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

              Friday, December 11, 2020, Vol. 24, No. 345

                            Headlines

ACE HOLDING: Seeks to Hire Montare Law as Legal Counsel
ACHLA-SCHWARMA FACTORI: Seeks Approval to Hire Accountant
ADMIRAL PROPERTY: Hires Rosewood Realty as Real Estate Broker
AFFORDABLE RECOVERY: Hires Norman Law Firm as Special Counsel
AGILE THERAPEUTICS: Reports Nationwide Commercial Launch of Twirla

AKOUSTIS TECHNOLOGIES: To Redeem $10M Convertible Senior Notes
ALLEN AND SCOTT: Hires Bogard CPA as Financial Consultant
ALLEN AND SCOTT: Hires Hester Baker as Legal Counsel
AMC LLC: Seeks to Hire Ganbia-Fabian Law as Counsel
ANYTIME PARTNERS: Hires Watton Law Group as Counsel

ARCH RESOURCES: S&P Downgrades ICR to 'B-' on Transition Risk
ARDENT CYBER SOLUTIONS: Has Plan Exclusivity Through Jan. 16
ASCENA RETAIL: Court Extends Plan Exclusivity Thru March 22
ASI CAPITAL: Wins February 9 Plan Exclusivity Extension
ASPIRA WOMEN'S: Gets Remaining $2M Under DECD Loan Agreement

ATVT LLC: Upside Buying Automatic Bottle Capping System for $26K
AVID BIOSERVICES: Appoints Jeanne Thoma to Board of Directors
BETHEL CHURCH OF MIAMI: Hires Goldstein & McClintock as Counsel
BIG RIVER STEEL: S&P Places 'B' ICR on CreditWatch Negative
BLUE RACER: S&P Rates New $550MM Senior Unsecured Notes 'B'

BOOTS SMITH: Wins February 15 Plan Exclusivity Extension
BOUCHARD TRANSPORTATION: Hires Jefferies LLC as Investment Banker
BRANDED APPAREL: Hires Kudman Trachten as Legal Counsel
CALIFORNIA PIZZA: S&P Assigns 'CCC+' ICR on Bankruptcy Emergence
CANAAN RESOURCES: Seeks to Hire Fellers Snider as Legal Counsel

CHARLIE BROWN'S: U.S. Trustee Unable to Appoint Committee
CLEAN ENERGY: Gets OK to Hire Wadsworth Garber as Counsel
CM RESORT: Trustee Hires Lain Faulkner as Accountant
COMCAR INDUSTRIES: Seeks to Hire Joey Martin as Auctioneer
COMMERCEHUB INC: S&P Affirms 'B-' ICR on Equity Investment

COMMUNITY HEALTH: S&P Lowers ICR to 'SD' on Distressed Exchange
CONGOLEUM CORP: Court Extends Exclusivity Periods Thru Mar. 10
CRED INC: Hires Cousins Law LLC as Bankruptcy Co-Counsel
CRED INC: Hires Donlin Recano as Administrative Advisor
CRED INC: Hires MACCO Restructuring as Financial Advisor

CRED INC: Seeks to Hire Sonoran Capital, Appoint CRO
CROWN REMODELING: Case Summary & 20 Largest Unsecured Creditors
CROWNROCK LP: Fitch Assigns B+ LT IDR, Outlook Positive
DEALER TIRE: S&P Affirms 'B-' ICR on Improving Liquidity
DELCATH SYSTEMS: Proposes Public Offering of Common Stock

DESERT VALLEY: Asks Court to Extend Plan Exclusivity Thru Jan. 11
DESTINATION MATERNITY: Plan Exclusivity Extended Thru Feb. 15
DIOCESE OF ROCKVILLE: Committee Taps Berkeley as Financial Advisor
DIOCESE OF ROCKVILLE: Committee Taps Burns Bowen as Special Counsel
DISH DBS: S&P Affirms 'B-' ICR on Cash Upstream Streak

DISH NETWORK: S&P Affirms 'B' ICR, Outlook Negative
DON BETOS: Seeks to Hire Janvier Law Firm as Legal Counsel
DONALD KING OSTERBYE, JR: Selling Tallahassee Property for $575K
E.W. SCRIPPS: S&P Rates New Debt Issuance 'BB-' on ION Media Deal
ENCORE CAPITAL: Fitch Rates New EUR275MM Sec. Notes BB+(EXP)

ENERGIZER HOLDINGS: S&P Rates New $1.2BB Sr. Sec. Term Loan 'BB+'
ESSEX REAL: Wins Dec. 31 Extension of Plan Exclusivity
EVERGLADES ADVENTURE: Hires Keith A. Early CPA as Accountant
FAIR ISAAC: S&P Alters Outlook to Stable, Affirms 'BB+' ICR
FCC HOLDINGS: Bankruptcy Case Ends, Settles With DOE

FIBERCORR MILLS: Plan Exclusivity Extended Thru January 13
FLEXERA SOFTWARE: S&P Affirms 'B-' ICR on Thoma Bravo Acquisition
FOUNDATION OF HOPE: Seeks to Hire Jose G. Rivas as Counsel
FTS INTERNATIONAL: $9.9M to Settle Investor's Claim It Lied in IPO
GAMESTOP CORP: Incurs $18.8 Million Net Loss in Third Quarter

GANN MEMORIALS: Seeks to Hire Sasser Law as Legal Counsel
GARRETT MOTION: Hires PwC as Tax Consultant
GATEWAY RADIOLOGY: Court Extends Exclusivity Periods Thru Jan. 21
GLOBAL NET: Fitch Assigns BB+ LT IDR on Strong Rental Income
GOGO INC: S&P Hikes ICR to B- on Commercial Aviation Business Sale

GRAFTECH FINANCE: Moody's Gives B1 Rating to New $500MM Sec. Notes
GRAFTECH FINANCE: S&P Rates New $500MM Senior Secured Notes 'BB-'
GREENPOINT TACTICAL: Seeks to Hire CliftonLarsonAllen as Accountant
GTM REAL ESTATE: Seeks to Hire Tran Singh as Legal Counsel
GUITAR CENTER: Moody's Assigns B3 CFR on Bankruptcy Emergence

GUITAR CENTER: S&P Assigns Prelim 'B-' Rating on $335MM Sec. Notes
HENDRIKUS TON: Creditor Objects to Hiring Gros to Sell Vehicles
HIDDEN GLEN: Gets OK to Hire Kornfield Nyberg as Legal Counsel
HORTON INVESTMENTS: Retail Buying Clarke County Property for $1M
IBIO INC: Prices $35 Million Public Offering of Common Stock

IRONCLAD ENCRYPTION: Hires McGowan & Fowler as Special Counsel
K&F CONSTRUCTION: Gets OK to Hire Gentry Tipton as Counsel
KD BELLE TERRE: Hires NAI Latter as Cooperating Listing Agent
KENTUCKY BIOSCIENCE: Plan Exclusivity Extended Thru Dec. 10
KOLOBOTOS PROPERTIES: Seeks to Hire Mitchell Law Firm as Counsel

KRATON POLYMERS: Moody's Assigns B2 Rating on New USD Unsec. Notes
LANNETT CO: Moody's Affirms B3 CFR, Outlook Stable
LEVIN FURNITURE: To Reopen 5 Stores in Pennsylvania
LRGHEALTHCARE: Attracting Suitors Ahead of Dec. 16 Auction
LUCKY STAR-DEER: Seeks to Hire Rosen & Kantrow as Counsel

LUCKY'S MARKET: Wins Exclusivity Extension Ahead of Plan Hearing
MAHONING CONSUMER: Hires Robert O Lampl Law as Counsel
MALLINCKRODT PLC: Appointment of Equity Committee Sought
MALLINCKRODT PLC: Committee Hires Cooley LLP as Legal Counsel
MALLINCKRODT PLC: Committee Hires Robinson & Cole as Co-Counsel

MALLINCKRODT PLC: Committee Taps A&M as Financial Advisor
MALLINCKRODT PLC: Committee Taps Dundon as Financial Advisor
MALLINCKRODT: Opioid Claimants Ask Court Approval for Info Website
MANUFACTURING METHODS: Administrator Unable to Appoint Committee
MAUSER PACKAGING: S&P Downgrades ICR to 'B-'; Outlook Stable

MERITAGE HOMES: Moody's Upgrades CFR to Ba1 on Debt Repayment
MI WINDOWS: S&P Rates New $750MM Term Loan 'B+'; Outlook Stable
MURRAY METALLURGICAL: UMWA Appeals Plan Confirmation
MUSEUM OF AMERICAN JEWISH: Has to Revise Plan After Valuation
NABORS INDUSTRIES: S&P Lowers Guaranteed, Unsecured Notes to 'D'

NAVISTAR INT'L: Moody's Affirms B2 CFR; Alters Outlook to Stable
NCL CORP: S&P Places 'B+' Issuer Credit Rating on Watch Negative
NEIMAN MARCUS: Bankruptcy Judge Brands Former Lawyer as 'Thief'
NESCO HOLDINGS: S&P Places 'CCC+' ICR on CreditWatch Positive
NEUMEDICINES INC: Wants Plan Exclusivity Thru March 16

NEW GOLD: S&P Alters Outlook to Stable, Affirms 'B' ICR
NEZHONI CONSTRUCTION: Hires Dentons Durham as Legal Counsel
NORTHERN HOLDINGS: Hires Resnik Hayes as Bankruptcy Counsel
NORTHERN OIL: S&P Raises ICR to 'CCC+' Following Debt Repurchases
OCCIDENTAL PETROLEUM: S&P Rates Senior Unsec. Debt Offering 'BB-'

OCEAN POWER: Incurs $3.02 Million Net Loss in Second Quarter
OGGUSA INC: Sues Medterra CBD for $4.5 Million Unpaid Invoices
ON MARINE: Wins January 26 Plan Exclusivity Extension
ONEMAIN FINANCE: S&P Rates New $500MM Unsec Notes Due 2030 'BB-'
OPTIV INC: S&P Upgrades ICR to 'CCC+' on Improved Performance

OUTERSTUFF LLC: S&P Upgrades ICR to 'CCC', Outlook Negative
PAINTER SANTA: Court Extends Plan Exclusivity Thru Dec. 28
PAMELA BENNETT FITNESS: Hires Curry Law Firm as Bankruptcy Counsel
PATRICIAN HOTEL: Wins Feb. 1 Plan Exclusivity Extension
PERMIAN HOLDCO 1: Gets Court Okay to Seek Bankruptcy Plan Votes

PERMIAN TANK: Plan Filed After Credit-Bid Sale to Lender
PERRY FARMS: Unsecureds Will be Paid in Full
PINNACLE GROUP: Court Approves Disclosure Statement
PLANVIEW PARENT: Moody's Assigns B3 CFR, Outlook Stable
PLANVIEW PARENT: S&P Assigns 'B-' ICR on Deal With New Sponsors

POINTCLICKCARE TECH: Moody's Assigns B1 CFR on Solid Performance
POINTCLICKCARE TECHNOLOGIES: S&P Assigns 'B+' ICR, Outlook Stable
PRAIRIE ECI: S&P Alters Outlook to Negative, Affirms 'B+' ICR
PRO INSTALLS: Hires Michael Jay Berger as Legal Counsel
PROPERTY CAPITAL: Seeks to Hire Lane Law Firm as Counsel

PROVATION SOFTWARE: Moody's Assigns B3 CFR, Outlook Stable
PROVATION SOFTWARE: S&P Assigns 'B-' ICR, Outlook Stable
PUERTO RICO: Prasa Moves Up Sale of $1.4 Billion Bonds
QUANTUM HEALTH: S&P Assigns 'B-' ICR, Outlook Stable
QUARTER HOMES: $2.2 Million Sale of 8 Arizona Houses Approved

QUARTER HOMES: Selling 7 Arizona Houses for $1.848 Million
QUEEN ELIZABETH REALTY: Seeks to Hire Rosen & Kantrow as Counsel
RANDOLPH HOSPITAL: Debtors & Committee Seek Exclusivity Extension
RAYONIER ADVANCED: S&P Places 'CCC+' ICR on Watch Positive
RAYONIER AM: Moody's Assigns B1 Rating to New $500MM Sec. Notes

RED ROSE: Court Extends Plan Exclusivity Thru January 7
REGIONAL HEALTH: Signs Agreement Regarding Leases with Tenants
REVLON INC: S&P Upgrades ICR to 'CCC-' on Distressed Debt Exchange
RILEY BULK: Gets OK to Hire McNamee Hosea as Legal Counsel
RM BAKERY: Court Extends Plan Exclusivity Period Thru Feb. 2021

ROYAL CARIBBEAN: S&P Places 'B+' ICR on CreditWatch Negative
RTW RETAILWINDS: Chapter 11 Liquidation Plan Approved
RVT INC: Jan. 12 Hearing on Disclosures and Plan
RVT INC: Unsecured Claims to Recover 100% Under Plan
S & H HARDWARE: Seeks Feb. 3 Extension of Plan Exclusivity

SABRE CORP: S&P Rates $637MM Incremental Sr. Secured Term Loan 'B'
SABRE GLBL: Moody's Rates New $637MM Senior Secured Term Loan Ba3
SADLER CONSTRUCTION: Court Confirms Reorganization Plan
SAEXPLORATION HOLDINGS: Court Okays Chapter 11 Restructuring Plan
SAEXPLORATION HOLDINGS: Unsecureds Out of Money in Amended Plan

SERENDIPITY LABS: Ineligible for Subchapter V Due to Affiliate
SETEC ASTRONOMY: Jan. 7 Hearing on Disclosure Statement
SETEC ASTRONOMY: Unsecureds to Recover 60% in Plan
SHIFT4 PAYMENTS: S&P Alters Outlook to Negative, Affirms 'B' ICR
SILO PHARMA: Reports Substantial Doubt on Staying as Going Concern

SIZZLER USA: Unsecureds to Recover 17% in Subchapter V Plan
SK HOLDCO: S&P Places 'CCC' ICR on Watch Positive on Refinancing
SONIC AUTOMOTIVE: S&P Alters Outlook to Positive, Affirms BB- ICR
SOTERA HEALTH: Moody's Assigns B1 CFR Upon Debt Repayment
SOUTHERN CLEARING: Voluntary Chapter 11 Case Summary

SOUTHERN FOODS: Files Liquidating Plan After $545M Sales
STANDARD BAKERY: Jan. 7, 2021 Plan & Disclosure Hearing Set
STANDARD BAKERY: Unsecureds Will Receive 5% Dividend in Plan
SUPERIOR ENERGY: S&P Downgrades ICR to 'D' on Bankruptcy Filing
SUPERIOR ENERGY: Shareholder Payout Vanishes in Bankruptcy Plan

TESTER DRILLING: G. Goshong Appointed as Subchapter V Trustee
TOLL ROAD INVESTORS II: S&P Lowers Sr. Secured Debt Rating to 'BB+'
TRANSPORTATION AND LOGISTICS: Has $36M Income for Sept. 30 Quarter
TRANSUNION: S&P Alters Outlook to Stable, Affirms 'BB+' ICR
TRAQIQ INC: Has $176,000 Net Loss for Quarter Ended Sept. 30

TRIBUS ENTERPRISES: Has $198,000 Net Loss for Sept. 30 Quarter
TRILLION ENERGY: Posts $1.2-Mil. Net Loss for Sept. 30 Quarter
TRIPBORN INC: Says Substantial Going Concern Doubt Exists
TRUTANKLESS INC: Says Substantial Going Concern Doubt Exists
TUESDAY MORNING: Reports $18.6M Net Income for Sept. 30 Quarter

TWINLAB CONSOLIDATED: Has $1.9M Net Loss for Sept. 30 Quarter
TWO WHEELS PROPERTIES: Hires Bob's Bookkeeping as Accountant
ULTRA PETROLEUM: Has $45.8-Mil. Net Loss for Quarter Ended June 30
UMATRIN HOLDING: Posts $252K Net Income for Quarter Ended Sept. 30
UNIT CORP: Reports $215.6MM Net Loss for Quarter Ended June 30

UPLAND POINT: Hires Accounting & Tax Solutions as Accountant
URBAN-GRO INC: Has $649K Net Loss for Quarter Ended Sept. 30
URS HOLDCO: S&P Downgrades ICR to 'CCC+'; Outlook Negative
US ANTIMONY: Has $993,000 Net Loss for Quarter Ended Sept. 30
VALARIS PLC: Court Asked to Deny Appointment of Equity Committee

VALARIS PLC: Valuation Leads to Equity Committee Denial
VALARIS PLC: Wants Bid to Appoint Equity Committee Denied
VENTURE VANADIUM: Reports $68,000 Net Loss for July 31 Quarter
VICTOR MAIA: Asher Buying Philadelphia Property for $69K Cash
VICTOR MAIA: JDJ Buying Philadelphia Property for $55K Cash

VIDA CAPITAL: S&P Affirms 'B' ICR, Alters Outlook to Negative
WELD NORTH: Moody's Affirms B2 CFR Due to $412MM Term Loan Add-on
WENDY'S CO: S&P Alters Outlook to Positive, Affirms 'B' ICR
WESTERN HERITAGE: Case Summary & 3 Unsecured Creditors
WESTERN SHIP: Seeks to Hire DeMarco Mitchell as Counsel

WHOA NETWORKS: U.S. Trustee Unable to Appoint Committee
YOGAWORKS INC: Receives $9.6 Million Bid in Ch. 11 Assets Sale
ZERO ENERGY: Rad Brands Buying Boulder Hangar for $650K
[^] BOOK REVIEW: The Rise and Fall of the Conglomerate Kings

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ACE HOLDING: Seeks to Hire Montare Law as Legal Counsel
-------------------------------------------------------
Ace Holding LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of New York to hire Montare Law LLC as its
legal counsel.

The firm will assist the Debtor in the preparation of a plan of
reorganization, negotiate with creditors, and provide other legal
services related to its Chapter 11 case.

Montare Law will be paid an hourly fee of $200 for post-petition
work and a retainer in the sum of $5,000.

Montare Law is a "disinterested person" as defined in Section
101(14) of the Bankruptcy Code, according to court filings.

The firm can be reached through:

     Ariadne S. Montare, Esq.
     Montare Law LLC
     35 Birchwood Drive
     Rhinebeck, NY 12572
     Phone: 845-218-8080
     Email: ariadne@montarelaw.com

                         About Ace Holding

Ace Holding, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. N.Y. Case No. 20-11390) on Nov. 1,
2020.

At the time of the filing, the Debtor disclosed assets of between
$500,001 and $1 million and liabilities of the same range.

Judge Robert E. Littlefield Jr. oversees the case.  Montare Law LLC
serves as the Debtor's bankruptcy counsel.


ACHLA-SCHWARMA FACTORI: Seeks Approval to Hire Accountant
---------------------------------------------------------
Achla-Schwarma Factori Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to employ Mordechai
Spira, an accountant practicing in Spring Valley, N.Y.

Mr. Spira will provide accounting services necessary to administer
the Debtor's Chapter 11 case.  He will charge $250 per report for.

Mr. Spira assured the court that he does not hold any interest
adverse to the Debtor or its estate.

Mr. Spira can be reached at:

     Mordechai Spira
     Ez Refund Inc
     20 N Cole Ave
     Spring Valley, NY 10977
     Phone: 845-352-6778

                    About Achla-Schwarma Factori

Achla-Schwarma Factori Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
20-22925) on Aug. 7, 2020.  At the time of the filing, the Debtor
had estimated assets of less than $50,000 and liabilities of
between $100,001 and $500,000.

Judge Sean H. Lane oversees the case.  

The Debtor tapped the Law Office of Bleichman & Klein as its legal
counsel and Mordechai Spira of Ez Refund Inc. as its accountant.


ADMIRAL PROPERTY: Hires Rosewood Realty as Real Estate Broker
-------------------------------------------------------------
Admiral Property Group LLC seeks authority from the U.S. Bankruptcy
Court for the  Eastern District of New York to hire Rosewood Realty
Group as its real estate broker.

Rosewood will market the Debtor's real property located at 157
Beach 96th St., Queens, N.Y., and procure a purchaser for the
property.

The sale of the property will be subject to a buyer's premium of 6
percent of the purchase price in the event Rosewood is able to
locate a purchaser who closes on the property.  The agreement
further provides for a limited list of entities who would be carved
out from the 6 percent buyer's premium and in the event a buyer is
in the carve out list, then Rosewood's compensation would be capped
at 3 percent.

Rosewood does not represent interests adverse to the Debtor, its
estate or creditors and is a disinterested person pursuant to
Section 101(14) of the Bankruptcy Code, according to court
filings.

The firm can be reached through:

     Greg Corbin
     Rosewood Realty Group
     38 E 29th St 5th floor
     New York, NY 10016
     Phone: +1 212-359-9900

                 About Admiral Property Group LLC

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

On July 31, 2020, an involuntary petition was filed against Admiral
Property Group by Metro Mechanical LLC, N&K Plumbing and Heating
Corp, and Borowide Electrical Contractors (Bankr. E.D.N.Y. Case No.
20-42826).  The petitioning creditors are represented by Joel
Shafferman, Esq., at Shafferman & Feldman, LLP.

Judge Nancy Hershey Lord oversees the case.  Robinson Brog Leinwand
Greene Genovese & Gluck P.C. serves as Debtor's legal counsel.


AFFORDABLE RECOVERY: Hires Norman Law Firm as Special Counsel
-------------------------------------------------------------
Affordable Recovery Housing seeks authority from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
The Norman Law Firm as its special counsel.

The Debtor requires legal assistance in two separate complaints it
filed in the Circuit Court of Cook County, Ill., against the City
of Blue Island (Case No.2019 CH 10347) and the Illinois Department
of Human Services (Case No. 2020 CH 01530).

The Norman Law will charge $500 per week for its services.

Andy Norman, Esq., a member of The Norman Law Firm, disclosed in
court filings 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 estate.

The firm can be reached at:

     Andy R. Norman, Esq.
     The Norman Law Firm, PLLC
     2702 Sunnybrook Drive
     Sandford, NC 27330
     Phone: (919) 292-0883

                 About Affordable Recovery Housing

Affordable Recovery Housing, an addiction treatment center in Blue
Island, Ill., filed it voluntary petition for relief pursuant to
Chapter 11 of the Bankruptcy Code (Banrk. N.D. Ill. Case No.
20-01973) on Jan. 23, 2020. The petition was signed by John M.
Dunleavy, chief executive officer.  At the time of filing, the
Debtor estimated $50,000 in assets and $1 million to $10 million in
liabilities.

The Law Offices of Joel A. Schechter and The Norman Law Firm serve
as the Debtor's bankruptcy counsel and special counsel,
respectively.


AGILE THERAPEUTICS: Reports Nationwide Commercial Launch of Twirla
------------------------------------------------------------------
Agile Therapeutics, Inc. (Nasdaq: AGRX), a women's healthcare
company, today announced the U.S. commercial launch of Twirla(R)
(levonorgestrel and ethinyl estradiol) transdermal system, a new
non-daily, non-invasive contraceptive patch. Twirla is now
available in the United States by prescription for women of
reproductive potential with a body mass index (BMI)


AKOUSTIS TECHNOLOGIES: To Redeem $10M Convertible Senior Notes
--------------------------------------------------------------
Akoustis Technologies, Inc. provided a notice of redemption to the
holders of the Company's outstanding $10,000,000 aggregate
principal amount of 6.5% Convertible Senior Notes due 2023 (CUSIP
No: 00973N AC6) regarding the Company's exercise of its option to
redeem all Notes on Feb. 1, 2021, unless converted, pursuant to the
indenture governing the Notes.  The Company will pay holders of the
Notes that are redeemed a redemption price equal to 100% of the
aggregate principal amount of Notes being redeemed, plus accrued
and unpaid interest and an interest make-whole payment with respect
to those Notes that are redeemed.

Alternatively, holders of the Notes may elect to convert the Notes
into shares of common stock of the Company at a conversion rate
equal to 196.08 shares of common stock per $1,000 principal amount
of Notes (equivalent to a conversion price of approximately $5.10
per share).  This conversion right will terminate at the close of
business on Jan. 29, 2021.

                       About Akoustis Technologies

Headquartered in Huntersville, NC, Akoustis is focused on
developing, designing, and manufacturing innovative RF filter
products for the mobile wireless device industry, including for
products such as smartphones and tablets, cellular infrastructure
equipment, and WiFi premise equipment.

Akoustis reported a net loss of $36.14 million for the year ended
June 30, 2020, compared to a net loss of $29.25 million for the
year ended June 30, 2019.  As of Sept. 30, 2020, the Company had
$64.35 million in total assets, $29.16 million in total
liabilities, and $35.18 million in total stockholders' equity.


ALLEN AND SCOTT: Hires Bogard CPA as Financial Consultant
---------------------------------------------------------
Allen and Scott Enterprises, Inc. seeks authority from the U.S.
Bankruptcy Court for the Southern District of Indiana to hire
Bogard CPA Accounting and Tax Services as its financial consultant
and advisor.

The Debtor requires Bogard CPA to:

     a. assist the Debtor and its legal counsel in assessing the
current state of financial affairs of its business and in
projecting short-term cash flows of its business;

     b. assist the Debtor in preparing, modifying and implementing
business and financial turnaround plans;

     c.advise the Debtor on accounting and tax matters;

     d. assist the Debtor and its legal counsel in monitoring,
investigating and assessing financial and operating information and
other matters relative to the formulation and negotiation of a plan
of reorganization;

     e. assist the Debtor in the preparation and presentation of
its financial forecasts and business plan, and in the negotiation
of a plan of reorganization; and

     f. provide the Debtor other services during the course of its
Chapter 11 case.

Bogard CPA will charge $150 per hour for its services.  The firm
received a retainer of $10,000.

Bogard CPA neither holds nor represents any interest adverse to the
Debtor and its estate, according to court filings.

The advisor can be reached through:

     Heather Bogard Kegley, CPA
     Bogard CPA Accounting and Tax Services
     650 N Girls School Rd Suite E50
     Indianapolis, IN 46214
     Phone: +1 317-273-9157

                About Allen and Scott Enterprises Inc.

Allen and Scott Enterprises, Inc. --
https://www.allterrainlandscape.com -- specializes in commercial
and residential services, including but not limited to, commercial
grounds maintenance and residential turf care.

Allen and Scott Enterprises filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No.
20-06420) on Nov. 20, 2020.  D. Craig Thompson, authorized
representative, signed the petition.  At the time of filing, the
Debtor disclosed $955,359 in assets and $2,393,228 in liabilities.


Judge James M. Carr oversees the case.

Jeffrey Hester, Esq., at Hester Baker Krebs LLC, serves as the
Debtor's legal counsel.


ALLEN AND SCOTT: Hires Hester Baker as Legal Counsel
----------------------------------------------------
Allen and Scott Enterprises, Inc. seeks authority from the U.S.
Bankruptcy Court for the Southern District of Indiana to hire
Hester Baker Krebs LLC as its legal counsel.

The services to be rendered by Hester Baker Krebs are:

     a. take necessary or appropriate actions to protect and
preserve the Debtor's estates, including the prosecution of actions
on the Debtor's behalf, the defense of any actions commenced
against the Debtor, the negotiation of disputes in which the Debtor
is involved, and the preparation of objections to claims filed
against the Debtor's estate;

     b. prepare legal papers;

     c. provide advice and prepare documentation and pleadings
regarding debt restructuring, statutory bankruptcy issues,
post-petition financing, real estate, business and commercial
litigation, tax and, as applicable, asset dispositions;

     d. advise the Debtor with regard to its rights, powers and
duties in the continued management and operations of its business
and properties;

     e. take necessary or appropriate actions in connection with a
plan of reorganization and related disclosure statement; and

     f. act as general bankruptcy counsel for the Debtor and
perform all other necessary or appropriate legal services in
connection with its Chapter 11 case.

Hester Baker's standard hourly rates are:

     Jeffrey H. Hester     Member      $395
     Christopher E. Baker  Member      $395
     John A. Allman        Associate   $350
     Marsha Hetser         Paralegal   $180
     Tricia Hignight       Paralegal   $180

The Debtor paid an initial retainer to Hester Baker in the amount
of $20,932.

Jeffrey Hester, Esq., at Hester Baker Krebs LLC, disclosed in court
filings that his firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.  

The counsel can be reached through:

     Jeffrey M. Hester, Esq.
     Hester Baker Krebs LLC
     Suite 1600, One Indiana Square
     Indianapolis, IN 46204
     Phone: 317-608-1129
     Fax: 317-833-3031
     Email: jhester@hbkfirm.com

                About Allen and Scott Enterprises Inc.

Allen and Scott Enterprises, Inc. --
https://www.allterrainlandscape.com -- specializes in commercial
and residential services, including but not limited to, commercial
grounds maintenance and residential turf care.

Allen and Scott Enterprises filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No.
20-06420) on Nov. 20, 2020.  D. Craig Thompson, authorized
representative, signed the petition.  At the time of filing, the
Debtor disclosed $955,359 in assets and $2,393,228 in liabilities.


Judge James M. Carr oversees the case.

Jeffrey Hester, Esq., at Hester Baker Krebs LLC, serves as the
Debtor's legal counsel.


AMC LLC: Seeks to Hire Ganbia-Fabian Law as Counsel
---------------------------------------------------
ALM LLC seeks authority from the U.S. Bankruptcy Court for the
District of Puerto Rico to hire Ganbia-Fabian Law Office as its
legal counsel.

The services that Ganbia-Fabian will render are:

     a. advise the Debtor with respect to its duties, powers and
responsibilities in its Chapter 11 case;

     b. advise the Debtor in connection with a determination
whether a reorganization is feasible and, if not, helping the
Debtor in the orderly liquidation of its assets;

     c. assist the Debtor in negotiations with creditors for the
purpose of arranging the orderly liquidation of assets or for
proposing a viable plan of reorganization;

     d. prepare legal papers or documents;

     e. appear before the court in which the Debtor asserts a claim
interest or defense directly or indirectly related to its
bankruptcy case; and

     f. employ other professional services, if necessary.

The hourly rates for the firm's services are:

     Mary Ann Ganbia-Fabian      $295
     Junior Attorney             $250
     Paralegal                   $125

Ganbia-Fabian Law received a retainer in the amount of $10,000.

Ms. Ganbia-Fabian assured the court that her firm is a
disinterested person within the meaning of Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Mary Ann Gandia-Fabian, Esq.
     Ganbia-Fabian Law Office
     P.O. Box 270251
     San Juan, PR 00928
     Tel: 1-787-390-7111
     Fax: 1-787-729-2203
     Email: gandialaw@gmail.com

                           About ALM LLC

ALM, LLC is the owner of fee simple title to a property located in
Trujillo Alto, P.R., having a current value of $860,943.

ALM filed its petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 20-04571) on Nov. 25, 2020.
In the petition signed by Kristian E. Riefkohl Bravo, president,
the Debtor disclosed  $1,083,384 in assets and $2,919,967 in
liabilities.

Judge Mildred Caban Flores oversees the case.

Mary Ann Gandia Fabian, Esq. at Ganbia-Fabian Law Office, serves as
the Debtor's legal counsel.


ANYTIME PARTNERS: Hires Watton Law Group as Counsel
---------------------------------------------------
Anytime Partners LLC seeks authority from the U.S. Bankruptcy Court
for the Eastern District of Wisconsin to hire Watton Law Group as
its legal counsel.

The Debtor requires Watton Law to:

     a. advise and assist the Debtor with respect to its duties and
powers under the Bankruptcy Code;

     b. prepare bankruptcy schedules and statements;

     c. assist in preparing a plan of reorganization and attendant
negotiations and hearings;

     d. prepare and review pleadings, motions and correspondence;

     e. appear at and be involved in various proceedings before the
court;

     f. handle case administration tasks and deal with procedural
issues;

     g. assist the Debtor with the commencement of its operations;
and

     h. analyze claims and prosecute claim objections.

The rates of Watton Law's attorneys and paraprofessionals range
from $150 to $425 per hour.

Watton Law is a "disinterested person" within the meaning of
Section 101(14) and neither holds nor represents an interest
adverse to the Debtor's estate, according to court filings.

The firm can be reached through:

      Michael J. Watton, Esq.
      Watton Law Group
      301 West Wisconsin Avenue, 5th Floor
      Milwaukee, WI 53203
      Tel: (414) 273-6858
      Fax: (414) 273-6894
      Email: wlgmke@wattongroup.com

                  About Anytime Partners LLC

Anytime Partners LLC sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Wisc. Case No. 20-27483) on
Nov. 16, 2020, listing under $1 million in both assets and
liabilities.  Judge Beth E. Hanan oversees the case.  Michael J.
Watton, Esq., at Watton Law Group, serves as the Debtor's legal
counsel.


ARCH RESOURCES: S&P Downgrades ICR to 'B-' on Transition Risk
-------------------------------------------------------------
S&P Global Ratings lowered U.S.-based metallurgical and thermal
coal producer Arch Resources Inc.'s issuer credit rating to 'B-'
from 'B' and revised the outlook to negative from stable. S&P also
lowered the rating on the company's senior secured debt to 'B' from
'BB-' and revising the recovery rating to '2' from '1' (rounded
estimate: 80%).

The negative outlook reflects the potential for leverage to remain
above 8x through 2021 if coal demand and prices don't improve, as
well the risk of collateral calls by its surety bond providers.

S&P said, "We expect Arch to significantly cut thermal coal
production because of the ongoing secular decline in demand for
thermal coal in the Powder River Basin (PRB) and other thermal coal
basins. Declining thermal demand and prices are driving Arch to
permanently shrink those operations and begin reclamation work at
some of its mines. We assume Arch's thermal coal volumes sold will
drop to about 56 million tons in 2020 from 82 million in 2019. We
expect company will operate at 30 million-40 million short tons
after 2022, reflecting the reduced demand for coal generation. We
now expect our 2020 adjusted EBITDA to decline to about $50
million, down from our previous forecast of about $85 million. We
expect adjusted EBITDA margins to contract to 3%-4% from 16.1% a
year ago and adjusted leverage to reach 20x. We expect revenues
from thermal operations will also decline from lower volumes and
price realizations." Negative cash margin from other thermal assets
(the West Elk and Viper mines) as well as diminishing cash margin
from PRB mines could reduce thermal operations' contribution to
EBITDA to less than 10% in 2022.

FOCF will remain negative for 2021 due to high capital spending and
additional reclamation payments.   S&P said, "We estimate FOCF
deficits of between $180 million and $190 million in 2020 from
reduced demand, prices, and heavy capital investment in the Leer
South mine. In addition, the company will accelerate reclamation
work at some of its thermal mines in 2021, including approximately
$30 million in service costs required at Coal Creek and other
mines. We expect free cash flow to improve but remain negative $80
million-$90 million in 2021 due to gradual improvement in hard
coking coal (HCC) prices and winding down of capital spending on
the Leer South development." These assumptions, coupled with the
cash cost improvement of thermal operations and scheduled debt
amortization of about $23 million, should reduce adjusted leverage
to 5x-5.5x by the end of 2021.

S&P anticipates Illinois Basin and Colorado operations to generate
negative cash flow in 2020 and 2021, but PRB operations to return
to positive cash flow by the end of 2020.

A potential collateral call from surety providers could strain
liquidity in the next 12 months.  Arch has approximately $490
million in surety bonds outstanding backing asset retirement
obligations and workers' compensation benefits. The company has $20
million in undrawn letters of credit that collateralize these
surety bonds. Recently, surety bond providers have called on coal
producers to provide cash collateral in excess of 50% of bonds
outstanding due to deteriorating industry performance. S&P believes
cash collateral in excess of 50% of surety bonds outstanding could
lead to break-even liquidity.

The successful development and opening of the Leer South Mine
project, some improvement in met coal prices, and a smaller thermal
coal footprint is critically important if Arch's low EBITDA margins
are to improve.  S&P said, "We expect Arch's EBITDA margins to be
in the low-to-mid single-digit range in 2020, which is weak
compared to the overall mining industry. Margins were weighed down
by lower met coal pricing and more so by a barely profitable
thermal coal business. Met coal prices have already started to
improve from recession lows on a rebound in steel production. We
expect this trend to continue with met coal prices gradually
improving closer to the 10-year average level by 2022. If the Leer
South project is successful it should help Arch maintain low met
coal cash costs of $60 per ton or below, which we believe to be
about 20% below the average for U.S. producers." Furthermore,
shrinking the thermal coal business will lessen exposure to secular
decline. If this scenario plays out, overall EBITDA margins could
climb above 15% by 2022, which is more in line with the mining
industry average.

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

-- Greenhouse gas emissions

The negative outlook reflects the potential for adjusted leverage
to remain above 8x EBITDA by the end 2021 as a result of weaker
than expected thermal coal demand and below average met coal
prices. S&P also factors in the increased risk of cash collateral
calls from surety bond providers who back reclamation and benefit
obligations, which could materially diminish liquidity in the next
12 months.

S&P could lower the rating over the next 12 months under several
scenarios that may include cash collateral calls from surety bond
providers, another slowdown in steel production that keeps met coal
prices low, or the Leer South Mine expansion project incurs cost
overruns or delays.

Such scenarios would be consistent with:

-- Interest coverage sustained below 1x;

-- Sustained negative FOCF (operating cash flow less capital
spending) through 2021; and

-- Sources of liquidity including access under asset-based
facilities are less than 1.2x of fixed charges; and

-- Standing in credit markets deteriorates or company is at risk
of breaching its minimum liquidity requirement.

S&P could revise the outlook to stable within the next 12 months
if:

-- Thermal demand and met coal prices remain stable or improve from
current levels;

-- Completion of the Leer South met coal mine proceeds on time and
on budget; and

-- The company does not receive collateral calls from surety
providers that materially impact liquidity.

In this scenario, S&P would expect:

-- Adjusted leverage below 8x;

-- FOCF returning to positive; and

-- Adequate liquidity, including sufficient access to asset-based
facilities.


ARDENT CYBER SOLUTIONS: Has Plan Exclusivity Through Jan. 16
------------------------------------------------------------
Ardent Cyber Solutions, LLC's exclusivity periods have been
automatically extended to January 16, 2021, following the debtor's
filing of a Chapter 11 exit plan last month.

In his November 3 order, Judge Paul Sala of the U.S. Bankruptcy
Court for the District of Arizona denied Ardent Cyber Solutions'
motion to extend their exclusive periods to file a Chapter 11 plan
and disclosure statement either through:

     A. 30 days after the expiration of the effect of an August 17,
2020 Order; or

     B. December 2, 2021, which is 18 months after the bankruptcy
filing date.

Because the Debtor's Motion was timely filed, the Court said the
Debtor's exclusivity period to file a Chapter 11 plan in this case
under 11 U.S.C. sec. 1121(c)(2) is extended to the date that is 14
days from the entry of the Order -- that is, November 17.  Upon the
Debtor timely filing a plan within the 14-day period, the Debtor's
exclusivity period shall be 60 days from the date such plan is
filed unless further extended by the Court.

On November 17, the Debtor delivered to the Court its plan and
disclosure statement.

The City of Los Angeles objected to the exclusivity extension
request.

On August 17, 2020, the Court entered an Order Granting In Part and
Denying In Part Government's Motion for Stay of Proceedings, where
the Order specifically stays "all discovery -- whether testimonial,
documentary or otherwise" as it relates to various matters. Among
other things, the matters to include issues relating to any
contracts between the Los Angeles Department of Water and Power
("LADWP") and the Debtor as well as litigation between CyberGym
Control, the Debtor, and the Debtor's principal, Paul Paradis.

The Debtor sought an extension of the exclusivity period, saying it
cannot prepare a Disclosure Statement that will provide adequate
information to the creditors such that will allow the creditors to
make an informed decision as to the feasibility and operations of
the Debtor. In fact, any Disclosure Statement prepared at this
juncture will result in an Objection filed by both the City of Los
Angeles and CyberGym Control Ltd.

                         About Ardent Cyber Solutions

Ardent Cyber Solutions, LLC, f/k/a Aventador Utility Solutions LLC,
a cybersecurity firm based in Scottsdale, Ariz., sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
20-06722) on June 3, 2020.  At the time of the filing, the Debtor
had estimated assets of less than $50,000 and liabilities of
between $1 million and $10 million.  

Judge Paul Sala oversees the case.  Allan D. NewDelman, P.C., is
the Debtor's legal counsel.



ASCENA RETAIL: Court Extends Plan Exclusivity Thru March 22
-----------------------------------------------------------
Ascena Retail Group, Inc. and its affiliates won a shorter
extension of their exclusivity periods.

The U.S. Bankruptcy Court for the Eastern District of Virginia,
Richmond Division, extended the Debtor's exclusive period to file a
Chapter 11 plan through and including March 22, 2021.

The Court extended the Debtor's exclusive period to solicit
acceptances of a Chapter 11 plan through and including May 19,
2021.

The Debtors sought to extend the periods within which the Company
has the exclusive right to file a plan of reorganization and
solicit acceptances to the Plan, through and including April 19,
and June 18, 2021, respectively.

In seeking an extension, the Debtors said that in just over three
months from the Petition Date, they have made substantial progress
in these chapter 11 cases:

     (i) executed a smooth transition into Chapter 11 secured
commitments for and approval of $150 million in New Term Loan
Financing, and $400 million in ABL financing facility;

    (ii) completed a sale of the Catherines brand and executed a
stalking horse purchase agreement related to the sale of the
Justice brand;

   (iii) secured approval of a disclosure statement and completed
solicitation of the Debtors' chapter 11 Plan;

    (iv) garnered significant additional support for the
restructuring transactions embodied in the Restructuring Support
Agreement and the Plan, including increasing support among the
Debtors' secured term lenders to approximately 95% and striking a
global deal with the Official Committee of unsecured creditors
appointed in these chapter 11 cases; and

    (v) negotiated the terms of various resolutions and
transactions with dozens of vendors, landlords, and other contract
and litigation counterparties.

Separate from the Plan process, the Debtors and their advisors have
conducted extensive marketing processes to ensure the restructuring
transactions implemented in these chapter 11 cases maximize value
for all stakeholders.

Yet all those progress has all been against the global pandemic,
which placed a substantial logistical burden on almost every aspect
of the Company's chapter 11 cases, including the day-to-day
operation of the Company's business. In addition to the challenges
posed by the COVID-19 pandemic, the Debtors face and have been
facing, the macro-trends that have crippled many apparel and retail
companies in recent years, including the general downturn in the
retail industry and the marked shift away from brick-and-mortar
retail to online channels.

"Together with our advisors, we also have been working hard in
implementing the Strategic Plan, which underpins the restructuring
transactions in these chapter 11 cases. The Strategic Plan is aimed
at rationalizing our brand and store fleet portfolio, realigning
distribution capabilities, and implementing various other
cost-saving measures," the Debtors added. While dealing with the
impact of the pandemic, the Debtors remain focused on the future
and are critically evaluating opportunities for future growth and
additional ways in which to implement the Strategic Plan and its
underlying goals.

The extension of the Exclusivity Periods will allow the Debtors to
continue to progress these efforts and will use the additional time
provided by the extension of the Exclusivity Periods to, among
other things, finalize the sale of the Justice brand, conduct
further discussions regarding their restructuring strategy, and
pursue confirmation and consummation of the Plan, the Debtor said.

                   About Ascena Retail Group

Ascena Retail Group, Inc. (Nasdaq: ASNA) --
http://www.ascenaretail.com/-- is a national specialty retailer
offering apparel, shoes, and accessories for women under the
Premium Fashion (Ann Taylor, LOFT, and Lou & Grey), Plus Fashion
(Lane Bryant, Catherines, and Cacique), and Value Fashion
(Dressbarn) segments, and for tween girls under the Kids Fashion
segment (Justice).  Ascena, through its retail brands, operates
e-commerce websites and approximately 2,800 stores throughout the
United States, Canada, and Puerto Rico.

Ascena Retail reported a net loss of $661.4 million for the fiscal
year ended Aug. 3, 2019, a net loss of $39.7 million for the year
ended Aug. 4, 2018, and a net loss of $1.06 billion for the year
ended July 29, 2017.

On July 23, 2020, Ascena Retail Group and its affiliates sought
Chapter 11 protection (Bankr. E.D. Va. Case No. 20-33113).  As of
Feb. 1, 2020, Ascena Retail had $13,690,710,379 in assets and
$12,516,261,149 in total liabilities.

The Honorable Kevin R. Huennekens is the case judge. The Debtors
tapped Kirkland & Ellis LLP and Cooley LLP as bankruptcy counsel,
Guggenheim Securities, LLC as financial advisor, and Alvarez and
Marsal North America, LLC as restructuring advisor.  Prime Clerk,
LLC is the claims agent.

                           *     *     *

On July 31, 2020, the Debtors filed their Plan of Reorganization
and the Disclosure Statement related thereto. On September 11,
2020, the Bankruptcy Court entered an order approving the
Disclosure Statement. The Bankruptcy Court was scheduled to hold a
hearing to consider confirmation of the Plan on December 1, 2020.
The Court later adjourned the confirmation hearing to December 15.



ASI CAPITAL: Wins February 9 Plan Exclusivity Extension
-------------------------------------------------------
At the behest of ASI Capital Income Fund, LLC and ASI Capital, LLC,
Judge Elizabeth E. Brown extended the period within which the
Debtors have the exclusive right to file a plan of reorganization
through and including February 9, 2021, and to obtain confirmation
of the plan through and including April 10, 2021.

Because the COVID-19 global pandemic that precipitated the filing
of these cases continues with no end in sight, the Debtors said
they are not able to propose plans of reorganization based on any
credible pro forma financial projections. Despite the government
ordered shut-downs that began in mid-March, the Debtors' assets in
the hospitality space have seen a steady improvement, including
certain non-hospitality assets have not only recovered but
apparently improved in value. For example, ASICIF holds 62.758%
interest in Thorin Resources, LLC which owns a majority interest in
Caldera Resources LLC, which owns the mining claims known as Camp
Bird Mine located in Ouray, Colorado. The global pandemic has had a
positive effect on the price of gold, and hence, at least in
theory, the value of ASICIF's interest in the Mine.

Despite these improvements, the Debtors cannot project with any
degree of certainty what the value of their assets will be a year
from now, or even six months from now. Nor can the Debtors
accurately predict the income streams they will receive from those
assets, income from which periodic interest payments can be made to
the noteholders of ASIC and the bondholders of ASICIF. Thus, the
Debtors will use the extended time to formulate and file plans of
reorganization and be able to prove their feasibility through pro
forma financial projections that are based on an improved national
economy and solid economic evidence.

With respect to the size and complexity factor, the Debtors said
their cases collectively involve assets and liabilities on the
order of $50 million, which is not a small sum for this
jurisdiction. So, preparing financial information regarding these
very complex business arrangements will require a good deal of
time.

The Debtors added that the sudden global pandemic caused a recent
decrease in the estimated values of the assets in the Debtors'
portfolios and a recent diminution in the income streams from those
assets and was not caused by any mismanagement on the part of the
Debtors. The estates' assets have been in good hands and will
continue to be. The extension, the Debtors said, will not harm the
creditors, including ASIC's noteholders and ASICIF's bondholders.

                 About ASI Capital Income Fund

ASI Capital Income Fund is an investment company as defined in 15
U.S.C. Section 80a-3. ASICIF holds interests in a number of
investments, including interests in hotels. ASICIF is wholly-owned
by ASI, also an investment company as defined in 15 U.S.C. Section
80a-3. ASI also holds interests in a number of investments,
including interests in hotels. ASI is the sole member of ASICIF.
Since Jan. 1, 2019 both ASICIF and ASI have been managed by the
same manager, The Convergence Group.

ASI Capital Income Fund, LLC, based in Colorado Springs, Colo.,
filed a Chapter 11 petition (Bankr. D. Colo. Case No. 20-14066) on
June 15, 2020. In its petition, the Debtor was estimated to have
$10 million to $50 million in both assets and liabilities. The
petition was signed by Ryan C. Dunham, CEO, Convergence Group.

Judge Elizabeth E. Brown presides over the case. The Debtor tapped
Lewis Brisbois Bisgaard & Smith, LLP, serves as bankruptcy counsel,
and Cohen & Cohen, P.C., as counsel to the Bondholders Committee.



ASPIRA WOMEN'S: Gets Remaining $2M Under DECD Loan Agreement
------------------------------------------------------------
As previously reported, on March 22, 2016, Aspira Women's Health
Inc., formerly known as Vermillion, Inc., entered into a loan
agreement (as amended on March 7, 2018 and April 3, 2020) with the
State of Connecticut Department of Economic and Community
Development, pursuant to which the Company may borrow up to
$4,000,000 from the DECD.  The loan bears interest at a fixed rate
of 2.0% per annum and requires equal monthly payments of principal
and interest until maturity, which occurs on April 15, 2026.  As
security for the loan, the Company has granted the DECD a blanket
security interest in the Company's personal and intellectual
property.  The DECD's security interest in the Company's
intellectual property may be subordinated to a qualified
institutional lender.

The loan may be prepaid at any time without premium or penalty.  An
initial disbursement of $2,000,000 was made to the Company on April
15, 2016 under the Loan Agreement.  On Dec. 3, 2020, the Company
received a disbursement of the remaining $2,000,000 under the Loan
Agreement, as the Company had achieved the target employment
milestone necessary to receive an additional $1,000,000 under the
Loan Agreement and the DECD determined to fund the remaining
$1,000,000 under the Loan Agreement after concluding that the
required revenue target would likely have been achieved in the
first quarter of 2020 in the absence of the impacts of COVID-19.

Under the terms of the Loan Agreement, the Company may be eligible
for forgiveness of up to $1,500,000 of the principal amount of the
loan if the Company achieves certain job creation and retention
milestones by Dec. 31, 2022.  Conversely, if the Company is either
unable to retain 25 full-time employees with a specified average
annual salary for a consecutive two-year period or does not
maintain the Company's Connecticut operations through March 22,
2026, the DECD may require early repayment of a portion or all of
the loan plus a penalty of 5% of the total funded loan.

                   About Aspira Women's Health

ASPIRA formerly known as Vermillion, Inc. --
http://www.aspirawh.com-- is transforming women's health with the
discovery, development and commercialization of innovative testing
options and bio-analytical solutions that help physicians assess
risk, optimize patient management and improve gynecologic health
outcomes for women.  OVA1 plus combines its FDA-cleared products
OVA1 and OVERA to detect risk of ovarian malignancy in women with
adnexal masses.  ASPiRA GenetiXSM testing offers both targeted and
comprehensive genetic testing options with a gynecologic focus.
With over 10 years of expertise in ovarian cancer risk assessment
ASPIRA has expertise in cutting-edge research to inform our next
generation of products.  Its focus is on delivering products that
allow healthcare providers to stratify risk, facilitate early
detection and optimize treatment plans.

Vermillion reported a net loss of $15.24 million for the year ended
Dec. 31, 2019, compared to a net loss of $11.37 million for the
year ended Dec. 31, 2018.  As of Sept. 30, 2020, the Company had
$21.26 million in total assets, $6.71 million in total liabilities,
and $14.55 million in total stockholders' equity.

BDO USA, LLP, in Austin, Texas, the Company's auditor since 2012,
issued a "going concern" qualification in its report dated April 7,
2020 citing that the Company has suffered recurring losses from
operations and has negative cash flows from operations that raise
substantial doubt about its ability to continue as a going concern.


ATVT LLC: Upside Buying Automatic Bottle Capping System for $26K
----------------------------------------------------------------
ATVT, LLC, asks the U.S. Bankruptcy Court for the Western District
of Wisconsin to authorize the sale of its automatic bottle capping
system to Upside Grounds, LLC for $26,000.

Subject to the closing on the sale of substantially all of its
operating assets pursuant to the Order (1) Authorizing Sale of
Assets Free and Clear of Liens, Claims, Interests and Encumbrances;
and (2) Approving Changes to Debtor's Name and Modification to
Caption ("Main Sale Order"), the Debtor is continuing in possession
of its property and operating and managing its business.

The Debtor proposes to sell the Capping System to the Buyer, the
buyer of its assets pursuant to the Main Sale Order, on the terms
of their Asset Purchase Agreement for the Capping System.  The
proposed sale of the Capping System will be a sale free and clear
of all liens, claims, interests and encumbrances.   

The Capping System is the collateral of Navitas Credit Corp., which
claims a first position security interest in the capping system,
more fully described in Navitas' Proof of Claim No. 14 filed with
the Court.  Navitas perfected its interest by filing a UCC-1
statement with the Wisconsin Department of Financial Institutions
as filing number 40582437.  Navitas is a party to the APA.  

Summit Credit Union holds a security interest in all of the
Debtor's assets, which it perfected by filing a series of UCC-1
Statements with the Wisconsin Department of Financial Institutions
starting in February of 2014 as Filing No. 140002177118 and most
recently on Jan. 3, 2020 as Filing No. 202001030000530.  Summit
Credit Union's interest in the Capping System is junior to that of
Navitas.

The Debtor is indebted to the U.S. Small Business Administration in
the amount of approximately $150,000.  The SBA claims a security
interest in all tangible and intangible personal property of the
Debtor. The SBA filed a UCC-1 Financing Statement with the
Wisconsin Department of Financial Institutions on June 3, 2020, to
perfect such security interest.  The SBA's interest in the Capping
System is junior to both Navitas and Summit Credit Union.

Pursuant to its Proof of Claim, the Debtor owes Navitas $29,475 on
the obligation secured by the Capping System.  The sale price of
the Capping System under the APA is $26,000.  In addition, the APA
provides that Navitas' consents to the modification of its Proof of
Claim to state an unsecured claim in the amount of $3,475.
Further, the Buyer will use the Capping System in place at the
Debtor's former operating location.  

The Debtor believes that the $26,000 net sale price for the Capping
System is the most it could receive for the sale of the asset.
Accordingly, in its best business judgment, selling the Capping
System to the Buyer pursuant to the APA is in the best interests of
the estate.   

The sale pursuant to the APA is without warranties and
representations except that the APA requires that the Debtor have
the authority to enter into the transaction and requires the entry
of an order from the Court approving the sale of the Capping System
to the Buyer, free and clear of liens, claims and encumbrances.  

Navitas is a party to the APA.  The APA provides for payment of the
Purchase Price directly to Navitas and, in return, for Navitas
Proof of Claim be reduced and allowed as an unsecured claim in the
amount of $3,495.

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

A copy of the APA is available at https://tinyurl.com/yyv9hvp6 from
PacerMonitor.com free of charge.

