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

              Thursday, October 8, 2020, Vol. 24, No. 281

                            Headlines

1069 RESTAURANT: Seeks Chapter 11 Bankruptcy Protection
A&A DISPOSAL: Taps Montgomery Tax Service as Accountant
ABENGOA SA: Francisco's 2nd Amended Securities Class Suit Nixed
ACADEMY LTD: Moody's Hikes CFR to B2 & Secured Loan to B3
ALASKA UROLOGICAL: Court Rejects PPP Loan's Bankruptcy Exclusion

ALLISON TRANSMISSION: Fitch Affirms 'BB' LT IDR, Outlook Stable
APACHE CORP: Egan-Jones Cuts Sr. Unsecured Debt Ratings to B
AURORA COMMERCIAL: Order Expunging Pierre's Proof of Claim Upheld
AVADEL PHARMA: Gets Court Approval for Its Ch. 11 Liquidation Plan
AVIANCA HOLDINGS: Court OKs $2 Billlion Proposed Financing Plan

AVIC INTERNATIONAL: Case Summary & 4 Unsecured Creditors
BAINBRIDGE UINTA: Taps D. R. Payne as Financial Advisor
BIONIK LABORATORIES: All 3 Proposals Passed at Annual Meeting
BLACKBERRY LIMITED: Egan-Jones Cuts Sr. Unsec. Debt Ratings to CCC+
BREAD & BUTTER: Court Allows Arrowhead's Late-Filed Claim

BUZZ FINCO: Fitch Assigns BB- Issuer Default Rating
BUZZ FINCO: Moody's Rates Proposed $200MM Incremental Term Loan B1
CAESARS HOLDINGS: Egan-Jones Cuts Local Curr. Unsec Ratings to CCC+
CARMAX INC: Egan-Jones Hikes Sr. Unsecured Debt Ratings to BB-
DELTA SANDBLASTING: Case Summary & 20 Largest Unsecured Creditors

DIOCESE OF BUFFALO: Intends to Hasten Bankruptcy Case
EAGLE PIPE: Case Summary & 20 Largest Unsecured Creditors
FALC ENTERPRISES: Taps James & Haugland as Legal Counsel
FIGUEROA MOUNTAIN BREWING: Files Ch. 11 Bankruptcy Reorganization
FLOAT HORIZEN: Case Summary & 8 Unsecured Creditors

FT. MYERS ALF: Taps Genovese Joblove as Special Counsel
GARDEN OF EDEN: Court Confirms Reorganization Plan
GARRETT MOTION: Shareholders Withdraw Resistance to Bankruptcy Loan
GARRETT MOTION: U.S. Trustee Appoints Creditors' Committee
GREAT WESTERN: Moody's Hikes CFR to Caa3, Outlook Remains Negative

GREENPOINT TACTICAL: Disclosure Okayed, Plan Hearing on Feb. 10
H.B. FULLER: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable
H.B. FULLER: Moody's Rates $300MM Sr. Unsec. Notes Due 2028 'B2'
HARTLAND MMI: Status Hearing Continued to December 2
HIGH RIDGE BRANDS: Gets Court Ok for Its Ch. 11 Liquidation Plan

HOGAR LA MISERICORDIA: Court Approves Disclosure Statement
HOLLINGSWORTH FARMS: U.S. Trustee Unable to Appoint Committee
HOOVER GROUP: Moody's Withdraws Caa2 CFR on Debt Repayment
IFRESH INC: Falls Short of Nasdaq Minimum Bid Price Requirement
IFRESH INC: Wei Wei Replaces Friedman as Accountant

IMERYS TALK: U.S. Trustee Asks Court to Reject Chapter 11 Plan
IMPRESA HOLDINGS: U.S. Trustee Appoints Creditors' Committee
IQOR US: Moody's Rates $50MM Senior Secured Term Loan 'Ba2'
J.C. PENNEY: Aurelius Group Critics Sale, Preps Up Rival Cash Bid
JAGUAR HEALTH: Unit Signs Master Services Deal with Integrium

JBH PETROLEUM: Case Summary & 3 Unsecured Creditors
LAREDO PETROLEUM: Egan-Jones Lowers Sr. Unsec. Debt Ratings to CC
MARAVAI INTERMEDIATE: Moody's Affirms 'B3' CFR, Outlook Stable
MOLINA HEALTHCARE: Moody's Hikes Senior Unsec. Debt Rating to Ba3
MONAKER GROUP: Advances Process to Acquire HotPlay

NANO MAGIC: Incurs $282K Net Loss in Second Quarter
NEW YORK SPORTS CLUB: Owners Wants Early November Sale
NEXUS BUYER: Moody's Affirms B2 CFR, Outlook Stable
NORTHRIVER MIDSTREAM: Moody's Rates $525MM 1st Lien Notes 'Ba3'
OASIS PETROLEUM: Egan-Jones Lowers Sr. Unsecured Debt Ratings to D

ONE AVIATION: Ch. 11 Bankruptcy Sale Hits Roadblock
ONEWEB GLOBAL: Court OKs Sale of Company to UK Govt. & Bharti
PERMIAN TANK: Court Clears Chapter 11 Sale to Secured Creditor
PNEUMA INTERNATIONAL: Case Summary & 20 Top Unsecured Creditors
PULTEGROUP INC: Egan-Jones Hikes Sr. Unsecured Debt Ratings to BB+

QUIRCH FOODS: Moody's Assigns 'B2' CFR & Rates New Term Loan 'B3'
RCS CAPITAL: Westchester Suit vs AAIC et al. Goes to Trial
RTI HOLDING: Case Summary & 50 Largest Unsecured Creditors
RYERSON HOLDING: Fitch Affirms B+ LongTerm IDR, Outlook Stable
SABLE PERMIAN: J.P. Morgan Agrees to Take-Over

SKILLSOFT CORP: In Talks With Global Knowledge to Go Public
SUPERIOR ENERGY: Egan-Jones Lowers Sr. Unsecured Debt Ratings to D
SYNNEX CORP: Egan-Jones Hikes Sr. Unsecured Debt Ratings to BB+
TOWN SPORTS: Egan-Jones Cuts Sr. Unsecured Debt Ratings to D
TRANSOCEAN LTD: Plans to Prevent Bankruptcy Can Cause the Same

TRUE RELIGION: Court Gives Provisional Ch. 11 Plan Approval
TUESDAY MORNING: Formally Searches for Buyers to Buy Its Assets
TUESDAY MORNING: U.S. Trustee Appoints Equity Committee
UNITI GROUP: Moody's Hikes CFR to B3, Outlook Stable
UTEX INDUSTRIES: To File for Chapter 11 With Prepackaged Plan

VAIL RESORTS: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB
VALARIS PLC: Appointment of Equity Committee Sought
VALLEY ENTERPRISES: Case Summary & Unsecured Creditor
WCA WASTE: Moody's Withdraws B2 CFR on GFL Environmental Deal
YRC WORLDWIDE: Board Approves Form of Retention Agreement

[*] 33% Surge of U.S. Commercial Bankruptcies Year to Date
[*] 78% Rise of Bankruptcy Filings in the U.S. in September 2020
[*] Bankruptcies Dropped 31.1% in Puerto Rico in September
[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

1069 RESTAURANT: Seeks Chapter 11 Bankruptcy Protection
-------------------------------------------------------
Austin Fuller of Orlando Sentinel reports that a Winter Park
operation that is the largest Golden Corral franchisee is seeking
Chapter 11 bankruptcy protection and has plans to cancel at least
six leases.

1069 Restaurant Group LLC and its 10 subsidiaries, with 33
restaurants in Florida and Georgia, filed the case on Monday,
October 5, 2020, citing the coronavirus pandemic's effect on
restaurants and buffet-style dining.

Of the 33 restaurants, six have reopened since March and another 18
are anticipated to open back up by the end of the year, according
to court documents.

"Leadership will continue reviewing underperforming locations for
potential closure and/or sale where appropriate," the documents
state. "Debtors expect to reject at least six leases in the very
near term."

San Diego-based restaurant analyst John Gordon questioned how
buffets will adapt to the safety standards brought on by
coronavirus.

"It's very tough for those buffet-related chains," Gordon said.
"What do they do?"

Eric Holm is the manager of 1069 Restaurant Group as well as the
manager and president of the subsidiaries.

"Mr. Holm and his management team are prepared to implement new
designs for the restaurants to enhance [dining] safety and will
utilize the Chapter 11 reorganization process to begin implementing
those redesigns while assessing which locations remain viable going
forward," the court documents state. "Restaurants are gradually
reopening for dine-in services, and additional locations will
reopen when management believes it is safe to do so."

Golden Corral has developed new service models including having
customers use disposable gloves or napkins to handle serving
utensils or a "we serve you" buffet where diners don't touch the
serving utensils, according to a statement from Golden Corral Corp.
Utensils are changed every 20 minutes.

But Gordon said having staff serve from the buffet is
labor-intensive. He added consumers are interested in options with
minimal human contact such as drive-throughs.

Golden Corral has reopened 273 dining rooms across the country,
also offering enhanced delivery, takeout and curbside pickup
options.

"The pandemic's business impact on our segment has been
significant,” Golden Corral Corporation CEO Lance Trenary said in
the statement. "Recovery has been steady, but slow, and some
franchisees will not be able to continue to operate without
additional financial relief."

The bankruptcy filing noted the impact of non-essential business
shutdowns earlier in the pandemic.

"Eateries with existing delivery options attempted to continue
operations, yet those without delivery, especially buffet style
eateries, like the Restaurants, were not designed as take-out
providers and subsequently faced closure," the documents state.

Gordon connected the restaurants' recovery to when travel returns
as well as improvements to the larger economy. The unemployment
rate in Florida in August was 7.4%, and in the Orlando area it was
11%.

"Those buffet concepts tend to attract a slightly lower middle
class demographic with slightly lower incomes," Gordon said. "They
have a little bit less cushion, if you will, and so therefore their
ability to bounce back is highly reliant on the rest of the economy
recovering."

The pandemic has hurt sales at many restaurants and pushed some to
close or go into bankruptcy.

Earlier in 2020, the Orlando-based owner of Brio Italian
Mediterranean and Bravo Fresh Italian filed for bankruptcy, before
Orlando's Earl Enterprises acquired the restaurants. Popular buffet
Sweet Tomatoes permanently closed all of its restaurants.

Self-serve food options in restaurants and grocery stores, like
buffets and salad bars, have adjusted during the course of the
pandemic.

At Lakeland-based grocery store chain Publix, self-service options
have now returned at most stores, but local rules have kept hot and
cold bars in southeast Florida, Alabama and South Carolina closed,
spokeswoman Maria Brous said.

"Self-service bars have gloves and reminder signage for our
customers," Brous said.

                    About 1069 Restaurant Group

1069 Restaurant Group, LLC, is an operator of franchised buffet
restaurants.  The group is the largest Golden Corral franchisee,
with 33 restaurants in Florida and Georgia.

1069 Restaurant Group and its affiliates sought Chapter 11
protection (Bankr. M.D. Fla. Lead Case No. 20-05582) on Oct. 5,
2020.  1069 Restaurant Group was estimated to have assets of $10
million to $50 million and liabilities of $50 million to $100
million.  The Hon. Lori V. Vaughan is the case judge.  SHUKER &
DORRIS, P.A., led by R. Scott Shuker, is the Debtor's counsel.


A&A DISPOSAL: Taps Montgomery Tax Service as Accountant
-------------------------------------------------------
A&A Disposal, Inc. received approval from the U.S. Bankruptcy Court
for the Western District of Kentucky to hire Montgomery Tax Service
as its accountant.

The services Montgomery Tax Service will render are as follows:

     a. prepare tax returns for applicable governmental units;

     b. consult with the Debtor regarding bookkeeping and perform
adjusting entries to bookkeeping; and

     c. perform other accounting services for the Debtors in
connection with its Chapter 11 case.

Montgomery Tax Service will charge its standard hourly rate which
is $150.

Robert Montgomery, the firm's accountant who will be providing the
services, disclosed in court filings that his firm is a
"disinterested person" as defined by Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Robert C. Montgomery, CPA
     Montgomery Tax Service
     3261 Bowling Green Road
     Scottsville, KY 42164
     Phone: 270-622-8080

                     About A&A Disposal

A&A Disposal, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Ky. Case No. 20-10495) on June 15,
2020.  At the time of the filing, the Debtor was estimated to have
assets of between $500,001 and $1 million and liabilities of the
same range.  Judge Joan A. Lloyd oversees the case.  The Debtor
tapped Harlin Parker Attorneys at Law as its legal counsel.


ABENGOA SA: Francisco's 2nd Amended Securities Class Suit Nixed
---------------------------------------------------------------
District Judge Edgardo Ramos dismissed the complaint filed by lead
Plaintiffs Jesse and Arlette Sherman and plaintiff PAMCAH-UA Local
675 Pension Fund against Manuel Sanchez Ortega, Abengoa's former
Chief Executive Officer; Christopher Hansmeyer, the duly authorized
representative for Abengoa in the United States; and HSBC
Securities (USA) Inc., Banco Santander S.A., Canaccord Genuity
Inc., Merrill Lynch International, and Societe Generale, investment
banks that served as underwriters for Abengoa's United States
offering, in the federal securities class action captioned MICHAEL
FRANCISCO, individually and on behalf of all others similarly
situated, Plaintiff, v. ABENGOA, S.A., SANTIAGO SEAGE, MANUEL
SANCHEZ ORTEGA, BARBARA ZUBIRIA, and IGNACIO GARCIA ALVEAR,
Defendants, No. 15 Civ. 6279 (ER) (S.D.N.Y.).

Plaintiffs sought to pursue remedies under Sections 11 and 15 of
the Securities Act of 1933, as well as under Sections 10(b) and
20(a) of the Securities Exchange Act of 1934 and Rule 10b-5,
promulgated thereunder. Plaintiffs bring their Securities Act
claims on behalf of purchasers of Abengoa ADSs pursuant or
traceable to Abengoa's public offering on Oct. 17, 2013. They bring
their Exchange Act claims on behalf of purchasers of Abengoa's
American Depositary Shares ("ADSs") between October 17, 2003 and
August 3, 2015.

Abengoa, Sanchez Ortega, and the Underwriter Defendants filed three
motions to dismiss the Plaintiffs' Second Amended Complaint
Defendants also jointly request oral argument.

Abengoa, founded in 1941, is an engineering and clean technology
company headquartered in Spain. Sanchez Ortega served as Abengoa's
CEO from March 2010 until his resignation on May 19, 2015, and
Hansmeyer was its duly authorized representative in the United
States. This action relates to Abengoa's Oct. 17, 2013 public
offering on the NASDAQ Global Select Market for E517.5 million,
which the Underwriter Defendants underwrote, and to the subsequent
series of events culminating in the company's filing for insolvency
and bankruptcy. Lead Plaintiffs Jesse and Arlette Sherman and
Plaintiff PAMCAH-UA Local 675 Pension Fund purchased Abengoa's ADSs
during the Class Period. Specifically, the Shermans began trading
Abengoa ADSs beginning Nov. 18, 2014, and PAMCAH-UA Local 675
Pension Fund first purchased Abengoa ADSs on April 6, 2015.

On Oct. 4, 2013, in preparation for the offering, Abengoa filed a
Registration Statement with the SEC on Form F-1, offering U.S.
investors Class B shares in the form of ADSs, each of which
represented the right to receive five Class B shares. The
Underwriter Defendants helped to draft and disseminate the
Registration Statement, and Sanchez Ortega and Hansmeyer signed it.


At the time of the offering, Abengoa was comprised of 532
subsidiaries, 17 associates, and 34 ventures, and was operating in
over 70 countries. Because Abengoa engaged in large engineering and
construction projects throughout the world, cash flow and liquidity
were highly material to investors. Abengoa used two types of debt:


     Recourse debt -- also referred to as "corporate debt"-- was
guaranteed by Abengoa.

     Non-recourse debt, which was used to finance specific
projects, was guaranteed by the assets and cash flows of the
"project companies" formed to carry out those projects.  In other
words, non-recourse debt was not secured by Abengoa in the event of
a default.

The company's recourse debt was subject to a debt ratio covenant
with its lenders. As per the covenant, Abengoa was required to
maintain a "leverage" ratio of debt-to-earnings before interest,
taxes, depreciation and amortization ("EBITDA") below 3.0x until
Dec. 30, 2014, and below 2.5x thereafter.

The Registration Statement made representations about Abengoa's
cash flow and liquidity, its debt usage and financing for long-term
projects, and its accounting policies. According to the
Registration Statement, as of June 30, 2013, Abengoa had recourse
debt of E5,252 million, non-recourse debt of E5,297.6 million, and
E3,221.7 million in cash equivalents and short-term financial
investments, resulting in a total net debt (including other loans
and borrowings) of E7,327.9 million.

On Oct. 16, 2013, Abengoa filed a Prospectus, which formed part of
the Registration Statement, and increased the offering from
182,500,000 shares to 250,000,000, as well as set the price of each
ADS at $12.18. On Oct. 17, 2013, the company went public in the
United States and began selling its ADSs on the NASDAQ exchange.
Abengoa realized E517.5 million in gross proceeds from the
offering, or roughly $703.8 million. Abengoa represented that it
intended to use the proceeds from the offering to repay E347
million in corporate debt maturities due in 2013.

The Plaintiffs bifurcate their second amended complaint into two
parts: (1) Securities Act allegations; and (2) Exchange Act
allegations.

In support of their Securities Act claims, the Plaintiffs alleged
that two sets of statements in the Registration Statement were
false and misleading. The first set includes statements regarding
the Company's approach to financing construction projects,
specifically: (1) "his strong cash position also assists in bidding
for larger projects"; (2) "We incur corporate debt to finance our
investments, acquisitions and general purpose requirements"; and
(3) "[W]e do not commit to any projects that we have been awarded
prior to securing long-term financing." Plaintiffs allege that
these were inaccurate and incomplete statements of material fact
because Abengoa used "erroneous financial statements to strengthen
the appearance of the Company's operations and finances," which, in
turn, "enabled Abengoa to improperly secure funding for projects
and bid successfully on contracts."

The second set of allegedly false and misleading statements also
concern Abengoa's "percentage-of-completion" accounting policy.

In support of its Exchange Act claims, the Plaintiffs claimed the
falsity of numerous statements. First, they reiterate the falsity
of the Registration Statement and other statements based on the
same theories of Abengoa's misrepresentation of its financial
statements and its divergence from its "percentage-of-completion"
accounting policy. They also alleged that the Registration
Statement contained a third category of false representations about
its debt and liquidity. The Plaintiffs maintained that these and
several other statements made by Defendants during the class period
about Abengoa's leverage, cash flow and EBIDTA were materially
false and misleading because Abengoa misrepresented its liquidity
by: (i) categorizing a portion of its recourse debt as non-recourse
debt -- though such debt was guaranteed by Abengoa; and (ii)
failing to characterize as debt funds the Company owed to banks for
supplier payments, in order to report more favorable leverage
ratios that exceeded the ratios required by the Company's debt
covenants.

Upon analysis, Judge Ramos said the Second Amended Complaint failed
to state a Securities Act claim. Judge Ramos said the alleged
misstatements or omissions have nothing to do with Abengoa's
acquisition of corporate debt, or to Abengoa's commitment to
projects prior to securing long-term financing -- nor do Plaintiffs
argue as much. As to Abengoa's "strong cash position," the
Plaintiffs argued that these facts show that Abengoa's Registration
Statement "failed to disclose a liquidity crisis at Abengoa."
However, Plaintiffs have wholly failed to identify any false
financial statement. Nor have they described how or why such
statements were untrue.  Judge Ramos also noted that the statements
by witness FE1 that "Abengoa overstated its financial position by
inflating the value of certain projects," fails to specify an
example of any such project -- and, moreover, is based purely on
second-hand knowledge.  FE1 was one of three confidential witnesses
and was the Director of Human Resources at Abiensa EPC.

Judge Ramos also said the Plaintiffs' second theory fails for
similar reasons. The Registration Statement represents that Abengoa
adhered to a "percentage-of-completion" policy, and had
"established. . . a robust project management and control system."
According to the Plaintiffs, this was not true because Abengoa
routinely recorded incorrect percentages of completion so as to
prematurely recognize revenue. However, the complaint failed to
identify a single project that was affected by Abengoa's failure to
abide by its "percentage of completion" accounting policy; nor does
it state how such revenue was recognized prematurely, or how much
revenue was recognized prematurely. These omissions were fatal to
the Plaintiffs' claims.

The Plaintiffs also brought claims pursuant to Section 15 of the
Securities Act against Sanchez Ortega and Hansmeyer. Because the
Court found that the Plaintiffs have failed to adequately plead a
Section 11 claim, the Court dismissed the Plaintiffs' Section 15
claims as well.

Regarding the Exchange Act Claims, Judge Ramos found, among other
things, that the Plaintiffs' allegations regarding Abengoa's cash
and liquidity requirements fall short. For example, Plaintiffs'
allegations regarding Abengoa's use of shell subsidiaries failed to
allege any specific projects where this scheme was employed and the
impact of this alleged practice on Abengoa. Nor is there any
corroborating information -- from a confidential witness or
otherwise -- to support these statements. Plaintiffs' allegations
that Abengoa engaged in transactions "to obtain badly needed
working capital in an effort to stave off bankruptcy," are equally
unspecific.

Though Plaintiffs stated that Abengoa admitted in bankruptcy
filings in Delaware Bankruptcy Court to planning to "optimize its
financial structure in order to strengthen its financial position
and business," the Court said the Plaintiffs failed to allege the
material impact this had on Abengoa's financial state at the time
of the alleged false statements or omissions. In other words, the
complaint did not provide information as to why these activities
necessarily belied Abengoa's statements that it was in sound
financial health at the time. Neither did Plaintiffs allege why the
Court should consider these actions fraudulent, in and of
themselves. This conclusion is underscored by the fact that,
according to the complaint, all of these capital-raising activities
were public.

A copy of the Court's Opinion and Order is available at
https://bit.ly/2FzVsiA from Leagle.com.

                     About Abengoa S.A.

Spanish energy giant Abengoa S.A. is an engineering and clean
technology company with operations in more than 50 countries
worldwide that provides innovative solutions for a diverse range of
customers in the energy and environmental sectors.  Abengoa is one
of the world's top builders of power lines transporting energy
across Latin America and a top engineering and construction
business, making massive renewable-energy power plants worldwide.

As of the end of 2015, Abengoa, S.A. was the parent company of 687
other companies around the world, including 577 subsidiaries, 78
associates, 31 joint ventures, and 211 Spanish partnerships.
Additionally, the Abengoa Group held a number of other interests of
less than 20% in other entities.

On Nov. 25, 2015 in Spain, Abengoa S.A. announced its intention to
seek protection under Article 5bis of Spanish insolvency law, a
pre-insolvency statute that permits a company to enter into
negotiations with certain creditors for restricting of its
financial affairs.  The Spanish company faced a March 28, 2016,
deadline to agree on a viability plan or restructuring plan with
its banks and bondholders, without which it could be forced to
declare bankruptcy.

On March 16, 2016, Abengoa presented its Business Plan and
Financial Restructuring Plan in Madrid to all of its stakeholders.

                        U.S. Bankruptcy

Abengoa, S.A., and 24 of its subsidiaries filed Chapter 15
petitions (Bankr. D. Del. Case Nos. 16-10754 to 16-10778) on March
28, 2016, to seek U.S. recognition of its restructuring proceedings
in Spain.  Christopher Morris signed the petitions as foreign
representative.  DLA Piper LLP (US) represented the Debtors as
counsel.

Involuntary petitions were filed against the three affiliated
entities -- Abengoa Bioenergy of Nebraska, LLC, Abengoa Bioenergy
Company, LLC, and Abengoa Bioenergy Biomass of Kansas, LLC under
Chapter 7 of the Bankruptcy Code in the United States Bankruptcy
Court for the District of Nebraska and the United States Bankruptcy
Court for the District of Kansas.  The bankruptcy cases for
affiliate Abengoa Bioenergy of Nebraska, LLC and Abengoa Bioenergy
Company, LLC were converted to cases under chapter 11 of the
Bankruptcy Code and transferred to the United States Bankruptcy
Court for the Eastern District of Missouri.

On Feb. 24, 2016, Abengoa Bioenergy US Holding, LLC and five other
U.S. units of Abengoa S.A., which collectively own, operate, and/or
service four ethanol plants in Ravenna, York, Colwich, and
Portales, each filed a voluntary petition for relief under Chapter
11 of the United States Bankruptcy Code in the United States
Bankruptcy Court for the Eastern District of Missouri.  The cases
were before the Honorable Kathy A. Surratt-States and jointly
administered under Case No. 16-41161.

Abeinsa Holding Inc., and 12 other affiliates, which are energy,
engineering and environmental companies and indirect subsidiaries
of Abengoa, filed Chapter 11 bankruptcy petitions (Bankr. D. Del.
Lead Case No. 16-10790) on March 29, 2016.  The Chapter 11
petitions were signed by Javier Ramirez as treasurer. They listed
$1 billion to $10 billion in both assets and liabilities.

Abener Teyma Hugoton General Partnership and five other entities
filed separate Chapter 11 petitions on April 6, 2016; and Abengoa
US Holding, LLC, Abengoa US, LLC and Abengoa US Operations, LLC
filed Chapter 11 petitions on April 7, 2016.  The cases were
consolidated under Lead Case No. 16-10790.

DLA Piper LLP (US) represented the Debtors as counsel.  Prime Clerk
served as the Debtors' claims and noticing agent.

Andrew Vara, acting U.S. trustee for Region 3, appointed five
creditors of Abeinsa Holding Inc. and its affiliates to serve on
the official committee of unsecured creditors.

The Abeinsa Committee was represented by MORRIS, NICHOLS, ARSHT &
TUNNELL LLP's Robert J. Dehney, Esq., Andrew R. Remming, Esq., and
Marcy J. McLaughlin, Esq.; and HOGAN LOVELLS US LLP's Christopher
R. Donoho, III, Esq., Ronald J. Silverman, Esq., and M. Shane
Johnson, Esq.

On Nov. 16, 2016, Abengoa Concessions Investments Limited filed a
voluntary petition under Chapter 15 of the Bankruptcy Code (Bankr.
D. Del. Case No. 16-12590) before Judge Kevin J. Carey.  DLA Piper
LLP (US) served as counsel to Abengoa Concessions.


ACADEMY LTD: Moody's Hikes CFR to B2 & Secured Loan to B3
---------------------------------------------------------
Moody's Investors Service upgraded Academy, Ltd's corporate family
rating (CFR) to B2 from B3, probability of default rating (PDR) to
B2-PD from B3-PD and senior secured term loan rating to B3 from
Caa1. Concurrently, Moody's assigned a SGL-2 speculative-grade
liquidity rating. The ratings outlook is stable.

The CFR, PDR and term loan upgrades follow the company's October 2,
2020 initial public offering of common stock of Academy's parent,
Academy Sports and Outdoors, Inc., and better than anticipated Q2
2020 operating performance. The offering of 18% of the company's
common equity valued Academy at approximately $1.8 billion total
enterprise value and raised $183 million in net proceeds (all
numbers exclude potential over-allotment), which will be used for
general corporate purposes that could include debt repayment.
Moody's expects that the IPO will result in a more conservative
financial strategy, which is a key governance consideration. The
IPO significantly reduces the risk of future debt-financed dividend
distributions and increases Academy's access to the capital
markets. This supports Moody's projection for gross debt/EBITDA
remaining below 5 times in its base case scenario of an earnings
decline in 2021 as a result of normalization of consumer spending
patterns following the 2020 surge in demand for firearms, outdoor
and sporting goods.

The SGL-2 speculative grade liquidity rating reflects Moody's
projections for solid positive free cash flow, high cash balances
and ample availability on the $1 billion asset-backed revolver,
partly offset by the 2022 term loan maturity.

Moody's took the following rating actions for Academy, Ltd.:

  Corporate family rating, upgraded to B2 from B3

  Probability of default rating, upgraded to B2-PD from B3-PD

  Senior secured bank credit facility due 2022, upgraded to
  B3 (LGD4) from Caa1 (LGD4)

  Speculative-grade liquidity rating, assigned SGL-2

  Stable outlook

RATINGS RATIONALE

Academy's B2 CFR is constrained by the company's high gross debt
leverage and the highly competitive nature of sporting goods
retail, including the increased focus of major apparel and footwear
brands on direct-to-consumer distribution and the shift to online
shopping. Moody's projects a modest increase in leverage in 2021 as
a result of more normalized consumer spending, to debt/EBITDA in
the high-4 times range in 2021, compared to 4.3 times as of August
1, 2020. However, Academy's high cash balances provide options for
reducing leverage from these levels in a refinancing transaction or
with future debt repayment. The rating considers governance
factors, including the expectation for more conservative financial
strategies following the public equity offering. Specifically,
although the company remains majority-owned by private equity
sponsor KKR, Moody's views re-leveraging transactions as unlikely
following the equity filing. This would constitute a significant
change from aggressive financial strategies over the past several
years, which have included debt-financed dividend distributions (as
well as the August 2020 $257 million cash-funded distribution ahead
of the IPO) and discounted debt repurchases in 2019. In addition,
as a retailer, Academy needs to make ongoing investments in its
brand and infrastructure, as well as in social and environmental
drivers including responsible sourcing, product and supply
sustainability, privacy, and data protection. Academy's ongoing
offering of firearms and ammunition at a time when several large
retailers have pulled back also represents a social consideration.

At the same time, Academy's ratings positively consider the
company's good liquidity, scale, and solid market position in its
regions. The turnaround strategy put in place by the current
management team has started yielding results since late 2019,
including initiatives in merchandising, private label credit card
and digital investment. Following strong earnings growth in Q2 2020
across all product categories, Moody's expects continued momentum
in the second half of the year driven by continued strength in
outdoor categories. Moody's projects a subsequent revenue and
EBITDA decline in 2021 as consumer demand in Academy's product
categories normalizes from the surge in 2020. Nevertheless, the
company's value price points and diversified product assortment
should mitigate the impact of the likely shift in spending
patterns.

The stable outlook reflects Moody's expectation that the company
will successfully refinance its 2022 term loan maturity and
maintain a good liquidity profile.

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

The ratings could be downgraded if earnings significantly decline
or liquidity deteriorates. The ratings could also be downgraded if
the company undertakes aggressive financial strategy actions or
fails to refinance its debt in a timely and economic manner.
Quantitatively, the ratings could be downgraded if Moody's-adjusted
debt/EBITDA is maintained above 5 times and EBIT/interest expense
declines below 1.5 times.

The ratings could be upgraded if the company demonstrates sustained
solid operating performance and maintains good liquidity, including
a refinancing of its debt maturities. A meaningful reduction in
gross debt would could also result in an upgrade. Quantitatively,
the ratings could be upgraded with expectations for
Moody's-adjusted debt/EBITDA to be maintained below 4 times and
EBIT/interest expense above 2.25 times.

Academy, Ltd. is a US sports, outdoor and lifestyle retailer with a
broad assortment of hunting, fishing, and camping equipment, along
with footwear, apparel, and sports and leisure products. The
company operates 259 stores under the Academy Sports + Outdoors
banner, which are primarily located in Texas and the southeastern
United States, and its website. Academy generated approximately
$5.3 billion of revenue for the twelve months ended August 1, 2020.
The company is publicly traded following the October 2020 IPO but
controlled by an affiliate of Kohlberg Kravis Roberts & Co L.P.

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


ALASKA UROLOGICAL: Court Rejects PPP Loan's Bankruptcy Exclusion
----------------------------------------------------------------
In the case captioned ALASKA UROLOGICAL INSTITUTE, P.C., Plaintiff
and Appellee, v. UNITED STATES SMALL BUSINESS ADMINISTRATION, et
al., Defendants and Appellants, Bankruptcy Adv. No. 20-90004 GS (D.
Ala.), District Judge Sharon L. Gleason addressed Alaska Urological
Institute's Motion for Summary Judgment and the competing Motion
for Summary Judgment filed by Defendants United States Small
Business Administration; Jovita Carranza, Administrator of the SBA;
Steven Mnuchin, Secretary for the Treasury; and the United States.
At issue is whether bankrupt entities are eligible to procure loan
under the Paycheck Protection Program.

After careful consideration of the facts, Judge Gleason granted
AUI's motion and denied the Defendants' motion.

On March 27, 2020, in response to the COVID-19 pandemic, Congress
enacted the Coronavirus Aid, Relief, and Economic Security Act.
Among other things, the CARES Act sought to preserve American jobs
in the face of the economic uncertainty created by the global
pandemic. Title I of the Act -- the Keeping American Workers Paid
and Employed Act -- created the Paycheck Protection Program ("PPP")
to be administered by the SBA. The PPP was codified in the SBA's
existing Section 7(a) loan program at 15 U.S.C. section
636(a)(36). Of the existing provisions of Section 7(a), section
636(a)(6) is most relevant to the parties' dispute and provides
that: "[a]ll loans made under this subsection shall be of such
sound value or so secured as reasonably to assure repayment."

The PPP provides that an eligible small business may obtain a
guaranteed loan to cover authorized expenses, including payroll
costs, mortgage interest, rent, and utilities. The PPP loans may be
forgiven if the borrower certifies that a specified percentage of
the loan was used for those authorized purposes. The loans are made
by participating lenders and guaranteed by the SBA; if the loan
qualifies for forgiveness, the SBA pays the lender the amount
forgiven plus any interest accrued.

The CARES Act granted the SBA emergency rulemaking authority,
allowing it to issue regulations to carry out the PPP without
adherence to standard notice requirements. Moreover, the CARES Act
instructs that no later than 15 days after its enactment, the SBA
"shall issue regulations to carry out this title and the amendments
made by this title without regard to the notice requirements" of
the Administrative Procedure Act ("APA"). Pursuant to its emergency
rulemaking authority, the SBA published four interim final rules
concerning the PPP, portions of which are relevant to the current
dispute.

In addition to these eligibility requirements, the First Interim
Rule provides information about how much an applicant can borrow,
what qualifies as payroll costs, how the PPP loans can be used, the
interest rate and maturity date of the loan, the requirements for
loan forgiveness, the consequences of misusing the loans, the
certifications required by the applicant, and other such details.
Subsection (q) of the Rule explains how to submit an application:
applicants must submit SBA Form 2483 (the "PPP Application Form").
The SBA published the PPP Application Form along with the First
Interim Rule; among other questions, the form asks whether the
applicant or any owner of the applicant is involved in any
bankruptcy, and instructs that if so, the loan will not be
approved. The parties refer to this exclusion of debtors from the
PPP program as the Bankruptcy Exclusion, and its validity lies at
the heart of the parties' dispute. The First Interim Rule
establishes the disputed Bankruptcy Exclusion by reference to Form
2483, but does not otherwise mention it or explain it.

The First Interim Rule also provides information for lenders,
including who is eligible to make the loans, the terms for loan
underwriting, and other details about the fees they receive, the
terms and conditions, and whether loans can be resold or purchased
in advance. The Second and Third Interim Rules, published April 15,
2020, and April 20, 2020, respectively, are likewise silent as to
the disputed Bankruptcy Exclusion. However, on April 28, 2020, the
SBA published the Fourth Interim Rule, which addresses the
Bankruptcy Exclusion for the first time, stating: "[i]f the
applicant or the owner of the applicant is the debtor in a
bankruptcy proceeding . . . the applicant is ineligible to receive
a loan."

According to Judge Gleason, Federal Rule of Civil Procedure 56(a)
directs a court to grant summary judgment "if the movant shows that
there is no genuine dispute as to any material fact and the movant
is entitled to a judgment as a matter of law." An issue is
"genuine" if there is a sufficient evidentiary basis on which a
reasonable fact-finder could find for the non-moving party, and a
dispute is "material" if it could affect the outcome of the suit
under the governing law. When considering a motion for summary
judgment, "[t]he evidence of the nonmovant is to be believed, and
all justifiable inferences are to be drawn in his favor."

The parties agreed that there are no disputed facts and that the
case is ripe for summary judgment. The parties disagreed only as to
whether (1) the SBA is protected from injunctive relief by
sovereign immunity; (2) the SBA exceeded its statutory authority in
promulgating the Bankruptcy Exclusion; and (3) the SBA's Bankruptcy
Exclusion is arbitrary and capricious.

