modest level of selling, general, and
administrative (SG&A) expenses, albeit at lower levels year over
year given cost reductions.

-- S&P assumes that for the first half of 2021, revenue and EBITDA
remain modestly below 2019 levels (even including EBITDA from
acquisitions completed in the second half of 2019 and that would be
included in the first half of 2021), due to assumed continued
capacity restrictions and weak demand.

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

-- Health and safety factors

The negative outlook reflects a high level of uncertainty as to
Hornblower's recovery in the next few quarters and the potential
for the company's liquidity position to become further strained,
resulting in the potential inability for the company to fund its
cash fixed charges.

S&P would lower the ratings if EBITDA in the next few quarters is
insufficient for Hornblower to meet its cash fixed charges, since
it does not expect the company will have access to external
liquidity sources.

S&P could raise the rating at least one notch if it believes
Hornblower had sufficient liquidity to fund its fixed charges in at
least the next 12 months.


J.C. PENNEY: Oswego, NY Store Gets Reprieve, Will Remain Open
-------------------------------------------------------------
Rick Moriarty, writing for Syracuse Business Journal, reports that
J.C. Penney store in Oswego, New York, has been removed from the
troubled department store chain’s list of stores to close this
summer.
A sign on the store’s door on Monday stated that the :Oswego J.C.
Penney location is no longer closing," according to a Facebook
post. "Thank you for shopping with J.C. Penney.  We look forward to
continuing to serve this community."

J.C. Penney announced June 4 that it planned to close 154 stores
nationwide, including seven in New York, as part of a downsizing
plan that is part of its reorganization under Chapter 11 of U.S.
Bankruptcy Code. The list included two Syracuse-area stores — the
Oswego store and the Destiny USA store in Syracuse.

However, the company's website later said only 149 stores will
close and that a "handful of previously announced store closing
locations remain on hold pending further review." The Destiny USA
store remains on the closing list, but the Oswego store does not.

Oswego County News Now reported the Oswego store was saved because
of a "public outcry and a reasonable landlord."

"I firmly believe a lot of it was the customers," Carol Peters,
general manager of the store, told The Palladium-Times, according
to the website.  "There were a lot of phone calls, a lot of prayers
and a lot of support."

While the Oswego store has been removed from the closing list, the
number of J.C. Penney stores in New York that will close has
increased from seven to nine, with the Penney stores at Green Acres
Mall in Valley Stream, Poughkeepsie Galleria in Poughkeepsie and
South Shore Mall in Bay Shore added to the list.

In addition to the Destiny USA store, the Penney stores previously
on the list and remaining on it are in the Finger Lakes Mall in
Auburn, Batavia City Centre in Batavia, Roseland Shopping Center in
Canandaigua, Sangertown Square Mall in New Hartford and Freedom
Mall in Rome.

Liquidation sales at most closing store locations began June 17,
with liquidation sales at additional locations scheduled to begin
around July 3, according to the company.


                       About J.C. Penney

J.C. Penney Corporation, Inc., is an American retail company,
founded in 1902 by James Cash Penney and today engaged in marketing
apparel, home furnishings, jewelry, cosmetics, and cookware.  The
company was called J.C. Penney Stores Company from 1913 to 1924,
when it was reincorporated as J.C. Penney Co.

On May 15, 2020, JCPenney announced that it has entered into a
restructuring support agreement with lenders holding 70% of
JCPenney's first lien debt.  The RSA contemplates agreed-upon terms
for a pre-arranged financial restructuring plan that is expected to
reduce several billion dollars of indebtedness.  To implement the
Plan, the Company and its affiliates on May 15, 2020, filed
voluntary petitions for reorganization under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-20182).

Kirkland & Ellis LLP is serving as legal advisor, Lazard is serving
as financial advisor, and AlixPartners LLP is serving as
restructuring advisor to the Company.  Prime Clerk is the claims
agent, maintaining the page http://cases.primeclerk.com/JCPenney  


The Official Committee of Unsecured Creditors appointed to the
Chapter 11 cases tapped Cooley LLP and Cole Schotz P.C. as
co-counsel and FTI Consulting, Inc. as financial advisor.


J.CREW: Court Approves Disclosure Statement
-------------------------------------------
Leslie A. Pappas, writing for Bloomberg Law, reports that J.Crew
obtained court approval for its disclosure statements despite
objections.

J.Crew obtained court approval of its revised bankruptcy disclosure
statements, allowing the retailer to seek votes on and confirm the
Chapter 11 reorganization plan.

Judge Keith L. Phillips of the U.S. Bankruptcy Court for the
Eastern District of Virginia, who issued the approval, overruled
objections that the voting structure wrongly favored the company's
term loan lenders.

The disclosure statement provides "adequate information" for
stakeholders to vote on the plan, and the objecting parties
hadn’t proven that the disclosure statement was "fatally flawed,"
Phillips said.

Stakeholders whose objections were overruled may still raise
concerns when the company seeks confirmation of the Plan.

                       About J.Crew Group

J.Crew Group, Inc. is an internationally recognized omni-channel
retailer of women's, men's and children's apparel, shoes and
accessories. As of May 4, 2020, the Company operates 181 J.Crew
retail stores, 140 Madewell stores, jcrew.com, jcrewfactory.com,
madewell.com and 170 factory stores.

J.Crew Group, Inc., and 17 related entities, including its parent,
Chinos Holdings, Inc., sought Chapter 11 protection on May 4, 2020
after reaching agreement with lenders on a deal that will convert
approximately $1.65 billion of the Company's debt into equity.  The
lead case is In re Chinos Holdings, Inc. (Bankr. E.D. Va. Lead Case
No. 20-32181).

J.Crew was estimated to have at least $1 billion in assets and
liabilities as of the bankruptcy filing.

Weil, Gotshal & Manges LLP is serving as legal counsel, Lazard is
serving as investment banker and AlixPartners, LLP is serving as
restructuring advisor to J.Crew Group, Inc.  Anchorage Capital
Group and other members of an ad hoc committee are represented by
Milbank LLP as legal counsel and PJT Partners LP as investment
banker.  Omni Agent Solutions is the claims agent.







KTR GLOBAL: Taps Fennemore Craig as Legal Counsel
-------------------------------------------------
KTR Global Partners, LLC received approval from the U.S. Bankruptcy
Court for the District of Arizona to hire Fennemore Craig, P.C. as
its legal counsel.

The firm will provide the following services in connection with
Debtor's Chapter 11 case:

     (a) advise Debtor with respect to its powers and duties under
the Bankruptcy Code;

     (b) consult with Debtor concerning the administration of the
bankruptcy case and related proceedings;

     (c) investigate the acts, conduct, assets, liabilities and
financial condition of Debtor, the operation of its business and
other matters relevant to the case;

     (d) advise Debtor with respect to the use, sale or lease of
its property, financing, and the rejection or assumption of
executory contracts and unexpired leases;

     (e) participate in the negotiation, formulation and drafting
of a plan of reorganization, and in the plan solicitation and
confirmation process;

     (f) prepare legal papers; and

     (g) participate in court proceedings or hearings.

The firm's hourly rates are as follows:

     Directors  $400 - $770
     Associates $270 - $390
     Paralegals  $95 - $250

Gerald Shelley, Esq., and Anthony Austin, Esq., the firm's
attorneys who will be handling the case, will charge $525 per hour
and $450 per hour, respectively.

Fennemore Craig has accepted no compensation relating to Debtor's
case to date but it has received funds in the amount of $40,000.

Gerald Shelley, Esq., a partner at Fennemore Craig, disclosed in a
court filing that his firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

Fennemore Craig can be reached through:

     Gerald L. Shelley, Esq.
     Fennemore Craig, P.C.  
     2394 E. Camelback Rd., Suite 600
     Phoenix, AZ 85016
     Tel: (602) 916-5000
     Email: aaustin@fclaw.com

                     About KTR Global Partners

KTR Global Partners, LLC owns and operates an indoor action sports
playground serving kids of all ages and abilities.

KTR Global Partners sought Chapter 11 protection (Bankr. Ariz. Case
No. 20-08282) on July 16, 2020.  At the time of the filing, Debtor
disclosed total assets of $1,294,450 and total liabilities of
$1,533,572.  Judge Brenda K. Martin oversees the case.

Fennemore Craig, P.C. is Debtor's legal counsel.


LIBBEY GLASS: A.A. Boos Resigns From Creditors' Committee
---------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 disclosed in court filings
that A.A. Boos & Sons, Inc. resigned from the official committee of
unsecured creditors appointed in the Chapter 11 cases of Libbey
Glass Inc. and its affiliates.

As of July 31, the remaining members of the committee are:

     1. Pension Benefit Guaranty Corp.
        Attn: Cynthia Wong
        1200 K Street,NW
        Washington, DC 20005
        Phone: (202) 229-3033
        Fax: (202) 842-2643
        Email: wong.cynthia@pbgc.gov

     2. United Steelworkers (USW)
        Attn: David Jury
        60 Boulevard of the Allies
        Pittsburgh, PA 15222
        Phone: (412) 562-2545
        Fax: (412) 562-2574
        Email: djury@usw.org

     3. Packaging Corp. of America
        Attn: Jack Mauro
        1 North Field Court
        Lake Forest, IL 60045
        Phone: (847) 482-2134
        Fax: (847) 440-5498
        Email: JMauro@Packagingcorp.com

                         About Libbey Inc.

Based in Toledo, Ohio, Libbey Inc. (NYSE American: LBY) is one of
the largest glass tableware manufacturers in the world.  Libbey
operates manufacturing plants in the U.S., Mexico, China, Portugal
and the Netherlands.  In existence since 1818, Libbey supplies
tabletop products to retail, foodservice and business-to-business
customers in over 100 countries.  Libbey's global brand portfolio,
in addition to its namesake brand, includes Libbey Signature,
Master's Reserve, Crisa, Royal Leerdam, World Tableware, Syracuse
China, and Crisal Glass.  In 2019, Libbey's net sales totaled
$782.4 million.  For more information, visit http://www.libbey.com/


Libbey Glass Inc. and 11 of its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-11439) on June 1, 2020.
In the petition signed by CEO Michael P. Bauer, Libbey Glass was
estimated to have $100 million to $500 million in assets and $500
illion to $1 billion in liabilities as of the bankruptcy filing.

The Hon. Laurie Selber Silverstein is the case judge.

The Debtors tapped Latham & Watkins LLP and Richards, Layton &
Finger, P.A., as counsel; Alvarez & Marsal North America, LLC as
financial advisor; and Lazard Ltd as investment banker.  Prime
Clerk LLC is the claims agent, maintaining the page
https://cases.primeclerk.com/libbey


LIBBEY GLASS: U.S. Trustee Flags Bonus Terms in Ch. 11 Loan
-----------------------------------------------------------
Law360 reports that the U. S. trustee told the Delaware bankruptcy
court June 26, 2020, to reject Libbey Glass Inc.'s Chapter 11
financing until protections are in place related to litigation that
could be pursued over $2.35 million in bonuses paid to five
executives just before the bankruptcy filing.

In an objection filed with U. S. Bankruptcy Judge Laurie Selber
Silverstein, the Office of the U. S. Trustee asserted that the
court should deny final approval of post-petition financing until
there is assurance that any proceeds from causes of action related
to the bonus payments will go to the bankruptcy estate.

                      About Libbey Glass

Based in Toledo, Ohio, Libbey Inc. (NYSE American: LBY) is one of
the largest glass tableware manufacturers in the world. Libbey
operates manufacturing plants in the U.S., Mexico, China, Portugal
and the Netherlands.  In existence since 1818, Libbey supplies
tabletop products to retail, foodservice and business-to-business
customers in over 100 countries.  Libbey's global brand portfolio,
in addition to its namesake brand, includes Libbey Signature,
Master's Reserve, Crisa, Royal Leerdam, World Tableware, Syracuse
China, and Crisal Glass. In 2019, Libbey's net sales totaled $782.4
million. For more information, visit http://www.libbey.com/  

Libbey Glass Inc. and 11 of its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-11439) on June 1, 2020.
In the petition signed by CEO Michael P. Bauer, Libbey Glass was
estimated to have $100 million to $500 million in assets and $500
million to $1 billion in liabilities as of the bankruptcy filing.

The Hon. Laurie Selber Silverstein is the case judge.

Debtors tapped Latham & Watkins LLP and Richards, Layton & Finger,
P.A., as counsel; Alvarez & Marsal North America, LLC as financial
advisor; and Lazard Ltd as investment banker.  Prime Clerk LLC is
the claims agent, maintaining the page
https://cases.primeclerk.com/libbey


LIVEXLIVE MEDIA: To Prepay in Full 2018 Convertible Debentures
--------------------------------------------------------------
LiveXLive Media, Inc., provided a prepayment notice to its senior
secured lender of its intention to prepay in full all of the
Company's senior secured convertible debentures issued to such
lender on June 29, 2018, as amended, as provided in such
debentures.

                       About LiveXLive Media

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

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

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


LONGVIEW POWER: Exits Chapter 11 Bankruptcy
-------------------------------------------
Longview Power emerged from bankruptcy on July 31th strategically
positioned to build on its record as a low cost, highly reliable
and clean coal fired power plant by expanding into a multi-fuel
"all of the above" power producer.  The last regulatory approval
required for Longview Power's emergence was received from the
Federal Regulatory Energy Commission in mid-July, less than 100
days after the Company filed for bankruptcy protection in April.

During this expedited bankruptcy, Longview Power extinguished more
than $350 million of loans and now emerges well capitalized with
new equity owners that have provided a $40 million 5-year term loan
to support its operations and growth.  The bankruptcy did not
affect relationships with vendors or employees, and none of the
Company's 140 employee plant staff were furloughed during the case
or on account of the ongoing global pandemic.  Due to its low cost
operations, the Company's plant has continued to operate at high
capacity factors notwithstanding the COVID-19 related electricity
demand reductions that occurred in the spring.

Longview Power management has continued to make substantial
progress in the development of the 1200 MW natural gas combined
cycle plant and a 70MW solar facility that will be built adjacent
to the coal plant.  The CCGT and solar facility received their
final siting certificate from the West Virginia Public Service
Commission and the CCGT is in the final stages for an air permit
and interconnection agreement from PJM.

Jeffery Keffer, CEO of Longview Power, commented that, "The power
generation industry faces many challenges in these difficult times.
There is no power plant better positioned to meet those
challenges.  We have state of the art technology and a world class
plant staff able to attain and sustain the highest performance from
the plant.  Moreover, we are at the late stages of developing a
cutting edge technology combined cycle gas fired turbine generation
plant and solar facility next to the coal plant.  These facilities
will utilize abundant local high quality fuels and the sun to
produce low cost energy for the region for years to come."

                         About Longview Power

Longview Power, LLC, together with Longview Intermediate Holdings
C, LLC and its non-debtor affiliates, operates a 710 megawatt
advanced supercritical coal fired power generation facility located
in Maidsville, West Virginia that uses equipment,  processes,
designs, and technology developed specifically for use at the
Maidsville site.  Longview is a privately owned power company that
was formed in 2003 for the purpose of constructing and operating
the coal-burning Longview Plant in Monongalia County, West
Virginia.

Longview Power, LLC and affiliate Longview Intermediate Holdings C,
LLC sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
20-10951) on April 14, 2020.

Longview Power was estimated to have $100 million to $500 million
in assets and liabilities as of the bankruptcy filing.

The Debtors tapped KIRKLAND & ELLIS LLP as bankruptcy counsel;
RICHARDS, LAYTON & FINGER, P.A., as local counsel; 3CUBED ADVISORY
SERVICES, LLC as restructuring advisor; and HOULIHAN LOKEY, INC. as
financial advisor.  DONLIN, RECANO & COMPANY, INC. is the claims
agent.


LUCKY BRANDS: Has Leave to Reply to Objection to Assets Sale
------------------------------------------------------------
Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the
District of Texas granted Lucky Brand Dungarees, LLC and its
affiliates leave to file their reply to the objection filed in
connection with their proposed bidding procedures for the auction
sale of assets, free and clear of all liens, claims, interests and
encumbrances.

The Reply is deemed timely filed and a matter of record in these
chapter 11 cases.

                       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.



MACY'S INC: Fitch Corrects July 29 Ratings Releae
-------------------------------------------------
Fitch Ratings replaced a ratings release on Macy's Inc. published
on July 29, 2020 to correct the name of the obligor for the bonds.


The amended ratings release is as follows:

Fitch Ratings has assigned a 'BB'/'RR3' rating to Macy's Inc.'s new
$360 million second lien secured notes issued at subsidiary Macy's
Retail Holdings, LLC. The new notes are due between 2024 and 2030
in exchange for existing unsecured debt of the same amount, coupon,
and maturity.

The new notes will be secured by a second-priority lien on the same
collateral securing the $1.3 billion senior secured notes recently
issued under Macy's Inc. The notes will be secured on a
second-priority basis by (i) a pledge from Macy's PropCo Holdings,
LLC (PropCo), an Ohio limited liability company and a direct,
wholly owned subsidiary of Macy's, Inc., and (ii) a first
mortgage/deed of trust in all real property owned or to be owned by
PropCo. The notes will also be guaranteed on an unsecured basis by
MRH.

Fitch has also affirmed Macy's existing ratings, including its
Long-Term Issuer Default Rating at 'BB' and the ratings on its
existing debt at Macy's Inc., Macy's Retail Holdings, LLC, and
Macy's Inventory Funding LLC. The Rating Outlook is Negative. The
ratings and Negative Outlook reflect the significant business
interruption from the coronavirus pandemic and the implications of
a downturn in discretionary spending that Fitch expects could
extend well into 2021, as well as increased leverage from the
recent $1.3 billion secured bond offering in June 2020.

Fitch anticipates a sharp increase in leverage to over 15x in 2020
from 2.9x in 2019, based on EBITDA declining to under $200 million
from $2.2 billion on a sales decline of nearly 30% to $17.6
billion. Fitch recognizes that spring 2020 markdowns and heightened
promotional activity in 2020 could yield downside to Fitch's 2020
EBITDA projections; in this case, Macy's ability to sustain its
'BB' rating would depend on the operating rebound potential through
2022. Adjusted leverage is expected to be in the mid-4x range in
2021, assuming revenue declines of over 15% and EBITDA declines of
approximately 40% from 2019 levels. Leverage could return to under
4x in 2022 assuming a sustained topline recovery. A more protracted
or severe downturn or further rounds of store closures due to
coronavirus concerns could lead to additional rating actions.

Should Fitch's projections come to fruition, Macy's has sufficient
liquidity to manage operations through this downturn. The company
ended 2019 with $685 million of cash. Macy's replaced its $1.5
billion unsecured revolver with a $2.851 billion ABL facility and a
$300 million short-term bridge revolving credit facility secured by
a vast majority of Macy's owned inventory and will support
significant near-term liquidity needs in 2020 and 2021. The new
$1.3 billion secured notes backed by certain real estate assets
also provide additional liquidity, although the new permanent debt
increases Macy's leverage profile longer-term. The company has
approximately $530 million of debt maturing in January 2021 and
$450 million maturing in January 2022, which Fitch expects it could
pay down with cash on hand or ABL borrowings.

KEY RATING DRIVERS

Coronavirus Pandemic: Fitch expects the impact on revenues to the
global consumer discretionary sector from the coronavirus pandemic
to be unprecedented as mandated or proactive temporary closures of
retail stores in "non-essential" categories have severely depressed
sales. Numerous unknowns remain, including the length of the
current outbreak and potential future waves; economic conditions
exiting the pandemic including unemployment and household income
trends, the impact of government support of business and consumers;
and the impact the crisis will have on consumer behavior. Fitch
assumes the pandemic will yield a consumer spending recession that
lasts through much of 2021.

Fitch anticipates significant growth in 2021 against a weak 2020
but expects total 2021 discretionary sales could remain 8%-10%
below 2019 levels. Fitch has forecasted that department store
sales, which have been on a secular decline, will fare worse with
2021 sales projected to decline in the low to mid-teens. Given the
typical timing of a consumer downturn (four to six quarters),
revenue trends could accelerate somewhat exiting 2021, with 2022
projected as a modest growth year.

Assuming this scenario, Fitch expects Macy's revenue to decline
nearly 30% in 2020 with EBITDA declining to under $200 million from
$2.2 billion in 2019. EBITDA is expected to be materially negative
in first half 2020 given extended store closures and significant
markdowns required to clear spring inventory. In 2021, Fitch
expects revenue to decline over 15% and EBITDA to decline
approximately 40% from 2019 levels.

Macy's closed its stores nationwide on March 18, 2020. As the
company continues to monitor the situation case by case, management
developed a staggered store reopening plan with most stores open by
end of June and with sequencing driven by a location's current
external conditions and regulations as well as its expected
profitability and cash flow generation upon reopening.

Actions Taken by Macy's: On March 19, 2020, Macy's drew down on its
entire $1.5 billion credit facility due to expire in May 2024 and
suspended its dividend ($1.51 per share or approximately $470
million annually) beginning the second quarter of 2020. The company
announced an incremental $630 million of annual savings from
restructuring and cost cutting, on top of the $1.5 billion
announced as part of its restructuring plan in February 2020,
reduce inventory receipts especially as it goes into the important
holiday season and significantly pull back on capital expenditures.
Macy's has reduced its 2020 capex to approximately $450 million
from its initially targeted $1 billion.

The company put in place a $2.851 billion ABL facility and a $300
million short-term bridge revolving credit facility secured by
inventory, which will replace the existing $1.5 billion unsecured
credit facility with the same maturity of May 9, 2024 and $1.3
billion senior secured notes collateralized by certain real estate
assets (see Liquidity section for further details).

Business Model Evolution: While most U.S. brick-and-mortar
retailers are battling competitive incursion from online and
value-oriented players, sales weakness is most pronounced for
mid-tier apparel and accessories retailers. While leading players
such as Macy's, Kohl's and Nordstrom have been able to largely
offset decline in in-store sales through the growth in their
e-commerce businesses, retailers are forced to invest heavily in
omni-channel platforms, which have driven down EBITDA margins and
reduced cash flow.

Successful retailers in the space are investing in the omni-channel
model, rightsizing their store footprint, and have a differentiated
product and service offering, including a well-developed value
message, to draw customers in. Financially and operationally
stronger department stores should be able to at least maintain
their share of the apparel and accessories space over the longer
term. These companies are expected to benefit from store closings
and restructuring activity from cash-constrained specialty apparel
players and department stores, which could further accelerate in a
downturn environment.

Longer-term, Fitch views Macy's as well positioned to gain share in
the mid-tier department store space as it continues to invest in
its omni-channel and other growth initiatives. In recent years, the
company has proactively rationalized its store footprint and
reduced its cost structure, using the expense savings and proceeds
from real estate monetization to invest in its digital business,
store-related growth strategies, its relaunched loyalty program,
and expansion of Bluemercury and Macy's Backstage. The company also
benefits from relationships with key national brand vendors,
especially given more acute challenges elsewhere in the department
store sector.

Intensified Strategy Highlights Secular Challenges: In light of
ongoing issues and lackluster 2019 performance, management
announced a three-year plan, which accelerates its recent strategy
of real estate rationalization, cost structure optimization and
targeted business re-investment. Major elements of the plan include
the closure of 125 (or around 20%) of Macy's lower-volume stores,
primarily in secondary or tertiary markets, to focus management
attention on its best performing assets. These stores produced
approximately $1.4 billion of revenue (less than 10% of 2019
total), and Fitch assumes minimal EBITDA, and real estate sales are
expected to be a continued source of debt reduction over the medium
term. While Macy's has targeted $700 million in asset sale proceeds
over the next three years, dislocation in discretionary retail
sales could have an adverse impact in the near term, and so Fitch
has assumed minimal asset sale proceeds in its projections through
2022.

Fitch expects the 125 store closures and accelerated closures by
other anchor tenants such as J.C. Penney, which filed for Chapter
11 bankruptcy protection on May 15, 2020, and Nordstrom (which
announced 16 full line store closings) could have major
repercussions for the affected malls, particularly if reduced
traffic and co-tenancy clauses combine to trigger further tenant
departures. This would lead to the accelerated reshaping of the
mall landscape; which Fitch has anticipated given the ongoing
channel shifts to online and off-mall discount formats. Over time,
industry leaders, both in the mall and off-mall channel, that
continue to invest in omni-channel capabilities could benefit, as
unproductive apparel and accessories stores and malls in the U.S.
are rightsized. Benefits of reduced square footage include both
protection of market share and gross margins, given the need to
execute unplanned promotions in apparel and accessories
environments with excess inventory.

Macy's has experimented with new and off-mall formats. The company
had planned to expand its portfolio of standalone off-price
Backstage stores and test a new department store concept called
Market by Macy's, both in off-mall locations in 2020. Some of these
plans have likely been put on hold given the immediate liquidity
needs to manage through the coronavirus pandemic and a reduction in
consumer discretionary spending.

As part of its February analyst day, Macy's shared its target of
$1.5 billion in reductions to its cost structure. The company has
also targeted major savings in areas like supply chain
optimization, store expense reduction and marketing expense
efficiency. Gross margin opportunities total $600 million, while
SG&A opportunities provide the remaining $900 million. The company
also announced New York City will become the company's sole
corporate headquarters in a sweep of campus consolidation and
headcount reduction.

The $1.5 billion in cost reductions is designed to provide Macy's
with reinvestment opportunity that could be additional sources of
liquidity in the near term. Major areas of focus include Macy's
digital business, strengthening customer relationships, in-store
enhancements, and private label expansion. Macy's e-commerce
business was around $6 billion or 25% of sales in 2019, and the
company is targeting continued growth through site upgrades,
improving its mobile app, expanding omni-channel attributes such as
in-store or curbside pickup of online orders, and potential new
features like recommerce and customizable fashion.

While Fitch acknowledges Macy's proactive approach to real estate
portfolio rationalization and efforts to invest in defending share,
the heightened retrenchment of the store base and cost cutting
required to stabilize operations is evidence of the dislocation in
the business and ongoing secular pressure. In addition, a number of
these initiatives could be put on hold to preserve liquidity given
the current situation.

EBITDA Maintains Downward Trajectory: EBITDA in 2019 declined 13%
to $2.2 billion given a 0.8% comparable store sales decline and
margin declining to 8.6% from 9.8% in 2018. Prior to the recent
disruption, Fitch had expected merchandise revenue to decline below
$23 billion over the next two to three years on modest comp
declines and store closures, and for EBITDA to decline under $2.0
billion over the next three years despite cost reduction efforts.

Macy's has paid down over $3 billion in debt over the past four
years since 2016, with adjusted debt/EBITDAR ending at 2.9x in
2019. Macy's financial discipline and adherence to its publicly
stated financial policy (leverage of 2.5x to 2.8x, or 2.4x to 2.7x
on a Fitch-calculated basis) supported the company's credit profile
in the face of operational challenges, although Fitch expects it
could be outside of this range beyond 2022.

DERIVATION SUMMARY

Recent rating downgrades and Outlook revisions for U.S. department
stores reflect the significant business interruption from the
coronavirus and the implications of a downturn in discretionary
spending that Fitch expects could extend well into 2021. Ratings
actions have also resulted from decisions to add permanent debt to
balance sheets to support liquidity. Kohl's, Nordstrom, Macy's and
Dillard's are expected to have sufficient liquidity to manage
operations through this downturn, should Fitch's projections come
to fruition.

Macy's U.S. department store peers include Kohl's and Dillard's,
Inc.

Macy's (BB/Negative): Fitch anticipates a sharp increase in
leverage to over 15x in 2020 from 2.9x in 2019, based on EBITDA
declining to around $200 million from $2.2 billion on a sales
decline of nearly 30% to $17.6 billion. Spring 2020 markdowns and
heightened promotional activity in 2020 could yield downside to
Fitch's 2020 EBITDA projections; in this case, Macy's ability to
sustain its 'BB' rating would depend on the operating rebound
potential through 2022. Leverage could return to under 4x in 2022
assuming a sustained topline recovery.

Macy's ratings continue to reflect its position as the largest
department store chain in the U.S. and Fitch's view of a prolonged
timeframe for the company's operating trajectory to stabilize on a
lower EBITDA base, given weak mall traffic and heightened
competition from alternate channels that include online and
off-price. This follows sustained low single digit comparable store
sales declines, recent EBITDA margins well below expectations and
increased management urgency to address secular challenges, as
evidenced by the announcement of 125 store closures and $1.5
billion in cost reductions to support business reinvestment, prior
to the recent downturn.

Kohl's (BBB-/Negative): Fitch anticipates a sharp increase in
leverage to 8x in 2020 from 2.3x in 2019. This reflects EBITDA
declining to approximately $0.5 billion from $2 billion on a sales
decline of 20% to just under $16 billion, the full drawdown on its
$1.5 billion credit facility and recent $600 million bond issuance.
Adjusted leverage is expected to be high-3x in 2021, assuming
revenue declines of around 15% and EBITDA declines of around 40% in
2021 from 2019 levels and paydown of ABL borrowings. Leverage could
decline to under 3.5x in 2022 assuming a sustained topline
recovery.

Kohl's ratings reflect its position as the second largest
department store in the U.S. and Fitch's expectation that the
company should be able to able to accelerate market share gains
post the discretionary downturn. Kohl's, Nordstrom and Macy's
continue to invest aggressively in their businesses while
maintaining healthy cash flow. These retailers have well developed
omni-channel strategies, with online sales contributing close to
25% of total revenue (over 30% at Nordstrom), which should benefit
their top-line as retail sales continue to move online. Kohl's
off-mall real estate footprint provides some insulation from mall
traffic challenges.

Dillard's (BB/Negative): Fitch anticipates a sharp decline in
EBITDA to under $50 million in 2020 from $392 million in 2019 on a
revenue decline of over 20% to $5 billion. Adjusted leverage is
expected to be over 2x in 2021, assuming sales declines in the
low-teens and EBITDA of approximately $300 million or around 30%
lower compared to 2019 levels.

Dillard's ratings reflect the company's below-industry-average
sales productivity (as measured by sales psf), operating
profitability and geographical concentration relative to its larger
department store peers, Kohl's, Nordstrom and Macy's. The ratings
consider Dillard's strong liquidity and minimal debt maturities,
with adjusted debt/EBITDAR expected to return to the 2x range in
2021.

KEY ASSUMPTIONS

Fitch's projections reflecting the significant business
interruption from COVID-19 and the ramifications for a likely
downturn in discretionary spending extending well into 2021 are as
follows:

  -- Fitch projects Macy's 2020 sales could decline nearly 30% to
$17.6 billion and EBITDA could decline to under $200 million from
$2.2 billion, assuming store closures through mid-May and a slow
recovery in customer traffic for the remainder of the year. While
2021 revenue and EBITDA should significantly rebound from depressed
2020 levels, Fitch expects 2021 sales of approximately $20 billion
and EBITDA of around $1.3 billion to be over 15% and approximately
40%, respectively, lower than 2019 levels given Fitch's
expectations of a likely downturn in discretionary spending that
could extend well into late 2021.

  -- Beginning 2022, Macy's could resume low-single digit topline
and EBITDA growth.

  -- FCF is expected to be approximately negative $1 billion in
2020, largely due to a $2 billion reduction in EBITDA, somewhat
mitigated by lower cash taxes, significantly reduced capex and
potential working capital benefit. FCF in 2021 could approach
positive $400 million as EBITDA improves.

  -- Adjusted debt/EBITDAR, which was 2.9x in 2019, could climb to
over 15x in 2020 and decline to the 5.0x range in 2021 on EBITDA
swings. The company has approximately $530 million of debt maturing
in January 2021 and $450 million maturing in January 2022, which
Fitch expects it could pay down with a drawdown on its ABL
facility.

RATING SENSITIVITIES

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

  -- A stabilization case would require Macy's to meet Fitch's
revised projections that include EBITDA increasing to $1.3 billion
in 2021 and adjusted debt/EBITDAR moderating to the mid 4x in 2021
and below 4x in 2022.

  -- An upgrade could occur from sustained low single digit
positive comps, EBITDA growth in the low to mid-single digits with
EBITDA margins in the high single digits beginning 2022, combined
with adjusted debt/EBITDAR sustained below 3.5x.

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

  -- A negative rating action could result on a more protracted or
severe downturn and reduced confidence In Macy's ability to return
to top line and profitability growth in 2022 such that adjusted
debt/EBITDAR is sustained above 4x.

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

Macy's ended 2019 with a cash balance of $685 million. On March 20,
2020, the company announced it had fully borrowed on its $1.5
billion revolver to enhance liquidity. Additionally, it announced
that it would suspend its quarterly dividend beginning the second
quarter of 2020. As of May 2, 2020, the company had $1.5 billion in
cash on hand.

The company put in place a $2.851 billion ABL facility and a $300
million short-term bridge revolving facility (maturing in December
2020) in June 2020, secured by inventory that replaced the existing
$1.5 billion unsecured credit facility with the same maturity of
May 9, 2024. Macy's also issued $1.3 billion of senior secured
notes collateralized by certain real estate assets.

In June 2020, MRH commenced an offer to bondholders holding an
aggregate of $466 million of outstanding senior unsecured debt (11%
of total unsecured debt) to tender debt in exchange for new second
lien secured notes to be issued by MRH for the validly tendered
outstanding notes/debentures. The debt under this tender and
exchange offer was under issued under a 1996 indenture and had
restrictions around the negative pledge covenant (including
restrictions on sales leaseback transactions) that could impact
secured debt issuance at MRH. On July 24, 2020, the company
announced the final results of the exchange offers. Of the total
$466 million, $360 million or 77% was tendered and the company
issued $360 million in second lien secured notes due between 2024
and 2030 in exchange for existing unsecured debt of the same
amount, coupon and maturity. The remaining $105 million of old
notes will have the same new covenants.

Of the total real estate and inventory assets Macy's currently
holds through MRH and subsidiaries, Macy's transferred some to new
SPVs to be the security for the ABL and the new secured notes. The
company's liens are limited to 15% of consolidated net tangible
assets, which caps the liens to $1 billion to $1.3 billion, based
on Fitch's calculation. The ABL and notes are issued outside of
MRH, so the limitation on liens does not apply to this transaction.
The CNTA basket could be applied to any future secured debt based
on the assets remaining at MRH and its subsidiaries.

The $2.851 billion ABL facility and $300 million short-term bridge
revolving loan facility at the newly created SPV, Macy's Inventory
Funding LLC, have a first lien priority on inventory. Borrowings
under the ABL facility are subject to a borrowing base based on 80%
of NOLV of inventory minus customary reserves (which would increase
to 90% at the earlier of March 31, 2021 or the date on which a new
appraisal and field exam is delivered. Prior to April 30, 2021,
Macy's must maintain excess availability of 10% and after April 30,
2021, borrowings are subject to a minimum springing fixed charge
coverage of 1x if availability is less than 10%.

The $1.3 billion new senior secured notes issued by Macy's Inc. in
June 2020 are secured on a first-priority basis by a pledge from
PropCo and a first mortgage/deed of trust in all real property
owned or to be owned by PropCo. The notes are also guaranteed on an
unsecured basis by MRH. The notes have first lien priority on
select real estate assets, based on a 2:1 loan value on recent
valuation (based on lit value) conducted by Eastdil. The real
estate collateral for the new secured notes has been transferred to
a newly created Propco. It includes three flagship stores (Union
Square, San Francisco; Brooklyn, New York; and State Street,
Chicago), 35 full-line mall locations (33 Macy's and two
Bloomingdales) in 'A' rated malls, and 10 distribution centers. The
$365 million in new notes issued by MRH in July 2020 will be
secured by a second-priority lien on the same collateral securing
the $1.3 billion senior secured notes.

Macy's owns a considerable amount of real estate, including 408
(312 owned and 96 ground leased) of its 544 Macy's full line stores
and 20 (13 owned and seven ground leased) of its Bloomingdales full
line stores. This amounts to 80% of Macy's full line square footage
and approximately 60% of total square footage. Post this
transaction, Macy's still has 390 unencumbered full line stores
(owned and ground leased) and five distribution centers, which are
at MRH and its subsidiaries.

The company has approximately $530 million of debt maturing in
January 2021 and $450 million maturing in January 2022, which Fitch
expects it could pay down with cash on hand or ABL borrowings.

RECOVERY CONSIDERATIONS

Fitch does not employ a waterfall recovery analysis for issuers
assigned ratings in the 'BB' category. The further up the
speculative grade continuum a rating moves, the more compressed the
notching between the specific classes of issuances becomes. The
$2.851 billion secured ABL facility and the $300 million short-term
bridge revolving credit facility are rated 'BBB-'/'RR1' and the
$1.3 billion senior secured notes are rated 'BB+'/'RR1', indicating
outstanding recovery prospects (91%-100%) and the unsecured notes
are rated 'BB'/'RR4', indicating average (31%-50%) recovery
prospects. The new $360 million second lien secured notes are rated
'BB'/'RR3', indicating above average (51%-70%) recovery prospects.

SUMMARY OF FINANCIAL ADJUSTMENTS

  -- EBITDA adjusted to exclude stock-based compensation;

  -- Operating lease cost capitalized by 8x to calculate historical
and projected adjusted debt.

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).


MATCHBOX FOOD: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Ten affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

     Debtor                                    Case No.
     ------                                    --------
     Matchbox Rockvillle, LLC                  20-17247
     1699 Rockville Pike
     Rockville, MD 20852

     Matchbox Food Group, LLC                  20-17250
     Thompson Hospitality
     Attn: Christopher Hand
     1741 Business Center Dr., Ste. 200
     Reston, VA 20190-1000

     Matchbox Capitol Hill, LLC                20-17252
     521 8th St., SE
     Washington, DC 20003

     First MB Star LLC                         20-17254
     7859 Walnut Hill Ln., Ste. 140
     Dallas, TX 75230
  
     Caribou Hunter, LLC                       20-17255
     1100 South Hayes St. #H20
     Arlington, VA 22202

     Buttermilk, LLC                           20-17257
     1860 Sawgrass Mills Circle
     Space 5100
     Fort Lauderdale, FL 33323

     Hammer and a Cocktail, LLC                20-17260
     2706 Potomac Mills Cir.
     Woodbridge, VA 22192

     Blue Eagle, LLC                           20-17262
     2911 District Ave., Ste. 120
     Fairfax, VA 22031

     Matchbox 14th Street, LLC                 20-17263
     1901 14th St., NW
     Washington, DC 20009

     Gene Pool, LLC                            20-17266
     44720 Thorndike St.
     Ashburn, VA 20147

Business Description:     The Debtors operate a chain of casual-
                          dining brand restaurants.