Counsel for Debtor:

          Rebecca R. DeMarb, Esq.
          DEMARB BROPHY LLC
          118 E. Washington Ave., Su 300
          P.O. Box 631
          Madison, WI 53701
          Telephone: (608) 310-5500
          E-mail: rdemarb@demarb-brophy.com

ATVT, LLC, sought Chapter 11 protection (Bankr. W.D. Wis. Case No.
20-11746-CJF) on July 6, 2020.  William Wallo was appointed as the
Subchapter V Trustee.


AVID BIOSERVICES: Appoints Jeanne Thoma to Board of Directors
-------------------------------------------------------------
Avid Bioservices, Inc. has appointed Jeanne Thoma as an independent
member of the company's board of directors.  Ms. Thoma is a
seasoned pharmaceutical industry executive with more than 30 years
of experience spanning product development and commercialization,
as well as operations and supply chain management.

"On behalf of the entire board, I am delighted to welcome Ms. Thoma
with her extensive pharmaceutical industry expertise to the Avid
board of directors," said Joseph Carleone, Ph.D., Avid's chairman
of the board.

"Throughout her 30-year career, which spans tenures with several
global leaders in the pharmaceutical and contract manufacturing
space, Ms. Thoma has achieved consistent and impressive success in
establishing and growing innovative businesses.  Her expertise,
including her most recent role as president and CEO of a leading
pharmaceuticals ingredients company, is particularly relevant to
Avid's CDMO business, offering critical value as we work diligently
to continue to grow our client base and revenue," said Nicholas
Green, president and chief executive officer of Avid Bioservices.
"I join our board in welcoming Ms. Thoma, as we all look forward to
tapping into her broad skillset and experience to continue to
strengthen Avid's business."

Ms. Thoma said, "It is an honor to be joining the accomplished
group of professionals on the Avid Board, and the dynamic
executives leading the company.  It is an exciting time for Avid
and I am looking forward to supporting their strategic
objectives."

During her 30-year career, Ms. Thoma has successfully built
innovative, high-performing businesses that consistently deliver
results.  She most recently served as president and chief executive
officer of SPI Pharma Inc., a global pharmaceuticals ingredients
company and an innovative solutions provider of ingredients and
drug delivery systems.  Prior to SPI, Ms. Thoma held positions of
increasing responsibility at Lonza AG, a Switzerland-based biotech
company, most recently as president and chief operating officer of
the microbial control business sector.  Before joining Lonza, she
spent 14 years within the pharma solutions business at BASF
Corporation, during which time she held various leadership
positions in the areas of sales, marketing and operations.  Ms.
Thoma is a member of the board of advisors for the Drug Chemical
and Associated Technologies Association (DCAT) and currently sits
on the board of directors of ANI Pharmaceuticals.

                      About Avid Bioservices

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

Avid Bioservires reported a net loss of $10.47 million for the year
ended April 30, 2020, a net losses of $4.21 million for the year
ended April 30, 2019, and a net loss of $21.81 million for the year
ended April 30, 2018.  As of Oct. 31, 2020, the Company had $113.59
million in total assets, $64.21 million in total liabilities, and
$49.38 million in total stockholders' equity.

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

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


BETHEL CHURCH OF MIAMI: Hires Goldstein & McClintock as Counsel
---------------------------------------------------------------
The Bethel Church of Miami, Inc. received interim approval from the
U.S. Bankruptcy Court for the Southern District of Florida to hire
Goldstein & McClintock LLLP as its legal counsel.

The firm will provide these legal services:

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

     (b) advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;

     (c) prepare legal documents;

     (d) protect the interests of the Debtor in all matters pending
before the court; and

     (e) represent the Debtor in negotiations with creditors in the
preparation of a Chapter 11 plan.

Goldstein's hourly rates are:

     Jason Ben         $525
     Monique D. Hayes  $440
     Steven Yachik     $295
     Paralegals        $170 to $235

Goldstein & McClintock is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code, according to
court filings.

The firm can be reached through:

     Monique D. Hayes, Esq.
     Goldstein & McClintock LLLP
     777 Brickell Ave. Ste. 500
     Miami, FL 33131
     Phone: 305-216-6366
     Email: moniqueh@goldmclaw.com

               About The Bethel Church of Miami Inc.

The Bethel Church of Miami, Inc., formerly known as Bethel Full
Gospel Baptist Church, Inc., filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bank. S.D. Fla. Case No.
20-23302) on Dec. 6, 2020. At the time of filing, the Debtor
estimated $1,000,001 to $10 million in both assets and liabilities.


Monique D. Hayes, Esq., at Goldstein & McClintock LLLP, serves as
the Debtor's legal counsel.


BIG RIVER STEEL: S&P Places 'B' ICR on CreditWatch Negative
-----------------------------------------------------------
S&P Global placed all of its ratings on Osceola, Ark.-based Big
River Steel LLC (BRS), including its 'B' issuer credit rating, on
CreditWatch with negative implications.

The CreditWatch placement reflects that S&P could lower its ratings
on BRS by one notch following its acquisition by U.S. Steel, which
it rates 'B-'.

Pittsburgh-based U.S. Steel Corp. announced that it has exercised
its call option to acquire the remaining equity in Osceola,
Ark.-based BRS. The company will fund the transaction, which is
subject to regulatory approval and expected to be completed in the
first quarter of 2021, with approximately $774 million of cash on
hand.

The CreditWatch placement follows U.S. Steel's announcement that it
is purchasing the remaining equity in BRS for approximately $774
million. U.S. Steel acquired a 49.9% stake in Big River in October
2019 and had a call option to acquire the remaining equity, which
it is now exercising. The deal is subject to regulatory approval
and U.S. Steel expects it to close in the first quarter of 2021.

"As we understand it, there are no upstream or downstream
guarantees currently in place between the two companies. We
continue to assume Big River's secured creditors will continue to
have first access to the Big River collateral package and no
residual access to U.S. Steel's assets. Therefore, we are also
placing all of our issue-level ratings on BRS on CreditWatch with
negative implications in connection with our CreditWatch placement
on the issuer credit rating," S&P said.

"The CreditWatch placement reflects the likelihood that we will
lower our ratings on BRS by one notch upon the close of the
transaction to equalize them with our issuer credit rating on U.S.
Steel. We expect the transaction to close in the first quarter of
2021, at which point we intend to resolve our CreditWatch," S&P
said.


BLUE RACER: S&P Rates New $550MM Senior Unsecured Notes 'B'
-----------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '5'
recovery rating to Blue Racer Midstream LLC's proposed $550 million
senior unsecured notes due 2025. The '5' recovery rating indicated
its expectation for modest (10%-30%; rounded estimate: 25%)
recovery in a payment default scenario.

The company intends to use net proceeds of the offering, along with
borrowings under its $1 billion revolving credit facility and, if
necessary, cash on hand to repurchase its $700 million senior notes
due 2022 in a tender offer. This offering helps address its most
immediate near-term high yield debt maturity and positions the
company to address its March 2022 revolver maturity.

Blue Racer is a Delaware-incorporated joint venture between the
affiliates of Caiman Energy II LLC and First Reserve Corp. LLC.
Blue Racer operates a $2.5 billion network of natural gas
pipelines, processing plants, fractionators, and related equipment
spread across 14 counties in Ohio and four counties in West
Virginia atop the Utica and Marcellus shale formations. The company
provides services under both fee-based and commodity-based
contracts.



BOOTS SMITH: Wins February 15 Plan Exclusivity Extension
--------------------------------------------------------
At the behest of Boots Smith Completion Services, LLC, Judge
Katherine M. Samson of the U.S. Bankruptcy Court for the Southern
District of Mississippi extended the Debtor's exclusivity period to
file a Chapter 11 plan and solicit acceptances of a plan by 90 days
to February 15, 2021.

The primary issues in the Debtor's Chapter 11 case concern the
value of the collateral securing claims of secured creditors, the
assets of the Debtor which the Debtor determines are not necessary
for an effective reorganization, and the ability of the Debtor to
generate revenues to fund a plan of reorganization. Origin Bank,
the Debtor's largest creditor, sought to obtain an appraisal of the
Debtor's equipment and inventory.

The Debtor has closed its Midland, Texas operations and is focusing
on gas well services in East Texas, North Louisiana, and South
Mississippi. The Debtor will determine the equipment needed for
these types of services and evaluate the same upon receipt of the
appraisal.

In the meantime, the Debtor has already filed motions with the
Court to surrender some of its rolling stock, and has agreed to the
termination of the automatic stay as to its office building and has
vacated same. The Debtor continues to increase its revenues and
decrease its expenses.

With the extension, the Debtor will have time to address these
issues before developing a plan of reorganization.

                      About Boots Smith

Boots Smith Completion Services, LLC, is an oilfield service
company, helping oil and gas companies enhance production through a
variety of applications, including completion, workover, and
optimization.

Boots Smith sought Chapter 11 protection (Bankr. S.D. Miss. Case
No. 20-51081) on July 1, 2020.  At the time of filing, the Debtor
was estimated to have up to $50,000 in assets and $10 million to
$50 million in liabilities.

Judge Katherine M. Samson is the case judge. William J. Little,
Jr., Esq., at Lentz & Little, P.A. is the Debtor's counsel and
Horne, LLP as its accountant.


BOUCHARD TRANSPORTATION: Hires Jefferies LLC as Investment Banker
-----------------------------------------------------------------
Bouchard Transportation Co., Inc. and its affiliates seek approval
from the U.S. Bankruptcy Court for the Southern District of Texas
to employ Jefferies LLC as their investment banker.

The Debtor requires Jefferies LLC to:

     (a) assist the Debtors in analyzing, structuring, negotiating
and effecting (including providing valuation analyses as
appropriate) any restructuring of their outstanding indebtedness;

     (b) perform financial advisory services in connection with a
restructuring;

     (c) act as a financial advisor in connection with any of the
following: (i) the sale or placement whether in one or more public
or private transactions, of common equity, preferred equity and
equity linked securities of the Debtors regardless of whether sold
by the Debtors or their security holders, and (ii) notes, bonds,
debentures or other debt securities of the Debtors.

Jefferies LLC will be paid as follows:

     (a) Monthly Fee. A monthly fee equal to $100,000 per month
until the expiration or termination of the agreement.

     (b) Debt Financing Fee. Promptly upon the closing of each
financing involving debt, a fee equal to 1.5 percent of the
aggregate principal amount of any debt if it is issued below par,
or the gross proceeds from the transaction if the Debt is issued at
or above par.

     (c) Expenses. The Debtors will reimburse Jefferies for all
out-of-pocket expenses it incurred.

Richard Walter Morgner, managing director at Jefferies, 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.

Jefferies can be reached at:

     Richard Walter Morgner
     Jefferies LLC
     520 Madison Avenue
     New York, NY 10022
     Tel: (212) 284-2300

                   About Bouchard Transportation

Founded in 1918, Bouchard Transportation Co., Inc's first cargo was
a shipment of coal. By 1931, Bouchard acquired its first oil barge.
Over the past 100 years and five generations later, Bouchard has
expanded its fleet, which now consists of 25 barges and 26 tugs of
various sizes, capacities and capabilities, with services operating
in the United States, Canada and the Caribbean. Bouchard remains
dedicated to continuing the rich heritage of barging expertise and
family pride well into the future.

Bouchard and certain of its affiliates sought Chapter 11 protection
(Bankr. S.D. Texas Lead Case No. 20-34682) on Sept. 28, 2020.  At
the time of the filing, the Debtors had estimated assets of between
$500 million and $1 billion and liabilities of between $100 million
and $500 million.  

The Debtors tapped Kirkland & Ellis LLP, Kirkland & Ellis
International LLP and Jackson Walker LLP as their legal counsel;
Portage Point Partners, LLC as restructuring advisor; and Jefferies
LLC as investment banker.  Stretto is the claims agent.


BRANDED APPAREL: Hires Kudman Trachten as Legal Counsel
-------------------------------------------------------
Branded Apparel Group, LLC seeks authority from the U.S. Bankruptcy
Court for the Southern District of New York to hire Kudman Trachten
Aloe Posner LLP as its legal counsel.

The Debtor requires Kudman Trachten to:

     a. give legal advise regarding the Debtor's powers and duties
in the continued management and operation of its business and
property;

     b. advise the Debtor on the conduct of its Chapter 11 case,
including all of the legal and administrative requirements of
operating in Chapter 11;

     c. attend meetings and negotiate with representatives of
creditors and other parties;

     d. take all necessary actions to protect and preserve the
Debtor's estates, including prosecuting actions on the Debtor's
behalf, defending any action commenced against the Debtor, and
representing the Debtor in negotiations concerning litigation in
which the Debtor is involved, including objections to claims filed
against its estate;

     e. prepare legal papers;

     f. advise the Debtor in connection with any potential sale of
assets;

     g. appear before the court;

     h. take any necessary action to negotiate, prepare and obtain
confirmation of a Chapter 11 plan and all documents related
thereto; and

     i. perform all other necessary legal services for the Debtor
in connection with the prosecution of its Chapter 11 case.

Kudman Trachten will be paid at these rates:

     Paul H. Aloe        $650 per hour
     David N. Saponara   $400 per hour

Kudman Trachten will also be reimbursed for out-of-pocket expenses
incurred.

Paul Aloe, Esq., a partner at Kudman Trachten, 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.

Kudman Trachten can be reached at:

     Paul H. Aloe, Esq.
     Kudman Trachten Aloe Posner LLP
     350 Fifth Avenue, 68th Floor
     New York, NY 10118
     Tel: (212) 868-1010

                    About Branded Apparel Group

Branded Apparel Group, LLC, a family-owned apparel manufacturer
that designs, imports, merchandises, and markets men's apparel and
accessories under a licensed brand as well as private-label
brands.

Branded Apparel Group sought Chapter 11 protection (Bankr. S.D.N.Y.
Case No. 20-12552-scc) on Oct. 29, 2020.  As of Sept. 30, 2020, the
Debtor disclosed total assets of $2,065,356 and total liabilities
of $7,097,845.  Kudman Trachten Aloe Posner LLP is the Debtor's
counsel.


CALIFORNIA PIZZA: S&P Assigns 'CCC+' ICR on Bankruptcy Emergence
----------------------------------------------------------------
S&P Global Ratings assigned its 'CCC+' issuer credit rating to
Casual dining restaurant operator California Pizza Kitchen Inc.
(CPK) to reflect its expectation for continued uncertainty around
its operating performance and cash flow generation, which will be
partially offset by its materially lighter debt load.

CPK recently emerged from Chapter 11 bankruptcy, where it was able
to restructure about $200 million of reported prepetition debt.

S&P said, "At the same time, we are assigning our 'CCC+'
issue-level rating and '3' recovery rating to the company's $127
million exit first-lien term loan facilities and our 'CCC+'
issue-level rating and '6' recovery rating to its $50 million
second-lien exit term loan. The '3' recovery rating indicates our
expectation for meaningful recovery (50%-70%; rounded estimate:
60%). The '6' recovery rating indicates our expectation for
negligible recovery (0%-10%; rounded estimate: 0%).

"The negative outlook reflects our expectation that CPK's
performance will remain uneven through fiscal year 2021 with
significant uncertainty surrounding the pace of its sales and
EBITDA recovery. We also expect sustained high leverage and weak
cash flows."

"The 'CCC+' rating and negative outlook reflect our view that CPK's
capital structure may be unsustainable over the long term.

"We believe the company will face significant uncertainty as it
attempts to recover the sales and EBITDA it lost during the
pandemic, which will lead to continued high leverage and relatively
weak cash flows over the next 12 months. Despite our expectation
that it will return to growth in 2021 supported by its lower level
of balance sheet debt post-bankruptcy, we think that it will
continue to face earnings pressure." This view reflects the
continued near-term risks from the ongoing pandemic and their
effect on casual dining along with competitive pressures and CPK's
position in the restaurant industry.

In addition, CPK remains a small player in the competitive casual
dining industry, which further adds to the challenges stemming from
the ongoing secular shifts in consumer spending habits that have
pressured the industry. S&P said, "We view the company, which
operates about 200 restaurants (owned and franchised) following its
emergence, as a small operator with limited scale and a limited
competitive position. This compares unfavorably with its larger
casual dining restaurant peers that have broader scale, geographic
diversity, and shared operational platforms. We think the broader
scale of the company's competitors enables them to better manage
their performance and invest in innovation or advertising." In
addition, CPK's restaurants remain geographically concentrated
(about 30% of its units) in California, which is a
high-operating-cost region and subject to heightened near-term
pandemic risks.

CPK's performance has been significantly weakened by the
coronavirus pandemic and the pace of its recovery remains
uncertain.

Efforts to curb the spread of COVID-19 have exerted significant
pressure on the casual dining industry and led to dramatic revenue
losses for CPK in 2020. The company closed its dining rooms and
pivoted to an off-premise model in March as the coronavirus
outbreak accelerated and calls for greater social distancing
intensified. Initially, CPK's restaurant sales plummeted by 70% or
more, causing the company to seek bankruptcy protection in July
2020. Since then, its sales have somewhat improved as it has
reopened its dining rooms and leveraged its off-premise
capabilities, which include take-out and delivery, to support its
sales.

Still, the company's performance remains weak and its recent
results indicate it is running about 20%-30% below its normalized
results. S&P said, "We currently forecast that CPK's revenue will
decline by the 30% area in fiscal year 2020 and expect continued
pressure because its in-restaurant sales will remain limited due to
social distancing guidelines, which require it to reduce its
seating capacity. We expect its sales to increase by near 25% next
year, largely because of easier comparisons in the first half of
the year as the economy normalizes and stay-at-home mandates are
potentially lifted."

S&P said, "We also believe that the uncertain near-term
macroeconomic environment will continue to pressure consumer
discretionary spending, including in the casual dining industry. We
believe the dining industry may remain weak even after the
coronavirus pandemic abates as consumers shift their spending
patterns. In our view, these changing patterns will lead the
company to report relatively weak EBITDA margins and limited free
cash flow generation. This includes our estimate for adjusted
margins of 2% in 2020 and about 11% in 2021, which compares with
its five-year average adjusted margin of about 14% as of the end of
2019. We expect CPK's margins to remain pressured due to
incremental costs, such as elevated off-premise fulfilment expenses
and heightened health and safety requirements. In addition, we
project relatively flat to modest free operating cash flow (FOCF)
generation in 2021 and beyond, which supports our belief that its
emergence capital structure may potentially be unsustainable over
the long term.

"We expect the company's leverage will remain elevated despite its
significantly lightened debt load."

CPK significantly reduced its debt through its Chapter 11
restructuring with reported debt of about $177 million
post-restructuring, which compares with $372 million prior to the
bankruptcy. S&P said, "While its lower level of debt and extended
maturity profile have helped its financial risk, we expect its
adjusted leverage to remain elevated. Specifically, we forecast the
company's leverage will spike materially in 2020 before normalizing
in the mid-6x area in 2021. Our projection also assumes increased
debt levels over the next few years because we expect CPK to elect
to use the payment-in-kind (PIK) option under its first- and
second-lien term loans. In addition, we believe the ongoing
pandemic, despite the potential for the near-team approval of a
vaccine, adds significant uncertainty to the U.S. economy's future
performance and recovery. If additional waves of infections occur
on a mass scale, we believe they could lead to the imposition of
heightened social distancing and other mandates." This includes
another round of temporary restaurant closures on a regional or
national basis, which could halt any material recovery in CPK's
performance.

S&P said, "The negative outlook reflects our expectation that CPK's
performance will remain uneven through fiscal year 2021 with
significant uncertainty surrounding the pace of its sales and
EBITDA recovery. We also expect sustained high leverage and weak
cash flows, which support our view that its capital structure may
be unsustainable over the longer term."

S&P could lower its rating on CPK if it believes the likelihood of
a default or reorganization in the next 12 months has materially
increased. This could occur if:

-- The speed and magnitude of its sales and EBITDA recovery
underperform our expectations and lead to material near-term cash
burn and weakened liquidity; or

-- S&P expects a covenant breach.

S&P said, "We could revise our outlook on CPK to stable or raise
our rating if we no longer view its capital structure as
unsustainable and believe a path toward a potential refinancing
exists. This could occur if we see a clear path for a sustained
sales and EBITDA recovery with consistent positive FOCF generation,
the payment of its interest in cash, and adequate liquidity."


CANAAN RESOURCES: Seeks to Hire Fellers Snider as Legal Counsel
---------------------------------------------------------------
Canaan Resources, LLC seeks authority from the U.S. Bankruptcy
Court for the Western District of Oklahoma to hire Fellers, Snider,
Blankenship, Bailey & Tippens, P.C. as its legal counsel.

The professional services the firm will render are:

     (a) give Debtor legal advice with respect to its powers and
duties in the continuing operation of its business and management
of its property;

     (b) prepare legal papers; and

     (c) perform all other legal services for Debtor which may be
necessary.

Stephen Moriarty, Esq., the firm's attorney who will be handling
the case, charges an hourly fee of $410.

The firm's attorneys do not have connection with creditors or any
other party adverse to the interest of the Debtor and its
bankruptcy estate, according to court filings.

The firm can be reached at:

     Stephen J. Moriarty, Esq.
     Fellers, Snider, Blankenship, Bailey & Tippens, P.C.
     100 N. Broadway, Suite 1700
     Oklahoma City, OK 73102
     Tel: (405) 232-0621
     Fax: (405) 232-9659
     Email: smoriarty@fellerssnider.com

               About Canaan Resources, LLC

Canaan Resources, LLC, a gas asset-acquisition company, filed its
voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr.
W.D. Okla. Case No. 20-13664) on Nov. 17, 2020.  At the time of
filing, the Debtor estimated $10 million to $50 million in both
assets and liabilities.

Stephen J. Moriarty, Esq., at Fellers, Snider, Blankenship, Bailey
& Tippens, P.C., serves as the Debtor's legal counsel.


CHARLIE BROWN'S: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------------
The U.S. Trustee, until further notice, will not appoint an
official committee of unsecured creditors in the Chapter 11 case of
Charlie Brown's Hauling & Demolition Inc., according to court
dockets.
    
                   About Charlie Brown's Hauling
                         & Demolition, Inc.

Charlie Brown's Hauling & Demolition, Inc., filed a Chapter 11
bankruptcy petition (Bankr. M.D. Fla. Case No. 20-08264) on Nov. 4,
2020, disclosing under $1 million in both assets and liabilities.
Judge Michael G. Williamson oversees the case.  The Debtor is
represented by David W. Steen, P.A.


CLEAN ENERGY: Gets OK to Hire Wadsworth Garber as Counsel
---------------------------------------------------------
Clean Energy Collective, LLC received approval from the U.S.
Bankruptcy Court for the District of Colorado to hire Wadsworth
Garber Warner Conrardy, P.C. as its legal counsel.

The firm's services will include:

     a. the preparation of legal papers required in the Debtor's
Chapter 11 proceeding;

     b. representation of the Debtor in any litigation which it
determines is in the best interest of the estate whether in state
or federal court; and

     c. performance of all legal services for Debtor, which may
become necessary.  

Wadsworth's hourly rates are:

     David V. Wadsworth   $435
     Aaron A. Garber      $400
     David J. Warner      $325
     Aaron J. Conrardy    $325
     Lindsay S. Riley     $235
     Karen E. Lusis       $235
     Paralegals           $115

The firm holds a retainer in the amount of $45,227.90.

Wadsworth neither holds nor represents any interest adverse to the
Debtor and the bankruptcy estate, and is a "disinterested person"
as that term is defined in Section 101(14) of the Bankruptcy Code,
according to court filings.

The firm can be reached through:

     David V. Wadsworth, Esq.
     Aaron J. Conrardy, Esq.
     Lindsay S. Riley, Esq.
     Wadsworth Garber Warner Conrardy, P.C.
     2580 West Main Street, Suite 200
     Littleton, CO 80120
     Phone: (303) 296-1999
     Fax: (303) 296-7600
     Email: dwadsworth@wgwc-law.com
            aconrardy@wgwc-law.com
            lriley@wgwc-law.com

                 About Clean Energy Collective LLC

Clean Energy Collective, LLC -- https://www.cleanenergyco.com -- is
a clean energy company that is based in Louisville, Colo., serving
residential, commercial, and non-profit customers. It developed a
model of delivering clean power-generation through medium-scale
facilities that are collectively owned by participating utility
customers.

Clean Energy Collective filed a voluntary petition for relief under
chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No.
20-17543) on Nov. 20, 2020.  In the petition signed by Thomas M.
Jannsen, chief executive officer and chief financial officer, the
Debtor disclosed $1,870,355 in total assets and $39,998,916 in
total liabilities.

Wadsworth Garber Warner Conrardy, P.C. serves as the Debtor's legal
counsel.


CM RESORT: Trustee Hires Lain Faulkner as Accountant
----------------------------------------------------
John Dee Spicer, the trustee appointed in the Chapter 11 cases of
CM Resort LLC and its affiliates, seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to retain Lain,
Faulkner & Co., P.C. as his accountant.

The trustee requires Lain Faulkner to:

     a. prepare a final income tax return for the estate including
applications for any tax refunds; and

     b. assist the trustee generally in accounting and tax matters
which may arise or have arisen in the course of the trustee's
administration of the estate.

Lain Faulkner will be paid at these rates:

     Director                       $375 to $485 per hour
     Accounting Professionals       $185 to $275 per hour
     IT Professionals                   $275 per hour
     Staff Accountants              $150 to $250 per hour
     Clerical & Bookkeepers         $80 to $125 per hour

Lain Faulkner will also be reimbursed for out-of-pocket expenses
incurred.

James Shaw, Esq., a partner at Lain Faulkner, 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 estate.

Lain Faulkner can be reached at:

     Kelly McCullough
     Lain, Faulkner & Co., P.C.
     400 N. St. Paul, Suite 600
     Dallas, TX 75201
     Tel: (214) 720-1929
     Fax: (214) 720-1450

                          About CM Resort

Based in Gordon, Texas, CM Resort LLC, a single asset real estate,
filed a voluntary petition for bankruptcy under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Tex. Case No. 18-43168) on Aug. 15,
2018.  The case is jointly administered with the Chapter 11 cases
filed by CM Resort Management LLC and nine other companies.  Case
No. 18-43168 is the lead case.

In the petition signed by Mark Ruff, member and authorized agent,
CM Resort estimated $1 million to $10 million in assets and $10
million to $50 million in liabilities.  Judge Russell F. Nelms
presides over the case.  

Gerrit M. Pronske, Esq., at Pronske Goolsby & Kathman, P.C., is CM
Resort's legal counsel.

John Dee Spicer was appointed as Chapter 11 trustee.  The trustee
is represented by Cavazos Hendricks Poirot, P.C.


COMCAR INDUSTRIES: Seeks to Hire Joey Martin as Auctioneer
----------------------------------------------------------
Comcar Industries, Inc. and its affiliates seek authority from the
U.S. Bankruptcy Court for the District of Delaware to hire Joey
Martin Auctioneers, LLC to conduct an auction or private sale of
their de minimis assets.

The assets include trucks, trailers, parts and tires located in
South Carolina, Georgia and Florida.

Pursuant to its agreement with the Debtors, JM Auctioneers is
required to hold the net proceeds from the auction or private sale
in trust, and in a segregated account, until disbursed pursuant to
the terms of the
agreement.  The net proceeds will be disbursed by JM Auctioneers
within fourteen calendar days of the conclusion of any auction or
any private sale as follows: 50% of all net proceeds to the Debtors
and 50% of all net proceeds to the firm.

JM Auctioneers does not hold any interest materially adverse to the
Debtors' estates and is a "disinterested person" as such term is
defined in Section 101(14) of the Bankruptcy Code, according to
court filings.

The firm can be reached through:

     Joey Martin
     Joey Martin Auctioneers, LLC
     3500 US-27
     Carrollton, GA 30117
     Phone: +1 864-940-4800

                     About Comcar Industries

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

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

The Hon. Laurie Selber Silverstein is the presiding judge.

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


COMMERCEHUB INC: S&P Affirms 'B-' ICR on Equity Investment
----------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on
Albany, N.Y.-based drop-ship fulfillment provider CommerceHub Inc.
At the same time, S&P assigned its 'B' issue-level and '2' recovery
ratings to CommerceHub's proposed first-lien credit facility, and
its 'CCC' issue-level and '6' recovery ratings to the second-lien
term loan.

S&P's rating affirmation reflects its favorable view of
CommerceHub's growth and cash generation prospects.

Over the past few quarters, CommerceHub has benefitted from the
increased adoption of e-commerce by retail consumers, which has led
to secular tailwinds for the industry. As e-commerce retail sales
growth tapers (growth declined in the third quarter of 2020 on a
sequential basis by about 1% after growing by about 44% in the
second quarter of 2020 from the same quarter in 2019--U.S Dept. of
Commerce), the shift in buying behavior will likely exhibit more
permanence, even after the lockdowns associated with the
coronavirus pandemic are lifted.

S&P said, "Accordingly, the recent robust results have prompted a
revision of our base-case assumptions to incorporate
mid-single-digit revenue growth in fiscal 2021, and EBITDA margins
in the low- to mid-50% area as the business continues to scale. Our
assumptions anticipate ongoing growth in CommerceHub's order
volumes (nearly 65% of the business), along with subscription
revenues (about 25% of the business) through an expanding customer
base of retailers and suppliers as the value proposition for
drop-ship becomes compelling."

Financial sponsor ownership may prevent significant deleveraging,
despite strong cash-flow generation expectations.

S&P said, "Given the business' strong profitability and free cash
flow generation characteristics, we think it is likely the
company's financial sponsors--GTCR, Sycamore Partners, and Insight
Partners--will maintain their aggressive financial risk tolerance.
We believe the sponsors will continue to prioritize
shareholder-friendly actions to maximize their returns; however, we
have not incorporated the possibility of future actions into our
base case scenario, given the uncertainty of the size and timing."
Insight will hold its 49.9% ownership in CommerceHub on a fully
diluted basis, through preferred equity, while GTCR and Sycamore
Partners will retain 25% of common equity interests, respectively.
The board will consist of seven members with Insight Partners
holding three seats, GTCR and Sycamore Partners controlling a
combined three seats, and the final seat held by the chief
executive officer.

S&P-adjusted leverage, forecasted in mid-15x area as of the end of
fiscal 2020, is very high. S&P said, "Our adjusted debt includes
Insight Partners' new $606 million payment in kind (PIK) preferred
equity investment. In our opinion, the preferred equity investment
creates a misalignment of economic incentives between the common
equity and preferred equity investors, and thus we include it as
part of our adjusted debt calculation. However, given our view of
the issuer's intent, the limited creditor rights incorporated in
the preferred equity security, and the security's non-cash interest
feature, our assessment of financial risk emphasizes adjusted
cash-payback measures such as adjusted free operating cash flow
(FOCF) to debt, which are appropriate for the current rating."

S&P said, "The stable outlook reflects our expectation that
favorable e-commerce growth will support ongoing demand, a growing
customer base, and higher transaction volumes over the next 12
months. It incorporates our forecast for low- to mid-single-digit
percent revenue growth and healthy EBITDA margins in the 50% area.

"We could lower the rating if a deterioration in operating
performance or unforeseen liquidity pressures lead to FOCF deficits
or if we conclude the company's capital structure is unsustainable.
In this scenario, we would contemplate large debt-financed
dividends, weak revenue contributions from new customers, high
customer attrition resulting from increased competitive intensity,
or declining performance levels.

"We could raise our ratings if the company's scale improved
materially, through higher transaction volumes or new customer
wins, and if we expect adjusted FOCF to debt to be sustained in the
mid- to high-single-digit percent area."


COMMUNITY HEALTH: S&P Lowers ICR to 'SD' on Distressed Exchange
---------------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on Community
Health Systems to 'SD' (selective default) from 'CC'. S&P lowered
the issue-level rating on its 6.875% notes due in 2028 to 'D' from
'CC', because the exchange transaction constitutes a default.

At the same time, S&P raised the issue-level ratings on the
junior-priority secured notes due in 2023 and 2024 to 'CCC-' from
'CC'. This reflects the completion of a recent tender offer under
which only a de minimis amount of these issues were tendered.

Community Health Systems Inc. has completed a transaction with an
investor to exchange $700 million of notes due in 2028
(representing about 47% of total notes due in 2028) for $400
million cash and 10 million new common shares.

The downgrade follows Community's exchange of $700 million of the
$1.476 billion outstanding on its senior unsecured notes due in
2028 for $400 million cash and 10 million in new common shares. At
$8.43 per share as of Dec. 8, the total value of the consideration
is about $484 million, or a 30% discount. S&P views the transaction
as distressed because of the large discount and because the amount
of debt being exchanged is significant. As a result, it is lowering
its rating on these notes to 'D'.

"Because the default affected only the senior unsecured notes due
in 2028, we lowered our issuer credit rating on Community to 'SD'.
Additionally, the company recently completed a cash tender offer
that included four separate issues. We are raising the issue-level
ratings on these junior-priority secured notes due in 2023 and 2024
to 'CCC-' from 'CC'. This reflects the immaterial amount of these
issues (under $2 million combined) tendered," S&P said.



CONGOLEUM CORP: Court Extends Exclusivity Periods Thru Mar. 10
--------------------------------------------------------------
At the behest of Congoleum Corporation, the Honorable Michael B.
Kaplan extended the period within which the Debtor has exclusive
rights to file a chapter 11 plan and solicit acceptances of the
plan through and including March 10, 2021, and May 8, 2021,
respectively.

During the first three months of the Chapter 11 case, the Debtor
has primarily focused its efforts on the sale of substantially all
of its assets to maximize value for stakeholders.

The Debtor's marketing process with regard to a potential sale of
its assets began prior to the Petition Date. After the Petition
Date and consistent with its bid to sell assets, the Debtor, led by
B. Riley Securities, Inc., formerly known as B. Riley FBR, Inc.,
its court-approved investment banker, continued its efforts to
market its business to over 120 prospective financial and strategic
buyers. As part of that process, and among other things, the
Debtor, the Debtor's management, and its employees assisted B.
Riley in the creation of diligence materials and the population of
a data room for interested parties, modeled projections for
prospective purchasers and prospective lenders to same, and hosted
site visits to each of the Debtor's three manufacturing plants.

Following expedited discovery and a contested sale hearing, on
October 14, 2020, the Court entered an order approving the sale of
substantially all of the Debtor's assets to Congoleum Acquisition,
LLC, an affiliate of the Debtor's secured noteholders.  In
connection with the approval of the sale, the Debtor, the Committee
and the Buyer negotiated a settlement of certain claims and
challenges to the Noteholders' liens. The UCC Settlement provides
consideration to the Debtor's estate and ensures a source of
recovery for the Debtor's general unsecured creditors. The Debtor
anticipated closing on the sale on or before October 30, 2020.

Separate and apart from the sale process, and among other things,
since the Petition Date:

     (i) the Debtor secured up to $18,485,000 in post-petition
financing to provide it with sufficient liquidity to satisfy its
post-petition obligations;

    (ii) the Debtor timely filed its schedules of assets and
liabilities and statements of financial affairs;

   (iii) the Debtor appeared and testified at its section 341
meeting of creditors;

    (iv) the Debtor has engaged in formal and informal discovery
with the Committee and various creditors, including the exchange of
various documents and the defense of depositions;

     (v) the Debtor has addressed issues relating to certain
environmental liabilities and claims including filing a motion to
dismiss an adversary proceeding; and

    (vi) the Debtor has remained current on its post-petition
financial and reporting obligations.

                     About Congoleum Corp.

Founded in 1886, Congoleum Corporation --
https://www.congoleum.com/ -- manufactures and sells vinyl sheet
and tile products for both residential and commercial markets.  Its
products are used in remodeling, manufactured housing, new
construction, commercial applications, and recreational vehicles.
Congoleum was started in 1828, in Kirkaldy, Scotland, as a
manufacturer of heavy canvas sailcloth, sold to manufacturers of
floorcloth, which was a precursor to linoleum.

The Company first filed for Chapter 11 protection on Dec. 31, 2003
(Bankr. D.N.J. Case No. 03-51524) as a means to resolve claims
asserted against it related to the use of asbestos in its products
decades ago. Congoleum's reorganization plan became effective as of
July 1, 2010.  By operation of the reorganization plan, American
Biltrite's ownership interest in Congoleum was eliminated and new
shares in Congoleum were issued to certain of Congoleum's
prepetition creditors.  Richard L. Epling, Esq., Robin L. Spear,
Esq., and Kerry A. Brennan, Esq., at Pillsbury Winthrop Shaw
Pittman LLP, and Paul S. Hollander, Esq., and James L. DeLuca,
Esq., at Okin, Hollander & DeLuca, LLP, represented the Debtors.

Congoleum Corporation again sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.N.J. Case No. 20-18488) on July 13,
2020.  The petition was signed by Christopher O'Connor, the chief
executive officer/president.  The Debtor was estimated to have $50
million to $100 million in assets and $100 million to $500 million
in liabilities.

The Honorable Michael B. Kaplan presides over the present case. In
the present case, Warren A. Usatine, Esq., Felice R. Yudkin, Esq.,
and Rebecca W. Hollander, Esq. of Cole Schotz P.C. serve as counsel
to the Debtor.  B. Riley FBR, Inc. serves as financial advisor and
investment banker to the Debtor; Phoenix Management Services, LLC
as financial advisor; and Prime Clerk LLC as claims and noticing
agent.



CRED INC: Hires Cousins Law LLC as Bankruptcy Co-Counsel
--------------------------------------------------------
Cred Inc. and its affiliates seek approval from the U.S. Bankruptcy
Court for the District of Delaware to hire Wilmington-based Cousins
Law LLC.

Cousins Law will serve as co-counsel with Paul Hastings LLP, the
other firm handling the Debtors' Chapter 11 cases.  Its services
will include:

     a. advising the Debtors of their rights, powers and duties in
the continued operation of their business and management of their
property;

     b. taking all necessary actions to protect and preserve the
estates of the Debtors, including the prosecution of actions on the
Debtors' behalf, the defense of any actions commenced against the
Debtors, the negotiation of
disputes in which the Debtors are involved, and the preparation of
objections to claims filed against the Debtors' estates;

     c. assisting in negotiation and preparing legal papers;

     d. appearing in court;

     e. assisting with any disposition of the Debtors' assets by
sale or otherwise;

     f. assisting in preparing a disclosure statement and any
related documents and pleadings necessary to solicit votes on any
plan of reorganization proposed by the Debtors;

     g. negotiating and taking all necessary or appropriate actions
in connection with a plan of reorganization;

     h. attending all meetings and negotiating with representatives
of creditors, the United States Trustee and other
parties-in-interest; and

     i. performing all other legal services for the Debtors.

Cousins Law's standard hourly rates are:

     Scott D. Cousins   $750
     Aran D. Heining    $150

The firm received from the Debtors an advance payment retainer
totaling $58,585.

Cousins Law is a "disinterested person" under Section 101(14) of
the Bankruptcy Code and neither holds nor represents an interest
adverse to the Debtors' estates, according to court filings.

The firm can be reached through:

     Scott D. Cousins, Esq.
     Cousins Law LLC
     1521 Concord Pike, Suite 301
     Wilmington, DE 19803
     Phone: 302-824-7081

                          About CRED Inc.

Cred Inc. is a cryptocurrency platform that accepts loans of
cryptocurrency from non-U.S. persons and pays interest on those
loans. Cred -- https://mycred.io -- is a global financial services
platform serving customers in over 100 countries. Cred is a
licensed lender and allows some borrowers to earn a yield on
cryptocurrency pledged as collateral.

Cred Inc. and its affiliates sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 20-12836) on Nov. 7, 2020. Cred was estimated
to have assets of $50 million to $100 million and liabilities of
$100 million to $500 million as of the bankruptcy filing.

The Debtors tapped Paul Hastings LLP as their bankruptcy counsel,
Cousins Law LLC as local counsel, and MACCO Restructuring Group,
LLC as financial advisor.  Donlin, Recano & Company, Inc. is the
claims agent.

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on Dec. 3,
2020.


CRED INC: Hires Donlin Recano as Administrative Advisor
-------------------------------------------------------
Cred Inc. and its affiliates seek approval from the U.S. Bankruptcy
Court for the District of Delaware to hire Donlin, Recano &
Company, Inc. as their administrative advisor.

The Debtors require an administrative advisor to:

     a. assist with, among other things, any required solicitation,
balloting, tabulation and calculation of votes as well as preparing
any appropriate reports as required in furtherance of confirmation
of a plan of reorganization;

     b. generate an official ballot certification and testifying,
if necessary, in support of the ballot tabulation results;

     c. in connection with the balloting services, handle requests
for documents from parties in interest, including, if applicable,
brokerage firms and bank back-offices and institutional holders;

     d. gather data in conjunction with the preparation of the
Debtors' schedules of assets and liabilities and statements of
financial affairs;

     e. provide a confidential data room, if requested; and

     f. manage and coordinate any distributions pursuant to a
confirmed Chapter 11 plan.

Donlin Recano will be paid at these rates:

     Executive Management                         No charge
     Senior Bankruptcy Consultant                 $140 - $170 per
hour
     Case Manager                                 $70 - $150 per
hour
     Technology/Programming Consultant            $80 - $140 per
hour
     Consultant/Analyst                           $70 - $90 per
hour
     Clerical                                     $25 - $40 per
hour

Donlin Recano will also be reimbursed for out-of-pocket expenses
incurred.

Nellwyn Voorhies, executive director at Donlin Recano, disclosed in
court filings that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

Donlin Recano can be reached at:

     Nellwyn Voorhies
     Donlin, Recano & Company, Inc.
     6201 15th Avenue
     Brooklyn, NY 11219
     Toll Free Tel: (800) 591-8236

                          About CRED Inc.

Cred Inc. is a cryptocurrency platform that accepts loans of
cryptocurrency from non-U.S. persons and pays interest on those
loans. Cred -- https://mycred.io -- is a global financial services
platform serving customers in over 100 countries. Cred is a
licensed lender and allows some borrowers to earn a yield on
cryptocurrency pledged as collateral.

Cred Inc. and its affiliates sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 20-12836) on Nov. 7, 2020. Cred was estimated
to have assets of $50 million to $100 million and liabilities of
$100 million to $500 million as of the bankruptcy filing.

The Debtors tapped Paul Hastings LLP as their bankruptcy counsel,
Cousins Law LLC as local counsel, and MACCO Restructuring Group,
LLC as financial advisor.  Donlin, Recano & Company, Inc. is the
claims agent.

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on Dec. 3,
2020.


CRED INC: Hires MACCO Restructuring as Financial Advisor
--------------------------------------------------------
Cred Inc. and its affiliates seek approval from the U.S. Bankruptcy
Court for the District of Delaware to hire MACCO Restructuring
Group LLC as their financial advisor.

The Debtors require a financial advisor to:

  -- Evaluate near-term business plan or financial forecast;

  -- Facilitate organization of financial data, including by
segment and location, as applicable;

  -- Prepare a weekly 13-week cash flow forecast and related
financial and business models;

  -- Identify and implement both short-term and long-term liquidity
generating initiatives;

  -- Assist in the development of cost containment procedures;

  -- Evaluate and make recommendations and decisions in connection
with strategic alternatives to maximize the value of the Debtors;

  -- Review assets to determine their salability and provide
monetization alternatives;

  -- Leverage analysis in order to develop comprehensive turnaround
plan, making adequate prioritizations to ensure executability;

  -- Prepare marketing materials, manage data rooms and discussions
with interested parties for selling some or all of the Debtors;

  -- Facilitate the confirmation of any plan of reorganization for
some or all of the Debtors;

  -- Provide business and debt restructuring advice, including
business strategy and other key elements of the business;

  -- Evaluate or assist in developing a liquidation analysis;

  -- Provide advice on restructuring alternatives, including but
not limited to, any asset sales or plan of reorganization; and

  -- Render such other restructuring, general business consulting
or other assistance as may be requested and mutually agreed.

The hourly rates for MACCO personnel are:

     Managing Directors           $525 - $550
     Directors                    $475 - $525
     Senior Financial Analysts    $350 - $475
     Financial Analysts           $175 - $350
     Administrative Staff         $100 - $200
     Travel and Transit Time      50 percent of Hourly Rates

The firm received a retainer of $150,000.

MACCO is a "disinterested person" as that term is defined in
Bankruptcy Code Section 101(14) and neither holds nor represents
any interest adverse to the Debtors' estates, according to court
filings.

The firm can be reached through:

     Drew McManigle
     Macco Restructuring Group LLC
     700 Milam St #1300
     Houston, TX 77002
     Telephone: (410) 350-1839
     Email: Drew@macco.group

                          About CRED Inc.

Cred Inc. is a cryptocurrency platform that accepts loans of
cryptocurrency from non-U.S. persons and pays interest on those
loans. Cred -- https://mycred.io -- is a global financial services
platform serving customers in over 100 countries. Cred is a
licensed lender and allows some borrowers to earn a yield on
cryptocurrency pledged as collateral.

Cred Inc. and its affiliates sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 20-12836) on Nov. 7, 2020. Cred was estimated
to have assets of $50 million to $100 million and liabilities of
$100 million to $500 million as of the bankruptcy filing.

The Debtors tapped Paul Hastings LLP as their bankruptcy counsel,
Cousins Law LLC as local counsel, and MACCO Restructuring Group,
LLC as financial advisor.  Donlin, Recano & Company, Inc. is the
claims agent.

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on Dec. 3,
2020.


CRED INC: Seeks to Hire Sonoran Capital, Appoint CRO
----------------------------------------------------
Cred Inc. and its affiliates seek authority from the U.S.
Bankruptcy Court for the District of Delaware to employ Sonoran
Capital Advisors, LLC and designate Matthew Foster, the firm's
managing director, as their chief restructuring officer.

The services that the CRO will render are:

-- The CRO will lead and direct the firm's personnel or Macco
Restructuring Group LLC, the Debtors' financial advisor, in
performing a financial review of the Debtors;

-- The CRO will (a) liaise with the Debtors' counsel, board
members, and creditor constituencies, (b) assist with cash flow and
budgeting, (c) oversee creation of statements and schedules, (d)
oversee and participate in initial debtor interview and other
interaction with U.S. Trustee, (e) participate in the meeting with
creditors as required by Section 341 of the
Bankruptcy Code, (f) oversee and sign monthly operating reports,
(g) oversee, as necessary, plan formulation, sale or settlement
projections, analyses and related court requirements, and (h)
provide testimony;

-- To the extent the Debtors file a plan under the Bankruptcy
Code, the CRO will oversee the business aspects of the confirmation
process including (a) feasibility of the plan, (b) completion of a
Chapter 7 comparison, (c) solicitation of votes from creditors, (d)
testimony at the confirmation hearing, and (e) execution of the
plan after the effective date;

-- To the extent the Debtors elect to sell certain assets under
Section 363 of the Bankruptcy Code, the CRO will, at the discretion
of the Board, oversee or assist in the sales process;

-- To the extent the Debtors seek postpetition
debtor-in-possession financing, the CRO will, at the discretion of
the Debtors' board, oversee or assist in the process of obtaining
such financing;

-- The CRO, with the assistance of its personnel, Macco or the
Debtors'employees, will evaluate potential sources of cash and
other asset recovery for the Debtors and will lead negotiations
with these third parties; and

-- The CRO and its personnel will perform such other services as
may be reasonably requested or directed by the Debtors' Board or
other authorized Debtor personnel.

Sonoran will be compensated as follows:

  --  Sonoran will be paid by the Debtors for the services of the
CRO at a rate of $35,000 per month.

  --  Sonoran will be paid by the Debtors for the services of
additional personnel at these rates:

       Managing Directors     $450 per hour
       Senior Consultants     $395 per hour
       Senior Associates      $325 per hour
       Associates             $295 per hour
       Analysts               $195 per hour

  -- Sonoran will be reimbursed for out-of-pocket expenses
incurred.

In addition, Sonoran will receive a $15,000 security retainer.

Mr. Foster and his firm are "disinterested" as defined in Section
101(14) of the Bankruptcy Code, according to court filings.

Sonoran can be reached through:

     Matthew Foster
     Sonoran Capital Advisors, LLC
     1733 N Greenfield Road, Suite 101
     Mesa, AZ 85234
     Phone: (602) 405-5380

                          About CRED Inc.

Cred Inc. is a cryptocurrency platform that accepts loans of
cryptocurrency from non-U.S. persons and pays interest on those
loans. Cred -- https://mycred.io -- is a global financial services
platform serving customers in over 100 countries. Cred is a
licensed lender and allows some borrowers to earn a yield on
cryptocurrency pledged as collateral.

Cred Inc. and its affiliates sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 20-12836) on Nov. 7, 2020. Cred was estimated
to have assets of $50 million to $100 million and liabilities of
$100 million to $500 million as of the bankruptcy filing.

The Debtors tapped Paul Hastings LLP as their bankruptcy counsel,
Cousins Law LLC as local counsel, and MACCO Restructuring Group,
LLC as financial advisor.  Donlin, Recano & Company, Inc. is the
claims agent.

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on Dec. 3,
2020.


CROWN REMODELING: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Crown Remodeling, LLC
        9902 Reisterstown Rd.
        Ste. 340
        Owings Mills, MD 21117

Business Description: Crown Remodeling, LLC --
                      https://www.crownremodelingllc.com --
                      is a general contractor that offers
                      roofing installation, storm damage
                      repair, window services, chimney repair,
                      and lead paint services.

Chapter 11 Petition Date: December 10, 2020

Court: United States Bankruptcy Court
       District of Maryland

Case No.: 20-20690

Judge: Hon. David E. Rice

Debtor's Counsel: Jeffrey M. Sirody, Esq.
                  JEFFREY M. SIRODY AND ASSOCIATES
                  1777 Reisterstown Road
                  Suite 360 East
                  Pikesville, MD 21208
                  Tel: 410-415-0445
                  Email: smeyers5@hotmail.com

Total Assets: $231,157

Total Liabilities: $1,219,792

The petition was signed by Jeff Weissberg, president.

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

https://www.pacermonitor.com/view/L6DZCQA/Crown_Remodeling_LLC__mdbke-20-20690__0001.0.pdf?mcid=tGE4TAMA


CROWNROCK LP: Fitch Assigns B+ LT IDR, Outlook Positive
-------------------------------------------------------
Fitch Ratings has assigned a first-time Long-Term Issuer Default
Rating of 'B+' with a Positive Outlook to CrownRock, L.P. Fitch has
also assigned issue-level ratings of 'BB+'/'RR1' to CrownRock's
senior secured reserve-based lending (RBL) credit facility and a
'BB'/'RR2' rating to the senior unsecured notes.

CrownRock's ratings reflect its core Permian asset base with high
liquids exposure, large inventory of highly economic drilling
locations (estimated at nearly 20 years), competitive cost
structure (Fitch-calculated, full-cycle, breakeven oil price of
$30-$35/bbl), continued realization of production and capital
efficiencies, forecast sub-2.5x net leverage profile, and the
expectation of positive FCF in 2022. These factors are partially
offset by the company's relatively short, development
funding-linked, rolling six-month oil hedge program and expectation
for modest incremental RBL borrowings in order to fund its
growth-oriented 2021 drilling program.

The Positive Outlook reflects Fitch's expectation that CrownRock
will approach its FCF inflection point over the next 12-18 months,
while exhibiting double-digit production growth. To resolve the
Positive Outlook, Fitch would look for continued execution on the
company's growth targets and greater visibility on the timing and
transition towards positive FCF with allocation towards repayment
of the RBL. Fitch's base case forecasts production reaching over
120 Mboepd and gross debt/EBITDA metrics sub-2x in 2022, which are
generally consistent with 'BB-' rating tolerances.

KEY RATING DRIVERS

Strong Permian Asset Base: CrownRock's acreage position consists of
approximately ~91,000 net acres in the core of the Midland basin
split between Howard, Martin, Midland and Glasscock counties. The
asset base has high liquids exposure (82%, 58% oil) as of YTD 3Q20
with approximately 82% of its core acreage held by production.
Drilling inventory remains robust with over 2,600 net tier-1
horizontal drilling locations, targeting primarily the Lower
Sprayberry, Wolfcamp A and Wolfcamp B, with a Fitch-calculated
fully-cycle break-even oil price of $30/bbl-$35/bbl. Fitch believes
the company's extensive inventory of highly economic wells,
continued productivity and cost improvements, and development track
record reduces overall cash flow risk and supports targeted
production growth.

Double-Digit Production Growth Target: Fitch believes management's
track record of production growth and asset development moderates
execution risk around the company's growth strategy of 150 Mboepd
by 2023. CrownRock's YTD 3Q20 production increased 35% from the
prior year period to 82.4 Mboepd, despite weak oil price-linked
production curtailments and operational reductions in both the rig
count and frac crews in April. Drilling and completion activities
have increased since April and the build-up of drilled and
uncompleted wells (DUC's) combined with an increase in capex
towards $650 million should help maintain operational momentum
through 2021. Fitch believes the current growth plan is achievable,
but understands a weakened near-term pricing environment could
delay growth as hedges fall off after 1H21.

$30/bbl-$35/bbl Breakeven Full-Cycle Cost: CrownRock's cost
structure is highly competitive relative to Fitch-rated U.S.
onshore E&P peers and continues to exhibit improvements.
Fitch-calculated operating costs have improved from $11.6/boe in
2016 to $7.6/boe in 3Q20 driven by increased well productivity,
greater operational efficiencies and lower service costs with the
majority expected to be sustained post-cycle. Spud-to-spud days
have improved from approximately 27 days in 1Q17 to under 14 days
in 3Q20 and completion costs are down roughly 30% since YE 2019
leading to average DC&E costs per foot of approximately $450. Fitch
views the company's continued operational and capital improvements
favorably as they improve cost competitiveness and support the FCF
profile.

Six-Month Oil Hedging Program: The company's hedging program
essentially provides development funding protection for current
development activities, which leaves future cash flows more
susceptible to market price fluctuations. CrownRock has hedged
approximately 31 Mboepd of oil at an average price of $48/bbl in
1H21, which represents approximately 80% of its 3Q20 oil production
rate. Oil hedges fall off after 1H21, while natural gas hedges are
longer dated with approximately 72% and 77% of expected natural gas
production hedged at $1.78/MMBtu and $1.89/MMBtu for full-year 2021
and 2022, respectively.

Improving FCF, Sub-2.5x Net Leverage: Fitch forecasts modestly
negative FCF in 2021 given increased, growth-directed capital
spending of approximately $650 million and below mid-cycle netbacks
at Fitch's $42/bbl price assumption. Fitch expects 2022 to be an
inflection point with FCF expected to turn positive and gross
debt/EBITDA to fall below 2x from its forecast peak of 2.8x in
2021. Fitch projects CrownRock will draw approximately $50 million
on its credit facility to fund its 2021 capital program resulting
RBL borrowings of around $175 million at YE 2021, but expects the
company to prioritize paydown with FCF starting in 2022.