AUI's threshold argument is straightforward: the Bankruptcy
Exclusion is arbitrary and capricious because the record is devoid
of agency reasoning. AUI argued that the Court's review of agency
action is limited to the matters that the agency considered at the
time of its decision, and that here, "there is no evidence of what
the SBA actually considered, or exactly who at SBA actually did the
considering." AUI contends that there is "no administrative record
whatsoever supporting the SBA's decision" to implement the
Bankruptcy Exclusion. Accordingly, it concluded that the Bankruptcy
Exclusion is necessarily arbitrary and capricious: "if there is no
stated rationale at all, then that action cannot be anything but
arbitrary and capricious." In support of its position, AUI quotes
at length from the TRO and PI hearings, and subsequent order, of
the bankruptcy court for the Western District of Washington in
Astria Health v. U.S. Small Business Administration. In evaluating
the SBA's Bankruptcy Exclusion, the Astria court concluded that
there was "essentially no administrative record supporting the
ultimate conclusion" and that a "nonexistent record, by definition,
cannot be sufficient to support any conclusion."

Having reviewed the administrative record such as it exists, the
Court found that the SBA's explanations for implementing the
Bankruptcy Exclusion are entirely implausible. The statement
provided in the Fourth Interim Rule is not an explanation of the
agency's reasoning; it is a conclusory statement that the SBA did
not try to justify or support with facts or citations. The record
is devoid of evidence that debtors are likely to misuse funds or
that they pose a heightened risk of non-repayment of those misused
funds; in fact, everything about the bankruptcy process makes these
concerns far less likely. Moreover, the SBA made no effort to
connect these conclusory statements to either of the driving forces
repeatedly asserted by Defendants: the sound value requirement or
the mandate to streamline the process. The Court could not conclude
that the SBA examined the relevant data or that it articulated a
satisfactory explanation for its action; there is no "'rational
connection between the facts found and the choice made.'"

The Court further noted that debtors are more closely monitored in
their use of funds than other businesses, underscoring the
arbitrariness of the SBA's decision to exclude them for posing a
high risk of misusing the PPP loan funds.  Likewise, the SBA failed
to consider that in the unlikely event that the debtor did misuse
funds, the Bankruptcy Code would give priority to repayment of PPP
Loans made to Chapter 11 debtors.

In light of the foregoing, the Court found that the Bankruptcy
Exclusion is unlawful as arbitrary and capricious under 5 U.S.C.
section 706(2)(A).

A copy of the Court's Order is available at https://bit.ly/32AxOv4
from Leagle.com.

               About Alaska Urological Institute

Alaska Urological Institute, P.C., is a medical group specializing
in urology, radiation oncology, registered dietitian or nutrition
professional, nurse practitioner, family medicine, medical
oncology, physician assistant, hematology/oncology,
anesthesiology,
plastic and reconstructive surgery and more.

Alaska Urological Institute, P.C., based in Anchorage, AK, filed a
Chapter 11 petition (Bankr. D. Alaska Case No. 20-00086) on March
25,
2020. Cabot Christianson, Esq., at the Law Office of Cabot
Christianson, P.C., serves as bankruptcy counsel.

In its petition, the Debtor estimated $10 million to $50 million
in
assets and $1 million to $10 million in liabilities. The petition
was signed by William R. Clark, president, shareholder.


ALLISON TRANSMISSION: Fitch Affirms 'BB' LT IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of Allison Transmission Holdings, Inc. (ALSN) and its
Allison Transmission, Inc. (ATI) subsidiary at 'BB'. Fitch has also
affirmed ATI's secured revolving credit facility and secured term
loan B ratings at 'BB+'/'RR1' and ATI's senior unsecured notes
rating at 'BB'/'RR4'. The Rating Outlooks for ALSN and ATI are
Stable.

Fitch's ratings apply to a $600 million secured revolving credit
facility, a $641 million secured term loan B and $1.9 billion in
senior unsecured notes.

KEY RATING DRIVERS

Ratings Overview: ALSN's ratings reflect Fitch's expectation that
the company's credit protection metrics will remain consistent with
its 'BB' IDR over the intermediate term, despite a significant
demand decline in 2020 brought about by the coronavirus pandemic.
This is largely because the company had significant headroom in its
ratings prior to the pandemic, allowing it to absorb the effect of
the current downturn and generally remain within its negative
rating sensitivities.

Over the intermediate term, Fitch expects ALSN's credit profile to
improve as business conditions normalize, but it may take a couple
years for the company's metrics to return to pre-pandemic levels.
That said, ALSN managed to produce positive post-dividend FCF in
the second quarter of 2020, something very few suppliers
accomplished during what was likely the weakest period of the
downturn. During that period, ALSN's EBITDA and FCF margins, though
well down from recent levels, nonetheless remained very strong
compared with the typical levels of most vehicle supplier peers.

Key Rating Concerns: Aside from the effect of the pandemic on
ALSN's credit profile, rating concerns include the heavy
cyclicality of the global commercial vehicle and off-highway
equipment markets, volatile raw material costs and the relative
lack of global diversification in ALSN's current business mix.
However, the company's transmissions are used primarily in the
Class 6 through 8 vocational truck markets, which are generally
less cyclical than the Class 8 linehaul tractor market.

Over the longer term, a shift toward greater use of electric
powertrains in commercial vehicles, particularly in short-haul
buses or urban pick-up and delivery trucks, could pose a risk to
ALSN's core automatic transmission business. To help counter this
risk, ALSN has increased its investments in electrification
technologies over the past several years, including two
acquisitions of businesses specializing in electrification
technology in 2019. ALSN also has had a strong position in
supplying hybrid-electric propulsion systems for city buses for
many years, although that market remains relatively small.

Market Position: ALSN's market position remains very strong, and it
continues to lead the global market for fully automatic
transmissions for commercial vehicles, off-road machinery, and
military equipment. In 2019, 84% of the school buses and 76% of the
Class 6 and Class 7 medium-duty commercial trucks manufactured in
North America were delivered with the company's transmissions,
along with 74% of the Class 8 straight trucks and 41% of the Class
A motorhomes. ALSN's transmissions command a price premium, and
Fitch expects the overall market for commercial vehicle automatic
transmissions in North America to increase over time. Automatic
transmissions are becoming an increasingly attractive option for
fleet owners as the pool of available drivers with manual-shifting
skills continues to shrink.

Outside North America, ALSN's market position is significantly
smaller, but growing, as the penetration of automatic transmissions
for commercial vehicles remains relatively low. However, acceptance
outside North America is growing. This has been especially true in
certain emerging markets like China and India, where ALSN is well
positioned for future growth opportunities, particularly for
vehicles used in dense urban areas, where the durability of fully
automatic transmissions can lead to maintenance savings. Over the
longer term, Fitch expects automatic transmissions to gain in
popularity among commercial vehicle end users outside North America
for the same reasons that automatic transmissions are increasingly
used in North America, namely ease-of-use, maintenance savings and
fuel efficiency.

Strong Profitability and FCF: Fitch expects ALSN's profitability
and FCF generation to remain relatively strong over the long term,
despite a near-term decline due to the pandemic. Fitch expects ALSN
to produce an EBITDA margin in the mid-30% range in 2020, strong
for a vehicle supplier but down from 39.5% in 2019. Fitch expects
ALSN's EBITDA margin to rise back toward the upper-30% range in
2021 and 2022.

Fitch also expects ALSN to continue producing relatively strong FCF
over the intermediate term, although it will be lower in the near
term due to the pandemic. Fitch expects post-dividend FCF margins
to generally run in the mid-teens in the near term to the low-20%
range over the longer term, which is very strong for a capital
goods-related supplier. ALSN's capex needs have typically been low,
with capital intensity (capex/revenue) to running around 4%,
although capital intensity was 6.4% in 2019 as the company worked
on several significant projects. Fitch expects capex to decline by
about 35% in 2020, which will help to support the company's
near-term FCF. Fitch expects ALSN will target most of its
post-dividend FCF toward share repurchases or potential
acquisitions. FCF after dividends in LTM ended June 30, 2020 was
$402 million, equal to a strong 17.5% FCF margin, despite the
effect of the pandemic in the first half of 2020 and elevated capex
in the latter half of 2019.

Moderate Leverage: Because of the pandemic on demand, Fitch expects
ALSN's EBITDA leverage (debt/Fitch-calculated EBITDA) to end 2020
in the mid-3x range, declining toward the upper-2x range by YE 2021
and the mid-2x range by YE 2022. Likewise, Fitch expects FFO
leverage will likely end 2020 in the low-4x range, declining toward
the low-3x range and upper-2x range by YE 2021 and YE 2022,
respectively. As of June 30, 2020, ALSN's actual EBITDA leverage
(as calculated by Fitch) was 3.4x, while FFO leverage was 3.8x.

DERIVATION SUMMARY

ALSN is among the smaller public capital goods suppliers, with a
more focused and less diversified product offering. Compared with
suppliers such as Cummins, Inc., Dana Incorporated (BB+/Negative),
or Meritor, Inc. (BB-/Stable), ALSN is smaller, with sales that are
less geographically diversified, as over three quarters of ALSN's
revenue is derived in North America. That said, its market share in
many of the end-market segments where it competes is very high,
with over 50% of the vehicles in certain segments fitted with
ALSN's transmissions.

Compared with other industrials in the 'BB' rating category, such
as The Goodyear Tire and Rubber Company (BB-/Negative), ALSN's
EBITDA leverage is lower, and its EBIT and FCF margins are much
stronger. Notably, its strong EBITDA margins are more than double
those of many investment-grade capital goods or auto supply
issuers, such as BorgWarner Inc. (BBB+/Negative), Lear Corporation
(BBB/Negative) or Aptiv PLC (BBB/Stable), while its post-dividend
FCF margins are about four to five times higher than many of those
higher-rated issuers.

KEY ASSUMPTIONS

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

  -- Global commercial truck production declines steeply in 2020,
with a partial recovery in 2021 but not reaching the 2019 level for
several years;

  -- Revenue declines around 23% in 2020 on lower production
levels, then rises about 15% in 2021 and about 13% in 2022 on
improving demand conditions, new business wins and some pricing
improvement;

  -- The EBITDA margin declines to about 35% in 2020, then rises
back toward 40% over the next several years;

  -- Debt declines slightly through the forecast period as the
company makes amortization payments on its term loan;

  -- Capex declines about 35% in 2020, and then runs at about 4.5%
of revenue in the following years;

  -- Dividend spending is roughly flat through the forecast;

  -- The company maintains a strong cash position, with excess cash
used for share repurchases or occasional acquisitions.

RATING SENSITIVITIES

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

  -- Maintaining Fitch-calculated mid-cycle debt/EBITDA below
3.0x;

  -- Maintaining mid-cycle FFO leverage below 4.0x;

  -- An increase in the global diversification of its revenue
base;

  -- Maintaining EBITDA and FCF margins at or above pre-pandemic
levels;

  -- Continued positive FCF generation in a weakened demand
environment.

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

  -- A sustained significant decline in EBITDA margins or an
extended period of negative FCF;

  -- A competitive entry into the market that results in a
significant market share loss;

  -- Maintaining Fitch-calculated mid-cycle debt/EBITDA above
4.0x;

  -- Maintaining Fitch-calculated mid-cycle FFO leverage above
5.0x;

  -- A merger or acquisition that results in higher leverage or
lower margins over an extended period.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch expects ALSN's liquidity to remain
adequate over the intermediate term. At June 30, 2020, the company
had $434 million in cash and cash equivalents. In addition, the
company had $319 million available on ATI's $600 million secured
revolver, after accounting for $275 million in borrowings and $6
million in letters of credit backed by the facility.

Based on its criteria, Fitch treats cash needed to cover
seasonality in a company's business as not readily available for
purposes of calculating net metrics. However, Fitch believes that
ALSN's operating cash flow is sufficient to cover the company's
primary cash needs, even in the weakest period of a typical year,
so seasonality is not a significant factor. Therefore, Fitch has
treated all ALSN's cash as readily available.

Debt Structure: ALSN's debt structure as of June 30, 2020 consisted
of ATI's secured term loan B, which had $641 million outstanding,
$275 million in borrowings on ATI's secured revolver, and three
series of senior unsecured notes issued by ATI: $1.0 billion in
5.0% notes due 2024, $400 million in 4.75% notes due 2027 and $500
million in 5.875% notes due 2029.

The term loan is secured by substantially all ALSN's assets, the
assets of ALSN's U.S. subsidiaries and certain assets of ATI's
direct and indirect domestic and foreign subsidiaries.

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

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


APACHE CORP: Egan-Jones Cuts Sr. Unsecured Debt Ratings to B
------------------------------------------------------------
Egan-Jones Ratings Company, on September 29, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Apache Corporation to B from B+. EJR also downgraded
the rating on commercial paper issued by the Company to B from A3.

Headquartered in Houston, Texas, Apache Corporation is an
independent energy company.


AURORA COMMERCIAL: Order Expunging Pierre's Proof of Claim Upheld
-----------------------------------------------------------------
In the case, GERARD PIERRE, Appellant, v. AURORA COMMERCIAL CORP.,
Appellee, No. 19-cv-11207 (JGK) (S.D.N.Y.), Gerard M. Pierre
appeals from an order of the United States Bankruptcy Court for the
Southern District of New York disallowing and expunging his proof
of claim.

Pierre's claims in the New York bankruptcy court relate to a
dispute first adjudicated in the Colorado bankruptcy court in
connection with property located at 10176 Park Meadows Drive #2405
in Lone Tree, Colorado. In November 2005, Pierre executed a note
and a deed of trust in favor of Universal Lending Corporation. The
deed of trust identified the property as the security interest and
Mortgage Electronic Registration Systems, Inc. ("MERS") as the
beneficiary. The deed of trust was recorded on Jan. 30, 2006 in the
official records of Douglas County as document 2006008173.
Servicing rights were then transferred from MERS to Aurora Loan
Services LLC shortly after origination. ALS is a wholly-owned
subsidiary of the appellee in this action, Aurora Commercial Corp.
("ACC"). ACC is owned in its entirety by Lehman Brothers Bancorp,
Inc.

On Feb. 3, 2009, Pierre filed for Chapter 7 bankruptcy protection
in the Colorado bankruptcy court. On Feb. 17, 2009, ALS, as the
owner of the note, filed a motion for relief from the automatic
bankruptcy stay, arguing that Pierre's failure to make five monthly
payments in connection with the note in addition to his lack of
equity in the property entitled it to such relief under the Federal
Bankruptcy Code. The Colorado bankruptcy court held a hearing on
the motion on March 17, 2009, at which time ALS made an offer of
proof and Pierre failed to appear. The Colorado bankruptcy court
then entered an order granting ALS relief from stay, which provided
that ALS could "exercise its rights and remedies under [Colorado]
state law, including the ability to foreclose," regarding the
property. Pierre received a bankruptcy discharge in June 2009, and
ALS subsequently foreclosed on the property in September 2009.

In June 2014, Pierre, proceeding pro se, filed a complaint against
ACC, ALS, and various other entities, individuals, and public
officials in the United States District Court for the District of
Colorado in which he asserted fifteen claims of relief. After twice
requesting that Pierre amend his complaint to comply with the
pleading requirements of the Federal Rules of Civil Procedure, the
district court dismissed the complaint sua sponte and without
prejudice under Federal Rule of Civil Procedure 41(b). Id. Pierre
appealed the order to the Tenth Circuit Court of Appeals, which
affirmed the dismissal. The Tenth Circuit Court of Appeals denied a
petition for rehearing en banc in March 2015.  Pierre subsequently
filed a motion to intervene in an unrelated action in Colorado
state court involving ALS, which that court denied in September
2017.

In March 2019, ACC declared Chapter 11 bankruptcy in the New York
bankruptcy court. In June 2019, Pierre filed a proof of claim for
personal injury in the ACC bankruptcy proceedings, alleging fraud
and malicious injury in connection with the 2009 Colorado
bankruptcy court proceeding that he alleges ultimately resulted in
a violation of the original automatic stay.

In his claim before the New York bankruptcy court, Pierre alleged
he suffered injuries as a result of alleged fraudulent practices
engaged in by ALS that he asserts led to the Colorado bankruptcy
court's order granting ALS relief from stay. Pierre alleged that,
between April and June 2013, he discovered irregularities in ALS's
mortgage servicing and foreclosure practices when he received
notice from the Comptroller of the Currency and $300 in
compensation in connection with such practices. Pierre also alleged
that, in July 2013, he came across a local news article regarding
federal sanctions against Toni M.N. Dale of Medved Dale Decker &
Deere, the attorney who initiated the foreclosure action against
the property, in connection with another foreclosure proceeding in
Colorado.

The appellee objected to Pierre's proof of claim. In an October
2019 hearing, at which Pierre appeared telephonically, the New York
bankruptcy court sustained the objection and disallowed and
expunged the proof of claim in an oral ruling. In a written ruling
issued on Nov. 13, 2019, the New York bankruptcy court expanded on
the reasons for disallowing and expunging the proof of claim.
Specifically, the bankruptcy court noted that the claim was
time-barred by any applicable statutes of limitations and the
doctrine of laches. The New York bankruptcy court further held that
there was no violation of the automatic stay by ALS or any denial
of Pierre's due process rights in connection with the Colorado
bankruptcy court proceeding. The court cited the March 2009 stay
relief order by the Colorado bankruptcy court as evidence that ALS
had not violated the automatic stay when it foreclosed on the
property in September 2009. In addition, the court noted that
because the record from the Colorado bankruptcy court indicated
that Pierre received notice and the opportunity to appear at a
hearing, there was no violation of his due process rights in the
Colorado bankruptcy court proceeding.

On Dec. 4, 2019, Pierre filed a notice of appeal with the New York
bankruptcy court and at the same time filed a motion for an
extension of time to file a notice of appeal in that court.

District Judge John G. Koelti holds that the bankruptcy court did
not err in finding that Pierre's claims in relation to the 2009
stay relief order of the Colorado bankruptcy court would be
time-barred by "any applicable statutes of limitation and the
doctrine of laches." Further, there is no basis for equitable
tolling in this case.

Pierre's alleged deprivation of procedural due process, which also
occurred in 2009 during the Colorado bankruptcy court proceeding,
is also barred by the Colorado statute of limitations for tort
actions.

The bankruptcy court also correctly noted that Pierre's claims are
barred by the doctrine of laches. Laches "is an equitable defense
that requires proof of lack of diligence by the party against whom
the defense is asserted, and prejudice to the party asserting the
defense." A judicial finding of laches is reviewed for abuse of
discretion.

According to Judge Koelti, the New York bankruptcy court did not
abuse its discretion in applying the doctrine of laches to Pierre's
claims. The significant delay in Pierre's assertion of claims for
relief in connection with the alleged violation of the automatic
stay until 2019 amounts to a lack of diligence, and such a delay
would plainly prejudice the appellee. Thus, Pierre's claims in this
action are barred by the doctrine of laches.

Pierre asserts that the Court should equitably toll the statute of
limitations. To be entitled to equitable tolling of a statute of
limitations, a litigant must establish: "(1) that he has been
pursuing his rights diligently; and (2) that some extraordinary
circumstance stood in his way and prevented timely filing." Pierre
argues that the series of cases he initiated in relation to the
2009 foreclosure proceedings in the United States District Court
for the District of Colorado beginning in 2014 demonstrates
diligent pursuit of his rights.

However, that litigation only serves to underscore that there were
no extraordinary circumstances that prevented Pierre from timely
filing the claims that he now asserts in this action, Judge Koelti
says. Moreover, Pierre fails to account for the years between 2009,
when he first was on clear notice about the foreclosure
proceedings, and 2014, when he initiated litigation in the Colorado
district court. By any measure, Pierre has failed to demonstrate
that he previously acted with diligence in pursuing the claims that
he asserted in the New York bankruptcy court. Pierre's argument
that the statute of limitations should be equitably tolled is
therefore without merit.

Judge Koelti further states that in any event, the bankruptcy court
correctly found that Pierre's claims that ALS violated the
automatic stay in the Colorado bankruptcy proceeding and that
Pierre was denied procedural due process in that proceeding lacked
merit.  The bankruptcy court did not err in finding that there was
no willful violation of the automatic stay pursuant to Section
362(k) of the Bankruptcy Code when ALS foreclosed on and sold
Pierre's property in September 2009.

A copy of the Court's Memorandum Opinion and Order is available at
https://bit.ly/2Xz0KAZ from Leagle.com.

             About Aurora Commercial Corp.

Aurora Commercial Corp. is a wholly-owned subsidiary of Lehman
Brothers Holdings Inc. that offers banking, loan servicing, and
investor services.

Aurora Commercial and its subsidiary Aurora Loan Services LLC
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 19-10843) on March 24, 2019.  At the time
of
the filing, Aurora Commercial estimated assets of $50 million to
$100 million and liabilities of less than $50,000.

The Debtors tapped Togut, Segal & Segal LLP as their legal
counsel,
and Prime Clerk, LLC as their claims and noticing agent.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on Aug. 13, 2019.  The committee is represented by
Pierce
McCoy, PLLC.


AVADEL PHARMA: Gets Court Approval for Its Ch. 11 Liquidation Plan
------------------------------------------------------------------
Law360 reports that a Delaware bankruptcy judge on Oct. 6, 2020,
approved drugmaker Avadel Specialty Pharmaceuticals LLC's Chapter
11 liquidation plan after hearing it had settled a dispute over its
federal taxes.

At a remote hearing U.S. Bankruptcy Judge Christopher Sontchi gave
Avadel permission to distribute what's left of the proceeds of a
2019 asset sale and the remainder of its cash after being told the
drugmaker had reached settlements with the Internal Revenue Service
and other parties with claims against the estate.

Avadel hit Chapter 11 in February 2019 after slower than expected
sales of Noctiva, its only product, which treats excessive
nighttime urination.

              About Avadel Specialty Pharmaceuticals

Avadel Specialty Pharmaceuticals, LLC, is a pharmaceutical company
whose sole commercial product is the FDA-approved NOCTIVA(TM).
NOCTIVA(TM) is a prescription medicine nasal (nose) spray used in
adults who wake up two or more times during the night to urinate
due to a condition called nocturnal polyuria. The company is a
special purpose entity and wholly owned subsidiary of Dublin,
Ireland-based Avadel Pharmaceuticals plc (Nasdaq: AVDL).

Avadel Specialty Pharmaceuticals sought Chapter 11 relief (Bankr.
D. Del. Case No. 19-10248) on Feb. 6, 2019. The Debtor disclosed
total assets of $79.67 million and liabilities of $167.39 million
as of Dec. 31, 2018.

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

The Debtor tapped Greenberg Traurig, LLP as counsel; MCA Financial
Group, Ltd., as investment banker; and Epiq Corporate
Restructuring, LLC, as claims and noticing agent.


AVIANCA HOLDINGS: Court OKs $2 Billlion Proposed Financing Plan
---------------------------------------------------------------
Reuters reports that Colombian airline Avianca Holdings said Oct.
5, 2020, that a U.S. bankruptcy court approved a proposed financing
plan of over $2 billion to help the carrier exit Chapter 11
restructuring.

Simple Flying reports that according to the airline, US$1.217
billion of the financing is composed of new funds that will sustain
the on-going operations.

Avianca's DIP Financing is divided into two tranches:

   * Tranche A is a US$1.27 billion senior loan, in which more than
100 lenders are participating, including, possibly, the Colombian
Government. Of this Tranche, US881 million are new funds.

   * Tranche B is a junior loan of US$722 million, of which US$336
million is new funds.

Simple Flying notes that despite the approval, the DIP Financing
still depends on the US judge's formal authorization and Avianca
fulfilling certain conditions. The final go-ahead is expected to be
delivered next week.

According to Reuters, the airline filed for bankruptcy protection
in May, pushed over the edge by the coronavirus pandemic, but it
had been struggling in recent years.

                      About Avianca Holdings

Avianca -- https://aviancaholdings.com/ -- is the commercial brand
for the collection of passenger airlines and cargo airlines under
the umbrella company Avianca Holdings S.A. Avianca has been flying
uninterrupted for 100 years. With a fleet of 158 aircraft, Avianca
serves 76 destinations in 27 countries within the Americas and
Europe.

Avianca Holdings S.A. and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No.
20-11133) on May 10, 2020. At the time of the filing, Debtors
disclosed $7,273,900,000 in assets and $7,268,700,000 in
liabilities.  

Judge Martin Glenn oversees the cases.

Debtors tapped Milbank LLP as general bankruptcy counsel; Urdaneta,
Velez, Pearl & Abdallah Abogados and Gomez-Pinzon Abogados S.A.S.
as restructuring counsel; Smith Gambrell and Russell, LLP as
aviation counsel; Seabury Securities LLC as financial restructuring
advisor and investment banker; FTI Consulting, Inc. as financial
restructuring advisor; and Kurtzman Carson Consultants LLC as
claims and noticing agent.

The U.S. Trustee for Region 2 appointed a committee of unsecured
creditors in Debtor's bankruptcy cases on May 22, 2020.


AVIC INTERNATIONAL: Case Summary & 4 Unsecured Creditors
--------------------------------------------------------
Debtor: AVIC International USA, Inc.
        21 Rancho Camino Drive
        Suite 101
        Pomona, CA 91766

Business Description: AVIC International USA, Inc. is in the
                      business of marketing/managing investments
                      in commercial real estate, hotels, and
                      infrastructure.

Chapter 11 Petition Date: October 5, 2020

Court: United States Bankruptcy Court
       Central District of California

Case No.: 20-19043

Debtor's Counsel: John A. Moe, II, Esq.
                  DENTONS US LLP            
                  601 South Figueroa Street, Suite 2500
                  Los Angeles, CA 90017-5704
                  Tel: (213) 623-9300
                  Fax: (213) 623-9924
                  Email: john.moe@dentons.com

Total Assets: $3,852,397

Total Debts: $101,780,002

The petition was signed by Zhang Xuming, chief executive officer.

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

https://www.pacermonitor.com/view/RSOINQQ/AVIC_International_USA_Inc__cacbke-20-19043__0001.0.pdf?mcid=tGE4TAMA


BAINBRIDGE UINTA: Taps D. R. Payne as Financial Advisor
-------------------------------------------------------
Bainbridge Uinta, LLC, and its debtor-affiliates received approval
from the U.S. Bankruptcy Court for the Northern District of Texas
to employ D. R. Payne & Associates, Inc. as their financial
advisor.

Bainbridge requires D. R. Payne to:

     a. assist in preparation of 13-week budgets and related
documents;

     b. prepare valuation analysis and data related to the use or
sale of assets;

     c. prepare valuation analysis and other financial and economic
evaluations in support of a Chapter 11 plan;

     d. assist in the evaluation, structuring and preparation of
information requested by the Debtors' counsel and management
necessary for formulating and confirming a plan;

     e. assist in evaluating clams and proofs of claims asserted
and filed by creditors;

     f. assist in identifying and evaluating claims and potential
recovery actions related to Chapter 5;

     g. assist in the preparation of financial-related disclosures
required by the court;

     h. assist, interface and support the capital formation and
other services provided by the Debtors' investment banking firm;
and

     i. render such other general business consulting services.  

D. R. Payne's standard hourly rates are as follows:

     Partner/ Principal   $450-$550
     Manager              $300-$425
     Consultant           $200-$295
     Staff                $175-$195

D. R. Payne is a "disinterested person" as defined in Sections
101(14) and 1107(b) of the Bankruptcy Code, and does not hold or
represent an interest adverse to the Debtors' estates, according to
court filings.

The firm can be reached through:

     David R. Rayne
     D. R. Payne & Associates, Inc.
     119 N Robinson Ave # 400
     Oklahoma City, OK 73102
     Phone: +1 405-272-0511

                    About Bainbridge Uinta

Bainbridge Uinta, LLC, develops and operates fields to extract
crude oil and natural gas.

Bainbridge Uinta sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Tex. Case No. 20-42794) on Sept. 1,
2020.  In the petition signed by CEO Paul D. Ching, the Debtor was
estimated to have assets of between $50 million and $100 million
and liabilities of between $50 million and $100 million.   

Joseph M. Coleman, Esq. of Kane Russell Coleman Logan PC serves as
counsel to the Debtors.  Oak Hills Securities Inc. has tapped as
financial advisor to the Debtors. Stretto is the Debtors' claims
and noticing agent.


BIONIK LABORATORIES: All 3 Proposals Passed at Annual Meeting
-------------------------------------------------------------
Bionik Laboratories Corp. held its Annual Meeting of Stockholders
on Oct. 5, 2020, at which the stockholders:

   (a) elected Andre Auberton-Herve, Eric Dusseux, Remi Gaston-
       Dreyfus, P. Gerald Malone, Joseph Martin, Charles Matine,
       Audrey Thevenon, and Michal Prywata as directors;

   (b) ratified MNP, LLP as the Company's independent public
       accountants for the year ending March 31, 2021; and

   (c) approved an amendment to the Company's Amended and
       Restated Certificate of Incorporation to decrease the
       authorized number of shares of (i) common stock of the
       Company from 500,000,000 to 13,000,000, and (ii) preferred
       stock of the Company from 10,000,000 to 5,000,000.

                     About BIONIK Laboratories

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

Bionik reported a net loss and comprehensive loss of US$25.02
million for the year ended March 31, 2020, compared to a net loss
and comprehensive loss of US$10.56 million for the year ended March
31, 2019.  As of June 30, 2020, the Company had $18.71 million in
total assets, $6.99 million in total current liabilities, and
$11.72 million in total shareholders' equity.

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


BLACKBERRY LIMITED: Egan-Jones Cuts Sr. Unsec. Debt Ratings to CCC+
-------------------------------------------------------------------
Egan-Jones Ratings Company, on September 29, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by BlackBerry Limited to CCC+ from B-. EJR also
downgraded the rating on commercial paper issued by the Company to
C from B.

Headquartered in Waterloo, Canada, BlackBerry Limited designs,
manufactures, and markets wireless solutions for the worldwide
mobile communications market.


BREAD & BUTTER: Court Allows Arrowhead's Late-Filed Claim
---------------------------------------------------------
Chief Bankruptcy Judge Dale L. Somers issued an order denying
Debtors Bread & Butter Concepts. LLC, and affiliates' objection to
the proofs of claim filed by creditor Arrowhead Specialty Meats,
LLC on the basis that the claims were filed after the claims bar
date.

Five related debtors, who operate restaurants and an event center
in Kansas and Missouri, filed voluntary petitions under Chapter 11
on Nov. 9, 2019. Motions to establish the proofs of claim bar date
were filed. Bar Date Notice forms were included. The cases were
administratively consolidated, with Bread & Butter Concepts being
the lead case. By order signed on Nov. 14, 2019, and filed in the
lead case, Jan. 10, 2020, was set as the General Bar date. The
Debtors were ordered to mail copies of the Bar Date Notice, which
had been attached to the motions to establish bar date, at least 20
days before the General Bar date to all known Creditors holding
claims postage prepaid.

The claim registries include four proofs of claim for Arrowhead,
one for each of the consolidated cases except Bread & Butter
Concepts. They are as follows: $12,629.12 in Case No. 19-22402;
$19,026.45 in Case no. 19-22403; $286.22 in Case no. 19-22399; and
$225.56 in Case no. 19-22401. Each claim was filed on Jan. 21,
2020, after expiration of the bar date. The Debtors object to all
four claims on the basis that they were untimely filed and should
be disallowed in their entirety.

Arrowhead responded pro se to the objections. At the hearing, the
Debtors did not challenge the facts stated in the responses or the
statements of Arrowhead's representative. Arrowhead is a "mom and
pop" supplier of specialty meats to restaurants. On Jan. 8, 2020,
two days before the bar date, Arrowhead mailed the four completed
proofs of claim, attached to which were copies of signed invoices,
a current statement, and an aged receivable list, by first-class
mail addressed to Sharon Stolte, counsel for the Debtors. Arrowhead
contends it "followed all of the necessary steps needed to properly
and timely file the claim being objected."

According to Judge Somers, Rule 3003(c) sets out the requirements
for filing proofs of claim in Chapter 11 cases. Subsection (c)(3)
provides that the Court shall fix the time for filing and "for
cause shown, may extend the time within which proofs of claim or
interest may be filed." Rule 9006 is the general rule addressing
the computing and extension of time. Subsection (b)(1) empowers a
bankruptcy court to permit a late filing if the failure to comply
with an earlier deadline was the result of excusable neglect. The
Supreme Court in Pioneer Investment Services adopted a two-part
test for determining when excusable neglect is present for purposes
of Rule 9006(b)(1). First, the delay must be the result of neglect,
such as delay "caused by inadvertence, mistake or carelessness, as
well as by intervening circumstances beyond the party's control."
Second, the neglect must be excusable. Whether the failure is
excusable requires an equitable determination, "taking into account
all of the relevant circumstances," including the danger of
prejudice to the debtor, the length of the delay and its potential
impact on the case, the reason for the delay, and whether the
person seeking relief acted in good faith.

The Court found that the late filing of Arrowhead's proofs of claim
were the result of excusable neglect. Arrowhead mailed its proofs
of claim before expiration of the bar date. The problem arose
because they were mailed to the Debtors' counsel, rather than to
the Clerk of the Court. But the Bar Date Notice did not include
mailing or filing instructions.  The Debtors' counsel's name and
address were included on the notice of the bar date mailed to
Arrowhead; the Court's address was not included. Further, although
the notice and the official proof of claim form advises that the
form should be "filed," the term as not defined and instruction for
filing are not included. Arrowhead was acting without the
assistance of counsel; sending the forms to counsel, whose address
was included on the notice, was a mistake, but it was excusable.
Unlike the debtor in In re Diggs, 220 B.R. 247 (Bankr. M.D. N.C.
1998), the case cited by the Debtors' counsel at the hearing,
allowing the late filings in this case will not cause prejudice to
the Debtors. Further, in this case, the length of the delay was
short and did not impact the case; the delay was caused by a pro se
creditor's reasonable understanding of the directions given to it;
and there is no suggestion that Arrowhead was acting other than in
good faith.

The Court, therefore, overruled the Debtors' objections to
Arrowhead's proofs of claim on the basis that they were untimely
filed.

A copy of the Court's Order is available at https://bit.ly/3iEOd7l
from Leagle.com.

                 About Bread & Butter Concepts

Bread & Butter Concepts, LLC -- http://breadnbutterconcepts.com/--
was founded in 2011, and owns and operates multiple upscale
restaurants in the Kansas City metropolitan area.

Bread & Butter Concepts and its affiliates Texaz Crossroads LLC,
Texaz Table Restaurant of KS LLC, Texaz South Plaza LLC and Texaz
Plaza Restaurant LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Kan. Lead Case No. 19-22400) on Nov. 9,
2019.  At the time of the filing, Bread & Butter disclosed
$4,121,754 in assets and $5,079,795 in liabilities.  The cases have
been assigned to Judge Dale L. Somers.  Sandberg Phoenix & von
Gontard P.C. is Debtor's legal counsel.


BUZZ FINCO: Fitch Assigns BB- Issuer Default Rating
---------------------------------------------------
Fitch Ratings has assigned Buzz Finco L.L.C. (Bumble) a 'BB-'
Issuer Default Rating (IDR) and assigned its $200 million
non-fungible incremental term loan a 'BB'/'RR2' rating. Fitch has
also withdrawn the 'BB-' IDR on Buzz Merger Sub Ltd. and affirmed
the 'BB'/'RR2' ratings on its senior secured debt. Through a series
of transactions, Buzz Merger Sub Ltd. merged with and into Buzz
Finco L.L.C., making Buzz Finco L.L.C. the sole remaining borrower
on the existing and new senior secured debt. Accordingly, the
existing senior secured debt ratings at Buzz Merger Sub Ltd. will
be moved to Buzz Finco L.L.C. The Rating Outlook is Negative.

The $200 million of incremental term loan proceeds, in combination
with cash on hand, will be used to fund a $285 million dividend to
shareholders. Pro forma leverage, defined as total debt with equity
credit/operating EBITDA will increase to 5.0x from 3.7x, based on
Fitch-calculated LTM EBITDA as of June 30, 2020. Fitch views the
leveraged dividend as a credit negative, particularly given the
proximity to the original LBO transaction, but notes that the
negative credit impact is partially offset by faster than expected
EBITDA growth. Fitch expects Bumble to deleverage via EBITDA
growth, and anticipates leverage will return below Fitch's 4.0x
negative leverage sensitivity by the end of 2021. Fitch could
resolve the Outlook with a negative rating action if leverage does
not return within the agency's leverage sensitivity range in 12-18
months.

The ratings were withdrawn with the following reason:
Reorganization of Rated Entity.