Chapter 11 Petition Date: August 3, 2020

Court:                    United States Bankruptcy Court
                          District of Maryland

Judge:                    Hon. Lori S. Simpson

Debtors' Counsel:         Janet M. Nesse, Esq.
                          MCNAMEE, HOSEA JERNIGAN, KIM, GREENAN &
                          LYNCH, P.A.
                          6411 Ivy Lane, Ste. 200
                          Greenbelt, MD 20770
                          Tel: (301) 441-2420
                          Email: jnesse@mhlawyers.com


                            Estimated              Estimated
                             Assets               Liabilities
                        ------------------   ------------------
Matchbox Rockvillle       $0 to $50,000         $0 to $50,000

Matchbox Food Group       $0 to $50,000         $50 million to
                                                $100 million

Matchbox Capitol Hill     $0 to $50,000         $0 to $50,000

First MB Star             $0 to $50,000         $0 to $50,000

Caribou Hunter            $0 to $50,000         $0 to $50,000

Buttermilk, LLC           $0 to $50,000         $0 to $50,000

Hammer and a Cocktail     $0 to $50,000         $0 to $50,000

Blue Eagle                $0 to $50,000         $0 to $50,000

Matchbox 14th Street      $0 to $50,000         $0 to $50,000

Gene Pool, LLC            $0 to $50,000         $0 to $50,000

The petitions were signed by Edwin A. Sheridan IV, member.

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

                          https://is.gd/tWL99y
                          https://is.gd/otTrr5
                          https://is.gd/HXMNS2
                          https://is.gd/lDFeIQ
                          https://is.gd/8xlAT8
                          https://is.gd/799yfQ
                          https://is.gd/BdEK8i
                          https://is.gd/qUuko0
                          https://is.gd/swjNTH
                          https://is.gd/uH5OqG
                         
List of Matchbox Food's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Egg Cream, LLC                                      $10,470,548
7830 Old
Georgetown Rd.
Bethesda, MD 20814

2. EagleBank                       Long term loan       $9,819,258
Attn: Scott S. Kinlaw
7815 Woodmont Ave.
Bethesda, MD 20814

3. Thompson Hospitality                                 $6,300,000
Attn: Ali Azima
1741 Business
Center Dr., Ste. 200
Reston, VA 20190

4. Eaglebank                        PPP SBA Loan        $5,566,272
Attn: Scott S. Kinlaw
7815 Woodmont Ave.
Bethesda, MD 20814

5. Potomac Investment Trust          PIT Group          $3,775,000
Ron Paul
7830 Old
Georgetown Rd.
Bethesda, MD 20814

6. Thompson Hospitality                                 $2,489,341
Attn: Ali Azima
1741 Business
Center Dr., Ste. 200
Reston, VA 20190

7. EagleBank                      Short term loan       $1,450,807
Attn: Scott S. Kinlaw
7815 Woodmont Ave.
Bethesda, MD 20814

8. Ashtray, LLC                                         $1,400,000
10110 Molecular Dr.
Ste. 300
Rockville, MD 20850

9. Tuna, LLC                                            $1,085,000
80100 Cessna Dr.
Gaithersburg, MD 20879

10. Michelle S. Lee             Daniel Neal Group       $1,000,000
915 Georgetown
Ridge Ct.
Mc Lean, VA 22102

11. AIM Restaurant                  PIT Group             $750,000
Holding, LLC
Ronald Abramson
1700 K St. NW,
Ste. 300
Washington, DC 20006-3807

12. Frank Stopak                    PIT Group             $500,000
12290 Wilkins Ave.
Rockville, MD 20852

13. Leonard A. Greenberg            PIT Group             $500,000
Linda K. Greenberg
4901 Fairmont Ave.,
Ste. 200
Bethesda, MD 20814

14. Steven M. Glazer                PIT Group             $500,000
Family Irrevocable Trust
Steve Glazer
5301 Wisconsin Ave., NW
Suite 740
Washington, DC 20015

15. Daniel Neal                 Daniel Neal Group         $476,000
Heller Shapiro
8808 Clifford Ave.
Chevy Chase, MD 20815

16. Chesapeake -                                          $401,024
MBRK- SBA loan

17. Marshall Cannon                PIT Group              $300,000
12290 Wilkins Ave.
Rockville, MD 20852

18. Gary Siegel                    PIT Group              $250,000
10528 Democracy Blvd.
Potomac, MD 20854

19. Sheldon Shapiro                PIT Group              $250,000
2001 N. Ocean Blvd.,
S-1606
Fort Lauderdale, FL 33305

20. Dana Creative Concepts, Corp.  PIT Group              $250,000
Mitchell Herman
1536 Live Oak Dr.
Silver Spring, MD 20910


MICHAEL GALMOR: Trustee's $105K Sale of Mobeetie Property Approved
------------------------------------------------------------------
Judge Robert L. Jones of the U.S. Bankruptcy Court for the Northern
District of Texas authorized Kent Ries, the Trustee of Michael
Stephen Galmor and Galmor's/G&G Steam Service, Inc., and the
Appointed Liquidator of the real property of the Galmor Family
Limited Partnership, to sell the real property ("Mobeetie
Property") more particularly described as (i) Tract One - All of
the East 80 acres of the Northwest One-Quarter of Section 76, Block
A-5, H&GN Ry. Co. Survey, Wheeler County, Texas; and (ii) Tract Two
- The West 20 acres out of the East 100 acres of the Northwest
One-Quarter of Section 76, Block A-5, H&GN Ry. Co. Survey, Wheeler
County, Texas, for at least $105,000.

Subject to the review and objection period below, the Trustee is
authorized to pay all valid liens and all contracted for and
commercially reasonable closing expenses, and commissions.

The Trustee will provide the counsel for the objecting party
(Leslie Pritchard) the proposed closing statement at least 48 hours
prior to closing, with that party reserving the right to object to
the closing, except as to the purchase price and the 5% broker
commission, and that, if such objection is timely lodged, the
closing will not proceed and the Trustee will file a motion for
expedited relief, which the Court will hear on an expedited basis,
and at which the Court will make such additional findings,
conclusions, and orders as may be proper.

Except for the liens, expenses, and commissions authorized to be
paid, the Trustee will hold and safeguard all remaining sale
proceeds and will not use the same without further order of the
Court, upon such motion as may be appropriate.

The purchaser of the Mobeetie Property must sign an affidavit of
disinterestedness, and that such affidavit will be provided to the
counsel for Leslie Pritchard at least 48 hours prior to closing.

The Trustee may provide to the title company closing the sale a
Certificate that the proposed closing statement and affidavit of
disinterestness have been provided to the objecting party and that
no timely objection has been made with respect to such documents,
and that the title company can rely on such Certificate in closing
the sale.

The sale as authorized will be by special warranty deed, and on an
as is, where is, with all present defects basis.

The 14-day stay requirement pursuant to F.R.B.P. 6004(h) is waived.


Michael Stephen Galmor owns and manages Galmor's/G&G Steam Service,
Inc. of Shamrock, Texas.  He also raises cattle in his individual
capacity.  Michael Stephen Galmor sought Chapter 11 protection
(Bankr. N.D. Tex. Case No. 18-20209) on June 19, 2018.  The Debtor
tapped Max Ralph Tarbox, Esq., at Tarbox Law, P.C. as counsel.



MICHAEL GALMOR: Trustee's $255K Sale of Barn Place Property Okayed
------------------------------------------------------------------
Judge Robert L. Jones of the U.S. Bankruptcy Court for the Northern
District of Texas authorized Kent Ries, the Trustee of Michael
Stephen Galmor and Galmor's/G&G Steam Service, Inc., and the
Appointed Liquidator of the real property of the Galmor Family
Limited Partnership, to sell the real property ("Barn Place
Property") more particularly described as a 299.45-acre tract of
land out of the East 1/2 of Section 9, Block A-8, H&GN RY. Co.
Survey, Wheeler County, Texas, as described in Volume 11, Page 100
of the Deed Records of Wheeler County, Texas, for at least
$255,000.

Subject to the review and objection period, the Trustee is
authorized to pay all valid liens and all contracted for and
commercially reasonable closing expenses, and commissions.

The Trustee will provide the counsel for the objecting party
(Leslie Pritchard) the proposed closing statement at least 48 hours
prior to closing, with that party reserving the right to object to
the closing, except as to the purchase price and the 5% broker
commission, and that, if such objection is timely lodged, the
closing will not proceed and the Trustee will file a motion for
expedited relief, which the Court will hear on an expedited basis,
and at which the Court will make such additional findings,
conclusions, and orders as may be proper.

Except for the liens, expenses, and commissions authorized to be
paid, the Trustee will hold and safeguard all remaining sale
proceeds and will not use the same without further order of the
Court, upon such motion as may be appropriate.

The purchaser of the Barn Place Property must sign an affidavit of
disinterestedness, and that such affidavit will be provided to the
counsel for Leslie Pritchard at least 48 hours prior to closing.

The Trustee may provide to the title company closing the sale a
Certificate that the proposed closing statement and affidavit of
disinterestness have been provided to the objecting party and that
no timely objection has been made with respect to such documents,
and that the title company can rely on such Certificate in closing
the sale.

The sale as authorized will be by special warranty deed, and on an
as is, where is, with all present defects basis.

The 14-day stay requirement pursuant to F.R.B.P. 6004(h) is waived.


Michael Stephen Galmor owns and manages Galmor's/G&G Steam Service,
Inc. of Shamrock, Texas.  He also raises cattle in his individual
capacity.  Michael Stephen Galmor sought Chapter 11 protection
(Bankr. N.D. Tex. Case No. 18-20209) on June 19, 2018.  The Debtor
tapped Max Ralph Tarbox, Esq., at Tarbox Law, P.C., as counsel.



MOBIQUITY TECHNOLOGIES: Lowers Net Loss to $4.58 Million in Q2
--------------------------------------------------------------
Mobiquity Technologies, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q, reporting a
net comprehensive loss of $4.58 million on $657,269 of revenue for
the three months ended June 30, 2020, compared to a net
comprehensive loss of $27.44 million on $2.25 million of revenue
for the three months ended June 30, 2019.

For the six months ended June 30, 2020, the Company reported a net
comprehensive loss of $7.02 million on $1.60 million of revenue
compared to a net comprehensive loss of $30.40 million on $3.85
million of revenue for the same period in 2019.

As of June 30, 2020, the Company had $13.38 million in total
assets, $6.44 million in total liabilities, and $6.94 million in
total stockholders' equity.

The Company had cash and cash equivalents of $440,075 at June 30,
2020.  Cash used in operating activities for the six months ended
June 30, 2020 was $1,116,388.  This resulted primarily from a net
loss of $7,019,253 offset by stock-based compensation of
$1,276,870, warrant expense $1,354,817 amortization of $1,300,368,
allowance for uncollectible receivables of $306,000, common stock
issued for services of $375,000, decrease in accounts receivable of
$1,930,915 and $625,562 decrease in accounts payable, increase in
prepaid expenses of $14,000.  Cash used in investing activities
results from note converted to common stock of $30,695.  Cash flow
from financing activities of $282,694 resulted from the proceeds
from the issuance of notes of $745,388, and cash paid on loans
$462,694.

The company commenced operations in 1998 and was initially funded
by our three founders, each of whom has made demand loans to the
company that have been repaid.  Since 1999, the Company has relied
on equity financing and borrowings from outside investors to
supplement its cash flow from operations and expect this to
continue in 2019 and beyond until cash flow from its proximity
marketing operations become substantial.

Mobiquity said the continuation of the Company as a going concern
is dependent upon the continued financial support from its
shareholders, the ability of management to raise additional equity
capital through private and public offerings of its common stock,
and the attainment of profitable operations.  As of June 30, 2020,
the Company had an accumulated deficit of $178,155,775.  These
factors raise substantial doubt regarding the Company's ability to
continue as a going concern for a period of one year from the
issuance of these financial statements.

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

                     https://is.gd/Kohnwa

                        About Mobiquity

Headquartered in Shoreham, NY, Mobiquity Technologies, Inc. owns
100% of Advangelists, LLC and 100% of Mobiquity Networks, Inc. as
wholly owned subsidiaries.  Advangelists is a developer of
advertising and marketing technology focused on the creation,
automation, and maintenance of an advertising technology operating
system (or ATOS).  Advangelists' ATOS platform blends artificial
intelligence (or AI) and machine learning (ML) based optimization
technology for automatic ad serving that manages and runs digital
advertising inventory and campaigns.  Mobiquity Networks has
evolved and grown from a mobile advertising technology company
focused on driving Foot-traffic throughout its indoor network, into
a next generation location data intelligence company.

Mobiquity recorded a net loss of $43.75 million for the year ended
Dec. 31, 2019, compared to a net loss of $58.51 million for the
year ended Dec. 31, 2018.

BF Borgers CPA PC, in Lakewood, CO, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
March 24, 2020 citing that the Company's significant operating
losses raise substantial doubt about its ability to continue as a
going concern.


MODELL'S SPORTING GOODS: GOB Sales Resume at 107 Locations
----------------------------------------------------------
With retailers resuming in-store operations following the
months-long COVID-19 pause, shoppers from across the Northeast and
Mid-Atlantic will find liquidation discounts on top-name sporting
goods, footwear and apparel brands as Modell's Sporting Goods
resumes going-out-of-business sales at 107 of its remaining stores,
beginning immediately. A joint venture of Tiger Capital Group,
Great American Group (a B. Riley Financial company) and SB360
Capital Partners is conducting the sales on behalf of the New
York-based retailer in accordance with state and local social
distancing and sanitation guidelines.

Founded in 1889, Modell's is the oldest family-owned and operated
retailer of sporting goods, athletic footwear, active apparel and
fan gear in the United States. At the time it voluntarily filed for
protection under Chapter 11 of the U.S. Bankruptcy Code on March
11, 2020, the chain operated 137 stores in New York, New Jersey,
Pennsylvania, Connecticut, Massachusetts, New Hampshire, Delaware,
Maryland, Virginia, and Washington, D.C.

A full list of the locations now being closed is available here.

"The store-closing sales got off to a very strong start on March
13, before we had to temporarily shut down due to the pandemic,"
said a representative of the joint venture. "Now that we're
up-and-running again, shoppers will find discounts of up to 40
percent on equipment for all major sports, as well as the likes of
yoga and Pilates, bikes and scooters, skates, outdoor gear, and
more."

Modell's strong collections of footwear, apparel, accessories and
fan-shop items from every major sport, including many local teams,
are also being offered at liquidation discounts. "Even non-athletes
will find something of interest, such as backpacks, water bottles,
duffel bags, sandals, jackets, pants, sweatshirts and outerwear,"
the representative added. "We urge shoppers to come in early for
the best selection."

All major brands are represented, including Adidas, Capelli Sport,
Easton, Everlast, Maruchi, Nike, Rawlings, Wilson, Champion,
JanSport, Timberland, Skechers, Converse, Vans and Asics, to name a
few.

Furniture, fixtures and equipment will also be available for sale
at the stores.

                 About Modell's Sporting Goods

Modell's Sporting Goods -- https://www.modells.com/ -- is a
family-owned and operated retailer of sporting goods, athletic
footwear, active apparel, and fan gear. Modell's Sporting Goods
operates stores throughout New York, New Jersey, Pennsylvania,
Connecticut, Massachusetts, New Hampshire, Delaware, Maryland,
Virginia and the District of Columbia.

Modell's Sporting Goods, Inc., and its affiliates sought Chapter 11
protection (Bankr. D.N.J. Lead Case No. 20-14179) on March 11,
2020.

Modell's Sporting Goods was estimated to have $500,000 to $1
million in assets and $1 million to $10 million in liabilities.  

The Hon. Vincent F. Papalia is the case judge.

The Debtors tapped Cole Schotz P.C. as counsel; Berkeley Research
Group, LLC, as restructuring advisor; and Prime Clerk LLC as claims
agent.

On March 23, 2020, the Office of the United States Trustee
appointed the Official Committee of Unsecured Creditors of Modell's
Sporting Goods. The Committee retained Lowenstein Sandler LLP, as
counsel.


MOOD MEDIA: In Chapter 11 to Reduce Debt by $400 Million
--------------------------------------------------------
Muzak maker Mood Media entered Chapter 11 bankruptcy with a
prepackaged plan that that will cut $404 million from its $600
million debt load and hand 100% of the reorganize equity to senior
lenders.

As previously announced on June 26, 2020, the Company entered into
a comprehensive restructuring support agreement with certain of its
lenders, noteholders, and equity sponsors on the terms of the
prepackaged financial restructuring plan.  The prepackaged plan was
approved by 100% of the Company's first lien term loan lenders and
100% of its second lien PIK noteholders that timely submitted
ballots voted to accept the prepackaged plan.  

The Company will continue operating in the ordinary course with a
primary focus on the health and safety of its employees,
independent affiliates, and clients. Mood Media intends to build on
its structure, support, and resources to continue serving its
clients during the global COVID-19 pandemic and once the pandemic
has passed.

                    About Mood Media Corp.

Mood Media Corporation -- https://us.moodmedia.com/ -- is a global
provider of in-store audio, visual, and other forms of media and
marketing solutions to more than 400,000 commercial locations
around the world and across a broad range of industries.  Mood is
an international business with operations in the United States and
in over 40 other countries throughout the world.

On July 30, 2020, Mood Media Corp. and its affiliates sought
Chapter 11 protection (Bankr. S.D. Tex. Case No. 20-33768).  The
Debtor was estimated to have $500 million to $1 billion in assets
and liabilities.

The Company's international subsidiaries are not part of the
Chapter 11 filing.

The Hon. Marvin Isgur is the case judge.

The Debtors tapped KIRKLAND & ELLIS LLP as bankruptcy counsel; PJ
SOLOMON, L.P., as investment banker; and BERKELEY RESEARCH GROUP
LLC as restructuring advisor.  JACKSON WALKER L.L.P. is the local
counsel.
PRIME CLERK LLC is the claims agent.


MOUNT CLEMENS: Seeks Court Approval to Hire Bankruptcy Attorney
---------------------------------------------------------------
Mount Clemens Investment Group seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Michigan to hire
Robert Bassel, Esq., to handle its Chapter 11 case.

Mr. Bassel, an attorney based in Clinton, Mich., will be
compensated at the rate of $350 per hour for his services.  

The attorney received from Debtor's principal a retainer of $5,000,
of which $1,575 was applied to pre-bankruptcy legal fees.

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

Mr. Bassel holds office at:

     Robert N. Bassel, Esq.
     P.O. Box T
     Clinton, MI 49236
     Tel: (248) 835-7683
     Email: bbassel@gmail.com   

               About Mount Clemens Investment Group

Mount Clemens Investment Group LLC, a Southfield, Mich.-based
investment company, sought Chapter 11 protection (Bankr. E.D. Mich.
Case No. 20-46959) on June 19, 2020.  At the time of the filing,
Debtor had estimated assets of less than $50,000 and liabilities of
between $500,001 and $1 million.   

Judge Maria L. Oxholm oversees the case.

Robert N. Bassel, Esq., is Debtor's legal counsel.


MOUNT GROUP: Seeks Court Approval to Hire Bankruptcy Attorney
-------------------------------------------------------------
Mount Group, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Michigan to hire Robert Bassel, Esq., to
handle its Chapter 11 case.

Mr. Bassel, an attorney based in Clinton, Mich., will be
compensated at the rate of $350 per hour for his services.  

The attorney received from Debtor's principal a retainer of $5,000,
of which $1,575 was applied to pre-bankruptcy legal fees.

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

Mr. Bassel holds office at:

     Robert N. Bassel, Esq.
     P.O. Box T
     Clinton, MI 49236
     Tel: (248) 835-7683
     Email: bbassel@gmail.com   

                         About Mount Group

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

On June 19, 2020, Mount Group sought Chapter 11 protection (Bankr.
E.D. Mich. Case No. 20-46958).  At the time of the filing, Debtor
disclosed assets of between $1 million and $10 million and
liabilities of the same range.  

Judge Maria Oxholm oversees the case.

Robert N. Bassel is Debtor's legal counsel.


MOUNT MORRIS: Seeks to Hire Peter M. Doerr as Legal Counsel
-----------------------------------------------------------
Mount Morris Mobile Home Park, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Michigan to hire Peter
M. Doerr, PC as its legal counsel.

Debtor requires the services of the firm to collect rents and
obtain mobile home titles from the Michigan Secretary of State.

The retainer fee for the firm's services is $5,000.

Peter Doerr, Esq., disclosed in a court filing that he does not
hold interests that would conflict with those of Debtor.

The firm can be reached through:

     Peter M. Doerr, Esq.
     Peter M. Doerr, PC
     11500 N. Saginaw St.
     Mt. Morris, MI 48458
     Phone: 810.686.7030
               
                About Mount Morris Mobile Home Park

Mount Morris Mobile Home Park, LLC, a company that operates a
mobile home park in Genesee Township, Mich., filed a Chapter 11
bankruptcy petition (Bankr. E.D. Mich. Case No. 20-30939) on May 3,
2020.  At the time of the filing, Debtor had estimated assets of
less than $50,000 and liabilities of between $500,001 and $1
million.  

Judge Joel D. Applebaum oversees the case.  

Simen Figura & Parker, PLC is Debtor's legal counsel.


NFP CORP: S&P Assigns 'CCC+' Debt Rating to $950MM Senior Notes
---------------------------------------------------------------
S&P Global Ratings said that it assigned its 'CCC+' debt rating to
NFP Corp.'s (B/Negative/--) $950 million senior notes maturing in
2028. The recovery rating is '6', indicating its expectation for
negligible (0%) recovery of principal in the event of a default.

S&P expects NFP to use the proceeds to refinance its existing $650
million 6.875% and $250 million 8.0% senior notes due July 2025, as
well as to fund related call premium and fees.

For the last-12-month period ended March 31, 2020, the company
generated total revenue of $1.46 billion and pro forma adjusted
EBITDA of $386 million (approximate 24% margin), according to S&P's
calculations, which exclude certain add-back items. Including this
issuance, pro forma financial leverage for the same time frame is
10.6x (9.2x excluding preferred treated as debt), reflecting
sustained weakness relative to S&P's run-rate expectations. This
weakness primarily stems from the lag between liquidity build and
ultimate deployment for deal funding through 2020. S&P believes its
adjusted pro forma leverage could sustain above 8.0x well into
2021, reinforcing its negative outlook and marginally increasing
the risk of a downgrade within 12 months.

S&P's negative outlook on NFP continues to reflect heightened risk
of a worse-than-expected revenue decline and flat EBITDA margin
expansion amid the COVID-19 pandemic, resulting in less robust cash
flow generation and credit metrics eroding to a level unsupportive
of the current rating within 12 months.


NORTHERN OIL: Signs Deal to Acquire Assets in the Williston Basin
-----------------------------------------------------------------
Highlights

   * Acquisitions in total consist of 400 net acres, 0.7 net
     producing wells, 1.9 net wells in process and 1.0 net
     undrilled locations in the core of the Williston Basin

   * Production from acquisitions primarily expected to come
     online in mid-2021 and average approximately 820 Boe per day
     in total for 2021

   * Initial acquisition costs of $3.2 million in cash and 2.95
     million shares of common stock

   * Northern expects to pay back its acquisition costs and  
     development capital expenses related to the properties
     within approximately 3 years, and still retaining additional
     future upside inventory

   * Executed additional exchange agreements which will retire
     $4.0 million of Senior Notes and $7.6 million of Preferred
     Stock

Northern Oil and Gas, Inc. has entered into definitive agreements
to acquire producing properties, wells in process and acreage in
the core of the Williston Basin from multiple counterparties.  In
addition, the Company has entered into exchange agreements with
holders of its Senior Notes due 2023 and its Series A Preferred
Stock.

Acquisitions

Northern has acquired or entered into agreements to acquire
non-operated interests for approximately 400 net acres, 0.7 net
producing wells, 1.9 net wells in process and 1.0 net undrilled
locations from undisclosed Sellers.  These assets are primarily
operated by Conoco, Continental Resources and WPX Energy and
located in McKenzie, Mountrail and Dunn counties.  The bulk of the
wells in process are expected to come online in the summer of
2021.

All acquisition and development capital in 2020 remains within
Northern's previously stated capital budget.

Total consideration to be paid to the Sellers consists of $3.2
million in cash and approximately 2.95 million shares of Northern's
common stock, subject to a 180-day lock-up.  Additional
consideration of up to 450,000 shares shall be paid to the Seller
receiving equity consideration, assuming full operation of the
Dakota Access Pipeline over a twelve-month period.  These
transactions are expected to close within 60 days.

Northern is providing a multi-year forecast for production
(2-stream), operating cash flow, and development capital for the
acquired properties on an unhedged basis, based on recent strip
pricing as of July 27, 2020.  Northern expects to payback its
acquisition costs and expected 2020-2022 capital development
expense related to the properties within approximately 3 years
given the strong free cash flow profile of the assets.

  Acquisition Forecast                2020    2021    2022   2023
  --------------------              -------  ------  ------ -----
Net Wells Turned-in-Line             0.0     1.9      0.3    0.1
Forecasted Production (boe/d)         41     820      784    566
Cash Flow from Operations           $0.1    $8.7     $8.2   $5.9
Development Capital Expenditures    $4.0   $10.5     $2.1   $0.8

Management Comment

"We continue to add to our core inventory," commented Adam Dirlam,
chief operating officer of Northern.  "Record levels of
wells-in-process should drive strong volumes, and improve upon our
return on capital employed metrics in 2021 and beyond."

Balance Sheet Enhancement

Northern entered into an exchange agreement with a holder of the
Company's 8.5% senior secured notes due 2023.  Pursuant to this
agreement, the Company agreed to issue $3.7 million in common
stock, in exchange for $4.0 million aggregate principal amount of
the Notes, based on a forward pricing mechanism.  This includes all
accrued interest for the period.  This transaction is expected to
close on or about Sept. 8, 2020.  Upon closing of this transaction,
the Company expects to have approximately $293.3 million remaining
principal amount of Notes outstanding, a reduction of $124.4
million since year end 2019.

Northern entered into an exchange agreement with a holder of the
Company's 6.5% Series A Perpetual Cumulative Convertible Preferred
Stock.  Pursuant to this agreement, the Company agreed to issue
$4.0 million in common stock, in exchange for $7.6 million of
liquidation value of the Preferred Stock, based on a forward
pricing mechanism.  This transaction is expected to close on or
about Sept. 8, 2020.  Upon closing of this transaction, the Company
expects to have approximately $221.9 million remaining liquidation
value of Preferred Stock outstanding.

These transactions will reduce Northern's fixed charges by over
$800,000 on an annual basis, assuming full payment of the preferred
dividend.

Management Comment

"Northern has continued to methodically reduce its liabilities,"
commented Chad Allen, chief financial officer of Northern.  "We
continue a path of acquiring and growing our enterprise while
simultaneously reducing risk for our stakeholders."

Advisors

Kirkland & Ellis acted as exclusive legal advisor to Northern in
connection with the transaction.

                      About Northern Oil

Northern Oil and Gas, Inc. -- http://www.northernoil.com-- is an
exploration and production company with a core area of focus in the
Williston Basin Bakken and Three Forks play in North Dakota and
Montana.

Northern Oil recorded a net loss of $76.32 million for the year
ended Dec. 31, 2019.  As of March 31, 2020, the Company had $2.23
billion in total assets, $1.22 billion in total liabilities, and
$1.01 billion in total stockholders' equity.

                           *   *   *

As reported by the TCR on April 14, 2020, S&P Global Ratings
lowered its issuer credit rating on Northern Oil and Gas Resources
to 'CCC+' from 'B-'.  The outlook is negative.  "Our downgrade
reflects the company's tight liquidity and history of distressed
exchanges.  The recent collapse in oil prices increases the risk
that the company's reserve-based lending (RBL) facility size could
be reduced at its next bank redetermination, which could further
strain its limited capacity," S&P said.


ONEWEB GLOBAL: UK Government to Acquire Satellite System
--------------------------------------------------------
As reported by the Engineer, the UK is set to gain a sovereign
global satellite system after the government successfully led a
consortium in the acquisition of OneWeb.  According to the
Department of Business, Energy and Industrial Strategy (BEIS), the
move signals the government’s ambition for the UK to be a pioneer
in the research, development, manufacturing, and exploitation of
novel satellite technologies through the ownership of a fleet of
Low Earth orbit satellites.  Business Secretary Alok Sharma said
the government will invest $500 million and take a significant
equity share in OneWeb. This is alongside Bharti Global, which will
provide the company with commercial and operational leadership.

                     About OneWeb Global

Founded in 2012, OneWeb Global Limited is a global communications
company developing a low-Earth orbit satellite constellation system
and associated ground infrastructure, including terrestrial
gateways and end-user terminals, capable of delivering
communication services for use by consumers, businesses,
governmental entities, and institutions, including schools,
hospitals, and other end-users whether on the ground, in the air,
or at sea.  

OneWeb's business consists of the development of the OneWeb System,
which has included the development of small-next generation
satellites that have been mass-produced through a joint venture and
the development of specialized connections between the satellite
system and the internet and other communications networks through
the SNPs.  For more information, visit https://www.oneweb.world/

OneWeb Global Limited and its affiliates ought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
20-22437) on March 27, 2020. At the time of the filing, Debtors
disclosed assets of between $1 billion and $10 billion and
liabilities of the same range.


POLELINE SERVICES: Seeks Chapter 7 Bankruptcy Protection
--------------------------------------------------------
Poleline Services Ltd. filed for Chapter 7 bankruptcy protection
(Bankr. S.D. Ohio Case No. 20-31524) on June 16, 2020.

The meeting of creditors is scheduled for Aug. 13, 2020.

Dayton Business Journal reports that the debtor listed an address
of 928 E. Maple Ave., Miamisburg, and is represented in court by
attorney Russ B. Cope. Poleline Services Ltd. listed assets up to
$0 and debts up to $296,864. The filing's largest creditor was
listed as Wells Fargo SBL with an outstanding claim of $100,551.

Poleline Services Ltd. is a professional electrical contractor that
specializes in distribution power lines, transmission power lines,
substations, underground trenching and fiber optics.

The Debtor's counsel:

         Russ B Cope
         Cope Law Offices, LLC
         Tel: 937-401-5000
         E-mail: ecf@copelawoffices.com



POLYCONCEPT NORTH: Moody's Affirms B3 CFR, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service affirmed the ratings for Polyconcept
North America Holdings, Inc.'s including the Corporate Family
Rating at B3, Probability of Default Rating at B3-PD/LD, and the
first lien senior secure term loan due 2023 rating at B3.

At the same time, Moody's also assigned a B3 rating to the
company's incremental $125 million senior secured first lien term
loan due 2023. The outlook remains negative.

This follows the company's distressed exchange transaction of its
$175 million second lien senior secured term loan due 2024
(unrated). The company exchanged $125 million of its second lien
term loan for incremental paid-in-kind first lien term loan, and
the remaining $50 million second lien term loan was stripped of all
covenants and cash interest converted to PIK. The PDR's "/LD"
designation reflects Moody's view that the transaction is a
distressed exchange under Moody's definition of default, as the
issuer did not meet its original cash debt service obligations as
outlined in their original debt agreement resulting in an economic
loss to lenders. The transaction is not a default under the
company's credit agreements. Moody's will remove the /LD
designation in three business days.

"Its ratings affirmations reflects Polyconcept's good liquidity and
free cash flow generation year to date of around $28.5 million amid
a very challenging operating environment. Furthermore, the debt
exchange and switch to PIK will save the company $19.2 million in
cash interest annually which will help preserve operating cash
flows going forward," said Oliver Alcantara Moody's lead analyst.
"However, the weak economic conditions and high level of
unemployment will continue to materially impact demand for
Polyconcept's promotional products over the next 12 months,
resulting in proforma debt/EBITDA leverage increasing materially to
over 10x by YE fiscal 2020, and there remains uncertainty around
the pace of recovery and the prospects for deleveraging and free
cash flow generation in fiscal 2021," added Alcantara.

The following ratings/assessments are affected by its action:

New Assignments:

Issuer: Polyconcept North America Holdings, Inc.

Senior Secured 1st Lien Term Loan, Assigned B3 (LGD4)

Ratings Affirmed:

Issuer: Polyconcept North America Holdings, Inc.

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD/LD (/LD appended)

Senior Secured 1st Lien Term Loan, Affirmed B3 (LGD4) from (LGD3)

Outlook Actions:

Issuer: Polyconcept North America Holdings, Inc.

Outlook, Remains Negative

RATINGS RATIONALE

Polyconcept's B3 CFR reflects its modest size with annual revenue
under $1.0 billion, and elevated financial leverage with
debt/EBITDA at around 7.0x for the twelve month period ended June
30, 2020, pro forma for recent acquisitions. The company is exposed
to cyclical headwinds due to the discretionary nature of its
products, and Moody's expects the weak economic outlook, curtailed
business spending and increased unemployment as a result of the
coronavirus pandemic will continue to negatively impact new order
volumes over the next 6-12 months.

As a result, Moody's expects debt/EBITDA leverage will increase to
over 10.0x in fiscal 2020 and free cash flow to be modest at around
$10 million. Moody's expects profitability and cash flows to
improve in fiscal 2021 as the economy recovers from a coronavirus
induced recession resulting in leverage of around 7.0x. Governance
factors include aggressive financial policies under private equity
ownership. The credit profile also reflects the company's solid
industry positioning, supported by a broad product portfolio and
ability to execute quick order turnaround times, its competitive
advantage in low-cost sourcing and its diverse geographic presence.


Moody's also recognizes Polyconcept's successful mitigation of
tariffs changes through the implementation of multiple price
increases in 2019. The company's good liquidity reflects a cash
balance of $169 million as of June 30, 2020, relatively low capital
expenditures, and no meaningful maturities until 2023. The $88
million revolving credit facility is due in August 2021, and will
pose a liquidity risk when it becomes current this year, however
Moody's expects the company will address the revolver maturity over
the next few months.

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

The negative outlook reflects Moody's expectation that headwinds
related to the coronavirus outbreak will continue to pressure
Polyconcept's profitability, credit metrics, and cash flows. It
also reflects uncertainty around the pace of the rebound.

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

The ratings could be upgraded if the company's operating results
and free cash flow generation improve driven by sustained organic
revenue growth and EBITDA margin expansion, if debt/EBITDA is
sustained below 6.0x and the company maintains at least adequate
liquidity. The ratings could be downgraded if pace of sales
recovery from March lows stalls or reverses, if Moody's expects
debt/EBITDA to be sustained above 7.0x in fiscal 2021, or if
liquidity deteriorates for any reason including sustained negative
free cash flows, or increasing revolver reliance. The rating could
also be downgraded if the company fails to extend its approaching
2021 revolver maturity in the next few months.

The principal methodology used in these ratings was Consumer
Durables Industry published in April 2017.

Headquartered in New Kensington, Pennsylvania, Polyconcept designs,
sources, distributes and decorates promotional products through its
main offices in the US, Europe, Hong Kong, Canada and China. The
company supplies a wide range of promotional, lifestyle and gift
products to several hundred thousand companies ranging from small
enterprises to global corporations in over 100 countries, with a
primary focus on North America and Europe. The company operates
through three segments including Polyconcept North America, Europe,
and Private Label.

Polyconcept was acquired by an affiliate of private equity firm
Charlesbank Capital Partners in August 2016 for $975 million,
including the repayment of debt and fees and expenses. Polyconcept
generated approximately $812.7 million of revenue for the
twelve-month period ended June 30, 2020, pro forma for recent
acquisitions.


RANCHER'S LEGACY: Court Puts Asset Sale on Hold Pending Appeal
--------------------------------------------------------------
In the cases captioned JAMES L. RATCLIFF, ET AL., Appellants, v.
RANCHER'S LEGACY MEAT CO., ET AL., Appellees. JAMES L RATCLIFF, ET
AL., Appellants, v. RANCHER'S LEGACY MEAT CO., ET AL., Appellees.
JAMES L RATCLIFF, Appellant, v. RANCHER'S LEGACY MEAT CO., ET AL.,
Appellees, Case Nos. 20-CV-834 (NEB), 20-CV-835 (NEB), 20-CV-1343
(NEB) (D. Minn.), District Judge concludes that Ratcliff met his
burden to show that the sale of substantially all of the assets of
a chapter 11 debtor, Rancher's Legacy Meat Co., should be halted
while he seeks to reverse his unsecured status on appeal. The Court
also grants Ratcliff's motion to stay pending appeal so long as he
posts a supersedeas bond. The court grants Ratcliff's request to
consolidate his appeals but denies his request to expedite his
appeals.

In 2010, Ratcliff and Joseph Unger started Unger Meat Company
(UMC), a meat processing and packing company.  Ratcliff purchased
the building to be used for UMC's processing plant and leased it to
UMC. He also lent UMC startup funds by way of two promissory notes.
Relatedly, he entered a security agreement with UMC that gave him a
security interest in certain (but not all) of UMC's assets.

On Dec. 29, 2010, Ratcliff filed a UCC-1 Financing Statement with
the Minnesota Secretary of State to record the security interest
granted by his agreement with UMC. In 2014, UMC was sold. In
connection with that sale, SSJR, LLC purchased Ratcliff's shares in
UMC. On May 6, 2014, UMC's articles of incorporation were amended
to change its name to "Rancher's Legacy Meat Co." On Nov. 12, 2015,
Ratcliff filed a UCC-3 continuation statement, but did not change
the name of the debtor. On Jan. 10, 2019, Ratcliff filed a UCC-3
amendment to his financing statement, providing "Rancher's Legacy
Meat Co." as the name of the debtor. On Sept. 20, 2019, RLM filed a
voluntary petition to commence Chapter 11 bankruptcy proceedings.

