/raid1/www/Hosts/bankrupt/TCR_Public/201009.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, October 9, 2020, Vol. 24, No. 282

                            Headlines

4202 KI TOV: Seeks to Move Exclusivity Periods Thru Oct. 23
AFFORDABLE CARE: S&P Affirms 'CCC+' ICR; Outlook Negative
AFTERMASTER INC: Seeks to Hire Gellert Scali as Counsel
ALETHEIA RESEARCH: Trustee Asks to Let O'Melveny to Keep Legal Fees
ALL IN JETS: Files for Chapter 11 Bankruptcy Protection

ALLEGIANT TRAVEL: S&P Rates New $150MM Senior Secured Notes 'B+'
ALLENS INC: Principal Ordered to Pay $157K to Farmer
ALLIANT HOLDINGS: S&P Rates New Term Loan, Senior Secured Notes 'B'
ALMA DEL MAR: S&P Assigns BB 'ICR'; Outlook Stable
AMC ENTERTAINMENT: S&P Lowers ICR to 'CCC-' on Weak Liquidity

AMERIDIAN INDUSTRIES: Case Summary & 20 Top Unsecured Creditors
AMN HEALTHCARE: S&P Assigns 'BB-' Rating on New $325MM Senior Notes
ANTERO MIDSTREAM: S&P Alters Outlook to Stable, Affirms 'B-' ICR
API GROUP: Moody's Rates New $250MM 1st Lien Credit Facility 'Ba3'
AUXILIUS HEAVY: Sets Bidding Procedures for All Assets Sale

AVIANCA HOLDINGS: Offers Lofty Premium on $1.3-Bil. DIP Loan
AVIANCA HOLDINGS: Wins Court OK for DIP, JPMorgan & Goldman Fees
AYTU BIOSCIENCE: Incurs $13.6 Million Net Loss in Fiscal 2020
BLACKRIDGE TECHNOLOGY: Seeks Oct. 30 Plan Exclusivity Extension
BLACKWOOD REDEVELOPMENT: Oct. 15 Plan Confirmation Hearing Set

BLUE SKY LAND: Case Summary & 4 Unsecured Creditors
BRIGHTSTAR CORP: Moody's Assigns B1 CFR, Outlook Stable
BRP GROUP: S&P Assigns 'B' Issuer Credit Rating; Outlook Stable
CAH ACQUISITION 1: Solicitation Period Extended to November 15
CAH ACQUISITION 2: Plan Exclusivity Extended to November 17

CAH ACQUISITION 3: Plan Exclusivity Extended to November 14
CALIFORNIA PIZZA KITCHEN: Obtains No Bids, Puts Lenders as Owners
CALIFORNIA PIZZA: Committee Hires Kramer Levin as Counsel
CALIFORNIA PIZZA: Committee Hires Womble Bond as Co-Counsel
CALIFORNIA RESOURCES: Court OKs $7.2-Mil. Executive Bonuses

CBAC PROPERTIES: Hires Aztec Realty as Real Estate Broker
CEC ENTERTAINMENT: $2.3M Deal to Destroy 7-Bil. Prize Tickets OK'd
CEC ENTERTAINMENT: Obtains $200M Debtor-in-Possession Funding
CEC ENTERTAINMENT: Unsecureds Oppose Chuck E. Cheese Quick Sale
CEDAR FAIR: S&P Rates New $300MM Unsecured Notes 'CCC'

CENTRAL GARDEN: S&P Rates $400MM Senior Unsecured Notes 'BB'
CHAPARRAL ENERGY: RBC Is Admin. Agent in $300M Exit Financing
CHARM HOSPITALITY: Seeks to Hire Newmark Knight as Appraiser
CHESAPEAKE ENERGY: November 10 Auction of Mid-Con Assets
CHINOS INTERMEDIATE: S&P Assigns 'B-' ICR on Bankruptcy Emergence

CIRQUE DU SOLEIL: Garber Quits as Chairman; Lenders Take Ownership
COASTAL INTERNATIONAL: AHAC Wants Details on New Purchaser, Funder
COLUMBIA NUTRITIONAL: Sifton Industrial Objects to Amended Plan
COMMSCOPE HOLDING: S&P Cuts ICR to 'B-' on Continued High Leverage
DEAN & DELUCA: Court Extends Exclusivity Periods Thru Nov. 5

DELTA AIR: S&P Lowers Debt Ratings to 'BB+' on Added SkyMiles Debt
DETROIT, MI: S&P Assigns 'BB-' Rating to GO Bonds; Outlook Negative
DIGITAL ROOM: S&P Affirms B- ICR; Outlook Stable
DRIVETIME AUTOMOTIVE: S&P Upgrades ICR to 'B-'; Outlook Negative
DURA AUTOMOTIVE: UCC Has No Derivative Standing if Delaware LLC

DYNCORP INTERNATIONAL: S&P Places 'B+' ICR on Watch Negative
EAGLE ENTERPRISES: Can't Use Cash Collateral, Case Converted
EAST COAST COUNTERTOPS: Files for Voluntary Chapter 7 Bankruptcy
EDISON PRICE: Oct. 11 Auction of Substantially All Assets
ELECTRO RENT: S&P Downgrades ICR to 'B-'; Outlook Negative

ELIEZER C. RODRIGUEZ: Plea to Shorten Time on Property Sale Denied
ELLIE MAE: Fitch Withdraws B+ IDR on Reorganization, Outlook Neg.
EXIDE HOLDINGS: Pension Benefit Objects to Plan Releases
EXIDE HOLDINGS: Unsecured Creditors to Have 1% Recovery in Plan
FAULK PAINTING: Files Voluntary Chapter 7 Bankruptcy Petition

FIGUEROA LAW FIRM: Files for Voluntary Chapter 7 Bankruptcy
FIRST FRIENDLY AUTO: Files for Voluntary Chapter 7 Bankruptcy
FIRSTENERGY SOLUTIONS: Ohio AG Asks Court to Stop Payouts
FOREVER 21: US Trustee Opposes Bid to Rethink Chapter 7 Conversion
FORTERRA INC: S&P Upgrades ICR to 'B' on Better Leverage

FOUNDATION FOR INDIANA UNIVERSITY: S&P Cuts Bond Rating to 'BB-'
FREEDOM COMMUNICATIONS: Unsecureds Get Up to 5% in Committee Plan
FRONTIER COMMUNICATIONS: Prices $1.15B 1st Lien Notes Offering
G-STAR RAW: Australia Unit Closes All Stores
GARDEN OAKS: Judge Rules Homeowners Can Recover Transfer Fees

GENERAC POWER: S&P Alters Outlook to Positive, Affirms 'BB' ICR
GLOBAL EAGLE: $675M Lenders' Credit Bid Win Bankruptcy Auction
GNC HOLDINGS: Oct. 14 Plan Confirmation Hearing Set
H.B. FULLER: S&P Rates New $300MM Senior Unsecured Notes 'BB-'
HANNAH SOLAR: Georgia Power Objects to Disclosure Statement

HARBOR FREIGHT: S&P Alters Outlook to Stable, Affirms 'BB-' ICR
HELIX ACQUISITION: S&P Affirms 'CCC+' ICR on ASP Acquisition
HEMA UK: Seeks U.S. Recognition of UK Restructuring
HENRY VALENCIA: Court Extends Plan Exclusivity Thru Dec. 7
HERTZ GLOBAL: Drops $5.4 Million 2020 Executive Pay Plan

HIGHLAND CAPITAL: Solicitation Period Extended Thru Dec. 4
HVI CAT: Scheduling Order on Trustee's Sale of All Assets Entered
iANTHUS CAPITAL: Wins Court Approval for Its $169M Debt Plan
IBIO INC: Appoints John Delta as Principal Accounting Officer
IMERYS TALC: Cyprus Objects to Disc. Statement Lacks Documents

IQOR US: S&P Assigns 'BB' Rating to $50MM Secured DIP Term Loan
J. CREW GROUP: $1.6B Chapter 11 Debt-Equity Swap Plan Confirmed
J.C. PENNEY: Bankruptcy Judge Sets Ch. 11 Plan Hearing on November
J.C. PENNEY: Court Judge Asks Aurelius Group to Submit Rival Bid
J.CREW GROUP: Emerges From Chapter 11, Now Controlled by Anchorage

J2 GLOBAL: S&P Alters Outlook to Negative, Affirms 'BB' ICR
JASON INDUSTRIES: Settles Fight With Junior Creditors on Ch.11 Exit
JAZZ IT UP: Plan of Reorganization Confirmed by Judge
JDUB'S BREWING: Future Income, Asset Liquidation to Fund Plan
JILL ACQUISITION: Moody's Hikes CFR to Caa2 on Distressed Exchange

JILL ACQUISITION: S&P Raises ICR to 'CCC+' on Distressed Exchange
JOHN C. FLEMING: Trustee's $1.63M Sale of Chicago Property Approved
JUMBO DESIGN: Proposes Private Bulk Sale of Remaining Inventory
KINSER GROUP: Hires Kidder Matthews as Real Estate Appraiser
KNEL ACQUISITION: S&P Alters Outlook to Stable, Affirms 'B-' ICR

LADAN INC: Unsecured Creditors to Recover 8% Via Quarterly Payments
LAKELAND TOURS: Worldstrides Emerges from Chapter 11 Bankruptcy
LANDS' END: S&P Upgrades ICR to 'B-', Off CreditWatch Developing
LATAM AIRLINES: Faces Class Action in Bankruptcy on No-Show Policy
LBM BORROWER: S&P Alters Outlook to Stable, Affirms 'B+' ICR

LE TOTE: Urban Outfitters Asks Toss Suit Over Rental Service
LIBBEY GLASS: Asks Court to Extend Plan Exclusivity Thru Dec. 28
LIVINGSTON MED: Seeks to Hire Muller Smeberg as Counsel
LIZZA EQUIPMENT: US Trustee Says Disclosure Statement Vague
LSC COMMUNICATIONS: Sale of All Assets to ACR III Approved

LUCKY'S MARKET: Plan Exclusivity Period Extended Thru Oct. 16
MARAVAI TOPCO: S&P Affirms 'B-' ICR on Refinancing; Outlook Stable
MATCHBOX FOOD: Oct. 16 Auction for Substantially All Assets
MCCLATCHY CO: Gets Pension Reprieve Due to Cares Act
MERITAGE COMPANIES: Plans Moving Ahead Despite Bankruptcy

MKGFB INC: $218K Sale of Business Assets to Franklin Approved
MOORE & MOORE: Creditors to be Paid in Full in 5 Years Under Plan
NATURALSHRIMP INC: Extends F&T LOI Exclusivity Period Until Oct. 31
NEIMAN MARCUS:  Pathlight Capital Agents $125M FILO Facility
NEIMAN MARCUS: Completes Chapter 11 Process

NEIMAN MARCUS: Plans Comeback After Emerging from Chapter 11
NEOVIA LOGISTICS: S&P Upgrades ICR to 'CCC+'; Outlook Negative
NEW MOON ORLANDO: Files for Chapter 11 Bankruptcy Protection
NEXUS BUYER: S&P Affirms B- ICR, Cuts First-Lien Debt Rating to B-
NMG HOLDING: S&P Assigns 'CCC+' ICR on Bankruptcy Exit

NN INC: S&P Raises Issuer Credit Rating to 'B+'; Outlook Negative
NORPAC FOODS: To Pay Farmers a Quarter of What They're Owed
NORTHRIVER MIDSTREAM: S&P Lowers ICR to 'BB'; Outlook Stable
NORTHRIVER MIDSTREAM: S&P Rates New $525MM Sr. Secured Notes 'BB'
NORTHWEST CO: Sale to Ashford Textiles OK'd After $24M Revised Bid

NPC INT'L: A&G Marketing Leases for 163 Pizza Hut Branches
NPC INTERNATIONAL: Gets Court OK to Close 300 Pizza Hut Stores
NPC INTL: Court Denies Motion of Lawyer to Lift Automatic Stay
OASIS PETROLEUM: Aims to Quickly Emerge from Ch. 11 Reorganization
OMNIQ CORP: Partners with Zebra to Create Management System

OWENS & MINOR: Closes Public Offering of 8.47M Common Shares
OWENS & MINOR: S&P Hikes ICR to 'B+' on Lower Leverage Expectation
PENINSULA PACIFIC: S&P Affirms 'CCC+' ICR, Alters Outlook to Pos.
PQ NEW YORK: Unsecured Creditors to Have 2% to 5% Recovery in Plan
PSS INDUSTRIAL: S&P Downgrades ICR to 'CCC+'; Outlook Negative

PURDUE PHARMA: Asks Court to Extend Chapter 11 Shield to March
PURDUE PHARMA: Faces 49 Opioid Epidemic Suits From Different States
PURDUE PHARMA: U.S. Senators Urge Court to Reject CEO Bonuses
PYXUS INTERNATIONAL: Defends Itself Against Shareholder Claims
R.R. DONNELLEY: S&P Affirms 'B' ICR; Outlook Negative

RICKY AIR CONDITIONING: Files Voluntary Chapter 7 Petition
RITE GUIDE: Wants Plan Exclusivity Extended Thru Jan. 1
RUBY TUESDAY: Files for Chapter 11 Bankruptcy Protection
SAXON SHOES: Files for Chapter 11 Bankruptcy Protection
SEARS HOLDINGS: Asks Court to Reduce Creditor Claims

SEG HOLDING: S&P Assigns 'B' Issuer Credit Rating; Outlook Stable
SELMA, AL: S&P Withdraws 'BB+' SPUR on GO Warrants
SENG JEWELERS: Files for Chapter 11 Bankruptcy Protection
SHILOH INDUSTRIES: Hires Ernst & Young as Financial Advisor
SHILOH INDUSTRIES: Hires Prime Clerk as Administrative Advisor

SITO MOBILE: Case Summary & 20 Largest Unsecured Creditors
SMART BUSINESS 101: Files Voluntary Chapter 7 Bankruptcy Petition
SOURCE DIRECT: Files Voluntary Chapter 11 Bankruptcy Petition
SPRINGFIELD HOSPITAL: Plans Exit from Chapter 11 Bankruptcy
STURDIVANT TAYLOR: $800K Sale of All Assets to Rebecca Poe Approved

SUGAR FACTORY: $135K Sale of OD Liquor License to Cohen Approved
SUITABLE TECHNOLOGIES: Court Approves $400K Sale to Blue Ocean
SUMMIT MIDSTREAM: S&P Lowers Senior Secured Debt Rating to 'C'
TEAM SERVICES: Moody's Assigns B3 CFR, Outlook Stable
TRIUMPH GROUP: Amends $50 Million Securitization Facility

TROIANO TRUCKING: Weiss' Plea to Modify Assets Sale Order Withdrawn
ULTRA RESOURCES: Moody's Assigns B2 CFR, Outlook Stable
VALARIS PLC: Citibank Objects to Chapter 11 Debt-Swap Plan
VAREX IMAGING: S&P Assigns 'B' Long-Term ICR; Outlook Negative
VERITY HEALTH: Sale Saves Two Hospitals From Permanent Closure

VISTRA CORP: S&P Raises ICR to 'BB+' on Deleveraging; Outlook Pos.
VIVUS INC: Icahn Plan Back to Drawing Board
WARTBURG COLLEGE: Fitch Affirms 'BB-' IDR, Outlook Stable
Y TOWN TRUCKING: Files Chapter 7 Bankruptcy Petition
Y-SQUARE DESIGN: Files Voluntary Chapter 7 Petition

[*] At Least 18 Hospital Have Closed Since January
[*] Kramer Levin: Conflicting Rulings on Derivative Standing

                            *********

4202 KI TOV: Seeks to Move Exclusivity Periods Thru Oct. 23
-----------------------------------------------------------
4202 KI TOV LLC, requests the U.S. Bankruptcy Court for the Eastern
District of New York to extend the periods within which the Debtor
has the exclusive right to file and solicit acceptances to a
Chapter 11 plan of reorganization, through and including October
23, 2020, and December 22, 2020, respectively.

The Debtor and 4202 Partners, the Debtor's wholly-owned subsidiary,
intend to develop the property located at 4202 Ft. Hamilton
Parkway, Brooklyn, NY 11219, along with the contiguous real
property owned by the Debtor's affiliate/joint venturer, 4218
Partners LLC, to build a large commercial building whose tenants
are expected to include a major hospital, a health care facility
and a banquet hall, each of which will provide services that are
much needed by the local community.

The progress on the Project ground to a halt for more than four
months as a result of the COVID-19 pandemic, despite the efforts of
the Debtor, its affiliates, and their principals toward fulfilling
their goal of developing the Properties.  They have invested
millions of dollars in the process and continue to invest their
funds on an ongoing basis.

The Debtor also noted that the denial of an application for parking
has further delayed progress. The State of New York is still
subject to a disaster emergency and related executive orders, and
economic activity remains largely frozen. This is an extremely
difficult and unusual environment in which to do business, the
Debtor said.

The Debtor pointed out that its case is completely linked with the
case of its subsidiary, 4202 Partners, as well as the cases of two
other debtors involved in the 4218 Property. Any plan of
reorganization for the Debtor will necessarily be dependent on and
part of, a plan of reorganization for 4202 Partners and well as the
4218 Property debtors.

The Debtor said these circumstances warrant an extension of the
Exclusive Periods to the same dates that apply to 4202 Partners and
the other affiliated debtors. Using the same Exclusive Periods for
all of the related debtors will minimize unnecessary administrative
expenses and is appropriate in light of the fact the four debtors
are all dependent on the development of the Project and will
ultimately file a joint plan of reorganization (or identical plans
of reorganization). Further, the requested extension is well within
the range of similar relief granted by courts in this district
under similar circumstances.

The Exclusive Filing Period for 4202 Partners expires October 23,
2020, and the Exclusive Solicitation Period expires December 22,
2020, absent an extension.

By Order dated June 19, 2020, the Court extended the exclusivity
periods to file and solicit acceptances to a Chapter 11 plan of
reorganization, through and including September 25, 2020, and
November 24, 2020, respectively.

                     About 4202 KI TOV LLC

4202 KI TOV LLC is engaged in real estate-related activities.

4202 KI TOV LLC filed its voluntary petitions under Chapter 11 of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 20-40573) on Jan. 29,
2020. In the petition signed by Samuel Pfeiffer, manager, 4202 KI
TOV estimates $250,000 in assets and $12,300,000 in liabilities.

The Debtor's wholly-owned subsidiary, 4202 Partners LLC, filed June
25, 2020, its own Chapter 11 Petition.

Nathan Schwed, Esq. at ZEICHNER ELLMAN & KRAUSE LLP represents the
Debtors as counsel. The Honorable Nancy H. Lord oversees the case.


The Debtor hired Zeichner Ellman & Krause LLP, as its attorneys.



AFFORDABLE CARE: S&P Affirms 'CCC+' ICR; Outlook Negative
---------------------------------------------------------
S&P Global Ratings affirmed the 'CCC+' rating on Affordable Care
Holding Corp. and removed it from CreditWatch, where the rating
agency placed it with negative implications March 30, 2020. S&P's
negative outlook reflects its view that dental industry demand
remains susceptible to the risk of the ongoing spread of
coronavirus cases.

Affordable Care's liquidity position has improved, reducing the
risk for a downgrade.  Second-quarter revenues were impaired by
temporary clinic closures, with revenues declining 44% compared to
the second quarter of 2019. They troughed in April, with complete
closure of the network practices. As state economies started to
reopen and dental procedures resumed in May, an uptick in demand
resulted in about 115% of prior year same period revenues in July.

Affordable Care also decreased variable costs such as salaries and
benefits, lab expenses, and other selling, general, and
administrative expenses. It also reduced growth initiatives and
capital expenditures (capex) to preserve cash. The company's
liquidity position also improved as a result of an additional term
note issuance of $40 million in July.

Affordable Care had about $70 million cash on the balance sheet as
of June 30, 2020, and repaid the revolver at the end of July,
giving it $50 million of revolver availability. S&P expects the
company to have adequate liquidity to cover its fixed costs,
including second-lien cash interest (which was temporarily turned
into payment-in-kind in March 2020 and will resume as cash payment
in the third quarter).

Although S&P now projects Affordable Care's performance could be
similar to 2019 by 2021 given the recent improvement, the
longer-term impact of the pandemic remains uncertain.  While
revenues ramped up in the summer as clinics reopened and patient
volumes increased, it believes that after fulfilling the pent-up
demand from closures earlier, there is still risk to demand
sustainability during the pandemic. Until there is a vaccine or
cure for COVID-19, the longer-term impact of any potential change
in patient behavior will remain uncertain. But since Affordable
Care's patients are the population lacking teeth, its services are
viewed as less discretionary and deferrable than preventative
procedures.

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

-- Health and safety

S&P's negative outlook reflects its view that the dental industry
remains susceptible to the risk of the ongoing spread of
coronavirus cases.

"We would consider a downgrade if performance weakens for a
prolonged period with no improvement prospect, leading to sustained
negative free cash flow and increased risk that the company could
not refinance its debt as it comes due. In our view, this scenario
could result in a liquidity shortfall in the next 6-12 months," S&P
said.

"We could revise the outlook to stable if we become more confident
that same-store visits have stabilized, resulting in leverage of
about 11x-12x, similar to pre-pandemic levels," the rating agency
said.


AFTERMASTER INC: Seeks to Hire Gellert Scali as Counsel
-------------------------------------------------------
Aftermaster, Inc., seeks authority from the U.S. Bankruptcy Court
for the District of Delaware to employ Gellert Scali Busenkell &
Brown, LLC, as counsel to the Debtor.

Aftermaster, Inc., requires Gellert Scali to:

   (a) provide the Debtor with advice and prepare all necessary
       documents regarding debt restructuring, bankruptcy and
       asset dispositions;

   (b) take all necessary actions to protect and preserve the
       Debtor's estate during the pendency of its Chapter 11
       case, including the prosecution of actions by the Debtor
       and the defense of actions commenced against the Debtor,
       negotiations concerning litigation in which the Debtor
       are involved and objecting to claims filed against the
       estate;

   (c) prepare on behalf of the Debtor, as debtor-in-possession,
       all necessary motions, applications, answers, orders,
       reports and papers in connection with the administration
       of this chapter 11 case;

   (d) counsel the Debtor with regard to their rights and
       obligations as debtor-in-possession;

   (e) appear in Court and to protect the interests of the Debtor
       before the Court; and

   (f) perform all other legal services for the Debtor which may
       be necessary and proper in this proceeding.

Gellert Scali will be paid at these hourly rates:

     Charles J. Brown, III           $460.
     Michael Busenkell               $460
     Ronald S. Gellert               $460
     Associates/Of Counsel       $250 to $295
     Paraprofessionals           $100 to $190

Charles J. Brown, III, Esq., a partner at Gellert Scali Busenkell &
Brown, LLC, attests that his firm is a "disinterested person" as
that term is defined in Section 101(14) of the Bankruptcy Code.

Gellert Scali can be reached at:

     Charles J. Brown, III, Esq.
     GELLERT SCALI BUSENKELL & BROWN, LLC
     1201 N Orange St., Suite 300
     Wilmington, DE 19801
     Tel: (302) 425-5800

                     About Aftermaster Inc.

Aftermaster, Inc. -- https://aftermaster.com -- is an audio
technology company that specializes in the development of
proprietary and groundbreaking audio technologies and products.
Aftermaster is a groundbreaking and revolutionary audio technology
developed for mastering, re-mastering and processing of audio.

Aftermaster, Inc., based in Los Angeles, CA, filed a Chapter 11
petition (Bankr. D. Del. Case No. 20-12017) on Aug. 28, 2020.  In
the petition signed by CEO Larry Ryckman, the Debtor disclosed
$436,707 in assets and $7,200,738 in liabilities.  The Hon. John T.
Dorsey presides over the case.  GELLERT SCALI BUSENKELL & BROWN,
LLC, serves as bankruptcy counsel to the Debtor.


ALETHEIA RESEARCH: Trustee Asks to Let O'Melveny to Keep Legal Fees
-------------------------------------------------------------------
Law360 reports that Aletheia Research and Management's bankruptcy
trustee asked the Ninth Circuit Oct. 6, 2020, to reverse a judgment
allowing O'Melveny & Myers LLP to keep over $9. 4 million it was
paid for legal services, arguing the trial judge erred in finding
his bankruptcy claims had been resolved in an arbitration over
malpractice claims.

In a 61-page opening brief, Aletheia's trustee, Jeffrey I. Golden,
argued the trial judge made a mistake by concluding his bankruptcy
claims were collaterally estopped, or barred from being
relitigated, by the arbitration award in the firm's favor. "The
malpractice claims have no bearing on this appeal," the brief says.


                    About Aletheia Research

Aletheia Research and Management, Inc., filed a bare-bones Chapter
11 petition (Bankr. C.D. Cal. Case No. 12-47718) on Nov. 11, 2012.
Attorneys at Greenberg Glusker represent the
Debtor.  Avant Advisory Group, LLC, is the financial advisor. The
board voted in favor of a bankruptcy filing due to the Company's
financial situation and ongoing litigation.

According to the list of top largest unsecured creditors, Proctor
Investments has unliquidated and disputed claims of $16 million on
account of pending litigation. The Debtor disclosed $6,492,105
in assets and $17,457,458 in liabilities as of the Chapter 11
filing.

An official committee of unsecured creditors was appointed in
December 2012. The Committee is represented by Pachulski Stang
Ziehl & Jones LLP while Brandlin & Associates provides financial
advisory services.

Jeffrey I. Golden was appointed as Chapter 11 Trustee in January
2013. Baker & Hostetler LLP is the Trustee's special counsel and
Ernst & Young LLP is his advisory services provider.

As previously reported by The Troubled Company Reporter, on April
5, 2013, citing Bill Rochelle, the bankruptcy columnist for
Bloomberg News, reported that the U.S. Bankruptcy Judge in Los
Angeles granted the request of the Chapter 11 trustee and converted
Altheia's case to liquidation in Chapter 7.


ALL IN JETS: Files for Chapter 11 Bankruptcy Protection
-------------------------------------------------------
Curt Epstein of AIN Online reports that charter aircraft operator
All In Jets, doing business as Jet Ready, has filed Chapter 11
reorganization bankruptcy.

The mainly large-cabin provider is based in Florida but has had its
principal place of business or principal assets in the Southern New
York district for the past six months.

According to an industry source, the company operates a fleet of
leased aircraft including four Gulfstream GIVs, two GIV-SPs, and a
Bombardier Challenger 601-3A. Also affiliated with Jet Ready are
three additional GIV-SPs, another GIV, and a pair of Hawker 800As.
Most of the aircraft have liens against them.

In its August 9 filing, it had assets of between $500,000 and $1
million and estimated liabilities of between $1 million and $10
million.

The company's unsecured creditors span all aspects of business
aviation, with the largest debt owed to Florida aviation law
specialists Jarvis & Associates ($758,258). Other major claimants
include maintenance providers such as Just Jets Services
($504,084), fuel providers and FBOs—World Fuel Services
($513,777), Atlantic Aviation ($393,866), and Apex Jet Center
($151,848)—training provider CAE ($166,952), trip support
provider Jetex ($129,654), OEM Gulfstream ($105,775), and fellow
charter providers Jetright ($252,876) and Pegasus Elite Aviation
($123,820). Court documents also show nine other companies and
agencies owed varying amounts between $62,653 and $132,926.

                         About All In Jets

All In Jets, LLC -- https://www.flyjetready.com/ -- is a private
jet charter operator and aircraft management company offering
flights worldwide with a floating charter fleet of heavy to
midsize
jets including Gulfstream GIVSPs, Gulfstream GIVs, Challenger 601s
and Hawker 800 models.

All In Jets, LLC d/b/a Jet Ready, based in New York, NY, filed a
Chapter 11 petition (Bankr. S.D.N.Y. Case No. 20-11831) on Aug. 9,
2020.  In the petition signed by Seth Bernstein, member, the Debtor
was estimated to have $500,000 to $1 million in assets and $1
million to $10 million in liabilities.  The Hon. Michael E. Wiles
presides over the case.  CIARDI CIARDI & ASTIN, serves as
bankruptcy counsel.


ALLEGIANT TRAVEL: S&P Rates New $150MM Senior Secured Notes 'B+'
----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and '2'
recovery rating to U.S.-based leisure travel company Allegiant
Travel Co.'s proposed $150 million senior secured notes due 2024.
The '2' recovery rating indicated S&P's expectation for substantial
recovery (70%-90%; rounded estimate: 75%) in the event of a
default. The company will use the proceeds from these notes to
supplement its current liquidity position.

"Our issue-level rating on Allegiant's existing $545.5 million term
loan B remains at 'B+'. Our '2' recovery rating is unchanged,
though we revised our rounded estimate to 75% from 85% based on the
company's higher debt level," S&P said.

The proposed notes will be secured on a pari passu basis with the
existing term loan B, with a first-lien on all of the assets of the
borrower other than aircraft and spare engines. The facility will
be guaranteed by all of Allegiant Travel Co.'s subsidiaries other
than Sunseeker Resorts Inc. The notes will also be co-terminus with
the term loan with a maturity date of February 2024. Because the
collateral excludes aircraft and aircraft engines, S&P views the
new notes as nominally secured and treat them as effectively
unsecured (similar to how the rating agency treats the existing
term loan B).

S&P's 'B' issuer credit rating on Allegiant is unchanged and
continues to reflect its relatively small market share in the U.S.
airline industry and low-operating-cost structure. The negative
outlook reflects the uncertainty around when air travel volumes
will normalize following the COVID-19 pandemic and the extent to
which Allegiant's credit metrics will improve.

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P assigned its '2' recovery rating to Allegiant Travel Co.'s
$150 million senior secured notes. This indicates its expectation
for substantial recovery (70%-90%; rounded estimate: 75%) in the
event of a default.

-- S&P's '2' recovery rating on the company's $545.5 million term
loan B is unchanged, although S&P revised its rounded estimate to
75% from 85% because it is taking on additional pari passu debt.
Because the collateral on the term loan and proposed notes exclude
aircraft and aircraft engines, S&P views it as nominally secured
and treat it as effectively unsecured.

Simulated default assumptions

-- Year of default: 2023

-- S&P simulated default scenario assumes Allegiant would not
reorganize in bankruptcy and instead be liquidated.

-- S&P's valuations reflect its estimate of the value of various
assets at default based on net book value for current assets and
market appraisals for aircraft as adjusted for expected realization
rates in a distressed scenario.

Simplified waterfall

-- Net recovery value for waterfall after administrative expenses:
$1.2 billion

-- Valuation split (obligors/nonobligors): 100%/0%

-- Value distributed to aircraft secured and other first-lien
claims: $605 million

-- Value available to senior unsecured claims: $595 million

-- Estimated unsecured claims: $767 million

-- Recovery expectations: 70%-90% (rounded estimate: 75%)


ALLENS INC: Principal Ordered to Pay $157K to Farmer
----------------------------------------------------
Paul Gatling of Talk Business reports that Benton County judge has
ordered the principal of a former family-owned business in Siloam
Springs to pay a Prairie Grove farmer nearly $157,000, including
court costs, in a breach of contract lawsuit.

Circuit Judge Xollie Duncan ordered Nick Allen on Aug. 3 to pay
$156,765 in costs and attorney fees. Allen was the fourth
generation to work in a leadership role for family-owned Allens
Inc. The company, which dates back to 1926 and made canned and
frozen vegetables, filed a Chapter 11 petition for bankruptcy in
Fayetteville in October 2013, acknowledging a debt of more than
$280 million.

Judge Duncan's order stems from a May 2019 civil suit filed by Dave
Sargent of Prairie Grove, a retired dairy farmer who is now a
significant vegetable supplier to Walmart Inc. The complaint
initially listed Allen’s brother (Josh Allen) and parents
(Roderick and Teresa), but the court dismissed them as defendants
in October 2019.

In the complaint, Sargent said Allen hoped to get a contract for
his family's farm in western Benton County as a Walmart vegetable
grower. Allen asked Sargent in September 2015 to form a partnership
to get the Allen's foot in the door, promising Sargent a share of
any profits from a deal with Walmart.

They formed a partnership — the entities were All-Ag LLC and
Sargent Farms — and Sargent negotiated a $2 million produce
contract with Walmart. Sargent said he never received his share of
the $218,320 in profits (roughly $68,000) and other costs incurred
for unreturned farm equipment and farm supplies provided by
Sargent.

Judge Duncan found Allen in default earlier this year. Sargent
filed the case originally as a "pro se" matter.

"It took almost three years to file because Dave is not a litigious
individual by nature and he wanted and waited for the Allen's to do
the right thing," Fayetteville attorney Greg Payne, Sargent’s
lawyer in the matter, said in a statement. "We proceeded against
the only defendant in default since we were concerned with
collectability and the liability of Nick Allen was most certain.
Given the evidence and the fact that the Allen's failed to fulfill
their contractual obligations to Mr. Sargent, Judge Duncan made her
best effort to award an amount of damages that could be determined
with reasonable certainty. We're happy with that."

                        About Allens Inc.

Siloam Springs, Arkansas-based Allens, Inc., a maker of canned and
frozen vegetables in business since 1926, filed for bankruptcy
(Bankr. W.D. Ark. Case No. 13-73597) on Oct. 28, 2013, seeking to
sell some divisions or reorganize as a new company. Its affiliate,
All Veg Inc., also sought bankruptcy protection.

Bankruptcy Judge Ben T. Barry presides over the cases. The Debtors
are represented by Stan D. Smith, Esq., Lance R. Miller, Esq., and
Chris A. McNulty, Esq., at Mitchell, Williams, Selig,
Gates & Woodyard, P.L.L.C., in Little Rock, Arkansas; and Nancy A.
Mitchell, Esq., Maria J. DiConza, Esq., and Matthew L. Hinker,
Esq., at Greenberg Traurig, LLP, in New York. Jonathan Hickman of
Alvarez & Marsal North America, LLC, serves as the Debtors' chief
restructuring officer.  Cary Daniel, Nick Campbell and Markus
Lahrkamp of A&M serve as assistant CROs.  Lazard Freres & Co. LLC
and Lazard Middle Market LLC serve as investment bankers, while GA
Keen Realty Advisors, LLC, serves as real estate advisor to the
Debtors.

Allens Inc. scheduled $294,465,233 in total assets and $287,945,167
in total liabilities.

The Official Committee of Unsecured Creditors tapped Eichenbaum
Liles P.A.'s Martha Jett McAlister, Esq.; and Cooley LLP's Cathy
Hershcopf, Esq., Jeffrey L. Cohen, Esq., Seth Van Aalton, Esq., and
Robert B. Winning, Esq., as counsel.

On Feb. 12, 2014, the Court entered the order (i) authorizing and
approving the sale of substantially all of the assets of the Allens
Inc. to Sager Creek Acquisition Corp. -- which is owned by
investment funds controlled or advised by Sankaty Advisors LLC and
GB Credit Partners LLC -- free and clear of all liens, claims,
encumbrances, and interests; and (ii) approving the assumption and
assignment of certain of the Debtor's executory contracts and
unexpired leases. The sale closed Feb. 28.

The Associated Press said the assets will be sold to Sager Creek
for $124.78 million.  Katy Stech, writing for Daily Bankruptcy
Review, the investment vehicle won the bidding with a $160 million
offer, topping stalking horse bidder Seneca Foods Corp. at a
bankruptcy auction.  Seneca Foods signed an agreement to purchase
the Debtors' assets for $148 million plus assumption of specified
debt.

Counsel to the stalking horse purchaser is Tim C. Loftis, Esq., at
Jaeckle, Fleishmann & Mugel, LLP, in Buffalo, New York. Local
counsel to the stalking horse purchaser is Charles T. Coleman,
Esq., at Wright, Lindsey & Jennings, LLP, in Little Rock,
Arkansas.

The Troubled Company Reporter, on June 9, 2014, reported that the
U.S. Bankruptcy Court issued an order converting Allens' (nka Veg
Liquidation) Chapter 11 reorganization case to Chapter 7
liquidation status, following the Company's request for conversion.
Allen changed its name to Veg Liquidation Inc. after the sale of
its assets.


ALLIANT HOLDINGS: S&P Rates New Term Loan, Senior Secured Notes 'B'
-------------------------------------------------------------------
S&P Global Ratings said it assigned its 'B' debt rating to Alliant
Holdings Intermediate LLC's proposed $425 million incremental term
loan B due 2025 and proposed $425 million senior secured notes due
2025. S&P also assigned a '3' recovery rating to both issuances,
indicating an expectation of meaningful (50%-70%; rounded estimate:
55%) recovery in case of default.

The company is also issuing a fungible $350 million add-on to its
existing $990 million senior unsecured notes due 2027. The 'CCC+'
senior unsecured debt rating and '6' recovery rating (0%-10%;
rounded estimate: 0%) are unchanged. All other ratings, including
the 'B' issuer credit ratings on Alliant Holdings L.P. and Alliant
Holdings Intermediate LLC, are also unchanged by the new debt
issuances.

Alliant is issuing the proposed $1.2 billion in incremental debt as
part of an equity recapitalization with existing common equity
investors. Given the mix of new common equity and rollover equity
(with a cash distribution for the portion that does not roll over),
pro forma ownership will shift slightly within the existing
ownership base, which consists of management and employees, Stone
Point and co-investors, and Public Sector Pension and other
investors. After the transaction, funds managed by Stone Point will
remain Alliant's largest institutional shareholders, and Stone
Point will retain effective control through voting rights, while
the company's management and producers will continue to own the
majority of the firm.

As part of the transaction, an incremental preferred equity
investment of $177 million will also add to the company's existing
$423 million preferred equity investment. S&P continues to view the
preferred equity as debt in our ratios.

Alliant's S&P Global Ratings-adjusted leverage as of the last 12
months ended June 30, 2020, pro forma for the incremental debt,
deteriorates to 8.2x excluding preferred shares (9.7x including
preferred shares), from 6.5x before the issuances (7.2x including
the preferred shares). Pro forma for the issuances, EBITDA interest
coverage (including the preferred instrument, which has optional
cash or payment-in-kind interest) is about 2.1x for the 12 months
ended June 30, 2020. While notably weakened, these credit measures
remain within our tolerance levels for the rating. Further, S&P
expects notable de-leveraging throughout the rest of the year and
into 2021, based on the company's robust performance.

Consistent with its favorable track record, Alliant has performed
well thus far in 2020, despite the markedly worse market conditions
in light of the COVID-19 pandemic and the related economic
slowdown. Organic growth for the first half of the year was 10% as
strong retention and new business trends in its specialty niches,
continued lateral hire success, and favorable insurance rates
mitigated the macroeconomic challenges. The company's S&P Global
Ratings-adjusted margin for the 12 months ended June 30, 2020, also
remained favorable at 34.7%--slightly improved from 34.5% at
year-end 2019.



ALMA DEL MAR: S&P Assigns BB 'ICR'; Outlook Stable
--------------------------------------------------
S&P Global Ratings assigned its 'BB' issuer credit rating to Alma
del Mar Charter School (Alma), Mass. The outlook is stable.

The rating reflects S&P's view of Alma's:

-- Demand from the local community, as evidenced by the school's
strong retention and ability to grow while historically maintaining
its waitlist above the level of enrollment--although in the near
term social distancing has limited the school's ability to recruit
in person;

-- Sufficient liquidity position to withstand some of the
financial pressures associated with the pandemic and recession,
with over 100 days' cash on hand at the end of fiscal 2019;

-- Rapidly growing revenue base and enrollment, and

-- Good relationship with the charter authorizer.

The above strengths are offset by:

-- Weaker academic performance relative to state averages,
although Alma's academic performance is significantly higher than
that of the local school district;

-- Uncertainty related to the 2020 project's construction and
forecast enrollment growth;

-- A history of operating results near or below breakeven, with
consistent break-even operations not expected until fiscal 2022 at
the earliest as the school grows to capacity; and

-- The risk, common to charter schools, that Alma's charter could
be revoked or not renewed, prior to the maturity of its debt, which
extends well beyond the charter term.

Alma del Mar was founded in 2011, and is located in New Bedford, in
Bristol County, about 60 miles south of Boston.

"We view the risks posed by COVID-19 to public health and safety as
an elevated social risk for all charter schools under our ESG
factors. We believe this is a social risk for Alma due to its
dependence on state funds for most of its revenue, and there are
potential decreases in state funding beyond fiscal 2021 as a result
of recessionary pressures. Despite the elevated social risk, we
believe the school's environmental and governance risk are in line
with our view of the sector as a whole," S&P said.

The stable outlook assumes the school will be successful in
obtaining a five-year charter renewal prior to the expiration date
of June 30, 2021.

"The outlook also reflects our expectation that Alma's enrollment
will continue to increase, enabling the school to generate
operational surpluses, and maximum annual debt service coverage and
liquidity commensurate with those of rated peers," said S&P Global
Ratings credit analyst Peter Murphy. Despite the stable outlook,
the extent of the disruption from COVID-19 and the associated
recession are unknown, and additional unexpected impacts could
create further near-term pressure. S&P continues to monitor
developments and associated pressures as they take shape," S&P
said.

"We could take a negative rating action in the event Alma is unable
to manage growth into the new facility, leading to the school
missing enrollment projections, or due to construction delays. In
addition, we could lower the rating if financial metrics weaken
significantly due to deficit operating performance such that
maximum annual debt service coverage and liquidity do not remain in
line with the current rating level. We could also take a negative
rating action if the school's charter is not renewed in 2021,
although we believe the likelihood of non-renewal is remote," the
rating agency said.

S&P views a positive rating action as unlikely over the outlook
period, given the current recessionary environment, the school's
rapid expansion plan, and its high debt metrics.


AMC ENTERTAINMENT: S&P Lowers ICR to 'CCC-' on Weak Liquidity
-------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Kansas
City-based AMC Entertainment Holdings Inc. to 'CCC-' from 'CCC+'
and removed all the ratings from CreditWatch, where it placed them
with negative implications on Aug. 7, 2020. S&P also lowered its
issue-level rating on AMC's secured facilities to 'CCC' from 'B-'
and on its subordinated facilities to 'C' from 'CCC-'.

"The negative outlook reflects our view that a default, distressed
exchange, or redemption appears to be inevitable within six months,
absent unanticipated significantly favorable changes in the
issuer's circumstances," S&P said.

Without a dramatic increase in domestic theater attendance, S&P
believes AMC's liquidity will rapidly deteriorate over the next six
months. Even with the additional liquidity provided by new capital
and interest deferrals from AMC's recent debt restructuring, S&P
does not believe the company will have sufficient liquidity to
cover its fixed charges over the next six months. According to the
company, as of Aug. 31, 2020, it had a cash balance of $507.9
million, including $37.5 million in proceeds from the sale of its
Baltics theaters. AMC indicated that its cash burn accelerated to
approximately $115.2 million in the months of July and August due
to re-opening expenses and expects September to be roughly similar.
Now that the majority of its theaters are open and box office
receipts remain weak, S&P expects the company's cash burn will
remain elevated and could accelerate further over the remainder of
2020 unless there is a significant improvement in attendance levels
relative to the September box office. The company also announced
that it is seeking to raise capital through an offering of up to 15
million shares of its common stock. This would provide roughly $70
million of incremental liquidity at AMC's current share price, but
S&P does not believe it is enough to materially offset AMC's cash
burn over the next six months.

S&P expects continued weak performance for AMC because operating
conditions remain highly uncertain from the impact of COVID-19. As
a result of the pandemic, AMC closed its theaters between March and
late summer. Starting in August, AMC has reopened a majority of
theaters, albeit with limited seating. However, theaters in major
U.S. markets, including New York and Los Angeles, remain closed.
Even if those remaining theaters were to reopen, the lack of major
film releases (with the recent postponement of the release of Walt
Disney's "Black Widow" until 2021, the next major film release is
MGM's "No Time To Die" on Nov. 20) will likely result in low
theater attendance for some time. S&P also believes that with low
attendance, additional film releases might be moved out of 2020. As
a result, the rating agency expects that operating conditions for
cinema exhibitors will remain difficult, and AMC's free operating
cash flow (FOCF) will stay deeply negative until movie releases and
attendance pick back up.

The ongoing coronavirus pandemic will continue to have an impact on
theater attendance and consumer behavior into 2021. S&P anticipates
that global cinema attendance will recover much more slowly in the
fourth quarter of 2020 than the rating agency had previously
expected and now expects the impact of COVID-19 on theater
attendance to last well into 2021. This is due to the ongoing
pandemic, continued delays of film releases by major studios, and
the risk that global authorities could impose stricter lockdown
measures to limit local resurgences of the virus. S&P thinks cinema
attendance will remain constrained by consumers' health and safety
concerns and social-distancing measures until an effective
treatment or vaccine becomes widely available--which could be
around mid-2021--and will not recover to 2019 levels until 2022. In
addition, any potential second wave of the virus this winter could
force AMC to reclose its theaters.

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

-- Health and safety factors

"The negative outlook indicates our view that AMC could face a
liquidity shortfall over the next six months and that the company
could pursue a default, distressed exchange, or redemption, absent
unanticipated significantly favorable changes in the COVID-19
pandemic. We believe a liquidity crisis is all but inevitable even
if the company were to fully re-open all of its theaters, unless
there is a significant improvement in attendance over the remainder
of 2020," S&P said.

S&P could lower its ratings in the near term if:

-- Theater attendance did not improve, such that AMC experienced a
liquidity shortfall because it could not reduce its cash burn.

-- The company missed an interest payment and S&P did not expect
it to be paid within the grace period (S&P Global Ratings views
this as a default).

-- The company announced any type of debt restructuring that S&P
viewed as detrimental to the interest of the existing debtholders
(S&P Global Ratings views this as a selective default).

Although unlikely, S&P could raise the rating if AMC were able to
secure additional liquidity without further burdening its capital
structure and its cash generation improved following a stronger
recovery in cinema attendance and operating performance than it
currently expects.


AMERIDIAN INDUSTRIES: Case Summary & 20 Top Unsecured Creditors
---------------------------------------------------------------
Debtor: Ameridian Industries LLC
           DBA Pacific Torque
           DBA Orion Equipment
           FDBA Pacific Torque LLC
        18060 Des Moines Memorial Drive S
        Seattle, WA 98148-1950

Business Description: Ameridian Industries LLC dba Pacific Torque
                      offers sales, services and support for the
                      transmission, engine and powertrain
                      component manufacturers.  It is an
                      authorized distributor of remanufactured
                      Allison and ZF off-highway transmissions and

                      an authorized dealer for many respected
                      diesel and industrial engine manufacturers.
                      Orion Equipment is an authorized dealer of
                      Bell articulated dump trucks, Kobelco
                      excavators, Liebherr earthmoving & material
                      handling equipment, and Wacker Neuson
                      compact & light equipment.

Chapter 11 Petition Date: October 8, 2020

Court: United States Bankruptcy Court
       Western District of Washington

Case No.: 20-12550

Judge: Hon. Christopher M. Alston

Debtor's Counsel: Armand J. Kornfeld, Esq.
                  BUSH KORNFELD LLP
                  601 Union St., Suite 5000
                  Seattle, WA 98101-2373
                  Tel: (206) 292-2110
                  Email: jkornfeld@bskd.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Allan Van Ruiter, president & CEO.

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

https://www.pacermonitor.com/view/Y6T56NA/Ameridian_Industries_LLC__wawbke-20-12550__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Aramark Uniform Services, Inc.  Uniform Services           $333
c/o AUS West Lockbox
PO Box 101179
Pasadena, CA
91189-1179
Fax: (781) 423-9088
Email: ca_cas4@uniform.aramark.com

2. Bateman Manufacturing              Trade Debt            $2,861
5 Winstar Road                       (Equipment)
Oro Medonte, ON
L0L 2L0
Canada
Mark Vandenberg
Fax: (705) 487-5290
Email: mark@batemanmanufacturing.com

3. Constr. Equip. Guide               Sales and             $1,350
470 Maryland Drive                    Marketing
Fort Washington, PA 19034
Tel: (800) 523-2200

4. Dartco Transmissions Inc.          Trade Debt            $1,545
PO Box 2384
Indianapolis, IN 46206
JR Sellars
Fax: (714) 237-0911
Email: jrsellars@dartcotransmission.com

5. Department of Revenue              Excise Tax          $174,683
Compliance Division - Kent
20819 72nd Ave. S.
Suite 680
Kent, WA
98032-2381
Karen Bssi
Fax: (425)-656-5157
Email: karenb@dor.wa.gov

6. Drivelines N.W. Inc.              Trade Debt             $1,028
3116 First Hill Avenue
Everett, WA
98201-4519
David Lee
Fax: (425) 259-5973
Email: dlee@drivelinesnw.com

7. Fedex Freight                  Freight Shipping          $1,567
P.O. Box 10306
Palatine, IL
60055-0306
Tel: (870) 741-9000
Fax: (870) 365-3534

8. Indeco North America, Inc.        Trade Debt             $5,284
PO Box 0393
Bridgeport, CT
06601-0393
Michael Fisher
Fax: (203) 713-1040
Email: mfischer@indeco-breakers.com

9. Integrated Computer Systems      Professional            $1,025
Support, Inc.                         Support
8531 154th Avenue NE
Suite 110
Redmond, WA
98052-6296
Chris Faist
Fax: (425) 820-6420
Email: info@ics-support.com

10. Jubitz Fleet Services            Trade Debt             $3,042
PO Box 11251
Portland, OR 97211
Janvier
Tel: (503) 283-1111 ext. 4394
Email: jubitz.cs@jubitz.com

11. Kobelco Construction             Trade Debt           $205,256
Machinery U.S.A. Inc.
4690 World Houston, Parkway
Houston, TX 77032
Brad Hargrave
Fax: (281) 372-6529
Email: brad.hargrave@kobelco.com

12. Liebherr Mining &                 Equipment           $148,910
Construction Equipment, Inc.
4100 Chestnut Avenue
Newport News, VA 23607
Fax: (757) 928-8770
Email: lus-accountsreceivable@liebherr.com

13. Machinery Trader                  Sales and             $1,180
PO Box 85673                          Marketing
Lincoln, NE
68501-5673
Tel: (800) 247-4898

14. Napa Auto Parts                   Trade Debt            $1,698
File 56893
Los Angeles, CA
90074-6893
Fax: (770) 449-8817
Fax: (425) 251-9298

15. Pacific Power                     Trade Debt              $390
Group, LLC
PO Box 748720
Los Angeles, CA
90074-8720
Cindee Gannon
Fax: (360) 887-7401
Email: gannon@schwabe.com

16. Redmond Heavy Hauling, LLC       Professional           $1,765
PO Box 672                             Services
Prineville, OR 97754
Will Clark
Tel: (541) 447-5643
Fax: (541) 447-2190

17. Sutton Trucking LLC              Professional           $4,750
24300 Pacific Hwy. S.                  Services
Kent, WA 98032
Mike Hartford
Tel: (503) 255-7900
Email: mike@mwsutton.com

18. TLC Towing & Recovery, Inc.       Towing and            $1,765
4545 S. 11th WA                        Recovery
98642
Chris Rivers
Fax: (360) 887-9159
Email: tlctowing@qwestoffice.net

19. Waste Connections of WA           Solid Waste             $454
Vancouver District                    Collection,
#2010                                 Transfer, and
PO Box 7428                             Disposal
Pasadena, CA
91109-7428
Patrick Shea
Tel: (866) 892-9269
Email: lisaw@wcnx.org

20. Xtreme Pressure Wash                Pressure              $390
5600 Mount Solo Rd.                     Washing
Unit 52                                 Services
Longview, WA 98632
Carlos Partida
Tel: (360) 607-3518


AMN HEALTHCARE: S&P Assigns 'BB-' Rating on New $325MM Senior Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '5'
recovery rating to AMN Healthcare Services Inc.'s proposed $325
million 8 1/2-year notes.

The transaction is leverage-neutral as AMN plans to use the net
proceeds to refinance the existing $325 million 5.125% senior
notes. The '5' recovery rating indicates S&P's expectation for
modest (10%-30%; rounded estimate: 15%) recovery in the event of a
payment default.

"Our 'BB' issuer credit rating on AMN and negative outlook are
unchanged. The negative outlook reflects our view that the
company's financial policy may become more aggressive, with
leverage rising and remaining above its traditional 2x-3x target.
This view considers the recent acquisition of Stratus Video for
$475 million shortly after the $200 million acquisition of Advanced
Medical Personnel Services Inc. We believe AMN could continue to
seek merger and acquisition opportunities once its focus moves
beyond crisis management of the COVID-19 pandemic," S&P said.

"Additionally, we believe deleveraging could be delayed, with
leverage peaking higher in 2020 than we previously expected. Still,
we expect over the longer term that AMN will again prioritize debt
repayment over acquisitions and share buybacks," S&P said.


ANTERO MIDSTREAM: S&P Alters Outlook to Stable, Affirms 'B-' ICR
----------------------------------------------------------------
S&P Global Ratings affirmed the 'B-' issuer credit rating on Antero
Midstream Partners LP (Antero Midstream or AM) and revised the
outlook to stable from negative, which indicates that S&P thinks
its rating on AM would remain 'B-' even if upstream stress
worsens.

S&P said, "The stable outlook incorporates our view that S&P Global
Ratings'-adjusted leverage remains above 4x over the next few
years, while volumes grow incrementally year over year and the
company scales back its growth capital expenditure (capex) to
support cash flows."

"While we continue to view AM and AR as linked given the customer
relationship, we think AR lacks the ability to extract material
value from AM or file it into bankruptcy if conditions worsen for
the upstream company.As a result, if we think AR's capital
structure is becoming unsustainable, AM would still be able to
service its debt under our base-case scenario. Going forward our
rating on AR will not cap the rating on AM if the rating on AR
falls below 'B-'."

"Given the lack of commodity risk, we think volumetric risk is the
main concern for the midstream company and we don't expect
substantial volume declines. Furthermore, if AR seeks to
renegotiate its contracts with AM, we don't believe AM's leverage
would materially increase. As such, even in a severe downside
scenario, we would expect AM's standalone capital structure to
remain sustainable. Under our base-case scenario (no contract
renegotiation and stable volumes), leverage remains between 4x and
4.5x over the next few years."

"AM outperformed our expectations in the second quarter of 2020. AM
reported about $201 million in EBITDA, which beat our expectations.
Distributable cash flow was $152 million, helped by a significant
capex reduction, leading to distribution coverage of about 1x. We
expect a relatively high distribution level to remain untouched in
our base case, which drives the negative cash flows in our
forecast. We expect natural gas gathering and processing volumes to
increase year over year in 2020 based on performance so far this
year, but remain relatively flat going forward."

"On a separate note, the price environment has improved since we
last reviewed the midstream company. Our updated S&P commodity
price assumptions for Henry Hub natural gas are $2.75 per million
British thermal units (mmbtu) for the rest of 2020 and 2021, and
$2.50 per mmbtu for 2022 and beyond."

"The stable outlook on Antero Midstream reflects the current price
environment and its revenue exposure to Antero Resources. We
anticipate stable volumes over the next few years even in most
stress scenarios, which indicates that the capital structure will
remain sustainable. We forecast S&P Global Ratings'-adjusted debt
to EBITDA to be more than 4x over the next few years while
liquidity remains adequate."

"We could revise the outlook to negative if we think its capital
structure is unsustainable. While we consider this unlikely, this
could occur if the midstream company is unable to extend its
maturities, including its revolver due in October 2022 (unrated) or
if its EBITDA generation is likely to weaken materially based on
declining upstream margins, or declining volumes or rates. We could
also consider a lower rating if we believed Antero Resources is
able and willing to exert control over AM in a distressed
scenario."

"While unlikely at this time, we could take a positive rating
action on Antero Midstream if we take a positive rating action on
Antero Resources. This would likely be the result of improving
forecasted cash flows at AR or stronger commodity prices, in
particular prices for NGLs, while AM maintains current leverage and
adequate liquidity."


API GROUP: Moody's Rates New $250MM 1st Lien Credit Facility 'Ba3'
------------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to APi Group DE,
Inc.'s (APi) proposed $250 million incremental senior secured first
lien term loan credit facility due 2026. All other ratings for the
company remain unchanged. The outlook is stable.

The proceeds from the incremental credit facility will be used to
fund several already entered tuck-in acquisitions in the US and
aboard that will further expand the company's footprint in Europe
and strengthen its market position in safety services. Pro forma
for the tuck-in acquisitions, the proposed financing will increase
the company's leverage by approximately 0.4x turn of EBITDA. At
December 31, 2020, Moody's projects APi's debt-to-EBITDA (inclusive
of Moody's adjustments, which includes $637 million in
multi-employer pension liabilities (MEPP)) will be 5.3x. Excluding
the MEPP liabilities, Moody's projects APi's debt-to-EBITDA at year
end 2020 will be 4.1x.

"With the proposed financing, APi is opportunistically funding
inorganic initiatives at historically low LIBOR rates while
retaining significant financial flexibility by maintaining a large
cash balance," said Emile El Nems, a Moody's VP-Senior Analyst.
"However, with the slight increase in leverage APi is also
elevating its business risk profile."

The following rating actions were taken:

Assignments:

Issuer: APi Group DE, Inc.

Gtd Sr Sec 1st Lien Term Loan B, Ba3 (LGD3)

RATINGS RATIONALE

APi's Ba3 corporate family rating reflects the company's position
as a market leading business service provider of safety, specialty,
and industrial services in over 200 locations worldwide. In
addition, APi's credit rating is supported by its good liquidity
profile with no significant debt maturities until 2026, and a
commitment to a disciplined approach to balance sheet management.
At the same time, the rating takes into consideration the company's
exposure to cyclical end markets, the slight increase in leverage
and low EBITA margins. Governance characteristics considered for
APi, include willingness to maintain a net leverage target ratio of
2.0x to 2.5x (excluding Moody's adjustments).

The stable outlook reflects Moody's expectation that despite the
weak economic environment caused by the coronavirus outbreak, APi
will enjoy stable profitability, generate significant free cash
flow, maintain its solid cost control initiatives, and demonstrate
a continued disciplined approach to balance sheet management and
liquidity.

APi's SGL-2 Speculative Grade Liquidity Rating reflects Moody's
expectation that the company will maintain a good liquidity profile
over the next 12 months, generate substantial free cash flow and
maintain significant revolver availability. As of June 30, 2020,
APi's good liquidity profile is supported by (i) $377 million in
cash and (ii) $300 million first lien revolving credit facility
expiring October 2024, of which $230 million was available. The
company has no significant debt maturities due until October 2026
when its $1,450 million first lien senior secured term loan (amount
inclusive of the proposed incremental $250 million facility)
becomes due.

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

The ratings could be upgraded if:

  -- The company improves its free cash flow generation and
maintains its good liquidity profile

  -- Adjusted debt-to-EBITDA is below 3.5x for a sustained period

  -- Adjusted EBITA-to-Interest expense is above 4.5x for a
sustained period

  -- Retained cash flow-to-net debt is above 20%

The ratings could be downgraded if:

  -- The company's liquidity profile deteriorates

  -- Adjusted debt-to-EBITDA is above 4.5x for a sustained period

  -- Adjusted EBITA-to-Interest expense is below 3.0x for a
sustained period

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

Headquartered in in New Brighton, MN, APi Group Corporation is a
publicly traded company on the NYSE with the ticker symbol APG.
Measured by revenue, APi Group Corporation is the largest provider
of commercial life safety solutions and a top 5 specialty
contractor servicing the industrial and commercial end markets in
the U.S. with a broad customer base and a diversified revenue
stream. The company operates in over 200 locations and generates
over 95% of its revenue in North America, primarily in the United
States. Revenue and adjusted EBITA for the year ended December 31,
2019 were $4.1 billion and $283 million, respectively.


AUXILIUS HEAVY: Sets Bidding Procedures for All Assets Sale
-----------------------------------------------------------
Auxilius Heavy Industries, LLC, asks the U.S. Bankruptcy Court for
the Southern District of Indiana to authorize the bidding
procedures in connection with the auction sale of substantially all
of its assets, free and clear of liens.

Purdue Employees Federal Credit Union ("Pefcu") held the first and
best perfected security interest in the Assets on the Petition
Date.  On April 17, 2020, the Court approved the Debtor's Motion
for Authority to Obtain Secured Post Petition Financing on an
interim basis, and thereafter approved such financing on a final
basis on May 11, 2020.  By its financing Orders, the Court granted
the DIP lender, Clark Industries, LLC, a first and best security
interest in the Assets ahead of Pefcu.

As a result of such financing, the Debtor has generated cash and
accounts receivable well in excess of the DIP lender's claim so
that Pefcu remains fully secured in its subordinated security
position.  Besides these claims, the Debtor is not aware of any
other party who claims a security interest in the Assets.

The Debtor does not believe it can successfully reorganize but it
does believe there is a wide market for the Assets that will
generate a substantial return for creditors.  As a result, it
believes that an orderly liquidation of the Assets will benefit
both the Debtor and the bankruptcy estate.

The Debtor hired Ken Wolff of Richey, Mills & Associates, LLP as
its Financial Advisor to assist it in marketing the Assets, and to
advise on obtaining and presenting the highest and best bid for the
Assets to the Court.  Based on the level of demand the Financial
Advisor has encountered for the Assets, the Debtor believes it is
appropriate to advance the Motion and the sale procedure it
contemplates without employing a breakup fee mechanism as part of a
stalking horse bid.  The bid procedures reflect this conclusion.

The Debtor will accept offers to buy the Assets by sealed bid
auction with bids to be accepted until Oct. 12, 2020 with bids to
be sent to the Financial Advisor's office located at 3815 River
Crossing Pkwy. Suite 170, Indianapolis, IN 46240.  The auction may
be converted to a live open outcry auction in the discretion of the
Financial Advisor.  In the event that the auction is converted to a
live open outcry auction, the auction date will be set by the Order
approving the Debtor's Motion to Establish Bid Procedures being
filed at the same time as the Motion.  The auction will be
conducted pursuant to the bid procedures identified in the Motion
to Establish Bid Procedures.   

The Debtor submits that sound business justification exists to sell
the Assets at this time and in the manner proposed.  The Assets are
expected to bring substantially more than the secured debt owing to
Pefcu and the DIP Lender, thus allowing for a distribution to
general unsecured creditors, likely via a liquidating plan in the
case. While the Debtor has operated at a profit post petition,
there is no guarantee that can will persist or that continuing to
operate would enable the Debtor to make a meaningful payment to
creditors.

The Debtor asks that the Sale Order be effective immediately by
providing that the 14-day stay under Bankruptcy Rules 6004(h) is
waived so that the sale can close promptly.

By separate motion the Debtor is asking to include its assignable
executory contracts, including the lease for its primary operating
premises, to the Purchaser in the sale.  

The Debtor respectfully asks the Court enters an Order approving
the terms of the Auction Services Addendum and the Bidding
Procedures in their entirety.

It further asks approval of these material terms:

     a. In order to be eligible to bid or otherwise participate in
the Auction, each bidder must be determined, in the sole discretion
of the Financial Advisor and Debtor, to be a qualified Bidder.
Until such time the DIP Lender is paid in full, the Financial
Advisor and the Debtor will consult with the DIP Lender as to which
Bidders constitute as qualifying Bidders.

     b. Initial Earnest Money Deposit: 10% of the Bidder's initial
sealed bid amount, made payable to: Auxilius Heavy Industries, LLC,
c/o KC Cohen, Lawyer, PC, Trust Account.

     c. A Bidder's sealed bid must be accompanied by a term sheet
that describes all pertinent terms and conditions of the sale,
including but not limited to, any contingencies.

     d. A Bidder's sealed bid must include a statement from the
bidder that:  (i) the Bidder is not an insider of the Debtor; (ii)
the proposed sale represents an arms-length transaction between the
parties, made without fraud or collusion with any other person
(including any other prospective Bidder); and (iii) there has been
no attempt to take any unfair advantage of the Debtor such that the
Bidder may be deem to be purchasing the Assets in good faith.

     e. The winning bid will be subject to the approval of the DIP
Lender, Pefcu and any of their successors and assigns, but only to
the extent the proposed sale does not satisfy the claims of either
lender in full.  The Debtor and Financial Advisor agree that the
DIP Lender and Pefcu, and any of their successors or assigns have
an absolute right to credit bid up to the amount they are owed by
Debtor and may make its credit bid (including any combination of a
credit bid and a cash bid) at any time prior to the acceptance of
the winning bid.   

     f. The Assets will be available for physical inspection on a
specific date or dates at specific times established by agreement
with the Financial Advisor.  

     g. Sealed Bid Deadline: Oct. 12, 2020.  Each Bidder must
submit the Initial Earnest Money Deposit with the signed Business
Asset Sale Agreement.  The High Bidder will further be required to
deposit additional funds, so that the Initial Earnest Money
Deposit, together with the Additional Earnest Money, will be equal
to 10% of the Total Purchase Price, within three business days
after the Seller's acceptance of the Purchase and Sale Agreement.

     h. Bids must conform to the form of Business Asset Sale
Agreement available in the Data Locker in order to be considered a
conforming bid.  Any modifications to the Business Asset Sale
Agreement must be submitted for approval not later than six
business days prior to the Sealed Bid Deadline.  The Seller will
respond to such modifications not later than three business days
prior
to the Sealed Bid Deadline.  If accepted by the Seller, the
Business Asset Sale Agreement, as so modified, will be deemed a
conforming bid for that Bidder.

     i. All sealed bids will be irrevocable for 10 business days
commencing the day after the Sealed Bid Deadline.

     j. Bids will be considered for acceptance by the following
criteria: (i) highest Total Purchase Price; (ii) proof of Bidder's
financial wherewithal and ability to close; and (iii) earliest
closing date.

      k. At the sole discretion of the Financial Advisor, and with
the input of the Debtor, the auction may be converted to a live
open outcry auction, to be conducted on Oct. 26, 2020.

                     About Auxilius Heavy

Based in Carmel, Indiana, Auxilius Heavy Industries, LLC is a
privately held company that operates in the wind industry.  The
company offers wind turbine services, including blade inspections
and repairs, end of warranty inspections, turbine cleaning, and
supplemental manning. The company serves wind farms located in  the
following states: California, Colorado, Illinois, Indiana, Iowa,
Michigan, Nebraska, New Mexico, Texas, and Pennsylvania. It also
has offices located in Los Angeles, CA; Bradfod, Illinois, and
Fowler, Indiana.

The company filed for chapter 11 bankruptcy protection (Bankr. S.D.
Ind. Case No. 20-01963) on March 26, 2020, with total assets of
$639,911 and total liabilities of $2,025,877. The petition was
signed by Michael Kidwel, president.

The Hon. James M. Carr presides over the case.  

The Debtor tapped KC Cohen, Lawyer, PC as its legal counsel and
Sanders Tax Service as its accountant.  Ken Wolff and Stan Mills of
Richey, Mills & Associates, LLP serve as the Debtor's financial
advisor and forensic accountant.


AVIANCA HOLDINGS: Offers Lofty Premium on $1.3-Bil. DIP Loan
------------------------------------------------------------
Avianca Holdings SA is offering one of the highest premiums on a
$1.3 billion debtor-in-possession loan it's seeking to sell as part
of its restructuring after the Covid-19 air travel crisis forced
the company into bankruptcy.

The airline, one of the biggest in Latin America, is offering
potential lenders a spread of at least 10% over the London
interbank offered rate and a discounted price of 98, according to
people with knowledge of the matter.

The spreads are among the highest for a large syndicated DIP loan,
according to data compiled by Bloomberg.

                    About Avianca Holdings SA

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.


AVIANCA HOLDINGS: Wins Court OK for DIP, JPMorgan & Goldman Fees
----------------------------------------------------------------
Jeremy Hill of Bloomberg News reports that Avianca Holdings SA won
court approval Wednesday, August 19, 2020, of certain fees to be
paid to JPMorgan Chase Bank NA and Goldman Sachs Lending Partners
LLC for arranging a $900 million bankruptcy loan.

"We are very much in a critical period with respect to the market
to be able to fill the book," Evan Fleck of Milbank says of the
loan on behalf of Avianca.

"People are literally working day and night," he says.

                  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.


AYTU BIOSCIENCE: Incurs $13.6 Million Net Loss in Fiscal 2020
-------------------------------------------------------------
Aytu Bioscience, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$13.62 million on $27.63 million of total product revenue for the
year ended June 30, 2020, compared to a net loss of $27.13 million
on $7.32 million of total product revenue for the year ended June
30, 2019.

As of June 30, 2020, the Company had $152.84 million in total
assets, $57.82 million in total liabilities, and $95.01 million in
total stockholders' equity.

             Fourth Quarter Fiscal 2020 Financial Highlights

   * Q4 Net Revenue increased 82% sequentially, and 766% year-
     over-year to $14.9 million

   * Highest revenue quarter to date is more than 2X entire
     fiscal 2019 revenue

   * Q4 Consumer Health Net Revenue was $6.9 million, compared to
     $3.5 in Q3

   * Q4 Rx Net Revenue was $7.9 million, compared to $4.7 in Q3

   * Q4 net loss of ($3.1) million and Q4 Adjusted EBITDA of
    ($1.7) million

  * Cash, cash equivalents and restricted cash of $48.3 million
    on June 30, 2020, after fully extinguishing the $15 million
    Deerfield balloon payment obligation.

Commenting on the fourth quarter of fiscal 2020, Josh Disbrow,
chief executive officer of Aytu BioScience, stated, "Revenue
increased exponentially in Q4 2020, to $14.9 million, compared to
$1.7 million for Q4 2019.  It is important to note that this was
the first full quarter of revenue from the combined Aytu and
Innovus businesses, along with the Cerecor assets.  Turning to the
bottom line, adjusted EBITDA loss was reduced to just $1.7 million
for Q4 2020, compared to a $3.7 million adjusted EBITDA loss for Q4
2019.  On the balance sheet, with approximately $48.3 million in
cash, cash equivalents and restricted cash after paying $15 million
to fully extinguish the Deerfield balloon payment previously due
January 2021, we have less than $1 million of debt, and at current
spending levels, we believe we have sufficient runway to reach
profitability."

Mr. Disbrow continued, "Taking a closer look at the top line, both
of our revenue streams, from the Consumer Health and Rx segments,
performed well.  On the Consumer Health side, we generated $6.9
million in revenue, an increase compared to Q3. Contributing to
those results was organic growth within our core Consumer Health
product lines of diabetes care, sexual wellness and bladder health.
Additionally, we strengthened our e-commerce business for Consumer
Health.  Furthermore, our newly launched Consumer Health product,
Regoxidine, an over-the-counter foam formulation of minoxidil for
hair regrowth, is on track to contribute revenue in excess of seven
figures in its first 12-months from launch."

Mr. Disbrow added, "On the Rx side, revenue was $7.9 million, a
significant increase compared to Q3. Contributing to Rx revenue was
solid contribution from the pediatric franchise.  Additional value
was created with Natesto gaining preferred status on Express
Scripts' national formulary and the Natesto spermatogenesis study
results published in the Journal of Urology, both of which we
expect to drive prescription growth in the coming quarters.
Organic Rx growth was fueled by a relatively balanced contribution
across our key products and improved sales execution.  Despite the
impact COVID has had on physician office access, Q4 represented a
record revenue quarter for our Rx business and significant growth
over the previous quarters.  This is a strong statement about our
field execution and clinical value of our products, and I'm pleased
to see our call levels now picking back up to near normal in the
current quarter to further drive prescription growth."

Mr. Disbrow concluded, "At $14.9 million in record quarterly
revenue, with a narrowed Adjusted EBITDA loss, $48.3 million of
cash, cash equivalents and restricted cash on the balance sheet,
the addition of the Healight opportunity for COVID-19 and future
potential non-COVID-19 applications, and our addition to the
Russell 2000, we have strong momentum to grow shareholder value in
fiscal 2021 and onward."

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

https://www.sec.gov/Archives/edgar/data/1385818/000165495420010891/aytu_10k.htm

                      About Aytu BioScience

Englewood, Colorado-based Aytu BioScience, Inc. (OTCMKTS:AYTU) --
http://www.aytubio.com-- is a commercial-stage specialty
pharmaceutical company focused on commercializing novel products
that address significant patient needs.  The company currently
markets a portfolio of prescription products addressing large
primary care and pediatric markets.  The primary care portfolio
includes (i) Natesto, an FDA-approved nasal formulation of
testosterone for men with hypogonadism, (ii) ZolpiMist, an
FDA-approved oral spray prescription sleep aid, and (iii) Tuzistra
XR, an FDA-approved 12-hour codeine-based antitussive syrup.