KEY RATING DRIVERS

Debt Funded Dividend: Bumble will fund a $285 million dividend to
its shareholders with $200 million of incremental term loan debt
and $85 million of cash on hand. Pro forma leverage will raise to
5.0x, which is materially above Fitch's 4.0x negative leverage
sensitivity. The transaction negatively impacts the credit profile
in both raising leverage and clarifying the company's capital
allocation priorities. Fitch had previously identified large
incremental term loan capacity and full operational control by
Blackstone as potential risk factors in Bumble's credit profile.
Fitch assumed a large leveraged dividend in the initial rating case
model, though expected more significant deleveraging before
engaging in debt funded shareholder returns. Accordingly, Fitch has
revised Bumble's Outlook to Negative and anticipates negative
rating action if leverage does not return below 4.0x in 12-18
months.

Industry Growth Supported by Secular Tailwinds: Fitch expects the
online dating industry, and freemium dating applications, to
experience strong user and revenue growth over the rating horizon.
Fitch believes growth will be supported by increasing international
smartphone penetration, declining marriage rates, lessening stigmas
around online dating, and an increasing proportion of Generation Z
being eligible to use web-based dating services. Fitch believes
Bumble is well positioned to benefit from this secular trend.
Bumble's revenue growth trajectory was not significantly affected
by coronavirus-related restrictions on social gatherings, and the
business has exhibited strong sequential revenue growth in each
month since April 2020.

Strong Market Position: Bumble is the second-largest competitor in
the mobile and online dating industry, behind only Match Group,
Inc. Bumble has established its solid competitive position due to
Bumble's female-centric value proposition, and to Badoo's first
mover advantage in certain geographies such as Eastern Europe and
Latin America. Fitch believes the online dating industry can
support multiple large competitors, as mobile users will often use
and pay for more than one dating application at a time. Fitch also
expects increasing scale to bolster Bumble's market position and
improve profitability, as the business benefits from a strong
network effect and operating leverage.

Limited Product Diversification: Bumble's portfolio consists of two
main platforms, Bumble and Badoo, which represented 58% and 42% of
2019 revenue, respectively. Fitch believes limited product
diversification increases credit risk as any significant
operational or reputational issues at either platform may have a
significant impact on Bumble's consolidated financial profile.
While the Bumble application has modes that extend beyond dating,
Fitch does not believe these modes currently have a large enough
user base to provide material product level diversification.

Robust Cash Flow Generation: Fitch expects Bumble to generate
strong FCF margins over the rating horizon, excluding the impacts
of certain expected non-recurring items. Cash flow generation will
be supported by a strong EBITDA margin profile, limited working
capital requirements, and low levels of capital intensity. Fitch
believes strong FCF generation provides management with significant
financial flexibility to pursue strategic investments with
internally generated resources. However, consistently allocating
FCF toward shareholder distributions will limit financial
flexibility.

Elevated Leverage: Pro forma for Bumble's incurrence of a $200
million incremental term loan, Fitch-calculated total leverage will
be approximately 5.0x, as measured as total debt with equity
credit/operating EBITDA, as of June 30, 2020. Fitch believes Bumble
can sustain higher levels of leverage due to the business's strong
margin profile and high FCF conversion. Additionally, Fitch expects
Bumble to deleverage through EBITDA growth, particularly as Bumble
continues to exhibit strong growth supported by several secular
tailwinds and EBITDA margins remain relatively stable. Bumble does
not maintain an explicit leverage target.

Concentrated Ownership and Control: Blackstone Group is the
majority owner of Bumble and controls the company's operating and
financing decisions. Fitch believes Blackstone's singular control
of Bumble increases the likelihood of shareholder friendly actions,
which negatively affects the credit profile.

DERIVATION SUMMARY

Bumble's 'BB-' IDR is supported by Bumble's competitive positioning
as a safe and female-friendly dating application, relatively
conservative leverage profile, strong FCF generation and Fitch's
expectation for the company to achieve sustained strong revenue
growth supported by several secular tailwinds. The credit profile's
strengths are offset by material discretionary consumer spending
exposure, limited product diversification and a concentrated
ownership structure. The 'RR2' Recovery Rating on the senior
secured debt reflects Fitch's expectation for a superior recovery
based on the company's strong underlying cash flow generation,
profitability, and brand value.

Bumble builds and operates dating and social networking mobile
applications, which most notably include Bumble and Badoo. Bumble
does not have any direct peers within Fitch's corporates universe.
Fitch believes Bumble's operational; financial and credit
protection metrics position it well in the 'BB-' rating category
compared with Fitch's rated TMT universe.

KEY ASSUMPTIONS

  -- Fitch assumes the proposed transaction incremental term loan
and shareholder dividend are funded in October 2020;

  -- Consolidated revenue expected to grow at a double-digit CAGR
over the rating horizon, reflecting the strong secular tailwinds in
the online dating industry and the company's increasing marketing
investments;

  -- Fitch assumes a majority of revenue growth will be derived
from Bumble subscription and transaction growth, as most of the
marketing spend is allocated toward Bumble user acquisition;

  -- Fitch does not assume any acquisitions over the forecast
period;

  -- Gross profit margins assumed to be stable over the forecast
horizon;

  -- Fitch assumes material EBITDA margin expansion in 2020 as the
Company has continues to grow revenue rapidly and manage costs
effectively. Fitch assumes a slight margin contraction in 2021, as
additional marketing opportunities become available as social
distancing restrictions ease. Fitch assumes a stable EBITDA margin
profile thereafter;

  -- Fitch assumes stable capital intensity over the rating
horizon, including capitalized software development costs.;

  -- Fitch assumes an approximate $600 million shareholder dividend
in 2023, funded with a mix of cash flow and incremental term loans,
as management opts to return excess cash to shareholders and
maintain higher levels of leverage.

RATING SENSITIVITIES

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

  -- Bumble's consolidated revenue growth materially exceeding
industry growth;

  -- Total debt with equity credit/operating EBITDA sustained below
3.0x;

  -- Sustained double-digit FCF margins.

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

  -- Debt funded acquisitions or shareholder returns causing total
debt with equity credit/operating EBITDA to exceed 4.0x without a
credible plan for deleveraging;

  -- Match Group, Facebook or other competitors taking material
market share from Bumble, resulting in poor operating performance
and depressed profitability. Fitch believes indicators would be
flat to negative revenue growth and EBITDA margins sustained near
or below 20%;

  -- Sustained low single-digit FCF margins.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity Position: Pro forma for the incremental term loan
raise and subsequent dividend, Bumble will have roughly $83 million
of available cash and will maintain full capacity under its $50
million revolver. Fitch also forecasts double-digit FCF margins
from 2021-2023, which will further support liquidity.

Pro forma for the incremental term loan borrowing, Bumble's debt
structure is comprised of a $50 million senior secured revolver and
$774 million of outstanding senior secured term loans. The revolver
matures in January 2025, and the term loan matures January 2027.
Bumble has no significant debt maturities over the rating horizon,
and will only be required to make $1.9 million quarterly
amortization payments over the life of the term loan. Fitch
believes Bumble's liquidity is sufficient to support its debt
service over the ratings horizon.

ESG Considerations

Bumble has an ESG Relevance Score of 4 for social impacts due to
Bumble's position as a female-friendly dating application seeking
to mitigate harassment or abusive language frequently experienced
by women on dating applications, which has a positive impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors. Fitch believes that Bumble's female friendly
policies give Bumble a competitive advantage in the online dating
industry, which bolsters the company's strong market position and
supports user retention rates.

Bumble has an ESG Relevance Score of 4 for governance structure due
to Blackstone's singular control of all operational and financing
decisions, which has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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


BUZZ FINCO: Moody's Rates Proposed $200MM Incremental Term Loan B1
------------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Buzz Finco L.L.C.
's proposed $200 million senior secured incremental term loan.
Following the recent merger of Buzz Finco L.L.C. (Old) into
Worldwide Vision Limited, Worldwide Vision Limited became the
surviving entity and assumed the name Buzz Finco L.L.C. (the
"company," d/b/a "Bumble"). The Corporate Family Rating (CFR) will
continue to reside at the entity formerly known as Worldwide Vision
Limited and now known as Buzz Finco L.L.C. Previously, the company
used "MagicLab" as its trade name but now uses "Bumble" as its
trade name. Bumble's B1 Corporate Family Rating (CFR) and stable
outlook remain unchanged.

Net proceeds from the incremental term loan plus cash-on-hand will
be used to fund a one-time $285 million cash dividend to Bumble's
shareholders, which include The Blackstone Group ("Blackstone" or
the "private equity sponsor"), co-investors and management.

Following is a summary of the rating actions:

Assignment:

Issuer: Buzz Finco L.L.C. (d/b/a "Bumble")

$200 Million Senior Secured Incremental Term Loan B due January
2027, Assigned B1 (LGD3)

The assigned rating is subject to review of final documentation and
no material change in the size, terms and conditions of the
transaction as advised to Moody's. The new incremental term loan
will be pari passu with the existing senior secured term loan B
(approximately $572.2 million currently outstanding), have the
identical issuer, maturity and collateral package and benefit from
the same guarantors on a senior secured basis.

RATINGS RATIONALE

Though Bumble's pro forma gross debt will increase, the transaction
is credit neutral due to the company's high growth profile, albeit
expected to moderate this year as a result of the global economic
recession. As calculated by Moody's, Moody's estimates pro forma
financial leverage will rise to roughly 7x total debt to EBITDA
inclusive of capitalized software expense (or 5.9x exclusive of
capitalized software expense) from 5.2x at 30 June 2020 (or 4.4x
exclusive of capitalized software expense). The company's leverage
will remain near the 5.5x downgrade threshold this year due to the
incremental term loan and economic impact of COVID-19 on its
business. With the global economy expected to return to growth,
Moody's projects leverage will decline to under 5x (inclusive of
capitalized software expense) by the end of 2021.

Moody's expects Bumble will continue to benefit from the long-term
secular adoption of online dating and social networking apps to
find romantic partners. In the current pandemic, user activity will
potentially increase as singles adjust their behavior and shift to
more virtual dating as some individuals reduce their frequency of
going out to bars, restaurants and other dating venues or avoid
them altogether. Nonetheless, given the current recessionary
environment and the prospect of extended business closures and
continued high rates of unemployment, the erosion of consumer
confidence will lead to a reduction in discretionary consumption.
While roughly 97% of Bumble's revenue is recurring subscription
based (ranging from 1 day to 6 months) or re-occurring à la carte
microtransactions, Moody's expects revenue to experience moderating
growth and increased volatility in the months ahead.

Bumble's B1 CFR is forward-looking and supported by the company's:
(i) market leading positions in the online dating category; (ii)
high growth profile evidenced by share gains and strong user
adoption of its online dating and social networking apps to find
romantic partners; (iii) Bumble and Badoo brands, which are the
second and third highest grossing global dating apps, respectively
and positioned in the faster growth "freemium app" segment of the
market; (iv) expected solid debt protection measures with EBITDA
margins in the range of 25%-30% (as calculated by Moody's,
inclusive of capitalized software expense); and (v) propensity to
generate strong free cash flows given Bumble's high recurring and
reoccurring revenue base and solid unit economics.

Factors that weigh on the rating include Bumble's high pro forma
financial leverage. The rating also considers the company's
relatively small revenue base and narrow business focus.
Additionally, Bumble operates in a highly competitive industry,
characterized by low barriers to entry and a multitude of large and
small players. Changes in consumer engagement and rapidly evolving
technology that could lead to declines in user activity are further
risks that could impact future operating results. The rating is
also influenced by governance risks related to private equity
sponsor ownership.

The stable outlook reflects Moody's view that Bumble's online
dating model will remain resilient during the economic recession
and generate robust free cash flow (excluding the one-time dividend
to shareholders). Though Moody's projects the G-20 economies will
contract 4.6% in 2020, Moody's expects high single-digit to low
double-digit percentage growth in social media sectors. The stable
outlook reflects Moody's expectation that the company will
experience organic revenue growth consistent with the online dating
industry's strong secular growth fundamentals in the range of
10%-20% per annum over the next several years. Owing to solid
EBITDA expansion and the global economy estimated to grow 5.3% next
year based on Moody's current global macroeconomic outlook, Moody's
projects Bumble will de-lever to under 5x total debt to EBITDA (as
calculated by Moody's, inclusive of capitalized software expense)
by year end 2021, barring debt-financed acquisitions. The stable
outlook also considers the company's "asset-lite" operating model
and favorable tax structure that facilitate meaningful free cash
flow conversion, which Moody's expects will be applied to debt
reduction as well as growth enhancing M&A.

Over the next 12-15 months, Moody's expects very high free cash
flow conversion (excluding the one-time dividend to shareholders)
as well as solid cash levels (cash balances totaled $140 million at
30 June 2020) and Bumble's $50 million undrawn revolver to support
very good liquidity.

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. As a result, Bumble's
exposure to the US and overseas economies, the company remains
vulnerable to shifts in market demand and consumer sentiment in
these unprecedented operating conditions.

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

A ratings upgrade is unlikely over the near-term, however over time
an upgrade could occur if Bumble increases scale and exhibits
revenue growth and EBITDA margin expansion leading to consistent
and increasing positive free cash flow generation to about 5% of
debt (as calculated by Moody's) and financial leverage sustained
below 3x total debt to EBITDA (as calculated by Moody's, inclusive
of capitalized software expense). Ratings could be downgraded if
market share erodes or monthly active users decline resulting in
sub-par organic revenue growth or a decline in cash flows leading
to lower EBITDA margins or total debt to EBITDA sustained above
5.5x (as calculated by Moody's, inclusive of capitalized software
expense) beyond 2021. There would also be downward pressure on
ratings if liquidity were to weaken resulting in free cash flow to
debt below 2% (as calculated by Moody's), including reduced
revolver availability or if Bumble engages in leveraging
acquisitions or sizable shareholder distributions.

With headquarters in London, UK, and the US, Buzz Finco L.L.C.
(d/b/a "Bumble") is a leading provider of online dating and social
networking services via its Bumble and Badoo mobile dating apps. In
January 2020, Blackstone and other investors purchased Bumble in a
leveraged buyout. Revenue totaled approximately $523 million for
the twelve months ended 30 June 2020.

The principal methodology used in this rating was Business and
Consumer Service Industry published in October 2016.


CAESARS HOLDINGS: Egan-Jones Cuts Local Curr. Unsec Ratings to CCC+
-------------------------------------------------------------------
Egan-Jones Ratings Company, on September 29, 2020, downgraded the
local currency senior unsecured rating on debt issued by Caesars
Holdings Inc. to CCC+ from B-. EJR also downgraded the rating on LC
commercial paper issued by the Company to C from B.

Headquartered Memphis, Tennessee, Caesars Holdings, Inc. operates
as a gaming company.


CARMAX INC: Egan-Jones Hikes Sr. Unsecured Debt Ratings to BB-
--------------------------------------------------------------
Egan-Jones Ratings Company, on September 29, 2020, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by CarMax Inc. to BB- from B+.

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


DELTA SANDBLASTING: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Delta Sandblasting Company, Inc.
          DBA Delta Sandblasting
        850 Petaluma Blvd N., Suite F
        Petaluma, CA 94952

Business Description: Delta Sandblasting Company, Inc. --
                      http://www.deltasandblasting.com--
                      specializes in steel preparation and
                      coating, including but not limited to many
                      types marine and industrial projects.

Chapter 11 Petition Date: October 6, 2020

Court: United States Bankruptcy Court
       Northern District of California

Case No.: 20-10546

Judge: Hon. Roger L. Efremsky

Debtor's Counsel: Stephen D. Finestone, Esq.
                  FINESTONE HAYES LLP
                  456 Montgomery St., 20th Floor
                  San Francisco, CA 94104
                  Tel: 415 421-2624
                  Email: sfinestone@fhlawllp.com

Total Assets: $1,457,180

Total Liabilities: $2,170,870

The petition was signed by James Robert Sanders, Jr., president.

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

https://www.pacermonitor.com/view/YINKSDY/Delta_Sandblasting_Company_Inc__canbke-20-10546__0001.0.pdf?mcid=tGE4TAMA


DIOCESE OF BUFFALO: Intends to Hasten Bankruptcy Case
-----------------------------------------------------
Jay Tokasz of Buffalo News reports that Buffalo Diocese officials,
citing a sharp decline in donations and an estimated $4 million per
year in bankruptcy costs, are pleading with a federal judge to
speed up its reorganization by reducing the time childhood sex
abuse victims can file claims and appointing a mediator to
negotiate a settlement.

Diocese officials told Chief Judge Carl L. Bucki that the diocese
is strapped for cash and no longer provides financial support for
19 programs and ministries, including outreach to youth and
migrants, lifelong faith formation, evangelization efforts and aid
to Catholic elementary schools.

The diocese discontinued tuition subsidies for 34 Catholic schools,
which in the past have received as much as $4 million from the
diocese, Sister Mary McCarrick, diocese chief operating officer,
wrote in a letter to Bucki.

McCarrick said some schools "are in a very real danger of closing"
because of the loss of diocese funding. Bishop Edward B.
Scharfenberger last September 2020 appointed a task force to study
consolidations of churches and schools.

The diocese also has reduced spending for campus ministry, its
outreach to deaf people, its Office of Worship and support for
priest retirement homes, among other programs, according to court
papers.

The diocese, trying to balance its budget, will spend $9.5 million
on operations this fiscal year, which is less than half of what it
spent just three years ago, Charles Mendolera, executive director
of financial administration, said in court papers.

But Mendolera said the costs of the bankruptcy, including lawyers
and other professional fees, will outpace any of the savings from
the cost-cutting moves, especially if the diocese must litigate
cases instead of trying to resolve them through mediation.

He urged Bucki to reconsider a Sept. 11, 2020 order that rejected
requests for a mediated settlement process and set Aug. 14, 2021,
as the deadline for abuse claims to be filed against the diocese.
That's the same date the extended Child Victims Act window closes
in state courts.

The diocese wants a deadline of March 15, 2021. Its lawyers argued
that waiting until August could delay "meaningful negotiations"
regarding a Chapter 11 plan until 2022.

The diocese also is seeking a mediated settlement process, which
largely would spare the diocese and 161 parishes from having to
defend themselves in individual child sex abuse lawsuits. More than
400 plaintiffs since 2019 have sued the diocese and other area
Catholic entities, including parishes and schools, over alleged
abuse, mostly dating back decades ago.

The Rochester Diocese, which has been in Chapter 11 proceedings
since September 2019, received more than 500 claims before an
August deadline.

The Buffalo Diocese filed for Chapter 11 bankruptcy protection on
Feb. 28, with officials saying it was necessary to keep the diocese
intact while also addressing the sex abuse cases equitably.

If cases go to trial, the diocese could face even more legal fees
than the $4 million per year it anticipates paying in bankruptcy.

"It is my strong belief that the Diocese has exhausted its ability
to cut administrative costs any further," Mendolera said.

To fund operations going forward, the diocese must further scale
back support of ministries "at the expense of the faithful and of
poor and underserved communities in Western New York" or spend down
unrestricted assets that "might otherwise be available to a victim
fund as part of a Chapter 11 plan," he said.

"To preserve its ability to carry out its mission, and to preserve
as many assets as possible for the benefit of abuse victims, it is
imperative that the diocese avoid unnecessary litigation expenses
and emerge from Chapter 11 as expeditiously as possible," said
Mendolera.

A lawyer for the committee of unsecured creditors, which consists
of childhood sex abuse victims, said in an interview that he was
still assessing the diocese’s claims but doesn’t believe the
diocese is running out of money.

"There hasn't been a single diocese in this country that has had to
shut down because of a Chapter 11 case, and that's regardless of
the length of the case, the contentiousness of the case and the
cost of the case," said attorney Ilan D. Scharf.

Scharf said the committee agrees with the judge’s decision to set
Aug. 14, 2020 as the deadline for filing claims against the
diocese. Having it on the same date as the Child Victims Act
lawsuit filing deadline will help "avoid any confusion about when
there’s a deadline and any potential prejudice to survivors by
that confusion of differences between deadlines," said Scharf.

Diocese officials revealed in court papers that the diocesan
workforce has been reduced from 283 employees to 160 employees.

Among the staff eliminated were the department of youth and young
adult ministries, with a budget of $326,000, and the Office of
Lifelong Faith Formation, with a budget of $310,000.

McCarrick also said in her letter that diocese officials had
anticipated emerging from Chapter 11 within 18 to 24 months.

If the reorganization goes much beyond that time frame, she added,
it could "diminish the recovery for abuse survivors and jeopardize
the diocese's ability to successfully reorganize to perpetuate its
mission and ministries."

                About The Diocese of Buffalo, N.Y.

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

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

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

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

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


EAGLE PIPE: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Eagle Pipe, LLC
        9525 Katy Freeway, Suite 306
        Houston, TX 77024

Business Description: Eagle Pipe, LLC is a full-service
                      distribution company supplying tubular
                      products as well as a wide variety of
                      equipment and services to the upstream,
                      midstream, municipal & industrial
                      industries.  The company distributes a full
                      -range of OCTG, line pipe, poly pipe (HDPE),

                      concrete pipe, PVC pipe, valves & fittings,
                      as well as offer associated products and
                      services.  For more information, visit
                      https://www.eaglepipe.net.

Chapter 11 Petition Date: October 5, 2020

Court: United States Bankruptcy Court
       Southern District of Texas

Case No.: 20-34879

Judge: Hon. Marvin Isgur

Debtor's Counsel: Paul D. Moak, Esq.
                  GRAY REED & MCGRAW LLP
                  1300 Post Oak Blvd., Suite 2000            
                  Houston, TX 77056
                  Tel: 713-986-7000
                  Email: pmoak@grayreed.com

Debtor's
Financial
Advisor:          GLASSRATNER ADVISORY & CAPITAL GROUP LLC
                  DBA B. RILEY ADVISORY SERVICES

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Jared Light, president.

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

https://www.pacermonitor.com/view/LNFEEVI/Eagle_Pipe_LLC__txsbke-20-34879__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Boomerang Tube LLC                                   $5,313,388
PO Box 84922
Chicago, IL
60689-4922
Tammy Weston
Tel: 636-534-5591
Email: tammy.weston@boomerangtube.com

2. RDT Inc.                                             $2,612,889
PO Box 73
Beasly, TX 77417
Mary Morales
Tel: 979-387-3242
Email: mary@rdt-usa.com

3. Centric Pipe LLC                                     $1,388,043
3626 N Hall St
Suite 910
Dallas, TX 75219
Sunny Jin
Tel: 469-320-9451
Email: sunny.jin@centricpipe.com

4. SECOR                                                  $774,689
17321 Groeschke Rd
Houston, TX 77084
Kelley Sandlin
Tel: 281-647-7620
Email: k.sandlin@secoronline.com

5. Beemac Trucking                                        $739,168
PO Box 74809
Cleveland, OH 44194-4809
Amy Fedora
Tel: 724-385-8469
Email: afedora@beemac.com

6. Houston International Specialty                        $371,804
19996 Hickory
Twig Way
Spring, TX 77388
Aubree' Levasseur
Tel: 281-602-7550
Email: aubree@histcpc.com

7. Electra Logistics Solutions                            $246,875
2400 C Roosevelt Dr
Arlington, TX 76016
Kim Tran
Tel: 817-231-0306
Email: ktran@electralogistics.com

8. United Casing                                          $227,479
8505 Technology Forest PL
Suite 401
The Woodlands, TX 77381
Andrea Bolletino
Tel: 936-242-1187
Email: abolletino@unitedcasing.com

9. Lundvall Enterprises Inc.                              $184,505
15487 County Rd 46
LaSalle, CO 80645
Tami Long
Tel: 970-356-6781
Email: tami@lundvallenterprises.com

10. Precision Pipe                                        $156,168
Rentals LLC
750 E Mulberry Ave
Suite 305
San Antonio, TX
78212
Cassy Thomas
Tel: 830-299-3560
Email: cassy@precisionpiperentals.com

11. Husteel USA                                           $139,568
2222 Greenhouse Rd
Suite 500
Houston, TX 77084
Kevin Kim
Tel: 281-497-6786
Email: Kevin@husteelusa.com

12. DSV Road Inc.                                         $103,770
CO R903
PO Box 1147
Medford, OR 97501
Dianna Kendrick
Tel: 541-930-3594
Email: dianna.kendrick@us.dsv.com

13. Baker Tubulars                                         $88,006
98 Wadswerth Blvd
Ste 127 #5022
Denver, CO 80226
Robert Baker
Tel: 314-630-1570
Email: RBaker@bakertubulars.com

14. GB Connections LLC                                     $71,935
PO Box 119004
Carrollton, TX 75011
Jenna Mannella
Tel: 713-800-3518
Email: jmannella@gbconnections.com

15. Atlas Tubular LP                                       $70,250
PO Box 431
Robstown, TX 78380
Karen Foster
Tel: 832-672-6011
Email: Karen@PipeMgt.com

16. Duffy Crane and Hauling                                $61,161
10180 Brighton R
Henderson, CO
80640
Paula Rozzi
Tel: 720-795-3611
Email: prozzi@duffycrane.com

17. Welspun Tubular LLC                                    $59,899
9301 Frazier Pike
Little Rock, AR 72206
Brian Garner
Tel: 501-301-8893
Email: Brian_Garner@welspun.com

18. Inspection Oilfield Services                           $57,321
PO Box 679343
Dallas, TX
75267-9343
Brittany Bulger
Tel: 412-928-5689
Email: bbulger@lbfoster.com

19. SP Steel Products and                                  $57,012
Services Inc.
16510
Northchase Dr
Houston, TX 77060
Cecilia Vigil
Tel: 832-614-1782
Email: cvigil@s-psteelproducts.com

20. Lighting Logistics                                     $53,660
PO Box 21149
Houston, TX 77226
Amy McConway
Tel: 713-255-9100
Email: amy@lighting-logistics.com


FALC ENTERPRISES: Taps James & Haugland as Legal Counsel
--------------------------------------------------------
FALC Enterprises, LLC received approval from the U.S. Bankruptcy
Court for the Western District of Texas to hire James & Haugland,
P.C. as its legal counsel.

The services that will be provided by the firm are as follows:

     a. analyze the Debtor's financial situation;

     b. prepare and file a plan of reorganization and disclosure
statement;

     c. represent the Debtor at the meeting of creditors and
confirmation hearing;

     d. represent the Debtor in adversary proceedings and other
contested bankruptcy matters;

     e. advise the Debtor of its powers and duties in the continued
operation of its business;

     f. prepare court papers;

     g. help the Debtor prepare documents to obtain post-petition
credits; and

     h. provide other necessary legal services in connection with
Debtor's Chapter 11 case.

James & Haugland will be paid at hourly rates as follows:

     Corey W. Haugland                  $400
     Jamie T. Wall                      $375
     Paralegals                         $150

The Debtor paid the sum of $2,173.80 to James & Haugland as a
retainer.

Corey Haugland, Esq., a shareholder of James & Haugland, assured
the court that the firm does not represent any interest adverse to
the Debtor and its estate.

James & Haugland may be reach at:

       Corey W. Haugland, Esq.
       James & Haugland, P.C.
       609 Montana Avenue
       El Paso, TX 79902
       Tel: (915)532-3911
       Fax: (915)541-6440
       Email: chaugland@jghpc.com

                   About FALC Enterprises, LLC

FALC Enterprises, LLC operates in the specialized freight trucking
industry.

FALC Enterprises filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No.
20-31002) on Sept. 11 2020. FALC President Lourdes P. Castro signed
the petition.  At the time of the filing, the Debtor disclosed
$1,485,522 in assets and $1,944,538 in liabilities.  

Judge H. Christopher Mott oversees the case.  James & Haugland,
P.C. serves as Debtor's legal counsel.


FIGUEROA MOUNTAIN BREWING: Files Ch. 11 Bankruptcy Reorganization
-----------------------------------------------------------------
Jorge Mercado of Pacific Coast Business Times reports that
Buellton-based craft brewer Figueroa Mountain Brewing Co. filed for
Chapter 11 bankruptcy reorganization on Oct. 5, 2020 as the
region's second largest craft brewer announced plans to restructure
its debts and bring in a new financial partner.

"While it is a difficult decision to go down this path, we believe
this will be the best direction for Figueroa Mountain Brewing Co.
to move forward," Jaime Dietenhofer, Figueroa Mountain's president
and co-founder, said in a news release announcing the filing.

The company did not provide any financial details with its
announcement, and the filing was not immediately available on U.S.
Bankruptcy Court's records website.

A debt reorganization will allow Figueroa Mountain to restructure
its company to focus on sales of packaged beer, Dietenhofer said,
as the COVID-19 pandemic and the associated restaurant and bar
shutdowns put a deep dent in draft beer sales.

"That's why we're going into this this format, because this will
allow us to restructure our debt and allow us to move forward,
because we want to keep up with the growing demand," Dietenhofer
told the Business Times.

Figueroa Mountain has already secured a new round of funding from
New York-based Creekstone, LLC. Dietenhofer said he believes the
new partnership will allow the company to continue its expansion in
both retail and wholesale, noting that the current demand is
"higher than we can produce" with the current company structure and
financing.

Figueroa Mountain intends to continue all restaurant and brewery
operations and will not discontinue any of its current beers.
Dietenhofer said the reorganization means the company will avoid
layoffs and could even be hiring more people in the near future.

"We'll see immediate growth after this," Dietenhofer said, adding
that he foresees business getting better after the filing, as the
economy improves.

Founded in 2010, Figueroa Mountain grew quickly with beers such as
the Hoppy Poppy, Lizard's Mouth and Point Conception IPAs.

In 2019 the company produced 23,145 barrels of beer, ranking No. 2
in the region to Firestone Walker, which shipped 340,000 barrels.
Figueroa Mountain could hit 27,000 barrels in 2021, Dietenhofer
said.

The craft beer industry has seen a drop-off in draft beer sales as
many taprooms, including Figueroa Mountain's, were closed for
months due to the pandemic and are just now beginning to open at
limited capacities.

"All the accounts we sold to that are draft, from Los Angeles to
San Francisco, they all suffered," Dietenhofer said.

As a result, Figueroa Mountain shifted its focus to packaged beer.
In the early days of the COVID-19 pandemic, about 80 percent of the
company's sales were in packaged beer. Dietenhofer said he'd like
to see that ratio closer to 60/40.

There is also a shortage in the brewing industry for raw materials
for packaged beers, especially aluminum for cans.

"We wanted to make sure we can free up the capital and get the new
investment towards spending on raw materials and ensuring that we
can meet the demand," Dietenhofer said.

Figueroa Mountain saw a double-digit percentage drop in revenue
from the first to third quarters of this year. Dietenhofer said he
expects, however, for the fourth quarter of the year to be up to
pre-COVID standards.

                      About Figueroa Mountain

Founded in 2020, Figueroa Mountain Brewing, LLC --
https://www.figmtnbrew.com -- is in the business of manufacturing
beer.

Figueroa Mountain Brewing sought Chapter 11 protection (Bankr. C.D.
Cal. Case No. 20-11208) on Oct. 5, 2020.  The Debtor was estimated
to have assets and debt of $1 million to $10 million as of the
bankruptcy filing.  The Hon. Martin R. Barash is the case judge.
LESNICK PRINCE & PAPPAS LLP, led by Christopher E. Prince, Matthew
A. Lesnick, and Debra E. Cardarelli, is the Debtor's counsel.  


FLOAT HORIZEN: Case Summary & 8 Unsecured Creditors
---------------------------------------------------
Debtor: Float Horizen, LLC
        1012 Russell Street
        Suite 204
        Nashville, TN 37206

Chapter 11 Petition Date: October 6, 2020

Court: United States Bankruptcy Court
       Middle District of Tennessee

Case No.: 20-04478

Judge: Hon. Randal S. Mashburn

Debtor's Counsel: Steven L. Lefkovitz, Esq.
                  LEFKOVITZ & LEFKOVITZ
                  618 Church St., #410
                  Nashville, TN 37219
                  Tel: 615-256-8300
                  Email: slefkovitz@lefkovitz.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Robin Ritter, chief manager.

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

https://www.pacermonitor.com/view/IQTLLJA/Float_Horizen_LLC__tnmbke-20-04478__0001.0.pdf?mcid=tGE4TAMA


FT. MYERS ALF: Taps Genovese Joblove as Special Counsel
-------------------------------------------------------
Ft. Myers ALF, Inc. received approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to hire Genovese
Joblove & Battista, P.A. as its special counsel.

The firm will provide legal assistance in connection with the sale
of its real property located at 4999 Winkler Ave., Fort Myers,
Fla.

Genovese Joblove will be paid at hourly rates as follows:

     Alfredo Gonzalez   $500
     Jesus M. Suarez    $500
     Attorney       $200 to $795
     Paralegals     $125 to $195

Genovese Joblove is a "disinterested person," as that term is
defined in Section 101(14) of the Bankruptcy Code, according to
court filings.

The firm can be reached through:

     Alfredo Gonzalez, Esq.
     Jesus M. Suarez, Esq.
     Genovese Joblove & Battista, P.A.
     100 SE 2nd St 44th floor
     Miami, FL 33131
     Phone: +1 305-349-2300

                     About Ft. Myers ALF, Inc.

Chicago, Illinois-based Ft. Myers ALF, Inc. is engaged in
activities related to real estate. Ft. Myers ALF sought Chapter 11
protection (Bankr. N.D. Ill. Case No.  20-08952) on April 7, 2020.
In the petition signed by Taher Kameli, president, the Debtor was
estimated to have assets and liabilities of $1 million to $10
million. The Hon. Donald R. Cassling is the case judge. Paul M.
Bauch, Esq., at LakeLaw, in Chicago, is the Debtor's legal counsel.


GARDEN OF EDEN: Court Confirms Reorganization Plan
--------------------------------------------------
Eden Enterprises, Inc. d/b/a Garden of Eden, et al., were granted
an order confirming their Second Amended Joint Plan of
Reorganization under Chapter 11 of the Bankruptcy Code.

The Plan was accepted by those holders of impaired claims in Class
5 (unsecured creditors) who participated in the balloting which has
been duly received; and the solicitation and tabulation of
acceptances has been accomplished in a proper and fair manner
satisfactory to this Court.

Judge James L. Garrity, Jr. has ordered that the Plan of Garden of
Eden Enterprises, Inc. d/b/a Garden of Eden, et al. and each of its
provisions is confirmed.

For purposes of distributions under the Plan, these Chapter 11
cases shall be treated as if administratively consolidated, such
that all Allowed Claims against each of the Debtors shall be
treated as Allowed Claims against the administratively consolidated
estates of the Debtors.

Except as otherwise provided for herein, in the Plan or in an Order
of this Court, upon the Effective Date all Creditors or holders of
Equity Interests of the Debtors whose debts are discharged or whose
rights and interests are terminated by the Plan and this Order, are
jointly and severally restrained and enjoined from instituting or
continuing any action or employing any process to collect such
debts or pursue such interests as liabilities of the Debtors,
except upon further Order of this Court.

All payments and distributions set forth in the Plan shall be made
as set forth therein. Failure of the Reorganized Debtors to make
any payments under the Plan which remain uncured shall constitute
sufficient cause under Bankruptcy Code section 350 to immediately
seek to reopen the bankruptcy case.

Nothing contained in the Plan shall limit the liability of the
Debtors' and Committee's professionals to the Debtors and Committee
pursuant to N.Y. Comp. Codes R. & Regs. Tit. 22 section 1220.8 Rule
1.8, Rule 1.8 (h) (1) and any other statutes rules or regulations
dealing with professional conduct to which such professionals are
subject.

The Debtors are authorized and directed to implement the Plan and
this Confirmation Order, and to execute such other documents and do
such things as may be necessary to implement and effectuate the
Plan and this Confirmation Order.

The Committee shall be disbanded upon the Effective Date of the
Plan.

Until such time as the final decree is entered in these cases, the
Reorganized Debtors shall be responsible for the filing of all
post-confirmation reports along with the payment of all
post-confirmation fees.

                 About Garden of Eden Enterprises

Garden of Eden Enterprises, Inc., Broadway Specialty Food, Inc.,
Coskun Brothers Specialty, and Garden of Eden Gourmet Inc. filed
Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 16-12488, 16-12490,
16-12491, 16-12492, respectively) on Aug. 29, 2016. The petitions
were signed by Mustafa Coskun, president.  The cases are assigned
to Judge James L. Garrity Jr.

Doing business as Garden of Eden, the Debtors operate three upscale
full-service specialty-food retail stores at leased premises in New
York. Garden of Eden Enterprises is the parent operating company of
the Debtors, and maintains its place of business at 720 Anderson
Avenue, Cliffside Park, New Jersey 07010.