Ratcliff contends that he has a perfected security interest in
RLM's assets. He sought adequate protection in bankruptcy court,
arguing that as a secured creditor he is entitled to monthly
payments to protect him from the depreciation of his purported
collateral while it is in RLM's possession. In the alternative, he
sought relief from the automatic stay to pursue his remedies in
state court.

RLM and the Official Committee of Unsecured Creditors appointed in
the case disagree that Ratcliff has a perfected security interest
in the Debtor's assets. Even before Ratcliff filed his motion in
bankruptcy court, RLM and the Committee initiated an adversary
proceeding against Ratcliff. Among other things, they sought to
avoid Ratcliff's liens over RLM's assets under sections 544, 550
and 551 of the Bankruptcy Code and to disallow Ratcliff's claim
under sections 502(b) and (d) of the Bankruptcy Code. In the
Adversary Proceeding, RLM and the Committee moved for partial
summary judgment against Ratcliff, arguing that any security
interest Ratcliff had in RLM's assets had "lapsed" under applicable
Minnesota law. Thus, RLM and the Committee argued that they were
entitled to a judgment declaring that Ratcliff does not have a
perfected lien in RLM's assets. In response to Ratcliff's motion,
RLM and the Committee objected, again arguing that Ratcliff's lien
was unperfected and avoidable by RLM.

In an order dated March 23, 2020, the bankruptcy court granted RLM
and the Committee's motion for partial summary judgment and denied
Ratcliff's motion seeking adequate protection or, in the
alternative, relief from the automatic stay. It ruled that, under
applicable Minnesota law, Ratcliff's lien became unperfected and
his security interest had "lapsed" prior to the commencement of
RLM's chapter 11 proceedings. Thus, the bankruptcy court ruled that
Ratcliff is an unsecured creditor. It entered a judgment avoiding
Ratcliff's lien under section 544 and preserving it for the benefit
of the estate under section 551 of the Bankruptcy Code. Ratcliff
has since appealed the Lien Avoidance Orders and the related
judgment.

Meanwhile, continuing with its chapter 11 proceedings, RLM sought
authorization to go forward with the sale of substantially all of
its assets under section 363(b) of the Bankruptcy Code. It proposed
a sale process under which it would either sell substantially all
of its assets to a stalking horse bidder or, if it received
qualifying bids by June 23, to the bidder that prevailed at an
auction held on July 1. RLM asserted that credit bidding should not
be permitted as part of the sales process.

Shortly after RLM sought the authorization for sale, Ratcliff moved
for a stay of the Lien Avoidance Orders as a means to stay the
sale. Ratcliff argued to the bankruptcy court that because he is a
secured creditor, he has the right to credit bid at any sale of
RLM's assets held under section 363. Ratcliff argued that "[t]he
only way his rights can be preserved during the pendency of the
appeal is for [the bankruptcy court] to stay its earlier rulings
and halt any sales process until [his] rights can be determined."

Ratcliff also argued that the bankruptcy court lacked jurisdiction
to move forward with the sale because the sales process would moot
his appeal of the Lien Avoidance Orders. Under Ratcliff's argument,
if he succeeds on appeal, he would be deemed a secured creditor,
and he would have the statutory right to credit bid. RLM and the
Committee responded to Ratcliff's objection, contending that under
section 363(k), "cause" exists to prohibit credit bidding
independent of the issues implicated by Ratcliff's appeal of the
Lien Avoidance Orders.

At a hearing held on June 3, the bankruptcy court denied Ratcliff's
motion to stay. It also approved RLM's preliminary sale and bidding
procedures motion. In its Sale Order, the bankruptcy court also
denied Ratcliff's oral motion for a stay of its effect. Ratcliff
has appealed that ruling as well.

Since filing his appeal of the Sale Order, Ratcliff has filed an
expedited motion for a stay of the Lien Avoidance Orders and the
Sale Order with the District Court, requesting "a stay of any
proceeding in bankruptcy court that forbids Ratcliff from credit
bidding his putative secured claim. . . ." He requests that this
Court stay these rulings and any judgments made in connection with
the Lien Avoidance Orders and the Sale Order "until such time as a
final non-appealable order is issued by an appellate court." He has
also filed an emergency motion for consolidation and acceleration
of his three appeals.

Ratcliff seeks a stay of the Lien Avoidance Orders and the Sale
Order "until such time as a final non-appealable order is issued by
an appellate court" on the issue of his status as a secured or
unsecured creditor. He also requests an order suspending "any sales
proceedings in the case that attempt to deny Ratcliff's rights to
credit bid his $18,000,000 claim in the bankruptcy case before his
rights as a secured creditor are determined upon appeal." This
Court believes Ratcliff has met his burden to show that he is
entitled to a stay of the Lien Avoidance Orders and the Sale
Order.

Ratcliff also requests that the District Court consolidate his
appeals because the issues implicated in all three of his appeals
are closely related.  The District Court agrees, holding that
deciding whether Ratcliff's lien is avoidable under section 544(a)
appears integral to the District Court's review of the Lien
Avoidance Orders and Sale Order.  The District Court also notes
that the attorneys in these cases are the same and consolidation
will cause no unfair prejudice to any party. In these
circumstances, consolidation of Ratcliff's three appeals from the
bankruptcy court is appropriate.

The District Court understands that Ratcliff seeks to expedite his
appeals as an alternative to a stay pending appeal. The Court has
determined that the relevant factors weigh in favor of a stay
pending appeal. It finds no cause to expedite.

A copy of the District Court's Order dated July 20, 2020 is
available at https://bit.ly/32Scsdj from Leagle.com.

                  About Rancher's Legacy Meat

Rancher's Legacy Meat Co. -- https://rancherslegacy.com/ -- owns
and operates an animal slaughtering and processing facility in
Vadnais Heights, Minnesota.  Rancher's Legacy Meat was built to
produce fresh and frozen ground meat in patty and bulk
configurations.

Rancher's Legacy sought Chapter 11 protection (Bankr. D. Minn. Case
No. 19-32928) on Sept. 20, 2019.  In the petition signed by Arlyn
J. Lomen, president, the Debtor listed total assets of $13,291,000
and total liabilities of $26,897,956 as of the Petition Date. Judge
Michael E Ridgway is assigned the case.  FOLEY & MANSFIELD
P.L.L.P., represents the Debtor.

The U.S. Trustee for Region 12 on Sept. 27, 2019, appointed five
creditors to serve on the official committee of unsecured creditors
in the Chapter 11 case.


RAVN AIR: 30 Parties Submitted Offers for Assets
------------------------------------------------
Megan Mazurek, writing for KTVA, reports that Ravn Air Group has
received offers from about 30 bidders to purchase a big part or all
of its assets and its three airlines.

"We firmly believe that selling the Air Group as a going concern is
the best outcome for all parties involved, as it will maximize
creditor recoveries and also enable Ravn to continue providing the
vital jobs, airlift, and community service that is so important to
Alaska," Dave Pflieger, Ravn's president & CEO, said in a statement
Wednesday.

Some of the offers include purchasing portions of the company while
others are interested in buying individual aircraft and airport
buildings.

Ravn also filed a plan for how it wants to liquidate its assets and
pay back debts after filing for Chapter 11 protection in April
2020.

The plan was filed in U.S. Bankruptcy Court in the District of
Delaware. Every party involved in the plan must vote to accept or
reject the plan in order to move forward.

Last week, Ravn was approved by the U.S. Treasury to receive $31.6
million in airline support payroll grants under the CARES Act
Payroll Support Program.

The money is subject to U.S. Bankruptcy Court approval and would be
available for bidders looking to buy the entire Air Group in the
upcoming sale.

Pflieger said he hopes Ravn can resume operations later this summer
-- after exiting Chapter 11 protection -- and rehire employees.

                     About Ravn Air Group

Ravn Air Group, Inc. -- https://www.flyravn.com/ -- was formed
through the combination of five Alaskan air transportation
businesses in 2009, creating the largest regional air carrier and
network in the state. Ravn owns and, until the COVID-19-related
disruptions, operated 72 aircraft at 21 hub airports and 73
facilities, serving 115 destinations in Alaska with up to 400 daily
flights. Until the COVID-19-related disruptions, Ravn Air Group and
its affiliates had over 1,300 employees (non-union), and it carried
over 740,000 passengers on an annual basis.

Ravn Air Group provides air transportation and logistics services
to the passenger, mail, charter, and freight markets in Alaska,
pursuant to U.S. Department of Transportation approval as three
separate certificated air carriers. Two of the carriers (RavnAir
ALASKA and PenAir) operate under Federal Aviation Administration
Part 121 certificates and the other (RavnAir CONNECT) operates
under an FAA Part 135 certificate. In addition to carrying
passengers, many of whom fly on Medicaid-subsidized tickets, other
key customers include companies in the oil and gas industry, the
seafood industry, the mining industry, and the travel and tourism
industries.

Ravn Air Group and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-10755)
on April 5, 2020. At the time of the filing, Debtors was estimated
to have assets of between and $100 million to $500 million and
liabilities of the same range.

Judge Brendan Linehan Shannon oversees the cases.

The Debtors tapped Keller Benvenutti Kim LLP as bankruptcy counsel;
Blank Rome LLP as special corporate and local bankruptcy counsel;
Conway Mackenzie, LLC as financial advisor; and Stretto as claims
and noticing agent.


RAVN AIR: Sells Most of Remaining Assets
----------------------------------------
Ravn Air Group on July 29, 2020, conducted a third and final
auction, and successfully sold almost all of the company's
remaining assets to bidders from inside and outside of Alaska,
subject to Delaware Bankruptcy Court approval which the company
will seek on August 3rd.

All of the various sales, including those from prior auctions, are
expected to close in August, at which time ownership and control of
Ravn Air Alaska and PenAir is expected to transfer to FLOAT Shuttle
from Southern California, and the company's few remaining assets
will then be placed into a liquidating trust from which they will
be sold — once they are moved to the "Lower 48."

As part of this final follow-up sale and auction process, Ravn sold
the company's two remaining Part 135 airlines (RavnAir
Connect/Hageland Aviation and Frontier Flying Service) along with
all remaining aircraft, all remaining ground support equipment,
some additional facilities & property, as well as aircraft parts &
tooling from both the Part 135 air carriers and the company's two
Part 121 airlines — RavnAir Alaska and PenAir.

"The outgoing Special Committee of the Board of Directors and our
entire management team are extremely pleased with the results of
our sales & auction process, and we look forward to soon hearing
that the new owners of Ravn and PenAir have received their FAA and
DOT approvals and that they, their newly re-hired employees, and
their fleet of newly purchased Dash 8 aircraft are back in the air
serving key Alaska communities," said Dave Pflieger, Ravn's
departing President & CEO.

"This will be our final communication as we pass the torch to the
new owners, and we would like to thank our many employees,
customers, business partners, lenders, creditors, and advisors, as
well as Senator Lisa Murkowski, Congressman Don Young, and
especially Senator Dan Sullivan for their incredible efforts and
support getting us to today's successful outcome. Collectively, we
were able to accomplish two key objectives -- preserving a large
number of great aviation jobs in Alaska and ensuring continued
service to many of the destinations that were previously served by
RavnAir Alaska and PenAir," said Pflieger.

                    About Ravn Air Group Inc.

Ravn Air Group, Inc. -- https://www.flyravn.com/ -- was formed
through the combination of five Alaskan air transportation
businesses in 2009, creating the largest regional air carrier and
network in the state. Ravn owns and, until the COVID-19-related
disruptions, operated 72 aircraft at 21 hub airports and 73
facilities, serving 115 destinations in Alaska with up to 400 daily
flights. Until the COVID-19-related disruptions, Ravn Air Group and
its affiliates had over 1,300 employees (non-union), and it carried
over 740,000 passengers on an annual basis.

Ravn Air Group provides air transportation and logistics services
to the passenger, mail, charter, and freight markets in Alaska,
pursuant to U.S. Department of Transportation approval as three
separate certificated air carriers. Two of the carriers (RavnAir
ALASKA and PenAir) operate under Federal Aviation Administration
Part 121 certificates and the other (RavnAir CONNECT) operates
under an FAA Part 135 certificate. In addition to carrying
passengers, many of whom fly on Medicaid-subsidized tickets, other
key customers include companies in the oil and gas industry, the
seafood industry, the mining industry, and the travel and tourism
industries.

Ravn Air Group and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-10755)
on April 5, 2020.  At the time of the filing, Debtors were
estimated to have assets of between and $100 million to $500
million and liabilities of the same range.

Judge Brendan Linehan Shannon oversees the cases.

The Debtors tapped Keller Benvenutti Kim LLP as bankruptcy counsel;
Blank Rome LLP as special corporate and local bankruptcy counsel;
Conway Mackenzie, LLC as financial advisor; and Stretto as claims
and noticing agent.


REMARK HOLDINGS: Nullifies Increase in Authorized Common Stock
--------------------------------------------------------------
At the 2020 annual meeting of stockholders of Remark Holdings, Inc.
held on July 23, 2020, the Company's stockholders approved an
amendment to its Amended and Restated Certificate of Incorporation
to increase the number of authorized shares of its common stock to
300,000,000, and the Company filed a Certificate of Amendment to
its Amended and Restated Certificate of Incorporation with the
Secretary of State of the State of Delaware on July 23, 2020 to
reflect this amendment.

The Company subsequently determined that the disclosure contained
in the definitive proxy statement disseminated to its stockholders
in connection with the 2020 Annual Meeting included an inadvertent
drafting error describing the proposal to approve the Charter
Amendment as a non-discretionary item instead of a discretionary
item.  In particular, the proxy statement suggested that brokers
would not have the ability to vote shares held on behalf of a
beneficial owner for which no voting instructions are provided with
respect to the approval of the proposal, even though, consistent
with applicable rules, such discretionary voting is permitted on
this proposal.

As a result, on July 30, 2020, the Companye filed a Certificate of
Correction of the Charter Amendment with the Secretary of State of
the State of Delaware that serves to nullify the increase in the
number of authorized shares included in the Charter Amendment,
which became effective immediately upon filing.

                     About Remark Holdings

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

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

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


REMINGTON ARMS CO: Preps Up Another Bankruptcy Filing
-----------------------------------------------------
Remington Outdoor Co. filed for bankruptcy for the second time in
two years with plans to sell the 200-year-old maker of firearms.

According to Bloomberg, the company said reduced gun sales
prevented it from making money even after restructuring its
finances in its first bankruptcy. Remington had $437.5 million in
sales last year, about half the business it did in 2016.

The company, Bloomberg relates, owes various lenders more than $250
million, including a $12.5 million debt to Remington's home town of
Huntsville, Alabama, which put up a loan to help upgrade a
manufacturing plant there.

The Wall Street Journal reported in June that Remington was
readying itself for Chapter 11 protection, "and is in advanced
talks for a potential bankruptcy sale to the Navajo Nation," after
previously filing just a little over two years ago.

Despite cutting some $775 million in debt through the 2018
bankruptcy, the Journal reported, Remington has continued to face
high interest costs and operational issues, and expensive
litigation surrounding the 2012 Sandy Hook Elementary School
shooting.

Remington has been in ongoing legal battles for years after a
murderer used a Remington-made Bushmaster AR-15 rifle to kill 26
people — including 20 children — at the Sandy Hook Elementary
School in Newtown, Connecticut.

                     About Remington Arms

Remington Outdoor Company, Inc., and its related entities are
manufacturers of firearms, ammunition and related products for
commercial, military, and law enforcement customers throughout the
world.  The Debtors operate seven manufacturing facilities located
across the United States.  Remington's principal headquarters are
located in Huntsville, Alabama.

On March 25, 2018, Remington Outdoor Company, Inc. and 12
affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del.
Lead Case No. 18-10684) and emerged from Bankruptcy in May 2018
after confirming its prepackaged plan of reorganization.

July 27, 2020, Remington Outdoor and its affiliates returned to
Chapter 11 bankruptcy (N.D. Ala. lead Case No. 20-81688) to pursue
a sale of the business.

Remington was estimated to have $100 million to $500 million in
assets and liabilities.

In the present case, the Debtors tapped O'MELVENY & MYERS LLP as
general bankruptcy counsel, M-III ADVISORY PARTNERS, LP as
financial advisor; and DUCERA PARTNERS LLC as investment banker.
BURR & FORMAN LLP is the local counsel.  AKIN GUMP STRAUSS HAUER &
FELD LLP is the advisor to the restructuring committee.  M-III
ADVISORY PARTNERS, LP, is the financial advisor.  PRIME CLERK LLC
is the claims agent.


RGV SMILES: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------
The Office of the U.S. Trustee disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of RGV Smiles by Rocky L. Salinas D.D.S. P.A.
  
               About RGV Smiles by Rocky L. Salinas

RGV Smiles by Rocky L. Salinas D.D.S. P.A., a dental services
provider in Pharr, Texas, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 20-70209) on June 30,
2020.  At the time of the filing, the Debtor had estimated assets
of between $100,000 and $500,000 and liabilities of between $10
million and $50 million.  Judge Eduardo V. Rodriguez oversees the
case.  Debtor is represented by Joyce W. Lindauer Attorney, PLLC.



ROBERT D. SPARKS: $320K Sale of Rundell Place to Hartzog Approved
-----------------------------------------------------------------
Judge Robert L. Jones of the U.S. Bankruptcy Court for the Northern
District of Texas authorized Robert Dial Sparks's sale of his tract
of land particularly described as Section Sixteen (16), Block B,
Capitol Syndicate Subdivision, Parmer County, Texas ("Rundell
Place"), to Arlin L. Hartzog, Jr. for $320,000, less the cost of an
owner's policy of title insurance and the customary and usual
closing costs.

A hearing on the Motion was held on July 29, 2020.

From the $320,000 sales price, there will be deducted therefrom the
cost of an Owner's Policy of Title Insurance and the usual and
customary closing costs with the net proceeds to be paid over and
distributed first to Capital Farm Credit in full satisfaction of
its claim in the amount of $210,325, plus accrued interest (Claim
#2), with the remaining proceeds to be distributed to Mr. Sparks
and deposited in a separate DIP account into which these sales
proceeds and the sales proceeds from any and all other sales of
property, if any, to be disbursed only after Motion to and Order by
the Court.

Robert Dial Sparks sought Chapter 11 protection (Bankr. N.D. Tex.
Case No. 20-50079) on May 1, 2020.  The Debtor tapped Byrn R. Bass,
Jr., Esq., as counsel.


RONALD GOODWIN: $800K Sale of Wichita Property to Margoux Approved
------------------------------------------------------------------
Judge Dale L. Somers of the U.S. Bankruptcy Court for the District
of Kansas authorized Ronald A. Goodwin and Michelle L. Goodwin to
sell 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.

The sale is subject to all rights of way and all easements of
record and in its present, "as is" condition, with no express or
implied warranties, and free and clear of all liens, mortgages,
interests and encumbrances.

From the proceeds of the sale, these will be paid in descending
order:

     a. The Debtors' share of the general taxes and assessments
attributable to the Real Estate for fiscal year 2020, if any,
prorated to the date of closing, plus any other amounts related
thereto;

     b. The Debtors' share of the closing expenses for title
insurance, recording and other related fees;

     c. Attorneys' fees and expenses of $2,250 for legal work
performed by the Debtors' counsel in relation to the sale;

     d. Broker's fee of 6% of the Purchase Price to ERA Great
American Realty;

     e. The outstanding balance of the mortgages of Chisholm Trail
State Bank, plus any other amounts due thereunder;

     f. The cumulative outstanding balance of the Federal Tax Liens
identified, plus any other amounts due thereunder;

     g. The cumulative outstanding balance of the State of Kansas
Withholding Tax Liens, if any, plus any other amounts due
thereunder;
     
     h. The delinquent balance of $51,221 on the mortgage of
JBHDRH, LLC against the Debtors' real estate at 515 E. 21st St.,
Wichita, Kansas 67214; and

     i. The remaining balance, if any, to the class of general
unsecured creditors under the Debtors' confirmed Second Amended
Chapter 11 Plan, distributed first on the basis of priority and
then pro-rata.

The Court approved and allowed the administrative fees and
expenses; ordered the cancellation of the 14-day stay set forth in
Fed. R. Bankr. P. 6004(h); and authorized disbursement of the sale
proceeds without further notice.

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.



SABLE PERMIAN: Wants to Buy Stake at Bankrupt McClendon Empire
--------------------------------------------------------------
Shannon D. Harrington, writing for Bloomberg Law, reports that
Sable Permian Resources LLC, the oil and gas explorer that merged
with part of the late shale pioneer Aubrey McClendon's shale empire
last year, filed for bankruptcy in Houston alongside affiliates.

The company listed at least $1 billion of assets and liabilities
each in its Chapter 11 petition in the Southern District of Texas.
Assets of Sable and affiliates include those of American Energy -
Permian Basin, a chunk of the sprawling energy business McClendon
built after his ouster from Chesapeake Energy Corp.

McClendon, who died in a one-car crash in 2016, formed American
Energy about three...

To read the full article log in
https://news.bloomberglaw.com/bankruptcy-law/shale-company-sable-permian-files-for-bankruptcy-in-texas

                About Sable Permian Resources

Sable Permian Resources, LLC, and its affiliates are an oil and
natural  gas company focused on the acquisition, development,
exploration and production of unconventional oil, natural gas, and
natural gas liquid reserves in the Permian Basin of West Texas.

Sable operates an "upstream business" within the oil and gas
industry,  with activities that is focused on oil and gas
development in the Wolfcamp Shale play in the southern Midland
Basin area within the Permian Basin.  As of the Petition Date,
Sable assembled a substantially contiguous position of
approximately 127,600 net acres  in the Permian Basin, primarily in
Reagan County and Irion County, Texas.  

Sable Permian Resources, LLC, and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. 20-33193) on June 25, 2020.  At the time of the filing, Sable
Permian Resources was estimated to have assets of between $1
billion and $10 billion and liabilities of the same range.  

Judge Marvin Isgur oversees the cases.  

The Debtors tapped Latham & Watkins, LLP and Hunton Andrews Kurth,
LLP as legal counsel; Alvarez & Marsal North America, LLC, as
financial advisor; and Evercore Group, LLC as investment banker.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on July 17, 2020.


SCIENTIFIC GAMES: Hikes Chief Legal Officer's Salary to $700K
-------------------------------------------------------------
Scientific Games Corporation entered into an amendment to its
employment agreement with James Sottile, executive vice president
and chief legal officer, to increase Mr. Sottile's base salary from
$600,000 to $700,000 per annum effective as of Aug. 1, 2020.

                    About Scientific Games

Based in Las Vegas, Nevada, Scientific Games Corporation
(NASDAQ:SGMS) -- http://www.scientificgames.com/-- is a developer
of technology-based products and services and associated content
for the worldwide gaming, lottery, social and digital gaming
industries. Its portfolio of revenue-generating activities
primarily includes supplying gaming machines and game content,
casino-management systems and table game products and services to
licensed gaming entities; providing instant and draw-based lottery
products, lottery systems and lottery content and services to
lottery operators; providing social casino solutions to retail
consumers and regulated gaming entities, as applicable; and
providing a comprehensive suite of digital RMG and sports wagering
solutions, distribution platforms, content, products and services.

Scientific Games reported a net loss of $118 million for the year
ended Dec. 31, 2019, compared to a net loss of $352 million for the
year ended Dec. 31, 2018.  As of June 30, 2020, the Company had
$7.84 billion in total assets, $10.32 billion in total liabilities,
and a total stockholders' deficit of $2.48 million.


SEAWORLD PARKS: S&P Alters Outlook to Negative, Affirms 'B-' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on U.S. regional theme park
operator SeaWorld Parks & Entertainment Inc. to negative from
stable as the company faces elevated operating risk due to the
increase in COVID-19 cases in the U.S.  However, S&P affirmed its
'B-' issuer credit rating on the company because the proposed
transaction will provide it with substantial incremental liquidity
to help it weather the COVID-19 pandemic and ongoing recession.

At the same time, S&P assigned its 'CCC' issue-level rating and '6'
recovery rating to the company's proposed $400 million of
second-lien secured notes due 2025 and affirmed its 'B-'
issue-level rating on the company's existing senior secured
facility.

"We are revising our outlook to negative to reflect that the pace
of the recovery in SeaWorld's attendance may be slower than we
previously anticipated due to the increase in COVID-19 cases in
California, Texas, and Florida.  Texas and Florida, home to
SeaWorld San Antonio and SeaWorld Orlando, have recently reported a
surge in their number of confirmed COVID-19 cases," S&P said.

In addition, SeaWorld San Diego has yet to reopen and a timeline
for local government approval remains uncertain. S&P now believes
the company's path to recovery may be slower than the rating agency
assumed in its prior base-case forecast due to coronavirus-related
consumer apprehensions, in-park restrictions, and the steep ongoing
recession, which could depress the demand for SeaWorld's regional
theme parks over the next several months. SeaWorld Orlando, the
company's largest park, may also experience a slower recovery in
its attendance relative to the overall portfolio if the volume of
domestic and international travel to Orlando remains materially
diminished for a prolonged period. S&P believes partly to address
the risks to the pace of recovery in the second half of 2020 and
2021, the company recently amended its financial covenants,
suspending maintenance covenants through the end of fiscal 2021 as
detailed below.

"We are affirming our 'B-' issuer credit rating because the
proposed transaction will provide SeaWorld with substantial
incremental liquidity.  Following the close of the note offering,
we expect that the company will have about $450 million of
unrestricted cash on hand and access to $311 million of
availability under its revolving credit facility," S&P said.

SeaWorld has taken a number of steps to preserve its liquidity,
including eliminating share buybacks, minimizing its operating
costs, and reducing its capital expenditure (capex). S&P also
believes that the company's cash burn from operations has begun to
moderate now that its parks are beginning reopen. However, its
current cash burn rate could rise if the recovery in its park
attendance is slow or uneven due to the rising level of COVID-19
cases in its markets. In addition, S&P anticipates that the
proposed second-lien note offering may be very high cost, which
will increase SeaWorld's cash burn while its parks recover and
could slow its deleveraging even under an assumed recovery
scenario.

The negative outlook reflects the possibility S&P will lower its
rating on SeaWorld if the company's recovery is slower than the
rating agency expects in 2021, causing the company's revenue,
EBITDA, and cash flow to underperform the rating agency's base-case
assumptions such that the company's capital structure becomes
unsustainable.

"We would likely lower our rating on SeaWorld if it underperforms
our current base-case forecast in 2021 and is unable to generate
sufficient cash flow to sustain its capital structure," S&P said.

"We could consider revising our outlook on SeaWorld to stable if it
reopens its parks and ramps up its attendance at a quicker rate
than we currently anticipate. Additionally, we would likely raise
our ratings on the company by one notch if it reports a
faster-than-expected recovery in its demand such that it is able to
sustainably reduce its leverage below 6x," the rating agency said.


SEEGRID HOLDING: Sued by HERC Over Unpaid Loans
-----------------------------------------------
Patty Tascarella, writing for Pittsburgh Business Times, reports
that Seegrid Holding Corp. is sued by HERC Management due to
failure of repaying loans.

A company holding a minority stake in a Pittsburgh-based developer
of self-driving vehicles is being sued by an investment firm that
claims it failed to repay loans backed by promissory notes.

HERC Management Services LLC filed a complaint in Allegheny County
Court of Common Pleas that claims Seegrid Holding Corp. is late on
a payment that had been due in January. HERC is seeking
compensatory damages of $12.56 million plus accruing interest,
attorneys’ fees and court costs, the filing said.

Seegrid Holding Corp. is an investment company resulting from a
2015 reorganization. It is a minority shareholder of Seegrid Corp.,
a developer of vision-guided automated vehicles. But the names
create some confusion.

Seegrid Holding Corp. is majority owned by Giant Eagle, and HERC is
a minority shareholder, according to Beth Peck, vice president of
marketing at Seegrid Corp. Seegrid Corp., the provider of
self-driving industrial vehicles for material handling, said that
it has not been sued by HERC, and that it is not the same company
as Seegrid Holding Corp., which is being sued.

"The debt that is the subject matter of the lawsuit is of Seegrid
Holding Corp.; Seegrid Corp. has no responsibility for that debt,"
Peck said.

HERC's president is Anthony Horbal, Seegrid's former CEO who left
the company in summer 2014 and was an early investor in the
business, according to previous articles by the Pittsburgh Business
Times.

In fall 2014, what is now known as Seegrid Holding filed Chapter 11
and emerged from bankruptcy in January 2015. According to HERC's
suit, the bankruptcy plan restructured the debt of "Old Seegrid"
with the maturity date of the notes extended by five years, meaning
that January 20, 2020, became the maturity date. "Old Seegrid"
changed its name to Seegrid Holding Corp. as part of the bankruptcy
plan.

According to the suit, "despite HERC's demand for payment, Old
Seegrid has failed to pay the amounts due on the notes. Therefore,
Old Seegrid is in default of the terms of all of the notes."

The suit names four counts, including breach of contract,
collection, unjust enrichment and failure of duty to provide
financial information.

"After several months of written correspondences and discussions
with Seegrid urging them to satisfy their legal obligation, HERC
had no choice but to seek judicial relief," Devin Cuyler, a partner
of San Francisco-based Cuyler & Tufts LLP who is part of HERC's
legal team, said in a press release HERC issued on Thursday.

                   About Seegrid Holding Corp.

Pittsburgh-based Seegrid Corporation is a developer of robotic
vision-guided automated vehicles. It was founded in 2003 by two
Carnegie Mellon University robotic scientists, Hans Moravec and
Scott Friedman.

Seegrid Corporation filed for Chapter 11 bankruptcy protection
(Bank. D. Del. Case No. 14-12391) on Oct. 21, 2014, estimating its
assets at $1 million to $10 million and its debt at $50 million to
$100 million. The petition was signed by David Hellman, president.

U.S. Bankruptcy Judge Brendan L. Shannon in Delaware confirmed on
Jan. 15, 2015, the Company's prepackaged Chapter 11 plan of
reorganization.




SFP FRANCSHISE: Plan Disclosures Approved by Judge
--------------------------------------------------
Daniel Gill, writing for Bloomberg Law, reports that artful gift
card chain Papyrus won court approval of the disclosures it filed
in support of its liquidation plan, which should pay unsecured
creditors 3.5% to 4.5% of their claims.

Judge John T. Dorsey of the U.S. Bankruptcy Court for the District
of Delaware granted interim approval of the disclosures, allowing
SFP Franchise Corp. to begin soliciting votes for the plan.

The plan incorporates a last-minute settlement between Papyrus, the
unsecured creditors committee, and American Greetings Corp., a
major secured creditor.

                   About SFP Franchise Corp

Schurman Retail Group -- http://www.srgretail.com/-- was founded
in 1950 as an importer and wholesaler of fine greeting cards
offering its products through wholesale, franchise, retail, and
online channels.  The first Papyrus store was opened in 1973 in
Berkeley, California.  Today, the company operates Papyrus, Paper
Destiny, and American Greetings/Carlton Cards retail stores.  As of
the Petition Date, the Company owns and operates 254 retail stores
in the United States and Canada and is headquartered in
Goodlettsville, Tennessee.

SFP Franchise Corporation and Schurman Fine Papers sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Lead Case No. 20-10134) on Jan. 23, 2020.  At the time of the
filing, the Debtors each had estimated assets of between $10
million and $50 million and liabilities of between $50 million and
$100 million.

Judge John T. Dorsey oversees the cases.

The Debtors tapped Landis Rath & Cobb, LLP as their legal counsel,
and Omni Agent Solutions as claims and noticing agent.

The U.S. Trustee for Region 3 on Feb. 4, 2020, appointed three
creditors to serve on the official committee of unsecured
creditors
in the Chapter 11 cases of SFP Franchise Corporation and Schurman
Fine Papers.


SHALE FARM: Aug. 6 Hearing on Sale of Two Lee Road Lots for $48K
----------------------------------------------------------------
Judge Suzanne H. Bauknight of the U.S. Bankruptcy Court for the
Eastern District of Tennessee will convene a hearing on Aug. 6,
2020 at 10:00 a.m. to consider Shale Farms, LLC's sale of the
following two lots of mostly unimproved farm land located on Lee
Road in Greene County, Tennessee: (i) Lots 7 and 8, comprising 1.29
acres, of the Section B of the Albright Estate to Alan Bohms for
$20,500; and (ii) Lots 5, 6, 7 and 8, comprising 2.3 acres, of
Section A of the Albright Estate to Lisa and Carey Etheridge for
$27,900.

The sale will be free and clear of liens.

The Debtor has filed a Motion to Shorten the time of notice
required for a hearing on its Motion to Sell Real Property Free and
Clear of Lien.  For good cause shown, the Court shortened the time
for notice with regard for said Motion from 21 days to 8 days.

Counsel for the Debtor:

          James R. Moore, Esq.
          MOORE AND BROOKS
          6223 Highland Place Way, Suite 102
          Knoxville, TN 37919
          Telephone: (865) 450-5455

The bankruptcy case is In re Shale Farms, LLC (Bankr. E.D. Tenn.
Case No. 3:20-bk-31787-SHB).






SM ENERGY: Incurs $89.3 Million Net Loss in Second Quarter
----------------------------------------------------------
SM Energy Company filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q, reporting a net loss of $89.25
million on $169.63 million of total operating revenues and other
income for the three months ended June 30, 2020, compared to net
income of $50.39 million on $407.17 million of total operating
revenues and other income for the three months ended June 30,
2019.

For the six months ended June 30, 2020, the Company reported a net
loss of $501.15 million on $525.37 million of total operating
revenues and other income compared to a net loss of $127.2 million
on $748.1 million of total operating revenues and other income for
the same period during the prior year.

Second quarter 2020 GAAP net cash provided by operating activities
of $114.3 million before net change in working capital of $38.7
million totaled $153.1 million, which was down ($65.2) million, or
30%, from $218.3 million in the comparable prior year period.  The
decline in cash flow before the net change in working capital was
primarily due to the 16% decline in price per Boe after the effect
of realized hedge gains and the 10% decline in production,
partially offset by lower costs per unit.  For the first half of
2020, net cash provided by operating activities of $332.5 million
before net change in working capital of $57.3 million totaled
$389.7 million, up 9% from the first half of 2019.

As of June 30, 2020, the Company had $5.27 billion in total assets,
$307.90 million in total current liabilities, $2.68 billion in
total noncurrent liabilities, and $2.28 billion in total
stockholders' equity.

Chief Executive Officer Jay Ottoson comments: "The second quarter
presented our industry with steep challenges and the SM Energy team
responded.  We aggressively reduced costs, maintained capital
discipline, reduced outstanding debt, deferred production volumes
and delivered approximately $28 million in free cash flow.  We have
further modified our operating plan to meet our priorities of
generating free cash flow and keeping leverage metrics in-line as
we move into the second half of 2020 and through 2021.

"These accomplishments are particularly impressive as our field
teams adapt to new COVID-19 related protocols and the rest of us
work from home.  To date, we have seamlessly managed through the
challenges presented by the pandemic, and we continue to make the
safety of our employees and contractors our top priority.

"I am also pleased to report that we have further evidenced our
commitment to environmental and social stewardship, as our Board of
Directors recently delegated to its Nominating and Corporate
Governance Committee the responsibility to oversee the development
and implementation of the Company's environmental and social
policies, programs and initiatives, and renamed the committee the
Environmental, Social and Governance Committee.  In addition, we
are initiating participation in the Carbon Disclosure Project and
intend to publish the Company's SASB metrics for oil and gas
exploration and production."

    Financial Position, Liquidity and Capital Expenditures

On June 30, 2020, the outstanding principal amount of the Company's
long-term debt was $2.53 billion comprised of $1.82 billion in
unsecured senior notes, $446.7 million in secured senior notes,
$65.5 million in secured senior convertible notes, plus $193.0
million drawn on the Company's senior secured revolving credit
facility, which is down from $2.68 billion at March 31, 2020.  As
previously announced, during the second quarter 2020, the Company
executed exchange offers that resulted in the exchange of $611.9
million of unsecured senior notes and $107.0 million of convertible
notes for $446.7 million in secured senior notes, $53.5 million in
cash to certain holders and warrants to acquire up to 5% of
outstanding common stock of the Company under certain conditions.
This transaction resulted in reducing the principal amount of
long-term debt by $219 million and significantly reducing
maturities due before 2023.  As of the end of the quarter, the
Company had significant second lien debt capacity that is available
until the next scheduled redetermination date of Oct. 1, 2020.

At June 30, 2020, the Company's borrowing base under its senior
secured revolving credit facility was $1.1 billion, less $193
million drawn and a $42 million letter of credit, provided
liquidity of $865 million.  The cash balance was approximately
zero.

Capital expenditures before capital accruals for the second quarter
of 2020 were $125.2 million.  During the second quarter 2020, the
Company drilled 27 net wells and added 11 net flowing completions.
For the first half of 2020 the Company drilled 52 net wells and
added 31 net flowing completions.

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

                      https://is.gd/8vubA8

                        About SM Energy

SM Energy Company is an independent energy company engaged in the
acquisition, exploration, development, and production of crude oil,
natural gas, and natural gas liquids in the state of Texas.

SM Energy recorded a net loss of $187 million for the year ended
Dec. 31, 2019.
                          *    *     *

As reported by the TCR on June 26, 2020, S&P Global Ratings raised
its issuer credit rating on U.S.-based oil and gas exploration and
production (E&P) company SM Energy Co. to 'CCC+' from 'SD'
(selective default).