DERIVATION SUMMARY

CrownRock is a relatively smaller-sized, growth-oriented operator
with 3Q20 average daily production of 76.7 Mboepd, larger than
Permian peer Double Eagle III Midco (B/Positive; 45.8 Mboepd), but
smaller than Permian peers Endeavor Energy Resources (BB/Stable;
167.6 Mboepd), Diamondback Energy, Inc. (BBB/Stable; 287.3 Mboepd)
and standalone Pioneer Natural Resources (BBB/Rating Watch
Positive; 283.3 Mboepd). The company's 2020F leverage at 2.3x is
slightly above Double Eagle (1.9x) and Endeavor (2.1x) and above
investment-grade peers Diamondback (1.8x) and Pioneer (1.1x).

In terms of cost structure, CrownRock's core position in the
Midland Basin and continued efficiencies have resulted in
Fitch-calculated operating costs improving from $11.6/boe in 2017
to $7.6/boe in 3Q20, which is about is about $1/boe-$3/boe more
competitive than the Permian peer average. While CrownRock's
average realized price has historically been slightly weaker than
Permian peers given in-basin hydrocarbon pricing, their
peer-leading cost structure results in mid-cycle unhedged cash
netbacks generally in-line with the Permian peer average at around
$25/bbl.

KEY ASSUMPTIONS

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

  -- WTI prices of $38.00/bbl, $42.00/bbl, $47.00/bbl, and
$50.00/bbl in 2020, 2021, 2022, and 2023, respectively;

  -- Henry Hub prices of $2.10/mcf, $2.45/mcf, $2.45/mcf, and
$2.45/mcf in 2020, 2021, 2022, and 2023, respectively;

  -- Average annual production growth in the 20% range;

  -- Capex of $550 million in 2020 and $650 million in 2021 with
growth-linked increases thereafter;

  -- Prioritization of forecasted FCF towards RBL repayment;

  -- No material M&A activity.

RATING SENSITIVITIES

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

  -- Greater visibility on and proximity towards the transition to
positive free cash flow generation that allows for repayment of the
RBL;

  -- Execution on production growth targets while de-risking
prospective intervals that results in average production above
115-125 Mboepd;

  -- Mid-cycle Debt/EBITDA or FFO Leverage sustained below 2.0x.

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

  -- Delay in the transition or inability to generate positive free
cash flow;

  -- Failure to execute on production growth strategy resulting in
average production sustained below 85 Mboepd;

  -- Mid-cycle Debt/EBITDA or FFO Leverage sustained above 2.5x.

LIQUIDITY AND DEBT STRUCTURE

Solid Liquidity: As of Sept. 30, 2020, CrownRock's liquidity
consists of $117.7 million of cash on its balance sheet and an
additional $545 million of borrowing capacity under the $700
million ($925 million borrowing base) reserve-based lending credit
facility (RBL). The RBL is subject to a semi-annual borrowing base
redetermination and was reduced from $1.0 billion to $925 million
in November.

Clear Maturity Profile: CrownRock's maturity schedule remains light
with no maturities until the RBL and 5.625% senior notes come due
in 2024 and 2025, respectively.

KEY RECOVERY RATING ASSUMPTIONS

  -- The recovery analysis assumes that CrownRock would be
reorganized as a going-concern in bankruptcy rather than
liquidated.

  -- Fitch has assumed a 10% administrative claim.

Going-Concern (GC) Approach

The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which its bases the
enterprise valuation, which reflects the decline from current
pricing levels to stressed levels and then a partial recovery
coming out of a troughed pricing environment. Fitch believes that a
weakened commodity price environment combined with continued
aggressive growth, outspend on the RBL and liquidity erosion could
pose a plausible bankruptcy scenario for CrownRock.

An EV multiple of 4.0x EBITDA is applied to the GC EBITDA to
calculate a post-reorganization enterprise value. The choice of
this multiple considered the following factors:

  -- The historical bankruptcy case study exits multiples for peer
companies ranged from 2.8x-7.0x, with an average of 5.2x and a
median of 5.4x;

  -- The multiple reflects the value of CrownRock's high-quality,
oil-weighted asset base in the core of the Midland Basin in
addition to growth opportunity embedded in the bankruptcy
scenario.

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realized in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

Fitch considers valuations such as SEC PV-10 and M&A transactions
within the Midland basin including multiples for production per
flowing barrel, proved reserves valuation, value per acre and value
per drilling location.

RBL is assumed to be fully drawn upon default, given the company's
limited hedge position after 1H21 as well as Fitch's expectation
that production growth would likely offset some of the risk of
price-linked borrowing base reduction. The RBL is senior to the
unsecured notes in the waterfall.

The allocation of value in the liability waterfall and its priority
position results in recovery corresponding to 'RR1' for the senior
secured RBL credit facility and 'RR2' for the senior unsecured
notes.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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


DEALER TIRE: S&P Affirms 'B-' ICR on Improving Liquidity
--------------------------------------------------------
S&P Global Ratings revised its ratings outlook to stable from
negative and affirmed its 'B-' issuer-credit rating on Dealer Tire
LLC. S&P has also revised its liquidity assessment for Dealer Tire
to adequate from less than adequate.

S&P said, "At the same time, we are affirming our 'B-' issue-level
ratings on the company's senior secured term loan and revolver. The
recovery ratings remain '3', indicating our expectation of
meaningful (50%-70%; rounded estimate: 60%) recovery. In addition,
we are affirming the 'CCC' issue-level rating on its senior
unsecured notes. The '6' recovery rating indicates our expectation
that lenders would receive negligible (0%-10%; rounded estimate:
0%) recovery of their principal in the event of a payment
default."

The outlook revision and ratings affirmation reflect Dealer Tire's
improved liquidity position and higher cash flow generation.
Liquidity improved steadily during the pandemic from more than $200
million cash and revolver availability at the end of March to over
$300 million at the end of September. Despite a challenging
operating environment stemming from pandemic-related pressure on
revenues, the company was able to improve its liquidity position by
pursuing operating cost cuts and effectively managing its working
capital. S&P said, "While we expect some of the gains in payables
and inventory to reverse over the next few quarters, Dealer Tire's
unit volumes have recovered. Although volumes are still lower due
to less vehicle miles traveled and lower repair service at
dealerships than pre-pandemic levels, our expectation is that
volumes will continue to recover in 2021."

Liquidity will be further enhanced by the company's proposed $150
million add-on to its notes. Dealer Tire's leverage will increase
slightly due to the add-on (expected to be around 8x in 2021), and
S&P expects that the company will use some of the additional
capital for acquisitions over time. However, the capital raised
from the debt add-on will initially remain as cash on the balance
sheet, enhancing Dealer Tire's ability to sustain adequate
liquidity should the effects of COVID-19 worsen before a vaccine
can be widely distributed. Additionally, the company plans to
increase its springing first-lien net debt covenant to 8.25x
(versus the current 7.75x) through Dec. 31, 2021. S&P thus expects
the company will have greater cushion on its debt covenants.

Despite the stable outlook, challenges remain as the company
continues to invest in markets that are not yet mature, and this
takes capital and increases execution risk. The company has
diversified away from the core dealership business through its
purchase of Simple Tire, which sells and distributes tires online.
However, the space remains very competitive and Simple Tire has not
achieved enough scale to be substantially profitable. S&P believes
the company will have to invest more in this business until it
gains scale. It is possible the company acquires other online tire
competitors that would prevent significant debt paydowns. Dealer
Tire has also been investing to develop a dealer-focused
distribution business in China, but like Simple Tire, the business
is not yet mature enough to produce profits and requires further
investment.

S&P said, "The stable rating outlook on Dealer Tire reflects our
expectation the company will generate a modest amount of free cash
flow, maintain market share, and continue to have a sustainable
capital structure and adequate liquidity even as volumes remain a
bit weaker from the fallout from the pandemic.

"Although unlikely, we could raise the rating on Dealer Tire if it
sustainably reduces debt to EBITDA below 6.0x while sustaining a
-FOCF-to-debt ratio of at least 3%-5%. This could happen if the
company uses its dealership relationships to grow Dent Wizard's
revenues much faster than expected while maintaining its dealer
channel share and maintaining margins at or better than current
levels.

"We could lower our rating on Dealer Tire if volumes or margins
fall significantly, causing negative funds from operations (FOCF)
for multiple quarters, thereby draining liquidity or pushing
leverage to unsustainable levels. This could occur due to a loss of
a customer, increased competition, operational difficulties, or
another large debt-funded acquisition. It could also occur if the
pandemic is more protracted and the repercussions are more intense
than we expect in 2021."


DELCATH SYSTEMS: Proposes Public Offering of Common Stock
---------------------------------------------------------
Delcath Systems, Inc., intends to offer and sell, subject to market
conditions, shares of its common stock in an underwritten public
offering.  All of the shares of common stock to be sold in the
offering will be offered by Delcath.  The offering is subject to
market and other conditions, and there can be no assurance as to
whether or when the offering may be completed, or as to the actual
size or terms of the offering.  Delcath also expects to grant the
underwriters a 30-day option to purchase up to an additional 15% of
the number of shares sold in the public offering.

Delcath intends to use the net proceeds from this offering for (i)
the completion of its FOCUS Clinical Trial for Patients with
Hepatic Dominant Ocular Melanoma, a global registration clinical
trial that is investigating the primary endpoint of objective
response rate, as well as other secondary and exploratory
endpoints, in metastatic ocular melanoma, or mOM; (ii) preparation
of the federal regulatory application for the HEPZATO KIT
(melphalan hydrochloride for injection/hepatic delivery system), or
HEPZATO, a drug/device combination product regulated as a drug,
designed to administer high-dose chemotherapy to the liver while
controlling systemic exposure and associated side effects; (iii)
preparation for the commercial launch of HEPZATO; (iv) continued
clinical development, including additional indications and expanded
access trials in metastatic ocular melanoma; and (v) general
corporate purposes, which may include capital expenditures and
other operating expenses.
Canaccord Genuity and Roth Capital Partners are acting as joint
book-running managers for the proposed offering.

A shelf registration statement relating to these securities has
been filed with the U.S. Securities and Exchange Commission and
became effective on Dec. 21, 2018.  The offering is being made only
by means of a preliminary prospectus supplement and accompanying
prospectus relating to the offering that form a part of the
registration statement, which will be filed with the SEC and will
be available on the SEC's website at www.sec.gov.  Copies of the
preliminary prospectus supplement and the accompanying prospectus
relating to this offering may be obtained, when available, by
contacting Canaccord Genuity LLC, Attention: Syndicate Department,
99 High Street, Suite 1200, Boston, MA 02110, by telephone at (617)
371-3900 or by email at prospectus@cgf.com or Roth Capital
Partners, LLC, 888 San Clemente, Newport Beach, CA 92660,
Attention: Prospectus Department, or by telephone at (800)
678-9147.

                      About Delcath Systems

Headquartered in New York, NY, Delcath Systems, Inc. --
http://www.delcath.com-- is an interventional oncology company
focused on the treatment of primary and metastatic liver cancers.
The Company's lead product candidate, Melphalan Hydrochloride for
Injection for use with the Delcath Hepatic Delivery System, or
Melphalan/HDS, is designed to administer high-dose chemotherapy to
the liver while controlling systemic exposure and associated side
effects.  In Europe, Melphalan/HDS is approved for sale under the
trade name Delcath CHEMOSAT Hepatic Delivery System for Melphalan.


Delcath Systems reported a net loss of $8.88 million for the year
ended Dec. 31, 2019, compared to a net loss of $19.22 million for
the year ended Dec. 31, 2018.  As of Sept. 30, 2020, the Company
had $16.56 million in total assets, $13.29 million in total
liabilities, and $3.27 million in total stockholders' equity.

Marcum LLP, in New York, the Company's auditor since 2018, issued a
"going concern" qualification in its report dated March 25, 2020
citing that the Company has a significant working capital
deficiency, has incurred significant recurring losses and needs to
raise additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


DESERT VALLEY: Asks Court to Extend Plan Exclusivity Thru Jan. 11
-----------------------------------------------------------------
Desert Valley Steam Carpet Cleaning, LLC, asks the U.S. Bankruptcy
Court for the District of Arizona to extend by 90 days the
exclusive period during which the Debtor may solicit acceptances
for the Plan of Reorganization from October 12, 2020, to January
11, 2021.

There is no Unsecured Creditors Committee in this proceeding.
Desert Valley says the size and complexity of this bankruptcy
reorganization and various extenuating circumstances justify the
requested extension of the exclusivity period. The Debtor filed an
emergency petition on January 16, 2020, and the completion of the
Schedules and Statements on February 6, 2020. The Debtor's
Disclosure Statement was timely filed on June 1, 2020. A hearing to
consider approval of the Disclosure Statement as containing
adequate information was held November 10, 2020.  Another status
hearing was set for December 10.

The Debtor says it is making good-faith progress towards resolving
any anticipated objections to their plan and the requested
extension is in the best interest of all creditors.

           About Desert Valley Steam Carpet Cleaning

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

On November 6, 2020, the Debtor and Patrick Keery of Keery McCue,
PLLC, who previously represented the Debtor, came to an agreement
to substitute Wright Law Offices as counsel for the Debtor.



DESTINATION MATERNITY: Plan Exclusivity Extended Thru Feb. 15
--------------------------------------------------------------
At the behest of Destination Maternity Corporation and its
affiliates, the U.S. Bankruptcy Court for the District of Delaware
extended by 90 days the periods within which the Debtors have the
exclusive right to file a plan of reorganization from November 16,
2020, to February 15, 2021, and solicit acceptances to the Plan
from January 18, 2021, to April 19, 2021.

Although the retail locations closed, the Debtors continued to
operate pursuant to the terms of a Term Sheet for Transition
Services dated December 2, 2019, with Marquee Brands, LLC as
Purchaser of the Debtors' assets, which remained in effect until
June 30, 2020, and are currently in the process of winding down the
TSA.

The Debtors also continue to negotiate with Marquee Brands, and a
contractual joint venture between Hilco Merchant Resources, LLC and
Gordon Brothers Retail Partners, LLC as agent regarding an escrow
related to inventory and strategic partnership royalties, which
could result in additional funds to the Debtors' estates. The
Debtors are seeking to monetize Remaining Assets to maximize value
to creditors. Further, largely due to the current pandemic, these
processes are not yet complete. As a result, the Debtors need
additional time to allow those processes to complete. The Debtors
said the exclusivity extension will afford them a full and fair
opportunity to devote their efforts to the winding down of the
business pursuant to a planning process or otherwise without the
distraction, cost, and delay of a competing plan process.

The Debtors said the filing of a plan is contingent on, among other
things, the analysis of claims filed, the outcome of the sale of
the Remaining Assets, the reconciliation of the Royalty Escrow, and
the TSA wind-down. The outcome of these contingencies will have a
significant impact on the terms of a plan and the cash available to
satisfy allowed claims and interests. An extension is needed to
allow the Debtors to solve these contingencies.

                 About Destination Maternity

Destination Maternity is a designer and omnichannel retailer of
maternity apparel in the United States, with the only nationwide
chain of maternity apparel specialty stores, as well as a deep and
expansive assortment available through multiple online distribution
points, including our three brand-specific websites.  As of August
3, 2019, Destination Maternity operated 937 retail locations,
including 446 stores in the United States, Canada, and Puerto Rico,
and 491 leased departments located within department stores and
baby specialty stores throughout the United States and Canada.  It
also sells merchandise on the Internet, primarily through
Motherhood.com, APeaInThePod.com, and DestinationMaternity.com
websites. Destination Maternity sells merchandise through its
Canadian website, MotherhoodCanada.ca, through Amazon.com in the
United States, and through websites of certain of our retail
partners, including Macys.com.  Destination Maternity's 446 stores
operate under three retail nameplates: Motherhood Maternity(R), A
Pea in the Pod(R), and Destination Maternity(R). It also operates
491 leased departments within leading retailers such as Macy's(R),
buybuy BABY(R), and Boscov's(R). Generally, the company is the
exclusive maternity apparel provider in its leased department
locations.

Destination Maternity and its two subsidiaries sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 19-12256) on Oct. 21,
2019. As of Oct. 5, 2019, Destination Maternity disclosed assets of
$260,198,448 and liabilities of $244,035,457.

The Honorable Brendan Linehan Shannon is the case judge. The
Debtors tapped Kirkland & Ellis LLP as legal counsel; Greenhill &
Co., LLC as investment banker; Landis Rath & Cobb LLP as local
bankruptcy counsel; Hilco Streambank LLC as intellectual property
advisor; Prime Clerk LLC as claims agent; and Berkeley Research
Group, LLC as restructuring advisor. BRG's Robert J. Duffy has been
appointed as a chief restructuring officer.

Andrew Vara, acting U.S. trustee for Region 3, on Nov. 1, 2019,
appointed five creditors to serve on the official committee of
unsecured creditors in the Chapter 11 cases of Destination
Maternity Corporation and its affiliates. The Committee hired
Cooley LLP as lead counsel; Cole Schotz P.C., as Delaware and
conflict counsel; and Province, Inc., as a financial advisor.

In 2019, the Court approved the asset purchase agreement among the
Debtors, the Marquee Brands, LLC as Purchaser, and a contractual
joint venture between Hilco Merchant Resources, LLC and Gordon
Brothers Retail Partners, LLC as Agent. On December 20, 2019, the
Debtors closed the transaction approved in the APA.



DIOCESE OF ROCKVILLE: Committee Taps Berkeley as Financial Advisor
------------------------------------------------------------------
The official committee of unsecured creditors of The Roman Catholic
Diocese of Rockville Centre, New York, seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to retain
Berkeley Research Group, LLC as its financial advisor.

The firm will provide these services:

     a. assist the committee in investigating the assets,
liabilities and financial condition of the Debtor or the Debtor's
operations and the desirability of the continuance of any portion
of those operations, including a review of any donor restrictions
on the Debtor's assets;

     b. assist the committee in the review of financial related
disclosures required by the Court and/or Bankruptcy Code, including
the Schedules of Assets and Liabilities, the Statement of Financial
Affairs, and Monthly Operating Reports;

     c. analyze the Debtor's accounting reports and financial
statements to assess the reasonableness of the Debtor's financial
disclosures;

     d. provide forensic accounting and investigations with respect
to transfers of the Debtor's assets and recovery of property of the
estate;

     e. assist the committee in evaluating the Debtor's ownership
interests of property alleged to be held in trust by the Debtor for
the benefit of third parties or property alleged to be owned by
non-debtor entities;

     f. assist the committee in reviewing and evaluating any
proposed asset sales or other asset dispositions;

     g. assist the committee in the evaluation of the Debtors'
organizational structure, including its relationship with the
related Catholic non-debtor organizations and parishes that may
hold or have received property of the estate;

     h. assist the committee in evaluating the Debtor's cash
management system, including unrestricted and restricted funds,
deposit and loan programs, and pooled income or investment funds;

     i. assist the committee in the review of financial information
that the Debtor may distribute to creditors and others, including,
but not limited to, cash flow projections and budgets, cash receipt
and disbursement analyses, analyses of various asset and liability
accounts, and analyses of proposed transactions for which Court
approval is sought;

     j. attend at meetings and assist in discussions with the
Debtor, the committee, the U.S. Trustee, and other parties in
interest and professionals hired by the above-noted parties as
requested;

     k. assist in the review or preparation of information and
analyses necessary for the confirmation of a plan, or for the
objection to any plan filed in this Case which the committee
opposes;

     l. assist the committee in its evaluation of the Debtor's
solvency;

     m. assist the committee with the evaluation and analysis of
claims, and on any litigation matters, including, but not limited
to, avoidance actions for fraudulent conveyances and preferential
transfers, and declaratory relief actions concerning the property
of the Debtor's estate;

     n. analyze the flow of funds in and out of accounts the Debtor
contends contain assets held in trust for others, to determine
whether the funds were commingled with non-trust funds and lost
their character as trust funds, under applicable legal and
accounting principles;

     o. assist the committee with respect to any adversary
proceedings that may be filed in the Debtor's case and provide such
other services to the committee as may be necessary in this case.

The standard hourly rates for Berkeley personnel are:

     Managing Director                      $680 - $850
     Director & Senior Professional Staff   $500 - $630
     Junior Professional Staff              $220 - $500
     Support Staff                          $115 - $220

Marvin Tenenbaum, senior vice president of Berkeley Research Group,
disclosed in court filings that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Marvin A. Tenenbaum
     Berkeley Research Group, LLC
     70 W. Madison, Suite 5000
     Chicago, IL 60602
     Phone: 312-429-7900
     Fax: 312-629-5299

                      About The Roman Catholic
               Diocese of Rockville Centre, New York

The Roman Catholic Diocese of Rockville Centre, New York is the
seat of the Roman Catholic Church on Long Island.  The Diocese has
been under the leadership of Bishop John O. Barres since February
2017.  The State of New York established the Diocese as a religious
corporation in 1958.  The Diocese is one of eight Catholic dioceses
in New York, including the Archdiocese of New York.  The Diocese's
total Catholic population is approximately 1.4 million, roughly
half of Long Island's total population of 3.0 million.  The Diocese
is the eighth largest diocese in the United States when measured by
the number of baptized Catholics.

The Roman Catholic Diocese of Rockville Centre, New York, filed a
Chapter 11 petition (Bankr. S.D.N.Y. Case No. 20-12345) on Sept.
30, 2020. The Diocese was estimated to have $100 million to $500
million in assets and liabilities as of the filing.

The Hon. Shelley C. Chapman is the case judge.

The Diocese tapped Jones Day as legal counsel, Alvarez & Marsal
North America, LLC, as restructuring advisor, and Sitrick and
Company, Inc., as communications consultant.  Epiq Corporate
Restructuring, LLC, is the claims agent.

The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors in the Chapter 11 case of The Roman Catholic
Diocese of Rockville Centre, New York. The committee hires
Pachulski Stang Ziehl & Jones LLP as its legal counsel.


DIOCESE OF ROCKVILLE: Committee Taps Burns Bowen as Special Counsel
-------------------------------------------------------------------
The official committee of unsecured creditors of The Roman Catholic
Diocese of Rockville Centre, New York, seeks authorization from the
U.S. Bankruptcy Court for the Southern District of New York to
retain Burns Bowen Bair, LLP as special counsel.

The committee requires legal assistance to:

     (a) analyze, investigate and assess the availability of
coverage under the diocese's insurance policies;

     (b) represent the committee in the adversary proceeding the
diocese filed against its insurers styled as The Roman Catholic
Diocese of Rockville Centre, New York v. Arrowood Indemnity Co. fka
Royal Insurance Co., et al (Adv. Pro. No. 20-01227).

     (c) engage in potential mediation or resolution of the claims,
demands, and lawsuits related to the diocese's insurance policies;


     (d) advise, negotiate and advocate on behalf of the committee
with respect to the Diocese's insurance polices; and

     (e) provide related advice and assistance to the committee as
necessary.

The hourly rates for Burns personnel are:

     Partners       $625 to $975
     Associates         $420
     Paralegals         $360

     Timothy W. Burns, Esq.      $975
     Jeff James Bowen, Esq.      $770
     Freya K. Bowen, Esq.        $750
     Jesse J. Bair, Esq.         $625
     Nathan Kuenzi, Esq.         $420
     Brian Cawley, Esq.          $420

Burns Bowen will also be reimbursed for out-of-pocket expenses
incurred.

Timothy Burns, Esq., a partner at Burns Bowen, 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.

Burns Bowen can be reached at:

     Timothy W. Burns, Esq.
     Burns Bowen Bair, LLP
     One S. Pinckney St., Suite 930
     Madison, WI 53703
     Tel: (608) 286-2302

                      About The Roman Catholic
               Diocese of Rockville Centre, New York

The Roman Catholic Diocese of Rockville Centre, New York is the
seat of the Roman Catholic Church on Long Island.  The Diocese has
been under the leadership of Bishop John O. Barres since February
2017.  The State of New York established the Diocese as a religious
corporation in 1958.  The Diocese is one of eight Catholic dioceses
in New York, including the Archdiocese of New York.  The Diocese's
total Catholic population is approximately 1.4 million, roughly
half of Long Island's total population of 3.0 million.  The Diocese
is the eighth largest diocese in the United States when measured by
the number of baptized Catholics.

The Roman Catholic Diocese of Rockville Centre, New York, filed a
Chapter 11 petition (Bankr. S.D.N.Y. Case No. 20-12345) on Sept.
30, 2020. The Diocese was estimated to have $100 million to $500
million in assets and liabilities as of the filing.

The Hon. Shelley C. Chapman is the case judge.

The Diocese tapped Jones Day as legal counsel, Alvarez & Marsal
North America, LLC, as restructuring advisor, and Sitrick and
Company, Inc., as communications consultant.  Epiq Corporate
Restructuring, LLC, is the claims agent.

The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors in the Chapter 11 case of The Roman Catholic
Diocese of Rockville Centre, New York. The committee hires
Pachulski Stang Ziehl & Jones LLP as its legal counsel.


DISH DBS: S&P Affirms 'B-' ICR on Cash Upstream Streak
------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on Dish
U.S. satellite TV provider Dish DBS Corp. and revised the outlook
to stable from negative.

The stable outlook reflects significantly better-than-expected
credit metrics in 2020 stemming from a combination of cost-cutting,
price increases, and low customer churn. Dish DBS has grown EBITDA
30% year-to-date (through Sept. 30, 2020), which significantly
exceeds previous expectations for a decline of about 5% in 2020. As
a result, debt to EBITDA is below S&P's upgrade trigger of 4x, down
from previous expectations of 4.1x-4.5x in 2020. S&P believes these
results are partially attributable to the COVID-19 pandemic, which
has led to lower subscriber acquisition costs, decreased provider
switching, and temporarily slowed cord cutting due to greater
in-home video consumption. Specifically, S&P has seen
much-better-than-expected trends in the following metrics:

-- Average revenue per user (ARPU): Increased 6.2% year-to-date as
the company raised prices in first-quarter 2020. S&P had previously
projected ARPU growth of 0%-2% in 2020.

-- Customer churn: Satellite TV churn was 1.36% year-to-date
through Sept. 30, 2020, down from previous expectation of 1.6%.

-- Cost of services: Dropping Sinclair regional sports networks
(RSNs) has substantially lowered Dish's cost structure, and Dish
has benefited from lower customer installation costs during the
COVID-19 pandemic.

The 'B-' rating considers risks related to Dish's financial policy
and lack of clear leverage target. S&P believes Dish will operate
at the maximum leverage that markets are willing to tolerate,
without jeopardizing the sustainability of the Dish DBS capital
structure. This is because S&P believes Charlie Ergen views the
company on a consolidated basis, with the pay-TV business serving
as a funding vehicle to invest in a long-term wireless business,
which will cost at least an additional $10 billion to build a
network (plus potential additional spectrum license purchases and
near-term operating losses). Dish DBS creditors do not directly
have a claim on wireless assets held at the parent (and other
subsidiaries) and Dish DBS generates most of Dish Network's cash
flow.

S&P said, "Therefore, we believe significant debt reduction is
unlikely, especially if Dish DBS's solid operational performance
continues, which would enable it to distribute cash flow to the
parent and access the unsecured credit markets to refinance all or
a portion of upcoming maturities at DBS. In our view, this approach
would limit potential future shocks to earnings and cash flow if
leverage remains between 4x-5x (which we project).

"Under our base case (10%-15% EBITDA declines per year), it is
unlikely Dish could fully refinance its 2021 and 2022 maturities
totaling $4 billion, because leverage would increase to above 5x in
2022 without credible prospects to reduce debt. We view leverage
above 5xas unlikely because Dish has demonstrated a willingness to
keep leverage of 4x-5x since cord-cutting began accelerating in
2017.

Still, Dish DBS could reduce leverage through free operating cash
flow (FOCF) generation and associated debt reduction, which will
allow the company to at least partially refinance upcoming
maturities through 2022. Even assuming 10%-15% annual EBITDA
declines, S&P projects that leverage could approach 3x by 2022 if
Dish uses all internal cash to repay debt (although it views this
as unlikely).

Dish may be demonstrating signs of a more loyal, profitable, rural
customer base. Dish began its customer pruning initiatives in 2017
by ending nonprofitable promotions with a focus on ensuring that
new customers were of higher credit quality. As a result, it
experienced elevated subscriber losses that decelerated in recent
months. This could be a sign that Dish's remaining customers skew
toward rural areas, or in places with fewer video alternatives.
Furthermore, Dish has retained profitable subscribers who may be
prone to churn by creating skinny bundles ("Flex Pack") that allow
for a somewhat customizable, cheaper bundle of channels.
Furthermore, DirecTV recently cut back on its promotional
activities, which may be allowing Dish to gain market share.

However, S&P believes the recent blackout with Nexstar carries
risk. While the 2019 decision to drop Sinclair RSNs has been very
economical, it is unclear how the Dec. 2, 2020, blackout with
Nexstar will affect Dish's overall customer base (the blackout
affected 5.4 million customers). This represents the largest local
TV blackout in history that will affect 164 stations (including
ABC, NBC, CBS, Fox, CW, and WGN) across 115 markets (affected
networks vary by market). The partial loss of local news and sports
comes at a bad time as coronavirus cases are rising, a new
presidential administration is emerging, and many American
consumers are still largely confined to their homes, where they
rely on local broadcast networks for information and
entertainment.

Therefore, if the channels stay dark for an extended period, Dish's
customer churn could accelerate, particularly as Nexstar campaigns
for consumers to switch from Dish to an alternate provider that
carries their channels.

Conversely, this could wind up benefiting Dish financially because
it will reportedly lower Dish's cost structure by more than $1
billion. Presumably, Dish will raise awareness that Nexstar
channels are available for free over the air, with an antenna,
which could help manage churn.

Aside from Nexstar, there is much uncertainty about 2021 EBITDA for
the following reasons:

ARPU: Dish may struggle to raise prices without causing elevated
churn, particularly if there is no government stimulus for
consumers, as there was in 2020.

Churn: Dish temporarily benefited from quarantine conditions, as
customers may have been reluctant to allow technicians into their
homes to switch providers. S&P expects churn to rise as a vaccine
becomes more widely available.

Lower installation costs: Fewer gross additions come at the expense
of future growth.

The satellite TV industry is most exposed to cord-cutting trends.
S&P said, "We believe satellite providers are more vulnerable to
rising programming cost trends because they do not provide a true
broadband product to deliver streaming video alternatives.
Typically, the competing cable company will offer a bundled price
discount if consumers opt to subscribe to both internet and video
services. Furthermore, Comcast and Charter both have significant
scale when negotiating with programmers, so satellite providers
lack a significant cost advantage against these two providers,
which collectively cover about 80% of the U.S. Therefore, we
believe it will be increasingly difficult for satellite providers
to compete in scaled cable markets. Although DirecTV is projected
to account for the bulk of satellite industry losses in 2021-2022,
we believe conditions are also unfavorable for Dish."

S&P said, "Over time, we believe the addressable market for
satellite TV will shrink as the government subsidizes rural
broadband buildouts. Satellite providers can compete most
effectively in markets that do not have a cable provider offering
high-speed internet, representing about 15 million-20 million
homes. However, there is bipartisan government support to bridge
the digital divide and increase the availability and affordability
of high-speed internet. We believe that as the government
subsidizes high-speed internet buildouts, consumers in underserved
markets will increasingly have more video options from online
alternatives that are not currently available."

The Rural Digital Opportunity Fund will direct up to $20 billion
over 10 years to telecommunications providers to finance up to
1-gigabit-per-second speed internet in unserved rural areas.
Separately, Congress could go beyond this amount and direct more
money to broadband availability. For example, the Moving Forward
Act (MFA) proposed $80 billion to be allocated to broadband
expansion in underserved markets. The MFA passed in the House of
Representatives in 2020 but not in the Senate. Therefore, S&P
believes that if Democrats take control of the Senate in 2021, the
MFA is more likely to pass, though it will be subject to
negotiation, and final funding amounts and timing are uncertain.

The stable outlook reflects Dish's recent strong financial
performance, as credit metrics have improved significantly from
earnings growth. Still, credit metrics are volatile, earnings are
likely to decline in 2021, and it's unclear what ownership's target
leverage is.

S&P said, "We could raise the rating if Dish DBS maintains debt to
EBITDA below 4x on a sustained basis with a credible ability to
continue reducing debt. While this metric could be achieved with
EBITDA declines of 10%-15% in 2021 if Dish uses internal cash to
repay $2 billion of debt coming due, any upgrade will require
ongoing stability in operating trends.

"Any upside is also contingent on parent Dish Network being rated
above Dish DBS, because we cap our rating on Dish DBS at the parent
level.

"We could lower the stand-alone credit profile (SACP) if debt to
EBITDA approaches 5x without a path for reducing debt. This could
be caused by a $2 billion refinancing in 2021, with no debt
repayment, combined with EBITDA declines of 25%-30% as a result of
heightened churn."


DISH NETWORK: S&P Affirms 'B' ICR, Outlook Negative
---------------------------------------------------
S&P Global affirmed its 'B' issuer credit rating on DISH Network
Corp.

The negative outlook reflects continued uncertainty around funding
the company's massive capital spending requirements as well as
participation in the upcoming C-band spectrum auction, which could
cause its leverage to rise above 6.5x over the next year.

The performance of DISH Network Corp.'s pay-TV business has
significantly exceeded S&P's expectations, with EBITDA rising by
35% year to date, which has reduced the company's consolidated
leverage to about 4.5x for the 12 months ended Sept. 30, 2020, from
about 5.5x a year ago.

However, there remains substantial uncertainty around how DISH
plans to finance the build-out of its very costly wireless network,
its potential spectrum purchases, and its wireless startup losses,
which could lead to a significant deterioration in its credit
metrics in the coming years.

S&P said, "We recognize DISH's material downside cushion at the
current rating, though we also incorporate the potential for
significantly higher leverage in 2021 if it opts to purchase C-band
spectrum.  We estimate that the company would need to spend about
$5 billion in the upcoming C-band auction and fund this amount
entirely with debt to increase its leverage above our downside
trigger of 6.5x over the next year. We also note that the C-band
spectrum possesses a good balance of coverage and capacity and is
well suited for 5G, which suggests DISH will likely be interested
in participating in the auction. Although difficult to predict, we
currently project that total industry bids in the upcoming auction
will total between $21 billion-$42 billion. While DISH already has
a solid spectrum position unburdened by legacy network technology
and consumer traffic, the C-band frequency will allow for better
data throughput than its other owned frequencies, which leads us to
believe that it's possible the company may invest over $5 billion
to ensure its long-term competitive positioning.

"Our estimate of $5 billion of debt-financed capacity (relative to
our downgrade threshold) in 2021 is based on the following
operating assumptions, which we recognize carry a high degree of
uncertainty." If these assumptions prove too conservative, DISH
would have additional spending capacity to acquire spectrum while
maintaining the 'B' issuer rating:

-- Pay-TV EBITDA declines by 10%-15% in 2021;

-- Wireless startup losses of $200 million-$300 million in 2021;
and

-- Wireless capital spending of about $1.5 billion in 2021.

Finally, if DISH opts to purchase more than $5 billion in C-band
spectrum, it could use alternative funding sources, such as equity
or other partnerships, to keep its leverage below 6.5x. Controlling
shareholder Charlie Ergen has not indicated a leverage target that
he is comfortable with because, in part, he prefers to keep all
options open. However, he has shown a willingness to infuse equity
in the past, as evidenced by the $1 billion rights offering the
company completed in 2019.

Assuming it doesn't participate in the C-band auction, DISH would
still have substantial funding needs because its cash flow is
insignificant relative to its upcoming capital expenditure and
wireless startup losses.  S&P said, "We believe DISH Network will
still require external capital in 2021, or 2022 at the latest.
Based on our base-case scenario, we project that the company will
report a free operating cash flow (FOCF) deficit of about $1.0
billion-$1.5 billion per year from 2022-2024 as it builds out its
wireless network. On top of that, it must repay $1.5 billion-$2.0
billion of debt maturities each year. Still, we believe DISH will
have enough internal liquidity to repay its $2 billion notes due
June 2021 in full, though this would leave the company with a small
liquidity cushion. Therefore, we anticipate it will likely opt to
refinance this upcoming debt in whole or in part, providing more
ability to distribute cash from DBS to Dish Network."

DISH has financing flexibility due to its unencumbered spectrum
assets, which supports the rating.  S&P said, "DISH has spent over
$20 billion on spectrum licenses, which we believe are a valuable
asset that the company could leverage for incremental
credit-friendly financing. This could come in the form of a
strategic partner (including an anchor tenant that provides more
earnings visibility), an incremental public stock offering, or a
private-equity investment that helps it manage its leverage. This
spectrum also carries long-term earnings and cash flow generation
capabilities more than five years from now because DISH plans to
build a clean-sheet, cloud-based virtualized Open Radio Access
Network (O-RAN) 5G network. Therefore, we provide a notch of uplift
through a comparable ratings analysis modifier."

However, if DISH is unable to secure a partnership and is forced to
fund the buildout on its own, in part with debt, its credit quality
would decline.  The company's credit metrics are highly uncertain,
particularly after 2021, and will hinge largely on how it funds the
buildout of its wireless network. While its leverage could increase
to close to 10x in 2023 absent an equity infusion of some kind, S&P
does not currently assume this level of leverage given the
uncertainty around our base-case projections as well as DISH's
ability to manage its leverage based on its funding choices.

S&P said, "More specifically, we project a substantial decline in
the company's EBITDA by 2023 as its wireless losses peak and its
pay-TV earnings contract significantly. Secondly, our capital
expenditure (capex) projections leading up to 2023 may be high
given that certain build-out extensions could allow DISH to stretch
its capital spending over a seven-year period, which would smooth
out its funding needs. Finally, we believe more information will be
revealed about the quality and performance of the company's network
prior to 2023, which could help it attract a partner." For example,
if DISH secures an equity investment of $3 billion per year in 2022
and 2023, its reported leverage would be about 6x under our
base-case scenario in 2023 (assuming no additional spectrum
purchases).

The longer-term benefits to revenue and cash flow of DISH's
wireless business are highly uncertain and fall outside of our
forecast period.  S&P believes substantial uncertainty exits around
DISH's wireless business, including:

-- The timing and number of 5G enterprise use cases;

-- The overall size of this nascent market;

-- The execution risk involved in building and integrating the
network in a timely manner;

-- Whether anchor tenants or strategic partners emerge; and

-- How much market share DISH can earn in the 5G
enterprise/wholesale market.

Therefore, S&P's rating primarily considers the risks associated
with the company's entrance into a new market where it will compete
against established national players that have considerable
experience and brand awareness, such as AT&T, Verizon, and
T-Mobile.

The negative outlook on DISH reflects that its leverage will likely
remain below 6.5x over the next year, though there is substantial
uncertainty around its wireless funding plans, the challenges
associated with its entrance into the competitive wireless market,
and the secular pressure facing the pay-TV business. While the
company's leverage is currently about 4.5x, there are many
variables related to its operational and financial
performance--including the timing and amount of its spectrum
purchases, the cadence of its wireless capital spending, the size
of its 5G startup losses, the size of the tower lease adjustments
to its debt, and its pay-TV EBITDA trends--that reduce its
confidence in the sustainability of its current credit metrics.

S&P said, "We could lower our rating on DISH if its debt to EBITDA
rises above 6.5x as it takes on debt to fund spectrum purchases
and/or the buildout of its wireless network without a credible
improvement in its business prospects and cash-generating
capabilities.

"We could revise our outlook on DISH to stable if we gain greater
visibility into its ability to maintain leverage of less than 6x,
which would likely require a large equity infusion or strategic
partnership that provides it with increased earnings and funding
visibility."


DON BETOS: Seeks to Hire Janvier Law Firm as Legal Counsel
----------------------------------------------------------
Don Betos Tacos-Raleigh Inc. seeks authority from the U.S.
Bankruptcy Court for the Eastern District of North Carolina to hire
Janvier Law Firm, PLLC as its legal counsel.

The professional services the firm will render are:

     a. prepare a plan of reorganization, disclosure statement and
other papers necessary to the Debtor's Chapter 11 case;

     b. perform all necessary legal services in connection with the
Debtor's reorganization, including court appearances, research,
consultations on reorganization options, direction and strategy;
and

     c. perform all other legal services for Debtor which may be
necessary in its bankruptcy case.

The firm will provide services to the Debtor at these rates:

     William P. Janvier          $480 per hour
     William E. Brewer           $480 per hour
     Samantha Y. Moore           $350 per hour
     William F. Braziel III      $350 per hour
     Erin Duffy                  $260 per hour
     Katleen O'Malley            $280 per hour
     Law Clerks & Paralegals     $135 per hour

The Debtor provided the firm with a $10,000 retainer.

William Janvier, Esq., at Janvier Law Firm, assured the court that
the firm does not represent interest adverse to the Debtor or the
estate in the matters upon which it is to be engaged.

The firm can be reached through:

     William P. Janvier, Esq.
     Janvier Law Firm, PLLC
     311 East Edenton Street
     Raleigh, NC 27601
     Tel: 919-582-2323
     Email: bill@janvierlaw.com

                  About Don Betos Tacos-Raleigh Inc.

Don Betos Tacos-Raleigh Inc. sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No.
20-03662) on Nov. 17, 2020, listing under $1 million in both assets
and liabilities.  Judge Stephani W. Humrickhouse oversees the case.
William P. Janvier, Esq., at Janvier Law Firm, PLLC, represents
the Debtor as counsel.


DONALD KING OSTERBYE, JR: Selling Tallahassee Property for $575K
----------------------------------------------------------------
Donald King Osterbye, Jr., asks the U.S. Bankruptcy Court for the
Northern District of Florida to authorize the sale of the real
property located at 4987 Glen Castle Dr., Tallahassee, Florida to
Timothy S. Byrnes and Anne Byrnes for $575,000.

The Debtor owns the Real Property.  Through the sale of the Real
Property, the Debtor will be able to pay all creditors in full.

The proposed Buyers offer $575,000 for the Real Property.  An
initial deposit in the amount of $5,000 has been placed in escrow
as required by the contract.   The sale as described, after taxes
and closing costs, will net sufficient funds to the estate to pay
all allowed claims.

The Debtor is proposing that the net proceeds at closing be paid to
Bruner Wright, P.A.'s Trust Account pending further Order(s) of the
Court upon consummation of the sale.

The secured property tax claims will be paid in full at closing.

The secured claims of Fournier Law, PLLC and Karen Cross will
either be paid at closing or will be paid post-closing upon
resolution of the claim amount(s).   

The Debtor asks the entry of an order pursuant to Section 363 of
the Bankruptcy Code approving the sale of the Real Property to the
Buyers, free and clear of all liens, claims, encumbrances and
interests.  The offer by the Buyers is the highest viable offer
presented to the estate at this time, and one which the Debtor
believes is fair.  The proposed closing date is Jan. 8, 2021.

All fees, closing costs, settlement costs, and taxes including
county taxes, recording, transfer, and tax stamps will be paid at
closing or as otherwise set forth in the Contract.

Additionally, the Debtor asks that any order granting the Motion
provides that the stay period under Rule 6004(h) and 6006(d), and
any other applicable stay periods, be waived, such that the stay
requirement of Rule 6004(h) is lifted immediately upon the
execution of the Order.

A copy of the Agreement is available at
https://tinyurl.com/y4q46772 from PacerMonitor.com free of charge.

Donald King Osterbye, Jr. sought Chapter 11 protection (Bankr. N.D.
Fla. Case No. 20-40313) on Aug. 10, 2020.  The Debtor tapped Byron
Wright, Esq., as counsel.


E.W. SCRIPPS: S&P Rates New Debt Issuance 'BB-' on ION Media Deal
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level and '1' recovery
rating to the new $400 million revolving credit facility and the
$650 million senior secured term loan that U.S.-based TV
broadcaster The E.W. Scripps Co. plans to issue to help fund its
$2.65 billion acquisition of ION Media Networks, which is expected
to close in first-quarter 2021.

The balance of the purchase price will be covered by a future $700
million senior secured debt issuance, a future $500 million
unsecured debt issuance, a $600 million preferred equity investment
from Berkshire Hathaway, and $336 million of cash from the
company's balance sheet.

The rating agency also revised the CreditWatch on its existing
senior secured issue-level ratings to positive from developing.

S&P said, "We expect to affirm the 'B' issuer credit rating on
Scripps upon completion of its ION Media Networks acquisition as
the additional debt will likely keep leverage above 6x, and we view
Scripps' business less favorably than its peers despite the
benefits of greater scale, profitability, and cash flow generation
that ION provides. ION also exposes Scripps to a higher percentage
of more volatile advertising revenue in a growing market of
ad-supported, free-to-stream products. We expect Scripps will have
weaker EBITDA margins, lower retransmission revenue per subscriber,
and a high percentage of broadcasting revenue generated by
low-rated stations than peers like Nexstar and Gray Television. We
expect the acquisition to close in first-quarter 2021, subject to
regulatory approval."

"Given the mix of secured and unsecured debt in the proposed
financing, we do not expect any downside risk to the issue-level
ratings on the company's outstanding senior secured debt. As a
result, we are revising the CreditWatch on the senior secured debt
ratings to positive from developing."

Scripps' scale, U.S. household reach, and profitability will
improve following the transaction; however, exposure to cyclical
advertising revenue will increase.

The company expects to add ION to its national media segment and
anticipates that the purchase will help broaden the distribution of
its Katz multicast networks and Newsy to ION's national audience.
ION has a presence in all the top 25 designated market areas (DMAs)
and 49 of the top 50 DMAs, and reaches over 100 million households.
U.S. Federal Communications Commission regulations allow ION to
choose must-carry status, which allows it to avoid carriage
disputes with its distributors. However, this also precludes it
from collecting more stable retransmission revenue. Therefore,
advertising accounts for more than 90% of ION's total revenue. The
addition of ION will improve Scripps' profitability because the
company has historically maintained margins of over 50% due to its
low content costs and improving advertising monetization. Scripps
has proposed divesting 23 ION stations to ease the path for
regulatory approval.

Scripps' profitability remains below that of its peer group.

S&P said, "Scripps has historically generated much lower EBITDA
margins than its television broadcasting peers due to its expanding
but lower-margin national media segment, its historical portfolio
of mostly No. 3- or No. 4-ranked affiliates, and our view that a
portion of its subscriber base generates retransmission revenue
below market rates. The ION acquisition significantly improves
Scripps' EBITDA margins to near 30% from the low-20% area. We
expect pressure on margins over the next three to five years from
rising affiliate fees to the big four networks and the rapid growth
of Scripps' lower-margin national media segment. This compares
unfavorably with peers like Gray and Nexstar, which have EBITDA
margins in the mid-30% area."

"We expect pro forma average trailing-eight-quarters leverage will
remain above 6x through 2021."

"Pro forma for the acquisition, we expect average
trailing-eight-quarters leverage will increase to the low-6x area
in 2020 and remain above 6x in 2021 because we expect nonpolitical
advertising revenue will continue to recover, yet remain about 10%
below 2019's pre-pandemic level. This is above our revised 5.5x
upgrade threshold, which is 0.25x higher than our previous
threshold of 5.25x. We will also treat the proposed preferred stock
as debt in our calculations."

Scripps' financial policy has become much more aggressive over the
past three years with a series of debt-financed acquisitions that
significantly increased leverage from its historical level of below
3x. ION has consistently generated strong annual free cash flow,
which will not only provide it significant incremental cash flow
but also help smooth out its cash flow during years without robust
political advertising. S&P believes that the company could
deleverage toward the mid-5x area in 2022 if it uses its robust
cash flows to repay debt.

S&P said, "We intend to resolve the CreditWatch placement once
Scripps closes its acquisition of ION Media Networks. We expect to
affirm the 'B' issuer credit rating when the transaction closes
because we expect leverage will remain above our 5.5x upgrade
threshold through 2021. We would reassess the rating if the
transaction is cancelled and could potentially raise the issuer
credit rating to 'B+' if our forecast leverage improves below 5.25x
by the end of 2021."

"We expect to lower our 'B-' issue-level rating on Scripps'
existing senior unsecured notes to 'CCC+' if acquisition closes
because the proposed mix of secured and unsecured debt in the
acquisition financing reduces the recovery prospects for unsecured
lenders. Alternatively, we could raise the rating if the
transaction is cancelled and we raise the issuer credit rating to
'B+'."

"We could raise the rating on the existing senior secured credit
facilities if the transaction is cancelled and we raise the issuer
credit rating to 'B+'."


ENCORE CAPITAL: Fitch Rates New EUR275MM Sec. Notes BB+(EXP)
------------------------------------------------------------
Fitch Ratings has assigned Encore Capital Group, Inc.'s
(BB+/Stable) proposed EUR275 million issue of senior secured
floating rate notes due 2027 an expected rating of 'BB+(EXP)'.

The assignment of a final rating is contingent on the receipt of
final documents conforming to information already reviewed.

Fitch expects the proceeds of the notes to be used principally to
repay an equivalent sum of other notes due 2024 issued by Encore's
subsidiary Cabot Financial (Luxembourg) II S.A. Under Encore's
recently implemented global funding structure, senior secured notes
issued by Encore and Cabot Financial (Luxembourg) II S.A. rank
equally with each other as senior secured obligations, guaranteed
by most Encore subsidiaries. Therefore, the refinancing has no net
impact on consolidated leverage or on the relative rank of the new
notes.

Based in San Diego, Encore purchases portfolios of defaulted
receivables from financial service providers including banks,
credit unions, consumer finance companies, and commercial
retailers. It also provides debt servicing and portfolio management
services to credit originators for non-performing loans. In 9M20 it
reported income before taxes of USD235 million (9M19: USD144
million), with estimated remaining collections at end-3Q20 of
USD8.5 billion.

KEY RATING DRIVERS

The senior secured notes' expected rating is equalized with
Encore's Long-Term Issuer Default Rating, reflecting the prior
claim on available security of a higher-ranking super-senior debt
level. This results in Fitch expecting average rather than
above-average recoveries for Encore's senior secured notes.

Encore's Long-Term IDR reflects its leading franchise in the debt
purchasing sector in its chosen markets, its strong recent
profitability and its low leverage by the standards of the sector.
The rating also takes into account the concentration of Encore's
activities within debt purchasing and the potential for a prolonged
COVID-19-driven economic downturn to weaken collections performance
and portfolio asset quality. Its further factors in the need over
the longer term for debt purchasers to maintain adequate access to
funding with which to replenish their stocks.

RATING SENSITIVITIES

The notes' expected rating is primarily sensitive to changes in
Encore's Long-Term IDR. However, a downgrade of Encore's IDR would
not automatically lead to negative rating action on the notes,
depending on Fitch's view of the likely impact on recoveries of the
circumstances giving rise to the downgrade. Changes to Fitch's
assessment of relative recovery prospects for senior secured debt
in a default (e.g., as a result of a material shift in the
proportion of Encore's debt which is either unsecured or
super-senior secured) could also result in the senior secured debt
rating being notched up or down from the IDR.

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

Given the current economic backdrop, an upgrade of Encore's IDR is
unlikely in the short term. Over the medium to long term, positive
rating action would be subject to:

  - Maintenance of gross debt/adjusted EBITDA consistently below
2.5x, while also developing a significant tangible equity position
via retention of profits; and

  - Demonstration of collections and earnings resilience throughout
the course of the current global economic dislocation.

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

  - A sustained fall in earnings generation, particularly if
leading to a weakening in key debt service ratios or other
financial efficiency metrics;

  - Failure to adhere to management's public leverage guidance of
maintaining a net debt-to-adjusted EBITDA of 2x-3x;

  - A weakening in asset quality, as reflected in acquired debt
portfolios significantly underperforming anticipated returns or
requiring material write-downs in expected recoveries; or

  - An adverse operational event or significant disruption in
business activities (for example arising from regulatory
intervention in key markets adversely impacting collection
activities), thereby undermining franchise strength and
business-model resilience.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

Encore Capital Group, Inc.: Customer Welfare - Fair Messaging,
Privacy & Data Security: 4, Financial Transparency: 4

Fitch has assigned Encore an ESG relevance score of '4' in relation
to 'Customer Welfare - Fair Messaging, Privacy & Data Security', in
view of the importance of fair collection practices and consumer
interactions and the regulatory focus on them. Fitch has also
assigned an ESG relevance score of '4' for 'Financial
Transparency', in view of the significance of internal modelling to
portfolio valuations and associated metrics such as estimated
remaining collections. These factors have negative influences on
the rating, but their impacts are only considered moderate, and
they are features of the debt purchasing sector as a whole, and not
specific to Encore.

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


ENERGIZER HOLDINGS: S&P Rates New $1.2BB Sr. Sec. Term Loan 'BB+'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level and '1' recovery
ratings to Energizer Holdings Inc.'s proposed seven-year $1.2
billion senior secured term loan B and five-year $400 million
senior secured revolving credit facility.

The '1' recovery rating indicates our expectation for very high
(90%-100%; rounded estimate: 90%) recovery in the event of a
payment default. The company will draw $550 million of the term
loan commitment on the closing date to repay its term loan A ($277
million outstanding), term loan B ($194 million outstanding), and
its existing revolver, as well as to pay related fees and expenses.
S&P said, "We expect it will draw the remaining $650 million in
January 2020 under the same credit agreement to redeem its $600
million 7.75% senior unsecured notes due 2027 and pay related fees
and expenses. The transaction will have an immaterial effect on
leverage, though the proportion of secured debt in the debt capital
structure will increase materially. Pro forma for the transaction,
we estimate total debt outstanding of about $3.3 billion."

S&P said, "All of our existing ratings on Energizer, including our
'BB-' issuer credit rating, are unchanged. The outlook is negative.
The company has generated better-than-expected organic revenue
growth in 2020 as a result of a surge in battery demand caused by
the COVID-19 pandemic. However, the company has struggled to meet
the elevated demand and incurred much higher costs, including
customer fines, air freight expenses, and increased third-party
sourcing. Changes in consumer purchasing behavior have also
resulted in a mix shift toward less-profitable purchase channels
and pack sizes. Although S&P Global Ratings' adjusted leverage as
of Sept. 30, 2020, is in the mid-5x area (well above our pre-COVID
expectations of around 5x), we believe Energizer has taken actions
that should strengthen profitability in the coming quarters and
help the company achieve leverage around or below 5x on a sustained
basis in 2021. These actions include purchasing a new manufacturing
plant in Indonesia to help meet elevated battery demand."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

The proposed debt capital structure will consist of:

-- $400 million senior secured revolver due 2025;

-- $1.2 billion senior secured term loan B due 2027;

-- EUR650 million Euro-denominated senior unsecured notes due
2026;

-- $600 million U.S.-dollar-denominated senior unsecured notes due
2028; and

-- $800 million U.S.-dollar-denominated senior unsecured notes due
2029.