Aytu Bioscience reported a net loss of $13.62 million for the year
ended June 30, 2020, compared to a net loss of $27.13 million for
the year ended June 30, 2019.  As of June 30, 2020, the Company had
$152.84 million in total assets, $57.82 million in total
liabilities, and $95.01 million in total stockholders' equity.


BLACKRIDGE TECHNOLOGY: Seeks Oct. 30 Plan Exclusivity Extension
---------------------------------------------------------------
Blackridge Technology International, Inc. and its affiliates ask
the U.S. Bankruptcy Court for the District of Nevada to extend the
Debtors' exclusive period to file a Chapter 11 plan of
reorganization from September 30, 2020, to and including October
30, and to obtain acceptance of a filed plan from December 31,
2020, to and including February 1, 2021.

The Debtors said they have worked diligently to propose a plan and
the proposed extension is neither indefinite nor intended to force
a creditor to accept an undesirable plan.

According to the Debtor, it would be premature to file a plan at
this juncture, considering it is still in negotiations to sell
their assets. Assuming a successful outcome of the sale of all the
Debtors' assets, which sale hearing is currently set for October
27, 2020, at 3:00 p..m,  the Debtors should have a better
understanding of their plan projections and will be able to
formulate a feasible plan of reorganization based on the funds
brought into the estates from the sale of their assets.

A hearing on the Debtor's request is set for October 27.

           About Blackridge Technology International

Blackridge Technology International develops, markets, and supports
a family of products that provide a next-generation cybersecurity
solution for protecting enterprise networks and cloud services.

Blackridge Technology International filed a voluntary Chapter 11
petition (Bankr. D. Nev. Case No. 20-50314) on March 13, 2020. In
the petition signed by Robert J. Graham, president, the Debtor
estimated $10 million to $50 million in both assets and
liabilities.  

Judge Bruce T. Beesley oversees the case.  Stephen R. Harris, Esq.,
at Harris Law Practice LLC, is the Debtor's legal counsel. The
Debtor also tapped Patagonia Capital Advisors as their investment
banker.


BLACKWOOD REDEVELOPMENT: Oct. 15 Plan Confirmation Hearing Set
--------------------------------------------------------------
On Aug. 19, 2020, debtor Blackwood Redevelopment Co. Inc. filed
with the U.S. Bankruptcy Court for the District of New Jersey a
disclosure statement referring to a plan.

On Aug. 20, 2020, Judge Jerrold N. Poslusny, Jr. approved the
disclosure statement and ordered that:

   * Written acceptances, rejections or objections to the plan
referred to above shall be filed with the attorney for the plan
proponent not less than seven (7) days before the hearing on
confirmation of the plan.

   * Oct. 15, 2020 at 10:00AM is fixed as the date and time for the
hearing on confirmation of the plan.

A full-text copy of the order dated August 20, 2020, is available
at https://tinyurl.com/y3ryewzh from PacerMonitor at no charge.

                 About Blackwood Redevelopment

Blackwood Redevelopment Co. Inc., based in Blackwood, NJ, filed a
Chapter 11 petition (Bankr. D.N.J. Case No. 19-15937) on March 25,
2019.  In the petition signed by Daniel Riiff, president, the
Debtor disclosed $1,400,000 in assets and $4,342,768 in
liabilities.  Scott H. Marcus, Esq., at Nehmad Perrillo Davis &
Goldstein, PC, serves as bankruptcy counsel to the Debtor.


BLUE SKY LAND: Case Summary & 4 Unsecured Creditors
---------------------------------------------------
Debtor: Blue Sky Land Company, LLC
        7023 Paso Robles Dr.
        Oakland CA 94611

Business Description: Blue Sky Land Company, LLC is a Single Asset
                      Real Estate debtor (as defined in 11 U.S.C.
                      Section 101(51B)).  The company is the owner
                      of fee simple title to a property located at
                      5900 Warehouse Way Sacramento, CA, having an
                      appraised value of $3 million.

Chapter 11 Petition Date: October 8, 2020

Court: United States Bankruptcy Court
       Northern District of California

Case No.: 20-41624

Judge: Hon. Roger L. Efremsky

Debtor's Counsel: Scott Jordan, Esq.
                  JORDAN LAW OFFICE, A.P.C.
                  18 Crow Canyon Court
                  Suite 280
                  San Ramon, CA 94583
                  Tel: (925) 913-0275
                  Email: sjordan@sjordanlaw.com

Total Assets: $3,000,300

Total Liabilities: $4,501,432

The petition was signed by Jacobo Small, managing member.

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

https://www.pacermonitor.com/view/ZZUUOXI/Blue_Sky_Land_Company_LLC__canbke-20-41624__0001.0.pdf?mcid=tGE4TAMA


BRIGHTSTAR CORP: Moody's Assigns B1 CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service assigned new ratings to Brightstar Corp.
(New) with a corporate family rating ("CFR") of B1 and a
probability of default rating ("PDR") of B1-PD. Concurrently,
Moody's assigned a B2 rating to the issuer's proposed $420 million
senior secured bond offering. The proceeds from this debt issuance
will be used to partially fund the purchase of most of the equity
interests of Brightstar Global Group, Inc ("Brightstar Global"),
the parent company of Brightstar, by Brightstar Capital Partners
("BCP"). The ratings outlook is stable.

Assignments:

Issuer: Brightstar Corp. (New)

Corporate Family Rating, Assigned B1

Probability of Default Rating, Assigned B1-PD

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

Outlook Actions:

Issuer: Brightstar Corp. (New)

Outlook, Assigned Stable

RATINGS RATIONALE

Brightstar's B1 CFR reflects the company's business risks and a
relatively levered capital structure for its industry, with debt
leverage of more than 2.5x. Additionally, Brightstar's ongoing
operational rationalization as the company continues to exit low
margin and unprofitable mobile device distribution businesses and
streamlines its cost structure presents execution risks while
competitive rivalry in the device protection sector and overall
customer concentration add uncertainty. Brightstar's credit quality
is also negatively impacted by corporate governance concerns given
the company's concentrated ownership by BCP and SoftBank
("SoftBank"), particularly with respect to the potential for
aggressive financial strategies such as incremental debt-financed
acquisitions and shareholder distributions that could constrain
deleveraging efforts.

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 credit
implications of public health and safety. The impact on
Brightstar's credit profile of the breadth and severity of this
shock, particularly with respect to weak near-term consumer
spending trends for mobile handsets, negatively impact the
company's near-term operating prospects and weigh on its credit
quality.

The risks associated with Brightstar's credit profile are partially
offset by the company's solid market presence, scale, and
long-standing relationships with large, blue chip customers.
Additionally, the company currently benefits from a healthy
liquidity position while its experienced management team seeks to
bolster Brightstar's profitability and realize gradually improved
free cash flow metrics.

The B2 rating for Brightstar's proposed senior secured bonds
reflects the issuer's B1-PD PDR and a loss given default ("LGD")
assessment of LGD5. These debt instruments are rated one notch
below the CFR, considering the bonds' junior collateral position
relative to Brightstar's unrated asset-based revolving credit
facility which has a superior claim on the company's cash,
receivables, and inventory.

Despite Moody's expectation for weak near-term free cash flow
trends, Brightstar's good liquidity is supported by a pro forma
cash balance of approximately $351 million following the completion
of the proposed financing, The company's liquidity is also
bolstered by availability of approximately $175 million from
Brightstar's $250 million asset-based revolving credit facility.
The revolving credit facility has a springing covenant based on a
minimum 1x fixed charge covenant which Moody's does not expect to
be in effect over the next 12-18 months.

The stable outlook reflects Moody's expectation that Brightstar's
2020 sales will decline significantly from 2019 levels as the
company exits non-strategic businesses and should subsequently
contract modestly in 2021 (on an adjusted basis). Despite cost
rationalization efforts and an expected business mix shift towards
higher margin device protection service offerings, Moody's believes
the company will be challenged to generate meaningful EBITDA growth
during this period, resulting in debt/EBITDA remaining above 2.5x
in 2021.

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

The ratings could be upgraded if Brightstar demonstrates meaningful
improvement in its competitive position, demonstrates consistent
revenue growth and operating margin improvement, generates annual
free cash flow in excess of 10% of total debt, and adheres to
conservative financial policies.

The ratings could be downgraded if Brightstar experiences
deteriorating financial performance due to market share losses or
meaningful margin erosion, resulting in sustained weak free cash
flow generation. Additionally, the ratings could be downgraded if
debt financed acquisitions or shareholder initiatives increase debt
leverage above 3.5x.

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

Brightstar, owned by BCP and SoftBank, is a global distributor of
mobile devices and accessories as well as a provider of related
services for these devices. Moody's expects the company to generate
revenues, on an adjusted basis, of approximately $4.8 billion over
the next 12 months.


BRP GROUP: S&P Assigns 'B' Issuer Credit Rating; Outlook Stable
---------------------------------------------------------------
S&P Global Ratings said it assigned publicly traded insurance
services broker BRP Group Inc. (BRP) its 'B' long-term issuer
credit rating. The outlook is stable. S&P also assigned its 'B'
debt rating and '3' recovery rating to the company's proposed $400
million term loan due 2027 and $400 million revolver due 2025 to be
issued out of subsidiary Baldwin Risk Partners, LLC. The '3'
recovery rating indicates S&P expected meaningful recovery
(50%-70%; rounded estimate: 50%) in the event of a payment
default.

The rating reflects the company's weak business risk profile and
highly leveraged financial risk profile. BRP is a publically traded
insurance distribution company headquartered in Tampa, Florida.
Founded in 2011, the company provides risk management, insurance,
and employee benefits solutions to over 500,000 clients across the
U.S. with offices in nine states.

BRP made waves in October 2019 as the first commercial insurance
brokerage firm to go public in 15 years. As part of its strategy,
BRP decided to go public to attain the capital structure to build
what it calls a forever business. The company has grown rapidly
from the 105th-largest U.S. broker in 2015 to the 32nd-largest
broker in the U.S., according to 2020 Business Insurance rankings.
Still, with reported revenues of $180 million as of 12 months ended
June 30, 2020, BRP remains one of the smallest among the brokers
S&P rates.

BRP's business is split between four operating segments: Middle
Market (representing 39% of total revenues as of June 30, 2020),
Specialty (37%), MainStreet (16%), and Medicare (8%). Within each
of the lines of business, BRP maintains a tailored client
engagement model to drive new business and organic growth. In the
company's Middle Market division, use of the Risk Mapping process
and Holistic Risk Protection Model, where BRP examines the client's
personal, professional, and business ventures to create a view of
each client's unique risk profile, has generated a 90% win rate for
clients who participated in the diagnostic process. The Sheltered
Distribution Network BRP continues to build upon for its MainStreet
and MGA of the Future businesses has yielded sticky business
partner relationships and end client base. For the Medicare
segment, BRP supports an agent network that goes to market via
centers of influence and venues such as physician groups, community
centers, medical providers, and other local places.

For fiscal years 2017, 2018, and 2019, BRP reported double-digit
organic growth of 17%, 18%, and 10%, respectively. Even amid the
COVID-19 operating environment, the company has been able to
maintain double-digit organic, with 12% growth year-to-date as of
June 30, 2020. BRP attributes its organic performance to both its
client engagement models and its MGA of the Future platform, a
national renter's insurance product designed to automate
essentially all typical insurance company functions (underwriting,
quoting/binding, endorsement processing, claims processing etc.)
but does not take any risk on the policies it places.

BRP acquired the MGA of the Future platform in April 2019, and it
is now the fastest-growing business on an organic basis within BRP.
For second-quarter 2020, MGA of the Future grew 39% and contributed
to overall consolidated organic of 19% for the quarter.

"We view the MGA of the Future business as a positive attribute to
BRP that is not easily replicable. With the potential for
redeployment across a variety of niches, we anticipate MGA of the
Future to sustain high organic growth over the outlook horizon. In
addition to being an outlet for organic growth, we anticipate MGA
of the Future to prop up inorganic growth as BRP acquires
complementary businesses in new geographies," S&P said.

S&P views BRP's geographic footprint to be limited with roughly one
third of revenues based in Florida and a material concentration
across the broader Southeast region. However, the company is
gearing to rapidly expand scale and scope over the next few years
through an aggressive acquisition approach. For 2020, the company
has completed 11 acquisitions to date and maintains a strong
pipeline for the fourth quarter. The company's vernacular of
labeling deals as partnerships illustrates its acquisition
philosophy. Through its partnership model, BRP offers new partners
the ability to continue to grow their business and benefit from
their growth. In regards to growth, BRP opts to invest in the
organic top line of the business with the aim of creating more
value and cash flow for its stakeholders over the long term rather
than harvest margin in the near term. Therefore, EBITDA margins are
intentionally lower than that of peers. Although given the amount
of acquisitions completed and the pipeline over the rating horizon,
S&P's expectation is for EBITDA margins to improve as BRP
integrates accretive deals and leverages centralized back-office
infrastructure costs.

Even with the company's due diligence and comprehensive partnership
model, S&P believes there is sizable execution risk in the
company's merger and acquisition approach because BRP is operating
on smaller base relative to peers, leaving less cushion for any
missteps. The company will need to digest existing deals while
managing an accelerated growth pace. The weak business risk profile
assessment captures the vulnerability of BRP as a smaller, though
rapidly expanding, business operating in a highly competitive,
fragmented, and cyclical middle-market industry.

S&P's assessment of BRP's financial risk as highly leveraged
reflects the company's significant amount of debt in its capital
structure relative to its small EBITDA base. Pro forma for the
proposed transaction, S&P Global Ratings debt-to-EBITDA ratio for
the rolling 12 months ending second-quarter 2020 is 7.5x (including
annualized EBITDA adjustments for acquisitions closed and to be
completed in the near term). Although it believes BRP operates this
business with a lower net leverage tolerance relative to
private-equity owned peers, S&P expects leverage (per its
calculations) to remain in the highly leveraged category over the
next 12 months.

Per the company's financial policy, BRP intends to manage net
leverage in the 3.5x-4.0x range and has communicated a
high-watermark of 4.5x to equity holders. S&P leverage calculations
differ from BRP leverage metrics given certain EBITDA add-backs S&P
does not give credit for, including acquisition and recruiting
costs, as it considers those expenses to be part of business
operations. Due to the company's small EBITDA base, exclusion of
minimal add-backs contribute to a large differential between S&P
and company leverage metrics.

"On the debt side, in addition to reported debt, we also treat
earnouts and operating leases as debt obligations. Furthermore, in
our debt calculations we do not net cash because we believe BRP
will use its free cash flow mostly to fund acquisitions rather than
pay down debt beyond required amortization. Particularly for the
remainder of the year, we expect BRP to close a number of deals in
the fourth quarter, resulting in improved S&P Global Ratings pro
forma leverage for year-end relative to the out-of-the-box figure.
We forecast leverage per S&P methodology to be 6.0x-6.5x on a pro
forma basis at year-end 2020 and for pro forma leverage to improve
to under 6x by 2021," S&P said.

As a publically traded company, BRP benefits from brand recognition
and access to public markets. However, there is a heightened bar
toward transparency and operations, as illustrated in the material
weaknesses identified in BRP's internal control over financial
reporting. BRP is working toward remediating the material
weaknesses, which S&P believes will be resolved as BRP matures as a
public company.

"Based on our criteria, the combination of weak business risk and
highly leveraged financial risk results in a split anchor of
'b'/'b-'. We chose the higher anchor of 'b' based on BRP's stronger
cash flow and leverage ratios relative to 'B-' rated peers. We
believe given the company's public ownership structure, BRP will
keep the debt-to-EBITDA ratio sustainable and conservative relative
to similarly rated broker peers. We view the company's ability to
raise equity as a tool to manage leverage while the company seeks
to raise debt to fund its acquisition pipeline," S&P said.

S&P's base case assumes the following in 2020 and 2021:

-- A 5.0% decline in real U.S. GDP in 2020 and growth of 5.2% in
2021

-- Double-digit organic growth of 10%-12%

-- Total reported revenue growth of 85%-90% in 2020 and 2021,
supported by meaningful acquisitions

-- EBITDA margins of 21%-24% in 2020 and 24%-26% in 2021

Based on these assumptions, S&P arrives at the following credit
metrics:

-- Pro forma leverage of 6.0x-6.5x in 2020 and 5.5x-6.0x for 2021

-- Funds from operations (FFO) to debt of 5%-10% for 2020 and
2021

-- EBITDA interest coverage above 3.0x

S&P assesses BRP's liquidity as adequate based on its expectation
that sources will exceed uses of cash by at least 1.2x over the
next 12 months and for this ratio to be sustained even with a 15%
decline in EBITDA. This assessment is also based on qualitative
factors that include sound relationships with banks and prudent
risk management.

The company is subject to covenant agreements, but S&P expects it
to have an ample 30% cushion at the close of the transaction.

Principal liquidity sources include:

-- Undrawn revolver capacity of $400 million after the close of
this transaction

-- Cash on balance sheet of $194.4 million as of June 30, 2020

-- Cash funds from operations between $150 million and $200
million

Principal liquidity uses include:

-- Required mandatory amortization of debt (about $4 million
annually)

-- Discretionary cash spend between $400 million and $500 million
per year on acquisitions

-- Annual capital expenditure representing approximately 1%-2% of
revenue

The stable outlook reflects S&P's expectation over the next 12
months that BRP will maintain double-digit organic growth of
10%-12% while expanding margins through accretive acquisitions,
leveraging centralized back-office infrastructure costs, and
seasoning as a public company. Execution of its partnership
strategy will materially contribute to the company's small EBITDA
base to lower leverage to pro forma 6.0x-6.5x for year-end 2020 and
5.5x-6.0x for year-end 2021. S&P forecasts coverage to remain above
3.0x throughout the forecast horizon.

"We could lower our rating in the next 12 months if BRP's market
position weakens or the company is unable to achieve inorganic
growth targets, resulting in credit metric deterioration of pro
forma adjusted debt to EBITDA above 7.0x or EBITDA interest
coverage below 2.0x on a sustained basis," S&P said.

"Although an upgrade is unlikely in the next 12 months, we could
raise the rating if BRP's cash-flow generation were to improve
financial leverage and result in pro forma debt to EBITDA sustained
below 5.0x." A track record of conservative metrics would be
supported by a financial policy commitment, profitable growth, and
enhanced scale and diversification," S&P said.


CAH ACQUISITION 1: Solicitation Period Extended to November 15
--------------------------------------------------------------
Judge Joseph N. Callaway granted the application filed by Thomas W.
Waldrep, Jr., the Trustee of CAH Acquisition Company 1, LLC d/b/a
Washington County Hospital, to extend the period within which the
Debtor has the exclusive right to obtain acceptances for the
Chapter 11 plan to November 15, 2020.

On October 17, 2019, the Trustee filed the Amended Chapter 11 Plan
and Disclosure Statement for the Estate. The hearing on plan
confirmation was scheduled for September 22, 2020.

The Court has entered orders approving the sales of the Debtor's
assets, as well as the sales of the assets of the Debtor's six
other affiliates in Chapter 11 cases pending before the U.S.
Bankruptcy Court for the Eastern District of North Carolina,
Greenville Division. As of August 26, 2020, the Trustee completed
the sale of the Debtor's property.

Five of the seven Sale Orders provide for mediated settlement
conferences between the Trustee, Complete Business Solutions Group,
Paul Nusbaum and Steve White and, in three of the Sale Orders,
Cohesive Healthcare Management & Consulting LLC and together with
the Trustee, CBSG, and Nusbaum/White, known as the Mediation
Parties.

The Mediation Parties have been actively engaged in mediation and
efforts to conclude the mediated settlement conference remains
ongoing. The outcome of the mediation will almost certainly result
in necessary amendments to the plans in five of the affiliated
cases.

                About CAH Acquisition Company #1

CAH Acquisition Company #1, LLC, which conducts business under the
name Washington County Hospital, is a Delaware limited liability
company that owns a for-profit 25-bed hospital and Rural Health
Clinic on a 20-acre campus in Plymouth, N.C.  It purchased the
hospital from Washington County, N.C., on June 1, 2007.   

On February 19, 2019, three creditors of CAH Acquisition Company #1
-- Medline Industries,  Inc., Robert Venable, M.D., and Washington
County -- filed an involuntary petition for relief under Chapter 7
of the Bankruptcy Code in the United States Bankruptcy Court for
the Eastern District of North Carolina.  On March 15, 2019, the
court entered an order converting the Debtor's case to one under
Chapter 11 (Bankr. E.D.N.C. Case No. 19-00730).

The case is jointly administered with six other critical access
hospitals under the Debtor's Chapter 11 case.  On Feb. 22. 2019,
during the pendency of the Chapter 7 portion of the Debtor's case,
Thomas W. Waldrep Jr. was appointed as interim trustee for the
Debtor.  

On March 15, 2019, upon conversion of the case, Mr. Waldrep was
appointed as Chapter 11 trustee for the Debtor.  The trustee's own
firm, Waldrep LLP, serves as counsel in the Chapter 11 case.
Sherwood Partners, Inc., was appointed as sales agent to the
trustee on Oct. 23, 2019.

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


CAH ACQUISITION 2: Plan Exclusivity Extended to November 17
-----------------------------------------------------------
Judge Joseph N. Callaway granted the application filed by Thomas W.
Waldrep, Jr., the Trustee of CAH Acquisition Company 2, LLC d/b/a
Oswego Community Hospital, to extend the period within which the
Debtor has the exclusive right to obtain acceptances for the
Chapter 11 plan to November 17, 2020.

On October 17, 2019, the Trustee filed the Amended Chapter 11 Plan
and Disclosure Statement for the Estate. The hearing on plan
confirmation was scheduled for September 22, 2020.

The Court has entered orders approving the sales of the Debtor's
assets, as well as the sales of the assets of the Debtor's six
other affiliates in Chapter 11 cases pending before the U.S.
Bankruptcy Court for the Eastern District of North Carolina,
Greenville Division. As of August 26, 2020, the Trustee completed
the sale of the Debtor's property.

Five of the seven Sale Orders provide for mediated settlement
conferences between the Trustee, Complete Business Solutions Group,
Paul Nusbaum and Steve White and, in three of the Sale Orders,
Cohesive Healthcare Management & Consulting LLC and together with
the Trustee, CBSG, and Nusbaum/White, known as the Mediation
Parties.

The Mediation Parties have been actively engaged in mediation and
efforts to conclude the mediated settlement conference remains
ongoing. The outcome of the mediation will almost certainly result
in necessary amendments to the plans in five of the affiliated
cases.

                About Oswego Community Hospital

CAH Acquisition Company #2, LLC d/b/a Oswego Community Hospital, is
a Delaware limited liability company that owns a for-profit 12-bed
hospital at 800 Barker Drive, Oswego, Kansas 67356.

CAH Acquisition Company #2 sought Chapter 11 protection (Bankr.
E.D. N.C. Case No. 19-01230-5-JNC) on March 17, 2019.

The case is jointly administered along with six other critical
access hospitals under the Debtor's Chapter 11 Case. On March 18,
2019, Thomas W. Waldrep, Jr., was appointed as the Trustee for the
Debtors.  

On April 8, 2020, Judge Joseph N. Callaway of the U.S. Bankruptcy
Court for the Eastern District of North Carolina authorized Thomas
W. Waldrep, Jr., the duly appointed Chapter 11 Trustee in the case
of CAH Acquisition Co. #2, LLC, doing business as Oswego Community
Hospital, to sell all real property and associated personal
property of the Debtor to Oswego Neuropsych Hospital, Inc. for
$75,000 cash.

Sherwood Partners, Inc. was appointed as Sales Agent to the Trustee
on Oct. 23, 2019.


CAH ACQUISITION 3: Plan Exclusivity Extended to November 14
-----------------------------------------------------------
Judge Joseph N. Callaway granted the application filed by Thomas W.
Waldrep, Jr., the Trustee of CAH Acquisition Company 3, LLC d/b/a
Horton Community Hospital, to extend the period within which the
Debtor has the exclusive right to obtain acceptances for a Chapter
11 plan to November 14, 2020.

On October 17, 2019, the Trustee filed the Amended Chapter 11 Plan
and Disclosure Statement for the Estate. The hearing on plan
confirmation was scheduled for September 22.

The Court has entered orders approving the sales of the Debtor's
assets, as well as the sales of the assets of the Debtor's six
other affiliates in Chapter 11 cases pending before the U.S.
Bankruptcy Court for the Eastern District of North Carolina,
Greenville Division. As of August 26, 2020, the Trustee completed
the sale of the Debtor's property.

Five of the seven Sale Orders provide for mediated settlement
conferences between the Trustee, Complete Business Solutions Group,
Paul Nusbaum and Steve White and, in three of the Sale Orders,
Cohesive Healthcare Management & Consulting LLC and together with
the Trustee, CBSG, and Nusbaum/White, known as the Mediation
Parties.

The Mediation Parties have been actively engaged in mediation and
efforts to conclude the mediated settlement conference remains
ongoing. The outcome of the mediation will almost certainly result
in necessary amendments to the plans in five of the affiliated
cases.

                About Horton Community Hospital

CAH Acquisition Company # 3, LLC, d/b/a Horton Community Hospital
-- http://www.horton-hospital.com/-- owns a 25-bed critical access
hospital in Saint Louis, Missouri. Services include diagnostic and
therapeutic services, 24-hour emergency care, convenient and
specialized outpatient resources, pharmaceutical services, and
other services.  

The Company previously sought bankruptcy protection on Oct. 10,
2011 (Bankr. W.D. Mo. Case No. 11-44741).

The Company again sought Chapter 11 protection (Bankr. E.D.N.C.
Case No. 19-01180) on March 14, 2019.  The Debtor was estimated to
have assets of $0 to $50,000 and liabilities of $1 million to $10
million.  The Hon. Joseph N. Callaway is the case judge.  SPILMAN
THOMAS & BATTLE, PLLC, is the Debtor's counsel.

On March 15, 2019, Thomas W. Waldrep, Jr., was appointed as Chapter
11 Trustee for the Debtor. The Trustee's own firm, WALDREP LLP,
serves as counsel in the Chapter 11 case.

On Oct. 22, 2019, Employ Sherwood Partners, Inc. was appointed as
Sales Agent for the Trustee.

On February 19, 2020, Judge Joseph N. Callaway of the U.S.
Bankruptcy Court for the Eastern District of North Carolina
authorized Thomas W. Waldrep, Jr., the duly appointed Chapter 11
Trustee in the case of CAH Acquisition Co. #3, LLC, doing business
as Horton Community Hospital, to sell all real property and
associated personal property of the Debtor, to Atchison Hospital
Association for $275,000.


CALIFORNIA PIZZA KITCHEN: Obtains No Bids, Puts Lenders as Owners
-----------------------------------------------------------------
John Saul of Bloomberg News, citing court filings, reports that the
bankrupt restaurant chain California Pizza Kitchen Inc. canceled
the auction where it planned to sell some or all of its assets
after it received no qualified bids by the bid deadline.

The company already had bankruptcy-exit plan to either sell its
assets or do an equitization restructuring, with first-lien lenders
and DIP lenders owning the new company.  With the auction canceled,
handing the keys to lenders is likely route out of bankruptcy.

The lawyer representing the company said last month it was drawing
"a lot of interest from potential bidders"

                About California Pizza Kitchen

California Pizza Kitchen, Inc. -- http://www.cpk.com/-- is a
casual dining restaurant chain that specializes in California-style
pizza.  Since opening its doors in Beverly Hills in 1985, CPK has
grown from a single location to more than 200 restaurants
worldwide.  CPK's traditional dine-in locations are full-service
restaurants that serve pizza, salads, pastas and other
California-inspired fare, alongside a curated selection of wines
and a menu of handcrafted cocktails and craft beers.  Though the
Company's dine-in restaurants are the primary way the Company
serves its customers, CPK also has a number of "off-premises"
services and licensing agreements that allow customers to get their
favorite CPK dishes on the go.

California Pizza Kitchen, Inc., filed a Chapter 11 petition (Bankr.
S.D. Tex. Case No. 20-33752) on July 29, 2020.  The Hon. Marvin
Isgur oversees the case.

At the time of filing, the Debtors have $100 million to $500
million estimated assets and $500 million to $1 billion estimated
liabilities.

Kirkland & Ellis is serving as legal counsel to CPK, Guggenheim
Securities, LLC is serving as its financial advisor and investment
banker, and Alvarez & Marsal, Inc., as restructuring advisor.
Gibson, Dunn & Crutcher LLP is acting as legal counsel for the
group of first lien lenders and FTI Consulting, Inc. is acting as
its financial advisor.  Additional information about the Chapter
11
case can be found at https://cases.primeclerk.com/CPK


CALIFORNIA PIZZA: Committee Hires Kramer Levin as Counsel
---------------------------------------------------------
The Official Committee of Unsecured Creditors of California Pizza
Kitchen, Inc., and its debtor-affiliates, seeks authorization from
the U.S. Bankruptcy Court for the Southern District of Texas to
retain Kramer Levin Naftalis & Frankel LLP, as counsel to the
Committee.

California Pizza requires Kramer Levin to:

   (a) assist in the administration of the bankruptcy case and
       the  exercise of oversight with respect to the Debtors'
       affairs, including all issues in connection with the
       Debtors, the Committee, and/or these Chapter 11 Cases;

   (b) assist in the preparation on behalf of the Committee of
       necessary applications, motions, objections, memoranda,
       orders, reports, and other legal papers;

   (c) appear in Court, participate in litigation as a party-in-
       interest, and at statutory meetings of creditors to
       represent the interests of the Committee;

   (d) evaluate, negotiate and confirm of a Chapter 11 plan of
       reorganization and matters related thereto;

   (e) evaluate, negotiate and represent in Court related to
       important events affecting the Debtors' businesses,
       including but not limited to the Debtors' motion to reject
       certain unexpired vehicle leases, the Debtors' motion to
       use cash collateral, and any requests for financing that
       the Debtors may make;

   (f) investigate, as directed by the Committee, of among other
       things, assets, liabilities, and financial condition of
       the Debtors, prior transactions, and operational issues
       concerning the Debtors that may be relevant to these
       Chapter 11 Cases;

   (g) communicate with the Committee's constituents in
       furtherance of its responsibilities, including, but not
       limited to, communications required under section 1102 of
       the Bankruptcy Code; and

   (h) perform all of the Committee's duties and powers under the
       Bankruptcy Code and the Bankruptcy Rules and the
       performance of such other services as are in the interests
       of those represented by the Committee.

Kramer Levin will be paid at these hourly rates:

     Partners                $1,050 to $1,500
     Counsel                 $1,050 to $1,400
     Special Counsel           $995 to $1,160
     Associates                $585 to $1,040
     Paraprofessionals         $270 to $450

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

In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:

   Question:  Did you agree to any variations from, or
              alternatives to, your standard or customary billing
              arrangements for this engagement?

   Response:  No.

   Question:  Do any of the professionals included in this
              engagement vary their rate based on the geographic
              location of the bankruptcy case?

   Response:  No.

   Question:  If you represented the client in the 12 months
              prepetition, disclose your billing rates and
              material financial terms for the prepetition
              engagement, including any adjustments during the 12
              months prepetition. If your billing rates and
              material financial terms have changed postpetition,
              explain the difference and the reasons for the
              difference.

   Response:  Not applicable.

   Question:  Has your client approved your prospective budget
              and staffing plan, and, if so for what budget
              period?

   Response:  Kramer Levin is developing a budget and staffing
              plan for the period through October 31, 2020 that
              will be presented for approval by the Committee.

Adam C. Rogoff, partner of Kramer Levin Naftalis & Frankel LLP,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and (a)
is not creditors, equity security holders or insiders of the
Debtors; (b) has not been, within two years before the date of the
filing of the Debtors' chapter 11 petition, directors, officers or
employees of the Debtors; and (c) does not have an interest
materially adverse to the interest of the estate or of any class of
creditors or equity security holders, by reason of any direct or
indirect relationship to, connection with, or interest in, the
Debtors, or for any other reason.

Kramer Levin can be reached at:

     Adam C. Rogoff, Esq.
     KRAMER LEVIN NAFTALIS & FRANKEL LLP
     1177 Avenue of the Americas
     New York, NY 10036
     Telephone: (212) 715-9100
     Facsimile: (212) 715-8000
     E-mail: acaton@kramerlevin.com

               About California Pizza Kitchen

California Pizza Kitchen, Inc. -- http://www.cpk.com/-- is a
casual dining restaurant chain that specializes in California style
pizza. Since opening its doors in Beverly Hills in 1985, CPK has
grown from a single location to more than 200 restaurants
worldwide. CPK's traditional dine-in locations are full-service
restaurants that serve pizza, salads, pastas and other
California-inspired fare, alongside a curated selection of wines
and a menu of handcrafted cocktails and craft beers. Though the
Company's dine-in restaurants are the primary way the Company
serves its customers, CPK also has a number of "off-premises"
services and licensing agreements that allow customers to get their
favorite CPK dishes on the go.

California Pizza Kitchen, Inc. filed a Chapter 11 petition (Bankr.
S.D. Tex. Case No. 20-33752) on July 29, 2020. The Hon. Marvin
Isgur oversees the case.

At the time of filing, Debtors have $100 million to $500 million
estimated assets and $500 million to $1 billion estimated
liabilities.

Kirkland & Ellis is serving as legal counsel to CPK, Guggenheim
Securities, LLC is serving as its financial advisor and investment
banker, and Alvarez & Marsal, Inc. as restructuring advisor.

Gibson, Dunn & Crutcher LLP is acting as legal counsel for the
group of first lien lenders and FTI Consulting, Inc. is acting as
its financial advisor. Additional information about the Chapter 11
case can be found at https://cases.primeclerk.com/CPK

On Aug. 14, 2020, the Office of the United States Trustee appointed
the official committee of unsecured creditors. The committee is
currently comprised of the following members: (i) Acquiom Agency
Services LLC, (ii) Simon Property Group, and (iii) NCR Corporation.
The committee selected Berkeley Research Group, LLC to serve as its
financial advisor, Kramer Levin Naftalis & Frankel LLP as its
counsel, and Womble Bond Dickinson (US) LLP as its local counsel.


CALIFORNIA PIZZA: Committee Hires Womble Bond as Co-Counsel
-----------------------------------------------------------
The Official Committee of Unsecured Creditors of California Pizza
Kitchen, Inc., and its debtor-affiliates seeks authorization from
the U.S. Bankruptcy Court for the Southern District of Texas to
retain Womble Bond Dickinson (US) LLP, as co-counsel to the
Committee.

California Pizza requires Womble Bond to:

   a. provide legal advice as necessary with respect to the
      Committee's powers and duties as an official committee
      appointed under Bankruptcy Code section 1102;

   b. assist the Committee in investigating the acts, conduct,
      assets, liabilities, and financial condition of the Debtor,
      the operation of the Debtor's businesses, potential claims,
      and any other matters relevant to the case, to the sale of
      assets, or to the formulation of a plan of reorganization
      or liquidation (a "Plan");

   c. participate in the formulation of a Plan;

   d. provide legal advice as necessary with respect to any
      disclosure statement and Plan filed in these Chapter 11
      Cases and with respect to the process for approving or
      disapproving disclosure statements and confirming or
      denying confirmation of a Plan;

   e. prepare on behalf of the Committee, as necessary,
      applications, motions, objections, complaints, answers,
      orders, agreements, and other legal papers;

   f. appear in Court to present necessary motions, applications,
      objections, and pleadings, and otherwise protecting the
      interests of those represented by the Committee;

   g. assist the Committee in requesting the appointment of a
      trustee or examiner, should such action be necessary; and

   h. perform such other legal services as may be required and as
      are in the best interests of the Committee and creditors.

Womble Bond will be paid at these hourly rates:

     Partners                $325 to $925
     Of Counsel              $330 to $890
     Senior Counsel          $125 to $620
     Counsel                 $100 to $650
     Associates              $265 to $710
     Paralegals               $50 to $475

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

Matthew P. Ward, partner of Womble Bond Dickinson (US) LLP, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and (a) is not
creditors, equity security holders or insiders of the Debtors; (b)
has not been, within two years before the date of the filing of the
Debtors' chapter 11 petition, directors, officers or employees of
the Debtors; and (c) does not have an interest materially adverse
to the interest of the estate or of any class of creditors or
equity security holders, by reason of any direct or indirect
relationship to, connection with, or interest in, the Debtors, or
for any other reason.

Womble Bond can be reached at:

     Matthew P. Ward, Esq.
     WOMBLE BOND DICKINSON (US) LLP
     811 Main Street, Suite 3130
     Houston, TX 77002
     Tel: (346) 998-7801

                  About California Pizza Kitchen

California Pizza Kitchen, Inc. -- http://www.cpk.com/-- is a
casual dining restaurant chain that specializes in California style
pizza. Since opening its doors in Beverly Hills in 1985, CPK has
grown from a single location to more than 200 restaurants
worldwide. CPK's traditional dine-in locations are full-service
restaurants that serve pizza, salads, pastas and other
California-inspired fare, alongside a curated selection of wines
and a menu of handcrafted cocktails and craft beers. Though the
Company's dine-in restaurants are the primary way the Company
serves its customers, CPK also has a number of "off-premises"
services and licensing agreements that allow customers to get their
favorite CPK dishes on the go.

California Pizza Kitchen, Inc. filed a Chapter 11 petition (Bankr.
S.D. Tex. Case No. 20-33752) on July 29, 2020. The Hon. Marvin
Isgur oversees the case.

At the time of filing, Debtors have $100 million to $500 million
estimated assets and $500 million to $1 billion estimated
liabilities.

Kirkland & Ellis is serving as legal counsel to CPK, Guggenheim
Securities, LLC is serving as its financial advisor and investment
banker, and Alvarez & Marsal, Inc. as restructuring advisor.

Gibson, Dunn & Crutcher LLP is acting as legal counsel for the
group of first lien lenders and FTI Consulting, Inc. is acting as
its financial advisor. Additional information about the Chapter 11
case can be found at https://cases.primeclerk.com/CPK

On August 14, 2020, the Office of the United States Trustee
appointed the official committee of unsecured creditors. The
committee is currently comprised of the following members: (i)
Acquiom Agency Services LLC, (ii) Simon Property Group, and (iii)
NCR Corporation. The committee selected Berkeley Research Group,
LLC to serve as its financial advisor, Kramer Levin Naftalis &
Frankel LLP as its counsel, and Womble Bond Dickinson (US) LLP as
its local counsel.


CALIFORNIA RESOURCES: Court OKs $7.2-Mil. Executive Bonuses
-----------------------------------------------------------
Steven Church of Bloomberg News reports that the bankruptcy court
approves the $7.2 million bonuses of California Resources'
executives.

Nine top executives of bankrupt oil and gas producer California
Resources may share as much as $7.2 million under a bonus program
approved Thursday in federal court in Houston.

U.S. Bankruptcy Judge David Jones approved the potential payments
during a hearing held by telephone, agreeing with the company which
said the bonus program is needed to give the executives an
incentive to help the company restructure while in bankruptcy.

"We want these to avoid people doing just enough so that they
don’t get fired," company financial adviser Mark Rajcevich, with
Alvarez & Marsal North America Jones overruled an objection.

                   About California Resources

California Resources Corporation is an oil and natural gas
exploration and production company headquartered in Los Angeles.
The company operates its resource base exclusively within
California, applying complementary and integrated infrastructure to
gather, process and market its production.  Visit
http://www.crc.com/for more information.    

On July 15, 2020, California Resources and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Tex. Lead Case No. 20-33568). At the time of the filing, California
Resources disclosed assets of between $1 billion and $10 billion
and liabilities of the same range.

Judge David R. Jones oversees the cases.

The Debtors tapped Sullivan & Cromwell, LLP and Vinson & Elkins LLP
as their bankruptcy counsel, Perella Weinberg Partners as
investment banker, Alvarez & Marsal North America, LLC as
restructuring advisor, and Epiq Corporate Restructuring, LLC as
claims agent.


CBAC PROPERTIES: Hires Aztec Realty as Real Estate Broker
---------------------------------------------------------
CBAC Properties, Ltd., seeks authority from the U.S. Bankruptcy
Court for the Southern District of Texas to employ Aztec Realty &
Investments, LLC, as real estate broker to the Debtor.

CBAC Properties requires Aztec Realty to market and sell the
Debtor's real property located at 1502 W. Pike Blvd., Weslaco, TX.

Aztec Realty will be paid a commission of 6% of the sales price.

Blake J. Box, partner of Aztec Realty & Investments, LLC, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.

Aztec Realty can be reached at:

     Blake J. Box
     AZTEC REALTY & INVESTMENTS, LLC
     500 E. Pecan Blvd.
     McAllen, TX 78051
     Tel: 956-682-8326

                    About CBAC Properties, Ltd.

CBAC Properties, Ltd. is a single asset real estate debtor (as
defined in 11 U.S.C. Section 101(51B)).

CBAC Properties sought Chapter 11 protection (Bankr. S.D. Texas
Case No. 20-70233) on Aug. 3, 2020. At the time of the filing,
Debtor disclosed estimated assets of $1 million to $10 million and
estimated liabilities of the same range.  Judge Eduardo V.
Rodriguez oversees the case.  Langley & Banack, Inc., is the
Debtor's legal counsel.



CEC ENTERTAINMENT: $2.3M Deal to Destroy 7-Bil. Prize Tickets OK'd
------------------------------------------------------------------
Law360 reports that a Texas bankruptcy judge on Monday, September
21, 2020, gave the parent of the Chuck E. Cheese restaurant chain
the go-ahead to pay vendors $2.3 million to destroy 7 billion
unneeded prize tickets, but warned that he expects the company to
get its money's worth for the agreement.  At a remote hearing, U.S.
Bankruptcy Judge James Isgur questioned how so many unused tickets
had piled up, but ultimately approved the settlement.  He asked CEC
Entertainment to tell its ticket vendors that he wants all of the
dozens of boxcars' worth of tickets destroyed in exchange for the
payment.

                     About CEC Entertainment

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

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

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

Judge Marvin Isgur oversees the cases.

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

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on July 13, 2020. The committee has tapped Kelley Drye &
Warren, LLP and Womble Bond Dickinson (US), LLP as its legal
counsel, and Alvarez & Marsal North America, LLC as its financial
advisor.


CEC ENTERTAINMENT: Obtains $200M Debtor-in-Possession Funding
-------------------------------------------------------------
CEC Entertainment, Inc., a nationally recognized leader in family
entertainment and dining, on Sept. 4, 2020 announced that it has
entered into a plan support agreement ("PSA") with consenting
creditors holding greater than 66-2/3% in principal amount of
outstanding obligations under the Company's prepetition first lien
credit agreement.  CEC has also received a commitment for $200
million in  debtor-in-possession financing from certain of its
first lienlenders to support ongoing business operations and
reorganization expenses as it explores a value-maximizing
transaction and seeks to emerge from Chapter 11.

Chuck E. Cheese and Peter Piper Pizza continue to serve guests,
host birthday parties and events and provide families with
wholesome entertainment over great food in compliance with all
applicable health and safety guidelines.  The Company and the
consenting creditors that are parties to the PSA have agreed to the
terms of a comprehensive financial restructuring, including a
Chapter 11 plan premised on (i)  a sale of the Company's
reorganized equity or substantially all of its assets; (ii) a
credit bid for a sale of substantially all of the Company's assets
by the Company's first lien lenders; or (iii) a debt-for-equity
exchange.  

Under the terms of the PSA, the Company will continue its ongoing
solicitation of interest from third parties in a potential sale
transaction involving the Company. The principal terms of the
Chapter 11 plan that the Company and the consenting creditors have
agreed to pursue, together with the other principal terms of the
Company's agreed-upon reorganization process, are set forth in a
term sheet attached as an exhibit to the PSA and available on the
online docket of the United States Bankruptcy Court for the
Southern District of Texas, Houston Division or at   
https://cases.primeclerk.com/cecentertainment/.   

"We are pleased to have reached agreement with a substantial
majority of our first lien lenders on a comprehensive balance sheet
restructuring that will support our re-opening and longer-term
strategic plans," said David McKillips, CEC's Chief Executive
Officer.  "This agreement and financing demonstrate our
creditors’ confidence in our go-forward business plan and will
enable CEC to complete this financial restructuring process in a
timely manner."  

As of September 4, 316 company-operated Chuck E. Cheese and Peter
Piper Pizza restaurant and arcade venues had safely reopened in
accordance with all CDC, federal, state, and local guidelines. A
list of open locations and services provided can be found on
https://www.chuckecheese.com/reopening-directory and
https://www.peterpiperpizza.com/locations. The Company plans to
continue opening additional locations as it is safe to do so,
steadily bringing more employees back to work.Additional
information, including a management presentation, can be found at
https://cecentertainment.gcs-web.com/investor-overview.

                          *    *    *

Emma Liem Beckett of Restaurant Dive notes that this $200 million
in financing marks the first time that CEC Entertainment has
secured financial support since declaring Chapter 11 bankruptcy in
June, a glimmer of hope for an eatertainment chain that has been
pummeled by the economic pressures of the novel coronavirus
pandemic.

The company has also reopened 316 corporate-owned Chuck E. Cheese
and Peter Piper Pizza units as of Sept. 4, with plans to open more
locations and bring more employees back to work, according to the
press release. This is an improvement from its state of operations
in June, when only 266 of CEC's stores were open.  That same month,
CEC filed a motion with the U.S. Bankruptcy Court for the Southern
District of Texas to let go of 45 leases at closed locations in 24
states.  Twenty-seven were closed due to COVID-19, and 35 of the
locations were Chuck E. Cheese stores.

This new cash infusion could help the company optimize its
operations -- which have been especially challenged at Chuck E.
Cheese despite investments in in-home party packages and mobile app
games to drive interest amid social distancing restrictions -- as
it looks for sale opportunities.

                    About CEC Entertainment

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

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

                           *    *    *

As reported by the TCR on April 24, 2020, Moody's Investors Service
downgraded CEC Entertainment, Inc.'s corporate family rating to
Caa3 from Caa1. The downgrade considers the likelihood that
closure of on-premise dining, entertainment and arcade rooms at all
company-operated Chuck E. Cheese and Peter Piper Pizza restaurant
units will continue for longer than initially anticipated as well
as the company's announcement that it has established a board level
restructuring committee which indicates increased default risk.

Also in April 2020, S&P Global Ratings lowered its ratings on
Texas-based CEC Entertainment Inc. (CEC), including the issuer
credit rating, to 'CCC' from 'B-'. S&P said CEC faces significant
operational headwinds due to the coronavirus pandemic and has about
$215 million of 8% senior unsecured notes maturing in less than two
years.


CEC ENTERTAINMENT: Unsecureds Oppose Chuck E. Cheese Quick Sale
---------------------------------------------------------------
RESTAURANT Business reports that some of CEC Entertainment's
creditors are arguing that the company's lenders are pushing a sale
process that would go too fast and bring in an artificially low
value.

Unsecured creditors for the operator of Chuck E. Cheese and Peter
Piper Pizza said in a bankruptcy court filing that the company is
unnecessarily rushing the sale process.  They said this would
result in a sale price for the company that would leave little left
over once its secured creditors get paid.

The procedures for an upcoming auction of the company "are designed
to aid in funneling all estate value" to certain creditors "for an
artificially low price, and at the expense of all junior
constituencies," a committee of unsecured creditors for CEC said in
a court filing.

CEC filed for Chapter 11 bankruptcy protection in June with about
$1 billion in debt, much of it refinanced in 2019 after its sale to
a blank-check company fell through.  The company had been
struggling with declining profits even before the pandemic began.

According to a court filing, the company's adjusted EBITDA
(earnings before interest, taxes, depreciation and amortization)
margin declined 16% between 2015 and 2019 even as the number of
locations remained stagnant.  In addition, the filing says, "the
company has been operating at a loss for several years." CEC
operates 555 locations and franchises another 186 between its two
brands.

The company was hit hard by the coronavirus, which not only limited
dine-in service but also entertainment venues. CEC gets much of its
profits from the use of games.

CEC recently received $200 million in financing to carry it through
the bankruptcy process.

In a bankruptcy, lenders whose loans are secured with a company's
assets get paid first. Unsecured creditors, including landlords and
companies like food distributors and carpet cleaners, get paid with
whatever is left over. The result can put secured creditors, such
as banks and other lenders, in the driver's seat in a bankruptcy
process.

The creditors' court filing notes that CEC was up for sale in 2017
and 2019 but did not do any "meaningful" efforts to market the
company before it filed for bankruptcy. Yet earlier this month when
CEC established procedures for the upcoming auction the company
requested a quick sale process. Investors have until Oct. 21 to bid
on the company.

A 65-day process, without marketing before the bankruptcy filing,
"is not typical in the industry and not sufficient to obtain the
highest and best offer for the assets," Mark Roberts, managing
director with Alvarez & Marsal and an advisor for the unsecured
creditors, wrote in a court filing.

The quicker procedures, the unsecured creditors said, "have been
presented to the court on an emergency basis when no such emergency
exists."
                              
                    About CEC Entertainment

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

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

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

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


CEDAR FAIR: S&P Rates New $300MM Unsecured Notes 'CCC'
------------------------------------------------------
S&P Global Ratings assigned its 'CCC' issue-level rating and '6'
recovery rating to Cedar Fair L.P.'s proposed $300 million senior
unsecured notes due 2028. The '6' recovery rating indicated its
expectation for negligible (0%-10%; rounded estimate: 0%) recovery
in the event of a payment default.

The company intends to use the proceeds from these notes to
increase its liquidity buffer and finance its ongoing cash burn
until its parks fully reopen and begin to recover. Cedar Fair
disclosed that it burned about $30 million per month on average in
the third quarter and S&P assumes the company will burn $30
million-$40 million per month until its attendance begins to
recover, potentially in 2021. Despite the incremental liquidity,
S&P lowered its ratings on the company yesterday due to a
substantial reduction in the rating agency's base-case expectations
for its attendance, revenue, and EBITDA recovery. Following the
proposed offering, S&P believes Cedar Fair will have adequate
liquidity, including about $515 million of cash and approximately
$359 million of availability under its revolving credit facility.

S&P's 'B-' issuer credit rating and negative outlook on Cedar Fair,
as well as all of its other ratings, remain unchanged.

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P's 'B' issue-level rating and '2' recovery rating on Cedar
Fair's $375 million senior secured revolving credit facility due in
2022, outstanding $264 million senior secured term loan due in
2024, and $1 billion of secured notes due 2025 indicate its
expectation for substantial (70%-90%; rounded estimate: 75%)
recovery for lenders in the event of a payment default.

-- S&P has assigned its 'CCC' issue-level rating and '6' recovery
rating to the proposed $300 million senior unsecured notes. S&P's
'CCC' issue-level rating and '6' recovery rating on Cedar Fair's
existing $450 million senior unsecured notes due in 2024, $500
million senior unsecured notes due in 2027, and $500 million senior
unsecured notes due in 2029 indicate its expectation for negligible
(0%-10%; rounded estimate: 0%) recovery for lenders in the event of
a payment default.

-- S&P's simulated default scenario contemplates a default
occurring by 2022 if the company's parks do not recover due to the
consequences of the pandemic, a severe economic downturn, tighter
consumer credit markets, as well as an overall decline in consumer
discretionary spending that lead to substantially reduced demand
for Cedar Fair' season passes and tickets.

-- S&P assumes a reorganization following the default and use an
emergence EBITDA multiple of 6.5x (consistent with the multiples it
uses for other theme park operators) to value the company.

Simulated default assumptions

-- Year of default: 2022
-- EBITDA at emergence: $226 million
-- EBITDA multiple: 6.5x

Simplified waterfall

-- Emergence EBITDA: $226 million
-- EBITDA multiple: 6.5x
-- Gross recovery value: $1.4 billion
-- Net recovery value (after 5% administrative costs): $1.4
billion
-- Estimated secured claims: $1.8 billion
-- Value available for secured claims: $1.4 billion
-- Recovery expectations: 70%-90% (rounded estimate: 75%)
-- Estimated senior unsecured claims: $1.8 billion
-- Value available for unsecured claims: $0
-- Recovery expectations: 0%-10% (rounded estimate: 0%)

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


CENTRAL GARDEN: S&P Rates $400MM Senior Unsecured Notes 'BB'
------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating to Central
Garden & Pet Co.'s proposed $400 million senior unsecured notes due
2030. The recovery rating is '4', reflecting its expectation for
average (30%-50%, rounded estimate 35%) recovery in the event of a
payment default. S&P expects the company will use the net proceeds
to redeem the $400 million 6.125% senior unsecured notes due 2023.
Total debt outstanding is about $690 million as of June 27, 2020.

All of S&P's existing ratings on the company, including its 'BB'
issuer credit rating, are unchanged by this transaction. The
outlook is stable.

S&P's ratings on Central Garden continue to reflect the company's
No. 2 position in the lawn and garden products industry (typically
behind The Scotts Miracle-Gro Co., the dominant player due to its
solid brands) and several risks inherent to the industry, namely
the negative effects of potential extreme weather conditions and
moderate environmental risk. S&P also recognizes Central's
defensible positions in the niche pet supply and garden products
sectors, which provide some beneficial cash flow diversity since
the businesses are not highly correlated. Moreover, Central's pet
business is relatively diversified across multiple segments.
Central Garden's moderate financial policies and participation in
businesses with low cyclicality should result in stable credit
ratios over the next few years and at least $100 million annual
free cash flow. S&P forecasts debt to EBITDA in the high-2x area
and funds from operations (FFO) to debt in the high-20% area by the
end of fiscal 2020.


CHAPARRAL ENERGY: RBC Is Admin. Agent in $300M Exit Financing
-------------------------------------------------------------
Vinson & Elkins advised Royal Bank of Canada in connection with
Chaparral Energy, Inc.'s restructuring and prepackaged voluntary
chapter 11 bankruptcy cases filed in the U.S. Bankruptcy Court for
the District of Delaware, whose plan of reorganization was
confirmed by the court on October 1, 2020.  Royal Bank of Canada
was the administrative agent under Chaparral's first lien revolving
credit facility, and will act as administrative agent under
Chaparral's $300 million exit financing facility upon emergence
from chapter 11 and subject to the terms and conditions of the exit
financing facility commitment.

                    About Chaparral Energy Inc.

Chaparral Energy, Inc. engages in the acquisition, exploration,
development, production, and operation of onshore oil and natural
gas properties primarily in Oklahoma, the United States. The
company sells crude oil, natural gas, and natural gas liquids
primarily to refineries and gas processing plant. The company was
founded in 1988 and is headquartered in Oklahoma City, Oklahoma.



CHARM HOSPITALITY: Seeks to Hire Newmark Knight as Appraiser
------------------------------------------------------------
Charm Hospitality, LLC, seeks authority from the U.S. Bankruptcy
Court for the District of Nevada to employ Newmark Knight Frank
Valuation & Advisory, LLC, as appraiser to the Debtor.

Charm Hospitality requires Newmark Knight to appraise the Debtor's
real property located at 3019 Idaho St., Elko, NV 89801.

Newmark Knight will be paid a flat fee of $6,000.

Newmark Knight will be paid a retainer in the amount of $3,000.

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

Lori J. Raugust, partner of Newmark Knight Frank Valuation &
Advisory, LLC, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtors and
their/its estates.

Newmark Knight can be reached at:

     Lori J. Raugust
     NEWMARK KNIGHT FRANK VALUATION
     & ADVISORY, LLC
     5470 Kietzke Lane, Suite 300
     Reno, NV 89511
     Tel: (775) 393-3113

                    About Charm Hospitality

Charm Hospitality, LLC, based in Elko, NV, filed a Chapter 11
petition (Bankr. D. Nev. Case No. 20-50880) on Sept. 15, 2020.  In
its petition, the Debtor disclosed $3,099,287 in assets and
$7,472,409 in liabilities.  The petition was signed by Larry
Williams, corporate representative.  Kung & Brown, serves as
bankruptcy counsel to the Debtor.


CHESAPEAKE ENERGY: November 10 Auction of Mid-Con Assets
--------------------------------------------------------
Judge David R. Jones of the U.S. Bankruptcy Court for the Southern
District of Texas authorized the bidding procedures proposed by
Chesapeake Energy Corp. and affiliates in connection with the
auction sale of their remaining oil and gas properties and related
infrastructure in Oklahoma and Hemphill County, Texas ("Mid-Con
Assets").

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: Oct. 29, 2020, at 12:00 p.m. (CT)

     b. Initial Bid: In the event a Stalking Horse Bidder is
selected, the Starting Bid will include the amount provided for in
the Stalking Horse Bid, plus the amount of the Bid Protections,
plus $1 million.

     c. Deposit: 10% of the cash consideration of bid

     d. Auction: An Auction will be held on Nov. 10, 2020 at 10:00
a.m. (CT) via videoconference or such other form of remote
communication arranged by the counsel the Debtors, or such later
time or other place as the Debtors determine, in which case they
will timely notify all Qualified Bidders of such later time or
other place, and file a notice of the change on the Court's docket
for these chapter 11 cases.

     e. Bid Increments: $1 million

     f. Sale Hearing: Nov. 13, 2020 at 9:00 a.m. (CT)

     g. Sale Objection Deadline: Nov. 6, 2020 at 4:00 p.m. (CT)

     h. A Secured Creditor will have the right to credit bid all or
a portion of the value of such Secured Creditor's claims.

The Debtors will present the results of the Auction (if any) or
otherwise present the Successful Bidder to the Court at the Sale
Hearing.

Pursuant to the Bidding Procedures, including any applicable
consent and consultation rights therein, the Debtors are
authorized, but not directed, with the consent of the Consenting
Stakeholders and after consultation with the Official Committee of
Unsecured
Creditors, to select one or more bidders to act as the Stalking
Horse Bidder and enter into a Stalking Horse Agreement with such
Stalking Horse Bidder.

The Bid Protections are approved in their entirety and are payable
in accordance with, and subject to the terms of, any Stalking Horse
Agreement (if any).  Any Break-Up Fee or Expense Reimbursement in
excess of 2% and 1%, respectively, of the purchase price
contemplated by any Stalking Horse Agreement are not approved by
the Order.  Except as expressly provided for in the Order or in the
Stalking Horse Agreement (if any), no other termination payments
are authorized or permitted under the Order.

No later than three business days after the selection of a Stalking
Horse Bidder (if such selection is made), the Debtors will file
with the Court and serve the Stalking Horse Selection Notice on the
Notice Parties.  

The Assumption and Assignment Procedures set forth in the Motion
regarding the assumption and assignment of the Contracts proposed
to be assumed by the Debtors and assigned to a Successful Bidder
are approved.  No later than Oct. 23, 2020, the Debtors will file
with the Court and serve on Contract Counterparties, and post the
Cure Notice to the case website (https://dm.epiq11.com/chesapeake).
The Cure Objection Deadline is Nov. 6, 2020 at 4:00 p.m. (CT).

Any objection to the ability of the Successful Bidder to provide
adequate assurance of future performance with respect to any
Assigned Contract, must be filed with the Court no later than the
earlier of (a) the Sale Objection Deadline or Supplemental Assigned
Contract Hearing, as applicable, and (b) 4:00 p.m. (CT) on the date
that is 14 days following (x) the Assumption and Assignment Service
Date, or (y) the date of Service of the Supplemental Cure Notice,
as applicable.

The Sale Notice is approved.

Notwithstanding Bankruptcy Rule 6004(h), the Order will be
immediately effective and enforceable upon entry.

A copy of the Bidding Procedures is availablea at
https://tinyurl.com/yxw4zqpv from PacerMonitor.com free of charge.

                   About Chesapeake Energy

Headquartered in Oklahoma City, Chesapeake Energy Corporation's
(NYSE: CHK) operations are focused on discovering and developing
its large and geographically diverse resource base of
unconventional oil and natural gas assets onshore in the United
States.

Chesapeake Energy reported a net loss of $308 million for the year
ended Dec. 31, 2019.  As of Dec. 31, 2019, the company had $16.19
billion in total assets, $2.39 billion in total current
liabilities, $9.40 billion in total long-term liabilities, and
$4.40 billion in total equity.

Chesapeake Energy and its affiliates sought Chapter 11 protection
(Bankr. S.D. Tex. Lead Case No. 20-33233) on June 28, 2020, after
reaching terms of a Chapter 11 plan of reorganization to eliminate
approximately $7 billion of debt.

The Debtors tapped Kirkland & Ellis LLP as legal counsel, Jackson
Walker LLP as co-counsel and conflicts counsel, Alvarez & Marsal as
restructuring advisor, Rothschild & Co and Intrepid Financial
Partners as financial advisors, and Reevemark as communications
advisor.  Epiq Global is the claims agent, maintaining the page
http://www.chk.com/restructuring-information.     

Wachtell, Lipton, Rosen & Katz serves as legal counsel to
Chesapeake Energy's Board of Directors.

MUFG Union Bank, N.A., the DIP facility agent and exit facilities
agent, has tapped Sidley Austin LLP as legal counsel, RPA Advisors
LLC as financial advisor, and Houlihan Lokey Capital Inc. as
investment banker.

Davis Polk & Wardell LLP and Vinson & Elkins L.L.P. serve as legal
counsel to an ad hoc group of first lien last out term loan lenders
while Perella Weinberg Partners and Tudor, Pickering, Holt & Co.
serve as the group's investment bankers.

Franklin Advisers, Inc., has tapped Akin Gump Strauss Hauer & Feld
LLP as legal counsel, FTI Consulting, Inc. as financial advisor,
and Moelis & Company LLC as investment banker.

On July 9, 2020, the Office of the U.S. Trustee appointed a
committee to represent unsecured creditors in Debtors' Chapter 11
cases.  The unsecured creditors' committee has tapped Brown
Rudnick, LLP and Norton Rose Fulbright US, LLP as its legal
counsel, and AlixPartners, LLP as its financial advisor.

On July 24, 2020, the bankruptcy watchdog appointed a committee of
royalty owners.  The royalty owners' committee is represented by
Forshey & Prostok, LLP.


CHINOS INTERMEDIATE: S&P Assigns 'B-' ICR on Bankruptcy Emergence
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating on
specialty apparel retailer Chinos Intermediate 2 LLC following the
company's emergence from the Chapter 11 bankruptcy, reflecting the
rating agency's expectations for continued operating performance
uncertainty and a significantly lightened debt load. The outlook is
negative.

At the same time, S&P is assigning a 'B-' issue-level rating on the
company's $400 million exit term loan maturing in 2027. The
recovery rating on this debt is '3', indicating the rating agency's
expectation for rounded estimated recovery of 65% (recovery range
of 50%-70%).

"The 'B-' rating and negative outlook reflective our view of an
improved capital structure and continued uncertainty in sustained
operating performance recovery," S&P said.

Chinos' operating performance has been historically volatile, a
trend S&P expects to continue over the next 12 to 18 months. For
example, adjusted EBITDA margins declined more than 400 basis
points (bps) to 11.7% in 2019 as compared to 15.9% in 2015. S&P
attributes this primarily to merchandising missteps, product
discounting and promotion, and a loss of customers at J. Crew. In
addition, S&P thinks these trends have been exaggerated because of
the coronavirus pandemic. While S&P expects a return to growth in
2021 along with lower balance sheet debt post-bankruptcy, the
rating agency thinks that the risk of earnings pressure will
continue.

"We believe the ongoing secular changes in the specialty apparel
industry will persist and competition will remain intense as
customers continually shift purchases online," S&P said.

"Our view of Chinos reflects its participation in the highly
fragmented and competitive specialty apparel retail sector as a
midpriced specialty apparel retailer. Industry competition has
intensified in recent years, with escalating threats from fast
fashion and online retail, as well as continued declines in mall
traffic. We think these trends are especially heightened for U.S.
midpriced apparel retail players as consumers shift apparel
spending more toward online and fast fashion, given the continued
preference for value, freshness, and convenience. We believe these
trends will be accelerated with the coronavirus pandemic fast
shifting consumer behavior," S&P said.

Moreover, S&P sees uncertainty in a sustained turnaround at the
company's J. Crew brand (about 70% of sales in fiscal 2019). While
it thinks J. Crew remains a recognized name with consumers, S&P
also believes it has not adequately engaged its core customer base
in recent years. This has happened because J. Crew has been slow to
adapt to changing consumer habits and consumers' perception of the
product quality has dipped. S&P believes this led to declining
market share for J. Crew and it may take multiple years to regain
customer preference because of its history of marketing and
merchandising missteps.

The performance of the J. Crew brand contrasts Chino's other
specialty retailer Madewell. Madewell sales (more than 20% of total
revenue) increased significantly over the past few years, posting
comparable sales growth at a double-digit pace in 2018 and 2019. In
addition, the brand experienced meaningful store expansion over the
same period. S&P attributes this growth to the merchandise that
resonates with its millennial customer segmentation.

S&P expects leverage will remain elevated amid heightened
performance uncertainty, despite the significantly lightened debt
load.

Chinos achieved a significant reduction in debt through its Chapter
11 restructuring with reported debt of $400 million
post-restructuring as compared to more than $1.8 billion earlier
this year.

"While the lower debt with extended maturity have helped its
financial profile, we expect adjusted leverage to remain elevated.
Our opinion considers projected leverage spike meaningfully in 2020
before normalizing in the mid- to high-4x range in 2021. In
addition, we believe that the potential path of the pandemic
through the holiday season and next year adds significant
uncertainty about the shape of the economic recovery. To the extent
a second wave of infections occurs on a mass scale, we believe
there could be heightened social distancing and other mandates.
This includes another round of temporary store closures on a
regional or national basis. We would expect this occurrence to slow
or halt performance recovery," S&P said.

S&P acknowledges a high degree of uncertainty about the evolution
of the coronavirus pandemic. The current consensus among health
experts is that COVID-19 will remain a threat until a vaccine or
effective treatment becomes widely available, which could be around
mid-2021.

"We are using this assumption in assessing the economic and credit
implications associated with the pandemic. As the situation
evolves, we will update our assumptions and estimates accordingly,"
S&P said.

The negative outlook reflects S&P's belief that Chinos' operating
performance will remain weak in the next 12 to 18 months amid
economic uncertainty, industry headwinds, and company-specific
operational challenges, especially at its J. Crew brand.

S&P could lower the rating if:

-- S&P believed Chinos' capital structure was potentially
unsustainable over the long-term.

-- Such a scenario could occur if the projected sales and EBITDA
recovery takes longer than anticipated or is weak relative to S&P's
expectations, leading to meaningfully persistent negative free
operating cash flow.

-- This scenario would likely coincide with continued economic
volatility or meaningful merchandise misstep at J. Crew or Madewell
brands.

-- S&P could revise the outlook to stable if it expected more
consistent operating performance at both the company's brands.

Such a scenario would likely include:

-- Evidence that the company's merchandising and fashion offering
resonates with customers at both brands;

-- Consistent expected operating performance including comparable
store sales growth and adjusted EBITDA margins approaching 10%;
and

-- Consistent free operating cash flow generation of $25 million
to $35 million annually.


CIRQUE DU SOLEIL: Garber Quits as Chairman; Lenders Take Ownership
------------------------------------------------------------------
Brendan Kelly of Montreal Gazette reported that Mitch Garber
announced mid-September that he will be stepping down as chairman
of the board of the Cirque du Soleil. This comes on the heels of an
ownership change at the financially troubled circus company.

In August, a group of creditors won control of the Montreal-based
company. The creditors' group represents holders of about $760
million in Cirque du Soleil debt.  One of the main companies in the
group is Toronto-based Catalyst Capital Group.

The previous shareholders -- U.S. equity firm TPG, China's Fosun
International and the Caisse de dépot et du placement du Quebec --
were forced out by the deal.  The three bought control of the
Cirque in 2015 when founder Guy Laliberté sold most of his shares
in the company for $1.5 billion.

"I'm heartbroken for the employees and for the business of the
Cirque du Soleil," Garber said in a text sent to the Montreal
Gazette.  "COVID has forced 100% of the business to be shut down
since March and for the foreseeable future.  The lender group will
take control of the company shortly and I wish them well and hope
that the business can restart and that all of the creative and
financial investment we made will help resurrect the business.  The
lender group will and should constitute a new board and I won't
seek to be part of it."

The company laid off 95 per cent of its staff and cancelled all 45
of its shows around the world when the pandemic hit hard in North
America in mid-March.  It's unclear when any of these shows will
resume. A spokesperson for the Cirque said it is up to the new
owners to decide on the makeup of the board of directors. A
representative from Catalyst declined to comment.
Article content continued

Garber first broke the news that he is leaving on the ICI
Radio-Canada Première show Pénélope on Monday morning. Host
Pénélope McQuade asked Garber if the chair of the board has to be
a Quebecer.

"I haven't spoke about this publicly and maybe this isn't the best
place to do it, but I don’t see myself staying as chairman of the
board," Garber said.  "And it has nothing to do with me being
Quebécois or Canadian."  As part of the deal, the CEO has to be a
Quebecer.

"And I think you're right that the chair of the board does not have
to be a Quebecer. And, honestly, I don't think it's important (that
the chair be a Quebecer). I don't plan on staying, but I haven't
yet had a chance to talk to the new owners ... it's up to the
lenders to create their own board of directors.  They'll have their
own strategy, and so I think a new start is the best idea."

Garber went on to say that he has lost the $3 million he invested
in the Cirque du Soleil.

Garber was previously a senior executive at the Las Vegas casino
company Caesars Entertainment, but he left Caesars in 2017. He is a
minority shareholder and executive committee member of the new
National Hockey League team the Seattle Kraken, a team majority
owned by TPG founder David Bonderman. The team joins the NHL in
2021.

                     About Cirque du Soleil

Cirque du Soleil U.S. Intermediate Holdings, Inc. is a provider of
unique live acrobatic theatrical performances.  The company
currently operates 6 Cirque du Soleil resident shows, 6 Blue Man
Group resident shows and 11 touring shows. For last twelve months
ending September 30, 2018 the company's revenue was $832 million.
The company's founder, Guy Laliberte, retains a 10% minority
interest after a leveraged buyout in July of 2015. TPG Capital
Group (55% share), Fosun Capital Group (25% share) and Caisse de
depot et placement du Quebec (10% share) purchased 90% the company
using the proceeds of the credit facilities plus approximately $630
million of cash equity contribution.

In March 2020, the circus was forced by the coronavirus pandemic to
shutter dozens of shows in cities worldwide.

In early June 2020, the circus reportedly got a proposal from
creditors to inject $300 million into Cirque du Soleil under a
bankruptcy restructuring that also would convert the company's
$900 million in debt into a 100-percent ownership stake.

On June 29, 2020, Cirque du Soleil Entertainment Group and certain
of its affiliated companies filed for protection from creditors
under the Companies' Creditors Arrangement Act ("CCAA") in order to
restructure its capital structure.

On July 1, 2020, 43 U.S. affiliates filed Chapter 15 cases in the
U.S. (Bankr. D. Del.) to seek U.S. recognition of the CCAA cases.
The lead case is In re CDS U.S. Holdings, Inc. (D. Del. Lead Case
No. 20-11719).

The Company is being represented by Stikeman Elliott LLP, Kirkland
& Ellis LLP, National Bank Financial Inc. and Greenhill & Co.


COASTAL INTERNATIONAL: AHAC Wants Details on New Purchaser, Funder
------------------------------------------------------------------
American Home Assurance Company ("AHAC") objects to the adequacy of
Fourth Amended Disclosure Statement describing Fourth Amended
Chapter 11 Plan of Reorganization of Debtor Coastal International
Inc.

AHAC claims that the Debtor provides zero information concerning
crucial change to the Plan or auction process of the New Value
Contribution. Creditors have a right to know why the Debtor changed
the identity of the purchaser to a different insider entity after
the auction process was completed.

AHAC states that the Debtor now reveals that the source of the
"third party funding" of the Plan is Coastal International Trade
Show Services, LLC.  The Debtor also does not disclose any
information about this entity that will allegedly be providing up
to $2 million in funding other than asserting that it "is a wholly
owned subsidiary of the owner of the Debtor."