Clifford A. Katz, Esq., and Scott K. Levine, Esq., of Platzer,
Swergold, Levine, Goldberg, Katz & Jaslow, LLP, serve as counsel to
the Debtors.

The Debtors disclosed $8.05 million in assets and $8.29 million in
liabilities.

U.S. Trustee William K. Harrington on Sept. 15, 2016, appointed
three creditors to serve on the official committee of unsecured
creditors. The Committee retained Sullivan & Worcester LLP as
counsel.


GARRETT MOTION: Shareholders Withdraw Resistance to Bankruptcy Loan
-------------------------------------------------------------------
Steven Church of Bloomberg News reports that the shareholders of
Garrett Motion Inc. dropped their opposition to a proposed loan to
fund the company's bankruptcy case after the auto-parts maker
agreed to remove restrictions that would have pushed a sale instead
of a traditional debt reorganization.

The company removed deadlines and made other changes to the loan to
keep it from favoring a sale
Since the company filed bankruptcy last September 2020,
shareholders have pushed to keep any sale process separate from a
bankruptcy loan

The revised loan proposal will put Garrett "on a path forward for
these cases that is not limited to a sale," shareholders said.

                      About Garrett Motion

Based in Switzerland, Garrett Motion Inc. (NYSE: GTX) designs,
manufactures and sells highly engineered turbocharger and
electric-boosting technologies for light and commercial vehicle
original equipment manufacturers ("OEMs") and the global vehicle
and independent aftermarket.

Garrett Motion and its affiliates sought Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 20-12212) on Sept. 20, 2020.

Garrett disclosed $2,066,000,000 in assets and $4,169,000,000 in
liabilities as of June 30, 2020.

The Debtors tapped SULLIVAN & CROMWELL LLP as counsel; QUINN
EMANUEL URQUHART & SULLIVAN LLP as co-counsel; PERELLA WEINBERG
PARTNERS as investment banker; MORGAN STANLEY & CO. LLC as
investment banker; and ALIXPARTNERS LLP as restructuring advisor.
KURTZMAN CARSON CONSULTANTS LLC is the claims agent.




GARRETT MOTION: U.S. Trustee Appoints Creditors' Committee
----------------------------------------------------------
The U.S. Trustee for Region Region 2 on Oct. 5, 2020, appointed a
committee to represent unsecured creditors in the Chapter 11 case
of Garrett Motion Inc. and its affiliates.

The committee members are:

     1. Trustee of the Garrett Motion
        Ireland Defined Benefit Plan
        Care of: Ray Clarke, Aon Building
        5200 Cork Airport Business Park
        Cork, T12 FDN3 Ireland
        Attention: Michael Morrissey
        Email: michael.morrissey@garrettmotion.com
        Telephone: +353 51 301 367
        
     2. Wuxi Best Precision Machinery Co.
        No. 18, Hehuan West Road
        Hudai Town, Binhu District
        Wuxi JIANGSU 214161
        China Peoples Republic
        Attention: Winni Pu, Sales Director
        Email: shanshiwen@jsthlaw.com
        Telephone: +86-15335200975

     3. Pierburg GMBH
        975 S. Opdyke Road – Suite 100
        Auburn Hills, MI 48326
        Attention: Christina I. Nassar, General Counsel
        Email: christina.nassar@rheinmetall-americas.com
        Telephone: (947) 252-4083
  
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 Garrett Motion

Based in Switzerland, Garrett Motion Inc. (NYSE: GTX) designs,
manufactures and sells highly engineered turbocharger and
electric-boosting technologies for light and commercial vehicle
original equipment manufacturers ("OEMs") and the global vehicle
and independent aftermarket.

Garrett Motion and its affiliates sought Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 20-12212) on Sept. 20, 2020.

Garrett disclosed $2,066,000,000 in assets and $4,169,000,000 in
liabilities as of June 30, 2020.

The Debtors tapped Sullivan & Cromwell LLP as counsel, Quinn
Emanuel Urquhart & Sullivan LLP as co-counsel, Perella Weinberg
Partners and Morgan Stanley & Co. LLC as investment bankers, and
AlixpartnersLP as restructuring advisor.  Kurtzman Carson
Consultants LLC is the claims agent.


GREAT WESTERN: Moody's Hikes CFR to Caa3, Outlook Remains Negative
------------------------------------------------------------------
Moody's Investors Service downgraded Great Western Petroleum, LLC's
Corporate Family Rating (CFR) to Caa3 from Caa1 and Probability of
Default Rating (PDR) to Caa3-PD from Caa1-PD. The ratings on the
unsecured notes were downgraded to Ca from Caa3. The outlook was
remains negative.

The rating action reflects Great Western's high refinancing risk
associated with its 2021 notes maturity at a time when the
exploration and production sector is deeply out of favor with
capital markets. Compounding the maturity pressure is the springing
expiration on the company's revolving credit facility, which will
move to March 30, 2021 if the 2021 notes haven't been repaid or
refinanced in full. Regulatory uncertainty in Colorado, a social
risk, further complicates Great Western's ability to access capital
necessary to refinance its notes. The company's unsecured notes
trade at distressed levels which, when coupled with the company's
limited ability to generate meaningful free cash flow in periods of
typical spending, point to the possibility of restructuring and the
potential it could be done on distressed terms.

Downgrades:

Issuer: Great Western Petroleum, LLC

Probability of Default Rating, Downgraded to Caa3-PD from Caa1-PD

Corporate Family Rating, Downgraded to Caa3 from Caa1

Senior Unsecured Notes, Downgraded to Ca (LGD5) from Caa3 (LGD5)

Outlook Actions:

Issuer: Great Western Petroleum, LLC

Outlook, Remains Negative

RATINGS RATIONALE

Great Western's Caa3 CFR reflects high refinancing risk for its
2021 maturity and the likelihood the expiration of its revolving
credit facility will spring forward to March 2021, the company's
limited capital market access and the rising potential for a
distressed exchange. The rating also encompasses the company's high
capital intensity and steep initial decline rates of its shale
assets which limit the company's ability to make deep capital
spending cuts without suffering a large falloff in production. The
company also faces ongoing regulatory uncertainty in Colorado.
Great Western benefits from a liquids-rich production mix, its
low-cost acreage in the DJ Basin that supports healthy cash
margins, and improved netbacks as basin takeaway options for oil
and gas expand. Great Western's production is well hedged through
2021, garnering attractive realized prices that provide good
support to liquidity. A reduced 2020 capital spending plan should
allow the company to approach free cash flow generation after years
of material outspending.

The Ca rating on Great Western's senior unsecured notes, one notch
below the CFR, reflect Moody's expectations for recovery.

Moody's considers Great Western's liquidity to be weak primarily
due to the potential for the company's revolving credit facility
expiry to spring forward to March 30, 2021 if it hasn't refinanced
or repaid its unsecured notes maturing Sept 2021 by that date.
Availability under the facility has been reduced to $85 million as
of September 30, 2020 following the recent borrowing base
redetermination which resulted in a cut in the borrowing base to
$485 million from $600 million. The revolver has two financial
maintenance covenants, a minimum current ratio of 1x, and a maximum
debt to EBITDAX ratio of 3.5x. Moody's expects the company will
remain in compliance under its financial covenants through 2021.

The negative outlook reflects Great Western's heightened
refinancing risk during a period of low commodity prices and
limited capital market access, and the likelihood the company may
pursue a distressed exchange in order to address its 2021
maturity.

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

Ratings could be downgraded if Moody's view of Great Western's
asset valuation diminishes or the company files for bankruptcy.

An upgrade is unlikely until the company satisfactorily addresses
the 2021 maturity.

Denver, CO-based Great Western Petroleum, LLC is a private,
independent exploration and production company operating
exclusively in the Wattenberg field of Colorado's DJ Basin.

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.


GREENPOINT TACTICAL: Disclosure Okayed, Plan Hearing on Feb. 10
---------------------------------------------------------------
Judge G. Michael Halfenger has approved the Third Amended
Consolidated Disclosure Statement for the Chapter 11 Plans of
Reorganization of Greenpoint Tactical Income Fund LLC ad GP Rare
Earth Trading Account LLC and fixed the time for filing acceptances
or rejections of the plan, combined with notice thereof.

Judge Halfenger will conduct a hearing to consider confirmation of
the Plan on February 10, 2021, at 1:00 p.m. in Milwaukee.  The last
day to object to confirmation of the Amended Chapter 11 Plans is
January 14, 2021.

Greenpoint Tactical Income Fund LLC and GP Rare Earth Trading
Account have asked the Court to extend the Debtors' exclusive
periods to solicit acceptances to any plans to October 19, 2020.

The Debtors said they have continued to prosecute adversary
proceedings -- including the commencement of an adversary
proceeding against Erick J. Hallick to estimate and subordinate his
claims -- and claim objections and recently brought a motion to
engage another broker to sell gems that were not previously
consigned to Collectors' Edge Minerals Inc. The Debtors have also
continued to make significant progress in their search -- through
MorrisAnderson -- for potential exit financing, and in mineral
sales, both of which are highly material to the feasibility of the
expected plan.

During the week of August 17, 2020 counsel for the U.S. Securities
and Exchange Commission, the Official Committee of Equity Holders,
and the Office of the U.S. Trustee conferred and agreed via email
with the Debtors' counsel to a detailed exchange of views and
potential objections. On August 25, counsel for each of the SEC,
the Committee, and the UST provided detailed comments to the
Debtors' counsel, and the parties conducted a two-hour video
meeting on August 27 to discuss those comments. At the conclusion
of the meeting, the Debtors agreed to add a significant amount of
information to the Disclosure Statement to address many of the
issues that were raised.

There was also consensus that the amount of time until the current
objection deadline and a hearing was too short to permit a
consensual process to yield the best possible outcome, and that
additional time would serve the interests of the parties and likely
reduce the time required for the Court to adjudicate remaining
issues and will permit several "turns" of the draft and a further
narrowing of the issues before it becomes necessary to prepare
formal objections and proceed to hear.

"We hope to maintain our exclusive rights to solicit acceptances to
the chapter 11 plans and to avoid a potential competing plan, which
would cause significant delays in plan confirmation and a
substantial increase in administrative expenses," the Debtors said.


                              GPRE

According to the Plan, General Unsecured Claims against GPRE
totaling $130,000 will be paid in cash in full on the Effective
Date.  The claims are considered unimpaired, and therefore, holders
of general unsecured claims do not vote and are deemed to have
accepted the Plan.

The 100% of the equity ownership of GPRE by GPTIF shall remain with
GPTIF. Such interest holder is considered unimpaired, does not
vote, and is deemed to have accepted the Plan.

The Debtors continue to expect to primarily fund the Plan from the
proceeds of anticipated sales of Minerals. However, the Debtors are
in the process of securing and may seek Court approval of a
Debtor-in-possession and exit financing facility to provide up to
$10 million in liquidity in order to backstop anticipated proceeds
from Mineral sales, the timing of which has been slowed
considerably by the impact of the COVID-19 pandemic.

GPTIF also has direct and indirect ownership of and investment in a
variety of affiliates and other business entities that in the
aggregate it believes to have a contemporaneous fair market value
of approximately $19,000,000. Should the opportunity arise during
these chapter 11 cases, it is also possible that the Debtors would
receive upstream liquidity or, if appropriate, propose for sale of
one or more of such interests in order to have alternative sources
for funding the payment of claims and making redemptions pursuant
to the Plans.

                 Disclosure Objections Hearing

The court held a hearing September 21 to consider the adequacy of
the Debtors' consolidated disclosure statement.

The U.S. Securities and Exchange Commission and Erick Hallick
objected to the Consolidated Disclosure Statement.

Hallick argued the Disclosure Statement does not contain adequate
information regarding his claims.  Hallick asserted the Debtors
fail to disclose what protections (if any) will be afforded to
Hallick pending the resolution of his claims.

According to Hallick, the Disclosure Statement should not be
approved where it describes an unconfirmable plan.  Hallick said
the Disclosure Statement does not even consider the possibility or
consequences if some or all of his claims are allowed as a general
unsecured claim.  He also pointed out that the Disclosure Statement
misstates the history between the Debtors and Hallick.

Hallick said the Debtors are jointly and severally liable to him
pursuant to the pre-petition breach of a Settlement Agreement dated
April 13, 2019, entered by and among Hallick, the Debtors and 14
other respondents.   As a result of the breach, Hallick timely
filed a claim against Greenpoint Tactical Income Fund LLC in the
amount of $15,000,000 (Claim 6-1 in Case No. 19-29613), and a claim
against GP Rare Earth Trading Account LLC in the amount of
$13,625,000 (Claim 11-1 in Case No. 19-29617).  On July 23, 2020,
the Debtors filed Adversary Case 20-02102 against Hallick, seeking
to reduce the Claims to no greater than $6,188,701, and to
subordinate the Claims to the same priority of claims of holders of
Class A investors.  On August 24, 2020, Hallick filed a motion to
dismiss the complaint filed in the Adversary, the Debtors had until
September 15 to respond to his motion.

Attorneys for Erick Hallick:

     Andrew Robinson, Esq.
     MALLERY & ZIMMERMAN, S.C.
     731 North Jackson Street, Suite 900
     Milwaukee, WI 53202-4697
     Telephone: 414-271-2424
     Facsimile: 414-271-8678
     E-mail: arobinson@mzmilw.com

The SEC also complained that the Disclosure Statement describes a
Plan that is unconfirmable on its face.  According to the SEC, the
Plan funding is so speculative that the Debtors cannot provide
sufficient information to meet the feasibility test under 11 U.S.C.
Section 1129(A)(11).  The SEC pointed out that the Disclosure
Statement does not contain sufficient financial information.  The
Debtors, it said, fail to provide adequate information to justify
the releases.  The Plan also contains overly broad exculpation
provisions without adequate disclosure.

The SEC also said the Disclosure Statement does not adequately
describe the classes or their treatment.   The Disclosure Statement
describes a plan that improperly subordinates and treats the SEC's
unsecured claim.  The Disclosure Statement also incorrectly states
that the Debtors' have ongoing indemnification obligations, and
fails to adequately disclose the basis for the injunction which
purports to enjoin the SEC from pursuing its police and regulatory
powers.  The SEC said the Court must determine whether the
investors and the SEC are impaired prior to solicitation of the
Plan.

Last year, the SEC sued various entities, including Michael G. Hull
and his entity, Greenpoint Asset Management II LLC, and Christopher
J. Nohl and his entity, Chrysalis Financial LLC, alleging they have
misled the investors as to how they have been operating the Fund
and valuing its assets.  From April 25, 2014 to June 2019, Hull,
Nohl, and their entities raised about $52.783 million from
approximately 129 investors in 10 states.  According to the Fund,
as of June 30, 2018, it had a net asset value of $135 million based
almost entirely on unrealized gains, the SEC lawsuit noted.
Indeed, 95% of the purported gains are unrealized. These gains are
largely fictitious, the lawsuit alleged.

"Under the Plan, investors risk waiting more than three years to
recover their net capital
investments or taking significant penalties on their investments
and providing broad releases of their potential fraud claims to the
Debtors, Managing Members, Hull, Nohl, and other insiders," the SEC
said.

Counsel to the SEC:

     Angela D. Dodd, Esq.
     Doressia L. Hutton, Esq.
     Charles J. Kerstetter, Esq.
     Christopher H. White
     175 W. Jackson Blvd., Suite 1450
     Chicago, IL 60604
     Tel: (312) 353-7400
     E-mail: dodda@sec.gov
            HuttonD@sec.gov
            KerstetterC@sec.gov
            WhiteCh@sec.gov

             About Greenpoint Tactical Income Fund

Greenpoint Tactical Income Fund LLC is a Wisconsin limited
liability company with its principal place of business in Madison,
Wisconsin. Greenpoint Tactical Income Fund is a private investment
fund.  GP Rare Earth Trading Account LLC is a wholly owned
subsidiary of Greenpoint Tactical Income Fund. GP Rare Earth is the
entity that holds the gems and minerals.

Greenpoint Tactical Income Fund LLC sought protection under Chapter
11 of the Bankruptcy Code (Bankr. E.D. Wis. Case No. 19-29613) on
October 4, 2019.  The petition was signed by Honorable Michael G.
Halfenger.

At the time of filing, Greenpoint Tactical estimated assets of $100
million to $500 million and liabilities of $10 million to $50
million.  GP Rare Earth estimated assets of $100 million to $500
million and liabilities of $10 million to $50 million.

The Debtors are represented by Steinhilber Swanson LLP.



H.B. FULLER: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has assigned a first-time Long-Term Issuer Default
Rating (IDR) of 'BB' to H.B. Fuller Company (NYSE: FUL). In
addition, Fitch has assigned 'BB+'/'RR1' ratings to the company's
first-lien secured revolver and term loan, and 'BB'/'RR4' ratings
to the unsecured and proposed notes. Net proceeds from the new
senior unsecured notes will be used to repay a portion of the
secured term loan and for other general corporate purposes. The
Rating Outlook is Stable.

The rating reflects the company's leading position in the global
adhesives market with a solution- and innovation-oriented product
portfolio resulting in relatively high customer switching costs and
stable EBITDA margins in the low-mid teens. Fitch's base case
forecasts annual positive free cash flow of
$150 million-$200 million and total debt with equity
credit/operating EBITDA of around 4x in 2021, and around 3.5x
thereafter, due to a combination of earnings growth, gross debt
reduction, and an assumed level of M&A activity. Fitch believes
that the 'BB' rating category provides the company with the
flexibility to build out its higher margin, growth-oriented
Engineering Adhesives segment through a measured pace of bolt-on
acquisitions. Fuller maintains a long-term net leverage target of
2.0x-3.0x, which is consistent with the 'BB+' and above rating
categories. The rating could see positive momentum should the
company show a demonstrated commitment to its longer-term leverage
target helping strengthen its rating tolerance for strategic
objectives.

Fitch believes that demand pressures related to the coronavirus
pandemic are likely to result in yoy 2020 revenue decline in the
mid-high single digits, as weakness in aerospace, autos and
construction are partially offset by demand resilience in the
company's Hygiene, Health and Consumables segment. Fitch projects
sequential improvement in 2021 and 2022 towards 2019 volumes, with
a relatively slower recovery in the company's products associated
with transportation, while maintaining EBITDA margins in the
mid-teens. Overall, Fitch believes that the company has both the
liquidity and cash flow generation capacity to moderate credit
risks associated with the pandemic-related demand shock and
continue to operate with metrics consistent with the 'BB' level.

KEY RATING DRIVERS

Leader in Fragmented Adhesives Market: FUL is the number one or two
players in most of its markets and the second largest player,
behind Henkel, in the fragmented $50 billion adhesives market,
where the top five players account for less than 35% of the market.
Benefiting from its size, scale and diversification, the company
has a R&D-linked competitive advantage versus global competitors
that more firmly places the company into its regional and global
customers' value chains. Fitch views long-term trends such as the
need for light-weighting and energy efficiency, sustainable
packaging, digitization, and healthcare related supplies as
favorable growth drivers for FUL. The 2017 acquisition of Royal
Adhesives and Sealants further strengthened FUL's position to
address these high-value demand applications across the Engineering
Adhesives segment.

Stable, Mid-Teens Margin Profile: FUL purchases numerous raw
materials, with the top 25 materials making up less than 20% of the
annual spend. Furthermore, FUL categorizes around 87% of the
sourced raw materials as 'Specialty Raw', which flow through to
downstream applications that generate resilient margins, given the
low-cost (e.g., less than 1% of customer COGS), but critical
aspects of the company's products for its customers. This
diversification and specialization of offerings combined with pass
through clauses with customers helps mitigate cost risk and
provides the company relatively resilient, through-the-cycle
margins in the mid-teens. This is highlighted by historically
accepted price increases and a return to normalized profitability
in 2018 following large input increases in 2017 that resulted in
EBITDA margins of around 10%.

In the near term, Fitch forecasts EBITDA margins will remain around
14%, given reduced raw material costs and savings from the 2019 GBU
restructuring. EBITDA margins are projected to trend higher
thereafter as the company continues to move downstream in its
product offerings and demand normalizes.

Positive FCF Generation Forecast: FUL consistently generates
positive FCF given its relatively stable EBITDA margins, limited
working capital risk, and low capital intensity with capital
spending averaging around 2%-2.5% of sales. Free cash flow margin
has averaged around 5% dating back to 2016, and Fitch projects the
company to continue to generate $150 million-$200 million of annual
free cash flow leading to free cash flow margins of around 5%-6%
through the forecast. Fitch believes free cash flow will be mainly
allocated towards gross debt reduction in the near-term as well as
a continued focus on measured shareholder returns and strategic
bolt-on acquisitions.

Commitment to De-Leveraging: Management has a long-term net
leverage target of 2.0x-3.0x. Following its leveraging acquisition
of Royal Adhesives and Sealants in 2017, Fuller repaid roughly $500
million in debt over the following two years, and will deliver an
additional $200 million in 2020 towards gross debt reduction (debt
paydown of $59 million during Q3 exceeded the company's $40 million
to $50 million targeted debt paydown for the quarter). Fitch
projects that leverage metrics will be around 5.0x and 4.0x in 2020
and 2021, respectively, on pandemic-related demand impacts.
However, Fitch forecasts metrics will trend to around 3.5x
thereafter mainly due to a combination of earnings growth and debt
repayment, as the company balances capital allocation in a credit
conscious manner to move towards its long-term strategic and
financial targets.

Acquisitive Nature to Persist: Given the fragmented nature of the
adhesives industry, Fitch believes that FUL will continue to seek
bolt-on acquisitions to further build out its Engineering Adhesives
segment into new products, regions, or technical capabilities. The
company can fund these typically small acquisitions with free cash
flow generation, but management has shown a willingness to stretch
leverage above its targets in order to execute value-added M&A, as
exemplified by the Royal Adhesives and Sealants acquisition.
However, free cash flow has since been focused on reducing debt
towards a leverage profile of around 3.5x-4.0x, and Fitch would
expect the company to similarly allocate capital following any
future leveraging transaction.

DERIVATION SUMMARY

FUL is larger than equally rated peer Ingevity Corp. (BB/Stable)
and similarly sized to WR Grace (BB+/Stable). While the company
maintains relatively lower EBITDA margins typically in the
mid-teens compared to Ingevity and WR Grace, which typically see
margins in the mid-high twenties, FUL has exhibited less
variability compared to Ingevity, and Fitch expects margins to
continue to expand as the company focuses on downstream growth
within Engineering Adhesives. Additionally, the company can
consistently generate FCF margins at around 5%-6% given its
typically low maintenance capex requirements of around 2% of
revenues versus around 5%-6% of revenue for Ingevity and WR Grace.
Similar to its peers, FUL is a leader in a specialized industry
with a similar appetite for debt funded M&A and operates with total
debt to EBITDA around 3.5x-4x over the forecasted period versus
Grace, which is generally at 3.5x and Ingevity at around 3.0x.
Fitch projects Fuller to generate consistent free cash flow margins
in the mid-single digits over the forecasted period given low
maintenance capex requirements and relatively stable earnings,
which is consistent with Fitch's views on the recovery over the
forecast period for Grace and Ingevity.

KEY ASSUMPTIONS

  -- Mid-single digit revenue decline in 2020 with sequential
growth in 2021 and 2022 towards 2019 levels and GDP level organic
growth long term;

  -- EBITDA margins roughly flat yoy in 2020 and trending to 15%
thereafter as the company continues to move downstream;

  -- Capex at 2.5% of sales;

  -- Prioritization of gross debt reduction with free cash flow
with continued measured shareholder returns;

  -- Continued execution of strategic acquisitions with the
assumption that management may temporarily increase leverage.

RATING SENSITIVITIES

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

  -- Sustained adherence to the company's long-term financial
policy coupled with continued cash generation and earnings
stability, leading to Total Debt with Equity Credit/Operating
EBITDA durably below 3.5x

  -- Continued trend toward higher EBITDA margins that demonstrates
successful execution of the shift towards higher value-add
products.

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

  -- Loss of leading market positions leading to Total Debt with
Equity Credit/Operating EBITDA durably above 4.5x;

  -- Reduced ability to pass through costs to customers, leading to
less stable margins and heightened cash flow risk;

  -- More aggressive than anticipated M&A activity, including
transformative, credit-unfriendly acquisitions, or shareholder
return strategy otherwise incompatible with management's
articulated capital deployment policy.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: As of Aug. 29, 2020, the company had
approximately $75 million of cash and cash equivalents with full
availability on the company's $400 million revolving credit
facility due 2023. Additionally, Fitch anticipates solid free cash
flow generation of around $150 to $200 million annually through the
forecast, which Fitch believes will largely go towards continued
debt reduction over the near term.

The company's revolver and term loan mature in 2022 and 2024,
respectively, and Fitch assumes the company will successfully
re-finance these instruments prior to maturity.

SOURCES OF INFORMATION

ESG CONSIDERATIONS

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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


H.B. FULLER: Moody's Rates $300MM Sr. Unsec. Notes Due 2028 'B2'
----------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to $300 million in
new senior unsecured notes due 2028 by H.B. Fuller Company ("H.B.
Fuller"). Proceeds of the issuance are expected to be used to pay
down a portion of the company's existing Term Loans due 2024. The
outlook remains stable.

"This financing by H.B. Fuller is viewed as prudent and timely as
it will reduce the 2024 term loan debt tower, which represents the
nearest debt maturities in the debt maturity profile, and reduce
future refinancing risk," according to Joseph Princiotta, SVP at
Moody's, and lead analyst for HB Fuller.

Assignments:

Issuer: H.B. Fuller Company

Senior Unsecured Regular Bond/Debenture, Assigned B2 (LGD5)

RATINGS RATIONALE

H.B. Fuller's credit profile reflects moderate scale, modest but
improving margins, and improved but still weak credit metrics that
resulted from the large debt-financed acquisition of Royal
Adhesives & Sealants LLC ("Royal") a few years ago. The profile is
supported by Fuller's diverse global operations and revenues,
leading positions in the relatively stable hygiene, health, and
consumable (HHC) adhesive markets, established customer
relationships and barriers to entry based on formulation and
application expertise. The HHC segment is Fuller's largest
representing about 48% of revenues.

The Royal acquisition increased revenues to close to $3.0 billion
from $2.2 billion and strengthened the company's presence in
higher-margin adhesive segments: durable assembly, engineering
adhesives and construction products which now comprise over 50% of
sales and support margin growth potential. But the debt-financed
acquisition stepped up leverage to the mid 6x range, on a pro forma
basis.

H.B. Fuller's total debt has been cut by about $570 million since
the Royal acquisition and the company is on track to exceed its
total debt reduction target of $600 million by YE 2020. Moody's
expects managements debt reduction to continue a similar pace until
the company's 2-3x net debt to EBITDA leverage target range is
achieved. Due to COVID and the resulting recession, Moody's expects
FY 2020 EBITDA to be close to $400 million, down from about $430
million in FY 2019. Adjusted leverage is projected to improve to
the mid 4x range by FY 2020, closer to its 4.0x upgrade trigger but
with the pace of further improvement dependent on the pace and
extent of recovery in key end markets.

Environmental, social and governance (ESG) risk factors are not
material factors to the rating assignment but are important
considerations in the credit profile as the company utilizes some
toxic and hazardous chemicals. However, these risks are below
average for a large specialty chemical company as HB Fuller is
largely a formulator of adhesives and sealants and has limited
chemical processing assets. Social and governance risks are also
relatively low as Fuller is a public company and its products are
mainly sold to industrial customers. Environmental liabilities and
expenditures to comply with environmental regulations are ongoing
but minor compared to overall cash flow and not meaningful at this
time to Fuller's credit profile.

H.B. Fuller's SGL-2 speculative grade liquidity rating reflects
good liquidity supported by approximately $75 million in balance
sheet cash at August 29, 2020, projected positive free cash flow
generation, and full availability under the current $400 million
five-year secured revolver due April 2022. Along with the issuance
of the new notes, the company will also be amending and extending
its existing revolving credit facility into a new four-year $400
million secured revolving credit facility due 2024. The new
revolver will have a maximum secured leverage covenant with step
down features and a minimum interest coverage covenant. The current
revolver has similar maximum secured leverage covenant features.
Moody's expects the company to follow the covenants over the next
12 months.

The company generated approximately $185 million in
Moody's-adjusted free cash flow for the LTM 29 August 2020 period.
Fuller's term loan amortizes at 1.00% annually. Although the
company pays a dividend, Moody's expects it to remain modest at
about $35 to $40 million annually over the medium-term horizon.

The stable outlook anticipates that the company will continue to
generate free cash flow and use it to reduce debt and Moody's
adjusted leverage, which Moody's expects to trend towards the mid
4x range by the end of 2020. The stable outlook also reflects
expectations that the company will refrain from further
debt-financed acquisitions that impede leverage improvement over
the medium term.

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

The ratings could be upgraded if adjusted leverage were to improve
to below 4.0x on a sustained basis and the company demonstrates its
ability to sustain EBITDA margins in the mid-to-high teen percent
range. Fuller's ratings could be downgraded if leverage is
sustained above 5.5x, or if free cash flow is diminished or turns
negative. The ratings could also be downgraded if the company
undertakes additional meaningful debt-financed acquisitions.

H.B. Fuller Company, headquartered in St. Paul, Minnesota, is a
formulator, manufacturer and marketer of adhesives and sealants. It
is predominantly focused on the engineering adhesives, durable
assembly, construction, packaging, and hygiene sub-segments of the
adhesives market. Fuller generated revenues of nearly $2.8 billion
for the twelve months ended 31 August 2020.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.


HARTLAND MMI: Status Hearing Continued to December 2
----------------------------------------------------
A status hearing on Hartland MMI, LLC's Chapter 11 bankruptcy
filing was held September 30 and has been continued to December 2
before the Honorable Mike K. Nakagawa.

In August, Judge Nakagawa removed the Debtor's management and
appointed Timothy Nelson as Chapter 11 Trustee to oversee the
Debtor's estate, at the behest of Manning Auctions, LLC.

On Feb. 8, 2017, Debtor Hartland MMI, LLC commenced a voluntary
Chapter 11 reorganization proceeding, denominated Case No.
17-10549. The Debtor's primary asset consisted of real property
located at 1040 S. Sixth Street, Las Vegas, Nevada, known as the
Hartland Mansion. The Debtor filed the Chapter 11 proceeding to
"stop a pending foreclosure by the mortgage holder" on the Hartland
Mansion.

On July 26, 2018, an order was entered approving the sale of the
Hartland Mansion for a gross purchase price of $2.9 million. The
order provided, inter alia, for a variety of claims secured by the
property to be satisfied at the time of closing, as well as various
amounts to be paid to other parties, including Manning and Robert
Lueck.

On Dec. 10, 2018, an order was entered approving the final
application for compensation of the Debtor's bankruptcy counsel,
David Winterton.

On Dec. 26, 2018, an order was entered granting a motion to dismiss
the Chapter 11 proceeding brought by the Office of the United
States Trustee.

On March 5, 2019, the Debtor filed a civil complaint in the Eighth
Judicial District Court, Clark County, Nevada denominated Case No.
A-19-790498-C. The Debtor's state court action sought damages
against Manning and its principal, Jeff Manning, for their conduct
in connection with the sale of the Hartland Mansion in the 2017
bankruptcy. Manning thereafter removed the State Action to the
bankruptcy court, denominated Adversary Proceeding No. 19-01068
("First Adversary").

On Sept. 3, 2019, an order was entered remanding the Action back to
the State Court.

On May 18, 2020, the Debtor again commenced Chapter 11 proceedings.
The voluntary Chapter 11 petition is accompanied by the Debtor's
schedules of assets and liabilities and statement of financial
affairs (SOFA). The Debtor's property Schedule "A/B" lists three
categories of property of the Second Chapter 11 bankruptcy estate:
cash in the amount of $382,849.96 held in the trust account of
attorney Winterton, miscellaneous office equipment and furnishings
having a value of $151,664 and various contingent and unliquidated
claims against multiple parties, including Manning, attorneys and
other professionals, and service providers having an aggregate
value of $1,536,000. The total current value of all assets of the
Debtor is listed at $2,070,513.96. The Debtor's secured creditor
Schedule "D" lists attorney Winterton as having a claim in the
amount of $30,004.18, secured by a statutory lien against the cash
held in attorney Winterton's trust account. No other secured
creditors are listed. The Debtor's unsecured creditor Schedule
"E/F" lists 14 claimants or notice-only parties having priority and
non-priority claims totaling $75,950. The Debtor's co-debtor
Schedule "H" lists the Estate of Ailene Hart, the Estate of Larry
David Hart, and Garry Hart as co-debtors of various obligations
owed by the Debtor, with Garry Hart as the executor, co-executor,
or principal of the co-debtor party. The Debtor's SOFA discloses
that its current bankruptcy counsel, Johnson & Gubler, P.C., was
not paid a retainer before the filing of the Chapter 11 petition,
but received jewelry from Garry Hart's spouse as collateral for
payment. At Item 13.1, the SOFA lists only one transfer of money or
property outside of the ordinary course of business to another
person within 2 years: the sale of the Hartland Mansion on
September 10, 2018, for the amount of $2.9 million. At Item 28, the
SOFA lists Garry Hart and the Estate of Ailene Hart (with Garry
Hart as co-executor), respectively, as the only manager and member
of the Debtor. On the same date the Chapter 11 petition was filed,
a notice of bankruptcy was entered scheduling a meeting of
creditors for June 25, 2020.

On June 11, 2020, the Debtor filed its operating report for the
month of May 2020.

On June 17, 2020, Lueck filed a "Motion to Exclude Funds as
Property of the Estate." Lueck sought entry of an order determining
that the funds held by attorney Winterton at the commencement of
the 2020 Chapter 11 proceeding are assets of the Estate of Ailene
Hart under the jurisdiction of the State Court. The Exclusion
Motion was noticed to be heard on July 22, 2020, but was continued
to be heard concurrently with the Motion.

On June 25, 2020, the Debtor filed an amended Chapter 11 petition.
The amended Chapter 11 petition bears the electronic signature of
Garry Hart as manager of the Debtor.

On June 26, 2020, Manning sought appointment of a Chapter 11
trustee.

Judge Nakagawa agreed with Manning that appointment of a Chapter 11
trustee is in the best interests of creditors and the estate.  The
Court noted that the Debtor's prior Chapter 11 proceeding was
commenced for the express purpose of preventing a foreclosure sale
of the Hartland Mansion by the mortgage holder. The property was
sold free and clear of liens, the liens against the property were
paid, and the First Chapter 11 was dismissed. The Second Chapter 11
was commenced with only one secured creditor, attorney Winterton,
with a claim of $30,004.18, secured by cash in the amount of
$382,849.96 held in his client trust account. According to the
Debtor's Schedule "D," there are no other liens against those
funds. According to the Debtor's Schedule "E/F," the instant
Chapter 11 was commenced with only 12 possible unsecured creditors
having claims against the Debtor totaling $75,950.00. Unlike the
First Chapter 11, the Debtor is not threatened by imminent
foreclosure of its assets and it appears to have sufficient
resources to pay all scheduled claims in full.

The Court also noted that the Debtor's management is plagued by
conflicts. The voluntary Chapter 11 petition was signed and filed
by Garry Hart as manager of the Debtor. According to the Debtor's
Schedule "H," Garry Hart individually is a co-debtor with respect
to Lueck, who is scheduled as a creditor of the Debtor's estate.
According to Schedule "H," Garry Hart also is the sole executor of
the Estate of Ailene Hart, which is a co-debtor of Dana Dwiggins,
Esq. and Larry L. Bertsch, CPA, who are listed as creditors of the
Debtor's estate. According to Schedule "H," Garry Hart also is the
co-executor of the Estate of Larry David Hart, which is a co-debtor
of Robert Morris and Jim Jimmerson, Esq., who are listed as
creditors of the Debtor's Estate. According to the Debtor's SOFA,
Garry Hart is the sole manager of the Debtor and the Estate of
Ailene Hart is the sole member of the Debtor. According to the
public docket in the State Action, however, a third-party complaint
was brought by Manning against Garry Hart and other individuals on
or about February 4, 2020.

Additionally, a default on the third-party complaint was entered
against Garry Hart on or about April 13, 2020. Although the
automatic stay arising from the Debtor's bankruptcy proceeding does
not prevent Manning from proceeding against Garry Hart
individually, the allegations and relief sought in the third-party
action place him in conflict with the interests of the Debtor. This
result is magnified by Garry Hart's removal as co-executor of the
Debtor. Neither the third-party complaint nor the default against
Garry Hart are disclosed on the co-debtor Schedule "H" nor in Item
7.2 of the SOFA, both of which were certified under penalty of
perjury.