As reported by the TCR on May 5, 2020, Moody's Investors Service
downgraded SM Energy Company's Corporate Family Rating to Caa1 from
B3.  The downgrade reflects the company's intention to issue new
secured debt to exchange for up to $1,681 million of its senior
unsecured notes at a 35% to 50% discount to par, a transaction
Moody's views as a distressed exchange and thus, a default.

Also in May 2020, Fitch Ratings downgraded SM Energy Company's
Issuer Default Rating to 'C' from 'B-' following the company's
announcement of an offer to exchange a series of senior secured
notes for new second lien notes.


STAGE STORES: Gordmans Liquidating Merchandise
----------------------------------------------
Kurt Hildebrand, writing for Record Courier, reports that the
Gardnerville Gordmans is liquidating its merchandise after being
closed on the very day of its St. Patrick's Day grand opening due
to the coronavirus lockdown.

"The increasingly challenging market environment was made worse by
the COVID-19 pandemic, which required us to temporarily close all
of our stores and furlough the vast majority of our associates,"
according to the company.

Gordmans' parent company, Stage Stores, is conducting liquidation
sales as part of its Chapter 11 bankruptcy.

The chain's owners are hoping to find a buyer, while still winding
down operations.

Owner Stage Stores decided to change the name of the Bealls last
summer.

A company spokeswoman said that Gordmans would have different
merchandise than the Bealls.

That store made up half of the former Scolari's, which closed on
Nov. 29, 2013. Bealls and neighboring Grocery Outlet opened in
2014.

Opened on July 20, 1990, the Scolari's was the second major grocery
store to arrive in Gardnerville.

Work on the shopping center started in September 1989.

                    About Stage Stores Inc.

Stage Stores, Inc. (SSI) and its affiliates --
http://www.stagestoresinc.com/-- are apparel, accessories,
cosmetics, footwear, and home goods retailers that operate
department stores under the Bealls, Goody's, Palais Royal, Peebles,
and Stage brands and off-price stores under the Gordmans brand.
Stage Stores operates approximately 700 stores across 42 states.
Stage's department stores predominately serve small towns and rural
communities, and its off-price stores are mostly located in
mid-sized Midwest markets.

Stage Stores, Inc. and affiliate Specialty Retailers, Inc., sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-32564) on
May 10, 2020.

The Company disclosed $1,713,713,000 of total assets and
$1,010,210,000 of total debt as of Nov. 2, 2019.

The Hon. David R. Jones is the case judge.

The Debtors tapped Kirkland & Ellis LLP as bankruptcy counsel;
Jackson Walker L.L.P. as local bankruptcy counsel; PJ Solomon,
L.P., is investment banker; Berkeley Research Group, LLC as
restructuring advisor; and A&G Realty as real estate consultant.
Gordon Brothers Retail Partners, LLC, will manage the Company's
inventory clearance sales.  Kurtzman Carson Consultants LLC is the
claims agent.


SUMMIT MIDSTREAM: Releases Final Results of Unit Exchange Offer
---------------------------------------------------------------
Summit Midstream Partners, LP reports the final results of its
offer to exchange any and all of its 9.50% Series A
Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred
Units for newly issued common units representing limited partner
interests in the Partnership, which expired at 5:00 p.m., New York
City time on July 28, 2020.  Based on information provided by
American Stock Transfer & Trust Company, LLC, the depositary of the
Exchange Offer, 62,816 Series A Preferred Units were properly
tendered and not validly withdrawn.  The Partnership accepted for
exchange all such Series A Preferred Units and will issue an
aggregate of approximately 12,563,200 Common Units, subject to
applicable withholding taxes.  The Partnership will promptly
deliver the Common Units to be issued in exchange for the Series A
Preferred Units properly tendered and accepted for exchange.

                About Summit Midstream Partners

Summit Midstream Partners is a value-driven limited partnership
focused on developing, owning and operating midstream energy
infrastructure assets that are strategically located in
unconventional resource basins, primarily shale formations, in the
continental United States.  SMLP provides natural gas, crude oil
and produced water gathering services pursuant to primarily
long-term and fee-based gathering and processing agreements with
customers and counterparties in six unconventional resource basins:
(i) the Appalachian Basin, which includes the Utica and Marcellus
shale formations in Ohio and West Virginia; (ii) the Williston
Basin, which includes the Bakken and Three Forks shale formations
in North Dakota; (iii) the Denver-Julesburg Basin, which includes
the Niobrara and Codell shale formations in Colorado and Wyoming;
(iv) the Permian Basin, which includes the Bone Spring and Wolfcamp
formations in New Mexico; (v) the Fort Worth Basin, which includes
the Barnett Shale formation in Texas; and (vi) the Piceance Basin,
which includes the Mesaverde formation as well as the Mancos and
Niobrara shale formations in Colorado.  SMLP has an equity
investment in Double E Pipeline, LLC, which is developing natural
gas transmission infrastructure that will provide transportation
service from multiple receipt points in the Delaware Basin to
various delivery points in and around the Waha Hub in Texas.  SMLP
also has an equity investment in Ohio Gathering, which operates
extensive natural gas gathering and condensate stabilization
infrastructure in the Utica Shale in Ohio. SMLP is headquartered in
Houston, Texas.

SMLP reported a net loss of $369.83 million for the year ended Dec.
31, 2019, compared to net income of $42.35 million for the year
ended Dec. 31, 2018.  As of March 31, 2020, the Company had $2.62
billion in total assets, $1.80 billion in total liabilities, $62.34
million in mezzanine capital, and $757.92 million in total
partners' capital.

                            *   *   *

As reported by the TCR on June 30, 2020, S&P Global Ratings lowered
the issuer credit rating on Summit Midstream Partners LP (SMLP) to
'SD' (selective default) from 'CCC'.  "SMP Holdings remains, in our
view, an unrestricted nonstrategic subsidiary of the partnership.
The term debt has no guarantees and is non-course to SMLP.  As a
result, we are affirming the 'CCC' issuer credit rating on SMP
Holdings and putting it on CreditWatch with negative implications
to highlight the possibility of a near-term term loan
restructuring," S&P said.


SUMMIT VIEW: Unsecureds to Receive $7,200 Per Month for 2 Years
---------------------------------------------------------------
Summit View, LLC filed an Amended Plan of Reorganization and an
Amended Disclosure Statement on June 25, 2020.

The Class 2 Claim of Lennar will be modified and the Debtor will
pay Lennar equal monthly payments of the total principal amount of
$1,149,152, and non-default interest thereon at the fixed rate of
5.5% using a 30-year amortization, that results in a monthly
payment amount of $6,325, with a balloon payment of all unpaid
principal, interest, and attorney's fees and costs that is fully
due and payable no later than 18 months after the entry of the
order confirming the Debtor's Amended Plan, unless due earlier by
reason of an event of default, provided however, that an event of
default does not occur after the Effective Date, Lennar waives the
right to collect default interest otherwise due under the
Settlement Agreement, Mortgage and the Amended Plan.

On May 11, 2020, the Debtor filed a motion seeking the Bankruptcy
Court's approval of the Agreement.  On June 3, 2020, the Court
entered an order approving the Lennar Agreement.  In exchange to
the modifications made to the treatment of Lennar's Class 2 Claim,
Lennar agrees to support and vote in favor of the Debtor's Amended
Plan.

Class 6 consists of the claims of the general unsecured creditors
in the estimated amount of approximately $172,883.  This amount
does not include any disputed claims or claims of insiders.  All
insider claims shall be subordinated to all other creditors.  The
Debtor will pay 100% of the allowed claims of the Class 6 claimants
by making equal monthly payments of $7,203 per month with a balloon
payment in month 24, if necessary.  The first payment will begin on
the Effective Date of the Plan and continue each month thereafter
for a maximum of 24 months.

A full-text copy of the Amended Disclosure Statement dated June 25,
2020, is available at https://tinyurl.com/y7bryhna from
PacerMonitor.com at no charge.

Attorney for Debtor:

     Alberto F. Gomez, Jr.
     401 E. Jackson Street, Ste. 3100
     Tampa, FL 33602
     Telephone: 813-225-2500
     Facsimile: 813-223-7118
     E-mail: Al@jpfirm.com

                        About Summit View

Summit View, LLC is a single asset real estate debtor (as defined
in 11 U.S.C. Section 101(51B)).

It previously filed Chapter 11 petition (Bankr. M.D. Fla. Case No.
09-06495) on April 2, 2009.

Summit View sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Case No. 19-10111) on Oct. 24, 2019.  At the
time of the filing, the Debtor was estimated to have assets of
between $1 million and $10 million and liabilities of the same
range.  The Debtor tapped Alberto F. Gomez, Jr., Esq., at Johnson,
Pope, Bokor, Ruppel & Burns, LLP as bankruptcy counsel.  Stearns
Weaver Miller Weissler Alhadeff & Sitterson, P.A., is special
counsel.


SUN PACIFIC: Noteholder Agrees to 30-Day Forbearance
----------------------------------------------------
Pursuant to certain Notes issued pursuant to an Indenture of Trust
dated Feb. 7, 2020 and disclosed via a Current Report on Form 8-K
filed with the SEC on Feb. 11, 2019, and all such Amendments as
disclosed on subsequent Current Reports on Form 8-K,
Medrecycler-RI, Inc., a wholly owned subsidiary of Sun Pacific
Holding Corp., was informed on July 29, 2020 that the Noteholder
agreed to forbear from taking any remedial action for an Event of
Default, absent additional Events of Default, for a period of 30
days from the date of the letter while the Company continues to
raise funds.

                       About Sun Pacific

Headquartered in Manalapan NJ, Sun Pacific Holding Corp --
http://www.sunpacificholding.com-- offers "Next Generation" solar
panel and lighting products by working closely with design,
engineering, integration and installation firms in order to deliver
turnkey solar and other energy efficient solutions.  It provides
solar bus stops, solar trashcans and "street kiosks" that utilize
advertising offerings that provide State and local municipalities
with costs efficient solutions.  The Company provides general,
electrical, and plumbing contracting services to a range of both
public and commercials customers in support of its goals of
expanding its green energy market reach.

Sun Pacific reported a net loss of $1.78 million for the year ended
Dec. 31, 2019, compared to a net loss of $1.77 million for the year
ended Dec. 31, 2018.  As of March 31, 2020, the Company had $8.87
million in total assets, $13.39 million in total liabilities, and a
total stockholders' deficit of $4.52 million.

Turner, Stone & Company, L.L.P., in Dallas, Texas, the Company's
auditor since 2017, issued a "going concern" qualification in its
report dated May 20, 2020, citing that the Company has suffered
recurring losses from operations since inception and has a
significant working capital deficiency, both of which raise
substantial doubt about its ability to continue as a going concern.


SUNNIVA INC: Enters Into Agreement with Matrix to Defer Hearing
---------------------------------------------------------------
Sunniva Inc. makes this announcement as an update to the press
release dated May 14, 2020 in respect of the action (the "Action")
commenced by Matrix Venture Capital Management Inc. ("Matrix")
seeking a bankruptcy order against Sunniva under the Bankruptcy and
Insolvency Act (Canada).

Matrix and Sunniva have agreed to adjourn any hearing of the Action
generally for a period of no less than 60 days, such that Matrix
cannot schedule any hearing of the Action until September 26, 2020.
In connection with this adjournment of the Action, Sunniva has
acknowledged that a promissory note issued by Sunniva to Matrix on
October 11, 2019 in the principal amount of USD$6,000,000 will
become due and payable as of September 16, 2020.

Sunniva (CSE:SNN,OTCQB:SNNVF), through its subsidiaries, is a
vertically integrated cannabis company operating in the world's two
largest cannabis markets -- Canada and California.  For more
information about the Company, please visit:
http://www.sunniva.com/


TAILORED BRANDS: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: Tailored Brands, Inc.
             6100 Stevenson Boulevard
             Fremont, California 94538

Business Description:     Tailored Brands, Inc. and its
                          subsidiaries --
                          https://www.tailoredbrands.com --
                          are specialty retailers of men's
                          tailored clothing and the largest men's
                          formalwear provider in the United States

                          and Canada.  The Debtors operate
                          approximately 1,400 stores throughout
                          the United States and Canada through an
                          omni-channel network of five retail
                          brands (Men's Wearhouse, Men's Wearhouse
                          and Tux, Jos. A. Bank, K&G, and Moores).
                          As of the Petition Date, the Debtors
                          operate 1,274 stores across the United
                          States and 125 stores in Canada.  The
                          Debtors also maintain a substantial
                          online presence.

Chapter 11 Petition Date: August 2, 2020

Court:                    United States Bankruptcy Court
                          Southern District of Texas

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

      Debtor                                       Case No.
      ------                                       --------
      Tailored Brands, Inc. (Lead Debtor)          20-33900
      JA Apparel Corp.                             20-33901
      K&G Men's Company, Inc.                      20-33902
      Jos. A. Bank Clothiers, Inc.                 20-33903
      Joseph Abboud Manufacturing Corp.            20-33904
      Nashawena Mills Corp.                        20-33905
      Moores Retail Group Corp.                    20-33906
      Tailored Brands Worldwide Purchasing Co.     20-33907
      MWDC Holding Inc.                            20-33908
      Renwick Technologies, Inc.                   20-33909
      Moores the Suit People Corp.                 20-33910
      The Men's Wearhouse, Inc.                    20-33911
      Tailored Brands Purchasing LLC               20-33912
      Tailored Shared Services, LLC                20-33913
      Tailored Brands Gift Card Co LLC             20-33914
      The Joseph A. Bank Mfg. Co., Inc.            20-33915
      TMW Merchants LLC                            20-33916
      TB UK Holding Limited                        20-33917

Judge:                    Hon. Marvin Isgur

Debtors'
General
Bankruptcy
Counsel:                  Joshua A. Sussberg, P.C.
                          Christopher Marcus, P.C.
                          Aparna Yenamandra, Esq.
                          KIRKLAND & ELLIS LLP
                          KIRKLAND & ELLIS INTERNATIONAL LLP
                          601 Lexington Avenue
                          New York, New York 10022
                          Tel: (212) 446-4800
                          Fax: (212) 446-4900
                          Email: joshua.sussberg@kirkland.com
                                 cmarcus@kirkland.com
                                 aparna.yenamandra@kirkland.com

                            - and -

                          James H.M. Sprayregen, P.C.
                          300 North LaSalle Street
                          Chicago, Illinois 60654
                          Tel: (312) 862-2000
                          Fax: (312) 862-2200
                          Email: james.sprayregen@kirkland.com

Debtors'
Co-Bankruptcy
Counsel:                  Matthew D. Cavenaugh, Esq.
                          Kristhy Peguero, Esq.
                          Veronica A. Polnick, Esq.
                          Victoria Argeroplos, Esq.
                          JACKSON WALKER L.L.P.
                          1401 McKinney Street, Suite 1900
                          Houston, Texas 77010
                          Tel: (713) 752-4200
                          Fax: (713) 752-4221
                          Email: mcavenaugh@jw.com
                                 kpeguero@jw.com
                                 vpolnick@jw.com
                                 vargeroplos@jw.com

Debtors'
Co-Bankruptcy
Counsel:                  STIKEMAN ELLIOT LLP  

Debtors'
Co-Bankruptcy
Counsel:                  MOURANT OZANNES

Debtors'
Financial
Advisor:                  PJT PARTNERS LP

Debtors'
Restructuring
Advisor:                  ALIXPARTNERS, LLP

Debtors'
Notice &
Claims
Agent:                    PRIME CLERK LLC
                          https://is.gd/CjtWb0

Debtors'
Real Estate
Consultant &
Advisor:                  A&G REALTY PARTNERS, LLC

Total Assets as of July 4, 2020: $2,482,124,043

Total Debts as of July 4, 2020: $2,839,642,691

The petitions were signed by Holly Etlin, chief restructuring
officer.

A copy of Tailored Brand's petition is available for free at
PacerMonitor.com at:

                       https://is.gd/vdI0zh

List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Bank of New York Mellon           Senior Notes     $179,916,000
Trust Company, N.A.                    Due 2022
601 Travis St., 16th Floor
Houston, TX 77002
Contact: Lisa McCants
Tel: 713-483-6752
Email: lisa.mccants@bnymellon.com

2. Icon International Inc            Trade Debts        $8,214,000
Lockbox Services 1487               
Dept 1487 350 N Orleans
Street Ste 800
Chicago, IL 60654-1529
Contact: Kathleen Chomienne
Tel: 203-388-1442
Email: kchomienne@iconinternational.com

3. Peerless Clothing Inc.            Trade Debts        $8,115,000
200 Industrial Park Rd.
Saint Albans, VT 05478-1873
Contact: John Tighe
Tel: 469-500-8839
Email: johnt@peerless-clothing.com

4. Adobe Systems Inc.                Trade Debts        $7,047,000
29322 Network Place
Chicago, IL 60673-1293
Contact: Jeffery Young
Tel: 385-345-2280
Email: jyoung@adobe.com

5. WH Buyer, LLC dba WHP Global      Royalties          $5,781,000
333 S Grand Avenue
28th Floor
Los Angeles, CA 90071
Contact: Stephen Conwell
Tel: 646-518-8499
Email: sconwell@wp-global.com

6. Engie Insight                     Trade Debts        $4,966,000
1313 North Atlantic, Suite 5000
Spokane, WA 99201-2330
Contact: Richard Coombre
Tel: 480-625-5055
Email: richard.coombre@engie.com

7. McKinsey & Company, Inc.          Professional       $3,500,000
3 World Trade Center                   Services
175 Greenwich Street
New York, NY 10007
Contact: General Counsel Office
Tel: 212-415-5372
Email: killian_nolan@mckinsey.com

8. David's Bridal, Inc.               Royalties         $3,490,000
1001 Washington St.
ASF Monthly Installment
Conshohocken, PA 19428
Contact: Jim Marcum
Tel: 603-455-5650
Email: jmarcum@dbi.com

9. Flow Formal Alliance, LLC         Trade Debts        $3,203,000
P.O. Box 842683
Boston, MA 02284-2683
Contact: Jeff Weintraub
Tel: 561-504-1846
Email: jlthealien@aol.com

10. Productos Textiles               Trade Debts        $2,786,000
800 Metros Carretera A La
Jutosa, Zona Liber Inhdelva
Choloma Cortez, HND
Contact: Jacobo Kattan
Tel: 50499785004
Email: jacobo.kattan@protexsa.hn

11. Phillips Van Heusen Corp         Trade Debts        $2,668,000
P.O. Box 532513
Atlanta, GA 30353-2513
Contact: Ann Ralko
Tel: 908-332-4698
Email: ann.ralko@pvh.com

12. Vetements Peerless Clothing      Trade Debts        $2,224,000
8888 Boul Pie 1X
Montreal, QC H1Z 4J5 Can
Contact: John Tighe
Tel: 469-500-8839
Email: johnt@@peerless-clothing.com

13. Google, Inc.                     Trade Debts        $1,841,000
Dept 33654
P.O. Box 39000
San Francisco, CA 94139
Contact: Rich Jones
Tel: 650-862-1371
Email: rjones@google.com

14. Laguna Clothing                  Trade Debts        $1,630,000
(Mauritius) Ltd
Boundary Road
Quatre Bornes, MUS
Contact: Eric Dorchies
Tel: 23054233500
Email: edorchies@aquarelleclothing.com

15. Top Genuine, LLC                 Trade Debts        $1,567,000
PO Box 50001
Pasadena, CA 91105
Contact: Ray Tolles
Tel: 213-479-3000
Email: ray.tolles@gmail.com

16. Kenneth Cole                      Royalties         $1,464,000
Production/Royalties/Advert
400 Plaza Drive
Secaucus, NJ 07094
Contact: Kenneth Cole
Tel: 914-806-2323
Email: kenneth@kennethcole.com

17. Cass Information Systems Inc.    Trade Debts        $1,461,000
P.O. Box 17617
St. Louis, MO 631798
Contact: Derek Pano
Tel: 978-323-6567
Email: dapano@cassinfo.com

18. AT&T                               Utility          $1,361,000
P.O. Box 5019
Carol Stream, IL 60197-5019
Contact: Charles Keeton
Tel: 281-797-1882
Email: ck6861@att.com

19. PT Ungaran Sari Garments         Trade Debts        $1,205,000
Kuningan City (Axa Tower),
41st Floor
JL. Prof. Dr. Satrio
Jakarta, 12940 IND
Contact: Manish Virmani
Tel: 628111045222
Email: manish.virmani@busanagroup.com

20. Jiangsu Sunshine Co. Ltd./       Trade Debts          $914,000
Fabric Wire
Xinqiao Town, Uiangyin City
Jiangsu Province 214426, CHN
Contact: Liping
Tel: 760-224-7532
Email: lipinghecn@yahoo.com

21. HCL Technologies Ltd.            Trade Debts          $875,000
806 Siddharth
96 Nehru Place
New Delhi, 110-0119 IND
Contact: Tracy Decicco
Tel: 303-570-3801
Email: tracy.decicco@hcl.com

22. Staples                          Trade Debts          $823,000
PO Box 70242
Philadelphia, PA 19176-0242
Tel: 877-826-7755

23. CT Corporation                   Trade Debts          $812,000
PO Box 4349
Carol Stream, IL 60197-4349
Contact: Bonnus Smith
Tel: 713-552-8566
Email: bonnie.smith@wolterskluwer.com

24. Fabian Couture Group             Trade Debts          $805,000
205C Chubb Avenue
Lyndhurst, NJ 07071
Contact: Allan Weiss
Tel: 201-248-3562
Email: aajweiss@aol.com

25. Florsheim Shoe Co.               Trade Debts          $784,000
7734 Solution Center
Chicago, IL 60677-7007
Contact: John Florsheim
Tel: 414-908-1889
Email: jflorsheim@weycogroup.com

26. Caulfeild Apparel Group Ltd.     Trade Debts          $782,000
1400 Whitehorse Rd  
Toronto, ON M3j3A7 Can
Contact: Mario Tomei
Tel: 416-720-5984
Email: mariot@caulfeild

27. Transpacific Inc.                Trade Debts          $776,000
c/o Transpacific
P.O. Box 75359
Chicago, IL 60675-5359
Contact: Ning Zhoa
Tel: 917-886-9518
Email: ning@morettishoe.com

28. MM Fashion and Design Inc.       Trade Debts          $742,000
9202 Charles Smith Avenue,
Rancho Cucamonga, CA 91730
Contact: Angel Martinez
Tel: 909-720-8661
Email: angel@mmfashioninc.com

29. Bldg Management Co., Inc./           Rent             $703,000
7101
417 Fifth Avenue, 4th Floor
New York, NY 10016
Contact: Sara Fontanet
Tel: 212-624-4337
Email: sfontanet@bldg.com

30. Situs Asset Management, LLC/#220     Rent             $701,000
c/o BTR Hampstead, LLC
Signature Bank
Newark, NJ 07101-8084
Contact: Angela Baldwin
Tel: 410-844-3906
Email: abaldwin@btrcapitalgroup.com


TAILORED BRANDS: Files Chapter 11 to Facilitate Restructuring
-------------------------------------------------------------
Tailored Brands, Inc. and certain of its subsidiaries on Aug. 2
disclosed that it has entered into a restructuring support
agreement ("RSA") with more than 75% of its senior lenders. The RSA
outlines agreed-upon terms for a pre-arranged financial
restructuring plan (the "Plan") that is expected to reduce the
Company's funded debt by at least $630 million and provide
increased financial flexibility to enable Tailored Brands to
continue its focus on generating profitable growth and driving
value for customers and stakeholders.

To implement the terms of the RSA, the Company has filed voluntary
Chapter 11 petitions in the United States Bankruptcy Court for the
Southern District of Texas (the "Court"). Throughout the
restructuring process, the Company expects that its four retail
brands, Men's Wearhouse, Jos A. Bank, Moores Clothing for Men and
K&G Fashion Superstore, will continue to provide customers with the
selection, convenience, service and value that help people look and
feel their best in the moments that matter, while continuing to
prioritize the safety and well-being of employees and customers.
Tailored Brands aims to move quickly through the process.

The Company has received commitments for $500 million in
debtor-in-possession ("DIP") financing from its existing revolving
credit facility lenders. Following Court approval, this financing,
combined with cash on hand (including approximately $90 million of
restricted cash that the Consenting Term Loan Lenders (as defined
below) have agreed to unrestrict and make available to the Company
subject to certain terms and conditions), and cash flow generated
by the Company's ongoing operations, is expected to be sufficient
to meet the Company's operational and restructuring needs. The RSA
further contemplates that the DIP financing will convert to a $400
million revolving credit facility from existing lenders upon the
Company's emergence from Chapter 11.

In addition to the financing relief described above, Tailored
Brands has filed customary motions with the Court intended to allow
the Company to operate in the ordinary course, including but not
limited to: paying employees as usual and continuing pre-existing
employee health and welfare benefits, honoring customer gift cards,
rental reservations and custom clothing orders, and maintaining
existing loyalty programs. These motions are typical in the Chapter
11 process and Tailored Brands anticipates that they will be heard
and approved in the first few days of the cases.

"As evidenced by the positive results we saw in January and
February, we have made significant progress in refining our
assortments, strengthening our omni-channel offering and evolving
our marketing channel and creative mix. However, the unprecedented
impact of COVID-19 requires us to further adapt and evolve," said
Tailored Brands President and CEO Dinesh Lathi. "Reaching an
agreement with our lenders represents a critical milestone toward
our goal of becoming a stronger Company that has the financial and
operational flexibility to compete and win in the rapidly evolving
retail environment."

The decisions announced on Aug. 2 build on the actions the Company
announced on July 21, 2020 to reduce its corporate headcount,
rationalize its store fleet, and reduce and realign its store
organization and supply chain infrastructure and organization to
best serve its go-forward store footprint and e-commerce business.
Implementing the financial restructuring will allow Tailored Brands
to continue its store optimization process to focus on and invest
in the appropriate areas to position the business for the future.

Additional resources for customers and other stakeholders can be
accessed by visiting the Company's restructuring website at
TailoredStronger.com. Court filings and other documents related to
the Chapter 11 process are available at
http://cases.primeclerk.com/TailoredBrands,by calling the
Company's claims agent at (877) 461-5690 (Toll-Free) or (347)
817-4089 (Local/International) or by sending an email to
TailoredBrandsInfo@PrimeClerk.com.

Tailored Brands is advised in this process by Kirkland & Ellis LLP
as legal advisor, PJT Partners as financial advisor and
AlixPartners as restructuring advisor.

                     About Tailored Brands

Tailored Brands, Inc., (NYSE: TLRD) is an omni-channel specialty
retailer of menswear, including suits, formalwear and a broad
selection of polished and business casual offerings.  The Company
delivers personalized products and services through its convenient
network of over 1,400 stores in the United States and Canada as
well as its branded e-commerce websites at
http://www.menswearhouse.com/and http://www.josbank.com. Its
brands include Men's Wearhouse, Jos. A. Bank, Moores Clothing for
Men and K&G.

Tailored Brands reported a net loss of $82.28 million for the year
ended Feb. 1, 2020, compared to net earnings of $83.24 million for
the year ended Feb. 2, 2019.  As of Feb. 1, 2020, the Company had
$2.42 billion in total assets, $2.52 billion in total liabilities,
and a total shareholders' deficit of $98.31 million.


TAILORED BRANDS: Implements New Executive Incentive Program
-----------------------------------------------------------
Tailored Brands, Inc., implemented a new incentive compensation
program for its named executive officers for the balance of its
2020 fiscal year that replaces the Company's normal incentive
compensation programs.  Participants in the program will have the
opportunity to earn a fixed dollar amount based on specified
employment-related and performance incentive-related conditions.
The target incentive compensation for the Company's president and
chief executive officer is $1,767,375; for the chief customer
officer is $712,500; for the executive vice president, chief
technology officer is $425,000; and for the executive vice
president, general counsel, chief compliance officer and corporate
secretary is $371,250.  For each of the named executive officers
other than the president and chief executive officer this
represents 50% of such executive's planned target incentive
compensation (target bonus plus target long term incentive grant)
for the Company's 2020 fiscal year, and for the president and chief
executive officer this represents 27% of his target incentive
compensation for the same period.

                     About Tailored Brands

Tailored Brands, Inc., is an omni-channel specialty retailer of
menswear, including suits, formalwear and a broad selection of
polished and business casual offerings.  The Company delivers
personalized products and services through its convenient network
of over 1,400 stores in the United States and Canada as well as its
branded e-commerce websites at http://www.menswearhouse.com/and
http://www.josbank.com.Its brands include Men's Wearhouse, Jos. A.
Bank, Moores Clothing for Men and K&G.

Tailored Brands reported a net loss of $82.28 million for the year
ended Feb. 1, 2020, compared to net earnings of $83.24 million for
the year ended Feb. 2, 2019.  As of May 2, 2020, the Company had
$2.50 billion in total assets, $2.88 billion in total liabilities,
and a total shareholders' deficit of $378.32 million.

Tailored Brands received notification from the New York Stock
Exchange on July 22, 2020 that the Company is no longer in
compliance with the NYSE continued listing criteria that requires
listed companies to maintain a 30-trading day average market
capitalization of $50 million coupled with stockholders' equity of
at least $50 million and an average closing share price of at least
$1.00 over a consecutive 30 trading-day period.

                           *   *   *

As reported by the TCR on July 7, 2020, S&P Global Ratings lowered
its issuer credit rating on Fremont, Calif.-based specialty apparel
retailer Tailored Brands Inc. to 'D' from 'CCC+'.  S&P does not
expect the company will make the interest payment within the 30-day
grace period.  The rating agency downgraded the company because it
believes the company will eventually pursue a comprehensive
restructuring.


TECNOGLASS INC: Moody's Confirms Ba3 CFR & Ba3 on 2022 Notes
------------------------------------------------------------
Moody's Investors Service has confirmed Tecnoglass Inc.'s Ba3
corporate family rating and the senior unsecured rating on its 2022
notes. The outlook is negative. This action concludes the review
for downgrade started on April 1, 2020.

RATINGS RATIONALE

"Its action mainly reflects its view that, although the coronavirus
pandemic continues to pose risks for Tecnoglass, its effect in
operating metrics will be milder than what we anticipated at the
outset of the virus outbreak" said Sandra Beltrán, VP Senior
Analyst of Moody's. However, Tecnoglass' credit profile also
incorporates increasing refinancing risk as its $210 million senior
notes are due in January 2022. Accordingly, the Ba3 rating
incorporates the expectation that Tecnoglass will be able to
refinance these notes before the end of 2020.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. Business
conditions and revenue-growth potential are deteriorating rapidly
for construction companies globally.

The spread of the coronavirus and the associated quarantines,
social distancing measures, travel restrictions and logistics
disruptions have led to suspensions and delays in construction
activity. Its action reflects the impact on Tecnoglass of the
breadth and severity of the shock, and the potential broad credit
quality deterioration it has triggered. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

Currently the US accounts for 85% of Tecnoglass revenues and 90% of
its backlog, where construction has regained some ground. The
Architectural Billing Index, a leading indicator of economic
activity for non-residential construction activity, has partially
recovered. Billings reached a bottom on April but have increased
for the following two months. Likewise, housing starts increased by
17.3% to 1,186k in June and were strong in Tecnoglass' area of
influence in the US East Coast, only with the West experiencing
declines.

Despite these signs of recovery, Moody's currently has a negative
outlook on the US homebuilding industry, reflecting its
expectations for the fundamental business conditions through the
end of 2021. The sector is sensitive to employment, consumer
confidence and spending trends. As such, reduced demand for homes
will persist throughout 2020. Specifically, Moody's expects revenue
for US homebuilders that it rates to decline 10% to 20% in
aggregate this year. Still, Moody's estimates a 10% rebound in
2021, as economic conditions improve, in line with the Moody's
Macroeconomic Board forecast of 4.5% US GDP growth in 2021,
following a decline of 5.7% this year.

Expectations of a rapid recovery in the US are underpinned by an
aggressive fiscal package to ease the impact of coronavirus.
Tecnoglass' deliveries into the US have been at full speed despite
the rise in coronavirus cases in some places and have been able to
sustain the company's backlog growth. As of the end of March 2020,
Tecnoglass backlog was at $546 million, favorably comparing with
$542 million as of the end of 2019.

The main risk for Tecnoglass is related to production, given its
concentration in Barranquilla, Colombia. Starting on March 24, the
Colombian government declared a national quarantine, resulting in a
three-week mandatory stoppage for Tecnoglass. The company used the
stoppage to adapt the factory to comply with new coronavirus health
standards. Therefore, since then, the company has been fully
operational.

Accordingly, the company's revenues will bottom in April with
sequential monthly improvements afterwards mainly driven by the US.
Moreover, relatively low commodity prices and efficiency gains will
allow the company to maintain profitability, including measures
taken to reduce waste and the better control of raw materials
following automation initiatives. With the acquisition of GM&P, the
company has also been able to reduce installation costs.
Quantitatively, Tecnoglass should be able to sustain EBITA margin
at the current 15.4% level through 2021. Likewise, gross debt to
EBITDA including Moody's adjustments should remain below 3.5x in
2020 and decline towards 3.0x through 2021.

Tecnoglass' Ba3 ratings continue to reflect its narrow business
diversification and small operating scale compared with that of its
peers Moody's rates, which poses substantial risk of a rapid
deterioration in its operational and liquidity profiles in the
context of the coronavirus outbreak. Refinancing risks, given the
need to promptly address the debt maturity scheduled in January
2022, amid the heightened volatility in global capital markets as a
result of the coronavirus outbreak, also affects the company's
ratings. Conversely, Tecnoglass benefits from a very efficient cost
structure and solid credit metrics, including high profitability,
stable leverage and adequate interest coverage.

Tecnoglass liquidity is supported by its ability to cover fixed
costs, taxes and interests, even under a scenario of additional
temporary stoppages with current cash in hand. Moody's estimates
cash as of the end of June at $64 million, based on cash as of the
end of 2019 of $48 million, improved operating cash flow and some
additional short-term debt raised to enhance liquidity amid the
coronavirus crisis. Availability under uncommitted lines include
$60 million.

The negative outlook reflects Tecnoglass increasing refinancing
risk as its $210 million senior notes are due in January 2022.
Accordingly, the Ba3 rating incorporates the expectation that
Tecnoglass will be able to refinance these notes before the end of
2020. From an operating perspective, the fluid situation of the
coronavirus crisis continues to pose challenges. In the US, further
closures or intermittent quarantine measures could continue as the
virus spread peaks in certain regions. As a result, construction
projects are still at risk of delay or cancellations.

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

The ratings are unlikely to be upgraded in the short term. Positive
rating pressure would not arise until the coronavirus outbreak is
brought under control, construction activity is fully restored in
the US and risk of further lockdowns in Colombia is over. At this
point, a positive action will require sustained strengthening of
credit metrics and ample liquidity headroom.

Ratings could be downgraded if there is no indication of an ongoing
plan to refinance the 2022 global notes before the end of 2020. A
downgrade will also arise if a significant cash burn threatens
Tecnoglass' ability to cover corporate expenses such as interests,
taxes and working capital with internal sources.

Tecnoglass Inc. is a Colombian company engaged in the production of
high-specification architectural glass and windows for both
commercial and residential markets. The company operates a 2.7
million square foot plant located in Barranquilla, Colombia. In
2019, about 86% of the company's revenue was generated in the US,
12% in Colombia and 2% in Panama and other countries in Latin
America. The company was established in 1984 and has been listed on
the Nasdaq since 2013 and the Colombian Stock Exchange since
January 2016. The company's market capitalization as of January
2019 was $359 million.

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


TRANSOCEAN LTD: Incurs $497 Million Net Loss in Second Quarter
--------------------------------------------------------------
Transocean Ltd. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q, reporting a net loss of $497
million on $930 million of contract drilling revenues for the three
months ended June 30, 2020, compared to a net loss of $206 million
on $758 million of contract drilling revenues for the three months
ended June 30, 2019.

For the six months ended June 30, 2020, the Company reported a net
loss of $888 million on $1.68 billion of contract drilling revenues
compared to a net loss of $377 million on $1.51 billion of contract
drilling revenues for the same period in 2019.

As of June 30, 2020, the Company had $22.82 billion in total
assets, $1.58 billion in total current liabilities, $10.25 billion
in total long-term liabilities, and $10.98 billion in total
equity.

Contract drilling revenues for the three months ended June 30,
2020, increased sequentially by $171 million, primarily due to $177
million of revenues recognized in second quarter 2020, resulting
from a settlement agreement with a customer for performance
disputes.

Additionally, the second quarter was favorably impacted by higher
revenue efficiency, and an early termination fee of $21 million for
Paul B. Loyd Jr., offset by lower revenues due to reductions in
dayrates and a non-cash revenue reduction of $53 million, compared
to $48 million in the prior quarter, from contract intangible
amortization associated with the Songa and Ocean Rig acquisitions.

Operating and maintenance expense was $525 million, compared with
$540 million in the prior quarter.  The sequential decrease was the
result of lower in-service maintenance cost across our fleet,
partially offset by $30 million of higher costs related to the
COVID-19 pandemic.

General and administrative expense was $45 million, as compared to
$43 million in the first quarter of 2020.

Interest expense, net of amounts capitalized, was $153 million,
compared with $160 million, in the prior quarter.  Interest income
was $4 million, compared with $9 million in the previous quarter.

The Effective Tax Rate was (6.8)%, down from 1.1% in the prior
quarter.  The decrease was primarily due to various discrete period
tax items, including revenues recognized for settlement of
disputes.  The Effective Tax Rate excluding discrete items was
(15.0)% compared to (9.5)% in previous quarter.

Net cash provided by (used in) operating activities were $87
million, compared to $(48) million in the prior quarter.  The
second quarter cash provided by operating activities increased
primarily due to collections of certain receivables and decreased
income tax payments.

Second quarter 2020 capital expenditures of $46 million decreased
primarily due to reduced expenditures for our newbuild rigs under
construction.  This compares with $107 million in the previous
quarter.