Energizer Holdings is the borrower of the revolver and term loan
and issuer of the U.S. senior unsecured notes. The issuer of the
euro notes is Energizer Gamma Acquisition B.V. S&P said, "We view
the euro notes as pari passu with the U.S. unsecured notes as the
euro notes are guaranteed by Energizer and its restricted domestic
subsidiaries. A majority of Energizer's operations are in the U.S.
In the event of an insolvency proceeding against Energizer, the
company and its subsidiaries would likely file for bankruptcy
protection under the auspices of the U.S. federal bankruptcy court
system as most of its debt is in the U.S. We believe creditors
would receive maximum recovery in a payment default scenario if the
company reorganized instead of liquidated because of Energizer's
brand awareness and established relationships. Therefore, in
evaluating the recovery prospects for debtholders, we assume the
company continues as a going concern and arrive at our emergence
enterprise value by applying a multiple to our assumed emergence
EBITDA."

Simulated default assumptions

S&P's simulated default scenario contemplates a default in 2024,
reflecting accelerating volume declines on weak market demand,
heightened competition, client attrition, or the inability to raise
prices. These factors lead to significant profit and cash flow
deterioration, causing a payment default.

Calculation of EBITDA at emergence:

-- Debt service: $186 million (default year interest plus
amortization)

-- Maintenance capital expenditures: $55 million

-- Default EBITDA proxy: $241 million

-- Operational adjustment: $72 million (30%)

-- Emergence EBITDA: $313 million

S&P estimates $1.88 billion gross emergence enterprise value, which
incorporates a 6x multiple to emergence EBITDA; the multiple is in
line with levels used for U.S.-based branded nondurable issuers.

Simplified waterfall

-- Emergence EBITDA: $313 million
-- Multiple: 6x
-- Gross recovery value: $1.88 billion
-- Net recovery value for waterfall after administrative expenses
(5%): $1.78 billion
-- Obligor/nonobligor valuation split: 58%/42%
-- Estimated priority claims: $102 million
-- Value available for first-lien claims: $1.41 billion
-- Estimated first-lien claims: $1.53 billion
--Recovery range: 90%-100%; rounded estimate: 90%
-- Value available for unsecured claims: $262 million
-- Estimated senior unsecured claims: $2.2 billion
-- Estimated senior unsecured deficiency claim: $113 million
    --Recovery range: 10%-30%; rounded estimate: 10%

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


ESSEX REAL: Wins Dec. 31 Extension of Plan Exclusivity
------------------------------------------------------
At the behest of Essex Real Estate Partners, LLC, the U.S.
Bankruptcy Court for the District of Nevada extended the exclusive
period during which the Debtor may file and obtain confirmation of
a plan of reorganization, through and including December 31, 2020.


The Court is slated to hold a hearing December 18 to consider
confirmation of the Debtor's amended Chapter 11 Plan.  The Court
will also consider on December 18 the request of Integrated
Financial Associates, Inc., and Nexbank, SSB for relief from the
automatic stay and IFA's request to convert the Debtor's case from
Chapter 11 to Chapter 7.

The Debtor filed its Plan and Disclosure Statement within 90 days
from the Petition Date and well within the exclusivity period. But
due to the current Covid-19 pandemic, and because the Debtor and
its secured creditors NexBank and IFA have been engaged in
mediation to resolve their disputes, the hearing to consider
section 1125 approval of the disclosure statement has been
continued.

On November 10, the Court approved the Disclosure Statement
explaining the Debtor's Plan and set the confirmation hearing for
December 15.  The hearing was then continued to December 18 at 9:30
a.m.

The Debtor cited ample "cause" to extend the exclusivity period:

     (i) the Debtor acted in good faith in promptly filing its Plan
within 90 days from the Petition Date, but was not able to obtain
approval of its Disclosure Statement and proceed to Plan
confirmation first due to the unforeseen pandemic, and reached an
agreement with its equity holders and NexBank, but not IFA. Part of
that agreement is that the Debtor will pursue its Plan confirmation
with NexBank's support; and

    (ii) the extension is neither indefinite nor being used to
force any creditor to accept an undesirable plan.

Also, the Debtor has focused on complying with its statutory
obligations as debtor in possession and its business operations,
filed schedules, monthly operating reports, its Plan and Disclosure
Statement, and concluded its 341 meeting.

                 About Essex Real Estate Partners

Essex Real Estate Partners, LLC, based in Reno, Nev., filed a
Chapter 11 petition (Bankr. D. Nev. Case No. 19-51486) on Dec. 27,
2019. In the petition signed by Jeri Coppa-Knudson, manager, the
Debtor was estimated to have $10 million to $50 million in assets
and $1 million to $10 million in liabilities.

The Honorable Bruce T. Beesley was previously assigned to the case.
  Judge Natalie M. Cox later took over the case.

Stephen R. Harris, Esq., a Harris Law Practice, LLC, serves as
bankruptcy counsel to the Debtor.



EVERGLADES ADVENTURE: Hires Keith A. Early CPA as Accountant
------------------------------------------------------------
Everglades Adventure Center, LLC seeks authority from the U.S.
Bankruptcy Court for the Middle District of Florida to hire Keith
A. Early, CPA P.C. as its accountant and bookkeeper.

The firm will provide a "cleanup and reconstruction of the books
for the period of March 1, 2015 to present" as is necessary in the
bankruptcy.

Keith Early, CPA and Robby Vadnegrigt, CPA will be compensated at
$235 per hour while staff accountant will be paid at a rate of
$140.  A down payment of $2,000 must be made prior to the start of
any work.

The firm can be reached through:

     Keith A. Early, CPA
     Robby Vadnegrigt, CPA
     Keith A. Early, CPA P.C.
     400 Galleria Pkwy
     Atlanta, GA 30339
     Phone: +1 404-481-3803

                 About Everglades Adventure Center

Everglades Adventure Center, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla.
20-06815) on Sept. 9, 2020, listing under $1 million in both assets
and liabilities.  Judge Caryl E. Delano oversees the case.
Christopher L. Hixson, Esq. at Consumer Law Attorneys, represents
the Debtor as counsel.


FAIR ISAAC: S&P Alters Outlook to Stable, Affirms 'BB+' ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook on San Jose, Calif.-based
Fair Isaac Corp. (FICO) to stable from negative and affirmed all
its ratings, including the 'BB+' issuer credit and issue-level
ratings.

The stable outlook reflects S&P's expectation that margin expansion
and modest revenue growth will support adjusted leverage that is
sustained in the low- to mid-2x area or better.

Strong mortgage demand has driven solid performance in FICO's
highest margin Scores segment, leading to a reduction in adjusted
leverage below 2x and supporting our outlook revision back to
stable. FICO closed its fiscal year 2020 (ended Sept. 30, 2020) on
a strong note, with adjusted leverage of 1.8x and adjusted margins
of 34.3%, compared with 2.1x and 33.6%, respectively in 2019. A
substantial rise in mortgage application volumes, as a result of
the low interest rate environment, boosted Scores segment (41% of
total revenues) revenues by 25% in 2020, offsetting headwinds from
depressed consumer and auto volumes and outperforming our previous
expectations. Previously actioned price increases also helped
mitigate some of the impact from volume declines driven by a
reduction in consumer car purchases, personal loan and credit card
applications. FICO's Business to Consumer (B2C) Scores products
(about a third of Scores' revenues) also experienced growth as
credit conscious customers verified scores more frequently in the
height of the economic stress. While Scores supported most of the
operating performance, the applications segment was also relatively
stable during the year (revenues down just 0.5% in 2020) while the
DMS segment revenues grew on new projects and increased license
sales, resulting in total company revenue growth of around 12% for
fiscal 2020. We expect growth to slow in 2021 as mortgage volumes
gradually taper off from 2020 highs and remaining areas of consumer
credit (namely auto, credit card, and personal credit) gradually
progress toward pre-COVID levels. Auto has shown signs of recovery
as travel demand slowly picks up and auto financers work with
customers to boost vehicle purchases in consumer segments where
there is pent up demand. Credit cards and other personal credit
remain relatively stressed compared with pre-COVID levels as
unemployment levels are still elevated and consumer confidence
subdued on account of lockdowns and social restrictions.

S&P said, "We expect FICO's adjusted EBITDA margins to rise and
remain in the mid- to high-30% area over the next 12 months as
restructuring costs trail off and demand for high-margin Scores
products underpins revenue growth.  Adjusted EBITDA margins
increased to 34.3% during the year as growth in high margin
products was offset by pandemic-related cost actions and associated
restructuring charges. During the year, FICO enacted a number of
cost-reductions, including headcount reductions and footprint
rationalization, incurring a $45 million restructuring charge as a
result. In the absence of these restructuring costs, which we do
not expect to reoccur in 2021, we believe adjusted margins will
rise to the mid- to high-30% area on continued growth across the
business and the benefit of some cost rationalization actions.
However, negative margin DMS will continue to drag margin
improvement as the company continues to invest in this segment.

"We expect the company to pursue a financial policy that is
friendly to shareholder distributions but also remains committed to
the current rating.  Though adjusted leverage declined below 2x in
fiscal 2020, we expect FICO will continue to favor shareholder
distributions over debt reduction and adhere to a leverage profile
in the low- to mid-2x area. The company executed $235 million in
share repurchases in 2020 and $229 million in 2019 and authorized
$250 million in July 2020 (with $225 million remaining under the
authorization as of Sept. 30 2020). Based on its history of
distributions, we expect the company to repurchase at least $250
million going forward. FICO ended the year with $157 million in
cash, though $95 million of this consists of revolver borrowings.
Barring any further unforeseen events, we expect that once the
economy has stabilized from pandemic-related shocks, it is likely
that FICO will repay its revolver borrowings and continue to apply
its cash toward share repurchases and perhaps acquisitions, though
we note the company has not been very acquisitive in the past.

"The stable outlook reflects our view that FICO will maintain its
competitive position within the Scores and Application segments,
driving mid- to high-single-digit total revenue growth and adjusted
EBITDA margins in the mid- to high-30% area over the next 12
months. We expect the company will continue to generate strong free
cash flow which it will likely direct toward share repurchases,
supporting adjusted leverage that is sustained in the low to mid-2x
area or better.

"While unlikely over the next 12 months, we could raise our ratings
on FICO if the company is able to sustain adjusted leverage below
2x, while also significantly increasing its revenue scale and
improving the diversity of its product streams and end markets. An
upgrade would also be contingent on a change in the company's
financial policy such that it maintains these metrics on a
long-term basis.

"Although unlikely over the next 12 months, we could lower our
ratings on FICO if the company adopts a more aggressive financial
policy, including greater–than-expected shareholder distributions
or debt-financed acquisitions, keeping leverage above 3x."


FCC HOLDINGS: Bankruptcy Case Ends, Settles With DOE
----------------------------------------------------
Emma Whitford of Inside Higher Ed reports that for-profit chain
college operator FCC Holdings' bankruptcy case grinding to an end.


The bankruptcy case began in 2014 after Anthem parent FCC Holdings
Inc. was accused of predrawing federal financial aid dollars based
on unsubstantiated enrollment projections.

A former for-profit college operator settled with the U.S.
Department of Education for $8 million as part of the company’s
bankruptcy case, attorneys announced in the first week of December
2020. The settlement is the final step in a years-long case that
began after FCC Holdings Inc. was accused of predrawing federal
financial aid dollars based on enrollment projections that never
materialized.

FCC Holdings used to operate 41 for-profit colleges under names
including Florida Career Colleges and Anthem Education. It sold
several of those colleges to another owner that continues to
operate them. FCC Holdings closed other campuses when it filed for
bankruptcy protection in 2014.

The newly announced $8 million settlement is much smaller than an
initial $37 million claim from the U.S. Department of Education.
The department's primary concern was that FCC Holdings pay back all
of the money its colleges had received in Pell Grants for the
2013-14 academic year -- about $32 million, said Avery Samet. Samet
is an attorney for the law firm Amini LLC and part of the legal
team that represented Clingman & Hanger Management Associates
during the legal proceedings. Clingman & Hanger is the liquidating
trustee for FCC Holdings -- a group appointed by creditors to
liquidate the company as part of the bankruptcy proceedings.

But the colleges did enroll some Pell Grant-eligible students, and
to return all of the Pell Grant money would be unfair, Samet said.

"To pay the government back 100 percent all of the Pell Grants
would give the government a windfall against all of the other
creditors in the case, because the school really did operate and
really did have these students," he said.

Clingman & Hanger also made technical arguments: that the
department's claim violated bankruptcy code and that "regulations
did not give rise to a right to payment as of the petition date of
the amounts claimed" by the Department of Education, according to a
summary of the case by Amini LLC.

On behalf of the Education Department, the U.S. Department of
Justice worked with Clingman & Hanger to come to the $8 million
settlement in early November 2020. The Department of Education was
an unsecured creditor in this case.

Prior to the department's settlement, Clingman & Hanger paid out
the secured portion -- about $45 million -- of a claim to a
consortium of banks, which were the only secured creditors. In
addition to the secured portion of their claim, the banks have a
deficiency claim that will be paid out alongside the unsecured
creditors'. At this time, all secured claims have been paid.

Clingman & Hanger will make an estimated distribution of 8.2
percent to unsecured creditors, according to a press release. This
means that unsecured creditors will receive 8.2 cents for every
dollar of approved claims they initially filed.

After duplicate claims were expunged and baseless claims dismissed,
about 1,000 claims remained from unsecured creditors, said Teresa
Hanger, principal at Clingman & Hanger. The list of unsecured
creditors includes landlords, employees and trade vendors. Very few
students filed claims, Hanger said. In total, unsecured creditors
will receive about 8 percent of a total claims pool of $87 million
-- which amounts to about $7 million.

The Department of Education settlement upped the distribution rate
to unsecured creditors by 160 percent, according to the press
release. Without the settlement, unsecured creditors would be in
line to receive less. The distribution rate to unsecured creditors
would have likely been between 4 percent and 5 percent, Hanger
said.

The distribution rate is unusually high for a bankruptcy case,
Samet said.

"We are very pleased. I think it allows the creditors to get some
sort of meaningful recovery after a long time," Samet said. "I'm
sure they wanted to get more, and they were entitled to more, but
we're happy to get them back something."

Prior to filing for bankruptcy protection, FCC Holdings Inc. sold
14 colleges to International Education Corporation, which continues
to operate 11 campuses in Florida and Texas under the Florida
Career Colleges name.

The Florida Career Colleges as they are now have no association
with FCC Holdings, Joe Cockrell, a spokesperson for International
Education Corporation, said in a statement.

"When International Education Corp (IEC) acquired Florida Career
College (FCC) in August 2014, IEC immediately made the very
significant financial, compliance, and human capital investments
necessary to allow FCC students to continue their education in a
safe, stable, and regulatory compliant campus environment,"
Cockrell said. "We are proud of more than six years of steadfast
commitment to our students, resulting in countless positive changes
at our FCC schools. We look forward to many more years of serving
our students."

FCC Holdings filed for Chapter 11 bankruptcy protection in 2014
after the Department of Education cut off its colleges' access to
federal financial aid funds. The department accused the colleges of
predrawing financial aid money based on enrollment projections that
the colleges never substantiated. In March 2014, the department
demanded the company show proof it disbursed all of the financial
aid money or else return the excess, which amounted to more than
$15 million, according to a summary of the case by Amini LLC.

The colleges had for years struggled with enrollment. In 2006,
Anthem Education enrolled 21,696 students, but that number fell to
12,792 by 2010. FCC Holdings tried to raise enough money to cover
the discrepancies in financial aid dollars, but it had been relying
on federal funding for 90 percent of its revenue. In the meantime,
the Education Department cut off the colleges' ability to predraw
funds.

As a result of the bankruptcy filing, students enrolled at FCC
Holdings-owned colleges were no longer eligible for financial aid.
In 2014, the company abruptly closed campuses in Minnesota, New
Jersey and Wisconsin, among other states.

Representing Clingman & Hanger, Amini LLC sued several FCC Holdings
executives, including the chief financial officer, the chief
compliance officer and the individual in charge of the financial
aid office, Samet said.

"We said they knew about this," he said. "We said they were pulling
down from the government, sort of using it as a bank account to
cover their own problems."

That suit wrapped up in 2018 and recovered about $15 million from
the executives' insurance, Samet said. The settlement did not
include an admission of wrongdoing.

                              About FCC Holdings

FCC Holdings, Inc., and its affiliates sought Chapter 11 Protection
(Bankr. D. Del. Lead Case No. 14-11987) on Aug. 25, 2014.

Headquartered in Ft. Lauderdale, Florida, FCC and its affiliates
provide quality postsecondary education in fourteen states. The FCC
schools were started by David Knobel in 1994 in Fort
Lauderdale, Florida, and, as of the bankruptcy filing, are owned By
Greenhill Capital Partners.

Prior to the Petition Date, the Company, which currently operates
under the name "Anthem Education," had three sets of schools -- the
14 Florida Career College schools; the 22 Anthem Education schools;
and the 5 US Colleges schools.

The Debtors' outstanding secured obligations are $49 million, plus
interest and fees, comprised of: Tranche A Loans of $18.6 million,
Tranche B Loans of $29.1 million, and existing letters of credit of
$1.39 million. The Debtors also have unsecured debt of $15
million.

Judge Christopher S. Sontchi is assigned to the Chapter 11 cases.

The Debtors have tapped Dennis A. Meloro, Esq., at Greenberg
Traurig, LLP, as counsel, and KCC as claims and notice agent.

The U.S. Trustee has appointed three members to the Official
Committee of Unsecured Creditors. Womble Carlyle Sandridge & Rice,
LLP, and Ottenbourgh P.C., serve as its co-counsel.


FIBERCORR MILLS: Plan Exclusivity Extended Thru January 13
----------------------------------------------------------
Judge Russ Kendig of the U.S. Bankruptcy Court for the Northern
District of Ohio in Canton extended the periods within which
Fibercorr Mills, LLC and its affiliates have the exclusive rights
to file a plan of reorganization and obtain confirmation of the
plan until January 13, 2021, and March 15, 2021, respectively.

The Shew family bought the FiberCorr business from Georgia-Pacific
in February 2000. After the purchase, the paper industry between
2000 and 2015 consolidated greatly. During that time the large
integrated companies shut down millions of tons of production. That
brought supply and demand in line and allowed for strong profit
margins for the FiberCorr.

External forces in the last four years have had a substantial
negative effect on FiberCorr's business:

     (i) the impact of China's role in the paper market. China
began importing millions of tons of US raw material (paper bales
from retail stores). The pull drove prices for FiberCorr's raw
material in the US up dramatically. At the same time, the
FiberCorr's finished roll stock price dropped substantially causing
a negative margin by the end of 2015 and lasting until September of
2017. In 2017, market prices for finished roll stock increased
three times helping FiberCorr's revenue line. At the same time, the
Chinese began to pull out of the paper bale market in the US. In
2018, the price of FiberCorr's raw material (baled paper) dropped
to all-time lows, and combined with increased pricing, FiberCorr's
net income was significantly improved but still had not returned to
prior levels; and

    (ii) increased competition from larger integrated paper
companies that began taking FiberCorr's independent customers.
Large integrated paper companies have converted much of their
capacity to brown packaging grades of paper as a result of the slow
and inevitable death of the newsprint and magazine paper business.
That has created an oversupply problem that had been eliminated a
decade earlier.

These external factors drove the Debtors to integrate its business
in 2018-2019. FiberCorr Sheets, LLC was formed but it functions
merely as a division of FiberCorr and it has no assets or
liabilities of its own with the exception of the guaranty of the
debt to Home Savings.

In 2019, the Debtors bought a new Fosber corrugator to make
corrugated sheets and planned to use a product from the Fosber
machine for the middle ply and purchase the outside liner paper.
That would allow the Debtors to trade its product for the liner
paper at much higher prices. It was intended to help strengthen the
Debtors by adding much-needed production and raising the revenue
line. The Debtors financed $1,900,000 for the acquisition with
Equipment Finance Corporation. The rest was financed with cash from
the business. The combination of installation costs and the cash to
fund the corrugator growth in sales has consumed FiberCorr's
available cash reserves, despite the investment of the Shew Family.
At the same time, the Home Savings lowered the Debtors' line of
credit and unwilling to increase FiberCorr's line of credit to fund
its growth in business anticipated over the next 12 months.

The Debtors' liquidity crisis caused by the startup costs of the
Fosber corrugator, the expense of funding the growth in sales for
products from the Fosber corrugator, combined with the reduced line
of credit from Home Savings cannot be solved by the Debtors without
protection in Chapter 11.

Since the Petition Date, the Debtors have been working toward a
sale of the Debtors' assets:

     (i) The first effort made by the Debtors without the
assistance of an investment banker did not produce results
sufficient to justify commencing an auction process; and

    (ii) next, an investor expressed interest to the Debtors to
provide exit financing for a reorganization plan. When that effort
failed, the Debtors sought to retain 3-21 Capital Partners, LLC as
investment banker to market the Debtors' assets.

The Debtors' case is progressing toward the stated goal of a
successful asset sale. The operating reports filed in this case
show the Debtors are able to pay their debts as they come due. The
case has been pending since June 17, 2020, the Debtors are
progressing toward a plan of reorganization and the extension
granted is not for the purpose of pressuring creditors.

                     About Fibercorr Mills

FiberCorr Mills -- http://www.fibercorr.com-- is a Massillon-based
manufacturer of corrugated cardboard products. The Shew family
bought the FiberCorr business from Georgia-Pacific in February
2000. Cherry Springs of Massillon II is the owner of real property
consisting of FiberCorr's business premises. Shew Industries, LLC
is the parent company of the other debtors.

Fibercorr Mills and its affiliates filed Chapter 11 petitions
(Bankr. N.D. Ohio Lead Case No. 20-61029) on June 17, 2020.  At the
time of the filing, Fibercorr Mills had estimated assets of between
$1 million and $10 million and liabilities of between $1 million
and $10 million.  

Judge Russ Kendig oversees the case. The Debtors have tapped
Anthony J. Degirolamo, Attorney At Law as their bankruptcy counsel;
and The Phillips Organization as their financial advisor.

The U.S. Trustee for Region 9 appointed a committee to represent
unsecured creditors in Debtors' Chapter 11 cases.  The committee is
represented by Lewis Brisbois Bisgaard & Smith, LLP.



FLEXERA SOFTWARE: S&P Affirms 'B-' ICR on Thoma Bravo Acquisition
-----------------------------------------------------------------
S&P Global Ratings affirmed all its ratings on Flexera Software
LLC, including its 'B-' issuer credit rating and 'B-' issue-level
rating on its first-lien debt, and assigned its 'B-' issue-level
rating to the new first lien revolver and term loan.

The outlook is stable, reflecting S&P's expectation that Flexera
will sustain revenue growth and maintain EBITDA margins and
sufficient cash flow generation, in spite of incremental financial
leverage.

Thoma Bravo LP has entered into a definitive agreement to acquire a
majority of the equity of software management solutions provider
Flexera Software LLC from its existing owners.

Flexera is seeking to raise a new $65 million revolving credit
facility maturing February 2025, an incremental $285 million 7-year
first-lien term loan maturing January 2028, as well as a new $260
million 8-year second-lien term loan maturing December 2028 in
order to partially fund Thoma Bravo's acquisition.

S&P Global Ratings-adjusted leverage will be high at over 10x
through the next 12-24 months, with limited prospects for material
deleveraging.

S&P said, "Our ratings affirmation reflects our expectation that
Flexera will continue to increase revenue and maintain cash
generation driven by secular tailwinds in Software Asset Management
(SAM) and Software Monetization (SWM) markets. Over the past 12
months, the company has maintained mid-to-high single-digit growth,
supported partially by recent acquisitions, along with margin
improvement, resulting in deleveraging down to around mid-5x at
Sept. 30, 2020. Pro forma for the transaction, S&P Global
Ratings-adjusted leverage is around 14x, and we expect leverage to
remain above 10x through the next 12-24 months. Our adjusted
leverage treats the firm's Class A equity as debt, and secured
leverage absent Class A equity would be around 9x at transaction
close. Despite high adjusted leverage, we expect Flexera to
generate free cash flow of around $100 million annually."

The $65 million revolver, which will be undrawn at close, along
with $75 million of cash pro forma at closing, will provide
additional liquidity support.

S&P said, "While we expect Flexera to maintain its market position
in the core software monetization and asset management businesses,
the information technology (IT) management space remains highly
fragmented and competitive. We view Flexera as a small player
within the enterprise software space, with annual revenue
comparatively smaller than larger, well-capitalized players such as
IBM Corp., HP Inc., and BMC Software, Inc. In the SAM space,
Flexera also competes with newer entrants such as ServiceNow Inc.
and Snow Software AB. Flexera's operating results experienced a
limited impact from the economic effects of COVID-19, with
third-quarter fiscal 2020 (ended Sept. 30, 2020) revenue growing
around 6% year-over-year, which included inorganic contributions
from recent acquisitions. While the company maintains a healthy
pipeline going into 2021, we expect revenue growth to be moderate
in the low-single-digit percentage area. Despite the growing white
space across its key segments due to the increasing adoption of
cloud-based software and rising importance of IT compliance, we
view significant share gain to be unlikely due to the increasing
competition in the space. However, we acknowledge the entrenched
nature of its products, which has kept gross retention rates high,
near 90%. We expect Flexera to maintain its acquisitive growth
strategy going forward, which will continue to bolster its
portfolio, albeit at the expense of integration risk and increased
leverage, in the case of debt-funded acquisitions."

Business transformations, including the ongoing transition to
software as a service (SaaS)-based business and rebranding of its
supplier division, could drive more stability in the long run.
Flexera continues to migrate from a traditional perpetual
license-based revenue model to a subscription license and
SaaS-based model, with recurring revenue representing nearly 80% of
total revenue in the past 12 months, up from 70% a few years ago.
While S&P expects overall revenue growth in the near term to be
dampened by a decline in perpetual licenses well as temporary
delays in revenue recognition, the growing cloud and subscription
revenue base will provide more visibility into its performance as
the transition nears completion.

In May 2020, the company rebranded its existing supplier division
to Revenera, which will represent its SWM segment.

S&P said, "While successful rebranding of the new segment can
provide advantages, such as a dedicated go-to-market strategy
focused on its software supplier (independent software vendors
("ISVs") and intelligent device manufacturers ("IDMs")) customer
base, we view the transformation away from the Flexera brand as a
potential risk. The lack of brand awareness around the new Revenera
segment could cause volatility in the near term, negatively
affecting the user experience and thus leading to attrition.
However, we acknowledge the organic margin improvements the company
has been able to achieve through recent restructuring initiatives,
such as sales force reduction in the Revenera segment, as well as
outsourcing of its lower margin implementation services segment.
S&P Global Ratings-adjusted EBITDA margins improved to nearly 48%
in the past 12 months, and while the improvement is partially
attributable to temporary cost control measures due to COVID-19
that will reverse in 2021, we expect longer-term margins to remain
high at around 43%."

"The stable outlook reflects our expectation that Flexera will
continue to deliver consistent operating performance over the next
12 months, with modest revenue and EBITDA growth, due to continued
adoption of its IT asset management, Software License Optimization,
Software Monetization, and data analysis products. We also expect
it will generate free cash flow of greater than $100 million over
the next 12 months."

"We could lower the rating if the company fails in its
acquisition-led growth strategy or if increasing competitive
threats in the core business segments led to declines in revenue
and EBITDA, resulting in weakened liquidity and negative free cash
flow such that we viewed the capital structure as unsustainable."

"Although unlikely over the next 12 months given Flexera's high
starting leverage, we would consider an upgrade if the firm
maintains revenue growth and expands EBITDA margins such that S&P
Global Ratings-adjusted leverage were sustained under 7x and its
free operating cash flow-to-debt ratio remained above 5%."


FOUNDATION OF HOPE: Seeks to Hire Jose G. Rivas as Counsel
----------------------------------------------------------
Foundation of Hope, Inc. seeks authority from the U.S. Bankruptcy
Court for the Southern District of Texas to hire the Law Office of
Jose G. Rivas as its legal counsel.

The services that the firm will render are:

     a) advise the Debtor with respect to its rights, duties and
powers in its Chapter 11 case;

     b) assist the Debtor in its consultations relative to the
administration of the case;

     c) assist the Debtor in analyzing the claims of creditors and
in negotiating with such creditors;

     d) assist the Debtor in the analysis of and negotiations with
any third-party concerning matters relating to, among other things,
the terms of a plan of reorganization;

     e) represent the Debtor at all hearings and other proceedings;


     f) review and analyze all applications, orders, statements of
operations and schedules filed with the court and advise the Debtor
as to their propriety;

     g) assist the Debtor in preparing pleadings and applications;
and

     h) perform other legal services related to the case.

The firm received an initial retainer of $4,000 from the Debtor.

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

The counsel can be reached through:

     Jose Rivas, Esq.
     Law Office of Jose G. Rivas
     11701 Arsonne Forest TRL
     Austin, TX 78759
     Tel: 955-330-9623
     Email: rivaslaw@aol.com

                  About Foundation of Hope, Inc.

Foundation of Hope Inc. is a Texas corporation in the business of
operating an apartment complex known as the Rincon Point Apartments
and Suites in Taft, Texas.

Foundation of Hope filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No.
20-20322) on Oct. 5, 2020. The petition was signed by Foundation of
Hope President Daniel Villegas.  At the time of filing, the Debtor
estimated $1 million to $10 million in both assets and liabilities.


Judge David R. Jones oversees the case.  The Law Office of Jose G.
Rivas represents the Debtor as legal counsel.


FTS INTERNATIONAL: $9.9M to Settle Investor's Claim It Lied in IPO
------------------------------------------------------------------
Law360 reports that FTS International has agreed to pay $9.9
million to a class of investors to put to rest claims the fracking
company was misleading about a revenue source in its 2018 initial
public offering that later dwindled to nothing.

The settlement received preliminary approval from a Texas federal
court Tuesday, December 8, 2020, the same day the class was
certified. The fracking company, which had a Chapter 11 bankruptcy
plan approved last November 2020, admitted no wrongdoing in the
settlement, which resolves lead plaintiff Carol Glock's early 2019
lawsuit alleging Securities Act violations. FTS must now place the
$9.9 million into an escrow account.

                  About FTS International Inc.

Headquartered in Fort Worth, Texas, FTS International Inc. --
http://www.FTSI.com/-- is an independent hydraulic fracturing
service company and one of the only vertically integrated service
providers of its kind in North America.

As of March 31, 2020, the Company had $616 million in total assets,
$587 million in total liabilities, and $29 million in total
stockholders' equity.

On Sept. 22, 2020, FTS International and two affiliates sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-34622) to
seek confirmation of a prepackaged plan.

Kirkland & Ellis LLP and Winston & Strawn LLP are acting as legal
counsel, Lazard Freres & Co., LLC is acting as financial advisor,
and Alvarez & Marsal LLP is acting as restructuring advisor to the
Company in connection with the restructuring. Epiq is the claims
and solicitation agent.




GAMESTOP CORP: Incurs $18.8 Million Net Loss in Third Quarter
-------------------------------------------------------------
GameStop Corp. filed with the Securities and Exchange Commission
its quarterly report on Form 10-Q disclosing a net loss of $18.8
million on $1 billion of net sales for the 13 weeks ended Oct. 31,
2020, compared to a net loss of $83.4 million on $1.43 billion of
net sales for the 13 weeks ended Nov. 2, 2019.

For the 39 weeks ended Oct. 31, 2020, the Company reported a net
loss of $295.8 million on $2.96 billion of net sales compared to a
net loss of $491.9 million on $4.27 billion of net sales for the 39
weeks ended Nov. 2, 2019.

As of Oct. 31, 2020, the Company had $2.60 billion in total assets,
$2.26 billion in total liabilities, and $332.2 million in total
stockholders' equity.

George Sherman, GameStop's chief executive officer, said, "Our
third quarter results were in-line with our muted expectations and
reflected operating during the last few months of a seven-year
console cycle and a global pandemic, which pressured sales and
earnings.  That notwithstanding, we continued to significantly
advance our strategic objectives of creating a digital-first,
omni-channel ecosystem for games and entertainment and optimizing
our core operations.  Leveraging our omni-channel capabilities, we
increased E-Commerce sales 257% - demonstrating our ability to
serve our customers, wherever, whenever and however they choose to
shop. Investments in improving our web properties and mobile app
and enhanced fulfillment capabilities contributed to our E-Commerce
channel's sales contribution rising to nearly 25% year to date,
well-above historical mid-single digit levels.  Moreover, as the
result of our ongoing optimization of expenses, stores and
inventory, we delivered a $316 million reduction in SG&A expenses
through the third quarter, ending the period with $603 million cash
and restricted cash after repaying $10 million in debt during the
quarter, and saw a 33% reduction in inventory compared to the prior
year."

"We begin the fourth quarter with unprecedented demand in new video
game consoles that launched in November, which drove a 16.5%
increase in comparable store sales for the month, despite being
closed on Thanksgiving Day and the impact of COVID-19 related store
closures, which affected most of our European footprint.  We
anticipate, for the first time in many quarters, that the fourth
quarter will include positive year-on-year sales growth and
profitability, reflecting the introduction of new gaming consoles,
our elevated omni-channel capabilities and continued benefits from
our cost and efficiency initiatives, even with the potential
further negative impacts on our operations due to the global
COVID-19 pandemic.  Overall, we remain confident in our strategy
and look forward to executing in 2021 on the many exciting
opportunities to leverage our brand, extensive loyalty member base,
and increased digital capabilities to expand our addressable market
and product offerings, providing growth in all things games and
entertainment," Sherman concluded.

                  Capital Allocation and Liquidity Update

As of Oct. 31, 2020, the Company had $602.6 million in cash and
restricted cash compared to $304.4 million in cash and restricted
cash in the prior year third quarter.  The Company reduced its
outstanding borrowings under the asset based revolving credit
facility to $25 million.

As of Oct. 31, 2020, the Company had $269.5 million of short-term
debt and $216.0 million of long-term debt on the balance sheet.
Subsequent to quarter end, as previously announced on Nov. 10,
2020, the Company announced the voluntary early redemption of $125
million in principal amount of its 6.75% senior notes due 2021, on
Dec. 11, 2020.  This voluntary early redemption covers
approximately 63% of the outstanding Notes.  The voluntary early
redemption is consistent with the Company's strategy to strengthen
and enhance its balance sheet, improve its debt profile, and
optimize its capital structure.
As part of its strategies to create optimal financial flexibility
and expand liquidity alternatives, the Company intends to file a
shelf registration and prospectus supplement with the Securities
and Exchange Commission today under which it may offer and sell,
from time to time, shares of its Class A common stock in
"at-the-market offerings."  Net proceeds from sales of shares under
the "at-the-market" program, if any, would be used for working
capital and general corporate purposes, which may include funding
of the Company's ongoing digital-first omni-channel growth strategy
and expansion of its product and services offering.  The timing and
amount of sales of shares, if any, will depend on a variety of
factors, including prevailing market conditions, the trading price
of shares, and other factors as determined by the Company.

Jim Bell, GameStop's chief financial officer, said, "As we continue
to optimize our business model, we are shifting focus to execute
the transformational components of our strategy that will position
GameStop to be a leading omni-channel retailer for all things games
and entertainment, which we believe will lead to sustained
long-term profitable growth.  Over the past 18 months, we have
remained
steadfast in focusing on creating a more efficient business model.
These efforts, despite the impacts of a global pandemic, have led
to a stronger balance sheet.  We believe the shelf registration and
associated at-the-market program, if we chose to use it, provide us
further options to enhance our liquidity alternatives to support an
efficient and successful execution of our transformational
strategies."

In respect of the at-the-market program, the Company intends to
file a registration statement (including a prospectus) with the SEC
for the offering of shares thereunder.

                 Fiscal Fourth Quarter 2020 Outlook

The Company continues to focus on efforts that position it to
manage through this unprecedented time, including maintaining its
balance sheet strength, prioritizing the allocation of resources to
areas of the business that produce strong cash flow, reducing
expenses across the business, developing and expanding its digital
strategy, and intensifying inventory discipline.  Due to the
uncertainty around the duration and evolving impact of COVID-19,
the Company is continuing to suspend guidance, however it expects
to realize positive comparable store sales results and
profitability in the fiscal fourth quarter.  For fiscal November
2020, comparable store sales increased 16.5% and total net sales
were $791.1 million compared to $747.6 million in fiscal November
2019.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1326380/000132638020000134/gme-20201031.htm

                        About GameStop

GameStop Corp., a Fortune 500 company headquartered in Grapevine,
Texas, is a video game retailer, operating approximately 5,000
stores across 10 countries, and offering a selection of new and
pre-owned video gaming consoles, accessories and video game titles,
in both physical and digital formats.  GameStop also offers fans a
wide variety of POP! vinyl figures, collectibles, board games and
more.

GameStop recorded a net loss of $470.9 million for fiscal year 2019
compared to a net loss of $673 million for fiscal year 2018.  As of
Aug. 1, 2020, the Company had $2.37 billion in total assets, $2.02
billion in total liabilities, and $352.3 million in total
stockholders' equity.


GANN MEMORIALS: Seeks to Hire Sasser Law as Legal Counsel
---------------------------------------------------------
GANN Memorials, LLC seeks authority from the U.S. Bankruptcy Court
for the Eastern District of North Carolina to hire Sasser Law Firm
as its legal counsel.

The firm will render these services:

     (a) provide the Debtor with legal advice with respect to its
powers and duties, the continued operation of its business and
management of its property;

     (b) prepare and file monthly reports, plan of reorganization
and disclosure statement;

     (c) prepare legal papers;

     (d) perform all other legal services, which may be necessary
until and
through the case's confirmation, dismissal or conversion;

     (e) undertake necessary action, if any, to avoid liens against
the Debtor's property obtained by creditors and to recover
preferential payments within 90 days of the filing of the Debtor's
Chapter 11 case;

     (f) perform a search of public records to locate liens and
assess validity.

     (g) represent the Debtor at hearings and any 2004
examination.

The firm will be paid at the rate of $350 per hour.

Travis Sasser, Esq., at Sasser Law Firm, disclosed in court filings
that the firm is a "disinterested person" as defined in Section
101(14) of the Bankruptcy Code.

The firm can be reached through:
   
     Travis Sasser, Esq.
     Sasser Law Firm
     2000 Regency Parkway, Suite 230
     Cary, NC 27518
     Tel: (919) 319-7400
     Fax: (919) 657-7400
     Email: tsasser@carybankruptcy.com

                   About GANN Memorials, LLC

GANN Memorials, LLC sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 17-05264) on Oct.
27, 2020, listing under $1 million in both assets and liabilities.
Judge David M. Warren oversees the case.  Sasser Law Firm serves as
the Debtor's legal counsel.


GARRETT MOTION: Hires PwC as Tax Consultant
-------------------------------------------
Garrett Motion Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of New York to employ
PricewaterhouseCoopers LLP.

PwC will render these services pursuant to the terms and conditions
set forth in the following engagement letters:

   a. Tax Consulting, Tax Compliance and Valuation Services

      i. the Jan. 28, 2020 engagement letter (the "Master
Engagement Letter No. 1"); and

     ii. the following seven Statements of Work relating to the
Master Engagement Letter No. 1:

         (1) the Statement of Work dated Oct. 23, 2020  (the "SOW
#1 – Q3 Provision, Shadowing and ONESOURCE Implementation");

         (2) a Statement of Work dated Nov. 4, 2020 (the "SOW #2
– Q4/Hard Close Provision Shadow");

         (3) a Statement of Work dated Nov. 4, 2020 (the "SOW #3
– Transfer Pricing, Transaction Cost Analysis and International
Tax Services");

         (4) a Statement of Work dated Nov. 4, 2020 (the "SOW #4
– Swiss-Korea MAP");

         (5) a Statement of Work dated Nov. 17, 2020 (the "SOW #5
– Sales and Use Tax Compliance Services");

         (6) a Statement of Work dated Nov. 4, 2020 (the "SOW #6
– Global Compliance Services"); and

         (7) a Statement of Work dated Nov. 24, 2020 (the "SOW #7
– Tax Helpdesk Subscription Services" and, together with each of
the aforementioned Statements of Work and the Master Engagement
Letter No. 1, the "Tax Consulting and Tax Compliance Engagement
Letters").

   b. Other Services

      i. the August 27, 2020 engagement letter (the "Master
Engagement Letter No. 2");

     ii. the Sept. 14, 2020 amendment to the Master Engagement
Letter No. 2 ("Amendment No. 1");

    iii. the Sept. 18, 2020 amendment to the Master Engagement
Letter No. 2 ("Amendment No. 2"); and

     iv. the Oct. 19, 2020 amendment to the Master Engagement
Letter No. 2 ("Amendment No. 3").

The proposed compensation structures are:

     a. Master Engagement Letter No. 1: The Master Engagement
Letter No. 1 is an hourly fee arrangement.

     b. SOW #1 – Q3 Provision Shadowing and One Source
Implementation: The SOW #1 is a fixed fee arrangement whereby PwC
has agreed to be paid $450,000, exclusive of expenses.
Pre-petition, the Debtors paid PwC a retainer of $295,000, the
entirety of which remains to be applied against approved
post-petition fees for such services.

     c. SOW #2 – Q4/Hard Close Provision Shadow: The SOW #2 is a
fixed fee arrangement whereby PwC has agreed to be paid $200,000,
exclusive of expenses.

     d. SOW #3 – Transfer Pricing Transaction Cost Analysis and
International Tax Services: The SOW #3 is a fixed fee arrangement
whereby PwC has agreed to be paid $965,000, exclusive of expenses.
Pre-petition, the Debtors paid PwC a retainer of $205,000, the
entirety of which remains to be applied against approved
post-petition fees for such services.

     e. SOW #4 – Swiss-Korea MAP: The SOW #4 is a fixed fee
arrangement whereby PwC has agreed to be paid $265,000, exclusive
of expenses.

     f. SOW #5 – Sales and Use Tax Compliance Services: The SOW
#5 is a fixed fee arrangement whereby PwC has agreed to be paid on
a fixed per-return basis: a) Manual Return Preparation (November,
December, January) - $250/return; b) Return Preparation Fee -
$75/return; and Monthly Data Management Fee - $250/month.

     g. SOW #6 – Global Compliance Services: The SOW #6 is a
fixed fee arrangement, whereby PwC has agreed to be paid $72,000,
exclusive of expenses.

     h. SOW #7 – Tax Helpdesk Subscription Services: The SOW #7
is a fixed fee arrangement, whereby PwC has agreed to be paid a
monthly fixed fee of $55,000, exclusive of expenses, during the
pendency of the time such services are provided.

     i. Master Engagement Letter No. 2: The Master Engagement
Letter No. 2 is an hourly fee arrangement for Phase I tax
structuring Services and both phases of valuation services. PwC
estimates that the hourly fees to be incurred post-petition for
such services are estimated to total approximately $1,000,000,
exclusive of expenses. Pre-petition, the Debtors paid PwC a
retainer of $1,000,000 relative to the TP/IP/Substantial
Contribution, of which $899,803 remained as of the Petition Date
and the date hereof to be applied against approved postpetition
fees under the Master Engagement Letter No. 2.

     j. Amendment No. 1: Amendment No. 1 is an hourly fee
arrangement. PwC estimates that the hourly fees for such services
will total approximately $3,400,000 - $3,800,000, exclusive of
expenses. Pre-petition, the Debtors paid PwC a retainer of
$1,596,734, the entirety of which remained as of the Petition Date
and the date hereof to be applied against approved post-petition
fees under Amendment No. 1.

     k. Amendment No. 2: Amendment No. 2 is an hourly fee
arrangement, utilizing the below hourly rates. PwC estimates that
the hourly fees for such services will be approximately $250,000 -
$750,000. Pre-petition, the Debtors paid PwC a retainer of $250,000
the entirety of which remained as of the Petition Date and the date
hereof to be applied against approved post-petition fees under
Amendment No. 2.

     l. Amendment No. 3: Amendment No. 3 is an hourly fee
arrangement, utilizing the below hourly rates. PwC estimates that
the hourly fees for such services will be approximately $150,000 -
$240,000, exclusive of expenses.

The hourly rates for services provided under Amendment No. 2 and
Amendment No. 3 are:

     Partner             $848
     Managing Director   $848
     Director            $766
     Senior Manager      $678
     Manager             $560
     Senior Associate    $461
     Associate           $395

The hourly rates for services provided under the Tax Consulting and
Tax Compliance Engagement Letters, Master Engagement Letter No. 2
and Amendment No. 1:

     Partner             $878
     Managing Director   $778
     Director            $758
     Senior Manager      $715
     Manager             $676
     Senior Associate    $580
     Associate           $420

Michael W. Burak, partner of PricewaterhouseCoopers 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 does not
represent any interest adverse to the Debtors and their estates.

PricewaterhouseCoopers can be reached at:

     Michael W. Burak
     PricewaterhouseCoopers LLP
     300 Madison Avenu
     New York, NY 10017
     Tel: (647) 471-3000

                       About Garrett Motion

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

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

Garrett disclosed $2.066 billion in assets and $4.169 billion in
liabilities as of June 30, 2020.

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

On Oct. 5, 2020, the U.S. Trustee for Region 2 appointed a
committee to represent unsecured creditors in the Debtors' Chapter
11 cases.  White & Case LLP and Conway MacKenzie, LLC serve as the
committee's legal counsel and financial advisor, respectively.


GATEWAY RADIOLOGY: Court Extends Exclusivity Periods Thru Jan. 21
-----------------------------------------------------------------
At the behest of Gateway Radiology Consultants P.A. and PM
Radiology LLC, Judge Michael G. Williamson of the U.S. Bankruptcy
Court for the Middle District of Florida, Tampa Division, extended
the periods within which the Debtors have the exclusive right to
amend plan and disclosure statement and to solicit acceptances
until January 21, 2021, within which to negotiate with creditors.

The Debtors and their creditors have been negotiating toward a
consensual plan, and have engaged in several rounds of mediation.
The additional time will allow the continuation of state court
litigation, and address the delays caused by the COVID-19
pandemic.

The Debtors filed a joint plan and disclosure statement on
September 24, 2019.

              About Gateway Radiology Consultants

Based in Saint Petersburg, Fla., Gateway Radiology Consultants
P.A., and PM Radiology, LLC, filed separate Chapter 11 petitions
(Bankr. M.D. Fla. Case Nos. 19-04971 and 19-05794) on May 28, 2019.


In the petition signed by Gagandeep Manget M.D., the president, the
Debtor disclosed $1,200,000 in assets and $14,899,135 in
liabilities as of the bankruptcy filing.

The Honorable Michael G. Williamson oversees the case. Joel M.
Aresty, P.A., serves as bankruptcy counsel to the Debtor. Beighley
Myrick Udell and Lynne; and Paul C. Jensen, Attorney-At-Law, serve
as special counsel.



GLOBAL NET: Fitch Assigns BB+ LT IDR on Strong Rental Income
------------------------------------------------------------
Fitch Ratings has assigned first-time ratings to Global Net Lease,
Inc. (GNL) and Global Net Lease Operating Partnership, L.P.,
including a Long-Term Issuer Default Rating of 'BB+'. The rating
Outlook is Stable. Fitch has assigned 'BB+' ratings to Global Net
lease Operating Partnership, L.P.'s senior unsecured revolving
credit facility, senior unsecured term loan, and senior unsecured
notes, and has assigned 'BB-' ratings to GNL's preferred stock.

The ratings reflect GNL's strong rental income risk profile,
underpinned by the company's globally diversified portfolio of
industrial and office properties leased to high credit quality
tenants under long-term, triple-net leases. The company's REIT
leverage and fixed charge coverage are appropriate-to-strong for a
'BB' category U.S. equity REIT. In addition, GNL has a strong
liquidity profile, with ample cash and revolver capacity and
minimal near-term maturities and maintenance and committed capital
needs.

GNL's focus on properties in secondary and tertiary markets, weak
relative unencumbered asset coverage of unsecured debt (UA/UD) and
less established capital access are factors that balance the
ratings. Fitch also views the company's external management
structure as a modest credit negative that could hamper GNL's
ability to raise attractively priced equity and execute its
acquisition-led growth strategy within its financial policy
targets.

The Stable Outlook anticipates that GNL's credit protection metrics
will remain appropriate for a 'BB+' rating, and Fitch expects UA/UD
will sustain in the mid-to-high 1.0x during the one- to two-year
Outlook horizon based on 100% unencumbered acquisitions funded with
roughly 40%/40% unsecured debt and equity.

Fitch links and synchronizes the IDRs of the parent REIT and
subsidiary operating partnership, as the entities operate as a
single enterprise with strong legal and operational ties.

KEY RATING DRIVERS

Globally Diversified Portfolio: Fitch expects GNL to maintain a
globally diversified, acquisition-led portfolio growth strategy,
with an emphasis on growing its industrial portfolio in the U.S.
and Europe. GNL's portfolio is diversified by geography and
property type, albeit it is smaller and moderately less granular
than its triple-net U.S. equity REIT peers. The company owned 299
properties comprising 34.7 million square feet across the U.S. and
Canada (63% of rents) and Europe (37%) as of September 30, 2020.

GNL owns assets in 41 U.S. states, the top-five by rent include
Michigan (14.0% of rents), Texas (7.7%), Ohio (5.7%), California
(4.5%) and New Jersey (2.7%). The company's largest markets outside
the U.S. by rent include the U.K. (17.4%), The Netherlands (4.8%),
Finland (4.6%), France (4.2%) and Germany (3.2%).

GNL's portfolio has some property type diversification, with
office, industrial and retail comprising 48%, 47% and 5% of rents,
respectively at Sept. 30, 2020. Fitch expects GNL's relative
industrial exposure to grow to closer to 60%, or more in the medium
term as the company makes additional acquisitions. GNL's retail
portfolio principally consists of dollar stores and pharmacies and
will likely decline as a percent of total rents over time,
consistent with recent trends.

Granularity Balances Single Tenant Risk: GNL's portfolio strategy
focus on single tenant assets, versus multi-tenant assets more
typical of industrial REIT strategies, creates binary occupancy
risk; each building is either 100% leased or 0% leased. This risk
generally results in less institutional competition for the asset
type, and other players in the space tend not to be as
sophisticated or well-capitalized as typical institutional buyers,
which can create enhanced pricing and return potential. REITs can
partially mitigate single tenant risk through portfolio
diversification, in contrast to smaller, weaker capitalized local
owners with fewer assets. No single asset comprises more than 5% of
GNL's annualized rents.

Tenant Quality Balances Concentration: GNL's top 10 tenants
comprised 31% of the company's annualized cash rent (ACR) at Sept.
30, 2020, which is comparable to net lease REIT peers, but
moderately high for a 'BBB' category U.S. equity REIT. Fitch
expects this concentration to moderate as GNL executes its
acquisition led growth strategy. FedEx is the company's largest
tenant at 4% of ACR, followed by Whirlpool (4%), the U.S.
Government Services Administration (4%), Foster Wheeler (3%) and
ING (3%).

Strong credit quality and adequate tenant industry diversification
balance tenant concentration risk. Approximately 36% of the
company's tenants are rated investment grade by at least one of the
three major credit rating agencies (including Fitch), which is
similar relative to comparably rated net lease REIT peers. The
company has 127 tenants that operate in 47 industries, with the
top-five industry exposures including financial services (10%),
healthcare (7%), technology (7%), consumer goods (5%) and aerospace
(5%).

Long-Term Leases: GNL's weighted average lease term of 8.7 years is
lower than the net lease peer average of approximately 10 years,
but high compared to the broader REIT peer group, including focused
office and industrial REITs. The company's lease expiration
schedule is well balanced, with moderate near-term expirations ease
expirations are moderate, with cumulative rent expirations of 9.4%
through 2022. The company has some lease maturity concentration in
2024 when 15% of rent expires.

Straightforward, Transparent Business Model: GNL does not engage in
ground-up development and has no joint venture partnerships, in
contrast to many of its industrial REIT peers. The absence of these
investments helps to simplify the company's business model, improve
financial reporting transparency and reduce potential contingent
liquidity claims.

Limited Operating History: GNL has grown its real estate portfolio
by roughly 70% (at cost) since its initial equity raise during 2014
which, combined with its emphasis on long-term, single-tenant net
lease assets, results in limited comparable performance metrics.
Positively, the company's occupancy and collection rates have been
strong during the coronavirus pandemic, likely aided by its
industrial and office focus and high percentage of IG-rated
tenants. GNL does not provide same-store net operating income (NOI)
growth metrics and few lease expirations to date result in limited
rent spread and lease retention information. GNL management has
limited experience managing public REITs with investment-grade
ratings, pursuing unsecured borrowing strategies, but solid public
company and board experience in other sectors.

Externally Managed: Fitch views GNL's external management structure
as a modest credit negative that could result in persistent equity
valuation discount that challenges the execution of its
acquisition-led growth strategy within its financial policy
targets. Institutional investors generally favor internally managed
REIT structures, given dedicated management and fewer related party
transactions and potential interest conflicts. GNL is managed by AR
Global, a specialized real estate manager with $12 billion of
assets under management (AUM). Positively, GNL's management
agreement incentivizes adjusted funds from operations (AFFO) per
share growth and equity issuance, is subject to annual caps and
declines based on AUM, and includes a stock-based component.

Elevated Leverage, Improving: Fitch expects GNL to operate with
REIT leverage (consolidated debt, net over recurring operating
EBITDA) in the mid-6.0x range through the cycle, which is
appropriate for a 'BBB' category U.S. equity REIT with the
company's asset profile. The company's REIT leverage was 6.9x for
the annualized quarter ended Sept. 30, 2020. Fitch expects equity
issuance in conjunction with future acquisitions and, to a lesser
extent, variable rent bumps to allow GNL to de-lever to the
mid-6.0x range in fiscal 2023. The company's hybrid adjusted
leverage, which includes a 50% equity contribution for preferred
equity, was 7.4x for the annualized quarter ended Sept. 30, 2020.

DERIVATION SUMMARY

GNL's global, diversified portfolio with high industrial and office
exposure is generally in line with 'BBB' category net-lease peers
as measured by occupancy, tenant exposure, and investment-grade
tenancy. The company's Weighted Average Lease Term (WALT) of 8.7
years is lower than the Fitch-rated net lease average of 10 years,
but compares favorably with industrial peer STAG Industrial
(BBB/Stable). Fitch expects SSNOI growth in line with net lease
peers in the low single-digit range through the forecast period.