Under these circumstances, Judge Nakagawa concluded that the
benefits of appointing a neutral third party to manage the Debtor
in the Second Chapter 11 outweighs the likely costs. In carrying
out his or her duties, the assigned Chapter 11 trustee also must
evaluate the concerns raised by the Exclusion Motion.

A copy of the Court's Order is available at https://bit.ly/2FC3iID
from Leagle.com.

                       About Hartland MMI

Based in Las Vegas, Nevada, Hartland MMI, LLC, is a privately held
company in the special events business.  The Debtor filed for
chapter 11 bankruptcy protection (Bankr. D. Nev. Case No. 20-12409)
on May 18, 2020, with total assets of $2,070,513 and total
liabilities of $105,954. The petition was signed by Garry Hart,
manager.

The Debtor previously sought bankruptcy protection (Bankr. D. Nev.
17-10549) on Feb. 8, 2017.



HIGH RIDGE BRANDS: Gets Court Ok for Its Ch. 11 Liquidation Plan
----------------------------------------------------------------
Law360 reports that the Chapter 11 liquidation plan of former Zest
soap maker High Ridge Brands received bankruptcy court approval
Oct. 6, 2020, in Delaware with the overwhelming support of its
creditors.

During a hearing conducted virtually, debtor attorney Kenneth J.
Enos of Young Conaway Stargatt & Taylor LLP said the plan would
dispose of the company's remaining assets and wind down the
business about seven months after High Ridge sold its assets for
$120 million. The plan enjoyed the support of the official
committee of unsecured creditors as well as near unanimous support
from voting creditors that are impaired under the plan.

                   About High Ridge Brands

Headquartered in Stamford, Connecticut, High Ridge Brands --
http://www.highridgebrands.com/-- is one of the largest
independent branded personal care companies in the United States by
unit volume, with a mission to craft extraordinary experiences for
savvy consumers. Today, High Ridge Brands has a portfolio of over
thirteen trusted brands, serving primarily North American skin
cleansing, hair care and oral care markets, including Zest(R),
Alberto VO5(R), REACH(R), Firefly(R), Dr. Fresh(R), Coast(R), White
Rain(R), LA Looks(R), Zero Frizz(R), Rave(R), Salon Grafix(R),
Binaca(R) and Thicker Fuller Hair(R). In addition, the Company has
relationships with leading entertainment properties through which
it has a portfolio of licenses such as Star Wars, Batman,
Spiderman, Hello Kitty, and Transformers. The Company operates an
asset-light model, outsourcing its manufacturing needs, and has
approximately 140 employees.

The Debtors sought Chapter 11 protection (Bankr. D. Del. Case No.
19-12689) on Dec. 18, 2019. The Debtor affiliates include High
Ridge Brands Holdings, Inc., HRB Midco, Inc., HRB Buyer, Inc.,
High
Ridge Brands Co., Golden Sun, Inc., Continental Fragrances, Ltd.,
Freshcorp, Inc., Children Oral Care, LLC, and Dr. Fresh, LLC.

Judge Brendan Linehan Shannon is assigned to the cases.

Young Conaway Stargatt & Taylor, LLP, is the Debtors' counsel.
Debevoise & Plimpton LLP is corporate, finance and litigation
counsel to the Debtors. PJT Partners LP is the Debtors'  investment
banker.


HOGAR LA MISERICORDIA: Court Approves Disclosure Statement
----------------------------------------------------------
Judge Edward A. Godoy has ordered that the Disclosure Statement of
Hogar La Misericordia Inc is approved.

A hearing for the consideration of confirmation of the Plan and of
such objections as may be made to the confirmation of the Plan will
be held on Oct. 8, 2020 at 1:30 p.m. via Skype for Business.

Any objection to confirmation of the plan will be filed on/or
before 14 days prior to the date of the hearing on confirmation of
the Plan.

That acceptances or rejections of the Plan may be filed in writing
by the holders of all claims on/or before 14 days prior to the date
of the hearing on confirmation of the Plan.

                  About Hogar La Misericordia

Hogar La Misericordia, Inc., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 19-07107) on Dec. 4,
2019. At the time of the filing, the Debtor disclosed assets of
between $100,001 and $500,000 and liabilities of the same range.
Judge Edward A. Godoy oversees the case.  The Debtor tapped
Norberto Colon Alvarado Law Office as its legal counsel.


HOLLINGSWORTH FARMS: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------------
The Office of the U.S. Trustee on Oct. 5 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Hollingsworth Farms, LLC.
  
                     About Hollingsworth Farms

Hollingsworth Farms, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Ala. Case No. 20-31975) on Sept. 16,
2020. The petition was signed by James W. Hollingsworth, sole
member of Port Royal Medical Investments LLC. At the time of the
filing, the Debtor was estimated to have $1 million to $10 million
in both assets and liabilities. Espy, Metcalf & Espy, P.C. serves
as the Debtor's legal counsel.


HOOVER GROUP: Moody's Withdraws Caa2 CFR on Debt Repayment
----------------------------------------------------------
Moody's Investors Service withdrawn all debt ratings for Hoover
Group, Inc. after all the company's rated debt has been repaid by
the company.

RATINGS RATIONALE

The following ratings have been withdrawn:

Withdrawals:

Issuer: Hoover Group, Inc.

Corporate Family Rating, Withdrawn, previously rated Caa2

Probability of Default Rating, Withdrawn, previously rated Caa2-PD

Senior Secured Bank Credit Facility, Withdrawn, previously rated B3
(LGD3)

Outlook Actions:

Issuer: Hoover Group, Inc.

Outlook, Changed to Rating Withdrawn from Negative

Hoover Group, Inc. is a provider of container, workspace and
packaging solutions for the global energy, petrochemical and
general industrial end markets.


IFRESH INC: Falls Short of Nasdaq Minimum Bid Price Requirement
---------------------------------------------------------------
iFresh Inc. received a letter from the Listing Qualifications Staff
of the Nasdaq Stock Market LLC on Oct. 5, 2020, which stated that
the Company was not in compliance with Nasdaq Listing Rule
5550(a)(2), which requires an issuer to maintain a minimum closing
bid price of $1.00 per share.  In accordance with the Nasdaq
Listing Rules, the Company was provided with a 180-day grace period
to regain compliance with the Minimum Bid Price Rule, through April
5, 2021.  The notice has no immediate impact on the listing or
trading of the Company's securities on Nasdaq.

                        About iFresh Inc.

Headquartered in Long Island City, New York, iFresh Inc. --
http://www.ifreshmarket.com-- is an Asian American grocery
supermarket chain and online grocer on the east coast of U.S. With
nine retail supermarkets along the US eastern seaboard (with
additional stores in Glen Cove, Miami and Connecticut opening
soon), and two in-house wholesale businesses strategically located
in cities with a highly concentrated Asian population, iFresh aims
to satisfy the increasing demands of Asian Americans (whose
purchasing power has been growing rapidly) for fresh and culturally
unique produce, seafood and other groceries that are not found in
mainstream supermarkets.  With an in-house proprietary delivery
network, online sales channel and strong relations with farms that
produce Chinese specialty vegetables and fruits, iFresh is able to
offer fresh, high-quality specialty produce at competitive prices
to a growing base of customers.

iFresh Inc. reported a net loss of $8.29 million for the year ended
March 31, 2020, compared to a net loss of $12 million for the year
ended March 31, 2019.  As of June 30, 2020, the Company had $121.35
million in total assets, $106.24 million in total liabilities, and
$15.11 million in total equity.

Friedman LLP, in New York, the Company's auditor since 2016, issued
a "going concern" qualification in its report dated Aug. 13, 2020,
citing that the Company has incurred significant operating losses,
has negative working capital of $28.6 million and is not in
compliance with its credit agreement.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


IFRESH INC: Wei Wei Replaces Friedman as Accountant
---------------------------------------------------
iFresh, Inc. dismissed its principal independent accountant,
Friedman LLP from its engagement with the Company, which dismissal
was effective Sept. 30, 2020.  The decision to dismiss Friedman as
the Company's principal independent accountant was approved by the
Audit Committee of the Board of Directors of the Company on Sept.
30, 2020.

The audit report of Friedman on the financial statements of the
Company as of and for the years March 31, 2019 and 2020 did not
contain any adverse opinion or disclaimer of opinion, nor was it
qualified or modified as to uncertainty, audit scope, or accounting
principles, except that the audit reports on the financial
statements of the Company for the two years contained an
uncertainty about the Company's ability to continue as a going
concern.

There were no disagreements with Friedman on any matter of
accounting principles or practices, financial statement disclosure,
or auditing scope or procedures, from the time of Friedman's
engagement up to the date of dismissal which disagreements that, if
not resolved to Friedman's satisfaction, would have caused Friedman
to make reference in connection with its opinion to the subject
matter of the disagreement.

On Sept. 30, 2020, the Company engaged Wei, Wei & Co., LLP to serve
as its principal independent accountant.  The decision to engage
Wei as the Company'S principal independent accountant was approved
by the Audit Committee of the Board of Directors of the Company on
Sept. 30, 2020.  During the two years period ended March 31, 2019
and 2020 and in the subsequent interim period prior to Sept. 30,
2020, the Company did not consult with Wei regarding (i) the
application of accounting principles to a specific completed or
contemplated transaction, or the type of audit opinion that might
be rendered on the Company's consolidated financial statements and
no written or oral advice was provided by Wei that was an important
factor considered by the Company in reaching a decision as to the
accounting, auditing or financial reporting issue or (ii) any
matter that was either the subject of a "disagreement" or
"reportable event" within the meaning set forth in Item
304(a)(1)(iv) or Item 304(a)(1)(v) of Regulation S-K.

                       About iFresh Inc.

Headquartered in Long Island City, New York, iFresh Inc. --
http://www.ifreshmarket.com-- is an Asian American grocery
supermarket chain and online grocer on the east coast of U.S. With
nine retail supermarkets along the US eastern seaboard (with
additional stores in Glen Cove, Miami and Connecticut opening
soon), and two in-house wholesale businesses strategically located
in cities with a highly concentrated Asian population, iFresh aims
to satisfy the increasing demands of Asian Americans (whose
purchasing power has been growing rapidly) for fresh and culturally
unique produce, seafood and other groceries that are not found in
mainstream supermarkets.  With an in-house proprietary delivery
network, online sales channel and strong relations with farms that
produce Chinese specialty vegetables and fruits, iFresh is able to
offer fresh, high-quality specialty produce at competitive prices
to a growing base of customers.

iFresh Inc. reported a net loss of $8.29 million for the year ended
March 31, 2020, compared to a net loss of $12 million for the year
ended March 31, 2019.  As of June 30, 2020, the Company had $121.35
million in total assets, $106.24 million in total liabilities, and
$15.11 million in total equity.

Friedman LLP, in New York, the Company's auditor since 2016, issued
a "going concern" qualification in its report dated Aug. 13, 2020,
citing that the Company has incurred significant operating losses,
has negative working capital of $28.6 million and is not in
compliance with its credit agreement.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


IMERYS TALK: U.S. Trustee Asks Court to Reject Chapter 11 Plan
--------------------------------------------------------------
Law360 reports that the U. S. trustee urged the Delaware bankruptcy
court on Sunday, October 4, 2020, to reject Johnson & Johnson talc
supplier Imerys Talc America's Chapter 11 plan voting solicitation
statement, saying inadequate information has been provided about
protections against fraud and abuse of a personal injury trust at
the center of the bankruptcy.

In a filing to U.S. Bankruptcy Judge Laurie Selber Silverstein, the
Office of the U. S. Trustee also asserted that an amended Chapter
11 plan submitted by Imerys is "not confirmable" because it lacks
"safeguards to protect the recoveries" to be received by talc
personal injury claimants.

                    About Imerys Talc America

Imerys Talc and its subsidiaries --
https://www.imerys-performance-additives.com/ -- are
in the business of mining, processing, selling, and distributing
talc. Talc is a hydrated magnesium silicate that is used in the
manufacturing of dozens of products in a variety of sectors,
including coatings, rubber, paper, polymers, cosmetics, food, and
pharmaceuticals. Its talc operations include talc mines, plants,
and distribution facilities located in: Montana (Yellowstone,
Sappington, and Three Forks); Vermont (Argonaut and Ludlow); Texas
(Houston); and Ontario, Canada (Timmins, Penhorwood, and Foleyet).
It also utilizes offices located in San Jose, California and
Roswell, Georgia.

Imerys Talc America, Inc., and two subsidiaries, namely Imerys Talc
Vermont, Inc., and Imerys Talc Canada Inc., sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 19-10289) on Feb. 13,
2019.

The Debtors were estimated to have $100 million to $500 million in
assets and $50 million to $100 million in liabilities as of the
bankruptcy filing.

The Hon. Laurie Selber Silverstein is the case judge.

The Debtors tapped Richards, Layton & Finger, P.A., and Latham &
Watkins LLP as counsel; Alvarez & Marsal North America, LLC as
financial advisor; and Prime Clerk LLC as claims agent.


IMPRESA HOLDINGS: U.S. Trustee Appoints Creditors' Committee
------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 on Oct. 5, 2020, appointed a
committee to represent unsecured creditors in the Chapter 11 cases
of Impresa Holdings Acquisition Corp. and its affiliates.

The committee members are:

     1. Sandra Gutierrez (plaintiff)
        Attn: Joanna Ghosh
        410 West Arden Avenue
        Glendale, CA 91203
        Phone: 818-265-1020
        joanna@calljustice.com.

     2. Morrells Aerospace
        Attn: Rene Segovia
        432 E. Euclid Avenue
        Compton, CA 90222,
        Phone: 424-639-1024
        rene@morrellsplating.com

     3. Bowman Plating Co., Inc.
        Attn: Mac Espandi
        2631 E. 126th Street
        Compton, CA 90222
        Phone: 310-639-9393
        mace@bowmanplating.com.
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                     About Impresa Holdings

Impresa Holdings designs, manufactures, and supplies precision
sheet metal parts, CNC-machined components, and assemblies for
commercial jets, regional and business aircraft, military aircraft,
and civil/military helicopters. The company's services include
sheet metal fabrication, hydroform pressing, brake.

Impresa began operating in 1973 as Venture Aircraft and expanded
through a 2012 acquisition of Swift-Cor Aerospace.  It then changed
its name Impresa Aerospace.

Operating from a production facility in Gardena, California,
Impresa provides machined parts, fabricated components, assembled
parts and tooling for the aerospace and defense industries. In
addition to Boeing, the debtor's customers include Spirit
AeroSystems, Raytheon, Northrop Grumman, Cessna, Lockheed Martin
and Gulfstream.  It has provided parts and components for Boeing's
major airframes, including the 787, 777 and 747 as well as the
Airbus A380 and Gulfstream's G550 and G650 planes.

On Sept. 24, 2020, Impresa Holdings Acquisition Corp. and its
affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 20-12399).  At the time of the filing, Impresa Holdings had
estimated assets of less than $50,000 and liabilities of between
$10 million and $50 million.  

Robert J. Dehney, Matthew B. Harvey, Paige N. Topper and Taylor M.
Haga of Morris Nichols Arsht & Tunnell LLP serve as counsel to
Impresa.  Duff & Phelps Securities, LLC, is the investment banker.
Stretto is the claims agent.


IQOR US: Moody's Rates $50MM Senior Secured Term Loan 'Ba2'
-----------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to iQor US, Inc.
(DIP)'s senior secured super-priority debtor-in-possession term
loan. The new money proceeds of the DIP term loan, and an unrated
DIP ABL revolver, will be used to finance the company's operations
over the near term as it seeks to complete its court-sanctioned
auction process under Chapter 11 of the United States Bankruptcy
Court. The rating on the DIP term loan is being assigned on a
"point in-time" basis and will not be monitored going forward and,
therefore, no outlook is assigned to the rating.

iQor US, Inc. and its various subsidiaries voluntarily filed for
Chapter 11 bankruptcy on September 10, 2020. Moody's withdrew all
ratings of iQor following the filing.

Moody's took the following rating action for iQor US, Inc.
(DIP)'s:

Issuer: iQor US, Inc. (DIP)

$50 Million Senior Secured Super-Priority Debtor-In-Possession Term
Loan-Assigned Ba2

RATINGS RATIONALE

The Ba2 rating assigned to IQor DIP's senior secured super-priority
debtor-in-possession term loan principally reflects the collateral
coverage of this debt instrument based on the expected market value
of the company's pledged assets and the relatively high level of
certainty that the DIP term loan will be repaid in full via
committed exit financing from the existing lenders. Other
considerations in evaluating the credit quality of the DIP term
loan include the type of lien on the collateral, upstream and
downstream guarantees, the nature of the collateral, and the
covenants of the DIP term loan. Moody's also considers the nature
of the bankruptcy and reorganization, and the size of the DIP term
loan relative to pre-petition debt as part of a rating
determination. The rating incorporates the cause of the bankruptcy.
IQor DIP's bankruptcy was driven primarily by high debt levels,
constrained liquidity, and intensifying competitive pressures
within its business that have weighed heavily on operating
performance in recent years.

The rating also considers that the entirety of the DIP financing,
inclusive of the more strongly collateralized $80 million DIP ABL
revolver. represents nearly 15% of pre-petition debt. The
pre-petition capital structure consisted of a receivable's facility
with approximately $42 million outstanding, a super-priority term
loan with $26.6 million outstanding, a $627 million first lien term
loan, and a $170 million second lien term loan. Under the
prearranged plan, $130 million of DIP financing has been provided
in the form of an $80 million ABL DIP revolver and a $50 million
super-priority DIP term loan.

Exit financing would consist of $80 million in rollover ABL
financing, $75 to $97.5 million in rollover term loan financing and
$300 million in the form of a new money first lien term from
existing first lien lenders. The DIP term loan will mature the
earliest of (i) the date that is three months after the petition
date (with an option by the lenders to extend an additional month),
(ii)the date on which the obligations become due and payable
pursuant to the credit agreement, whether by acceleration or
otherwise, (iii)the effective date of a Chapter 11 Plan for the
Debtors, (iv) the date of consummation of a sale under 363 of the
bankruptcy code, or (v) the first business day on which the Interim
Order expires by its terms or is terminated unless the Final Order
has been entered and becomes effective

iQor, a wholly owned operating subsidiary of iQor Holdings Inc.
("Holdings), is a global provider of customer engagement and
technology-enabled Business Process Outsourcing (BPO) solutions.
The company generated revenue of approximately $940 million in the
last twelve months ended March 31, 2020.

The principal methodology used in this rating was
Debtor-in-Possession Lending published in June 2018.


J.C. PENNEY: Aurelius Group Critics Sale, Preps Up Rival Cash Bid
-----------------------------------------------------------------
Jeremy Hill and Eliza Ronalds-Hannon of Bloomberg News reports that
a group of J.C. Penney Co. debt holders including Mark Brodsky's
Aurelius Capital Management said it's preparing a cash bid for the
bankrupt retailer, saying that an existing offer "appears to
grossly undervalue" the department store chain.

In court papers filed Monday, the group -- which holds some $162
million of J.C. Penney term loans -- attacked the earlier bid from
lenders led by H/2 Capital Partners as overly generous to the H/2
group at the expense of other creditors. Aurelius is known as one
of the most aggressive and sometimes combative investors in
distressed companies.

                        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 formed in the Chapter
11 cases tapped Cooley LLP and Cole Schotz P.C. as co-counsels and
FTI Consulting, Inc. as financial advisor.


JAGUAR HEALTH: Unit Signs Master Services Deal with Integrium
-------------------------------------------------------------
Napo Pharmaceuticals, Inc., a wholly-owned subsidiary of Jaguar
Health, Inc., entered into a master services agreement for clinical
research organization services and a service order under such MSA
with Integrium, LLC.  The Service Order covers Napo's planned
upcoming pivotal Phase 3 clinical trial for cancer-therapy related
diarrhea.

As consideration for its services under the Service Order, Napo
will pay Integrium a total amount of up to approximately $12.4
million that will be paid over the term of the engagement and based
on the achievement of certain milestones.  The MSA will terminate
upon the satisfactory performance of all services to be provided
thereunder unless earlier terminated by the parties. Either party
may terminate the MSA or individual service orders upon written
notice as a result of a material breach of the MSA that remains
uncured for a period of thirty days.  Napo may also terminate
individual service orders at any time without cause by giving
Integrium 30 days' prior written notice.  Either party may also
terminate the MSA immediately upon written notice in the event that
the other party becomes insolvent, makes a general assignment for
the benefit of creditors, files a voluntary petition of bankruptcy,
suffers or permits the appointment of a voluntary petition of
bankruptcy, suffers or permits the appointment of a receiver for
its business or assets, or becomes subject to any proceeding under
any bankruptcy or insolvency law. The MSA contains provisions
regarding the rights and responsibilities of the parties with
respect to CRO services, payment terms, confidentiality and
indemnification, as well as other customary provisions.

                   Share Issuance to PoC Capital

On Oct. 6, 2020, the Company entered into a Stock Plan Agreement
for Payment of Contracted Research Fees with PoC Capital, LLC,
pursuant to which the Company issued to PoC an aggregate of
1,333,333 shares of the Company's common stock, par value $0.0001
per share as consideration for PoC's assumption of $399,999.90 in
payment obligations of Napo under the Service Order with Integrium
for Napo's planned upcoming pivotal Phase 3 clinical trial for
cancer-therapy related diarrhea, for an effective offering price of
$0.30 per share, which equals the Minimum Price as defined under
Nasdaq Listing Rule 5635(d).  The Fee Shares are being issued by
the Company pursuant to a registration statement on Form S-3
(333-248763), which was declared effective by the Securities and
Exchange Commission on Sept. 23, 2020, including the related base
prospectus contained therein and a prospectus supplement that the
Company intends to file on Oct. 7, 2020.

                      About Jaguar Health

Jaguar Health, Inc. -- http://www.jaguar.health-- is a commercial
stage pharmaceuticals company focused on developing novel,
sustainably derived gastrointestinal products on a global basis.
The Company's wholly owned subsidiary, Napo Pharmaceuticals, Inc.,
focuses on developing and commercializing proprietary human
gastrointestinal pharmaceuticals for the global marketplace from
plants used traditionally in rainforest areas. Its Mytesi
(crofelemer) product is approved by the U.S. FDA for the
symptomatic relief of noninfectious diarrhea in adults with
HIV/AIDS on antiretroviral therapy.

Jaguar reported a net loss of $38.54 million for the year ended
Dec. 31, 2019, compared to a net loss of $32.15 million for the
year ended Dec. 31, 2018.  As of June 30, 2020, the Company had
$37.58 million in total assets, $25.16 million in total
liabilities, $10.88 million in Series A redeemable convertible
preferred stock, and $1.54 million in total stockholders' equity.

Mayer Hoffman McCann P.C., in San Francisco, California,
theCompany's auditor since 2019, issued a "going concern"
qualification in its report dated April 2, 2020 citing that
theCompany has experienced losses since inception, significant cash
used in operations, and is dependent on future financing to meet
its obligations and fund its planned operations.  These conditions
raise substantial doubt about its ability to continue as a going
concern.


JBH PETROLEUM: Case Summary & 3 Unsecured Creditors
---------------------------------------------------
Debtor: JBH Petroleum & Foodmart, Inc.
          FDBA JBH Knoxville
        747 Knox Highway 10
        Knoxville, IL 61448

Business Description: JBH Petroleum & Foodmart, Inc. is the owner
                      of fee simple title to one acre, single
                      building gas station located at 747 Knox
                      Highway 10 Knoxville, IL, having a current
                      value of $400,000.

Chapter 11 Petition Date: October 5, 2020

Court: United States Bankruptcy Court
       Central District of Illinois

Case No.: 20-81019

Judge: Hon. Thomas L. Perkins

Debtor's Counsel: Sumner A. Bourne, Esq.
                  RAFOOL & BOURNE, P.C.
                  411 Hamilton, Suite 1600
                  Peoria, IL 61602
                  Tel: (309) 673-5535
                  Email: notices@rafoolbourne.com

Total Assets: $404,900

Total Liabilities: $1,206,259

The petition was signed by Pradeep Kataria, president.

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

https://www.pacermonitor.com/view/H3JHCSI/JBH_Petroleum__Foodmart_Inc__ilcbke-20-81019__0001.0.pdf?mcid=tGE4TAMA


LAREDO PETROLEUM: Egan-Jones Lowers Sr. Unsec. Debt Ratings to CC
-----------------------------------------------------------------
Egan-Jones Ratings Company, on September 28, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Laredo Petroleum Inc. to CC from CCC.

Headquartered in Tulsa, Oklahoma, Laredo Petroleum, Inc. is an
independent oil and gas company.


MARAVAI INTERMEDIATE: Moody's Affirms 'B3' CFR, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service affirmed Maravai Intermediate Holdings,
LLC's B3 Corporate Family Rating and B3-PD Probability of Default
Rating. Moody's also assigned B3 ratings to the company's proposed
new $600 million first lien term loan and $150 million revolving
credit facility. The outlook remains stable.

Proceeds from the proposed refinancing will be used to (1) repay
$361 million of existing first and second lien debt, (2) repurchase
$129 million of Cygnus minority interests, and (3) fund a $94
million distribution to Maravai's shareholders and (4) fees and
expenses. Upon completion, Moody's expect to withdraw the rating of
Maravai's first lien and second lien debt instruments that will be
retired as part of the proposed transaction.

Ratings affirmed:

Issuer: Maravai Intermediate Holdings, LLC

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Ratings assigned:

Issuer: Maravai Intermediate Holdings, LLC

Senior Secured First Lien Term Loan due 2027, B3 (LGD4)

Senior Secured Revolving Credit Facility due 2025, B3 (LGD4)

Outlook Actions:

Issuer: Maravai Intermediate Holdings, LLC

Outlook, Remains Stable

RATINGS RATIONALE

Maravai's B3 CFR is constrained by Moody's expectation that
leverage -- currently 6.3x pro forma -- will remain high, and above
5 times over the next 12 months following the recent shareholder
distribution. Further, Moody's expects that improving financial
flexibility from earnings growth will be used either for business
development or for shareholder distributions, reflecting Maravai's
private equity ownership. Maravai's rating is constrained by its
modest market position where it competes with significantly larger
and well-capitalized players. In addition, Maravai has a somewhat
limited operating track record, as the company was formed through a
series of acquisitions. These challenges are tempered by the
company's high profit margins and Moody's expectation for at least
mid-to-high single digit revenue growth over the next 12 to 18
months. Revenue growth will be driven by favorable demand trends
for Maravai's products used in drug R&D and manufacturing, and
other end markets such as components for COVID-19 vaccine
candidates. While these bring sizeable opportunities for Maravai,
the nascent mRNA technology that is being used in some COVID-19
vaccines programs makes the impact difficult to quantify until more
data on the vaccine candidates is available.

Moody's expects that Maravai will have very good liquidity over the
next 12-18 months, characterized by free cash flow of at least $60
million annually, with significant upside depending on the success
of COVID-19 vaccine programs. Moody's expects capex to be roughly
$30 million in 2020 including investments in on-going capacity
expansion but to decrease in 2021 to $10 to $15 million. As of the
end of June 2020, Maravai had $84 million of cash and equivalents.
Internal liquidity will be supported by the proposed $150 million
revolving credit facility expiring 2025 that is expected to be
undrawn at close.

Environmental risks are not considered material to Maravai's credit
rating. The company has some exposure to the coronavirus outbreak -
both positive and negative. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. The
temporary closure of research labs creates a revenue headwind for
Maravai's protein detection business, which will shave off a couple
of percentage points of revenue growth for the whole company in
2020. On the other hand, Maravai is involved with several COVID-19
vaccine research projects where it applies its technological
expertise in the field of cell and gene therapy to provide vaccine
components for pharmaceutical and biopharma companies. This in turn
is providing a material revenue tailwind for the company, but its
duration and magnitude will be largely dependent on the success of
the various vaccine development programs. From a governance
perspective, Maravai's high leverage reflects an aggressive
financial policy and its private equity ownership may lead to
shareholder friendly actions which are detrimental to creditors.

The stable outlook reflects Moody's expectation that Maravai will
continue to grow revenue and earnings, but that financial leverage
will remain high to support business development.

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

The ratings could be upgraded if the company materially increases
its scale in its key business segments and adopts more conservative
financial policies. Quantitatively, sustaining debt/EBITDA around
5.0x would support an upgrade.

The ratings could be downgraded if the company's liquidity
deteriorates or operating performance weakens. A downgrade could
also occur if Maravai increases its financial leverage.

Maravai Intermediate Holdings, LLC is the parent holding company of
Maravai Life Sciences ("Maravai"). Maravai manufactures scientific
reagents used in drug development and manufacturing, diagnostic
tests, life science tools, and for other research purposes. Over
80% of revenue is derived from gene therapy and bioproduction. The
company is owned by Chicago-based private equity firm GTCR and was
formed through a series of acquisitions completed in December 2017.
Annual sales are roughly $200 million.

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


MOLINA HEALTHCARE: Moody's Hikes Senior Unsec. Debt Rating to Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded the senior unsecured debt
ratings of Molina Healthcare, Inc. (Molina, NYSE: MOH) by two
notches to Ba3 from B2 and the insurance financial strength (IFS)
ratings of six of Molina's regulated insurance operating
subsidiaries by one notch to Baa3 from Ba1. With the upgrade, the
outlook on Molina, a provider of government sponsored health care
products for low-income families and individuals, and its rated
operating subsidiaries has been changed to stable from positive.

RATINGS RATIONALE

The upgrade of Molina's ratings reflects the sustainability of
results since Moody's last upgraded the ratings and changed the
outlook to positive in April 2019. In 2018, the new management team
effected a major turnaround with net income of $707 million after a
loss of over $500 million the previous year. Results were sustained
in 2018 with net income of $737 million. Accordingly, the company's
EBITDA margin has improved substantially and was 6.8% in 2019,
which is strong for a Medicaid-focused insurer. Given the strong
earnings, leverage, as measured by debt-to-EBITDA with Moody's
adjustment was 1.6x as of Q2 2020. The improved results reflect the
significant improvements management made in various areas including
payment integrity, medical management, and provider contracts among
other changes.

The two-notch upgrade of the debt rating returns notching between
the IFS and debt ratings to the standard three notches. In 2017,
Moody's had lowered the IFS rating to Ba1 from Baa3 and the senior
unsecured debt to B2 from Baa3, resulting in a a four-notch
differential between the two ratings, reflecting increased
potential for loss to debt holders following significant losses and
increased leverage. Given the company's improved performance, as
reflected in the current upgrade the extra notch is no longer
warranted.

Molina's strengths are partly offset by its concentration in
Medicaid, high leverage as measured by debt-to-capital and lower
membership levels in recent years. Adjusted debt-to-capital was
51.5% as of June 30, partially reflecting management's decision to
hold higher levels of liquidity because of the uncertainty
surrounding the coronavirus pandemic. At that date, the company
reported $1.2 billion of cash, cash equivalents and investments,
compared to a typical level of approximately $100 million. However,
Moody's notes that much of this will be used to pay for pending
acquisitions. Additionally, membership trends were weak in recent
years, with total membership declining from 4.5 million at year-end
2017 to 3.6 million of Q2 2020, reflecting the loss of Medicaid
contracts and declines, some of it deliberate, in individual market
membership. Moody's expects membership to increase going forward as
management executes its growth strategy. Molina has announced four
acquisitions in the last year (two have closed, two pending), which
will bring in up to 800 thousand members and boost revenues by
almost 30%.

Molina is also facing several risks beyond its control, largely
related to potential policy changes. Most notably, the Supreme
Court will likely rule on the constitutionality of the Affordable
Care Act in 2021. An adverse ruling would be credit negative for
Molina because it would end programs for which Molina currently
serves approximately one million members. Should an adverse ruling
occur, Moody's could change the outlook to negative, subject to its
expectation of how such a ruling could affect Molina.

The coronavirus pandemic has bolstered earnings as the costs of the
virus were more than offset by the benefit from deferred
procedures, although Moody's does not expect a lasting benefit.
Molina's Medicaid membership has also benefited as unemployment has
increased and states have suspended Medicaid eligibility
redeterminations. Still, the ultimate impact of the coronavirus
pandemic on health insurers remains uncertain depending on its
severity and duration.

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

Factors that could lead to a rating upgrade include: (i) Improved
diversification beyond the company's concentration in Medicaid and
the individual full-risk business and (ii) adjusted debt to capital
sustained below 45%, with a well laddered debt structure, and
adjusted debt to EBITDA remains below 2.5x; (iii)) steady
profitable organic growth of medical membership.

Factors that could lead to a rating downgrade include: (i) a
material decline in profitability, with an EBITDA margin (with
Moody's adjustments) below 3.5%; or (ii) no improvement in adjusted
debt-to-capital from current levels (around 51.5% at Q2 2020)
and/or debt/EBITDA increasing to above 3.0x; or (iii) a 10% decline
in membership in a given year, or the unexpected loss of a major
Medicaid contract.

The following ratings were upgraded:

Issuer: Molina Healthcare, Inc.

Senior Unsecured Regular Bond/Debenture, to Ba3 from B2

Issuer: Molina Healthcare of California

Insurance Financial Strength, to Baa3 from Ba1

Issuer: Molina Healthcare of Michigan, Inc

Insurance Financial Strength, to Baa3 from Ba1

Issuer: Molina Healthcare of New Mexico, Inc

Insurance Financial Strength, to Baa3 from Ba1

Issuer: Molina Healthcare of Ohio, Inc

Insurance Financial Strength, to Baa3 from Ba1

Issuer: Molina Healthcare of Texas, Inc.

Insurance Financial Strength, to Baa3 from Ba1

Issuer: Molina Healthcare of Washington Inc

Insurance Financial Strength, to Baa3 from Ba1

Outlook Actions

Issuer: Molina Healthcare, Inc.

Issuer: Molina Healthcare of California

Issuer: Molina Healthcare of Michigan, Inc

Issuer: Molina Healthcare of New Mexico, Inc

Issuer: Molina Healthcare of Ohio, Inc

Issuer: Molina Healthcare of Texas, Inc.

Issuer: Molina Healthcare of Washington Inc

Outlook, changed to stable from positive

Molina Healthcare, Inc. is headquartered in Long Beach, California.
Through June 30, 2020 total revenue (including investment income)
was $9.2 billion with net income of $454 million. Medical
membership as of June 30, 2020 was approximately 3.6 million
members. As of June 30, 2020, the company reported total equity of
$2.0 billion.

The principal methodology used in these ratings was US Health
Insurance Companies Methodology published in November 2019.


MONAKER GROUP: Advances Process to Acquire HotPlay
--------------------------------------------------
Monaker Group, Inc. provided an update to shareholders on its
progress with the acquisition of HotPlay Enterprise Limited
(HotPlay) and an approximately 33% interest in Axion Ventures, Inc.
(Axion) pursuant to the share exchange agreements announced on July
23, 2020.

   * In August, HotPlay engaged Marcum LLP as its auditor and is
     in the process of completing the financial statements
     required to be filed in Monaker's proxy statement, which is
     required to be filed to seek stockholder approval for the
     acquisitions.  The financial statements are anticipated to
     be completed in the near-term.

   * Counsel for both HotPlay and Monaker are in the process of
     drafting the proxy statement so it can be filed with the SEC
     as soon as the required HotPlay financial statements are
     completed.  Once the proxy statement is approved by the SEC
     and Monaker clears comments on such document, the proxy will
     be mailed to stockholders in order to seek approval from
     shareholders to close the acquisitions.

   * Under the current HotPlay share exchange agreement, Monaker
     receives periodic cash advances in the form of convertible
     notes from HotPlay up to the time the transaction closes.  
     To date, Monaker has received $2 million and is required to
     receive an additional $1 million around the end of October
     2020.  The notes will be forgiven at time of the closing of
     the acquisitions or will be converted into Monaker common
     stock at a conversion price of $2.00 per share, in the event
     the share exchange agreements are terminated and depending
     on the reason for such termination.

   * At the time of closing, the new combined company is expected
     to be debt-free and have cash-on-hand of about $12.5
     million, with $5 million to be used for the acceleration of
     the Travel division and $7.5 million to be used to
     accelerate the Gaming and In-Game Advertising divisions.