"I recognize and thank the entire Transocean team for producing
strong second quarter operating and financial results during these
unprecedented times," said Jeremy Thigpen, president and chief
executive officer.  "Our revenue efficiency of 97% demonstrates our
unwavering commitment to delivering reliable and efficient
operations for our customers, while keeping personnel on our rigs
safe and healthy."

Thigpen added, "Furthermore, we are excited to have secured a
contract, subject to a final investment decision by our customers,
that will result in upgrading Deepwater Atlas into the industry's
second 20,000 PSI ultra-deepwater drillship.  This contract is
meaningful as it moves us closer towards securing backlog for our
remaining newbuild drillship, and clearly demonstrates our
customer's confidence in Transocean as the undisputed leader in
ultra-deepwater drilling."

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

                     https://is.gd/uGOPPP

                       About Transocean

Transocean Ltd. is an international provider of offshore contract
drilling services for oil and gas wells.  The company specializes
in technically demanding sectors of the global offshore drilling
business with a particular focus on ultra-deepwater and harsh
environment drilling services.

Transocean recorded a net loss of $1.25 billion for the year ended
Dec. 31, 2019, compared to a net loss of $2 billion for the year
ended Dec. 31, 2018.  As of March 31, 2020, the Company had $23.45
billion in total assets, $1.59 billion in total current
liabilities, $10.38 billion in total long-term liabilities, and
$11.47 billion in total equity.

                         *     *     *

As reported by the TCR on April 29, 2020, S&P Global Ratings
lowered its issuer credit rating on Transocean Ltd. to 'CCC' from
'CCC+'.  "The collapse in oil prices has led to a sharp drop in
demand for oilfield services, and we expect offshore activity to
take a substantial hit.  The recent material drop in oil prices --
kicked off by the Saudi-Russian price war and worsened by the
unprecedented drop in demand as a result of the coronavirus
pandemic -- has led to sharp reductions in oil producers' capital
spending plans for 2020.  This will significantly reduce demand for
the oilfield services sector.  We expect offshore activity to be
hit particularly hard, given the higher costs, higher operating
risk, and longer payback periods for offshore projects relative to
onshore plays," S&P said.


TRAVELEXPERIENCE LLC: $5K Sale of All Assets to Bove Approved
-------------------------------------------------------------
Judge John K. Sherwood of the U.S. Bankruptcy Court for the
District of New Jersey authorized TravelExperience, LLC's sale of
substantially all of its non-cash assets to Elisa Bove for $5,000.

A hearing on the Motion was held on July 28, 2020 at 10:00 a.m.

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

TravelExperience LLC sought Chapter 11 protection (Bankr. D.N.J.
Case No. 20-16195) on May 4, 2020.  Andy Winchell, Esq., at LAW
OFFICES OF ANDY WINCHELL, is the Debtor's counsel.


UNITED RENTALS: Moody's Rates Planned $1.1BB Unsecured Notes 'Ba3'
------------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to United Rentals
(North America), Inc.'s planned $1.1 billion senior unsecured notes
due 2031. URNA's parent, United Rentals, Inc. and URNA's domestic
subsidiaries will guarantee the notes. The company's other ratings,
including its Ba2 corporate family rating, Ba2-PD probability of
default rating, Baa3 senior secured first lien rating, Ba1 senior
secured second lien rating, and Ba3 senior unsecured rating are
unaffected. The rating outlook remains stable.

URNA plans to use the proceeds from the notes together with about
$135 million of revolver borrowings to fund the redemption of all
$1.1 billion of the 6.5% senior unsecured notes due 2026. The
ratings on these 6.5% notes will be withdrawn following the
redemption.

RATINGS RATIONALE

URNA's Ba2 rating reflects the company's considerable scale that
supports its leading position in the North American equipment
rental industry, as well as its moderate debt-to-EBITDA of 2.6
times for the twelve months ended June 30, 2020 (all ratios are
Moody's adjusted unless otherwise stated). URNA had been
acquisitive prior to the onset of the coronavirus pandemic, but the
ratings incorporate URNA's track record of quickly integrating
acquisitions and subsequently deleveraging to restore its credit
metrics.

While the event risk around another large acquisitions remains, in
the near-term Moody's does not anticipate any large acquisitions,
as the company will focus on managing expenses to preserve
liquidity and maintaining moderate financial leverage. Although the
pandemic driven shutdowns drove a 15% decline in 2Q20 quarterly
revenue and a 2.7% decline in EBITDA year-over-year, Moody's expect
URNA's debt-to-EBITDA will remain below 3 times through 2021.

The equipment rental industry is susceptible to a high degree of
cyclicality and is a very competitive and fragmented space, with
local companies competing against the few national scale
participants such as URNA. Staying competitive requires access to
considerable capital to grow the equipment fleet. In the current
downturn, URNA reduced gross equipment purchases (including rental
and non-rental equipment) to $455 million compared to $1.2 billion
in the first half of 2019. Over same the same period, proceeds from
sales of used equipment remained essentially flat, which enabled
the company to generate free cash flow of $1.4 billion during the
first half of 2020. Moody's expects the company to generate about
$600 million of free cash flow for the remainder of the year.

Moody's views the company's environmental risk to be low, but URNA
adheres to a number of regulations around the disposal of hazardous
waste and wastewater from equipment washing. Moody's also views
social risk to be low, but URNA does have union-represented
employees, and must abide by regulations around worker safety and
training. Governance risk to be relatively low, as the company
halted shareholder returns through its share repurchase program but
the company does have a history of engaging in relatively large,
debt-funded acquisitions. The board of directors is comprised of a
majority of independent directors, but has the potential to change
abruptly since they are elected annually.

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

The stable outlook reflects Moody's expectation that demand will
continue to gradually improve since reaching trough levels in 2Q20,
and that the company will continue to aggressively manage costs and
fleet growth while maintaining at least good liquidity.

The ratings could be upgraded with sustained debt-to-EBITDA of
about 2.5 times, EBITDA-to-interest of better than 7 times, and
debt repayment following debt-funded acquisitions. The ratings
could be downgraded with debt-to-EBITDA above 3 times or
EBITDA-to-interest of about 4 times. Sustaining higher debt
balances following debt-funded acquisitions or the weakening of
liquidity, or if free cash flow is not substantially positive
during a downturn as URNA cuts equipment spending could also lead
to a ratings downgrade.

Assignments:

Issuer: United Rentals (North America), Inc.

Senior Unsecured Regular Bond/Debenture, Assigned Ba3 (LGD5)

The principal methodology used in this rating was Equipment and
Transportation Rental Industry published in April 2017.

United Rentals (North America), Inc., headquartered in Stamford,
CT, is the largest US equipment rental company with 13% market
share in 2019 and a rental fleet of approximately 664,000 units.
Investment in rental equipment approximates $14.1 billion across
the companies about 1,180 rental locations across the US and
Canada. The company has two reportable segments: General Rentals
and Trench, Power and Pumps. While the primary source of revenue is
from renting equipment, the company also sells new and used
equipment and related parts and services. United Rentals reported
about $9.0 billion of revenue for the twelve-month period ending
June 30, 2020.


URBAN ONE: Posts $1.42 Million Net Income in Second Quarter
-----------------------------------------------------------
Urban One, Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q, reporting consolidated net
income attributable to common stockholders of $1.42 million on $76
million of net revenue for the three months ended June 30, 2020,
compared to consolidated net income attributable to common
stockholders of $6.59 million on $121.57 million of net revenue for
the three months ended June 30, 2019.

Broadcast and digital operating income was approximately $30.2
million, a decrease of 33.1% from the same period in 2019.  The
Company reported operating income of approximately $20.4 million
for the three months ended June 30, 2020, compared to approximately
$29.1 million for the same period in 2019.   Adjusted EBITDA was
approximately $24.5 million for the three months ended June 30,
2020, compared to approximately $39.6 million for the same period
in 2019.

For the six months ended June 30, 2020, the Company reported
consolidated net loss attributable to common stockholders of
$21.77 million on $170.88 million of net revenue compared to
consolidated net income attributable to common stockholders of
$3.49 million on $220.02 million of net revenue for the six months
ended June 30, 2019.

As of June 30, 2020, the Company had $1.21 billion in total assets,
$1.04 billion in total liabilities, $10.80 million in redeemable
noncontrolling interests, and $159.46 million in total
stockholders' equity.

Alfred C. Liggins, III, Urban One's CEO and president stated, "The
economic impact of Covid-19 is fully evident in our second quarter
numbers: radio advertising was down 51%, and event revenues were
-96% year over year.  Our TV and digital businesses fared better,
with TV advertising revenue down 4.4% and digital -20%,
highlighting the benefits of our diversified media asset base.  We
had to make tough decisions to reduce costs, and I am proud of how
our team, including on-air talent, made sacrifices and worked
diligently to keep us operating smoothly through the pandemic.
With the issue of racial equality featuring so prominently around
the world, it is critical that diverse voices continue to be heard
and I thank all our staff and talent for their exceptional work
engaging with our audience and clients. The outlook for the rest of
2020 remains uncertain, but I anticipate a similar pattern of
strong performance from our TV business offsetting some of the
weakness in radio advertising and events.  On a same station basis,
our Q3 core radio business is currently pacing -41% and we continue
to see sequential improvement.  Our cost saving measures remain in
place, liquidity is strong with $70 million of cash on the balance
sheet, and I firmly believe that Urban One will continue to
successfully navigate our way through these unprecedented times."

Beginning in March 2020, the Company noted that the COVID-19
pandemic and the resulting government stay at home orders across
the markets in which the Company operates were dramatically
impacting certain of the Company's revenues.  Most notably, a
number of advertisers across significant advertising categories
have reduced or ceased advertising spend due to the outbreak and
stay at home orders which effectively shut many businesses down.
This has been particularly true within the Company's radio segment
which derives substantial revenue from local advertisers who have
been particularly hard hit due to social distancing and government
interventions.  Further, the COVID-19 outbreak has caused the
postponement of the Company's 2020 Tom Joyner Foundation Fantastic
Voyage cruise and impaired ticket sales and/or caused the
postponement of other tent pole special events.  The Company does
not carry business interruption insurance to compensate it for
losses that may occur as a result of any of these interruptions and
continued impacts from the COVID-19 outbreak.  Continued or future
outbreaks and/or the speed at which businesses reopen (or reclose)
in the markets in which the Company operates could have material
impacts on its liquidity and/or operations including causing
potential impairment of assets and of its financial results.

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

                      https://is.gd/h3p8Ji

                        About Urban One

Urban One, Inc. (urban1.com), together with its subsidiaries, is a
diversified media company that primarily targets Black Americans
and urban consumers in the United States.  The Company owns TV One,
LLC (tvone.tv), a television network serving more than 59 million
households, offering a broad range of original programming, classic
series and movies designed to entertain, inform and inspire a
diverse audience of adult Black viewers.  As of June 2020, Urban
One currently owns and/or operates 61 broadcast stations (including
all HD stations, translator stations and the low power television
stations it operates) branded under the tradename "Radio One" in 14
urban markets in the United States.  Through its controlling
interest in Reach Media, Inc. (blackamericaweb.com), the Company
also operates syndicated programming including the Rickey Smiley
Morning Show, the Russ Parr Morning Show and the DL Hughley Show.
In addition to its radio and television broadcast assets, Urban One
owns iOne Digital (ionedigital.com), its wholly owned digital
platform serving the African-American community through social
content, news, information, and entertainment websites, including
its Cassius, Bossip, HipHopWired and MadameNoire digital platforms
and brands.  The Company also has invested in a minority ownership
interest in MGM National Harbor, a gaming resort located in Prince
George's County, Maryland.

                          *    *    *

As reported by the TCR on April 22, 2020, S&P Global Ratings
lowered its issuer credit rating on Urban One Inc. to 'CCC' from
'B-'.  The outlook is negative.  "The negative outlook reflects our
view that Urban One could breach its covenants in 2020 as economic
weakness from the COVID-19 outbreak reduces advertising revenue and
elevates leverage.  The negative outlook also reflects refinancing
risk associated with the company's senior secured notes due April
2022 and the springing maturity of its senior secured term loan in
January 2022.  If the company does not refinance these maturities
over the next year, it might be unable to obtain a clean auditor's
opinion when filing its 10-K in March 2021," S&P said.


USA DRILLING: $116K Sale of Cumberland Property to Casey Approved
-----------------------------------------------------------------
Judge Joan A. Lloyd of the U.S. Bankruptcy Court for the Western
District of Kentucky authorized U.S.A. Drilling Co., Inc.'s private
sale of two parcels of land in Cumberland County, being a portion
of the property described in deed dated Jan. 8, 2008, of record in
Deed Book 133, Page 284 in the office of the Cumberland County
Court Clerk, to Casey Creek, LLC for $116,000.

All usual and customary costs and expenses associated with the
sale, such as real estate taxes, title examination, closing costs,
deed tax, and recording fees will be paid from the proceeds of the
sale.

All lienholders on the property will be paid in their proper order
of priority.

The Debtor will retain $975 from the sales proceeds to be held for
quarterly fee obligations due and owing to the United States
Trustee and will immediately pay said sum to the United States
Trustee.   

The sale is free and clear of all liens and claims pursuant to 11
U.S.C. Section 363 and that after the closing of the sale and
recordation of the Order, the Order will operate to release all
known and unknown liens on the subject property only, including the
mortgage to Peoples Bank & Trust of record in Mortgage Book X-3,
Page 222 and Mortgage Book S-5, Page 286 in the office of the
Cumberland County Court Clerk.  

A certified copy of the electronic order of the Court will be filed
of record by the Cumberland County Court Clerk's Office, and that
the Cumberland County Court Clerk's Office will partially release
the property only from the liens listed upon the recording of the
Order, and upon the recording of the Deed of Conveyance from the
Debtor to the Purchasers.  

The Order is a final and appealable Order and there is no just
cause for delay.

                  About U.S.A. Drilling Company
  
U.S.A. Drilling Company, Inc., sought protection under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Ky. Case No. 19-10825) on Aug.
8, 2019.  At the time of the filing, U.S.A. Drilling was estimated
to have assets of less than $50,000 and liabilities of less than
$500,000.  The case has been assigned to Judge Joan A. Lloyd.
U.S.A. Drilling is represented by Robert C. Chaudoin, Esq., at
Harlin Parker.


VBI VACCINES: Incurs $9.5 Million Net Loss in Second Quarter
------------------------------------------------------------
VBI Vaccines Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q, reporting a net loss of $9.51
million on $184,000 of revenues for the three months ended June 30,
2020, compared to a net loss of $13.17 million on $640,000 of
revenues for the three months ended June 30, 2019.

For the six months ended June 30, 2020, the Company reported a net
loss of $17.87 million on $599,000 of revenues compared to a net
loss of $27.77 million on $1 million of revenues for the same
period in 2019.

As of June 30, 2020, the Company had $161.18 million in total
assets, $15.18 million in total current liabilities, $19.39 million
in total non-current liabilities, and $126.61 million in total
stockholders' equity.

The Company faces a number of risks, including but not limited to,
uncertainties regarding the success of the development and
commercialization of its products, demand and market acceptance of
the Company's products, and reliance on major customers.  The
Company anticipates that it will continue to incur significant
operating costs and losses in connection with the development of
its products.

The Company had an accumulated deficit of $280,259,000 as of June
30, 2020 and cash outflows from operating activities of $15,455,000
for the six months ended June 30, 2020.

VBI Vaccines stated, "The Company will require significant
additional funds to conduct clinical and non-clinical trials,
achieve regulatory approvals, and, subject to such approvals,
commercially launch its products.  The Company plans to finance
near term future operations with existing cash and cash equivalents
reserves.  Additional financing may be obtained from the issuance
of equity securities, the issuance of additional debt, structured
asset financings, government grants or other subsidies, and/or
revenues from potential business development transactions, if any.
There is no assurance the Company will manage to obtain these
sources of financing, if required.  The above conditions raise
substantial doubt about the Company's ability to continue as a
going concern."

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

                      https://is.gd/N8k6G1

                     About VBI Vaccines Inc.

VBI Vaccines Inc. (Nasdaq: VBIV) -- http://www.vbivaccines.com--
is a commercial-stage biopharmaceutical company developing a next
generation of vaccines to address unmet needs in infectious disease
and immuno-oncology.  VBI is advancing the prevention and treatment
of hepatitis B, with the only trivalent hepatitis B vaccine,
Sci-B-Vac, which is approved for use and commercially available in
Israel, and recently completed its Phase 3 program in the U.S.,
Europe, and Canada, and with an immunotherapeutic in development
for a functional cure for chronic hepatitis B. VBI's enveloped
virus-like particle (eVLP) platform technology enables development
of eVLPs that closely mimic the target virus to elicit a potent
immune response.  VBI's lead eVLP programs include a vaccine
immunotherapeutic candidate targeting glioblastoma (GBM) and a
prophylactic CMV vaccine candidate.  VBI is headquartered in
Cambridge, MA, with research operations in Ottawa, Canada, and
research and manufacturing facilities in Rehovot, Israel.

VBI Vaccines reported a net loss of $54.81 million for the year
ended Dec. 31, 2019, compared to a net loss of $63.60 million for
the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$122.20 million in total assets, $29.76 million in total current
liabilities, $4.19 million in total non-current liabilities, and
$88.25 million in total stockholders' equity.

EisnerAmper LLP, in Iselin, New Jersey, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
March 5, 2020 citing that the Company has incurred, and it
anticipates it will continue to incur, significant losses and
generate negative operating cash flows and as such will require
significant additional funds to continue its development activities
to ultimately achieve commercial launch of its products.  These
factors raise substantial doubt about its ability to continue as a
going concern.


WASHINGTON PLACE: S&P Lowers 2015A Revenue Bond Rating to 'BB+'
---------------------------------------------------------------
S&P Global Ratings lowered its long-term rating to 'BB+' from 'BBB'
on Hobbs, N.M.'s series 2015A multifamily housing revenue bonds,
issued for Washington Place Partners LLLP's Washington Place
Apartments project. The outlook is stable.

The rating action reflects implementation of S&P's "Methodology For
Rating U.S. Public Finance Rental Housing Bonds," published on
April 15, 2020.

"The rating reflects our view of the project's very weak coverage
and liquidity assessment, adequate/weak management and governance
assessment, and adequate market position," said S&P Global Ratings
credit analyst Jose Cruz.

The stable outlook reflects S&P's view that project revenues and
expenses will remain stable and in line with current levels,
resulting in debt service coverage commensurate with the current
rating. Additionally, the outlook reflects S&P's expectation that
the property will maintain its Housing Assistance Payments
contract, which in S&P's view is essential to the financial
viability of the project. Finally, the stable outlook incorporates
the rating agency's expectation that property management will
continue to be diligent in running and maintaining the project,
avoiding deferred maintenance and asset deterioration."

As of Dec. 31, 2019, $5.16 million of the series 2015A bonds is
outstanding.


WESTERN GLOBAL AIRLINES: S&P Assigns 'B' ICR; Outlook Stable
------------------------------------------------------------
S&P Global Ratings assigned a 'B' issuer credit rating to Western
Global Airlines. At the same time, S&P assigned a 'B-' issue-level
rating and '5' recovery rating (10%-30%; rounded estimate: 10%) to
the proposed $420 million senior unsecured notes due 2025.

WGA's relatively small size makes it vulnerable to volatility in
pricing and volumes in the competitive air cargo services industry.
  As of June 30, 2020, WGA operated an active fleet of 14 freighter
aircraft (consisting of 12 MD-11s and 2 747-400s) for its customers
under aircraft, crew, maintenance, and insurance (ACMI) and charter
contracts. The company is a relatively small operator in the air
cargo services industry, competing against much larger participants
including Air Transport Services Group (BB/Stable/--], with an
owned fleet of 91 aircraft as of March 31, 2020) as well as unrated
companies such as Atlas Air Worldwide (65 aircraft as of March 31,
2020). S&P's view the air cargo industry as very competitive, and
believe WGA's small scale of operations makes it especially
vulnerable to pricing pressures and volume declines during periods
of sustained market weakness.

S&P's stable outlook indicates its expectation of strong
performance over the next 12 months based on currently favorable
market conditions for air freight service providers, driven by
strong demand for e-commerce and lower belly capacity on passenger
airlines. The rating agency forecasts FFO to debt in the low-30%
area in 2020 due to strong utilization and pricing, declining
somewhat to the mid-20% area in 2021.

"We could lower our ratings on WGA over the next 12 months if
aircraft utilization and pricing deteriorates significantly, or if
the company has difficulties in retaining or growing business,
causing FFO to debt to decline to around 20% or below on a
sustained basis," S&P said.

"Although unlikely, we could raise our ratings on WGA over the next
12 months if demand for cargo aircraft increases beyond our current
expectations causing FFO to debt to increase at least to the
low-30% area on a sustained basis. In addition to improved credit
metrics, we would also expect to see increased diversification in
the company's customer base," the rating agency said.


WINDSTREAM HOLDINGS: Expects to Complete Restructuring in August
----------------------------------------------------------------
Windstream Holdings, Inc., a leading provider of advanced network
communications and technology solutions, announced that the U.S.
Bankruptcy Court for the Southern District of New York has
confirmed the Company’s Plan of Reorganization.  The Company
expects to complete its financial restructuring process and emerge
from Chapter 11 bankruptcy protection as a privately held company
in late August.

Upon emergence, the Company will reduce its debt by more than $4
billion or approximately two-thirds and have access to
approximately $2 billion in new capital to expand 1 Gig Internet
service in rural America and maintain its product and software
leadership in SD-WAN and UCaaS for enterprise customers. This
deleveraging and new financing will allow Windstream to re-focus
its allocation of resources on growing the business and better
positioning the Company for the long term.

"We were able to reach this important milestone thanks to the
support of our financial stakeholders, as well as our customers,
vendors and business partners. The Court's confirmation of our Plan
puts us on a definitive path to emerge from restructuring with a
stronger balance sheet and healthy liquidity position to continue
making network and software investments for the benefit of our
customers," said Tony Thomas, president and chief executive
officer.  "I want to thank the entire Windstream team for remaining
focused on our customers and for tirelessly providing essential
communications services during the reorganization process."

Mr. Thomas continued, "We look forward to beginning this new
chapter for Windstream. When we emerge, our lenders will become our
new owners and strategic partners and are aligned with our
long-term strategy and mission to deliver quality and reliable
services. As a private company, Windstream will have increased
flexibility to invest in our network, accelerate our transformation
and return to growth. Together, we will emerge from this process as
a stronger company able to successfully compete in the
communications marketplace."

                   About Windstream Holdings

Windstream Holdings, Inc., and its subsidiaries provide advanced
network communications and technology solutions for businesses
across the United States.  They also offer broadband, entertainment
and security solutions to consumers and small businesses primarily
in rural areas in 18 states.

Windstream Holding Inc. and its subsidiaries filed for bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 19-22312) on Feb. 25,
2019.

The Debtors had total assets of $13,126,435,000 and total debt of
$11,199,070,000 as of Jan. 31, 2019.

The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as counsel; PJT Partners LP as financial advisor
and investment banker; Alvarez & Marsal North America LLC as
restructuring advisor; and Kurtzman Carson Consultants as notice
and claims agent.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on March 12, 2019.  The committee tapped
Morrison & Foerster LLP as its legal counsel, AlixPartners, LLP, as
its financial advisor, and Perella Weinberg Partners LP as
investment banker.


[*] 10 Commandments for Commercial Tenants/Landlords in Bankruptcy
------------------------------------------------------------------
David Samole wrote an article at Law.Com titled "The Ten
Commandments of Landlords and Commercial Tenants in Bankruptcy.":

In these transitory economic moments when unexpected events shock
our system, we crave comfort, certainty and more efficient
markets.

The year 2020 needs to be done. It is the middle of the year, and
it seems like we are in the middle of the 10 plagues.  Coronavirus,
murder Hornets, Kobe Bryant's death, record-breaking unemployment,
social isolation, civil unrest and global economic recession.
Yuck.

Discretionary consumer spending is limited due to social distancing
measures, especially at brick-and-mortar premises like retailers in
shopping malls. In these transitory economic moments when
unexpected events shock our system, we crave comfort, certainty and
more efficient markets. Many companies are streamlining their
physical footprint on account of widespread telecommuting policies
and economic incentives. During this pandemic period, commercial
rents have come under siege with landlords and property owners
struggling to carry their debt service.

These factors have produced an active Chapter 11 bankruptcy season
during this period, and it appears we are just getting started.
Bankruptcy courts have been dealing with these matters under the
dire financial distress and exigencies that have arisen during this
pandemic. Since we are enduring the 2020 version of the 10 plagues,
below is a top 10 Q & A list that can be couched as the "Ten
Commandments of Commercial Landlords and Tenants" in bankruptcy.

* What can happen to a lease in a tenant’s bankruptcy filing?

Commercial tenants have three options with unexpired leases in
bankruptcy: assume the lease and continue performing all
obligations, assume and assign the lease to a third party who takes
over the lease, or reject the lease, surrender the premises and
terminate performance. This decision can happen over a landlord's
objection.
Tenants have an initial 120-day period to assume commercial real
estate leases. Tenants may request one 90-day extension—which
usually is granted over objection if post-petition rent is current.
A court cannot extend this 210-day period without the landlord's
written consent. No bankruptcy cases during this pandemic period
have extended this period without landlord consent, and it is not
likely that a court can do so under the current version of the
Bankruptcy Code—even under the duress of this pandemic.

* Does the "automatic stay" of the Bankruptcy Code apply to
landlords?

Landlords need relief from the automatic stay to enforce its lease
rights including eviction, termination or foreclosure. To bypass
potential bankruptcy issues, landlords should conclude evictions or
lease terminations AND re-take the premises PRIOR to the bankruptcy
filing.

* Do commercial tenants have to pay rent while in bankruptcy?

Tenants have to "pay to stay." The Bankruptcy Code requires tenants
to keep current with lease payments and do so within the first 60
days of the case. Claims for unpaid rent during the bankruptcy
receive a higher priority "administrative expense" status. This
only relates to rent during the bankruptcy, not rent that was owed
prior to the bankruptcy, which remains a general unsecured claim
and does not have to be paid until the lease is assumed.

During the pandemic, courts have been faced with mothballed
businesses and force majeure clauses. Some courts have extended the
60-day period based on adequate protection of such administrative
expense obligations being paid going forward in the form of
bankruptcy "DIP" financing, budget line items in approved cash-flow
budgets, and other indicia of likely payment under applicable facts
and circumstances.

* If a lease is rejected, what are the landlord's "rejection"
damages?

"Rejection damage" claims are prepetition rent owed plus rent due
under the remaining lease term. The Bankruptcy Code caps the
landlord's remaining rent claim at the greater of one year's rent,
or 15% of the rent due under the lease, not to exceed three years'
rent.

In retail cases, there have been "going-out-of-business" (GOB)
sales. Lease terms prohibiting GOB sales are not enforced in
bankruptcy, as necessity and creditor fairness prevail. Landlords
can address duration of GOB sales, hours of operation, mall
regulations, and signage/advertising.

* What are the landlord's rights when the lease is assumed?

Tenants must provide for "prompt cure" of monetary and non-monetary
defaults, and "adequate assurance" that the tenant will perform
under the lease. "Prompt" is not defined under the Code—case
specific. Rule of thumb is to compare the cure period with the
remaining lease term. Merely staying current with postpetition
obligations does not establish adequate assurance of future
performance. The tenant's exit financing and tested financial
projections are included as evidence of assurance of future
performance.

* "Assumption" can be better than "critical vendor" status.

Assumption provides a defense against preferential transfer
lawsuits (i.e., those claw-back lawsuits seeking to avoid and
recover payments made within 90 days prior to a bankruptcy case).
This protection usually is not stated in orders approving lease
assumptions, but this is a growing consensus. Critical
vendors/essential suppliers generally do not receive protection
against preferential transfer lawsuits.

* What are the landlord's rights when the lease is assumed and
assigned to a third party?

Anti-assignment clauses in leases are not enforceable in
bankruptcy. The debtor-tenant must demonstrate the new tenant's
ability to cure defaults under the lease and make future payments.
The new tenant shows it is financially viable via a mix of
historical financials, current liquidity, and going-forward
projections; and sufficient experience in the particular industry
if specialized business being taken over in the space, e.g., a
restaurant. Shopping center leases have additional requirements to
satisfy "adequate assurance of future performance" including, but
not limited to, tenant mix, radius, use, and exclusivity conditions
to consider (some centers cannot have competing big box stores,
like Target and Wal-Mart).

* Can landlords recover attorney fees in bankruptcy?

Landlords may recover attorneys' fees in the tenant's bankruptcy if
the lease provides for attorneys' fees in connection with rent
collection and the landlord "prevails" in the proceedings.
"Prevailing" in a bankruptcy proceeding is considered when
protecting or enforcing the landlord's rights under the lease, not
matters where the landlord challenges the debtor-tenant's rights
generally under the Bankruptcy Code. Attorney fees must be
reasonable including the amount in dispute relative to fees
requested, the debtor-tenant's good faith efforts to resolve the
dispute and compliance with the Bankruptcy Code.

* How can commercial landlords better protect themselves?

Three modes of protection are: letters of credit; personal guaranty
and security deposits.

Letters of credit (LOC) involve banks agreeing to irrevocably cover
obligations of its customer to a third party, allowing a landlord
to draw on the proceeds of the LOC should the tenant default under
the lease. LOCs generally are not considered property of the
tenant's bankruptcy estate. Notably, caselaw appears split whether
a landlord's lost profits damage claim for remaining lease term is
capped or not under the Bankruptcy Code when using a LOC. LOCs are
NOT subject to claw-back lawsuits, except if the LOC is set up
during the 90-day preference period or collateral is added within
that period.

Landlords may pursue a personal guaranty, provided the lease
guarantor is not in bankruptcy. If the guarantor also is in
bankruptcy, the rejection damage cap will apply. The guarantor
could receive a co-debtor stay without even filing bankruptcy on
its own, but that is the subject of additional litigation.

Security deposits are industry standard, but they are considered
property of the bankruptcy estate. Landlords sometimes are
permitted to set-off their claim against the security deposit,
which enables some landlord recovery ahead of unsecured creditors;
and reduces the deposit amount to be returned. Landlords get
comfort orders from the court prior to applying security deposits
even when negotiated with the debtor-tenant.

* What happens to tenants when the landlord is the Chapter 11
debtor?

The debtor-landlord can reject a lease and no longer perform any of
its duties, but it cannot use bankruptcy to evict a tenant that
prefers to stay in possession. The tenant may elect to remain in
the premises for the remaining lease term, which tenant must pay
the rent required under the lease but it can offset any damages
caused by the landlord’s nonperformance.

When the debtor-landlord seeks to sell property free and clear of
such leasehold interests, there is a caselaw split whether a
tenant's leasehold interest is extinguished. However, those cases
holding that a tenancy may be extinguished upon sale of property
generally include adequate protection and buy-out treatment of the
tenant. Note: landlords should include some type of valuation of
the leasehold interest in the lease documents, as valuation
hearings are entirely uncertain.

Conclusion

We are all undergoing a changing landscape re-entering commerce and
the workplace during this pandemic period. Flexibility and
maneuverability in the marketplace are essential across industries,
including the commercial real estate sector.  The rules of
engagement are complicated during financial distress, but hopefully
better understanding some of these concepts and discussion points
can assist commercial landlords and tenants encountering these
issues during these uncertain times.


[*] Appeals Court Says Bankrupt Hospitals Not Eligible for PPP Loan
-------------------------------------------------------------------
Morgan Haefner, writing for Bekers Hospital Review, reports that
bankrupt hospitals aren't eligible for Paycheck Protection Program
loans under the Coronavirus Aid, Relief and Economic Security Act,
a U.S. appeals court ruled June 22, 2020.

Under the CARES Act, Congress allocated $659 billion in loans for
small businesses through the PPP. The program is implemented under
the Small Business Act, which has said bankrupt applicants aren't
eligible for PPP loans.

The ruling stems from an allegation made by Hidalgo County
Emergency Service Foundation, a hospital in Edinburg, Texas, that
it was denied a PPP loan because it is in Chapter 11 bankruptcy.
According to the Court of Appeals for the Fifth Circuit, the
hospital contended that the SBA's decision to preclude bankrupt
parties from getting PPP loans violates law that prohibits
discrimination based on bankruptcy status.


While a bankruptcy court sided with Hidalgo and issued a
preliminary injunction that required the SBA to handle Hidalgo's
PPP application, a district court stayed the preliminary injunction
and certified the case for direct appeal to the Fifth Circuit,
which ultimately vacated the preliminary injunction.  

"The issue at hand is not the validity or wisdom of the PPP
regulations and related statutes, but the ability of a court to
enjoin the [SBA] administrator, whether in regard to the PPP or any
other circumstance. Because, under well-established Fifth Circuit
law, the bankruptcy court exceeded its authority when it issued an
injunction against the SBA Administrator, we vacate its preliminary
injunction."


[*] Can a Bankrupt Business Get PPP Loan?
-----------------------------------------
William Hallam of Rosenberg Martin Greenberg LLP wrote an article
on JD Supra titled "My Business Is In Bankruptcy: Can It Get a PPP
Loan Or Not?"


In response to the COVID-19 pandemic, Congress enacted a Paycheck
Protection Program ("PPP") under which businesses adversely
impacted by the pandemic may obtain loans from the Small Business
Administration ("SBA") and use the proceeds to pay payroll and
certain other operating expenses. If the businesses use the loan
proceeds for approved purposes and satisfy certain other criteria
for retaining employees, the loans are forgiven. If the loans are
not forgiven, they must be repaid, albeit at a favorable interest
rate.

Businesses so adversely affected by COVID-19 that they have
resorted to filing for bankruptcy, however, have been shut out of
the PPP. Regulations adopted by the SBA provide that,  "[i]f [an]
applicant . . . is the debtor in a bankruptcy proceeding, . . .
th[at] applicant is ineligible to receive a PPP loan." Throughout
the country, businesses in bankruptcy have sued the SBA in
bankruptcy court seeking to compel the SBA to make PPP loans to
them.  The suits are based on the theory that the SBA regulation
violates Section 525 of the Bankruptcy Code. That section provides
that "a governmental unit may not deny, revoke, suspend, or refuse
to renew a license, permit, charter, franchise, or other similar
grant to, condition such a grant to, discriminate with respect to
such a grant against, deny employment to, terminate the employment
of, or discriminate with respect to employment against, a person
that is or has been a debtor under this title… solely because
such bankrupt or debtor is or has been a debtor under this title."

The SBA has defended such suits on two theories. First, the SBA has
argued that bankruptcy courts lack jurisdiction to order it to make
PPP loans because of the provisions of 15 U.S.C. § 634(b)(1). That
section provides that "no…injunction…shall be issued against
the [SBA] Administrator or his property." Second, the SBA has
argued that PPP loans are not necessarily "grants" and are not
being denied to businesses in bankruptcy "solely" because they are
in bankruptcy, but because the SBA will not be able to collect the
loans if the borrowers do not satisfy the requirements for
forgiveness of the loans.

Results at the bankruptcy court level have been mixed. Some
bankruptcy courts have held that 15 U.S.C. § 634(b)(1) only
prohibits injunctions against the SBA if the SBA is following
properly adopted regulations and that a regulation that violates
Bankruptcy Code Section 525 is not properly adopted. Others have
accepted one or both of the SBA’s arguments.

On June 22, the United States Court of Appeals for the Fifth
Circuit became the first U.S. Court of Appeals to address the
issue. In a three page opinion in Hidalgo County Emergency Service
Foundation v. SBA, the Fifth Circuit reversed an injunction entered
by a Texas bankruptcy court directing the SBA to make a PPP loan to
a debtor on the grounds that "well established Fifth Circuit law"
made it clear that courts do not have jurisdiction to enjoin the
SBA. Because of that well-established law, the Court said, "The
issue at hand is not the validity or wisdom of the PPP regulations
and related statutes." Whether the regulations violated the
Bankruptcy Code or not, the bankruptcy court had no power to do
anything about it.

Although one might question the proposition the one federal statute
can bar a suit to prevent violation of another federal statute when
there is no indication that Congress intended to either one to be
more important that the other, the Fifth Circuit's opinion
regarding the effect of 15 U.S.C. Sec. 634(b)(1) on the power of a
court to enjoin the SBA is consistent with decisions of other
Circuit Courts of Appeal outside of the PPP loan context.  The
Fifth Circuit's decision in Hidalgo County Emergency Service
Foundation will most likely put an end to the controversy as to
whether the SBA can deny PPP loans to borrowers in bankruptcy.


[*] Can a Debtor Opt for Salvation Over Creditors?
--------------------------------------------------
Lance Martin of Ward and Smith, P.A. wrote an article on JD Supra
titled "Can a Debtor Choose Salvation Over Creditors?"

In a Chapter 13 bankruptcy, debtors propose a plan to re-pay all or
a portion of their debts.

The amount to be repaid depends on how much the debtors earn, the
amount and types of debt owed, and how much property they own. As a
general rule, debtors must use all monthly disposable income to
re-pay their debts. To calculate disposable income, the Bankruptcy
Code allows deductions for expenses reasonably necessary for the
debtor's maintenance and support. It also excludes charitable
contributions up to 15%.

In In re Wade, a recent case from the Eastern District of North
Carolina, the debtors wanted to deduct $756 per month from their
disposable income to tithe to their Church. The Bankruptcy Court
rejected the plan, admonishing the debtors they "should not be
permitted to pursue their salvation on the backs of their unsecured
creditors."

Mr. and Mrs. Wade filed Chapter 13 after Mr. Wade accumulated debts
from a failed florist shop. Mr. Wade also worked part-time as the
music director of a Church the couple attended. After they filed
bankruptcy, the Wades began tithing to the Church. Mr. Wade told
the Court that regular tithing was a new practice for the couple.
They had contributed nothing to the Church for two or three years
(because they could not afford it). He also testified that it had
been almost 10 years since they tithed ten percent of their income.
The Wades told the Bankruptcy Court they believed their failure to
tithe in the past constituted religious disobedience and
contributed to their financial misfortune.