AHAC submits that the Plan should be modified to require the Plan
Agent to consult with AHAC with respect to the Plan Assigned
Actions and to obtain AHAC's approval of all settlements.

AHAC points out that the Disclosure Statement fails to disclose
that the Committee is controlled by three of the Debtor’s most
senior managers all based at its Sausalito headquarters: Kathy
Spangler, Vice President of Administration; Jesus Lopez, Vice
President of Construction Services; and Dee Randall, Director of
Client Services.

AHAC asserts that the current Disclosure Statement only presents
financial projections through September 2020, which is one month
away in contrast to the Second Amended Disclosure Statement that
provided 10 years of projections and the First Amended Disclosure
Statement that provided 12 years of projections.

A full-text copy of the AHAC's objection dated August 18, 2020, to
the Fourth Amended Disclosure Statement, is available at
https://tinyurl.com/y539afnf from PacerMonitor at no charge.

Attorneys for American Home:

         Leib M. Lerner
         Douglas J. Harris
         ALSTON & BIRD LLP
         333 South Hope Street, Sixteenth Floor
         Los Angeles, California 90071
         Telephone: (213) 576-1000
         Facsimile: (213) 576-1100
         E-mail: leib.lerner@alston.com
         E-mail: douglas.harris@alston.com

                   About Coastal International

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

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


COLUMBIA NUTRITIONAL: Sifton Industrial Objects to Amended Plan
---------------------------------------------------------------
Creditor Sifton Industrial, LLC objects to the confirmation of the
First Amended Plan of Reorganization of Debtor Columbia
Nutritional, LLC.

Sifton claims that the Debtor's Disclosure Statement dated July 24,
2020 does not reference the nonresidential lease between the Debtor
and Sifton for the Debtor's primary business location located in
Vancouver, Washington.

Sifton points out that it is unclear in the  Debtor's Disclosure
Statement whether the Debtor has designated sufficient funds in the
category of "Accrued Administrative Costs" to provide for the
payment of Sifton's claim, including attorney's fees, on the
Effective Date as is required by 11 U.S.C. Sec. 365 et seq. and no
adequate assurance has been provided to Sifton as of this date.

A full-text copy of Sifton's objection dated August 18, 2020, to
First Amended Plan is available at https://tinyurl.com/y6f52ev7
from PacerMonitor at no charge.

Attorney for Sifton Industrial:

        Timothy J. Dack
        Attorney at Law
        P.O. Box 61645
        Vancouver, WA 98666-1645
        Tel: (360) 694-4227
        E-mail: timdack@dackoffice.com

                    About Columbia Nutritional

Columbia Nutritional, LLC --https://www.columbianutritional.com/ --
is a contract manufacturer of dietary supplements based in the
Pacific Northwest.  Columbia Nutritional filed a voluntary petition
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No.
20-40353) on Feb. 6, 2020. In the petition signed by COO Brea
Viratos, the Debtor was estimated to have $1 million to $10 million
in assets and $10 million to $50 million in liabilities.

Judge Brian D. Lynch oversees the case.  

Thomas W. Stilley, Esq., at Sussman Shank LLP, serves as the
Debtor's legal counsel.


COMMSCOPE HOLDING: S&P Cuts ICR to 'B-' on Continued High Leverage
------------------------------------------------------------------
S&P Global Ratings downgraded CommScope Holding Co. Inc. to 'B-'
from 'B'. The outlook is stable. S&P also lowered the issue-level
rating on the firm's secured debt to 'B' from 'B+' and on its
unsecured debt to 'CCC+' from 'B-'. The recovery ratings on the
debt remain '2' and '5', respectively.

The stable outlook is based on S&P's view that credit metrics,
while elevated, are unlikely to deteriorate further from current
levels absent a significant unexpected downturn from its current
forecast.

Leverage has risen considerably to 8.7x over the first half of
2020, and S&P does not see deleveraging below 7.5x as likely until
late 2021 at the earliest. CommScope's operating performance has
continued to deteriorate through the first half of 2020 and
although S&P expects revenue and EBITDA to broadly stabilize at
current levels, leverage has reached levels inconsistent with the
rating agency's previous 'B' issuer credit rating on the firm.
Wireless carriers continue to delay capital spending to preserve
capital for an upcoming spectrum auction, and S&P does not expect
the closure of the Sprint/T-Mobile merger to spur material
incremental spending until 2021. In addition, the impact of the
broader COVID-19-related macroeconomic downturn has pressured a
number of CommScope's businesses, with weaker-than-expected 5G
deployment in emerging markets, accelerating consumer over the top
streaming adoption that has hurt sales of video customer premises
equipment (CPE), and a lack of construction and site access that
has negatively impacted the Venue and Campus networks business. The
firm's broadband business appears to be a bright spot, because
increased data traffic has led network operators to invest in
bandwidth and push fiber deployments deeper into their
infrastructure.

Although S&P expects revenue and EBITDA generation to improve in
the coming year, the recovery will be modest and gradual. S&P
forecasts CommScope's Broadband Networks business to return to
growth in the second half of 2020 and Outdoor Wireless and Venue
and Campus to grow in 2021, but expect overall revenue growth to be
limited to about 2% in 2021 as CPE demand remains weak and the pace
of eventual North American 5G infrastructure investment will be
gradual amid lingering macroeconomic uncertainty. Even with the
implementation of an aggressive series of expense-reduction
actions, S&P believes that EBITDA will remain at about $1.2 billion
throughout the next 18 months and that the company will not reach
the nearly $500 million of free cash flow it generated in 2019
until at least 2022. Given this lingering weakness in the business,
S&P expects the pace of deleveraging to be quite modest, with
leverage approaching 8x at the end of 2021 in the rating agency's
base case scenario.

Sizable cash balances, reliable free cash flow generation, and
proactive management of debt maturities limit liquidity risks.
Although S&P expects CommScope to report significantly elevated
leverage levels for at least the next 18 months, the firm has
substantial cash balances—$823 million as of the June quarter,
including proceeds from a $250 million draw on the firm's revolving
credit facility that has since been repaid—and no debt maturities
before 2024, which should give the firm ample flexibility to
navigate a return to greater profitability. CommScope's track
record as a reliable free cash generator and limited capital
spending needs further provide room to reduce leverage over the
longer term. S&P expects the company to maintain adequate liquidity
even if leverage remains high and see little risk of near-term
liquidity challenges. S&P also believes management remains
committed to reducing leverage from current levels and that the
company will continue to seek to reduce its debt burden to the
extent that it can, and recent changes to leadership do not have an
immediate impact on S&P's rating.

"The stable outlook reflects our view that although macroeconomic
weakness related to COVID-19 will delay carrier capital spending
and negatively affect credit metrics in the near term, CommScope's
revenue will stabilize at current levels and return to modest
growth in 2021 as broadband network infrastructure spending starts
to recover toward the end of 2020 and U.S. wireless carriers begin
to invest in 5G networks in the coming year. Recent
expense-reduction actions should support EBITDA margin improvement
to the mid-teens in 2021, and we expect the company to sustainably
generate positive free cash flow, even if at reduced levels, in
2020," S&P said.

At CommScope's current leverage levels, S&P would primarily look to
potential liquidity concerns as a catalyst for further downgrades.
Specifically, S&P would look to negative free cash flow,
anticipated challenges refinancing existing debt, or a
significantly weakening cash position as factors in an additional
downgrade. S&P expects this would mostly likely result from
CommScope suffering substantial market share losses, leading to
persistent revenue declines that would exceed management's ability
to reduce expenses and preserve cash generation.

"We would be likely to upgrade CommScope if the firm were able to
increase EBITDA and generate sufficient cash so that it were able
to reduce leverage to less than 7x on a sustainable basis. We think
that achieving this level of deleveraging over the next 12 months
is unlikely due to delays in capital spending at U.S. wireless
carriers as they preserve capital ahead of the coming C-band
spectrum auction. Nevertheless, we think CommScope could
successfully reduce leverage below 7x by early 2022 if 5G network
investment grows as expected and the firm is able to maintain its
share position with carriers while continuing to see consistent
demand from broadband network operators," S&P said.

"We view social and environmental risk to be material for CommScope
but believe it adequately manages these risks. We do not expect
them to affect our rating in the near term," the rating agency
said.

Within the social category, the company faces risks regarding
workplace safety and child labor stemming from its manufacturing
operations and supply chain. CommScope has a program to mitigate
safety risks, which has reduced injury rates over the past 10 years
to below critical benchmarks. It also has a program to manage child
labor risk by conducting reviews, assessments, and audits of its
own operations and those of its suppliers deemed to be high risk.
S&P thinks its management of these risks adequately mitigates the
potential for legal liability, costly regulatory action, and
reputational damage.

Waste management and greenhouse gas (GHG) emissions are risks in
the environmental category, which CommScope seeks to address
through its product lifecycle management and manufacturing design
processes. It reduced harmful chemicals in its products and waste
produced by manufacturing; minimized packaging; sought out
recyclable materials in any remaining packaging; and maximized
reuse, refurbishment, or recycling for its products at the end of
life stage. The company also manages its manufacturing processes to
reduce energy consumption and GHG emissions. It targets GHG
emissions 25% below 2016 levels by the end of 2020 and has already
achieved a 10% reduction. S&P thinks this puts CommScope in a good
position to handle potential future regulations on, or taxation of,
emissions.


DEAN & DELUCA: Court Extends Exclusivity Periods Thru Nov. 5
------------------------------------------------------------
At the behest of Dean & DeLuca New York Inc. and its affiliates,
the Honorable Michael E. Wiles extended the Debtors' exclusive
right to solicit acceptances for the chapter 11 plan to and
including November 5, 2020.

The Debtor's Exclusive Filing Period in which to file a chapter 11
plan is also extended to and including November 5.

Before the Debtors' order was granted, the Debtors asked the U.S.
Bankruptcy Court for the Southern District of New York to extend
the exclusive periods to and including October 30, 2020.

With the extension, the Debtors will be able to resolve the
Committee's concerns and confirm a plan that both provides a
meaningful distribution to their creditors and will help the
Debtors to emerge from bankruptcy on a strong footing. Also, it
will permit the Debtors to focus their efforts on an out-of-court
resolution instead of costly litigation and reach consensus with
their stakeholders on the most important issues in the Debtors'
cases.

A copy of the Debtors' Motion to Extend is available from
stretto.com at https://bit.ly/2SBney3 at no extra charge.

A copy of the Court's Extension Order is available at
https://bit.ly/36K1mc9 at no extra charge.

                  About Dean & Deluca New York

Dean & DeLuca New York, Inc., is a multi-channel retailer of
premium gourmet and delicatessen food and beverage products under
the Dean & DeLuca brand name.  It traces its roots to the opening
of the first Dean & DeLuca store in the Soho district of Manhattan,
New York City by Joel Dean and Giorgio DeLuca in 1977. Affiliate
Dean & DeLuca, Inc. was incorporated in Delaware in 1999.

On Sept. 29, 2014, Pace Development Corporation, through its
wholly-owned subsidiary, Pace Food Retail Co., Ltd., acquired 100%
of the shares of Dean & DeLuca, Inc. from its then shareholders.

Dean & DeLuca New York and six affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
20-10916) on March 31, 2020.  At the time of the filing, the
Debtors had estimated assets of between $10 million and $50 million
and liabilities of between $100 million and $500 million.

The Honorable Michael E. Wiles is the presiding judge. The Debtors
tapped Brown Rudnick LLP as their legal counsel, Stretto as claims
and noticing agent, and Saul Ewing Arnstein & Lehr LLP as special
counsel.

The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors in Debtors' bankruptcy cases.  The committee is
represented by Arent Fox, LLP.


DELTA AIR: S&P Lowers Debt Ratings to 'BB+' on Added SkyMiles Debt
------------------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on Delta Air
Lines Inc.'s term loan and notes that are secured by European and
Latin American routes; London Heathrow and domestic takeoff and
landing slots; and related airport gates to 'BB+' from 'BBB-'. S&P
revised the recovery rating to '2' from '1', reflecting its
expectation of substantial (70%-90%; rounded estimate: 70%)
recovery in the event of default.

S&P is also lowering its issue-level rating on Delta's senior
unsecured notes to 'B+' from 'BB-'. The rating agency is revising
the recovery rating to '6' from '5', reflecting its expectation of
negligible (0%-10%; rounded estimate: 0%) recovery in the event of
default. The 'BB' issuer credit rating and negative outlook are
unchanged.

"We are revising our assessment of Delta's liquidity to strong from
adequate, reflecting the additional cash on hand," S&P said.

The decline in recovery assessments is a direct result of the new
$9 billion SkyMiles secured debt, consisting of a $3 billion 7-year
term loan, $2.5 billion 5-year secured notes, and $3.5 billion
8-year secured notes (not rated). The new notes and credit facility
are secured on a pari passu senior basis by a first-priority
security interest in Delta's SkyMiles assets, including SkyMiles
intellectual property; material SkyMiles agreements, including
applicable American Express agreements; and cash collection
accounts.

"We view the customer loyalty program-backed debt as a priority
claim against all creditor groups because it has claims on valuable
earning power that is connected to flight operations. Although
limited, historical evidence also supports our expectation that
Delta would continue to honor its obligation under the loyalty
program through a bankruptcy restructuring. By treating the new
debt as priority claims in the payment waterfall, we essentially
reduce the enterprise value available to cover other obligations on
a dollar for dollar basis. This is consistent with our approach
applied to United Airlines Inc.'s MileagePlus financing and
American Airlines Inc.'s AAdvantage-collateralized U.S. Coronavirus
Aid, Relief, and Economic Security (CARES) Act loan," S&P said.

"We allocated the SkyMiles priority claims among the creditors
secured by the routes, gates, and slots; the term loan secured by
Pacific routes (not rated), and other creditors (resulting in less
asset value against their debt) based on the associated regions'
percentage share of total revenue, since we believe this reflects
Delta's total profit-generating assets," S&P said.

Specifically, S&P allocated the SkyMiles claims as follows based on
each sector's proportion of revenues in 2019:

-- 22% to secured debt collateralized by London, European, and
Latin American route rights, London Heathrow takeoff and landing
slots, and domestic slots at New York LaGuardia Airport, New York
Kennedy Airport, and Washington Reagan National Airport. Delta
generated about 15% of 2019 total revenues from trans-Atlantic
routes and 7% from Latin American routes.

-- 6% to a $2.65 billion revolving credit facility secured by a
first lien on Pacific route authorities and related assets,
paralleling their 6% proportion of 2019 revenue.

-- The remaining 72% to the main obligor group, which contains
domestic operations and aircraft equipment. S&P notes that the
domestic landing slots are not included in this creditor group, but
they relate to domestic operations, so the revenue does not line up
precisely with the allocation of collateral.

-- S&P has not assigned incremental value to the SkyMiles program
or similar customer loyalty programs at other airlines, because it
believes their value is closely related to the viability and
profitability of flight operations, already captured in the rating
agency's discrete asset value enterprise value. Therefore S&P is
not viewing their economic value as "new" value to the airlines.

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

-- Health and safety

S&P expects Delta's operating performance to be very depressed in
2020 because airline passenger traffic remains weak due to
COVID-19, with some recovery expected in 2021, resulting in funds
from operations (FFO) to debt improving to the mid-to-high teens
percent area.

"We could lower the rating over the next 12 months if we believed
the recovery would be more prolonged or weaker than our base case
scenario, resulting in continued high cash burn and FFO to debt
remaining below the mid-teens percent area in 2021. We could also
lower the rating if the company's liquidity weakened," S&P said.

"Although unlikely in 2020, we could revise the outlook to stable
if the recovery in airline passenger traffic were stronger than our
base case scenario, resulting in positive earnings and cash flow
and FFO to debt of about 20% in 2021," S&P said.

S&P acknowledges a high degree of uncertainty about the evolution
of the coronavirus pandemic. The current consensus among health
experts is that COVID-19 will remain a threat until a vaccine or
effective treatment becomes widely available, which could be around
mid-2021.

"We are using this assumption in assessing the economic and credit
implications associated with the pandemic. As the situation
evolves, we will update our assumptions and estimates accordingly,"
S&P said.


DETROIT, MI: S&P Assigns 'BB-' Rating to GO Bonds; Outlook Negative
-------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term rating to Detroit,
Mich.'s $80 million series 2020 unlimited-tax general obligation
(GO) bonds, and affirmed its 'BB-' rating on the city's existing
unlimited-tax GO debt. The outlook is negative.

"The negative outlook on the 'BB-' rating reflects the
unprecedented fiscal and economic pressure stemming from the
COVID-19 pandemic and ensuing recession," said S&P Global Ratings
credit analyst John Sauter.

S&P revised Detroit's outlook to negative from stable in April
2020. At the onset, Detroit projected severe revenue declines (half
its operating revenue comes from highly affected income and
wagering taxes) and moved very quickly to curb spending and approve
cuts, all while providing emergency response. Still, to balance
budgets, officials approved large draws on available reserves, much
of which were already budgeted or planned to be spent on one-time
capital, blight removal, or pension and reserve set-asides. Because
of its very strong reserve and liquidity position, Detroit did not
have to cash-flow borrow or cut essential services.

Fiscal 2020 revenues were in line with projections and while 2021
revenues have been revised downward, the city will likely use less
fund balance than expected, factoring in conservative projections,
efficient spending below budgeted levels, CARES Act funding, and
some one-time transfers. Factoring in the latest independent
revenue forecast, Detroit anticipates being able to close a small
remaining budget gap in fiscal 2022, and we feel it is adequately
positioned to do so, even in a more stressed scenario, considering
its very conservative budgeting and strong fiscal oversight.
However, if revenue recovery is far worse due to another wave of
the virus or consumers' and workers' lives not returning to normal
as quickly, which remains highly uncertain, S&P feels this could
change.

"The negative outlook reflects our view of at least a one-in-three
chance we could lower the rating within the next year," added Mr.
Sauter, "which could happen if revenues do not recover and there is
no additional stimulus, and if this is expected to lead to a
continued budget gap and even further draws on reserves." Future
reviews will focus on fiscal 2022 budget developments, the
implications of the pension funding strategy, and the continued
ability to invest in capital infrastructure, all within the
framework of lower reserves. In S&P Global Ratings' latest economic
forecast ("The U.S. Economy Reboots, With Obstacles Ahead,"
published Sept. 24, 2020, on RatingsDirect), we note the U.S.
economy is taking promising steps toward recovery, but caution
against risks such as the continued lack of a vaccine, lack of new
stimulus, and increasing trade tensions.

S&P said, "Ratings in the 'BB' category are differentiated from
those in the 'B' category, based on our view that exposure to
adverse business, financial, or economic conditions could impair an
obligor's ability to meet financial commitments, but is not likely
to. We expect this will hold true for Detroit over the next year
given the strength of management and it is starting from a very
strong reserve and liquidity position following years of
surpluses."

The health and safety aspects of the pandemic and resulting
shelter-in-place order caused a sudden, substantial decline in
operating revenues, playing a direct role in the outlook revision,
and are reflected as a social risk in our analysis of
environmental, social, and governance (ESG)-related risks.

S&P said, "We also feel Detroit faces higher social risks than most
in the sector, factoring in a long-term outmigration of population
and residents' incomes that are well below national levels, all of
which can limit long-term revenue-raising abilities. The
possibility of changing patterns and behavior of commuters is
another risk, especially with the current city income tax code not
allowing the city to tax nonresidents whose employment is in the
city but who don't physically work there. The city does not face
heightened environmental or governance risks, in our view; rather,
we see its governance as a strength, with collaborative
decision-making and a long-term vision that has kept the city's
rebound on track."


DIGITAL ROOM: S&P Affirms B- ICR; Outlook Stable
------------------------------------------------
S&P Global Ratings affirmed its ratings on Digital Room Holdings
Inc., including its 'B-' issuer credit rating, and removed them
from CreditWatch, where it placed them with negative implications
on April 10, 2020. S&P also revised its liquidity assessment to
adequate from less than adequate.

The stable outlook and ratings affirmation reflect DRI's expected
positive cash flow generation over the next 12 months. DRI's
revenue declined about 13% and EBITDA 15% on an S&P adjusted basis
in the first six months of 2020, predominantly from March through
May, as a result of lower print volumes by small and midsize
businesses (SMBs) that faced lower economic activity and
restrictions by local governments to curb the spread of COVID-19.
Nonetheless, DRI executed several cost reductions on a timely
manner to limit EBITDA and cash flow declines. S&P expects print
order volumes to continue improving monthly in the second half as
businesses reopen and increase marketing spending. But it estimates
adjusted free operating cash flow (FOCF) to debt will remain in the
low-single-digit percent area and adjusted leverage will increase
to the high-8x area in 2020.

"We expect DRI to have sufficient liquidity and covenant cushion
despite a challenging operating environment. We revised our
liquidity assessment to adequate to reflect DRI's higher margin of
covenant compliance than our prior expectations. This stems from
lower-than-expected EBITDA declines and more run-rate cost savings.
Although we expect the company's margin of covenant compliance to
fall in the first quarter of 2021 on a last-12-months basis due to
a full year of pandemic impact on EBITDA, we expect it to maintain
adequate liquidity and do not expect covenant compliance issues
over the next 12 months," S&P said.

DRI's revenues remain vulnerable to lower economic activity and a
potential increase in COVID-19 cases. DRI generates a majority of
its revenues from marketing materials such as display and signage,
stickers and labels, professional forms and stationery, and other
specialty print items produced for SMBs. While it has a good repeat
customer base, orders are discretionary and non-contractual and
could further decline in a prolonged economic contraction or if a
subsequent wave of COVID-19 infections leads to re-imposed
restrictions on the operations of nonessential businesses. However,
S&P believes DRI's variable cost structure partially offsets this
risk, cushioning the overall impact on its EBITDA in such a
scenario.

The stable outlook reflects its expectation that DRI will continue
to generate positive cash flows over the next 12 months and
maintain adequate cushion under its financial maintenance
covenants. This is despite a difficult operating environment as the
economy slowly recovers from the sudden recession caused by the
coronavirus pandemic.

S&P could lower the issuer credit rating if economic recovery is
slower than expected or an increase in COVID-19 cases leads to
additional social distancing requirements and another economic
contraction. In such a scenario, S&P envisions:

-- DRI generating negative FOCF, resulting in greater reliance on
its cash balance and revolving credit facility; or

-- DRI's cushion under its covenants tightening such that S&P
believes the company would breach its covenants.

S&P could take a positive rating action if:

-- The company consistently increases organic revenues and
improves its scale of operations; and

-- Leverage declines to and remains well below 6x on a sustained
basis.


DRIVETIME AUTOMOTIVE: S&P Upgrades ICR to 'B-'; Outlook Negative
----------------------------------------------------------------
S&P Global Ratings said it raised its issuer credit rating on
DriveTime Automotive Group Inc. to 'B-' from 'CCC+'. The outlook is
negative.

The upgrade reflects better-than-e xpected performance, as well as
capital market actions that mitigated liquidity risk surrounding
the June 2021 maturities of the company's senior secured notes.

S&P said, "We previously believed that the fallout from COVID-19
would result in heightened delinquencies and charge-offs on
DriveTime's loan portfolio, which would have increased the risk of
the company breaching delinquency covenant triggers on its
warehouse lines. We believed this risk would be compounded if the
company was unable to access the securitization market."

Since then, the company has continued to report stable to improving
delinquency metrics, called its senior secured notes, accessed the
securitization market, and generated positive operating cash flow
after originations while keeping its warehouse lines undrawn.

While total extensions, including those related to COVID-19 and
not, peaked at approximately 7% in April 2020, extensions as of
Aug. 31, 2020, were below 2% of the company's managed portfolio.
This amount is approximately half of total extensions as of Aug.
31, 2019. Cash collections for August 2020, measured as a
percentage of the beginning-of-month balance, were about flat
relative to cash collections from August 2019. While some of the
better-than-expected credit performance was likely due to the
government's unprecedented support of the economy, including
unemployment benefits, S&P has not yet seen meaningful
deterioration in credit quality since unemployment benefits
expired.

S&P said, "We believe DriveTime has sufficient liquidity, given the
company is currently generating cash flow from operations and
reported $733 million of balance sheet liquidity for the quarter
ended June 30, 2020, of which about 30% was cash on hand and the
remainder was availability on its secured credit facilities."

"The negative outlook on DriveTime reflects our expectation that
delinquencies and charge-offs could increase given the current
economic conditions. We believe this could erode the company's
earnings and the current cushion to the company's delinquency
covenants on its warehouse lines. We expect the company to maintain
leverage as measured by debt to adjusted total equity of 5.0x-9.0x,
with some volatility due to fair value marks."

"We could lower the rating on DriveTime over the next 12 months if
we believe credit quality is highly likely to deteriorate such that
the company is likely to breach its delinquency covenant triggers
and meaningfully draws on its warehouse lines."

"We could revise our outlook on DriveTime to stable over the next
12 months if we believe the risk of credit deterioration recedes,
earnings are stable, and the company is not at risk of breaching
covenant triggers."


DURA AUTOMOTIVE: UCC Has No Derivative Standing if Delaware LLC
---------------------------------------------------------------
Nancy Bello of Kramer Levin Naftalis & Frankel LLP wrote an article
on JD Supra titled "Bankruptcy Court Holds Committee of Unsecured
Creditors Cannot Obtain Derivative Standing When Debtor Is a
Delaware Limited Liability Company."

The Bottom Line

Recently, in In re Dura Automotive Systems, No. 19-12378 (Bankr. D.
Del. June 9, 2020), the Bankruptcy Court for the District of
Delaware held that granting the Official Committee of Unsecured
Creditors (the Committee) derivative standing on behalf of the
debtors – a Delaware limited liability company – was precluded
by the Delaware Limited Liability Company Act (the Delaware LLC
Act).

What Happened?

The Committee filed a motion for standing to pursue certain claims
and causes of action of the bankruptcy estate against certain of
the debtors' prepetition lenders, the debtors' former CEO Lynn
Tilton and other Tilton-affiliated entities that provided purported
management and consulting services to the debtors. The Committee's
proposed complaint contemplated state law claims, as well as
preference claims under Section 547, recharacterization under
Section 502(a) and equitable subordination under Section 510.

The court held that the Committee could not be granted derivative
standing, focusing on the following provision of the Delaware LLC
Act: "In a derivative action, the plaintiff must be a member or an
assignee of a limited liability company interest at the time of
bringing the action and: (1) At the time of the transaction of
which the plaintiff complains; or (2) The plaintiff’s status as a
member or an assignee of a limited liability company interest had
devolved upon the plaintiff by operation of law or pursuant to the
terms of a limited liability company agreement from a person who
was a member or an assignee of a limited liability company interest
at the time of the transaction." According to the court, since the
Committee was not a "member of the LLC debtors or an assignee of an
LLC interest," it could not be granted derivative standing.

In so holding, the court rejected the Committee's argument that
federal, not state, law should control the question of derivative
standing in bankruptcy, in particular where the claims at issue are
federal law claims (e.g., equitable subordination). The court held
that to determine whether a third party may bring a derivative
claim, the court must look to the law of the debtors' state of
incorporation – in this case, Delaware, which is clear that
members or assignees of an LLC interest have the exclusive
authority to sue derivatively. The Committee failed to identify any
Bankruptcy Code provision to the contrary. Additionally, the court
rejected the Committee’s attempt to distinguish a derivative
action brought in bankruptcy on behalf of an estate, rather than
outside of bankruptcy on behalf of an LLC.

The court recognized that its ruling could create certain issues,
such as undermining the Committee's role or rendering its
investigation rights illusory, if the Committee is unable to sue
derivatively.  However, the court noted that even without standing,
other remedies exist to ensure compliance with fiduciary duties and
the Bankruptcy Code. For example, "potential claims and causes of
action could be assigned to a trust and a plan or conversion or the
appointment of a Chapter 11 Trustee or examiner could be
requested."

Why This Case Is Interesting

Notably, in The McClatchy Company, Case No. 20-10418-mew (Bankr.
S.D.N.Y. July 6, 2020), the Bankruptcy Court for the Southern
District of New York reached a different conclusion. There, the
court determined that the committee had authority to pursue claims
on behalf of the estate as a matter of federal bankruptcy law, not
state law – an argument rejected by the Dura court. These
decisions create uncertainty for debtors, creditors’ committees
and other parties in interest regarding who has standing to pursue
certain claims. It is unclear how courts will rule in cases
involving debtor entities from various jurisdictions, as well as
how courts will reconcile these two conflicting decisions.


DYNCORP INTERNATIONAL: S&P Places 'B+' ICR on Watch Negative
------------------------------------------------------------
S&P Global Ratings placed its ratings on McClean, Va.-based U.S.
government service contractor Dyncorp International Inc., including
its 'B+' issuer credit rating, on CreditWatch with negative
implications.

"The negative CreditWatch placement reflect the potential that we
would lower our ratings on DynCorp after its acquisition by
lower-rated Amentum. We expect to equalize the ratings on DynCorp
with those on Amentum when the acquisition closes. The transaction
is anticipated to close in the fourth quarter of 2020," S&P said.

"We expect to resolve the CreditWatch placements when the
acquisition closes, at which time we anticipate equalizing the
ratings on DynCorp and Amentum and discontinuing the ratings on
DynCorp. Alternatively, we would reassess our ratings on DynCorp
should the transaction fail to close, most likely causing us to
affirm the current ratings with a stable outlook," S&P said.


EAGLE ENTERPRISES: Can't Use Cash Collateral, Case Converted
------------------------------------------------------------
Judge Catherine Peek McEwen has denied the request of Eagle
Enterprises, LLC, for authority to use cash collateral.  

On October 1, the Court held a further hearing on the Debtor's bid
to use cash collateral and determined that the Debtor was
non-compliant with reports and fees.

The Debtor has already proposed a Chapter 11 exit plan.  On July
21, the Debtor filed an amended version of that plan.  The Court
has entered an order conditionally approving the disclosure
statement and scheduling the confirmation hearing for September
30.

On September 24, the Court held a status conference to discuss
rescheduling the confirmation hearing.

Mid-September, the Court extended the periods within which Eagle
Enterprises has the exclusive right to file a Chapter 11 plan and
to obtain plan acceptance through December 24, 2020.  In seeking an
exclusivity extension, the Debtor said it has proposals from one of
the creditors that would allow confirmation upon resolving issues
on taxes and insurance, and the Debtor said it may be able to get
the consent from the other creditor depending on income over the
next six months. The ultimate funding for the Debtor comes from
another business owned by the principals of the Debtor which is in
the electrical contracting business. The recent hurricane damage
Georgia and Alabama is giving this company substantial new
business, but recent income for the business has been problematic
before this change of circumstances. With the additional income
from the hurricane damage, the Debtor may be able to propose plans
with an expedited payoff of the secured claims.

However, on October 6, the Court entered its order denying cash
collateral use.  As a result of the ruling, the Court also held
that the case is converted to Chapter 7.

                    About Eagle Enterprises

Eagle Enterprises, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-07116) on July 29,
2019. In the petition, Eagle Enterprises was estimated to have
assets of less than $1 million and liabilities of less than
$500,000 as of the bankruptcy filing.  

The case is assigned to Judge Catherine Peek Mcewen.  Eagle
Enterprises is represented by Michael Barnett, P.A.



EAST COAST COUNTERTOPS: Files for Voluntary Chapter 7 Bankruptcy
----------------------------------------------------------------
East Coast Countertops & Cabinets LLC filed for voluntary Chapter 7
bankruptcy protection on Sept. 15, 2020 (Bankr. M.D. Fla. Case No.
20-05145).  According to the Orlando Business Journal, the Debtor
listed an address of 1976 N. Nova Road, Holly Hill, and is
represented in court by attorney Robert H. Zipperer.  East Coast
Countertops listed assets of $0 and debts up to $452,122. The
filing's largest creditor was listed as Everest Business Funding
with an outstanding claim of $81,183.

East Coast Countertops & Cabinets installs cabinetry, countertops,
sinks and hardware by the top manufacturers.


EDISON PRICE: Oct. 11 Auction of Substantially All Assets
---------------------------------------------------------
Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern
District of New York authorized Edison Price Lighting, Inc.'s
bidding procedures in connection with the sale of substantially all
of its assets located at 41-10 22nd Street, Long Island City, New
York to Current Lighting Solutions, LLC for $1.11 million, subject
to overbid.

The Potential Bidders or Qualified Bidders (other than the Stalking
Horse Bidder) must disclaim any right to receive a break-up fee,
expense reimbursement, or other similar form of compensation, and
by submitting its Bid, agree to refrain from and waive any right to
assert or request any form of reimbursement on any basis.

The Buyer will be designated as the Stalking Horse Bidder and will
be deemed a Qualified Bidder for purposes of this Bidding
Procedures Order and the Bidding Procedures.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: Oct. 9, 2020 at 4:00 p.m. (EDT)

     b. Initial Bid: At a minimum, the Bid must have a Purchase
Price that has a monetary value in cash or other cash equivalents
equal to or greater than $1,268,300, representing the Stalking
Horse Bid Purchase Price ($1.11 million), plus the maximum amount
of the Expense Reimbursement ($75,000), plus the Break-Up Fee
($33,300) plus a minimum overbid of $50,000.

     c. Deposit: 10% of the purchase price set forth in the Bid

     d. Auction: If the Debtor determines that an Auction is in the
best interest of its estate and its creditors, it may, but will not
be required to conduct an Auction with respect to the Assets.  If
an Auction is conducted, it will take place at the offices of
Bronson Law Offices, P.C., on Oct. 11, 2020, starting at 10:00 a.m.
(EST), or at such other date and time or other place, as may be
determined by the Debtor, in consultation with Lender at or prior
to the Auction, and will be conducted in accordance with the
procedures set forth in Section I of the Bidding Procedures.

     e. Bid Increments: $50,000

     f. Sale Hearing: Oct. 14, 2020 at 10:00 a.m. (EST)

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

     h. Closing: Oct. 28, 2020 at 4:00 p.m. (ET)

     i. Any sale of the Asset will be on an "as is, where is" basis
and without representations or warranties of any kind, nature or
description by the Debtor or its representatives, professionals and
agents, other than as set forth in the Stalking Horse APA, and free
and clear of all Liens.

The Debtor's designation of Current Lighting as the Stalking Horse
Bidder is approved.  Its entry into the Stalking Horse APA is
authorized and approved, provided that the consummation of the
Transaction contemplated by the Stalking Horse APA will be subject
to the entry of the Sale Order by the Court.

The Debtor, in consultation with Citibank, N.A., is authorized to
extend the deadlines set forth in this Order and Bidding Procedures
and/or schedule, adjourn, continue or suspend an Auction and/or the
Sale Hearing.  Subject to the rights granted to the Lender, the
Debtor is authorized to take any and all actions necessary or
appropriate to implement the Bidding Procedures.

The Sale Notice is approved.  By no later than one business day
after the entry of the Order, the Debtor will cause a copy of the
Bidding Procedures, the Sale Notice and the Order to be served upon
the Notice Parties.  By no later than Oct. 12, 2020, the Debtor
will file with the Court and will serve upon the Notice Parties a
notice of selection of the highest and best bid at Auction setting
forth the identity of the Successful Bidder and the Backup Bidder
and the general terms of each party's Bid.

The Debtor has filed a schedule of contracts and leases proposed to
be assumed and assigned, if any, together with the proposed
corresponding Cure Amounts.  To the extent permitted by the
Transaction documents, the Debtor will promptly amend the
Assumption Schedule with notice thereof served upon all
counterparties to the proposed Assigned Contracts and the Notice
Parties.  The Assumption Objection Deadline is Oct. 13, 2020.

The Debtor, subject to the consent right granted to the Lender, is
authorized and empowered to take all steps, and incur and pay all
costs and expenses, as may be reasonably necessary to fulfill the
requirements established by the Order.

Notwithstanding Bankruptcy Rules 6004(h) and 6006(d), the Order
will not be stayed for 14 days after the entry hereof and will be
effective and enforceable immediately upon entry hereof, sufficient
cause having been shown.

A copy of the APA and the Bidding Procedures is available at
https://tinyurl.com/y68u4y3k from PacerMonitor.com free of charge.

The Purchaser:

          CURRENT LIGHTING SOLUTIONS, LLC
          1975 Noble Road
          East Cleveland, OH 44112

                    About Edison Price Lighting

Located in Long Island City, N.Y., Edison Price Lighting Inc.
designs and manufactures architectural lighting fixtures.  Its
60,000-square-foot facility includes its office, full-scale
factory, testing lab, and the Edison Price Lighting Gallery.  For
more information, visit https://www.epl.com/

Edison Price Lighting sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 20-22614) on May 1, 2020.
At the time of the filing, Debtor disclosed assets of between $1
million and $10 million and liabilities of the same range.

Judge Robert D. Drain oversees the case.  Bronson Law Offices,
P.C., is the Debtor's legal counsel.


ELECTRO RENT: S&P Downgrades ICR to 'B-'; Outlook Negative
----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on testing and
measurement equipment rental provider Electro Rent Corp. (ERC) to
'B-' from 'B'.

S&P said, "At the same time, we are lowering our issue-level rating
on the company's first-lien debt to 'B-' from 'B', and our
issue-level rating on the second-lien debt to 'CCC+' from 'B-'. Our
'3' recovery rating on the first-lien debt and '5' recovery rating
on the second-lien debt remain unchanged."

"The negative outlook reflects the risk that we could downgrade ERC
if its operating performance deteriorates, causing consistently
negative FOCF, or if we believe the company could face challenges
in addressing the January 2022 revolving credit facility
maturity."

Free cash flow generation is flat so far this year and may be
stifled in 2021 as the company increases its capital spending.

S&P said, "As of June 30, 2020, ERC's reported free cash flow
(operating cash flow less net capital expenditures) was essentially
zero year to date, which is lower than our previous expectation. On
top of this, we expect capital spending to increase next year in
line with anticipated growth in rental demand across key end
markets. Also, the company has a record of drawing from the
revolving credit facility to fund growth capital expenditures
(capex), and we believe the company's liquidity sources will
diminish if it is unable to refinance the revolver."

End-market performance has been mixed in 2020, with relatively
stronger aerospace and defense (A&D) and weaker telecom and
industrial markets.

S&P said, "Despite global macroeconomic weakness stemming from
COVID-19, we believe the company's exposure to A&D which is heavily
skewed toward the more resilient defense market, will support our
forecast of only a slight decline in revenues in 2020 versus the
prior year. We expect the 5G rollout will drive growth in the
company's telecom–exposed revenues in 2021 as additional
5G-related projects resume. We expect industrial end markets to
face a slow recovery, and may not fully rebound until 2022."

"We forecast modest EBITDA margin expansion driven by cost actions
and a better revenue mix in 2020."

The impact on ERC's earnings from the pandemic appears to have
bottomed out in April and we expect growth in higher-margin rental
revenue during the second half of 2020 and in 2021 as macroeconomic
conditions improve. Furthermore, the company took actions to reduce
costs during the first half of the year, which should also
contribute to modest margin growth.

The negative outlook indicates the risk that S&P could downgrade
ERC over the next 12 months if the company generates consistently
negative free cash flow and it believes it could face challenges in
successfully refinancing its revolving credit facility.

S&P could lower its rating on ERC over the next 12 months if:

-- FOCF generation is consistently negative, which could cause S&P
to view the capital structure as unsustainable;

-- S&P believes ERC is less likely to refinance its revolving
credit facility; or

-- S&P envisions a liquidity shortfall or covenant pressure over
the next 12-24 months.

S&P could revise its outlook on Electro Rent to stable if:

-- FOCF is not materially negative;

-- The company is successful in refinancing its revolving credit
facility over the next several quarters; and

-- S&P continues to expect S&P Global Ratings-adjusted debt
leverage will remain around current levels of 5x to 6x.


ELIEZER C. RODRIGUEZ: Plea to Shorten Time on Property Sale Denied
------------------------------------------------------------------
Judge Mike K. Nakagawa of the U.S. Bankruptcy Court for the
District of Nevada denied without prejudice Eliezer Constantino
Rodriguez and Marietta S. Rodriguez's request to shorten time on
proposed sale of their real property located at 2920 Kildare Cove
Court, Las Vegas, Nevada, APN 124-25-211-049, to Aaron and Crystal
Hunsaker for $290,000, because a lien-free of estate property must
be noticed under and comply with 11 USC 363(f), rather than 11 USC
363(b).

The Debtors proposed to sell the Property free and clear of all
liens.

A copy of the Agreement is available at
https://tinyurl.com/y5zchfra from PacerMonitor.com free of charge.

Eliezer Constantino Rodriguez and Marietta S Rodriguez sought
Chapter 11 protection (Bankr. D. Nev. Case No. 16-15994) on Nov. 9,
2016.  They tapped Michael J. Harker, Esq., as counsel.


ELLIE MAE: Fitch Withdraws B+ IDR on Reorganization, Outlook Neg.
-----------------------------------------------------------------
Fitch Ratings has withdrawn the 'B+'/Negative Outlook Issuer
Default Rating (IDR) for Ellie Mae, Inc. as all the previously
rated debt has been repaid after being acquired by Intercontinental
Exchange, Inc. Following the acquisition, Ellie Mae has chosen to
stop participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings and will
no longer provide ratings for Ellie Mae, Inc.

The rating was withdrawn with the following reason: Reorganization
of rated entity.


EXIDE HOLDINGS: Pension Benefit Objects to Plan Releases
--------------------------------------------------------
The Pension Benefit Guaranty Corporation, an agency of the United
States Government and an unsecured creditor on its own and on
behalf of the Exide Technologies Retirement Plan, objects to the
motion of Exide Holdings, Inc. and its Affiliated Debtors for Entry
of an Order Conditionally Approving the Disclosure Statement.

PBGC claims that the Court should deny approval of the Disclosure
Statement because the Plan unlawfully proposes to release the
assets of large, non-debtor entities from liability to PBGC,
against which PBGC has joint-and-several claims totaling roughly
$143 million.

PBGC points out that the Disclosure Statement speaks only briefly
and sometimes inaccurately about PBGC and its claims.  The
Disclosure Statement never plainly addresses Debtors' intention
regarding the pension plan, implying in one place that termination
is only a hypothetical possibility.

PBGC states that it has never participated in the so-called "global
settlement" in its individual capacity. It was not represented by
any other governmental authority or governmental unit in those
negotiations.

PBGC asserts that the overly broad third-party releases Debtors
propose as part of the consideration to the proposed buyer (and its
owners, financiers, etc.) of the Europe/ROW assets are unlawful
under the Bankruptcy Code.

PBGC further asserts that under proposed cramdown of Debtors,
PBGC's only recovery would be from a GUC Trust funded by $2.4
million cash and the proceeds of certain nonenvironmental causes of
action, probably of de minimis value.  If Debtors had their way,
PBGC's claims against non-debtor entities in the controlled group
would be extinguished.

A full-text copy of PBGC's objection dated August 14, 2020, is
available at https://tinyurl.com/yylj94ec from PacerMonitor at no
charge.

                     About Exide Holdings

Founded in 1888 and headquartered in Milton, Ga., Exide Holdings,
Inc. -- https://www.exide.com/ -- is a stored electrical energy
solutions company and a producer and recycler of lead-acid
batteries.  Across the globe, Exide batteries power cars, boats,
heavy duty vehicles, golf carts, powersports, and lawn and garden
applications.  Its network power solutions deliver energy to vast
telecommunication networks in need of uninterrupted power supply.

Exide Technologies first sought Chapter 11 protection (Bankr. Del.
Case No. 02-11125) on April 14, 2002, and exited bankruptcy two
years after. Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq.,
at Kirkland & Ellis, and James E. O'Neill, Esq., at Pachulski Stang
Ziehl & Jones LLP, represented the Debtors in their successful
restructuring.

Exide returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No.
13-11482) on June 10, 2013 and emerged from bankruptcy in 2015. In
the 2013 case, Exide tapped Skadden, Arps, Slate, Meagher & Flom
LLP, and Pachulski Stang Ziehl & Jones LLP as counsel; Alvarez &
Marsal as financial advisor; Sitrick and Company Inc. as public
relations consultant.  The official creditors committee retained
Lowenstein Sandler LLP and Morris, Nichols, Arsht & Tunnell LLP as
co-counsel, and Zolfo Cooper, LLC served as its bankruptcy
consultants and financial advisors.

Exide Holdings and its affiliates, including Exide Technologies
LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
20-11157) on May 19, 2020.  Exide Holdings was estimated to have
$500 million to $1 billion in assets and $1 billion to $10 billion
in liabilities.

In the newest Chapter 11 case, Weil, Gotshal & Manges LLP is
serving as legal counsel to Exide, Houlihan Lokey is serving as
investment banker, and Ankura is serving as financial advisor.
Richards, Layton & Finger, P.A., is the local counsel.  Prime Clerk
LLC is the claims agent, maintaining the page
https://cases.primeclerk.com/Exide2020/


EXIDE HOLDINGS: Unsecured Creditors to Have 1% Recovery in Plan
---------------------------------------------------------------
Exide Holdings, Inc. and its Affiliated Debtors filed an Amended
Disclosure Statement explaining their Joint Chapter 11 Plan dated
August 14, 2020.

Class 7 General Unsecured Claims will have an approximate recovery
of 1%. Except to the extent that a holder of an Allowed General
Unsecured Claim agrees to less favorable treatment of such Claim,
in full and final satisfaction, compromise, settlement, release,
and discharge of and in exchange for such Allowed General Unsecured
Claim, each holder thereof shall receive its Pro Rata share of (A)
the GUC Trust Beneficial Interests, and (B) Net Cash Proceeds after
the ABL Claims, Exchange Priority Notes Claims, and First Lien
Notes Claims are satisfied in full in accordance with the Plan,
until all Allowed General Unsecured Claims are satisfied in full in
Cash or such Net Cash Proceeds are exhausted.

The Settling Governmental Authorities, Environmental Trust, Frisco
Governmental Authorities, and Frisco Trust shall not participate in
distributions on account of their Environmental NPP Claims and
Frisco NPP Claims, as applicable, from the GUC Trust up to the
amount of the GUC Global Settlement Payment. After the GUC Trust
has distributed Cash in an aggregate amount equal to the GUC Global
Settlement Payment, each Settling Governmental Authority and Frisco
Governmental Authority shall be entitled to its Pro Rata share of
Distributions of the Plan on account of any Allowed Environmental
NPP Claims and Allowed Frisco NPP Claims, as applicable.

All Notes Deficiency Claims shall not receive distributions and
such Claims are waived for all purposes, including for voting and
for distributions pursuant to and in accordance with Section 4.7(b)
of the Plan.

A full-text copy of the Amended Disclosure Statement dated August
14, 2020, is available at https://tinyurl.com/y2ltksdv from
PacerMonitor at no charge.

Attorneys for Debtors:

          WEIL, GOTSHAL & MANGES LLP
          Ray C. Schrock, P.C.
          Sunny Singh
          767 Fifth Avenue
          New York, New York 10153
          Telephone: (212) 310-8000
          Facsimile: (212) 310-8007

                 -and -

          RICHARDS, LAYTON & FINGER, P.A.
          Daniel J. DeFranceschi
          Zachary I. Shapiro
          One Rodney Square
          920 N. King Street
          Wilmington, Delaware 19801
          Telephone: (302) 651-7700
          Facsimile: (302) 651-7701

                      About Exide Holdings

Founded in 1888 and headquartered in Milton, Ga., Exide Holdings,
Inc. -- https://www.exide.com/ -- is a stored electrical energy
solutions company and a producer and recycler of lead-acid
batteries.  Across the globe, Exide batteries power cars, boats,
heavy duty vehicles, golf carts, powersports, and lawn and garden
applications.  Its network power solutions deliver energy to vast
telecommunication networks in need of uninterrupted power supply.

Exide Technologies first sought Chapter 11 protection (Bankr. Del.
Case No. 02-11125) on April 14, 2002, and exited bankruptcy two
years after. Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq.,
at Kirkland & Ellis, and James E. O'Neill, Esq., at Pachulski Stang
Ziehl & Jones LLP, represented the Debtors in their successful
restructuring.

Exide returned to Chapter 11 bankruptcy (Bankr. D. Del. Case No.
13-11482) on June 10, 2013 and emerged from bankruptcy in 2015. In
the 2013 case, Exide tapped Skadden, Arps, Slate, Meagher & Flom
LLP, and Pachulski Stang Ziehl & Jones LLP as counsel; Alvarez &
Marsal as financial advisor; Sitrick and Company Inc. as public
relations consultant.  The official creditors committee retained
Lowenstein Sandler LLP and Morris, Nichols, Arsht & Tunnell LLP as
co-counsel, and Zolfo Cooper, LLC served as its bankruptcy
consultants and financial advisors.

Exide Holdings and its affiliates, including Exide Technologies
LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
20-11157) on May 19, 2020.  Exide Holdings was estimated to have
$500 million to $1 billion in assets and $1 billion to $10 billion
in liabilities.

In the newest Chapter 11 case, Weil, Gotshal & Manges LLP is
serving as legal counsel to Exide, Houlihan Lokey is serving as
investment banker, and Ankura is serving as financial advisor.
Richards, Layton & Finger, P.A., is the local counsel.  Prime Clerk
LLC is the claims agent, maintaining the page
https://cases.primeclerk.com/Exide2020/


FAULK PAINTING: Files Voluntary Chapter 7 Bankruptcy Petition
-------------------------------------------------------------
Faulk Painting Inc. filed for voluntary Chapter 7 bankruptcy
protection Sept. 17, 2020 (Bankr. M.D. Fla. Case No. 20-05199).
According to the Orlando Business Journal, the Debtor listed an
address of 316 Radisson Place, Oviedo, and is represented in court
by attorney Aldo G. Bartolone Jr.  Faulk Painting listed assets up
to $3,025 and debts up to $545,383. The filing's largest creditor
was listed as On Deck Capital Inc. with an outstanding claim of
$216,874.

Faulk Painting Inc. provides commercial painting services since
1975. It specializes in the painting of schools, churches, and
condominiums as well as interior painting.

The Debtor's counsel:

         Aldo G Bartolone, Jr
         Bartolone Law, PLLC
         Tel: 407-294-4440
         E-mail: aldo@bartolonelaw.com


FIGUEROA LAW FIRM: Files for Voluntary Chapter 7 Bankruptcy
-----------------------------------------------------------
The Figueroa Law Firm PA filed for voluntary Chapter 7 bankruptcy
protection Sept. 18, 2020 (Banrk. M.D. Fla. Case No. 20-05235).
According to the Orlando Business Journal, the Debtor listed an
address of 100 S. Semoran Blvd., Orlando.  The Figueroa Law Firm
listed assets up to $3,112 and debts up to $502,464.  The filing's
largest creditor was listed as Funding Circle with an outstanding
claim of $167,038.FI

Figueroa Law Firm PA is a law firm based in Orlando, Florida.

The Debtor's counsel:

       Joel L Gross
       The Law Office Of Joel L Gross PA
       Tel: 352-536-6288
       E-mail: jlgpa@cfl.rr.com


FIRST FRIENDLY AUTO: Files for Voluntary Chapter 7 Bankruptcy
-------------------------------------------------------------
First Friendly Auto Sales Inc. filed for voluntary Chapter 7
bankruptcy protection Sept. 17, 2020 (Bankr. S.D. Tex. Case No.
20-34586).

According to the Houston Busines Journal, the Debtor listed an
address of 24164 Loop 494, Porter, and is represented in court by
attorney Nicholas M. Wajda. First Friendly Auto Sales listed assets
of $0 and debts up to $180,872.  The filing's largest creditor was
listed as AFC Dealer with an outstanding claim of $71,144.

First Friendly Auto Sales Inc. is a company that sells cheap uses
cars in Houston, Texas.

The Debtor's counsel:

        Nicholas M Wajda
        Wajda & Associates, Apc
        Tel: 214-396-6008
        E-mail: nick@recoverylawgroup.com


FIRSTENERGY SOLUTIONS: Ohio AG Asks Court to Stop Payouts
---------------------------------------------------------
The Associated Press reports that Ohio Attorney General Dave Yost
wrote in a court document that the $60 million bribery and
racketeering scheme which prosecutors believe was masterminded by
former Ohio House Speaker Larry Householder has cast "a cloud of
suspicion" over federal bankruptcy proceedings used to help save
the Davis-Besse and Perry nuclear plants, and is akin to a
"hijacking of the legislative process."

Mr. Yost, a Republican, said the arrests of Mr. Householder, who
also is a Republican, and four of his Republican associates in an
operation that federal prosecutors have described as a pay-to-play
scheme "raises concerns that the Debtor may not have entered into
the bankruptcy with clean hands."

He is asking U.S. Bankruptcy Court Judge Alan M. Koschik for a
temporary halt on payouts from those proceedings. He said it's not
clear if those requesting fees "were in a position to recognize
underlying activities as opposed to further depleting the funds of
the estate."

"In light of the foregoing, [the] Ohio Attorney General is
requesting this Court not take any further action to approve
compensation, fees, or expenses until there is further clarity in
the federal criminal case," Mr. Yost wrote.

The scandal accusations stem from legislation known as House Bill
6, which Mr. Householder pushed through the Ohio General Assembly
in 2019. The main purpose of that legislation was to bail out the
Davis-Besse nuclear plant east of Toledo and the Perry nuclear
plant east of Cleveland.

Both are now owned and operated by a new company Energy Harbor,
which emerged from the bankruptcy proceedings to replace
FirstEnergy Solutions. FES is a former subsidiary of Akron-based
FirstEnergy Corp.

"This casts a cloud of suspicion over the bankruptcy proceedings,"
Mr. Yost said in his filing.

His comments echo what many legislators from both parties have
stated in the aftermath of the arrests of Mr. Householder and
others, some calling for an outright repeal and invalidation of
House Bill 6 and others - including Gov. Mike DeWine - calling for
a repeal that is immediately followed by similar legislation to
stave off immediate closures of those two plants. Neither has been
able to compete in the modern era of record low natural gas prices
and greater support for solar, wind, and other forms of renewable
energy.

House Bill 6 also gave FirstEnergy one of the biggest things it had
wanted for years, a repeal of an Ohio law which required utilities
doing business in the state to steadily invest more in renewable
energy.

"There is much to be sorted out that may have an impact on this
case: the exact nature of the indictment, the parties involved, and
the motivations for initiating the proceedings by the Debtor in
March 2018. There are many more questions than answers right now,"
Mr. Yost wrote.
He said the state of Ohio "is currently evaluating this and other
options for action related to this hijacking of the legislative
process."

FES for Chapter 11 bankruptcy in 2018.

In a separate filing Monday, FirstEnergy made clear it is the
government's "Company A," accused of helping underwrite a
Householder-led scheme to seize back power last year in the House
and using it to force passage of the bailout bill, House Bill 6.

"We are unable to predict the outcome, duration, scope, result or
related costs of the investigation and related litigation and,
therefore, any of these risks could impact us significantly beyond
expectations," according to FirstEnergy's quarterly report.
"Moreover, we are unable to predict the potential for any
additional investigations, litigation or regulatory actions, any of
which could exacerbate these risks or expose us to potential
criminal or civil liabilities, sanctions or other remedial
measures."

The federal criminal complaint refers to Energy Harbor as "Company
A-1."

In another related development, Ohio Consumers' Counsel Bruce
Weston and NOPEC, a northeast Ohio nonprofit energy aggregator,
have asked the Ohio Supreme Court to reopen the regulatory decision
certifying a new FirstEnergy subsidiary, FirstEnergy Advisors, as a
power broker and aggregator. The subsidiary also uses the name
Suvon.

                    About FirstEnergy Solutions

Akron, Ohio-based FirstEnergy Solutions, Corp. (FES) is a
subsidiary of FirstEnergy Corp (NYSE:FE).  FES --
http://www.firstenergycorp.com/-- provides energy-related products
and services to retail and wholesale customers; and owns and
operates 5,381 MWs of fossil generating capacity through its
FirstEnergy Generation subsidiaries.  FES also owns 4,048 MWs of
nuclear generating capacity through its FirstEnergy Nuclear
Generation subsidiary. Nuclear generating plants are operated by
FirstEnergy Nuclear Operating Company (FENOC), which is a separate
subsidiary of FirstEnergy Corp.

On March 31, 2018, FirstEnergy Solutions and 6 affiliates,
including FENOC, each filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Ohio
Lead Case No. 18-50757).  The cases are pending before the
Honorable Judge Alan M. Koschik and their cases be jointly
administered under Case No. 18-50757.

Parent company, First Energy Corp. and its other subsidiaries,
including its regulated subsidiaries, are not part of the filing
and will not be subject to the Chapter 11 process.  First Energy
Corp. listed $42.2 billion in total assets against $4.07 billion in
total current liabilities, $21.1 billion in long-term debt and
other long-term obligations and $13.1 billion in non-current
liabilities as of Dec. 31, 2017.

The Debtors tapped Akin Gump Strauss Hauer & Feld LLP as bankruptcy
counsel; Brouse McDowell LPA as co-counsel; Lazard Freres & Co. as
investment banker; Alvarez & Marsal North America, LLC, as
restructuring advisor and Charles Moore as chief restructuring
officer; and Prime Clerk as claims and noticing agent.  The Debtors
also tapped Willkie Farr & Gallagher LLP, Hogan Lovells US LLP and
Quinn Emanuel Urquhart & Sullivan, LLP as special counsel.

The U.S. Trustee for Region 9 appointed an official committee of
unsecured creditors on April 12, 2018.  Milbank, Tweed, Hadley &
McCloy LLP and Hahn Loeser & Parks LLP serve as counsel to the
committee.


FOREVER 21: US Trustee Opposes Bid to Rethink Chapter 7 Conversion
------------------------------------------------------------------
Law360 reports that the U.S. trustee told a Delaware judge Oct, 7,
2020, that retailer Forever 21 is unreasonably attempting a "second
bite at the apple" by asking her to revisit a prior ruling to
convert the company's bankruptcy to a Chapter 7 liquidation.  In an
objection filed with U. S. Bankruptcy Judge Mary F. Walrath, the
Office of the U. S. Trustee asserted that Forever 21's Chapter 7
liquidation should move forward because there is no hope the
retailer can get a Chapter 11 plan confirmed.

                        About Forever 21

Founded in 1984 by South Korean husband and wife team Do Won Chang
and Jin Sook Chang and headquartered in Los Angeles, Calif.,
Forever 21, Inc. -- http://www.forever21.com/-- is a fast fashion
retailer of women's, men's and kids clothing and accessories and is
known for offering the hottest, most current fashion trends at a
great value to consumers. Forever 21 delivers a curated assortment
of new merchandise brought in daily.

Forever 21, Inc. and seven of its U.S. subsidiaries each filed a
voluntary petition for relief under Chapter 11 of the United States
Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-12122) on Sept.
29, 2019. According to the petition, Forever 21 has estimated
liabilities on a consolidated basis of between $1 billion and $10
billion against assets of the same range.  

As of the bankruptcy filing, the Debtors operated 534 stores under
the Forever 21 brand in the U.S. and 15 stores under beauty and
wellness brand, Riley Rose.

The Debtors tapped Kirkland & Ellis LLP as legal advisor; Alvarez &
Marsal as restructuring advisor; and Lazard as investment banker;
and Pachulski Stang Ziehl & Jones LLP as local bankruptcy counsel.
Prime Clerk is the claims agent.

Andrew Vara, acting U.S. trustee for Region 3, appointed a
committee of unsecured creditors on Oct. 11, 2019. The committee is
represented by Kramer Levin Naftalis & Frankel LLP and Saul
Ewing Arnstein & Lehr LLP.

Counsel to the administrative agent under the Debtors' prepetition
revolving credit facility and the Debtors' DIP ABL financing
facility are Morgan, Lewis & Bockius LLP and Richards, Layton &
Finger, PA.

Counsel to the administrative agent under the Debtors' DIP term
loan facility is Schulte Roth & Zabel LLP.

                             *     *     *

In February 2020, the company was purchased by a consortium that
includes Authentic Brands Group, Simon Property Group and
Brookfield Property Partners for $81.1 million. As part of the
deal, ABG and Simon will each own 37.5% of the fast-fashion
retailer, while Brookfield controls the remaining 25% of Forever
21's operating and intellectual property businesses.


FORTERRA INC: S&P Upgrades ICR to 'B' on Better Leverage
--------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Texas-based
water and drainage pipe manufacturer Forterra Inc. (FRTA) to 'B'
from 'B-', and raised its issue-level ratings on Forterra's term
loan and senior secured notes to 'B' from 'B-'.

The stable outlook indicates S&P's expectation that debt to EBITDA
should remain around 5x given the company's margin improvements and
positive industry fundamentals.

S&P expects Forterra Inc. to maintain debt leverage at or around
5x, and maintain more conservative financial policies. The rating
agency forecasts the company's EBITDA will grow such that it will
maintain debt leverage at or around 5x for the foreseeable future.
FRTA's credit ratios have strengthened over the past 18 months
because of a combination of debt reduction (using free cash flow
generated from pricing improvements) and increased earnings. The
company announced its full-year voluntary prepayment guidance of
$125 million to $175 million on its term loan B. This brings S&P
Global Ratings' adjusted leverage down to roughly 5x on a rolling
12-month basis. However, given a private equity financial sponsor
(Lone Star Resources) owns the company, S&P cannot rule out the
possibility Fonterra will increase leverage through various actions
such as raising debt to fund acquisitions or dividends. However,
S&P does not see this as likely given the sponsor's less aggressive
fiscal policy. Lone Star recently lowered its ownership of FRTA to
roughly 53% as it just announced a secondary offering of 10 million
shares in September 2020.

"We expect FRTA to continue to improve its profitability and
strengthen its business profile.  Adjusted EBITDA margins of
roughly 15% have grown higher because of cost actions FRTA has
taken over the last two years. Pricing improvements along with
lower material costs have lifted earnings. Industry fundamentals
for FRTA remain solid. FRTA's municipal water segment should
continue to grow as homebuilders and suburban areas grow across the
U.S., and municipal water infrastructure ages. We expect stable
demand in infrastructure over the next 12 months due to state
budgets rolling out for 2021 that mirror 2020 spending levels, and
growth in public highway construction," S&P said.

FRTA's performance has remained resilient through the COVID-19
pandemic, as contracted backlog orders and strong demand provided
stable earnings. S&P expects revenue growth this year of roughly
4%, similar to 2019 prospects. Given that most construction in the
U.S. was deemed essential and continued through the pandemic to
date, measures to stem the spread of COVID-19 had less of an impact
on FRTA's revenues. Infrastructure and strong demand from urban
flight to suburban areas has helped both its precast concrete and
water ductile pipe segments. FRTA generates approximately 58% of
revenues from its drainage pipe and products segment and 42% from
its water pipe and products segment. Due to the company's leading
market position in both segments, S&P believes the company will be
able to maintain revenues and leverage at current levels.

"We base the stable outlook on our expectation that its adjusted
leverage will be roughly 5x-6x over the next 12 months, while
EBITDA interest coverage will remain above 3x, reflecting
substantial debt reduction and interest cost savings. We expect the
company will achieve these metrics despite economic recessionary
pressures," S&P said.

S&P could lower the ratings over the next 12 months if:

-- The company pursues a more aggressive financial policy,
including debt financed dividend distributions or acquisitions such
that leverage increases toward 7x.

-- Business conditions deteriorate such that S&P expectd EBITA
will decline 15%, causing EBITDA interest coverage to fall toward
2x.

S&P may raise the ratings over the next 12 months if:

-- The company reduces leverage to well below 4x and S&P expect
the financial sponsors to relinquish control over the intermediate
term; or

-- S&P's view of the company's business prospects improves due to
increased scale of operations and lower earnings volatility.


FOUNDATION FOR INDIANA UNIVERSITY: S&P Cuts Bond Rating to 'BB-'
----------------------------------------------------------------
S&P Global Ratings lowered its long-term rating by four notches to
'BB-' from 'BBB' on Pennsylvania Higher Educational Facilities
Authority's series 2007A (phase II) revenue bonds, issued for the
Foundation for Indiana University of Pennsylvania (FIUP), and
removed the rating from CreditWatch, where it had been placed with
negative implications on Aug. 5, 2020. The outlook is negative.

"The four-notch downgrade reflects our opinion of the significant
operating pressure that FIUP's Phase II housing project faces,
mainly as a result of the loss of rental revenues driven by
COVID-19," said S&P Global Ratings credit analyst Sean Wiley. The
project gave refunds to all students for the spring semester
following the dismissal from campus, and fall occupancy has been
further affected by university safety guidelines that only allowed
freshmen students, those with extenuating circumstances, and some
upper-class students upon request to live on campus. Management's
projected debt service coverage (DSC) in fiscal 2020 (fiscal
year-end June 30, 2020) is 0.92x, below its covenant of 1.2x for
the project. The project is currently 57% filled, less than
management's projected break-even occupancy of 77%, and management
is budgeting 1.02x coverage in fiscal 2021, though this assumes 67%
occupancy for the year and excludes any subordinated management
expenses the university and foundation typically pay. While
management does not expect to use its debt service reserve or
capital reserve funds for an October debt service payment,
management says they may need to access reserve funds at some point
over the next 12 months. The downgrade also reflects waning
occupancy at the project over the past few years, which in S&P's
opinion could make the project's ability to repay any shortfalls
within required funds more difficult.

In S&P's view, privatized student housing projects face elevated
social risk because of the uncertainty surrounding the duration of
the COVID-19 pandemic, and the unknown effect on fall 2020
enrollment and occupancy levels. S&P views the risks posed by
COVID-19 to public health and safety as a social risk under its
environmental, social, and governance (ESG) factors. Despite the
elevated social risk, S&P believes the Phase III project's
environment and governance risk to be in line with the rating
agency's view of the sector as a whole.

Credit factors that could lead to a lower rating include any
accelerations of the bonds or termination of the swap agreement
which would lead to a default, continuous below break-even DSC, or
a significant deterioration of reserves that the project in unable
to replenish. Although S&P understands that the virus is a global
risk, it could also consider a negative rating action during the
outlook period should additional unforeseen pressures related to
the pandemic materially affect demand or finances as a result of
the COVID-19 outbreak.

S&P could consider an outlook revision if the project is able to
generate at least break-even occupancy consistently, while also
maintaining a fully funded debt service and capital reserve fund.


FREEDOM COMMUNICATIONS: Unsecureds Get Up to 5% in Committee Plan
-----------------------------------------------------------------
Freedom Communications, Inc., and its debtor affiliates, and the
Official Committee of Unsecured Creditors filed the First Amended
Disclosure Statement for First Amended Joint Chapter 11 Plan of
Liquidation dated August 20, 2020.

The Plan Proponents estimate that Holders of Allowed General
Unsecured Claims in these Chapter 11 Cases should recover
approximately 0.0% to 5% of the total amount of their Allowed
General Unsecured Claims.

The Debtors estimate that, as of the Effective Date, the Debtors’
Cash on hand will be approximately $6,700,000.00.

While the Debtors will incur additional administrative expenses,
the Refund Claim is the only significant remaining source of funds
to pay claims under the Plan. Given the potential magnitude of the
Refund Claim, the Plan Proponents believe the incurrence of
additional administrative expenses is warranted.

The Debtors believe they will recover in excess of $4.5 million in
connection with the Refund Claims. If less than $4.5 million is
recovered, the Debtors believe they will be able to obtain the
agreement from sufficient holders of Allowed Claims for alternative
treatment under the Plan which would enable the Plan to go
effective. However, there can be no assurance regarding the
ultimate outcome of the Refund Claim.

A full-text copy of the first amended disclosure statement dated
August 20, 2020, is available at https://tinyurl.com/y6kmr4q7 from
PacerMonitor.com at no charge.

Counsel for the Debtors:

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

Counsel for the Official Committee of Unsecured Creditors:

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

                 About Freedom Communications

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

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

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

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

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

                          *    *    *

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

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

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


FRONTIER COMMUNICATIONS: Prices $1.15B 1st Lien Notes Offering
--------------------------------------------------------------
Frontier Communications Corporation (OTC: FTRCQ) announced Oct. 1,
2020, that it has priced its previously announced offering of
$1.150 billion aggregate principal amount of First Lien Secured
Notes due 2027 (the "First Lien Secured Notes") in a private
transaction.  The First Lien Secured Notes will bear interest at
5.875% per year and will be sold at a price equal to 100% of the
principal thereof. The settlement of the First Lien Secured Notes
is expected to occur on or about October 8, 2020, subject to
customary closing conditions.

Frontier Communications intends to use the proceeds from the
offering, together with proceeds of a $500 million new first lien
term loan facility (the "New Term Loan Facility") and cash on hand
to (i) repay in full the $1.650 billion principal balance of the
existing prepetition 8.000% First Lien Secured Notes due 2027 and
(ii) pay related interest, fees and expenses incurred in connection
therewith. The offering of First Lien Secured Notes is subject to
market and other conditions. The New Term Loan Facility will be
entered into at a price equal to 98.50% of its face value and will
bear interest at a rate equal to, at the option of Frontier
Communications, either LIBOR plus 4.75% or Base Rate plus 3.75%,
with a 1.00% LIBOR floor.

As previously disclosed, on April 14, 2020, Frontier Communications
and certain of its subsidiaries commenced voluntary cases (the
"Chapter 11 Cases") under Chapter 11 of the United States
Bankruptcy Code ("Bankruptcy Code") in the United States Bankruptcy
Court for the Southern District of New York (the "Bankruptcy
Court").  On August 21, 2020, the Bankruptcy Court confirmed
Frontier Communications’ plan of reorganization (the "Plan") for
the resolution of the outstanding claims against and interests in
Frontier Communications pursuant to Section 1121(a) of the
Bankruptcy Code. The implementation of the Plan is dependent upon a
number of conditions typical in similar reorganizations, including
the obtainment of regulatory approval.  On Sept. 17, 2020, the
Bankruptcy Court issued a final order authorizing Frontier
Communications to obtain debtor-in-possession financing, including
approval for this offering.

                  About Frontier Communications

Frontier Communications Corporation (NASDAQ: FTR) offers a variety
of services to residential and business customers over its
fiber-optic and copper networks in 29 states, including video,
high-speed internet, advanced voice, and Frontier Secure digital
protection solutions.

Frontier Communications Corporation and 103 related entities sought
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-22476) on
April 14, 2020. Judge Robert D. Drain oversees the cases.

Debtors tapped Kirkland & Ellis LLP as legal counsel; Evercore as
financial advisor; and FTI Consulting, Inc., as restructuring
advisor. Prime Clerk is the claims agent, maintaining the page
http://www.frontierrestructuring.com/and
https://cases.primeclerk.com/ftr

The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors in Debtors' Chapter 11 cases.


G-STAR RAW: Australia Unit Closes All Stores
--------------------------------------------
Denim brand G-Star Raw Australia has shut down all 57 stores after
the bankrupt jeanswear chain failed to find a buyer, casting
roughly 200 workers onto the unemployment lines.

Ernst & Young, appointed as administrators when the business became
insolvent in May 2020, told news.com.au that G-Star Raw's inability
to generate a viable buyer over the past many weeks reflects the
"high level of uncertainty regarding the future prospects for the
retail sector in Australia."

The U.S. arm of Dutch-owned G-Star Raw Retail Inc. filed its own
voluntary Chapter 11 bankruptcy court petition in July in Los
Angeles, listing its landlord at Manhattan's 475 Fifth Avenue, owed
$426,007, as its largest unsecured creditor.

Shortly after the U.S. filing, a corporate restructuring sheared 10
percent of G-Star's headcount from payroll, including 150 in the
Netherlands headquarters.

An L.A. federal bankruptcy court set the deadlines for when a
reorganization plan will be confirmed. G-Star's U.S. arm still
needs to solicit the support of its constituency group, and if all
goes well, the denim brand could exit Chapter 11 proceedings by
October or November.

The Aussie business's shutdown marks the latest devastation in
denim and in fashion retail at large. Lucky Brand Dungarees was
plucked from bankruptcy in a $191.5 million deal by the dynamic duo
of Authentic Brands Group and Simon Property Group, though Stage
Stores is liquidating stores and Stein Mart is too, while hoping to
hand off its e-commerce and intellectual property to a buyer.