   * Hotplay - the In-Game Advertising (IGA) division has
     continued growing its customer base.  On Sept. 11, 2020,
     Atari, one of the world's most iconic consumer brands and
     entertainment producers, announced a partnership with
     HotPlay and its in-game advertising platform.

   * Monaker is expected at closing to control approximately 33%
     of Axion, a video game innovator and developer with
     a catalog of 12 video games expected to be launched through
     2021.

   * Upon shareholder approval and the subsequent closing of the
     acquisitions, the combined companies plan to change the name
     of Monaker to "NextPlay Technologies, Inc.," and Monaker has
     applied to Nasdaq to reserve the trading symbol "NXTP."

   * NextPlay Technologies' goal will be to become a globally
     positioned innovative technology company focused on engaging
     products and platforms in video and eSports gaming, IGA
    (AdTech), and the vacation rental/travel space.  It is
     anticipated that all of Monaker's business segments will
     benefit from NextPlay Technologies' tools and expertise in
     Artificial Intelligence, gamification, booking platforms,
     blockchain and geo-positioning/targeting solutions, and
     leveraging assets and technologies across all verticals to
     consumers.

   * NextPlay Technologies' mission will be to build a world-
     class, multi-industry-leading enterprise, singularly focused
     on creating enduring enterprise growth for stakeholders.

The closing of the transactions contemplated by the HotPlay and
Axion share exchange agreements are subject to various closing
conditions, consents and requirements.  No assurances can be made
that the parties will successfully consummate the transactions
contemplated by the agreements on the terms or timeframe currently
contemplated, or at all.  The transaction and combination are
subject to regulatory review and shareholder approvals, as well as
other customary conditions.

                       About Monaker Group

Headquartered in Weston, Florida, Monaker Group, Inc. --
http://www.monakergroup.com-- is a technology-driven company
focused on delivering innovation to the alternative lodging rental
(ALR) market.  The proprietary Monaker Booking (MBE) provides
access to more than 3.2 million instantly bookable vacation rental
homes, villas, chalets, apartments, condos, resort residences, and
castles.  MBE offers travel distributors and agencies an industry
first: a customizable, instant-booking platform for alternative
lodging rental.

Monaker Group reported a net loss of $9.45 million for the year
ended Feb. 29, 2020.  As of May 31, 2020, the Company had $9.13
million in total assets, $4.89 million in total liabilities, and
$4.24 million in total stockholders' equity.

Thayer O'Neal Company, LLC, in Sugar Land, Texas, the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated May 29, 2020, citing that the Company has
anaccumulated deficit and limited financial resources.  This raises
substantial doubt about its ability to continue as a going concern.


NANO MAGIC: Incurs $282K Net Loss in Second Quarter
---------------------------------------------------
Nano Magic Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $282,277
on $1.15 million of total revenues for the three months ended June
30, 2020, compared to a net loss of $392,257 on $621,988 of total
revenues for the three months ended June 30, 2019.

For the six months ended June 30, 2020, the Company reported a net
loss of $660,093 on $1.60 million of total revenues compared to a
net loss of $462,496 on $1.38 million of total revenues for the six
months ended June 30, 2019.

As of June 30, 2020, the Company had $2.01 million in total assets,
$1.90 million in total liabilities, and $110,011 in total
stockholders' equity.

As reflected in the consolidated financial statements filed with
our Form 10-K on May 13, 2020, the Company had losses from
operations and net cash used by operations of $1,031,083 and
$878,668, respectively, for the year ended Dec. 31, 2019.
Furthermore, at June 30, 2020, the Company had an accumulated
deficit of $8,349,638, a stockholders' deficit of $110,011 and a
working capital deficit of $292,803.  The Company said these
factors raise substantial doubt about the Company's ability to
continue as a going concern within one year after the date that the
financial statements are issued.  Management cannot provide
assurance that the Company will ultimately achieve profitable
operations or become cash flow positive, or raise additional debt
and/or equity capital.  During 2018 management took measures to
reduce operating expenses.  During 2019 and the first two quarters
of 2020, management closely monitored costs.  In addition, the
Company raised equity capital in 2018, 2019 and 2020.

Nano Magic stated, "Our principal future uses of cash are for
working capital requirements, including adding new personnel to
support the growth of our business as well as inventory purchases.
Funds required for inventory are higher in part for increased
prices and longer lead time for some items affected by the COVID-19
pandemic, in part because of higher volume purchases as we prepare
for the full-scale launch of Nano Magic branded products and, in
part, for inventory build to avoid disruption when the Brooklyn
Heights manufacturing moves to the new space in Michigan during the
fourth quarter.  Application of funds will depend on numerous
factors including our sales and other revenues and our ability to
control costs."

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

https://www.sec.gov/Archives/edgar/data/891417/000149315220018943/form10-q.htm

                        About Nano Magic

Headquartered in Bloomfield Hills, Michigan, Nano Magic --
http://www.nanomagic.com/-- develops, commercializes and markets
consumer and industrial products powered by nanotechnology that
solve everyday problems for customers in the optical,
transportation, military, sports and safety industries.  Its
primary business is the formulation, marketing and sale of products
powered by nanotechnology including the ULTRA CLARITY brand
eyeglass cleaner, its defogging products and nanocoating products
for glass and ceramics.


NEW YORK SPORTS CLUB: Owners Wants Early November Sale
------------------------------------------------------
Katherine Doherty of Bloomberg News reports that the owner of the
New York Sports Clubs and Lucille Roberts gyms is seeking to speed
up a planned sale of its business in bankruptcy court as pandemic
pressures mount in the fitness industry.

Town Sports International Holdings Inc. asked for court permission
to shorten the timeline to sell itself to a group of investors or
other interested parties, court papers show.  Given gyms' cash
constraints and liquidity needs during the pandemic, the company is
seeking to complete the sale by early November 2020.  Lenders have
submitted an initial credit bid for around $80 million.

                        About Town Sports

Town Sports International, LLC and its subsidiaries are owners and
operators of fitness clubs in the United States, particularly in
the Northeast and Mid-Atlantic regions.  As of Dec. 31, 2019, the
Company operated 186 fitness clubs under various brand names,
collectively serving approximately 605,000 members.  Town Sports
owns and operates brands such as New York Sports Clubs, Boston
Sports Clubs, Philadelphia Sports Clubs, Washington Sports Clubs,
Lucille Roberts and Total Woman.

Town Sports and several of its affiliates filed for bankruptcy
protection (Bankr. D. Del. Lead Case No. 20-12168) on Sept. 14,
2020.  The petitions were signed by Patrick Walsh, chief executive
officer.

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

The Hon. Christopher S. Sontchi presides over the cases.

Young Conaway Stargatt & Taylor, LLP, and Kirkland & Ellis LLP have
been tapped as bankruptcy counsel to the Debtors.  Houlihan Lokey,
Inc. serves as financial advisor and investment banker to the
Debtors, and Epiq Corporate Restructuring LLC acts as claims and
noticing agent to the Debtors.


NEXUS BUYER: Moody's Affirms B2 CFR, Outlook Stable
---------------------------------------------------
Moody's Investors Service affirmed Nexus Buyer LLC's (Promontory
Interfinancial Network, or PIN) Corporate Family Rating (CFR) of B2
and Probability of Default Rating (PDR) of B2-PD. The first lien
senior secured credit facility rating was downgraded from B1 to B2.
The rating outlook remains stable. The action follows PIN's
announcement of an incremental first lien term loan issuance, with
proceeds to be used for a shareholder distribution and to prepay a
portion of the second lien term loan.

"PIN's performance has accelerated substantially in 2020, but the
pace of growth after the macro uncertainty abates is an open
question" said Peter Krukovsky, Moody's Senior Analyst. "The
company is relevering at a demand high point and is not likely to
prepay debt. However, in the near-term the continued elevated
uncertainty and saving rate will likely support strong EBITDA
growth, reducing total leverage from 6.9x at closing to less than
6.5x by the end of 2020."

The following rating actions were taken:

Affirmations:

Issuer: Nexus Buyer LLC

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Downgrades:

Issuer: Nexus Buyer LLC

Senior Secured Bank Credit Facility, Downgraded to B2 (LGD3) from
B1 (LGD3)

Outlook Actions:

Issuer: Nexus Buyer LLC

Outlook, Remains Stable

RATINGS RATIONALE

PIN operates the leading deposit allocation network serving over
3,000 financial institutions in the United States. PIN's credit
profile is constrained by small business scale, high financial
leverage of 6.9x following the pending incremental debt issuance,
and potential for releveraging over time by the financial sponsor.
The company benefits from a leadership position in deposit
allocation services supported by entry barriers, as well as from
the meaningful scale economies in its network business. PIN does
not take credit risk and does not take possession of customer
funds. PIN's customer value proposition has resulted in strong
organic growth in recent years, and scale economies and network
effects result in high profit margins. While regulatory changes or
increased competition may present potential risks over time, recent
regulatory developments have been favorable and competing networks
have not been able to gain meaningful scale to date.

The coronavirus pandemic (COVID) has resulted in a substantial
acceleration in revenue growth for PIN, as deposit balances
increased substantially due to shift of asset allocation away from
risk assets and increased saving rates. Moody's regards the
pandemic as a social risk under the ESG framework. Moody's projects
the company to grow revenues by nearly 30% and grow EBITDA by over
45% in 2020, with continued strong performance likely in the fourth
quarter as heightened macro uncertainty persists. However, as the
macro environment evolves in 2021, uncertainty regarding PIN's
ability to sustain growth increases. While eventual reduction in
uncertainty may result in deposit outflows, growth will be
supported by new customer additions and core integrations. Moody's
projects revenue growth in the high single digits in 2021, which is
lower than PIN's growth pre-COVID in the teens. SG&A investment
will reduce EBITDA growth but profitability will remain very
strong.

PIN's cash flow generation pro forma for the transaction is ample,
but Moody's does not expect the company to prepay debt. Moody's
believes the company may pursue acquisitions and additional
shareholder distributions, keeping leverage below 7.0x. PIN is
majority-owned by Blackstone Group, with a minority position held
by certain members of the management team including the CEO who is
one of the company's founders. PIN's governance structure and
financial policy are representative of a financial sponsor
portfolio company, with potential for periodic increases in
leverage and shareholder distributions over time. Moody's views the
company's operating strategy as relatively less aggressive within
the spectrum of private-equity owned companies as it does not
contemplate substantial cost reduction actions or numerous
significant acquisitions.

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

The stable outlook is predicated upon continued EBITDA growth and
financial policy resulting in leverage remaining below 7.0x.

The ratings could be upgraded if PIN generates consistent organic
revenue growth and strong profit margins, and if Moody's adjusted
total leverage is sustained below 5.0x. The ratings could be
downgraded if PIN's growth slows materially, profitability declines
materially, or if Moody's adjusted total leverage exceeds 7.0x.

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

With net revenues of $237 million for the last twelve months ended
September 2020, PIN operates the leading deposit allocation network
serving over 3,000 financial institutions in the United States.


NORTHRIVER MIDSTREAM: Moody's Rates $525MM 1st Lien Notes 'Ba3'
---------------------------------------------------------------
Moody's Investors Service rated NorthRiver Midstream Finance LP's
US$525 million first lien senior secured notes offering Ba3. The
proceeds will be used to fully repay the C$700 million Term Loan A
due December 2022. NorthRiver's Ba3 corporate family rating (CFR),
Ba3-PD probability of default rating, Ba3 Term Loan B rating, and
stable outlook are unchanged.

Assignments:

Issuer: NorthRiver Midstream Finance LP

Senior Secured Regular Bond/Debenture, Assigned Ba3 (LGD3)

RATINGS RATIONALE

NorthRiver Midstream Finance LP's Ba3 CFR is supported by 1)
take-or-pay contracts that contribute over 75% of revenue through
2021, but declining thereafter; 2) strong counterparties under its
take-or-pay contracted volumes and a diverse customer base; 3)
extensive natural gas pipeline and processing footprint across the
central and northern Montney, and Horn River; and 4)
differentiating sour gas processing capacity. NorthRiver is
constrained by 1) around 5.5x debt to EBITDA in 2021; 2) about 25%
of revenue through 2021 exposed to market demand (renewals and new
contracts), and market price and volume risk, increasing
thereafter; 3) dependent on future development of economic
liquids-rich gas to mitigate volume risk, and 4) limited
stand-alone operating or financial history, but previous operating
employee base moved to NorthRiver.

NorthRiver's liquidity is adequate. At June 30, 2020, NorthRiver
had C$50 million of cash and C$350 million available under its
C$400 million revolver due 2025. Moody's expects about C$150
million of negative free cash flow through Q3 2021 that will be
largely funded under the revolver. NorthRiver will follow its two
financial covenants through this period. NorthRiver has limited
alternate sources of liquidity as it has pledged all its assets to
the secured lenders.

NorthRiver's first lien senior secured notes are rated Ba3, the
same as the CFR, because the term loan B and revolving credit
facility are secured on a pari-passu basis with the notes and these
instruments represent the preponderance of liabilities in the
capital structure. If the Term Loan B is fully repaid or refinanced
with unsecured debt, first lien security for the notes falls away
and the rating on the notes could change depending on the capital
structure at that time.

The stable outlook reflects its expectation that EBITDA and
leverage will remain steady.

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

The ratings could be upgraded if NorthRiver can maintain or grow
EBITDA (C$375 million expected in 2020), while keeping debt to
EBITDA below 5x (5.8x expected in 2020).

The ratings could be downgraded if EBITDA consistently declines
(C$375 million expected in 2020) or if debt to EBITDA is above 6.5x
(5.8x expected in 2020).

NorthRiver Midstream Finance LP, based in Calgary, Alberta, is a
privately-held midstream company that gathers and processes natural
gas in northeastern British Columbia and west central Alberta.

The principal methodology used in this rating was Midstream Energy
published in December 2018.


OASIS PETROLEUM: Egan-Jones Lowers Sr. Unsecured Debt Ratings to D
------------------------------------------------------------------
Egan-Jones Ratings Company, on September 30, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Oasis Petroleum Inc. to D from CC. EJR also
downgraded the rating on commercial paper issued by the Company to
D from C.

Headquartered in Houston, Texas, Oasis Petroleum Inc. operates as
an oil and gas exploration company.


ONE AVIATION: Ch. 11 Bankruptcy Sale Hits Roadblock
---------------------------------------------------
Rob Finfrock of AIN Online reports that the latest effort by
Albuquerque, New Mexico-based One Aviation to exit Chapter 11
bankruptcy has encountered snags following an objection by the U.S.
Trustee's Office and orders to produce documents related to the
Section 363 sale of the company's assets to real estate holding
firm SE Falcon.

U.S. Bankruptcy Court judge Christopher Sontchi ruled last month to
allow the expedited sale to proceed, after the company filed an
emergency motion to part ways with original debtor-in-possession
Citiking International US following what the court determined were
repeated failures to take the company out of bankruptcy.

In an October 5, 2020 objection to that ruling, U.S. Trustee Andrew
Vara notes while the sale provides compensation to various
creditors in line with terms of the original Citiking bankruptcy
emergence plan, it "does not provide for payment in full of all
allowed administrative or priority claims."

"This violation of the bankruptcy code's priority scheme absent a
consensual plan of reorganization is impermissible," reads the
Trustee's 20-page objection, adding the SE Falcon sale agreement
potentially "evinces collusion between debtors, the noteholders,
the committee and the purchaser to 'squeeze out priority unsecured
creditors,'"in violation of precedent established by a prior
Supreme Court ruling.

Citiking also isn't surrendering its claims without a fight,
issuing subpoenas last week for SE Falcon and One Aviation
lienholder DWC Pine Investments to produce documents related to the
new sale. The Chinese-backed entity has also deposed One Aviation
CEO Alan Klapmeier and company board member James Patrick Carroll,
who offered testimony in favor of the emergency motion.

Ahead of the Trustee's objection, the court announced a second
delay to the hearing date for approval of the SE Falcon sale,
originally scheduled for the end of September 2020, to October 14,
2020. It's not yet known how these and other developments could
further affect that hearing.

                       About ONE Aviation

Headquartered in Albuquerque, New Mexico, ONE Aviation Corporation
-- http://www.oneaviation.aero/-- and its subsidiaries are
original equipment manufacturers of twin-engine light jet aircraft.
Eclipse Aviation and Kestrel Aircraft merged in 2015 to form One
Aviation.

Primarily serving the owner/operator, corporate, and aircraft
charter markets, ONE Aviation is on the forefront of private
aviation technology.  They provide maintenance and upgrade
services
for their existing fleet of aircraft through two Company-owned
Platinum Service Centers in Albuquerque, New Mexico and
Aurora,Illinois, five licensed, global Gold Service Centers in
locations including San Diego, California, Boca Raton, Florida,
Friedrichshafen, Germany, Eelde, Netherlands, and Istanbul, Turkey,
as well as a research and development center located in
Superior, Wisconsin.  They currently employ 64 individuals.  

ONE Aviation and its affiliates filed for Chapter 11 bankruptcy
protection (Bankr. D. Del. Case. Nos. 18-12309 to 18-12320) on Oct.
9, 2018.  In the petition signed by Alan Klapmeier, CEO, the Debtor
estimated its assets at $10 million to $50 million and liabilities
at $100 million to $500 million.

Counsel for the Debtors are Robert S. Brady, Esq., M. Blake Cleary,
Esq., Sean M. Beach, Esq., Jaime Luton Chapman, Esq., and Jordan E.
Sazant, Esq., at Young Conaway Stargatt & Taylor, LLP, in
Wilmington, Delaware; Chris L. Dickerson, Esq., Brendan M. Gage,
Esq., and Nathan S. Gimpel, Esq., at Paul Hastings LLP, in Chicago,
Illinois; and Todd M. Schwartz, Esq., at Paul Hastings LLP, in Palo
Alto, California.

The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on Oct. 22, 2018.  The committee tapped
Lowenstein Sandler LLP as its legal counsel; Landis Rath & Cobb
LLP
as the firm's co-counsel; and Conway MacKenzie, Inc. as financial
advisor.


ONEWEB GLOBAL: Court OKs Sale of Company to UK Govt. & Bharti
-------------------------------------------------------------
Rachel Jewett of Satellite Today reports that OneWeb's sale to the
U.K. government and Bharti Global Limited has been approved. On
Oct. 2, 2020, the United States Bankruptcy Court for the Southern
District of New York confirmed OneWeb's Chapter 11 plan of
reorganization.

The reorganization plan involves deploying an initial constellation
of 650 satellites in Low-Earth Orbit (LEO) under ownership of the
U.K. government and Bharti. OneWeb is resuming operations and
preparing to start commercial operations in 2021. The transactions
in its reorganization plan will be carried out after receiving
regulatory approval which is expected by the end of the year.

CEO Adrian Steckel commented in a news release: "As we await the
final mechanical components of the transaction, we set our eyes
back to the skies with the resumption of launches later this year
and commencing commercial services within a year. We are working
closely with HMG [Her Majesty's Government] and Bharti and are
pleased with their commitment and partnership as we remain
ever-focused on our mission to bring connectivity to communities
and people around the world."

This approval comes after OneWeb entered Chapter 11 bankruptcy
protection in March after Softbank Group, OneWeb's main investor,
abruptly pulled funding. The U.K. government and Bharti Global
Limited announced in July 2020 they formed a consortium to acquire
OneWeb, each providing $500 million. Hughes Network Systems joined
the consortium in July with a $50 million investment.

OneWeb announced in September 2020 that it will resume launches
with Arianespace in December 2020. OneWeb has 74 satellites in
orbit and its return-to-flight launch in December 2020 will
increase the fleet to 110 satellites.  Arianespace will provide 16
more launches total, each placing another 34 to 36 satellites into
OneWeb's constellation.

Separately on Monday, OneWeb shared the results of a case study
testing its connectivity for BMW. The study reports OneWeb's
network exceeded the latency and speed of a 4G/LTE network.  While
streaming Netflix, ping rates were 35 ms, compared to 71 ms on the
LTE network.  The experiments were carried out with six operational
OneWeb satellites. Netflix, YouTube, Microsoft Teams, and AWS File
Transfer were tested.

                       About OneWeb Global Ltd.

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.


PERMIAN TANK: Court Clears Chapter 11 Sale to Secured Creditor
--------------------------------------------------------------
Law360 reports that oilfield services firm Permian Tank &
Manufacturing Inc. received court approval Oct. 2, 2020, in
Delaware for a $30 million sale of its assets to a secured lender
whose bid wiped out its debt holdings in the company.

During a virtual hearing, debtor attorney Joseph M. Mulvihill of
Young Conaway Stargatt & Taylor LLP said that despite reaching out
to thousands of potential buyers during an extensive marketing
campaign, it received just one qualified offer, from Permian
secured lender New Mountain Finance Corp. According to Mulvihill,
Seaport Global Securities LLC, the debtor's investment banker, sent
informational teasers to more than 4,000 parties in the energy.

                     About Permian Holdco

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

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

Permian Tank was estimated to have $10 million to $50 million in
assets and liabilities.

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


PNEUMA INTERNATIONAL: Case Summary & 20 Top Unsecured Creditors
---------------------------------------------------------------
Debtor: Pneuma International, Inc.
          DBA EGPAK
        23663 Foley St.
        Hayward, CA 94545-1617

Business Description: Pneuma International, Inc. is in the
                      business of distribution of eco-friendly
                      paper products, such as cups, spoons, forks,
                      plates, bowls, napkins, etc.

Chapter 11 Petition Date: October 6, 2020

Court: United States Bankruptcy Court
       Northern District of California

Case No.: 20-41618

Judge: Hon. Charles Novack

Debtor's Counsel: Lars Fuller, Esq.
                  THE FULLER LAW FIRM, PC
                  60 N Keebe Ave.
                  San Jose, CA 95126-2723
                  Email: admin@fullerlawfirm.net

Total Assets: $192,620

Estimated Liabilities: $1,052,655

The petition was signed by Mikahel K. Chang, director.

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

https://www.pacermonitor.com/view/GSUZS5I/Pneuma_International_Inc__canbke-20-41618__0001.0.pdf?mcid=tGE4TAMA


PULTEGROUP INC: Egan-Jones Hikes Sr. Unsecured Debt Ratings to BB+
------------------------------------------------------------------
Egan-Jones Ratings Company, on September 28, 2020, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by PulteGroup Inc. to BB+ from BB.

Headquartered in Atlanta, Georgia, PulteGroup Inc. sells and
constructs homes, and purchases, develops, and sells residential
land and develops active adult communities.


QUIRCH FOODS: Moody's Assigns 'B2' CFR & Rates New Term Loan 'B3'
-----------------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating and
a B2-PD Probability of Default Rating to Quirch Foods Holdings,
LLC. Concurrently, Moody's assigned a B3 rating to the company's
new proposed senior secured term loan. Proceeds of the new debt
will be used to finance Quirch's acquisition of Colorado Boxed Beef
Co. (CBBC). The outlook is stable. The ratings are subject to
completion of the transaction and review of final documentation.

"The combined company will have a strong position in an attractive
market niche of distributing proteins and private label ethnic
items to independent ethnic food retailers at an affordable price
point with the increasing ethnic population being a tailwind for
the company," Moody's Vice President Mickey Chadha stated. "The
acquisition of Colorado Boxed Beef will significantly increase
scale and create synergies in a low-margin, fixed cost business
where topline growth is essential to improve profitability, however
it comes with significant execution and integration risks as it
will increase the company's debt burden", Chadha further stated.

Assignments:

Issuer: Quirch Foods Holdings, LLC

Probability of Default Rating, Assigned B2-PD

Corporate Family Rating, Assigned B2

Senior Secured Bank Credit Facility, Assigned B3 (LGD5)

Outlook Actions:

Issuer: Quirch Foods Holdings, LLC

Outlook, Assigned Stable

RATINGS RATIONALE

Quirch Foods' B2 Corporate Family Rating is supported by its good
liquidity, its attractive market niche and increased scale in the
fast-growing ethnic grocery business. The acquisition of Colorado
Boxed Beef will add several fast-growing popular brands and product
offerings to Quirch Foods' existing brand portfolio and increase
its brand diversification. The combination has the potential for
improved profitability and growth through leveraging fixed costs of
the distribution operation. Both Quirch and Colorado Boxed Beef
have demonstrated a healthy growth in revenue as ethnic population
growth and the increased demand for affordable proteins has
increased sales volume. However, the transaction comes with high
execution and integration risk. Quirch Foods has not acquired close
to the size of Colorado Boxed Beef before and the acquisition is
being financed with a high level of debt. About 24% of total sales
of the combined company will be to foodservice and cruise operators
while exports will account for about 11% of combined sales. These
categories have been weak due to the coronavirus pandemic and
although growth in these sectors has started to pick up, Moody's
expects weakness to persist for at least the next few quarters. The
rating reflects the company's high leverage with lease adjusted
debt/EBITDA expected to be over 5.0x at closing. Moody's expects
debt/EBITDA to improve to around 4.5x in the next 12 months. The
food retailing business, which will account for over 50% of sales
of the combined company, has seen a significant growth during the
pandemic due to the closure of most restaurants and the increased
consumption of food at home. This has been a significant tailwind
for food distributors. However, food retailing remains a very
competitive and price sensitive business and Moody's expects buying
patterns and profitability levels to gradually normalize in 2021 as
foodservice operators begin to open and food away from home trends
higher. The rating also reflects financial policy risks that come
with private equity ownership.

The stable rating outlook reflects its expectation that the company
will continue to grow organically and will reduce leverage through
EBITDA growth and debt reduction while maintaining good liquidity.
The outlook also acknowledges that its financial policies will be
dictated by its private equity owners including but not limited to
acquisitions.

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

A ratings upgrade will require financial policies that support a
stronger credit profile. Ratings could be upgraded if the company
demonstrates sustained growth in sales, and profitability and
maintains good liquidity while successfully integrating Colorado
Boxed Beef's operations. Quantitatively, ratings could be upgraded
if debt/EBITDA is sustained below 4.0 times and EBITA/interest
expense is sustained above 2.75 times.

Ratings could be downgraded if operating performance deteriorates
or the integration is not executed as planned such that debt/EBITDA
is sustained above 5.0 times or EBITA/interest is sustained below
1.75 times. Ratings could also be downgraded if liquidity
deteriorates or if financial policies including acquisition
activity causes deterioration in cash flow or credit metrics.

Quirch Foods is a leading distributor of proteins to independent
ethnic food retailers. Quirch is majority owned by Palladium Equity
Partners. Proforma for the Colorado Boxed Beef acquisition the
company will have over 20 distribution centers and over $3 billion
in revenue.

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


RCS CAPITAL: Westchester Suit vs AAIC et al. Goes to Trial
----------------------------------------------------------
Defendants in the case captioned WESTCHESTER FIRE INSURANCE CO.,
Plaintiff-Appellant, v. NICHOLAS S. SCHORSCH, ET. AL.,
Defendants-Respondents, ASPEN AMERICAN INSURANCE CO., ET AL.,
Defendants-Appellants, 10099, 651026/18 (N.Y. App. Div.) appeal
from orders of the Supreme Court, New York County, entered May 16,
2019 and June 11, 2019, which, to the extent appealed from:

     -- granted the motions of defendants-respondents Nicholas S.
Schorsch, Edward M. Weil, Jr., William Kahane, Peter M. Budko, and
Brian S. Block (defendants insureds) for partial summary judgment
on their first counterclaim alleging breach of contract with
respect to the insurance coverage obligations of
plaintiff-appellant Westchester Fire Insurance Co.,
defendant-appellant Aspen American Insurance Co., and
defendant-appellant RSUI Indemnity Co. (Excess Insurers),

     -- declared Excess Insurers obligated to pay for all defense
and indemnity costs incurred in an action pending in Delaware,

     -- found defendants insureds entitled to attorneys' fees
incurred in defending against the instant declaratory judgment
action, and

     -- denied Excess Insurers' motions to dismiss defendants
insureds' counterclaim for breach of contract.

Upon review, the Appellate Division of the Supreme Court of New
York modified, on the law, to deny defendants insureds' motion for
partial summary judgment on their first counterclaim, to vacate the
declaration that Excess Insurers are obligated to pay for indemnity
costs incurred in the Creditor Trust Action, and to vacate the
award of attorneys' fees incurred by defendants insureds in the
instant action, and otherwise affirmed, without costs.

Plaintiff Westchester Fire Insurance Co. commenced the action
seeking a declaration that it has no coverage obligations to
defendants insureds, arguing primarily that the "insured versus
insured" exclusion of a Directors and Officers (D&O) liability
insurance policy procured by RCS Capital Corporation (RCAP) bars
coverage of claims asserted against defendants, RCAP's former
directors and officers. Defendants-insureds argued, among other
things, that coverage exists under the bankruptcy exception to the
insured vs. insured exclusion. The claims arose after RCAP's
bankruptcy.

During the bankruptcy process, negotiations between RCAP and the
company's creditors resulted in the bankruptcy court's approval of
RCAP's Chapter 11 reorganization plan creating a litigation trust.
The Creditor Trust was formed, pursuant to the reorganization plan,
to pursue the bankruptcy estate's legal claims on behalf of the
unsecured creditors, after RCAP's emergence from bankruptcy. Thus,
post-confirmation the Creditor Trust sued RCAP's directors and
officers alleging they had breached their fiduciary duties to the
company. The directors and officers sought coverage under RCAP's D
& O liability policy with Westchester. Westchester commenced this
action in response, seeking a declaratory judgment that it has no
coverage obligations.

This appeal raised an issue of apparent first impression of whether
a D & O liability policy's bankruptcy exception, which allows
claims asserted by the "bankruptcy trustee" or "comparable
authority," applies to claims raised by a Creditor Trust, as a
post-confirmation litigation trust, to restore D & O coverage
removed by the insured vs. insured exclusion.

According to the Appellate Court, in addition to the plain language
of the bankruptcy exception and the mandates of the Bankruptcy
Code, there are other reasons informing the decision to reject the
excess insurers' position in this case. First, the Appellate Court
perceived no valid rationale for excluding D & O claims from D & O
coverage when asserted by a post-confirmation litigation trust
where coverage would otherwise exist for identical claims asserted
by a Chapter 11 trustee, liquidator or creditors' committee. The
main rationale offered by the excess insurers for excluding D & O
claims when asserted by the Creditor Trust in this context is that
ownership of such claims is the result of a voluntary assignment by
the debtor company, which itself cannot assert D & O claims covered
by the D & O policy. The excess insurers argue that this raises
concerns of collusion. However, to hold that vesting estate assets
in the Creditor Trust is a mere contractual assignment would ignore
that the Creditor Trust Agreement was drafted and executed in a
Chapter 11 Bankruptcy proceeding to obtain confirmation of a
reorganization plan. In that context, it would be unreasonable to
interpret the "assignment" of the D & O claims to the Creditor
Trust as just a contractual assignment. On the contrary, the
vesting of assets from one entity to another accomplishes the goal
of filing for bankruptcy, which is to automatically vest all
properties of the estate in the DIP, until there is an order of the
bankruptcy court confirming the reorganization plan of the debtor.

Further, to hold that the bankruptcy exception does not apply to
the Creditor Trust would ignore the rationale and purpose for the
creation of a post-confirmation litigation trust. In a Chapter 11
reorganization plan, creation of a post-confirmation litigation
trust allows an entity other than the debtor corporation to pursue
the cause of action, and permits the reorganized debtor's
management to focus on running its business, after emerging from
bankruptcy. Often, "the claims transferred to the litigation trust
are those that the existing management of the debtor is perceived
as being reluctant to pursue." Also, customarily, "the claims
transferred to the litigation trusts are those brought against
former directors or officers, or persons with whom the current
directors have close ties."

Likewise, the excess insurers' narrow interpretation of the term
"comparable authorities," within the bankruptcy exception, ignores
the economic reality of insolvency. The alternative to assigning
the D & O claims to a post-confirmation Creditor's Trust is to
assign them to a bankruptcy trustee, or other type of estate
representative so it can pursue such claims, or to abandon them. Of
course, an assignment of the claims to a pre-confirmation
bankruptcy trustee, or other type of estate representative, would
not exclude them from D & O coverage under the broad bankruptcy
exception. Alternatively, pursuant to the Bankruptcy Code (11 USC
section 554), an abandonment of the claims would require that the
plan proponent demonstrate that such claims are of inconsequential
value, or that retaining the same would be burdensome. This
standard, the Appellate Court said, is unlikely to be satisfied
where the claims against the directors and officers have been
deemed by the unsecured creditors to be of significant value, and
derivative standing could be conferred upon a creditors committee,
which would also not be excluded from D & O coverage.

Still, the excess insurers argued that if the parties intended a
blanket exception, they would not have chosen the listed
bankruptcy-related constituents. But the opposite is just as true.
Had the parties intended that claims brought on behalf of creditors
by the Creditor Trust be excluded from coverage by the insured vs.
insured exclusion and not restored under the bankruptcy exception,
they would have provided for that as a matter of contract. Instead,
by including the undefined and open-ended phrase "comparable
authority" into the D & O policy's bankruptcy exception, the
parties created a broadly applicable exception with no clear
limiting principles other than that there should be no coverage
where the D & O claims are prosecuted by the DIP or by individuals
acting as proxies for the board or the company. No amount of case
law cited by the excess insurers can change the plain language of
the D & O policy.

In any event, the Appellate Court continued, none of the cases
relied upon by the excess insurers addressed whether the insured
vs. insured exclusion bars coverage in the underlying D & O action
given the exception applicable to bankruptcy trustees and
comparable authorities. The excess insurers rely primarily upon
Indian Harbor Ins Company v Zucker, and its progeny. Indian Harbor,
however, is easily distinguishable because that case involved an
insured vs. insured exclusion that contained no bankruptcy
exception, the Court explained. Indian Harbor declined to read such
an exception into the policy. In contrast, in this case, there is a
bankruptcy exception explicitly applicable to bankruptcy trustees
and comparable authorities, which the Appellate Court interpreted
to encompass a post-confirmation litigation trust pursuant to the
broad "comparable authority" language of the exception.

Finally, the Appellate Court rejected the excess insurers' argument
that a broad interpretation of the bankruptcy exception
impermissibly renders the separate Creditor Committee exception
meaningless. The Appellate Court recognized that both the Creditor
Trust and Creditor Committee in a Chapter 11 proceeding could seek
to obtain assets for creditors. However, the fact that the parties
included a specific exception for the Creditor Committee and could
have made it clear that the Creditor Trust was intended to be
covered by the exception by using the broad "comparable authority"
language in the Creditor Committee exception, does not mean that
the Creditor Trust cannot be found to be encompassed by the broad
"comparable authority" language as used in the bankruptcy
exception.

A copy of the Court's Ruling is available at https://bit.ly/3c5m1bk
from Leagle.com.

O'Melveny & Myers LLP, Washington, DC ( Jonathan D. Hacker , of the
Maryland and District of Columbia bars, admitted pro hac vice,
Allen W. Burton , and Gerard A. Savaresse , of counsel), for
Westchester Fire Insurance Co., appellant.

Tressler LLP, New York ( Kevin G. Mikulaninec , Courtney E. Scott
and Kiera Fitzpatrick of counsel), for RSUI Indemnity Co.,
appellant.

Krantz & Berman, LLP, New York ( Marjorie E. Berman of counsel),
for Brian S. Block, respondent.

McKool Smith P.C., New York ( Orrie A. Levy , Kenneth H. Frenchman
and Robin L. Cohen of counsel), for Nicholas S. Schorsch, Edward M.
Weil, Jr., William Kahane and Peter M. Budko, respondents.

Before: First Judicial Department, David Friedman, J.P., Dianne T.
Renwick, Barbara R. Kapnick, Ellen Gesmer, Cynthia S. Kern, JJ.

                    About RCS Capital

RCS Capital Corporation is a wholesale broker-dealer and investment
banking and advisory business with significant revenues generated
during the relevant time period from services provided to AR
Capital LLC. Directors and officers of RCAP formed AR Capital LLC
to create and manage non-traded investment vehicles, primarily
REITs. The company, through subsidiaries, was responsible for
marketing and distributing, and providing other services, in
connection with AR Capital LLC's investment products. At one point,
AR Capital LLC was the largest creator and sponsor of REITs in the
United States.

RCS Capital Corporation filed for chapter 11 bankruptcy protection
(Bankr. D. Del. Case No. 16-10223) on January 31, 2016.  The
Honorable Mary F. Walrath confirmed a bankruptcy-exit plan on May
19, 2016.