GNL's strong portfolio quality and rental income risk profile are
balanced by its short operating history, less developed capital
access, weaker credit metrics, and external management structure.
The company's credit metrics, including leverage expected to
sustain in the high 6x and UA/UD sub 2x are weaker than 'BBB'
category peers including Lexington Realty Trust (BBB/Stable) low-5x
range leverage and UA/UD in the mid-2x range and STAG Industrial
(BBB/Stable) low-5x range leverage and UA/UD in the mid-2x range.

KEY ASSUMPTIONS

  -- Low single digit SSNOI growth in fiscal years 2020-2021;

  -- Occupancy remains approximately 99% throughout the forecast
period;

  -- Fiscal 2020 rent deferrals represent approximately 2% of
fiscal 2020 revenues. 50% of deferrals assumed to be collected by
fiscal year-ended 2021, with the remaining 50% of deferrals
ultimately deemed uncollectible;

  -- Rent deferrals are based on actual forecasted rental
collection rates of approximately 98% in 2Q20, 97% in 3Q20 and 97%
in 4Q20;

  -- Net acquisitions of $250 million in 2020, $1.25 billion in
fiscal 2021;

  -- No equity issuances in fiscal 2020; $500 million issued in
fiscal 2021;

  -- Management fee of $35 million in fiscal 2020 and $42 million
in fiscal 2021;

  -- $500 million private placement issuance in fiscal 2021;

  -- Dividend of $1.73 in fiscal 2020 and $1.60 in fiscal 2021
before 5% annual increases in fiscal years 2022-2023,
respectively.

RATING SENSITIVITIES

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

  -- Unencumbered assets to unsecured debt (UA/UD) at or above 2.0x
;

  -- Greater demonstrated access to unsecured debt capital,
including private placement notes;

  -- REIT leverage (net debt to recurring operating EBITDA)
sustaining below 7x;

  -- Increased portfolio scale and/or portfolio exposure to less
capital-intensive industrial properties.

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

  -- UA/UD sustaining at or below 1.5x;

  -- REIT leverage (net debt to recurring operating EBITDA)
sustaining above 8x;

  -- Portfolio operational underperformance with respect to
occupancy, tenant retention and rent spreads.

LIQUIDITY AND DEBT STRUCTURE

GNL's capital access is less established than selected 'BBB'
category REIT peers. The company has announced a planned $500
million private placement issuance of seven-year senior unsecured
notes. This inaugural issuance is a positive step; however, the
company's capital access is still less established than peers
pending additional issuances. Fitch expects GNL to transition to a
primarily unsecured borrowing strategy in the near-to-medium term,
primarily by using proceeds from unsecured private placement notes
issuances to repay secured mortgage borrowings.

GNL has strong liquidity via $300 million of readily available
cash, ample availability on its revolving credit facility, and
modest near-term debt maturities and capital spending needs. The
company has established and used at-the-market (ATM) issuance
programs for common and preferred stock, which Fitch views
favorably. However, GNL shares trade at a wide discount to NAV,
which could temper equity issuance to fund acquisitions.

Fitch estimates GNL's unencumbered asset coverage of unsecured debt
at 1.75x based on a stressed, blended cap rate of 9.1%, which is
below the common 2.0x threshold for investment grade U.S. equity
REITs. Positively, the company's unencumbered pool is more heavily
concentrated in the strong performing industrial property sector.
Moreover, the company's existing secured mortgage debt suggests
healthy secured lender demand for its assets.

ESG CONSIDERATIONS

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


GOGO INC: S&P Hikes ICR to B- on Commercial Aviation Business Sale
------------------------------------------------------------------
S&P Global Ratings upgraded Gogo Inc. by one notch, to 'B-', and
removed ratings from CreditWatch, where S&P placed them with
positive implications on Sept. 1, 2020.

The stable outlook indicates S&P's view that Gogo will generate
positive cash flow and delever through EBITDA growth, with leverage
remaining above our 6.5x upgrade threshold through the forecast
period.

S&P said, "Gogo Inc. has completed the sale of its commercial
aviation business to Intelsat Corp. for $400 million cash, which we
believe it will primarily use to deleverage the balance sheet to
just below 8x debt to EBITDA and fund the buildout of Gogo's 5G
air-to-ground network.

"We anticipate the remaining business aviation-focused entity to be
a much more stable, cash flow generating business."

The sale of Gogo's commercial aviation unit will leave it with a
stronger balance sheet. S&P said, "Gogo has sold off its commercial
aviation business, which not only was a drag on EBITDA and cash
flow, hampering leverage, but we believe also generated just below
$360 million in net proceeds. The company intends to use the
proceeds to repay the 6% convertible notes, of which $238 million
are outstanding, reducing leverage to just below 8x area, and fund
the buildout of its 5G air-to-ground network. Furthermore, Gogo
intends to refinance its 9.875% senior secured notes prior to May
2021 to further reduce the company's interest expense, potentially
improving interest coverage to the 2x area. Given the improvement
in the business, we believe Gogo will be able to refinance its
debt, resulting in significantly less interest expense and enabling
the company to generate positive cash flow."

S&P said, "We expect Gogo's stand-alone business aviation business
to be a much more stable, cash flow-generating business.  Gogo's
business aviation (BA) business generates revenue from two
sources--service revenue and equipment revenue." Over 80% of the
company's gross profit is generated from high-margin service
revenue, 95% of which is subscription-based. While equipment
revenue is more volatile, it has lower gross profit margins at
around 35% compared to greater than 75% for service revenue, so the
inherent volatility in equipment sales has a significantly lower
impact on gross profit.

Despite the improvement in EBITDA stability, and likely positive
free cash flow following the company's refinancing, S&P does not
expect the company to generate meaningful free cash flow until it
completes its 5G upgrade. This is due to a number of reasons,
including:

-- High interest expense will result in negative free operating
cash flow (FOCF) until the company is able to refinance in the
first half of 2021.

-- S&P believes a refinancing is credible and rates will be
lowered resulting in an ability to generate $30 million to $40
million in free operating cash flow at current levels of capex.

-- However, the 5G buildout will limit free operating cash flow
over next three years, as Gogo will be investing about an
incremental $75 million in capital and operating expenses over that
time.

Gogo has a dominant market share of the niche, medium-sized private
jet connectivity market, but faces potential new threats.  Due to
the narrow form factor of business airplanes, larger
satellite-based antenna systems do not fit on these smaller planes.
As a result, Gogo's BA business relies on its air-to-ground (ATG)
network, compared to the CA business that relies on costly
satellite leases. The cost of ATG service is relatively low, since
Gogo has exclusive access to the ATG spectrum, which, to date, has
provided Gogo with a competitive moat, particularly in the medium
and light jet connectivity markets. However, S&P believes that new
technology, such as smaller satellite receivers, or a new ATG
competitor could pose a threat over the longer term. For example,
SmartSky has communicated its intention to enter the ATG market but
it has had limited success to date because of technological
challenges in launching its ATG network.

Despite a revenue base that is predominantly recurring revenue,
customers do have the ability to pause memberships.  While service
revenue is subscription based, customers can pause subscriptions,
as evidenced by the nearly 20% dip in BA service revenue during the
second quarter of 2020--the height of the COVID-19 pandemic in many
areas of the U.S. However, private jet travel rebounded quickly, as
customers were back to flying 81% of the number of flights they
flew in the prior year in the third quarter of 2020, up from 47% in
the second quarter of 2020, leading third-quarter 2020 subscription
revenue to rebound 21% sequentially (third-quarter 2020 service
revenue was only down 3.7% compared to third-quarter 2019).

S&P said, "The stable outlook indicates that while we believe Gogo
will generate positive cash flow and delever through EBITDA growth,
that leverage will remain above our 6.5x upgrade threshold through
the forecast period.

"We could lower the rating if stand-alone costs materially exceed
expectations and the company is unable to generate free cash flow,
or if the company's revenue base shrinks such that leverage
increases and we no longer believe the capital structure to be
sustainable.

"We could raise the rating if we believe the company would sustain
leverage below 6.5x while maintaining positive free cash flow."



GRAFTECH FINANCE: Moody's Gives B1 Rating to New $500MM Sec. Notes
------------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to GrafTech Finance
Inc.'s proposed $500 million senior secured notes. At the same
time, Moody's changed the ratings outlook to positive from stable
and affirmed the company's B1 Corporate Family Rating, B1-PD
Probability of Default Rating and the B1 rating on its senior
secured credit facilities including its $250 million senior secured
revolving credit facility and $1.6 billion senior secured term
loan. The senior secured note rating is commensurate with the
corporate family rating and the senior secured credit facilities
rating since the revolver, term loan and the secured notes will
share in the same collateral package and will account for virtually
all of the debt in the company's capital structure. The proceeds
from the senior secured notes will be used to pay down term loan
debt. GrafTech's Speculative Grade Liquidity Rating ("SGL") of
SGL-1 remains unchanged.

"The change in GrafTech's outlook to positive reflects its
historically strong operating performance during the recent steel
sector downturn, its shift to a more balanced capital allocation
strategy and the continued reduction in Brookfield's ownership
position," said Michael Corelli, Moody's Senior Vice President and
lead analyst for GrafTech Finance Inc.

Assignments:

Issuer: GrafTech Finance, Inc.

Senior Secured Regular Bond/Debenture, Assigned B1 (LGD3)

Affirmations:

Issuer: GrafTech Finance, Inc.

Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

Senior Secured Bank Credit Facility, Affirmed B1 (LGD3)

Outlook Actions:

Issuer: GrafTech Finance, Inc.

Outlook, Changed To Positive From Stable

RATINGS RATIONALE

GrafTech's B1 corporate family rating reflects its relatively low
leverage, good interest coverage, and the significant improvement
in its financial performance and credit metrics over the past three
years as it benefitted from graphite electrode sector
consolidation, its internal needle coke supply, the gradual shift
to electric arc furnace steel production and its long term
take-or-pay contracts. The rating also incorporates its moderate
scale, reliance on one product for the majority of its revenues
that is sold to a highly cyclical sector, dependence on a single
needle coke facility for the majority of its supply and its history
of shareholder-friendly actions.

GrafTech achieved a significant improvement in its financial
performance over the past two years leading to a substantial
increase in free cash flow and much stronger credit metrics. This
was the result of improved demand from steelmakers, constrained
needle coke supply, a reduction of electrode capacity that led to a
surge in electrode pricing and the company's decision to establish
long term take-or-pay contracts to lock in historically high prices
for a substantial portion of its production. However, steel
industry conditions materially deteriorated in 2020 due to the
impact of the coronavirus on key steel-consuming end markets. This
occurred as steel producers were destocking inventories of graphite
electrodes after they built inventories as prices surged over the
past two years. As a result, GrafTech's operating performance has
materially weakened and Moody's expects the company to report
adjusted EBITDA of about $640 million - $650 million in 2020 versus
$1.05 billion last year. Moody's expects its operating performance
to remain at a similar level in 2021 as weaker average spot prices
and lower contract volumes are offset by increased demand as steel
production rises after a weak 2020.

GrafTech has produced historically strong operating results in 2020
despite weaker demand and its free cash flow remains robust as it
benefits from the downside buffer provided by its take-or-pay
contracts. The company has used the majority of its free cash flow
and borrowings to support shareholder-friendly actions over the
past few years, but has shifted to using most of its free cash to
pay down term loan borrowings in 2020. The company repaid $313
million of term loan debt through October 2020 and indicated plans
to further reduce debt in the near term. Therefore, Moody's
anticipates its credit metrics will remain strong for its rating
including a leverage ratio (Debt/EBITDA) of about 2.3x and interest
coverage (EBITDA/Interest) of around 7.0x and these metrics could
strengthen further in 2021 if additional debt is retired. However,
GrafTech's rating also incorporates its reliance on one product
that is sold to a highly cyclical sector, its dependence on one
facility for the majority of its raw material supply, and the risk
it could return to shareholder-friendly actions since an affiliate
of Brookfield Capital Partners Ltd still owns about 60% of the
outstanding shares of GrafTech. Brookfield's ownership position has
declined from about 75% in March 2020 and if the company's public
ownership continues to broaden then it could lead to upside
pressure on GrafTech's ratings.

GrafTech's speculative grade liquidity rating of SGL-1 incorporates
its ample liquidity, consistently positive free cash flow and ample
headroom under financial maintenance covenants. GrafTech reported
$159 million of cash and $247 million of availability on its $250
million revolving credit facility as of September 30, 2020. The
revolver has a springing maximum senior secured first-lien net
leverage ratio of 4.0x at 35% utilization of the revolver. Moody's
does not expect material revolver utilization and the expected
level of EBITDA will create significant headroom under the
financial maintenance covenant. The revolver does not mature until
February 2023.

The positive outlook incorporates its expectation for a relatively
stable and historically strong operating performance over the next
12 to 18 months.

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

The ratings upside for GrafTech is limited by its reliance on a
single needle coke facility for the majority of its supply, its
focus on one product category that serves a highly cyclical sector,
as well as its recent focus on shareholder returns. However, an
upgrade could be considered if the company continues to maintain an
historically strong operating performance and sustains a leverage
ratio below 3.5x, an interest coverage ratio above 5.5x and
retained cash flow above 15% of its outstanding debt while the
company's public ownership continues to broaden.

Moody's could downgrade GrafTech's ratings if adjusted financial
leverage rises above 4.0x (Debt/EBITDA), the company produces
negative free cash flow, or experiences a substantive deterioration
in liquidity.

Headquartered in Brooklyn Heights, Ohio, GrafTech International
Ltd. manufactures graphite electrodes and needle coke products. The
company has about 230,000 metric tons of electrode capacity
including its St. Mary's facility. GrafTech generated approximately
$1.3 billion of revenues for the twelve months ended September 30,
2020. An affiliate of Brookfield Capital Partners Ltd owns about
60% of the outstanding shares of GrafTech.

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


GRAFTECH FINANCE: S&P Rates New $500MM Senior Secured Notes 'BB-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '3'
recovery rating to the proposed $500 million senior secured notes
due 2028 issued by GrafTech International Ltd.'s finance subsidiary
GrafTech Finance Inc. The '3' recovery rating indicates S&P's
expectation for meaningful (50%-70%; rounded estimate: 65%)
recovery in the event of a payment default. The company plans to
use the proceeds from the proposed notes, net of fees and expenses,
to prepay a portion of its senior secured term loan. All of the
existing ratings on GrafTech remain unchanged.

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- Following the transaction, GrafTech's capital structure will
include a $1.1 billion (outstanding) senior secured term loan B due
2025, $500 million senior secured notes due 2028, and a $250
million revolving credit facility due 2023.

-- S&P's '3' recovery rating on GrafTech's $1.1 billion senior
secured term loan and $500 million senior secured notes indicates
its expectation for meaningful recovery (50%-70%; rounded estimate:
65%) in the event of a payment default.

-- S&P assesses the company's recovery prospects on the basis of a
gross reorganization value of about $1.25 billion, which reflects
about $230 million of emergence EBITDA and a 5.5x multiple.

-- The $230 million of emergence EBITDA incorporates our recovery
assumptions for minimum capital spending of 4.5% of sales, based on
the previous three years of historical sales, and S&P's standard
15% cyclicality adjustment for issuers in the metals and mining
downstream sector.

-- The 5.5x multiple is in line with the multiples S&P uses for
other companies in the metals and mining downstream sector.

-- S&P's analysis also assumes that GrafTech's $250 million
revolving credit facility would be about 85% utilized (net of
letters of credit) at the time of a hypothetical bankruptcy.
Therefore, S&P estimates about $217 million in principal and
interest outstanding at default.

Simulated default assumptions

-- S&P said, "Our simulated default scenario contemplates a
default occurring in 2024 due to a substantial deterioration in
GrafTech's operating performance stemming from weakening demand for
steel, global overcapacity, and increased competition from imports.
We assume that the demand and pricing for graphite electrodes would
then fall to a level where its contract renewals are severely
pressured and the company is unable to meet its obligations given
its declining (and likely negative) margins and cash flow."

-- Year of default: 2024

-- Emergence EBITDA: $230 million

-- EBITDA multiple: 5.5x

-- Gross recovery value: About $1.25 billion

Simplified waterfall

-- Net recovery value for waterfall after 5% administrative
expenses: $1.2 billion

-- Total value available for senior secured claims: $1.2 billion

-- Estimated senior secured claims: $1.8 billion

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

Note: Estimated claim amounts generally include about six months of
accrued but unpaid interest.


GREENPOINT TACTICAL: Seeks to Hire CliftonLarsonAllen as Accountant
-------------------------------------------------------------------
Greenpoint Tactical Income Fund, LLC and GP Rare Earth Trading
Account LLC seek approval from the U.S. Bankruptcy Court for the
Eastern District of Wisconsin to employ CliftonLarsonAllen LLP as
their accountant.

CliftonLarsonAllen will prepare and file state and federal tax
returns, including but not limited to, K-1s to be distributed to
members of GPTIF, all applicable documents and filings related
thereto.

The firm's hourly rates are:

     Principal      $325 - $285
     Manager        $270 - $190
     Senior         $185 - $145
     Associate      $140 - $115

CliftonLarsonAllen is a "disinterested person" within the meaning
of sections 101(14) and 327 of the Bankruptcy Code, according to
court filings.

The accountant can be reached through:

     Curtis Disrud, CPA
     CliftonLarsonAllen LLP
     aka CLA Oconomowoc
     1040 Oconomowoc Parkway
     Oconomowoc, WI 53066-4621
     Tel: 262-567-6540
     Fax: 262-567-7285

                   About Greenpoint Tactical Income Fund

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

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

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

The Debtors are represented by Steinhilber Swanson LLP.

On December 5, 2019, the Office of the United States Trustee
appointed an official committee of equity security holders of these
chapter 11 cases. The committee tapped Phoenix Management Services,
LLC as financial advisor.


GTM REAL ESTATE: Seeks to Hire Tran Singh as Legal Counsel
----------------------------------------------------------
GTM Real Estate Partners, LLC seeks authority from the U.S.
Bankruptcy Court for the Southern District of Texas to hire Tran
Singh, LLP as its legal counsel.

The Debtor requires legal assistance to:

     a. analyze the financial situation and render assistance to
the Debtor;

     b. advise the Debtor with respect to its rights, duties and
powers in its Chapter 11 case;

     c. represent the Debtor at all hearings and other
proceedings;

     d. prepare legal papers;

     e. represent the Debtor at any meeting of creditors;

     f. represent the Debtor in all proceedings before the
bankruptcy court and in any other judicial or administrative
proceeding where the rights of the Debtor may be litigated or
otherwise affected;

     g. prepare and file a disclosure statement and Chapter 11 plan
of reorganization;

     h. assist the Debtor in analyzing the claims of creditors and
in negotiating with such creditors; and

     i. assist the Debtor in any matters relating to the case.

The firm will be paid at these rates:

     Susan Tran Adams         $375 per hour
     Brendon Singh            $390 per hour
     Briana Head              $250 per hour

Tran Singh received a retainer in the amount of $20,000.  The firm
will also be reimbursed for out-of-pocket expenses incurred.

Susan Tran Adams, Esq., a partner at Tran Singh, 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 estate.

Tran Singh can be reached at:

     Susan Tran Adams, Esq.
     Tran Singh, LLP
     1010 Lamar St., Suite 1160
     Houston TX 77002
     Tel: (832) 975-7300
     Fax: (832) 975-7301
     Email: brendon.singh@ctsattorneys.com

                  About GTM Real Estate Partners

GTM Real Estate Partners, LLC, a company that owns and leases
facilities, filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 20-35095) on Oct.
22, 2020.  The petition was signed by Tonya Thomas Cronin,
authorized representative. At the time of filing, the Debtor
disclosed $10,824,015 in total assets and $9,052,430 in total
liabilities.  Susan Tran Adams, Esq., at Tran Singh, LLP, serves as
the Debtor's counsel.


GUITAR CENTER: Moody's Assigns B3 CFR on Bankruptcy Emergence
-------------------------------------------------------------
Moody's Investors Service assigned new ratings for Guitar Center
Inc. effective following its emergence from bankruptcy, which is
expected in December 2020, including a B3 corporate family rating
(CFR), a B3-PD probability of default rating (PDR) and a Caa1
rating on the new $335 million senior secured notes due 2025. The
ratings outlook is stable.

"By eliminating almost 60% of its pre-petition debt burden, Guitar
Center will emerge from bankruptcy with a sustainable capital
structure," said Moody's vice president and senior analyst Raya
Sokolyanska. "While the company's music lessons, instrument rentals
and store traffic are weaker due to the pandemic, overall operating
performance has held up relatively well due to demand from
consumers picking up new instrument hobbies and musicians upgrading
their equipment."

The company expects to use proceeds from the new notes, along with
$165 million of new equity investment, to repay a portion of its
pre-petition debt and pay bankruptcy fees and expenses. If the
transaction closes prior to emergence, the notes proceeds will be
deposited in an escrow account, to be released subject to closing
conditions. The company's debt capital will also include an unrated
$375 million asset-based revolving credit facility. The company
filed for Chapter 11 on Nov. 21, 2020 as a result of its high
leverage, upcoming debt maturities and fallout from the COVID-19
pandemic.

Governance and social risks are among the key drivers of the
ratings assignment. The rating incorporates Guitar Center's
ownership by equity sponsors and former lenders, which is likely to
result in aggressive financial strategies such as preferred equity
redemption or dividend distributions. The impact of the coronavirus
pandemic and government measures put in place to contain it
continue to have significant impact on consumer spending,
particularly on discretionary retail categories, such as those in
which Guitar Center operates. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety.

Moody's assigned the following ratings for Guitar Center Inc.
(NEW):

Corporate Family Rating, Assigned B3

Probability of Default Rating, Assigned B3-PD

Senior Secured Regular Bond/Debenture due 2025, Assigned Caa1
(LGD4)

Outlook, Assigned Stable

RATINGS RATIONALE

The B3 CFR is constrained by the company's high leverage and
expectations for continued near term declines in operating
performance in the second half of 2020 as a result of disruption
from the coronavirus pandemic. Pro-forma for the expected capital
structure following bankruptcy emergence, Moody's-adjusted
debt/EBITDA will be 4.6 times (as of August 1, 2020) and
EBIT/interest expense will be 1.25 times. Moody's expects leverage
to increase to 5.6 times at year-end 2020 as a result of earnings
pressure in the second half of 2020, before improving in 2021 due
to earnings growth and revolver repayment. In addition, the rating
incorporates the highly discretionary nature of demand for musical
instruments sales and rentals, and the intense competition in the
category. The rating also reflects governance considerations,
including ownership by its equity sponsors and former creditors.
Further, in order to sustain its brand value, GCI needs to
continuously reinvest in its stores, technology, marketing and
infrastructure, as well as social factors including robust data
protection and workforce treatment.

Guitar Center's credit profile is supported by the company's
adequate liquidity over the next 12 months, including positive
annual free cash flow. However, GCI relies heavily on its $375
million revolver and Moody's expects that excess availability with
be limited in peak borrowing periods, specifically in Q4 2020 and
Q3 2021. The rating also benefits from Guitar Center's leading
market position and importance to its key vendors. As an
omni-channel retailer with a well-recognized brand name, GCI
differentiates itself with broad assortment and in-store services.
Guitar Center's comparable sales and earnings improvement in
2018-2019 prior to the coronavirus outbreak also support the
ratings.

The stable outlook reflects Moody's projections for revenues and
earnings declines in the second half of 2020 and improvement in
2021. Moody's expects revenues and earnings in 2021 to reach levels
within 95% and 75% of 2019, respectively. The outlook also includes
expectations for adequate liquidity over the next 12 months.

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

The ratings could be downgraded if liquidity is weaker than
anticipated, including constrained revolver availability.
Quantitatively, the ratings could be downgraded with expectations
that EBIT/interest expense will be sustained below 1.25 times.

The ratings could be upgraded if liquidity materially improves,
including solid revolver availability and positive free cash flow.
Quantitatively, the ratings could be upgraded if the company
demonstrates a commitment to a more conservative financial
strategy, such that debt/EBITDA is maintained below 4.5 times and
EBIT/interest expense above 1.75 times.

Guitar Center Inc. is the largest retailer of music products in the
United States based on revenues. The company operates stores and
websites under the Guitar Center and Music & Arts brands, and the
Musician's Friend website. GCI will be owned by funds affiliated
with Ares Capital Management, Brigade Capital Management and The
Carlyle Group following its bankruptcy emergence, which is expected
in December 2020. Revenues for the LTM period ended August 1, 2020
were approximately $2.1 billion.

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


GUITAR CENTER: S&P Assigns Prelim 'B-' Rating on $335MM Sec. Notes
------------------------------------------------------------------
S&P Global assigned its 'B-' preliminary issue-level rating to
Guitar Center Inc's proposed $335 million senior secured notes
issuance. The preliminary '3' recovery rating indicates its
expectation for meaningful (50%-70%; rounded estimate 55%) recovery
in the event of a payment default.

The issue-level and recovery ratings are based on preliminary
information and is subject to Guitar Center's successful emergence
from bankruptcy and S&P's review of the final documentation.

The proposed bankruptcy exit financing will consist of a $375
million asset-based lending (ABL) facility and the $335 million
senior secured notes, both maturing five years from emergence. As a
part of the restructuring agreement Ares Management, The Carlyle
Group, and Brigade Capital Management will collectively contribute
new common equity of $165 million. Guitar Center will also issue
$160 million of preferred equity with 15% payment-in-kind (PIK)
interest, which S&P anticipates treating as a debt-like obligation
in our analysis and will be held by lenders of the pre-bankruptcy
capital structure.

S&P said, "The preliminary 'B-' issue-level rating reflects our
expectation that we would raise the issuer credit rating to 'B-'
with a negative outlook from 'D' upon emergence from bankruptcy. We
base this on our expectation for leverage post-emergence in the
mid-6x area, improving to the mid-5x area by end of fiscal 2021
(the fiscal year ending Jan. 31, 2022)." Through the restructuring,
Guitar Center will have reduced total funded debt obligations by
roughly half, and cut total interest expense to around $40 million
from $140 million in fiscal 2019. However, the addition of the
preferred equity with an aggressive 15% PIK creates an incremental
hurdle for the company and the rapidly accreting nature of the
instrument could lead to the capital structure becoming
unsustainable if performance is not in line with S&P's
expectations.

S&P said, "We expect Guitar Center's performance and cash flows
will begin to recover in 2021, following soft trends in 2020
attributed to the pandemic. We forecast consolidated revenues will
decline in the mid-teens area in fiscal 2020, before recovering in
the low-teens in fiscal 2021. We anticipate S&P Global
Ratings'-adjusted EBITDA margins will decline to around 10% in
2020, recovering slightly in 2021 before returning to pre-pandemic
levels of 11%-12% in 2022. This leads us to forecast positive free
operating cash flow in 2021 that allows the company to pay down a
portion of the revolver borrowings, which we believe will be around
$250 million at the end of 2020. Pay down of revolver borrowings
combined with EBITDA recovery contributes to our expectation for
improvement in leverage over the next twelve months. We believe
Guitar Center's post-emergence capital structure will provide the
company with adequate liquidity to recover from negative impacts to
performance resulting from the pandemic. Still, as a result of the
unpredictable path of the pandemic through the winter and into
early 2021 as well as uncertainty around consumer spending trends,
we believe there is heightened risk for volatility in company
performance."

Issue Ratings—Recovery Analysis

Key Analytical Factors

-- S&P's simulated default scenario contemplates a default
occurring in 2022 because of a steep decline in revenue and EBITDA,
resulting from intense competition and pricing pressure from peers,
a distressed economy, and a sharp contraction in consumer
discretionary income.

-- S&P's simulated default scenario assumes the value to creditors
would be maximized with Guitar Center emerging from a bankruptcy as
a going concern. Accordingly, S&P has valued the company using a 5x
multiple applied to its projected emergence-level EBITDA, in line
with the multiple assigned to other specialty retailers.

Simulated default assumptions

-- Simulated year of default: 2022
-- EBITDA at emergence: $92 million
-- Implied enterprise value (EV) multiple: 5x
-- Estimated gross EV at emergence: $460 million

Simplified waterfall

-- Net EV after 5% administrative costs: $436 million
-- ABL related claims: $230 million (not rated)*
-- Senior secured notes claims: $352 million*
-- Recovery expectations: 50%-70% (rounded estimate: 55%)

*All debt amounts include six months of pre-petition interest.


HENDRIKUS TON: Creditor Objects to Hiring Gros to Sell Vehicles
---------------------------------------------------------------
Lynda R. Ton, the former spouse and a creditor of the Debtor,
Hendrikus Edward Ton, filed with the U.S. Bankruptcy Court for the
Eastern District of Louisiana her limited objection to the Debtor's
proposed employment of Patrick J. Gros as his Sales Agent relating
to the sale of vehicles.

On July 30, 2019, the counsel for Lynda Ton and the counsel for the
Debtor, agreed that NOLAPORT, LLC, an experienced exotic used car
dealer with salespersons, a showroom, and garage on Palm St. in New
Orleans.   However, when the NOLASPORTS representative went to pick
up the vehicles which at that time relocated that Abe's Boat
Rentals, Inc.'s offices, the vehicles had been rendered inoperable.

Lynda Ton is still willing to abide by the agreement if all of the
cars will be rendered operable and turned over to NOLASPORTS for
sale, including the 2011 Silverado Truck.

Except for the implementation of the agreement to employ
NOLASPORTS, Lynda Ton objects to the Motion to Employ and Sell.  

Her objections are:

     a. The 2011 Silverado truck is omitted from the Motion to
Employ and Sell and should be included in any sale.  The 2011
Silverado Truck that was "wrecked" and "salvaged" is not in wrecked
condition.  It is fully repaired, and is being driven by the Debtor
although he has elected to keep the Dodge Charger as his single,
exempt, personal vehicle.  The value of the Silverado should be
approximately $15,000.

     b. The Cadillac CTS should be included in any sale.  According
to the Debtor, 2014 Cadillac CTS, has an estimated value of
$13,000.  It should be included in any sale.

     c. A utility trailer, omitted from the schedules, should be
scheduled and sold.  The Debtor owns a 2005 utility trailer that
has been not been included in his Schedules and is not included in
the vehicles to be sold.  The trailer is being operated by
Metropolitan Roofing.  Metropolitan is owned by the brother of the
landlord Mr. Ton.  Abe's had made payments to Metropolitan.

     d. Facts omitted as to prior dealers.  The Debtor mentions
that Bobby Hines (Ace Auto Source, LLC) was engaged to sell the
vehicles but was unsuccessful.  However, the Debtor omits that the
vehicles were never delivered to the lot of Bobby Hines/Ace Auto to
be sold.  In addition, Lynda Ton opposed the engagement of Safe
Have as: (1) it is actually "Safe Haven for the Arts, a non-profit
dealing in the consignment sale of paintings, furniture, and other
items; and (2) Safe Haven Cars is apparently an unregistered
tradename of Safe Haven Arts, that may or may not have had cars for
sale on a side lot in Metairie, La.

     e. The two Sea-Doo watercraft should also be sold through a
dealer or broker handling personal watercraft.  Particularly, the
Challenger 180 model, which should bring over $10,000, should be
sold.

     f. The vehicles are former community property.  Lynda Ton is
the co-owner of the vehicles which are former community property
and thus entitled to half the sale proceeds in her own right and
has a community claim.  The Debtor can only receive credit against
the spousal support he is by paying the support with his half of
the sale proceeds.  Attempting to claim credit for the sale of
Lynda Ton's half interest is, in effect, to attempt to pay her with
her own money.

     g. Patrick Gros is conflicted and is not a car dealer.  Mr.
Gros is conflicted.  Mr. Gros is an accountant.  He sold cars 25
years ago.  A company in the business of selling cars should be
retained.

     h. Omissions render the Debtor's Plan unconfirmable and a
discharge should be denied.   In the Motion to Employ and Sell
alone demonstrates that the Debtor has (1) failed to disclose the
condition and value of the Silverado truck, (2) failed to disclose
ownership of the trailer, and (3) hindered administration by not
turning over the vehicles to Bobby Hines/Ace Auto.

Based on the foregoing, except to the engagement of NOLASPORTS as
described, Lynda Ton objects to engagement of Mr. Gros and to the
sale of the vehicles, including omission of the Silverado truck.
She prays that the Court enters an order sustaining her Limited
Objection.  Further, the conduct of the Debtor evidenced herein
demonstrated that his proposed plan is unconfirmable and he should
be denied a discharge.

                    About Hendrikus Edward Ton

Hendrikus Edward Ton sought Chapter 11 protection (Bankr. E.D. La.
Case No. 18-11101) on April 27, 2018.  The Debtor estimated assets
in the range of $500,001 to $1 million and $1 million to $10
million in debt.  

The Debtor tapped Stewart F. Peck, Esq., at Lugenbuhl, Wheaton,
Peck, Rankin & Hubbard as counsel.  On Oct. 2, 2018, the Court
appointed Bonnie Buras and Coldwell Banker TEC Realtors as
realtors.


HIDDEN GLEN: Gets OK to Hire Kornfield Nyberg as Legal Counsel
--------------------------------------------------------------
Hidden Glen, LLC received approval from the U.S. Bankruptcy Court
for the Northern District of California to hire Kornfield, Nyberg,
Bendes, Kuhner & Little, P.C. as its legal counsel.

The firm will advise the Debtor regarding its duties under the
Bankruptcy Code and will provide other legal services related to
its Chapter 11 case.

The firm's hourly rates are:

     Eric A. Nyberg           $475
     Charles N. Bendes        $450
     Chris D. Kuhner CDK      $475
     Sarah L. Little SLL      $395
     Nancy Nyberg, Paralegal   $90

As of the petition date, Kornfield holds a pre-bankruptcy retainer
in the sum of $23,283, plus the filing fee of $1,717.

Kornfield does not represent any interest adverse to the Debtor's
estate, according to court filings.

The firm can be reached through:

     Chris D. Kuhner, Esq.
     Kornfield, Nyberg, Bendes, Kuhner & Little, P.C.
     1970 Broadway, Suite 225
     Oakland, CA 94612
     Tel: (510) 763-1000
     Fax: (510) 273-8669
     Email: c.kuhner@kornfieldlaw.com

                       About Hidden Glen LLC

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

Hidden Glen, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No.
20-41767) on Nov. 9, 2020. The petition was signed by Kevin G.
Hunter, member. At the time of filing, the Debtor estimated $1
million to $10 million in both assets and liabilities.

Chris Kuhner, Esq., at Kornfield, Nyberg, Bendes, Kuhner & Little,
P.C., represents the Debtor as legal counsel.


HORTON INVESTMENTS: Retail Buying Clarke County Property for $1M
----------------------------------------------------------------
Horton Investments, LLC, asks the U.S. Bankruptcy Court for the
Western District of Virginia to authorize the sale of the real
property consisting of an 11.923-acre parcel located at the
southeast corner of Routes 340 and 522 in Clarke County, Virginia,
Clarke County Tax Map Number 27-A-10B, pursuant to the Commercial
Purchase Agreement dated Aug. 21, 2020, to Retail RE Capital Group,
LLC for $1 million.

The Debtor owns the Property by virtue of a deed dated Oct. 6, 2005
and recorded in the Clerk's Office of the Circuit Court of Clarke
County, Virginia at Deed Book 445, Page 180.  The Property consists
of vacant real estate.  

On Aug. 21, 2020, the Debtor entered into a contract for the sale
of the Property to the Purchaser at a sale price of $1 million.
The Debtor is of the opinion that the Sale Price is fair and
reasonable.  There are no outstanding due diligence requirements or
contingencies with respect to the Contract.   

Summit Community Bank is the holder of a note secured by a deed of
trust dated May 7, 2014 and recorded in the Clerk's Office of the
Circuit Court of Clarke County Virginia in Deed Book 576, Page 681
as Instrument No. 140000679.  The Summit Deed of Trust is secured
by the Property, in addition to other parcels of real property
owned by the Debtor and Nancy Horton, individually.  The current
balance on the Summit Note is approximately $2,468,694.63.  The
Debtor does not dispute said amount.

The proceeds from the sale of the Property will be applied to
reduce the balance owed on the Summit Note.  There are no other
liens or encumbrances against the property, other than real estate
taxes which may have accrued.

Summit has consented to the sale of Property, provided that Summit
approve the settlement statement prior to closing and receive the
net proceeds of the sale after payment of ordinary closing costs
including commissions.  Upon information and belief, Summit is the
Debtor's only creditor.  Therefore, there is no other creditor that
would be affected by allowing the sale to proceed with net
proceeds, beyond customary closing costs and any miscellaneous
charges that might be required for closing, going toward the Summit
Note.  The relief sought in the Motion is, therefore, in the best
interest of the bankruptcy estate.

In connection with the sale of the Property, the Debtor further
asks authority to execute and deliver a deed and such other usual
and customary closing documents as may be required and to authorize
payment or credits from the proceeds of the sale for usual and
customary costs of sale, including without limitation, the
compensation of the real estate professionals, to the extent such
compensation is approved by the Court.   

On Oct. 22, 2020, the Court entered an Order authorizing the Debtor
to engage Link Realty Services, as real estate professional for the
Debtor.  Pursuant to the Contract, Link Realty is the listing
broker for the Contract.  Greenfield & Craun Commercial represents
the Purchaser with respect to the Contract.  Pursuant to the
Contract, Link Realty and Greenfield & Craun Commercial will split
a 5% commission on the sale price, with each being paid a
commission of 2.5% of the sale price, which amount equals $25,000
each for a total of $50,000.  

The Debtor asks authority from the Court to compensate Link Realty
upon consummation of the sale of the Property the sum of $25,000,
as compensation for its services in selling the Property.  In
addition, the Debtor asks authority to authorize payment to
Greenfield & Craun Commercial in the amount of $25,000 pursuant to
the Contract.  It further asks authority to authorize payment of
these amounts from the sale proceeds at closing.

Under the circumstances of the case, and absent any objection to
the proposed sale, cause exists for the Court to make its order
granting the Motion effective immediately upon entry as permitted
by Bankruptcy Rule 6004(h), so that the closing process may proceed
without delay.   

A hearing on the Motion is set for Dec. 17, 2020 at 2:00 p.m. by
Zoom video conference: Meeting identification number 160 201 6340;
URL: https://www.zoomgov.com/j/1602016340.   

A copy of the Agreement is available at
https://tinyurl.com/y5uz5rel from PacerMonitor.com free of charge.

                   About Horton Investments

Horton Investments, LLC, primarily engages in renting and leasing
real estate properties.

Horton Investments filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Va. Case No.
20-50647) on Aug. 28, 2020.  The petition was signed by Nancy B.
Horton, member manager.  The Debtor hired Hoover Penrod, PLC, as
counsel.



IBIO INC: Prices $35 Million Public Offering of Common Stock
------------------------------------------------------------
iBio, Inc. reports the pricing of its underwritten public offering
of approximately 29.7 million shares of its common stock for gross
proceeds of $35.0 million, before deducting the underwriting
discounts and commissions and other estimated offering expenses
payable by iBio.  The offering is expected to close on or about
Dec. 10, 2020, subject to customary closing conditions.  In
addition, iBio has granted the underwriter a 30-day option to
purchase up to approximately 4.4 million additional shares of its
common stock.

Cantor Fitzgerald & Co. is acting as the sole book-running manager
for the offering.  Roth Capital Partners acted as financial advisor
to iBio.

The underwriter may offer the shares from time to time for sale in
one or more transactions on the NYSE American, in the
over-the-counter market, through negotiated transactions or
otherwise at market prices prevailing at the time of sale, at
prices related to prevailing market prices or at negotiated prices.
On Dec. 7, 2020, the last sale price of the shares as reported on
the NYSE American was $1.50 per share.

iBio anticipates using the net proceeds from the offering to
accelerate development of its biotherapeutic and vaccine
candidates, in-licensing of biopharmaceutical assets, including,
but not limited to, those in oncology, fibrotic, and infectious
diseases, and working capital needs and for other general corporate
purposes, including acquisitions and investments in other
businesses.

The securities are being offered by iBio pursuant to a shelf
registration statement on Form S-3 previously filed with, and
declared effective by, the Securities and Exchange Commission.  A
preliminary prospectus supplement and the accompanying base
prospectus related to the offering have been filed with the SEC and
are available on the SEC's website at www.sec.gov.  Copies of the
final prospectus supplement and the accompanying base prospectus
relating to this offering may be obtained, when available, from
Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Avenue,
6th floor, New York, NY 10022; Email: prospectus@cantor.com.

                         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
forsubunit 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 $16.44
million for the year ended June 30, 2020, compared to a net loss
attributable to the company of $17.59 million.  As of Sept. 30,
2020, the Company had $117.25 million in total assets, $37.21
million in total liabilities, and $80.04 million in total equity.


IRONCLAD ENCRYPTION: Hires McGowan & Fowler as Special Counsel
--------------------------------------------------------------
IronClad Encryption Corporation seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire McGowan
& Fowler, PLLC as its special litigation counsel.

The Debtor requires legal assistance in a patent litigation styled
Daniel Lerner v. Ironclad Encryption Corporation and James Doyle
McGraw, No. 2020-23559, in the 127th District Court of Harris
County, Texas.

A contingency fee arrangement was negotiated as the Debtor does not
have sufficient unencumbered funds with which to engage the firm
and pursue litigation.  However, instead of a cash payment of the
contingency fee, the firm has agreed to accept a contingent payment
in the form of preferred
stock that may be converted, at the firm's option, to common
stock.

The Debtor will issue and deliver to the firm 5 shares of a class
of non-voting preferred stock. These shares do not carry with them
shareholder voting powers or management duties and responsibilities
whatsoever. Each share shall be convertible to that number of
freely transferable common shares then representing one percent of
the total outstanding common stock of the Debtor
post-reorganization and at the time of conversion.

McGowan & Fowler is a "disinterested person" within the definition
of Section 101(14) of the Bankruptcy Code on the matters for which
it is to be engaged as special counsel, according to court
filings.

The firm can be reached through:

     Gerald Fowler, Esq.
     Katy Freeway, Suite 103
     Houston, TX 77024
     Tel: 713-722-7500
     Fax: 713-481-8369

               About IronClad Encryption Corporation

Based in Houston, Texas, IronClad Encryption Corporation is engaged
in the business of developing and licensing the use of cyber
software technology that encrypts data files and electronic
communications. Visit https://www.ironcladencryption.com for more
information.

IronClad Encryption sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 20-34332) on August 28,
2020. The petition was signed by J.D. McGraw, president.

At the time of the filing, Debtor had estimated assets of between
$500,000 and $1 million and liabilities of between $1 million and
$10 million.

Judge Christopher M. Lopez oversees the case.

Pendergraft & Simon LLP is Debtor's legal counsel.


K&F CONSTRUCTION: Gets OK to Hire Gentry Tipton as Counsel
----------------------------------------------------------
K&F Construction, Inc. seeks authority from the United States
Bankruptcy Court for the Eastern District of Tennessee to hire
Gentry, Tipton & McLemore, P.C. to handle its Chapter 11 case.

Gentry Tipton will be paid at these rates:

     Attorneys                   $350 per hour
     Law Clerks              $75 to $175 per hour

In the year preceding the filing of the case, the firm received
$25,000 from the Debtor plus $1,717 for the filing fee. From this
amount, $4,012 has been paid to the firm for services between Oct.
5 and Nov. 14, 2020.

Gentry Tipton will also be reimbursed for out-of-pocket expenses
incurred.

Maurice Guinn, Esq., a partner at Gentry Tipton, 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 estate.

Gentry Tipton can be reached at:

     Maurice K. Guinn, Esq.
     Gentry, Tipton & McLemore, P.C.
     P.O. Box 1990
     Knoxville, TN 37901
     Tel: (865) 525-5300
     Fax: (865) 523-7315
     Email: mkg@tennlaw.com

                 About K&F Construction Inc.

K&F Construction, Inc. is a privately held company in the
nonresidential building construction industry.

K&F Construction filed its Chapter 11 voluntary petition (Bankr.
E.D. Tenn. Case No. 20-32553) on Nov. 16, 2020. The petition was
signed by Francis Byrd, president. At the time of filing, the
Debtor disclosed $337,346 in assets and $1,051,791 in liabilities.


Maurice K. Guinn, Esq., at Gentry, Tipton & McLemore, P.C.
represents the Debtor as counsel.


KD BELLE TERRE: Hires NAI Latter as Cooperating Listing Agent
-------------------------------------------------------------
KD Belle Terre, LLC received approval from the U.S. Bankruptcy
Court for the Middle District of Louisiana to employ NAI Latter &
Blum Property Management, Inc. as its cooperating listing agent to
assist in selling Belle Terre Plaza.

The firm's services will include advertising and marketing Belle
Terre Plaza, assisting in the valuation of the property, consulting
various offers, interfacing with other agents and prospective
purchasers, and providing expert testimony.

NAI Latter has agreed to a commission of 20 percent of Dowd CRE's
commission, which is 2.5 percent of the gross sale amount if Belle
Terre sells for between $5 and $10 million.  

Dexter Shill of NAI Latter 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 estate.

NAI Latter can be reached at:

     Dexter "Dex" Shill
     NAI Latter & Blum Property Management, Inc.
     1700 City Farm Drive
     Baton Rouge, LA 70806
     Tel: 225-297-7874
     Email: dexshill@latterblum.com

                   About KD Belle Terre L.L.C.

KD Belle Terre LLC is a single asset real estate debtor (as defined
in 11 U.S.C. Section 101(51B)), whose principal assets are located
at 150 Belle Terre Boulevard, La Place, La.

KD Belle Terre filed a Chapter 11 petition (Bankr. M.D. La. Case
No. 20-10537) on July 29, 2020. In the petition signed by Michael
D. Kimble, manager, the Debtor was estimated to have $1 million to
$10 million in both assets and liabilities.

Sternberg, Naccari & White, LLC serves as the Debtor's bankruptcy
counsel.


KENTUCKY BIOSCIENCE: Plan Exclusivity Extended Thru Dec. 10
-----------------------------------------------------------
Kentucky Bioscience International, LLC's Chapter 11 Small Business
Plan under Subchapter V and Disclosure Statement is due today,
December 11.

The Court has continued the Small Business Subchapter V Initial
Status Conference to December 15 at 2:00 p.m. Eastern Time (1:00
p.m. Central Time) by telephone. Parties to call in at
1-888-684-8852 and use the Access Code 2390218#. Parties are to use
the prompt to bypass the security code. Parties are directed to put
their call on mute until their case is called.

At the December 15 hearing, the Court will also consider requests
by creditor HSF, Inc., and R Hilltop Farm, LLC, to convert the case
from Chapter 11 to Chapter 7.

At the behest of Kentucky Bioscience, Judge Alan C. Stout of the
U.S. Bankruptcy Court for the Western District of Kentucky, Paducah
Division, extended by 30 days the period within which the Debtor
may file a chapter 11 plan through and including December 11.

In seeking an extension, the Debtor said it was unable to engage in
any pre-petition planning because it was abruptly forced into
bankruptcy by the filing of an involuntary petition. As a result of
not having the opportunity to adequately prepare for bankruptcy,
the Debtor began this case in a disadvantaged position.

The Debtor said there are numerous matters that directly impact the
plan that is currently pending before the Court. All of those
matters are scheduled for hearings after the plan deadline has
passed.

According to the Debtor, despite vigorously defending the amount of
their debt in the involuntary petition, creditors have refused to
file proofs of claim to substantiate the debt's amount or secured
status. Rather than obtaining a relatively prompt resolution of
disputed claims through an objection, the Debtor initiated two
adversary proceedings to determine the validity of liens that
purport to encumber nearly all of the Debtor's hemp crop. The
status of those liens is essential in proposing a plan; instead,
adversary proceedings were required to be filed.

The Debtor's landlord filed various motions and initiated an
adversary proceeding regarding administrative claims and liens on
certain equipment.

The Debtor is continuing to generate income and manage its assets
as debtor-in-possession. Most companies do not suddenly find
themselves in bankruptcy court, a company will typically review its
financial prospects, attempt to negotiate with creditors, and
consider alternative options. Once a decision is made to obtain
bankruptcy relief, a prospective debtor and counsel will review
schedules, discuss strategy, and assess potential issues that may
arise. This is often a lengthy process, one that the Debtor will go
through.

                    About Kentucky BioScience

Kentucky BioScience International, LLC is engaged in the business
of growing, harvesting, and selling CBD biomass. Its principal
office is located in Murray, Ky.

On April 4, 2020, an involuntary petition for Chapter 7 (Bankr.
W.D. Ky. Case No. 20-50220) was filed against Kentucky BioScience
by its creditor, R Hilltop Farm, LLC, which is represented by Todd
A. Farmer, Esq.  On June 17, 2020, the court issued an order
converting the case to a Sub-Chapter V of Chapter 11.

Judge Alan C. Stout oversees the case. Kentucky BioScience has
tapped David M. Cantor, Esq., at Seiller Waterman, LLC, as its
legal counsel, and Diane Moats as accountant.



KOLOBOTOS PROPERTIES: Seeks to Hire Mitchell Law Firm as Counsel
----------------------------------------------------------------
Kolobotos Properties LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Texas to employ The Mitchell Law
Firm, L.P. as its legal counsel.

The Debtor requires legal assistance to pursue any causes of action
that the Debtor may have by way of adversary proceedings that would
benefit the bankruptcy estate.

Mitchell Law's hourly rates are:

     Partners           $475
     Associates         $250
     Paralegals      $75 to $125

Gregory Mitchell, Esq., at Mitchell Law Firm, disclosed in court
filings that his firm is disinterested within the meaning of
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Gregory W. Mitchell, Esq.
     The Mitchell Law Firm, L.P.
     1412 Main Street, Suite 500
     Dallas, TX 75202
     Phone: (972) 463-8417

                    About Kolobotos Properties

Kolobotos Properties LLC filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bank. E.D. Texas Case No.
20-42234) on Nov. 2, 2020.  At the time of the filing, the Debtor
had estimated assets of between $500,001 and $1 million and
liabilities of between $100,001 and $500,000.  Judge Brenda T.
Rhoades oversees the case.  The Debtor is represented by Joyce W.
Lindauer Attorney, PLLC.


KRATON POLYMERS: Moody's Assigns B2 Rating on New USD Unsec. Notes
------------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to the new USD
senior unsecured notes to be issued by Kraton Polymers LLC.,
guaranteed by Kraton Corporation (B1 stable). With the proceeds,
Kraton plans to refinance its existing $395 million 7% senior
unsecured notes due April 2025.

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

Assignments:

Issuer: Kraton Polymers LLC (co-issued by Kraton Polymers Capital
Corporation)

Gtd Senior Unsecured Regular Bond/Debenture, Assigned B2 (LGD4)

RATINGS RATIONALE

The B2 rating, which is one notch below Kraton's Corporate Family
Rating, reflects the senior unsecured nature of the new USD notes
and their effective subordination to the company's existing secured
indebtedness, including ABL revolving credit facility and senior
secured EURO term loan.

Kraton's proposed transaction will be approximately net debt
leverage neutral, as almost all the proceeds will be used to repay
the existing 7% notes. This transaction will likely reduce the
company's annual interest expense given the expected lower coupon
of the new USD notes than that of the existing 7% notes.

Kraton's B1 Corporate Family Rating remains well positioned, as its
recent debt repayment, expected free cash flow generation and
prudent financial policy help mitigate the impact of weak demand on
earnings.

Kraton has a good liquidity thanks to its cash balance, expected
free cash flow and its recently amended and extended $300 million
asset-based revolving credit facility due December 2025.

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

The rating could be upgraded if Kraton's adjusted debt/EBITDA is
sustainability below 4.5x. The rating could be downgraded, if
EBITDA margins deteriorate, leverage exceeds 6.0x, or there is a
lack of free cash flow generation.

The principal methodology used in this rating was Chemical Industry
published in March 2019.

Kraton Corporation, headquartered in Houston, Texas, is a major
global producer of styrenic block copolymers (SBCs), which are
synthetic elastomers used in industrial and consumer applications
to impart favorable product characteristics such as flexibility,
resilience, strength, durability and processability. Major end uses
for Kraton's Polymer segment products include personal care
products, packaging and films, medical applications, adhesives,
sealants, coatings, paving, roofing and compounds. In January 2016,
Kraton acquired Arizona Chemical Holdings Corporation, a producer
and seller of pine-based specialty chemicals for use in end-markets
including adhesives, fuel additives and roads, and reports results
from the acquired business under its Chemical segment. The company
generated revenues of about $1.8 billion in 2019. In March 2020,
Kraton sold its Cariflex business to Daelim Industrial Co., Ltd.


LANNETT CO: Moody's Affirms B3 CFR, Outlook Stable
--------------------------------------------------
Moody's Investors Service downgraded Lannett Company, Inc.'s
Speculative Grade Liquidity Rating to SGL-3 from SGL-2. Moody's
also affirmed Lannett's existing ratings including the B3 Corporate
Family Rating, B3-PD Probability of Default Rating (PDR), and
senior secured term loan B rating at B2. The outlook remains
stable.

The downgrade of Lannett's liquidity rating to SGL-3 reflects the
risk associated with Lannett's term loan B maturing in less than
two years (November 2022) and its reduced revolver size. The
company's $125 million revolving credit facility has expired and
the company has instead put in place a $30 million asset-based
revolving credit facility. The SGL-3 also reflects material term
loan amortization of nearly $40 million per year and a muted cash
flow outlook given increased competition on key products, including
fluphenazine.

Despite rising near-term financial leverage due to competition on
fluphenazine and a slower than expected ramp of revenue in a
branded product, Numbrino, the stable outlook reflects Moody's view
that debt repayment and new product launches will result in
declining leverage over the next 12 to 18 months. It also reflects
Moody's expectation that Lannett will be proactive in refinancing
its term loan B well in advance of going current.

Lannett Company, Inc.:

Rating downgraded:

Speculative Grade Liquidity Rating to SGL-3 from SGL-2

Ratings affirmed:

Corporate Family Rating at B3

Probability of Default Rating at B3-PD

Senior secured term loan B at B2 (LGD3)

Outlook Actions:

The outlook remains stable

RATINGS RATIONALE

Lannett's B3 Corporate Family Rating is constrained by high
financial leverage which Moody's expects will rise to about 6.5x
debt/EBITDA by the end of June 2021 (Lannett's fiscal year end).
Moody's expects debt/EBITDA to improve thereafter closer to 6x in
fiscal 2022 assuming debt repayment and contributions from new
products. The rating is also constrained by Lannett's moderate size
with revenues of between $500-$550 million and concentration in the
US generic drug market. Critical to Lannett's ability to reverse
near-term earnings declines will be the cumulative contributions
from higher value new product launches from Lannett's internal and
acquired pipeline and strategic in-licensing deals. Lannett has
several sizeable market opportunities that remain in development
but are several years away. Importantly, Moody's expects Lannett to
generate positive free cash flow over the next 12-18 months.