                          About G-Star RAW

G-Star Raw, a Dutch brand founded in 1989, is a men's & women's
denim retailer.

G-Star Raw Retail Inc. and G-Star Inc. sought Chapter 11 protection
(Bankr. C.D. Cal. Case No. 20-16040 and 20-16041) on July 3, 2020.

G-Star Raw Retail was estimated to have $1 million to $10 million
in assets and $10 million to $50 million in liabilities. G-Star
Inc. was estimated to have $10 million to $50 million in assets
and
liabilities.

M. Douglas Flahaut of ARENT FOX LLP is serving as counsel to the
Debtors.


GARDEN OAKS: Judge Rules Homeowners Can Recover Transfer Fees
-------------------------------------------------------------
Adam Zuvanich of The Leader News reports that Judge David Jones
allowed roughly 35 claims against the Garden Oaks Maintenance
Organization (GOMO) during its hearing in federal bankruptcy court,
accepting an equity-based legal argument made by a homeowner
representing himself and applying it to the other claimants
involved in the Aug. 13, 2020 hearing.

In ruling that the group of homeowners can recover the transfer
fees they paid to GOMO upon purchasing their homes, Judge Jones
pushed the two years' long case closer to completion while leaving
the fate of the neighborhood's embattled homeowners association in
limbo.

The purpose of the hearing was to determine the validity of some of
the claims made against GOMO, which has enforced deed restrictions
in the affluent Northwest Houston neighborhood for nearly two
decades. The claims had been challenged as part of an omnibus
objection filed by Chapter 7 trustee Randy Williams, but Jones
overruled the objection after hearing from Garden Oaks homeowner
Mike Falick, an attorney who represented himself and his wife.

Without addressing whether GOMO had the legal authority to collect
.75-percent transfer fees upon the completion of each home sale in
the neighborhood – a key question entering the hearing, since the
transfer fees were GOMO's primary revenue source and the amount
tied to most of the claims filed against it – Falick said it
would be reasonable under the circumstances to return those fees to
homeowners. Jones accepted the money-had-and-received legal theory
and applied it to all the other claimants who took part in the
hearing, which was conducted via an online conference call.

"I think the absolute stance of, 'This is void,' I just think
people haven't thought through the implications of that," Jones
said during the hearing. "At the end of the day, I think that ends
up hurting every single one of you that owns a home. As I said
during this case (previously), I wasn’t going to let anything bad
that I could see coming happen to folks who live in a community."

Williams and his special counsel, Johnie Patterson, the GOMO
attorney before the case was converted from Chapter 11 to Chapter 7
last summer, previously objected to most of the 450 or so claims
filed in the case. And more than 400 of those claims were
disallowed at the July 29 hearing, because those claimants did not
file a timely response to the objection.

The objection asserted those claims were filed without a legal
explanation for why they should be granted or were based on a 2016
state district court ruling in favor of Garden Oaks homeowners
Peter and Katherine Chang, whose counsel successfully argued that
GOMO formed improperly in 2002 and therefore had no standing. That
court applied the ruling only to the Changs and not to other
homeowners. The objection also contended there is a 180-day statute
of limitations tied to GOMO’s violation of the Texas Property
Code in 2002.

Two attorneys representing some of the remaining claimants in the
Aug. 13 hearing, Casey Lambright and Brendon Singh, argued that
GOMO and its ability to collect transfer fees should be invalid
based on the previous court case involving the Changs. Jones
responded by saying, "The argument that this is just a void
transfer is problematic for so many reasons," suggesting that
homeowners voluntarily paid the fee.

Jones then asked to hear from Falick, who said he originally filed
his claim with the hope GOMO would reorganize through a Chapter 11
proceeding and continue to be a functioning, capitalized homeowners
association. Falick said he wanted to recoup the transfer fee he
paid in 2015 only if GOMO dissolves through the Chapter 7
proceeding, asserting that an equitable distribution of GOMO’s
remaining funds would be appropriate.

"I don't think they did anything wrong in collecting it," Falick
said of GOMO. "But if they've got it now, and are not using it, it
should go back to me."

Jones' agreement with that stance, and subsequent application of it
to the other claimants involved in the hearing, caught at least one
of them off guard. It also prompted a question from Patterson, who
asked the judge what it meant in terms of GOMO's validity as an HOA
and its authority to collect transfer fees moving forward.

Jones did not say one way or another, referring to the result of
the Chapter 11 proceeding and suggesting the matter would need to
be addressed by the Garden Oaks community outside of the bankruptcy
case. The Chapter 11 restructuring plan presented last year to
homeowners, which included modified deed restrictions and the
removal of the transfer fee in lieu of a mandatory annual fee, did
not garner enough support from the neighborhood.

"If it turns out that vote was the wrong thing to have done,
everyone is vested in maximizing the value of their home and having
a good neighborhood and safe place for their kids to play and to
live. That will work itself out," Jones said. "There is certainly
more than enough market power in that neighborhood to make an
effect if people believe that there is a common interest to
further."

Falick said he thinks the bankruptcy case will now wind down in the
hands of Williams, the trustee, who said during the hearing that
GOMO has a little more than $582,000 in assets. A chunk of that
money will go to the attorneys involved in the case, then secured
claims will be paid, followed by the unsecured claims allowed by
Jones.

Williams previously said there are "a few" claims that were not
part of his objection, including the claim filed by the Changs, and
he also said a subsequent objection is possible. So it is unclear
how much GOMO will have to pay in claims and whether it will come
out of bankruptcy with any remaining assets.

Falick said the presence of a homeowners association was one of the
reasons he decided to move to Garden Oaks, so he hopes the
neighborhood will continue to have one.

"Don't do anything stupid," Jones said at the conclusion of the
hearing. "We're not out of this yet."

                     About Garden Oaks Maintenance Organization

Garden Oaks Maintenance Organization, Inc., sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No.
18-60018) on April 11, 2018. In the petition signed by Mark
Saranie, president, the Debtor estimated assets of less than $1
million and liabilities of less than $1 million.  

Judge David R. Jones presides over the case. Johnie J. Patterson,
Esq., at Walker & Patterson, P.C., serves as the Debtor's
bankruptcy counsel.  

On May 31, 2018, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.


GENERAC POWER: S&P Alters Outlook to Positive, Affirms 'BB' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.-based manufacturer
of power generators, energy storage systems, and engine-powered
products Generac Power Systems Inc. to positive from stable and
affirmed its 'BB' issuer credit rating.

At the same time, S&P is affirming its 'BB' issue-level rating on
the company's senior secured debt. S&P's '3' recovery rating on the
debt remains unchanged.

"The positive outlook reflects that we could raise our issuer
credit rating on Generac if it maintains the solid performance in
its core U.S. residential end markets over the next 12 months and
its C&I segment begins to recover, enabling it to sustain an
S&P-adjusted debt-to-EBITDA leverage ratio of less than 2x over
this period even when incorporating bolt-on acquisitions and
shareholder returns," S&P said.

The outlook revision reflects Generac's good operating performance
and improved credit measures, including an S&P Global
Ratings-adjusted debt-to-EBITDA leverage ratio of less than 2x.
Over the past 12 months, the company has reduced its S&P-adjusted
net debt leverage through its strong cash flow generation, which
primarily reflects a positive shift in its sales mix toward
higher-margin home standby generators. Specifically, Generac
reduced its S&P Global Ratings-adjusted debt-to-EBITDA ratio to
1.3x as of June 30, 2020, from 2.0x a year earlier. Overall, S&P
believe the company's brand name, focus on innovation (specifically
clean energy and home energy storage), strong distribution network,
and about 77% (company estimated) market share in the residential
home standby generator business will help it sustain its good
margins even during years with reduced demand for standby power
generators. S&P expects Generac to increase its revenue at a faster
pace than the rating agency's U.S. GDP growth expectations while
maintaining solid margins and an S&P-adjusted debt-to-EBITDA
leverage ratio of about 2x or below amid favorable market
conditions (up to 3x in a downturn).

Increased consumer awareness and the elevated need for standby
power generators due to COVID-19 related stay-at-home orders in the
U.S. supported the strong performance of Generac's higher-margin
residential segment this year.  The company has been capturing
market share and reporting solid revenue growth as the changing
global climate leads to more severe hurricanes and frequent power
outages.

"We expect Generac to report a strong low-20% area increase in the
revenue from its residential segment in 2020. Still, we do not
anticipate that the company will increase the revenue from its
residential products at the same record pace in 2021 due to our
expectation for a lower number of power outages and the return of
some employees to their offices. Therefore, we believe that the
demand for both residential and C&I products will return to more
normal levels and expand by the low- to mid-single-digit percent
range by the end of next year," S&P said.

Residential standby generator sales are discretionary and have
historically risen following outage events driven by
less-predictable factors, such as storm activity. Additionally,
given the product's low level of market penetration (about 5% for
residential products in the U.S.), S&P expects its growth to be
more closely linked to the increased need for reliable power supply
due to outage events rather than macroeconomic or industry
indicators such as GDP or housing starts.

S&P believes the significant contraction in the company's C&I
segment in 2020 was primarily due to the COVID-19 induced recession
and expect its sales to rebound in the second half of fiscal year
2021.  Generac's C&I segment is experiencing a significant
contraction in 2020 and S&P expects it to report a revenue decline
in the low-20% area. S&P believes this is primarily due to the
COVID-19 induced global recession and directly related to the
decreased capital expenditure at rental companies and delays in 5G
initiatives at telecom companies. S&P expects the company to
experience volume pressure through the end of the first half of
fiscal year 2021. Additionally, Generac's smaller market share
(about 15% company-estimated) in this segment and the typically
late-cycle characteristics (last to be installed) of the products
it sells will continue to pressure its EBITDA margins because price
increases have become tougher to implement. Nonetheless, the
company's longer-term demand patterns should stabilize over the
next few years because its demand is driven by the performance of
the broader industrial end markets (tracking general economic
growth), nonresidential construction activity, and longer-term
regulatory and policy changes that S&P expects will target aging
and underinvested infrastructure. S&P also expects management's
organic initiatives and capital expenditure to focus on
strengthening the margin profile of this segment.

Generac has consistently generated free operating cash flow (FOCF;
operating cash flow less capital spending) exceeding $190 million
and S&P forecasts that this trend will continue with over $200
million of FOCF in 2020.  S&P believes the company's low-cost debt
structure, lack of required debt amortization, and moderate capital
expenditure (2.5%-3.0% of sales) will support good FOCF generation
in the next 24 months. Over the longer term, we anticipate
Generac's focus on the underpenetrated (less than 1%) market in
California, the continued formation of a replacement equipment
market, as well as its market share gains in the developing energy
storage market will support its earnings and cash flow generation.
While the company deployed a material portion of its free cash flow
for debt repayment in the past, S&P believes the company's future
uses of cash will favor growth-oriented investments, moderate
acquisition activity, and--potentially--some shareholder-friendly
returns.

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

-- Natural conditions; and
-- Health and safety.

The positive outlook on Generac reflects S&P's expectation that its
S&P-adjusted debt leverage will remain in the 1x-2x range through
2021 while it continues to improve its operating performance, which
may potentially support a higher rating. S&P forecasts healthy
end-market demand for standby power generation over the next 12
months due to ongoing pandemic-related home improvement
initiatives.

"We could raise our ratings on Generac if its favorable demand
trends persist and we expect it to sustain S&P-adjusted leverage of
less than 2.0x. We would also require the company to demonstrate
its commitment to maintaining this level of leverage even when
incorporating potential shareholder-return activity and
acquisitions before raising our rating," S&P said.

"We could revise our outlook on Generac to stable if its favorable
business trends reverse and its adjusted debt to EBITDA rises to
more than 2x on a sustained basis amid normalized demand
conditions. This could occur because of operational missteps that
weaken its revenue and margins or if the company makes aggressive
financial policy decisions regarding debt-funded acquisitions or
shareholder returns," S&P said.


GLOBAL EAGLE: $675M Lenders' Credit Bid Win Bankruptcy Auction
--------------------------------------------------------------
Leslie A. Pappas of Bloomberg Law reports that Apollo Global
Management Inc. and other creditors of Global Eagle Entertainment
Inc. are poised to buy the bankrupt inflight Wi-Fi provider after
winning a bankruptcy auction with a $675 million credit bid.

The winning group of lenders also includes Eaton Vance Management,
BlackRock Financial Management, Arbour Lane Capital Management LP,
Sound Point Capital Management, and Mudrick Capital Management.

Los Angeles-based Global Eagle canceled the auction Wednesday,
October 7, 2020, after it received no other qualified offers.

The lender group will also provide the company $80 million in
bankruptcy financing. The group had agreed to serve as the stalking
horse.

                  About Global Eagle Entertainment

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

Global Eagle Entertainment and its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-11835) on July 22,
2020. In the petition signed by CFO Christian M. Mezger, Global
Eagle disclosed $630.5 million in assets and $1.086 billion in
liabilities.

Judge John T. Dorsey oversees the cases.

The Debtors tapped Latham & Watkins LLP (CA) and Young Conaway
Stargatt & Taylor, LLP as legal counsel; Greenhill & Co., LLC as
investment banker; Alvarez & Marsal North America, LLC as financial
advisor; and PricewaterhouseCoopers LLP as tax advisor.  Prime
Clerk LLC is the claims and noticing agent.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on Aug. 5, 2020. The committee has tapped Akin Gump
Strauss Hauer & Feld LLP and Ashby & Geddes, P.A. as its legal
counsel, and Perella Weinberg Partners LP as its investment banker.


GNC HOLDINGS: Oct. 14 Plan Confirmation Hearing Set
---------------------------------------------------
GNC Holdings, Inc. and its Debtor Affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware a motion for entry of
an order approving the Disclosure Statement.

On Aug. 20, 2020, Judge Karen B. Owens granted the motion and
ordered that:

   * The Disclosure Statement is approved as containing adequate
information within the meaning of section 1125(a) of the Bankruptcy
Code, and the Debtors are authorized to distribute the Disclosure
Statement and Solicitation Package in order to solicit votes on,
and pursue confirmation of, the Plan.

   * Oct. 14, 2020 at 1:00 p.m. is the Confirmation Hearing.

   * Oct. 5, 2020 at 5:00 p.m. is fixed as the last day for filing
and serving objections to confirmation of the Plan.

   * Oct. 7, 2020 is the deadline for the Debtors and any other
party supporting the Plan to file any pleading in support of, or in
response to any objection to, confirmation of the Plan.

   * The Voting and Claims Agent is also authorized to accept
Ballots via electronic online transmission solely through a
customized online balloting portal on the Debtors’ case website.


A full-text copy of the order dated August 20, 2020, is available
at https://tinyurl.com/y4hy3s8j from PacerMonitor at no charge.

                     About GNC Holdings

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

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

Judge Karen B. Owens oversees the cases.

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


H.B. FULLER: S&P Rates New $300MM Senior Unsecured Notes 'BB-'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level and '5' recovery
ratings to H.B. Fuller Co.'s proposed senior unsecured notes. At
the same time, S&P raised the ratings on the senior secured term
loan to 'BB+' from 'BB' to reflect the revision of the recovery
rating to '2' from '3'. The '2' recovery rating indicates
substantial (70%-90%; rounded estimate: 70%) recovery in a payment
default scenario.

In addition, S&P affirmed all other existing ratings, including the
'BB' issuer credit rating, and revised the outlook to stable from
negative.

The stable outlook reflects the continued progress that the company
has made towards its debt reduction target, with $200 million
expected by the end of fiscal 2020.

H.B. Fuller Co. is issuing $300 million in senior unsecured notes
to partially repay its senior secured term loan.

The company's proposed refinancing results in improved recovery
prospects for its senior secured debt.  The rating actions followed
the company's announcement that it will be issuing $300 million in
senior unsecured notes to partially repay its senior secured term
loan. Although the refinancing is leverage neutral, the repayment
of secured debt results in higher recovery prospects for the senior
secured lenders.

Despite a challenging operating environment, Fuller has generated
significant free cash flow, which it has directed toward debt
reduction.  In 2009, the company generated operating income roughly
equal to 2008 levels despite revenue declining by 11% on lower
sales volumes. Although we expect that fiscal 2020 adjusted EBITDA
will decline in the high-single-digit-percentage range, this is
better than our expectations for the North American chemicals
industry, which we expect to decline 15%-25% on average. The
company benefited from raw material cost declines and cost
reduction initiatives that helped absorb the effects of weak
demand. H.B. Fuller's business strengths include its leading market
positions in the highly fragmented adhesives and sealants industry
(remaining in the No. 2 position with about 5% share of the
estimated $50 billion global adhesives market) and its good
geographic and end market diversity, with a substantial percentage
of revenues tied to low-cyclicality end markets such as hygiene,
packaging, and paper (these segments make up nearly 50% of
revenue).

S&P said, "We believe the company's financial policies will
continue to support an improvement in credit measures and we expect
that weighted average funds from operations (FFO) to debt will fall
in the 12%-20% range.   Our financial risk assessment reflects the
company's cash-generating ability, which has historically enabled
it to reduce leverage over time, particularly following
acquisitions. Although the company's 2020 EBITDA will be well below
our expectations at the time of the Royal acquisition, the company
has still been able to hit its debt-reduction targets laid out at
the time of the transaction. Specifically, the company has reduced
balance sheet debt by nearly $600 million since the 2017
acquisition of Royal. We expect the company to prioritize nearly
all discretionary cash flow for debt reduction over the next two
years. We believe the company will be able to hit its target of
$200 million debt reduction in 2020. Despite operating in a highly
fragmented industry, based on public statements we would expect
that acquisitions will be limited until debt to EBITDA declines to
below 3x."

The stable outlook on H.B. Fuller reflects that, despite operating
in the current recessionary environment, the company will be able
to reduce balance sheet debt by around $200 million in fiscal 2020.
S&P said, "While we expect EBITDA will be down in fiscal 2020, the
company has been less impacted by the current recession than the
industry average, given its exposure to the more stable hygiene and
packaging end markets. Based on our expectation for a return to
positive global GDP growth in 2021, some continued market share
growth, and cost reduction initiatives benefitting EBITDA margins,
we believe fiscal 2021 EBITDA will improve to around fiscal 2019
levels. Given the reduced debt balances and increasing EBITDA, we
would expect weighted-average FFO to total debt will improve and
remain sustainably in the 12%-20% range. Our base case assumes the
company will continue to prioritize discretionary cash flow
generation for reducing debt, and that the company will not pursue
significant share repurchases. Based on public statements by the
company, we believe it is committed to getting to its
debt-to-EBITDA target of below 3x before pursuing any sizable
acquisitions."

S&P said, "We could lower the ratings in the next 12 months if
macroeconomic weakness proves to be more severe or longer-lasting
than our base case, leading to prolonged weakness in demand for
adhesives and sealants. Although the company's current mix of
businesses is different than it was in 2009, it remains focused on
adhesives and sealants. As with many chemical companies, the 2009
global recession significantly affected H.B. Fuller, with revenues
dropping 11%, primarily driven by lower volumes. If the current
downturn were to be longer lasting or have a more permanent effect
on demand, along with EBITDA margin declines of at least 200 basis
points (bps), this could lead to credit measures we consider
appropriate for a lower rating. In such a scenario, we would expect
weighted-average FFO to debt to drop to about 12% on a sustainable
basis. We could also lower the ratings if, contrary to our
expectations, management significantly increased debt to fund an
acquisition or shareholder rewards.

"We could raise the ratings within the next 12 months if the
macroeconomic environment recovers quickly from the coronavirus
pandemic with limited signs of permanent demand destruction. We
could also raise the ratings if sales at H.B. Fuller prove to be
more resilient than our base-case assumptions despite the macro
headwinds. If revenue exceeds our expectations by 5% along with
EBITDA margins exceeding our expectations by about 400 bps, this
would lead to a significant improvement in credit measures, with
weighted-average FFO to debt sustainably in the 20%-30% range,
levels we would consider appropriate for a higher rating. To
consider a higher rating, we would also have to believe that
management was committed to maintaining or improving credit
measures, and that the potential for another debt-funded
transformational acquisition (such as the Royal acquisition) was
remote."


HANNAH SOLAR: Georgia Power Objects to Disclosure Statement
-----------------------------------------------------------
Creditor Georgia Power Company objects to the Disclosure Statement
Concerning First Plan of Reorganization of Debtor Hannah Solar
LLC.

Georgia Power points out that the Disclosure Statement fails to
address Debtor's obligations to Georgia Power pursuant to that
certain Master Agreement for Energy Services
Construction/Maintenance/Technical or Engineering Projects and
Services between Georgia Power Company and Hannah Solar LLC dated
October 24, 2015, and that certain Service Order for Connected
Community Project, signed by Debtor on December 20, 2018.

Georgia Power claims that the Agreements are not attached hereto
due to confidentiality agreements, but they have been provided to
Debtor’s counsel and were described in Georgia Power’s Proof of
Claim.

Georgia Power states that Counsel for Georgia Power and counsel for
Debtor have corresponded concerning the addition of language to the
Disclosure Statement to address Georgia Power’s objection, and
Georgia Power anticipates its objection being resolved through the
filing of Debtor’s First Amended Disclosure Statement.

A full-text copy of Georgia Power's objection to disclosure
statement dated August 20, 2020, is available at
https://tinyurl.com/y2rkla3t from PacerMonitor at no charge.

Attorneys for Georgia Power Company:

           Walter E. Jones
           Patrick Silloway
           BALCH & BINGHAM LLP
           30 Ivan Allen Jr. Boulevard, N.W.
           Suite 700
           Atlanta, GA 30308
           Telephone: (404) 261-6020
           Facsimile: (404) 261-3656
           E-mail: wjones@balch.com
                   psilloway@balch.com

                        About Hannah Solar

Hannah Solar, LLC, is a solar energy equipment supplier in Atlanta.
It specializes in planning, design, installation and maintenance of
renewable energy solutions.

Hannah Solar sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ga. Case No. 19-57651) on May 15, 2019. At the
time of the filing, the Debtor was estimated to have assets of less
than $50,000 and liabilities of between $1 million and $10 million.
The Robl Law Group, LLC, is the Debtor's counsel. Portnoy Garner &
Nail LLC, is co-counsel.


HARBOR FREIGHT: S&P Alters Outlook to Stable, Affirms 'BB-' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
affirmed its 'BB-' issuer credit rating on discount tool and
equipment retailer Harbor Freight Tools USA Inc.

S&P is also assigning its 'BB-' and '3' recovery ratings to Harbor
Freight's proposed term loan.

The stable outlook reflects S&P's expectation that Harbor Freight's
good performance momentum will continue, albeit at a moderating
pace, supporting modest deleveraging.

Harbor Freight is capitalizing on its recent strong operating
performance to releverage to fund a debt-financed dividend to its
owners, consistent with the company's aggressive financial policy.

S&P said, "Pro forma for the dividend recapitalization, we estimate
adjusted leverage will increase to 4.4x, up from 3.6x. We expect
leverage will improve to the low-4x area by the end of fiscal 2021
from EBITDA growth. Harbor Freight is benefiting from robust demand
for its products as consumer interest in do-it-yourself (DIY) tasks
and home improvement projects has spiked during the pandemic. We
expect these trends will continue, albeit at a moderating pace in
2021, as ongoing efforts to control the spread of the coronavirus
result in extended time spent at home."

"For the fiscal year ended July 31, 2020, adjusted EBITDA margins
were 18.8%, above our previous expectations of 16%, on tariff
mitigation efforts, cost initiatives, and new store openings." The
company also benefited from its status as an essential retailer
with almost all stores remaining open during the
government-mandated lockdown. Strong EBITDA growth and modest debt
repayment led to S&P Global Ratings-adjusted debt to EBITDA
improving to 3.6x as of July 31, 2020."

Tariff uncertainty remains a threat, but Harbor Freight has thus
far been able to mitigate most of the effects.

The company sells predominately private-label tools and parts,
sourcing a majority of its products from China, which are subject
to trade tariffs. S&P understands the company has been able to
reduce the impact from tariffs through various efforts, including
filing for product exclusions with the U.S. government as well as
opportunistic sales price increases. The company has also been able
to obtain some cost-sharing arrangements with its Chinese vendors.
These efforts have helped mitigate profit margin erosion and led to
EBITDA growth that has outperformed S&P's expectations. Efforts to
shift product sourcing away from China is underway, but are
currently small relative to the company's total inventory
purchases.

Harbor Freight's solid customer value proposition is centered on
its competitively priced merchandise and strategically located
stores.

The company's comparable same-store sales increased and offset some
margin pressure from its expanding store base. Its vertically
integrated business model comprising low-cost direct sourcing
mainly from China has so far enabled it to offer customers
competitively priced products and drive good store economics.
Additionally, the company's private-label merchandise, which
comprises a vast majority of its sales, contributes high
product-margins. S&P said, "We expect the company's initiatives to
retain new and existing customers will bolster its competitive
position and enable market share growth. The company has recently
launched a new credit card program that provides tender-based
rewards, which we believe offers the potential to increase customer
loyalty."

S&P said, "We believe Harbor Freight could moderate its financial
policy if operating conditions weaken."

"We view the risk of releveraging over the next one to two years as
low given the large proposed dividends. We also think the company,
majority-owned by co-founder and CEO Eric Smidt, could reduce
discretionary dividends if the need arises, providing the company
some flexibility to manage liquidity and cash flows."

Environmental, Social, and Governance (ESG) credit factors for this
credit rating change:

-- Health and safety factors

S&P said, "The stable outlook reflects our expectation that
favorable performance trends will continue in fiscal 2021, and
adjusted leverage will improve to the low-4x area on profit growth.
We also expect the company to complete the refinancing of its ABL
in the current quarter."

S&P could lower the rating if:

-- Funds from operations (FFO) to debt falls below 12% or debt to
EBITDA rises to 5x or more as a result of weakening operating
results or an unwillingness to temper shareholder cash
distributions.

-- This could occur if Harbor Freight is no longer able to manage
tariffs and costs, or competitive pressures intensify such that
EBITDA margin declines to 17.5% or lower. S&P said, "If this
scenario unfolds, the company's comparable-store sales could turn
negative and we could view its competitive standing as weaker. We
could also lower the rating if the company pays a large debt-funded
debt without offsetting growth in EBITDA."

S&P believes an upgrade is unlikely during the next year given the
proposed dividend recapitalization. However, it would consider an
upgrade if:

-- Harbor Freight substantially grows revenues and EBITDA such
that S&P believes leverage will remain comfortably under 4x and FFO
to debt rises above 20%. In this scenario, it would expect Harbor
Freight committing to a financial policy commensurate with these
credit metrics, which it feels is remote as a result of the
company's shareholder remuneration history.


HELIX ACQUISITION: S&P Affirms 'CCC+' ICR on ASP Acquisition
------------------------------------------------------------
S&P Global Ratings affirmed all its ratings on Helix Acquisition
(MWI Holdings), including the 'CCC+' issuer credit rating, as well
as its issue-level ratings on the company's first-lien debt of
'CCC+' and its issue-level rating on the company's second-lien term
loan of 'CCC-' as part of the ASP MWI group given MWI's status
within the group.

S&P's affirmation follows the announcement of American Securities'
intention to combine ASP Navigate with MWI Holdings. Although ASP
Navigate and MWI will operate and report separately as two entities
and have separate credit agreements with no cross-default and no
cross-guarantees, they are owned by the same parent, ASP MWI
Holdings L.P., and will share common management, common board,
certain corporate support functions such as IT, administrative, and
human resources. Consequently, S&P views the two entities as part
of the same group.

"Our 'CCC+' rating on MWI reflects our view of the company's
creditworthiness on a stand-alone basis and our view that the
company is moderately strategic to the overall group. We believe
that MWI's leverage will be around 10x over the forecast period,
which we view as unsustainable. We believe the MWI entity is
moderately strategic to the overall ASP MWI group and reflects our
view that the company is important to the group's long-term
strategy and could provide or receive support from group members
under some (but not all) circumstances. While we could raise the
issuer credit rating on MWI by one notch given our view of its
strategic importance to the group, the rating is currently limited
to one notch below our assessment of the group's creditworthiness,
per our criteria," S&P said.

The negative outlook on MWI reflects S&P's belief that there is at
least a one-in-three chance that S&P could lower the ratings should
revenue and EBITDA decline in fiscal 2021 further than the rating
agency expects, causing it to envision a specific default scenario.
S&P expects free cash flow generation to turn negative over the
next 12 months while leverage remains around about 10x over the
next year.

"We could lower our ratings on MWI if deteriorating operating
performance results in a constrained liquidity position. This could
occur, for example, from a deterioration in MWI's end markets and a
significant disruption of supply chains, leading to large losses
among the company's major customers. We could also downgrade the
company if we came to believe free cash flow generation was
materially worse than expected, leading us to envision a specific
default scenario over the next six to 12 months," S&P said.

"We could raise the ratings on MWI if the company's operations
significantly improve, leading to deleveraging and a more
sustainable capital structure, in our view. This could happen, for
example, if the company is able to expand profitability through
higher-than-expected sales with healthy EBITDA margins, while
maintaining sufficient liquidity," S&P said.


HEMA UK: Seeks U.S. Recognition of UK Restructuring
---------------------------------------------------
The UK unit of Dutch department store chain Hema BV filed for
Chapter 15 protection in the U.S. to seek recognition of its
restructuring in the UK that will see the company taken over by its
bondholders.

HEMA UK I Limited applied for court proceedings in the U.K. on July
16, 2020 under Part 26 of the Companies Act 2006 (Scheme).

HEMA UK I Limited filed a Chapter 15 petition in the U.S. (Bankr.
S.D.N.Y. Case No. 20-11936) on Aug. 19, 2020.

The Debtor's counsel in the U.S.:

         Paul H. Zumbro
         Cravath, Swaine & Moore LLP
         Tel: 212-474-1000
         E-mail: pzumbro@cravath.com

Leslie A. Pappas of Bloomberg Law reports that Dutch department
store chain Hema filed for Chapter 15 court protection in the U.S.
as part of a broader debt restructuring that will see the company
taken over by its bondholders.

On Aug. 19, Hema also disclosed that its restructuring plan
received support from the vast majority of its senior-ranking
bondholders in a U.K. court process.

According to Global Insolvency news, for Hema, a department-store
chain beloved by Dutch consumers for its colorful birthday cakes,
smoked sausages and homeware, the move is part of a plan to reduce
its debt and manage the impact of the coronavirus pandemic.

On Sept. 11, 2020, Hema BV announced that the Court of Amsterdam
decided to approve the creditors' request to sell HEMA to them.
With this, the final hurdle has been taken and HEMA, once the
transaction is expected to be completed, will also formally change
hands. HEMA's existing bond debt, which originally amounted to
EUR750 million, will be more than halved to EUR300 million and its
liquidity position will be greatly improved with additional bond
financing of EUR42 million. With a solid balance sheet and a
profitable operation, HEMA can now concentrate fully on its future

HEMA is a general merchandise retailer, offering apparel, home,
personal care and food products and operates a network of over 750
stores mainly in the Benelux but also in France, Germany, Spain and
the UK.


HENRY VALENCIA: Court Extends Plan Exclusivity Thru Dec. 7
----------------------------------------------------------
At the behest of Henry Valencia, Inc., the Honorable Robert H.
Jacobvitz extended the Debtor's exclusivity period to file a
chapter 11 plan to December 7, 2020.

The Debtor has been working on its chapter 11 plan.  However, due
to the effects of COVID-19 on the Debtor's business as well as the
pandemic's impact on the potential buyer of the Debtor's business,
the Debtor has not been able to work out what kind of plan of
reorganization will be best for its bankruptcy estate and
creditors.

The extension will allow more time for the effects of COVID-19 to
pass, allow for potential buyers of the Debtor's business to
determine a price, and for the parties to negotiate terms that are
best for all parties in interest, the Debtor said.

The extension is not prejudicial to any party and should help the
Debtor obtain the best possible price for its business, the Debtor
added.

A copy of the Debtors' Extension Motion is available from
PacerMonitor.com at https://bit.ly/36LPMgG at no extra charge.

A copy of the Court's Extension Order is available from
PacerMonitor.com at https://bit.ly/34vBZYW at no extra charge.

               About Henry Valencia

Henry Valencia, Inc. -- https://www.henryvalencia.net -- is a
dealer of Buick, Chevrolet, GMC cars in Espanola, NM.  It offers
new and pre-owned cars, trucks, and SUVs.

Henry Valencia sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. N.M. Case No. 20-10539) on March 3, 2020. At the
time of the filing, the Debtor estimated $1 million to $10 million
in both assets and liabilities.  

Judge Robert H. Jacobvitz oversees the case.  Giddens & Gatton Law,
P.C., and Hurley, Toevs, Styles, Hamblin Panter, PA are the
Debtor's bankruptcy counsel and special counsel, respectively. The
Debtor also tapped Ricci & Company, LLC as its accountant.


HERTZ GLOBAL: Drops $5.4 Million 2020 Executive Pay Plan
--------------------------------------------------------
Steven Church of Bloomberg News reports that Hertz Global Holdings
Inc. dropped its plan to hand out as much as $5.4 million in
executive incentive bonuses this 2020 after the judge overseeing
the company's bankruptcy called the idea "offensive."

Instead Hertz will push forward with an $8.2 million bonus program
for less-senior managers, designed to motivate them while the
company reorganizes in bankruptcy, the car renter said in a court
filing Wednesday, October 7, 2020.  Hertz may try again to give the
executives a bonus next year, the company said.

"In the face of the court's strong statements, the debtors
seriously considered abandoning the incentive plans altogether,"
Hertz said.

                       About Hertz Corp.

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

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

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

White & Case LLP is serving as legal advisor, Moelis & Co. is
serving as investment banker, and FTI Consulting is serving as
financial advisor.  Richards, Layton & Finger, P.A., is the local
counsel.  Prime Clerk LLC is the claims agent, maintaining the
page
https://restructuring.primeclerk.com/hertz


HIGHLAND CAPITAL: Solicitation Period Extended Thru Dec. 4
----------------------------------------------------------
Judge Stacey G. C. Jernigan of the U.S. Bankruptcy Court for the
Northern District of Texas, Dallas Division, extended to the period
within which the Debtor has the exclusive right to solicit
acceptances for the plan, through and including December 4, 2020.

On August 3, 2020, the Court entered the Order Directing Mediation
pursuant to which the Court appointed Retired Judge Allan Gropper
and Sylvia Mayer to mediate certain disputes in the Debtor's case
and to assist in negotiating the terms of a plan of reorganization.
The Mediation was scheduled on August 27 and to conclude on
September 4.

On August 11, 2020, Michael Lynn, counsel to James Dondero,
contacted Jeffrey Pomerantz, the Debtor's counsel. Mr. Lynn
requested that the Debtor not file its plan of reorganization as it
would undermine Mr. Dondero's ability to effectively participate in
the Mediation. After consulting with the Debtor's independent
board, Mr. Pomerantz responded that while the Debtor supported Mr.
Dondero's participation in the plan's process, the Debtor intended
to file its Plan and related disclosure statement on August 12, the
day that the Debtor's third plan exclusivity expired.

Mr. Lynn, on behalf of Mr. Dondero, contacted the Mediators and
reiterated that the filing of the Plan could limit Mr. Dondero's
options with respect to his ability to support the Debtor's
reorganization efforts and prevent him from effectively
participating in the Mediation.

Subsequently, the Mediators, on August 12, 2020, contacted the
Debtor, through counsel, and asked the Debtor to delay filing the
Plan. The Mediators expressed concerns that the filing of the Plan
would compromise the integrity of the Mediation, also they believed
that it was in the best interests of all stakeholders to try to
reach the terms of a comprehensive restructuring through mediation
before the terms of an alternative plan became public. The
Mediators recognized the Debtor's desire to maintain plan
exclusivity and requested, in the alternative, that the Debtor file
a motion to extend plan exclusivity and also seek authority to file
the Plan and Disclosure Statement under seal.

In order to keep exclusivity, the Debtor filed heavily redacted
versions of the Plan and Disclosure Statement and also forced to
file the motion to extend the exclusive periods. The Debtor
determined that the Mediators' request was reasonable and requested
that the Committee support a motion to continue plan exclusivity
until after the Mediation. Alternatively, the Debtor asked the
Committee to support the Debtor's motion to file the Plan and
Disclosure Statement under seal, but the Committee rejected both
requests.

The Court ordered each of (i) the Debtor, (ii) the Committee,
(iii) the UBS Securities LLC and UBS AG, London Branch, (iv) the
Acis Capital Management, L.P., and Acis Capital Management GP LLC,
and (v) Mr. Dondero to participate in the Meditation in good faith.


With the extension, the Debtor will now allow the parties to the
Mediation -- at the request of the Mediators -- to devote their
time and resources to the Mediation and to negotiate a plan of
reorganization. "This will also protect the integrity of the
Mediation and allow each party, including Mr. Dondero, to
participate fully in that Mediation and we will withdraw our plan
and disclosure statement according to the Mediators' request", the
Debtor adds.

               About Highland Capital Management

Highland Capital Management LP was founded by James Dondero and
Mark Okada in Dallas in 1993. Highland Capital is the world's
largest non-bank buyer of leveraged loans in 2007. It also manages
collateralized loan obligations. In March 2007, it raised $1
billion to buy distressed loans.  Collateralized loan obligations
are created by bundling together loans and repackaging them into
new securities.

Highland Capital Management, L.P., sought Chapter 11 protection
(Bank. D. Del. Case No. 19-12239) on Oct. 16, 2019.  Highland was
estimated to have $100 million to $500 million in assets and
liabilities as of the bankruptcy filing.  

On Dec. 4, 2019, the case was transferred to the U.S. Bankruptcy
Court for the Northern District of Texas and was assigned a new
case number (Bank. N.D. Tex. Case No. 19-34054).

Judge Stacey G. C. Jernigan is the case judge. The Debtor's counsel
is James E, O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP.
Foley & Lardner LLP, as special Texas counsel. Kurtzman Carson
Consultants LLC is the claims and noticing agent. Development
Specialists Inc. CEO Bradley Sharp as a financial adviser and
restructuring officer.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on Oct. 29, 2019.  The committee tapped Sidley Austin LLP
as bankruptcy counsel; Young Conaway Stargatt & Taylor LLP as
co-counsel with Sidley Austin; and FTI Consulting, Inc. as
financial advisor.


HVI CAT: Scheduling Order on Trustee's Sale of All Assets Entered
-----------------------------------------------------------------
Judge Martin R. Barash of the U.S. Bankruptcy Court for the
Southern District of New York has entered a scheduling order
regarding the proposed sale by Michael A. McConnell, the Chapter 11
Trustee for the estate of HVI Cat Canyon, Inc., of substantially
all assets of the Debtor.

The Sale Motion, with respect to the Trustee's sale of the REDU
Assets only, is continued to Oct. 8, 2020, at 10:00 a.m.

The Assumption Motion, with respect to Laor Liquidating Associates,
LP, Guarantee Royalties Inc., Janet K. Ganong Estate and Living
Trust, and Buganko, LLC, only, is continued to Oct. 8, 2020, at
10:00 a.m.

The Abandonment Motion is continued to Oct. 14, 2020, at 10:00 a.m.
Any oppositions to be filed by the California Department of
Conservation, Division of Oil, Gas & Geothermal Resources to the
First Supplement only, and Windset Farms (California), Inc., to the

Abandonment Motion and First Supplement, will be filed with the
Court by Oct. 12, 2020 at 10:00 a.m., any reply thereto will be
filed by Oct. 13, 2020 at 11:59 p.m.

Due to the COVID-19 pandemic, the continued hearings will be
conducted remotely, using ZoomGov audio and video.  The unique
ZoomGov connection information for each day's hearings before Judge
Barash -- is posted on Judge Barash's public calendar, which can be
located at:
http://ecf-ciao.cacb.uscourts.gov/CiaoPosted/default.aspx.

A hearing on the Motion was held on Oct. 5, 2020 at 10:00 a.m.

A copy of the Bidding Procedures is available at
https://tinyurl.com/y59zfdc8 from PacerMonitor.com free of charge.

                   About HVI Cat Canyon Inc.

HVI Cat Canyon, Inc., is a privately held oil and gas extraction
company based in New York.

HVI Cat Canyon sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 19-12417) on July 25, 2019.  In the
petition signed by Alex G. Dimitrijevic, president and COO, the
Debtor was estimated to have assets of between $100 million and
$500 million and liabilities of the same range.  

On Aug. 28, 2019, the New York Court entered an order transferring
the venue to U.S. Bankruptcy Court for the Northern District of
Texas, and assigned Case No. 19-32857.

Weltman & Moskowitz, LLP, is the Debtor's bankruptcy counsel.

The Office of the U.S. Trustee on Aug. 9, 2019, appointed three
creditors to serve on the official committee of unsecured creditors
in the Debtor's case.


iANTHUS CAPITAL: Wins Court Approval for Its $169M Debt Plan
------------------------------------------------------------
Law360 reports that cannabis company iAnthus on Wednesday, October
7, 2020, said a Canadian court approved its restructuring plan over
the objections of a handful of investors, clearing the way for a
major reduction of its $169 million debt that would see creditors
essentially take over the company.

An Ontario judge gave the plan his blessing Oct. 5, 2020, after
holding up an earlier version last September 2020, when he took
issue with a sweeping release that would insulate iAnthus Capital
Holdings Inc.'s directors and its former CEO from lawsuits.  He
found those had been adequately limited this time, though they
could still hamper ongoing lawsuits.

                     About iAnthus Capital

iAnthus Capital Holdings, Inc. (CSE: IAN, OTCQX: ITHUF) --
https://www.iAnthus.com/ -- owns and operates licensed cannabis
cultivation, processing and dispensary facilities throughout the
United States, providing investors diversified exposure to the U.S.
regulated cannabis industry. Founded by entrepreneurs with decades
of experience in operations, investment banking, corporate finance,
law and healthcare services, iAnthus provides a unique combination
of capital and hands-on operating and management expertise. iAnthus
currently has a presence in 11 states and operates 33 dispensaries
(AZ-4, MA-1, MD-3, FL-14, NY-3, CO-1, VT-1 and NM-6 where iAnthus
has minority ownership).

On April 6, 2020, iAnthus said it did not make applicable interest
payments due on its 13.0% Senior Secured Debentures and 13.0%
Unsecured Convertible Debentures due on March 31, 2020.  As of
March 31, 2020, the aggregate principal amount outstanding on
iAnthus' debt obligations total $159.2 million, including $97.5
million of Secured Debentures, $60.0 million of Unsecured
Debentures and $1.7 million of other debt obligations.

iAnthus explained that the decline in the overall public equity
cannabis markets, coupled with the extraordinary market conditions
that began in Q1 2020 due to the novel coronavirus known as
COVID-19 ("COVID-19") pandemic, have negatively impacted the
financing markets and have caused liquidity constraints for the
Company.

In July 2020, iAnthus Capital Holdings announced a proposed
restructuring arrangement to be consummated through Canada's
Companies' Creditors Arrangement Act.  The company said it struck a
deal under the British Columbia Business Corporations Act with all
secured debt holders and most unsecured debt holders that will give
the two groups control over a combined 97.25 percent of common
shares following a recapitalization transaction.


IBIO INC: Appoints John Delta as Principal Accounting Officer
-------------------------------------------------------------
Effective Oct. 1, 2020, the Board of Directors of iBio, Inc.
appointed John Delta as the Company's principal accounting
officer.

Mr. Delta, age 58, has served as a consultant to the Company since
July 13, 2020.  Mr. Delta also serves (from November 2016 to the
present) as managing partner, Mid-Atlantic of TechCXO LLC, a
professional services firm that provides experienced, C-Suite
professionals to deliver strategic and functional consulting
services.  From February 2011 to June 2016, he served as chief
operating officer of Management CV Inc., where he was responsible
for all operational aspects of the business, including HR, Product
Management, E-Commerce, Global Research and day to day Operations.
From February 2010 to February 2011, Mr. Delta served as
co-founder/chief financial officer of JJAB Holdings, LLC, where he
was responsible for Finance and Operations for this
private-equity-backed startup in the direct response marketing
space.  He also served as chief financial officer of Edison
Worldwide, LLC from December 2008 to January 2010, where he led all
accounting and strategic finance initiatives for this high growth
Direct Response Marketing firm.  From March 2006 to October 2008,
Mr. Delta served as chief financial officer of DoublePositive
Marketing Group, Inc., where he built the accounting and finance
functions for this high growth VC-backed firm.  From October 2003
to December 2005, he served as executive vice president and chief
operating officer of Hemscott Group, PLC, a private-equity-backed
roll-up in the financial information space.  Mr. Delta led
post-merger integration and operations for this global firm (US, UK
and India) and he was instrumental in developing the successful
exit strategy of splitting the firm in two and selling the retail
component to Morningstar and the institutional piece to KKR.  Mr.
Delta also served as vice president, general manager of The Nasdaq
Stock Market for almost 10 years, where he developed the business
plan for, and then ran, the e-commerce group.  Prior to working at
Nasdaq, Mr. Delta worked as an Associate at McKinsey & Co. where he
primarily worked with the Financial Institutions Group on strategic
technology engagements and as a Manager at Deloitte & Touche where
he focused on Financial Services.  Mr. Delta holds a B.A. and a
Master of Business Administration (MBA) from the University of
Virginia.

Since July 2020, Mr. Delta has been providing financial consulting
services to the Company under a Consulting and Services Agreement
by and between the Company and TechCXO LLC, dated July 8, 2020.
Pursuant to the Consulting Agreement, the Company will pay Mr.
Delta for his services as the Company's principal accounting
officer at an hourly rate expected to represent approximately
$30,000 per month, and to reimburse any reasonable out-of-pocket
business expenses incurred by Mr. Delta in performing the
services.

The Company will also provide Mr. Delta with directors' and
officers' liability insurance and indemnification as set forth in
an Indemnification Agreement by and between the Company and Mr.
Delta.

                         About iBio Inc.

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

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

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


IMERYS TALC: Cyprus Objects to Disc. Statement Lacks Documents
--------------------------------------------------------------
Cyprus Mines Corporation and its parent company, Cyprus Amax
Minerals Company, object to the Disclosure Statement, Confirmation
Schedule and request to adjourn hearing of Imerys Talc America Inc.
and its Debtor Affiliates.

Cyprus claims that the the Amended Disclosure Statement has been
filed without Trust Distribution Procedures or the Talc Personal
Injury Trust Agreement like the original Disclosure Statement.

Cyprus points out that it is impossible for Cyprus and other
creditors to assess the process and timing of distributions from
the Talc Personal Injury Trust, the proposed treatment of other
claims in the class, their chances of receiving distributions under
the relevant procedures, or their likely payment percentage without
seeing the Trust Distribution Procedures or the Talc Personal
Injury Trust Agreement.

Cyprus asserts that the Amended Disclosure Statement addresses that
motion in a way that is both incomplete and confusing while the
original Disclosure Statement largely ignored the J&J Lift Stay
Motion.

Cyprus further asserts that the Amended Disclosure Statement fails
to disclose basic facts about the protocol despite the central role
of the J&J Protocol under the Amended Plan.

Cyprus states that the Debtors also fail to disclose that, even if
they were to reach agreement with J&J on a new order, they would
still need to obtain Court approval of that agreement.

A full-text copy of Cyprus' objection dated August 20, 2020, to the
Disclosure Statement is available at https://tinyurl.com/yxpr6vxn
from PacerMonitor at no charge.

Attorneys for Cyprus Amax and Cyprus Mines:

          MORRIS, NICHOLS, ARSHT & TUNNELL LLP
          Robert J. Dehney
          Matthew O. Talmo
          1201 N. Market Street, 16th Floor
          P.O. Box 1347
          Wilmington, DE 19899-1347
          Telephone: (302) 658-9200
          Facsimile: (302) 658-3989
          E-mail: rdehney@mnat.com

                  - and -

          VINSON & ELKINS LLP
          Paul E. Heath
          Matthew W. Moran
          Katherine Drell Grissel
          2001 Ross Avenue, Suite 3900
          Dallas, TX 75201
          Telephone: (214) 220-7700
          E-mail: pheath@velaw.com

Attorneys for Cyprus Amax:

          WACHTELL, LIPTON, ROSEN & KATZ
          Emil A. Kleinhaus
          Douglas K. Mayer
          Nicholas Walter
          Joseph C. Celentino
          51 West 52nd Street
          New York, NY 10019
          Telephone: (212) 403-1000
          E-mail: eakleinhaus@wlrk.com

                    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.


IQOR US: S&P Assigns 'BB' Rating to $50MM Secured DIP Term Loan
---------------------------------------------------------------
S&P Global Ratings has assigned its point-in-time 'BB' issue-level
rating to the $50 million secured super-priority
debtor-in-possession (DIP) term loan issued by iQor US Inc.,
reflecting its view of the credit risk borne by DIP lenders. It
does not indicate ratings S&P may assign to exit facilities or the
reorganized firm after it emerges from bankruptcy.

iQor is operating under the protection of Chapter 11 of the U.S.
Bankruptcy Code following a voluntary filing on Sept. 10, 2020, so
S&P's 'D' issuer credit rating on parent iQor Holdings Inc is
unchanged.

The DIP issue rating is a point-in-time rating effective only for
the date of this report and S&P will not review, modify, or provide
ongoing surveillance of the rating.

"Our 'b+' DCP reflects our view of vulnerable business risk profile
but considers only DIP debt in our financial risk profile
assessment. We exclude pre-petition debt in our calculation of key
credit metrics because the DIP is senior on a lien and priority
basis. The pre-petition debt is also subject to a stay on
collection and enforcement actions and is subject to loss as part
of the reorganization process. Therefore, to arrive at the DCP,
credit metrics reflect a relatively small amount of funded DIP debt
relative to the company's annual EBITDA base, with DIP
debt-to-EBITDA around 1.5x through bankruptcy. We place more weight
on this ratio because we view it as one of the most important
ratios for evaluating the ability to refinance the DIP debt," S&P
said.

"However, we also consider limited near-term free operating cash
flow (FOCF) given significant revenue declines and relatively low
profit margins. We project FOCF to be roughly break-even over the
next 13 weeks before considering bankruptcy-specific restructuring
costs of roughly $20 million, as the primary purpose of the DIP is
to fund these one-time administrative expenses. Still, in the
unlikely event that the bankruptcy proceeding is prolonged, we
believe FOCF could improve modestly as timing of capital
expenditures are more heavily weighted to the next six weeks," the
rating agency said.

S&P believes the absence of required adequate protection payments
to pre-petition secured creditors through the reorganization
process is important to providing a liquidity cushion. Typically,
adequate protection payments can add an incremental layer of credit
risk that iQor DIP lenders do not bear. The absence of these
payments reduces the risk, in S&P's view, that cash flow becomes
constrained to the point that iQor could be forced to increase the
size of the DIP through bankruptcy.

"Our CRE assessment of favorable coverage of the DIP in an
emergence scenario indicates coverage of above 250%, resulting in a
two-notch uplift relative to the DCP.   Our CRE assessment
contemplates a reorganization and addresses whether the company, in
our view, would likely be able to attract sufficient third-party
financing at the time of emergence to repay the DIP in full. Given
our relatively high estimated valuation (using an enterprise value
approach) relative to the amount of DIP debt, we believe iQor will
likely be able attract exit financing sufficient to repay the DIP
upon emergence," the rating agency said.


J. CREW GROUP: $1.6B Chapter 11 Debt-Equity Swap Plan Confirmed
---------------------------------------------------------------
Elise Hansen of Law360 reports that a  Virginia bankruptcy judge
confirmed J.Crew's Chapter 11 plan Tuesday, August 25, 2020,
clearing the way for a $1.6 billion debt-for-equity swap after the
clothier became one of the first major retailers to retreat into
bankruptcy amid the coronavirus pandemic.

U.S. Bankruptcy Judge Keith L. Phillips approved J.Crew Group
Inc.'s second amended restructuring plan in a hearing. The plan
equitizes more than $1.6 billion in secured debt, provides a $400
million asset-based lending facility and gives J.Crew more than
$400 million in new term loans, the company said in an announcement
Tuesday afternoon.

Currently, the company operates 170 J.Crew retail stores, 141
Madewell stores and 170 J.Crew Factory stores, according to
Tuesday's announcement.

"The confirmation of our plan of reorganization is another
significant milestone in our path to transforming our business to
drive long-term, sustainable growth for J.Crew and further advance
Madewell's growth momentum," CEO Jan Singer said in a statement.

The company said the deal had "widespread support" among its
stakeholders. Several parties have withdrawn their objections to
the plan in recent days, including the official committee
representing J.Crew's unsecured creditors, which withdrew its
objection on Tuesday, court filings show.

The committee of unsecured creditors had challenged the liens of
secured creditors in early August, saying that up to $30 million of
the debtor's assets were not encumbered by the liens.

J.Crew filed for Chapter 11 protection on May 4, becoming the first
major retailer to succumb to the coronavirus pandemic and the
resulting business restrictions placed on nonessential operations.
The company entered bankruptcy with 181 J.Crew stores.

                        About J.Crew Group

J.Crew Group, Inc. is an internationally recognized omni-channel
retailer of women's, men's and children's apparel, shoes and
accessories. As of May 4, 2020, the Company operates 181 J.Crew
retail stores, 140 Madewell stores, jcrew.com, jcrewfactory.com,
madewell.com and 170 factory stores.  The company was purchased in
2011 by TPG Capital and Leonard Green & Partners LP for $3
billion.

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

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

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

The Official Committee of Unsecured Creditors is represented by
Robert J. Feinstein, Bradford J. Sandler, Shirley S. Cho and Debra
I. Grassgreen of Pachulski Stang Ziehl & Jones LLP and Robert S.
Westermann and Brittany B. Falabella of Hirschler Fleischer PC.





  




J.C. PENNEY: Bankruptcy Judge Sets Ch. 11 Plan Hearing on November
------------------------------------------------------------------
Law360 reports that a Texas bankruptcy judge on Oct. 7, 2020, set
deadlines for J.C. Penney that would see the retailer submit its
$1.75 billion asset sale plan and Chapter 11 plan to the court next
week before heading for a possible pre-Thanksgiving confirmation
fight.   

U.S. Bankruptcy Judge David Jones set the deadlines at a remote
hearing that saw J.C. Penney argue that the case needed strict
deadlines in order to finalize the sale and its Chapter 11 plan
before the holiday shopping season, while a dissenting lender group
argued more time was needed to see if a better offer could be found
for the retailer.

                    About J.C. Penney Company

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

On May 15, 2020, J.C. Penney announced that it entered into a
restructuring support agreement with lenders holding 70 percent of
its 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, J.C. Penney and its affiliates filed voluntary petitions for
reorganization under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Tex. Lead Case No. 20-20182) on May 15, 2020.

Debtors have tapped Kirkland & Ellis LLP and Jackson Walker LLP as
their legal counsel, Lazard Freres & Co. LLC as investment banker,
AlixPartners LLP as financial advisor, and Katten Muchin Rosenman
LLP as special counsel. Prime Clerk is the claims agent.

Henry Hobbs Jr., acting U.S. trustee for Region 7, appointed a
committee to represent unsecured creditors in Debtors' Chapter 11
cases. The committee has tapped Cole Schotz P.C. and Cooley LLP as
its legal counsel, Jefferies LLC as investment banker, and FTI
Consulting, Inc. as financial advisor.

Katten Muchin Rosenman, LLP and Goldin Associates, LLC serve as
legal counsel and financial advisor for Alan Carr and Steve
Panagos, respectively, who were elected independent directors of
J.C. Penney's board of directors on May 1, 2020.


J.C. PENNEY: Court Judge Asks Aurelius Group to Submit Rival Bid
----------------------------------------------------------------
Jeremy Hill of Bloomberg News reports that U.S. Bankruptcy Judge
David Jones is urging a group of J.C. Penney Co. creditors
including Aurelius Capital Management to submit a competing bid to
buy the ailing retailer.

"I want to see what your folks can do," Jones said in a telephonic
court hearing Wednesday. "I want to see it sooner rather than
later."

The push comes as J.C. Penney, its biggest landlords and holders of
most of its senior debt work to execute a bid that would rescue the
company by October 16, 2020. The deal -- which would see Simon
Property Group Inc. and Brookfield Property Partners buy the
company.

                     About J.C. Penney Company

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

On May 15, 2020, J.C. Penney announced that it entered into a
restructuring support agreement with lenders holding 70 percent of
its 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, J.C. Penney and its affiliates filed voluntary petitions for
reorganization under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Tex. Lead Case No. 20-20182) on May 15, 2020.

The Debtors have tapped Kirkland & Ellis LLP and Jackson Walker LLP
as their legal counsel, Lazard Freres & Co. LLC as investment
banker, AlixPartners LLP as financial advisor, and Katten Muchin
Rosenman LLP as special counsel. Prime Clerk is the claims agent.

Henry Hobbs Jr., acting U.S. trustee for Region 7, appointed a
committee to represent unsecured creditors in Debtors' Chapter 11
cases. The committee has tapped Cole Schotz P.C. and Cooley LLP as
its legal counsel, Jefferies LLC as investment banker, and FTI
Consulting, Inc. as financial advisor.

Katten Muchin Rosenman, LLP and Goldin Associates, LLC serve as
legal counsel and financial advisor for Alan Carr and Steve
Panagos, respectively, who were elected independent directors of
J.C. Penney's board of directors on May 1, 2020.


J.CREW GROUP: Emerges From Chapter 11, Now Controlled by Anchorage
------------------------------------------------------------------
J.Crew Group on Sept. 10, 2020, announced that it has successfully
completed its financial restructuring process and emerged from
Chapter 11 well positioned for long-term growth. As part of its
financial restructuring, the Company has equitized more than $1.6
billion of secured indebtedness, and Anchorage Capital Group,
L.L.C. ("Anchorage") has become the majority owner of the Company.

To support ongoing operations and future growth initiatives, J.Crew
Group is capitalized with a $400 million exit term loan due 2027
provided by Anchorage, as well as GSO Capital Partners LP and
Davidson Kempner Capital Management LP, among others. In addition,
the Company has access to a new $400 million ABL credit facility
due 2025 agented by Bank of America, N.A.

"We are immensely pleased to have completed this process swiftly,
and we thank our customers, associates, vendors, and new owners for
the dedication and support they have given us these past several
months," said Jan Singer, Chief Executive Officer of J.Crew Group.
"Looking forward, our strategy is focused on three core pillars:
delivering a focused selection of iconic, timeless products;
elevating the brand experience to deepen our relationship with
customers; and prioritizing frictionless shopping. As a
reinvigorated company, we are committed to serving the changing
life and style of today's multifaceted consumer and to delivering
long term, sustainable results."

"We are energized by the opportunity ahead for the Madewell brand
and ready to continue our momentum as we enter into a new phase of
growth," said Libby Wadle, Chief Executive Officer of Madewell. "We
will remain focused on maintaining our place as a leader in denim
and innovating to create a differentiated shopping experience. We
are also continuing to grow our offering of everyday essentials and
are well positioned to lead the casualization trend offering our
customers clothes they want to wear now."

"J.Crew and Madewell's ability to pair timeless classics with
modern, fresh designs will never go out of style, and we intend to
continue the legacies of these two iconic American brands with
deeply loyal customers and strong, creative leadership teams," said
Kevin Ulrich, Chief Executive Officer of Anchorage. "We see an
immense opportunity for growth and expansion at each brand and are
confident their existing robust direct-to-consumer and e-commerce
platforms will position the Company to succeed in today's evolving
retail landscape. We look forward to working with Jan, Libby, and
the entire leadership team."

Weil, Gotshal & Manges LLP served as legal counsel, Lazard served
as investment banker, and AlixPartners, LLP served as restructuring
advisor to J.Crew Group. Anchorage and other members of an ad hoc
committee were represented by Milbank LLP as legal counsel and PJT
Partners LP as investment banker. BofA Securities, Inc., JPMorgan
Chase Bank, N.A., and MUFG Union Bank, N.A. served as joint lead
arrangers and joint bookrunners for the new ABL credit facility.

                        About J.Crew Group

J.Crew Group, Inc. is an internationally recognized omni-channel
retailer of women's, men's and children's apparel, shoes and
accessories. As of May 4, 2020, the Company operates 181 J.Crew
retail stores, 140 Madewell stores, jcrew.com, jcrewfactory.com,
madewell.com and 170 factory stores.  The company was purchased in
2011 by TPG Capital and Leonard Green & Partners LP for $3
billion.

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

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

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

The Official Committee of Unsecured Creditors is represented by
Robert J. Feinstein, Bradford J. Sandler, Shirley S. Cho and Debra
I. Grassgreen of Pachulski Stang Ziehl & Jones LLP and Robert S.
Westermann and Brittany B. Falabella of Hirschler Fleischer PC.


J2 GLOBAL: S&P Alters Outlook to Negative, Affirms 'BB' ICR
-----------------------------------------------------------
S&P Global Ratings affirmed the 'BB' long-term issuer credit rating
on j2 Global Inc. and revised the outlook on the rating to negative
from stable following the company's decision to issue $1.2 billion
of senior unsecured notes due 2030 and use the proceeds to
refinance its subsidiary j2 Cloud Services Inc.'s existing senior
unsecured notes and for general corporate purposes, including the
acquisition of Retailmenot.

At the same time, S&P affirmed the 'B+' issue-level ratings on j2's
existing senior unsecured convertibles notes. The recovery rating
remains '6'. S&P is not taking action on the existing $650 million
of 6% senior notes due 2025, as it expects repayment at the close
of this transaction. S&P also assigned a '3' recovery and 'BB'
issue-level rating to j2's proposed senior unsecured notes.

J2's leverage will breach S&P's downside tolerance with this
proposed issuance; however, the company should be able to restore
leverage below 3x in a few quarters.  S&P estimates this proposed
transaction, which will add about $550 million of incremental debt
to the company's balance sheet, will increase S&P-adjusted leverage
to around 3.7x and weaken free operating cash flow (FOCF) to debt
to approximately 17%, compared to pre-transaction leverage of about
2.8x and FOCF to debt around 23.2%. Despite these weaker credit
metrics exceeding S&P's 3x maximum tolerance for the current
rating, the rating agency believes j2 has the ability to restore
leverage below 3x in a few quarters. S&P believes the company can
use its sizable cash balances--roughly $700 million on a pro forma
basis for the issuance and RetailMeNot acquisition--to either fund
future acquisitions that provide additional EBITDA, or to repay its
convertible notes on the November 2021 put-call date. Also, S&P's
adjusted metrics for 2020 will not fully capture a full year's
worth of operating performance from RetailMeNot, the rating agency
estimates fiscal 2020 adjusted leverage to be near 3.4x.

S&P does not believe the company is adopting more aggressive
financial policies.  J2 is acquisitive, having spent over $2.5
billion to acquire over 150 cloud backup, security, e-mail
marketing, and digital media businesses since 2010, and
occasionally pursues share repurchases. Still, by funding these
activities mostly with balance sheet cash and internally generated
cash flow it has operated well below the 3x gross leverage target.
After the proposed issuance, J2's leverage will exceed this target,
although S&P continues to believe the company remains committed to
this target over the long term, as evidenced by the company's 2019
decision to suspend its annual dividend in favor of acquisition
opportunities. Based on this view, S&P assumes that over the next
12 months, the company's appetite for additional acquisitions and
or share repurchases under the recent board authorization will
align with the internal liquidity sources available to the
company.

J2's operating performance has been resilient through the first six
months of 2020; however, effects from COVID-19 and a weak macro
remain risk.  Despite being vulnerable to COVID-19-related business
disruption and deteriorating economic conditions, j2's operating
performance has been resilient. Through first six months of 2020,
j2 generated roughly $663 million of revenue, an increase of
roughly 6.6% year over year, maintained a stable adjusted EBITDA
margin around 41%, and also improved its free cash flow by roughly
$17.5 million (to $215 million). Despite these trends, the
potential for increased levels of subscriber churn, given its
significant exposure to small and midsize businesses (SMBs), and
also lower advertising revenues due to the cyclical nature of
advertising spending, remain risks to the company's future
operating performance. Notwithstanding these factors, S&P believes
the company's cloud services products, including VPN, security,
cloud back-up, and e-fax, could potentially see increased demand in
a prolonged work-from-home (WFH) environment. Also, the company's
cloud subscription products generally carry low price points, which
may alleviate potential churn. From an advertising perspective,
j2's roughly 1,100 advertisers are mostly larger companies;
approximately 40% of ad revenues fall into the health category,
which is growing; and there is little exposure to ad categories
such as travel, retail, food, and auto.

Acquisitions are helping j2 expand and diversify its business;
however, its revenue base continues to have a meaningful
concentration to fax-to-email offerings   J2 has used acquisitions
to boost its product diversity and tempered the company's reliance
on its low-growth fax and voice revenues, from around 40% of total
revenues in 2016 to approximately 25% as of June 30, 2020. S&P
continues to view this meaningful concentration as a relative
constraint to the rating; however, a continued reduction in these
revenue streams has the potential to strengthen the rating agency's
view of its business risk profile assessment

The negative outlook reflects the company's weaker credit metrics
arising from the debt issuance and indicates a one in three chance
of a lower rating over the next 12 months if the company fails to
restore leverage below 3x.

S&P could lower its ratings over the next 12 months if adjusted
debt to EBITDA is likely to remain above 3x, which could occur if:

-- J2 demonstrates an appetite for more aggressive financial
policies, including pursuing additional debt-financed acquisitions
or share repurchases; and

-- Operating performance deteriorates significantly below S&P's
base-case forecast because of operational missteps, greater
competition.

S&P could revise the outlook back to stable in the next 12 months
if the rating agency expects adjusted debt to EBITDA of 3x or
better, which could occur if:

-- J2 continues to increase its EBITDA levels through organically
funded M&A while maintaining the profitability of its existing
business at or around current levels;

-- The company applies a portion of its balance sheet cash for
debt repayment; and

-- The company diversifies its product offerings and revenue base
leading to a reduced concentration on fax and voice revenues.


JASON INDUSTRIES: Settles Fight With Junior Creditors on Ch.11 Exit
-------------------------------------------------------------------
Jeremy Hill of Bloomberg News reports that Jason Industries Inc.
settled a fight with junior creditors over its plan to exit Chapter
11 bankruptcy by agreeing to give second-lien lenders 5% ownership
of the reorganized manufacturer, an attorney for the company
said..

"It's a very simple resolution," Jon Henes of Kirkland & Ellis said
in the hearing, adding the settlement will give $500,000 to
professionals hired by the lender group that earlier opposed the
plan.

Corre Partners Management and Newport Global Advisors are the
second-lien lenders in the group, holding more than $65 million of
the junior debt.

                      About Jason Industries

Jason Industries, Inc., headquartered in Milwaukee, Wisconsin, is a
diversified manufacturing company serving the finishing, seating,
acoustics and components end markets.

Jason Industries, Inc., and 7 affiliates sought Chapter 11
protection (S.D.N.Y. Lead Case No. 20-22766) after reaching a deal
with lenders on terms of a plan that will cut debt by $250
million.

As of June 24, 2020, the Company reported total assets of
$204,886,939 and total debt of $428,374,343.

The Hon. Robert D. Drain is the case judge.

Moelis & Company LLC, is acting as financial advisor, Kirkland &
Ellis LLP is acting as legal counsel, and AlixPartners, LLP, is
acting as restructuring advisor to the Company in connection with
the Restructuring. Houlihan Lokey Capital, Inc., is acting as
financial and restructuring advisor and Weil, Gotshal & Manges LLP
is acting as legal counsel to the Consenting Creditors. Epiq
Corporate Restructuring, LLC, is the claims agent.




JAZZ IT UP: Plan of Reorganization Confirmed by Judge
-----------------------------------------------------
Judge Michael G. Williamson has entered an order approving the
Disclosure Statement and confirming the Plan of Reorganization of
Debtor Jazz It Up Barber & Beauty Salon, Inc.

The Plan sets out separately numbered classes of impaired claims
and interests. The claims and interests within each class are
substantially similar to the other claims and interests, as the
case may be, in the class.  Therefore, the Plan satisfies 11 U.S.C.
Sec. 1122 and 1123(a)(1).

The Plan provides adequate means for the Plan's implementation.
Therefore, the Plan satisfies 11 U.S.C. Sec. 1123(a)(5).

The Plan was proposed with the honest and legitimate purpose of
maximizing the value of the Debtor's estate and the payments to
creditors. The Plan was developed in good faith on the part of the
Debtor and in good faith negotiations with various creditors.
Therefore, 11 U.S.C. Sec. 1129(a)(3) is met.

A full-text copy of the order dated August 20, 2020, is available
at https://tinyurl.com/y2jrbc9w from PacerMonitor at no charge.

                     About Jazz It Up Barber

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


JDUB'S BREWING: Future Income, Asset Liquidation to Fund Plan
-------------------------------------------------------------
JDub's Brewing Company, LLC, filed an Amended Chapter 11 Plan of
Reorganization on August 18, 2020.

Class 6 consists of the Allowed Unsecured Claims not otherwise
classified under the Plan. The Holder(s) of Allowed Unsecured
Claim(s), including any Allowed Deficiency Claim, shall share Pro
Rata in the Unsecured Creditor Fund in equal annual installments
over 5 years. The first annual payment will be no later than 30
days from the Effective Date. The Debtor may prepay in whole or in
part any payments without prepayment penalty. Class 6 is Impaired
under the Plan and the Holder of a Class 6 Claim is entitled to
vote to accept or reject the Plan.

Class 7 consists of ownership interests currently issued or
authorized in the Debtor. All Allowed Equity Interests in the
Debtor shall be cancelled and reissued to a special purpose Florida
entity to be formed in exchange for funding the payments due on the
Effective Date via an equity infusion, purchase money security loan
or other combination. Class 7 is Impaired under the Plan and the
Holder of a Class 7 Claim is entitled to vote to accept or reject
the Plan.

On, or as soon as practicable after the Effective Date, the Debtor
will pay the Holders of Allowed Administrative Expense Claims and
Priority Tax Claims. The Debtor will fund payments to be made under
the Plan through the following: (a) Cash on hand on the Effective
Date, (b) Cash collected on and after the Effective Date, (c)
Proceeds from a partial or full liquidation and (d) capital
infusion as provided for under Class 7 which shall be credited
against the Projected Disposable Income.

The Debtor Plan Payment is comprised of all of the projected
disposable income of the Debtor to be received in the 5-year period
beginning on the date that Plan is Confirmed, in the amount of
$51,000.00, to be disbursed as (a) payments made to the Holders of
Allowed Administrative Expense Claims, Priority Tax Claims or any
other payments that may be due on the Effective Date on or as soon
as practicable after the Effective Date, (b) payments made to the
Holders of Allowed Secured Claims during the Plan Duration Period,
and (c) payments made to fund the Unsecured Creditor Fund.  The
Debtor Plan Payment may be funded in whole or in part by Future
Income and/or the liquidation of the Debtor's Assets, or as may
otherwise be determined by the Debtor.

A full-text copy of the amended plan dated August 18, 2020, is
available at https://tinyurl.com/y6o9gl9r from PacerMonitor.com at
no charge.

The Debtor is represented by:

      David S. Jennis, Esq.
      Daniel E. Etlinger, Esq.
      JENNIS LAW FIRM
      606 East Madison Street
      Tampa, FL 33602
      Facsimile: (813) 405-4046
      Telephone: (813) 229-2800
      E-mail: detlinger@jennislaw.com
              ecf@jennislaw.com

                 About JDub's Brewing Company

JDub's Brewing Company, LLC, is a privately held company in the
beverage manufacturing industry.

The company sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Case No.20-02926) on April 6, 2020.  In the
petition signed by CEO Jeremy Joerger, the company disclosed
$697,542 in assets and $1,687,781 in debt.  Judge Michael G.
Williamson is assigned to the case.  Daniel Etlinger, Esq., at
David Jennis, PA, d/b/a Jennis Law Firm, is serving as teh Debtor's
counsel.