The Wades' plan estimated monthly disposable income of $2,000, from
which they wanted to deduct $756 for tithing. If they made all
their plan payments, unsecured creditors would be repaid 39 percent
of their obligations, but over $100,000 of unsecured debt would
remain unpaid.

The Bankruptcy Code excludes charitable contributions up to 15%
from disposable income. But a bankruptcy plan must be proposed in
good faith and the court must consider all circumstances before
confirming a plan – including whether a debtor has "found
religion" after filing bankruptcy at the expense of creditors.

The Bankruptcy Court concluded that the Wades' plan was filed in
bad faith – no pun intended. The Court accepted the sincerity of
the Debtors' belief they should tithe, but it could not overlook
that they had a long history of choosing not to contribute to the
Church to pay for other expenses or endeavors that led to
bankruptcy. The $756 was excessive under the circumstances. The
Court denied the plan and invited the debtors to file an amended
plan with larger payments to their creditors.

Creditors faced with this scenario should remember that although
the Bankruptcy Code provides some debtor protections for charitable
and religious contributions, it is not automatic. In confirming or
denying a plan, the court will consider other factors like the
debtor's history of charitable giving and the amount of proposed
giving relative to the amount re-paid to creditors. The "fresh
start" promised in bankruptcy is not an invitation for debtors to
become major religious benefactors at the expense of their
creditors.






[*] Companies Gave CEOs Millions Prior to Bankruptcy Filing
-----------------------------------------------------------
Peter Eavis, writing for The New York Times, reports that corporate
boards are handing out millions to top executives before their
companies seek bankruptcy protection, and courts can’t do much
about it.

The coronavirus recession is pushing many companies into
bankruptcy, a painful process that has led to layoffs, wiped out
some investors and hurt the economy.

But the chief executives of some of these businesses are doing just
fine.

Companies that are struggling to pay creditors and suppliers are
managing to find millions of dollars to pay bonuses to their
bosses. The payments, which are made just before a bankruptcy
filing, appear to be legal and have been made by several
companies.

J.C. Penney, which is closing 154 stores, paid its chief executive,
Jill Soltau, $4.5 million.  The chief executive of Whiting
Petroleum, which sought bankruptcy protection in April, received
$6.4 million, and Chesapeake Energy is paying bonuses ahead of an
expected bankruptcy filing.  Executives at Hertz also got payments
before the rental-car giant sought bankruptcy protection.

Companies have said the payments are meant to help them retain
qualified executives through the recession and bankruptcy.

But critics counter that the money would be better spent on
rank-and-file employees.  "It makes me angry because they are not
taking care of the people who are actually making the money," said
Liz Marin, who worked at Toys R Us when it filed for bankruptcy and
is now an organizer in training at United for Respect, a nonprofit
organization that seeks to help retail workers. Toys R Us paid
bonuses to executives before its bankruptcy.

Hold on, why are these CEOs still employed?

Chief executives who lead companies into bankruptcy are at risk of
losing their jobs. Geisha Williams left the Pacific Gas & Electric
Co., the giant California utility, in January 2019, just before the
company filed for bankruptcy protection, for example.

But other corporate boards, which hire the chief executive and set
compensation for senior officers, seem to be showing more grace
toward the boss. In many cases, the executives could do little to
prevent the crushing fall off in business that occurred when the
pandemic and lockdowns stopped people going into stores, eating out
and taking trips. The drop in the oil price earlier this year was
unusually large, walloping many energy companies, though some, like
Chesapeake, were already burdened with large debts.

Can’' a bankruptcy judge prevent companies from handing out big
bonuses?

Certain outlays that a company makes just before bankruptcy — for
instance, payments to suppliers — are at risk of being clawed
back. But the bonus payments typically don't fall into that
category, legal scholars say.

Typically, a company in bankruptcy court has to get a judge’s
approval before doing just about anything of importance, especially
spending millions of dollars. If a chief executive gets a new
compensation package during bankruptcy, a judge would have to
decide whether the compensation is justified after hearing from
creditors, shareholders and other groups. But this can be a drawn
out and expensive process — a big reason companies pay bonuses
before bankruptcy.

Why are the CEOs getting cash?

In normal times, a large portion of executive compensation is paid
out in stock-based awards that top officers earn over time. But the
stock of a bankrupt company is most likely going to be wiped out or
be worth little once a company resolves its bankruptcy or, in
extreme cases, sells off its assets and goes out of business.

As a result, boards have quickly changed how top officers get paid,
giving them cash bonuses instead of stock-based awards. But paying
cash upfront can be a windfall for chief executives at a time when
the livelihood of employees are under threat.

"The companies are creating certainty for their CEOs at a time of
the greatest uncertainty for the employee base and the company in
general," said Brett Miller, head of data solutions for the
responsible-investment arm of Institutional Shareholder Services,
which advises investors on corporate governance issues.

How big are these bonuses compared to what executives earned
before?

Some companies point out that their cash bonuses are smaller than
the incentive-linked compensation previously awarded to executives.
Chesapeake said in a filing that its chief executive, Robert D.
Lawler, was eligible for a cash bonus 34% smaller than the $13.5
million at which his 2019 variable compensation was valued. Soltau
of J.C. Penney got a $4.5 million cash bonus before the retailer
declared bankruptcy, much lower than the $8.2 million at which her
2019 incentive-based awards were initially valued.

But some stock awards had slumped in value, as share prices of
troubled companies plummeted, even before the pandemic took hold.
Put another way, the cash bonuses may have enabled the executives
to recover pay that they had most likely already lost, possibly for
good.

Some companies don't even try to argue that executive pay was cut.
At $6.4 million, the cash bonus paid to Whiting Petroleum's chief
executive, Bradley J. Holly, is larger than the $5.5 million at
which the company valued his total compensation for 2019.

And of course the bonuses are far higher than what regular
employees earn. Soltau's was many times the $11,482 the retailer's
median employee, a part-time worker, earned during J.C. Penney's
2019 fiscal year, according to a securities filing.

Are troubled companies linking bonuses to goals in any way?

The cash bonuses have also led to the concealing, loosening and
removal of the tools companies normally use to tie pay to
performance, which many critics contend were already too weak.
Companies still operate when seeking protection under Chapter 11 of
the bankruptcy code. And, in theory, boards could require chief
executives to hit sales targets or achieve other goals.

And in some cases, a few strings remain. Soltau has to repay a
fifth of her cash bonus if she fails to achieve certain performance
goals, and Lawler has to repay half of his. But J.C. Penney and
Chesapeake did not disclose the goals in their securities filings
and declined to answer questions about them.

Hertz and Whiting, the oil and gas company, did not tie cash
bonuses to performance goals at all. Whiting and Holly didn't
respond to requests from comment, but the company said in a
securities filing that the new bonuses "eliminate any potential
misalignment of interests that would likely arise if existing
performance metrics were retained and/or new performance metrics
were established at a volatile and uncertain time."

Could lawmakers do anything about these bonuses?

This is not the first time that executive pay at troubled companies
has prompted an outcry. Congress passed a law in 2005 aimed at
curbing retention bonuses paid during bankruptcy. Under the law,
companies are allowed to pay incentive-based bonuses, but the legal
cost of constructing such payments and getting them approved in
bankruptcy court soared after 2005, according to research by Jared
Ellias, a professor at the University of California's Hastings
College of the Law.

Of course, Congress could change bankruptcy law so that
compensation payments made before the filing could be clawed back,
Ellias said. In addition, lawmakers could make it easier for
creditors to pursue claims against executives after the bankruptcy.
"This doesn't feel right," he said of the recent large bonuses,
"and it doesn't instill public confidence in the bankruptcy
system."




[*] Confusion in Bankr. Courts on PPP Loans’ Debtor Eligibility
-----------------------------------------------------------------
Brendan Best and Olayinka Ope of Varnum LLP wrote an article on JD
Supra titled "Confusion in Bankruptcy Courts Regarding Debtor
Eligibility for PPP Loans."

The Small Business Administration's (SBA) rules and regulations
concerning the eligibility of businesses for Paycheck Protection
Program (PPP) loans when the business is involved in bankruptcy
have recently been a source of substantial uncertainty, with the
nationwide split of authority in bankruptcy courts.  While these
cases deal with a very small minority of PPP recipients and are a
relative novelty in that regard, these decisions could foretell
future issues for companies who have received PPP loans but are
later forced to file Chapter 11, specifically regarding their
eligibility for loan forgiveness.

The SBA is enabled with emergency rulemaking authority to adopt
rules and regulations to manage application and qualifications for
PPP loans under the CARES Act. Pursuant to this authority, the SBA
publishes Interim Final Rules (IFR).  The SBA's April 28, 2020 IFR
expressly disqualified applicants who are debtors in a bankruptcy
proceeding at any time between the date of application and when the
loan is disbursed.[1] Several companies in bankruptcy proceedings,
whose loans have been denied, have challenged the SBA's rulemaking
authority in this regard, leading to a nationwide split on this
issue in bankruptcy courts.

Specifically, these courts have rendered opinions to decide whether
the SBA can impose a policy disqualifying a business in bankruptcy
proceedings from participating in the PPP and whether the SBA
violates other laws for doing so.[2] More than a dozen cases have
been decided in the last two months, with the recent decisions
highlighting the confusion that bankruptcy courts face in
discerning the intent of Congress and the purpose of the CARES
Act.

In decisions amounting to a majority of court decisions to date,
bankruptcy courts have ruled in favor of the debtor on the merits
or a request for injunctive relief.[3]  One decision in favor of
the debtor, with detailed analysis, has been rendered in the In re
Gateway Radiology Consultants, P.A. bankruptcy case.  In that case,
the bankruptcy court concluded that excluding Chapter 11 debtors
conflicts with the intent of Congress and the purpose of the CARES
Act.  The bankruptcy court determined that collectability was not a
criterion for a qualification which Congress intended to focus on
and rejected the SBA's argument that debtors had a higher risk of
misusing PPP funds for non-covered expenses.[4]

On the other hand, in a minority stance are bankruptcy courts that
have found that the IFR is not in violation of the CARES Act, and
that the SBA has not exceeded its statutory authority under the
APA. Some of these courts point to the extreme urgency with which
the CARES Act was enacted, which they say necessitated clarifying
rulemaking, as well as the historical broad authority granted by
Congress to the SBA which allows for such rulemaking in areas where
the CARES Act is silent.[5]

Given the large number of PPP recipients and the potential for a
dramatic increase in the number of companies forced to file for
bankruptcy protection in the near future, the ultimate resolution
of this issue may have significant implications for the future.
Varnum will continue to follow the current case split, as well as
their possible implications for other debtors that may have
received a PPP loan pre-filing and will seek to have the loans
forgiven as part of the Chapter 11 process.

[1] See Interim Final Rule, 13 C.F.R. Parts 120-21, Business Loan
Program Temporary Changes; Paycheck Protection Program –
Requirements – Promissory Notes, Authorizations, Affiliation, and
Eligibility (RIN 3245-AH37), at p. 8-9.

[2] The laws invoked are under the Administrative Procedures Act
(the "APA") 5 U.S.C. Sec. 706(2)(C), APA 5 U.S.C. Sec. 706(2)(A),
and under the Bankruptcy Code's antidiscrimination provision, 11
U.S.C. Sec. 525.

[3] In re Skefos, No. 19-29718-L, 2020 WL 2893413 (Bankr. W.D.
Tenn. June 2, 2020) (order granting the Debtor's motion for PI); In
re Gateway Radiology Consultants, P.A., No. 8:19-BK-04971-MGW, 2020
WL 3048197 (Bankr. M.D. Fla. June 8, 2020) (enjoining the SBA from
disqualifying the Debtor and finding that the decision-making of
the SBA was not reasoned); Diocese of Rochester v U.S. Small Bus.
Admin., No. 6:20-CV-06243 EAW, 2020 WL 3071603 (W.D.N.Y. June 10,
2020).

[4] In re Gateway Radiology Consultants, P.A., No.
8:19-BK-04971-MGW, 2020 WL 3048197, at *15-17.

[5] Schuessler v United States Small Bus. Admin., No. AP
20-02065-BHL, 2020 WL 2621186 (Bankr. E.D. Wis. May 22, 2020)
(denying declaratory and injunctive relief and dismissing the
complaints in three consolidated Chapter 12 cases); In re iThrive
Health, LLC, Adv. Pro. No. 20-00151 (Bankr. D. Md. June 8, 2020)
(finding Debtor would not prevail on the merits and denying
preliminary injunction; but granting Debtor's motion to dismiss the
bankruptcy without disclosing if Debtor intends to move to
reinstate the bankruptcy after PPP funding is approved as
contemplated by Debtors in Arizona and S.D. Florida); In re Henry
Anesthesia Assoc., 2020 WL 3002124 (Bankr. N.D. Ga. June 4, 2020).


[*] Deirdre Carey Joins Forshey Prostok as Partner
--------------------------------------------------
Forshey Prostok L.L.P. on July 27, 2020, announced the addition of
Deirdre Carey Brown, pllc, as a Partner in the firm's Houston
office.

Board Certified in Business Bankruptcy by the Texas Board of Legal
Specialization, Ms. Brown has 20 years of bankruptcy and
restructuring experience. Her work includes representing both
Chapter 11 debtors, official committees, creditors, and equity, in
a variety of industries, with particular focus in the construction
and energy markets.

To learn more about Ms. Brown, visit:
https://forsheyprostok.com/attorneys/deirdre-carey-brown-pllc/

"Deirdre is a great fit for our growing team of bankruptcy and
restructuring professionals," said managing partner Jeff Prostok.
"Particularly as we face growing demand in the energy sector,
Deirdre's experience in both Houston and Louisiana will serve our
clients well."

Mr. Prostok notes that, with the addition of Ms. Brown, Forshey
Prostok now has eight partners who each have more than 15 years of
business bankruptcy experience.

"We pride ourselves in offering the skill and sophistication of a
large firm, but without the conflicts and expensive overhead," he
said. "I don't know of many firms in Texas, big or small, with the
business bankruptcy firepower our firm offers."

Ms. Brown, who relocated to Houston from New Orleans 15 years ago,
said the firm's ability to support complex cases sealed the deal.

"I was impressed by the quality of Forshey Prostok's lawyers, and
I'm looking forward to helping grow the firm's base in Houston,"
she said. "The bankruptcy judges in Houston have excelled in
handling the complex case docket while being proactive and
accommodating in dealing with issues from COVID-19. We will surely
see an increase in complex cases filing in Houston in the coming
months."

Ms. Brown has been recognized for her work in business bankruptcy
by Texas Super Lawyers (2016 to 2019) and Houstonia Magazine
(2013-2015 and 2018) and is a Life Fellow of the Texas Bar
Foundation. She earned her J.D. from Tulane Law School and her B.A.
from Michigan State University. Ms. Brown is also certified in
mediation.

                     About Forshey Prostok

Forshey Prostok L.L.P. -- https://forsheyprostok.com/ -- provides
extensive experience in all areas of bankruptcy law from its
offices in Fort Worth and Dallas. The firm's scope of
representation includes handling complex business reorganizations,
enforcing of creditor's rights, leading commercial and
bankruptcy-related litigation, overseeing creditors' committees,
directing workouts, and closing bankruptcy acquisitions. Forshey
Prostok is ranked by the Chambers USA legal guide and received a
Tier 1 ranking from Best Law Firms for bankruptcy and
creditor/debtor rights.


[*] June Another Awful Month for Retailers
------------------------------------------
Jordan Valinsky of CNN Business reports that June 2020 was
exceptionally another awful month for retailers as numerous stores
are closed.  Well-known stores and mall staples announced they were
closing thousands of locations in June as shoppers shift their
behavior and the pandemic continues to cripple companies' bottom
lines.

June 2020 is just a microcosm of broader closures affecting the
retail industry.  Coresight Research said as many as 25,000 retail
stores in the United States are expected to permanently close this
year as consumer demand for discretionary items stalls and more
people shift to online shopping.

The firm anticipates closures will only get worse this year and set
a new annual record this year.  Last year, Corelight recorded a
record 9,302 closures.

Here are some brands that announced closures in June:

* Chuck E. Cheese.  

The party's over for Chuck at about 45 locations. Its parent
company, CEC Entertainment, filed for bankruptcy, resulting in the
closures at some of its entertainment centers.

CEC, which also owns Peter Piper Pizza, said it will use Chapter 11
protection to "achieve a comprehensive balance sheet restructuring
that supports its re-opening and longer-term strategic plans." It
partially blamed Covid-19 for the bankruptcy, but it's also dealing
with declining profits prior to the pandemic.
The company will have around 500 company-owned locations left
following the closures.

* GNC

The 85-year-old vitamin and dietary supplement retailer filed for
bankruptcy this week, which is resulting in the closure as many as
1,200 stores in the United States.

GNC was already in trouble, but Covid-19 compounded its problems.
It blamed stay-at-home orders for preventing it from accomplishing
its refinancing plans because of the abrupt "dramatic negative
impact" on its business.

The debt-burdened retailer will continue operating, but it will
become smaller. GNC plans to close up to 20% of its 5,800 retail
stores, which amounts to as many as 1,200 locations across the
United States this year. GNC also sells its products in an
additional 1,200 Rite Aid stores.

* Hill City

Gap's male athleisure brand is being shut down after barely two
years in operation. Although it operated predominately online, Hill
City clothes were sold in some of the company's Athleta stores.
Hill City was more expensive than the men's workout gear already
sold in Gap stores. The brand announced on June 4 on Instagram that
it will be "winding down operations over the course of this year."

Gap said it will "leverage Hill City styles, fits, and innovation
into future men's lines at its other brands, starting with Banana
Republic."

* J.C. Penney

The bankrupt department stores announced an additional closure of
13 stores in June in addition to the shuttering of 250 locations it
announced in May following its bankruptcy filing.

JCPenney said it expects 200 of those closures will happen by the
end of this summer, with the remaining 50 closing by next summer.
Most of the 13 stores in the latest round will start liquidation
sales on or around July 3.

The pandemic was the final blow to a 118-year-old store, which was
struggling to overcome a decade of bad decisions, executive
instability and damaging market trends.

* Inditex

The Spanish owner of Zara and other affordable fashion brands said
on June 10 it was closing as many 1,200 stores over the next two
years.
Inditex said the closures were part of its broader post-pandemic
plans that includes the $3 billion investment over the next three
years to develop a "fully integrated store and online model."

Several Inditex brands' stores will face the ax, including Zara,
Bershka, Massimo Dutti and Pull&Bear with closures mostly affecting
its locations in Europe and Asia. Some stores in the Americas will
also be closed.

* Signet Jewelers

The parent company's name might not be instantly recognizable, but
the brands its operates are. The owner of Kay Jewelers, Zales and
Piercing Pagoda announced on June 9 that at least 150 stores of its
various brands won't reopen after being temporarily closed because
of the pandemic.

Signet also said that it will close "at least an additional 150
stores" by the end of the month. The Bermuda-based company has
around 3,200 global locations. The closures will amount to more
than $100 million in savings.


[*] Lawyer Censured for Neglect in Client’s Bankruptcy Filing
---------------------------------------------------------------
Melissa Heelan Stanzione, writing for Bloomberg Law, reports that a
Wyoming lawyer who didn’t file a client's Chapter 7 bankruptcy
petition 11 months after she instructed him to do so was publicly
censured by the state's highest court for negligence.

Relying on a report from the state bar's professional
responsibility board, the Wyoming Supreme Court agreed that the
sanction was appropriate for his failure to act diligently for his
client.

John C. Hoard agreed to represent the client in June 2017 but the
bankruptcy filing was delayed because she underwent treatment for a
medical condition, the board's report said.

She directed Hoard in April 2018 to go ahead with the filing, and
terminated his representation the following March "frustrated: by
his failure to act, it said.

She hired another lawyer who told her she wasn't eligible for a
Chapter 7 proceeding because she missed the January 2019 filing
deadline, the report said.

The woman filed a Chapter 13 petition instead, it said. Chapter 13
required her to make more than $44,000 in payments to creditors,
something a Chapter 7 petition wouldn't have required, the report
noted.

Hoard's negligence resulted in financial harm to his client, it
said. An aggravating factor is his "substantial experience"
practicing law, the report said. Mitigating factors include no
disciplinary history; lack of selfish motive; and "cooperative
attitude" during the disciplinary proceedings, it said.

The court agreed that Hoard should pay $800 in fees to the state
bar by Aug. 31, and ordered the censure.

Hoard couldn't immediately be reached for comment.

The case is Board of Prof'l Responsibility Wyo. State Bar v. Hoard,
2020 BL 234221, Wyo., No. D-20-0003, 6/24/20.


[*] Michael Ricketts Joins Forshey Prostok as Of Counsel
--------------------------------------------------------
The complex bankruptcy and restructuring law firm Forshey Prostok
L.L.P. on Aug. 3, 2020, announced the addition of Michael D.
"Mickey" Ricketts as Of Counsel in the firm's Fort Worth
headquarters.

Mr. Ricketts, who handles bankruptcy and commercial litigation, has
also done extensive work as an intellectual property litigator,
successfully representing plaintiffs and defendants in complex
patent infringement cases across a wide range of industries,
including 3D computer graphics, augmented reality, GPS-based asset
tracking, and hand tools. Before becoming a lawyer, Mr. Ricketts
was a software/systems engineer in the U.S. defense industry.

To learn more about Mr. Rickets, visit:
https://forsheyprostok.com/attorneys/michael-d-ricketts/.

"Mickey's skills as a litigator will serve our clients well," said
managing partner Jeff Prostok. "His technology and engineering
background give him the attention to detail and analytical skills
that are important in every bankruptcy case. As the challenging
economy causes demand for our services to rise, we're glad to have
him on our team."

Mr. Ricketts holds dual B.A. degrees in computer science and music
from Southern Methodist University (2001) and received his J.D.
from SMU's Dedman School of Law in 2010. He is licensed to practice
law in Texas and is admitted to practice before the U.S. District
Courts for the Northern, Eastern, and Western Districts of Texas.
He is also a member of the American Bankruptcy Institute.

                 About Forshey Prostok L.L.P.

Forshey Prostok L.L.P. -- https://forsheyprostok.com/ -- provides
extensive experience in all areas of bankruptcy law from its
offices in Fort Worth and Dallas. The firm's scope of
representation includes handling complex business reorganizations,
enforcing of creditor's rights, leading commercial and
bankruptcy-related litigation, overseeing creditors' committees,
directing workouts, and closing bankruptcy acquisitions. Forshey
Prostok is ranked by the Chambers USA legal guide and received a
Tier 1 ranking from Best Law Firms for bankruptcy and
creditor/debtor rights.


[*] Surge of Small U.S. Oil Companies Bankruptcies
--------------------------------------------------
Elvina Nawaguna, writing for Roll Call, reports that that
bankruptcy filing of small oil companies surge as they are left out
of rescue bills.

Oil allies in Congress appear to have eased pressure on the
administration to help the struggling industry as states start to
reopen and help increase demand.

Still, the number of oil industry bankruptcies jumped in the second
quarter of this year and many more are expected, a sign that
earlier efforts by lawmakers and the recent rise in prices haven't
been enough to relieve the distress in the industry.

Even though demand is picking up as economies start to reopen, a
recent rise in coronavirus cases across the globe and in several
states has the industry on the edge and could further slow its
recovery.

As he pushed for help, Sen. Kevin Cramer, R-N.D., said he worried
that struggling independent domestic oil producers could be gobbled
up by larger multinational corporations.

All the companies that have filed for Chapter 11 bankruptcy since
the coronavirus pandemic started to take hold of the U.S. economy
have been independents.  They typically focus on a specific area of
oil production and are smaller in size and revenue than integrated
companies such as ExxonMobil Corp., Royal Dutch Shell PLC, and
Chevron Corp., which are involved in the entire chain from
drilling, transportation, refining and retail sales.

"Smaller oil company bankruptcies have been a concern since the
beginning of the COVID-19 pandemic, especially with the global oil
price war caused by Saudi Arabia and Russia," Cramer said in an
emailed response to questions.  "Over-consolidation will not serve
North Dakota or domestic energy development well."

Whiting Petroleum Corp., which describes itself as "one of the
largest" independent exploration and production companies in the
U.S., filed for bankruptcy reorganization on April 1, among the
first and highest profile producers to do so in the COVID-19 era.
The company's value fell to around $32 million from $15 billion in
2011, according to Reuters.

Haynes and Boone LLP, which monitors bankruptcies among North
American oil and gas producers, said at least 13 oil producing
companies filed for bankruptcy from April to the end of May, up
from five in the first three months of the year.

Accelerating

Several more companies have filed for bankruptcy reorganization
since the firm's latest update released May 31, said Kraig
Grahmann, a partner and head of Haynes and Boone’s Energy Finance
Practice Group.

"We certainly expect the pace to continue picking up through
summertime and really through the end of the year," Grahmann, who
has been involved in some of the latest bankruptcies, said.

He said based on the pace of bankruptcies, it's likely there will
be a higher number this time compared to the 2015-2016 oil price
slump. "It's going to be higher volume, we think, and it's going to
be more painful bankruptcies as well."

Denver-based Extraction Oil and Gas Inc., and Chisholm Oil and Gas
Operating LLC last week joined the growing list of companies that
have filed for bankruptcy.

"Make no mistake, the sector was in a bit of a pickle coming into
2020 anyway, and this is not universal for all firms by any means,
but there were companies … particularly in the shale patch that
were under pressure because they had not really generated much free
cash flow for the last decade, and investors are starting to look
very unfavorably at that space and in many instances capital just
wasn't available," said Ken Medlock, senior director of the Center
for Energy Studies at Rice University’s Baker Institute for
Public Policy.

Not over

"And I don't think that we're finished yet by any means," Medlock
said. “But the companies that weather this are going to weather
it because they have demonstrated capital efficiency, they've
demonstrated operational efficiency, and they have assets."

Many more companies are on the brink. California Natural Resources,
Callon Petroleum, Chaparral Energy, Denbury Resources and
Chesapeake Energy are on the "death watch," according to Forbes.

"Energy-related bankruptcies mean fewer jobs and fewer suppliers of
secure, domestically produced energy," Grace Jang, a spokesperson
for Sen. Lisa Murkowski, R-Alaska, told CQ Roll Call.

She said Murkowski has sought to ensure that all sectors, including
oil companies, are eligible for economic relief aid that Congress
has passed.

The industry was already grappling with a supply glut, but the
global health crisis exacerbated its problems by suppressing demand
by nearly 30 percent, according to the International Energy Agency.
The oversupply pushed prices below zero for the first time in
history and left producers short of storage for their excess
crude.

There was little to be done legislatively. Still, oil-state
lawmakers pressured the administration to intervene, including by
offering to lease storage in the Strategic Petroleum Reserve. They
succeeded in pushing the Federal Reserve to broaden the terms of
its Main Street Lending Program, making it possible for some oil
companies to qualify for coronavirus relief money.

They also threatened Saudi Arabia with sanctions and withholding of
military aid and pushed the administration to coax that country and
oil-producing nations to agree to cut their output.

Murkowski suggested that the government can take additional steps
to help by buying oil at low prices for the SPR.  But lawmakers
have so far been unable to move legislation that would provide $3
billion for the Energy Department to make such a purchase.

The storage problem appears to have eased with lower production and
an uptick in demand.  And at around $40.15 a barrel Tuesday
afternoon, prices are up significantly but still remain well below
their $63-per-barrel price at the beginning of the year, leaving
the industry on edge.

Bjornar Tonhaugen, head of oil markets at research firm Rystad
Energy, said in a Monday email that the risk of an upsurge in
coronavirus cases is "omnipresent," meaning recovery of the oil
markets "all hangs in the thread" of avoiding a second round of
serious lockdowns.


[*] The 1980s and 1990s Are Going Bankrupt
------------------------------------------
Teadra Pugh, a legal analyst, wrote on Bloomberg Law an analysis
"The ‘80s and ‘90s Are Going Bankrupt":

Perhaps it is cabin fever finally catching up with me, or perhaps
it is all the '80s and '90s sitcoms I have binged while under
stay-at-home orders. But as I scrolled through the Bloomberg
Terminal’s bankruptcy dashboard recently, I began to feel an odd
mixture of nostalgia and wonder at just how much times have changed
since I was a teen, plotting out all the things I would buy once I
had my own money.
The symbols of luxury, decadence, and achievement of my formative
years are heavily represented in recent bankruptcy filings: Neiman
Marcus, John Varvatos Enterprises, True Religion (for the second
time in under four years), Dean & Deluca, and Earth Fare all have
filed Chapter 11 since February—with rumors of Brooks Brothers
and Sur la Table to follow. Although they are not all proper luxury
brands as that term is understood, they all represent a certain
level of success and retail at price points beyond the realm of
regular consumption for the average American family.

Shifting Generational Values

One reason my childhood icons of success are now struggling to
survive might be that the mores and status symbols they sell are
simply out of vogue. While we watched and admired such luxury as
youngsters, those extravagances just do not resonate with many of
us now. Priorities and symbols of achievement have shifted, and
younger generations do not embrace the same symbols that their
parents did. Boomer status symbols are falling out of fashion
almost as quickly as oversized shoulder pads.

The Great Recession hit just when the thirty- and forty-somethings
of today were just starting their careers, or desperately trying
to. The generation immediately following them watched their parents
lose their jobs and their meticulously appointed homes filled with
designer clothing and high-end home goods. Lessons were learned,
and the lure of high-end brands waned. Over the past decade,
couples have opted to put more honeymoon excursions than $300 gravy
boats on their registries.

'Graying' Customer Base

Another reason for Neiman's and Brooks Brothers' failure to thrive
is that their customer base is aging and running out of disposable
income. The generation that would have been in their prime working
and spending years (30s and 40s) and popularizing many of these
luxury brands during my youth is now going broke at a faster rate
than their preceding and succeeding cohorts. In a 2018 paper,
Graying of U.S. Bankruptcy, several law and sociology professors
analyzed data from the Consumer Bankruptcy Project. According to
the paper, over the past three decades, filing rates for seniors
has steadily increased. Surprisingly, the filing rates for those
aged 18 to 44 has steadily decreased.

Some might speculate that demographics—aging baby boomers, an
overall increase in seniors—is to blame. But in 1991, seniors 65
and older accounted for 17% of the American adult population, and
that rose to only 19.3% by 2015. By contrast, bankruptcy filing
rates for that age group more than doubled during that same time
frame. With traditional luxury brands unable to cultivate a new
customer base sufficient to sustain their business, and their
existing customers going broke at record rates, it is not
surprising that these brands find themselves struggling today.

Don't Blame the Virus

It is a given that online shopping trends and the novel coronavirus
have had some role to play in these brands' troubles, but their
problems run deeper than a recent decline in demand. These
struggling companies are as overleveraged as their traditional
customer bases. Upon filing bankruptcy, Neiman Marcus Group LTD LLC
had more than $5.2 billion in liabilities. True Religion Apparel
Inc. reports that it has more than $138 million in liabilities with
only $16 million in assets, and the gourmet chain Dean & Deluca
Inc. lists $314 million in liabilities and only $3.3 million in
assets. The chain had even started shuttering restaurants in 2019,
before coronavirus. The coronavirus might have been the straw that
broke the camel's back, but these poor animals were in need of care
long before the pandemic.


There is no readily accessible data to determine whether senior
debtors bought these brands, but there is anecdotal evidence
suggesting that America's priorities and purchasing preferences are
changing. Values, and the emblems of success, have shifted away
from physical displays of wealth to experiences. The generations
who prized those emblems are losing purchasing power. As a result,
high-end retailers might be the next trend in bankruptcies, as
pandemic and recession urge Americans to further evaluate their
discretionary spending.


[*] The Coming Storm: DeFi and Bankruptcy Courts
------------------------------------------------
David Gay and Andrew Hinkes of Carlton Fields wrote an article on
JD Supra titled "The Coming Storm: DeFi and Bankruptcy Courts."

DeFi or "decentralized finance" is an emerging branch of the
cryptocurrency and blockchain movement that attempts to use smart
contracts and blockchains to provide financial services typically
only available from centralized regulated businesses. The most
popular DeFi platforms provide a variety of financial services and
products including lending, interest rate arbitrages, or access to
products and services involving cryptocurrencies. Instead of
traditional third-party intermediaries, users of these DeFi systems
interact with smart contracts to obtain services and products.

Users of these systems generally do not enter into binding legally
enforceable agreements with any service provider. Instead, DeFi
systems rely on the operation of smart contracts governed by
hard-coded rules that transform, escrow, or enable access to new
assets. Smart contracts are mechanisms encoded in hardware and
software systems that bind parties to, and automatically enforce
the terms of, an agreement. DeFi systems place technology in the
position of the typical counterparty and decentralize the power to
control and modify those technology systems. Thus, it may be
unclear who, if anyone, is providing the services or products to
the user.

This decentralized governance approach has been problematic in
situations in which the code has executed in ways not anticipated
or where governance mechanisms controlling that code were not able
to quickly and effectively address unexpected smart contract
conduct. However, some DeFi systems have achieved sufficiently high
levels of functionality that they are now widely used. Indeed, DeFi
systems now control almost $1 billion worth of assets.

The lack of a documented legal relationship between users of DeFi
technology and a counterparty may pose a challenge if that user
seeks protection from creditors by filing a petition for relief
under the U.S. Bankruptcy Code. A bankruptcy court may question
whether transactions of assets into DeFi systems are bona fide
transactions for value. The lack of a legal agreement may be
problematic. Although DeFi systems may be structured to mimic
familiar legal relationships, like lender or escrow agent, most of
these platforms will fail to adhere to the formalities necessary to
legally establish that a given DeFi system has created an
enforceable loan or is holding an asset as legal collateral to
secure a promise. This may complicate a court’s consideration of
users who have transferred the control of assets to DeFi systems,
and claims related to them.

When confronted with a transfer of an asset of value into a DeFi
system, a court may take one of a few different positions.

First, a court may imply a contract based on conduct. This would
require the court to identify a counterparty who is liable for a
DeFi system's operation. A court may also view a DeFi transaction
as an improper transfer for no consideration and potentially allow
a trustee or debtor in possession to attempt to claw back any
assets transferred. This again would require the court to identify
a counterparty against which to act. Finally, a court may view
these relationships to be unenforceable because they fail to adhere
to the formalities necessary to be enforceable under relevant state
law, such as the writing requirement that may be imposed by the
state statute of frauds, or requirements that documents be
witnessed or recorded to be enforceable.

Regardless of whether participation in a DeFi scheme created a
legal contract, court orders generally cannot act directly against
smart contract code. Thus, any court order would need to identify
and act against a legally cognizable party. In many cases, courts
may seek to hold accountable the creators of the DeFi smart
contracts, operators of those smart contracts, and the parties who
benefit from their operation. In at least one case, regulators have
identified code deployers and parties with power to control the
function of smart contract code as responsible for its conduct. In
another analogous case involving different facts, in this case the
decentralized file-sharing system Grokster, a court found that it
was difficult, if not impossible, to hold a broadly distributed
group of individuals liable, and instead held the central
coordinating entity liable.

To date, no bankruptcy court has opined on any DeFi system.




[*] Troubling State of the Oil and Gas Industry of Louisiana
------------------------------------------------------------
William Taylor Potter, writing for Lafayette Daily Advertiser,
reports that the oil and gas industry of the state of Louisiana
continue to suffer because of coronavirus and decreased oil
prices.

Louisiana's oil and gas industry continues to suffer during the
economic crisis triggered by the coronavirus and depressed prices,
with thousands of workers filing for unemployment benefits and two
companies filing bankruptcy.

Professional Pumping Services in Carencro and SMI Companies Global
in Franklin both filed for bankruptcy in May, first reported by The
Advocate, victims of a depressed industry after Saudi Arabia and
Russia dumped too much oil on the market and the coronavirus
pandemic killed demand for oil.

Industry advocates have warned that more than half of the state's
producers could be facing bankruptcy.

Louisiana Oil and Gas Association President Gifford Briggs said
more oil-related business closures are likely unless the state
reopens the economy and creates a more hospitable environment for
oil producers.

"As the industry faces an unprecedented crisis, it crystalizes the
fact that Louisiana's legal climate, regulatory framework and tax
structure form an untenable, unsteady foundation for the
independent oil and gas producer in this state," Briggs said.
"Sadly, more closures are on the horizon, which is why it is
critical that we open the economy safely as swiftly as possible."

As of June 6, the mining industry — which includes oil and gas
extraction — has had more than 9,800 first-time unemployment
claims since Gov. John Bel Edwards issued his stay-at-home order in
March. That's about 28% of the average employment for the industry
across Louisiana in 2019.


The industry also has had 5,300 continued unemployment claims, or
about 15% of 2019's mining workforce in the state.

Earlier this year, prices dropped well below $0, as producers had
virtually no market to sell their oil. While the situation has
improved recently — prices were around $40 a barrel Tuesday
afternoon — companies were hit hard by the high supply and low
demand for much of the year. For much of the early part of 2020,
prices were around $20.

According to a survey by LOGA in May, more than half of oil and gas
producers said bankruptcy was likely and they had already reduced
their workforce by about a quarter.

Professional Pumping Services filed for Chapter 7 bankruptcy,
liquidating some of the company's assets to pay off its creditors.
According to its filing, the company has about $3.5 million in
assets and owes about $750,000 to various entities.

The company owes several parishes for unpaid taxes, including
nearly $10,000 to Lafayette, more than $5,600 to Vermilion, nearly
$2,000 to Acadia, and nearly $900 to Iberia.

SMI Companies filed for Chapter 11, which allows a company to
reorganize itself to pay off creditors. The company has about
$21,000 in assets and nearly $1.6 million in liabilities.

Acadiana's economy has tiptoed away from its reliance on the oil
and gas industry in recent years, although it remains one of the
region's economic drivers. From 2015 to 2018, the Lafayette
Metropolitan Statistical Area went from 96 oil and gas extraction
establishments to 67. In 2015, the industry produced more than $256
million in average wages. In 2018, that number was down to $136
million.