The SGL-3 reflects Moody's expectation that liquidity will be
adequate over the next 12-15 months. Lannett had $101 million of
cash on Sept. 30, 2020 prior to fully repaying its term loan A
balance of $42 million in November 2020. Mandatory debt
amortization payments on its term loan B are about $40 million per
year until the remaining balance comes due in November 2022. Unless
refinanced, Moody's believes amortization payments will be
manageable for Lannett, but will consume most of its free cash
flow. Moody's forecasts free cash flow at more than $40 million
over the next 12 months. Lannett has a new $30 million asset-based
revolver that expires in December 2023 or 91 days prior to the term
loan if not refinanced. The term loan B has no financial covenants
and the ABL has a springing fixed charge covenant only when
available drops below 15% (less than $4.5 million).

Social risk considerations include Lannett's exposure to the
lawsuit into generic drug price fixing by State Attorneys General.
Lannett is a defendant alongside 33 other pharmaceutical companies
and individuals. There is no set trial date, and Lannett's exposure
to similar civil complaints also remains unresolved.

The B2 rating on the senior secured term loan has a one-notch
positive override factor as compared to the rating from its Loss
Given Default for Speculative-Grade Companies. This reflects
Moody's view that Lannett's capital structure is subject to change
due to the need to refinance its term loan maturing in November
2022.

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

Factors that could lead to a downgrade include if Lannett does not
proactively refinance its term loan B or if liquidity weakens
primarily due to weaker cash flow and lower cash balances. Negative
legal developments related to its exposure to investigations into
alleged generic drug price fixing could also result in a
downgrade.

The ratings could be upgraded if Moody's expects debt/EBITDA to be
sustained below 5 times. Greater certainty related to generic drug
price fixing exposure would likely also be needed.

Lannett Company, Inc. ("Lannett"), headquartered in Philadelphia,
Pennsylvania is a generic drug manufacturer and distributor with
capabilities in difficult-to-manufacture products. Lannett reported
revenues of $545 million for the twelve months ended September 30,
2020.

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


LEVIN FURNITURE: To Reopen 5 Stores in Pennsylvania
---------------------------------------------------
Rick Shrum of Observer Reporter reports that Levin Furniture &
Mattress, a longtime staple along Washington Road, at McMurray,
Pennsylvania, will be moving back into its former location. The
100-year-old company has agreed to lease five Pennsylvania stores
that Loves Furniture and Mattresses bought in the spring.

Loves, which went into business only in March 2020, hastily
announced on Monday, December 8, 2020, that it was leaving those
five locations --– all former Levin stores -- to focus on its
stores in Michigan, where the firm is based. Loves said in a news
release that a local company would take over those stores, without
identifying that firm.

"This is an early Christmas gift for us, our employees and our
customers," said Robert Levin, chairman of the Westmoreland
County-based furniture firm. "We're thrilled to be back in the
community, at a location that is convenient to customers."

Three of those stores are in the Pittsburgh region: Peters, North
Fayette Township and Mount Pleasant. The others are in Altoona and
State College.

Levin closed those Loves locations on Monday and hopes to reopen
the first of them in February 2020.

Robert Levin sold his business to Art Van Furniture in November
2017. Art Van filed for Chapter 11 bankruptcy on March 9, 2020 and
shuttered the Levin stores 11 days later, laying off 1,200
employees as the coronavirus pandemic bore down on Southwestern
Pennsylvania. Loves then acquired the Levin stores through
liquidation and reopened those locations in September 2020.

Now they are back in the Levin family, reacquired by Robert Levin
and his partners, John and Matt Schultz, co-chief executive
officers.

The company again owns 24 locations, the number it had before the
Art Van bankruptcy. It has seven furniture stores and six mattress
stores in the Greater Pittsburgh market, including a mattress store
in the Trinity Point shopping center in South Strabane Township,
which was closed until July 2020.

Overall, the company has 15 stores in Pennsylvania and nine in
Ohio, mainly in the Cleveland area.

"We're in Steelers and Browns country," Robert Levin said,
laughing.

One of the company's primary goals, he said, "is to hire as many
associates back as possible." He also is planning a sale of a large
number of floor samples left by Loves, perhaps in January 2020.

Levin is asking regular customers, and potential new ones, to be
patient for the rebrandings and reopenings. "We won’t be open
immediately," he said. "It will take a while to get the store
accessorized."

He is a third-generation owner of the company, which is based in
South Huntingdon Township, where it also has a distribution center.
The chain's roots likewise are in Westmoreland. Robert's
grandparents, Sam and Jessie Levin, were immigrants who launched
the company in Mount Pleasant in 1920, as a hardware/furniture
store.

Furniture became the main focus there in the '40s, when Sam's son,
Leonard, came on board. Leonard eventually became president, and
under his leadership, the company expanded from that sole location
into a growing chain in 1978.

Leonard died in 1989 and was succeeded by his son, Howard, who was
president for only four years until his passing at age 40. Robert
then took over in 1993.

Now he is back, and so is Levin Furniture & Mattress.

"We're thrilled to be back in the community, pleased to be able to
make it happen," said Robert – who is likewise pleased to be
celebrating a more joyous 100th corporate birthday than was once
anticipated.

               About Levin Furniture and Mattress

Levin Furniture is a Pittsburgh area furniture retailer. The
company was founded in 1920 by Sam and Jessie Levin in Mount
Pleasant, Pennsylvania as a general sales clearance center. In the
1940s, the Levin family phased out other items and began to
concentrate on furniture.

                    About Art Van Furniture

Art Van is a brick-and-mortar furniture and mattress retailer
headquartered in Warren, Michigan. The Company operates 169
locations, including 92 furniture and mattress showrooms and 77
freestanding mattress and specialty locations.  The Company does
business under brand names, including Art Van Furniture, Pure
Sleep, Scott Shuptrine Interiors, Levin Furniture, Levin Mattress,
and Wolf Furniture.

The Company was founded in 1959 and was owned by its founder, Art
Van Elslander, until it was sold to funds affiliated with Thomas H.
Lee Partners, L.P. in March 2017.  As part of this transaction,
THL
acquired the operating assets of the Company and certain real
estate investment trusts, who closed the transaction alongside THL,
acquired the owned real estate portfolio of the Company, and
entered into long-term leases with Art Van. The proceeds from the
sale-leaseback transaction were used to fund the purchase price
paid to the selling shareholders.

Art Van Furniture, LLC, and 12 affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-10553) on March 8,
2020.

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

The Hon. Laurie Selber Silverstein is the case judge.

The Debtors tapped Benesch, Friedlander, Coplan & Aronoff LLP as
counsel.  Kurtzman Carson Consultants LLC is the claims agent.


LRGHEALTHCARE: Attracting Suitors Ahead of Dec. 16 Auction
----------------------------------------------------------
John Koziol of Union Leader Correspondent reports that interest in
LRGHealthcare continues to grow as its bankruptcy auction looms.
Less than a week before it goes up for bankruptcy auction,
LRGHealthcare says there have been 51 inquiries about its assets,
including Lakes Region General and Franklin Regional hospitals.

LRGHealthcare in October 2020 filed for Chapter 11 bankruptcy, with
with a deal to sell the business to Concord Hospital for $30
million, absent higher and better offers.  Concord will open the
Dec. 16, 2020, auction with its $30 million initial bid.

                      About LRGHealthcare

LRGHealthcare -- http://www.lrgh.org/-- is a not-for-profit
healthcare charitable trust operating Lakes Region General
Hospital, Franklin Regional Hospital, and numerous other
affiliated
medical practices and service programs.

LRGH is a community based acute care facility with a licensed bed
capacity of 137 beds, and FRH is a 25-bed critical access hospital
with an additional 10-bed inpatient psychiatric unit. In 2002,
Lakes Region Hospital Association and Franklin Regional Hospital
Association merged, with the merged entity renamed LRGHealthcare.
LRGHealthcare offers a wide range of medical, surgical, specialty,
diagnostic, and therapeutic services, wellness education, support
groups, and other community outreach services.

LRGHealthcare filed a Chapter 11 petition (Bankr. D.N.H. Case No.
20-10892) on October 19, 2020. The petition was signed by Kevin W.
Donovan, president and chief executive officer. At the time of the
filing, the Debtor estimated to have $100 million to $500 million
in both assets and liabilities.

Judge Bruce A. Harwood oversees the case.

The Debtor tapped Nixon Peabody LLP as counsel; Deloitte
Transactions and Business Analytics LLP and Kaufman, Hall &
Associates, LLC as financial advisors; and Epiq Corporate
Restructuring, LLC as claims, noticing, solicitation, and
administrative agent.




LUCKY STAR-DEER: Seeks to Hire Rosen & Kantrow as Counsel
---------------------------------------------------------
Lucky Star-Deer Park LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to hire Rosen & Kantrow,
PLLC as its legal counsel.

Rosen & Kantrow will advise the Debtor of its rights and duties,
oversee the preparation of necessary reports to the courts or
creditors, conduct investigation or litigation and provide other
services in aid of the administration of its estate.

The firm's hourly rates are:

     Associates    $375 - $495
     Partners      $575 - $595

Rosen & Kantrow is disinterested as that term is defined in
Bankruptcy Code Section 101(14), according to court filings.

The firm can be reached thopugh:

     Fred S. Kantrow, Esq.
     Nico G. Pizzo, Esq.
     Rosen & Kantrow, PLLC
     38 New Street
     Huntington, NY 11743
     Phone: 631 423 8527

                  About Lucky Star-Deer Park LLC

Lucky Star-Deer Park, LLC is a single asset real estate as defined
in 11 U.S.C. Section 101(51B) based in Flushing, N.Y.

Lucky Star-Deer Park sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 20-73301) on Oct. 30,
2020.  Myint J. Kyaw, the company's manager, signed the petition.

At the time of the filing, the Debtor had estimated assets of less
than $50,000 and liabilities of between $100,001 and $500,000.

Rosen & Kantrow, PLLC is the Debtor's legal counsel.


LUCKY'S MARKET: Wins Exclusivity Extension Ahead of Plan Hearing
----------------------------------------------------------------
Judge John T. Dorsey has given Lucky's Market Parent Company and
its affiliates a shorter extension of their exclusivity period to
file a chapter 11 plan through and including January 15, 2021, and
solicit acceptances through and including March 1, 2021.

The Debtors originally sought a 90-day extension of the plan
exclusivity period through and including March 1, 2021, and the
solicitation period through April 28, 2021.

At the Debtors' behest, Judge Dorsey previously extended the
Debtor's exclusivity period to file a chapter 11 plan through and
including November 30, 2020, and solicit acceptances through and
including January 28, 2021.

The Debtors have been working with the Unsecured Creditors'
Committee and the Kroger Co., the Debtors' Prepetition Secured
Lender, on formulating a consensual plan of liquidation, and the
Debtors have made substantial progress towards, and intend to
achieve, this objective. The Debtors, the Prepetition Secured
Lender, and the Committee have reached a global settlement that is
encompassed in the liquidating chapter 11 plan that will provide a
return to creditors.

The Debtors said they are on track to obtain approval of the
Disclosure Statement and proceed with soliciting acceptance of the
Plan before the end of the 2020 calendar year, but seek an
extension of the Exclusivity Period and Exclusive Solicitation
Period out of an abundance of caution to stave off any potential
competing plan.

On November 24, 2020, the Debtors filed the First Amended Joint
Chapter 11 Plan of Liquidation and First Amended Disclosure
Statement. On November 24, 2020, the Court approved the Disclosure
Statement.  The hearing to consider confirmation of the Plan has
been set for December 23.

                      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.



MAHONING CONSUMER: Hires Robert O Lampl Law as Counsel
------------------------------------------------------
Mahoning Consumer Discount Company seeks authority from the U.S.
Bankruptcy Court for the Western District of Pennsylvania to hire
Robert O Lampl Law Office as its legal counsel.

The Debtor requires legal assistance to:

     a. administer the Debtor's bankruptcy estate;

     b. represent the Debtor on matters involving legal issues that
are present or are likely to arise in its Chapter 11 case;

     c. prepare any legal documentation;

     d. review reports for legal sufficiency; and

     e. furnish information on legal matters regarding actions and
consequences and provide all necessary legal services connected
with Chapter 11 proceedings, including the prosecution and defense
of any adversary proceedings.

The firm will be paid at these rates:

     Robert O Lampl              $450 per hour
     John P. Lacher              $400 per hour
     Ryan J. Cooney              $300 per hour
     Sy O. Lampl                 $250 per hour
     Paralegal                   $150 per hour

The firm will also be reimbursed for out-of-pocket expenses
incurred.

Robert O Lampl, Esq., 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 estate.

Robert O Lampl can be reached at:

     Robert O Lampl, Esq.
     Robert O Lampl Law Office
     223 Fourth Avenue, 4th Fl.
     Pittsburgh, PA 15222
     Tel: (412) 392-0330
     Fax: (412) 392-0335
     Email: rlampl@lampllaw.com
  
                      About Mahoning Consumer
                         Discount Company

Established in 1925 in Mahoningtown, PA, Mahoning Consumer Discount
Company -- http://mahoningfinance.com-- provides small loans to
railroaders who lived and worked in Mahoningtown.

Mahoning Consumer Discount Company filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Penn.
Case No. 20-23280) on Nov. 23, 2020. The petition was signed by
Suzanne Rearick, manager.  At the time of filing, the Debtor
disclosed $2,338,067 in assets and $1,657,918 in liabilities.

Robert O. Lampl, Esq., at Robert O Lampl Law Office, represents the
Debtor as legal counsel.


MALLINCKRODT PLC: Appointment of Equity Committee Sought
--------------------------------------------------------
The ad hoc committee of equity holders of Mallinckrodt plc asked
the U.S. Bankruptcy Court for the District of Delaware to appoint
an official committee of equity holders in the company's Chapter 11
case.

In its motion, the ad hoc committee criticized the restructuring
support agreement negotiated by the company's management, saying it
increases the management's equity ownership interest in the company
from about 1 percent to 10 percent while it extinguishes 84.6
million shares of common stock held by thousands of individuals.

"Management's self-interested negotiations will result in a massive
benefit to management at the expense of equity upon whose back the
company was built, without equity holders having a seat at the
table to fight or negotiate for themselves," Mallinckrodt's
attorney, Kathleen Miller, Esq., said.

Ms. Miller also argued the RSA provides the management "overly
broad releases and indemnity."

"It is very likely that no one has investigated whether there
may be valid claims against management, yet management wants those
potential claims released," Ms. Miller said.

                     About Mallinckdrodt

Mallinckrodt is a global business consisting of multiple
wholly-owned subsidiaries that develop, manufacture, market and
distribute specialty pharmaceutical products and therapies.  The
company's Specialty Brands reportable segment's areas of focus
include autoimmune and rare diseases in specialty areas like
neurology, rheumatology, nephrology, pulmonology and ophthalmology;
immunotherapy and neonatal respiratory critical care therapies;
analgesics; and gastrointestinal products. Its Specialty Generics
reportable segment includes specialty generic drugs and active
pharmaceutical ingredients.  Visit http://www.mallinckrodt.comfor
more information.

On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware in the U.S. (Bankr. D.
Del. Lead Case No. 20-12522) to seek approval of a restructuring
that would reduce total debt by $1.3 billion and resolve
opioid-related claims against them.

Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of Sept. 25, 2020.

Judge John T. Dorsey oversees the cases.

The Debtors tapped Latham & Watkins LLP and Richards, Layton &
Finger P.A. as their bankruptcy counsel; Arthur Cox and Wachtell,
Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray
LLP as litigation counsel; Torys LLP as CCAA counsel; Guggenheim
Securities LLC as investment banker; and AlixPartners LLP as
restructuring advisor.  Prime Clerk, LLC is the claims agent.


MALLINCKRODT PLC: Committee Hires Cooley LLP as Legal Counsel
-------------------------------------------------------------
The official committee of unsecured creditors of Mallinckrodt plc
and its affiliates seek approval from the U.S. Bankruptcy Court for
the District of Delaware to retain Cooley LLP as its legal
counsel.

The firm will provide these services:

     (a) attend the meetings of the committee;

     (b) review financial and operational information furnished by
the Debtors to the committee;

     (c) analyze and negotiate the budget and the terms and use of
the Debtors' financing;

     (d) assist the committee in negotiations with the Debtors and
other parties in interest on the Debtors' proposed chapter 11 plan
or exit strategy for their Chapter 11 cases;

     (e) confer with the Debtors' management, counsel, financial
advisor and any other retained professional;

     (f) confer with the principals, counsel and advisors of the
Debtors' lenders and equity holders;

     (g) review the Debtors' schedules, statements of financial
affairs and business plan;

     (h) advise the committee as to the ramifications regarding all
of the Debtors' activities and motions before the court;

     (i) review and analyze the Debtors' financial advisors' work
product and report to the committee;

     (j) investigate and analyze certain of the Debtors'
pre-bankruptcy conduct, transactions and transfers;

     (k) provide the committee with legal advice in relation to the
cases;

     (l) prepare various pleadings to be submitted to the court for
consideration and represent the committee in all court proceedings;
and

     (m) perform such other legal services for the committee as may
be necessary or proper in the Debtors' Chapter 11 cases.

Cooley’s hourly rates are:

     Partners            $1,060 - $1,400
     Counsel             $1,015
     Associates          $625 - $970
     Professional Staff  $145 - $355
     Paralegals          $300 - $370

Cooley provided the following in response to the request for
additional information set forth in Paragraph D.1. of the U.S.
Trustee Guidelines:

     -- it has not agreed to any variations from, or alternatives
to, its standard or customary billing arrangements for this
engagement;

     -- none of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case;

     -- the firm has not represented the committee in the 12 months
prepetition; and

     -- the committee has approved the budget and staffing plan for
the first budgeted period from Oct. 30 to Dec. 31, 2020.

Cullen Speckhart, a partner at Cooley, disclosed in court filings
that the firm is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:
   
     Cullen D. Speckhart, Esq.
     Cooley LLP
     1299 Pennsylvania Avenue, NW, Suite 700
     Washington, DC 20004-2400
     Telephone: (202) 842-7800
     Facsimile: (202) 842-7899

                        About Mallinckdrodt

Mallinckrodt is a global business consisting of multiple
wholly-owned subsidiaries that develop, manufacture, market and
distribute specialty pharmaceutical products and therapies.  The
company's Specialty Brands reportable segment's areas of focus
include autoimmune and rare diseases in specialty areas like
neurology, rheumatology, nephrology, pulmonology and ophthalmology;
immunotherapy and neonatal respiratory critical care therapies;
analgesics; and gastrointestinal products. Its Specialty Generics
reportable segment includes specialty generic drugs and active
pharmaceutical ingredients.  Visit http://www.mallinckrodt.comfor
more information.

On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware in the U.S. (Bankr. D.
Del. Lead Case No. 20-12522) to seek approval of a restructuring
that would reduce total debt by $1.3 billion and resolve
opioid-related claims against them.

Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of Sept. 25, 2020.

Judge John T. Dorsey oversees the cases.

The Debtors tapped Latham & Watkins LLP and Richards, Layton &
Finger P.A. as their bankruptcy counsel; Arthur Cox and Wachtell,
Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray
LLP as litigation counsel; Torys LLP as CCAA counsel; Guggenheim
Securities LLC as investment banker; and AlixPartners LLP as
restructuring advisor.  Prime Clerk, LLC is the claims agent.

On October 27, 2020, the Office of the United States Trustee for
Region 3 appointed ane official committee of opioid related
claimants (OCC). The OCC tapped Akin Gump Struss Hauer & Feld LLP
as its lead counsel, Cole Schotz as Delaware co-counsel, Province
Inc., as financial advisor, and Jefferies LLC as investment banker.


MALLINCKRODT PLC: Committee Hires Robinson & Cole as Co-Counsel
---------------------------------------------------------------
The official committee of unsecured creditors of Mallinckrodt plc
and its debtor affiliates seek approval from the U.S. Bankruptcy
Court for the District of Delaware to retain Robinson & Cole LLP.

Robinson & Cole  will serve as co-counsel with  Cooley LLP, the
other firm tapped by the committee as legal counsel in the Debtors'
Chapter 11 cases.

The firm's hourly rate are:

     Natalie D. Ramsey, Partner        $960
     Jamie L. Edmonson, Partner        $840
     Mark A. Fink, Partner             $765
     Michael R. Enright, Partner       $750
     Patrick M. Birney, Partner        $625
     Michael J. Kearney, Jr., Partner  $575
     John D. Cordani, Partner          $550
     Katherine M. Fix, Counsel         $570
     James F. Lathrop, Associate       $475
     Annecca H. Smith, Associate       $300
     Liana Shaw, Paralegal             $380
     Ian D. Densmore, Paralegal        $275

Natalie Ramsey, Esq., a partner at Robinson & Cole, disclosed in a
court filing that she and her firm do not represent any interest
adverse to the Debtors and their estates.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Ms.
Ramsey disclosed that:

     -- Robinson & Cole has not agreed to a variation of its
standard or customary billing arrangements for its employment with
the Debtors;

     -- no professional at Robinson & Cole has varied his rate
based on the geographic location of the Debtors' bankruptcy cases;
and

     -- Robinson & Cole has not represented the Committee in the 12
months prepetition; and

     -- Robinson & Cole is developing a budget and staffing plan
that will be presented for approval by the Committee.

The firm can be reached through:

     Natalie D. Ramsey
     Robinson & Cole LLP
     1000 N. West Street, Suite 1200
     Wilmington, DE 19801
     Phone: 267-386-4815
     Email: nramsey@rc.com

                        About Mallinckdrodt

Mallinckrodt is a global business consisting of multiple
wholly-owned subsidiaries that develop, manufacture, market and
distribute specialty pharmaceutical products and therapies.  The
company's Specialty Brands reportable segment's areas of focus
include autoimmune and rare diseases in specialty areas like
neurology, rheumatology, nephrology, pulmonology and ophthalmology;
immunotherapy and neonatal respiratory critical care therapies;
analgesics; and gastrointestinal products. Its Specialty Generics
reportable segment includes specialty generic drugs and active
pharmaceutical ingredients.  Visit http://www.mallinckrodt.comfor
more information.

On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware in the U.S. (Bankr. D.
Del. Lead Case No. 20-12522) to seek approval of a restructuring
that would reduce total debt by $1.3 billion and resolve
opioid-related claims against them.

Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of Sept. 25, 2020.

Judge John T. Dorsey oversees the cases.

The Debtors tapped Latham & Watkins LLP and Richards, Layton &
Finger P.A. as their bankruptcy counsel; Arthur Cox and Wachtell,
Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray
LLP as litigation counsel; Torys LLP as CCAA counsel; Guggenheim
Securities LLC as investment banker; and AlixPartners LLP as
restructuring advisor.  Prime Clerk, LLC is the claims agent.

On October 27, 2020, the Office of the United States Trustee for
Region 3 appointed ane official committee of opioid related
claimants (OCC). The OCC tapped Akin Gump Struss Hauer & Feld LLP
as its lead counsel, Cole Schotz as Delaware co-counsel, Province
Inc., as financial advisor, and Jefferies LLC as investment banker.


MALLINCKRODT PLC: Committee Taps A&M as Financial Advisor
---------------------------------------------------------
The official committee of unsecured creditors of Mallinckrodt plc
and its affiliates seek approval from the U.S. Bankruptcy Court for
the District of Delaware to retain Alvarez & Marsal North America,
LLC as its financial advisor.

The services to be provided by the firm are as follows:

     (a) Assist in the assessment and monitoring of cash flows,
liquidity and operating results;

     (b) Assist in the review of Court disclosures, including the
schedules of assets and liabilities, the statements of financial
affairs, monthly operating reports and periodic reports;

     (c) Assist in the review of the Debtors' cost/benefit
evaluations with respect to the assumption or rejection of
executory contracts or unexpired leases;

     (d) Assist in the analysis of any assets and liabilities and
any proposed transactions for which court approval is sought;

     (e) Assist in the review of the Debtors' proposed key employee
retention plan and key employee incentive plan;

     (f) Attend meetings with the Debtors, the Debtors' lenders and
creditors, potential investors, the committee and any other
official committees organized in these Chapter 11 cases, the U.S.
Trustee, other parties in interest, and professionals hired by the
same, as requested;

     (g) Assist in the review of any tax issues;

     (h) Assist in the investigation and pursuit of causes of
actions;

     (i) Assist in the review of the non-opioid claims
reconciliation and estimation process;

     (j) Assist in the review of the Debtors' business plan;

     (k) Assist in the review of the sales or dispositions of the
Debtors' assets, including allocation of sale proceeds;

     (l) Assist in the review of the secured lenders' collateral;

     (m) Assist in the valuation of the Debtors' business and
assets, including intellectual property;

     (n) Assist in the review and/or preparation of information and
analysis necessary for the confirmation of a plan in these chapter
11 cases;

     (o) Provide testimony as needed; and

     (p) Render such other general business consulting or such
other assistance as the Committee or its counsel may deem
necessary, consistent with the role of a financial advisor and not
duplicative of services provided by other
professionals in these chapter 11 cases.

The committee has agreed to the following compensation for the
services to be provided by A&M:

     (a) Hourly Rates: A&M will be paid by the Debtors for the
services of A&M professionals at the following hourly rates,
subject to periodic adjustments:

           a. Managing Directors            $900 - $1,150
           b. Directors                       $700 - $875
           c. Associates                      $550 - $675
           d. Analysts                        $400 - $500

     (b) Completion Fee: In addition to the hourly compensation,
A&M will be entitled to compensation in the amount of $1,750,000
(Completion Fee) payable upon the earlier of (x) the confirmation
of a Chapter 11 plan of reorganization or liquidation; and (y) the
sale, transfer, or otherdisposition of all or a substantial portion
of the assets or equity of the Debtors in one or more transactions.
Further, A&M reserves the right to assert that the Completion Fee
is earned and payable upon the conversion of these chapter 11 cases
to cases under chapter 7 of the Bankruptcy Code.

     (c) Expense Reimbursement: A&M will be reimbursed for
reasonable expenses incurred in connection with this engagement
such as travel, lodging, third party duplication, messenger and
telephone charges; reasonable expenses include any reasonable legal
fees incurred for A&M's defense of its retention application and
fee applications submitted in these chapter 11 cases, subject to
Court approval.

Alvarez & Marsal does not represent any other entity having an
adverse interest in connection with Debtors' Chapter 11 cases
pursuant to Bankruptcy Code Section 1103(b).

The firm can be reached through:

     Richard Newman
     Alvarez & Marsal North America, LLC
     540 West Madison Street, Suite 1800
     Chicago, IL 60661
     Tel: +1 312 601 4220
     Fax: +1 312 332 4599
     Email: rnewman@alvarezandmarsal.com

                        About Mallinckdrodt

Mallinckrodt is a global business consisting of multiple
wholly-owned subsidiaries that develop, manufacture, market and
distribute specialty pharmaceutical products and therapies.  The
company's Specialty Brands reportable segment's areas of focus
include autoimmune and rare diseases in specialty areas like
neurology, rheumatology, nephrology, pulmonology and ophthalmology;
immunotherapy and neonatal respiratory critical care therapies;
analgesics; and gastrointestinal products. Its Specialty Generics
reportable segment includes specialty generic drugs and active
pharmaceutical ingredients.  Visit http://www.mallinckrodt.comfor
more information.

On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware in the U.S. (Bankr. D.
Del. Lead Case No. 20-12522) to seek approval of a restructuring
that would reduce total debt by $1.3 billion and resolve
opioid-related claims against them.

Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of Sept. 25, 2020.

Judge John T. Dorsey oversees the cases.

The Debtors tapped Latham & Watkins LLP and Richards, Layton &
Finger P.A. as their bankruptcy counsel; Arthur Cox and Wachtell,
Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray
LLP as litigation counsel; Torys LLP as CCAA counsel; Guggenheim
Securities LLC as investment banker; and AlixPartners LLP as
restructuring advisor.  Prime Clerk, LLC is the claims agent.

On October 27, 2020, the Office of the United States Trustee for
Region 3 appointed ane official committee of opioid related
claimants (OCC). The OCC tapped Akin Gump Struss Hauer & Feld LLP
as its lead counsel, Cole Schotz as Delaware co-counsel, Province
Inc., as financial advisor, and Jefferies LLC as investment banker.


MALLINCKRODT PLC: Committee Taps Dundon as Financial Advisor
------------------------------------------------------------
The official committee of unsecured creditors of Mallinckrodt plc
and its debtor affiliates seek approval from the U.S. Bankruptcy
Court for the District of Delaware to retain Dundon Advisers LLC as
its financial advisor.

The committee requires Dundon Advisers to:

     a. review pleadings relating to opioid, Acthar, antitrust,
asbestos and other mass-tort, class action and environmental
litigation and bankruptcy claims and future loss claims made or
potentially made in relation thereto;

     b. review and track positions and economics of litigation and
litigation-related claims plaintiffs and claimants;

     c. assist with bar date issues relating to litigation and
litigation-related claims;

     d. assist with claims submission and processing issues
relating to litigation and litigation related claims;

     f. review insurance policies covering asbestos related claims
and assist the Committee in dealings with and relating to
carriers;

     g. monitor trial proceedings in relation to or impacting
litigation and litigation-related claims;

     h. communicate with other case constituencies related to
litigation and litigation-related claims;

     i. attend committee meetings as well as broader meetings,
hearings, mediations and other informal and formal proceedings
touching upon litigation and litigation-related claims;

     j. review of opioid and potential asbestos channeling
injunction and opioid trust constructs;

     k.  conduct litigation and litigation-related claims claim
analysis and estimation

     k. advise Committee with respect to Plan treatment of all
classes of litigation and litigation-related claims;

     m. review retention and fee applications of future claim
representative and of financial advisers to any future claims
representative, the official committee of opioid related claimants,
and of ad hoc groups of litigation creditors and support the
committee in developing and asserting its positions with respect to
the foregoing;

     n. assess safe, proper and pro-competitive practices going
forward in the businesses which gave rise to certain of the
litigation and litigation related claims, namely opioid, Acthar and
generics businesses;

     o. analyze and advise the committee in respect of public
policy matters impacting the businesses of the Debtors (including
but not limited those which gave rise to litigation and
litigation-related claims);

     p. advise the committee concerning RSA and disclosure
statement matters;

     q. attend meetings among case stakeholders not touching upon
litigation and litigation related claims, if and as requested by
committee counsel;

     r. assist with other workstreams, as requested by committee
counsel;

     s. present at meetings of the committee as well as meetings
with other key stakeholders and parties;

     t. perform such other advisory services for the committee as
may be necessary or proper in these proceedings; and

     u. provide testimony and reports on behalf of the committee as
and when may be deemed appropriate.

The firm's customary hourly rates are:

     Alex Mazier        $700
     Ammar Alyemany     $400
     April Kimm         $525
     Colin Breeze       $630
     Demetri Xistris    $550
     Eric Reubel        $600
     Harry Tucker       $475
     Heather Barlow     $700
     HeJing Cui         $400
     Irina Zavina-Tare  $675
     Kevin Posner       $400
     Laurence Pelosi    $700
     Lee Rooney         $400
     Matthew Dundon     $750
     Michael Garbe      $600
     Peter Hurwitz      $700
     Phillip Preis      $650
     Tabish Rizvi       $550

In addition, the firm will seek reimbursement for out-of-pocket
expenses incurred.

Matthew Dundon, a principal at Dundon Advisers, disclosed in court
filings that the firm is a "disinterested person" as defined in
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:
   
     Matthew Dundon
     Dundon Advisers LLC
     440 Mamaroneck Avenue, Fifth Floor
     Harrison, NY 10528
     Telephone: (914) 341-1188
     Facsimile: (212) 202-4437
     Email: md@dundon.com

                        About Mallinckdrodt

Mallinckrodt is a global business consisting of multiple
wholly-owned subsidiaries that develop, manufacture, market and
distribute specialty pharmaceutical products and therapies.  The
company's Specialty Brands reportable segment's areas of focus
include autoimmune and rare diseases in specialty areas like
neurology, rheumatology, nephrology, pulmonology and ophthalmology;
immunotherapy and neonatal respiratory critical care therapies;
analgesics; and gastrointestinal products. Its Specialty Generics
reportable segment includes specialty generic drugs and active
pharmaceutical ingredients.  Visit http://www.mallinckrodt.comfor
more information.

On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware in the U.S. (Bankr. D.
Del. Lead Case No. 20-12522) to seek approval of a restructuring
that would reduce total debt by $1.3 billion and resolve
opioid-related claims against them.

Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of Sept. 25, 2020.

Judge John T. Dorsey oversees the cases.

The Debtors tapped Latham & Watkins LLP and Richards, Layton &
Finger P.A. as their bankruptcy counsel; Arthur Cox and Wachtell,
Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray
LLP as litigation counsel; Torys LLP as CCAA counsel; Guggenheim
Securities LLC as investment banker; and AlixPartners LLP as
restructuring advisor.  Prime Clerk, LLC is the claims agent.

On October 27, 2020, the Office of the United States Trustee for
Region 3 appointed ane official committee of opioid related
claimants (OCC). The OCC tapped Akin Gump Struss Hauer & Feld LLP
as its lead counsel, Cole Schotz as Delaware co-counsel, Province
Inc., as financial advisor, and Jefferies LLC as investment banker.


MALLINCKRODT: Opioid Claimants Ask Court Approval for Info Website
------------------------------------------------------------------
Law360 reports that the opioid claimants committee in drugmaker
Mallinckrodt PLC's Chapter 11 case has asked a Delaware bankruptcy
judge for permission to set up a website to share case information
with claimants and for guidelines concerning what information it
can share.   In a motion filed Tuesday, December 8, 2020, the
committee said it needed to share "critical information" with the
opioid claimants it represents but wanted a way to make clear that
confidential and privileged information provided by Mallinckrodt
and other creditors will not be available.

                  About Mallinckdrodt PLC

Mallinckrodt -- http://www.mallinckrodt.com/-- is a global
business consisting of multiple wholly owned subsidiaries that
develop, manufacture, market and distribute specialty
pharmaceutical products and therapies. The company's Specialty
Brands reportable segment's areas of focus include autoimmune and
rare diseases in specialty areas like neurology, rheumatology,
nephrology,  pulmonology and ophthalmology; immunotherapy and
neonatal respiratory critical care therapies; analgesics and
gastrointestinal products. Its Specialty Generics reportable
segment includes specialty generic drugs and active pharmaceutical
ingredients.

As of March 27, 2020, the Company had $10.17 billion in total
assets, $8.27 billion in total liabilities, and $1.89 billion in
total shareholders' equity.

On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware in the U.S. (Bankr. D.
Del. Lead Case No. 20-12522) to seek approval of a restructuring
that would reduce total debt by $1.3 billion and resolve
opioid-related claims against the Company.

Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of Sept. 25, 2020.

Latham & Watkins LLP, Ropes & Gray LLP and Wachtell, Lipton, Rosen
& Katz are serving as counsel to the Company, Guggenheim
Securities, LLC is serving as investment banker and AlixPartners
LLP is serving as restructuring advisor to Mallinckrodt.  Hogan
Lovells is serving as counsel with respect to the Acthar Gel
matter.  Prime Clerk LLC is the claims agent.


MANUFACTURING METHODS: Administrator Unable to Appoint Committee
----------------------------------------------------------------
The U.S. Bankruptcy Administrator for the Eastern District of North
Carolina disclosed in a filing that no official committee of
unsecured creditors has been appointed in the Chapter 11 case of
Manufacturing Methods, LLC.

                  About Manufacturing Methods

Based in Leland, N.C., Manufacturing Methods, LLC primarily
operates in the fabricated structural metal business.

Manufacturing Methods sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.C. Case No. 20-03549) on Nov. 3,
2020. The petition was signed by Hanson O. Peterson, III, manager.
At the time of the filing, Debtor had total assets of $1,538,374
and liabilities of $2,566,409.   Judge David M. Warren oversees the
case.  Butler & Butler, L.L.P. is the Debtor's legal counsel.


MAUSER PACKAGING: S&P Downgrades ICR to 'B-'; Outlook Stable
------------------------------------------------------------
S&P Global ratings lowered its rating on Mauser Packaging Solutions
Holding Co. to 'B-' from 'B'.

The stable outlook reflects S&P's expectation that Mauser's EBITDA
will recover somewhat over the next 12 months, modestly reducing
debt leverage, and that it continue to comfortably cover interest
expense while maintaining adequate liquidity.

Debt leverage will likely remain very high over the next 12 months.
Mauser had very high leverage of about 9x entering the coronavirus
pandemic, partially due to sponsor dividends and large acquisitions
in 2017 and 2018, a financial policy S&P considers a very
aggressive. However, S&P expects adjusted debt to EBITDA of 11x-12x
in 2020 and 9x-11x in 2021. Service of its onerous $5.7 billion S&P
Global Ratings-adjusted debt load, which requires more than $300
million annually, prevents the company from generating enough free
operating cash flow (FOCF) to repay a significant amount of debt,
despite generally low capital expenditure (capex) and working
capital requirements. Considering its limited scope for debt
repayment from free cash flow, higher profitability remains
Mauser's mostly likely path to deleverage. Volumes and
profitability will probably trough this quarter or next--the first
and fourth quarters are typically the seasonal low point--before
improving somewhat through the remainder of 2021.

A slow recovery in Mauser's most cyclical end markets throughout
2021 will likely cause profitability to improve gradually
throughout the year. As production volumes increase, Mauser's
profitability should benefit from the procurement-related synergies
of its platform optimization initiative and better manufacturing
efficiency.

S&P said, "However, we expect large packaging demand to improve
only slowly over the next 12 months. The North American economic
environment remains fragile, and we forecast activity in cyclical
end markets such as oil, gas, aviation, and general industrial will
improve gradually during 2021." Furthermore, although Mauser
generally passes along resin cost increases through contractual
mechanisms within 30-60 days, this lag will weigh on profitability
if input prices continue to rise in 2021."

Production challenges will likely remain a volume headwind through
the first half of 2021. Demand in do-it-yourself home repair and
painting, cleaning and sanitization, pharmaceuticals, and medical
waste end markets will likely remain solid over the next year, as
these end markets benefit from the pandemic.

S&P said, "However, we believe sales of small metal packaging, such
as aerosol cans and paint buckets, will underperform demand due to
manufacturing constraints. We expect the company to adjust
production runs to enhance capacity throughout 2021, realizing most
of the benefits during the second half of the year."

After a tough 2020, Mauser's reconditioning segment will likely see
the largest improvement next year. The company's oil and gas,
petrochemical, and general industrial reconditioning customers
suffered a significant decrease in activity during 2020. Although
these customers needed fewer containers, many prevented Mauser from
entering their facilities for pandemic-related safety reasons,
reducing the supply of containers for recondition. S&P believes
such restrictions will ease during 2021 making more containers
available and improving segment volumes. However, the segment's
exposure to cyclical end markets, including oil and gas, is
significant, and soft demand will likely remain a headwind over the
next 12 months.

S&P said, "Although we believe Mauser's elevated debt leverage
profile pressures its capital structure, we believe the company's
ability to improve credit metrics supports our view that its
capital structure is sustainable. Mauser will likely need to
significantly deleverage before addressing refinancing requirements
well in advance of 2024 maturities. However, we forecast demand
trends across the company's end markets and its operating
performance will improve throughout 2021, allowing it to reduce its
debt burden over time. We see limited further impact on credit
metrics from pressure in volumes and profitability and believe
Mauser's capital structure is sustainable considering our
expectation for positive adjusted free cash flow."

Outlook

The stable on Mauser outlook reflects S&P's expectation that debt
leverage will remain very high, but that EBITDA will increase over
the next 12 months driving a modest reduction in leverage to
9x-11x, and that the company will continue to comfortably cover
debt service while maintaining adequate liquidity.

Downside scenario

S&P could lower its rating on Mauser if operating performance
remains weak with little improvement, causing it to view its
capital structure as unsustainable or its liquidity position as
stressed as demonstrated by:

-- S&P Global Ratings-adjusted EBITDA to interest to decreasing
below 1.5x;

-- Negative S&P Global Ratings-adjusted FOCF; or

-- S&P Global Ratings-adjusted debt to EBITDA, which remains
elevated near current levels.

Upside scenario

While less likely in the next 12 months, S&P could upgrade Mauser
if end-market demand recovers more strongly, and manufacturing and
procurement efficiencies progress more quickly than S&P expects,
causing:

-- S&P Global Ratings-adjusted EBITDA to interest to increase
significantly above 1.5x;

-- S&P Global Ratings-adjusted debt to EBITDA to improve below 8x
and S&P believes its financial policy supports the improved debt
leverage such that and it will remain below this level, including
shareholder rewards and acquisitions; and

-- The company's debt maturity profile to improve.


MERITAGE HOMES: Moody's Upgrades CFR to Ba1 on Debt Repayment
-------------------------------------------------------------
Moody's Investors Service upgraded Meritage Homes Corporation's
Corporate Family Rating to Ba1 from Ba2, Probability of Default
Rating to Ba1-PD from Ba2-PD, and the company's senior unsecured
notes ratings to Ba1 from Ba2. The SGL-2 Speculative Grade
Liquidity Rating is maintained. The outlook is stable.

The rating action reflects the progress Meritage has made in
deleveraging through debt repayment and earnings growth,
improvement in interest coverage, and an increase in revenue. As of
Sept. 30, 2020, Meritage's total debt to capitalization stood at
32.4%, with homebuilding interest coverage at 7.6x. Moody's expects
robust growth in Meritage's operating scale in 2022 given solid new
order booking trends and its planned new community openings in
2021.

"Moody's expects strong credit metrics to be maintained in line
with Meritage's conservative financial policies over the next 12 to
18 months as the company benefits from robust demand for
entry-level homes fueled by favorable demographic fundamentals and
its strong market position within this product category," says
Natalia Gluschuk, Moody's Vice President -- Senior Analyst.

The stable outlook reflects Moody's expectation that over the next
12 to 18 months Meritage will operate conservatively, maintain a
good liquidity profile, and benefit from favorable conditions in
the homebuilding sector, including constrained supply of homes and
low-interest rates.

The following rating actions were taken:

Issuer: Meritage Homes Corporation

Upgrades:

Corporate Family Rating, Upgraded to Ba1 from Ba2

Probability of Default Rating, Upgraded to Ba1-PD from Ba2-PD

Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1 (LGD4)
from Ba2 (LGD4)

Maintained:

Speculative Grade Liquidity Rating, Maintained at SGL-2

Outlook Actions:

Outlook, Remains Stable

RATINGS RATIONALE

Meritage's Ba1 Corporate Family Rating reflects the company's: 1)
strong market position within entry-level and first move-up
homebuyer categories, including through its LiVE.NOW homes; 2)
product strategy focus that is expected to benefit from the demand
of millennial and baby boomer population cohorts in the next few
years; 3) geographic diversity and good market positions within its
individual regional markets; and 4) Moody's consideration of
governance factors including prudent balance sheet management with
a demonstrated conservative approach to debt leverage, which is
expected to be maintained given the company's net debt to cap
target of below 30%.

At the same time, the company's credit profile is constrained by:
1) exposure to gross margin pressure from increasing costs of land,
labor and building materials; 2) Moody's expectation that the
company will operate with a high proportion of speculative homes in
production; 3) an owned land supply of approximately 60% of total
(representing 2.5 years of supply from 4.4 year total), subjecting
the company to a risk of impairment charges during a weak market
environment; 4) Moody's expectation of negative cash flow from
operations as the company invests in growth in 2021; and 5) the
cyclicality of the homebuilding industry and exposure to protracted
declines.

Meritage's SGL-2 Speculative Grade Liquidity rating reflects
Moody's expectation for a good liquidity profile over the next
12-15 months, supported by a robust cash balance of $610 million at
September 30, 2020, available capacity under its $780 million
revolving credit facility expiring in July 2023, which Moody's
expects to be largely undrawn, and significant cushion under
financial covenants. However, liquidity is somewhat constrained by
Moody's expectation of negative cash flow from operations as the
company invests in growth of new communities.

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

Factors that could lead to an upgrade include:

  -- Stability of economic and homebuilding industry conditions

  -- Significant increase in size, scale, and geographic
diversification

  -- Maintenance of strong credit metrics, including homebuilding
debt to book capitalization below 35% and EBIT interest coverage in
the high single digits, on a sustained basis.

  -- Maintenance of a very good liquidity position, including
strong free cash flow generation

  -- Conservative financial policies and a demonstrated commitment
to attaining and maintaining an investment-grade rating, both to
Moody's and to the debt capital markets.

Factors that could lead to a downgrade include:

  -- The company begins generating net losses, recognizes major
impairment charges, experiences meaningful gross margin
compression, or sees liquidity weaken

  -- Debt leverage approaching 45% or interest coverage weakening
below 5.0x

  -- Aggressive financial policies with respect to
shareholder-friendly actions or land investments

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Meritage Homes Corporation, founded in 1985 and headquartered in
Scottsdale, Arizona, is the eighth largest rated US homebuilder,
based on LTM revenues. The company primarily builds single-family
detached and, to a lesser extent, attached homes. Meritage operates
in three regions (West, Central, East), covering 18 markets in
Arizona, California, Colorado, Texas, Florida, Georgia, North
Carolina, South Carolina, and Tennessee. Product offerings include
largely entry-level and first move-up homes, and to a lesser degree
active adult and luxury homes. Total revenues and net income for
the LTM period ended Sept. 30, 2020 were approximately $4.2 billion
and $375 million, respectively.


MI WINDOWS: S&P Rates New $750MM Term Loan 'B+'; Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating on Gratz,
Pa.-based MI Windows and Doors LLC (MIWD), which is pursuing
financing consisting of a new $150 million asset-based lending
facility (ABL) and a new seven-year $750 million term loan B. The
outlook is being revised to stable from negative due to current
market strengths and demand backlog.

At the same time, S&P assigned its 'B+' issue-level and '3'
recovery ratings to the company's proposed $750 million first-lien
term loan B. The recovery rating indicated S&P's expectation for
meaningful (50%-70%; rounded estimate: 65%) recovery in the event
of a payment default.

MIWD is pursuing financing consisting of a new $150 million
asset-based lending facility (ABL) and a new seven-year $750
million term loan B.

The proposed capital structure will result in MIWD's S&P Global
Ratings-calculated debt leverage rising to over mid-5x in 2021.  
This could lead to adjusted debt to EBITDA in the mid-5x area (down
from previous forecast of about 6x amid the pandemic) and its funds
from operations to debt in the 10%-12% range at the end of 2021.
MIWD's net debt will increase to over $1 billion in 2021 from $998
million, including adjustments, which will fund a portion of MIWD
acquisition strategy. As part of this transaction, MIWD will issue
a $150 million ABL credit facility due 2025 (undrawn at close) and
a $750 million first-lien term loan B due 2027.

Koch Equity Development currently has a preferred equity stake of
$409.5 million on a GAAP basis, a position that S&P Global Ratings
views as debt in its ratio calculations, resulting in a leverage
uptick of roughly 2x. S&P expects MIWD's EBITDA to cash interest
coverage will be at the higher end of the 3x area.

Tailwinds from end markets coupled with investments in growth
initiatives will aid mid-single-digit-percent EBITDA growth over
the next 12-18 months.  Pro forma for the financing and
acquisition, S&P anticipates MIWD's annual sales could potentially
increase 8%-10% in 2021. Demand for homebuilding and repair and
remodeling projects has remained resilient through the recession,
as well as the company has a strong order backlog which will
facilitate further growth. The shift to suburban homes, combined
with low mortgage rates, has fueled residential construction. Also,
increased time spent at home, higher home equity values, and
increased consumer spending on home improvements have contributed
to increased remodeling activities. Although S&P expects demand
conditions and prices to moderate, MIWD's residential segment will
still be above historical levels for the next few quarters.

MIWD remains the second-largest vinyl window company in a highly
cyclical market with stiff competition.   MIWD's above average
EBITDA margins in the 17%-18% range are better than those of rivals
Cornerstone Building Brands Inc., the leading company in the U.S.
market, and another major competitor, Jeld-Wen Inc. This is due to
MIWD's better operating efficiency, partial vertical integration
(the company extrudes its own vinyl, fiberglass, as well as tempers
its glass). The company also has a geographically diverse
manufacturing and distribution footprint that helps it maximize its
freight efficiency. The company operates 10 manufacturing
facilities and four internal supply facilities across the U.S., and
its end markets comprise about 52% new residential versus 48%
residential repair and remodel (R&R). The top 10 customers
contribute 34% of sales, which represents moderate customer
concentration.

S&P said, "The stable outlook on MIWD reflects our expectation of
high-single-digit-percent revenue growth and stable EBITDA margins
that reduce debt to EBITDA to mid 5x over the next 12 months. We
expect steady demand in residential window markets will allow for
about $10 million in synergies and continued deleveraging to about
5x in 2021."

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

-- The recovery in the U.S. economy slows down, and EBITDA
declines by more than 20%, resulting in leverage above 6x; and

-- Based on current leverage expectations there is about a half
turn of cushion between projected debt leverage, which could lead
to a lower rating.

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

-- MIWD generates significant EBITDA from recent acquisitions and
incremental demand such that debt leverage could be sustained below
4x; and

-- MIWD further improves its EBTIDA margins by roughly 200 basis
points.


MURRAY METALLURGICAL: UMWA Appeals Plan Confirmation
----------------------------------------------------
UMWA 1974 Pension Plan and Trust, and UMWA 1993 Benefit Plan have
taken an appeal under 28 U.S.C. section 158 from the order of the
U.S. Bankruptcy Court for the Southern District of Ohio confirming
the Chapter 11 exit plan of Murray Metallurgical Coal Holdings and
its affiliates.

Bankruptcy Judge John E. Hoffman, Jr., on November 25, 2020, issued
his Findings of Fact, Conclusions of Law, and Order Confirming the
Debtors' Third Amended Joint Plan.

With respect to the 1974 employee pension plan, the Confirmation
Order provides that "Notwithstanding any release, settlement,
satisfaction, compromise, discharge, exculpation, enjoining,
injunction, or similar provision provided for herein, including
those contained in this Article VIII, or the Confirmation Order,
any such release, settlement, satisfaction, compromise, discharge,
exculpation, enjoining, injunction, or similar provision will not
enjoin, preclude, or limit the United Mine Workers of America 1974
Pension Plan and Trust (the "1974 Plan") from pursuing any or all
claims or causes of action that the 1974 Plan may assert in its own
right against Released Parties other than the Debtors, the Estates,
the Prepetition Term Loan Agent, the Prepetition Term Loan Lenders,
Javelin Global, Javelin Investments, the DIP Agents, the DIP
Lenders, the Plan Administrator, the Winning Bidder, the
subsidiaries of the Winning Bidder [for debtor Murray Oak Grove
Coal, LLC's assets], the MEC DIP Term Lenders, and the Wind Down
Trust arising from or related to the withdrawal from the 1974 Plan
by Murray Energy Corporation or any of its subsidiaries or
affiliates. For the avoidance of doubt, each of the Released
Parties and Exculpated Parties shall receive the Debtor Release and
exculpation provided for under Article VIII of this Plan; provided,
however, that nothing shall limit the 1974 Plan’s claims in
connection with the withdrawal by Murray Energy Corporation or any
of its subsidiaries or affiliates from the 1974 Plan (other than
claims held by the 1974 Plan against the Debtors, which shall be
treated in accordance with this Plan)."

The Confirmation Order also provides that "For the avoidance of
doubt, the Participation Agreement, dated 05/22/2019 between the
United Mine Workers of America 1993 Benefit Plan and Trust and
Murray Oak Grove Coal, LLC (the "Participation Agreement"), shall
be assumed and assigned to NewCo pursuant to the Plan, who shall be
substituted for the Debtors as a party to the Participation
Agreement and shall assume all rights, responsibilities,
liabilities, and obligations under the Participation Agreement;
provided, however, that other than a Liability that arises under
the Participation Agreement, in no event shall any Liability,
relating to or with respect to the UMWA 1974 Pension Plan and Trust
or the UMWA 1993 Benefit Plan (or any predecessors or successors to
such plans) be, or be deemed to be, an Assumed Liability (as
defined in the Stalking Horse APA)."

Judge Hoffman previously granted the Debtors' request to extend by
60 days their exclusive right to file a Chapter 11 plan through and
including December 7, 2020, and their exclusive right to solicit
acceptances to the plan, through and including February 5, 2021.

The Debtors said a 60-day extension of the Exclusivity Periods will
allow them to finalize and consummate their restructuring without
the risk of competing plans being filed, and for the benefit of
Debtors' estates, their creditors, and all other key parties in
interest. In addition, the prepetition term loan lenders, Murray
Energy, the Unsecured Creditors' Committee, Javelin Investments,
and Javelin Global support the requested extension of the
Exclusivity Periods.

            About Murray Metallurgical Coal Holdings

Murray Metallurgical Coal Holdings and its affiliates are engaged
in the mining and production of metallurgical coal.  They own and
operate two active coal mining complexes and other assets in
Alabama and West Virginia.

On Feb. 11, 2020, Murray Metallurgical Coal Holdings and five
affiliates each filed a voluntary Chapter 11 petition (Bankr. S.D.
Ohio Lead Case No. 20-10390).  Murray Metallurgical was estimated
to have $100 million to $500 million in assets and liabilities as
of the bankruptcy filing.
  
Judge John E. Hoffman, Jr. oversees the cases. The Debtors have
tapped Proskauer Rose LLP as legal counsel, Evercore Group LLC as
an investment banker, Alvarez & Marsal LLC as a financial advisor,
Prime Clerk LLC as claims agent, and Hilco Valuation Services LLC
as valuation expert.

The U.S. Trustee for Regions 3 and 9 appointed a committee of
unsecured creditors on Feb. 25, 2020.  The committee has tapped
Lowenstein Sandler LLP and Wickens Herzer Panza as its legal
counsel, and Berkeley Research Group, LLC as its financial
advisor.

As of August 4, 2020, the U.S. Trustee for Regions 3 and 9
disclosed in a court filing that, C & A Cutter Head, Inc. and
United Central Ind. and Supply Co. LLC are the remaining members of
the official committee of unsecured creditors and Joy Global and
IDC Industries, Inc. left the committee.



MUSEUM OF AMERICAN JEWISH: Has to Revise Plan After Valuation
-------------------------------------------------------------
Daniel Gill of Bloomberg Law reports that the Museum of American
Jewish History has to go back to the drawing board for proposing a
reorganization plan after a bankruptcy judge concluded that its
property value is about ten times what the museum asserted.