RTI HOLDING: Case Summary & 50 Largest Unsecured Creditors
----------------------------------------------------------
Lead Debtor: RTI Holding Company, LLC
             4170 Ashford Dunwoody Road, Suite 390
             Atlanta, GA 30319

Business Description:     The Debtors develop, operate, and
                          franchise casual dining restaurants in
                          the United States, Guam, and five
                          foreign countries under the Ruby
                          Tuesday brand.  The company-owned
                          and operated restaurants (i.e., non-
                          franchise) are concentrated primarily in

                          the Southeast, Northeast, Mid-Atlantic
                          and Midwest regions of the United
                          States.

Chapter 11 Petition Date: October 7, 2020

Court:                    United States Bankruptcy Court
                          District of Delaware

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

  Debtor                                            Case No.
  ------                                            --------
  RTI Holding Company, LLC (Lead Debtor)            20-12456
  RT Distributing, LLC                              20-12471
  RT Denver Franchise, L.P.                         20-12465
  RT Detroit Franchise, LLC                         20-12468
  RT Finance, LLC                                   20-12473
  RT FL Gift Cards, Inc.                            20-12476
  RT Florida Equity, LLC                            20-12480
  RT Franchise Acquisition, LLC                     20-12484
  RT Indianapolis Franchise, LLC                    20-12492
  RT Jonesboro Club                                 20-12495
  RT KCMO Franchise, LLC                            20-12500
  RT Kentucky Restaurant Holdings, LLC              20-12503
  RT Las Vegas Franchise, LLC                       20-12460
  RT Long Island Franchise, LLC                     20-12464
  RT Michiana Franchise, LLC                        20-12466
  RT Michigan Franchise, LLC                        20-12470
  RT Minneapolis Franchise, LLC                     20-12474
  RT Minneapolis Holdings, LLC                      20-12477
  RT New England Franchise, LLC                     20-12479
  RT New Hampshire Restaurant Holdings, LLC         20-12482
  RT New York Franchise, LLC                        20-12485
  RT of Carroll County, LLC                         20-12462
  RT of Fruitland, Inc.                             20-12487
  RT of Maryland, LLC                               20-12489
  RT Omaha Franchise, LLC                           20-12490
  RT Omaha Holdings, LLC                            20-12493
  RT One Percent Holdings II, LLC.                  20-12496
  RT One Percent Holdings, LLC                      20-12498
  RT Orlando Franchise, LP                          20-12502
  RT Restaurant Services, LLC                       20-12505
  RT South Florida Franchise, LP                    20-12506
  RT Southwest Franchise, LLC                       20-12459
  RT St. Louis Franchise, LLC                       20-12463
  RT Tampa Franchise, LP                            20-12467
  RT West Palm Beach Franchise, LP                  20-12469
  RT Western Missouri Franchise, LLC                20-12472
  RTBD, LLC                                         20-12461
  RTT Texas, Inc                                    20-12475
  RTTA, LP                                          20-12478
  RTTT, LLC                                         20-12481
  Ruby Tuesday of Allegany County, Inc.             20-12483
  Ruby Tuesday of Bryant, Inc.                      20-12486
  Ruby Tuesday of Columbia, Inc.                    20-12488
  Ruby Tuesday of Frederick, Inc.                   20-12491
  Ruby Tuesday of Linthicum, Inc.                   20-12494
  Ruby Tuesday of Marley Station, Inc.              20-12497
  Ruby Tuesday of Pocomoke City, Inc.               20-12499
  Ruby Tuesday of Russellville, Inc.                20-12501
  Ruby Tuesday of Salisbury, Inc.                   20-12504
  Ruby Tuesday, Inc.                                20-12457
  Ruby Tuesday, LLC                                 20-12458

Judge:                    Hon.John T. Dorsey

Debtors'
Bankruptcy
Counsel:                  Richard M. Pachulski, Esq.
                          Malhar S. Pagay, Esq.
                          James E. O'Neill, Esq.
                          Victoria A. Newmark, Esq.
                          PACHULSKI STANG ZIEHL & JONES LLP
                          919 North Market Street, 17th Floor
                          P.O. Box 8705
                          Wilmington, Delaware 19899-8705
                          (Courier 19801)
                          Tel: 302-652-4100
                          Fax: 302-652-4400
                          Email: rpachulski@pszjlaw.com
                                 mpagay@pszjlaw.com
                                 joneill@pszjlaw.com
                                 vnewmark@pszjlaw.com

Debtors'
Financial
Advisor:                  CR3 PARTNERS, LLC

Debtors'
Claims,
Noticing,
Solicitation
Agent and
Administrative   
Advisor:                  EPIQ CORPORATE RESTRUCTURING, LLC
                    https://dm.epiq11.com/case/rubytuesday/dockets

Estimated Assets: $100 million to $500 million

Estimated Liabilities: $100 million to $500 million

The petitions were signed by Aziz Hashim, managing member of
Manager, NRD Capital Management II, LLC.

A copy of RTI Holding Company's petition is available for free at
PacerMonitor.com at:

https://www.pacermonitor.com/view/WSSEZAI/RTI_Holding_Company_LLC__debke-20-12456__0001.0.pdf?mcid=tGE4TAMA

Consolidated List of Debtors' 50 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. National Retail Properties, LP       Rent           $11,581,000
450 S. Orange Ave., Ste. 900
Orlando, FL 32801
Josh Lewis
Tel: 407-650-3695
Email: josh.lewis@nnnreit.com

2. ZionsBancorporation, N.A.         PPP Loan          $10,000,000
dba California Bank & Trust
2399 Gateway Oaks Dr., Ste. 110
Sacramento, CA 95833
Ronald Won
Email: Ronald.won@calbt.com

3. Quadre Investments L.P.          Litigation          $8,400,000
c/o Tyler Dillard Andersen,          Claimant;
Tate & Carr, P.C.                     damages
1960 Satellite Blvd., Ste. 4000       arising
Duluth, GA 30097                   from purchase/
Tyler Dillard Andersen,           sale of security
Tate & Carr P.C.
Tel: 678-518-6850
Email: tdillard@atclawfirm.com

4. Times Square Tower                   Rent            $4,333,768
Associates LLC
c/o Boston Properties, Inc.
599 Lexington Ave.
Ste. 1800
New York, NY 10022
Robert E. Selsam, SVP
Email: akaplan@bostonproperties.com

5. Marguerite Duffy*                  Pensioner:        $3,436,466
[Address Redacted]                    Executive
Email: margueriteduffy@comcast.net    Nonqualified       
                                      "Top Hat" Plan
                                      Benefit Claim
  
6. Robert LeBoeuf*                    Pensioner:        $3,273,564
[Address Redacted]                    Executive
Email: paddleboeuf@gmail.com          Nonqualified
                                      "Top Hat" Plan
                                      Benefit Claim

7. Interstate Augusta                    Rent           $2,896,885
Properties LLC
c/o S.R. Weiner &
Associates, Inc.
33 Boylston St.
Chestnut Hill, MA 02467
Cheryl Rondeau
Tel: 617-232-8900

8. Kimberly Grant*                    Pensioner:        $2,655,842
[Address Redacted]                    Executive
Email: Email: ksgrant14@gmail.com     Nonqualified
                                      "Top Hat" Plan
                                      Benefit Claim

9. Robert McClenagan Jr.*             Pensioner:        $2,511,769
[Address Redacted]                    Executive
Email: robertmcclenagan1976@gmail.com Nonqualified
                                      "Top Hat" Plan
                                      Benefit Claim;
                                      Management
                                      Nonqualified
                                     "Top Hat" Plan
                                      Benefit Claim

10. Bennett Partners, LLLP                Rent          $2,436,544
4301 Post Road
Cumming, GA 30040
Michael Bennett
Tel: 404-771-5454
Email: mbmcpa1@comcast.net

11. P&M Investment                        Rent          $2,353,392
Company, LLC
2 Buckland Abbey
Nashville, TN 37215
Peter Park
Email: wcpark@comcast.net

12. Wendover ZS LLC                       Rent          $2,324,542
130 Breezy Pent Dr.
Yorktown, VA 23692
Hassan A. Hassan
Email: Hahassan35@gmail.com

13. Burnett Family Trust Dated            Rent          $2,322,392
03-07-2005
501 E. Avenida San Juan
San Clemente, CA 92672
Barry Burnett
Email: barry@barryburnett.net

14. Holyoke Mall Company, LP              Rent          $2,219,695
Attn: Management Division
Holyoke Mall Company, LP
Attn: Management
Gail Hamilton
Email: gailhamilton@pyramidmg.com

15. Nicolas Ibrahim*                  Pensioner:        $2,140,828
[Address Redacted]                    Executive
Tel: 301-299-1816                     Nonqualified
                                     "Top Hat" Plan
                                      Benefit Claim

16. Mesa Clemmons, LLC                    Rent          $2,131,041
5414 Merriam St.
Bethesda, MD 20814
Adrienne Hedman
Email: hedmanmarcia@gmail.com
Email: ashedmanid@gmail.com

17. Avenues Mall, LLC                     Rent          $2,084,014
c/o MS Management
225 West Washington St.
Indianapolis, IN 46204-3438
Ken Baren
Email: klavy@simon.com
Email: Ken.baren@simon.com

18. Myra C. Clark                         Rent          $2,042,248
P.O. Box 1184
Seymour, TN 37865
Tel: 865-591-9581
Email: ke4tto@aol.com

19. Parkway Lodging Realty, LLC           Rent          $2,032,366
399 Monmouth St.
East Windsor, NJ 08520
Wilentz Goldman & Spitzer PA
Illiard C Shih, Esq.
Tel: 732-855-6016

20. Allen Kushynski, Trustee              Rent          $2,028,887
of the Kushynski Family Trust
4835 Mary Ellen Ave.
Sherman Oaks, CA 91423
Tel: 818-731-7286

21. CGI 3 LP                              Rent          $1,977,877
(fka RT Beaufort, LLC)
11302 Seda Pl.
San Diego, CA 92124
James Wachtler
Tel: 619-723-4332
Email: mhaller1@san.rr.com

22. French Associates I, LLC              Rent          $1,953,454
One American Square,
Ste. 1800
Indianapolis, IN 46282-0008
Bill French
Email: bill.french@cushwake.com

23. Grand IX Ventures, LLC                Rent          $1,953,454
1078 Riverbend Dr.
Advance, NC 27006
Tel: 336-408-9631
Email: DVL545@yahoo.com

24. The Nicholson Trust                   Rent          $1,953,454
Agreement dated October 1, 1990
26914 Avenue 140
Porterville, CA 93257
David V. Liner
Tel: 569-333-0611
Email: dnicholson@ocsnet.net
Email: kevin@centralcacommercial.com

25. Affinity9 Realty, LLC                 Rent          $1,917,237
6618 Weston Circle East
Dublin, OH 43016
Tel: 614-804-3329

26. Sycamore Springs LLC                  Rent          $1,872,386
4833 Green Valley Dr.
High Ridge, MO 63049
Tony Stieren
Email: tstieren@aol.com

27. Vestar-CPT Tempe                      Rent          $1,856,095
Marketplace LLC
2425 East Camelback Rd.
Ste. 750
Phoenix, AZ 85016
Angela Manca
Tel: 480-966-9338

28. TAU South LLC (fka CNL                Rent          $1,790,952
Funding 2000-A, L)
c/o Realty Income Corp
Bldg. ID 3960
11995 El Camino Real
San Diego, CA 92130
Email: notices@realtyincome.com

29. Crossgates Mall Company               Rent          $1,780,360
Newco LLC
c/o The Clinton Exchange
4 Clinton Square
Syracuse, NY 13202
Email: crossgatesmallla@pyramidrng.com

30. Hamilton Mall Realty LLC              Rent          $1,721,542
c/o Namco Realty LLC
150 Great Neck Rd.
Ste. 304
Great Neck, NY 11021
Tel: 609-646-6392
Email: judy@shophamilton.com

31. Oakdale Mall II LLC                   Rent          $1,718,218
c/o Spinoso Real Estaste
Group, LLC
112 Northern Concourse
North Syracuse, NY 13212
Email: oakdaleleaseadmin@spinosoreg.com

32. Papazian Sherman Way LLC              Rent          $1,704,833
Attn: Herbert Papazian
20001 Halstead St.
Chatsworth, CA 91311
Herbert Papazian
Email: wcplatts@att.net

33. Lanham LLLP                           Rent          $1,699,136
C/O NAI The Michael
Companies Inc.
10100 Business Pkwy
Lanham, MD 20706
Tel: 301-459-4400

34. HaiYang, Inc.                         Rent          $1,679,157
1526 Sandybrook Ln.
Wake Forest, NC 27587
Maggie Quan
Email: mquan@trademarkproperties.com

35. RT Orlando Investment, LLC            Rent          $1,672,778
1665 Washington Ave., 4th Flr.
Miami Beach, FL 33139
Tel: 626-286-7269
Email: mar282@yahoo.com

36. PMP Properties                        Rent          $1,651,557
3526 S. Tamarack St.
Visalia, CA 93277
Email: sueann1226@aol.com

37. RPAI Worcester Lincoln                Rent          $1,641,528
Plaza LLC
Attn: President, Eastern Division
Tel: 860-761-2465
2021 Spring Rd.
Ste. 200
Oak Brook, IL 60523
Tel: 860-761-2465

38. PBM Cape Coral RT, LLC                Rent          $1,621,560
257 Crabapple Rd.
Manhasset, NY 11030
Tel: 917-817-1875

39. AHGIE, LLC                            Rent          $1,620,293
Attn: Han Oh, Manager
3050 Patuxent Overlook Ct.
Ellicott City, MD 21042
Han Oh
Email: hanoh_md@hotmail.com

40. Paul & Heinrich Aberle                Rent          $1,598,281
4589 Regalo Bello St.
Las Vegas, NV 89135
Tel: 702-247-4353

41. Northeast Properties, LLC             Rent          $1,598,281
P.O. Box 1685
Tel: 252-527-8000
Jacksonville, NC 28541
John P. Marshall, Esq.
White & Allen, P.A.
Tel: 252-527-8000
Email: jmarshall@whiteandallen.com

42. Amnon Shreibman                       Rent          $1,598,281
P.O. Box 177
519 Mable Mason Cove
Lavergne, TN 37086
Tel: 615-465-6019
Email: david@thompsonburton.com

43. The Marshall Family Trust             Rent          $1,598,281
dated February 14, 2000
5724 E. Crest De Ville Ave.
Orange, CA 92856
Tel: 714-637-3322

44. Lusavi Pagosa, LLC                    Rent          $1,598,281
Attn: Matthew Mousavi
610 Newport Center Dr.
Ste. 1500
Newport Beach, CA 92660
Email: Matthew.mousavi@srsre.com

45. Macerich Deptford LLC                 Rent          $1,567,843
Attn: Legal Dept.
401 Wilshire Blvd.
Ste. 700
Santa Monica, CA 90401
Tel: 310-394-6000

46. Buffalo-Bloomfield Assoc,             Rent          $1,562,364
LLC
Attn: Legal Dept.
7978 Cooper Creek Blvd.
Ste. 100
University Park, FL 34201
Tel: 716-886-0211

47. J Artson, LLC                         Rent          $1,539,873
401 Chathan Square
Office Park
Fredericksburg, VA 22405
Tel: 540-371-8976, Ext. 12

48. Denny L. Kagasoff                     Rent          $1,435,816
Revocable Trust
4150 Chestnut Ave.
Long Beach, CA 90807
Tel: 310-428-8686
Email: denny@dennykagasoff.com

49. DATO Food Group RT, LLC               Rent          $1,420,697
Attn: Daniel Pascale
P.O. Box 129
Willow Springs, IL 60480
Email: danielpascale69@msn.com

50. South Riding Owner, LLC               Rent          $1,399,175
P.O. Box 310300
Property 262810
Des Moines, IA 50331
Email: kgomes@rappaportco.com


RYERSON HOLDING: Fitch Affirms B+ LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Ryerson Holding Corporation's (RYI) and
Joseph T. Ryerson & Son, Inc.'s Long-Term Issuer Default Ratings
(IDRs) at 'B+'. The Rating Outlook is Stable. In addition, Fitch
has affirmed the 1st lien secured ABL credit facility at
'BB+'/'RR1' and 1st lien secured notes at 'B'/'RR5'.

RYI ratings reflect its significant size and scale, which provides
operating leverage, strong working capital management, product
diversification, stable operating margins through the cycle, and
the counter-cyclical cash generating ability of its business model.
The ratings also reflect solid liquidity, minimal capex
requirements, and forecast FCF of around $90 million on average,
which Fitch expects will be allocated toward a combination of debt
reduction and bolt-on acquisitions.

Ratings concerns include the ABL credit facility maturity in 2021;
however, Fitch believes there is a high likelihood for the facility
to be extended, given the strength of the collateral securing the
facility. Fitch also believes forecast net debt/EBITDA and FCF
generation could provide the opportunity for further debt
repayment.

KEY RATING DRIVERS

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

Counter-Cyclical Cash Generation: The company's product, customer
and end-market diversification reduce cash flow volatility through
the cycle. In periods of weakening demand or lower prices, RYI can
generate cash by managing working capital and liquidating
inventory. The company focuses on strong inventory management and
targets 70-75 days of supply. Demonstrating its commitment to
strong inventory management, RYI was able to successfully reduce
Central Steel and Wire Company's (CS&W) inventory position from
almost 140 days at the time of the acquisition, with the overall
company days of supply at 74 days as of March 31, 2020. Days of
supply increased to roughly 85 days in 2Q20 due to the pandemic,
however Fitch expects days of supply to trend within the target
70-75 days range through the ratings horizon.

Leverage Profile: RYI reduced leverage, on a total debt to EBITDA
basis, from around 6.7x at Dec. 31, 2017 to around 5.1x as of March
31, 2020. Fitch expects leverage to be elevated in 2020 but to
decline over the ratings horizon with stronger EBITDA generation
following a period of weak demand driven by the pandemic. Fitch
forecasts RYI will generate positive FCF, averaging around $90
million through the ratings horizon, which provides further
deleveraging capacity. Fitch expects RYI to allocate FCF to a
combination of debt reduction and bolt-on acquisitions and for
leverage to generally trend lower through the forecast period. RYI
targets 2.0x net leverage through the cycle, supporting Fitch's
expectation of a near-term focus on debt reduction.

Significant Size and Scale: RYI is one of the largest metals
service center companies in the U.S., in a highly fragmented
market. The company's size and scale provide purchasing power and
operating leverage, which drives a competitive advantage compared
with its peers. The highly fragmented nature of the industry also
provides significant acquisition growth opportunities. CS&W in 2018
was RYI's largest acquisition since 2005, supporting Fitch's view
that a near-term sizable transaction is unlikely. Fitch believes
RYI will continue to be a consolidator in the industry but that the
company will be selective in its approach, focusing on companies
that provide further product diversification or increase its
value-added service capabilities.

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

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

DERIVATION SUMMARY

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

KEY ASSUMPTIONS

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

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

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

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

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

  -- No acquisitions through the forecast period;

  -- No dividend or share repurchases.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Ryerson would be reorganized as
a going-concern in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim.

Going-Concern (GC) Approach

Fitch has assumed a GC EBITDA of $215 million. The GC EBITDA
estimate is reflective of a full year of earnings from the CS&W
acquisition and a scenario of declining shipments, declining prices
and sustained lower realized margins. The GC EBITDA estimate of
$215 million compares with June 30, 2019 LTM EBITDA of
approximately $239 million and June 30, 2020 LTM EBITDA of $156
million.

Fitch applies a 5.0x multiple, reflective of the company's
significant size and scale as one of the largest metals service
center companies in the U.S. The ABL credit facility is assumed to
be drawn at 80%. Fitch's recovery assumptions result in a recovery
rating for the 1st lien secured ABL credit facility within the
'RR1' range resulting in a 'BB+' rating, while the recovery rating
for the 1st lien secured notes falls within the 'RR5' range leading
to a 'B+' rating.

RATING SENSITIVITIES

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

  -- Total debt/EBITDA sustained below 4.5x;

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

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

  -- Total debt/EBITDA sustained above 5.5x;

  -- FFO-fixed charge coverage ratio sustained below 2.0x;

  -- Sustained negative FCF;

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: As of June 30, 2020, RYI had cash and cash
equivalents of approximately $100 million and $204 million
available under its $1 billion ABL credit facility due 2021. The
company also had $35 million available under foreign credit lines
at June 30, 2020. Ryerson generated FCF of roughly $161 million in
H120 and Fitch expects positive FCF through the ratings horizon
supporting liquidity. Fitch believes an extension of the ABL credit
facility is likely given the strong collateral value securing the
facility.

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

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


SABLE PERMIAN: J.P. Morgan Agrees to Take-Over
----------------------------------------------
Ilya Banares of Bloomberg News reports that JPMorgan Chase & Co.
agreed to take over a bankrupt shale explorer that failed to lure
other bidders, a new low for an industry that was brought to its
knees by the global pandemic.

Sable Permian Resources LLC -- a Houston-based oil producer that
merged with part of the late shale pioneer Aubrey McClendon's
empire in 2019 and filed for Chapter 11 in June 2020 -- agreed to
sell itself to the lender after receiving no other bids for its
assets, according to a filing on Thursday in the U.S. Bankruptcy
Court for the Southern District of Texas.

                About Sable Permian Resources

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 disclosed assets of between $1 billion and $10
billion and liabilities of the same range. Judge Marvin Isgur
oversees the cases.  

Debtors have 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. The committee has tapped Paul Hastings
LLP and Mani Little & Wortmann, PLLC as its legal counsel, Conway
MacKenzie LLC as financial advisor, and Miller Buckfire & Co. LLC
and Stifel, Nicolaus & Co. Inc. as investment banker.





SKILLSOFT CORP: In Talks With Global Knowledge to Go Public
-----------------------------------------------------------
Gillian Tan and Katherine Doherty of Bloomberg News report that
educational technology companies Global Knowledge Training LLC and
Skillsoft Ltd. are in talks to merge and simultaneously go public
through Michael Klein's Churchill Capital Corp. II, according to
people with knowledge of the matter.

Global Knowledge's lenders have been informed about a potential
combination, said some of the people, who requested anonymity
because the talks are private. The company, backed by Rhone Group,
provides training for International Business Machines Corp., Cisco
Systems Inc., Microsoft Corp. and other tech giants, according to
its website.

                       About Skillsoft Corp.

Skillsoft -- http://www.skillsoft.com/-- delivers online learning,
training, and talent solutions to help organizations unleash their
edge. Leveraging immersive, engaging content, Skillsoft enables
organizations to unlock the potential in their best assets -- their
people -- and build teams with the skills they need for success.
Empowering millions of learners and counting, Skillsoft
democratizes learning through an intelligent learning experience
and a customized, learner-centric approach to skills development
with resources for Leadership Development, Business Skills,
Technology & Development, Digital Transformation, and Compliance.

SumTotal provides a unified, comprehensive Learning and Talent
Development suite that delivers measurable impact across the entire
employee lifecycle. With SumTotal, organizations can build a
culture of learning that is critical to growth, success, and
business sustainability. SumTotal's award-winning technology
provides talent acquisition, onboarding, learning management, and
talent management solutions across some of the most innovative,
complex and highly regulated industries, including technology,
airlines, financial services, healthcare, manufacturing, and
pharmaceuticals.

Skillsoft and SumTotal are partners to thousands of leading global
organizations, including many Fortune 500 companies. The company
features three award-winning systems that support learning,
performance and success: Skillsoft learning content, the Percipio
intelligent learning experience platform, and the SumTotal suite
for Talent Development, which offers measurable impact across the
entire employee lifecycle.

On June 14, 2020, Skillsoft Corp. and its affiliates sought Chapter
11 protection (Bankr. D. Del. Lead Case No. 20-11532).

The Debtors tapped Weil Gotshal & Manges LLP, as counsel; Richards
Layton & Finger, as co-counsel; Stikeman Elliott LLP, as special
Canadian counsel; William Fry, as Irish law advisor; FTI
Consulting, Inc., as financial advisor; Houlihan Lokey Capital,
Inc., as investment banker; AlixPartners, LLP, as financial
advisor; and Kurtzman Carson Consultants LLC, as administrative
advisor.


SUPERIOR ENERGY: Egan-Jones Lowers Sr. Unsecured Debt Ratings to D
------------------------------------------------------------------
Egan-Jones Ratings Company, on September 30, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Superior Energy Services Inc. to D from CC. EJR also
downgraded the rating on commercial paper issued by the Company to
D from C.

Headquartered in Houston, Texas, Superior Energy Services, Inc.
provides the drilling, completion, and production-related needs of
oil and gas companies.


SYNNEX CORP: Egan-Jones Hikes Sr. Unsecured Debt Ratings to BB+
---------------------------------------------------------------
Egan-Jones Ratings Company, on October 1, 2020, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by SYNNEX Corporation to BB+ from BB.

Headquartered in Fremont, California, SYNNEX Corporation provides
information technology supply chain services.



TOWN SPORTS: Egan-Jones Cuts Sr. Unsecured Debt Ratings to D
------------------------------------------------------------
Egan-Jones Ratings Company, on September 30, 2020, downgraded the
local currency senior unsecured ratings on debt issued by Town
Sports International Holdings Inc. to D from CC.

Headquartered in New York, New York, Town Sports International
Holdings, Inc. owns and operates fitness clubs in the Northeast and
mid-Atlantic regions of the United States.


TRANSOCEAN LTD: Plans to Prevent Bankruptcy Can Cause the Same
--------------------------------------------------------------
Allison McNeely of Bloomberg reports that the measures taken by
Transocean Ltd. to stave off a bankruptcy filing could be exactly
what ends up sending the offshore drilling company into Chapter 11
alongside some of its biggest peers.

The world's largest owner of deep-water oil rigs recently
engineered a bond swap to trim some of its $9 billion debt load and
ease the crunch caused by slumping energy prices.  But other
creditors, led by Whitebox Advisors LLC and Pacific Investment
Management Co., say the transaction amounts to a default because it
pledges assets that Transocean already promised to them.

They've given the company until Dec. 1 to cure the default,
according to a court filing.  The creditors are seeking a
settlement, but would be prepared to demand immediate repayment of
their debt if a deal cannot be reached, which could lead to
Transocean filing for bankruptcy, according to people with
knowledge of the matter. They asked not to be identified discussing
confidential matters.

A spokeswoman for Transocean declined to comment beyond the
company's public court filings. Representatives for Pimco and
Whitebox declined to comment.

Transocean has said in court papers that the default claim is
baseless and should be dismissed. It called Whitebox "a dissident
minority noteholder seeking to force the company into bankruptcy,"
and said the default notice threatens "access to liquidity that is
essential to the company's continued successful operations."

On paper, Transocean is in better shape than some of its rivals.
Led by Chief Executive Officer Jeremy Thigpen and headquartered in
Steinhausen, Switzerland, the company has enough liquidity and
contracts to keep operating until 2023, according to industry
watchers.

That stands in contrast to peers Diamond Offshore Drilling Inc.,
Valaris Plc and Noble Corp., all of which went bankrupt earlier
this year. They're in trouble in part because oil prices have
slumped below $40 a barrel, where it's hard to make a profit, and
because offshore oil is among the most expensive to produce.

The Transocean dispute revolves around its August offer to swap
various bonds for as much as $750 million in new notes maturing in
2027. The group of creditors, who own at least 50% of Transocean's
priority guaranteed notes maturing in 2025 and 2027, say the
exchange is forbidden because the company issued new senior debt
guaranteed by assets that were already to pledged to their existing
notes.

They initially claimed the "fraudulent and coercive" exchange offer
contained misleading statements, and sought to have the exchange
halted entirely, according to a complaint filed in federal court.
Judge George B. Daniels denied the request, and Transocean went
ahead with the deal, extending the deadline. The company also filed
a counter-claim against the creditor group, asking Judge Daniels to
dismiss the default notice.

Interest Savings

Transocean ultimately collected $1.5 billion in tendered notes for
$750 million of new 11.5% senior guaranteed bonds maturing in 2027,
according to a statement. This allowed Transocean to cut about $826
million of debt and save about $32 million on interest, according
to Fredrik Stene, an analyst at Clarksons Platou Securities AS. It
issued $687 million of new 2027 notes, which traded Sept. 18 at
48.5 cents on the dollar, according to Trace data compiled by
Bloomberg.

"If you were holding an existing priority guaranteed note, you are
now in a position where you could see senior unsecured debt jump in
front of you because they are guaranteed by a subsidiary that is
closer to the assets," Stene said in an interview. "You could argue
that the current priority guaranteed notes have the most to lose."

The dissenting noteholders, represented by the Milbank law firm and
advisers from Evercore Inc., would like to see a restructuring of
Transocean's balance sheet -- in or out of bankruptcy -- that
engages with all stakeholders, the people said. Representatives for
Milbank and Evercore didn’t respond to requests for comment.

Bankruptcy Advantage

If Judge Daniels were to rule against the creditors, and the
company manages to stay out of bankruptcy, it could still face a
different kind of pressure, according to analysts.

Competitors like Valaris and Noble will have lower operational and
debt costs as a result of going through Chapter 11, and thus be
more able to compete on price. That's significant in an industry
that remains chronically oversupplied with too many rigs and not
enough offshore drilling work generated by producers.

"This could create a scenario in which companies with more leverage
coming out of the downturn may be at a disadvantage versus
better-capitalized peers," Scott Levine, a Bloomberg Intelligence
analyst, said in a Sept. 21, 2020 note.

Investors have taken note, with Transocean's common shares at
penny-stock levels for most of the year; the stock rose 4% to 83
cents at 9:54 a.m. in New York. Some of its first-lien notes are
setting new lows almost daily, and some of the junior debt is
quoted at less than 20 cents on the dollar.

Transocean has been able to rely on its backlog of contracts and
ample liquidity, but it will ultimately need the offshore market to
recovery meaningfully in the next two to three years, Stene said.
The backlog is already shrinking and leverage could climb toward 10
times debt to earnings by the end of the year, according to
Bloomberg Intelligence.

"They're pulling the levers that they can now, but they're still
going to be at the mercy of the market somewhere down the line,"
Stene said.

                      About Transocean Ltd.

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.


TRUE RELIGION: Court Gives Provisional Ch. 11 Plan Approval
-----------------------------------------------------------
Law360 reports that bankrupt denim retailer True Religion Apparel
Inc. won provisional approval for its Chapter 11 plan in Delaware
court Oct. 5, 2020, after reporting it had reached a last-minute
settlement with its secured lenders that neutralized opposition to
the proposal.

During a virtual confirmation hearing, debtor attorney Justin
Alberto of Cole Schotz PC said True Religion had filed a
stipulation less than 30 minutes before the start of the hearing
that reflected the terms of the settlement, which reduces the
equity share to be handed to post-petition lender Farmstead
Management LLC under the reorganization.

                   About True Religion Apparel

Founded in Los Angeles, Calif., in 2002, True Religion Apparel,
Inc. and its affiliates design, market, sell and distribute premium
fashion apparel centered on their core denim products using the
brand names "True Religion" and "True Religion Brand Jeans." The
companies' products are distributed through wholesale and retail
channels and through the website at www.truereligion.com.  On a
global basis, the companies had 87 retail stores and over 1,000
employees as of April 13, 2020.

True Religion Apparel and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
20-10941) on April 13, 2020. At the time of the filing, Debtord
disclosed assets of between $100 million and $500 million and
liabilities of the same range.

Judge Christopher S. Sontchi oversees the cases.

The Debtors tapped Cole Schotz P.C. as legal counsel; Akin Gump
Strauss Hauer & Feld, LLP as corporate counsel; Province, Inc. as
financial advisor; Retail Consulting Services, Inc. as real estate
advisor; and Stretto as claims and noticing agent. Richard Lynch of
HRC Advisory, LP is Debtors' interim chief financial officer.


TUESDAY MORNING: Formally Searches for Buyers to Buy Its Assets
---------------------------------------------------------------
Ben Unglesbee of Retail Diver reports that Tuesday Morning is
formally seeking bids for its assets in bankruptcy, according to
court papers.

With court approval, the retailer set a bid deadline of Oct. 19,
2020. If multiple bids come in, Tuesday Morning plans to hold an
auction starting Oct. 21, 2020, with a court hearing to consider
approval of the sale set for Oct. 29, 2020.

The off-price retailer filed for bankruptcy initially with the
stated intent of reorganizing in Chapter 11. The court-approved
sale procedures still allow for a reorganization.

Tuesday Morning is exploring its options. A sale was left open as a
possibility in the early days of the retailer's bankruptcy, but
leading up to then it also sought financing sources that could fund
a reorganization of the retailer. Now a formal sale is underway
while a reorganization lingers as an option. In other words, the
book is still open on Tuesday Morning's future.

The committee of Tuesday Morning's unsecured creditors welcomed the
company's move to offer itself up for a sale after raising concerns
that the retailer's executives might pursue a stand-alone
reorganization in order to preserve their jobs and stock holdings
in the company.  A sale process, the committee said in court
papers, allows "the market to speak" on whether a sale or
reorganization makes most sense. Yet the creditors had objected to
what they called Tuesday Morning's "absolute unfettered right to
unilaterally pivot from a sale process to a plan of
reorganization."

The off-price retailer goes back to the mid-1970s, when Lloyd Ross
threw open the doors to a warehouse in Dallas with leftover
inventory from brands and retailers, and invited the public to come
shop at discount prices.

That is essentially still the foundation of the off-price model.
But the landscape has changed drastically since then. Ross opened
his store a few years before the first T.J. Maxx store. Today, the
sector is dominated by the TJX Cos. juggernaut, Ross Stores and, to
a lesser degree, Burlington.  

By the time Tuesday Morning filed for bankruptcy, it had nearly 700
stores (with plans to close a third of them) and did around $1
billion in sales. That's not small, but it has also racked up tens
of millions of dollars in losses in recent years as it tried to
compete in the off-price space, against large ever-growing
competitors.

GlobalData Retail analysts noted this spring that the retailer had
many subpar locations that lack visibility. Moreover, they
described some of those stores as a "jumbled flea market."

"While consumers do not expect off-price discount retailers to have
a perfectly curated selection of merchandise, they do demand that
the range is reasonably coherent and contains interesting finds,"
the analysts said in May, shortly after the retailer filed for
bankruptcy. "Unfortunately, Tuesday Morning often fails to deliver
this."

Those problems, combined with the steep challenges of COVID-19,
left it in a financial tailspin that sent it into bankruptcy.

Even so, there's still an underlying business that is potentially
of interest to a buyer. Tuesday Morning's comparable sales ticked
up modestly in 2019, which is lackluster in a booming off-price
sector but is still better than many retailers can say for their
business. Slimming down the company's balance sheet and store
footprint could leave a profitable retailer going forward.

                      About Tuesday Morning Corp.

Tuesday Morning Corporation, together with its subsidiaries, is a
closeout retailer of upscale home furnishings, housewares, gifts,
and related items. It operates under the trade name "Tuesday
Morning" and is one of the original "off-price" retailers
specializing in providing unique home and lifestyle goods at
bargain values. Based in Dallas, Tuesday Morning operated 705
stores in 40 states as of Jan. 1, 2020. For more information, visit
http://www.tuesdaymorning.com/     

On May 27, 2020, Tuesday Morning and six affiliates sought Chapter
11 protection (Bankr. N.D. Tex. Lead Case No. 20-31476). Tuesday
Morning disclosed total assets of $92 million and total liabilities
of $88.35 million as of April 30, 2020.

The Hon. Harlin Dewayne Hale is the case judge.

The Debtors tapped Haynes and Boone, LLP as general bankruptcy
counsel; Alixpartners LLP as financial advisor; Stifel, Nicolaus &
Co., Inc. as investment banker; A&G Realty Partners, LLC as real
estate consultant; and Great American Group, LLC as liquidation
consultant. Epiq Corporate Restructuring, LLC is the claims and
noticing agent.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on June 9, 2020.  The committee is represented by Munsch
Hardt Kopf & Harr, P.C.


TUESDAY MORNING: U.S. Trustee Appoints Equity Committee
-------------------------------------------------------
The Office of the U.S. Trustee on Oct. 5 appointed a committee to
represent equity security holders in the Chapter 11 cases of
Tuesday Morning Corp. and its affiliates.