JILL ACQUISITION: Moody's Hikes CFR to Caa2 on Distressed Exchange
------------------------------------------------------------------
Moody's Investors Service upgraded Jill Acquisition LLC's (J. Jill)
corporate family rating to Caa2 from Caa3 and probability of
default rating to Caa2-PD/LD from Caa3-PD following the closing of
the company's out-of-court restructuring transaction on September
30, 2020 with the consent of 97.8% of term loan lenders. The "/LD"
probability of default rating designation indicates that Moody's
views the restructuring as a distressed exchange, and will be
removed after 3 business days. Moody's views the transaction as a
distressed exchange because it results in a diminished financial
obligation with the effect of the transaction being the avoidance
of default. Concurrently, Moody's assigned a Caa1 rating to the new
$231 million senior secured priming term loan due 2024. The Caa3
rating of the existing term loan due 2022 was affirmed. The SGL-3
speculative grade liquidity rating remains unchanged and the
outlook was changed to stable from negative.

"The debt maturity extension provides J.Jill with additional time
to recover from coronavirus-driven disruption in the apparel retail
industry," said Moody's vice president and senior analyst Raya
Sokolyanska. "However, business risk remains high as the company
needs to make significant investments to turn around operations,
including its merchandising and e-commerce capabilities."

As part of the restructuring transaction, the holdings of the
consenting term loan lenders were exchanged dollar-for-dollar into
a new $231 million priming senior secured term loan due May 2024
carrying the same cash interest rate of L+5% (with additional 5%
PIK interest starting in August 2021, subject to the company's
option to repay a portion of the principal). Consenting lenders
also received the lesser of $2 million or 10% of fully diluted
common equity and could receive an equity true-up to 10% in May
2021. Financial sponsor TowerBrook and other investors provided a
$15 million new junior term loan facility due November 2024 and
received warrants for 27% of common stock. The term loan and ABL
credit agreements were amended to waive non-compliance events. In
addition, the term loan net leverage maintenance covenant was
waived through Q4 2021 and the company will be subject to a weekly
minimum liquidity test.

The CFR and PDR upgrades reflect the effective extension of the
term loan maturity by two years, which provides the company with
more time to improve operating performance.

The SGL-3 rating reflects Moody's expectations that J.Jill will
have just adequate liquidity over the next 12 months. As of October
2, 2020, and pro-forma for the restructuring agreement, the company
had an estimated $20 million of balance sheet cash and
approximately $23 million of excess revolver availability. Moody's
projects negative free cash flow for the balance of fiscal year
2020, and breakeven to modestly negative cash flow generation in
2021 inclusive of an expected cash tax refund of an estimated $25
million.

Moody's took the following rating actions for Jill Acquisition
LLC:

Corporate family rating, upgraded to Caa2 from Caa3

Probability of default rating, upgraded to Caa2-PD/LD from Caa3-PD

Senior secured bank credit facility due 2024, assigned Caa1 (LGD3)

Senior secured bank credit facility due 2022, affirmed Caa3 (LGD5
from LGD3)

Outlook, changed to stable from negative

RATINGS RATIONALE

The Caa2 CFR reflects Moody's view that J.Jill continues to face an
elevated risk of default as a result of the challenging apparel
environment and likely negative free cash flow generation over the
near term. The credit profile also incorporates J.Jill's exposure
to fashion risk, growing competition in the women's apparel sector,
and margin pressure from e-commerce investments. Further, the
rating reflects governance considerations, specifically the
aggressive financial strategies associated with majority ownership
by private equity sponsor Towerbrook Partners, including the recent
restructuring transaction and previously, the special dividend paid
in early 2019. In addition, as a retailer, J.Jill needs to make
ongoing investments in social and environmental factors, including
responsible sourcing, product and supply sustainability, privacy
and data protection.

J.Jill's rating is supported by the company's recognized brand and
loyal customer base. The company also has a relatively high
e-commerce penetration at about 40% of sales (pre-COVID),
mitigating its reliance on physical store locations.

The rapid spread of the coronavirus outbreak, deteriorating global
economic outlook, 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. J.Jill remains exposed to shifts in consumer demand in
these unprecedented operating conditions, which Moody's anticipates
will continue to have a significant impact on its earnings and
liquidity.

The stable outlook reflects Moody's expectations for adequate
liquidity and the potential for revenue and EBITDA recovery.

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

The ratings could be downgraded if liquidity weakens or recovery
prospects deteriorate.

The ratings could be upgraded if EBITDA increases towards 2019
levels and liquidity improves.

Headquartered in Quincy, Massachusetts, Jill Acquisition LLC, a
subsidiary of J.Jill, Inc. (J.Jill, NYSE: Jill), is a retailer of
women's apparel, footwear and accessories sold through its
e-commerce website, catalogs and 280 retail stores. The company is
publicly traded, but majority-owned by TowerBrook Capital Partners
L.P. J.Jill generated revenues of about $518 million for the twelve
months ended August 1, 2020.


JILL ACQUISITION: S&P Raises ICR to 'CCC+' on Distressed Exchange
-----------------------------------------------------------------
S&P Global Ratings upgraded Quincy, Mass.-based specialty apparel
retailer Jill Acquisition LLC to 'CCC+' from 'SD' to reflect the
ongoing risk of a conventional default, following the completion of
the extension of the maturity on its debt through a distressed
exchange.

S&P said, "At the same time, we are assigning our 'CCC+'
issue-level and '4' recovery rating on the company's new priming
facility. We are also raising our ratings on the stub piece of its
2022 term loan to 'CCC+' from 'D'. The '4' recovery rating
indicates our expectation for average (30%-50%, rounded estimate:
40%) recovery of principal in the event of a payment default."

The negative outlook reflects our view that Jill is likely to
experience significant performance volatility over the next 12
months as consumer shopping habits remain sporadic through the
remainder of the COVID-19 pandemic. We also remain uncertain about
the company's ability to generate positive cash flow.

"The extension of its maturity profile and cash infusion has
reduced the risk of a conventional default over the next 12 months,
yet we continue to view its capital structure as potentially
unsustainable."

Jill's recent transaction extends about 98% of its term debt
maturity by two years to 2024, with a stub piece of the original
term loan (about $5 million principal) remaining due in 2022. The
transaction also included a $15 million cash contribution by the
company's sponsor in the form of a junior term loan.

S&P said, "In our view, the added liquidity provides the company
with some runway to recover from the effects of the COVID-19
pandemic and stabilize its operations. However, prior to the
pandemic, Jill was already beleaguered by merchandising and
operational missteps that led to deteriorating performance and our
view that its once-loyal customers had strayed towards other
brands. We anticipate continued operational challenges as the
company contends with the continuing pandemic, while accelerating
competitive pressures and changing consumer preferences hinder
sales from returning to fiscal 2019 levels."

S&P believes Jill's prospects for generating positive cash flow
remain dim despite stores reopening this year.

In an effort to preserve cash, the company has significantly
reduced its capital spending, withheld rent payments, extended
payment terms with vendors, and cut labor expenses, among other
actions.

S&P said, "We believe this strategy was necessary to limit cash
burn. However, its aggressive cost cutting could adversely impact
Jill's ability to recover its business following the pandemic. For
example, the company has eliminated about half of its catalog, an
action that has previously had detrimental effects on its
performance. Furthermore, we anticipate Jill will need to rely on
promotions to drive sales, impacting its profit margin and limiting
cash generation. Nevertheless, we expect the company to burn about
$10 million over the next 12 months, and begin to generate positive
cash in the next fiscal year as consumer behavior normalizes."

S&P expects no near-term issues with the company's new covenants on
its priming facility, but they could become problematic.

In conjunction with the new facility, covenants on its existing
term loan and asset-backed lending (ABL) facility have been waived.
A new 5.0x first lien net leverage covenant applies beginning Jan.
31, 2022, subject to multiple step-downs. Additionally, Jill must
maintain at least $15 million of liquidity according to the terms
of its priming loan. While the company currently has plenty of room
under the liquidity covenant, S&P believes it could be at risk of
breaching its covenants if crowd-avoidance practices continue to
limit customer traffic and sales do not sufficiently recover.

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The current consensus
among health experts is that COVID-19 will remain a threat until a
vaccine or effective treatment becomes widely available, which
could be around mid-2021.

S&P said, "We are using this assumption in assessing the economic
and credit implications associated with the pandemic. As the
situation evolves, we will update our assumptions and estimates
accordingly."

"The negative outlook reflects our view that Jill's operating
performance will remain under significant pressure as it navigates
the challenges of the COVID-19 pandemic. The company's ability to
generate positive cash flow remains uncertain and we see
significant risks to the downside."

"We could lower the rating if we envision a default occurring
within 12 months. This could include a financial covenant breach,
liquidity shortfall, or a future distressed exchange. For example,
if sales drop as a result of future mandated store closures,
causing us to anticipate another prolonged period of cash burn, we
could lower the rating."

"We could revise the outlook to stable or raise the rating if
operating performance stabilizes, with sales and profit margins
approaching 2019 levels while the company generates consistent
positive free operating cash flow (FOCF). Additionally, we would
need to believe Jill can successfully extend its ABL due 2023 and
refinance its capital structure at par."


JOHN C. FLEMING: Trustee's $1.63M Sale of Chicago Property Approved
-------------------------------------------------------------------
Judge Scott M. Grossman of the U.S. Bankruptcy Court for the
Southern District of Florida authorized Kenneth A. Welt,
Liquidating Trustee for John C. Fleming, to sell the real property
located at 1814 N. Cleveland Avenue, Chicago, Illinois to Sunshine
Rose, LLC or its assigns for $1,625,000, pursuant to their
Liquidating Trust Agreement.

The Liquidating Trustee is further authorized to distribute sale
proceeds and other monies held by the Liquidating Trust in
accordance with the terms of the Plan and the Liquidating Trust
Agreement.  

The Liquidating Trustee will ensure that the closing statement for
the sale of the Chicago Property, and the receipts and
disbursements contained therein, are disclosed in the applicable
post-confirmation operating report.

A hearing on the Motion was held on Oct. 6, 2020 at 10:30 a.m.

John C. Fleming sought Chapter 11 protection (Bankr. S.D. Fla. Case
No. 19-22244) on Sept. 13, 2019.  The Debtor tapped Bradley S.
Shraiberg, Esq., as counsel.


JUMBO DESIGN: Proposes Private Bulk Sale of Remaining Inventory
---------------------------------------------------------------
Jumbo Design and Brands, Inc. and Jumbo Group S.r.L. ask the U.S.
Bankruptcy Court for the Southern District of New York to authorize
the private bulk sale of the remaining inventory in the possession
of the Debtor, consigned to it, but belonging to Jumbo Group, to El
Panama Real Investment Corp. via Espana Plaza Concordia Local 239.

The Debtor is a New York corporation which was in the business of
operating a high-end furniture wholesale store from its former
premises located at 979 Third Avenue-part of the third floor in the
borough of Manhattan, City of New York.  It entered into a written
lease agreement with D&D Building Co., LLC on June 26, 2017, for
the Premises.  

Owing to the above-market rental obligations to the Debtor's
landlord at the Premises and underutilization of the Premises, its
continued operations were threatened.  Consequently, the Debtor was
forced to file its present voluntary petition for relief under the
Bankruptcy Code to preserve its assets while under protection of
the Court.  Thus, it hoped to either reduce its utilized space in
the Premises or identify and relocate to a location with more
favorable, market-rate rental obligations.  

The Debtor's business procedure involved its marketing of
furniture, lighting and rugs supplied and owned by Jumbo Group.  In
order to display and to expedite the sales of Jumbo Group's
products, Jumbo Group provides such products (viz. furniture,
lighting and rugs) constituting the Debtor's inventory on
consignment, which remains the property of Jumbo Group.  There is
still some limited remaining inventory in the possession of the
Debtor ("Remaining Inventory").  The Remaining Inventory is
property of Jumbo Group, which the Debtor is holding on
consignment.  Pursuant to the arrangement outlined, the Debtor’s
revenue was derived from a commission on the sales of the
inventory.

The Debtor brought a motion to reject the Lease.  While that motion
was pending, the Debtor sought to remove the Remaining Inventory,
that it had on consignment from Jumbo Group.  The Landlord opposed
the removal.  The Debtor believes that the Landlord had the
misguided belief that it had a secured interest in the Remaining
Inventory.   

For the purposes of resolving the dispute regarding moving the
Remaining Inventory, the Debtor, Jumbo Group and the Landlord
entered into a stipulation.   Pursuant to the Stipulation, the
rights of Debtor, D&D, Jumbo Group, and any other party in interest
in or to the property, including the Inventory, are preserved,
unaffected and -- not impaired or otherwise modified by reason of
the execution and entry of the Stipulation and Order.  The Debtor,
at its sole cost and expense, will store the Inventory and all
other items removed from the Premises at an appropriate storage
facility, the location and name of which will be promptly supplied
to D&D, until such time as the ownership and security interest
claims to such items are resolved.  Any items left behind by the
Debtor in the Premises are deemed abandoned by the Debtor as of the
date that is five business days from the entry of this Stipulation,
and the Landlord will have no liability to the Debtor, Jumbo Group,
or any third party whatsoever for discarding or otherwise removing
such abandoned items after that date.

Further pursuant to the Stipulation, the Debtor removed the
Remaining Inventory to a warehouse in Bayonne, New Jersey.  After
approving the Stipulation, the Court granted the Debtor's Motion to
Reject Unexpired Leases of Nonresidential Real Property.

The Debtor has been unable to sell the Remaining Inventory, despite
trying to do so for many months.  As a consequence, it asked Jumbo
Group for assistance in exchange for Jumbo Group paying its
commission.  Pursuant to the terms of a private bulk sale
negotiated by Jumbo Group, the Remaining Inventory will be sold,
which includes all the remaining furniture, rugs and lighting for
cash consideration in the amount of $307,278.

The Debtor believes that the most economical and efficient manner
to sell the Remaining Inventory is through the private bulk sale.
It will eliminate the cost for insuring and storing the inventory
and the obvious difficulties inherent in trying to sell upscale
furniture during the Covid pandemic without the benefit of a
showroom.  It will also prevent the continued loss of value of the

Remaining Inventory.

Pursuant to the agreement with Jumbo Group, the Debtor will receive
a commission of 10% from the sale of the inventory (less 3% of that
amount, which is owed to the intermediary that introduced the buyer
to Jumbo Group).  Thus, the Debtor will realize some payment rather
than solely sustaining costs diminishing the value of the Estate.
It notes that the Landlord may assert a UCC-1, secured interest in
the Remaining Inventory; however the Debtor submits that such
assertion is unfounded in both law and fact.  

Thus, the Lease required the inventory, furniture and equipment to
be abandoned in order for the Landlord to have a security interest
in such property.  Since, the Debtor has not abandoned the
Remaining Inventory.  The Landlord has no such security interest.

The Debtor and Jumbo Group now ask authorization from the Court to
immediately sell the Remaining Inventory.  Upon the consummation of
the private bulk sale set forth, the Debtor will be paid its net
commission of $21,509.  The commission from the private bulk sale
of the Remaining Inventory will bring significant funds to the
Debtor and eliminate the expense associated with the Remaining
Inventory that is crucial to its reorganization.  The Debtor
proposes that the Jumbo Group will sell the Inventory free and
clear of liens, claims, and encumbrances.

A copy of the Agreements is available at
https://tinyurl.com/y5ff426p from PacerMonitor.com free of charge.

                  About Jumbo Design and Brands

Based in New York, New York, Jumbo Design and Brands, Inc. d/b/a
DzineNY sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 20-10905) on March 29, 2020.  In the
petition signed by Moreno Brambilla, president, the Debtor was
estimated to have $1 million to $10 million in both assets and
liabilities. The Debtor is represented by Gabriel Del Virginia,
Esq., at the Law Offices of Gabriel del Virginia.


KINSER GROUP: Hires Kidder Matthews as Real Estate Appraiser
------------------------------------------------------------
Kinser Group LLC seeks authority from the U.S. Bankruptcy Court for
the District of Arizona to employ Kidder Matthews, as real estate
appraiser and valuation expert to the Debtor.

The Debtor owns and operates two hotels located in Bloomington,
Indiana—a 118-room Holiday Inn located at 1710 Kinser Pike, and a
66-room Comfort Inn located at 1700 Kinser Pike.

Kinser Group requires Kidder Matthews to appraise the two Hotels
and provide expert valuation testimony regarding the appraisal.

Kidder Matthews will charge $175 per hour for deposition and trial
preparation, including any supplemental work relating to his prior
appraisals, and $275 per hour for any deposition or trial
testimony.

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

Randall Clemson, a partner of Kidder Matthews, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.

Kidder Matthews can be reached at:

     Randall Clemson
     KIDDER MATTHEWS
     2525 E Camelback Rd., Suite 210
     Phoenix, AZ 85016
     Tel: (602) 513-5158

                    About Kinser Group LLC

Kinser Group LLC is in the hotels and motels business.

Kinser Group LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
20-09355) on Aug. 14, 2020.  In the petition signed by Kenneth L.
Edwards, manager, the Debtor was estimated to have $1 million to
$10 million in both assets and liabilities.  Isaac M. Gabriel,
Esq., at QUARLES & BRADY LLP, represents the Debtor.


KNEL ACQUISITION: S&P Alters Outlook to Stable, Affirms 'B-' ICR
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on U.S.
based KNEL Acquisition LLC. S&P also affirmed its 'B-' rating on
the senior secured first-lien credit facilities and its 'CCC'
rating on the senior secured second-lien term loan. The recovery
ratings remain '3' and '6', respectively.

S&P is revising the outlook to stable from negative to reflect its
expectation that the company will continue improving profitability
and generating positive free cash flow in excess of debt
amortization payments over the next 12 months.

Credit metrics should improve with improved operating efficiencies
as well as the execution of the debt maturity extension. The
company's adjusted EBITDA margin improved to 8.6% for the second
quarter ended June 30, 2020, driven by enhanced efficiency, cost
reductions, and yield improvements at its production facilities. At
the Ontario, Calif. facility, the company was been able to improve
per-bar margin by reducing material loss per product, increasing
throughputs on automated lines, and shortening changeover times.
Additionally, the company reduced its operating lines and headcount
to better match its current bar production volumes.

"We expect the company to continue improving on its operating
efficiency, shifting some of its focus back to its powder plants
through streamlining processes, and cutting costs. Leverage for the
12 months ended June 30, 2020, was 10.5x, which is down from 13.2x
the previous year. We expect adjusted leverage of 8x-9x for fiscal
2020 inclusive of our treatment of roughly $30 million preferred
shares as debt, driven primarily by stronger operating execution
and a rebound in demand, resulting in higher overhead absorption,"
S&P said.

The company extended the maturity on its revolver and first-lien
term loan to 2023 from 2021, and the maturity on its second-lien
term loan to 2024 from 2022, strengthening the company's liquidity
position. Under the amendment, pricing on the revolver and
first-lien term loan and the second-lien term loan increased by 100
basis points (bps), and covenant levels were reset for both
facilities.

Demand headwinds remain a risk though improved profitability should
lead to improved cash flow generation. During the second quarter,
revenues declined because of distribution disruptions from
COVID-19. KNEL did not benefit from pantry-loading activities that
other shelf-stable food items experienced throughout the pandemic.
Consumers limited their time at grocery stores, circumventing the
bar section, and nutrition stores and gyms were closed nationwide.
This resulted in a sales decline of 12.4% for the second quarter
fiscal 2020 over the same period a year ago. Additionally, the
financial strain from the lockdowns resulted in the bankruptcy of
GNC and numerous gyms across the country, which reduced points of
distributions for powders and hurt sales. Closures and reduced foot
traffic through airports, gas stations, and convenience stores hurt
single bar purchases. However, due to weaker discretionary incomes
there could be some switching from ready-to-drink (RTD) protein to
protein powders due to its affordability.

"We also expect the shift from specialty retail to e-commerce to
continue. We expect sales to sequentially rebound in the back half
of fiscal 2020, driven by increased ecommerce sales, lifting of
coronavirus-related shutdowns, and new customer wins. We expect
powders to recover faster than bars as nutrition stores and gyms
reopen and consumers switch to more cost effective sources of
protein. We anticipate that as schools and offices reopen, bar top
line will gradually recover as on-the-go snacking and quick meals
recover. Despite our expectation of high-single-digit topline
decline for the year, we expect EBITDA margin expansion to 8%-9% in
fiscal 2020 from 4%-5% in fiscal 2019, driven by stronger operating
efficiency and a back-half-2020 rebound in demand, which will drive
stronger operating leverage. Due to the stronger profitability, we
also expect the company to generate about $15 million of positive
free cash flow for fiscal 2020," S&P said.

The stable outlook reflects S&P's expectation that the company will
continue improving profitability through stronger operating
efficiency and generating positive free cash flow in excess of debt
amortization payments over the next 12 months.

"We could lower the rating if we determine the capital structure is
unsustainable in the long term, resulting in sustained negative
free operating cash flow (FOCF), EBITDA cash interest to be
sustained below 1.5x, or if in our view covenants will likely be
breached. Factors that could lead to this include weaker demand
trends due to the pandemic or weak macroeconomic factors or loss of
key customers," S&P said.

"We could upgrade the company if the we expect the company to able
to reduce leverage to below 7x, generate free cash flow of at least
$20 million, and if the demand environment stabilizes. This could
occur if bar and powder demand recover quicker than anticipated,
resulting in stronger earnings and sales," the rating agency said.


LADAN INC: Unsecured Creditors to Recover 8% Via Quarterly Payments
-------------------------------------------------------------------
Ladan, Inc., filed with the U.S. Bankruptcy Court for the Northern
District of California a Combined Chapter 11 Plan of Reorganization
and Disclosure Statement on August 20, 2020.

General unsecured creditors will receive a prorata portion of
$401,890, likely to result in an 8.00% recovery of allowed claims
in quarterly payments over 20 quarters.  Taxes and other priority
claims would be paid in full.

Class 2(a). Merchant Cash Advance ("MCA") Claims: The following are
claims scheduled by the Debtor as disputed, contingent or
unliquidated.  Such claims are not deemed allowed under 11 U.S.C.
Section 1111(a) unless the holders of such claims timely filed
Proof of Claim in this case. As none of the following Class 2(a)
claims timely filed Proofs of Claim in the Debtor’s case, the
holders of such claims shall not receive anything under the Plan.

Class 2(b). Undisputed General Unsecured Claims: Creditors will
receive a pro-rata share of a fund totaling $401,891, created by
Debtor's payment of $20,000 per quarter for a period of 20
quarters, starting with the first full quarter following the
Effective Date of the Plan and ending with a payment in the last
quarter of $20,891.

If the Plan is confirmed, the payments promised in the Plan
constitute new contractual obligations that replace the Debtor’s
pre-confirmation debts. Creditors may not seize their collateral or
enforce their post-confirmation debts so long as Debtor performs
all obligations under the Plan. If Debtor defaults in performing
Plan obligations, any creditor can file a motion to have the case
dismissed or converted to a Chapter 7 liquidation, or enforce their
non-bankruptcy rights as modified by the confirmed Plan. Upon
confirmation of the Plan, the Debtor will be discharged from all
pre-confirmation debts whether or not the Debtor makes all Plan
payments.

On the Effective Date, all property of the estate and interests of
the Debtor will vest in the reorganized Debtor pursuant to §
1141(b) of the Bankruptcy Code free and clear of all claims and
interests except as provided in this Plan.

A full-text copy of the combined plan and disclosure statement
dated August 20, 2020, is available at https://tinyurl.com/y3bbg7ww
from PacerMonitor.com at no charge.

Attorneys for Ladan:

         GOODRICH & ASSOCIATES
         JEFFREY J. GOODRICH
         336 Bon Air Center, #335
         Greenbrae, CA 94904
         Tel: (415) 925-8630

                        About Ladan Inc.

Ladan, Inc. -- http://ludwigsfinewine.com/-- is a private held
company that owns and operates wine, beer, and liquor stores.
Ladan, Inc., sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Cal. Case No. 20-30130) on Feb. 6, 2020.  The
case is assigned to Judge Dennis Montali. In the petition signed by
Magid Nazari, president, the Debtor had $258,503 in assets and
$7,672,414 in liabilities.  Jeffrey Goodrich, Esq., at GOODRICH &
ASSOCIATES, is the Debtor's counsel.


LAKELAND TOURS: Worldstrides Emerges from Chapter 11 Bankruptcy
---------------------------------------------------------------
Skift reports that U.S. educational travel specialist Worldstrides
has emerged from Chapter 11 bankruptcy protection.

Its parent company, Lakeland Tours LLC, filed the voluntary
petition on July 21, 2020. As a result, it’s the first company in
the travel industry to enter and exit bankruptcy during the
pandemic.

WorldStrides, based in Charlottesville, Virginia, is one of the
biggest agencies in the student travel sector, but was overwhelmed
by the amount of refunds it was required to pay out.

It operates educational trips for 550,000 students annually,
partnering with 7,000 schools and 800 universities around the
world. But most of those institutions closed down and the majority
of field trips and other types of travel were canceled. A lot of
educational travel is pre-paid, which will have exacerbated the
situation.

Skift approached the agency for comment on the amounts owed, but it
declined to elaborate. "WorldStrides has provided and will continue
to provide cash refunds to travelers whose trips and programs were
impacted by the pandemic, but we aren’t disclosing total
numbers," a spokesperson told Skift.

A NEW CHAPTER

On September 25, 2020 WorldStrides completed its recapitalization
and implementation of its reorganization plan, with "significant
financing to support execution of its long-term business plan and
continue leading in experiential learning."

Again, WorldStrides would not comment on the recapitalization, but
according to reports coronavirus left the company and its
affiliated divisions with a liquidity hole of $200 million. The
restructuring support agreement will have generated that same
amount in a new credit facility, among other conditions.

WorldStrides has partnerships with 7,000 schools and 800
universities around the world.

Private equity companies Eurazeo and Primavera Capital continue to
be owners. They partnered up to acquire the company in December
2017.

WorldStrides also did not comment on the new shape of the business.
"Covid-19 has had a significant impact on the educational travel
and experiential learning industry and our company. As a result, we
have had to make some difficult decisions to protect our business
over the long term, which has included organizational changes.
Changes to staffing have been related to the timing of when
programs and travel will begin, and not due to the
recapitalization," the spokesperson added.

SEEKING SHELTER

Chapter 11 of the U.S. Bankruptcy Code allows companies to
reorganize their business as they attempt to become profitable
again. Management continues to run the day-to-day business
operations but all significant business decisions must be approved
by a bankruptcy court, according to the Securities and Exchange
Commission.

The pandemic has pushed other large players into Chapter 11,
including three Latin American carriers: Latam and Avianca both
filed in May, with Aeromexico following in August.

Latam will continue to fly while it is in bankruptcy protection and
its affiliates in Argentina, Brazil and Paraguay were not included
in the Chapter 11 filing. Avianca Holdings said the move was aimed
at continuing operations and preserving jobs when it is able to
resume normal operations. Unlike in the U.S. or Europe, Latin
American governments have so far declined to bail out airlines,
straining their finances.

The UK's Virgin Atlantic has also filed for bankruptcy protection
in the U.S., but under Chapter 15, which gives legal protection to
a foreign company's U.S. assets while it restructures in its home
country.

A LONG ROAD AHEAD

Another sector weighed down by the pandemic is car rental, with
both Hertz and Advantage Rent a Car entering Chapter 11 in May
2020. Hertz's international operating regions including Europe,
Australia and New Zealand were not included in the U.S. filing.

However, for some companies, this type of protection can offer a
new lease of life. In April 2020, amusement parks operator Apex
Parks Group filed for Chapter 11 bankruptcy protection, where it
was eventually acquired by APX, in a deal led by private equity
firm Cerberus Capital Management.

For WorldStrides, its president and CEO Robert Gogel noted the
reorganization was completed earlier than originally planned.
"We're grateful for the continued support of our shareholders,
lenders and employees throughout this process... our Back to Travel
Task Force has made significant progress in establishing guidelines
around safely returning to program operations," he said.

Its owners, Paris-based Eurazeo and China's Primavera Capital,
clearly have a lot of faith in the future of educational travel,
and in particular that U.S. students will be keen to once again
travel overseas to broaden their horizons. Let's just hope
they’ve done their homework, because in the current climate
that's quite an assumption.

                     About Lakeland Tours

Lakeland Tours, LLC and its affiliates, including WorldStrides
Holdings, LLC, provide full-service educational travel and
experiential learning programs domestically and internationally for
students from K12 to graduate level.  They are one of the largest
accredited U.S. travel companies, providing organized educational
travel and other experiential learning programs for more than
550,000 students in 2019.

WorldStrides claims to be the largest student educational travel
company in the country.  WorldStrides has provided a variety of
educational travel programs to more than two million elementary,
middle, and high school students since its inception in 1967.

Lakeland Tours and certain of its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case
No. 20-11647) on July 20, 2020.  Kellie Goldstein, chief financial
officer, signed the petitions.

At the time of the filing, the Debtors had consolidated assets of
$1 billion to $10 billion and consolidated liabilities of $1
billion to $10 billion.

The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International, LLP as their bankruptcy counsel, KPMG LLP as
financial advisor, Houlihan Lokey Capital Inc. as investment
banker, and Daniel J. Edelman Holdings Inc. as communications
consultant and advisor.  Stretto is Debtors' notice and claims
agent.










LANDS' END: S&P Upgrades ICR to 'B-', Off CreditWatch Developing
----------------------------------------------------------------
S&P Global Ratings raised its rating on Lands' End Inc. to 'B-'
from 'CCC' and removed all of its ratings on the company from
CreditWatch, where S&P placed them with developing implications on
June 12, 2020.

At the same time, S&P is discontinuing its ratings on the company's
previous term loan because it has fully repaid the facility. S&P
will not be rating the new term loan.

"The stable outlook reflects our expectation that Lands' End's
sales and EBITDA will improve in 2021 following a modest decline in
2020, which will lead the company to generate consistent positive
free operating cash flow (FOCF) and a funds from operations
(FFO)-to-debt ratio in the high-teens percent area," S&P said.

"The upgrade reflects our view that Lands' End's recent refinancing
removes near-term maturity risks while increasing interest rate
burden, which we view as high relative to EBITDA and cash flow
generation. The upgrade also reflects our expectation that the
company will continue to expand e-commerce sales while the
performance of the Outfitters and Retail segments remains weak,
leading to a slight decline in EBITDA in 2020 followed by a modest
improvement in 2021," the rating agency said.

The company's recent refinancing modestly lowers leverage and
eliminates near-term maturity concerns at the cost of a sizable
increase in interest rate and a high level of annual amortization.

Through the recent refinancing, Lands' End pushed out the term loan
maturity to 2025 and reduced the size of the facility to $275
million using cash on balance sheet and revolver draw. The company
also expanded the size of its asset-based lending (ABL) facility to
$275 million from $200 million. Based on these factors, S&P revised
its assessment of the company's capital structure to neutral from
negative and the rating agency's assessment of its liquidity to
adequate from weak. However, the new loan features a significantly
higher interest rate than the previous facility (LIBOR+9.75 vs
LIBOR+3.25), which will increase Lands' End's overall interest
burden. In addition, the new loan also has a sizable 1.25%
quarterly amortization rate and a maximum leverage covenant that
slowly steps down over time. S&P also notes that the company did
not extend the November 2022 maturity date of the ABL facility.

"While we anticipate that the company's S&P-adjusted leverage will
be close to 4x in 2020 and decline below 4x in 2021, we forecast
FFO to debt will be in the high-teens percent range. Lands' End's
high interest rate burden relative to EBITDA and cash flows leads
us to expect FFO cash interest coverage will be below 3x despite
leverage of less than 4x. In addition, credit metrics are sensitive
to changes in margins. A 100 basis point (bps) increase or decrease
in margin would raise or lower leverage by just under one turn.
While we forecast that margins will remain relatively stable, we
view Lands' End's ability to absorb potential volatility in results
as weaker than that of its higher-margin peers," S&P said.

"We expect that Lands' End's e-commerce sales will continue to
expand at an accelerated rate while Outfitters and Retail segments
remain pressured with the pace of recovery uncertain," the rating
agency said.

During the second quarter ended July 31, Lands' End increased
e-commerce sales by 24%, which is a significant acceleration from
the 13% decline reported in the first quarter. The company's
e-commerce sales benefitted from the shift in consumer spending
toward e-commerce platforms due to social distancing requirements
and an increased focus on basics and comfort as consumers adapt to
a home-focused lifestyle.

"We also believe that Lands' End's second-quarter e-commerce sales
were boosted by government stimulus actions and pent-up demand from
the first quarter. We anticipate that e-commerce sales will
moderate from strong results in the second quarter because the
government stimulus programs have expired and pent-up demand has
waned. However, we expect the company to continue to benefit from
COVID-19 related shifts in consumer spending. This leads us to
forecast high-single digit to low-double digit growth in the third
and fourth quarters," S&P said.

Lands' End's Outfitters segment (about 20% of sales in 2019) and
retail stores (about 4%) were severely affected by the pandemic in
the second quarter with sales declining 43% and 51%, respectively.
S&P expects the company's Outfitters segment will remain pressured
as businesses cut back on their discretionary spending due to
declining demand (particularly travel-related companies, which
account for half of national accounts). In addition, S&P expects
the shift to online schooling to negatively affect the segment's
performance because it will reduce the demand for school uniforms.
The performance of Lands' End's retail stores suffered due to
temporary store closures during the quarter, though stores were
fully reopened in the beginning of August. Nonetheless, S&P expects
retail sales to remain depressed through the end of the year and
into 2021 as consumers shift their spending online.

"Lands' End's Outfitters and Retail segments comprised roughly
one-quarter of fiscal 2019 consolidated sales and we forecast that
the declines in these businesses in 2020 will be too large to be
offset with growth in the e-commerce channel. The recovery of these
segments is highly uncertain and dependent upon the path of the
pandemic through 2020 and into 2021. However, we currently
anticipate that the company will return to positive consolidated
sales and EBITDA growth in 2021," S&P said.

"The stable outlook reflects our expectation that Lands' End will
maintain FFO to debt in the high teens percent range as sales and
EBITDA recover over the next 12 months because continued growth in
e-commerce sales will largely offset weak but improving results at
Outfitters and Retail segments," the rating agency said.

S&P could lower its rating on Lands' End if:

-- S&P believes the capital structure has become unsustainable,
which could occur if the performance of its e-commerce segment
weakens significantly and margins decline materially, leading to
negative cash flow and potentially a tightening of covenant
headroom; or

-- S&P does not believe the company will sufficiently address the
revolver maturity in advance of it becoming current, which will
occur in November 2021.

S&P could raise its rating on Lands' End if:

S&P expects that FFO to debt will be sustained above 20%, which
could occur if the company expands EBITDA margins by more than 100
bps beyond the rating agency's forecast while maintaining positive
consolidated sales growth; and

-- S&P anticipates the company will generate sufficient FOCF ($40
million-$50 million annually) to comfortably cover increased annual
debt amortization and limit reliance on the revolver to fund
growth.


LATAM AIRLINES: Faces Class Action in Bankruptcy on No-Show Policy
------------------------------------------------------------------
Jerome Hill of Bloomberg News reports that Latam Airlines Group SA,
the Latin American aviation giant, is sued in bankruptcy court over
a cancellation policy that allegedly strands fliers and "unjustly
enriches" the air carrier, according to court papers.

The complaint -- styled as a class action -- alleges Latam resells
tickets without the consent of passengers if they fail to show up
for one leg of a trip, a so-called "no-show" policy
The dispute involves the owner of a fresh fruit vendor, the lead
plaintiff in the case, who was "stranded in Miami" with an
associate after his firm mistakenly booked and paid for.

                    About LATAM Airlines Group

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise.   

LATAM Airlines Group S.A. is the largest passenger airline in South
America. Before the onset of the COVID-19 pandemic, LATAM offered
passenger transport services to 145 different destinations in 26
countries, including domestic flights in Argentina, Brazil, Chile,
Colombia, Ecuador and Peru, and international services within Latin
America as well as to Europe, the United States, the Caribbean,
Oceania, Asia and Africa.

LATAM Airlines Group S.A. and its 28 affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25,
2020. Affiliates in Chile, Peru, Colombia, Ecuador and the United
States are part of the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as general
bankruptcy counsel; FTI Consulting as restructuring advisor; Togut,
Segal & Segal LLP and Claro & Cia in Chile as special counsel;
PricewaterhouseCoopers Consultores Auditores SpA as independent
auditors; and Larrain Vial Servicios Profesionales Limitada as
Latin America investment banker. Prime Clerk LLC is the claims
agent.


LBM BORROWER: S&P Alters Outlook to Stable, Affirms 'B+' ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on LBM Borrower LLC to
stable from negative and affirmed its 'B+' issuer credit rating.
S&P also affirmed its 'B+' and 'B-' issue-level ratings on the
company's senior secured loans.

The stable outlook reflects S&P's view that steady demand
conditions will enable LBM to sustain adjusted leverage under 5x.

Continued strong demand from homebuilders has led to better than
expected performance for LBM, and S&P now expects mid-single-digit
percentage organic revenue growth.

After an initial decline in order volumes early in the second
quarter, demand from homebuilders continued to improve. Low
mortgage rates coupled with rising demand for suburban homes are
primary drivers for increased new residential construction.
Similarly, diversion of consumer spending toward home improvements
fueled growth in the repair and remodeling markets.
Consequentially, despite a steep decline in April and early May,
overall second-quarter revenues were down only about 3% year over
year. Record high lumber prices and large surges in some products
LBM distributes such as siding, decking, etc., further led to
favorable demand in the third quarter.

"Nonetheless, we expect demand conditions to moderate in 2021.
Lingering fears of a resurgence in the coronavirus given the
absence of a vaccine, sustained high jobless claims, and cautious
consumer confidence will likely cause the current boom in demand to
subside. As such we now expect LBM's organic revenues to increase
by mid-single-digit percentages in 2020 and low-single-digit
percentages in 2021," S&P said.

"We expect LBM's adjusted leverage to be 4x-5x over the next 12
months, versus our prior expectations of about 6x and cash flow
generation to remain healthy," the rating agency said.

Expense control and cash preservation measures in anticipation of a
demand slowdown resulted in favorable earnings and leverage through
the second quarter. For the 12 months ended June 30, 2020, adjusted
leverage improved to 4.6x from 5.1x a year earlier. Higher than
expected demand on the back of lower costs will expand this year's
earnings and margins, albeit temporarily in S&P's view. LBM has
also repaid about $50 million of its second-lien term loan. These
factors together will result in adjusted leverage at the lower end
of the 4x-5x range for 2020. However, as demand normalizes, S&P
expects some temporary cost savings to reverse and acquisition
activity to resume. This will likely cause some uptick in adjusted
leverage, though still remaining within the 4x-5x over 2021.

S&P expects the company will continue generating positive cash
flow, despite increased working capital investments and normalized
capital and acquisition spending.

Upcoming debt maturities pose refinancing risks over the next 12-18
months.

LBM's $827 million outstanding secured term loan and unrated
asset-based lending (ABL) facility (accelerated maturity) are due
in August 2022. The $219.5 million ($162 million outstanding)
second-lien term loan is due in 2023. Given the company's
relatively short debt maturity schedule, S&P recognizes the
underlying refinancing risks. This could affect S&P's view of the
company's capital structure over the next 12-18 months.

S&P's stable outlook on LBM Borrower indicates its belief that
continued strength in residential construction and steady demand
from homebuilders will help the company sustain adjusted leverage
under 5x.

S&P could lower its ratings on LBM over the next 12 months if:

-- Business conditions deteriorate on the back on a double-dip
recession such that EBITDA declines over 20% and leverage trends
toward 6x;

-- The company cannot refinance its first lien term loan by the
end of the first quarter of 2021; or

-- It pursues an aggressive financial policy such as a large
debt-funded acquisition or shareholder distribution, deteriorating
leverage.

A higher rating is unlikely over the next year given LBM's
ownership by a private equity firm and history of debt-funded
acquisitions. However, S&P could raise the rating if:

-- The company improves its competitive position through
acquisitions while maintaining above-average margins; and

-- The financial sponsor reduces its ownership and commits to
debt-to-EBITDA leverage well below 5x on a permanent basis.


LE TOTE: Urban Outfitters Asks Toss Suit Over Rental Service
------------------------------------------------------------
The Fashion Law reports that Urban Outfitters wants the trade
secret case filed against it by recently-bankrupt Le Tote tossed
out of court. In its August 7 motion to dismiss and corresponding
memo, counsel for Urban asked the court to dismiss Le Tote's case
in its entirety, arguing that the fashion rental startup (and
parent to Lord & Taylor) has failed to plausibly establish that
Urban ran afoul of trade secret and contract law after allegedly
stealing proprietary information from Le Tote in connection with an
M&A deal that never came to be, and using that info to launch a
rival rental business.

According to the motion and memo that it filed, Urban sets the
stage by asserting that the case at hand "is about the short-lived,
and ultimately unsuccessful, discussions between Le Tote and Urban
in early 2018 related to Urban's potential purchase of Le Tote’s
fashion rental subscription business." Two years later,
Philadelphia-headquartered Urban claims that "Le Tote is falsely
accusing [it] of misappropriating and using unspecified 'trade
secrets' – which Le Tote supposedly shared with [it] during those
discussions – to launch Nuuly, Urban’s own fashion rental
subscription business."

Instead of setting forth allegations sufficient to establish "any
valid claim for relief," Urban argues that Le Tote relies, instead,
on "a self-serving narrative filled with generalized allegations
and speculation," in furtherance of "a misguided and cynical effort
to cast blame elsewhere for its own business and financial
difficulties." After all, the company claims that "after teetering
on the verge of insolvency for the past several months, Le Tote
reached its breaking point less than a week ago, when it filed for
bankruptcy protection under Chapter 11."

                   Trade Secret Misappropriation

"Stripped of its rhetorical flourish," Urban argues that Le Tote's
complaint “boils down to two core contentions: (1) pursuant to a
written non-disclosure agreement ["NDA"], Le Tote shared supposed
'trade secrets' with Urban (although the complaint never identifies
a single specific trade secret disclosed to Urban), and (2) because
Urban thereafter launched a business that competes with Le Tote,
Urban must have misappropriated and improperly used those purported
trade secrets."

In lieu of identifying the "trade secret" information with any
specificity, Urban alleges that Le Tote makes "vague references to
broad areas of technology and practices within the rental clothing
industry and asks the court to infer that something there must have
been a trade secret, and that Urban must have misappropriated and
used Le Tote's trade secrets in order to launch a competing
business notwithstanding Urban's long-standing leadership within
the retail fashion industry."

With that in mind, Urban claims that Le Tote fails to allege the
necessary facts to establish that "it took reasonable measures to
protect whatever supposed trade secret information Le Tote may have
disclosed," which is a critical element here, as in order to claim
trade secret misappropriation, a plaintiff must prove that it has
taken "reasonable steps" to prevent theft or misuse of that trade
secret information. According to Urban, Le Tote failed to do so,
and instead, "asserts generally that it protects the
confidentiality of its 'Proprietary Information' by 'requiring its
employees, investors, outside consultants, and vendors to sign
[NDAs].'"

Further addressing the limitations of Le Tote's efforts to protect
its "trade secrets," Urban asserts that "even if the court were to
assume that Le Tote's NDA with Urban alone is sufficient to suggest
the existence of a trade secret (it is not), the level of
protection provided by the NDA is limited by its very terms." Le
Tote had "the opportunity to seek to restrict Urban from future
competitive endeavors," the defendant argues, but "it failed to do
so," as in the NDA,  "the parties explicitly agreed that either
party was permitted 'to make, use, procure or market any products
or services, now or in the future, which may be competitive with
those offered or contemplated by the other party.'"

In other words, "in the NDA, Le Tote and Urban expressly
contemplated and agreed that Urban could develop at any time a
business that would compete directly with Le Tote."

More than that, Urban argues that Le Tote fails to make it case
because it did not specify "how such [alleged trade secret]
information derived independent value from being kept secret,"
which is a core element in the determination of whether information
actually amounts to trade secrets (and thus, could give to claims
of misappropriation if improperly acquired and used), and “how
such information purportedly was misappropriated and used by
Urban."

                              Breach of Contract Claim

In case that is not enough, Urban states that Le Tote did not
allege a plausible breach of contract claim. While Le Tote "asserts
that Urban breached the parties' [NDA] by purportedly 'using
Proprietary Information for the purpose of evaluating, developing,
establishing, and launching' a competing business,"  it does not
provide “a single fact supporting this conclusion."

To this, Urban argues that Le Tote's conclusion fails in at least a
couple of respects. For one thing, Urban asserts that "it simply
does not follow that, because Urban launched its own fashion rental
subscription business approximately a year after the parties'
exploratory discussions ended [that] Urban must have relied on
information provided by Le Tote pursuant to the NDA to do so." This
is particularly true "given that the NDA expressly permitted Urban
to develop a business that would compete with Le Tote at any
point."

Second, "Le Tote's breach of contract claim requires acceptance of
the proposition that Urban, a well-established, publicly-traded
retail company that has been in the fashion apparel business for
decades could not possibly have expanded that business into the
complementary clothing rental business—renting its own
brands—in one year without using Le Tote's confidential
information."

And finally, Urban claims that Le Tote also fails to sufficiently
allege damages as a result of Urban's purported breach of the NDA.
Le Tote's "omission" when it comes to what damages it suffered as a
result of the alleged breach "is particularly noteworthy here," per
Urban, as "it is so obvious that Le Tote's financial distress is
tied to its unrelated and ill-fated acquisition of Lord & Taylor"
and not to an alleged NDA breach by Urban. As a result, the
contract claim should be tossed out, Urban argues, along with the
insufficient trade secret claim.

                         Dismiss the Case

In terms of the additional claims that Le Tote asserted in its
complaint, Urban urges the court to dismiss the unfair competition
claim, pointing to Pennsylvania's "gist of the action" doctrine,
which bars tort claims against contracting parties where the claim
"is, in actuality, a claim against the party for breach of its
contractual obligations." It also wants the unjust enrichment claim
tossed out on the basis that "it is displaced by remedies available
under a valid, binding contract—the parties' NDA."

For these reasons, Urban "respectfully asks the court to grant its
motion and enter an order dismissing Le Tote's complaint with
prejudice and granting such other relief as the court deems
appropriate." The retail has also requested an oral argument in
connection with its motion.

*The case is Le Tote, Inc. v. Urban Outfitters, Inc., 2:20-cv-03009
(E.D.Penn.).

                        About Le Tote Inc.

Le Tote, Inc. and its affiliates operate both an online,
subscription-based clothing rental service and a full-service
fashion retailer with 38 brick-and-mortar locations and a robust
e-commerce platform. In response to the COVID-19 pandemic, Le Tote
temporarily closed all retail locations in March 2020, although
they continue to operate the Le Tote and Lord & Taylor websites.

Le Tote and its affiliates sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. 20-33332) on
Aug. 2, 2020.  At the time of the filing, Debtors disclosed assets
of between $100 million and $500 million and liabilities of the
same range.

Debtors have tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as their legal counsel, Kutak Rock LLP as local
counsel, Berkeley Research LLC as financial advisor, and Nfluence
Partners as investment banker.  Stretto is the notice, claims and
balloting agent and administrative advisor.



LIBBEY GLASS: Asks Court to Extend Plan Exclusivity Thru Dec. 28
----------------------------------------------------------------
Libbey Glass Inc. and its affiliates request the U.S. Bankruptcy
Court for the District of Delaware to extend the exclusive periods
during which the Debtors may file a Chapter 11 plan and solicit
acceptances for the plan by 90 days to December 28, 2020, and
February 26, 2021, respectively.

Since the Petition Date, the Debtors have addressed several complex
and/or contested issues, including but not limited to:

     (i) obtaining first-day relief;

    (ii) obtaining Debtor-in-possession financing;

   (iii) filing, amending, and responding to inquiries regarding
schedules of assets and liabilities and statements of financial
affairs;

    (iv) obtaining entry of the disclosure statement order and
solicitation of the plan;

     (v) negotiating and engaging with the Debtors' unions; and

    (vi) filing of a first plan supplement.

"In addition, we have made significant efforts to resolve open
issues regarding numerous matters in these Chapter 11 Cases with
the U.S. Trustee, their creditor constituencies, and certain third
parties. And from in-person meetings to frequent telephone
conferences, together with our advisors, we have maintained regular
contact with such parties on material matters", the Debtors said.

In addition to traditional bankruptcy tasks, the Debtors said they
have been focused on reducing their labor liabilities, which is
crucial and necessary, yet highly contentious, a step towards a
successful emergence from these Chapter 11 Cases. The Debtors' DIP
financing provided by the DIP Term Loan Lenders and proposed Exit
Term Loan Facility requires the Debtors to obtain consensual
modifications to the CBAs and union retiree benefits, or
alternatively, the Court ordered modifications under sections 1113
and 1114 of the Bankruptcy Code. To that end, immediately following
the Petition Date, the Debtors engaged in negotiations with the
Debtors' unions, during which time the parties traded seven
proposals and counterproposals. Despite the Debtors' good faith
efforts, the parties were unable to reach an agreement for several
months.

On August 17, 2020, the Debtors filed the Section 1113/1114 Motion
to enable the Debtors to achieve essential savings with respect to
their union-related labor and benefit costs, comply with the terms
of their DIP Term Loan Documents and potential Exit Term Loan
Facility, and emerge from bankruptcy. In the time since the filing
of the 1113/1114 Motion, an agreement in principle has been reached
with a ratification vote pending.  If the agreement is not
ratified, a hearing to consider the 1113/1114 Motion was set to
commence on October 2, 2020.

Absent an extension, the Debtors' current exclusivity period to
file a plan was set to expire on September 29, 2020, and the
exclusive solicitation period is set to expire November 28, 2020.
The hearing to consider confirmation of the Plan is currently
scheduled for October 19, 2020.

The Debtor needs sufficient time to obtain confirmation and,
ultimately, the consummation of the Plan without distraction from
competing plans of reorganization that may be filed by third
parties.

                      Labor Deal Ratified

On Sept. 25, 2020, The United Steelworkers said that union members
at Libbey Glass facilities in Toledo, Ohio, and Shreveport,
Louisiana, have ratified new, four-year labor agreements with the
bankrupt company.

Members of the USW and International Association of Machinists
(IAM) voted overwhelming in favor of the contracts, which include a
temporary wage reduction and other concessions that will give
Libbey financial relief to reorganize its debts under Chapter 11 of
the federal bankruptcy code but also include provisions to increase
wages when the company's financial condition improves.

USW International Vice President (Administration) David McCall, who
chaired the negotiations with Libbey, credited the solidarity of
the combined union membership and their negotiating committee for
standing up to demand fairness and dignity when management and the
company's creditors sought major, permanent concessions.

"Throughout this process, our members made it clear that cutting
wages and benefits for hourly workers without shared sacrifices by
management would not keep the company afloat," McCall said. "We are
proud that we stood together to ensure our voices were heard and we
achieved a more just resolution than the mammoth concessions that
management originally proposed."

Under the agreements, Libbey will discontinue production in
Shreveport, but will maintain a shipping and distribution facility
at the location.

The USW represents 850,000 men and women employed in manufacturing,
metals, mining, pulp and paper, rubber, chemicals, glass, auto
supply and the energy-producing industries, along with a growing
number of workers in public sector, service, academic and tech
professions.

                    About Libbey Glass Inc.

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

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

The Honorable Laurie Selber Silverstein is the case judge. The
Debtors tapped Latham & Watkins LLP and Richards, Layton & Finger,
P.A., as counsel; Alvarez & Marsal North America, LLC as financial
advisor; and Lazard Ltd as an investment banker. Prime Clerk LLC is
the claims agent.


LIVINGSTON MED: Seeks to Hire Muller Smeberg as Counsel
-------------------------------------------------------
Livingston Med Lab, LLC, seeks authority from the U.S. Bankruptcy
Court for the Western District of Texas to employ Muller Smeberg,
PLLC, as counsel to the Debtor.

Livingston Med requires Muller Smeberg to:

   -- give the Debtor legal advice with respect to the Bankruptcy
      Case, the Debtor's powers and duties as Debtor-in-
      Possession and management of the Debtor's property; and

   -- perform all legal services for the Debtor-in-Possession
      that may be necessary.

Muller Smeberg will be paid at these hourly rates:

     Attorneys           $325 to $350
     Associates              $250
     Paralegals              $120

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

Ronald J. Smeberg, a partner of Muller Smeberg, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.

Muller Smeberg can be reached at:

     Ronald J. Smeberg, Esq.
     MULLER SMEBERG, PLLC
     111 W. Sunset Rd.
     San Antonio, TX 78209
     Tel: (210) 664-5000
     Fax: (210) 598-7357
     E-mail: ron@smeberg.com

                    About Livingston Med Lab

Livingston Med Lab LLC -- https://www.livingstonmedlab.com/ --
offers a wide variety of lab services to all local San Antonio,
Texas clinics, medical groups and other medical specialty
businesses in and around central Texas surrounding areas.

Livingston Med Lab LLC, based in San Antonio, TX, filed a Chapter
11 petition (Bankr. W.D. Tex. Case No. 20-51582) on Sept. 5, 2020.
In its petition, the Debtor was estimated to have $1 million to $10
million in both assets and liabilities.  The petition was signed by
Robert Castaneda, manager.  The Hon. Craig A. Gargotta presides
over the case.  Muller Smeberg, PLLC, serves as bankruptcy counsel
to the Debtor.


LIZZA EQUIPMENT: US Trustee Says Disclosure Statement Vague
-----------------------------------------------------------
The United States Trustee  objects to the adequacy of the
Disclosure Statement in Support of the Plan of Orderly Liquidation
of Lizza Equipment Leasing, LLC and its Debtor Affiliates.

The U.S. Trustee claims that the information provided in the
Disclosure Statement is not adequate for parties to make an
informed decision regarding the Plan.

The U.S. Trustee states that the Disclosure Statement provides
nothing more than vague statements with no particulars as to
potential remaining assets or estimates as to potential
distributions.

The U.S. Trustee points out that the Debtor does not identify any
of these possible Causes of Action or what other assets remain to
liquidate. Other than the cash on hand, there is no estimated
dollar amount for potential recoveries.

The U.S. Trustee asserts that the total estimated creditor body is
also unclear. The Debtor does not even give an estimate of what the
Debtor believes is the accurate amount of claims.

The U.S. Trustee further asserts that the Debtor's selection of
Robert Dowd, Esq., as the Plan Administrator creates a conflict and
should not be approved by the Court.  Since the Debtor cannot
satisfy Section 1129(a)(5)(A)(ii), the Plan is unconfirmable,
according to the U.S. Trustee.

A full-text copy of the U.S. Trustee's objection dated August 20,
2020, to the Disclosure Statement, is available at
https://tinyurl.com/yyl6jsra from PacerMonitor at no charge.

                 About Lizza Equipment Leasing

Azzil Granite Materials is a supplier of high friction granite
aggregates for the New York City and Long Island market. Magnolia
Associates owns a 134-acre property with quarry located in White
Hall, N.Y., which is valued by the company at $15 million.

Based in Hackettstown, N.J., Lizza Equipment Leasing, LLC and its
affiliates, Azzil Granite Materials LLC and Magnolia Associates
LLC, sought Chapter 11 protection (Bankr. D.N.J. Lead Case
No.19-21763) on June 12, 2019.  In the petitions signed by Carl J.
Lizza, co-managing member, Lizza Equipment Leasing disclosed $90 in
assets and liabilities of $987,830; Azzil Granite Materials
disclosed total assets of $813,825 and total liabilities of
$23,859,263; and Magnolia Associates disclosed total assets of
$15,317,480, and total liabilities of $13,137,533.

Judge Michael B. Kaplan oversees the cases.

Daniel M. Stolz, Esq., at Wasserman Jurista & Stolz, P.C., is the
Debtors' bankruptcy counsel.


LSC COMMUNICATIONS: Sale of All Assets to ACR III Approved
----------------------------------------------------------
Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern
District of New York authorized LSC Communications, Inc. and each
of the Debtors and LSC's Subsidiaries listed on the Purchase
Agreement to sell substantially all their assets to ACR III Libra
Holdings, LLC.

At the Closing, in consideration for the purchase, sale, assignment
and conveyance of Sellers' right, title and interest in, to and
under the Transferred Interests, the Business and the Transferred
Assets and the assumption of the Assumed Liabilities:

     (i) The Buyer will credit bid and release each Seller from the
corresponding portion of each of the senior secured term loan B
facility under the Prepetition Credit Agreement and the Prepetition
Indenture, in an aggregate amount equal to the Credit Bid Amount,
pursuant to a release letter, in the form and substance reasonably
acceptable to the Sellers and the Buyer;

     (ii) The Buyer will pay an amount equal to the Closing
Payment; and

     (iii) The Buyer and the Sellers will cause the Escrow Agent to
release from the Escrow Account to the Sellers an amount equal to
the Deposit Amount.

The Final Cash Consideration will be used solely as follows: (i)
first, to repay or cause to be repaid all indebtedness, liabilities
and other obligations outstanding under the DIP Financing, (ii)
second, to repay or cause to be repaid all indebtedness,
liabilities and other obligations outstanding under the senior
secured revolving credit facility under the Prepetition Credit
Agreement, (iii) third, to pay the Administrative Expense Amount in
accordance with the Wind-Down Budget, after taking into account the
application of the available Cash of the Sellers and (iv) fourth,
to satisfy the UCC Settlement Amount (if any).

No later than five Business Days prior to the anticipated Closing
Date, the Sellers will prepare and deliver to Buyer a statement
setting forth Sellers' Cash Consideration Statement, together with
reasonably supporting documentation, of (i) the amount outstanding
under the senior secured revolving credit facility under the
Prepetition Credit Agreement, (ii) the amount outstanding under the
DIP Financing, (iii) the Administrative Expense Amount and (iv)
Closing Cash, in each case as of the Reference Time.

The Purchase Agreement and the Sale Transaction, including, without
limitation, all transactions contemplated therein or in connection
therewith (including the Ancillary Agreements) and all of the terms
and conditions thereof, are approved in their entirety, subject to
the terms and conditions of the Order.

The sale is free and clear of all Liens, with such Liens attaching
to the proceeds allocated to the Debtors.

To the greatest extent available under applicable law, the Buyer
will be authorized, as of the Closing Date, to operate under any
license, permit, registration, and governmental authorization or
approval of the Debtors with respect to the Purchased Assets, and
all such licenses, permits, registrations, and governmental
authorizations and approvals are deemed to have been, and are,
deemed to be transferred to the Buyer as of the Closing Date.

Subject to and conditioned upon the Closing and the Order with
respect to Additional Assumed Contracts, the Debtors are authorized
to assume and assign the Assigned Contracts to the Buyer free and
clear of all Liens.  The Debtors will pay all Cure Costs not
required to be paid by the Buyer in accordance with the Purchase
Agreement.  

Notwithstanding anything to the contrary contained in the Order,
the Purchase Agreement or the Transition Services Agreement, the
Order does not approve the sale or transfer of the software of
Infor (US), Inc., or grant any rights to possess or use the Infor
Software, to any purchaser of any of the Debtors' assets.  

Notwithstanding anything to the contrary in the Order or any Asset
Purchase Agreement, no contract between the Debtors and Oracle
America, Inc., will be assumed and/or assigned without:  (a)
Oracle's prior written consent; (b) cure of any default under such
contract; (c) the provision to Oracle of satisfactory adequate
assurance of future performance by the assignee; and (d) execution
by the Debtors or their successor and the assignee of mutually
agreeable assignment documentation in a final form to be negotiated
after entry of the Order.

Any valid liens on the personal or real property of the Debtors
currently held by the Local Texas Tax Authorities (Cameron County,
Cypress-Fairbanks ISD, Dallas County, Grayson County, Harlingen,
Harlingen CISD, Harris County, Hidalgo County, McAllen, Montgomery
County, Nueces County, Tom Green CAD, and Victoria County) or which
will arise during the course of the case pursuant to applicable
non-bankruptcy law, will attach to the proceeds of the sale.

Furthermore, from the proceeds of the sale of any of the Debtors'
property that is subject to the jurisdiction of one of the Local
Texas Tax Authorities, the amount of $380,000 (or such lesser
amount (if any) as remains outstanding if any of such secured
claims will have already been paid by the Debtors prior to the sale
closing) will be set aside by the Debtors in a segregated account
as adequate protection for the secured claims of the Local Texas
Tax Authorities.

Notwithstanding the provisions of Bankruptcy Rules 6004(h) and
6006(d) or any applicable provisions of the Local Rules, the Order
will not be stayed after the entry hereof, but will be effective
and enforceable immediately upon entry, and the 14-day stay
provided in Bankruptcy Rules 6004(h) and 6006(d) is expressly
waived and will not apply, and the Debtors and the Buyer are
authorized and empowered to close the Sale Transaction immediately
upon entry of the Order.

The Stipulation Regarding Sale and Plan, entered into by and among
the Debtors, the Committee and the Requisite Junior Secured
Creditors on Sept. 30, 2020, will be deemed to be an Acceptable
Stipulation.  As a result of the entry into the Plan Support
Stipulation in advance of the Sale Hearing, the Buyer will assume
the Pension Plan as provided for in the Purchase Agreement upon and
subject to consummation thereof. The terms of the chapter 11 plan
contemplated by the Acceptable Stipulation solely as they relate to
Buyer may not be amended, modified or supplemented without
Buyer’s prior consent (not to be unreasonably withheld or
delayed).

A copy of the Agreement is available at
https://tinyurl.com/y4kcxvdo from PacerMonitor.com free of charge.

                    About LSC Communications

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

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

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


LUCKY'S MARKET: Plan Exclusivity Period Extended Thru Oct. 16
-------------------------------------------------------------
At the behest of Lucky's Market Parent Company and its affiliates,
Judge John T. Dorsey ruled that:

     1. pursuant to Bankruptcy Code section 1121(d), the Debtors'
Exclusivity Period is extended through and including October 16,
2020, and with the consent of the Committee and the Prepetition
Secured Lender, the Debtors shall have the right to file under
certification of counsel a further order extending the Exclusivity
Period to November 30, 2020.

     3. pursuant to Bankruptcy Code section 1121(d), the Debtors'
Exclusive Solicitation Period is extended through and including
December 15, 2020, and with the consent of the Committee and the
Prepetition Secured Lender, the Debtors shall have the right to
file under certification of counsel a further order extending the
Exclusive Solicitation Period to January 28, 2021.

     4. the extensions of the Exclusivity Period and the Exclusive
Solicitation Period granted are without prejudice to further
requests that may be made pursuant to Bankruptcy Code section
1121(d) by the Debtors or any party in interest, for cause shown,
upon notice and a hearing.

The Debtors said they have made great progress in:

     (i) obtaining the Court's approval of sales of certain of the
Debtor's assets and to all of the transactions contemplated by the
successful bids and approved by the special committee of the board
of management of the Debtors;

    (ii) determining the outcome of their store lease footprint.
They are actively defending or pursuing litigation, including the
WARN Act Litigation, the ATA Litigation, and the Bonita Springs
Litigation. The Debtors have also made strides in the claims
reconciliation process, which will assist in the orderly
administration and liquidation of the estates; and

   (iii) formulating, negotiating, and drafting a chapter 11 plan
of liquidation to ensure the payment of administrative and priority
claims, subject to agreed-upon budgets with the Official Committee
of Unsecured Creditors and the Prepetition Secured Lender, Kroger
Co.

"We are expected to file additional non-substantive and substantive
omnibus claim objections to facilitate the orderly administration
of our estates," the Debtors disclosed.

Also, the Debtors seek to assign 13 Kroger guaranteed leases to
Kroger LM Real Estate Holdings, LLC, an Ohio limited liability
company, which is a wholly-owned subsidiary of The Kroger Co.

On August 25, 2020, the Court entered an Order Approving
Stipulation for Extension of Deadline for Debtors to Assume or
Reject the Bradenton Lease and Neptune Lease, both Kroger
guaranteed leases, extending the deadline, to September 23 and to
October 23, 2020, respectively, while Boca Raton Lease, a Kroger
guaranteed lease, was rejected on August 24, 2020.

The Debtors said the requested extension is intended to allow them
to work cooperatively with their key constituents toward the goal
of finalizing and file a consensual plan of liquidation, the plan
and disclosure statement in the most cost-efficient manner possible
manner and will benefit all parties in interest since the Debtors
already finalized the Global Settlement with input from the
Committee and Prepetition Secured Lender.

The Court previously extended the Debtors' exclusivity periods to
file a plan and solicit acceptances to August 31 and October 30,
2020, respectively.

                      About Lucky's Market

Lucky's Market Parent Company, LLC -- https://www.luckysmarket.com/
-- together with its owned direct and indirect subsidiaries, is a
specialty grocery store chain offering a broad range of grocery
items through the Company's "L" private label.  Each of the
company's stores has full-service departments, which include
producing meat, seafood, culinary, apothecary, beer and wine, and
grocery.  In addition to the stores, the company operates a produce
warehouse in Orlando, Fla., to supply nearly all products for its
Florida and Georgia stores.

Lucky's Market Parent and 21 of its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. Del. Lead Case No.
20-10166) on Jan. 27, 2020.  At the time of the filing, the Debtors
were estimated to have $100 million to $500 million in assets and
$500 million to $1 billion in liabilities.  The petitions were
signed by Andrew T. Pillari, chief financial officer.

Judge John T. Dorsey presides over the cases. Christopher A. Ward,
Esq. and Liz Boydston, Esq., of Polsinelli PC, serve as counsel to
the Debtors.  Alvarez & Marsal acts as financial advisor; PJ
Solomon as investment banker; and Omni Agent Solutions as notice
and claims agent.

The Official Committee of Unsecured Creditors has retained Hahn &
Hessen LLP as Lead Counsel; Womble Bond Dickinson (US) LLP as
Counsel; Norton Rose Fulbright US LLP as Special Litigation
Counsel; and Province, Inc. as Financial Advisor.



MARAVAI TOPCO: S&P Affirms 'B-' ICR on Refinancing; Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on
Maravai Topco Holdings LLC. At the same time, S&P assigned a '3'
recovery rating and 'B-' issue-level rating to the new first-lien
secured debt. The '3' recovery rating indicates meaningful recovery
in a hypothetical default scenario.

S&P said, "The stable outlook reflects our view that Maravai will
continue expanding at a double-digit percent rate and generate
solid cash flow in 2020-2021. However, we project leverage will
remain above 6x as Maravai uses increased debt capacity and
internally generated cash flow for tuck-in acquisitions and
possible dividend distributions."

"The refinancing limits leverage impact because the increased debt
is mostly offset by rapid revenue and EBITDA growth, leading to our
projection of 7x leverage by the end of 2020, compared to 7.8x at
the end of 2019.  Maravai reported significant growth of 56% in the
first half of 2020 on increased demand for some of its products,
including its CleanCap reagent product, from the COVID-19 pandemic.
EBITDA margin also increased about 400 basis points compared to the
same period last year. We expect this rapid revenue growth and
margin expansion to continue for the next several quarters, as the
pandemic persists, offsetting higher debt from the proposed
transaction and resulting in adjusted leverage of about 7x by the
end of 2020."

"Although we expect pandemic-driven demand to eventually taper off,
we believe Maravai's product portfolio is well-positioned to
continue delivering double-digit percent growth as it caters to the
cell and gene therapy, vaccine, and biologics markets."  The
application of CleanCap within messenger ribonucleic acid vaccines
could significantly expand the business because it makes them more
efficient with higher yield and greater stability. This is useful
especially with the surge in COVID-19-related vaccine development
programs. To date, the company's backlog of CleanCap orders extends
through April 2021, providing some revenue visibility into next
year. The nucleic acid production facility in San Diego built in
2019 will also provide capacity to meet these needs."

Although demand for CleanCap may decline when the pandemic
subsides, S&P believes Maravai is still positioned for high growth
since it supplies a wide variety of reagents to rapidly growing
markets in cell and gene therapy, vaccines, and biologic drug
manufacturing. The company is also planning to commercially launch
plasmid products in 2021 and offer new biologics safety testing
kits, providing more organic growth opportunities.

Limited scale and narrow focus in a few highly competitive and
fragmented niches within the life sciences industry remain key
risks.  Despite Maravai's high growth, it continues to have only a
niche position in its estimated $4.5 billion reagents end markets.
It competes with significantly larger and well-capitalized players
such as Thermo Fisher Scientific Inc., Danaher Corp., and Charles
River Laboratories Inc. Thermo Fisher Scientific is the largest
oligonucleotide manufacturer in the U.S. Integrated DNA
Technologies, which Danaher acquired in April 2018, is also a major
player. Furthermore, some of Maravai's largest customers also serve
as distributors for the company or compete with it in certain
products.

S&P said, "While Maravai has maintained long-term relationships
with many of these customers, we do not believe there would be
significant barriers should they manufacture these products
in-house."

"The stable outlook reflects our view that Maravai will double its
size in 2020 and likely generate further material revenue growth in
2021 behind CleanCap. The outlook also reflects our expectation
that the company will reduce leverage through consistent EBITDA
growth and at the same time make modest tuck-in acquisitions in the
coming years to expand its products and scale. However, we expect
other capital allocations such as dividends to keep leverage above
6x."

"We could consider an upgrade if Maravai continues strong growth
across all its segments beyond the projected pandemic-driven
increase in demand. Free operating cash flow (FOCF) to debt should
also be at least 3%."

S&P could downgrades the company if:

-- Material operational missteps such as quality or capacity
issues result in material revenue and EBITDA erosion and continued
cash flow deficits with limited prospects for improvement; or

-- Technological changes significantly reduce pricing for
Maravai's products, resulting in sustained cash flow deficits.


MATCHBOX FOOD: Oct. 16 Auction for Substantially All Assets
-----------------------------------------------------------
Judge Lori S. Simpson of the U.S. Bankruptcy Court for the District
of Maryland authorized the bidding procedures proposed by Matchbox
Food Group, LLC and affiliates in connection with the sale of
substantially all assets to Thompson Hospitality Corp. for $11.55
million, subject to overbid.

The Debtors propose to sell the assets pursuant to Thompson in
accordance with the terms of their Asset Purchase Agreement.  All
assets include (i) the assets of and equity in the Conveying
Subsidiaries; (ii) all intellectual property and intellectual
property rights associated with the "Matchbox" brand; and (iii) and
for the assumption and assignment of certain leases of real
property.  Additionally, the Purchaser has agreed to pay to the
Debtors estate a consulting fee in the amount of $550,000 at
closing.

The Debtors are authorized to enter into the Asset Purchase
Agreement with the Purchaser, subject to higher or otherwise better
offers provided, however, that the Asset Purchase Agreement is
subject to, in all respects, the Final Order, and the Debtors will
only use Cash Collateral consistent with the terms of the Final
Order including that any and all sale proceeds will first be used
to pay off all amounts due the Lender in full, including, among
other things, principal, interest and fees and expenses, including
all legal fees and costs of the Lender (along with the Ballard
Landlords Cure, if any, as described), subject to the Carve Out and
any other reservations provided in the Final Order.  

Further, and notwithstanding anything in the Asset Purchase
Agreement, the Consulting Fee defined in the Asset Purchase
Agreement will only be used to satisfy the full amounts due to the
Lender as set forth above in the event the sale proceeds are
insufficient to pay the Lender in full all amounts due and owing on
or before the closing date of any sale.  Moreover, and
notwithstanding anything in the Asset Purchase Agreement, the
Debtors' cash on hand described in the Asset Purchase Agreement
constitutes Cash Collateral, subject in all respects to the Final
Order, and will first be used to pay off all amounts due the Lender
in full including, among other things, principal, interest and fees
and expenses, including all legal fees and costs of the Lender.

The Breakup Fee is approved and allowed as an administrative
expense of the Debtors and the Debtors' estates.