The Philadelphia-based museum and its key creditors told Judge
Magdeline D. Coleman the U.S. Bankruptcy Court for the Eastern
District of Pennsylvania Wednesday, December 9, 2020, that the
proposed plan can't be confirmed because the court previously ruled
that the museum's value, for purposes of plan consideration, is $66
million.

The museum had asserted that the value wasn't more than $10.5
million.

                About Museum of American Jewish History
           d/b/a National Museum of American Jewish History

The Museum of American Jewish History -- https://www.nmajh.org/ --
is a Pennsylvania non-profit organization which operates the
National Museum of American Jewish History, the only museum in the
nation dedicated exclusively to exploring and interpreting the
American Jewish experience. The museum presents educational and
public programs that preserve, explore and celebrate the history of
Jews in America. The museum was established in 1976 and is housed
in Philadelphia's Independence Mall.

On March 1, 2020, Museum of American Jewish History sought Chapter
11 protection (Bankr. E.D. Pa. Case No. 20-11285). The Debtor was
estimated to have $10 million to $50 million in assets and
liabilities. Judge Magdeline D. Coleman oversees the case. The
Debtor tapped Dilworth Paxson, LLP, as its legal counsel and
Donlin, Recano & Company, Inc., as its claims agent.






NABORS INDUSTRIES: S&P Lowers Guaranteed, Unsecured Notes to 'D'
----------------------------------------------------------------
S&P Global Ratings lowered the issue-level ratings on Nabors
Industries Ltd.'s 5.5% senior notes due 2023, 5.1% senior notes due
2023, 5.75% senior notes due 2025, 7.25% senior guaranteed notes
due 2026, and 7.5% senior guaranteed notes due 2028 to 'D' from
'CC', following completion of a below-par debt exchange that the
rating agency views as distressed. As part of an earlier exchange,
the issue-level ratings on Nabors' 0.75% exchangeable notes due
2024 were lowered to 'D'.

Nabors completed the exchange of $380.2 million aggregate principal
amount, or approximately 27.6% of the $1.38 billion of notes
subject to the exchange offer, for approximately $175.7 million
aggregate principal amount of new 9% senior priority guaranteed
notes.

Prior to this exchange, Nabors completed a private transaction in
which it exchanged $115 million aggregate principal amount of its
0.75% senior exchangeable notes due 2024 for $50.5 million
aggregate principal amount of 6.5% senior priority guaranteed notes
due 2025.

The issuer credit rating on Nabors remains 'SD'. S&P will rerates
the company in the near term taking into account the new capital
structure.


NAVISTAR INT'L: Moody's Affirms B2 CFR; Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service affirmed Navistar International Corp.'s
ratings including its B2 Corporate Family Rating, B2-PD Probability
of Default Rating, B2 third lien secured notes and B3 senior
unsecured rating. Moody's also affirmed the rating of its major
operating subsidiary, Navistar, Inc. with senior secured term loan
at Ba2 and the industrial revenue bonds at B3. The outlook has been
changed to stable from negative and the SGL-3 Speculative Grade
Liquidity Rating is unchanged.

The affirmation of Navistar's ratings and the stable outlook
reflect the company's improving prospects for 2021 given the
stabilization in the heavy-duty trucking market, and adequate
liquidity position with approximately $1.6 billion of cash as of
July 31, 2020.

Traton SE has agreed to purchase Navistar, with a closing
anticipated sometime in mid-2021 subject to normal regulatory
approvals. Should Navistar's debt be repaid upon the closing or if
Navistar will not provide sufficient financial information or if
Traton does not provide sufficient support for the debt, Moody's
would withdraw Navistar's ratings.

The following ratings are affected by the actions:

Ratings Affirmed:

Issuer: Navistar International Corp.

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

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

Senior Unsecured Regular Bond/Debenture, Affirmed B3 (LGD5)

Issuer: Navistar, Inc.

Senior Secured Bank Credit Facility, Affirmed Ba2 (LGD2)

Issuer: Illinois Finance Authority

Senior Unsecured Revenue Bonds, Affirmed B3 (LGD5)

Outlook Actions:

Issuer: Navistar International Corp.

Outlook, Changed To Stable From Negative

Issuer: Navistar, Inc.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Navistar's ratings reflect its long-term exposure to the cyclical
north American trucking market, very high financial leverage with
debt to EBITDA expected to be over 10x at year-end, and the
negative impact to demand from the coronavirus outbreak, which will
pressure earnings and cashflow into 2021. However, Navistar is a
leading producer of medium and heavy-duty trucks, has adequate
liquidity (improved since the beginning of the year with cash from
a $600 million bond issuance), and has continued operational
progress including improved market share, reduced warranty expense
and lowering its cost structure which will allow Navistar to remain
solidly competitive despite the demand headwinds it has faced.
Moody's believes that Navistar's operational improvements, along
with its adequate liquidity profile, will provide it with the
resources needed to improve its performance in 2021 when demand is
expected to rebound.

Navistar's operational progress is also shown through the success
it has achieved from the engineering and cost sharing joint-venture
with Traton SE, which held an approximate 17% ownership interest in
Navistar. Traton SE's planned acquisition of Navistar will result
in Navistar benefitting from being part of a larger and
well-capitalized company. Furthermore, there should be procurement
savings and more efficient research and development investments
related to powertrain and emissions systems.

Navistar's liquidity is adequate with $1.6 billion of cash as of
July 31, 2020 along with less than $100 million of debt maturing
over the next 12 months. Navistar is likely to complete 2020 with
negative free cash flow of about $500 million, and still be
modestly negative in 2021. Navistar has a $125 million ABL facility
that is generally used for issuing letters of credits.

The Ba2 senior secured term loan rating at Navistar Inc., the major
operating subsidiary of Navistar, reflects the obligation's first
priority lien on the majority of Navistar's operating assets. The
B3 rating of Navistar International's unsecured notes, one notch
below the CFR, benefits from a Navistar Inc. guarantee but the most
junior claim of the liabilities.

The B2 rating of Navistar International's $600 million of
third-lien secured notes (now effectively second-lien following the
October 2020 extinguishment of the 2nd lien position of the
Industrial Revenue Bonds) reflects an upstream guarantee from
Navistar Inc., and a priority of claim position that is junior to
the Ba2 rated senior secured term loan but ahead of the senior
unsecured. The claim is effectively a second priority after the
senior term loan after release of certain collateral that supported
industrial development bonds. The B2 rating reflects a one-notch
downward override of the Loss Given Default outcome given the
relative expected recovery.

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

The stable outlook reflects expectations that Navistar will
continue to strengthen its competitive position and improve its
credit metrics over the next 12-18 months while sustaining an
adequate liquidity profile.

Navistar's ratings could be downgraded if the company is not on
track to restoring 2019-level financial metrics by 2021. Factors
that would contribute to a downgrade include: 1) a cash burn that
exceeds $500 million during 2020; 2) market share erosion in key
product segments; or 3) any material weakening in the company's
liquidity profile.

The ratings could be upgraded if the company is on a clear
trajectory to achieve the following metrics: EBITA margins above
7%, debt to EBITDA sustained below 5x and EBITA/Interest above 3x.
Specific support from Traton of the Navistar debt could also lead
to an upgrade of the debt ratings.

Navistar's primary ESG risk is environmental due to its exposure to
increasingly burdensome emissions regulations covering its trucks
and buses. The company continues to make the investments necessary
to remain in compliance with these regulations. The company's
governance practices have enabled it to pursue successful operating
strategies and prudent financial policies.

Navistar International Corp. is one of the largest manufacturers in
the US and Canadian market for buses, medium, severe service, and
heavy-duty trucks. The company generated approximately $8 billion
in revenues (excluding financial services) during the last twelve
months ending July 31, 2020.

The methodologies used in these ratings were Manufacturing
Methodology published in March 2020.


NCL CORP: S&P Places 'B+' Issuer Credit Rating on Watch Negative
----------------------------------------------------------------
S&P Global Ratings placed all ratings on global cruise operator NCL
Corp. Ltd., including its 'B+' issuer credit rating, on CreditWatch
with negative implications.

S&P believes global cruise operator NCL Corp. Ltd.'s recovery will
take longer than previously expected because of a slower resumption
of operations because NCL recently extended the suspension of its
sailings through February 2021 for the Norwegian brand and March
2021 for the Regent Seven Seas and Oceania brands, which is beyond
our previous assumption.

Accordingly, S&P expects NCL to burn more cash relative to its
previous expectations and for leverage to remain very high in
2021.

The CreditWatch placement follows the extended suspension of NCL's
sailings through February 2021 for the Norwegian brand and March
2021 for the Regent Seven Seas and Oceania brands, later than our
prior assumption that sailings would be suspended through the end
of 2020. S&P said, "As a result, we expect 2021 credit measures and
operating cash flow generation will be even weaker, and more
negative, than our already anticipated very weak levels.
Furthermore, we believe there is heightened risk as to NCL's
ability to significantly improve credit measures to more manageable
levels in 2022."

S&P previously assumed that global cruise operators would resume
operations in a phased manner at significantly reduced occupancy
levels late in the fourth quarter of 2020 upon the expiration of
the No Sail Order from the Centers for Disease Control and
Prevention (CDC). However, the larger global cruise operators have
extended the suspension of the majority of sailings through most of
the first calendar quarter of 2021 as they handle the
implementation of new protocols and guidelines contained in the
CDC's Conditional Sail Order (CSO).

The CSO creates phases for the resumption of cruising, including:

-- The requirement for operators to have the ability and capacity
to administer widespread testing for guests and crew,

-- Simulated trial sailings to test the overall effectiveness of
health and safety protocols,

-- Evaluation and certification on a ship-by-ship basis, and

-- A phased resumption of revenue-generating voyages.

Although many of these phases can run concurrently, the
commencement of trial sailings, certification of ships and the
timing of the resumption of revenue-generating voyages remain
highly uncertain.

S&P said, "Furthermore, while we believe resuming operations in a
phased manner might help operators better align supply and demand,
target easily accessible homeports and better manage itineraries,
customers might find the itineraries less desirable because, in our
view, destinations and the length of itineraries operators are able
to offer might be limited due to continued port closures and local
government and health authority restrictions. This could pressure
pricing, particularly on initial voyages where pricing will already
be hurt by short booking windows because tickets will also likely
be sold close to sailing. Additionally, even when sailings do
resume, we believe that cruise operators will continue to face
heightened risks of additional suspensions in the absence of a
widely available vaccine or effective treatment, which could be
around mid-2021 under our base-case assumptions."

These factors will result in a longer period of cash burn for
cruise operators and very high leverage in 2021. There remains a
high degree of risk as to NCL's ability to ramp EBITDA generation
over the next year to a level that would support significant
deleveraging and improvement in operating cash flow generation into
2022.

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

-- Health and safety factors

S&P said, "The CreditWatch listing reflects the heightened
likelihood that we will lower our rating within the next few months
given a high degree of uncertainty as to NCL's recovery path and
its ability to substantially improve leverage in 2022 from what
will likely be unsustainable levels in 2021. The CreditWatch
listing also reflects the delay in the restart of cruises in many
markets, the potential for further suspensions even when operations
do resume, and the possibility the pandemic could alter consumers'
demand for travel and cruising over the longer term because of
concerns around contracting the coronavirus.

"In resolving the CreditWatch listing, we plan to incorporate our
updated views for the timeframe of the resumption of sailings into
our forecast, including management's plans to adhere to the CDC's
CSO and what options they may have to improve their profitability
and cash flow. We will also assess the impact of NCL's recent
equity issuance on the company's liquidity position and credit
measures. We will look to address the CreditWatch listing on NCL
within the next several weeks."


NEIMAN MARCUS: Bankruptcy Judge Brands Former Lawyer as 'Thief'
---------------------------------------------------------------
Law360 reports that a Texas bankruptcy judge Thursday, December 10,
2020, signed off on a settlement between bankrupt retailer Neiman
Marcus and a fund principal and ex-BigLaw attorney accused of
interfering with the retail chain's Chapter 11 asset sale, but not
before calling him a "thief" while delivering an angry lecture from
the bench.

At a virtual hearing U.S. Bankruptcy Judge David Jones said Dan
Kamensky had tainted the bankruptcy process and said he had second
thoughts about approving the settlement after rebuking Kamensky for
speaking to another party as he was being addressed. "The court
believes you to be a thief, a person of the lowest character."

                  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.






NESCO HOLDINGS: S&P Places 'CCC+' ICR on CreditWatch Positive
-------------------------------------------------------------
S&P Global Ratings placed all of its ratings on NESCO Holdings
Inc., including its 'CCC+' issuer credit ratings on the company and
its subsidiary Capitol Investment Merger Sub 2 LLC, on CreditWatch
with positive implications.

The CreditWatch placement follows NESCO Holdings Inc.'s
announcement that it has signed a definitive agreement to acquire
Custom Truck One Source L.P. for $1.475 billion. S&P said, "We
expect the transaction will close in the first quarter of fiscal
year 2021 and involve the establishment of a new capital structure.
We will likely raise our rating on NESCO Holdings Inc. when we
resolve the CreditWatch because we expect it to operate with lower
leverage and stronger liquidity following the acquisition."

S&P said, "We expect to resolve the CreditWatch following the
completion of the transaction. Our review will include the combined
company's competitive position and expectations for its operating
performance as well as its post-transaction capital structure and
financial policy. We will also monitor any developments related to
the transaction, including the receipt of necessary shareholder
approvals and regulatory clearances. We will likely raise our
rating on NESCO Holdings Inc. by one notch or more upon the
completion of the transaction."



NEUMEDICINES INC: Wants Plan Exclusivity Thru March 16
------------------------------------------------------
Neumedicines, Inc. asks the U.S. Bankruptcy Court for the Central
District of California, Los Angeles Division, to extend the
exclusivity deadline to file a Chapter 11 plan from November 16,
2020, to March 16, 2021, and to solicit acceptances of the plan
from January 15, 2021, to May 15, 2021.

Since filing the case, the Debtor has worked to market and
consummate the sale of its valuable intellectual property assets.
The sale has been complicated by complex disputes between the
Debtor and Libo Pharma Corp., a party who entered into a license
agreement with the Debtor in 2017 for Asia, Africa, and Australia.

Prior to filing this case, the Debtor notified Libo that it was in
material breach of the license agreement and after Libo failed to
cure the breach, that the License was terminated. The parties also
dispute the consequence of the various breach claims. But for these
complications, this would have been a very straightforward case and
process, yet the disputes and assertion of various rights have
delayed an expeditious sale.

Notwithstanding these complexities, the Debtor has made significant
progress in obtaining and negotiating offers, advancing the Sale,
and negotiating a possible settlement with Libo. The Debtor is
unable to propose a plan, other than one which is contingent and
somewhat speculative until the sale process is concluded, which is
expected to occur on or before December 31, 2020.

Prior to and subsequent to the hearing on the Bid Procedures
Motion, the Debtor has been conducting negotiations and exchanging
markups of the Template Asset Purchase Agreement with three
separate buyers. The negotiations are complex and have grown
significantly more complicated by decisions each of the proposed
buyers and the Debtor must make relative to an Exclusive License
and Technology Transfer Agreement -- Libo License -- between the
Debtor and Libo entered into on or around June 1, 2017. The Court
scheduled the hearing to approve the sale and auction hearing on
December 10.

Based on the written offers received from potential buyers, the
Debtor anticipates the Sale will result in consideration to the
Debtor that will allow the Debtor to pay all allowed claims in
full, including all administrative, secured, and unsecured claims.


The Debtor said these factors favor an extension of the Exclusivity
Periods:

     (i) while the Debtor does not have many creditors or complex
operations, its Assets and the negotiations concerning the sale of
its Assets are indeed complex;

    (ii) the Debtor requires additional time to gather the
information necessary to formulate a plan, i.e., through the
completion of the Sale. This will allow the Debtor to propose a
noncontingent plan on which the Court and creditors can rely;

   (iii) the record is clear that the Debtor has proceeded
expeditiously and made good faith progress toward reorganization.
Evidence of this is the commitment of management to fund the
reorganization, the obtaining of three multimillion-dollar offers,
the ongoing negotiations with buyers, and efforts made to resolve
disputes with Libo to facilitate a consensual sale and avoid
unnecessary litigation costs and delay;

    (iv) the Debtor is current on all of its post-petition bills,
is funded through December 31, 2020, as a result of loans made by
Director Raphael Nir, and has filed all of its required monthly
operating reports;

     (v) upon the closing of the Sale, the Debtor will be in a
position to propose a Plan which pays all of its creditors in full
and makes a substantial distribution to shareholders;

    (vi) this is the Debtor's first request to extend the
Exclusivity Periods and this Bankruptcy Case has only been pending
for slightly over three months; and

   (vii) the Debtor is not seeking the extension for any untoward
purpose with respect to its creditors, but rather to reduce
administrative expenses and by first reaching a level of certainty
of the availability of resources in the estate, instead of
proposing a contingent plan. No creditor will be prejudiced by the
extension of the Exclusivity Periods.

                     About Neumedicines Inc.

Neumedicines, Inc. -- https://www.neumedicines.com/ -- is a
clinical-stage biopharmaceutical company in Arcadia, Calif., which
is engaged in the research and development of HemaMax, recombinant
human interleukin 12 (rHuIL-12), for the treatment of cancer in
combination with standard of care (SOC, radiotherapy, chemotherapy,
or immunotherapy) and Hematopoietic Syndrome of Acute Radiation
Syndrome (HSARS) as a monotherapy.

Neumedicines filed a Chapter 11 petition (Bankr. C.D. Cal. Case No.
20-16475) on July 17, 2020.  In the petition signed by Timothy
Gallaher, president, Debtor was estimated to have $100,000 to
$500,000 in assets and $1 million to $10 million in liabilities.

Judge Ernest M. Robles presides over the case. The Debtor has
tapped Weintraub & Seth, APC as its bankruptcy counsel and
Sheppard, Mullin, Richter & Hampton, LLP as its special counsel.



NEW GOLD: S&P Alters Outlook to Stable, Affirms 'B' ICR
-------------------------------------------------------
S&P Global Ratings revised its outlook on Toronto-based
gold-producer New Gold Inc. to stable from negative. At the same
time, S&P affirmed its 'B' long-term issuer credit and issue-level
ratings on the company.

S&P said, "The stable outlook reflects our expectation that New
Gold will sustain an adjusted debt-to-EBITDA ratio at about 2x over
the next couple of years while maintaining stable debt levels and
sufficient liquidity."

The outlook revision primarily reflects improvement in S&P's
estimated cash flow and leverage metrics for the company.

S&P said, "We estimate New Gold will generate earnings and cash
flows well above our previous expectations, led by higher gold
prices through much of this year. The company has also announced
that it will redeem US$200 million of its 2025 unsecured notes
(about 30% of the reported debt) before end of 2020. As a result,
we estimate New Gold will generate materially stronger cash flow
and leverage metrics, with an adjusted debt-to-EBITDA ratio
improving to 2.5x in 2020 (from 4.2x in 2019)."

New Gold did not fully capitalize on much stronger gold prices this
year due to protective gold hedges. The hedges were used to provide
downside price protection, resulting in a realized price of about
US$1,532 per ounce (oz) through year-to-date 2020 (as of Sept. 30,
2020), which was about US$200/oz lower compared with an average
spot price over this period.

S&P said, "But based on our gold price assumptions (and no hedges)
and expected ramp-up of the company's Rainy River operations next
year, we estimate EBITDA will increase by about 30% to the
mid-to-high US$300 million area. Therefore, we expect leverage to
meaningfully improve in 2021 and 2022, with adjusted debt to EBITDA
averaging about 2.0x over this period."

During the third quarter, the Rainy River open-pit mine ramped up
toward the 150,000 tonnes per day (tpd) target capacity (achieving
97% of the target, with 15% productivity improvement over the
previous quarter) and mill throughput achieved design capacity of
27,000 tpd. Unit cash and all-in sustaining costs at this mine
should gradually improve next year based on higher production and
declining sustaining capital spending. In addition, production from
the company's New Afton mine is expected to be relatively stable,
with B3/C-Zone development remaining on schedule.

S&P said, "We expect New Gold to maintain stable debt levels and
sufficient liquidity over the next couple of years. With more than
US$200 million in cash and cash equivalents (pro forma for the
expected US$200 million debt reduction), in our opinion, the
company has sufficient liquidity to meet its ongoing operational
and capital spending requirements in the near term. Incorporated
into our forecasts is the expectation for Rainy River to transition
toward positive free cash flow generation next year. We expect this
to occur mid-next year as Rainy River production ramps up and
sustaining capital spending declines. Therefore, under our
base-case scenario, we believe New Gold will be able to fund its
sustaining and growth capital spending (which includes about US$100
million of development spending annually at New Afton) from
internally generated cash flows. We acknowledge the execution risk
associated with the Rainy River ramp-up and New Afton development,
so we remain cautious in our expectations over the next couple of
years. However, we assume New Gold will maintain relatively stable
debt levels over the next few years."

New Gold's operating breadth is limited compared with that of
similarly rated peers. New Gold is a small-scale gold producer,
with only two gold-producing mines in Canada.

S&P said, "In our view, the company's modest production base and
operating breadth weaken New Gold's competitive position relative
to that of other gold companies we rate. In addition, with almost
all of the revenues coming from gold and copper, New Gold's
profitability is exposed to these metals' historical price
volatility. The company has faced challenges in ramping up the
Rainy River operations, which contributed to higher-than-expected
free cash flow deficits. This highlights the risk of unexpected
operating issues on financial results, especially with a
concentrated asset base. The reduction in New Gold's debt load
should reduce the company's sensitivity to future price
fluctuations, but we continue to expect its credit ratios to
exhibit volatility."

The stable outlook reflects S&P Global Ratings' expectation that
New Gold will generate improved credit measures with adjusted
debt-to-EBITDA of about 2x in 2021. The outlook also reflects S&P's
expectation that the company will generate positive free cash flows
next year from the Rainy River ramp-up, and maintain stable debt
levels and liquidity amid a period of development capital spending
at New Afton.

S&P said, "We could consider a downgrade if, over the next 12
months, New Gold's adjusted debt to EBITDA approaches 4x with
corresponding free cash flow deficits that would presumably lead to
increased debt levels and deteriorating liquidity. In this
scenario, we would expect a significant drop in gold prices from
current levels, operational issues that lead to
slower-than-expected Rainy River output, or higher-than-expected
cash costs or capital expenditures."

"Although unlikely over the next 12 months, we could take a
positive rating action if New Gold improves its production scale
and operating breadth with the addition of an asset. We would also
expect New Gold to sustain an adjusted debt-to-EBITDA ratio below
3x while consistently generating adjusted free cash flows to debt
above 10%. In such a scenario, we would expect the Rainy River mine
to achieve higher production and improved costs while attaining a
steady state of operations."


NEZHONI CONSTRUCTION: Hires Dentons Durham as Legal Counsel
-----------------------------------------------------------
NeZhoni Construction, LLC received approval from the U.S.
Bankruptcy Court for the District of Utah to hire Dentons Durham
Jones Pinegar, P.C. to handle its Chapter 11 case.

Dentons Durham' hourly rates are:

     Kenneth L. Cannon II     $420
     Penrod W. Keith          $410
     Other attorneys       $210 to $500

The Debtor paid Dentons Durham a cash retainer in the total amount
of $54,000.

Dentons Durham is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code and neither holds nor
represents an interest adverse to the Debtor's estate.

The firm can be reached through:

     Kenneth L. Cannon, II, Esq.
     Dentons Durham Jones Pinegar, P.C.
     111 South Main Street, Suite 2400
     P.O. Box 4050
     Salt Lake, UT 84110-4050
     Tel: (801) 415-3000

                  About NeZhoni Construction LLC

NeZhoni Construction LLC is a privately held company that offers
general contracting, specialized electrical services including sub
stations and fiber optic installation to both government and
commercial clients.

NeZhoni Construction filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No.
20-26755) on Nov. 16, 2020. The petition was signed by Vanessa
Kaye, owner.  At the time of the filing, the Debtor estimated
$500,000 to $1 million in assets and $1 million to $10 million in
liabilities.

Judge Joel T. Marker oversees the case.  Kenneth L. Cannon, II,
Esq., at Dentons Durham Jones Pinegar, P.C. represents the Debtor
as counsel.


NORTHERN HOLDINGS: Hires Resnik Hayes as Bankruptcy Counsel
-----------------------------------------------------------
Northern Holdings, LLC seeks authority from the U.S. Bankruptcy
Court for the Central District of California to hire Resnik Hayes
Moradi LLP as its bankruptcy counsel.

The Debtor requires the firm to:

-- advise and assist regarding compliance with the requirements of
the United States Trustee;

-- advice regarding matters of bankruptcy law, including the
rights and remedies of the Debtor in regard to its assets and with
respect to the claims of creditors;

-- advice regarding cash collateral matters;

-- conduct examinations of witnesses, claimants or adverse parties
and to prepare and assist in the preparation of reports, accounts
and pleadings;

-- advice concerning the requirements of the Bankruptcy Code and
applicable rules;

-- assist with the negotiation, formulation, confirmation and
implementation of a Chapter 11 plan of reorganization; and

-- make any appearances in the Bankruptcy Court on behalf of the
Debtor; and take such other action and to perform such other
services as the Debtor may require.

Resnik will be paid at these hourly rates:

     M. Jonathan Hayes, Partner          $525
     Matthew D. Resnik, Partner          $550
     Roksana D. Moradi-Brovia, Partner   $500
     Russell J. Stong III, Associate     $350
     David M. Kritzer, Associate         $350
     W. Sloan Youkstetter, Associate     $350
     Pardis Akhavan, Associate           $250
     Rosario Zubia, Paralegal            $135
     Priscilla Bueno, Paralegal          $135
     Rebeca Benitez, Paralegal           $135
     Ja'Nita Fisher, Paralegal           $135
     Max Bonilla, Paralegal              $135
     Susie Segura, Paralegal             $135

The Debtor has agreed to pay the firm an initial retainer fee of
$35,000.

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

The firm can be reached through:

     Roksana D. Moradi-Brovia, Esq.
     Matthew D. Resnik, Esq.
     Resnik Hayes Moradi, LLP
     17609 Ventura Blvd., Suite 314
     Encino, CA 91316
     Tel: (818) 285-0100
     Fax: (818) 855-7013
     Email: roksana@RHMFirm.com
            matt@RHMFirm.com

                       About Northern Holdings LLC

Northern Holdings, LLC is a Minnesota LLC created on April 30, 2012
for the purpose of acquiring and restructuring a wine importer and
distribution company in St. Paul, Minn.

Northern Holdings, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
20-13014) on Oct. 28, 2020 to stop a foreclosure sale of the its
real properties by lienholder Farm Credit and so that it can
reorganize its financial affairs. In the petition signed by Leroy
Codding, managing member, the Debtor estimated $10 million to $50
million in both assets and liabilities.

Matthew D, Resnik, Esq., at Resnik Hayes Moradi, LLP, is the
Debtor's legal counsel.


NORTHERN OIL: S&P Raises ICR to 'CCC+' Following Debt Repurchases
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Northern Oil
and Gas Inc. to 'CCC+' from 'SD' (selective default). S&P also
raised the 2023 issue-level rating to 'B' from 'D'.

Northern Oil and Gas has a history of distressed exchanges and
could find it difficult to refinance its 2023 notes given its tight
liquidity and the current commodity price environment. In 2018 the
company engaged in a large distressed exchange and while the
management team has largely transitioned since then, the company
completed multiple below par debt exchanges this year. Secured
debtholders have received 95% of par, on average, in the form of
cash, preferred stock, and common equity for $130 million of
secured notes due 2023 in a set of transactions this year. S&P
believes there is a risk of further exchanges it would view as
distressed, given the company's thin liquidity and upcoming debt
maturities.

The company's liquidity remains tight.  As of Nov. 5, 2020,
Northern Oil and Gas' $660 million credit facility had 83% drawn at
$550 million. After being lowered this past spring from $800
million, banks reaffirmed the $660 million borrowing base in the
fall. Given limited drilling this year and likely limited 2021
drilling by the company's partners, further degradation at the
upcoming spring redetermination is possible. However, S&P notes the
company's borrowing base is primarily backed by proved developed
reserves and it expects the company to generate positive free cash
flow in 2021 through its hedging program.

S&P said, "We expect capital expenditures will remain subdued over
the next 12 months. Because of the company's nonoperating business
model, its production levels are highly dependent on the capital
spending allocation decisions of its partners in the Williston
Basin. Many operators in the region are slowing capex to preserve
cash flows or shifting capex to more profitable areas, which may
reduce the company's ability to grow production.

"The negative outlook on Northern Oil and Gas reflects the
potential for future distressed exchanges given its tight liquidity
profile and upcoming debt maturities, which we believe would be
difficult to refinance on favorable terms under current market
conditions. We currently expect funds from operations (FFO) to debt
in the high-20% to low-30% range, along with positive free
operating cash flow, over the next two years.

"We could lower the rating if the company engages in further debt
transactions that we would view as distressed. In order to be
considered tantamount to default, future transactions would need to
represent a meaningful percentage of the currently outstanding
principal. In addition, we could lower the rating if there is
deterioration in the company's already tight liquidity profile.

"We could raise the rating if the company improved its liquidity
profile, which would most likely occur if commodity prices improved
materially."


OCCIDENTAL PETROLEUM: S&P Rates Senior Unsec. Debt Offering 'BB-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating to
U.S.-based exploration and production company Occidental Petroleum
Corp.'s new senior unsecured debt offering.

S&P said, "The recovery rating on this debt is '3', indicating our
expectation for meaningful (50%-70%; rounded estimate: 55%)
recovery of principal for creditors in the event of a payment
default. We expect the company will use the proceeds from the
offering to further repay near-term debt maturities and for general
corporate purposes.

"Our 'BB-' issuer credit rating on Occidental is unchanged with a
negative outlook. Although its recent debt offerings have
alleviated near-term refinancing risk, Occidental remains highly
leveraged and we believe improvement on that front will continue to
depend on a combination of stronger commodity prices and debt
reduction through additional asset sales."



OCEAN POWER: Incurs $3.02 Million Net Loss in Second Quarter
------------------------------------------------------------
Ocean Power Technologies, Inc., filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $3.02 million on $118,000 of revenues for the three
months ended Oct. 31, 2020, compared to a net loss of $3.19 million
on $204,000 of revenues for the three months ended Oct. 31, 2019.

For the six months ended Oct. 31, 2020, the Company reported a net
loss of $6.41 million on $287,000 of revenues compared to a net
loss of $6.21 million on $406,000 of revenues for the six months
ended Oct. 31, 2019.

As of Oct. 31, 2020, the Company had $18.56 million in total
assets, $4.91 million in total liabilities, and $13.65 million in
total stockhollders' equity.

Total cash, cash equivalents, and restricted cash was $15.8 million
as of Oct. 31, 2020.  Net cash used in operating activities
decreased by $0.7 million during the first six months of fiscal
2021 to $5.7 million, as compared to the first six months of fiscal
2020. This decrease is mainly the result of lower cash spending on
customer projects and product development costs in the current
fiscal year period as compared to the same period in the prior
fiscal year.  On May 5, 2020, the Company received $0.9 million
from the Paycheck Protection Program made available by the
Coronavirus Aid, Relief and Economic Security Act, commonly
referred to as the CARES Act.

Recent Operational Highlights

   * Signed contract with Adams Communications & Engineering
     Technology (ACET) to evaluate a PB3 PowerBuoy solution to
     support the U.S. Navy's Naval Postgraduate School's Sea,
Land,
     Air, Military Research (SLAMR) Initiative.

   * Received DeepStar project award to study deployment and
     operational requirements of utilizing OPT's PB3 PowerBuoy to
     provide remotely controllable zero carbon power for deepwater

     subsea oil production applications.

   * Deployed the OPT Marine Surveillance System on a hybrid
     PowerBuoy off the New Jersey coast for advanced testing and
     demonstration.

   * Expanded OPT's commercial European presence with oil and gas
     industry veteran Jorge Franco joining as Regional Sales
     Representative, based in Spain.

   * Executed a new Common Stock Purchase Agreement with Aspire
     Capital to sell up to $12.5 million in common stock to Aspire

     Capital over a term of 30 months, which provides flexibility
to
     access capital on a cost-effective basis.

Management Commentary

"We are seeing long-evolving projects come to fruition with two
recent PB3 PowerBuoy -related contracts with ACET and DeepStar,"
said George H. Kirby, president and chief executive officer of
OPT.

"Our expanded sales footprint, coupled with our product and
solution suite and cash balance, positions OPT to be able to
deliver on anticipated market demand."

                          Going Concern

The Company has experienced substantial and recurring losses from
operations, which have contributed to an accumulated deficit of
$226.5 million as of October 31, 2020.  The Company said these
factors raise substantial doubt about its ability to continue as a
going concern.  As of Oct. 31, 2020, based in part on its equity
raises, the Company had approximately $15.8 million in cash, cash
equivalents, and restricted cash on hand.  Based on the Company's
current cash, cash equivalents and restricted cash balances, and
its ability to raise additional equity under facilities currently
in place, the Company believes that it will be able to finance its
capital requirements and operations for at least the next 12
months. Among other things, the Company is currently evaluating a
variety of different financing alternatives and it expects to
continue to fund our business with sales of its securities and
through generating revenue with customers.  The Company will
require additional equity and/or debt financing to continue its
operations into fiscal year 2022.  The Company cannot provide
assurances that it will be able to secure additional funding when
needed or at all, or, if secured, that such funding would be on
favorable terms.

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

https://www.sec.gov/Archives/edgar/data/1378140/000149315220023031/form10-q.htm

                   About Ocean Power Technologies

Headquartered in Monroe Township, New Jersey, Ocean Power
Technologies, Inc. -- http://www.oceanpowertechnologies.com/-- is
a marine power solutions provider that designs, manufactures,
sells, and services its products while working closely with
partners that provide payloads, integration services, and marine
installation services.

Ocean Power reported a net loss of $10.35 million for the 12 months
ended April 30, 2020, compared to a net loss of $12.25 million for
the 12 months ended April 30, 2019.  As of July 31, 2020, the
Company had $14.40 million in total assets, $4.28 million in total
liabilities, and $10.12 million in total stockholders' equity.

KPMG LLP, in Philadelphia, Pennsylvania, the Company's auditor
since 2004, issued a "going concern" qualification in its report
dated June 29, 2020, citing that the Company has suffered recurring
losses from operations and has an accumulated deficit that raise
substantial doubt about its ability to continue as a going concern.


OGGUSA INC: Sues Medterra CBD for $4.5 Million Unpaid Invoices
--------------------------------------------------------------
Law360 reports that bankrupt hemp processor GenCanna is suing
Medterra CBD for nearly $4.5 million in unpaid invoices for CBD
isolates and other products, saying Medterra accepted shipment
after shipment last 2019 without paying its bills.

GenCanna, which is now known as OGGUSA Inc. after the company sold
its assets as part of the bankruptcy, filed the adversary
proceeding on Tuesday, December 9, 2020, a little less than a month
after GenCanna's Chapter 11 plan received approval from U.S.
Bankruptcy Judge Gregory Schaaf.  Under the plan, GenCanna's buyer,
MGG Investment Group, agreed to a settlement with the unsecured
creditors committee that requires MGG to share the proceeds.

                      About GenCanna Global USA Inc.

GenCanna Global USA, Inc. -- https://www.gencanna.com/ -- is a
vertically-integrated producer of hemp and hemp-derived CBD
products with a focus on delivering social, economic and
environmental impact through seed-to-scale agricultural
production.


GenCanna Global USA was the subject of an involuntary Chapter 11
proceeding (Bankr. E.D. Ky. Case No. 20-50133) filed on Jan. 24,
2020. The involuntary petition was signed by alleged creditors
Pinnacle, Inc., Crawford Sales, Inc., and Integrity/Architecture,
PLLC.  

On Feb. 6, 2020, GenCanna Global USA consented to the involuntary
petition and on Feb. 5, 2020, two affiliates, GenCanna Global Inc.
and Hemp Kentucky LLC, filed their own voluntary Chapter 11
petitions.

Laura Day DelCotto, Esq., at DelCotto Law Group PLLC, represents
the petitioners.

The Debtors tapped Benesch Friedlander Coplan & Aronoff, LLP and
Dentons Bingham Greenebaum, LLP as legal counsel, Huron Consulting
Services, LLC as operational advisor, and Jefferies, LLC as
financial advisor. Epiq is the claims agent, which maintains the
page https://dm.epiq11.com/GenCanna

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on Feb. 18, 2020. The committee tapped Foley & Lardner
LLP as its bankruptcy counsel, DelCotto Law Group PLLC as local
counsel, and GlassRatner Advisory & Capital Group, LLC as financial
advisor.

                          *    *    *

In May 2020, the Company won court approval to sell for $77 million
substantially all of its assets to funds managed by its long-term
investor, MGG Investment Group.  The Debtors changed their names to
OGGUSA, Inc., et al., following the sale.



ON MARINE: Wins January 26 Plan Exclusivity Extension
-----------------------------------------------------
Chief Judge Carlota M. Bohm of the U.S. Bankruptcy Court for the
Western District of Pennsylvania extended the periods within which
ON Marine Services Company LLC has the exclusive right to file a
Chapter 11 plan through and including January 26, 2021, and to
solicit acceptances of the plan through and including March 29,
2021.

The Debtor has been named as a defendant in thousands of
asbestos-related personal injury lawsuits, in which claimants seek
money damages for personal injury and wrongful death alleged as a
result of exposure to asbestos-containing products manufactured and
sold by the Debtor and/or its predecessor entities -- the "Asbestos
Tort Claims".

The Debtor also has been named as a defendant in a far smaller
number of asbestos-related cases arising under the Merchant Marine
Act of 1920, 46 U.S.C. § 30104 -- commonly referred to as the
"Jones Act" -- in which claimants seek money damages for personal
injury arising from claimants' exposure to asbestos aboard lake
vessels owned and operated by the Debtor and/or its predecessor
entities.

The Debtor estimates that, as of the Petition Date, approximately
6,000 Asbestos Tort Claims and one Jones Act Claim remain pending
and the Debtor commenced this Chapter 11 Case for the purpose of
resolving all existing Asbestos Claims.

The Debtor filed a Plan of Liquidation on the Petition Date.
However, the Debtor has acknowledged that it views the approval of
certain pre-petition settlement agreements with the Debtor's
insurers and negotiations with the Committee regarding the Plan, a
liquidation trust agreement, and trust distribution procedures as
prerequisites for proceeding with the solicitation of votes on the
Plan. The Debtor also has acknowledged that such negotiations with
the Committee may lead to amendments to the Plan in order to
proceed toward confirmation on a consensual basis. Throughout the
process, the Debtor has worked cooperatively with the Committee
with respect to various informal document and information requests
relevant to the Committee's review.

In light of the ongoing discussions concerning the insurance
settlement agreements, the Debtor anticipates that there will be at
least another 60 to 90 days before a hearing will be held on those
agreements. Because the insurance settlement agreements provide
essential funding for the liquidation trust proposed in the Plan,
the Debtor does not anticipate moving forward with the confirmation
process unless and until the insurance settlement agreements are
approved.

With the extension, the Debtor will be able to deal with the
complexity of their Chapter 11 case and to continue to pursue a
successful resolution of their case. The additional time also
allows the Committee to evaluate relevant information and the
parties have sufficient time to negotiate a consensual plan.

                About ON Marine Services Company

ON Marine Services Company is the continuation of the entity
formerly known as Oglebay Norton Company, as part of which the
Ferro Division operated as an unincorporated division.  In 1999,
Oglebay Norton Company changed its name to ON Marine Services
Company and became a wholly-owned subsidiary of a newly formed
company known as Oglebay Norton Company, an Ohio corporation.  The
Ferro Division and/or ON Marine manufactured and sold refractory
products for use exclusively in steelmaking. ON Marine Services
Company ceased all active business operations in 2010.

ON Marine Services Company filed for Chapter 11 bankruptcy
protection (Bankr. W.D. Pa. Case No. 20-20007) on Jan. 2, 2020.

In its petition, Debtor estimated $1 million to $10 million in
assets and $100,000 to $500,000 in liabilities.  The petition was
signed by Kevin J. Whyte, senior vice president.

Chief Judge Carlota M. Bohm oversees the case. The Debtor is
represented by Paul M. Singer, Esq., at Reed Smith LLP and Legal
Analysis Systems, Inc. as its consultant.

A committee of asbestos personal injury claimants has been
appointed in Debtor's case.  The asbestos committee is represented
by Caplin & Drysdale, Chartered.



ONEMAIN FINANCE: S&P Rates New $500MM Unsec Notes Due 2030 'BB-'
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' rating to OneMain Finance
Corp.'s (OMFC, f/k/a Springleaf Finance Corp.) proposed $500
million senior unsecured notes due 2030. OMFC is a direct, wholly
owned subsidiary of OneMain Holdings Inc. (OneMain). The notes will
be guaranteed on an unsecured basis by OneMain. The company intends
to use the proceeds along with cash on hand to redeem $650 million
of OMFC's 7.75% notes due 2021. The company has delivered an
irrevocable notice of redemption to the trustee with a scheduled
redemption date of Jan. 8, 2021.

S&P said, "As of Sept. 30, 2020, OneMain's leverage, measured as
debt to adjusted total equity (ATE), was 5.8x, compared with 5.4x
at year-end 2019 (we include general reserves in ATE). Pro forma
for the proposed issuance and redemption, we anticipate this
transaction to be leverage neutral and expect the company to reduce
leverage toward 5.5x in 2021. We expect the company to operate with
adequate liquidity, and as of Sept. 30, 2020, OneMain had $1.9
billion in cash and cash equivalents and $8.3 billion of
unencumbered personal loans that could be used to access $7.2
billion on conduit facilities. Our issuer credit ratings on OneMain
and OMFC are 'BB-' with a stable outlook."



OPTIV INC: S&P Upgrades ICR to 'CCC+' on Improved Performance
-------------------------------------------------------------
S&P Global Ratings raised its rating on Optiv Inc. to 'CCC+' from
'CCC'. Simultaneously, S&P also raised its issue-level rating on
Optiv's first-lien debt to 'CCC+' from 'CCC' and its second-lien
debt to 'CCC-' from 'CC'.

S&P said, "The stable outlook reflects our view that despite
elevated leverage, Optiv's improving backlog and bookings will
result in modest revenue growth and positive free cash flow
generation over the next 12 months.

"The rating action is underpinned by our improving outlook for
Optiv, with free cash flow to debt improving to the mid-2% area in
fiscal 2020, driven by operating discipline and
stronger-than-expected bookings reported in the third quarter of
2020. We now expect revenue growth in fiscal 2021, as well as an
improving deferred revenue story. The company's debt pricing has
also improved, lowering the risk of another distressed debt
exchange. Also, Optiv has adequate liquidity on its asset-based
loan (ABL) and no near-term maturities, allowing adequate time to
reverse performance trends and improve financial metrics.
Nonetheless, while the company seems to be turning a corner, the
'CCC+' rating outcome incorporates our view of on the challenges it
has faced over the past two years, with minimal cash flow
generation, revenue declines, and budget misses." Since the KKR &
Co. Inc. acquisition, Optiv has significantly underperformed the
expanding security information technology space, partly due to
difficulty converting sales pipeline opportunities.

In the fourth quarter of fiscal 2019, Optiv repurchased about $47
million of second-lien debt for about $23 million of cash, which
represents more than a 50% discount to face value. The company has
shown willingness to use its liquidity to retire additional debt,
if there was an interested party willing to sell at a discount.

Optiv has commented that it isn't seeing any changes to its quality
of receivables, demand for security software, and its bookings
pipeline has started to stabilize during the second half of 2020.
Optiv is also somewhat protected given that the largest verticals
that it serves (i.e., health care, insurance, financial services,
and government) should see limited disruption and IT cost cuts at
this time. The company said that travel, leisure, and entertainment
end-markets represent less than 10% of its end-market verticals.

S&P said, "The stable outlook reflects our view that despite
elevated leverage, Optiv's improving backlog and bookings will
result in modest revenue growth and positive free cash flow
generation over the next 12 months.

"We would consider a downgrade if we view the company to be
vulnerable to nonpayment within the next 12 months, either through
a distressed exchange, reorganization of the capital structure, or
missed interest payment. This could happen if the company generates
sustained negative free cash flow due to stiffer-than-expected
competition and further deterioration of the macro and IT spending
environment.

"We would revise the outlook to stable if the company grows its
security services and technology revenues, while maintaining
margins at current levels, such that free cash flow to debt is
sustained above 3% over the next 12 months."


OUTERSTUFF LLC: S&P Upgrades ICR to 'CCC', Outlook Negative
-----------------------------------------------------------
S&P Global Ratings raised its rating on U.S. youth licensed sports
apparel maker Outerstuff LLC to 'CCC', reflecting its restructured
debt and licensing agreements but still high leverage and less than
adequate liquidity. S&P expected the company will generate negative
free cash flow in 2021 due to high working capital needs to
replenish inventory.

S&P said, "At the same time, we are raising our issue-level rating
on Outerstuff's senior secured term loan to 'CCC'. Our '3' recovery
rating reflects our expectation for meaningful (50%-70%; rounded
estimate: 50%) recovery in the event of default.

"The negative outlook reflects that we could lower the rating on
Outerstuff if we believe a default is inevitable within the
subsequent six months, likely because of continued operating
underperformance that pressures liquidity and prevents the company
from investing in needed inventory while still meeting its debt
service obligations.

"Despite profitability improvements due to renegotiated league
contracts, we believe Outerstuff's liquidity will be pressured over
the next 12 months. Profitability suffered for the last few years
primarily due to onerous guaranteed minimum royalty payments owed
to major sports leagues. The COVID-19 pandemic led to the
cancellation or postponement of all major sports league
competition, significantly hurting the company's sales volumes. It
kept operations running and preserved liquidity through drastic
measures including suspending royalty payments to its licensors,
furloughing employees, and canceling planned inventory purchases.
Due to high economic uncertainty at the onset of the pandemic, it
also elected to miss an interest and principal payment and entered
into forbearance with lenders on its term loan. At the end of
October, the company and its lenders agreed to extend its term loan
to December 2023 from July 2021 and end the forbearance period.
Outerstuff also successfully renegotiated its contracts with major
sports leagues, including the National Football League (NFL). We
expect this will drastically improve profitability since the
company renegotiated guaranteed minimum royalties to better match
current sales, eliminating the shortfall hampering its
profitability the past few years.

"Despite the expected improvement, we forecast Outerstuff's
leverage will still be high at about 8x in 2021 and free cash flow
negative because the company will need to substantially build its
inventory to recover sales. We assess Outerstuff's liquidity as
less than adequate and believe it will be challenging to invest
sufficiently in inventory while meeting its debt service
obligations over the next 12 months. We recognize the recent
amendment allows Outerstuff to elect to capitalize and add to loan
principal a portion of its interest payments. However, it may make
such elections a maximum of twice through Dec. 31, 2021, and not in
consecutive fiscal quarters. While this may provide some temporary
relief and flexibility, we still believe it could default in the
next 12 months, especially if the new controlling owner, CEO Sol
Werdiger, attempts to retire outstanding debt at a significant
discount to face value and reduce the company's interest burden.
Moreover, Outerstuff still faces many challenges caused by the
COVID-19 pandemic, including the uncertainty of when fans can
return to sporting events. Sales of sports jerseys are likely to
remain depressed until then.

"Notwithstanding the near-term challenges, we believe Outerstuff
has a path to generating positive free cash flow longer term.
Outerstuff took a number of actions to improve profitability and
cash flow, including royalty renegotiations, headcount reductions,
an SKU rationalization program, better technology adoption, and
seeking new licensing rights. Although we believe liquidity will be
pressured in 2021 due to high inventory investment needs, a return
to a more normal sports environment in 2022 could allow the company
to generate materially positive free cash flow and improve EBITDA
interest coverage to the low-2x area. We forecast the company will
improve leverage to at least the mid-7x area by 2022, a meaningful
improvement compared with the negative EBITDA generated in 2019 and
the flat to modestly negative EBITDA we expect in 2020.

"The negative outlook reflects that we could lower the rating on
Outerstuff if operating underperformance continues to pressure
liquidity such that we believe a default is inevitable within the
subsequent six months.

"We could lower the rating if the company invests heavily in
inventory and sales do not recover as fast as expected, pressuring
liquidity. Under this scenario, it may be difficult for the company
to meet its debt service obligations, resulting in a payment
default or distressed debt exchange."

S&P could raise the rating on Outerstuff if:

-- Sales recover as expected over the next few quarters, giving us
confidence the recent profitability improvements are sustainable;
and

-- S&P believes it will have sufficient liquidity to make debt
service payments.


PAINTER SANTA: Court Extends Plan Exclusivity Thru Dec. 28
----------------------------------------------------------
At the behest of Painter Santa, LLC, Judge Julia W. Brand extended
the Debtor's exclusivity period to file a Chapter 11 plan and
solicit plan acceptances, through and including December 28, 2020,
and February 25, 2021, respectively.

The Debtor has made significant progress towards exiting bankruptcy
in a short period of time and will continue to move diligently
towards a successful exit without delay.

The Debtor was and continues to be in administrative compliance
with the federal and local bankruptcy rules and with the
requirements of the Office of United States Trustee.  The Debtor
negotiated a successful sale of its principal asset, a
40,787-square foot, Class A industrial building situated on a
74,862-square foot lot in Santa Fe Springs, California, at auction,
for $9,050,000.

All outstanding amounts due to the Debtor's secured lenders were
paid in full, as were outstanding property taxes and industrial
park association fees. The Debtor is holding the remaining cash
(approximately $928,250) in its debtor-in-possession bank account
pending resolution of the remaining claims against the estate and
expects to continue to be able to timely honor its administrative
and financial obligations until it can formulate its plan to exit
bankruptcy.

The issues remaining to be dealt with in the Debtor's Case are:

     (i) the Debtor's objection to the proof of claim of Goodness
Corporation in the amount of $2,000,000;

    (ii) Goodness' motion for relief from stay to pursue their
claims against the Debtor and its principals in a state court
action pending prior to the commencement of the Cases; and

   (iii) Goodness's motion to dismiss the chapter 11 case.

To date, the Debtor has worked cooperatively with its creditors. It
negotiated a resolution of the claims of its secured lenders such
that those lenders agreed to a $100,000 reduction in the
outstanding amount due to them at the close of the sale of the
Property. In connection with the sale of the Property, the Debtor
also worked cooperatively with Goodness Corporation, who was the
former owner of the Property.

The Debtor also has engaged in discussions with Goodness to resolve
its claims consensually. "Once all these pending issues are
resolved, we will know which path is better to take in our Case. We
need additional time to deal with those issues since we do not want
to lose our exclusivity right to file and solicit a plan to a
hostile creditor," the Debtor said.

The Debtor has a pending Motion for Entry of an Order Approving:
(I) Global Settlements Under Bankruptcy Rule 9019 Between: (A) The
Debtor and Goodness Corporation of California, and (B) the Debtor
and its Prepetition Lenders; (II) Distribution of Funds; and (III)
Structured Dismissal of Bankruptcy Case; Memorandum of Points and
Authorities.

                      About Painter Santa

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

Painter Santa filed for Chapter 11 bankruptcy protection (Bankr.
C.D. Cal. Case No. 19-24103) on Dec. 3, 2019.  In its petition, the
Debtor was estimated to have $1 million to $10 million in both
assets and liabilities.

Judge Julia W. Brand oversees the case. The Debtor is represented
by David B. Zolkin, Esq., at Zolkin Talerico LLP.



PAMELA BENNETT FITNESS: Hires Curry Law Firm as Bankruptcy Counsel
------------------------------------------------------------------
Pamela Bennett Fitness, LLC seeks authority from the U.S.
Bankruptcy Court for the Northern District of Georgia to hire the
Curry Law Firm as its bankruptcy counsel.

The services that Curry Law will render are:

     (a) advise, assist and represent Debtor with respect to its
rights, powers, duties and obligations in the administration of
this case, the operation of its business and, as appropriate, the
disposition of assets, the management of property, and the
collection, preservations and administration of assets;

     (b) advise, assist and represent Debtor in connection with
analysis of the assets, liabilities and financial condition of
Debtor and other matters relating to Debtor's business and the
development of a strategy in connection with the preparation and
filing of a disclosure statement and plan of reorganization;

     (c) advise, assist and represent Debtor with regard to (i)
negotiations with parties in interest; (ii) the formulation,
preparation and presentation of associated documents, including the
disclosure statement; (iii) drafting, filing and presenting
motions; (iv) compliance with statutory requirements and
recognition of practical considerations so as to maximize value for
claimants, including, without limitation, the mandatory and
optional  provisions of a plan, classification and impairment of
creditors, the rights of equity security holders and other parties
in interest, taxation issues and similar matters; and (v)
assistance, advice and representation with regard to compliance
with applicable reporting and other requirements.

     (d) advise, assist, and represent Debtor (i) with regard to
objections to, or subordination of, claims for and against the
estate; (ii) with regard to any claims and causes of action which
the estate may have against various parties, including without
limitation, claims for preferences, fraudulent conveyance and
equitable subordination; (iii) to institute appropriate adversary
proceedings or other litigation and to represent Debtor therewith
with regard to such claims and causes of action; and (iv) to advise
and represent Debtor with regard to the review and analysis of any
legal issues incident to any of the foregoing.

     (e) advise, assist and represent Debtor with regard to the
investigation of the desirability and feasibility of the rejection
or assumption and potential assignment of any executory contracts
or unexpired leases and to provide a review and analysis with
regard to the requirements of the Bankruptcy Code and Bankruptcy
Rules and the estate's rights and powers with regard to such
requirements, and the initiation and prosecution of appropriate
proceedings in connection therewith;

     (f) advise, assist and represent the Debtor in connection with
all applications, motions and complaints concerning reclamation,
adequate protection, sequestration, relief from the automatic stay,
use of cash collateral, disposition or other use of assets of the
estate and all other similar matters;

     (g) advise, assist and represent the Debtor in connection with
the sale or other disposition of any assets of the estate;

     (h) prepare pleadings, applications, motions, reports and
other papers incidental to administration, and to conduct
examinations as may be necessary pursuant to Bankruptcy Rule 2004
or as otherwise permitted under applicable law;

     (i) provide support and assistance to Debtor with regard to
the proper receipt, disbursement and accounting for funds and
property of the estate;

     (j) perform any and all other legal services incident or
necessary to the proper administration of this case and the
representation of Debtor in the performance of its duties and
exercise of its rights and powers under the Bankruptcy Code.