But oil and gas jobs are more than six times more concentrated in
the Lafayette area than the national average. Oil and gas wages are
also five times more concentrated than the national average.

LOGA and other industry advocates had pushed for several measures
during the regular legislative session. These measures, including
severance tax relief and an end to coastal lawsuits, have been
long-standing items on the industry's wish list. Advocates argued
they were necessary to keep producers afloat.

Many of these items stalled as the session came to a close, and
some legislative leaders said they wanted to wait until the budget
was addressed in the special session before changing severance
taxes.

"Additionally, we must take bold steps to improve Louisiana's
competitiveness by addressing the government-sponsored coastal
lawsuits and the highest severance tax rate on oil in the
continental United States," Briggs said. "Only then will we be able
to turn the tide on jobs, investment, and families leaving our
state to work in the oil fields of Texas and New Mexico."

In April, Halliburton announced it would be closing its facility in
Broussard and laid off 36 employees.



[*] Why Force Majeure Can Be Detrimental to Landlords
-----------------------------------------------------
Elizabeth Thompson, Jared Hawk and Thomas Laser of Saul Ewing
Arnstein & Lehr LLP wrote on Law360 that "Force Majeure Ruling
Could Be Problematic For Landlords":

In the first of what will likely be many cases on the issue in
Illinois, the U.S. Bankruptcy Court for the Northern District of
Illinois ruled on June 3 that a restaurant lease's force majeure
provision excused, at least partially, the lessee's obligations to
pay rent during the COVID-19 pandemic.

Though force majeure provisions are not new and both Illinois state
and federal courts have analyzed whether they apply to excuse one
party's performance of its contractual obligations, there remains a
relative dearth of case law actually excusing performance under
such a provision. There can be little question that force majeure
provisions will become increasingly relevant as businesses across
the state — and indeed, the country — continue to feel the
widespread negative economic effects of the COVID-19 pandemic.

The recent decision in In re: Hitz Restaurant Group[1] analyzed the
issue in depth and provides needed guidance to businesses suffering
from government-mandated closures as a result of COVID-19. The
facts of the case are straightforward and likely common to what
many businesses currently face in Illinois.

Hitz Restaurant Group LLC operates several bars and restaurants
across the Chicago metro area, including a restaurant called
Giglio's State Street Tavern located at 825 South State Street in
Chicago. The property out of which Giglio's operates is owned by
South Loop Shops LLC and managed by Kass Management. In February
2019, Hitz executed a 10-year lease agreement with Kass and South
Loop to operate Giglio's out of that property.

The lease required Hitz to pay rent monthly on the first day of
each month and contained a broad force majeure provision:

Landlord and Tenant shall each be excused from performing its
obligations or undertakings provided in this Lease, in the event,
but only so long as the performance of any of its obligations are
prevented or delayed, retarded or hindered by … governmental
action or inaction, orders of government or civil or military or
naval authorities, or any other cause, whether similar or
dissimilar to the foregoing, not within the reasonable control of
the party or its agents, contractors or employees … Lack of money
shall not be grounds for Force Majeure.

Kass alleged that in July 2019, Hitz stopped paying rent under the
lease agreement and on Jan. 2 this year, it filed an eviction
action in the Circuit Court of Cook County against Hitz.

On Feb. 24, Hitz filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code, which automatically stayed Kass'
state court eviction action. As a result, Kass sought relief in the
bankruptcy court by filing, on March 12, a motion for relief from
the automatic stay. The motion argued that Hitz continued to occupy
the restaurant and as of the date of filing, owed $79,158.02 in
past-due monthly rent and other charges, and an additional
$15,646.93 for post-petition rent for the month of March.

Although COVID-19 had, by March 12, become a pandemic according to
the World Health Organization, Illinois had yet to experience broad
community spread of the disease. On the date that Kass filed its
motion, Illinois had 32 positive COVID-19 cases. By the time Hitz
filed its response to the motion on April 6, the landscape had
totally changed, with Illinois reporting a total of 12,262 positive
cases of the disease. By then, Illinois Gov. J.B. Pritzker had
entered several executive orders shutting down schools, requiring
Illinois residents to stay at home, and, notably, requiring all
bars and restaurants to suspend on-premises consumption.

On April 22, Kass brought a second motion, now seeking to require
Hitz, as a debtor in possession under the Bankruptcy Code, to pay
post-petition rent obligations under the lease. At the time of that
filing, restaurants and bars remained closed for on-premises
consumption pursuant to executive order, and the number of positive
COVID-19 cases in Illinois had risen to 35,108.

Section 365(d)(3) of the Bankruptcy Code requires a debtor in
possession of nonresidential real estate to "timely perform all the
obligations … under any unexpired lease" until that lease is
assumed or rejected under the U.S. Code.[2] Kass argued that
Section 365(d)(3) required Hitz to pay its rent post-Feb. 24 (the
date Hitz filed its Chapter 11 petition) and requested that if the
court was to deny its motion to lift the automatic stay, it order
Hitz to pay those obligations.

On May 12, Hitz filed its response, arguing that the force majeure
provision in the parties' lease excused its performance. Citing the
"governmental action or inaction" and "orders of government"
provisions within the force majeure clause, Hitz asserted that the
governor's executive orders restricting the operation of its
business relieved it of its obligation to pay post-petition rent
during the pendency of the pandemic.

On May 26, Kass filed its reply in support of its motion. By then,
COVID-19 cases in Illinois had reached 113,195. In its reply, Kass
argued that because the pandemic had not halted Hitz's ability to
transfer money, "issue and deposit checks or negotiable
instruments, or otherwise tender payment in U.S. currency," the
lease's force majeure provision did not apply. In support of its
argument, Kass cited the language in that provision that lack of
money is not grounds for force majeure.

Perhaps one of the first courts across the country to decide the
issue of whether gubernatorial orders prohibiting the operation of
a business excuse the payment of rent (but certainly not the last),
the Northern District of Illinois Bankruptcy Court held that Hitz's
obligation to pay post-petition rent was suspended, at least in
part, by the lease's force majeure provision. The court first noted
that Section 365(d)(3) "would ordinarily require full payment of
the March 2020 rent and all rental payments falling due
thereafter."

The court then considered whether Hitz's argument regarding the
force majeure provision excused its performance under the lease,
finding the force majeure clause "unambiguously applies," at least
in part, to the rental payments that became due after Pritzker
closed restaurants for on-premises consumption on March 16.

Because determining whether the March 16 executive order (and
extensions thereof) triggered the force majeure provision was a
matter of contract interpretation, the court looked to Illinois
state law on the issue. In Illinois, force majeure provisions only
excuse contractual performance if the triggering event cited by the
nonperforming party, here Hitz, was the proximate cause of that
party's nonperformance and specifically falls within the plain
contractual language of the provision.

Looking to the language of the lease, the court found that
Pritzker's order was both "governmental action" and issuance of an
"order" as contemplated by the lease's force majeure provision.
Next, the court stated that the order both "hindered" Hitz's
ability to perform by prohibiting Hitz from offering on-premises
food consumption and was the proximate cause of Hitz's inability to
pay rent. The court made this finding notwithstanding the fact that
Hitz had allegedly not paid rent since July of 2019 — well before
the pandemic — and had filed for bankruptcy in February this
year, also prior to the pandemic and corresponding executive
orders.

Despite finding that the force majeure provision applied and
excused Hitz's post-petition rental obligations under Section
365(d)(3), the court limited its holding because the governor's
orders expressly allowed, and in fact encouraged, Hitz to provide
carryout, curbside pickup and delivery. Because Hitz could offer
these services — but apparently chose not to — its obligation
to pay rent was only reduced to the extent its ability to generate
revenue was reduced by its inability to provide on-premises
consumption.

Finding that the parties had not adequately addressed this
argument, the court held Hitz's statement that 75% of its
restaurant was nonoperational as an admission that it owed at least
25% of the rent payments for April, May and June. Thereafter,
because the governor's restrictions were set to be gradually
lifted, the rental amount, too, would gradually increase.

The court also rejected Kass' other arguments. Kass argued that
Hitz was still physically able to write and send its rent checks
and, therefore, there was no force majeure event. The court found
this assertion to be a "specious argument" unresponsive to Hitz's
claim, lacking "any foundation in the actual language of the force
majeure clause."

Second, the court refused to rely upon the "lack of money" clause
of the force majeure provision, holding that Hitz did not argue
that it was lack of money that prevented its performance, but
rather the governor's orders that prohibited on-premises
consumption, which in turn was the proximate cause of its inability
to generate revenue and pay rent.

Accordingly, the court ordered that Hitz pay 25% of its rental
obligations for April, May and June (and all of the March payment
that preceded the pandemic and the governor's March 16 order
prohibiting on-premises consumption) by June 16.

Though the Hitz case is limited to the bankruptcy context of a
debtor in possession's obligation to pay post-petition rent, it may
prove helpful to businesses struggling to pay their rent during the
COVID-19 restrictions. Indeed, the case appears to stand for the
proposition that a lessee with a force majeure provision in its
lease could invoke that provision to lessen or eliminate its rental
obligations during the time the lessee was required to be shut down
due to government orders.

The bankruptcy court's analysis is particularly interesting in that
it could be read to entirely excuse performance under a lease
agreement for a nonessential business that was required to shut its
doors to the public with no provision for delivery or curbside
pickup.

For example, Pritzker's executive orders required the near-total
closure of nonessential businesses, such as clothing stores, and
without revenue from sales, such businesses have likely been
impacted just as much — if not more — than restaurants who have
been permitted to operate on a limited basis. These nonessential
businesses may be able to look to the Hitz case for support to
excuse their entire rental obligation during the time they were
unable to operate, depending on their lease language. Such result
may greatly assist failing businesses but has the potential to be
problematic for landlords.

Furthermore, according to the court, the force majeure defense can
be used even where a lessee has failed to pay rent before the force
majeure event occurred. The bankruptcy court took a somewhat
circular view of the lease's provision that "lack of money" is not
grounds for force majeure and it is difficult to imagine a
situation where its reading of that language does not render it
superfluous.

Where such language might otherwise have undermined a force majeure
defense in a breach of lease case, the Hitz case provides an
argument for struggling businesses with large rental obligations
during the COVID-19 pandemic even where such language exists in the
parties' agreement.

Accordingly, the court's decision should be taken into
consideration when drafting contracts, such that the parties make
it abundantly clear that the inability to pay rent because of a
"lack of money" is expressly excluded from the force majeure
clause, even where such "lack of money" arises from another source
(i.e., a governmental shutdown order). Although force majeure
provisions are often overlooked and treated as boilerplate during
contract negotiations, parties should carefully review such
provisions to ensure that they adequately protect their interests
in the event of a force majeure event.  

Even though the decision can be read broadly, each lessee must
carefully consider the language of its own lease agreement, as
absent the specific language including "governmental action or
inaction" and "orders of government" as force majeure events in the
parties' lease, the outcome in this case may have been different.

Similarly, the bankruptcy court's decision, while persuasive, is
not binding precedent on Illinois state courts or a federal
district court hearing a breach of contract action in which force
majeure may be a defense. Therefore, consultation with a lawyer
regarding any decision to withhold rental payments is critical, and
there is no guarantee that a court hearing such a case would follow
the analysis set forth in the Hitz case.