The Sale Notice is approved.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: Oct. 14, 2020 at 5:00 p.m. (ET)

     b. Initial Bid: The bid has value to the Debtors that is
greater than or equal to (i) the $11.55 million consideration
provided by the Purchaser, plus (ii) $346,500 Breakup Fee, plus
(iii) $550,000 Consulting Fee, plus (iv) $250,000

     c. Deposit: $250,000

     d. Auction: If more than one Qualified Bid has been received,
the Debtors will conduct an Auction for the sale of the Acquired
Assets.  Prior to the Auction, the Debtors will send a copy of all
Qualified Bids to all Qualified Bidders.  The Auction will take
place on Oct. 16, 2020, at 10:00 a.m. (ET) via Zoom broadcasted
from the offices of McNamee, Hosea, Jernigan, Kim, Greenan & Lynch,
P.A., 6411 Ivy Lane, Suite 200, Greenbelt MD 20770, or such later
time or such other place as the Debtors will designate in a
subsequent notice to all Qualified Bidders.  The Auction may be
adjourned or rescheduled without further notice by an announcement
of the adjourned date at the Auction.  The Debtors reserve the
right to cancel the Auction in their reasonable discretion.

     e. Bid Increments: $250,000

     f. Sale Hearing: Oct. 26, 2020 at 3:00 p.m. (ET)

     g. No creditor will be entitled to credit bid at the Auction.


Within one business day after entry of the Order, the Debtors will
serve notice of the Bid Deadline and the Auction upon the notice
parties.  As soon as practicable following the determination of the
Successful Bid, the Debtors will file a notice with the Court
identifying the Successful Bidder and serve such notice upon the
interested parties.

The procedures for the assumption and assignment of Designated
Contracts set forth are approved and will supersede and replace the
assumption and assignment procedures proposed in the Motion.

Within five business days after entry of the Order, the Debtors
will file the Cure Notice with the Court and serve such Cure Notice
on the non-debtor counterparties to the Designated Contracts.

On Oct. 12, 2020, the Debtors will serve the Adequate Assurance
Information or the Purchaser on the counsel to the Congressional
Plaza LLC and RPAI Ashburn Loudon LLC and any other counterparty to
a Designated Contract that makes a request for Adequate Assurance
Information.  Further, in the event that there is a Qualified
Bidder, the Debtors will serve the Adequate Assurance Information
for such Qualified Bidder on the counsel for the Ballard Landlords
on the earlier of (a) 24 hours after the Qualified Bidder is
determined to be a Qualified Bidder or (b) 5:00 p.m. (ET) on Oct.
13, 2020.  The Assignment and Cure Objection Deadline is 5:00 p.m.
(ET) on Oct. 19, 2020.

The Order will be effective immediately upon entry, and any stay of
orders provided for in Bankruptcy Rules 6004 or 6006 or any other
provision of the Bankruptcy Code or Bankruptcy Rules is expressly
lifted.  The Debtors are not subject to any stay in the
implementation, enforcement or realization of the relief granted in
the Order, and except as directed by the Court in the Order, may in
their discretion and without further delay take any action and
perform any act authorized under the Order.

The Transaction will be on an "as is, where is" basis and without
representations or warranties of any kind, nature, or description
by the Debtors, their estates, or their agents or representatives.


A copy of the Bidding Procedures is available at
https://tinyurl.com/yypj5ynu PacerMonitor.com free of charge.

                     About Matchbox Food Group

Matchbox Food Group, LLC and affiliates operate a chain of
casual-dining brand restaurants.

On Aug. 3, 2020, Matchbox Food Group and affiliates filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Md. Lead Case No. 20-17250). The petitions were signed
by Edwin A. Sheridan IV, member.  At the time of the filing,
Matchbox Food Group had estimated assets of less than $50,000 and
liabilities of between $50 million and $100 million.

Judge Lori S. Simpson oversees the cases.  

McNamee, Hosea, Jernigan, Kim, Greenan & Lynch, P.A. and The
Veritas Law Firm serve as Debtors' bankruptcy counsel and corporate
counsel, respectively.


MCCLATCHY CO: Gets Pension Reprieve Due to Cares Act
----------------------------------------------------
Keith Kelly of New York Post reports that newspaper giant
McClatchy, which is operating under Chapter 11 bankruptcy, has been
able to put off contributions to its pension fund until January
2021 thanks to the CARES Act.

The owner of the Kansas City Star, the Miami Herald, the Charlotte
Observer and 27 other media properties also received a tax refund
of $11.7 million thanks to CARES, according to an Aug. 18, 2020,
filing with the Securities and Exchange Commission.

McClatchy has already pledged to turn over 77 percent of that
refund to the unsecured creditors, which counts Pension Benefit
Guaranty Corp., as one of its largest unsecured creditors. The
pension plan, which the PBGC is taking over, is said to have assets
of $1.3 billion but is estimated to be underfunded by about $1
billion.

The company said it is still expecting to finalize its $312 million
sale to the Chatham Asset Management hedge fund in September after
a bankruptcy auction wrapped up earlier this month. Chatham, headed
by Anthony Melchiorre, beat out Heath Freeman’s Alden Global
Capital in the auction.

"As of June 28, 2020, we continue to face liquidity challenges
relating to approximately $124.2 million in minimum required
contributions that are due in the next 12 months to our Pension
Plan" the company said in the SEC filing.

The company said it already had a standstill agreement in place
with the Pension Benefit Guaranty Corp., going back to January
2020, when it was originally scheduled to make a $4 million
contribution to the plan. When it entered into Chapter 11 in
February, the obligations were further stayed.

The company said the CARES Act "delays all minimum required
contributions due in calendar year 2020 until January 1, 2021. As a
result, the notice of missed payment in January 2020 and our
required contribution due in April 2020 no longer constitute missed
contributions as of June 28, 2020."

McClatchy reported a net loss of $34.7 million in the quarter
compared to a $17.5 million loss in the year-ago period.
McClatchy's quarterly revenue for the period ending June 28 dropped
by over $40 million to $131 million versus $178.7 million in the
previous year's quarter.

                       About McClatchy Co.

The McClatchy Co. (OTC-MNIQQ) -- https://www.mcclatchy.com/ --
operates 30 media companies in 14 states, providing each of its
communities local journalism in the public interest and
advertising
services in a wide array of digital and print formats.
McClatchypublishes iconic local brands including the Miami Herald,
The Kansas City Star, The Sacramento Bee, The Charlotte Observer,
The (Raleigh) News & Observer, and the Fort Worth Star-Telegram.

McClatchy is headquartered in Sacramento, Calif., and listed on the
New York Stock Exchange American under the symbol MNI.

On Feb. 13, 2020, The McClatchy Company and 53 affiliates sought
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-10418) with
a Plan of Reorganization that will cut $700 million of funded debt
in half.

McClatchy was estimated to have $500 million to $1 billion in
assets and debt of at least $1 billion as of the bankruptcy
filing.

The cases are pending before the Honorable Michael E. Wiles.

The Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP as
general bankruptcy counsel; Togut, Segal & Segal LLP as
co-bankruptcy counsel with Skadden; Groom Law Group as special
counsel; FTI Consulting, Inc. as financial advisor; and Evercore
Inc. as investment banker. Kurtzman Carson Consultants LLC is the
claims agent.


MERITAGE COMPANIES: Plans Moving Ahead Despite Bankruptcy
---------------------------------------------------------
Tim Vandenack of Standard-Examiner reports that Meritage Companies,
the motor behind the Village at Prominence Point development in the
1800 block of Washington Boulevard, filed for Chapter 11 bankruptcy
last June in U.S. Bankruptcy Court in Phoenix, Arizona.

Meritage is the main driving force behind a massive development off
Washington Boulevard in North Ogden that was the focus of
controversy as the plans first came together has filed for
bankruptcy.

In a more recent turn, the firm last week proposed the sale of part
of the undeveloped portion of the project in the bankruptcy filing
to allow development to move forward. But a former associate of
Jack Barrett, one of the Meritage registered agents and the main
force in getting the OK from North Ogden officials in 2017 to move
ahead with the development plans, filed an objection on Tuesday,
October 6, 2020, to stall the deal.

Though North Ogden Mayor S. Neal Berube is aware of the bankruptcy
filing, he hasn't received any official word about the court
development from Barrett or other Meritage reps. He noted that the
northern portion of the Village at Prominence Point property had
already been sold, with townhomes and patio homes already taking
shape.

But with an eye to the larger undeveloped portion of the project
footprint just to the south, he also noted that bankruptcy filings
can hamper the ability of developers to secure financing.

"Without financing, it could delay development," Berube said.
"Generally, a bankruptcy doesn't speed up development. It
oftentimes slows it down."

Darin Hammond, an Ogden attorney helping represent Meritage in the
bankruptcy filing, said local leaders shouldn't worry. Village at
Prominence Point covers 33 acres and calls for 600-plus housing
units, including townhomes, apartments and small patio homes.
Commercial development on the frontage along busy Washington
Boulevard is another aspect of the plans.

"Village at Prominence Point is on target and has lots of
potential. It is doing quite well," said Hammond. The bankruptcy
filing, he said, "is just a short-term path to getting the project
to where it needs to be."

According to the Meritage bankruptcy filing, the firm has
liabilities of between $10 million and $50 million, including a
$7.8 million unsecured liability with Taylor Derrick Capital of
Henderson, Nevada. Taylor Derrick is identified on a sign on the
Village at Prominence Point property as providing financing for
project construction. Mountain Vista Trails, also affiliated with
Barrett and involved in the Village at Prominence Point
development, has an unsecured liability of $1.8 million with
Meritage.

Under chapter 11 bankruptcies, a debtor typically puts forward a
reorganization plan to keep a business going and to pay creditors
over time, according to the Administrative Office of the U.S.
Courts. Indeed, Hammond said the Meritage filing shouldn't have a
long-term impact on the Village at Prominence Point plans. And
notwithstanding the objection to the proposed sale of a part of the
project footprint, Hammond thinks the court will OK the deal
because it's key to Village at Prominence Point's success.

Robert Gross is the former associate who filed the objection to the
proposed sale of 3.85 acres of Village at Prominence Point property
for $2.65 million. An entity called VH Prom, based in North Logan,
is looking to buy the land, which would potentially accommodate 53
townhomes. Gross, in his filing, though, said more time is needed
to review details of the proposed deal.

Gross and Barrett, who's based in Arizona, are embroiled in a
separate dispute over ownership of the Village at Prominence Point
land, according to Gross' filing. Barrett, meantime, has filed for
personal Chapter 11 bankruptcy as well, according to federal court
records.

'A CONTROVERSIAL DEVELOPMENT'

The Village at Prominence Point project was the focus of
considerable debate as Barrett sought approval for the plans from
the North Ogden City Council in 2017 and even before. Many,
including some adjacent homeowners, had expressed concern with such
a dense development project in their midst and a possible influx of
newcomers. Fully developed, the townhomes, patio homes and
apartments it's supposed to accommodate could bring 1,200 or more
new residents to the city.

Berube said the Village at Prominence Point project has spurred as
much concern, if not more, as any project in North Ogden, chiefly
because of concerns with housing density. The project has been
focus of subsequent debate over terms of the agreement with the
city governing the project development.

"It's been a controversial development," Berube said. At any rate,
he said whoever ends up owning the land will still have to comply
with terms of the project's development agreement, which spells out
what sort of construction can take place and where within Village
at Prominence Point.

Townhomes and patio homes already fill the northern portion of the
Village at Prominence Point development and tenants and homeowners
are already moving in. On Wednesday, crews were working on
additional units.

                   About Meritage Companies

Meritage Companies, LLC, a land developer in Wasilla, Alaska,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Ariz. Case No. 20-07718) on June 30, 2020. The petition was
signed by Jack A. Barrett, manager. At the time of the filing, the
Debtor had estimated assets of less than $50,000 and liabilities of
between $10 million and $50 million. Judge Brenda K. Martin
oversees the case. Lamar D. Hawkins, Esq., at Guidant Law, PLC, is
the Debtor's legal counsel. David H. Bundy, Esq., of the Law Office
of David H. Bundy, PC is tapped as special counsel.




MKGFB INC: $218K Sale of Business Assets to Franklin Approved
-------------------------------------------------------------
Judge Carlota M. Bohm of the U.S. Bankruptcy Court for the Western
District of Pennsylvania authorized MKGFB, Inc.'s sale of business
assets to Franklin Lagers and Ales, LLC for $217,500 in accordance
with the Agreement executed on Aug. 13, 2020.

The assets are being sold free and clear of liens, claims and
encumbrances.

The closing on the sale is to occur no more than thirty days after
the signing of the Order.

The proceeds from closing are to be distributed as follows:

     a. S & T Bank will be paid the balance of the amount owing as
of Oct. 31, 2020 on the secured claims filed at claims 1 and 2, in
the amount of $148,230, said payment will be made directly to the
creditor at the time of closing.

     b. The administrative claim of for fees approved by this Court
for Thompson Law Group in the amount of $9,168 plus the advertising
costs of $299 for the sale motion will be paid directly at closing.


     c. Outstanding quarterly fees owing to the United States
Trustee in the amount of $1,625 for the first and second quarter of
2020 will be paid directly from funds at closing.  The counsel for
the Debtor will hold in escrow an additional $650 as a reserve for
payment of the third quarter fees not yet assessed.

     d. An administrative priority claim to be paid to creditor
William Leader for unpaid post-petition rent through Oct. 31, 2020
in the amount of $12,000 will be paid directly from funds at
closing.  An additional $10,537 claimed by Mr. Leader will be held
in escrow by counsel for the Debtor pending further Order of Court.


     e. The remaining balance after payment of the above listed
claims is to be paid on a pro rata basis to the following unsecured
priority claims: (i) Internal Revenue Service, (ii) Pennsylvania
Department of Revenue, (iii) Allegheny County, and (iv) Allegheny
County Central Tax Collection District.

                         About MKGFB Inc.

MKGFB, Inc., doing business as Full Pint Brewing Company, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa.
Case No. 19-24391) on Nov. 11, 2019.  The petition was signed by
Mark Kegg, part-owner.  At the time of the filing, the Debtor was
estimated to have assets of between $100,001 and $500,000 and
liabilities of the same range. The case is assigned to Judge
Carlota M. Bohm.  Brian C. Thompson, Esq., at Thompson Law Group,
P.C. is the Debtor's legal counsel.

No official committee of unsecured creditors has been appointed in
the Chapter 11 case.


MOORE & MOORE: Creditors to be Paid in Full in 5 Years Under Plan
-----------------------------------------------------------------
Debtor Moore & Moore Trucking, d/b/a J.L. Moore Solar Ops, filed
with the U.S. Bankruptcy Court for the Eastern District of
Louisiana a Plan of Reorganization dated August 18, 2020.

The Debtor has formulated a plan of reorganization. Under this
Plan, the Debtor intends to distribute the cash generated from its
operations to holders of Allowed Claims.

This Plan provides for the treatment of Claims and Interests as
follows:

   * Allowed Priority Claims will be paid in full;
   * Allowed General Unsecured Claims will be paid in full;
   * Allowed Secured Claims will be paid in full; and
   * Equity Interests will retain their Interests in the Debtor.

The Debtor proposes to pay all Allowed Claims in full not later
than five years after the Effective Date of this Plan.

The Debtor intends to market for sale the immovable property (real
estate) that it owns located at 10405 Highway 70, St. James,
Louisiana. The proceeds from the sale of that property will be used
to pay the balance then owed to creditors holding allowed priority
claims and allowed unsecured claims.

A full-text copy of the plan of reorganization dated August 18,
2020, is available at https://tinyurl.com/yydpefgs from
PacerMonitor at no charge.

Attorneys for Debtor:

          THE STEFFES FIRM, L.L.C.
          Gary K. McKenzie
          13702 Coursey Boulevard
          Building 3
          Baton Rouge, Louisiana 70817
          Tel: 225.751.1751
          Fax: 225.751.1998
          E-mail: gmckenzie@steffeslaw.com

                   About Moore & Moore Trucking

Moore & Moore General Contractors, Inc. d/b/a Moore & Moore Lumber
Co., based in La Porte, TX, filed a Chapter 11 petition (Bankr.
S.D. Tex. Case No. 10-31201) on Feb. 12, 2010.  The petition was
signed by Bryan Moore, president of the Company.  The Hon. Jeff
Bohm oversees the case.  The Debtor hired The Steffes Firm, LLC, as
counsel.


NATURALSHRIMP INC: Extends F&T LOI Exclusivity Period Until Oct. 31
-------------------------------------------------------------------
NaturalShrimp Incorporated issued a press release on July 29, 2020,
announcing that it has signed a letter of intent to acquire the
assets of F&T Water Solutions LLC in Largo, Florida.  The LOI
contained an exclusivity provision through Sept. 15, 2020.  On Oct.
2, 2020, the Company and F&T executed an extension of exclusivity
agreement to the LOI to extend the exclusivity period to Oct. 31,
2020, concurrent with the expected closing.

                      About Natural Shrimp

NaturalShrimp, Inc. is a publicly traded aqua-tech Company,
headquartered in Dallas, with production facilities located near
San Antonio, Texas.  The Company has developed a commercially
viable system for growing shrimp in enclosed, salt-water systems,
using patented technology to produce fresh, never frozen, naturally
grown shrimp, without the use of antibiotics or toxic chemicals.
NaturalShrimp systems can be located anywhere in the world to
produce gourmet-grade Pacific white shrimp.

NaturalShrimp recorded a net loss of $4.81 million for the year
ended March 31, 2020, compared to a net loss of $7.21 million for
the year ended March 31, 2019.  As of June 30, 2020, the Company
had $3.08 million in total assets, $4.14 million in total
liabilities, and a total stockholders' deficit of $1.06 million.

Turner, Stone & Company, L.L.P., in Dallas, Texas, issued a "going
concern" qualification in its report dated June 26, 2020, citing
that Company has suffered significant losses from inception and has
a significant working capital deficit.  These conditions raise
substantial doubt about its ability to continue as a going concern.


NEIMAN MARCUS:  Pathlight Capital Agents $125M FILO Facility
------------------------------------------------------------
Pathlight Capital announced Oct. 7, 2020, it is serving as the FILO
Agent on the recently funded $125,000,000 FILO Facility for The
Neiman Marcus Group, one of the largest omni-channel luxury fashion
retailers in the world.

The FILO Facility was funded upon the Company's successful
emergence from Chapter 11 on September 25, 2020. Proceeds from the
facility will be used to refinance existing debt and provide
liquidity to support the reorganized Company's ongoing operations
and strategic initiatives.

"The newly emerged Neiman Marcus Group is now in a much stronger
financial position than prior to restructuring. NMG has emerged
with substantially reduced debt, one of the best capital structures
among multi-retailers and access to over $475M of liquidity from
cash and availability under our ABL facility. It was a pleasure
working with the Pathlight Capital team to establish the new FILO
facility. The increased access to capital provides enhanced
financial flexibility to respond to the rapidly changing
environment and allows continued investment in our business,"
stated Geoffroy van Raemdonck, Chief Executive Officer of Neiman
Marcus Group.

"Neiman Marcus is an iconic luxury retailer that has been an
industry leader for over 100 years, offering distinctive luxury
brands through a renowned customer experience," said Katie
Hendricks, Managing Director at Pathlight Capital. "We believe the
reorganized Company is well positioned to capitalize on its digital
transformation strategy and are excited to support the management
team and new equity in this next chapter of the business."

About Pathlight Capital
Pathlight Capital is a private credit investment manager dedicated
to meeting the needs of companies that operate across a broad range
of industries by providing asset-based loans secured on a first or
second lien basis against tangible and intangible assets. Pathlight
provides creative financing solutions to allow management teams to
access incremental liquidity for the purposes of funding working
capital, debt refinancings, growth, acquisitions, dividends and
turnaround strategies. For more information, please visit
www.pathlightcapital.com.

                    About Neiman Marcus Group

Neiman Marcus Group LTD, LLC -- https://www.neimanmarcus.com/ -- is
a luxury omni-channel retailer conducting store and online
operations principally under the Neiman Marcus, Bergdorf Goodman,
and Last Call brand names.  It also operates the Horchow e-commerce
website offering luxury home furnishings and accessories.  Since
opening in 1907 with just one store in Dallas, Neiman Marcus and
its affiliates have strategically grown to 67 stores across the
United States.

Weeks after being forced to temporarily shutter stores due to the
coronavirus pandemic, Neiman Marcus Group and 23 affiliates sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-32519) on
May 7, 2020, after reaching an agreement with a significant
majority of our creditors to undergo a financial restructuring that
will substantially reduce the Company's debt load, and provide
access to considerable financing to ensure business continuity.

Kirkland & Ellis LLP is serving as legal counsel to the Company,
Lazard Ltd. is serving as the Company's investment banker, and
Berkeley Research Group is serving as the Company's financial
advisor.  Stretto is the claims agent, maintaining the page
https://cases.stretto.com/NMG

Judge David R. Jones oversees the cases.

The Extended Term Loan Lenders are represented by Wachtell, Lipton,
Rosen & Katz as legal counsel, and Ducera Partners LLC as
investment banker.

The Noteholders are represented by Paul, Weiss, Rifkind, Wharton &
Garrison LLP as legal counsel and Houlihan Lokey as investment
banker.


NEIMAN MARCUS: Completes Chapter 11 Process
-------------------------------------------
Neiman Marcus Holding Company, Inc. (formerly the "Neiman Marcus
Group LTD LLC") on Sept. 25, 2020, announced it has emerged from
voluntary Chapter 11 protection, successfully completing its
restructuring process and implementing the Plan of Reorganization
("Plan") that was confirmed by the U.S. Bankruptcy Court for the
Southern District of Texas, Houston Division on September 4, 2020.
The Company emerges with the full support of its creditors and new
equity shareholders, now operating with a strengthened capital
structure that eliminated more than $4 billion of existing debt and
more than $200 million of cash interest expense annually, with no
near-term maturities.

"With the successful implementation of our restructuring, Neiman
Marcus and Bergdorf Goodman will continue to be the preeminent
luxury shopping destinations for years to come. While the
unprecedented business disruption caused by COVID-19 has presented
many challenges, it has also given us the opportunity to reimagine
our platform and improve our business. We emerge from Chapter 11 as
a stronger, more innovative retailer, brand partner, and employer,"
stated Geoffroy van Raemdonck, Chief Executive Officer of Neiman
Marcus Group.

"Our new owners, which include PIMCO, Davidson Kempner Capital
Management, and Sixth Street, understand the value of our brands
and the opportunity for growth," continued Mr. van Raemdonck. "They
are also strongly committed to supporting our company on
sustainability issues – where we intend to be a leader within the
industry. At the conclusion of this process, I remain profoundly
impressed by the strength of Neiman Marcus and Bergdorf Goodman,
the commitment of our associates, the unwavering support of our
brand partners, and the loyalty of our customers."

The new owners are funding a $750 million exit financing package
that fully refinances the debtor-in-possession ("DIP") loan and
provides significant additional liquidity for the business. The
Company has also secured a $125 million FILO facility led by
Pathlight, the proceeds of which refinance existing debt and will
provide liquidity to support the Company's ongoing operations and
strategic initiatives. The exit Term Loan financing and FILO
facility are in addition to the liquidity provided by the $900
million ABL led by Bank of America and a consortium of commercial
banks. With the support of its new shareholders and funds available
from the exit financing, FILO facility, and ABL facility, the
Company expects to be able to execute on the strategic initiatives
to ensure a long and successful future for Neiman Marcus.  

Neiman Marcus Group also emerges with a newly constituted Board of
Directors, including:

  * Geoffroy van Raemdonck, who serves as Chief Executive Officer
of Neiman Marcus Group;

  * Meka Millstone-Shroff, who serves as a strategic operating
advisor and board member to a variety of companies, including
serving as an independent director on the boards of Party City and
Nanit;

  * Pauline Brown, who most recently served as the Chairman of
North America for LVMH Moët Hennessy Louis Vuitton and served on
the boards of L Capital and several LVMH subsidiaries, including
Donna Karan, Marc Jacobs, and Fresh Cosmetics;

  * Pamela Edwards, who most recently served as Chief Financial
Officer of the Mast Global and Victoria's Secret divisions of L
Brands, the multi-brand specialty retailer;

  * Kris Miller, who most recently served as the Chief Strategy
Officer for eBay, the global e-commerce marketplace, from
2014-2020; and

  * Scott D. Vogel, who is the Managing Member at Vogel Partners
LLC.

Additional Information

Kirkland & Ellis LLP is serving as legal counsel to the Company,
Lazard Ltd. is serving as the Company's investment banker, and
Berkeley Research Group is serving as the Company's financial
advisor.

The Extended Term Loan Lenders are represented by Wachtell, Lipton,
Rosen & Katz as legal counsel and Ducera Partners LLC as investment
banker.

The Noteholders are represented by Paul, Weiss, Rifkind, Wharton &
Garrison LLP as legal counsel and Houlihan Lokey as investment
banker.

Court filings and other documents related to the Chapter 11
proceedings are available on a separate website administered by the
Company's claims agent, Stretto. For inquiries regarding the
restructuring, please visit https://cases.stretto.com/NMG.

                          About PIMCO

PIMCO is one of the world's premier fixed income investment
managers. With its launch in 1971 in Newport Beach, California,
PIMCO introduced investors to a total return approach to fixed
income investing. In the 45+ years since then, the firm has
continued to bring innovation and expertise to our partnership with
clients seeking the best investment solutions. Today PIMCO has
offices across the globe and 2,800+ professionals united by a
single purpose: creating opportunities for investors in every
environment. PIMCO is owned by Allianz SE, a leading global
diversified financial services provider.

                  About Davidson Kempner Capital

Davidson Kempner Capital Management LP ("DKCM") is a
U.S.-registered global institutional investment management firm
with more than 35 years of experience and a focus on fundamental
investing with a multi-strategy approach.  DKCM has over $33
billion in assets under management with over 400 professionals in
five offices (New York, Philadelphia, London, Hong Kong and
Dublin).

                       About Sixth Street

Sixth Street is a global investment firm with approximately $47
billion in assets under management and committed capital. Sixth
Street operates eight diversified, collaborative investment
platforms across our growth investing, adjacencies, direct lending,
fundamental public strategies, infrastructure, special situations,
agriculture and par liquid credit businesses. Our long-term
oriented, highly flexible capital base and "One Team" cultural
philosophy allows us to invest thematically across sectors,
geographies, and asset classes. Founded in 2009, Sixth Street has
more than 275 team members including over 140 investment
professionals operating from nine locations around the world. For
more information, visit www.sixthstreet.com.

                    About Neiman Marcus Group

Neiman Marcus Group LTD, LLC -- https://www.neimanmarcus.com/ -- is
a luxury omni-channel retailer conducting store and online
operations principally under the Neiman Marcus, Bergdorf Goodman,
and Last Call brand names.  It also operates the Horchow e-commerce
website offering luxury home furnishings and accessories.  Since
opening in 1907 with just one store in Dallas, Neiman Marcus and
its affiliates have strategically grown to 67 stores across the
United States.

Weeks after being forced to temporarily shutter stores due to the
coronavirus pandemic, Neiman Marcus Group and 23 affiliates sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-32519) on
May 7, 2020, after reaching an agreement with a significant
majority of our creditors to undergo a financial restructuring that
will substantially reduce the Company's debt load, and provide
access to considerable financing to ensure business continuity.

Kirkland & Ellis LLP is serving as legal counsel to the Company,
Lazard Ltd. is serving as the Company's investment banker, and
Berkeley Research Group is serving as the Company's financial
advisor.  Stretto is the claims agent, maintaining the page
https://cases.stretto.com/NMG

Judge David R. Jones oversees the cases.

The Extended Term Loan Lenders are represented by Wachtell, Lipton,
Rosen & Katz as legal counsel, and Ducera Partners LLC as
investment banker.

The Noteholders are represented by Paul, Weiss, Rifkind, Wharton &
Garrison LLP as legal counsel and Houlihan Lokey as investment
banker.


NEIMAN MARCUS: Plans Comeback After Emerging from Chapter 11
------------------------------------------------------------
Kati Chitrakorn of Vogue reports that Neiman Marcus's chief
executive Geoffroy van Raemdonck
in an exclusive post-bankruptcy interview outlined his plans for
the American luxury department store chain.

Neiman Marcus, the luxury department store once known for its
lavish holiday catalogues, $25,000 one-of-a-kind evening dresses
and $2,000 designer handbags, is hoping to regain its lustre
post-bankruptcy.

After four months of court proceedings, the Dallas-based luxury
retailer will have shed the bulk of its $5 billion debt load and
gained new owners, including Davidson Kempner Capital Management,
Sixth Street Partners and Pacific Investment Management, the
largest shareholder controlling three of the company's seven board
seats. Investors traded debt for equity, erasing much of the debt
Neiman accumulated through two separate leveraged buyouts, in 2005
and 2013.

"I feel really good," says Geoffroy van Raemdonck, Neiman Marcus's
chief executive since 2018. He will stay on in the role and
continue as a member of the company's board. "It's an important
moment for the industry, because we generate so much revenue for
the thousands of brands that we represent. Not only do we have
business continuity, we now have the best balance sheet in the
business. The rest of this year will be challenging, but it's a
really high moment."

Van Raemdonck contends that the retailer would not have filed for
bankruptcy if it were not for the virus, but Neiman Marcus'
troubles predate the pandemic. It reported a net loss of $31.2
million in July 2019, compared with a net loss of $19.9 million the
year before.  While the company generated $4.5 billion in sales in
2019, Neiman Marcus was not on sturdy enough ground to withstand
the blow, prompting the bankruptcy as well as the shuttering of its
first New York City store, a flashy location at Manhattan's Hudson
Yards development, just opened in 2019.

Now the company wants to put this year behind it and forge ahead.
To regain its position as a leading luxury retailer, Neiman Marcus,
led by Van Raemdonck, plans to tighten up its retail footprint,
perfect digital clienteling for its most valuable customers, reach
elusive younger millennial and Gen Z audiences, and keep most of
the management team intact while hiring for key roles that will
propel the business forward.

But coming out of bankruptcy is only the first step along a
challenging road for Neiman, which is reemerging in a tough market
where demand is soft due to Covid-19, and the department store
model is under pressure.  Its future depends on whether or not it
can win back the trust of its brand partners, who have been burned
during the process.

"The company has restructured itself, which is great, but it's
going to have to navigate a really difficult six months to a year
ahead because of the pandemic environment," says Neil Saunders,
managing director of GlobalData's retail division.

Rebuilding relationships

Major brands like Prada and Gucci are increasingly pulling back on
wholesale accounts and focusing on their direct-to-consumer
channels. Smaller brands, meanwhile, are looking very carefully at
who they want to give inventory to, and the terms on which they
sell.

"Maybe 10 or 20 years ago, if you were an up-and-coming brand and
Neiman Marcus or Bloomingdale's picks you up, it would be like you
made it. But that's completely changed," says Jessica Ramirez,
retail research analyst at Jane Hali & Associates.

Specific insights on selling performance will be shared to help
brands place better performing products into stores at the right
time. In April, the company shared what was selling during the
pandemic with brand partners, and the brands were able to react
quickly, to get better-placed products in stores by the August
delivery, says Van Raemdonck. The retailer plans to continue this
practice, as it's also useful for brands thinking about expanding
into new product categories, he adds.

"My view is that you have open communication, and so we are very
forthcoming and transparent with our brand partners," says Van
Raemdonck, who adds that the company maintained relationships and
business with every one of its 50 top-selling brands throughout the
Chapter 11 process, which make up 60 per cent of revenue.

Observers question whether big brands like Chanel, Dolce & Gabbana
and Saint Laurent, which were high on Neiman's creditor list, might
be cautious about future partnerships. The brands declined to
comment for this story.

Veronica Beard, the sixth-highest creditor, was owed $4.3 million
after shipping an order shortly before Neiman Marcus shortly filed
for bankruptcy that went unpaid. The brand was "bruised” by the
outcome, says president Stephanie Unwin, and plans to tighten its
inventory distribution but continue to work with Neiman Marcus
post-bankruptcy. Unwin says their customers are aligned, and that
the Neiman brand “ really stand[s] for luxury in this country."

"Neiman will have to prove that it's back on stable footing and
re-establish very strong relationships with brands — even
stronger than they have already done — just to instill
confidence," Saunders says. "If some of those brands get nervous
and decide to reduce their exposure to Neiman, it could be a
disaster."

Digital customer service

Neiman Marcus also needs to rebuild the relationship with its
high-spending customers; 40 per cent of the retailer's business is
made from customers spending more than $10,000 per year, says Van
Raemdonck. At the centre of the strategy to bring these customers
back is NM Connect, a digital tool for sales staff to provide
high-touch customer service online. Employees will be able to
source products, give styling and fit advice and prepare items for
pickup in store or home delivery through the portal.

"We are taking a relationship that exists with a customer in-store
and strengthening it digitally," Van Raemdonck says. Since the
technology was fully rolled out in July 2020, nearly 5,000 sales
associates have had 1.5 million interactions with customers. This
has resulted in $60 million in incremental sales, in addition to
the revenue from NeimanMarcus.com, according to the company.

One of the luxury retailer's strengths, which has been key to its
survival, is the strong relationships it has developed with its
customers, says Gene Spiegelman, vice chairman and a principal of
Ripco Real Estate. "Brands go [out of business] because they lose
the loyalty and the connection with their customer. That's the
fundamental foundation for Neiman Marcus's survival."

Success at Neiman Marcus will ultimately come down to retaining its
loyal customers as well as acquiring new millennial and Gen Z
consumers, which together represent around $350 billion of spending
power in the US alone, according to data from McKinsey.

"That is a lost opportunity now. If Neiman Marcus isn't getting
them through their doors or on their website, the future isn't that
sustainable," says Saunders. Capturing this cohort means offering
the kind of styles they're interested in, and the experience to go
with it, he continues. "Why would I go to Neiman Marcus when I can
actually go to the brand store, which is more compelling and easier
than going to a department store?"

Van Raemdonck says that the company is successfully marketing to
millennials and Gen Z, which account for 48 per cent of its
customer base. "We're very focused on being present for the
customer, however and whenever they want," he says.

Neiman intends to start by focusing on product fit. But merchandise
won't cut it alone as the role of the store is changing. "Stores
are still really important. It's where the relationship gets
created with the customers. But we recognise that people are
engaging more from home, therefore we want to make sure we're able
to connect with people on digital devices," says Van Raemdonck.
"Our business model is flexible enough that we can serve you the
way you want."

                    About Neiman Marcus Group

Neiman Marcus Group LTD, LLC -- https://www.neimanmarcus.com/ -- is
a luxury omni-channel retailer conducting store and online
operations principally under the Neiman Marcus, Bergdorf Goodman,
and Last Call brand names.  It also operates the Horchow e-commerce
website offering luxury home furnishings and accessories.  Since
opening in 1907 with just one store in Dallas, Neiman Marcus and
its affiliates have strategically grown to 67 stores across the
United States.

Weeks after being forced to temporarily shutter stores due to the
coronavirus pandemic, Neiman Marcus Group and 23 affiliates sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-32519) on
May 7, 2020, after reaching an agreement with a significant
majority of our creditors to undergo a financial restructuring that
will substantially reduce the Company's debt load, and provide
access to considerable financing to ensure business continuity.

Kirkland & Ellis LLP is serving as legal counsel to the Company,
Lazard Ltd. is serving as the Company's investment banker, and
Berkeley Research Group is serving as the Company's financial
advisor.  Stretto is the claims agent, maintaining the page
https://cases.stretto.com/NMG

Judge David R. Jones oversees the cases.

The Extended Term Loan Lenders are represented by Wachtell, Lipton,
Rosen & Katz as legal counsel, and Ducera Partners LLC as
investment banker.

The Noteholders are represented by Paul, Weiss, Rifkind, Wharton &
Garrison LLP as legal counsel and Houlihan Lokey as investment
banker.


NEOVIA LOGISTICS: S&P Upgrades ICR to 'CCC+'; Outlook Negative
--------------------------------------------------------------
S&P Global Ratings raised its issuer credit and issue-level rating
on Dallas-based Neovia Logistics L.P.'s first-lien term loan to
'CCC+' from 'CCC' and removed all of its ratings from CreditWatch,
where S&P placed them with negative implications on April 22,
2020.

The negative outlook reflects the continued uncertainty around the
COVID-19 pandemic and its potential impact on demand.

"We now believe the company is less likely to enter into a
distressed exchange over the next 12 months. Neovia faces
challenging market conditions due to the economic impact of the
COVID-19 pandemic. While we continue to expect revenues will
decline in 2020, we now expect the decline to be less severe than
under our previous forecast. In particular, we believe demand for
aftermarket automotive parts has improved somewhat from March
levels, as lockdown restrictions have partly abated and miles
driven have increased. The company should also benefit somewhat
from increased spending on nonresidential construction, as well as
its exposure to consumer and finished goods. As a result, we expect
the company will be able to meet its debt obligations over the next
12 months without having to enter into a distressed exchange with
its lenders. We also expect the company will meet the higher cash
interest portion on its second-lien term loan, which will increase
to 50% from 25% in November when the payment in kind (PIK) portion
decreases to 50% from 75%. Trading levels of the company's first
lien term loan have also recently improved," S&P said.

"We forecast mostly stable credit metrics through 2021. We
anticipate the company's S&P Global Ratings-adjusted EBITDA margin
will improve slightly in 2020 to the 12% area from around 10% in
2019, mostly due to fewer transaction-related expenses the company
incurred in 2019 when it entered into a recapitalization
transaction. Nonetheless, we expect total debt to increase over the
next year due to the PIK interest on its second-lien term loan and
preferred equity, which we treat as debt-like and include in our
adjusted metrics. As a result, we expect debt to EBITDA to remain
in the 11x area through 2021, but forecast funds from operations
(FFO) to debt to improve to the low-single-digit percent area in
2020 and 2021 from below 1% in 2019," S&P said.

The impact of the COVID-19 pandemic on Neovia's business and
financial results remains uncertain. S&P Global Ratings
acknowledges a high degree of uncertainty about the evolution of
the coronavirus pandemic. The current consensus among health
experts is that COVID-19 will remain a threat until a vaccine or
effective treatment becomes widely available, which could be around
mid-2021.

"We are using this assumption in assessing the economic and credit
implications associated with the pandemic. As the situation
evolves, we will update our assumptions and estimates accordingly,"
S&P said.

"The negative outlook on Neovia reflects our belief that it faces
an uncertain macroeconomic environment due to the coronavirus
pandemic and its impact on demand for the company's logistics
services. As a result, we believe credit metrics could weaken below
our current expectations," the rating agency said.

S&P could lower its rating on Neovia over the next 12 months if it
believes there is an increased likelihood that the company will
engage in a transaction it would view as distressed. This could
occur if:

-- The company's liquidity becomes constrained by lower revenue or
cash flow; or

-- Access to its revolving credit facility is restricted.

S&P could revise its outlook to stable over the next 12 months if:

-- The impact from the pandemic is less than S&P currently
expects;

-- S&P believes the company will meet its debt obligations without
entering into a distressed exchange;

-- S&P expects the company to maintain its current liquidity
position; and

-- Debt to EBITDA is in the 10x-11x area or better.


NEW MOON ORLANDO: Files for Chapter 11 Bankruptcy Protection
------------------------------------------------------------
New Moon Orlando LLC filed for voluntary Chapter 11 bankruptcy
protection Sept. 17, 2020 (Bankr. M.D. Fla. Case No. 20-05204).
According to the Orlando Business Journal, the Debtor listed an
address of 2314 Edgewater Drive, Orlando, and is represented in
court by attorney Jeffrey Ainsworth. New Moon Orlando LLC listed
assets up to $20,026 and debts up to $47,953. The filing's largest
creditor was listed as SunTrust with an outstanding claim of
$20300.

New Moon Orlando provides professional home building services.


NEXUS BUYER: S&P Affirms B- ICR, Cuts First-Lien Debt Rating to B-
-------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on Nexus
Buyer LLC (d/b/a Promontory Interfinancial Network LLC), but
lowered its issue-level rating on the first-lien credit facility to
'B-' from 'B' and revised the recovery rating to '3' from '2', to
reflect the increase in first-lien debt. The '3' recovery rating
reflected its expectation of 50%-70% (rounded estimate: 60%)
recovery in the event of a default.

S&P said, "The stable outlook reflects our expectation that
Promontory will continue to grow organically and perform strongly.
We expect net revenue to grow about 25% in 2020, adjusted EBITDA
margins to improve by over 650 basis points (bps) to the
mid-to-high-60% area (as a share of net revenues) as the company
benefits from its inherent operating leverage, and adjusted debt to
EBITDA to decline to the low-7x area by year-end 2020."

Nexus Buyer LLC will use $340 million of incremental first-lien
borrowings to fund a $256 million dividend, repay $95 million of
second-lien debt, and pay transaction expenses.

"The affirmation reflects Promontory's better-than-expected 2020
operating performance and our expectations for continued earnings
growth over the next 12 months."

"The company's S&P Global Ratings-adjusted leverage declined to
5.9x as of June 30, 2020, from 7.4x as of Dec. 31, 2019, due to
strong deposit growth and demand partially driven by the COVID-19
pandemic, the economic recession, market volatility, and the high
fixed-cost operating leverage of Promontory's business, processing,
and technology platform. Pro forma for the transaction, S&P
adjusted leverage as of June 30, 2020 will increase to 7.6x before
declining to the low-7x area by year-end 2020. Despite the sharp
increase in debt, our leverage forecast is in line with our initial
expectations at the time of the November 2019 leveraged buyout
(LBO) by The Blackstone Group."

"Relative to our initial forecast of about 9% growth in net
revenues and about $123 million in adjusted EBITDA in 2020, we now
forecast over 25% growth in net revenues and about $165 million in
adjusted EBITDA as Promontory requires limited incremental spending
to handle additional volume. For 2021, we expect volume growth in
the high-single-digit percent area; however, pressure on the
company's One-Way spread as a result of the low interest rate
environment will likely result in modest net revenue growth."

Promontory's sensitivity to regulatory and economic shifts could
impact S&P's top-line forecast. A negative U.S. interest rate
policy, bank failures or consolidation, or changes to FDIC and bank
regulations--such as the favorable capital treatment for certain
reciprocal deposits--highlight its key risk scenarios.

Ongoing debt-funded dividends will result in Promontory's adjusted
leverage remaining in the 7x area.

Private equity companies such as Blackstone have a record of
issuing debt-funded dividends from portfolio companies that have
good operating performance or cash flow generation. Additionally,
risk management policies to protect Blackstone's significant equity
investment in Promontory will likely result in favorable
shareholder-friendly financial policies over debt reduction. This
restricts the company's flexibility to respond to rapid shifts in
the regulatory and economic environment given its narrow product
and end-market focus, and also limits ratings upside over the next
12 to 18 months.

LBO-related change-of-control payments, high interest expense, and
50% annual income tax distributions will depress cash flow credit
measures until 2022.

Despite S&P's expectation for strong earnings growth, Promontory's
EBITDA cash conversion will remain modest through 2021. The company
will likely accrue $56 million in 2020 for change-in-control awards
for employees triggered by the LBO transaction, and annual tax
distributions in the second half 2020 could total about $27
million. Furthermore, transaction fees and expenses will result in
modest reported free operating cash flow (FOCF) generation of about
$15 million to $25 million in 2020 and 2021. Promontory's
change-in-control accruals will likely end in late 2021, supporting
cash flow generation of at least $60 million annually thereafter.

Nevertheless, Promontory's liquidity is supported by full
availability under its $100 million revolving credit facility
maturing in 2024, and pro forma cash balance of about $35 million.

Promontory's large financial institution network and scalable
business platform supports S&P's expectations for above-average
profit margins.

S&P said, "We view the network effect of the company's large system
of banks (representing about 50% of U.S. banks) as a key
competitive advantage. It has allowed Promontory to quickly grow
deposits and transaction volumes with limited incremental expense.
EBITDA margins in excess of about 60% of net revenues places
Promontory on the high-end of our software and services rating peer
group. Network handling capacity will steadily improve with
incremental system growth, naturally enhancing Promontory's value
to financial institutions and reinforcing its competitive entry
barriers. That said, Promontory's markets are highly competitive,
and feature competition from large financial technology and data
processing providers, new financial technology startups, and
alternative bank wholesale funding options that compete for demand
deposits, and a persistently low interest rate environment could
limit industry pricing power or profit margin expansion over the
medium term."

"The stable outlook reflects our expectation that Promontory will
continue to grow organically and perform strongly. We expect net
revenue to grow about 25% in 2020, adjusted EBITDA margins to
improve by over 650 bps to the mid-to-high-60% area (as a share of
net revenues) as the company benefits from its inherent operating
leverage, and adjusted debt to EBITDA to decline to the low-7x area
by year-end 2020."

"We could lower our ratings if operating performance deteriorates,
resulting in FOCF deficits or EBITDA to cash-interest coverage to
decline toward the low-1x area. In this scenario, unexpected
legislative change as a result of economic weakness or a banking
crisis, or increased competition, results in reduced demand for
deposits or deposit volumes, fee rate compression, or a loss of
large network members. Alternatively, financial policy decisions
consisting of debt-funded dividends or acquisitions could result in
a downgrade."

"We could raise the ratings if the company demonstrates strong
operating performance such that we expect leverage to remain below
7x on a sustained basis, with free operating cash flow to debt in
the mid-single-digit percent area. In this scenario, we would
expect a relatively favorable operating and regulatory
environment."


NMG HOLDING: S&P Assigns 'CCC+' ICR on Bankruptcy Exit
------------------------------------------------------
S&P Global Ratings assigned its 'CCC+' issuer credit rating to NMG
Holding Company Inc. (Neiman Marcus), with a negative outlook,
following the company's emergence from bankruptcy.

At the same time, S&P assigned a 'CCC+ issue-level rating to the
$750 million senior secured exit financing facilities (including
approximately $699.2 million of term loan and $50.8 million of
notes) and a '3' recovery rating. The '3' recovery rating indicated
its expectation for meaningful (50%-70%; rounded estimate 55%)
recovery in the event of a payment default.

"The 'CCC+' rating and negative outlook reflect our expectations
that Neiman Marcus will face continued operating pressure and
significant uncertainty in recovering sales and EBITDA lost through
the pandemic, leading to continued high leverage and weak cash
flows over the next 12 months. We view its capital structure as
unsustainable despite the extended maturity and about $4 billion of
debt reduction achieved via bankruptcy," S&P said.

The COVID-19 pandemic has significantly depressed Neiman Marcus'
performance and the pace of recovery remains highly uncertain,
adding to challenges from ongoing secular shifts in consumer
spending habits that have pressured the department store industry.


S&P currently forecasts revenues at Neiman Marcus will continue
declining in the mid- to high-single-digit range through fiscal
2021, following about 20% declines in fiscal 2020. Temporary stores
closures affected fiscal 2020 sales the impact of permanent store
closures of select Neiman Marcus full line stores and Last Call
locations will affect 2021 sales. S&P believes the company will
struggle to drive substantial in-store traffic over the next 12
months given consumer concerns surrounding health and safety and
ongoing efforts to social distance. Though the company has
meaningful online presence, which S&P expects to perform much
better than in-store revenues, it only represents a third of total
sales and will not make up for sales lost at brick-and-mortar
locations. In addition, S&P expects the greatly weakened
macroeconomic environment will add more pressure to high-end
discretionary purchases, including luxury clothing and accessories.


"In our view, we believe the U.S. luxury market could remain weak
even after pandemic subsides as consumers shift spending toward
other categories," S&P said.

"Furthermore, the pace of recovery is highly impacted by the
potential path of the pandemic through the holiday season and into
calendar 2021. To the extent a second wave of cases occurs, we
believe there could be heightened social distancing and a second
round of temporary store closures across the retail industry, which
we expect would further slow recovery," S&P said.

S&P believes leverage wil remain inflated through fiscal 2021 and
decline to between 6x and 7x in fiscal 2022 as sales and EBITDA
recover but remain well below fiscal 2019 levels.

With significant revenue decline leading to cost deleveraging, as
well as additional expenses related to reorganization, we forecast
S&P Global Ratings' adjusted EBITDA will be flat to slightly
positive in fiscal 2021. This results in inflated leverage for the
next 12 months, which declines in 2022 to the 6x-7x range.
Anticipated deleveraging results from sales growth both in-store
and online, and EBITDA margins expand on leveraging of fixed costs
and reduction in expenses related to management efforts to improve
efficiency and profitability.

Neiman Marcus successfully reduced funded debt by roughly $4
billion through bankruptcy. Post-emergence, we forecast the company
will maintain a high level of draw on its revolver (more than $300
million for the next 24 months), limiting financial flexibility and
liquidity. S&P doesn't expect cash flows to be sufficient to
materially reduce revolver borrowings until fiscal 2023, so there
remains a risk that cash burn could accelerate beyond S&P's
base-case expectations if unfavorable market conditions or weaker
consumer spending on luxury goods have a negative impact on
performance. This would lead to incremental draw on the revolver,
pressuring liquidity and reducing flexibility to manage working
capital through seasonal peaks. As a result, S&P believes Neiman
Marcus is currently dependent on favorable market conditions to
meet its financial commitments and generate sufficient cash to
maintain operations, contributing to its view that the capital
structure is currently unsustainable.

S&P believes the ongoing secular changes in the department store
sector will persist and anticipate consumers will continue shifting
purchases online, drawn by the convenience, selection, and price
transparency.

"Although Neiman is a recognized brand with a large omnichannel
presence, we believe its market position has become increasingly
vulnerable given the challenges facing it in the narrow luxury
department store sector. We also think the operating environment
for department stores and retail apparel companies will remain
difficult because they will face top-line and margin pressure from
competitive threats even as the department stores work to address
these challenges with investments in their merchandise and online
presence. Furthermore, we see extra risks in the luxury retail
segment, including longer product lead times that reduce working
capital flexibility," S&P said.

"The negative outlook on Neiman Marcus reflects our view that the
capital structure is unsustainable based on our expectation for
weak performance over the next 12 months, with an uncertain path
for recovery. We believe the company is currently vulnerable and
dependent on favorable developments in its business and the economy
to meet its financial commitments," S&P said.

S&P could lower the rating on Neiman Marcus if:

-- S&P believes the likelihood of an event of default occurring
within the next 12 months is materially higher.

-- This could occur if the speed and magnitude of sales and EBITDA
recovery is worse than S&P's expectations, leading to sustained
cash burn, incremental draw on the ABL, and materially weaker
liquidity.

S&P could raise its rating on Neiman Marcus if:

-- S&P sees a clear path of sales and EBITDA recovery, leading to
consistent positive free operating cash flows.

-- S&P expects leverage will be sustained below 6.5x.

-- S&P no longer views the capital structure as unsustainable.


NN INC: S&P Raises Issuer Credit Rating to 'B+'; Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings raised the issuer credit rating on NN Inc. and
issue-level ratings on its debt to 'B+' from 'B-', and removed them
from CreditWatch, where it placed them with developing implications
on Aug. 25, 2020.

The negative outlook reflects the ongoing risk and exposure to the
coronavirus pandemic combined with the potential inability to
achieve the targeted operational efficiencies post-divestiture.
This could lead to weaker credit metrics relative to S&P's current
base-case.

S&P said, "We expect NN to use the proceeds from its life sciences
divestiture to pay down debt and significantly improve its leverage
and capital structure.   NN agreed to spin off the segment and use
$700 million proceeds toward its senior secured term loan. We now
expect leverage under 5x in 2020, improving in 2021 through modest
EBITDA growth from top-line and margin improvement. The transaction
also reduces NN's interest burden by about $50 million per annum,
hence supporting improved free operating cash flow (FOCF) to debt
above 5% next year. We expect the management team to control
capital expenditures at 4-5% of sales, deploy cash flow towards
debt reduction, including the elimination of its preferred stock
(which we view as debt-like) and maintain leverage near their
target level of 2.0x, which equates to roughly 4x per our
calculations, including adjustments."

The negative outlook reflects the ongoing risk and exposure to the
coronavirus pandemic combined with the potential inability to
achieve the targeted operational efficiencies post-divestiture.
This could lead to weaker credit metrics relative to our current
base-case debt to EBITDA of under 4.0x and free operating cash flow
to debt of over 10% in the next 12 months.

S&P could lower its ratings on NN over the next 12 months if:

-- Leverage approaches 5x; and

-- FOCF to debt approaches 5%, with limited signs of improvement
going forward.

This could occur from higher than expected operating costs post
divestiture, heightened competition, operational disruptions
related to the pandemic. A downgrade could also occur because of a
large, debt-financed acquisition, which appears likely to delay
deleveraging in 2021.

S&P would consider revising the outlook to stable if:

-- NN maintains leverage below 4x; and

-- It improves FOCF generation, such that FOCF to debt increases
above 10% on a sustained basis.

This could occur if the company refrains from significant
debt-funded acquisitions or shareholder distributions within the
next year or so, and expanding EBITDA margins above 20% through
improved sales, reduced costs, and improved productivity.

S&P acknowledges a high degree of uncertainty about the evolution
of the coronavirus pandemic. The current consensus among health
experts is that COVID-19 will remain a threat until a vaccine or
effective treatment becomes widely available, which could be around
mid-2021.

S&P said, "We are using this assumption in assessing the economic
and credit implications associated with the pandemic. As the
situation evolves, we will update our assumptions and estimates
accordingly."



NORPAC FOODS: To Pay Farmers a Quarter of What They're Owed
-----------------------------------------------------------
Bill Poehler of Salem Statesman Journal reports that the former
NORPAC is proposing to pay $4.5 million to settle with its former
farmers for crops they delivered to the agricultural processor in
2019 while the company was starting its bankruptcy proceedings, but
it's about a quarter of what the farmers are owed.

In the filing submitted Tuesday by Tonkon Torp attorney Albert
Kennedy, who is representing the bankrupt co-op now known as North
Pacific Canners and Packers, farmers who delivered crops to the
company in 2019 were owed over $16 million.

For the settlement to move forward, farmers with 85% of the
outstanding claims must sign the agreement.

The settlement is the last financial uncertainty in the unraveling
of what at one time was one of Oregon's largest agricultural
processors.

Court documents show the settlement was reached after a mediation
sessions with Bankruptcy Judge David Hercher on June 30 and July 2,
2020.

The co-op was owned by over 140 farmers and approximately 100 of
them have filed claims for fruits and vegetables delivered, most of
them coming after the company for Chapter 11 bankruptcy protection
in August 2019.

Many of the farmers are owed hundreds of thousands of dollars for
the goods they delivered.

According to the settlement schedule, farmers would be paid 20% to
50% of the value of the crops delivers based on how much they have
already received and how much they have already been paid.

Some of the farmers have received a portion of the money they are
owed for their 2019 crops.

Fessler Farms of Woodburn was owed $2.5 million for the crops it
delivered and was paid $984,000. Of the $1.5 million it is still
owed, Fessler Farms would receive $295,000.

The amounts the former agricultural co-op is proposing to pay are
based on the economic value of crops delivered during the 2019
year.

Other farms that would receive over $200,000 include Hendricks
Farm, Keudell Farms, Koch Legacy and Butler Farms.

North Pacific Canners and Packers filed for Chapter 11 bankruptcy
in August 2019 after nearly 100 years in business.

The company sold its processing facility in Quincy, Wash., along
with assets like inventory and trademarks in December to
entrepreneur Frank Tiegs for $107 million and the Salem, Brooks and
Stayton processing and storage facilities for $49 million, meaning
the company had $156 million to pay off its debts.

But much of that money was due to CoBank, which financed the
bankruptcy and had a secured claim for $125 million.

The farmer-members had unsecured claims, meaning they can only be
paid after the secured claims like the one held by CoBank.

                      About NORPAC Foods

Founded in 1924 and headquartered in Salem, Ore., NORPAC Foods,
Inc. (www.norpac.com), a farmer-owned cooperative, along with its
wholly-owned subsidiaries Hermiston Foods, LLC and Quincy Foods,
LLC is an independent, standalone processor of organic and
conventional frozen vegetables and fruits in the Pacific Northwest.
NORPAC is a cooperative owned by more than 140 members.  

Quincy and Hermiston are single-member limited liability companies
whose sole member is NORPAC.  The Debtors own and operate raw
processing plants in Brooks and Stayton, Ore., a packaging plant in
Salem, Ore., and a raw processing, packaging, and roasting facility
in Quincy, Wash. The Debtors have more than 1,125 full-time
employees along with up to 1,100 seasonal employees. The Debtors
have a diverse supplier base built on an extensive network of more
than 220 contract growers made up of family-owned farms (145 farms
in Oregon and 75 farms in Washington) spanning more than 40,000
acres.

NORPAC Foods, Hermiston Foods and Quincy Foods sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Lead Case
No. 19-62584) on Aug. 22, 2019.

At the time of the filing, NORPAC Foods disclosed assets of between
$100 million and $500 million and liabilities of the same range.
The other Debtors had estimated assets of between $10 million and
$50 million and liabilities of between $100 million and $500
million.  

Judge Peter C. McKittrick oversees the cases.

The Debtors tapped Tonkon Torp LLP as legal counsel;
SierraConstellation Partners LLC as restructuring advisor; and
Kurtzman Carson Consultants LLC as noticing agent.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on Aug. 30, 2019. The committee tapped Lowenstein Sandler
as bankruptcy counsel; Leonard Law Group LLC as local counsel; and
Alvarez & Marsal North America, LLC as financial advisor.


NORTHRIVER MIDSTREAM: S&P Lowers ICR to 'BB'; Outlook Stable
------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on
Canadian-based midstream company NorthRiver Midstream Finance LP
and its subsidiary, NorthRiver Midstream Operations LP to 'BB' from
'BB+'. The outlook is stable.

At the same time, S&P is lowering its issue-level rating on
NorthRiver's senior secured term loan B to 'BB' from 'BB+'. The '3'
recovery rating is unchanged.

The stable outlook reflects S&P's expectation that adjusted debt to
EBITDA will be above 5.5x for 2020 and 2021 and decline below 5.0x
in 2022, with EBITDA affected by lower volumes and the shift of
many growth projects to 2022.

Many of NorthRiver's growth projects have been postponed until
2022, resulting in expected leverage metrics above 5.5x in 2020 and
2021. Volumes on NorthRiver's system were about 10% lower than
expected at about 1.5 billion cubic feet per day (bcf/d) for the
first half of 2020.

"We consider 2020 a challenging year for most midstream companies
due to the downturn in oil and gas prices. Given the demand
slowdown, NorthRiver has shifted many of its growth projects to
2022. We now expect adjusted debt to EBITDA above 5.5x in 2020 and
2021 compared with our previous forecasts of debt to EBITDA below
5.0x in 2020 and beyond. Our current forecast takes into account
lower processing volumes from some of NorthRiver's facilities due
to the postponement of many growth projects until 2022 and the
expiration of take-or-pay contracts," S&P said.

"We expect that future growth initiatives will be financed by
equity contributions from Brookfield Infrastructure Partners L.P..
Over the next four years, NorthRiver has a large capital spending
program for expansion and other strategic liquids projects growth
initiatives in North Montney and Central Montney. We expect that
these projects would be funded through excess cash flows and equity
contributions from Brookfield," S&P said.

Increasing recontracting risk over the next few years increases
volume risk. Over 80% of NorthRiver's 2020 revenues are backed by
take-or-pay contracts with creditworthy counterparties. However, if
not recontracted, the proportion of overall take-or-pay contracts
falls to about 69% by 2022 from 87% in 2020. This will partially
expose NorthRiver to the fluctuating volumes and drilling activity
of its producer customers under various commodity prices. S&P does
not expect material changes to counterparty credit quality, which
remains satisfactory, with about 92% of revenues supported by
investment-grade entities or credit enhancement mechanisms
(parental guarantees, letter of credit, etc.). As contracts roll
off, there is some uncertainty about future volumes on NorthRiver's
systems and cash flows. Recontracting terms often depend on
producer customers' drilling activity and capital budget plans,
which are affected by the current commodity price environment and
market conditions.

The stable outlook reflects S&P's expectation that adjusted debt to
EBITDA will be above 5.5x for 2020 and 2021 and decline below 5.0x
in 2022, with EBITDA affected by lower volumes due to the pandemic
and the shift of many growth projects to 2022.

"We could lower the rating if we expected debt to EBITDA to stay
above 5.5x on a sustained basis. This could occur because of
lower-than-expected throughput volumes, contract renewals at
materially lower pricing, cost overruns, or delays in the projects
under construction. We could also consider a negative rating action
if we believe there is a significant change in the overall cash
flow profile such that the take-or-pay and fee-based cash flows are
less than two-thirds," S&P said.

"We could consider a positive rating action if debt to EBITDA
declines below 5.0x on a sustained basis. We could also consider a
positive rating action if NorthRiver increases its operating scale
and diversifies its business from an asset and geographical
standpoint while maintaining debt to EBITDA below 5.0x. In
addition, we would expect the company to maintain at least
two-thirds of its EBITDA from stable take-or-pay and fee-based
businesses," S&P said.


NORTHRIVER MIDSTREAM: S&P Rates New $525MM Sr. Secured Notes 'BB'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating and '3'
recovery rating to NorthRiver Midstream Finance L.P.'s proposed
$525 million senior secured notes due 2026. The '3' recovery rating
indicated its expectation for meaningful (50%-70%; rounded
estimate: 60%) recovery in a payment default scenario. The
partnership intends to use the net proceeds from these notes to
repurchase its term loan A due 2022 and pay related transaction
fees and expenses.

NorthRiver is a gathering and processing company with both
provincial and federally regulated raw gas gathering pipelines and
natural gas processing facilities located primarily in northeastern
British Columbia and northwestern Alberta, Canada (mainly in the
Central and North Montney sub-plays). The company's existing asset
base comprises 16 natural gas processing plants with a total
capacity of 2.9 billion cubic feet per day and more than 3,400
kilometers of raw gas gathering pipelines.



NORTHWEST CO: Sale to Ashford Textiles OK'd After $24M Revised Bid
------------------------------------------------------------------
Law360 reports that a New York bankruptcy judge approved the sale
of insolvent textile maker Northwest Co. to Ashford Textiles on
Aug. 20, 2020, after Ashford beat a stalking horse bidder with a
revised $24 million offer submitted.

Following questions from U.S. Bankruptcy Judge Michael Wiles on
Wednesday, August 19, 2020, over Northwest's reasons for initially
favoring stalking horse bidder Cathay Home Inc. over Ashford's
larger cash offer at an auction earlier this month, the debtor
reversed course and said a revised Ashford bid submitted late
Wednesday was acceptable. Northwest, a New York-based maker of
sports-team branded blankets, throws and other home textiles, filed
for bankruptcy in April 2020.

                   About Northwest Company

The Northwest Company LLC and The Northwest.com LLC manufacture
branded home textiles, throws and blankets, which are sold through
major national retailers and on-line channels. They operate from
their showroom in midtown Manhattan and in corporate offices in
Roslyn, N.Y. and Bentonville, Ark.  They also maintain a sourcing
office in Shanghai, China and operate a weaving facility in Ronda,
N.C.  Visit www.thenorthwest.com for more information.

Northwest Company and Northwest.com sought protection under Chapter
11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 20-10990)
on April 18, 2020. At the time of the filing, Northwest Company had
estimated assets of between $10 million and $50 million and
liabilities of between $50 million and $100 million.  

Judge Michael E. Wiles oversees the cases.

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


NPC INT'L: A&G Marketing Leases for 163 Pizza Hut Branches
----------------------------------------------------------
A&G Real Estate Partners on Oct. 2, 2020, announced that it is now
marketing leases for 163 recently closed Pizza Hut sites in 26
states in connection with its role as real estate advisor for
multi-concept franchisee NPC International, Inc., which is
restructuring under Chapter 11. All bids are due by October 23,
2020.

The Melville, N.Y. based firm also continues to advise NPC on
optimizing the real estate portfolio for the more than 1,000 of its
Pizza Hut and Wendy's locations that remain in operation.

The locations being offered by A&G average 2,621 square feet and
range from 1,000-square-foot takeout and delivery-only units to
5,916-square-foot full-service restaurants. According to A&G Senior
Managing Director Joseph McKeska, the majority are freestanding
locations on the pads of neighborhood shopping centers and regional
open-air centers. The mix is rounded out by freestanding highway
sites and in-line locations.

"With attractive rents and more than 80% of the leases offering
extended option terms, these sites provide compelling opportunities
for established and start-up foodservice and other retail operators
seeking to expand in desirable suburban, urban and exurban markets
across the U.S.," said McKeska.

A listing of the individual leases is available at www.agrep.com.

For further information on the leases, contact A&G Senior Managing
Director Mike Matlat, (631) 465-9508; mike@agrep.com.

On July 1, 2020, NPC and certain of its affiliates and subsidiaries
filed voluntary petitions to restructure under Chapter 11 in the
U.S. Bankruptcy Court for the Southern District of Texas.
Additional information about the Chapter 11 case, including access
to Court filings and other documents related to the restructuring
process, is available at http://dm.epiq11.com/NPC.

                     About NPC International

NPC International, Inc. -- https://www.npcinternational.com/ -- is
a franchisee company with over 1,600 franchised restaurants across
two iconic brands -- Wendy's and Pizza Hut -- spanning 30 states
and the District of Columbia.

NPC International and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-33353) on July 1, 2020. At the time of the filing, Debtors
disclosed assets of between $1 billion and $10 billion and
liabilities of the same range.  

Judge David R. Jones oversees the cases.

The Debtors tapped Weil, Gotshal & Manges, LLP, as bankruptcy
counsel; Alixpartners, LLP as financial advisor; Greenhill & Co.,
LLC as investment banker; and Epiq Corporate Restructuring, LLC as
claims, noticing and solicitation agent and administrative advisor.


NPC INTERNATIONAL: Gets Court OK to Close 300 Pizza Hut Stores
--------------------------------------------------------------
Steven Church of Bloomberg News reports that NPC International, the
bankrupt operator of more than 1,200 Pizza Hut restaurants, won
court permission to close as many as 300 locations, most of which
are dine-in establishments customers are shunning.

The judge overseeing NPC's bankruptcy in Houston approved a
settlement between the company and franchiser Pizza Hut. Under the
deal, NPC will pay Pizza Hut more than $11.5 million in royalties
owed on the restaurants it's keeping open NPC filed bankruptcy in
July 2020, blaming pandemic-related shutdowns; the company and
Pizza Hut had been at odds over how many restaurants to close,
royalties and other issues.

                     About NPC International

NPC International, Inc. -- https://www.npcinternational.com/ -- is
a franchisee company with over 1,600 franchised restaurants across
two iconic brands -- Wendy's and Pizza Hut -- spanning 30 states
and the District of Columbia.

NPC International and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-33353) on July 1, 2020. At the time of the filing, Debtors
disclosed assets of between $1 billion and $10 billion and
liabilities of the same range.  

Judge David R. Jones oversees the cases.

The Debtors tapped Weil, Gotshal & Manges, LLP, as bankruptcy
counsel; Alixpartners, LLP as financial advisor; Greenhill & Co.,
LLC as investment banker; and Epiq Corporate Restructuring, LLC as
claims, noticing and solicitation agent and administrative advisor.


NPC INTL: Court Denies Motion of Lawyer to Lift Automatic Stay
--------------------------------------------------------------
Josh Saul of Bloomberg News reports that the federal Judge David R.
Jones denied a motion to lift the automatic stay of NPC
International, the bankrupt operator of Pizza Hut restaurants.  The
motion to lift the stay was filed by lawyers for Jessica Edwards,
who was struck by a Pizza Hut delivery driver in February, in an
effort to allow her lawsuit to proceed.  An automatic stay prevents
creditors or others seeking money from the bankrupt company from
pursuing their claim.  "There is exigency here and there's no
reason not to allow this case to go forward," Joseph A. Field, a
lawyer at Field Jerger LLP said.

                    About NPC International

NPC International, Inc. is a franchisee company with over 1,600
franchised restaurants across two iconic brands -- Wendy's and
Pizza Hut -- spanning 30 states and the District of Columbia.
Visit
https://www.npcinternational.com for more information.

NPC International and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-33353) on July 1, 2020.  At the time of the filing, the Debtors
disclosed assets of between $1 billion and $10 billion and
liabilities of the same range.  

Judge David R. Jones oversees the cases.

The Debtors have tapped Weil, Gotshal & Manges LLP as bankruptcy
counsel, Alixpartners LLP as financial advisor, and Greenhill & Co.
LLC as investment banker.  Epiq Corporate Restructuring, LLC is the
claims, noticing and solicitation agent and administrative
advisor.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors in Debtors' Chapter 11 cases.  Kelley Drye & Warren, LLP
and Alvarez & Marsal North America, LLC serve as the committee's
legal counsel and financial advisor, respectively.


OASIS PETROLEUM: Aims to Quickly Emerge from Ch. 11 Reorganization
------------------------------------------------------------------
Renée Jean of Williston Herald reports that Oasis Petroleum is
aiming for a quick turnaround on a pre-packaged Chapter 11
reorganization that will reduce debts by $1.8 billion, the total of
its unsecured and senior unsecured convertible notes.

Oasis is the latest oil and gas company to file for bankruptcy
after the twin effect of the coronavirus pandemic which crushed
demand for oil and gas products, and an international price war,
which dramatically dropped the prices for petroleum products,
leaving the world awash in excess oil.

Whiting Petroleum Corporation was first of the major Bakken
producers to file for Chapter 11 in April. It emerged on Sept. 1,
2020.

Oasis, prior to filing for Chapter 11, had announced it was opting
to skip its September 2020 interest payment for senior unsecured
notes while it was negotiating a financial restructure to reduce
debt with its lenders.

The company was $2.7 billion in debt with just $77.4 million in
cash and cash equivalents on hand at the time it filed for Chapter
11 in a Texas bankruptcy court on Sept. 30.

In a media release, Oasis said it reached agreement with all of the
lenders in its revolving credit facility and 52 percent of those
holding its aggregate principal amount for the bankruptcy package,
which trades debt forgiveness for future equity interest.

The deal includes $450 million in debtor-in-possession financing
from existing lenders to allow it to continue operating as usual
during the course of the reorganization, and a revolving credit
facility with up to $575 million in borrowing capacity.

The proposed timeline calls for the company to emerge from
bankruptcy in November 2020, at which time it projects it will have
about $340 million of borrowings under the Oasis Petroleum credit
facility.

The proposed restructure does not include Oasis Midstream Partners,
a separate legal entity that gathers and processes natural gas for
Oasis Petroleum, which the company has said previously is "well
capitalized."

OMP's main customer is its parent, which provides 76 percent of its
volumes.

Other Oasis entities not included in the Chapter 11 filing include
OMP Operating, Bobcat DevCo, Beartooth Devco, Bighorn Devco and
Panther Devco,

"Oasis Petroleum is a great company with high-quality assets and
employees and a well-earned reputation for excellence in
environmental stewardship, safety and governance," Chairman and
Chief Executive Officer, Thomas B. Nusz said. "However, due to
historically low global energy demand and commodity prices, we
determined that it is best for Oasis Petroleum to take decisive
action to strengthen our liquidity and overcome the headwinds now
challenging both our company and industry."

Nusz added that he appreciated the support of financial
stakeholders in the company, and expressed confidence that Oasis
would emerge from the process a stronger company.

"We expect to continue our operations as normal and intend to meet
our obligations to vendors, and to continue making payments to
royalty owners, working interest owners and surface owners on a
go-forward basis," he said.

Oasis, like Whiting, laid off a number of people in late summer
2019, although it was never clear just how many were let go. A
former employee told the Williston Herald it was around 80, while a
state notice estimated it was 40 in the Williston region.

The notices are only required when companies are Laing off 33
percent of workforce in a single office, or at least 50 employees
— but many companies do not file the notice at all, making it
difficult to track layoffs.

Unplanned delays in getting the Wild Basin gas processing plant in
McKenzie County up and running were among problems that contributed
to the layoffs at that time, along with weather issues on top of a
short construction season.

In February 2020, just before the pandemic began, Oasis also
announced it was shuttering its oilfield services businesses, and
outsourcing the service to Halliburton.

Oasis Petroleum began in the Bakken, and was founded in 2007 by
Tommy Nusz and Taylor Reid. After the 2015 downturn, it expanded
its holdings to the Permian.

It is active in six subsections of the Williston Basin, Cottonwood,
Alger, Wild Basin, Indian Hills, Red Bank and Montana.

                     About Oasis Petroleum

Headquartered in Houston, Texas, Oasis --
http://www.oasispetroleum.com/-- is an independent exploration and
production company focused on the acquisition and development of
onshore, unconventional crude oil and natural gas resources in the
United States.  Its primary production and development activities
are located in the Williston Basin in North Dakota and Montana,
with additional oil and gas properties located in the Delaware
Basin in Texas.