The committee members are:

     1. Kevin Barnes
        4030 South Whitehorse, #408
        Devault, PA 19432
        646-265-9535
        KevinRBarnes@gmail.com

     2. John H. Lewis, Managing Partner
        Osmium Partners
        300 Drakes Landing Road, Suite 172
        Greenbrae, CA 94904
        415-235-5089
        JL@osmiumpartners.com

     3. Patrick Conlin, President
        Milestone Capital Management
        Crowne Plaza
        3131 Campus Drive, Ste. 100
        Plymouth, MN 55441
        612-308-4788
        952-476-0004-fax
        pat@milestonusa.com

     4. Alexander Keoleian
        6901 Stoneridge Drive
        North Richland Hills, TX 76182
        972-275-9820
        akeoleian@gmail.com

     5. Adam Gui
        901 Watercress Drive
        Naperville, IL 60540
        917-805-2955
        Gui.adam@gmail.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                       About Tuesday Morning

Tuesday Morning Corporation, together with its subsidiaries, is a
closeout retailer of upscale home furnishings, housewares, gifts,
and related items.  It operates under the trade name "Tuesday
Morning" and is one of the original "off-price" retailers
specializing in providing unique home and lifestyle goods at
bargain values.  Based in Dallas, Tuesday Morning operated 705
stores in 40 states as of Jan. 1, 2020.  For more information,
visit http://www.tuesdaymorning.com/     

On May 27, 2020, Tuesday Morning and six affiliates sought Chapter
11 protection (Bankr. N.D. Tex. Lead Case No. 20-31476).  Tuesday
Morning disclosed total assets of $92 million and total liabilities
of $88.35 million as of April 30, 2020.

The Hon. Harlin Dewayne Hale is the case judge.

The Debtors tapped Haynes and Boone, LLP as general bankruptcy
counsel; Alixpartners LLP as financial advisor; Stifel, Nicolaus &
Co., Inc. as investment banker; A&G Realty Partners, LLC as real
estate consultant; and Great American Group, LLC as liquidation
consultant.  Epiq Corporate Restructuring, LLC is the claims and
noticing agent.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on June 9, 2020.  The committee is represented by Munsch
Hardt Kopf & Harr, P.C.


UNITI GROUP: Moody's Hikes CFR to B3, Outlook Stable
----------------------------------------------------
Moody's Investors Service upgraded Uniti Group Inc.'s corporate
family rating (CFR) to B3 from Caa2, probability of default rating
(PDR) to B3-PD from Caa2-PD, senior secured debt rating to B2 from
Caa1 and unsecured debt rating to Caa2 from Ca. The rating outlook
was changed to stable from rating under review. These actions
conclude the review for upgrade initiated on July 22, 2020. Uniti's
speculative grade liquidity (SGL) rating remains unchanged at
SGL-3, indicating adequate liquidity.

The upgrade of the CFR and stable outlook reflect the improved
financial flexibility of Uniti's primary customer, Windstream
Services, LLC (Windstream, B3 stable), following Windstream's
September 2020 exit from bankruptcy and balance sheet
restructuring.

Uniti's financial policy, which incorporates a publicly stated
objective to lower gross debt leverage (company defined) to 6x or
lower and an expectation for employing more balanced equity and
debt funding of cash flow deficits and M&A growth, will be an
important driver of its credit profile going forward.

Upgrades:

Issuer: Uniti Group Inc.

  Corporate Family Rating, Upgraded to B3 from Caa2

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

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

  Senior Secured Regular Bond/Debenture, Upgraded to B2 (LGD3)
  from Caa1 (LGD3)

  Senior Unsecured Regular Bond/Debenture, Upgraded to Caa2
  (LGD5) from Ca (LGD5)

Outlook Actions:

Issuer: Uniti Group Inc.

  Outlook, Changed to Stable from Rating Under Review

RATINGS RATIONALE

Uniti's B3 corporate family rating reflects the stronger linkage
between Uniti's credit profile and Windstream's following
Windstream's recent bankruptcy exit. Windstream is Uniti's largest
tenant and the source of about 64% of its revenue and a greater
percentage of EBITDA. Windstream's post-bankruptcy reduction of
more than $4 billion of funded debt improves its financial
flexibility and improves the certainty of future cash flows to
Uniti. Under renegotiated master lease agreements with
post-bankruptcy Windstream which are now in effect, Uniti retains
the same annual lease payment it has continued to receive
throughout Windstream's bankruptcy and under the original master
lease agreement's payment terms. Uniti also benefits from
strengthened lease terms, including the addition of guarantees from
subsidiaries of Windstream which eliminate the risk of an adverse
recharacterization of the renegotiated master leases in a potential
future Windstream bankruptcy. In return, Uniti is also now
contractually committed to providing up to $1.75 billion of growth
capital investment (GCI) reimbursements, subject to project
identification and meeting certain underwriting standards, to
Windstream through 2030, the expiration year of the master lease
agreements. While Moody's expects Uniti to earn a market or
near-market yield on its funding of these leasehold improvements,
Windstream's successful execution of its business improvement plan
and market share growth objectives will also largely determine
Uniti's credit trajectory. Moody's believes the contractual nature
of this post-bankruptcy arrangement more firmly links Uniti's
credit profile to that of Windstream's credit profile than the
linkage that existed between the two companies before Windstream's
2019 bankruptcy. While Windstream will need to follow certain
financial covenants for Uniti to be obligated to annually fund the
GCI reimbursements to Windstream, Uniti's investments in fiber and
fiber related assets will aid and enable Windstream to better focus
on accelerating fiber investments into residential portions of the
copper-based network under the lease. The degree of linkage between
Uniti's credit profile and Windstream will only meaningfully
diverge when Uniti significantly diversifies its sources of revenue
and EBITDA.

Post Windstream's bankruptcy emergence, the innovative bifurcation
of Uniti's pre-bankruptcy master lease agreement with Windstream
into a consumer ILEC network lease and a CLEC network lease could
facilitate the potential future sale of either of these two
Windstream businesses focused on different end markets, which would
advance Uniti's lessee and revenue diversification objectives. The
renegotiated leases are cross-guaranteed and cross-defaulted unless
Windstream ceases to be the tenant. Under terms of a broader
settlement with Windstream, Uniti will also pay approximately $490
million to Windstream under a cash settlement assuming quarterly
installments over five years. Moody's treats this as an amortizing
litigation-related liability and has added the $490 million to
Moody's adjusted debt calculation; Moody's adjusted EBITDA
calculation is not affected.

Uniti's need to meet future GCI reimbursements under renegotiated
terms of its master lease agreements with Windstream, its minimum
dividend required to maintain REIT status and currently high
leverage constrain the company's rating. Moody's expectation for
debt/EBITDA (Moody's adjusted) of approximately 6.6x at year-end
2021 reflects the likely funding of cash flow deficits with more
debt than equity during the next 9 to 12 months. Uniti's stable and
predictable revenue and its high margins are supportive of higher
leverage tolerance. Moody's estimates slightly lower debt/EBITDA
(Moody's adjusted) in 2022 as the company delivers steady EBITDA
improvement and is expected to employ more balanced external debt
funding for organic growth and capital spending obligations.
Uniti's acquisitions of fiber networks in recent years have aided
nominal revenue diversification, and lease-up opportunities remain
a viable means for increasing cash flow generation without
additional capital spending. The company's June 2020 sale of tower
assets and July 2020 sale of its Midwest fiber network assets
boosted liquidity and highlight a streamlined and selective focus
on core leasing and fiber businesses. However, Uniti's access to
capital and cost of capital are critical inputs to its ability to
sustain more significant future growth beyond its existing asset
profile.

Moody's views Uniti's liquidity as adequate. The company had $88
million in cash and $290 million of borrowing availability on its
$418.3 million revolving credit facility at June 30, 2020. With
proceeds from the sale of its Midwest fiber network assets
immediately following the second quarter of 2020, Uniti had
approximately $550 million of pro forma combined cash and cash
equivalents, including fully undrawn revolving credit facility
capacity. Negative free cash flow is expected in 2020 and 2021 as a
result of Uniti's dividend payout, steady but high capital
intensity and GCI reimbursements to Windstream. The company is
expected to have capital spending (Moody's adjusted) of $359
million in 2021 and $368 million in 2022, which includes annual GCI
reimbursements Uniti is committed to advancing to Windstream
through 2030. Moody's expects the company will draw on its revolver
to help fund its capital spending with expected later refinancing
from a combination of capital raised in the both the debt and
equity markets when appropriate and consistent with stated
financial policy.

The stable outlook reflects Moody's expectations over the next
12-18 months for marginal increases in recurring revenue, stable
EBITDA margin trends and consistent capital intensity including GCI
reimbursements to Windstream. An expectation for stable to slightly
declining debt leverage (Moody's adjusted) and liquidity to support
manageable cash flow deficits further support the stable outlook.

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

Given Uniti's revenue and EBITDA concentration with Windstream and
dependency on Windstream's sustained execution of its business
improvement plan and share growth strategy, an upgrade is unlikely
in the near term. Over the medium term, the ratings could be
subject to upward pressure if (i) Windstream's credit profile
improves, (ii) Uniti diversifies its revenue base such that its
master lease agreements with Windstream comprise a substantially
lower percentage of its revenue and EBITDA and (iii) Uniti
demonstrates improving leverage and cash flow metrics.

Moody's could downgrade Uniti's ratings if leverage were sustained
above 6.5x or if there is credit profile weakening at Windstream or
if the company's liquidity deteriorates.

The principal methodology used in these ratings was Communications
Infrastructure Industry published in September 2017.

Uniti Group Inc. is a publicly traded, real estate investment trust
(REIT) that was spun off from Windstream Holdings, Inc. in April of
2015. The majority of Uniti's assets are comprised of a physical
distribution network of copper, fiber optic cables, utility poles
and real estate which are under long term, exclusive master lease
to Windstream. Over time, Uniti has acquired additional fiber
assets that it operates as a standalone carrier, serving enterprise
and communications customers.


UTEX INDUSTRIES: To File for Chapter 11 With Prepackaged Plan
-------------------------------------------------------------
Utex Industries Inc. said it will file for Chapter 11 protection
after reaching a deal with secured lenders on a plan that will
reduce debt by $700 million.

According to an Oct. 6, 2020 statement by the Company, UTEX has
entered into a restructuring support agreement with a vast majority
of its lenders on the terms of a comprehensive "prepackaged"
restructuring.  The balance sheet transaction will reduce UTEX's
funded debt by $700 million and will provide UTEX with up to $42.5
million in new financing.  UTEX expects to complete this process
and consummate its prepackaged restructuring in a matter of weeks.

To implement the balance sheet restructuring, the Company will
commence a prepackaged plan of reorganization under Chapter 11 of
the U.S. Bankruptcy Code.  The plan is supported by over 81.6
percent and 90.4 percent of first and second lien lenders,
respectively.  UTEX's lenders have also agreed to provide UTEX with
debtor-in-possession financing and the consensual use of cash
collateral to enable UTEX to operate its business in the ordinary
course.

Bloomberg notes that UTEX's planned reorganization is yet another
bankruptcy related to the troubles facing oil producers and the
companies that rely on them for business.

In connection with the financial restructuring, Houlihan Lokey is
serving as financial advisor and investment banker, AlixPartners is
serving as restructuring advisor, and Weil, Gotshal & Manges LLP is
serving as legal advisor to UTEX.

The restructuring will be the latest phase in a company history
that stretches back 80 years. Universal Packing and Gasket, as Utex
was originally known, was founded on July 2, 1940. The company made
gaskets and packings.

                     About Utex Industries

Utex Industries Inc. is a privately held designer and manufacturer
of engineered seals and related components. Most of UTEX's products
have short lifecycles and must be replenished periodically. The
company's products primarily serve the completions, production, and
drilling segments of the oil and gas industry.


VAIL RESORTS: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB
-------------------------------------------------------------
Egan-Jones Ratings Company, on September 29, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Vail Resorts to BB from BB+.

Headquartered in Broomfield, Colorado, Vail Resorts also operates
Breckenridge Mountain, a destination resort with apres-ski
activities and Keystone Resort, a year-round family vacation
destination.


VALARIS PLC: Appointment of Equity Committee Sought
---------------------------------------------------
A senior managing director at The Buxton Helmsley Group, Inc. asked
the U.S. Bankruptcy Court for the Southern District of Texas to
issue an order directing the appointment of a committee of equity
holders in the Chapter 11 cases of Valaris plc and its affiliates.

Alexander Parker, Buxton senior managing director, said that equity
holders' rights are not at all represented in the companies'
bankruptcy cases.

"The equity holders' rights are not at all represented at present
when management's suspicious accounting activities, asset sales
that are hypocritical to their claims of no shareholder's equity
existing and implied admissions of major errors in judgment,
greatly warrant proper equity holder representation to gain clarity
and true equitable justice in this bnaruptcy case of Valaris, plc,"
Mr. Parker said in a court filing.

"Our management has failed us miserably.  I do hope that both
creditors and existing shareholders realize that it will be in
everyone's best interest to throw out current management upon
reorganization," Mr. Parker further said.

                        About Valaris plc

Valaris plc (NYSE: VAL) provides offshore drilling services. It is
an English limited company with its corporate headquarters located
at 110 Cannon St., London.  Visit http://www.valaris.com/for more
information.

On Aug. 19, 2020, Valaris and its affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 20-34114).

The Debtors tapped Kirkland & Ellis LLP and Slaughter and May as
their bankruptcy counsel, Lazard as investment banker, and Alvarez
& Marsal North America LLC as their restructuring advisor. Stretto
is the claims agent, maintaining the page
http://cases.stretto.com/Valaris    

Kramer Levin Naftalis & Frankel LLP and Akin Gump Strauss Hauer &
Feld LLP serve as legal advisors to the consenting noteholders
while Houlihan Lokey Inc. serves as their financial advisor.


VALLEY ENTERPRISES: Case Summary & Unsecured Creditor
-----------------------------------------------------
Debtor: Valley Enterprises T.S. Inc.
        13962 Saticoy Street
        Van Nuys, CA 91402

Business Description: Valley Enterprises T.S. Inc

Chapter 11 Petition Date: October 5, 2020

Court: United States Bankruptcy Court
       Central District of California

Case No.: 20-11784

Judge: Hon. Martin R. Barash

Debtor's Counsel: Matthew D. Resnik, Esq.
                  RESNIK HAYES MORADI, LLP
                  17609 Ventura Blvd.
                  Ste 314
                  Encino, CA 91316
                  Tel: (818) 285-0100
                  Email: matt@rhmfirm.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Jose Pasco, president.

The Debtor listed SRA Associates as its sole unsecured creditor
holding a claim of $522.

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

https://www.pacermonitor.com/view/S5M6HIQ/Valley_Enterprises_TS_Inc__cacbke-20-11784__0001.0.pdf?mcid=tGE4TAMA


WCA WASTE: Moody's Withdraws B2 CFR on GFL Environmental Deal
-------------------------------------------------------------
Moody's Investors Service has withdrawn all debt ratings of WCA
Waste Corporation (WCA) and subsidiary WCA Waste Systems, Inc.
after WCA was acquired by GFL Environmental Inc., a Toronto-based
provider of solid and liquid waste collection, treatment and
disposal and infrastructure and soil remediation services.

RATINGS RATIONALE

Pursuant to the terms of the transaction, all rated debt at WCA
Waste Systems, Inc. was repaid at closing.

Moody's took the following rating actions on WCA Waste
Corporation:

Withdrawals:

Corporate Family Rating, Withdrawn, previously rated B2

Probability of Default Rating, Withdrawn, previously rated B2-PD

Moody's took the following rating actions on WCA Waste Systems,
Inc.:

Withdrawals:

Senior Secured First Lien Term Loan, Withdrawn, previously rated B2
(LGD3)

Senior Secured First Lien Revolving Credit Facility, Withdrawn,
previously rated B2 (LGD3)

Outlook Actions:

Issuer: WCA Waste Corporation

Outlook, Changed to Rating Withdrawn from Stable

Issuer: WCA Waste Systems, Inc.

Outlook, Changed to Rating Withdrawn from Stable

WCA Waste Corporation is a vertically-integrated provider of
non-hazardous solid waste management services primarily in the
Midwest and Southeast regions of the US.


YRC WORLDWIDE: Board Approves Form of Retention Agreement
---------------------------------------------------------
The Compensation Committee of the Board of Directors of YRC
Worldwide Inc., approved a form of retention agreement to be
entered into with certain employees from time to time as determined
by the Company's Compensation Committee.  At this time, no
retention agreements under this form have been executed with any
employee.  The retention agreements are intended to encourage the
employees' continued service to the Company during the
implementation of the Company's business strategy.

The retention agreements may provide for an upfront payment that is
subject to repayment if specified vesting conditions are not
satisfied, for a future payment that will be made if specified
employment conditions are satisfied, or a combination of the two.
The retention agreements provide that no payment will be made if it
would violate the Company's existing credit agreements.

                      About YRC Worldwide

YRC Worldwide Inc., headquartered in Overland Park, Kan., is a
holding company for a portfolio of less-than-truckload (LTL)
companies including Holland, New Penn, Reddaway, and YRC Freight,
as well as the logistics company HNRY Logistics. YRC Worldwide
companies -- http://www.yrcw.com/-- offer expertise in flexible
supply chain solutions, ensuring customers can ship industrial,
commercial and retail goods with confidence.

YRC Worldwide reported a net loss of $104 million for the year
ended Dec. 31, 2019.  As of June 30, 2020, the Company had $1.93
billion in total assets, $802.3 million in total current
liabilities, $871.1 million in long-term debt and financing (less
current portion), $225.9 million in pension and postretirement,
$214 million in operating lease liabilities, $290.2 million in
claims and other liabilities, and a total shareholders' deficit of
$466.9 million.

                            *   *   *

As reported by the TCR on July 14, 2020, S&P Global Ratings raised
its issuer credit rating on Overland Park, Kan.-based
less-than-truckload (LTL) and logistics company YRC Worldwide Inc.
to 'CCC+' from 'CCC' after the company announced the U.S.
Department of the Treasury will lend it an aggregate of $700
million under the Coronavirus Aid, Relief, and Economic Security
(CARES) Act, and that it has amended its term loan agreement to
waive the minimum EBITDA covenant through December
2021.

In July 2020, Moody's Investors Service confirmed the ratings of
truck carrier YRC Worldwide Inc., including the Caa1 corporate
family rating, following YRC's announcement that the United States
Department of Treasury intends to provide a $700 million loan toYRC
under authorization of the CARES Act.  The Caa1 CFR considers the
company's position as one of the largest less-than-truckload truck
carriers in North America, thin operating margins and substantial
debt balance, in part due to Moody's adjustments related to
underfunded pension obligations.


[*] 33% Surge of U.S. Commercial Bankruptcies Year to Date
----------------------------------------------------------
Reuters reports that U.S. commercial bankruptcy filings are up 33%
so far this year with new cases in September 2020 surging by 78%
from a year earlier as the recession triggered by the COVID-19
pandemic hits small businesses, data released on Monday showed.

Filings by individuals, however, are lower so far this year
courtesy of government relief efforts.

Chapter 11 bankruptcy filings totaled 747 last month, up from 420 a
year earlier and from 525 in August, legal services firm Epiq said
in a monthly report. Year-to-date filings total 5,529, a third
higher than in the first three quarters of 2019.

"These commercial filings are primarily small businesses that do
not have access to capital or stimulus," Deirdre O'Connor, managing
director of corporate restructuring at Epiq, said in a statement.
"Unfortunately, those bankruptcies will continue to rise in the
current economic environment."

By contrast, noncommercial bankruptcies are lower year-to-date,
largely as government relief programs such as the CARES Act helped
to forestall a wave of individual insolvencies.

Chapter 13 non-commercial filings are down 43% in 2020, with
118,306 filings versus 206,933 filings in the first nine months of
2019.

"Regulatory programs have effectively kicked the can down the
street by injecting liquidity into the market, delaying new
bankruptcy filings," said Chris Kruse, senior vice president of
Epiq AACER.


[*] 78% Rise of Bankruptcy Filings in the U.S. in September 2020
----------------------------------------------------------------
Epiq, a global leader in legal services, released its September
2020 bankruptcy filing statistics from its AACER business.
Continuing the trend from the previous month, commercial Chapter 11
filings are up 78% over September 2019 with 747 new filings, which
is up from 420 last year.  In the first three quarters of 2020,
Chapter 11 commercial filings are up 33% over the same period last
year with a total of 5,529 filings.

"After a slower August 2020, we see an increase Chapter 11 filings
in September 2020 both month over month and year over year," said
Deirdre O'Connor, managing director of corporate restructuring at
Epiq. "These commercial filings are primarily small businesses that
do not have access to capital or stimulus. Unfortunately, those
bankruptcies will continue to rise in the current economic
environment. For the largest companies, opportunistic investors are
providing much needed capital to supplement the lending
capabilities of more constrained traditional banks. However, the
most over-leveraged distressed companies could succumb to a formal
restructuring due to lack of credit support and overall sector
decline."

"Non-commercial bankruptcy filing activity continues to decline
since the beginning of the COVID-19 global pandemic," said Chris
Kruse, senior vice president of Epiq AACER. "Regulatory programs
have effectively kicked the can down the street by injecting
liquidity into the market, delaying new bankruptcy filings."

Chapter 13 non-commercial filings are down 43% in 2020, with
118,306 filings, which is down from 206,933 filings from the same
period in 2019. Chapter 7 non-commercial filings are down 23% in
September 2020 with 27,027 new filings, which is down from 34,957
filings for the same period in 2019.

About Epiq AACER Epiq AACER provides a bankruptcy information
services platform built with superior data, technology and
expertise to create insights and mitigate risks for businesses
impacted by bankruptcies. Learn more at www.aacer.com.

About Epiq Epiq, a global leader in the legal services industry,
takes on large-scale, increasingly complex tasks for corporate
counsel, law firms, and business professionals with efficiency,
clarity, and confidence. Clients rely on Epiq to streamline the
administration of business operations, class action and mass tort,
court reporting, eDiscovery, regulatory, compliance, restructuring,
and bankruptcy matters. Epiq subject-matter experts and
technologies create efficiency through expertise and deliver
confidence to high-performing clients around the world. Learn more
at https://www.epiqglobal.com.


[*] Bankruptcies Dropped 31.1% in Puerto Rico in September
----------------------------------------------------------
Michelle Kantrow-Vázquez of News Is My Business reports that a
total of 443 petitions were filed at the U.S. Bankruptcy Court in
Puerto Rico during the month of September 2020, representing a
31.1% drop from the same month in 2019, according to a report
released by research firm Boletín de Puerto Rico.

In September 2019, the court received 629 bankruptcy cases,
according to the report.

From January to September 2020, a total of 3,923 cases were filed,
which also represents a 31.1% drop from the same period in 2019,
when 5,690 bankruptcy petitions were submitted for consideration.

Data compiled by Boletín de Puerto Rico shows that the majority of
the cases filed from January to September were submitted under the
Chapter 13 category, which gives individuals the chance to
reorganize their finances. A total of 2,149 petitions were filed
under this category, representing 37.8% fewer cases than the 3,457
cases on record for the same period in 2019.

Coming in second were 1,747 Chapter 7 cases seeking total
liquidation submitted during the nine-month period. That total
represents a 19.1% year-over-year drop when compared to the 2,160
cases filed during the same period, Boletín de Puerto Rico
confirmed.

"Chapter 7 in the bankruptcy code allows individuals, corporations,
or self-owned businesses to settle their debts. Simply put, it
means total bankruptcy," Boletín de Puerto Rico explained.

"The bankruptcy court designates a trustee who is responsible for
liquidating the assets so that the debtor obtains a debt
discharge," the firm said, adding that it reports percentage data
comparing the total bankruptcies filed against Chapters 7 filings
in response to concerns from its own clients.

There were 25 Chapter 11 filings on record through September from
businesses that are seeking to reorganize their finances through
this type of protection. The figure is 60.3% lower than the 63
petitions on record for the same nine-month period in 2019.

Meanwhile, two farming operations filed for Chapter 12 protection
— a category that is reserved exclusively for troubled
agriculture businesses — during the January-September period.

Finally, Boletín de Puerto Rico also revealed a weekly breakdown
of the filings, starting on Mar. 16, when Gov. Wanda Vázquez
declared a quarantine to prevent the spread of the COVID-19 virus.
The report shows that the majority of the petitions were filed from
April 13 to May 31.


[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Benjamin Development Co Inc
   Bankr. D. Ariz. Case No. 20-11004
      Chapter 11 Petition filed September 30, 2020
         See
https://www.pacermonitor.com/view/IGFBDEI/Benjamin_Development_Co_Inc__azbke-20-11004__0001.0.pdf?mcid=tGE4TAMA
         represented by: Alan A. Meda, Esq.
                         BURCH & CRACCHIOLO, P.A.
                         E-mail: ameda@bcattorneys.com

In re MGBV Properties, Inc.
   Bankr. M.D. Fla. Case No. 20-02901
      Chapter 11 Petition filed September 30, 2020
         See
https://www.pacermonitor.com/view/MUVLWKQ/MGBV_Properties_Inc__flmbke-20-02901__0001.0.pdf?mcid=tGE4TAMA
         represented by: Thomas C. Adam, Esq.
                         THE ADAM LAW GROUP P.A.
                         E-mail: tadam@adamlawgroup.com

In re Ocean View Motel, LLC
   Bankr. D.N.J. Case No. 20-21165
      Chapter 11 Petition filed September 30, 2020
         See
https://www.pacermonitor.com/view/B5JCZFA/Ocean_View_Motel_LLC__njbke-20-21165__0001.0.pdf?mcid=tGE4TAMA
         represented by: Ellen M. McDowell, Esq.
                         MCDOWELL LAW, PC
                         E-mail: emcdowell@mcdowelllegal.com

In re Agunloye Development and Construction L.L.C.
   Bankr. E.D.N.Y. Case No. 20-43522
      Chapter 11 Petition filed September 30, 2020
         See
https://www.pacermonitor.com/view/OVU6SVY/Agunloye_Development_and_Construction__nyebke-20-43522__0001.0.pdf?mcid=tGE4TAMA
         represented by: Bruce Weiner, Esq.
                         ROSENBERG MUSSO & WEINER, LLP
                         E-mail: courts@nybankruptcy.net

In re Dashing Properties Management, Inc.
   Bankr. C.D. Cal. Case No. 20-11769
      Chapter 11 Petition filed October 1, 2020
         See
https://www.pacermonitor.com/view/SYEE5AY/Dashing_Properties_Management__cacbke-20-11769__0001.0.pdf?mcid=tGE4TAMA
         represented by: Raymond H. Aver, Esq.
                         LAW OFFICES OF RAYMOND H. AVER,
                         A PROFESSIONAL CORPORATION
                         E-mail: ray@averlaw.com

In re Daniel W. Adelman
   Bankr. D. Conn. Case No. 20-31164
      Chapter 11 Petition filed October 1, 2020
         represented by: Gregory Arcaro, Esq.
                         GRAFTSTEIN & ARCARO, LLC

In re Barry T. Babbin
   Bankr. D. Conn. Case No. 20-50841
      Chapter 11 Petition filed October 1, 2020
         represented by: Mark Kratter, Esq.

In re John Scelzo
   Bankr. S.D. Fla. Case No. 20-20800
      Chapter 11 Petition filed October 1, 2020
          represented by: Susan Lasky, Esq.

In re Florida Tilt, Inc.
   Bankr. S.D. Fla. Case No. 20-20799
      Chapter 11 Petition filed October 1, 2020
         See
https://www.pacermonitor.com/view/DMWKMJQ/Florida_Tilt_Inc__flsbke-20-20799__0001.0.pdf?mcid=tGE4TAMA
         represented by: Ariel Sagre, Esq.
                         SAGRE LAW FIRM, P.A.
                         E-mail: law@sagrelawfirm.com

In re MT Queens Property Corp.
   Bankr. E.D.N.Y. Case No. 20-43551
      Chapter 11 Petition filed October 1, 2020
         See
https://www.pacermonitor.com/view/4HH3QIQ/MT_Queens_Property_Corp__nyebke-20-43551__0001.0.pdf?mcid=tGE4TAMA
         represented by: Leo Jacobs, Esq.
                         JACOBS P.C.
                         E-mail: leo@jacobspc.com

In re Marc Vandenhoeck and Joan Rudolph
   Bankr. S.D.N.Y. Case No. 20-23090
      Chapter 11 Petition filed October 1, 2020
         represented by: Anne Penachio, Esq.
                         PENACHIO MALARA, LLP

In re John Southwick and Rebecca Southwick
   Bankr. D. Ore. Case No. 20-32792
      Chapter 11 Petition filed October 1, 2020
         represented by: Ted A. Troutman, Esq.

In re Alvin Escue and Phyllis Escue
   Bankr. W.D. Tenn. Case No. 20-11294
      Chapter 11 Petition filed October 1, 2020
         represented by: Steven Douglass, Esq.

In re RJL Entertainment, Inc.
   Bankr. S.D. Tex. Case No. 20-20315
      Chapter 11 Petition filed October 1, 2020
         See
https://www.pacermonitor.com/view/7P2KOIA/RJL_Entertainment_Inc__txsbke-20-20315__0001.0.pdf?mcid=tGE4TAMA
         represented by: Nathaniel Peter Holzer, Esq.
                         JORDAN, HOLZER & ORTIZ, P.C.
                         E-mail: pholzer@jhwclaw.com

In re Linda Sayar
   Bankr. N.D. Cal. Case No. 20-51465
      Chapter 11 Petition filed October 2, 2020
         represented by: Dean Lloyd, Esq.

In re Max Corzo
   Bankr. S.D. Fla. Case No. 20-20849
      Chapter 11 Petition filed October 2, 2020
         represented by: Gary Murphree, Esq.

In re Kim Edna Summers-Dolleh
   Bankr. N.D. Ga. Case No. 20-70400
      Chapter 11 Petition filed October 2, 2020
         represented by: Roderick Martin, Esq.

In re Lincoln Ranger LLC
   Bankr. N.D. Ga. Case No. 20-70390
      Chapter 11 Petition filed October 2, 2020

In re A.D.A.P.T. Basketball Enrichment LLC
   Bankr. D.S.C. Case No. 20-03745
      Chapter 11 Petition filed October 2, 2020
         See
https://www.pacermonitor.com/view/PJFON7Y/ADAPT_Basketball_Enrichment_LLC__scbke-20-03745__0001.0.pdf?mcid=tGE4TAMA
         represented by: Robert H. Cooper DCID, Esq.
                         THE COOPER LAW FIRM
                     E-mail: thecooperlawfirm@thecooperlawfirm.com

In re Dr. Proctor & Associates
   Bankr. D. Md. Case No. 20-19022
      Chapter 11 Petition filed October 5, 2020
         See
https://www.pacermonitor.com/view/KXOI5MQ/Dr_Proctor__Associates__mdbke-20-19022__0001.0.pdf?mcid=tGE4TAMA
         represented by: William C. Johnson, Jr., Esq.
                         THE JOHNSON LAW GROUP, LLC
                         E-mail: William@JohnsonLG.Law

In re Annette Ferrarella
   Bankr. E.D.N.Y. Case No. 20-73100
      Chapter 11 Petition filed October 2, 2020
         represented by: Salvatore LaMonica, Esq.

In re Jerald C. Stanfield and Linda Stanfield
   Bankr. D. Ariz. Case No. 20-11112
      Chapter 11 Petition filed October 5, 2020
         represented by: Allan Newdelman, Esq.
                         ALLAN D NEWDELMAN PC

In re Muzyen Muhe Abdulkadir
   Bankr. N.D. Cal. Case No. 20-51468
      Chapter 11 Petition filed October 5, 2020
         represented by: Arasto Farsad, Esq.

In re 712 Timber Craven 1, LLC
   Bankr. D.D.C. Case No. 20-00413
      Chapter 11 Petition filed October 5, 2020
         See
https://www.pacermonitor.com/view/WVKB4QQ/712_Timber_Craven_1_LLC__dcbke-20-00413__0001.0.pdf?mcid=tGE4TAMA
         represented by: Daniel A. Staeven, Esq.
                         FROST & ASSOCIATES, LLC
                         E-mail: daniel.staeven@frosttaxlaw.com

In re Tammy Marie Phelps
   Bankr. D. Md. Case No. 20-19058
      Chapter 11 Petition filed October 5, 2020
         represented by: Daniel A. Staeven, Esq.
                         FROST & ASSOCIATES, LLC

In re Kaleidoscope Ministry
   Bankr. W.D.N.C. Case No. 20-10283
      Chapter 11 Petition filed October 5, 2020
         See
https://www.pacermonitor.com/view/3F3UOSQ/Kaleidoscope_Ministry__ncwbke-20-10283__0001.0.pdf?mcid=tGE4TAMA

In re Carlene Verdie Beauchamp
   Bankr. N.D. Tex. Case No. 20-20270
      Chapter 11 Petition filed October 5, 2020
         represented by: Max Tarbox, Esq.

In re Marco Construction Companies, Inc.
   Bankr. N.D. Tex. Case No. 20-43101
      Chapter 11 Petition filed October 5, 2020
         See
https://www.pacermonitor.com/view/3ST6SHA/Marco_Construction_Companies_Inc__txnbke-20-43101__0001.0.pdf?mcid=tGE4TAMA
         represented by: Steve Stasio, Esq.
                         STASIO & STASIO, P.C.
                         E-mail: steve.stasio@stasiolawfirm.com

In re Wendell Lee Gibson and Paula Gibson
   Bankr. N.D. Tex. Case No. 20-20274
      Chapter 11 Petition filed October 5, 2020
         represented by: David Langston, Esq.

In re Accurate Respiratory, Inc.
   Bankr. W.D. Tex. Case No. 20-11103
      Chapter 11 Petition filed October 5, 2020
         See
https://www.pacermonitor.com/view/TNQRMDY/Accurate_Respiratory_Inc__txwbke-20-11103__0001.0.pdf?mcid=tGE4TAMA
         represented by: Frank B. Lyon, Esq.
                         FRANK B LYON
                         E-mail: frank@franklyon.com

In re Hector C. Krauss and Erica Caputi-Krauss
   Bankr. N.D. Cal. Case No. 20-41614
      Chapter 11 Petition filed October 6, 2020
         represented by: Marc Voisenat, Esq.

In re Three 29ers Holdings
   Bankr. N.D. Ga. Case No. 20-70483
      Chapter 11 Petition filed October 6, 2020
         See
https://www.pacermonitor.com/view/YM5ZACA/Three_29ers_Holdings__ganbke-20-70483__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Myles Buenos Tortel
   Bankr. D. Idaho Case No. 20-40785
      Chapter 11 Petition filed October 6, 2020
         represented by: Aaron Tolson, Esq.

In re Christine Carol Flug and Daniel Aaron Flug
   Bankr. D. Minn. Case No. 20-32360
      Chapter 11 Petition filed October 6, 2020

In re Mombo LLC
   Bankr. D.N.H. Case No. 20-10868
      Chapter 11 Petition filed October 6, 2020
         See
https://www.pacermonitor.com/view/BKYH7LA/Mombo_LLC__nhbke-20-10868__0001.0.pdf?mcid=tGE4TAMA
         represented by: Steven M. Notinger, Esq.
                         NOTINGER LAW, P.L.L.C.
                         E-mail: steve@notingerlaw.com

In re Norma C. Granados
   Bankr. S.D.N.Y. Case No. 20-23101
      Chapter 11 Petition filed October 6, 2020
         represented by: Anne Penachio, Esq.

In re Magnus Industries, LLC
   Bankr. W.D. Okla. Case No. 20-13301
      Chapter 11 Petition filed October 6, 2020
         See
https://www.pacermonitor.com/view/A57GUFQ/Magnus_Industries_LLC__okwbke-20-13301__0001.0.pdf?mcid=tGE4TAMA
         represented by: Stephen J. Moriarty, Esq.
                         FELLERS, SNIDER ET AL
                         E-mail: smoriarty@fellerssnider.com

In re Double H Transportation LLC
   Bankr. W.D. Tex. Case No. 20-31055
      Chapter 11 Petition filed October 6, 2020
         See
https://www.pacermonitor.com/view/LUFKWUY/Double_H_Transportation_LLC__txwbke-20-31055__0001.0.pdf?mcid=tGE4TAMA
         represented by: Michael R. Nevarez, Esq.
                         THE NEVAREZ LAW FIRM, PC
                         E-mail: MRN@MRN4Law.com

In re Moises Rodriguez
   Bankr. W.D. Tex. Case No. 20-51713
      Chapter 11 Petition filed October 6, 2020
         represented by: Albert Van Cleave, Esq.

In re Sandra Maria Duran
   Bankr. S.D. Tex. Case No. 20-10231
      Chapter 11 Petition filed October 6, 2020
         represented by: Christopher Phillippe, Esq.


                            *********

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.

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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.

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