[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------

                                                Total
                                               Share-      Total
                                    Total    Holders'    Working
                                   Assets      Equity    Capital
  Company         Ticker             ($MM)       ($MM)      ($MM)
  -------         ------           ------    --------    -------
ABBVIE INC        ABBV US        91,199.0    (7,415.0)  35,287.0
ABBVIE INC        4AB TE         91,199.0    (7,415.0)  35,287.0
ABBVIE INC        4AB GZ         91,199.0    (7,415.0)  35,287.0
ABBVIE INC        4AB TH         91,199.0    (7,415.0)  35,287.0
ABBVIE INC        ABBVEUR EU     91,199.0    (7,415.0)  35,287.0
ABBVIE INC        4AB QT         91,199.0    (7,415.0)  35,287.0
ABBVIE INC        ABBV AV        91,199.0    (7,415.0)  35,287.0
ABBVIE INC        4AB GR         91,199.0    (7,415.0)  35,287.0
ABBVIE INC        ABBV SW        91,199.0    (7,415.0)  35,287.0
ABBVIE INC        ABBV* MM       91,199.0    (7,415.0)  35,287.0
ABBVIE INC-BDR    ABBV34 BZ      91,199.0    (7,415.0)  35,287.0
ABSOLUTE SOFTWRE  ABT CN            108.7       (44.7)     (26.3)
ABSOLUTE SOFTWRE  OU1 GR            108.7       (44.7)     (26.3)
ABSOLUTE SOFTWRE  ALSWF US          108.7       (44.7)     (26.3)
ABSOLUTE SOFTWRE  ABT2EUR EU        108.7       (44.7)     (26.3)
ACCELERATE DIAGN  AXDX US           120.0       (22.9)     100.1
ACCELERATE DIAGN  1A8 GR            120.0       (22.9)     100.1
ACCELERATE DIAGN  1A8 SW            120.0       (22.9)     100.1
ACCELERATE DIAGN  AXDX* MM          120.0       (22.9)     100.1
ACCOLADE INC      ACCD US            73.2       (23.8)     (21.0)
ADAPTHEALTH CORP  AHCO US           661.8       (29.4)       3.4
AGENUS INC        AGEN US           180.1      (175.6)     (24.6)
AGENUS INC        AJ81 SW           180.1      (175.6)     (24.6)
AMC ENTERTAINMEN  AMC US         11,238.3    (1,074.0)  (1,060.3)
AMC ENTERTAINMEN  AMC* MM        11,238.3    (1,074.0)  (1,060.3)
AMC ENTERTAINMEN  AH9 TH         11,238.3    (1,074.0)  (1,060.3)
AMC ENTERTAINMEN  AH9 QT         11,238.3    (1,074.0)  (1,060.3)
AMC ENTERTAINMEN  AH9 GR         11,238.3    (1,074.0)  (1,060.3)
AMC ENTERTAINMEN  AMC4EUR EU     11,238.3    (1,074.0)  (1,060.3)
AMER RESTAUR-LP   ICTPU US           33.5        (4.0)      (6.2)
AMERICAN AIR-BDR  AALL34 BZ      64,544.0    (3,169.0)  (4,211.0)
AMERICAN AIRLINE  A1G GZ         64,544.0    (3,169.0)  (4,211.0)
AMERICAN AIRLINE  A1G QT         64,544.0    (3,169.0)  (4,211.0)
AMERICAN AIRLINE  AAL US         64,544.0    (3,169.0)  (4,211.0)
AMERICAN AIRLINE  A1G GR         64,544.0    (3,169.0)  (4,211.0)
AMERICAN AIRLINE  AAL* MM        64,544.0    (3,169.0)  (4,211.0)
AMERICAN AIRLINE  A1G TH         64,544.0    (3,169.0)  (4,211.0)
AMERICAN AIRLINE  AAL11EUR EU    64,544.0    (3,169.0)  (4,211.0)
AMERICAN AIRLINE  AAL AV         64,544.0    (3,169.0)  (4,211.0)
AMERICAN AIRLINE  AAL TE         64,544.0    (3,169.0)  (4,211.0)
AMERICAN AIRLINE  A1G SW         64,544.0    (3,169.0)  (4,211.0)
AMYRIS INC        AMRS US           167.3      (176.1)    (107.3)
AMYRIS INC        3A01 GR           167.3      (176.1)    (107.3)
AMYRIS INC        3A01 TH           167.3      (176.1)    (107.3)
AMYRIS INC        AMRSEUR EU        167.3      (176.1)    (107.3)
AMYRIS INC        3A01 QT           167.3      (176.1)    (107.3)
APACHE CORP       APA GR         12,999.0       (44.0)     (52.0)
APACHE CORP       APA* MM        12,999.0       (44.0)     (52.0)
APACHE CORP       APA TH         12,999.0       (44.0)     (52.0)
APACHE CORP       APA US         12,999.0       (44.0)     (52.0)
APACHE CORP       APA GZ         12,999.0       (44.0)     (52.0)
APACHE CORP       APA1 SW        12,999.0       (44.0)     (52.0)
APACHE CORP       APAEUR EU      12,999.0       (44.0)     (52.0)
APACHE CORP       APA QT         12,999.0       (44.0)     (52.0)
APACHE CORP- BDR  A1PA34 BZ      12,999.0       (44.0)     (52.0)
AQUESTIVE THERAP  AQST US            64.5       (20.8)      35.7
ARYA SCIENCES AC  ARYBU US            0.2        (0.0)      (0.2)
ARYA SCIENCES-A   ARYB US             0.2        (0.0)      (0.2)
AUTODESK INC      AUD GR          5,543.9      (139.1)    (554.0)
AUTODESK INC      ADSK US         5,543.9      (139.1)    (554.0)
AUTODESK INC      AUD TH          5,543.9      (139.1)    (554.0)
AUTODESK INC      AUD GZ          5,543.9      (139.1)    (554.0)
AUTODESK INC      ADSK* MM        5,543.9      (139.1)    (554.0)
AUTODESK INC      AUD QT          5,543.9      (139.1)    (554.0)
AUTODESK INC      ADSK AV         5,543.9      (139.1)    (554.0)
AUTODESK INC      ADSKEUR EU      5,543.9      (139.1)    (554.0)
AUTODESK INC      ADSK TE         5,543.9      (139.1)    (554.0)
AUTOZONE INC      AZO US         12,902.1    (1,632.7)    (371.1)
AUTOZONE INC      AZ5 GR         12,902.1    (1,632.7)    (371.1)
AUTOZONE INC      AZ5 TH         12,902.1    (1,632.7)    (371.1)
AUTOZONE INC      AZOEUR EU      12,902.1    (1,632.7)    (371.1)
AUTOZONE INC      AZ5 QT         12,902.1    (1,632.7)    (371.1)
AUTOZONE INC      AZ5 GZ         12,902.1    (1,632.7)    (371.1)
AUTOZONE INC      AZO AV         12,902.1    (1,632.7)    (371.1)
AUTOZONE INC      AZ5 TE         12,902.1    (1,632.7)    (371.1)
AUTOZONE INC      AZO* MM        12,902.1    (1,632.7)    (371.1)
AVID TECHNOLOGY   AVID US           308.4      (161.5)      11.8
AVID TECHNOLOGY   AVD GR            308.4      (161.5)      11.8
AVIS BUD-CEDEAR   CAR AR         21,690.0      (153.0)     137.0
AVIS BUDGET GROU  CUCA GR        21,690.0      (153.0)     137.0
AVIS BUDGET GROU  CAR US         21,690.0      (153.0)     137.0
AVIS BUDGET GROU  CUCA SW        21,690.0      (153.0)     137.0
AVIS BUDGET GROU  CAR* MM        21,690.0      (153.0)     137.0
AVIS BUDGET GROU  CAR2EUR EU     21,690.0      (153.0)     137.0
AVIS BUDGET GROU  CUCA QT        21,690.0      (153.0)     137.0
AVIS BUDGET GROU  CUCA TH        21,690.0      (153.0)     137.0
B RILEY PRINCIPA  BMRG/U US           0.1        (0.0)      (0.1)
B. RILEY PRINC-A  BMRG US             0.1        (0.0)      (0.1)
BENEFITFOCUS INC  BNFTEUR EU        313.6       (42.5)     102.0
BENEFITFOCUS INC  BNFT US           313.6       (42.5)     102.0
BENEFITFOCUS INC  BTF GR            313.6       (42.5)     102.0
BLOOM ENERGY C-A  1ZB GZ          1,312.6      (259.2)     177.2
BLOOM ENERGY C-A  BE US           1,312.6      (259.2)     177.2
BLOOM ENERGY C-A  1ZB GR          1,312.6      (259.2)     177.2
BLOOM ENERGY C-A  BE1EUR EU       1,312.6      (259.2)     177.2
BLOOM ENERGY C-A  1ZB QT          1,312.6      (259.2)     177.2
BLOOM ENERGY C-A  1ZB TH          1,312.6      (259.2)     177.2
BLUE BIRD CORP    4RB GR            396.1       (65.1)      24.8
BLUE BIRD CORP    4RB GZ            396.1       (65.1)      24.8
BLUE BIRD CORP    BLBDEUR EU        396.1       (65.1)      24.8
BLUE BIRD CORP    BLBD US           396.1       (65.1)      24.8
BOEING CO-BDR     BOEI34 BZ     162,872.0   (11,382.0)  37,795.0
BOEING CO-CED     BA AR         162,872.0   (11,382.0)  37,795.0
BOEING CO-CED     BAD AR        162,872.0   (11,382.0)  37,795.0
BOEING CO/THE     BCO GR        162,872.0   (11,382.0)  37,795.0
BOEING CO/THE     BAEUR EU      162,872.0   (11,382.0)  37,795.0
BOEING CO/THE     BA EU         162,872.0   (11,382.0)  37,795.0
BOEING CO/THE     BOE LN        162,872.0   (11,382.0)  37,795.0
BOEING CO/THE     BA PE         162,872.0   (11,382.0)  37,795.0
BOEING CO/THE     BOEI BB       162,872.0   (11,382.0)  37,795.0
BOEING CO/THE     BA US         162,872.0   (11,382.0)  37,795.0
BOEING CO/THE     BCO TH        162,872.0   (11,382.0)  37,795.0
BOEING CO/THE     BA SW         162,872.0   (11,382.0)  37,795.0
BOEING CO/THE     BA* MM        162,872.0   (11,382.0)  37,795.0
BOEING CO/THE     BA TE         162,872.0   (11,382.0)  37,795.0
BOEING CO/THE     BAUSD SW      162,872.0   (11,382.0)  37,795.0
BOEING CO/THE     BCO GZ        162,872.0   (11,382.0)  37,795.0
BOEING CO/THE     BCO QT        162,872.0   (11,382.0)  37,795.0
BOEING CO/THE     BA AV         162,872.0   (11,382.0)  37,795.0
BOEING CO/THE     BA CI         162,872.0   (11,382.0)  37,795.0
BOEING CO/THE TR  TCXBOE AU     162,872.0   (11,382.0)  37,795.0
BOMBARDIER INC-B  BBDBN MM       24,127.0    (5,365.0)  (1,093.0)
BRINKER INTL      EAT US          2,585.4      (574.7)    (204.7)
BRINKER INTL      BKJ GR          2,585.4      (574.7)    (204.7)
BRINKER INTL      BKJ TH          2,585.4      (574.7)    (204.7)
BRINKER INTL      EAT2EUR EU      2,585.4      (574.7)    (204.7)
BRINKER INTL      BKJ QT          2,585.4      (574.7)    (204.7)
BRP INC/CA-SUB V  DOOEUR EU       4,236.8      (793.6)    (194.9)
BRP INC/CA-SUB V  B15A GZ         4,236.8      (793.6)    (194.9)
BRP INC/CA-SUB V  DOO CN          4,236.8      (793.6)    (194.9)
BRP INC/CA-SUB V  B15A GR         4,236.8      (793.6)    (194.9)
BRP INC/CA-SUB V  DOOO US         4,236.8      (793.6)    (194.9)
CADIZ INC         CDZI US            74.1       (19.7)       6.7
CADIZ INC         CDZIEUR EU         74.1       (19.7)       6.7
CADIZ INC         2ZC GR             74.1       (19.7)       6.7
CAMPING WORLD-A   CWH US          3,402.6      (184.4)     378.4
CAMPING WORLD-A   C83 GR          3,402.6      (184.4)     378.4
CAMPING WORLD-A   CWHEUR EU       3,402.6      (184.4)     378.4
CAMPING WORLD-A   C83 TH          3,402.6      (184.4)     378.4
CAMPING WORLD-A   C83 QT          3,402.6      (184.4)     378.4
CBIZ INC          XC4 GR          1,427.6      (566.8)     366.1
CBIZ INC          CBZ US          1,427.6      (566.8)     366.1
CBIZ INC          CBZEUR EU       1,427.6      (566.8)     366.1
CDK GLOBAL INC    C2G QT          2,964.8      (621.2)     315.2
CDK GLOBAL INC    C2G TH          2,964.8      (621.2)     315.2
CDK GLOBAL INC    CDKEUR EU       2,964.8      (621.2)     315.2
CDK GLOBAL INC    C2G GR          2,964.8      (621.2)     315.2
CDK GLOBAL INC    CDK US          2,964.8      (621.2)     315.2
CDK GLOBAL INC    CDK* MM         2,964.8      (621.2)     315.2
CEDAR FAIR LP     FUN US          2,389.5      (274.2)     (84.9)
CHEWY INC- CL A   CHWY US         1,123.4      (396.5)    (482.0)
CHOICE HOTELS     CZH GR          1,704.0       (43.9)     275.9
CHOICE HOTELS     CHH US          1,704.0       (43.9)     275.9
CINCINNATI BELL   CBB US          2,599.6      (188.7)    (124.9)
CINCINNATI BELL   CIB1 GR         2,599.6      (188.7)    (124.9)
CINCINNATI BELL   CBBEUR EU       2,599.6      (188.7)    (124.9)
CITRIX SYS BDR    C1TX34 BZ       4,548.1       (93.6)    (306.6)
CITRIX SYSTEMS    CTXS US         4,548.1       (93.6)    (306.6)
CITRIX SYSTEMS    CTX GR          4,548.1       (93.6)    (306.6)
CITRIX SYSTEMS    CTX TH          4,548.1       (93.6)    (306.6)
CITRIX SYSTEMS    CTX GZ          4,548.1       (93.6)    (306.6)
CITRIX SYSTEMS    CTXSEUR EU      4,548.1       (93.6)    (306.6)
CITRIX SYSTEMS    CTX QT          4,548.1       (93.6)    (306.6)
CITRIX SYSTEMS    CTXS AV         4,548.1       (93.6)    (306.6)
CITRIX SYSTEMS    CTXS TE         4,548.1       (93.6)    (306.6)
CITRIX SYSTEMS    CTXS* MM        4,548.1       (93.6)    (306.6)
CLOVIS ONCOLOGY   C6O GR            601.8      (127.0)     179.1
CLOVIS ONCOLOGY   CLVS US           601.8      (127.0)     179.1
CLOVIS ONCOLOGY   C6O QT            601.8      (127.0)     179.1
CLOVIS ONCOLOGY   CLVSEUR EU        601.8      (127.0)     179.1
CLOVIS ONCOLOGY   C6O TH            601.8      (127.0)     179.1
COGENT COMMUNICA  CCOI US           913.6      (222.2)     366.4
COGENT COMMUNICA  OGM1 GR           913.6      (222.2)     366.4
COGENT COMMUNICA  CCOIEUR EU        913.6      (222.2)     366.4
COGENT COMMUNICA  CCOI* MM          913.6      (222.2)     366.4
COMMUNITY HEALTH  CYH US         16,415.0    (1,563.0)     991.0
COMMUNITY HEALTH  CG5 GR         16,415.0    (1,563.0)     991.0
COMMUNITY HEALTH  CG5 QT         16,415.0    (1,563.0)     991.0
COMMUNITY HEALTH  CYH1EUR EU     16,415.0    (1,563.0)     991.0
COMMUNITY HEALTH  CG5 TH         16,415.0    (1,563.0)     991.0
CYTODYN INC       CYDY US            38.8        (4.4)     (16.4)
CYTODYN INC       296 GR             38.8        (4.4)     (16.4)
CYTODYN INC       296 GZ             38.8        (4.4)     (16.4)
CYTODYN INC       CYDYEUR EU         38.8        (4.4)     (16.4)
CYTOKINETICS INC  CYTK US           256.6       (45.7)     205.2
CYTOKINETICS INC  KK3A GR           256.6       (45.7)     205.2
CYTOKINETICS INC  CYTKEUR EU        256.6       (45.7)     205.2
CYTOKINETICS INC  KK3A QT           256.6       (45.7)     205.2
CYTOKINETICS INC  KK3A TH           256.6       (45.7)     205.2
DELEK LOGISTICS   DKL US            946.2       (44.4)      (0.0)
DENNY'S CORP      DENN US           468.7      (217.5)     (13.7)
DENNY'S CORP      DE8 TH            468.7      (217.5)     (13.7)
DENNY'S CORP      DE8 GR            468.7      (217.5)     (13.7)
DENNY'S CORP      DENNEUR EU        468.7      (217.5)     (13.7)
DIEBOLD NIXDORF   DBD GR          3,721.1      (708.5)     367.5
DIEBOLD NIXDORF   DBD US          3,721.1      (708.5)     367.5
DIEBOLD NIXDORF   DBD SW          3,721.1      (708.5)     367.5
DIEBOLD NIXDORF   DBDEUR EU       3,721.1      (708.5)     367.5
DIEBOLD NIXDORF   DBD TH          3,721.1      (708.5)     367.5
DIEBOLD NIXDORF   DBD QT          3,721.1      (708.5)     367.5
DINE BRANDS GLOB  IHP GR          2,043.3      (368.6)     185.3
DINE BRANDS GLOB  DIN US          2,043.3      (368.6)     185.3
DINE BRANDS GLOB  IHP TH          2,043.3      (368.6)     185.3
DOMINO'S PIZZA    EZV TH          1,581.7    (3,282.9)     467.2
DOMINO'S PIZZA    EZV GR          1,581.7    (3,282.9)     467.2
DOMINO'S PIZZA    DPZ US          1,581.7    (3,282.9)     467.2
DOMINO'S PIZZA    EZV QT          1,581.7    (3,282.9)     467.2
DOMINO'S PIZZA    EZV GZ          1,581.7    (3,282.9)     467.2
DOMINO'S PIZZA    DPZ AV          1,581.7    (3,282.9)     467.2
DOMINO'S PIZZA    DPZ* MM         1,581.7    (3,282.9)     467.2
DOMINO'S PIZZA    DPZEUR EU       1,581.7    (3,282.9)     467.2
DOMO INC- CL B    1ON GR            197.2       (64.0)       1.1
DOMO INC- CL B    1ON GZ            197.2       (64.0)       1.1
DOMO INC- CL B    DOMOEUR EU        197.2       (64.0)       1.1
DOMO INC- CL B    1ON TH            197.2       (64.0)       1.1
DOMO INC- CL B    DOMO US           197.2       (64.0)       1.1
DRAFTKINGS INC-A  8DEA TH           309.6      (102.0)     (12.8)
DRAFTKINGS INC-A  8DEA QT           309.6      (102.0)     (12.8)
DRAFTKINGS INC-A  8DEA GZ           309.6      (102.0)     (12.8)
DRAFTKINGS INC-A  DKNG US           309.6      (102.0)     (12.8)
DRAFTKINGS INC-A  8DEA GR           309.6      (102.0)     (12.8)
DRAFTKINGS INC-A  DKNG1EUR EU       309.6      (102.0)     (12.8)
DRAFTKINGS INC-A  DKNG* MM          309.6      (102.0)     (12.8)
DUNKIN' BRANDS G  2DB GR          3,829.3      (587.7)     319.4
DUNKIN' BRANDS G  2DB TH          3,829.3      (587.7)     319.4
DUNKIN' BRANDS G  DNKN US         3,829.3      (587.7)     319.4
DUNKIN' BRANDS G  DNKNEUR EU      3,829.3      (587.7)     319.4
DUNKIN' BRANDS G  2DB QT          3,829.3      (587.7)     319.4
DUNKIN' BRANDS G  2DB GZ          3,829.3      (587.7)     319.4
EMISPHERE TECH    EMIS US             5.2      (155.3)      (1.4)
ESPERION THERAPE  ESPREUR EU        179.6       (50.2)      99.2
ESPERION THERAPE  0ET TH            179.6       (50.2)      99.2
ESPERION THERAPE  0ET QT            179.6       (50.2)      99.2
ESPERION THERAPE  0ET GR            179.6       (50.2)      99.2
ESPERION THERAPE  ESPR US           179.6       (50.2)      99.2
FLEXION THERAPEU  FLXN US           204.6       (52.3)     145.7
FLEXION THERAPEU  F02 GR            204.6       (52.3)     145.7
FLEXION THERAPEU  FLXNEUR EU        204.6       (52.3)     145.7
FLEXION THERAPEU  F02 TH            204.6       (52.3)     145.7
FLEXION THERAPEU  F02 QT            204.6       (52.3)     145.7
FRONTDOOR IN      3I5 GR          1,291.0      (178.0)     113.0
FRONTDOOR IN      FTDREUR EU      1,291.0      (178.0)     113.0
FRONTDOOR IN      FTDR US         1,291.0      (178.0)     113.0
GLOBALSCAPE INC   GSB US             36.6       (32.7)      (5.5)
GLORIOUS CREATIO  GCIT CN             0.0        (0.4)      (0.4)
GOLDEN STAR RES   GS51 GR           381.3       (21.9)     (31.0)
GOLDEN STAR RES   GSR GN            381.3       (21.9)     (31.0)
GOLDEN STAR RES   GSS US            381.3       (21.9)     (31.0)
GOLDEN STAR RES   GSC CN            381.3       (21.9)     (31.0)
GOLDEN STAR RES   GS51 GZ           381.3       (21.9)     (31.0)
GOLDEN STAR RES   GSC1EUR EU        381.3       (21.9)     (31.0)
GOLDEN STAR RES   GS51 QT           381.3       (21.9)     (31.0)
GOOSEHEAD INSU-A  2OX GR            142.6       (17.2)      60.0
GOOSEHEAD INSU-A  GSHDEUR EU        142.6       (17.2)      60.0
GOOSEHEAD INSU-A  GSHD US           142.6       (17.2)      60.0
GORES HOLDINGS I  GHIVU US          427.4       411.8        0.9
GORES HOLDINGS-A  GHIV US           427.4       411.8        0.9
GRAFTECH INTERNA  G6G GZ          1,534.2      (680.4)     483.6
GRAFTECH INTERNA  EAF US          1,534.2      (680.4)     483.6
GRAFTECH INTERNA  G6G GR          1,534.2      (680.4)     483.6
GRAFTECH INTERNA  EAFEUR EU       1,534.2      (680.4)     483.6
GRAFTECH INTERNA  G6G TH          1,534.2      (680.4)     483.6
GRAFTECH INTERNA  G6G QT          1,534.2      (680.4)     483.6
GREEN PLAINS PAR  GPP US            106.4       (76.6)    (138.2)
GREENSKY INC-A    GSKY US           938.4      (213.5)     248.0
HANGER INC        HO8 GR            869.2       (16.0)     163.1
HANGER INC        HNGR US           869.2       (16.0)     163.1
HANGER INC        HNGREUR EU        869.2       (16.0)     163.1
HERBALIFE NUTRIT  HOO GR          2,715.3      (388.5)     587.3
HERBALIFE NUTRIT  HLF US          2,715.3      (388.5)     587.3
HERBALIFE NUTRIT  HOO GZ          2,715.3      (388.5)     587.3
HERBALIFE NUTRIT  HOO TH          2,715.3      (388.5)     587.3
HERBALIFE NUTRIT  HLFEUR EU       2,715.3      (388.5)     587.3
HERBALIFE NUTRIT  HOO QT          2,715.3      (388.5)     587.3
HEWLETT-CEDEAR    HPQ AR         33,773.0      (743.0)  (5,616.0)
HEWLETT-CEDEAR    HPQD AR        33,773.0      (743.0)  (5,616.0)
HEWLETT-CEDEAR    HPQC AR        33,773.0      (743.0)  (5,616.0)
HILTON WORLD-BDR  H1LT34 BZ      15,788.0      (904.0)     929.0
HILTON WORLDWIDE  HLTEUR EU      15,788.0      (904.0)     929.0
HILTON WORLDWIDE  HLTW AV        15,788.0      (904.0)     929.0
HILTON WORLDWIDE  HI91 TH        15,788.0      (904.0)     929.0
HILTON WORLDWIDE  HI91 GR        15,788.0      (904.0)     929.0
HILTON WORLDWIDE  HI91 TE        15,788.0      (904.0)     929.0
HILTON WORLDWIDE  HLT* MM        15,788.0      (904.0)     929.0
HILTON WORLDWIDE  HLT US         15,788.0      (904.0)     929.0
HOME DEPOT - BDR  HOME34 BZ      58,737.0    (3,490.0)   3,929.0
HOME DEPOT INC    HD TE          58,737.0    (3,490.0)   3,929.0
HOME DEPOT INC    HD US          58,737.0    (3,490.0)   3,929.0
HOME DEPOT INC    HDI TH         58,737.0    (3,490.0)   3,929.0
HOME DEPOT INC    HDI GR         58,737.0    (3,490.0)   3,929.0
HOME DEPOT INC    HD* MM         58,737.0    (3,490.0)   3,929.0
HOME DEPOT INC    HDUSD SW       58,737.0    (3,490.0)   3,929.0
HOME DEPOT INC    HDI GZ         58,737.0    (3,490.0)   3,929.0
HOME DEPOT INC    HD SW          58,737.0    (3,490.0)   3,929.0
HOME DEPOT INC    HDEUR EU       58,737.0    (3,490.0)   3,929.0
HOME DEPOT INC    HDI QT         58,737.0    (3,490.0)   3,929.0
HOME DEPOT INC    0R1G LN        58,737.0    (3,490.0)   3,929.0
HOME DEPOT INC    HD AV          58,737.0    (3,490.0)   3,929.0
HOME DEPOT INC    HD CI          58,737.0    (3,490.0)   3,929.0
HOME DEPOT-CED    HDD AR         58,737.0    (3,490.0)   3,929.0
HOME DEPOT-CED    HDC AR         58,737.0    (3,490.0)   3,929.0
HOME DEPOT-CED    HD AR          58,737.0    (3,490.0)   3,929.0
HP COMPANY-BDR    HPQB34 BZ      33,773.0      (743.0)  (5,616.0)
HP INC            HPQ TE         33,773.0      (743.0)  (5,616.0)
HP INC            HPQ US         33,773.0      (743.0)  (5,616.0)
HP INC            7HP TH         33,773.0      (743.0)  (5,616.0)
HP INC            7HP GR         33,773.0      (743.0)  (5,616.0)
HP INC            HPQ* MM        33,773.0      (743.0)  (5,616.0)
HP INC            HPQUSD SW      33,773.0      (743.0)  (5,616.0)
HP INC            HPQEUR EU      33,773.0      (743.0)  (5,616.0)
HP INC            7HP GZ         33,773.0      (743.0)  (5,616.0)
HP INC            HPQ SW         33,773.0      (743.0)  (5,616.0)
HP INC            7HP QT         33,773.0      (743.0)  (5,616.0)
HP INC            HPQ AV         33,773.0      (743.0)  (5,616.0)
HP INC            HPQ CI         33,773.0      (743.0)  (5,616.0)
HUMANIGEN INC     HGEN US             0.4       (16.3)     (15.1)
IAA INC           3NI GR          2,215.5      (103.6)     256.2
IAA INC           IAA-WEUR EU     2,215.5      (103.6)     256.2
IAA INC           IAA US          2,215.5      (103.6)     256.2
IMMUNOGEN INC     IMU GR            269.7       (24.5)     178.8
IMMUNOGEN INC     IMGN US           269.7       (24.5)     178.8
IMMUNOGEN INC     IMU TH            269.7       (24.5)     178.8
IMMUNOGEN INC     IMU GZ            269.7       (24.5)     178.8
IMMUNOGEN INC     IMU QT            269.7       (24.5)     178.8
IMMUNOGEN INC     IMGN* MM          269.7       (24.5)     178.8
IMMUNOGEN INC     IMGNEUR EU        269.7       (24.5)     178.8
IMV INC           IMV CN             15.3        (2.4)       4.6
IMV INC           IMV US             15.3        (2.4)       4.6
IMV INC           5IV1 GR            15.3        (2.4)       4.6
IMV INC           IMV1EUR EU         15.3        (2.4)       4.6
INSPERITY INC     NSP US          1,522.4        (3.3)     190.8
INSPERITY INC     ASF GR          1,522.4        (3.3)     190.8
INTERCEPT PHARMA  I4P QT            662.4       (34.7)     478.2
INTERCEPT PHARMA  I4P TH            662.4       (34.7)     478.2
INTERCEPT PHARMA  ICPT* MM          662.4       (34.7)     478.2
INTERCEPT PHARMA  ICPT US           662.4       (34.7)     478.2
INTERCEPT PHARMA  I4P GR            662.4       (34.7)     478.2
IRONWOOD PHARMAC  I76 GR            404.0       (71.6)     306.3
IRONWOOD PHARMAC  I76 TH            404.0       (71.6)     306.3
IRONWOOD PHARMAC  IRWD US           404.0       (71.6)     306.3
IRONWOOD PHARMAC  IRWDEUR EU        404.0       (71.6)     306.3
IRONWOOD PHARMAC  I76 QT            404.0       (71.6)     306.3
JACK IN THE BOX   JBX GR          1,861.3      (876.9)     (79.8)
JACK IN THE BOX   JACK US         1,861.3      (876.9)     (79.8)
JACK IN THE BOX   JBX GZ          1,861.3      (876.9)     (79.8)
JACK IN THE BOX   JBX QT          1,861.3      (876.9)     (79.8)
JACK IN THE BOX   JACK1EUR EU     1,861.3      (876.9)     (79.8)
JOSEMARIA RESOUR  JOSES I2           22.3       (36.4)     (27.2)
JOSEMARIA RESOUR  JOSE SS            22.3       (36.4)     (27.2)
JOSEMARIA RESOUR  NGQSEK EU          22.3       (36.4)     (27.2)
JOSEMARIA RESOUR  JOSES EB           22.3       (36.4)     (27.2)
JOSEMARIA RESOUR  JOSES IX           22.3       (36.4)     (27.2)
KINIKSA PHARMA-A  KNSA US           226.1      (420.0)     193.7
KONTOOR BRAND     KTB US          1,901.8       (18.5)     893.1
KONTOOR BRAND     3KO TH          1,901.8       (18.5)     893.1
KONTOOR BRAND     3KO GR          1,901.8       (18.5)     893.1
KONTOOR BRAND     KTBEUR EU       1,901.8       (18.5)     893.1
KONTOOR BRAND     3KO QT          1,901.8       (18.5)     893.1
KONTOOR BRAND     3KO GZ          1,901.8       (18.5)     893.1
L BRANDS INC      LTD GR          9,439.0    (1,858.0)     166.0
L BRANDS INC      LB US           9,439.0    (1,858.0)     166.0
L BRANDS INC      LTD TH          9,439.0    (1,858.0)     166.0
L BRANDS INC      LTD QT          9,439.0    (1,858.0)     166.0
L BRANDS INC      LBEUR EU        9,439.0    (1,858.0)     166.0
L BRANDS INC      LB* MM          9,439.0    (1,858.0)     166.0
L BRANDS INC      LBRA AV         9,439.0    (1,858.0)     166.0
L BRANDS INC-BDR  LBRN34 BZ       9,439.0    (1,858.0)     166.0
LENNOX INTL INC   LXI GR          2,124.3      (228.9)     280.7
LENNOX INTL INC   LII US          2,124.3      (228.9)     280.7
LENNOX INTL INC   LII* MM         2,124.3      (228.9)     280.7
LENNOX INTL INC   LII1EUR EU      2,124.3      (228.9)     280.7
LENNOX INTL INC   LXI TH          2,124.3      (228.9)     280.7
LIVEXLIVE MEDIA   LIVX US            54.1        (7.1)     (30.1)
MARRIOTT - BDR    M1TT34 BZ      25,549.0       (20.0)  (2,467.0)
MARRIOTT INTL-A   MAQ GR         25,549.0       (20.0)  (2,467.0)
MARRIOTT INTL-A   MAR US         25,549.0       (20.0)  (2,467.0)
MARRIOTT INTL-A   MAQ TH         25,549.0       (20.0)  (2,467.0)
MARRIOTT INTL-A   MAQ SW         25,549.0       (20.0)  (2,467.0)
MARRIOTT INTL-A   MAREUR EU      25,549.0       (20.0)  (2,467.0)
MARRIOTT INTL-A   MAQ GZ         25,549.0       (20.0)  (2,467.0)
MARRIOTT INTL-A   MAQ QT         25,549.0       (20.0)  (2,467.0)
MARRIOTT INTL-A   MAR AV         25,549.0       (20.0)  (2,467.0)
MARRIOTT INTL-A   MAR TE         25,549.0       (20.0)  (2,467.0)
MCDONALD'S CORP   TCXMCD AU      50,568.0    (9,293.4)   3,569.1
MCDONALDS - BDR   MCDC34 BZ      50,568.0    (9,293.4)   3,569.1
MCDONALDS CORP    MDO TH         50,568.0    (9,293.4)   3,569.1
MCDONALDS CORP    MCD US         50,568.0    (9,293.4)   3,569.1
MCDONALDS CORP    MCD SW         50,568.0    (9,293.4)   3,569.1
MCDONALDS CORP    MDO GR         50,568.0    (9,293.4)   3,569.1
MCDONALDS CORP    MCD* MM        50,568.0    (9,293.4)   3,569.1
MCDONALDS CORP    MCD TE         50,568.0    (9,293.4)   3,569.1
MCDONALDS CORP    MCDUSD SW      50,568.0    (9,293.4)   3,569.1
MCDONALDS CORP    MCDEUR EU      50,568.0    (9,293.4)   3,569.1
MCDONALDS CORP    MDO GZ         50,568.0    (9,293.4)   3,569.1
MCDONALDS CORP    MDO QT         50,568.0    (9,293.4)   3,569.1
MCDONALDS CORP    0R16 LN        50,568.0    (9,293.4)   3,569.1
MCDONALDS CORP    MCD AV         50,568.0    (9,293.4)   3,569.1
MCDONALDS CORP    MCD CI         50,568.0    (9,293.4)   3,569.1
MCDONALDS-CEDEAR  MCD AR         50,568.0    (9,293.4)   3,569.1
MCDONALDS-CEDEAR  MCDC AR        50,568.0    (9,293.4)   3,569.1
MCDONALDS-CEDEAR  MCDD AR        50,568.0    (9,293.4)   3,569.1
MICHAELS COS INC  MIKEUR EU       4,307.6    (1,515.4)     347.9
MICHAELS COS INC  MIK US          4,307.6    (1,515.4)     347.9
MICHAELS COS INC  MIM GR          4,307.6    (1,515.4)     347.9
MILESTONE MEDICA  MMDPLN EU           0.6       (13.9)     (13.9)
MILESTONE MEDICA  MMD PW              0.6       (13.9)     (13.9)
MONEYGRAM INTERN  MGI US          4,417.8      (268.5)    (122.3)
MONEYGRAM INTERN  9M1N GR         4,417.8      (268.5)    (122.3)
MONEYGRAM INTERN  9M1N QT         4,417.8      (268.5)    (122.3)
MOTOROLA SOL-CED  MSI AR         10,716.0      (930.0)     602.0
MOTOROLA SOLUTIO  MTLA GR        10,716.0      (930.0)     602.0
MOTOROLA SOLUTIO  MOT TE         10,716.0      (930.0)     602.0
MOTOROLA SOLUTIO  MSI US         10,716.0      (930.0)     602.0
MOTOROLA SOLUTIO  MTLA TH        10,716.0      (930.0)     602.0
MOTOROLA SOLUTIO  MTLA GZ        10,716.0      (930.0)     602.0
MOTOROLA SOLUTIO  MSI1EUR EU     10,716.0      (930.0)     602.0
MOTOROLA SOLUTIO  MTLA QT        10,716.0      (930.0)     602.0
MOTOROLA SOLUTIO  MOSI AV        10,716.0      (930.0)     602.0
MSCI INC          3HM GR          4,187.4      (310.9)   1,064.9
MSCI INC          MSCI US         4,187.4      (310.9)   1,064.9
MSCI INC          3HM SW          4,187.4      (310.9)   1,064.9
MSCI INC          3HM QT          4,187.4      (310.9)   1,064.9
MSCI INC          3HM GZ          4,187.4      (310.9)   1,064.9
MSCI INC          MSCI* MM        4,187.4      (310.9)   1,064.9
MSCI INC-BDR      M1SC34 BZ       4,187.4      (310.9)   1,064.9
MSG NETWORKS- A   MSGN US           797.6      (612.0)     210.8
MSG NETWORKS- A   MSGNEUR EU        797.6      (612.0)     210.8
MSG NETWORKS- A   1M4 QT            797.6      (612.0)     210.8
MSG NETWORKS- A   1M4 TH            797.6      (612.0)     210.8
MSG NETWORKS- A   1M4 GR            797.6      (612.0)     210.8
NANTHEALTH INC    NH US             261.0       (33.6)      28.2
NANTHEALTH INC    NEL GR            261.0       (33.6)      28.2
NANTHEALTH INC    NHEUR EU          261.0       (33.6)      28.2
NANTHEALTH INC    NEL TH            261.0       (33.6)      28.2
NATHANS FAMOUS    NFA GR            105.3       (66.4)      75.2
NATHANS FAMOUS    NATH US           105.3       (66.4)      75.2
NATHANS FAMOUS    NATHEUR EU        105.3       (66.4)      75.2
NAVISTAR INTL     IHR TH          6,440.0    (3,856.0)   1,842.0
NAVISTAR INTL     IHR GR          6,440.0    (3,856.0)   1,842.0
NAVISTAR INTL     NAV US          6,440.0    (3,856.0)   1,842.0
NAVISTAR INTL     IHR QT          6,440.0    (3,856.0)   1,842.0
NAVISTAR INTL     IHR GZ          6,440.0    (3,856.0)   1,842.0
NAVISTAR INTL     NAVEUR EU       6,440.0    (3,856.0)   1,842.0
NESCO HOLDINGS I  NSCO US           815.1       (27.5)      62.5
NEW ENG RLTY-LP   NEN US            294.7       (38.0)       -
NOVAVAX INC       NVV1 TH           328.1       (24.0)     236.3
NOVAVAX INC       NVAX* MM          328.1       (24.0)     236.3
NOVAVAX INC       NVV1 SW           328.1       (24.0)     236.3
NOVAVAX INC       NVV1 GZ           328.1       (24.0)     236.3
NOVAVAX INC       NVAXEUR EU        328.1       (24.0)     236.3
NOVAVAX INC       NVV1 GR           328.1       (24.0)     236.3
NOVAVAX INC       NVAX US           328.1       (24.0)     236.3
NUNZIA PHARMACEU  NUNZ US             0.1        (3.2)      (2.5)
NUTANIX INC - A   0NU GR          1,773.3      (184.0)     381.8
NUTANIX INC - A   NTNXEUR EU      1,773.3      (184.0)     381.8
NUTANIX INC - A   0NU TH          1,773.3      (184.0)     381.8
NUTANIX INC - A   0NU QT          1,773.3      (184.0)     381.8
NUTANIX INC - A   NTNX US         1,773.3      (184.0)     381.8
NUTANIX INC - A   0NU GZ          1,773.3      (184.0)     381.8
OCULAR THERAPEUT  OCULEUR EU         72.9       (10.7)      44.0
OCULAR THERAPEUT  0OT TH             72.9       (10.7)      44.0
OCULAR THERAPEUT  0OT GZ             72.9       (10.7)      44.0
OCULAR THERAPEUT  0OT GR             72.9       (10.7)      44.0
OCULAR THERAPEUT  OCUL US            72.9       (10.7)      44.0
OMEROS CORP       OMER US           118.2      (131.9)      27.7
OMEROS CORP       3O8 GR            118.2      (131.9)      27.7
OMEROS CORP       OMEREUR EU        118.2      (131.9)      27.7
OMEROS CORP       3O8 TH            118.2      (131.9)      27.7
OMEROS CORP       3O8 QT            118.2      (131.9)      27.7
OMNIA WELLNESS I  OMWS US             -          (0.0)      (0.0)
ONTRAK INC        OTRK US            22.9       (27.5)       4.4
ONTRAK INC        HY1N GZ            22.9       (27.5)       4.4
ONTRAK INC        HY1N GR            22.9       (27.5)       4.4
ONTRAK INC        CATSEUR EU         22.9       (27.5)       4.4
OPEN LENDING C-A  LPRO US           115.2       (56.6)       -
OPTIVA INC        RE6 GR             95.7       (34.8)       9.3
OPTIVA INC        OPT CN             95.7       (34.8)       9.3
OPTIVA INC        RKNEF US           95.7       (34.8)       9.3
OPTIVA INC        3230510Q EU        95.7       (34.8)       9.3
OPTIVA INC        RKNEUR EU          95.7       (34.8)       9.3
OTIS WORLDWI      OTIS US        10,441.0    (3,576.0)     630.0
OTIS WORLDWI      4PG GR         10,441.0    (3,576.0)     630.0
OTIS WORLDWI      4PG GZ         10,441.0    (3,576.0)     630.0
OTIS WORLDWI      OTIS* MM       10,441.0    (3,576.0)     630.0
OTIS WORLDWI      OTISEUR EU     10,441.0    (3,576.0)     630.0
OTIS WORLDWI      4PG TH         10,441.0    (3,576.0)     630.0
OTIS WORLDWI      4PG QT         10,441.0    (3,576.0)     630.0
PAPA JOHN'S INTL  PZZA US           718.3       (68.4)     (30.5)
PAPA JOHN'S INTL  PP1 GR            718.3       (68.4)     (30.5)
PAPA JOHN'S INTL  PP1 GZ            718.3       (68.4)     (30.5)
PAPA JOHN'S INTL  PZZAEUR EU        718.3       (68.4)     (30.5)
PARATEK PHARMACE  PRTK US           233.7       (55.2)     183.9
PARATEK PHARMACE  N4CN GR           233.7       (55.2)     183.9
PARATEK PHARMACE  N4CN TH           233.7       (55.2)     183.9
PHILIP MORRI-BDR  PHMO34 BZ      39,162.0   (10,120.0)   1,984.0
PHILIP MORRIS IN  4I1 GR         39,162.0   (10,120.0)   1,984.0
PHILIP MORRIS IN  PM US          39,162.0   (10,120.0)   1,984.0
PHILIP MORRIS IN  PM1CHF EU      39,162.0   (10,120.0)   1,984.0
PHILIP MORRIS IN  PM1 TE         39,162.0   (10,120.0)   1,984.0
PHILIP MORRIS IN  4I1 TH         39,162.0   (10,120.0)   1,984.0
PHILIP MORRIS IN  PMI SW         39,162.0   (10,120.0)   1,984.0
PHILIP MORRIS IN  PM1EUR EU      39,162.0   (10,120.0)   1,984.0
PHILIP MORRIS IN  4I1 GZ         39,162.0   (10,120.0)   1,984.0
PHILIP MORRIS IN  4I1 QT         39,162.0   (10,120.0)   1,984.0
PHILIP MORRIS IN  PM* MM         39,162.0   (10,120.0)   1,984.0
PHILIP MORRIS IN  0M8V LN        39,162.0   (10,120.0)   1,984.0
PHILIP MORRIS IN  PMOR AV        39,162.0   (10,120.0)   1,984.0
PHILIP MORRIS IN  PMIZ EB        39,162.0   (10,120.0)   1,984.0
PHILIP MORRIS IN  PMIZ IX        39,162.0   (10,120.0)   1,984.0
PLANET FITNESS-A  PLNT1EUR EU     1,875.6      (692.2)     484.3
PLANET FITNESS-A  3PL QT          1,875.6      (692.2)     484.3
PLANET FITNESS-A  PLNT US         1,875.6      (692.2)     484.3
PLANET FITNESS-A  3PL TH          1,875.6      (692.2)     484.3
PLANET FITNESS-A  3PL GR          1,875.6      (692.2)     484.3
PLANTRONICS INC   PLT US          2,228.9      (149.7)     183.5
PLANTRONICS INC   PTM GR          2,228.9      (149.7)     183.5
PLANTRONICS INC   PLTEUR EU       2,228.9      (149.7)     183.5
PLANTRONICS INC   PTM GZ          2,228.9      (149.7)     183.5
PPD INC           PPD US          5,814.8    (1,047.2)     212.3
PROGENITY INC     4ZU TH            111.0       (84.8)       9.5
PROGENITY INC     4ZU GR            111.0       (84.8)       9.5
PROGENITY INC     4ZU QT            111.0       (84.8)       9.5
PROGENITY INC     PROGEUR EU        111.0       (84.8)       9.5
PROGENITY INC     4ZU GZ            111.0       (84.8)       9.5
PROGENITY INC     PROG US           111.0       (84.8)       9.5
PSOMAGEN INC-KDR  950200 KS           -           -          -
QUANTUM CORP      QMCO US           166.0      (198.5)     (22.4)
RADIUS HEALTH IN  RDUS US           201.6       (74.2)     124.6
RADIUS HEALTH IN  1R8 TH            201.6       (74.2)     124.6
RADIUS HEALTH IN  1R8 QT            201.6       (74.2)     124.6
RADIUS HEALTH IN  RDUSEUR EU        201.6       (74.2)     124.6
RADIUS HEALTH IN  1R8 GR            201.6       (74.2)     124.6
REC SILICON ASA   RECO IX           268.9       (49.9)       4.4
REC SILICON ASA   REC SS            268.9       (49.9)       4.4
REC SILICON ASA   RECO S1           268.9       (49.9)       4.4
REC SILICON ASA   RECO TQ           268.9       (49.9)       4.4
REC SILICON ASA   RECO EB           268.9       (49.9)       4.4
REC SILICON ASA   REC EU            268.9       (49.9)       4.4
REC SILICON ASA   REC NO            268.9       (49.9)       4.4
REC SILICON ASA   RECO S2           268.9       (49.9)       4.4
REC SILICON ASA   RECO B3           268.9       (49.9)       4.4
REC SILICON ASA   RECO I2           268.9       (49.9)       4.4
REC SILICON ASA   RECO QX           268.9       (49.9)       4.4
REVLON INC-A      RVL1 GR         2,779.6    (1,435.8)    (447.5)
REVLON INC-A      REV US          2,779.6    (1,435.8)    (447.5)
REVLON INC-A      REV* MM         2,779.6    (1,435.8)    (447.5)
REVLON INC-A      REVEUR EU       2,779.6    (1,435.8)    (447.5)
REVLON INC-A      RVL1 TH         2,779.6    (1,435.8)    (447.5)
RIMINI STREET IN  RMNI US           201.3       (91.6)     (89.0)
ROSETTA STONE IN  RS8 TH            182.6       (19.0)     (70.2)
ROSETTA STONE IN  RS8 GR            182.6       (19.0)     (70.2)
ROSETTA STONE IN  RST US            182.6       (19.0)     (70.2)
ROSETTA STONE IN  RST1EUR EU        182.6       (19.0)     (70.2)
SALLY BEAUTY HOL  S7V GR          3,198.1       (69.1)     825.6
SALLY BEAUTY HOL  SBH US          3,198.1       (69.1)     825.6
SALLY BEAUTY HOL  SBHEUR EU       3,198.1       (69.1)     825.6
SBA COMM CORP     4SB GZ          9,359.5    (4,302.8)    (624.5)
SBA COMM CORP     SBAC US         9,359.5    (4,302.8)    (624.5)
SBA COMM CORP     4SB GR          9,359.5    (4,302.8)    (624.5)
SBA COMM CORP     SBACEUR EU      9,359.5    (4,302.8)    (624.5)
SBA COMM CORP     4SB QT          9,359.5    (4,302.8)    (624.5)
SBA COMM CORP     SBAC* MM        9,359.5    (4,302.8)    (624.5)
SBA COMM CORP     4SB TH          9,359.5    (4,302.8)    (624.5)
SBA COMMUN - BDR  S1BA34 BZ       9,359.5    (4,302.8)    (624.5)
SCIENTIFIC GAMES  TJW TH          7,844.0    (2,479.0)     847.0
SCIENTIFIC GAMES  TJW GZ          7,844.0    (2,479.0)     847.0
SCIENTIFIC GAMES  SGMS US         7,844.0    (2,479.0)     847.0
SCIENTIFIC GAMES  TJW GR          7,844.0    (2,479.0)     847.0
SEALED AIR CORP   SDA GR          5,671.0      (181.9)     192.4
SEALED AIR CORP   SEE US          5,671.0      (181.9)     192.4
SEALED AIR CORP   SDA TH          5,671.0      (181.9)     192.4
SEALED AIR CORP   SDA QT          5,671.0      (181.9)     192.4
SEALED AIR CORP   SEE1EUR EU      5,671.0      (181.9)     192.4
SERES THERAPEUTI  MCRB US           100.7       (65.6)      28.5
SERES THERAPEUTI  1S9 GR            100.7       (65.6)      28.5
SERES THERAPEUTI  MCRB1EUR EU       100.7       (65.6)      28.5
SHELL MIDSTREAM   SHLX US         2,416.0      (379.0)     311.0
SHIFT4 PAYMENT-A  FOUR US           840.8      (140.6)       -
SIRIUS XM HOLDIN  SIRI US        12,465.0      (668.0)  (2,057.0)
SIRIUS XM HOLDIN  RDO GR         12,465.0      (668.0)  (2,057.0)
SIRIUS XM HOLDIN  RDO TH         12,465.0      (668.0)  (2,057.0)
SIRIUS XM HOLDIN  SIRIEUR EU     12,465.0      (668.0)  (2,057.0)
SIRIUS XM HOLDIN  RDO GZ         12,465.0      (668.0)  (2,057.0)
SIRIUS XM HOLDIN  RDO QT         12,465.0      (668.0)  (2,057.0)
SIRIUS XM HOLDIN  SIRI AV        12,465.0      (668.0)  (2,057.0)
SIX FLAGS ENTERT  6FE GR          2,968.9      (426.8)      82.8
SIX FLAGS ENTERT  6FE QT          2,968.9      (426.8)      82.8
SIX FLAGS ENTERT  SIX US          2,968.9      (426.8)      82.8
SIX FLAGS ENTERT  6FE TH          2,968.9      (426.8)      82.8
SIX FLAGS ENTERT  SIXEUR EU       2,968.9      (426.8)      82.8
SLEEP NUMBER COR  SNBR US           768.8      (163.0)    (420.8)
SLEEP NUMBER COR  SL2 GR            768.8      (163.0)    (420.8)
SLEEP NUMBER COR  SNBREUR EU        768.8      (163.0)    (420.8)
SOCIAL CAPITAL    IPOB/U US           0.5         0.0       (0.3)
SOCIAL CAPITAL    IPOC/U US           0.7         0.0       (0.6)
SOCIAL CAPITAL-A  IPOB US             0.5         0.0       (0.3)
SOCIAL CAPITAL-A  IPOC US             0.7         0.0       (0.6)
SONA NANOTECH IN  SNANF US            1.8        (1.4)      (1.6)
SONA NANOTECH IN  SONA CN             1.8        (1.4)      (1.6)
STARBUCKS CORP    SBUX* MM       29,140.6    (8,624.3)    (421.0)
STARBUCKS CORP    SRB GR         29,140.6    (8,624.3)    (421.0)
STARBUCKS CORP    SRB TH         29,140.6    (8,624.3)    (421.0)
STARBUCKS CORP    SBUXUSD SW     29,140.6    (8,624.3)    (421.0)
STARBUCKS CORP    SRB GZ         29,140.6    (8,624.3)    (421.0)
STARBUCKS CORP    SBUX PE        29,140.6    (8,624.3)    (421.0)
STARBUCKS CORP    USSBUX KZ      29,140.6    (8,624.3)    (421.0)
STARBUCKS CORP    SBUX SW        29,140.6    (8,624.3)    (421.0)
STARBUCKS CORP    SRB QT         29,140.6    (8,624.3)    (421.0)
STARBUCKS CORP    SBUX US        29,140.6    (8,624.3)    (421.0)
STARBUCKS CORP    0QZH LI        29,140.6    (8,624.3)    (421.0)
STARBUCKS CORP    SBUX AV        29,140.6    (8,624.3)    (421.0)
STARBUCKS CORP    SBUXEUR EU     29,140.6    (8,624.3)    (421.0)
STARBUCKS CORP    SBUX TE        29,140.6    (8,624.3)    (421.0)
STARBUCKS CORP    SBUX IM        29,140.6    (8,624.3)    (421.0)
STARBUCKS CORP    SBUX CI        29,140.6    (8,624.3)    (421.0)
STARBUCKS-BDR     SBUB34 BZ      29,140.6    (8,624.3)    (421.0)
STARBUCKS-CEDEAR  SBUX AR        29,140.6    (8,624.3)    (421.0)
STARBUCKS-CEDEAR  SBUXD AR       29,140.6    (8,624.3)    (421.0)
TAILORED BRANDS   TLRD* MM        2,500.4      (378.3)    (966.9)
TAUBMAN CENTERS   TU8 GR          4,727.0      (241.7)       -
TAUBMAN CENTERS   TCO US          4,727.0      (241.7)       -
TAUBMAN CENTERS   TCO2EUR EU      4,727.0      (241.7)       -
TG THERAPEUTICS   TGTX US           101.8        (1.4)      24.9
TG THERAPEUTICS   NKB2 QT           101.8        (1.4)      24.9
TG THERAPEUTICS   NKB2 TH           101.8        (1.4)      24.9
TG THERAPEUTICS   NKB2 GR           101.8        (1.4)      24.9
TRANSDIGM - BDR   T1DG34 BZ      16,635.0    (4,205.0)   3,544.0
TRANSDIGM GROUP   TDG US         16,635.0    (4,205.0)   3,544.0
TRANSDIGM GROUP   T7D GR         16,635.0    (4,205.0)   3,544.0
TRANSDIGM GROUP   TDG* MM        16,635.0    (4,205.0)   3,544.0
TRANSDIGM GROUP   TDGEUR EU      16,635.0    (4,205.0)   3,544.0
TRANSDIGM GROUP   T7D QT         16,635.0    (4,205.0)   3,544.0
TRANSDIGM GROUP   T7D TH         16,635.0    (4,205.0)   3,544.0
TRIUMPH GROUP     TG7 GR          2,980.3      (781.3)     573.9
TRIUMPH GROUP     TGI US          2,980.3      (781.3)     573.9
TRIUMPH GROUP     TG7 TH          2,980.3      (781.3)     573.9
TRIUMPH GROUP     TGIEUR EU       2,980.3      (781.3)     573.9
TUPPERWARE BRAND  TUP GR          1,194.3      (282.3)    (730.8)
TUPPERWARE BRAND  TUP US          1,194.3      (282.3)    (730.8)
TUPPERWARE BRAND  TUP SW          1,194.3      (282.3)    (730.8)
TUPPERWARE BRAND  TUP GZ          1,194.3      (282.3)    (730.8)
TUPPERWARE BRAND  TUP QT          1,194.3      (282.3)    (730.8)
TUPPERWARE BRAND  TUP TH          1,194.3      (282.3)    (730.8)
TUPPERWARE BRAND  TUP1EUR EU      1,194.3      (282.3)    (730.8)
UBIQUITI INC      UI US             620.6      (356.0)     305.0
UBIQUITI INC      3UB GR            620.6      (356.0)     305.0
UBIQUITI INC      UBNTEUR EU        620.6      (356.0)     305.0
UBIQUITI INC      3UB GZ            620.6      (356.0)     305.0
UNISYS CORP       USY1 TH         2,971.6      (209.4)     572.4
UNISYS CORP       USY1 GR         2,971.6      (209.4)     572.4
UNISYS CORP       UIS US          2,971.6      (209.4)     572.4
UNISYS CORP       UIS1 SW         2,971.6      (209.4)     572.4
UNISYS CORP       UISEUR EU       2,971.6      (209.4)     572.4
UNISYS CORP       UISCHF EU       2,971.6      (209.4)     572.4
UNISYS CORP       USY1 GZ         2,971.6      (209.4)     572.4
UNISYS CORP       USY1 QT         2,971.6      (209.4)     572.4
UNITI GROUP INC   8XC GR          5,014.1    (1,595.5)       -
UNITI GROUP INC   UNIT US         5,014.1    (1,595.5)       -
UNITI GROUP INC   8XC TH          5,014.1    (1,595.5)       -
VALVOLINE INC     0V4 GR          2,917.0      (237.0)     983.0
VALVOLINE INC     0V4 TH          2,917.0      (237.0)     983.0
VALVOLINE INC     VVVEUR EU       2,917.0      (237.0)     983.0
VALVOLINE INC     0V4 QT          2,917.0      (237.0)     983.0
VALVOLINE INC     VVV US          2,917.0      (237.0)     983.0
VECTOR GROUP LTD  VGR US          1,494.8      (719.0)     238.5
VECTOR GROUP LTD  VGR GR          1,494.8      (719.0)     238.5
VECTOR GROUP LTD  VGR QT          1,494.8      (719.0)     238.5
VECTOR GROUP LTD  VGR TH          1,494.8      (719.0)     238.5
VECTOR GROUP LTD  VGREUR EU       1,494.8      (719.0)     238.5
VERISIGN INC      VRS TH          1,820.1    (1,400.3)     231.3
VERISIGN INC      VRSN US         1,820.1    (1,400.3)     231.3
VERISIGN INC      VRS GR          1,820.1    (1,400.3)     231.3
VERISIGN INC      VRSNEUR EU      1,820.1    (1,400.3)     231.3
VERISIGN INC      VRS GZ          1,820.1    (1,400.3)     231.3
VERISIGN INC      VRS QT          1,820.1    (1,400.3)     231.3
VERISIGN INC      VRSN* MM        1,820.1    (1,400.3)     231.3
VERISIGN INC-BDR  VRSN34 BZ       1,820.1    (1,400.3)     231.3
VERISIGN-CEDEAR   VRSN AR         1,820.1    (1,400.3)     231.3
VIVINT SMART HOM  VVNT US         2,670.4    (1,439.3)    (275.6)
WARNER MUSIC-A    WMG US          6,124.0      (285.0)  (1,149.0)
WARNER MUSIC-A    WMGEUR EU       6,124.0      (285.0)  (1,149.0)
WARNER MUSIC-A    WA4 GR          6,124.0      (285.0)  (1,149.0)
WARNER MUSIC-A    WA4 GZ          6,124.0      (285.0)  (1,149.0)
WARNER MUSIC-A    WMG AV          6,124.0      (285.0)  (1,149.0)
WARNER MUSIC-A    WA4 TH          6,124.0      (285.0)  (1,149.0)
WATERS CORP       WAZ GR          2,648.3      (191.7)     572.1
WATERS CORP       WAZ TH          2,648.3      (191.7)     572.1
WATERS CORP       WAT US          2,648.3      (191.7)     572.1
WATERS CORP       WATEUR EU       2,648.3      (191.7)     572.1
WATERS CORP       WAZ QT          2,648.3      (191.7)     572.1
WATERS CORP       WAT* MM         2,648.3      (191.7)     572.1
WAYFAIR INC- A    W US            2,751.4    (1,171.4)    (215.7)
WAYFAIR INC- A    W* MM           2,751.4    (1,171.4)    (215.7)
WAYFAIR INC- A    1WF QT          2,751.4    (1,171.4)    (215.7)
WAYFAIR INC- A    1WF GR          2,751.4    (1,171.4)    (215.7)
WAYFAIR INC- A    1WF TH          2,751.4    (1,171.4)    (215.7)
WAYFAIR INC- A    WEUR EU         2,751.4    (1,171.4)    (215.7)
WAYFAIR INC- A    1WF GZ          2,751.4    (1,171.4)    (215.7)
WESTERN UNION     W3U GR          8,365.4      (149.7)    (435.3)
WESTERN UNION     WU US           8,365.4      (149.7)    (435.3)
WESTERN UNION     W3U TH          8,365.4      (149.7)    (435.3)
WESTERN UNION     WU* MM          8,365.4      (149.7)    (435.3)
WESTERN UNION     WUEUR EU        8,365.4      (149.7)    (435.3)
WESTERN UNION     W3U GZ          8,365.4      (149.7)    (435.3)
WESTERN UNION     W3U QT          8,365.4      (149.7)    (435.3)
WIDEOPENWEST INC  WOW US          2,494.7      (246.8)     (90.6)
WIDEOPENWEST INC  WU5 TH          2,494.7      (246.8)     (90.6)
WIDEOPENWEST INC  WU5 GR          2,494.7      (246.8)     (90.6)
WIDEOPENWEST INC  WU5 QT          2,494.7      (246.8)     (90.6)
WIDEOPENWEST INC  WOW1EUR EU      2,494.7      (246.8)     (90.6)
WINGSTOP INC      WING US           201.1      (192.7)      19.9
WINGSTOP INC      EWG GR            201.1      (192.7)      19.9
WINGSTOP INC      WING1EUR EU       201.1      (192.7)      19.9
WINMARK CORP      WINA US            31.6       (18.6)       0.5
WINMARK CORP      GBZ GR             31.6       (18.6)       0.5
WORKHORSE GROUP   1WO GR             44.2       (22.0)     (15.0)
WORKHORSE GROUP   WKHS US            44.2       (22.0)     (15.0)
WORKHORSE GROUP   1WO TH             44.2       (22.0)     (15.0)
WORKHORSE GROUP   1WO GZ             44.2       (22.0)     (15.0)
WORKHORSE GROUP   WKHSEUR EU         44.2       (22.0)     (15.0)
WW INTERNATIONAL  WW US           1,633.7      (700.8)    (127.6)
WW INTERNATIONAL  WW6 GR          1,633.7      (700.8)    (127.6)
WW INTERNATIONAL  WW6 GZ          1,633.7      (700.8)    (127.6)
WW INTERNATIONAL  WTWEUR EU       1,633.7      (700.8)    (127.6)
WW INTERNATIONAL  WW6 QT          1,633.7      (700.8)    (127.6)
WW INTERNATIONAL  WW6 TH          1,633.7      (700.8)    (127.6)
WW INTERNATIONAL  WTW AV          1,633.7      (700.8)    (127.6)
WYNDHAM DESTINAT  WD5 GR          7,597.0    (1,050.0)   1,308.0
WYNDHAM DESTINAT  WYND US         7,597.0    (1,050.0)   1,308.0
WYNDHAM DESTINAT  WD5 TH          7,597.0    (1,050.0)   1,308.0
WYNDHAM DESTINAT  WYNEUR EU       7,597.0    (1,050.0)   1,308.0
WYNDHAM DESTINAT  WD5 QT          7,597.0    (1,050.0)   1,308.0
XPRESSPA GROUP I  V9G TH             29.2        (3.7)     (10.7)
XPRESSPA GROUP I  V9G GR             29.2        (3.7)     (10.7)
XPRESSPA GROUP I  XSPA US            29.2        (3.7)     (10.7)
XPRESSPA GROUP I  V9G QT             29.2        (3.7)     (10.7)
XPRESSPA GROUP I  V9G GZ             29.2        (3.7)     (10.7)
XPRESSPA GROUP I  FHEUR EU           29.2        (3.7)     (10.7)
YUM! BRANDS INC   TGR TH          6,421.0    (8,108.0)     923.0
YUM! BRANDS INC   TGR GR          6,421.0    (8,108.0)     923.0
YUM! BRANDS INC   YUM* MM         6,421.0    (8,108.0)     923.0
YUM! BRANDS INC   YUMUSD SW       6,421.0    (8,108.0)     923.0
YUM! BRANDS INC   TGR GZ          6,421.0    (8,108.0)     923.0
YUM! BRANDS INC   YUMEUR EU       6,421.0    (8,108.0)     923.0
YUM! BRANDS INC   TGR QT          6,421.0    (8,108.0)     923.0
YUM! BRANDS INC   YUM SW          6,421.0    (8,108.0)     923.0
YUM! BRANDS INC   YUM US          6,421.0    (8,108.0)     923.0
YUM! BRANDS INC   YUM AV          6,421.0    (8,108.0)     923.0
YUM! BRANDS INC   TGR TE          6,421.0    (8,108.0)     923.0



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2020.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

                   *** End of Transmission ***