Oasis reported a net loss attributable to the company of $128.24
million for the year ended Dec. 31, 2019, compared to a net loss
attributable to the company of $35.29 million for the year ended
Dec. 31, 2018.

For the six months ended June 30, 2020, the Company reported a net
loss attributable to the company of $4.40 billion on $554.15
million of total revenues compared to a net loss attributable to
the company of $72.12 million on $1.10 billion of total revenues
for the same period in 2019.

As of June 30, 2020, the Company had $2.62 billion in total assets,
$3.21 billion in total liabilities, and a total stockholders'
deficit of $589.91 million.

On Sept. 30, 2020, Oasis Petroleum Inc. and its affiliates sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-34771).

The Hon. Marvin Isgur is the case judge.

The Debtors tapped KIRKLAND & ELLIS LLP as counsel; JACKSON WALKER
L.L.P. as co-bankruptcy counsel; TUDOR, PICKERING, HOLT & CO. and
PERELLA WEINBERG PARTNERS LP as investment banker; and ALIXPARTNERS
LLP as financial advisor.  KURTZMAN CARSON CONSULTANTS LLC is the
claims agent.  PRICEWATERHOUSECOOPERS is the external auditor and
DELOITTE TOUCHE TOHMATSU LIMITED is the tax advisor.

Evercore is acting as financial advisor and Paul, Weiss, Rikind,
Wharton & Garrison LLP and Porter Hedges LLP are acting as legal
advisors to the Ad Hoc Committee of Senior Noteholders.


OMNIQ CORP: Partners with Zebra to Create Management System
-----------------------------------------------------------
OMNIQ Corp. has partnered with Zebra Technologies Corporation, an
innovator at the front line of business with solutions and partners
that deliver a performance edge, to offer an AI-based yard
management solution that incorporates real-time location
capabilities with accurate and automated identification and
tracking capabilities to optimize asset flow within manufacturing
and distribution centers.  Yard management systems are key
components of supply chain logistics management, bridging
transportation systems with supply for manufacturing and warehouse
management systems.

OMNIQ's proprietary Neural Network-based algorithm, which provides
accurate automated vehicle recognition (VRS) and container
recognition capabilities, will be used in the Zebra MotionWorks
location solution.  The system automates the identification of
assets such as trucks, trailers, and containers, the tracking of
locations, and the status and motion of assets and other resources,
allowing customers to monitor and manage these assets and their
cargo with increased control, minimized downtime and maximized
performance.  By having actionable insights from quantifiable,
real-time data and enhanced visibility of goods and assets,
customers can better streamline workflows, ensure product
replenishment, and expedite shipping in a safer and more efficient
yard environment.

Yard management is crucial to smooth logistics operations. Failure
in one part of the process can negatively affect all aspects of
operations and inhibit an operator's ability to deliver shipments
on a timely basis.  For example, when a trailer goes to the wrong
dock, it must be removed and the space allocated to the correct
trailer, causing a significant delay. These issues and many other
challenges can adversely impact efficiencies and create costly
delays.  An effective yard management solution is important in
improving worker productivity, dock planning, streamlining the
movement of goods and optimizing vehicle movement.

"Our Neural Network-based AI algorithm has proven its efficiency
and accuracy in many classified locations in the U.S. and Israel,"
said Shai Lustgarten, president and CEO of OMNIQ.  "We are pleased
to work with a company like Zebra, which recorded almost $4.5
billion in sales in 2019, to combine our 'battle-proven' technology
with Zebra's state-of-the-art yard management solution.  Yard
logistics can be extremely costly if not optimally managed.  Our
cloud-based AI machine vision technology contributes to Zebra
MotionWorks location solution by adding the capability to
accurately and efficiently identify and track vehicles, containers,
trailers and cargo in a terminal yard, optimizing the flow of these
assets, with security and access control from arrival in the yard,
to yard location assignment, to exit.  With better optimization of
space and asset movement through actionable intelligence driven by
real-time data, the solution transforms the logistics yard into an
extension of an efficient warehouse."

Specifically, Zebra MotionWorks with OMNIQ's access control and
security solution provides yard management benefits that include:

   * Efficient identification and authentication of containers
     and trucks

   * Automatic vehicle plate recognition and arrival notice

   * Intelligent location of truck and container positions

   * Efficient warehouse entrance operation

   * Authentication and destination point alerts for exit gate
     operations

   * Real-time reporting, analytics, and insights

                      About OMNIQ Corp.

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

Omniq reported a net loss attributable to common stockholders of
$5.31 million for the year ended Dec. 31, 2019, compared to a net
loss attributable to common stockholders of $5.41 million for the
year ended Dec. 31, 2018.  As of June 30, 2020, the Company had
$41.33 million in total assets, $42.05 million in total
liabilities, and a total stockholders' deficit of $725,000.

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


OWENS & MINOR: Closes Public Offering of 8.47M Common Shares
------------------------------------------------------------
Owens & Minor, Inc. completed its previously announced underwritten
public offering of 8,475,000 shares of its common stock, pursuant
to an Underwriting Agreement dated Oct. 1, 2020, among the Company
and Citigroup Global Markets Inc., BofA Securities, Inc. and J.P.
Morgan Securities LLC as representatives of the several
underwriters listed in Schedule II thereto.  Pursuant to the
Underwriting Agreement, the Company granted the Underwriters an
option to purchase up to an additional 1,271,250 shares of
Company's common stock, which the Underwriters exercised in full.
The Underwriting Agreement contains customary representations,
warranties, covenants and indemnification obligations of the
Company and the Underwriters, as well as customary termination and
other provisions.

The Offering was made pursuant to a prospectus supplement, dated
Oct. 1, 2020, and filed with the Securities and Exchange Commission
on Oct. 5, 2020, and the base prospectus, dated May 7, 2020, filed
as part of the Company's shelf registration statement Form S-3
(File No. 333-238068) filed with the SEC on May 7, 2020 and
declared effective by the SEC under the Securities Act of 1933, as
amended on May 20, 2020.

The Company intends to use all or substantially all of the net
proceeds from the Offering to partially repay its Term A Loans (as
defined in the Prospectus Supplement) and use any remaining
proceeds for general corporate purposes.

                      About Owens & Minor

Headquartered in Mechanicsville, Virginia, Owens & Minor, Inc. --
http://www.owens-minor.com-- is a global healthcare solutions
company with integrated technologies, products, and services
aligned to deliver significant and sustained value for healthcare
providers and manufacturers across the continuum of care.  Owens &
Minor helps to reduce total costs across the supply chain by
optimizing episode and point-of-care performance, freeing up
capital and clinical resources, and managing contracts to optimize
financial performance.  Owens & Minor was founded in 1882 in
Richmond, Virginia, where it remains headquartered today.

Owens & Minor reported a net loss of $62.37 million for the year
ended Dec. 31, 2019, compared to a net loss of $437.01 million for
the year ended Dec. 31, 2018.  As of June 30, 2020, the Company had
$3.13 billion in total assets, $2.74 billion in total liabilities,
and $395.16 million in total equity.

                            *   *   *

As reported by the TCR on Aug. 10, 2020, Fitch Ratings has affirmed
Owens & Minor, Inc.'s 'CCC+' Long-Term Issuer Default Rating and
OMI's 'B-'/'RR3' senior secured debt rating, and has assigned a
Positive Rating Outlook.  The 'CCC+' rating reflects OMI's limited
financial flexibility as a result of distribution customer losses
amid heightened competition, accelerating pricing pressure and
significantly reduced earnings relative to its debt.


OWENS & MINOR: S&P Hikes ICR to 'B+' on Lower Leverage Expectation
------------------------------------------------------------------
S&P Global Ratings raised all ratings on Mechanicsville, Va.-based
Owens & Minor Inc. (OMI), including the issuer credit rating to
'B+' from 'B-', based on the company's proposed debt paydown.

S&P however remained cautious about the sustainability of the
personal protective equipment (PPE) manufacturing tailwind and
still concerned about the long-term prospects for the company's
acute hospital-oriented distribution business.

The stable outlook reflects S&P's expectation that the company will
have an S&P Global Ratings-adjusted leverage in the 4x-5x range
over the long term, maintain a conservative financial policy, and
consistently generate positive free cash flow.

OMI announced an offering of common stock and expects to use all or
substantially all of the net proceeds to repay debt and any
remaining proceeds for general corporate purposes.

The proposed debt paydown is the key driver for the upgrade.  OMI's
credit profile has rapidly improved amid the COVID-19 pandemic
given its status of one of the few Americas-based PPE
manufacturers. S&P said, "We view the opportunistic equity issuance
positively. OMI expects to use all or substantially all of the net
proceeds to repay term A loans and any remaining proceeds for
general corporate purposes. We expect the equity issuance, together
with the $133 million asset sale proceeds from earlier in 2020 and
the accounts receivable (AR) facility, to repay all of the 2021
notes and the vast majority of the term A loans. This will address
most of the company's near-term refinancing risks. As such, we
expect total reported debt (excluding financing/operating leases)
to be around $1.1 billion (down from $1.4 billion as of June 30,
2020) by year-end 2020."

In addition, the company raised its earnings per share guidance
again, primarily driven by strong PPE manufacturing operating
leverage. We now project S&P Global Ratings-adjusted EBITDA in the
$320 million-$350 million range in 2020 and 2021. Together with the
proposed debt repayment, expected adjusted leverage declines to the
4x-5x range, from above 5x, supporting the upgrade.

There could be a wide variety of outcomes in 2021 and beyond.   S&P
said, "We now forecast 2020 free cash flow of $90 million and
adjusted leverage of 4.3x. Our point estimate for 2021 free cash
flow and adjusted leverage is $108 million and 3.8x, respectively.
However, we acknowledge a wide range of outcomes are possible in
2021 and beyond, given significant uncertainties related to the
pandemic concerning to hospital surgery volumes and the
supply/demand dynamics of PPE."

S&P said, "We are getting more comfortable with OMI's financial
policy.  The new management team publicly communicated its desire
to de-lever, highlighted by its planned debt repayment. Our rating
is based on our expectation that the company will maintain a
conservative financial policy, prioritizing debt paydowns over
other shareholder-friendly activities, even beyond 2020 given the
uncertain durability of cash flow associated with PPE
manufacturing."

"We still have long-term concerns about OMI's distribution business
and true earnings power.  Our view of the base business is still
clouded by its recent history of large client losses (e.g., the
Kaiser Permanente contract loss in 2016 and another large client
loss in early 2019). While the company has improved its service
quality under the new management team, we think it would be
challenging to quickly regain lost market share given contract
stickiness and continued competitive pricing pressure. Margin for
the distribution business has been on a secular decline given
intense competition and the increasing negotiating power of
hospital clients."

In addition, compared to Cardinal Health Inc. and Medline
Industries Inc., OMI was late entering the fast-expanding
post-acute distribution and private-label manufacturing businesses.
The company spent over $1 billion in 2017 and 2018 acquiring Byram
Healthcare (a key player in home health medical/surgical
distribution) and Halyard Health's (a basic medical product
manufacturer) surgical and infection prevention business. The
addition of these two businesses hasn't offset the large decline in
the core distribution business. Revenue, operating income, and
operating cash flow remained lower in 2019 compared to 2016. That
said, the Halyard business is the source of the attractive
Americas-based PPE manufacturing.

The stable outlook reflects S&P's expectation that the company will
have an adjusted leverage in the 4x-5x range, maintain a
conservative financial policy, and continue generating positive
free cash flows on a sustained basis.

S&P could consider a lower rating if:

-- S&P believes OMI's S&P Global Ratings-adjusted leverage will
increase to above-5x. One possible path is if PPE profits drop
materially as supply/demand dynamics normalize, without a
commensurate recovery of the distribution business; or

-- The company deviates from its deleveraging commitment and
directs material cash flow toward more shareholder-friendly
activities.

S&P could consider a higher rating if:

-- OMI permanently retires more debt; and

-- It commits to maintaining S&P Global Ratings-adjusted leverage
below 4x.


PENINSULA PACIFIC: S&P Affirms 'CCC+' ICR, Alters Outlook to Pos.
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' issuer-credit rating and
revising the outlook to positive on Virginia-based gaming operator
Peninsula Pacific Entertainment LLC (P2E).

S&P said, "We are keeping the rating at 'CCC+' because we do not
expect P2E's EBITDA to reach a level that covers fixed charges
until the end of 2020. Furthermore, we are uncertain about the
sustainability of demand, given our expectation for high
unemployment through at least 2021, and the potential for
additional waves of the virus that could cause further shutdowns or
operating restrictions in P2E's markets."

"We are assigning our 'CCC+' issue-level rating and '3' recovery
rating to P2E's proposed senior unsecured notes."

"The positive outlook reflects our belief that, absent further
required property closures or restrictions, P2E may be able to
improve its EBITDA to a level that would drive a meaningful
improvement in fixed charge coverage and leverage in 2021."

"We believe the refinancing transaction and HRSC acquisition
enhances P2E's liquidity position."

Pro forma for the proposed transaction, P2E will have full access
to a new $75 million revolver and a larger cash flow base, given
the inclusion of the HRSC property's cash flow in the credit. S&P
said, "We believe the increased liquidity can help P2E absorb any
future potential cash burn if properties are required to close
again, or if the recovery and ramp-up of P2E's properties is weaker
than we are expecting. Based on the company's expected cash
position at close and the undrawn revolver, we believe P2E would
have sufficient liquidity to weather at least 18 months in a zero
revenue environment."

S&P said, "We do not expect EBITDA, pro forma for the completion of
the transaction, to improve to a level that covers fixed charges
until the end of this year."

"We are forecasting P2E's EBITDA at both its Virginia and HRSC
locations to improve in the second half of 2020 relative to the
first half of 2020, which was impacted by the temporary closure of
the properties because of the coronavirus pandemic. Nevertheless,
given the temporary property closures and associated cash burn, we
do not expect EBITDA to reach a level that covers fixed charges
(interest expense and maintenance capital expenditures [capex])
until the end of this year. This is in part because P2E's Virginia
properties, which opened between April and October 2019, are
continuing to ramp up operations and build their customer base, and
because the Virginia operations will account for the
majority--around 80%, of EBITDA, pro forma for the HRSC
acquisition."

"Our 2020 forecast assumes that in the second half of the year,
P2E's Virginia properties continue to ramp, but revenue is modestly
lower than, or similar to the levels generated before the
properties closed, given restrictions on the number of historical
horse racing (HHR) machines imposed on P2E by local authorities to
promote social distancing. We believe, however, that the properties
will continue to grow their customer base, and benefit from a lack
of competition in their markets and the installation of new premium
machines while the properties were closed. We also assume that in
the second half of 2020, HRSC generates revenue at least at the
same level as before the shutdown, notwithstanding required
reductions in slot and table counts to promote social distancing.
This is because HRSC caters primarily to local customers who have
limited entertainment and travel options as a result of the
pandemic. Additionally, we believe HRSC has a competitive advantage
in its market given the variety of amenities it offers compared to
competitors, and our view that the Hard Rock brand will continue to
attract customers."

"Further, we assume that both in Virginia and at the HRSC property,
certain cost reduction initiatives management put in place while
the properties were closed will remain in place at least through
the end of this year. New properties often face challenges ramping
up operations because it is difficult to match their cost
structures to uncertain and variable revenue levels, and adjusting
costs often occurs over time. We believe the COVID-related closure
of the Virginia properties provided P2E an opportunity to quickly
make these types of adjustments in Virginia, and that the
properties reopened more cost efficiently, as many other regional
casinos did. We believe some of the cost savings achieved at the
HRSC property will also remain in place through the end of the
year."

"We believe P2E's Virginia properties will continue to grow EBITDA
through 2021, which should drive substantial improvement in
coverage and leverage.   We believe P2E's credit measures will
continue to improve through 2021 as the Virginia properties gain
traction in their markets and benefit from a lack of competition."

S&P's forecast for 2021 is pro forma to include a full year of
HRSC's revenue and EBITDA in 2020, and assumes revenue increases to
the high-$200 million to low-$300 million area, driven by:

-- A continued ramp-up of the Virginia properties and the expected
early 2021 opening of a fifth Virginia property.
Meaningful year over year growth at HRSC. S&P believes, however,
that HRSC's revenue will remain about 5% to 10% below 2019 levels
as continued high unemployment may result in fewer trips to, and
less spending at, casinos.

-- EBITDA increases to between $80 million to $100 million, driven
largely by the revenue increase.

-- S&P's measure of EBITDA is calculated by subtracting management
fees, which are calculated as 1% of gross revenue and 5% of EBITDAM
(earnings before interest, taxes, depreciation, amortization, and
management fees).

Based on these assumptions, S&P arrives at the following credit
measures:

-- Adjusted leverage of around 10x in 2020, improving to around 5x
in 2021.

-- Adjusted EBITDA coverage of interest expense in the mid-1x area
in 2020, improving to the mid-2x area in 2021.

-- EBITDA coverage of fixed charges of around 1x at the end of
2020, improving to the low-2x area at the end of 2021.

S&P said, "We continue to believe P2E is vulnerable to EBITDA
volatility because the acquisition of HRSC adds only modest
geographic and cash flow diversity.  Pro forma for the addition of
the HRSC property to the portfolio, P2E's Virginia operations will
still represent around 80% of EBITDA. Therefore, we believe P2E's
earnings remain vulnerable to event risks, such as a regional
economic slowdown, additional mandatory property closures,
meaningful capacity or other operating restrictions at the
properties in Virginia, changes in competition, adverse weather, or
brand degradation. Nevertheless, the acquisition of HRSC adds some
diversity given operations in a different state and under the Hard
Rock brand, which we view as favorable in terms of appealing to
customers and drawing customer traffic."

P2E is vulnerable to potential increased competition in its
operating markets in the next three to four years due to new state
licenses, potentially driving a significant EBITDA decline in the
long run.   P2E's operations in both Virginia and Iowa are
vulnerable to potential increased competition in the next few
years, which S&P believes may drive significant declines in EBITDA
at some properties once new competition opens, although this is
unlikely until sometime in 2023 or 2024.

In March, Virginia passed a bill permitting up to five gaming
facilities that can offer Class III slot machines and table games.
Of the five proposed locations, two are within 25 miles of P2E's
Hampton location, and one is in Richmond, where P2E has a property
and that is around 30 miles west of P2E's Colonial Downs location.
S&P said, "We believe that if these three locations open, they
could have a material (we are forecasting between 10% and 15%)
negative impact on P2E's EBITDA in 2024 since its Virginia
properties cater largely to local customers within 25 miles, and
the new facilities would be marketing to the same target customer
base. Further, we believe the proposed casinos will have a
competitive advantage primarily because they will be able to offer
table games in addition to Class III slots, compared to only HHR
machines permitted at P2E's locations per the provisions of its
license with the state. We believe being able to offer table games
can attract a broader customer pool and appeal to a different
customer demographic. While HHR machines work using a different
algorithm than Class III machines, it is our understanding that the
speed of play on P2E's HHR machines is fairly similar to that of
Class III machines given the system on which P2E's machines
operate, and P2E's access to well-recognized brands and titles has
improved as larger gaming equipment manufacturers have begun
offering more products for this space. Further, although HHR
machines cannot create the same sizeable jackpots to attract
customers as some wide area progressive machines at Class III
casinos, which pool gameplay across multiple facilities and
jurisdictions, P2E's HHR machines can produce large jackpots since
its HHR machines are linked. We also expect the proposed casinos
will offer a greater assortment of food, beverage, and other
amenities, given the level of investment required for these
casinos. We believe these additional amenities could draw
customers.

S&P said, "Nevertheless, given the proposed south Richmond location
of the Richmond casino, we believe P2E's facility there may still
capture a large portion of customers from areas north of the city,
and P2E's Colonial Downs location may still capture a large portion
of customers coming from areas to the east of that location. Areas
to the north of Richmond and to the south and east of Colonial
Downs are densely populated. We also believe P2E's Hampton location
has an advantage, relative to the proposed Portsmouth and Norfolk
casino locations, as customers north of Hampton come from densely
populated areas such as Newport News." Further, P2E should benefit
from an effective gaming tax rate of 16%, relative to the rate of
between 18% and 30% for the proposed casinos. This could translate
into an ability to allocate a higher level of revenue towards
marketing initiatives."

P2E's HRSC property could be affected if Nebraska votes to permit
casino gaming at its existing horse tracks. One of the Nebraska
tracks, in South Sioux City, is about 10 miles from HRSC. S&P said,
"Depending on the level of investment for a proposed casino, we
believe a new gaming facility in South Sioux City could have a
meaningful negative impact on HRSC since HRSC draws the majority of
its customers from within around 50 miles. Nevertheless, we believe
this eventuality is several years away, given the amount of time
required to pass legislation, secure local permits and gaming
licenses, secure financing for a project, and develop and construct
the facility." Further, since the existing track in South Sioux
City is owned by a Native American tribe that already owns and
operates casinos in the South Sioux City region, we believe the
Tribe may not make a meaningful investment in a commercial casino
at this location. This is because the commercial casino would be
subject to gaming taxes, and the new casino could deter customers
away from its existing facilities, which are not subject to
commercial gaming taxes.

S&P said, "The positive outlook reflects our belief that, absent
further required property closures, P2E can improve its EBITDA to a
level that would drive a meaningful improvement in fixed charge
coverage and leverage in 2021."

"We could raise the rating one notch once we are confident that P2E
can reach and sustain a level of EBITDA that translates into
coverage of fixed charges above 1x and adjusted leverage below
7.5x. We believe these credit measures are likely sustainable even
in a scenario of increased competition."

"We would consider revising the outlook to stable if we no longer
expected EBITDA to improve meaningfully over the next few quarters
resulting in leverage remaining around 10x or higher for an
extended period. We could lower ratings if we no longer expected
EBITDA to reach a level, or be maintained at a level that could
cover fixed charges, leading to an eventual cash default or
restructuring."


PQ NEW YORK: Unsecured Creditors to Have 2% to 5% Recovery in Plan
------------------------------------------------------------------
PQ New York, Inc. and its Debtor Affiliates together with the
official committee of unsecured creditors  filed and Amended
Disclosure Statement and Chapter 11 Plan of Liquidation on August
20, 2020.

This Combined Plan and Disclosure Statement contemplates the
establishment of a liquidating trust by and through which the
Liquidating Trustee will marshal the remaining assets of the
Debtors' estates, including the proceeds from the sale of
substantially all of the assets which was approved by the
Bankruptcy Court on June 29, 2020 and consummated on June 30, 2020,
review the Claims, and make Distributions from the remaining assets
of the estates to Holders of Allowed Claims and Allowed Equity
Interests.

Class 4 General Unsecured Claims will each receive its pro rata
share of any beneficial interest in the funds remaining in the
Liquidating Trust or such other treatment as may be agreed upon by
such Holder and the Liquidating Trustee. The Liquidating Trustee
shall make one or more Distributions on account of such Allowed
General Unsecured Claims to each Holder of such Allowed General
Unsecured Claims on each Distribution Date on a Pro Rata basis,
provided, however, that the Liquidating Trustee shall have no
obligation to make a Distribution to Holders of Allowed General
Unsecured Claims where the Liquidating Trustee determines that to
make such a Distribution would prevent the Liquidating Trustee from
having sufficient funds to pay Allowed Administrative Claims, and
the actual and necessary costs and expenses of the Estates and the
Liquidating Trust, including Liquidating Trust Expenses. Holders of
such Claims shall receive 2% to 5% distribution.

On the Effective Date, all Interests shall be deemed canceled,
extinguished and of no further force or effect, and the Holders of
Interests shall not be entitled to receive or retain any property
on account of such Interest Class 6 Equity Interests are impaired,
and deemed to reject Plan, and are not entitled to vote.

On the Effective Date, 100 shares of new equity of the Reorganized
Debtor shall be issued to the Liquidating Trustee, free and clear
of all Liens, Claims, Interests, and encumbrances of any kind,
except as otherwise provided in the Plan. All the shares of the new
equity issued pursuant to the Plan shall be duly authorized,
validly issued, fully paid, and non-assignable.

A full-text copy of the Amended Disclosure Statement dated August
20, 2020, is available at https://tinyurl.com/y52a3p9q from
PacerMonitor at no charge.

Counsel to the Debtors:

         Mark D. Collins
         Michael J. Merchant
         Jason M. Madron
         Brendan J. Schlauch
         RICHARDS, LAYTON & FINGER, P.A.
         One Rodney Square
         920 North King Street
         Wilmington, Delaware 19801
         Telephone: (302) 651-7700
         E-mail: collins@rlf.com
         E-mail: merchant@rlf.com
         E-mail: madron@rlf.com
         E-mail: schlauch@rlf.com

Counsel to the Official Committee of Unsecureds:

         Jeffrey R. Waxman (No. 4159)
         Eric J. Monzo (No. 5214)
         Brya M. Keilson (No. 4643)
         Morris James LLP
         500 Delaware Avenue, Suite 1500
         Wilmington, DE 19801
         Telephone: (302) 651-7700
         E-mail: jwaxman@morrisjames.com
         E-mail: emonzo@morrisjames.com
         E-mail: bkeilson@morrisjames.com

              - and -

         Robert J. Gayda, Esquire
         Catherine V. LoTempio, Esquire
         Seward & Kissel LLP
         One Battery Park Plaza
         New York, NY 10004
         Telephone: 212-574-1200
         E-mail: gayda@sewkis.com
         E-mail: lotempio@sewkis.com

                        About PQ New York

Based in New York, PQ New York, Inc. is a wholly-owned subsidiary
of PQ Licensing SA, a Belgian company, and operated 98 restaurants
in the United States under the trade name Le Pain Quotidien.

On May 27, 2020, PQ New York and its U.S. affiliates sought Chapter
11 protection (Bankr. D. Del. Lead Case No. 20-11266).  PQ New York
was estimated to have $100 million to $500 million in assets and
liabilities at the time of the filing.

The Debtors tapped Richards, Layton & Finger, P.A. as its legal
counsel, and SSG Advisors, LLC as its investment banker.
PricewaterhouseCoopers LLP is the interim management services
provider.  Donlin, Recano & Company, Inc., is the claims agent.


PSS INDUSTRIAL: S&P Downgrades ICR to 'CCC+'; Outlook Negative
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on
Houston-based specialty product distributor PSS Industrial Group
Corp. (PSSI) to 'CCC+' from 'B-'.

At the same time, S&P is lowering its issue-level rating on the
company's senior secured first-lien term loan and revolver to
'CCC+' from 'B' and revising its recovery rating to '3' from '2'.

"Despite our expectation that PSSI will secure a covenant waiver,
the negative outlook reflects the possibility it may fail to
improve its credit measures over the next 6-12 months or struggle
to obtain a covenant waiver in a timely manner," S&P said.

"The downgrade reflects our view that continued weak hydrocarbon
prices will lead to a slowdown in U.S. energy infrastructure
spending, reducing the demand for PSSI's services, weakening its
margins, and leading it to cancel some projects. Therefore, we
expect its adjusted debt to EBITDA to be in the 13x area and its
free operating cash flow (FOCF) to debt deficits in the
mid-single-digit percent area by year-end 2021. In addition, we
assess PSSI's capital structure as unsustainable and believe that
it is dependent on favorable business, financial, and economic
conditions to meet its financial obligations," S&P said.

Delays in the company's large pipeline projects have materially
weakened its performance in the second half of 2020 and S&P expects
these headwinds to persist for the majority of 2021.

The company's revenue declined by 38% in the second quarter of 2020
on weaker performances in all of its segments, notably a delay in
the start of key pipeline projects in the Midstream segment, lower
commodity prices that led to reduced drilling activity in the
Upstream segment, as well as reduced demand for refined products in
the Downstream segment due to COVID-19, which has lowered the
demand for raw materials.

Specifically, a number of PSSI's projects that it had previously
expected to provide it with about $50 million of revenue in 2020
and 2021, including Atlantic Coast, Mountain Valley, Line 3
Replacement, Liber ty, Penn East, Pecos Trail, and Keystone XL,
have either been delayed or cancelled. Given the uncertain economic
backdrop, S&P believes the risk that its projects will experience
further delays beyond the rating agency's expected time horizon has
increased because energy companies typically reassess their
capital-spending plans during periods of lower demand and volatile
commodity prices. While the weak demand for refined products, which
is negatively affecting PSSI's Downstream segment, may improve in
the medium term, this will only partially offset the decline in its
project-based revenue.

Under its revised forecast, S&P expects the company's S&P-adjusted
debt to EBITDA to rise to the 13x area by year-end 2020 from 7.5x
as of the 12 months ended June 30, 2020. Therefore, S&P assesses
PSSI's capital structure as unsustainable despite its sufficient
liquidity position. S&P expects the company's leverage to remain
elevated through 2021 as it navigates the challenging economic
landscape, which the rating agency forecasts will lead to free cash
flow deficits. Although PSSI has effectively executed on numerous
cost-saving initiatives (such as reductions in its workforce,
office closures, and the rightsizing of its facilities), S&P
expects the company's EBITDA margins to decline to the high-single
digit percent area from the low-double digit percent area
currently.

"If PSSI obtains a covenant waiver, we expect its liquidity to be
sufficient to withstand the expected decline in its demand through
2021," S&P said.

Despite the aforementioned headwinds from permitting delays and
softer project volumes, the company's variable cost structure
allows it to limit its margin declines and maintain minimal capital
expenditure, which S&P expects to enable it to remain competitive
during this period of lower demand. The decline in the company's
maintenance, repair, and overhaul (MRO) revenue due to the COVID-19
pandemic should reverse as the volume of MRO activity rebounds in
2021 because S&P believes the maintenance work was likely deferred
rather than cancelled.

The proposed amendment to the credit agreement, which includes
replacing the current debt service coverage ratio with a $32.5
million minimum liquidity threshold for the next six quarters, will
alleviate any immediate covenant pressures. S&P expects the
company's lenders to receive an additional 1% of payment-in-kind
(PIK) interest for the duration of the waiver period. As of June
30, 2020, PSSI had about $80 million in total liquidity, including
full availability under its $50 million revolving credit facility
maturing in April 2024.

Despite S&P's expectation that PSSI will secure a covenant waiver,
the negative outlook reflects the possibility it may fail to
improve its credit measures over the next 6-12 months or struggle
to obtain a covenant waiver in a timely manner.

"We could lower our rating on PSSI if we expect a covenant
violation, payment default, or distressed exchange," S&P said.

"Though unlikely in the 12-18 months, we could raise our rating on
PSSI if commodity prices improve, leading to stronger demand for
energy infrastructure, and it expands its EBITDA margins while
maintaining debt to EBITDA of less than 5.0x," S&P said.


PURDUE PHARMA: Asks Court to Extend Chapter 11 Shield to March
--------------------------------------------------------------
Law360 reports that Purdue Pharma LP is asking a New York
bankruptcy court to extend the injunction blocking thousands of
suits against it over its role in the opioid crisis until March
2021, saying that allowing the stay to expire in October 2020 would
scuttle the progress it's made in its reorganization efforts.

In a memorandum filed in Purdue's adversarial action against
states, municipalities and other entities leading more than 2,600
pending civil actions against it, the company told the court that
substantial progress has been made in recent months, and allowing
the numerous suits to flood in would render all the time, money and
effort.

                     About Purdue Pharma LP

Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.

Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.

Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and  other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.

OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.

On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation. The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities.

U.S. Bankruptcy Judge Robert Drain oversees the cases.  

The Debtors tapped Davis Polk & Wardwell LLP and Dechert LLP as
legal counsel; PJT Partners as investment banker; AlixPartners as
financial advisor; and Prime Clerk LLC as claims agent.

Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A. represent the
official committee of unsecured creditors appointed in Debtors'
bankruptcy cases.

David M. Klauder, Esq., was appointed as fee examiner. The fee
examiner is represented by Bielli & Klauder, LLC.


PURDUE PHARMA: Faces 49 Opioid Epidemic Suits From Different States
-------------------------------------------------------------------
Erika P. Of Science Times reports that OxyContin maker Purdue
Pharma is being sued by 49 states claiming it owes them $2.15
trillion due to the drug maker's alleged role in the country's
opioid epidemic. They have stated their accusation in new filings
of pushing the prescription drug to doctors and patients while
playing down the drug's risk of overdose and abuse.

Purdue Pharma $2.15 Trillion Lawsuit

In September 2019, Purdue Pharma filed for bankruptcy from facing
2,600 lawsuits from 49 states and various territories of the U.S.
for its alleged role in the opioid crisis.

Since then, they have tried to resolve these lawsuits with only the
Oklahoma State not involved in the lawsuit filed on August 17
because of its settled litigation with the drug company in 2019.
California and New York, two of the most populous states in the
country, are asking for $192 billion and $165 billion from the
drugmaker.

Purdue Pharma denied all allegations and pledged to aid in the
fight against the opioid epidemic by providing addiction treatment
medications and overdose reversal drugs that are under
development.

The company's spokesperson and executive director of media
relations, Michael Sharp, said that Purdue has successfully
concluded one of its most noticing campaigns in chapter 11 history
and is now working on emerging from bankruptcy by dealing with the
lawsuits.

Aside from the lawsuits from the states, Purdue is also facing
claims from the U.S. Department of Justice with an amount of $18
billion. Federal prosecutors claimed that the drugmaker contributed
to the false allegations against the federal healthcare insurance
programs allowing physicians to prescribe medically unnecessary
opioids tainted by illegal kickbacks.

Furthermore, a person knowledgeable in the matter said that the
Justice Department also claims that Purdue may also face penalties
from allegations that it violated the U.S. Food, Drug and Cosmetic
Act, and the federal conspiracy and anti-kickback laws.

Opioids: Understanding the Epidemic

It was in 1775 when opium became available in the United States.
They were primarily used to treat soldiers during the civil war in
the 1880s. However, several of them became addicted, and so under
the Harrison Narcotics Act in 1914, the use of opioids was
regulated.

In the 1970s, the stigma of opioid addiction led doctors to perform
surgical operations instead of prescribing opioids for painkillers.
But in the 1980s and 1990s, opioids began to be prescribed again on
patients suffering from chronic disease.

Prescription opioids are often given to patients after surgery or
to treat moderate-to-severe pain or as a treatment for cancer
patients. But the number of overdose opioids since 2017 has
increased by 4 percent. The overdose death rate has grown to 142
per day.

According to the Centers for Disease Control and Prevention, about
70 percent of the 67,367 deaths in 2018 involved an opioid. From
2017 to 2018, opioid death rates increased by 2 percent;
prescription opioid death rates decreased by 13.5 percent, deaths
caused by heroin decreased by 4 percent, and an increase of 10
percent was seen on the synthetic opioid death rates.

The rise in opioid deaths can be outlined in three timelines: the
first wave in the 1990s with overdose deaths involving prescription
opioids, beginning in 2010 with overdose deaths involving heroin,
and the third wave in 2013 with overdose in synthetic opioids like
the fentanyl.

CDC continues to fight opioid overdose alongside different states
by monitoring the trends, building state, local and tribal
capacity; supporting providers, and healthcare systems; working
hand in hand with safety officials and community organizations; and
increasing public awareness.

The lawsuits against Purdue Pharma is just one example of efforts
the government is subduing the ongoing opioid epidemic that caused
the deaths of thousands of people from overdoses.

                     About Purdue Pharma LP
                    
Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.

Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.

Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.

OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.

On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation. The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities.

U.S. Bankruptcy Judge Robert Drain oversees the cases.  

The Debtors tapped Davis Polk & Wardwell LLP and Dechert LLP as
legal counsel; PJT Partners as investment banker; AlixPartners as
financial advisor; and Prime Clerk LLC as claims agent.

Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A. represent the
official committee of unsecured creditors appointed in Debtors'
bankruptcy cases.

David M. Klauder, Esq., was appointed as fee examiner. The fee
examiner is represented by Bielli & Klauder, LLC.


PURDUE PHARMA: U.S. Senators Urge Court to Reject CEO Bonuses
-------------------------------------------------------------
Law360 reports that a handful of U. S. senators urged a New York
bankruptcy judge to reject a compensation proposal that could see
Purdue Pharma CEO Craig Landau pocket a bonus of up to $3.5
million, calling the possibility an "affront" to victims of the
opioid crisis.

The Democratic senators told U. S. Bankruptcy Judge Robert Drain
they were "extremely concerned" about the proposed payout to
Landau, which they said comes as the Purdue CEO has recently been
implicated in "significant criminal activity" at the drugmaker.
Purdue entered bankruptcy last 2019 amid thousands of lawsuits over
its alleged role in helping stoke the opioid crisis.

                    About Purdue Pharma LP

Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.

Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.

Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.

OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.

On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation. The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities.

U.S. Bankruptcy Judge Robert Drain oversees the cases.  

The Debtors tapped Davis Polk & Wardwell LLP and Dechert LLP as
legal counsel; PJT Partners as investment banker; AlixPartners as
financial advisor; and Prime Clerk LLC as claims agent.

Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A. represent the
official committee of unsecured creditors appointed in Debtors'
bankruptcy cases.

David M. Klauder, Esq., was appointed as fee examiner. The fee
examiner is represented by Bielli & Klauder, LLC.


PYXUS INTERNATIONAL: Defends Itself Against Shareholder Claims
--------------------------------------------------------------
Law360 reports that tobacco supplier Pyxus International defended
its proposed Chapter 11 plan Tuesday, August 18, 2020, in Delaware
against opposition from pre-bankruptcy shareholders, who argue that
the company is worth much more than the reorganization plan
suggests.

During a confirmation trial, debtor attorney Michael H. Torkin of
Simpson Thacher & Bartlett LLP said Pyxus is in dire need of a
restructuring to trim more than $600 million of debt from its
balance sheet, and arguments from a recently formed committee of
equity security holders that the company is worth nearly $4. 5
billion aren't supported by the debtor's valuation analysis.

                      About Pyxus International

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

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

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

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


R.R. DONNELLEY: S&P Affirms 'B' ICR; Outlook Negative
-----------------------------------------------------
S&P Global Ratings affirmed its 'B' rating on U.S. commercial
printer R.R. Donnelley & Sons Co. (RRD) to reflect its view that
leverage will return below 5x in 2021 as the company continues to
prioritize debt reduction from asset sales and internally generated
cash flows.

The negative outlook reflects S&P's view that adjusted leverage
could remain elevated above its 5x and free operating cash flow
(FOCF) to debt could remain pressured under 5% for a prolonged
period if economic recovery is slower than expected.

Cost saving measures and asset sales should help contain leverage
below 5x in 2021, although economic recovery and
pandemic-containment measures pose downside risks.

"We expect leverage to return below 5x in 2021 as the company
continues to prioritize debt reduction from asset sales and
internally generated cash flows. The company announced the sale of
DLS Worldwide in September 2020 and we expect RRD will use the
proceeds to pay down a portion of its asset-based lending (ABL)
facility," S&P said.

"The company pursued multiple cost-reduction efforts, including
layoffs and furloughs during the shutdowns amid the COVID-19
pandemic. Going forward, we expect some of the cost savings to
remain permanent, which would benefit the company's EBITDA margins
and leverage in 2021," S&P said.

RRD participates in a competitive industry in secular decline.

"Consumers are shifting their media consumption from print to
digital formats, and as a result, we expect the print industry to
continue to suffer from lower volumes, overcapacity, and pricing
competition. In addition, the economic contraction from the
pandemic could continue to intensify the competition in the sector
as large peers such as Quad/Graphics Inc. compete in key print
categories such as commercial printing products and services, which
are increasingly price sensitive," S&P said.

"Although supply chain management, packaging, and business process
outsourcing service offerings provide RRD with some diversification
away from commercial printing, we don't believe growth and EBITDA
generation in these nonprint-related services will sufficiently
offset the decline in the company's traditional print products,"
S&P said.

Economic softness from the pandemic has exacerbated revenue and
earnings pressures.

RRD's revenue declined 17.1% (excluding the recent business
dispositions) in the second quarter due to decrease in orders from
its clients in the sectors like airlines, nonessential retailers,
restaurants and hotels, which have been most affected by the
COVID-19 pandemic. Though the company is benefiting from
incremental revenue from new pandemic-related products including
labels, product packaging, signage, test kit assembly, and
protective gear, these are insufficient to offset the reduction in
sales from the economic contraction. S&P expects the revenue
headwinds to moderate as the economy begins recovering in the
second half of 2020, resulting in overall organic revenue declines
in the low-teens-percent area in 2020 and EBITDA margins in the
6.5%-7.5% range. S&P expects organic revenue declines in 2021 to be
more in line with historical performance, in the
low-single-digit-percentage range as the pandemic wanes while the
secular pressures on commercial printers continue. The rating
agency also expects an improvement in S&P adjusted EBITDA margins
in 2021, which it expects will grow by 160-180 basis points (bps)
as the company has divested some of its lower-margin businesses and
pursued cost-saving measures in response to the pandemic.
Notwithstanding, due to secular pressures, S&P believes RRD will
need to continue to manage its substantial fixed-cost base of
printing plants and warehouses to match volume declines and pricing
pressures.

RRD's substantial debt burden will keep adjusted leverage above 5x
in 2020, which S&P considers high for companies in the secularly
challenged commercial print industry.

RRD's debt burden is substantial, with roughly $2 billion of
reported debt on its balance sheet as of June 30, 2020.

"We believe the company may be challenged to reduce this level of
outstanding debt organically due in part to its modest FOCF
generation, which is constrained by substantial annual interest
expense and capital expenditures (capex) requirements and could be
further limited by a slower-than-expected economic recovery.
Specifically, we believe one-time elevated restructuring costs due
to pandemic and operating expenses will result in reported FOCF
below $120 million in 2020," S&P said.

Leverage reduction hinges in part on debt reduction from asset
sales.

RRD benefits from a balanced debt maturity profile. It reduced its
near-term maturities and extended debt maturity profile in the
first half of 2020 through multiple debt exchange and repurchase
transactions. In addition, it has pursued asset sales and has
committed to use asset sale proceeds and free cash flows to
primarily reduce debt. S&P expects RRD to repay the borrowings
under its ABL facility with the proceeds from its recent sale of
DLS Worldwide. In addition, S&P expects the company to use net
proceeds from its asset sale in China primarily for debt repayment
once it receives the proceeds in 2022. Notwithstanding, additional
economic contraction resulting from the COVID-19 pandemic could
slow recovery, constrain its free cash flow generation and slow the
trajectory of leverage reduction over the next 12 months.

The negative outlook reflects S&P's view that adjusted leverage
could remain elevated above its 5x and FOCF to debt could remain
pressured under 5% for a prolonged period if economic recovery is
slower than expected.

"We could lower our ratings on RRD if we expect adjusted leverage
will remain above 5x or adjusted FOCF to debt to remain below 5%
for a prolonged period. Credit metrics could also remain above our
thresholds for the current ratings if the company prioritizes
material share buybacks and dividends over debt repayment," S&P
said.

"We could revise our outlook back to stable once we are confident
the company will decrease its leverage to below 5x and grow its
FOCF to debt well above 5% on a sustained basis. This would likely
result from a continued economic recovery from the pandemic,
organic revenue growth, expanding adjusted EBITDA margins, and/or
significant debt repayments," S&P said.


RICKY AIR CONDITIONING: Files Voluntary Chapter 7 Petition
----------------------------------------------------------
Ricky Air Conditioning LLC filed for voluntary Chapter 7 bankruptcy
protection on Sept. 14, 2020 (Bankr. M.D. Fla. Case No. 20-05141).
According to the Orlando Business Journal, the Debtor listed an
address of 2101 Bunker View Court, Kissimmee, and is represented in
court by attorney Walter F. Benenati. Ricky Air Conditioning listed
assets up to $4,011 and debts up to $84,430.  The filing's largest
creditor was listed as Chase Bank with an outstanding claim of
$35,980.

Ricky Air Conditioning, based out of Kissimmee, is an HVAC
specialist. They offer gas heating, water line installation and
other services.


RITE GUIDE: Wants Plan Exclusivity Extended Thru Jan. 1
-------------------------------------------------------
Rite Guide, LLC, requests the U.S. Bankruptcy Court for the
District of Nevada to extend the exclusive period during which the
Debtor may file a plan of reorganization and disclosure statement
by 120 days, to and including January 1, 2021.

The Debtor says Tyron Frazier, its owner and shareholder, will be
personally paying off the Debtor's mortgage. At this juncture, Mr.
Frazier has paid the Debtor's property tax debt, and has secured
continuing insurance coverage for the property so that the
additional time requested will not inure to the deed of trust
holder's detriment. Mr. Frazier remains, however $6,000 short, but
can amass those funds, and the funds necessary to pay the
additional accruing interest of $16.14 per day, by the New Year.

The additional time requested will allow for a plan of
reorganization that will satisfy the deed of trust holder fully,
and will maintain the integrity of the Debtor's asset and its
equity.

                   About Rite Guide

Rite Guide, LLC is a Nevada Limited Liability Corporation, with an
asset of a single real estate, which is a single-family residence.
Rite Guide has but one creditor to-wit: the holder of the deed of
trust on the property it owns. The property is insured, and Rite
Guide has significant equity in the property.

Rite Guide filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. D. Nev. Case No. 20-50211) on
February 24, 2020. As Rite Guide has no liquid assets, the sole
shareholder and owner, Tryon Frazier, is personally financing the
Chapter 11 proceedings and attendant activities of reorganization.


The case is assigned to the Honorable Bruce T. Beesley. No trustee
has been appointed. The Debtor tapped Mary Beth Gardner, ESQ., as
their attorney.


RUBY TUESDAY: Files for Chapter 11 Bankruptcy Protection
--------------------------------------------------------
Ruby Tuesday announced Oct. 7, 2020 hat it has filed a voluntary
petition for reorganization under Chapter 11 of the Bankruptcy
Code.

Prior to its filing, the Company reached an understanding with its
secured lenders to support its restructuring through financing and
an agreement regarding the terms of a plan that will provide a
sustainable path forward for the restaurant chain.  The casual
dining favorite plans to use this filing to strengthen its business
by reducing liabilities and emerge a stronger organization built
for the future.

According to USA Today, CEO Shawn Lederman said in a court filing
the company has permanently closed 185 restaurants that had shut
their doors during the coronavirus pandemic.  That leaves the chain
with 236 company-owned and operated locations, as well as an
undisclosed number of locations run by 10 franchisee groups.

The Company said in its press release announcing the Chapter 11
filing that it intends to move through the bankruptcy process as
quickly as possible. Its restaurants will continue to operate
"business as usual" throughout the reorganization process.

"This announcement does not mean 'Goodbye, Ruby Tuesday'. Today's
actions will allow us an opportunity to reposition the company for
long-term stability as we recover from the unprecedented impact of
COVID-19," said Shawn Lederman, Ruby Tuesday's CEO, in a
statement.

"Our restructuring demonstrates a commitment to Ruby Tuesday’s
future viability as we work to preserve thousands of team member
jobs. Our guests can be assured that during the Chapter 11 process,
we will continue to deliver welcoming service and provide a safe
environment for guests and team members, while serving fresh,
signature products that only Ruby Tuesday can offer. With this
critical step in our transformation for long-term financial health
– this is ‘Hello’, to a stronger Ruby Tuesday.”

                        About Ruby Tuesday

Founded in 1972 in Knoxville, Tennessee, Ruby Tuesday, Inc. --
http://www.rubytuesday.com/-- is dedicated to delighting guests
with exceptional casual dining experiences that offer
uncompromising quality paired with passionate service every time
they visit. From signature handcrafted burgers to the farm-grown
goodness of the Endless Garden Bar, Ruby Tuesday is proud of its
long-standing history as an American classic and international
favorite for nearly 50 years.  The Company currently owns, operates
and franchises casual dining restaurants in the United States,
Guam, and five foreign countries under the Ruby Tuesday® brand.

On Oct. 7, 2020, Ruby Tuesday, Inc., and 50 affiliates sought
Chapter 11 protection.  The lead case is In re RTI Holding Company,
LLC (Bankr. D. Del. Lead Case No. 20-12456).

Ruby Tuesday was estimated to have $100 million to $500 million in
assets as of the bankruptcy filing.

The Hon. John T. Dorsey is the case judge.

Ruby Tuesday is advised by Pachulski Stang Ziehl & Jones LLP as
legal counsel, CR3 Partners, LLC, as financial advisor, FocalPoint
Securities, LLC, as investment banker, and Hilco Real Estate, LLC,
as lease restructuring advisor.  Epiq is the claims agent,
maintaining the page https://dm.epiq11.com/RubyTuesday


SAXON SHOES: Files for Chapter 11 Bankruptcy Protection
-------------------------------------------------------
Jack Jacobs of Richmond Biz Sense reports that Saxon Shoes, a
decades-old fixture of Richmond, Virginia's shopping scene, has
filed for Chapter 11 bankruptcy protection.

The Henrico County-based shoe retailer has two stores, one in Short
Pump Town Center and another in Spotsylvania Towne Centre in
Fredericksburg.

The Chapter 11 filing, made Friday August 14, 2020 in Richmond
federal court, will allow the business to remain in operation while
working with creditors through a reorganization plan. Its two
stores remain open for business.

Saxon is yet another casualty of the coronavirus pandemic's
economic disruptions, which have hit retail particularly hard.

“Retail is tough to begin with and then when the pandemic hit we
basically had 10 days to prepare for our stores to shut down for
months," owner Gary Weiner said. "We've been through a lot of
things. We've been through fire, we've been through cyber theft, a
lot of things in our day. This was just something that took hold
and didn't stop."

Weiner said the company opted for bankruptcy because there didn't
appear to be a way forward otherwise. Fall is shaping up as a wash,
and it's unclear what next spring might look like, he said, adding
that negotiations with landlords and some vendors were going
poorly.

Saxon Shoes owes Short Pump Town Center about $217,000, according
to court filings. It also owes about $62,000 to Spotsylvania Towne
Centre.

Among its other larger unsecured creditors are a handful of shoe
companies, including almost $47,000 owed to New Balance and $49,000
to Wolff Shoe Company. Atlantic Union Bank also is listed as one of
Saxon's larger initial creditors, owed $300,800.

"We think the fall season will be very tough because a lot of
manufacturers will be unable to deliver or deliver on time. And
there's still a coronavirus and there’s a lot of kids who aren't
going back to school so the back-to-school business is pretty much
not happening the way we expected," Weiner said.

Sales were virtually nonexistent in mid-March and April 2020, he
said. Business ticked up in May and June 2020, though still well
below last year.

"It's hard just getting back to 50 percent of last year," Weiner
said.

The company reported $7.4 million in gross sales and $2.8 million
in total income in 2019, according to a tax filing included in its
bankruptcy filing. The company posted a loss of about $665,000 for
the year.

But Weiner is optimistic that Saxon Shoes will come out on the
other side of bankruptcy intact. He said there aren’t plans to
permanently shutter either of its stores.

"Our mission and our goal are to survive and grow again," he said.
"Our hope is to be selling shoes for years to come."

Weiner's parents, Gloria and Jack, opened the first Saxon Shoes at
410 E. Main St. in 1953. The company bounced around town over the
years.

In the 1960s, the store moved to the Libbie and Patterson part of
town. Gary started to lead the company in the 1980s. Saxon Shoes
moved to Regency Square in 1989.

Saxon Shoes moved into Short Pump Town Center in 2005, initially
occupying a two-story, 26,000-square-foot spot before it downsized
to the upstairs portion of the space within the last couple years.
It was around that time Saxon Shoes entered the e-commerce market.
The company opened its second location in Fredericksburg in 2009.

In addition to footwear for men, women and children, Saxon Shoes
sells handbags and accessories.

Saxon Shoes is represented in its bankruptcy by attorney Paula
Beran of Tavenner & Beran.

The company joins a growing list of retailers that have sought
bankruptcy protection in recent months.

                        About Saxon Shoes

Saxon Shoes Spotsylvania, LLC -- http://www.saxonshoes.com/-- owns
and operates full-service shoe stores in Virginia, which offer a
selection of styles and sizes for men, women and children.

Saxon Shoes Spotsylvania and parent company Saxon Shoes, Inc.
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
E.D. Va. Lead Case No. 20-33454) on Aug. 14, 2020.  Gary L.
Weiner,
president and manager, signed the petitions.  At the time of the
filing, each Debtor had total assets of $4,017,418 and liabilities
of $5,428,682.

Judge Kevin R. Huennekens oversees the cases.

Tavenner & Beran, PLC, is Debtors' legal counsel.

On Aug. 14, 2020, Richard C. Maxwell, Esq., was appointed as
Subchapter V trustee in Debtors' bankruptcy cases.






SEARS HOLDINGS: Asks Court to Reduce Creditor Claims
----------------------------------------------------
Law360 reports that Sears Holding Co. insiders, including former
CEO Edward Lampert and his hedge fund, asked a New York bankruptcy
judge Aug. 19, 2020, to trim back claims from a suit by Sears
creditors alleging they siphoned billions from the company as it
slid into bankruptcy.  Over the course of an all-day electronic
hearing, counsel for Lampert and others asked U.S. Bankruptcy Judge
Robert Drain to dismiss portions of the suit brought by the
unsecured creditors committee from Sears' Chapter 11 case on
grounds ranging from a prior settlement and the statute of
limitations to the value of an equity subscription.

                       About Sears Holdings

Sears Holdings Corporation (OTCMKTS:
SHLDQ)--http://www.searsholdings.com/-- began as a mail ordering
catalog company in 1887 and became the world's largest retailer in
the 1960s. At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes. Sears claims to be is a market leader in the
appliance, tool, lawn and garden, fitness equipment, and automotive
repair and maintenance retail sectors.

Sears and Kmart merged to form Sears Holdings in 2005 when they had
3,500 US stores between them. Kmart emerged in 2005 from its own
bankruptcy.

Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018. At that time, the Company employed
68,000 individuals, of whom 32,000 are full-time employees.

As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.

Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018. The Hon. Robert D. Drain is the case judge.

The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel;
M-III Partners as restructuring advisor; Lazard Freres & Co. LLC as
investment banker; DLA Piper LLP as real estate advisor; and Prime
Clerk as claims and noticing agent.

The U.S. Trustee for Region 2 appointed nine creditors, including
the Pension Benefit Guaranty Corp., and landlord Simon Property
Group, L.P., to serve on the official committee of unsecured
creditors. The committee tapped Akin Gump Strauss Hauer & Feld LLP
as legal counsel; FTI Consulting as financial advisor; and Houlihan
Lokey Capital, Inc. as investment banker.

The U.S. Trustee for Region 2 on July 9, 2019, appointed five
retirees to serve on the committee representing retirees with life
insurance benefits in the Chapter 11 cases.

                         *     *     *

In February 2019, Bankruptcy Judge Robert Drain granted Sears
Holdings approval to sell the business to majority shareholder and
CEO Eddie Lampert for approximately $5.2 billion. Lampert's ESL
Investments, Inc., has won an auction to acquire substantially all
of Sears' assets, including the "Go Forward Stores" on a
going-concern basis. The proposal will allow 425 stores to remain
open and provide ongoing employment to 45,000 employees.


SEG HOLDING: S&P Assigns 'B' Issuer Credit Rating; Outlook Stable
-----------------------------------------------------------------
S&P Global ratings assigned its 'B' issuer credit rating to
U.S.-based supermarket chain SEG Holding LLC (Southeastern
Grocers), the parent of operating entity and consolidated
subsidiary BI-LO LLC (B/Stable/--). S&P also assigned its 'B+'
issue-level and '2' recovery rating to the company's proposed
notes.

S&P said, "The stable outlook reflects our view that the company is
subject to significant competitive pressure from stronger peers
that demonstrate better operating performance, while its
debt-reduction efforts afford it some flexibility to react to
competitive threats."

"We view SEG Holding LLC as a core entity in the BI-LO LLC group,
the borrower entity of the existing term loan."

"Therefore, our issuer credit rating is the same as our existing
rating on BI-LO LLC. Our new rating on SEG Holding LLC reflects the
borrower entity in the proposed transaction and the company's plans
to divest its BI-LO banner. We will withdraw the rating on BI-LO
LLC when the term loan that currently sits there is paid off."

Southeastern Grocers has performed strongly during the COVID-19
pandemic.

S&P said, "As a result, we upgraded our issuer credit rating on
BI-LO LLC to 'B' with a stable outlook on Aug. 14, 2020, given that
the company is directing excess cash flows toward debt repayment.
The stable outlook reflects our view that while the company is
subject to significant competitive pressure from stronger peers
that demonstrate better operating performance, its debt reduction
efforts afford it some flexibility to react to competitive
threats."

The senior notes will improve the company's maturity profile and
reduce its debt service costs.

The company will use proceeds from the proposed notes issuance to
repay its term loan, extending Southeastern Grocer's maturity
profile. S&P said, "We also anticipate the transaction will result
in moderate interest expense savings. In addition, the company
plans to reduce its asset-based loan (ABL) facility to $450 million
from $550 million because of the recent reduction in its store
base. In our view, the downsized facility remains sufficient to
cover the company's liquidity needs."

The stable outlook reflects S&P's view that the divestiture of the
BI-LO banner and continued Winn-Dixie store renewal initiative
should improve store productivity, which continues to lag far
behind industry peers.

S&P could lower our rating on Southeastern Grocers if:

-- S&P expects leverage to increase above 5x;

-- No significant benefit from the store renewal initiative is
recognized and EBITDA margin deteriorates to the low-5% area; or

-- S&P anticipates significant volatility as a result of its
concentrated store base and increasing competitive threats.

S&P could raise its rating on Southeastern Grocers if:

-- S&P believes profitability will be sustained at least in the
high-5% area with the Winn Dixie store renewal efforts resulting in
improving store level productivity and competitive standing;

-- The company is able to maintain adjusted debt to EBITDA below
4x on a sustained basis; and

-- It completes the divestiture of the entire BI-LO banner
according to plan, including relinquishing lease commitments.

Southeastern Grocers is a regional conventional supermarket chain
in the U.S., operating 545 stores as of July 8, 2020, across seven
Southeastern states under the Winn-Dixie, BI-LO, Harvey's, and
Fresco y Mas banners. The company is based in Jacksonville, Fla.,
and issues private financials. Its existing debt is issued under
its wholly owned subsidiary, BI-LO LLC. Its proposed notes will be
issued under SEG Holding LLC, another wholly owned subsidiary. SEG
is phasing out the BI-LO banner, including selling units.

S&P said, "We have assigned our 'B+' rating to the company's
proposed senior secured notes due 2028. Our '2' recovery rating
reflects our expectation for substantial recovery (70%-90%; rounded
estimate: 70%) in the event of default. Our recovery estimate has
been lowered from 75% for the company's term loan because the new
debt is nonamortizing."

"We simulate a default scenario occurring in 2023 because of
significant decline in revenue and operating income as a result of
heightened price competition amid a recessionary environment and
rising expenses. These factors lead to sharp EBITDA deterioration
and accelerating cash burn."

"We believe the company would utilize its $450 million ABL
revolving credit facility as it approached default and the facility
would be 60% drawn at time of default."

"We assume Southeastern Grocers will emerge from a bankruptcy event
to maximize lender recovery prospects and therefore we value it on
a going concern basis using a 5x multiple applied to our projected
emergence-level EBITDA, in line with other regional grocery store
peers such as The Fresh Market."

-- Simulated year of default: 2023
-- EBITDA at emergence: $95.7 million
-- Enterprise value (EV) multiple: 5x
-- Estimated gross EV at emergence: About $479 million
-- Net EV after 5% administrative costs: $455 million
-- Valuation split % (obligors/nonobligors/unpledged): 100/0/0
-- Collateral available after priority (ABL-related) claims: $250
million*
-- Senior secured claims: $336 million*
-- Recovery expectations: 70%-90% (rounded estimate: 70%)

*All debt amounts include six months of pre-petition interest.


SELMA, AL: S&P Withdraws 'BB+' SPUR on GO Warrants
--------------------------------------------------
S&P Global Ratings removed its 'BB+' underlying rating (SPUR) on
Selma, Ala.'s general obligation (GO) warrants from CreditWatch,
where it was placed with negative implications Aug. 13, 2020, and
subsequently withdrew the rating.

The CreditWatch action followed attempts to obtain information
regarding the city's audit. The auditor has not been able to obtain
sufficient appropriate audit evidence for fiscal 2018 to provide a
basis for an opinion on the financial statements of the
governmental activities, each major fund, and the aggregate
remaining fund information of Selma.

S&P has not received the requested information, which it considers
necessary to assess and maintain the rating. Accordingly, the
rating withdrawal reflects its determination that S&P lacks
sufficient and reliable information to maintain the rating.



SENG JEWELERS: Files for Chapter 11 Bankruptcy Protection
---------------------------------------------------------
Rob Bates of JCK Online reports that on Thursday, August 20, 2020,
Seng Jewelers, a century-old Louisville, Ky., retailer that has
struggled with legal and financial issues over the past year, filed
for Chapter 11 in Kentucky federal court.

The filing is part of a tumultuous year for the well-regarded
store, which was founded in 1889. Last year, a customer filed a
complaint against Seng as well as father-and-son co-owners Lee and
Scott Davis, charging them with not returning a 2.3 ct. Harry
Winston diamond ring she had consigned to be resold.

According to the suit, the consumer planned to sell the ring to pay
for medical treatments for a "catastrophic illness" that wasn't
covered by her insurance carrier. However, the store never returned
the item, or made payments she was eventually promised.

The store owners were later criminally charged by the state with
theft by failure to make required disposition of property over
$10,000. In January 2020, the father and son admitted to a charge
of amended theft, in a plea deal that spared them jail time but
required them to pay $40,000 in restitution for the unsold ring,
according to Louisville TV station WLKY.

The retailer reportedly faces other consumer suits and claims from
its landlord. Court records also list complaints from members of
the trade, two of which are listed in bankruptcy papers.

The store's top listed creditor is the Kentucky Department of
Revenue, to which it owes $258,388.10 in unpaid sales tax. The
store had been enjoined from reopening since last year due to the
sales tax issue. In December 2020, it reportedly struck a
settlement with the state that let the store reopen.

It also owes the Jefferson County Sheriff's Office $46,000 in
unpaid property taxes, the papers said.

Assets are listed as $1 million to $10 million, and liabilities
from $500,000 to $1 million.

Seng's bankruptcy attorney could not be reached for comment at
press time.

                     About Seng Jewelers

Seng Jewelers is a full service, manufacturing jeweler that offers
custom jewelry designs made from platinum, palladium and gold.

Seng Jewelers LLC, based in Louisville, KY, filed a Chapter 11
petition (Bankr. W.D. Ky. Case No. 20-32103) on August 18, 2020.

In the petition signed by Jane Davis, member, the Debtor was
estimated to have $1 million to $10 million in assets and $500,000
to $1 million in liabilities.

SEILLER WATERMAN LLC serves as bankruptcy counsel to the Debtor.





SHILOH INDUSTRIES: Hires Ernst & Young as Financial Advisor
-----------------------------------------------------------
Shiloh Industries, Inc., and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the District of Delaware to
employ Ernst & Young LLP, as financial and tax advisor to the
Debtors.

Shiloh Industries requires Ernst & Young to:

   (a) assist management in updating the Debtors' 13-week cash
       flow and liquidity forecast to enable daily cash/liquidity
       management to support real-time decision making;

   (b) assist the Debtors with periodic reporting to stakeholders
       including, but not limited to, the lender group, note
       holders and other key stakeholders;

   (c) assist the Debtors with developing a Liquidity War Room,
       as mutually agreed, including (1) establishing a formal
       Cash Management Office and (2) assisting with tracking,
       reporting and implementing the following liquidity-
       maximizing measures.

   (d) assist with assessment of strategic alternatives,
       including preparations for a chapter 11 filing should it
       become necessary; and

   (e) deliver briefings to the Chief Executive Officer, Chief
       Financial Officer and/or Board of Directors on the status
       of the activities, services and initiatives.

Ernst & Young will be paid at these hourly rates:

     Partner/Principal/Executive Director       $750 to $995
     Senior Manager                             $675 to $795
     Manager                                    $560 to $675
     Staff/Senior Consultant                    $235 to $560

During the 90 days before the Petition Date, the Debtors paid
approximately $4,900,000 to Ernst & Young for professional services
performed and expenses incurred, including unapplied advance
payments of $400,000.

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

Jeffrey L. Ficks, a partner of Ernst & Young, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Ernst & Young can be reached at:

         Jeffrey L. Ficks
         ERNST & YOUNG LLP
         155 Upper Wacker Dr.
         Chicago, IL 60606
         Tel: (312) 879-2000

                     About Shiloh Industries

Shiloh Industries, Inc., and its subsidiaries are global innovative
solutions providers focusing on lightweighting technologies that
provide environmental and safety benefits to the mobility markets.

On Aug. 30, 2020, Shiloh Industries and its subsidiaries sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Lead Case No. 20-12024). The petitions were signed by Lillian
Etzkorn, authorized person.

The Debtors reported total consolidated assets of $664,170,000 and
total consolidated debts of $563,360,000 as of April 30, 2020.

The Debtors have tapped Jones Day and Richards, Layton & Finger
P.A. as their legal counsel; Houlihan Lokey Capital Inc. as
financial advisor, Ernst & Young LLP as restructuring advisor, and
Prime Clerk LLC as claims and noticing agent.


SHILOH INDUSTRIES: Hires Prime Clerk as Administrative Advisor
--------------------------------------------------------------
Shiloh Industries, Inc., and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the District of Delaware to
employ Prime Clerk LLC, as administrative advisor to the Debtors.

Shiloh Industries requires Prime Clerk to:

   a. assist with, among other things, solicitation, balloting,
      and tabulation of votes, and prepare any related reports,
      as required in support of confirmation of a chapter 11
      plan, and in connection with such services, process
      requests for documents from parties in interest, including,
      if applicable, brokerage firms, bank back-offices, and
      institutional holders;

   b. prepare an official ballot certification and, if necessary,
      testify in support of the ballot tabulation results;

   c. assist with the preparation of the Debtors' schedules of
      assets and liabilities and statements of financial affairs
      and gather data in conjunction therewith;

   d. provide a confidential data room, if requested;

   e. manage and coordinate any distributions pursuant to a
      chapter 11 plan; and

   f. provide such other processing, solicitation, balloting, and
      other administrative services described in the Engagement
      Agreement, but not covered by the Section 156(c) Order, as
      may be requested from time to time by the Debtors, the
      Court, or the Office of the Clerk of the Bankruptcy Court
      (the "Clerk").

Prime Clerk will be paid at these hourly rates:

     Director of Solicitation                  $210
     Solicitation Consultant                   $190
     COO and Executive VP                      No charge
     Director                                  $175-$195
     Consultant/Senior Consultant              $65-$165
     Technology Consultant                     $35-$95
     Analyst                                   $30-$50

Prime Clerk will be paid a retainer of $50,000.

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

Benjamin J. Steele, partner of Prime Clerk LLC, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Prime Clerk can be reached at:

     Benjamin J. Steele
     PRIME CLERK LLC
     830 3rd Avenue, 9th Floor
     New York, NY10022
     Tel: (212) 257-5450
     E-mail: bsteele@primeclerk.com

                   About Shiloh Industries

Shiloh Industries, Inc. and its subsidiaries are global innovative
solutions providers focusing on lightweighting technologies that
provide environmental and safety benefits to the mobility markets.

On Aug. 30, 2020, Shiloh Industries and its subsidiaries sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Lead Case No. 20-12024). The petitions were signed by Lillian
Etzkorn, authorized person.

The Debtors reported total consolidated assets of $664,170,000 and
total consolidated debts of $563,360,000 as of April 30, 2020.

The Debtors have tapped Jones Day and Richards, Layton & Finger
P.A. as their legal counsel; Houlihan Lokey Capital Inc. as
financial advisor, Ernst & Young LLP as restructuring advisor, and
Prime Clerk LLC as claims and noticing agent.



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

      Debtor                                         Case No.
      ------                                         --------
      Sito Mobile Ltd.                               20-21435
      123 Town Square Place
      #419
      Jersey City, NJ 07310

      SITO Mobile Solutions, Inc.                    20-21436
      123 Town Square Place
      #419
      Jersey City, NJ 07310

      SITO Mobile R&D IP, LLC                        20-21437
      123 Town Square Place
      #419
      Jersey City, NJ 07310
   
Business Description:     SITO -- https://www.sitomobile.com -- is
                          a developer of customized, data-driven
                          solutions for brands spanning strategic
                          insights and media.  The platform
                          reveals a deeper and more meaningful
                          understanding of customer interests,
                          actions and experiences providing
                          increased clarity for clients when it
                          comes to navigating business decisions.

Chapter 11 Petition Date: October 8, 2020

Court:                    United States Bankruptcy Court
                          District of New Jersey

Debtors' Counsel:         Daniel M. Stolz, Esq.
                          WASSERMAN, JURISTA & STOLZ, P.C.
                          110 Allen RoadSuite 304
                          Basking Ridge, NJ 07920
                          Tel: (973) 467-2700
                          Email: attys@wjslaw.com

Sito Mobile Ltd.s'
Total Assets: $0

Sito Mobile Ltd.
Total Liabilities: $21,027,306

SITO Mobile Solutions'
Total Assets: $592,565

SITO Mobile Solutions'
Total Liabilitie: $21,019,306

SITO Mobile R&D's
Total Assets: $2,674,944

SITO Mobile R&D'
Total Liabilities: $19,727,206

The petitions were signed by Thomas Candelaria, CEO.

Copies of the petitions containing, among other items, lists of the
Debtors' 20 largest unsecured creditors are available for free  at
PacerMonitor.com at:

https://www.pacermonitor.com/view/SE5CIRY/Sito_Mobile_Ltd__njbke-20-21435__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/UJO3WSA/SITO_Mobile_RD_IP_LLC__njbke-20-21437__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/UALDXSY/SITO_Mobile_Solutions_Inc__njbke-20-21436__0001.0.pdf?mcid=tGE4TAMA


SMART BUSINESS 101: Files Voluntary Chapter 7 Bankruptcy Petition
-----------------------------------------------------------------
Smart Business 101 LLC filed for voluntary Chapter 7 bankruptcy
protection Sept. 18, 2020 (Bankr. M.D. Fla. Case No. 20-05221).  

According to the Florida Business Journal, the Debtor listed an
address of 14900 E. Orange Lake Blvd., Kissimmee, and is
represented in court by attorney Walter F. Benenati.  Smart
Business 101  listed assets up to $43,480 and debts up to $266,068.
The filing's largest creditor was listed as Stearns Bank with an
outstanding claim of $178,106.

Smart Business 101 LLC is headquartered in Kissimmee,  FL that
specializes in business development consultancy services. It
delivers end-to-end business development solutions for government
contractors.


SOURCE DIRECT: Files Voluntary Chapter 11 Bankruptcy Petition
-------------------------------------------------------------
Source Direct Inc. filed for voluntary Chapter 11 bankruptcy
protection Sept. 16, 2020 (Bankr. M.D. Fla. Case No. 20-06975).
Represented in court by attorney Jeffrey S. Ainsworth, the Debtor
listed an address of 107 Pinckney St., Oldsmar.  Source Direct
listed assets up to $669,063 and debts up to $572,282. The filing's
largest creditor was listed as JP Morgan Chase with an outstanding
claim of $456,831.


SPRINGFIELD HOSPITAL: Plans Exit from Chapter 11 Bankruptcy
-----------------------------------------------------------
Nora Doyle-Burr of Valley News reports that Springfield Hospital
officials on Thursday told Vermont state regulators in August that
they aim to file a plan to exit Chapter 11 bankruptcy within 60
days, and to execute that plan by the end of the calendar year.

The plan, which will require the approval of the bankruptcy judge,
would separate financially the 25-bed hospital in southern Windsor
County and Springfield Medical Care Systems, the federally
qualified health center which also includes community health
centers in Charlestown and the Vermont communities of Chester,
Ludlow, Bellows Falls, Londonderry and Springfield.

"We believe (we) can be sustainable going into the future," interim
Springfield Hospital CEO Mike Halstead said during a virtual budget
hearing held by the Green Mountain Care Board on Aug. 20, 2020.

The board, which also heard from leaders of Mt. Ascutney Hospital
and Health Center in Windsor on Thursday, is in the process of
reviewing budgets for the hospitals' upcoming fiscal year which
begins on Oct. 1, 2019. They are doing so as the COVID-19 pandemic
persists and as the state's efforts to reform health care,
spearheaded by GMCB, have come under scrutiny.

Achieving a sustainable future relies on continuing to keep
hospital expenses to a minimum, an effort Halstead said he and
others at Springfield Hospital have worked to do since the
hospital's large debt came into the spotlight in late 2018 and
since it entered bankruptcy in June of 2019. It also relies on
patients returning to the hospital for treatment at pre-COVID-19
rates by Oct. 1 and on a successful exit from bankruptcy with
sufficient cash on hand to continue operations, he said. As of June
30, Springfield had 56 days of cash on hand.

Springfield is expecting to finish this fiscal year on Sept. 30
with an operating loss of $3.6 million, according to Halstead's
presentation.

That's significantly worse than the $985,000 loss on operations the
hospital had budgeted for the year, but a marked improvement from
the prior years.

The hospital saw losses on operations of $8.2 million in fiscal
year 2019 and $7 million in 2018.

For 2021, Springfield is budgeting a turnaround for a slight gain
on operations of $185,000 with a total budget of $53.1 million.

Halstead had told regulators last year that Springfield’s hopes
for the future hinged on finding a partner, but regional talks with
Mt. Ascutney, Valley Regional Hospital in Claremont and Mt.
Ascutney's parent organization Dartmouth-Hitchcock Health have
waned.

During Mt. Ascutney's budget hearing on Thursday, CEO Joseph Perras
said that while Mt. Ascutney is still talking and working closely
with Valley Regional, it's as yet unclear whether Springfield
Hospital will be a "partner or a competitor in our region."

Board member Jessica Holmes asked Perras to share his thoughts on
how Mt. Ascutney's affiliation with D-HH has affected its
operations. Perras said that when Mt. Ascutney joined D-HH in 2014
it was in a tight spot financially and "needed security" that a
larger organization could bring. Mt. Ascutney also had resources,
including one of the only acute rehabilitation programs in the
state, that helped to make it a good match for D-HH, he said.

"That match isn't always there," he said.

Mt. Ascutney officials presented a $59.7 million operating budget
for fiscal year 2021, which is up from the projected total for 2020
of $56.3 million and from the budget regulators approved for 2020
of $57.1 million.

The proposed 2021 budget includes adding the new services of
urology and neurology, and expanding the hospital’s ophthalmology
and psychiatry services.

Mt. Ascutney is projecting a positive operating margin for the
current year of $915,000, and a positive margin for the coming year
of $352,000.

Both Mt. Ascutney and Springfield officials acknowledged the
challenges they faced in putting together a budget in light of the
uncertainty surrounding the ongoing pandemic. Mt. Ascutney has
received $5.26 million in COVID-19 relief through the federal CARES
Act and other sources, and Springfield has gotten $5.79 million to
help offset losses they experienced due to the pandemic.

Despite that relief, they still face uncertainty around whether
there will be another surge of COVID-19 cases in the region and how
that might affect their finances.

Mt. Ascutney officials have not yet committed to continuing their
participation in contracts offered through the accountable care
organization OneCare Vermont, which was founded jointly by D-HH and
the University of Vermont Health Network. Mt. Ascutney has not had
a good experience with those contracts with insurance companies
that pay health care providers a fixed amount per patient, rather
than on the traditional fee-for-service basis, said Perras, who
also sits on OneCare's board.

Green Mountain Care Board chairman Kevin Mullin pressed Perras on
this issue.

"Another troubling aspect is that one of the founders of this
organization is your affiliated entity, yet you seem to be walking
away from it," Mullin said. "It's perplexing."

Perras said he is juggling several interests; one is that as a
physician he would like to see improvements in the way health care
is delivered, another is that as a member of the board of OneCare
he sees it as a possible vehicle for change and a third is that as
CEO of Mt. Ascutney he is responsible to 400 employees and the
surrounding community to keep the organization afloat.

He indicated that both Mt. Ascutney's board and the D-HH board will
meet next month to consider which OneCare contracts Mt. Ascutney
will participate in next year. It has committed to one with
Medicaid, but not to others with Medicare or commercial insurers.

"Outside the uncertainty of COVID, there's still a lot of balls in
the air" Perras said.

                    About Springfield Hospital

Springfield Hospital, Inc. is a not-for-profit, critical access
hospital located in Springfield, Vermont. As part of Springfield
Medical Care Systems' integrated system of care, including a
network of ten federally qualified community health center sites,
Springfield Hospital serves communities in southeastern Vermont and
southwestern New Hampshire.

Springfield Hospital, Inc. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. Vermont Case No. 19-10283) on June
26, 2019.  At the time of the filing, Debtor had estimated $10
million to $50 million in assets and liabilities.  The Hon. Colleen
A. Brown oversees the case.  Murray, Plumb & Murray is the Debtor's
legal counsel.


STURDIVANT TAYLOR: $800K Sale of All Assets to Rebecca Poe Approved
-------------------------------------------------------------------
Judge Neil P. Olack of the U.S. Bankruptcy Court for the Southern
District of Mississippi authorized Sturdivant Taylor, LLC and
Building Blocks of Madison Crossing Daycare and Learning Center,
Inc. to sell substantially all assets to Rebecca Poe for $800,000.

The sale is "as is" outside the ordinary course of business, free
and clear of liens, claims, encumbrances and interests, with such
liens, claims, encumbrances and interests attaching to the proceeds
of sale.

The closing attorney is authorized and directed to confirm the
payoff amounts with BankFirst and BankPlus and to disburse the
proceeds to the lien holders in order of priority including
BankFirst, BankPlus and the tax lien of MDOR; disburse the
previously approved commission to the broker, Ward Whicht and
Sunbelt, LLC, in the amount of $72,000; and pay one-half of the
closing costs up to $1,000 from the sales proceeds.  The closing
attorney is further authorized and directed to disburse all
remaining proceeds to Sturdivant Taylor, LLC, to be held in its DIP
bank account and will not be disbursed until further order of the
Court.  The closing attorney is further directed to deliver a
closing report or settlement statement to R. Micheal Bolen, the
attorneys for the Debtors, within seven days of closing to be
filed.

The objection of the U. S. Trustee is resolved by the Debtors
agreeing to file a report of sale with a copy of the closing
statement within 10 days after the sale closes and by agreeing to
allocate the sale expenditures between the estates of Sturdivant
Taylor and Building Blocks.  The total amount to be distributed at
closing to the holders of secured claims will be approximately
$616,483 plus daily accruals.  Of that amount $581,402 plus daily
accruals will be paid to BankFirst plus one-half of the BankPlus
indebtedness for $14,632.00 which will total $595,716.00 plus daily
accruals to be paid by Sturdivant Taylor.

That will constitute approximately 97% of the sales proceeds.
Building Blocks will pay the remaining one-half of the indebtedness
to BankPlus for $14,632.00 plus the secured claim of MDOR in the
amount of $6,135.  That will total the sum of $20,767 plus daily
accruals or 3% of the sales proceeds.  The same percentages will be
applied to the commission for the broker in the total amount of
$72,000 with $69,840 being paid by Sturdivant Taylor and the
remaining $2,160 being paid by Building Blocks.  The allocation
will apply only to the distribution of the sales proceeds at
closing.  The sale, and/or transfer, of property containing
personally identifiable information will be consistent with those
procedures currently in place by the Debtors regarding the transfer
of personally identifiable information.

The purchased assets include the customer lists maintained by
Building Blocks and the customer lists include personally
identifiable information, but the transfer of the customer lists
will be consistent with those procedures currently in place by the
Debtors.

The Order is a final judgment as contemplated by the applicable
Federal Rules of Bankruptcy Procedure.

                    About Sturdivant Taylor

Sturdivant Taylor, LLC, owns and leases real property located at
243 Yandell Road, Canton, Miss., with a building located thereon
leased to Building Blocks of Madison Crossing Daycare and Learning
Center, Inc. where it operates a daycare.

Sturdivant Taylor and Building Blocks sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Lead Case
No.19-03561) on Oct. 7, 2019.  At the time of the filing,
Sturdivant Taylor disclosed assets of less than $50,000 and
liabilities of less than $1 million.  The cases have been assigned
to Judge Neil P. Olack.  Hood & Bolen, PLLC, is the Debtors' legal
counsel.  Ward Whicht and Sunbelt, LLC is the broker.


SUGAR FACTORY: $135K Sale of OD Liquor License to Cohen Approved
----------------------------------------------------------------
Judge Laurel M. Isicoff of the U.S. Bankruptcy Court for the
Southern District of Florida authorized the License Purchase
Agreement, dated Sept. 1, 2020, of Sugar Factory Ocean Drive, LLC
with Barry Cohen in connection with the sale of alcoholic beverage
licenses issued by the State of Florida Department of Business and
Professional Regulation, Division of Alcoholic Beverages and
Tobacco, for $135,000.

The Sale Hearing was held on Sept. 30, 2020.

The LPA and all Transaction Documents, and all the terms and
conditions thereof, are approved.  

The Purchaser's offer for the Sale Asset, as embodied in the LPA,
represents the highest and best offer for the Sale Asset and is
approved.

The sale is free and clear of all Interests of any kind or nature
whatsoever.

The provisions of the LPA and the Order may be specifically
enforced in accordance with the LPA notwithstanding the appointment
of any chapter 7 or chapter 11 trustee, and will be binding upon
any trustee, party, entity or fiduciary that may be appointed in
connection with the Chapter 11 Case or any other or further case
involving the Debtor, whether under chapter 7 or chapter 11 of the
Bankruptcy Code.

A copy of the Agreement is available at
https://tinyurl.com/y3b8syja from PacerMonitor.com free of charge.


                About Sugar Factory Lincoln Road and
                     Sugar Factory Ocean Drive

Sugar Factory Lincoln Road, LLC, and Sugar Factory Ocean Drive,
LLC, filed their voluntary petitions under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 20-17980) on July
22, 2020.  At the time of the filing, Debtors disclosed assets of
between $1,000,001 and $10 million and liabilities of the same
range.  Judge Laurel M. Isicoff oversees the cases.  Aaronson
Schantz Beiley P.A. is Debtors' legal counsel.


SUITABLE TECHNOLOGIES: Court Approves $400K Sale to Blue Ocean
--------------------------------------------------------------
Leslie A. Pappas of Bloomberg Law reports Suitable Technologies
Inc.'s Beam telepresence robot company really is worth just
$400,000, even after five months of marketing and a Chapter 11
bankruptcy costing nearly $6 million.  Judge Mary Walrath of the
U.S. Bankruptcy Court for the District of Delaware approved the
sale of substantially all of Suitable Technologies' assets to
Denmark-based technology developer Blue Ocean Robotics ApS for
$400,000, the very price that drove Suitable into bankruptcy in
February.  Suitable sought a "transparent" sale process through the
Chapter 11 process after Delaware's Court of Chancery cast doubt on
the legitimacy of Blue Ocean’s $400,000 offer.

                    About Suitable Technologies

Headquartered in Palo Alto, California, Suitable Technologies, Inc.
--  https://www.suitabletech.com/ -- develops, manufactures, and
sells telepresence system and technology platforms in both domestic
and international markets. It also maintains an intellectual
property portfolio, which includes a number of different patents
associated with, among other things, wireless connectivity, as well
as trademarks in the United States and other foreign jurisdictions.
Its primary product is called "Beam", a telepresence device
designed to promote remote collaboration, provide individuals with
the ability to communicate remotely with others on both a visual
and audio basis, and move freely through a workplace using the
Company's manufactured devices and companion software.

Suitable Technologies, Inc., sought Chapter 11 protection (Bankr.
D. Del. Case No. 20-10432) on Feb. 26, 2020. The Debtor was
estimated to have $10 million to $50 million in assets and $50
million to $100 million in liabilities.

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

The Debtor tapped Young Conaway Stargatt & Taylor, LLP as counsel;
and Stout Risius Ross Advisors, LLC, as investment banker. Asgaard
Capital LLC is the staffing provider and its founder, Charles C.
Reardon, is presently serving as CRO for the Debtor. Donlin, Recano
& Company, Inc., is the claims agent.


SUMMIT MIDSTREAM: S&P Lowers Senior Secured Debt Rating to 'C'
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Summit
Midstream Partners Holdings LLC (SMP Holdings), a wholly-owned
unrestricted subsidiary of Summit Midstream Partners L.P. (SMLP),
to 'CC' from 'CCC' following announcement that SMP Holdings has
entered into an out-of-court restructuring agreement with an ad hoc
group of its term loan lenders.

At the same time, S&P lowered its issue-level rating on SMP
Holdings' senior secured debt to 'C' from 'CC'. S&P's '6' recovery
rating remains unchanged, indicating its expectation for negligible
(0%-10%; rounded estimate: 0%) recovery in the event of a default.

"The negative outlook reflects that we expect to lower our issuer
credit rating on SMP Holdings to 'D' when the transaction closes
given this is SMP Holdings' sole debt obligation and investors are
receiving less than the original promise. We will reassess SMLP's
pro forma credit quality after SMP Holdings' term loan transaction
closes," S&P said.

SMLP, through its unrestricted subsidiary SMP Holdings, has entered
into a term loan restructuring agreement with approximately 66% of
its subsidiary's term loan lenders. SMLP will engage with the
remaining term loan lenders over the coming weeks and S&P expects
it to receive full support to close the restructuring for the
entire $155.2 million of outstanding term loan debt. With 73%
lender approval and consent from at least two additional lenders,
SMLP has the ability to close the transaction, though the company
is seeking a settlement with the entire lender group. The term loan
restructuring will occur simultaneously with the full settlement
and removal of the $180.75 million deferred purchase price
obligation (DPPO) that SMLP owes to SMP Holdings.

As part of the transaction, SMP Holdings will give the lenders
$26.5 million in cash (via SMLP) along with 34.6 million of SMLP's
common units. S&P estimates that the lenders will receive
approximately $50 million at transaction close (assuming SMLP's
common unit closing price as of Sept. 28, 2020) and the term loan
balance will be retired at a discount of approximately 68% to face
value based on the terms of the restructuring.

The negative outlook reflects that S&P expects to lower itsissuer
credit rating on SMP Holdings to 'D' when the transaction closes.

S&P expects to lower its rating on SMP Holdings when it completes
its distressed term loan restructuring.

It is unlikely S&P would consider a positive ratings action over
the near term given the restructuring announcement.


TEAM SERVICES: Moody's Assigns B3 CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating
("CFR") and B3-PD Probability of Default Rating ("PDR") to TEAM
Services Group, LLC ("TEAM"), an administrative and human resources
conduit for home-based personal care. At the same time, Moody's
assigned B2 ratings to the company's proposed senior secured first
lien revolving credit facility and term loan and assigned a Caa2
rating to the proposed senior secured second lien term loan. TEAM
is a co-borrower of the credit facilities with TEAM Public Choices,
LLC and TEAM RMS, LLC. The outlook is stable.

Proceeds from the transaction will be used in conjunction with $326
million of new sponsor equity and $75 million of rollover
management equity to fund Alpine Investors' acquisition of TEAM
through a continuation vehicle and to pay fees and expenses. TEAM
is being acquired at a 13.2x PF adjusted EBITDA multiple.

Ratings assigned:

TEAM Services Group, LLC

Corporate Family Rating at B3

Probability of Default Rating at B3-PD

Senior secured first lien revolving credit facility due 2025 at B2
(LGD3)

Senior secured first lien term loan due 2027 at B2 (LGD3)

Senior secured second lien term loan due 2028 at Caa2 (LGD5)

The outlook is stable.

RATINGS RATIONALE

The B3 CFR reflects TEAM's high pro forma adjusted leverage of 6.8
times and Moody's expectation that leverage will remain above 6
times for the next 12-18 months. Further, the rating is constrained
by the company's relatively small scale and geographic
concentration with 44% of gross revenues generated in three states
- Colorado, Georgia, and Pennsylvania. The rating also reflects
TEAM's tuck-in acquisition strategy. Moody's anticipates that the
company will operate with aggressive financial policies typical of
private equity-backed firms.

The B3 CFR is supported by the company's diversification by
services and payors. Despite having a large exposure to Medicaid
reimbursement rates, TEAM benefits from insulation given the
state-by-state nature of reimbursement changes. This exposure may
also be mitigated as TEAM expands into additional states. The
rating is supported by growing demand for home-based long-term
care, the preference of the BYOC (bring your own caregiver) model,
and long-term contractual relationships. Revenues are derived from
administrative fees in the Risk Management Strategies (RMS)
business and from either a spread between state Medicaid
reimbursement rates and caregiver compensation or an administrative
fee in the Team Public Choices (TPC) business. Over the next 12-18
months, Moody's expects consistently positive free cash flow in the
amount of $30-40 million per annum.

The stable outlook reflects Moody's view that the company will
continue to grow both organically and through acquisitions, but
that leverage will remain elevated.

Moody's considers coronavirus to be a social risk given the risk to
human health and safety. Relative to many other rated healthcare
companies, TEAM faces below average social risk. In terms of
governance, Alpine Investors, a private-equity firm, will continue
its ownership of TEAM with this transaction. TEAM's historical
acquisitions have been entirely debt-funded, which poses future
risk to creditors. The company will however have access to $100
million of committed, unfunded equity which will also be used for
future growth. Environmental considerations are not considered
material to TEAM's overall rating.

Moody's expects the company's liquidity to be good over the next
12-18 months given the company's access to the $30 million revolver
(undrawn at close), and good free cash flow. Liquidity is also
supported by the company's anticipated $22 million cash balance
following the close of the transaction as well as significant
flexibility within the credit agreement, including the absence of
financial maintenance covenants in the term loans.

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

The ratings could be upgraded if TEAM continues to successfully
execute its acquisition growth strategy leading to improved scale,
generates a track record of consistent positive free cash flow, and
debt/EBITDA is sustained below 6.0x.

The ratings could be downgraded if TEAM's revenue or profitability
weakens or if the company fails to effectively manage its rapid
growth. A downgrade could also occur with negative changes to
Medicaid reimbursement rates or if the company's financial policies
become more aggressive. The ratings could also be downgraded if
liquidity erodes.

The credit facility is expected to contain certain covenant
flexibility for transactions that can adversely affect creditors.
An incremental facility can be incurred up to the greater of $57
million or 100% of consolidated EBITDA plus an unlimited amount so
long as the company's consolidated net first lien leverage is below
4.6 times. Collateral leakage is permitted through the transfer of
assets to unrestricted subsidiaries but is subject to certain
blocker restrictions prohibiting the transfer of material
intellectual property. Only wholly-owned subsidiaries must provide
guarantees; partial dividends of ownership interests could
jeopardize guarantees subject to limitations on guarantee releases.
There is no step-down to the mandatory prepayment or reinvestment
requirement to net proceeds from asset sales. All terms are
preliminary and can be significantly different at transaction
close.

TEAM Services Group is a leading provider of employment
administration and risk management solutions that facilitate
self-directed home care for seniors and people with long-term
disabilities. Following the close of the transaction, TEAM will be
acquired by a continuation fund managed by private equity firm
Alpine Investors. Contract revenues for the LTM 6/30/2020 period is
approximately $390 million.

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


TRIUMPH GROUP: Amends $50 Million Securitization Facility
---------------------------------------------------------
Triumph Group, Inc., entered into amendments to its existing $50
million receivables securitization facility which was established
in August 2008 and amended from time to time by entering into (i)
an amended and restated receivables purchase agreement, among
Triumph Receivables, LLC, as seller, the Company, as servicer, the
various purchasers, LC participants and purchaser agents from time
to time party thereto, PNC Bank, National Association, as
administrator and as LC bank and PNC Capital Markets LLC, as
structuring agent, (ii) an amended and restated purchase and sale
agreement, among various entities listed therein, as the
originators, the Company, individually and as servicer and Triumph
Receivables, LLC and (iii) an amended and restated performance
guaranty, by the Company in favor of PNC Bank, National
Association, as administrator.  The Securitization Facility
Amendments provide the Company with enhanced liquidity options by
establishing a letter of credit facility under the Receivables
Securitization Facility which effectively replaces a similar
limited letter of credit facility under its previous credit
agreement that was terminated on Aug. 17, 2020.  Pursuant to the
letter of credit facility, Triumph Receivables, LLC may request
that PNC Bank, National Association issue one or more letters of
credit that will expire no later than 12 months after the date of
issuance, extension or renewal, as applicable.

                         About Triumph

Headquartered in Berwyn, Pennsylvania, Triumph Group, Inc. --
http://www.triumphgroup.com-- designs, engineers, manufactures,
repairs and overhauls a broad portfolio of aerospace and defense
systems, components and structures.  The company serves the global
aviation industry, including original equipment manufacturers and
the full spectrum of military and commercial aircraft operators.

Triumph Group reported a net loss of $28.13 million for the year
ended March 31, 2020, a net loss of $321.76 million for the year
ended March 31, 2019, and a net loss of $425.39 million for the
year ended March 31, 2018.  As of June 30, 2020, the Company had
$2.26 billion in total assets, $789.36 million in total current
liabilities, $1.55 billion in long-term debt (less current
portion), $643.25 million in accrued pension and other
post-retirement benefits, $7.48 million in deferred income taxes,
$316.53 million in other non-current liabilities, and a total
stockholders' deficit of $1.04 billion.

                            *   *   *

As reported by the TCR on Aug. 6, 2020, Moody's Investors Service
downgraded its ratings for Triumph Group, Inc., including the
company's corporate family rating (CFR, to Caa3 from Caa2) and
probability of default rating (to Caa3-PD from Caa2-PD).  "The
downgrades reflect its assertion of rising default risk over the
next few years given the company's deemed unsustainable leveraged
capital structure and the multi-year recovery of the aerospace
industry as anticipated," says Eoin Roche, Moody's vice president
and senior analyst covering Triumph.

In June 2020, S&P Global Ratings lowered its issuer credit rating
on Triumph Group Inc. to 'CCC+' from 'B-'.


TROIANO TRUCKING: Weiss' Plea to Modify Assets Sale Order Withdrawn
-------------------------------------------------------------------
Judge Christopher J. Panos of the U.S. Bankruptcy Court for the
District of Massachusetts withdrew the expedited request of Steven
Weiss, the duly appointed Chapter 11 Trustee of Troiano Trucking,
Inc. and Troiano Realty, LLC, to modify the order authorizing him
to sell assets to Recycleworks Green, LLC for $3.05 million.

                    About Troiano Trucking

Troiano Trucking, Inc. -- http://www.troianotrucking.com/-- is a
privately held company in Grafton, Mass., in the waste hauling
business.  The company maintains a fleet of four trucks, which
allows it to service its customers with removal of bakery waste,
rubbish, demolition materials and recyclables.  It serves
construction companies, roofing companies, bakeries and individual
home owners.

Troiano Realty, LLC, is a real estate lessor whose principal assets
are located at 109 Creeper Hill Road, North Grafton, Mass.  The
property is valued at $1.48 million based on tax valuation
assessment method.

Troiano Trucking and Troiano Realty sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Mass. Lead Case No. 19-40656)
on April 23, 2019.  At the time of the filing, Troiano Trucking
was
estimated to have assets and liabilities of between $1 million and
$10 million.  Troiano Realty disclosed $1,485,000 in assets and
$4,220,210 in liabilities.


ULTRA RESOURCES: Moody's Assigns B2 CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service assigned ratings to Ultra Resources,
Inc., including a B2 Corporate Family Rating (CFR), a B2-PD
Probability of Default Rating (PDR) and a B2 rating to its senior
secured first lien revolving credit facility. The rating outlook is
stable. These are first time ratings for Ultra, following its
emergence from bankruptcy.

"Ultra benefits from having no debt after emerging from bankruptcy
and could generate meaningful positive free cash flow as it pursues
a consolidation strategy," commented James Wilkins, Moody's Vice
President-Senior Analyst. "However, the company could be challenged
to restart drilling operations and maintain flat or growing
production volumes if natural gas prices do not improve
materially."

Assignments:

Issuer: Ultra Resources, Inc.

Probability of Default Rating, Assigned B2-PD

Corporate Family Rating, Assigned B2

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

Outlook Actions:

Issuer: Ultra Resources, Inc.

Outlook, Assigned Stable

RATINGS RATIONALE

Ultra's B2 CFR reflects its ongoing suspension of drilling
operations and choice to develop its inventory under potentially
more favorable commodity price conditions in the future. It is
unknown when it will restart drilling, but in the meantime Ultra
expects to generate positive free cash flow while experiencing a
10-20% per year decline in production volumes from existing
producing wells over the next four years. The company's strategy is
to pursue consolidation through acquisitions of producing assets.
It will need to restart drilling to arrest the ongoing production
decline. It is uncertain when or to what extent natural gas prices
will support further investment in Ultra's Pinedale assets, and how
successful Ultra may be in potentially diversifying its E&P efforts
into other basins. Moody's expects Ultra will eventually add modest
levels of debt to its unlevered balance sheet as it invests in
drilling new wells and producing asset transactions, and
potentially to provide returns for its private shareholders, who
were secured lenders to Ultra Resources, Inc. prior to its
bankruptcy filing.

The rating is constrained by Ultra's modest scale, geographic
concentration of reserves that are principally in a single basin
and natural gas production focus. Ultra's cash flows will be highly
levered to weak and range-bound natural gas. However, an active
hedging program will limit volatility of cash flow.

Ultra benefits from low leverage (no long-term debt), positive free
cash flow generation, a known resource base in the Pinedale Field
with ample drilling inventory and competitive development costs and
significant experience operating in the Green River Basin. As of
the end of September 2020, the company had a net cash position with
no balance sheet debt and an undrawn $60 million revolving credit
facility. Furthermore, until Ultra restarts its drilling
operations, it will have very low capital expenditure requirements
and generate positive free cash flow, which may be used to reinvest
in its existing business, acquire additional assets or pay
distributions to equity holders, subject to certain covenant
restrictions.

The first lien secured revolving credit facility is rated B2, the
same level as the B2 CFR, and reflects the senior secured nature of
revolver borrowings, lack of other debt in the liability structure
as well as the small amount of lease obligations and trade
payables. Moody's believes the B2 rating on the secured revolving
credit facility is more appropriate than the rating suggested by
Moody's Loss Given Default (LGD) methodology.

Ultra has good liquidity supported by positive free cash flow, a
growing cash balance and availability under its undrawn $60 million
revolving credit facility. The revolver, which matures in September
2023, had an initial borrowing base of $100 million and Moody's
expects the revolver will remain undrawn while capital expenditures
remain low. To reduce volatility of cash flow, Ultra will be
required to hedge at least 33% of its next twelve months of PDP
production volumes and 25% of PDP volumes for six months
thereafter. The revolving credit facility currently has two
financial covenants -- a minimum current ratio of 1.0x and a
maximum leverage ratio of 3.0x. Moody's anticipates Ultra will
remain in compliance with the financial covenants through 2021.
Substantially all the company's assets are pledged as security
under the credit facility, which limits the extent to which asset
sales could provide a source of alternative liquidity.

The stable outlook reflects Moody's expectation Ultra will be able
to weather potential volatility in natural gas commodity prices and
generate positive free cash flow while it is not conducting
drilling operations.

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

The ratings could be upgraded if Ultra restarted drilling
operations and maintained flat or growing production volumes above
100 Mboe per day, while generating positive free cash flow and
maintaining retained cash flow (RCF) to debt of at least 35%. The
ratings could be downgraded if Ultra ceased generating positive
free cash flow, retained cash flow to debt fell below 25%, or
production volumes fell below 50 Mboe per day.

Ultra Resources, Inc., headquartered in Englewood, Colorado, is a
wholly owned subsidiary of UP Energy, LLC. Ultra is an independent
exploration and production (E&P) company engaged in US natural gas
exploration, development, and production in the Green River Basin
of Wyoming (Pinedale Anticline and Jonah Field). Over 90% of the
company's production consists of natural gas.

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


VALARIS PLC: Citibank Objects to Chapter 11 Debt-Swap Plan
----------------------------------------------------------
Law360 reports that Citibank offered a Texas bankruptcy court what
it said was a preview of its objections to offshore drilling
contractor Valaris' $7 billion debt-swap Chapter 11 plan, saying
August 20, 2020, that the financing provisions are a giveaway to a
bondholder group.

At a first-day phone hearing for Valaris' Chapter 11 case, counsel
for Citibank, the agent for the company's revolving credit
facility, said it plans to challenge the restructuring plan,
particularly a proposal to have a bondholder group surrender $6. 5
billion in debt and provide $500 million in debtor-in-possession
financing and receive $550 million in debt and more than a third of
Valaris' equity.

                      About Valaris plc

Valaris plc (NYSE: VAL) -- http://www.valaris.com/-- is the
industry leader in offshore drilling services across all water
depths and geographies. Operating a high-quality rig fleet of
ultra-deepwater drillships, versatile semisubmersibles and modern
shallow-water jackups, Valaris has experience operating in nearly
every major offshore basin. With an unwavering commitment to safety
and operational excellence, and a focus on technology and
innovation, Valaris was rated first in total customer satisfaction
in the latest independent survey by EnergyPoint Research - the
ninth consecutive year that the Company has earned this
distinction. Valaris plc is an English limited company (England No.
7023598) with its corporate headquarters located at 110 Cannon
Street, London EC4N 6EU.

On Aug. 19, 2020, Valaris PLC and its affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 20-34114).

Kirkland & Ellis LLP, and Slaughter and May are serving as legal
advisors to Valaris in connection with the restructuring.  Lazard
Ltd. is serving as Valaris' investment banker and Alvarez & Marsal
North America LLC as its 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 are serving as legal advisors to the Consenting
Noteholders, and Houlihan Lokey Inc. is serving as financial
advisor.


VAREX IMAGING: S&P Assigns 'B' Long-Term ICR; Outlook Negative
--------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Salt Lake City-based Varex Imaging Corp. S&P also assigned a 'B'
issue rating to its senior secured notes. The recovery rating on
the secured notes is '3'.

The negative outlook reflects credit measures in 2020 and 2021 that
are weak for the rating, and risk that the company may recover more
slowly than S&P anticipates from COVID-19-related weakness.

The company has a niche focus on x-ray-based imaging equipment,
subject to ongoing customer volatility in capital spending in the
health care equipment and industrial equipment markets.  Varex is
highly dependent on its customers' capital spending budgets. Sales
declined in the first half of 2020 because hospital systems and
industrial purchasers delayed spending and equipment replacement
due to pandemic-related reductions in patient volumes and economic
activity. The company's cost structure is also relatively
inflexible, thus S&P expects a 7% drop in 2020 revenues,
translating to about a 55% reduction in adjusted EBITDA.
Notwithstanding recent volatility, the company possesses modest
barriers to entry through strong intellectual property, sticky
long-term relationships with customers, substantial market share,
and an industry resistant to disruption due to relatively low
EBITDA margins.

Varex is a leader in several x-ray technologies, with a diverse
customer base.   The company attracts and retains customers in
multiple imaging modalities including computed tomography (CT),
radiography, mammography, and oncology, as well as industrial
clients with products designed for cargo screening and
nondestructive testing, among other purposes. The company's
customer base is diverse, in terms of industry and geographic
markets, and balanced. The U.S., Europe Middle East and Africa
(EMEA), and Asia-Pacific each contributed more than 30% to its 2019
revenue. While Varex's top 10 customers represented about 50% of
2019 revenues, only Canon Inc. (17%) represented more than 10%.

Varex is exposed to similar risks as contract manufacturing
organizations (CMOs) due to their profitability and dependence on
OEMs, which hold significant negotiating and pricing leverage,
resulting in EBITDA margins that are below 15 percent.  However,
unlike most CMOs, Varex relies more on innovation, which insulates
the company from price-based competition to a degree, results in
stickier relationships with OEMs, and provides more opportunity for
higher profitability. S&P also expects margins will benefit from
the closure of their Santa Clara facility, reduced tariff impacts,
and a more favorable product mix over the next two to three years.
Although manufacturers have been increasingly outsourcing
imaging-component production, OEM insourcing remains a significant
long-term risk. Varex is able to leverage its design and
manufacturing expertise across both its medical and industrial
segments, which reduces costs. Additionally, about 25% of its
revenues come from recurring revenue streams such as replacement
parts, insulating it somewhat from industry capital budgets.

Varex's high operating leverage will keep cash flow and EBITDA
suppressed through most of this fiscal year.  Varex's EBITDA has
been highly dependent on its sales volume.

"With a projected $55 million decline in fiscal 2020 revenues
expected to depress EBITDA by about $60 million, we think the
company will perform better in fiscal 2021 once medical device
sales recover in the second half of next year. Full-year benefits
from operational improvements including reduced labor costs and the
closure of the Santa Clara facility will also help. We expect the
company will fully recover in fiscal 2022," S&P said.

"We view the company's 2020 leverage metrics as an aberration, due
to COVID-19 and restructuring, and we expect rapid deleveraging
beginning in the second half of fiscal 2021.  Prior to the
pandemic, Varex had maintained adjusted leverage below 4x. We
anticipate leverage will deteriorate to about 10.5x for 2020, given
the sharp drop in profitability due to fallout from the pandemic.
We expect the company's performance to rebound in 2021 and for the
company to return to its prior leverage profile within the next two
to three years," S&P said.

The negative outlook reflects the risk Varex may recover more
slowly than anticipated, given uncertainty around the resolution of
COVID-19 pandemic and how quickly capital investments at end
customers will rebound.

"We could lower the rating on Varex if the company is unable to
generate at least $15 million of annual free cash flow," S&P said.

"We could revise the outlook to stable if EBITDA margins improve
significantly in 2021, as we expect, and the company is able to
generate annual free cash flow of about $15 million-$20 million,"
the rating agency said.


VERITY HEALTH: Sale Saves Two Hospitals From Permanent Closure
--------------------------------------------------------------
Alia Paavola of Beckers Hospital Review reports that for-profit
provider AHMC Healthcare has finalized the purchase of two
California hospitals from Verity Health System, a bankrupt system
based in El Segundo, Calif.  

The two hospitals, Seton Medical Center in Daly City, Calif., and
Seton Coastside in Moss Beach, Calif., were sold for $40 million.
The sale became final in August, months after Verity Health
System's bankruptcy and a failed deal threatened to close the Daly
City hospital.

The deal for the two hospitals was conditionally approved by
California Attorney General Xavier Becerra July 27. Some of the
conditions include that AHMC will keep the hospitals open at least
five and a half years. In addition, AHMC will need to offer more
than $1 million in charity care for the surrounding community in
the next six fiscal years.

As part of the charity care requirement, Mr. Becerra said AHMC
needs to cover in full care for people who are uninsured or earn at
or below 250 percent of the federal poverty level.

Verity Health, which entered Chapter 11 bankruptcy in 2018, reached
a deal to sell the two hospitals in April 2020.

                  About Verity Health System

Verity Health System -- https://www.verity.org/ -- operates as a
non-profit health care system in the state of California, with
approximately 1,680 inpatient beds, six active emergency rooms, a
trauma center, and a host of medical specialties, including
tertiary and quaternary care.  Verity's two Southern California
hospitals are St. Francis Medical Center in Lynwood and St. Vincent
Medical Center in Los Angeles. In Northern California, O'Connor
Hospital in San Jose, St. Louise Regional Hospital in Gilroy, Seton
Medical Center in Daly City and Seton Coastside in Moss Beach are
part of Verity Health. Verity Health also includes Verity Medical
Foundation.  

With more than 100 primary care and specialty physicians, VMF
offers medical, surgical and related healthcare services for people
of all ages at community-based, multi-specialty clinics
conveniently located in areas served by the Verity hospitals.
Verity Health System was created in a transaction approved by
California Attorney General Kamala Harris and completed in
December
2015.

Verity Health System of California, Inc., and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D.
Cal. Lead Case No. 18-20151) on Aug. 31, 2018. In the petition
signed by CEO Richard Adcock, Verity Health estimated assets of
$500 million to $1 billion and liabilities of $500 million to $1
billion.  

Judge Ernest M. Robles oversees the cases.

The Debtors tapped Dentons US LLP as their bankruptcy counsel;
Berkeley Research Group, LLC, as financial advisor; Cain Brothers
as investment banker; and Kurtzman Carson Consultants as claims
agent.

The official committee of unsecured creditors formed in the case
retained Milbank, Tweed, Hadley & McCloy LLP as counsel.



VISTRA CORP: S&P Raises ICR to 'BB+' on Deleveraging; Outlook Pos.
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on independent
power producer (IPP) Vistra Corp. to 'BB+' from 'BB' and its
issue-level rating on the senior unsecured debt of its wholly owned
subsidiary Vistra Operations Co. LLC to 'BB+' from 'BB'. S&P's '1'
recovery rating on the company's senior secured debt and our '3'
recovery rating on its senior unsecured debt remain unchanged.

The positive outlook reflects the improvement in Vistra's credit
measures, which is indicated by its net debt-to-EBITDA ratio of
about 2.8x-3.1x through 2022, strong free cash flow generation, and
high cash flow conversion (EBITDA to free operating cash flow).

Strong execution through the pandemic. The drop in Vistra's demand
due to COVID-19 has been moderate thus far. While S&P expects the
demand for power, especially in the small commercial and industrial
(C&I) segment, to decline compared with last year, it has been more
resilient than in other sectors such as oil and gas, midstream, and
refining. The company has also been able to bolster its performance
this year on:

-- Higher congestion in West Texas that led to stronger pricing
than it previously expected;

-- Capturing value by opportunistically hedging at prices above
plan levels in late 2019 and early 2020, which S&P estimates was
offset by the open operational length it carried into the Electric
Reliability Council of Texas (ERCOT) summer;

-- The defensive wholesale hedges management put in place in
anticipation of the drop in commodity prices in late February/early
March; and

-- Higher retail power margins due to lower purchased power
costs.

S&P said, "Despite these factors, we expect the pandemic to
continue to reduce future demand given its ongoing effects on the
Texas energy complex and other industries. For instance, September
2020 peak load was down 6% compared with September 2019 with
significantly lower spot prices. We see visibility into 2021 demand
as one key factor for the company's forward credit momentum."

"The upgrade is primarily due to an improvement in the company's
financial ratios. We continue to assess Vistra's business risk
profile as fair and its financial risk as significant. We are
raising our rating on the company due to our application of a
positive one-notch comparable rating analysis adjustment, which
reflects that we view its free operating cash flow (FOCF)-to-debt
(i.e. cash flow generation after capital spending) ratio as being
in our intermediate financial risk range and stronger than those of
its 'BB'-rated peers."

"Our leverage ratios are somewhat higher than those calculated by
the company because we incorporate debt-like imputations (we impute
debt for asset retirement obligations [AROs], capitalized operating
leases, and unfunded pensions and other postemployment benefits)
and lower cash flow expectations, which we base on our forecast for
forward power curves. However, the company has shown a willingness
and ability to reduce its leverage, which led us to undertake the
upgrade. Vistra plans further debt reduction in 2021 and 2022 to
match the decline in its margins due to the backwardation in power
prices."

"While its business risk profile has improved, the company faces
persistent risks that we are still evaluating. Vistra's integrated
wholesale generation and retail power model have gained credibility
over the past two years because retailing power appears to provide
it with a hedge for its wholesale power operations when they are
regionally matched, which reduces the financial effects of lower
forward power curves. The company's volatility has also been lower
at about 15% trough to crest. We view the pandemic as a severe
stress test and believe the company's performance has been
relatively stable thus far. This would suggest that its integrated
model provides it with a more-stable business risk profile than we
have assumed."

Nonetheless, the adverse conditions in the wholesale power market
that began in 2016 haven't significantly improved. The
Pennsylvania-New Jersey-Maryland (PJM) market continues to reduce
its demand forecast while it remains very well supplied because new
combined cycle gas turbines (CCGTs) have come online to offset
retired facilities. Similarly, capacity auction parameters point to
lower pricing in the next auction. Moreover, both capacity and
energy price reforms are stalled at the Federal Energy Regulatory
Commission (FERC) and PJM stakeholder level. In addition, over the
medium to long term, S&P anticipates lower forward power prices in
virtually all of the other independent power markets.

At a high level, S&P thinks these declines reflect some combination
of lower natural gas prices and milder winters and summers that
weighed on prompt prices, which then cascaded onto the forward
curve. In addition, prices fell because companies retired fewer
generating assets than the markets expected. All of this has led to
backwardation in forward power price curves, which is exacerbated
by a lack of liquidity in the outer years.

Moreover, investors appear to be most interested in the medium-to
long-term prospects for conventional generation given that the cost
curve for renewables has continually declined, which raises the
prospects of an influx of a large amount of renewable capacity.

Backwardated power prices remain a concern for Vistra, though they
have lifted over the past four years. This is the key risk
threatening a further improvement in its credit quality. A major
risk that S&P assesses for all IPPs, including Vistra, is the
significant backwardation of forward power curves in markets such
as ERCOT. However, over the past four years it has observed that
the forward markets are heavily influenced by a small number of
power purchase agreement (PPA)-related transactions in a relatively
illiquid hedging market for the outer years (more than two years
out). The forward prices also do not appear to reflect any scarcity
associated with the increasingly intermittent availability of
resources. Therefore, forward power prices have consistently risen
in the late summer (or fall) of the immediately preceding year of
delivery as liquidity improved. Given about three-years of
visibility, Vistra typically has opportunities to transact and
optimize its hedging positions. The company has repeatedly shown
its ability to hedge against the volatility despite the
backwardated forward curve.

Forward prices for summer 2021 have started to show similar initial
lifts. This persistent lift is vital to Vistra's financial profile
because we estimate that its wholesale generation EBITDA will
decline by 25% in 2022 relative 2020, before hedging and
mitigation, based on the backwardation in power prices. Vistra is
also less hedged for the summer of 2021 than we expected given its
view that power prices will rise. S&P notes that a higher open
position is a direction bet and see this as the key credit risk for
its debtholders.

S&P said, "Still, we note that the ERCOT market has about 15
gigawatts (GW) of thermal generation that is at-risk if the forward
curves remain weak. The ERCOT market is also dependent upon new
builds to sustain its reserve margin. This has led to persistent
questions around whether these new builds will materialize given
the uncertainty in demand and financing and availability of tax
equity in the aftermath of the pandemic."

"We see a reduction in the company's carbon footprint as a
necessity rather than a choice, though its proposed renewables
spending presents different risks. With one of the larger
fossil-fired fleets in ERCOT, Vistra's carbon footprint is
significant. The company has announced the closure of about 6.6 GW
of coal-fired generation in the PJM/ Midcontinent Independent
System Operator (MISO) regions. This follows its retirement of
nearly 7.2 GW of coal-fired units in 2017-2019. We view these
closures favorably but note that all of the generation capacity the
company is planning to retire, or has already retired, is
economically challenged. From an environmental, social, and
governance (ESG) perspective, Vistra has yet to retire an
economically viable coal plant, though we believe the company's
remaining 4.5 GW of ERCOT coal-fired generation will eventually
face a similar fate."

In a nod to that eventuality, Vistra has announced 900 MW of solar
and storage projects. In this regard, the company's strategy has
departed from that of its peer NRG Energy Inc., which has instead
chosen to contract for renewable generation to serve its retail
load. While S&P thinks of renewables as a hedge against disruption,
the ownership of renewables entails merchant tail risks because no
retail contracts extend that long. Also, Vistra's solar additions
would add to the ERCOT region's supply and, potentially, to the
backwardation in its power prices.

Perversely, the company's strategic shift will substantially
right-size its load-to-generation matching. In contrast with its
peer NRG, Vistra still has a long-generation position relative to
its retail load. COVID-19 has exacerbated (and underscored) the
risks facing merchant coal-fired generation. At the start of 2020,
the company estimated nearly 190 terawatt hours (TWH) of aggregate
economic generation from its fleet. With the pull-back in power
prices since the onset of the pandemic, it has reduced its
expectation to 170 TWH. The announced coal-plant retirements will
further reduce that figure to 145 TWH pro forma for 2021 (and lower
still once all plants are retired).

Perversely, the decline in its wholesale generation will improve
its load-to generation matching. Before the asset closures, S&P
estimated a load-to-generation match of 61% for the company in
2020, which we now expect to improve to 74% in 2021 after the
shuttering of its coal-fired units.

S&P said, "We expect lower EBITDA in 2021 and 2022 but believe the
company will still generate significant excess cash. What jumps out
when reviewing Vistra is that almost 55% of its gross margins are
exposed to riskier energy segments. Amid the current market
environment, which is facing a continual onslaught of distributed
generation and proliferating renewables, we believe this exposes
the company to backwardated EBITDA."

"Based on the current forward curve and our expectations for
forward prices, we believe about 25% of the company's margin in its
2022 wholesale EBITDA is at risk (or about 15% of its aggregate
EBITDA). In response to that expected decline, Vistra is planning
to continue to reduce its debt through 2022 to maintain debt to
EBITDA of less than 3.0x and trending toward 2.75x."

"Through the forecast period, we expect Vistra's cash flow
conversion ratio (i.e., EBITDA to FOCF) to be about 50%. The
company's relatively high cash flow conversion ratio is primarily
attributable to a couple of company-specific factors. First, it
derives significant EBITDA from its retail business, which requires
very little capital investment. In addition, as Vistra has evolved
its supply base from older, coal-fueled plants to newer CCGTs, its
free cash flow conversion rate has continued to increase. CCGTs are
less capital intensive than coal plants and less expensive to
maintain."

The company's higher capital expenditure (capex) plan related to
its renewable deployment program will stake a competing claim in
its capital allocation decisions. Vistra may also opportunistically
allocate excess cash for retail business rollups. While S&P does
not consider a return of capital to its shareholders as credit
negative, the company will have to balance its share purchases
after managing to its targeted credit ratios to strengthen its
credit profile toward an investment-grade level.

S&P said, "The positive outlook reflects our view that Vistra's
increased fuel, regional, and revenue diversity, combined with its
capacity payments and retail revenue that contribute almost 45% of
its aggregate EBITDA, will allow it to maintain adjusted debt to
EBITDA of 3.0x and adjusted funds from operations (FFO) to debt of
about 25%. The positive outlook also incorporates our expectation
that the company's less capital-intensive retail business will
continue to provide it with a countercyclical hedge when its
wholesale margins decline while also generating solid cash flow
conversion, which management will use to eventually lower its net
debt to EBITDA below 3.0x."

"We could revise our outlook on Vistra to stable if its debt to
EBITDA increases above 3.25x or its FFO to debt declines below 25%
on a sustained basis. Our assessment also assumes less net debt
treatment for surplus cash. The company's expected deleveraging
through 2021 could slow if it chooses to deploy cash for retail
roll ups instead. We think this would occur only if there are
significant structural changes that lead to materially lower power
prices than we anticipate and the company chooses not to allocate a
commensurate amount of excess cash--which it would still likely
generate--for debt reduction. We will monitor the period between
November 2020 and March 2021 for political uncertainty that could
negatively affect forward power prices."

"We could raise our rating on Vistra if we continue to gain
confidence in the sustainability and stability of its retail power
business even as that business continues to grow. We could raise
our rating on the company to investment grade if the company's
leverage trends lower or we reassess its business position. The
company's performance through the pandemic and 2021, as well as the
resiliency of the demand growth in its salient markets, will assist
us in making our assessment."

"From a financial perspective alone, we could raise our rating if
Vistra's adjusted debt to EBITDA declines below 2.75x or its
adjusted FFO to debt increases above 28% on a sustained basis while
its free cash flow generation remains high even under a $2.50-$2.75
per million British thermal unit (mmBtu) gas price environment."


VIVUS INC: Icahn Plan Back to Drawing Board
-------------------------------------------
Law360 reports that the bankruptcy court rejects the Chapter 11
bankruptcy plan of Vivus Inc. Saying that a lack of management
testimony on key plan issues was "fatal," a Delaware bankruptcy
judge on Sept. 11, 2020, rejected a Chapter 11 plan offered by
biopharmaceutical venture Vivus Inc. and ordered the addition of a
stockholder committee to the company's future plan-drafting
efforts.  U.S. Bankruptcy Judge Laurie Selber Silverstein said
during a video-conference ruling that the decision reflected in
part unanswered questions regarding Vivus' value and that of a
pulmonary hypertension drug prospect owned by the company.

According to Bloomberg, four shareholders of the publicly traded
company had objected to the plan because it wipes out their
interests.

IEH Biopharma LLC, a subsidiary of Icahn Enterprises that holds
Vivus' convertible notes, would have received 100% of the equity in
the company emerging from bankruptcy.  That's worth about 76% of
IEH's about $171 million claim, according to Vivus' plan
disclosures.

Law360 reports that Vivus Inc. told the Delaware bankruptcy court
in August that its Chapter 11 plan should be approved despite
opposition from the federal bankruptcy watchdog and others because
it is a "value-maximizing" plan that benefits stakeholders.  In a
memorandum of law filed in support of the Chapter 11 plan, Vivus
asserted the plan resulted from "prolonged, good-faith efforts"
after "repeated attempts" for an out-of-court refinancing of the
debtors' capital structure failed. "The plan represents a
comprehensive and value-maximizing restructuring that benefits all
of the debtors' stakeholders," the filing said.

                       About Vivus Inc.

Vivus Inc -- https://www.vivus.com -- is a biopharmaceutical
company committed to the development and commercialization of
innovative therapies that focus on advancing treatments for
patients with serious unmet medical needs. VIVUS has three approved
therapies and one product candidate in clinical development. Osymia
(phentermine and topiramate extended release) is approved by FDA
for chronic weight management. The Company commercializes Qsymia in
the U.S. through a specialty sales force supported by an internal
commercial team and license the commercial rights to Qsymia in
South Korea. VIVUS was incorporated in 1991 in California and
reincorporated in 1996 in Delaware.  As of the Petition Date, VIVUS
is a publicly traded company with its shares listed on the Nasdaq
Global Market LLC under the ticker symbol "VVUS."  The Company
maintains its headquarters in Campbell, California.

Vivus Inc and three of its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Case No.
20-11779) on July 7, 2020. The petitions were signed by Mark Oki,
chief financial officer. Hon. Laurie Selber Silverstein presides
over the cases.

As of May 31, 2020, the Debtors reported total assets of
$213,884,000 and total liabilities of $281,669,000.

Weil Gotshal & Manges LP serves as general counsel to the Debtors,
while Richards, Layton & Finger, P.A. acts as local counsel to the
Debtors. Ernst & Young is the Debtors' financial advisor, and Piper
Sandler Companies acts as investment banker. Stretto is claims and
noticing agent to the Debtors.


WARTBURG COLLEGE: Fitch Affirms 'BB-' IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed at 'BB-' the Issuer Default Rating (IDR)
for Wartburg College, Iowa. Fitch has also affirmed at 'BB-' the
rating on approximately $79 million of private college facility
revenue refunding bonds, series 2015, issued by the Iowa Higher
Education Loan Authority on behalf of Wartburg College.

The Rating Outlook is Stable.

SECURITY

The series 2015 bonds are a general obligation of the college,
secured by a lien on revenues of the college and a mortgage on the
core campus. Additionally, the bonds are supported by a debt
service reserve fund equal to maximum annual debt service (MADS).

ANALYTICAL CONCLUSION

The 'BB-' IDR and bond rating reflect Fitch's expectation that
Wartburg's enrollment will be stable in the near term. Wartburg
demonstrates a limited reach in a very competitive state and
region. Fitch expects the college's leverage position will remain
consistent with the rating category through a stress scenario,
while cash flow margins remain healthy and consistent with
historical levels. The Stable Outlook reflects the expectation that
the college's cash flow margins will remain healthy and consistent
with historical levels.

Coronavirus Impacts

The ongoing coronavirus pandemic and related government-led
containment measures create an uncertain environment for the U.S.
public finance higher education sector. Fitch's forward-looking
analysis is informed by management's expectation coupled with
Fitch's common set of baseline and downside macroeconomic
scenarios. Fitch's scenarios will evolve as needed during this
dynamic period. Fitch's current baseline scenario incorporates the
sharp economic contraction in 2Q20, with an initial bounce in 3Q20
followed by a slower recovery trajectory from 4Q20. For the higher
education sector, the baseline case assumes the closure of most
residential campuses for a three- to four-month period with
continued sporadic closures through fall 2020. Rating sensitivities
address potential rating implications under a downside scenario,
which assumes slower economic recovery and prolonged or recurring
disruptions related to the coronavirus into fiscal 2021, including
enrollment and related revenue pressures for higher education.

Wartburg shifted to a fully remote learning model in March 2020 and
substantially vacated its residence halls and campus. The college
received a total of $1.29 million in Coronavirus Aid, Relief and
Economic Security (CARES) Act proceeds, as well as approximately
$4.3 million in the form of a PPP loan. Of the CARES Act funds,
$644 thousand is available for institutional use. Fall 2020 courses
have resumed in a mix of in-person, remote and hybrid structures
with hybrid learning as the predominant model. On-campus student
housing occupancy has declined and a testing, quarantine,
isolation, and contract tracing plan has dramatically limited the
number of active cases thus far.

Revenue Defensibility: 'bb'

Competition and Price Sensitivity Constrain Enrollment Growth

The 'bb' Revenue Defensibility assessment reflects Wartburg's
moderate demand constrained by a highly price sensitive market. The
college's historically flat net tuition revenue limits the rating.
Strong competition from the surrounding public and private colleges
and universities challenges the draw both in-state and regionally
out of state.



Operating Risk: 'a'

Strong Cash Flow Margins Countered by High Lifecycle Investment
Needs

Strong cost management demonstrated by three years of healthy cash
flow margins above 15%, as calculated by Fitch, countered by a
rising average age of plant which constrains the operating risk
assessment to 'a'.

Financial Profile: 'bb'

Weak Leverage and Neutral Liquidity

The 'bb' financial profile assessment reflects the vulnerability of
Wartburg's available funds (AF; cash and unrestricted investments)
to the application of Fitch's standard portfolio stress which leads
to below-investment-grade leverage and weakening liquidity (AF to
operating expenses) in the forward look.

ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS

No asymmetric risk considerations affected the rating.

RATING SENSITIVITIES

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

  -- Rising net tuition and fees supported by sustained enrollment
growth and steady to improving demand indicators;

  -- Significant improvement in leverage with AF/adjusted debt in
excess of 60%.

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

  -- Additional debt without commensurate additional growth in
available funds;

  -- A further decline in net tuition and fee revenues from
declining enrollment or unsustainable discounting;

  -- A weakening of operating performance demonstrated by a
material drop in cash flow margins to below 12% or at a point where
debt service coverage falls below the 1.1x covenant.

CREDIT PROFILE

Wartburg College, established in 1852 as a liberal arts college of
the Evangelical Lutheran Church in America, is in Waverly, IA and
serves predominantly in-state undergraduate students. The college
occupies a 118-acre campus with current headcount enrollment of
1,564 students.

REVENUE DEFENSIBILITY

The 'bb' revenue defensibility assessment reflects Wartburg's
relatively weak demand characteristics (selectivity and
matriculation) and a price sensitive regional market. Management
projects net tuition revenue will increase in both fiscal 2020 and
2021, despite a modest increase in discounting. Strong competition
from regional colleges and universities is reflected in relatively
high selectivity and low matriculation.

Fitch's consideration of Wartburg's growth in enrollment is
tempered by weaker demand characteristics as, demonstrated by
annual acceptance rates around 74% and matriculation fluctuating
around 14%. To improve its competitive positioning, Wartburg has
added a Masters in Leadership, discontinued low enrollment programs
(French, Philosophy, Peace & Justice), expanded online
capabilities, and started co-curricular bowling and clay target
sports programs. Additionally, to diversify its revenue stream,
Wartburg is extending services such as the digital print center and
on-campus dining to the community.

Student quality has improved steadily since Fall 2016 as
demonstrated by average SAT scores rising from 1059 to 1134 in Fall
2019, which is above the national average (1059 in fiscal 2019).
Wartburg's retention rate has improved markedly to 87.6% in Fall
2020, well above prior years which hovered around 80%.

Wartburg draws approximately 69% of its students from in-state with
most of the out-of-state draw coming from the contiguous states
(IL, MN, WI, NE, and MO) and Colorado. International enrollment is
not a significant factor, contributing approximately 7.5% of fall
2020 enrollment (117 students from 61 countries). Despite these
growth trends, Wartburg continues to experience significant
competition from Iowa's three public state schools.

Enrollment appears highly sensitive to increases in the net student
price with a slight drop in FTE enrollment from 1,503 to 1,480
(fiscal 2016 to fiscal 2020) before rising to 1,540 in fiscal 2021.
During that period, tuition rose from $36,210 to $43,500. Wartburg
increased tuition annually by between 3.3% (fiscal 2017) and 4.0%
(fiscal 2021). However, discounting has increased from 53.4% in
2016 to an expected 61.4% in 2021, constraining any material growth
in net tuition and fees. Fitch views this as a credit concern.

Wartburg's endowment draws in fiscal 2019 was a standard 5% of
endowment market value based on a rolling 36-month average, which
Fitch considers sustainable. Management reports that future
increases in the draw rate are not expected. The endowment draw is
not a significant revenue component at approximately 6.5% of total
operating revenues.

Fitch views Wartburg as highly sensitive to enrollment fluctuations
as tuition and auxiliary revenues, as calculated by Fitch, account
for 77% of total operating revenues. Gifts and contributions
(primarily for scholarships and co-curricular programs) have
fluctuated around 6%-7% of total annual operating revenues for the
past four years.

OPERATING RISK

Wartburg's cash flow margins have been at or above Fitch's 15%
benchmark for the rating category since 2017 (21.1% in 2017 to
16.7% in 2019) demonstrating intentional cost management. The
college has been actively managing expenses and expects modest
expense growth in the future, with a 1% salary pool increase
effective January 2020 and a slight increase in health insurance
rates.

This operating strength is countered by high lifecycle investment
needs demonstrated by a midrange and rising average age of plant
(13.4 years in 2019) as calculated by Fitch due in part to low
capital expenditures relative to depreciation. Fitch expects the
college to continue its successful fundraising for planned capital
projects. Currently, construction of the projected $3.5 million of
improvements to the wellness center, which will also house the
health & human performance department is expected to be completed
by May of 2021 and other projects are being considered for the next
two fiscal years. Fundraising for capital is typically on a project
basis, but annual giving for operating support has been a
relatively stable $2.4 to $2.5 million per year. This amount
includes contributions for annual scholarships and co-curricular
programs.

FINANCIAL PROFILE

Leverage (AF to adjusted debt), as calculated by Fitch, has
improved slightly (35.1% in 2016 to 43.1% in 2019) but is
vulnerable to revenue or portfolio stress which constrains the
rating. Total adjusted debt is affected only slightly by Fitch's
inclusion of operating leases as a debt equivalent. Liquidity (AF
to total operating expenses), as calculated by Fitch, will also be
constrained, falling from 70% in 2019 through the rating case. AF
fell from 2015 ($35.9 million) to 2017 ($29.1 million) before
recovering through 2019 ($35 million).

The scenario assumes flat expense growth and nominal revenue growth
as the 4% annual increase in tuition is countered by both flat
enrollment and a slight increase in tuition discounting. Capital
expenditures are expected to remain stable at or below the level of
depreciation in the forward look period as any material capital
expenditures are 100% donor-funded.

Wartburg maintains sufficient liquidity and debt service coverage
to exceed its bond rate covenants. Fitch's calculation of debt
service coverage has exceeded the college's covenant of 1.10x for
the past three fiscal years (about 1.5x in fiscal 2019). The
college's calculation of liquidity, total cash, and investments
(including restricted cash) to total long-term debt, has risen year
over year and has consistently remained above the 50% covenant
(129% in fiscal 2019).

Wartburg's debt at fiscal year-end 2019 was approximately $78
million; all debt was fixed rate. The college's debt service
coverage and liquidity are very sensitive to the college's
operating performance. The series 2015 debt structure has slightly
ascending debt service with MADS occurring in fiscal 2029.
Wartburg's debt burden is expected to moderate over time due to a
lack of new debt plans, but Fitch does not view the college as
having any additional debt capacity at the current rating.


Y TOWN TRUCKING: Files Chapter 7 Bankruptcy Petition
----------------------------------------------------
Y Town Trucking LLC filed for voluntary Chapter 7 bankruptcy
protection on Sept. 16, 2020 (Bankr. D. Ariz. Case No. 20-10443).


According to the Phoenix Business Journal, the Debtor listed an
address of 9444 W. Georgia Ave., Glendale, Arizona, and is
represented in court by attorney Thomas Allen.  Y Town Trucking
listed assets ranging from $0 to $50,000 and debts ranging from $0
to $50,000.  The filing did not identify a largest creditor.

Y Town Trucking LLC is a licensed and bonded freight shipping and
trucking company running freight hauling business from Mesa,
Arizona.

The Debtor's counsel:

         THOMAS 1 ALLEN
         Allen Barnes & Jones, PLC
         Tel: 602-256-6000
         E-mail: tallen@allenbarneslaw.com


Y-SQUARE DESIGN: Files Voluntary Chapter 7 Petition
---------------------------------------------------
Y-Square Design Build LLC filed for voluntary Chapter 7 bankruptcy
protection Sept. 18, 2020 (Bankr. S.D. Tex. 20-34606).  

According to the Houston Business Journal, represented in court by
attorney Liza A. Greene, the debtor listed an address of 8582 Katy
Freeway, #220, Houston. Y-Square Design Build LLC listed assets
ranging from $0 to $50,000 and debts ranging from $1 million to $10
million. The filing did not identify a largest creditor.

Y-Square Design Build LLC is one Houston's elite residential home
improvement experts currently specializing in building additions to
existing structures and installing asphalt shingle roofs. It
specializes in custom designing, home building and remodeling.


[*] At Least 18 Hospital Have Closed Since January
--------------------------------------------------
Ayla Ellison of Beckers Hospital Review reports that from
reimbursement landscape challenges to dwindling patient volumes,
many factors lead hospitals to shut down. In recent months,
financial damage linked to the COVID-19 pandemic has put many
hospitals in a fragile financial position and forced a few to
close.  These are 18 hospitals that have closed since January
2020:

* Alabama

1. Carrollton, Ala.-based Pickens County Medical Center closed
March 6. Hospital leaders said the closure was attributable to the
hospital's unsustainable financial position. A news release
announcing the closure specifically cited reduced federal funding,
lower reimbursement from commercial payers and declining patient
visits.

* California

2. Los Angeles-based St. Vincent Medical Center closed in January,
roughly three weeks after El Segundo, Calif.-based Verity Health
announced plans to shut down the 366-bed hospital. Verity, a
nonprofit health system that entered Chapter 11 bankruptcy in 2018,
shut down St. Vincent after a deal to sell four of its hospitals
fell through. In April, Patrick Soon-Shiong, MD, the billionaire
owner of the Los Angeles Times, purchased St. Vincent out of
bankruptcy for $135 million.

* Kansas

3. Sumner Community Hospital in Wellington, Kan., closed March 12
without providing notice to employees or the local community.
Kansas City, Mo.-based Rural Hospital Group, which acquired the
hospital in 2018, cited financial difficulties and lack of support
from local physicians as reasons for the closure. "Lack of support
from the local medical community was the primary reason we are
having to close the hospital," RHG said. "We regret having to make
this decision; however, despite operating the hospital in the most
fiscally responsible manner possible, we simply could not overcome
the divide that has existed from the time we purchased the hospital
until today."

4. Overland Park, Kan.-based Pinnacle Healthcare System and its
hospitals in Missouri and Kansas filed for Chapter 11 bankruptcy on
Feb. 12. Pinnacle Regional Hospital in Overland Park, formerly
called Blue Valley Hospital, closed about two months after entering
bankruptcy.

* Kentucky

5. Bon Secours Mercy Health closed Our Lady of Bellefonte Hospital
in Ashland, Ky., on April 30. The 214-bed hospital was originally
slated to shut down in September of this year, but the timeline was
moved up after employees began accepting new jobs or tendering
resignations. Bon Secours cited local competition as one reason for
the hospital closure. Despite efforts to help sustain hospital
operations, Bon Secours was unable to "effectively operate in an
environment that has multiple acute care facilities competing for
the same patients, providers and services," the health system said.


* Minnesota

6. Mayo Clinic Health System closed its hospital in Springfield,
Minn., on March 1. Mayo announced plans in December to close the
hospital and its clinics in Springfield and Lamberton, Minn. At
that time, James Hebl, MD, regional vice president of Mayo Clinic
Health System, said the facilities faced staffing challenges,
dwindling patient volumes and other issues. The hospital in
Springfield is one of eight hospitals within a less than 40-mile
radius, which has led to declining admissions and low use of the
emergency department, Dr. Hebl said.

* Missouri

7. Pinnacle Regional Hospital in Boonville, Mo., formerly known as
Cooper County Memorial Hospital, abruptly closed in January. It
entered Chapter 11 bankruptcy about a month after it shut down.

* Ohio

8. The Medical Center at Elizabeth Place, a 12-bed hospital owned
by physicians in Dayton, Ohio, closed March 5. The closure came
after years of financial problems. In January 2019, the Medical
Center at Elizabeth Place lost its certification as a hospital,
meaning it couldn't bill Medicare or Medicaid for services. Sixty
to 65 percent of the hospital's patients were covered through the
federal programs.

* Pennsylvania

9. UPMC Susquehanna Sunbury (Pa.)  closed March 31.
Pittsburgh-based UPMC announced plans in December to close the
rural hospital, citing dwindling patient volumes. Sunbury's
population was 9,905 at the 2010 census, down more than 6 percent
from 10 years earlier. Though the hospital officially closed its
doors in March, it shut down its emergency department and ended
inpatient services Jan. 31.

10. Ellwood City (Pa.) Medical Center officially closed Jan. 31.
The hospital was operating under a provisional license in November
when the Pennsylvania Department of Health ordered it to suspend
inpatient and emergency services due to serious violations,
including failure to pay employees and the inability to offer
surgical services. The hospital's owner, Americore Health,
suspended all clinical services at Ellwood City Medical Center Dec.
10. At that time, hospital officials said they hoped to reopen the
facility in January. Plans to reopen were halted Jan. 3 after the
health department conducted an onsite inspection and determined the
hospital "had not shown its suitability to resume providing any
health care services."

* Tennessee

11. Cumberland River Hospital in Celina, Tenn., closed Aug. 7 and
placed its license on inactive status. In a letter to the state
health department, the hospital's owner and CEO cited several
reasons for the closure, including severe staffing shortages and
the inability to secure financial funding or grants from the state.


12. Parsons, Tenn.-based Decatur County General Hospital closed
April 15, a few weeks after the local hospital board voted to shut
it down. Decatur County Mayor Mike Creasy said the closure was
attributable to a few factors, including rising costs, Tennessee's
lack of Medicaid expansion and broader financial challenges facing
the rural healthcare system in the U.S.

* Texas

13. First Texas Hospital Cy-Fair, a 50-bed hospital in Houston,
closed July 26, less than four year after opening. Irving,
Texas-based Adeptus Health opened First Texas Hospital Cy-Fair in
2016. When the hospital shut down, 62 workers were laid off,
according to the Houston Chronicle, which cited a federally
required notice filed in late May.

14. Central Hospital of Bowie (Texas) abruptly closed Feb. 4.
Hospital officials said the facility was shut down to enable them
to restructure the business. Hospital leaders voluntarily
surrendered the license for Central Hospital of Bowie.

* Washington

15. Yakima, Wash.-based Astria Regional Medical Center filed for
Chapter 11 bankruptcy in May 2019 and closed in January. When the
hospital closed, 463 employees lost their jobs.
West Virginia

16. Williamson (W.Va.) Hospital filed for Chapter 11 bankruptcy in
October and was operating on thin margins for months before
shutting down on April 21. The 76-bed hospital said a drop in
patient volume due to the COVID-19 pandemic forced it to close. CEO
Gene Preston said the decline in patient volume was "too sudden and
severe" for the hospital to sustain operations.

17. Irvine, Calif.-based Alecto Healthcare Services closed Fairmont
(W.Va.) Regional Medical Center on March 19. Alecto announced plans
in February to close the 207-bed hospital, citing financial
challenges. "Our plans to reorganize some administrative functions
and develop other revenue sources were insufficient to stop the
financial losses at FRMC," Fairmont Regional CEO Bob Adcock said.
"Our efforts to find a buyer or new source of financing were
unsuccessful."

18. Bluefield (W.Va.) Regional Medical Center closed July 30.
Officials said the decision to shut down the hospital was based on
several factors, including declining patient volume and
reimbursement rates and significant financial damage tied to the
COVID-19 pandemic.


[*] Kramer Levin: Conflicting Rulings on Derivative Standing
------------------------------------------------------------
Nancy Bello of Kramer Levin Naftalis & Frankel LLP wrote an article
titled "Bankruptcy Court Holds Committee of Unsecured Creditors
Cannot Obtain Derivative Standing When Debtor Is a Delaware Limited
Liability Company."

The Bottom Line

Recently, in In re Dura Automotive Systems, No. 19-12378 (Bankr. D.
Del. June 9, 2020), the Bankruptcy Court for the District of
Delaware held that granting the Official Committee of Unsecured
Creditors (the Committee) derivative standing on behalf of the
debtors – a Delaware limited liability company – was precluded
by the Delaware Limited Liability Company Act (the Delaware LLC
Act).

What Happened?

The Committee filed a motion for standing to pursue certain claims
and causes of action of the bankruptcy estate against certain of
the debtors' prepetition lenders, the debtors' former CEO Lynn
Tilton and other Tilton-affiliated entities that provided purported
management and consulting services to the debtors. The Committee's
proposed complaint contemplated state law claims, as well as
preference claims under Section 547, recharacterization under
Section 502(a) and equitable subordination under Section 510.

The court held that the Committee could not be granted derivative
standing, focusing on the following provision of the Delaware LLC
Act: "In a derivative action, the plaintiff must be a member or an
assignee of a limited liability company interest at the time of
bringing the action and: (1) At the time of the transaction of
which the plaintiff complains; or (2) The plaintiff's status as a
member or an assignee of a limited liability company interest had
devolved upon the plaintiff by operation of law or pursuant to the
terms of a limited liability company agreement from a person who
was a member or an assignee of a limited liability company interest
at the time of the transaction." According to the court, since the
Committee was not a "member of the LLC debtors or an assignee of an
LLC interest," it could not be granted derivative standing.

In so holding, the court rejected the Committee's argument that
federal, not state, law should control the question of derivative
standing in bankruptcy, in particular where the claims at issue are
federal law claims (e.g., equitable subordination). The court held
that to determine whether a third party may bring a derivative
claim, the court must look to the law of the debtors' state of
incorporation – in this case, Delaware, which is clear that
members or assignees of an LLC interest have the exclusive
authority to sue derivatively. The Committee failed to identify any
Bankruptcy Code provision to the contrary. Additionally, the court
rejected the Committee’s attempt to distinguish a derivative
action brought in bankruptcy on behalf of an estate, rather than
outside of bankruptcy on behalf of an LLC.

The court recognized that its ruling could create certain issues,
such as undermining the Committee's role or rendering its
investigation rights illusory, if the Committee is unable to sue
derivatively. However, the court noted that even without standing,
other remedies exist to ensure compliance with fiduciary duties and
the Bankruptcy Code. For example, "potential claims and causes of
action could be assigned to a trust and a plan or conversion or the
appointment of a Chapter 11 Trustee or examiner could be
requested."

Why This Case Is Interesting

Notably, in The McClatchy Company, Case No. 20-10418-mew (Bankr.
S.D.N.Y. July 6, 2020), the Bankruptcy Court for the Southern
District of New York reached a different conclusion. There, the
court determined that the committee had authority to pursue claims
on behalf of the estate as a matter of federal bankruptcy law, not
state law – an argument rejected by the Dura court. These
decisions create uncertainty for debtors, creditors' committees and
other parties in interest regarding who has standing to pursue
certain claims. It is unclear how courts will rule in cases
involving debtor entities from various jurisdictions, as well as
how courts will reconcile these two conflicting decisions.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
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then-ending.

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Point your Web browser to http://TCRresources.bankrupt.com/and use
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                            *********

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