The firm received a retainer in the amount of $8,500.

Joycelyn R. Curry, Esq., the primary counsel in this case, will
charge $300 per hour for her services.

Ms. Curry assured the court that her firm does not represent or
hold an interest adverse to the Debtor or its estate.

The counsel can be reached through:

      Joycelyn R. Curry, Esq.
      THE CURRY FIRM, LLC
      P.O. Box 162670
      Atlanta, GA 30321
      Phone: (404) 850-2330
      Fax: (678) 890-5956 (fax)
      Email: jrcurryesq@gmail.com

                  About Pamela Bennett Fitness, LLC

Pamela Bennett Fitness, LLC sought protection for relief under
Chaper 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
20-71745) on Nov. 16, 2020, listing under $1 million in both assets
and liabilities. Joycelyn R. Curry, Esq. represents the Debtor as
counsel.


PATRICIAN HOTEL: Wins Feb. 1 Plan Exclusivity Extension
-------------------------------------------------------
Patrician Hotel, LLC and its three affiliates request the U.S.
Bankruptcy Court for the Southern District of Florida, Miami
Division, to extend by 90 days the exclusive periods during which
the Debtors may file a plan and disclosure statement from October
13, 2020, to January 11, 2021, and to solicit votes and acceptance
of a plan from December 14, 2020, to March 14, 2021.

On June 29, 2020, the Debtors filed their Objection to Claim Nos.
1-1, 2-1, 3-1, and 4-1 filed by All Seasons Condominium
Association, Inc.

On June 30, 2020, the Debtors objected to Claim No. 26-1 filed by
Blue Tide Properties, LLC, Claim No. 27-1 filed by Emilio Conesa,
Claim No. 28-1 filed by Mr. Ed Capital Corp., Claim 29-1 filed by
Leslee Ramos and 30-1 filed by Luis J. Taramona.  The Debtors filed
a Memorandum in Support of Objection to Claims.

Both the All Seasons Condominium Association, Inc. and the Blue
Tide Group have responded to the Objections. In addition, the
Association filed a motion seeking adequate protection that is
being carried with the claims objections. The Court set an
evidentiary hearing on the Blue Tide Objection for December 7 and
an evidentiary hearing on the Association Objection for December
14.

The Debtors said the resolution of these matters will more than
likely determine the course of the case. The Debtors continue to
field offers and interest and ultimately believe a sale of their
units is forthcoming, but the issues also need to be determined or
settled as part of the resolution of the case. The Debtors also
remain hopeful that a sale of the entire building can be achieved.
At least one of the parties who have expressed interest in buying
the Debtors' units has indicated an interest in buying as many
units as possible.

Morgan Reed MI2, LLC, a secured creditor in the Debtors' case who
holds mortgages against several of the Debtors' units, has
indicated it does not have any opposition to the extension
requested.

                     *    *    *

Judge Robert A. Mark held that the Debtors will have up to and
including February 1, 2021 to file their plan and disclosure
statement.  The deadline for the Debtors to solicit votes and
acceptance of a plan is extended up to and including April 2,
2021.

                About Patrician Hotel

Based in Miami Beach, Fla., Patrician Hotel, LLC and three
affiliates, 3621 Acquisition LLC, GAIJ LLC, and All Seasons 408
LLC, filed voluntary petitions under Chapter 11 of the Bankruptcy
Code Bankr. S.D. Fla. Lead Case No. 19-25290) on Nov. 14, 2019.  At
the time of the filing, Patrician Hotel disclosed less than $50,000
in assets and less than $50,000 in liabilities.

Judge Robert A. Mark oversees the cases.  Robert F. Reynolds, Esq.,
at Slatkin & Reynolds, P.A., is the Debtors' legal counsel.

No committee has been appointed to represent unsecured creditors in
the Debtors' bankruptcy cases.



PERMIAN HOLDCO 1: Gets Court Okay to Seek Bankruptcy Plan Votes
---------------------------------------------------------------
Daniel Gill of Bloomberg Law reports that Permian Holdco 1 Inc. and
its affiliates won bankruptcy court approval to solicit creditor
votes for their proposed Chapter 11 liquidation plan following
their sale and a settlement with key creditors.

Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District
of Delaware said at a hearing Thursday, December 10, 2020, that she
will grant interim approval of Permian's disclosure statement and
plan after an updated version is filed later that day.  A final
confirmation hearing is scheduled for Jan. 25, 2021.

Under the plan, unsecured creditors would recover from a trust
created to wind up remaining assets and pursue litigation.

                          About Permian Holdco

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

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

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

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


PERMIAN TANK: Plan Filed After Credit-Bid Sale to Lender
--------------------------------------------------------
Debtor Permian Tank & Manufacturing, Inc., in consultation and with
the support of the Committee and NMFC, filed a Combined Disclosure
Statement and Plan for the liquidation of the Debtor's remaining
Assets and distribution of the proceeds of the Assets to the
Holders of Allowed Claims against the Debtor.

Subsequent to the filing of the Chapter 11 Cases, the Board
determined that it was in the Company's best interest to sell all
or substantially all of their assets through a robust
Court-approved marketing and sale process (the "Sale Process").
Among other things, the Board determined that the Sale Process will
provide a transparent and comprehensive avenue through which the
Company will seek bids for their assets to maximize value for the
Estate.

In connection with the Sale Process, New Permian Holdco, Inc. (the
"Stalking Horse Purchaser"), an affiliate of NMFC, credit bid the
indebtedness for the DIP Facility and the Prepetition Credit
Facility for the Company's assets in that certain asset purchase
agreement dated as of July 20, 2020 (the "Stalking Horse APA"),
which served as the baseline for all prospective bidders to
negotiate from, and was subject to higher or otherwise better bids
for the assets pursuant to certain customary bidding procedures.

Over the course of the Sale Process, 30 potential purchasers were
sent a non-disclosure agreement, and 21 potential purchasers signed
it. Shortly after executing a non-disclosure agreement, a party
received a confidential information memorandum and access to the
Data Room. Despite extensive marketing efforts, including
contacting 115 potential bidders, executing 21 nondisclosure
agreements, and hosting numerous conference calls and meetings with
representatives of prospective bidders, other than NMFC, no other
parties submitted a bid for the Assets. As a result, the only
Qualifying Bid for the Assets was that of NMFC. Accordingly, in
accordance with the Bidding Procedures Order, on September 25,
2020, the Debtors canceled the Auction.

On October 7, 2020, the Bankruptcy Court entered an order approving
the All Asset Sale. NMFC's successful bid included a credit bid in
the amount of $29,517,601 in outstanding indebtedness under the
Prepetition Credit Documents, and $482,399 in indebtedness under
the DIP Facility.  The All Asset Sale closed on October 30, 2020.

Class 3 consists of General Unsecured Claims. Holders of General
Unsecured Claims shall receive, in full and final satisfaction and
release of and in exchange for such Allowed Class 3 Claim, such
Holder's pro rata share of the Distribution Proceeds remaining
after payment in full of Allowed Administrative Claims, Allowed
Professional Fee Claims, Allowed Priority Tax Claims, Allowed
Priority Non-Tax Claims, and Allowed Other Secured Claims and
consistent with the Permian Trust Waterfall, until all Allowed
General Unsecured Claims are paid in full.

On the Effective Date, all Interests shall be extinguished as of
the Effective Date, and owners thereof shall receive no
Distribution on account of such Interests.

The Plan will be implemented by, among other things, the
establishment of the Permian Trust, the transfer to the Permian
Trust of the Permian Trust Assets, including, without limitation,
all Cash that is a Permian Trust Asset and the Retained Causes of
Action, and the making of Distributions by the Permian Trust, in
each case, in accordance with the Plan and Permian Trust Agreement.


A full-text copy of the Combined Plan and Disclosure dated November
19, 2020, is available at https://tinyurl.com/y6qcn9cx from
PacerMonitor at no charge.

Counsel to the Debtor:

        YOUNG CONAWAY STARGATT & TAYLOR, LLP
        M. Blake Cleary (No. 3614)
        Robert F. Poppiti, Jr. (No. 5052)
        Joseph M. Mulvihill (No. 6061)
        1000 North King Street
        Wilmington, Delaware 19801
        Telephone: (302) 571-6600
        Facsimile: (302) 571-1253

                        About Permian Holdco

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

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

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

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


PERRY FARMS: Unsecureds Will be Paid in Full
--------------------------------------------
Perry Farms, LLC, submitted a Disclosure Statement.

General unsecured creditors are classified in Class VII and will
receive a distribution of no less than 100% of their allowed
claims, to be distributed over five years.

Class VII General Unsecured Creditors are impaired. The Allowed
General Unsecured Claims shall be paid in full in equal yearly
installment payments.  The first payment shall be due and payable
on December 15, 2021 and shall be paid on the same day of each year
for a period of five years. In addition, any excess funds from the
liquidation of the TN Property, after payment of liens in order of
priority and any allowed 506 expenses, as described herein shall be
used to satisfy first Class 1 Administrative Claims and then
Allowed General Unsecured Claims.

The Debtor anticipates, based upon projected rental income and
resulting cash flow and the restructuring of current indebtedness,
that the Reorganized Debtor will have sufficient funds to pay debt
obligations pursuant to the terms specified in this Plan.

A full-text copy of the Disclosure Statement dated November 30,
2020, is available at
https://tinyurl.com/y28ewzfv from PacerMonitor.com at no charge.

Attorney for the Debtor:

     Samantha K. Brumbaugh
     Ivey, McClellan, Gatton & Siegmund
     PO Box 3324
     Greensboro, NC 27402
     Telephone: 336-274-4658
     Email: skb@iveymcclellan.com

                       About Perry Farms LLC

Moore Haven, Fla.-based Perry Farms, LLC, a company in the crop
production industry, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D.N.C. Case No. 20-50338) on Aug. 19,
2020.  At the time of the filing, Debtor had estimated assets of up
to $50,000 and liabilities of between $100,000 and $500,000.  Judge
Laura T. Beyer oversees the case.  Ivey, McClellan, Gatton &
Siegmund, LLP is Debtor's legal counsel.


PINNACLE GROUP: Court Approves Disclosure Statement
---------------------------------------------------
Judge Scott M. Grossman has entered an order approving the
Disclosure Statement of Pinnacle Group, LLC, Paradigm Gateway
International, Inc., and Partes Mundo, SA, Inc.

The Court has set a hearing to consider confirmation of the Plan
will be on January 12, 2021 at 1:30 p.m. in United States
Bankruptcy Court 299 E. Broward Boulevard, Room 308 Ft. Lauderdale,
FL 33301.

The last day for filing and serving objections to confirmation of
the plan will be on December 29, 2020 (14 days before Confirmation
Hearing).

The last day for filing a ballot accepting or rejecting the plan
will be on December 29, 2020 (14 days before Confirmation
Hearing).

The last day for filing and serving objections to claims will be on
December 3, 2020 (40 days before Confirmation Hearing).

Attorneys for the Debtor:

     Jordan L. Rappaport, Esquire
     Rappaport Osborne & Rappaport, PLLC
     1300 N. Federal Highway, Suite 203
     Boca Raton, FL 33432
     Tel: 561-368-2200;
     Fax: 561-338-0350

                      About Pinnacle Group

Based in Sunrise, Fla., Pinnacle Group and its subsidiaries are
wholesalers of motor vehicle parts and accessories.  Pinnacle Group
and its subsidiaries sought Chapter 11 protection (Bankr. S.D. Fla.
Lead Case No. 19-13519) on March 19, 2019.  In its petition,
Pinnacle Group estimated assets of $500,000 to $1 million and
liabilities of $1 million to $10 million.  Judge John K. Olson
oversees the case.  Jordan L. Rappaport, Esq., at Rappaport Osborne
& Rappaport, PLLC, is the Debtor's bankruptcy counsel.


PLANVIEW PARENT: Moody's Assigns B3 CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service assigned first time ratings to Planview
Parent, Inc., including a B3 Corporate Family Rating and a B3-PD
Probability of Default Rating. Concurrently, Moody's assigned a B2
rating to Planview's proposed senior secured first lien term loan,
a B2 rating to the $65 million senior secured first lien revolving
credit facility, and a Caa2 rating to the proposed senior secured
second lien term loan. The outlook is stable. The ratings are
subject to the transaction closing as proposed and review of the
final documentation.

TPG Capital L.P. and TA Associates Management L.P. will use cash
supplemented by the debt proceeds of approximately $765 million to
fund the purchase of a majority interest in Planview from Thoma
Bravo, who will retain a minority share of the equity in Planview.
Pro forma for the transaction, debt to EBITDA is 7.9x (latest
twelve months Sept. 30, 2020 and including adjustments to exclude
purchase accounting effects, add back certain non-recurring costs,
and incorporate run-rate cost synergies, Moody's adjusted).

Assignments:

Issuer: Planview Parent, Inc.

Corporate Family Rating, Assigned B3

Probability of Default Rating, Assigned B3-PD

Senior Secured First Lien Bank Credit Facilities, Assigned B2
(LGD3)

Senior Secured Second Lien Bank Credit Facility, Assigned Caa2
(LGD5)

Outlook Actions:

Issuer: Planview Parent, Inc.

Outlook, Assigned Stable

RATINGS RATIONALE

The B3 CFR reflects financial leverage, which Moody's expects will
remain over 7.5x debt to EBITDA (Moody's adjusted) over the near
term, that is very high given Planview's small scale, with annual
revenues of less than $300 million, and the relatively
discretionary nature of Planview's products compared to other
enterprise software, such as enterprise resource planning (ERP)
software. Although the project and portfolio management (PPM)
industry is fragmented, with many niche competitors, the industry
also includes large, diversified competitors, including Broadcom,
Micro Focus, Atlassian, and Microsoft, which have greater financial
resources and more diverse product lines than Planview. Product
concentration results from the small revenue base, with project and
portfolio management (PPM) products accounting for over three
quarters of revenues, exposing Planview to revenue volatility
should customer product preferences shift. Given the private equity
ownership, Moody's anticipates that debt to EBITDA (Moody's
adjusted) will remain high, varying between 6x and 8x over the
intermediate-term, due to debt-funded acquisitions or equity
distributions following periods of deleveraging. The company's
financial policies will be a key corporate governance consideration
under Moody's ESG framework.

Still, Planview benefits from a large base of recurring revenues,
accounting for about 85% of revenues, and low capital intensity,
which results in consistent free cash flow (FCF) generation.
Further contributing to stability, revenues are diversified by
industry and customer, with the top 10 customers accounting for
less than 9% of revenues. Moody's believes that Planview holds a
strong niche market position in the PPM market, which indicates
market acceptance of Planview's product line and supports solid
EBITDA margins. Moreover, increasingly complex workflows at large,
diversified companies should provide an ongoing secular driver to
Planview's Portfolio Management and Work Management products,
supporting revenue growth over the intermediate to long term.

Planview's liquidity is good. Moody's expects Planview to generate
annualized FCF of approximately $40 million over the next 12-18
months, to maintain at least $25 million of balance sheet cash, and
for the proposed $65 million Revolver to remain undrawn. Although
there are no financial covenants governing the First Lien Term Loan
and Second Lien Term Loan, the Revolver is subject to a usage-based
financial covenant, a first lien net leverage ratio, when
utilization of the Revolver exceeds 35%. Moody's expects that
Planview will have a substantial cushion on the first lien net
leverage covenant at the close of the transaction and will maintain
this cushion at least over the near term.

The stable rating outlook reflects Moody's expectation that
Planview's revenues will grow organically in the low to mid-single
digit range over the near term driven by end market demand across
its portfolio of Portfolio Management and Work Management software.
Moody's expects some near-term margin pressure with reduced
spending in 2020 due to the Covid-19 crisis. Moody's expects
margins to gradually improve over the next 12 to 18 months with the
gradual reopening of economies, such that the EBITDA margin will
exceed 37% (Moody's adjusted) and debt to EBITDA will decline
toward the mid 7x range (Moody's adjusted). Given the strong
translation of EBITDA into FCF, Moody's anticipates that FCF to
debt will approach the mid 6 percent level (Moody's adjusted).

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

Given the small revenue base and high financial leverage, an
upgrade is unlikely in the near term. Over the intermediate term,
Moody's could upgrade Planview's ratings if the company profitably
grows, with revenue growth sustained at least in the upper single
digit's percent level, annual revenues of at least $300 million,
and EBITDA margins increasing toward 40% (Moody's adjusted).
Moody's would expect that Planview would follow a financial policy
balancing the interests of creditors and shareholders, maintaining
leverage below 6.5x debt to EBITDA (Moody's adjusted) and FCF to
debt (Moody's adjusted) above 5%.

Moody's could downgrade Planview's ratings if competitive or
execution challenges result in revenue and EBITDA declining such
that Moody's adjusted leverage is sustained above 8x debt to EBITDA
and FCF to debt (Moody's adjusted) fails to achieve at least the
low-single digits percent level.

The First Lien Term Loan and Revolver are rated B2, one notch above
the CFR, given their senior position in the capital structure, with
a first lien on all assets, and loss absorption provided by the
Second Lien Term Loan. The Second Lien Term Loan is rated Caa2,
reflecting its effective subordination to the first lien debt.

As proposed the First Lien Term Loan provides flexibility that if
utilized could negatively impact creditors, including: (1)
incremental pari passu term facilities of at least $102 million and
100% of Consolidated EBITDA (as defined in the credit agreement),
plus additional amounts limited by maximum proforma First Lien
Leverage Ratio (as defined) of 5.25x and incremental junior secured
debt limited by proforma Secured Net Leverage Ratio (as defined) of
7.5x; (2) the ability to transfer assets based on an investment
basket but subject to a blocker provision limiting the transfer of
material intellectual property to unrestricted subsidiaries; and
(3) requirement that only wholly-owned subsidiaries act as
subsidiary guarantors. The credit agreement requires 100% of net
cash proceeds from asset sales and insurance proceeds from casualty
events, subject to step-downs based on the First Lien Leverage
Ratio (50% repayment requirement at 4.75x First Lien Leverage and
0% at 4.25x), to be used to repay the First Lien Term Loan if not
reinvested within 18 months.

Planview, headquartered in Austin, Texas is a provider of portfolio
management and work management software across a broad set of
enterprise customers. Planview will be owned by funds affiliated
with private equity sponsors TPG, TA, and Thoma Bravo.

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


PLANVIEW PARENT: S&P Assigns 'B-' ICR on Deal With New Sponsors
---------------------------------------------------------------
S&P Global Ratings assigned 'B-' issuer credit rating to Planview
Parent, Inc., a holdco of Planview, Inc.

At the same time, S&P assigned its 'B-' issue-level and '3'
recovery ratings to the company's $600 million first-lien credit
facility, consisting of a $65 million revolving credit facility due
2025 and a $535 million first-lien term loan due 2027. The rating
agency also assigned its 'CCC+' issue-level and '5' recovery
ratings to the company's $230 million second-lien term loan due
2028.

S&P said, "Our rating on Planview reflects its high financial
leverage, small scale, niche focus, and competition against
competitors with larger resources, offset by its third-party
recognized leadership positions within the PM and WM industries."

Additional credit positives are its 85% recurring revenue (with
software as a service comprising 81% of total revenue), over 100%
net-retention rates, its minimal customer concentration (over 3,500
total, top 25: 15%) serving a wide variety of industries, and good
free operating cash flow (FOCF).

Planview's pro forma organic revenue growth, although slowed by
COVID-19, is likely to be slightly positive in 2020, and in line
with historical organic levels in 2021. After adjusting for the
acquisitions of LeanKit Inc. (acquired December 2017) and Spigit
Holdings Corp. (acquired December 2018), organic revenue growth was
about 4.5% in 2018, and 3.2% in 2019.

S&P said, "We expect the pandemic to cause a slowdown in 2020
revenue, which we expect will grow around 1% this year. Although
net-retention rates remain strong, bookings were impaired in the
first half of 2020 as enterprises paused spending. Planview's
bookings have since returned, with third-quarter 2020 total
contract value of bookings 15% higher than that of third-quarter
2019. We attribute this to the disruption and delays of remote
working on existing inefficient project workflows, problems
Planview's products address. As such, we expect the bookings
momentum to continue the remainder of the year and expect 2021
revenue growth of about 3%."

"We view the scale of Planview's customer base as providing some
insulation during the pandemic, as it caters primarily to
enterprise scale customers (82%), with 20% of the Fortune 500 and
about 750 of the Global 2000. Planview is well diversified by
industry served. Based on its top-100 customers, which represent
34% of total revenue, concentrations are: healthcare (29%),
financial services (22%), industrial (13%), consumer (12%).
Regarding what we deem as "at-risk" industries during the pandemic,
transportation and oil and gas are both at 6%, respectively."

The PM and WM total addressable markets (TAM) appear to be well
positioned to benefit from secular tailwinds. Professional project
management is constantly evolving, with solutions continually
changing to address these new approaches.

S&P said, "We expect increased adoption of these technologies,
which enable a company to deliver projects quicker and at lower
costs. Third-party research indicates the PM TAM to grow at a 4%
compound annual growth rate (CAGR), and the WM TAM to grow at a 9%
CAGR, between 2019-2024. We believe Planview's products, which have
been recognized as leaders by independent third parties, are well
positioned to benefit from the expected market expansion."

S&P said, "We expect S&P Global Ratings' adjusted leverage to be
around 9x at fiscal year-end 2020. The company will fund the
purchase with a new $535 million first-lien term loan, a new $230
million second-lien term loan, and sponsor-contributed equity,
which will also be used to repay Planview's existing debt. Although
we expect a certain level of "surge spending" by the new sponsors
over the next two years, we view organic EBITDA growth will outpace
this increased spending, allowing leverage to improve. We don't
expect any cost-saving initiatives under the new sponsor ownership.
We expect the organic EBITDA growth to improve leverage to the
mid-8x area in 2021, and low-8x area in 2022. As Planview's EBITDA
has grown over the past several years, both organically and through
M&A, its FOCF has grown as well, and we expect this to be about $55
million in 2020. Due to the added interest expense arising from the
transaction, which is expected to add about $11 million of cash
interest expense and higher taxes, we are forecasting lower FOCF of
about $40 million in 2021, and around $45 million in 2022."

"We believe the FOCF can provide opportunities for leverage to
improve quicker than our forecasts, as an excess cash flow sweep
will be included in the credit agreement. However, the surge
spending indicates the possibility that management will look to
further bolster its solution set, and may use this cash, along with
additional debt issuances, to fund tuck-in acquisitions. As such,
we don't include any debt repayment in excess of the annual
amortization in our forecast. We expect Planview's liquidity to be
good, with $25 million of cash at close of the transaction, along
with full access to its $65 million revolving credit facility."

The stable outlook reflects evolving approaches to professional
project management to make these processes more efficient, creating
secular TAM expansion opportunities for PM and WM solutions, which
should present continued growth prospects for Planview's
solutions.

S&P said, "Although we are unlikely to upgrade the company over the
next 12 months, we could consider a higher rating over the longer
term if the company organically grows EBITDA and FOCF, such that
leverage improves to the low-7x area and FOCF to debt is maintained
in the mid-single-digit-percentage area."

"Although not expected over the next 12 months, we could lower the
rating if the company underperforms our forecast due to a
COVID-related slowdown that significantly impairs revenue, in
conjunction with planned product surge spending coming in
materially higher than forecasts, whereby FOCF and overall
liquidity weaken. We would also consider a downgrade if Planview
enters into a debt-funded acquisition that materially raises cash
interest expense well in excess of any acquired cash flows from the
target."


POINTCLICKCARE TECH: Moody's Assigns B1 CFR on Solid Performance
----------------------------------------------------------------
Moody's Investors Service, Inc. assigned first-time credit ratings
to PointClickCare Technologies Inc., including a B1 corporate
family rating, a B1-PD probability of default rating, and B1
instrument ratings to PointClickCare's new first-lien debt, which
includes a $450 million term loan and a $100 million revolving
credit facility. Proceeds from the term loan and from $125 million
of new cash equity will be used to affect the electronic healthcare
records software-solutions provider's purchase of Collective
Medical Technologies, Inc. and to satisfy transaction fees. The
outlook is stable.

Moody's assigned the following ratings to PointClickCare
Technologies Inc.:

Assignments:

Corporate Family Rating, Assigned B1

Probability of Default Rating, Assigned B1-PD

Gtd Senior Secured First-Lien Revolving Credit Facility expiring
late 2025, assigned B1 (LGD3)

Gtd Senior Secured First-Lien Term Loan maturing late 2027,
assigned B1 (LGD3)

Outlook Actions:

Outlook, Assigned Stable

RATINGS RATIONALE

The B1 CFR considers PointClickCare's small but rapidly growing
scale and solid operating performance, as well as its moderately
high, just under 5.0 times Moody's-adjusted opening debt-to-EBITDA
leverage as it assumes debt to acquire Collective Medical. The
target company is a far smaller, not-yet-profitable but
fast-growing provider of data on patient admission, discharge and
transfer that is used to facilitate care coordination problems for
healthcare providers. Management expects the acquisition to support
PointClickCare's buildout of a comprehensive, integrated care
coordination platform for healthcare payers and providers. Moody's
believes that the acquisition, while very expensive, is small
enough to pose modest integration risk.

More germane to the rating rationale is the strength of
PointClickCare's operations and its leading competitive position
serving skilled nursing facilities, which provide nearly
four-fifths of its revenue. From 2015 to the present, revenue has
grown at a CAGR of about 23%, largely organic, while margins have
improved. It was the first company to introduce a cloud-based EHR
platform to the long-term post-acute care industry, and its
owner/founders continue to hold majority economic and voting
positions. Moody's views PointClickCare's corporate governance
policy as a moderately credit-positive factor, given the minority
private equity ownership position, subdued leverage, and the fact
that equity distributions have been measured in recent years.
However, a large, $100 million revolving credit facility implies
that additional debt-funded acquisitions could be in store. Barring
acquisitions, Moody's expects leverage to improve by a full turn by
the end of fiscal 2021 (October 31, 2021), to just below 4.0
times.

Founded in 1995, PointClickCare has a long track record of strong
growth, and in recent years has become solidly profitable. There
are minimal adjustments to its income statement, implying strong
quality of earnings, and it is conservative in its assumptions for
synergies from Collective Medical. A SaaS-based subscription
revenue model and related maintenance and services combine to
provide an attractive revenue stream that is roughly 95% recurring,
with 97% gross revenue retention.

Healthcare industry trends support the rating and help Moody's to
look beyond the drawbacks of PointClickCare's modest and narrowly
focused revenue base. Supporting trends include favorable
demographics, with a rapidly growing, increasing acuity over-65
population in the US and Canada; increased healthcare spending; and
regulatory-recommended improvements in digitization and the
coordination of, for example, nursing home data with data from
other health organizations.

Moody's views PointClickCare's liquidity as very good, as
demonstrated by a large, $74 million initial cash balance that has
been amassed through normal-course operations. Balance sheet cash
will be supplemented by free cash flows that, as a percentage of
debt, Moody's expects to be in the low-double-digits over the next
12 to 18 months, average for the ratings category. The large, $100
million revolving credit facility, undrawn at closing, amply
supports overall liquidity, but more likely hints at the company's
appetite for acquisitions. The transaction's loose covenant
package, including a 5.75 times net first-lien-leverage limit, with
no stepdowns, applicable when the revolver is 35% drawn, and no
covenants associated with the term loan, suggests the company will
have unimpeded access to the liquidity facility.

As proposed, the new credit facility is expected to provide
covenant flexibility that if utilized could negatively impact
creditors, including: i) an incremental first-lien facility
capacity not to exceed (x) the greater of $102 million and 100% of
LTM consolidated EBITDA, plus (y) an amount such that first lien
net leverage does not exceed closing first-lien net lleverage (for
pari passu debt), or an amount such that the senior secured net
leverage ratio does not exceed 0.75 times above closing senior
secured net leverage (for secured debt junior to the first lien),
or 1.50 times above closing total net leverage (for unsecured
debt); alternatively, all of the above ratios may be satisfied so
long as incremental debt incurred in connection with a permitted
acquisition or investment does not cause the applicable leverage
ratio to increase on a pro forma basis; ii) the ability to transfer
assets to unrestricted subsidiaries, to the extent permitted under
the investment baskets, with no additional "blocker" provisions
restricting such transfers and; iii) requirement that only
wholly-owned domestic restricted subsidiaries act as subsidiary
guarantors, raising the risk that guarantees may be released
following a partial change in ownership; iv) The credit agreement
requires 100% of net cash proceeds from the sale of assets (of a
certain minimum size) be used to repay the credit facility, if not
reinvested within 12 months (subject to extension to 18 months).
There are, however, no leverage-based stepdowns to the requirement
that net asset sale proceeds prepay the loans.

The stable rating outlook reflects Moody's expectation that
top-line growth of at least 10% and profitability improvements
driven by scale economies will allow for both strong free cash flow
and steady deleveraging (and from levels that are already moderate
at the outset of the financing).

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

The ratings could be upgraded if PointClickCare substantially
increases and diversifies its revenue base while leverage improves
towards 3.5 times, with the company continuing to maintain very
good liquidity.

A ratings downgrade could result if Moody's expects only
mid-single-digit revenue growth, free cash flow as a percentage of
debt will remain below 10%, or leverage will exceed 5.5 times for a
sustained period.

Headquartered in Mississauga, Ontario, PointClickCare provides SaaS
platforms that help integrate electronic health records within the
critical business functions of, primarily, skilled nursing
facilities in the US and Canada. Moody's expects the company to
generate fiscal 2021 (ending October 31, 2021) revenue of $405
million, pro-forma for the planned late-2020 acquisition of
Collective Medical Technologies, Inc., a provider of data on
patient admission, discharge and transfer ("ADT") that is used to
facilitate care coordination problems for healthcare providers.

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


POINTCLICKCARE TECHNOLOGIES: S&P Assigns 'B+' ICR, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned a 'B+' issuer credit rating to
PointClickCare Technologies Inc. (PCC). The outlook is stable. At
the same time, S&P assigned a 'B+' issue-level rating and '3'
recovery rating to the proposed $450 million first-lien credit
facility and $100 million revolving credit facility.

The stable outlook reflects S&P's expectation for double-digit
percent organic growth and improving EBITDA margins, resulting in
substantial free cash flow and leverage cushion to support
continued growth investment while PCC maintains debt to EBITDA in
the 4x-5x range.

Ontario, Canada-based health care technology company PCC plans to
acquire Collective Medical Technologies (CMT) in an approximately
$590 million transaction funded with equity and a $450 million term
loan.

Pro forma for the transaction, adjusted trailing 12 month leverage
will be in the high-4x area, and S&P expects it to decline to the
mid-to-low-4x area within 12 months.

S&P said, "Our rating on PCC reflects its aggressive leverage
following the CMT acquisition and our expectation for continued
expansion in ancillary markets. Following the transaction, we
expect pro forma adjusted leverage to increase to the high-4x area
(the company did not previously have term loan debt). We expect the
company to deleverage quickly to the mid-4x area from growth in the
core business and a modest contribution from CMT in 2021.

"At the same time, despite PCC's good cash flow and EBITDA growth
that allows rapid deleveraging from the CMT transaction, we expect
leverage to generally remain 4x-5x. PCC's growth strategy to expand
into ancillary markets to its core business provides cloud-based
electronic health care records (EHR) software to skilled nursing
facilities (SNF) and senior living facilities. We believe the
company will make further debt-funded acquisitions to expand its
potential customer base, including acquisitions that are not
immediately accretive."

PCC has limited new customer growth in its core business because it
primarily operates in a narrow, saturated segment of health care
information technology (IT) with high switching costs.  The company
is primarily growing revenue by offering additional services to
current customers. PCC's core business is concentrated in SNF
clients in the U.S. and Canada (77% of revenue), with some senior
living (11%) and pharmacy clients (12%). Customers in the EHR
market for SNF providers are unlikely to switch providers due to
the high expense and time requirements, since EHR systems are
heavily embedded in their operations. PCC captured 65% market share
with SNF clients because it was the first to market with a
cloud-based SNF-specific software product, and the next largest
provider has less than 10% market share.

Additional products sold to current customers mostly drives PCC's
revenue growth in its SNF segment. SNF customers provide a
reliable, recurring source of revenue with 97% gross revenue
retention rates and annual price increases. The revenue growth
potential with SNF customers is still high because of a compelling
value proposition, but the pace of growth is a function of its
customers' willingness and ability to implement new features.

PCC is expanding to new markets to access new customers, and the
potential for additional debt-funded acquisitions is a key risk.  
PCC made acquisitions to enter the home health EHR and pharmacy
markets. By adding CMT, PCC is accelerating its push to gain acute
care facility customers, which have an emerging demand for PCC's
integrated care coordination product called Harmony.

S&P said, "We believe PCC will take time to digest its acquisition
of CMT and focus on expanding Harmony, but an unexpected large
debt-financed acquisition, common with health care IT companies,
would significantly weaken our expectations for credit metrics. If
Harmony cannot penetrate the acute care market, PCC could feel
pressured to make additional large acquisitions. We believe there
is risk to Harmony's growth because it is a new type of service,
and large acute care providers are likely to be cautious about new
technology, especially one linked to reimbursement.

"We think PCC has capacity within the rating to acquire a company
of similar size to its pharmacy acquisition ($100 million-$200
million) and maintain leverage of 4x-5x, given its cash flow
generation and EBITDA growth. Our base case for leverage also
considers the founders' majority voting control of PCC and the
firm's track record of deleveraging following acquisitions. PCC has
stated its intention to generally operate at leverage below 4x,
although it has demonstrated comfort in the 4x-5x area with this
transaction."

PCC has good customer diversification and steady end markets.  The
risk from losing a single large customer (e.g., the customer is
acquired) is low, with the top five customers representing about 7%
of fiscal 2020 revenue and an average client tenure of more than 25
years. The SNF and senior living industries will likely expand with
the aging population and are unlikely to be replaced by other care
settings, providing a reliable source of revenue. In addition, the
expansion strategy in home health and acute care is pursuing
lightly penetrated niches with relatively large potential
customers.

The stable outlook reflects that PCC can continue to expand its
clients' relationship and find success in newer markets, resulting
in double-digit percent revenue growth and pro forma EBITDA margin
expansion in the next 12 months. S&P expects cash flow and EBITDA
expansion to support the company's growth strategy while
maintaining leverage of 4x-5x.

S&P could consider a lower rating in the next 12 months if:

-- PCC makes a debt-funded acquisition or dividend distribution;

-- Adjusted debt to EBITDA rises above 5x; and

-- Free cash flow to debt decreases below 7%.

S&P would view this as a deviation from the company's stated
financial policy.

S&P does not expect to raise the rating over the next 12 months.
S&P could consider a higher rating if:

-- S&P expects adjusted debt to EBITDA to remain below 4x; and

-- The ownership stake of private equity sponsors decreases below
40% (most likely in an IPO).


PRAIRIE ECI: S&P Alters Outlook to Negative, Affirms 'B+' ICR
-------------------------------------------------------------
S&P Global Ratings revised the outlook to negative from stable on
both Prairie ECI Acquiror L.P. (Prairie) and its operating
subsidiary, Tallgrass Energy Partners (Tallgrass), driven by
S&P-adjusted consolidated leverage above 7.5x for the next 12-18
months, which the rating agency considers elevated for the rating.


At the same time, S&P affirmed the 'B+' issuer credit rating on
both Prairie and Tallgrass and the issue-level ratings on
Tallgrass's senior unsecured debt ('BB-' based on a recovery rating
of '2') and Prairie's senior secured debt ('B-' based on a recovery
rating of '6').

S&P said, "The negative outlook captures our view that the
company's leverage will remain high amid lower production and price
weakness across Tallgrass's footprint. We expect S&P Global
Ratings-adjusted consolidated debt to EBITDA at Prairie to remain
above 7.5x under our base case through 2021."

"We expect consolidated leverage at Prairie to remain above 7.5x in
2021. EBITDA generation across Tallgrass's portfolio has been hit
harder than expected by volatile markets and lower energy demand
compared with previous forecasts. While the company will address
this by focusing on cash preservation and debt paydown over the
next 12–18 months, deleveraging will be complicated by a
challenging operating environment. We no longer expect the company
to pay a distribution to the sponsors, and we expect cash on hand
to be used to fund its somewhat scaled back growth capital
expenditure program. Given these assumptions, we expect the
company's leverage to be around 8x at year end 2020, and gradually
fall below 7.5x in early 2022. Key to our projection is our
proportional consolidation of Rockies Express Pipeline (REX), of
which Tallgrass has a 75% ownership stake. Looking forward, the
company's ability to generate sufficient cash while volumes and
rates remain uncertain and the company endeavors to sign long term
contracts will be key to both Prairie's and Tallgrass's ratings."

"We think 2021 will be another challenging year for the company.
The company has a diversified portfolio, with different challenges
and opportunities for various assets."

REX (about 45% of EBITDA) - REX has seen EBITDA decline materially
from previous years as legacy contracts have rolled off, and
volumes are being replaced at lower rates.

S&P said, "We assume unused capacity is recontracted at about
$.15/million Btu (mmBtu) in 2021, which is a sharp decline from
past rates. At the same time, credit quality across the gas focused
counterparties in the Appalachian region significantly deteriorated
earlier this year, which led us to downgrade REX to 'BB+' from
'BBB-'. Having said that, the company's leverage is conservative
for the rating and even if EBITDA were 15% lower, leverage would
still be below the downgrade trigger (assuming constant level of
debt). Also, forward gas prices have improved over the last few
quarters and some counterparties are on more stable footing. For
instance, we recently upgraded EQT (about 20% of volumes) to 'BB',
with a stable outlook, on the back of our revised 2020 and 2021
Henry Hub projected price of $2.75/mmBtu. We're continuing to
monitor counterparty risk and the Gulfport bankruptcy, but we note
that REX's conservative leverage and customer diversification
mitigate this risk. Finally, the cancellation of the Atlantic Coast
Pipeline and continued delays at the Mountain Valley Pipeline, both
competitive threats to REX's East-to-West business, bode well for
the pipeline's competitive advantage. Overall, REX will likely
remain on a negative outlook until we feel more comfortable with
the counterparty creditworthiness and contract profile."

Pony Express Pipeline (PXP, about 30% of EBITDA) - PXP transports
crude oil from the DJ basin to Oklahoma. The pipeline has exposure
to oil demand, so volumes and EBITDA suffered greatly in the second
quarter of 2020 when economic activity and demand for oil decreased
sharply.

S&P said, "However, the oil price and Pony's volumes have increased
since, and we think the company's volumes and rates will remain
fairly stable going forward. Longer term, we believe the delay of
the Liberty Pipeline (a direct competitor), the transition of
HollyFrontier's Cheyenne refinery to renewable diesel production,
and potential regulatory issues at the Dakota Access Pipeline all
bode well for the recontracting efforts and long-term outlook."

Other assets (about 25% of EBITDA) - Tallgrass also owns a
diversified portfolio comprising regional oil and gas pipelines and
gathering and processing systems for natural gas and water, which
are weighted towards the Bakken basin. In 2020, volumes across
these smaller regional assets were down significantly in aggregate,
which led to weaker cash generation than expected. S&P thinks these
assets are in less cost-competitive areas than some peers, so the
rating agency is expecting activity to remain relatively flat over
the next 12–18 months.

Overall, the company has a good competitive position compared with
similarly rated peers. Most of Tallgrass's peers in terms of
business risk, such as Enlink Midstream LLC, DCP Midstream L.P.,
Western Midstream Operating L.P. and Boardwalk Pipeline Partners
L.P. are rated higher given more moderate leverage. While S&P notes
that leverage is very high compared with the peer group, the
deleveraging profile and management's actions to retain cash and
pay down debt support the current rating at this time.

The negative outlook on Prairie and Tallgrass reflects S&P's
expectation that Prairie's consolidated adjusted debt to EBITDA
will remain above 7.5x in 2021 and will fall to the 7x area in 2022
as the company prioritizes debt repayment over the next 12-18
months.

S&P said, "We believe the company will utilize cash on hand to
partially finance Tallgrass' growth capital spending plans and
repay revolver borrowings. We expect volumes and rates in the crude
oil and gathering and processing segments to gradually improve from
a challenging 2020 environment while REX's EBITDA remains
relatively flat through 2021 as unutilized capacity is contracted
at lower rates."

"We could revise the outlook to stable on both entities in 2021 if
Prairie could maintain consolidated adjusted leverage of less than
7.5x in our forecast. This could occur if the company were able to
generate cash flow and deleverage materially over the next 12-18
months, which would likely be driven by improving rates and volumes
in the Rockies region for both oil and gas and a focus on using
excess cash to deleverage."

"We could consider lowering our ratings if Prairie's consolidated
adjusted leverage remained consistently above 7.5x in our forecast.
This could occur if rates and volumes were to remain depressed due
to dragging demand and compressed commodity prices. Leverage could
also remain high if the company pursued a more aggressive financial
policy or is unable to repay debt as expected for any other
reason."


PRO INSTALLS: Hires Michael Jay Berger as Legal Counsel
-------------------------------------------------------
Pro Installs Appliance Installations, Inc. seeks authority from the
United States Bankruptcy Court for the Central District of
California to hire the Law Offices of Michael Jay Berger as its
bankruptcy counsel with
respect to its Chapter 11 bankruptcy proceeding.

The firm will be paid at hourly rates as follows:

     Michael Jay Berger             $595
     Sofya Davtyan                  $495
     Carolyn Afari                  $435
     Debra Reed                    $435
     Samuel Boyamian                $350
     Senior Paralegals/Law Clerks   $225
     Bankruptcy Paralegals          $200

The retainer fee is $20,000.

Michael Jay Berger, Esq., disclosed in court filings that he has no
prior connections to the  Debtor, its creditors and other parties.

The firm can be reached through:

     Michael Jay Berger, Esq.
     Law Offices of Michael Jay Berger
     9454 Wilshire Boulevard, 6th Floor
     Beverly Hills, CA 90212
     Tel: (310) 271-6223
     Email: michael.berger@bankruptcypower.com

                About Pro Installs
           Appliance Installations, Inc.

Pro Installs Appliance Installations, Inc. filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
C.D. Cal. Case No. 20-17503) on. Nov. 16, 2020. In the petition
signed by Christopher Loya, president, the Debtor estimated $50,000
to $100,000 in assets and $1 million to $10 million in liabilities.
Michael Jay Berger, Esq. at the Law Offices of Michael Jay Berger
represents the Debtor as counsel.


PROPERTY CAPITAL: Seeks to Hire Lane Law Firm as Counsel
--------------------------------------------------------
Property Capital Solutions LLC seeks authority from the U.S.
Bankruptcy Court for the Southern District of Texas to hire The
Lane Law Firm, PLLC. as its counsel.

The services that will be provided by the firm are:

     a. advise the Debtors regarding the administration of its
Chapter 11 case;

     b. analyze the Debtors' assets and liabilities, investigate
the extent and validity of lien and claims, and participate in and
review any proposed asset sales or dispositions;

     c. attend meetings and negotiate with the representatives of
secured creditors;

     d. assist the Debtors in the preparation, analysis and
negotiation of a plan of reorganization and disclosure statement;

     e. take all necessary actions to protect and preserve the
interests of the Debtors;

     f. appear at court hearings; and

     g. perform all other necessary legal services in connection
with the Debtors' bankruptcy cases.

Lane Law will be paid at hourly rates as follows:

     Attorneys                      $425
     Supervising Attorneys          $350
     Associate Attorneys            $225
     Paralegals                     $125

Lane Law received a retainer of $12,000 from the Debtor on Nov. 24,
2020.  The firm will also be reimbursed for out-of-pocket expenses
incurred.

Robert Lane, Esq., a partner at Lane Law Firm, disclosed in court
filings that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

Lane Law can be reached at:

     Robert C. Lane, Esq.
     The Lane Law Firm, PLLC
     6200 Savoy, Suite 1150
     Houston, TX 77036
     Tel: (713) 595-8200
     Fax: (713) 595-8201

               About Property Capital Solutions LLC

Property Capital Solutions LLC is a single asset real estate debtor
(as defined in 11 U.S.C. Section 101(51B)).

Property Capital Solutions LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr.  S.D. Tex.
Case No. 20-80294) on Nov. 30, 2020. The petition was signed by
Zack Fuelling, asset manager. At the time of filing, the Debtor
estimated $2,214,392 in assets and $2,833,958 in liabilities.
Robert Lane, Esq. at The Lane Law Firm serves as the Debtor's
counsel.


PROVATION SOFTWARE: Moody's Assigns B3 CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service assigned first time ratings to ProVation
Software Group, Inc. and its proposed debt instruments. The
corporate family rating was assigned at B3, the probability of
default rating at B3-PD, senior secured 1st lien rating at B2 and
senior secured 2nd lien rating at Caa2. The rating outlook is
stable.

The proceeds from the proposed $45 million senior secured 1st lien
revolving credit facility maturing in 2025, $250 million senior
secured 1st lien term loan due 2027 and $80 million senior secured
2nd lien term loan due 2028 will be used to repay in full the
company's existing secured indebtedness, pay transaction-related
fees and expenses and add approximately $120 million of cash to its
balance sheet. Moody's expects that the cash will be used to fund
acquisitions and shareholder returns in 2021 and thereafter.

RATINGS RATIONALE

The B3 CFR reflects ProVation's small revenue scale, with about $85
million of anticipated 2021 revenue, narrow operating scope,
primarily as a provider of clinical productivity software mostly
supporting gastroenterology and gastrointestinal procedures to
hospitals, health systems and ambulatory surgery centers
predominately in the US and high financial leverage, with debt to
EBITDA of over 8.0 times as of Sept. 30 2020 pro forma for the
proposed financing expected to decline toward 7.0 times by the end
of 2021. If ProVation acquires profitable businesses in 2021 with
cash, as Moody's expects, financial leverage declines would be
accelerated. Credit support is provided by an installed base of
software licenses that generate recurring and predictable
maintenance revenues and software-as-a-service subscriptions that
Moody's anticipates will renew at a high 90's% rate, attractive
EBITA margins, which are expected to grow from around 45% in 2020
to over 50% in 2021, and about $15 million of free cash flow, or
around 3.0% of total debt, expected in 2021. Mid-single digit
organic revenue growth is expected from price increases and new
customers, including from selling additional products to existing
customers. Moody's expects ProVation may acquire additional
software businesses and assets with its over $130 million of cash
as of September 30, 2020 pro forma for the proposed financing, as
well as with incremental debt proceeds. Moody's anticipation of
rapid financial leverage declines is driven by the company's plans
to both expand profit rates on its existing business lines while
growing revenue and profit sources organically and through
acquisitions.

All financial metrics cited reflect Moody's standard adjustments.
In addition, Moody's reclassifies ProVation's capitalized software
costs of approximately $4 million a year as an expense.

Moody's considers the marketplace for clinical productivity
software fragmented and competitive, but notes ProVation has
established a leading position in the GI market in the US.
ProVation's installed base of software is embedded in the core
clinical processes of their customers, driving the highly-recurring
revenue profile. ProVation's GI procedure database and content
platform and related clinical decision support analytics would be
difficult to replicate. Customers include 18 of the largest 20
hospitals integrated delivery networks and the 20 largest ASC
management companies, evidencing ProVation's high and stable share
of the GI clinical productivity software market. These strengths
support Moody's expectation for ProVation to maintain its leading
market position. There is moderate customer concentration risk,
with the top 10 customers accounting for 15% of 2019 revenue, which
is a reflection of the somewhat-concentrated GI surgery market it
serves. Acquisitions could help ProVation achieve greater operating
scope both within the GI, orthopedics, pain management and
anesthesiology specialties by continuing its expansion beyond core
clinical productivity functions and into adjacencies such as
revenue cycle management and electronic health records and by
continuing to expand to other medical and surgical specialties
including cardiology, urology, radiology and emergency medicine.

The stable outlook reflects Moody's expectation of 3% to 6% organic
revenue growth, profit rate expansion and debt to EBITDA declining
toward 7.0 times. The outlook also incorporates Moody's expectation
for ongoing acquisitions, including debt-funded purchases after its
cash balances have been reduced.

The B3-PD PDR reflects the B3 CFR and an overall loss given default
assumption of 50%, consistent with an average recovery at default
for corporate issuers.

The senior secured 1st lien revolving credit facility and term loan
ratings of B2, one notch above the B3 CFR, is driven by the B3-PD
PDR and a loss given default ("LGD") assessment of LGD3, their
priority lien position and the benefit of loss absorption provided
by the $80 million senior secured 2nd lien term loan. The senior
secured 1st lien facilities are guaranteed by all current and
future material domestic subsidiaries of the borrower on a first
priority basis, subject to certain exceptions.

The senior secured 2nd lien term loan rating of Caa2, two notches
below the B3 CFR, is driven by the B3-PD PDR and a LGD assessment
of LGD5, reflecting its junior lien and first loss position
relative to the $285 million senior secured 1st lien obligations.
The senior secured 2nd lien facilities are guaranteed by all
current and future material domestic subsidiaries of the borrower
on a second priority basis, subject to certain exceptions.

Moody's expects ProVation's liquidity profile will be very good
over the next 12 to 15 months. ProVation had cash of roughly $132
million at September 30, 2020 pro forma for the proposed financing
and will maintain full access under the $45 million revolving
credit facility. Moody's anticipates ProVation will generate about
$15 million of free cash flow, which is adequate to cover $2.5
million of annual required senior secured 1st lien term loan
amortization. The revolving credit facility has a springing maximum
net senior secured first lien leverage covenant of 8.25 times
applicable when utilization exceeds $15.75 million. As Moody's does
not expect the revolver to be used, the covenant is not expected to
be tested; however, there is a generous cushion under the covenant
should it be tested over the next 12 months. There are no financial
covenants applicable to the term loans.

As a software company, environmental and social considerations are
not highly material to ProVation's ratings. Among governance
considerations, Moody's expects ProVation's financial policies to
remain aggressive under private equity ownership. Most recently,
ProVation acquired ePreop, Inc. in September 2020 and Infinite
Software Solutions, Inc. (MD Reports) in 2019. In 2020, Moody's
anticipates ProVation will seek to conclude multiple acquisitions
over the next few years, and could incur incremental debt to fund
acquisitions once it has used its cash resources. Debt financed
shareholder returns have been made since 2018 and are possible
again.

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

The ratings could be upgraded if: 1) ProVation grows its revenue
scale and product and customer scope substantially; 2) Moody's
expects debt to EBITDA will be sustained under 6 times; 3) free
cash flow to debt is sustained around 5%; and 4) financial policies
are expected to be more conservative and less oriented toward debt
funded acquisitions.

Moody's could downgrade the ratings if: 1) there are meaningful
customer losses or substantial declines in customer retention
leading to low or no revenue growth or EBITDA margin declines; 2)
Moody's anticipates debt to EBITDA will be sustained above 8 times;
3) free cash flow is not adequate to meet annual debt amortization;
or 4) ProVation does not maintain adequate liquidity.

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

Issuer: ProVation Software Group, Inc.

Corporate Family Rating, Assigned B3

Probability of Default Rating, Assigned B3-PD

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

Senior Secured 2nd Lien Bank Credit Facility, Assigned Caa2 (LGD5)

Outlook, is Stable

ProVation, based in Minneapolis, MN and controlled by affiliates of
financial sponsor Clearlake Capital, is a provider of clinical
productivity and related software. Moody's expects 2021 revenue of
around $85 million.


PROVATION SOFTWARE: S&P Assigns 'B-' ICR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to
Minnesota-based Provation Software Holdings Inc.

S&P said, "At the same time, we are assigning our 'B-' issue-level
rating and '3' recovery rating to the company's proposed first-lien
term loan facility and our 'CCC' issue-level rating and '6'
recovery rating to its proposed second-lien term loan. The '3'
recovery rating indicates our expectation for meaningful (50%-70%;
rounded estimate: 60%) in the event of payment default. The '6'
recovery rating indicates our expectation for negligible (0%-10%;
rounded estimate: 0%) in the event of payment default. The debt
will be issued by the company's subsidiary, Provation Software
Group Inc.

"The stable outlook on Provation reflects our expectation for
double-digit percent annual revenue growth and sustained high
adjusted leverage of more than 7x over the next several years."

Minnesota-based Provation Software, which is owned by Clearlake
Capital Group L.P., is refinancing its capital structure to support
future business development opportunities.

S&P said, "Our weak assessment of Provation's business risk profile
reflects its very small scale, niche focus, and limited potential
for material business expansion.  With just $80 million of pro
forma revenue for the 12 months ended Sept. 30, 2020, the company
is firmly at the smaller end of the spectrum relative to our
universe of rated health care information technology (HCIT) and
service providers. Furthermore, Provation's revenue is highly
concentrated as it generates a large majority of its sales from
gastrointestinal (GI) procedure documentation. The company also
offers more general practice management, electronic health record
(EHR), and revenue cycle management (RCM) software solutions,
though we expect it will be more difficult to gain market share in
these subsectors because it is competing against more-established
and better-capitalized incumbents, such as Change Healthcare and
athenaHealth.

"We view Provation's leading and entrenched position in its primary
niche as credit positive.  The company serves more than 4,000
hospitals, ambulatory surgery centers (ASCs), and physicians
practices, including 43 of the top 50 U.S. hospitals for
gastroenterology and GI surgery, 18 of the 20 largest integrated
delivery networks, as well as the 20 largest ASC management
companies. Provation's main products, Provation MD and the software
as a service (SaaS)-based Provation Apex, provide solutions for
procedure documentation, coding, and workflow optimization, which
make them especially attractive in the relatively complex GI space.
The high level of reimbursement in this field necessitates accurate
coding, which Provation's products can help facilitate. The lack of
true software competition in this space makes Provation's products
the gold standard in GI procedure documentation, which provides it
with slight barriers to entry despite our view that this category
is less mission critical overall than offerings from other HCIT
providers.

"The company's strong profit margins and very high customer
retention further bolster its business risk profile.  We project
that Provation's adjusted EBITDA margins will exceed 40%, which we
consider above average for its industry. The aforementioned lack of
competition contributes to its very sticky client base with
retention rates approaching 100%. However, we consider the
company's proportion of recurring revenue (74% for the 12 months
ended Sept. 30, 2020) to be toward the lower end of the range
relative to its software peers. Still, this metric has been
improving and we believe it will likely continue to rise as
Provation converts more of its clients to its SaaS-based Apex
platform.

"Our rating is constrained by the company's limited potential for
material business expansion.  We expect Provation to organically
increase its revenue by the mid-single digit percent area going
forward, supported by positive industry tailwinds (increasing
surgical procedure volume, the continued shift to outpatient
facilities, and favorable regulatory environment, etc.) and some
extension into ancillary services and adjacent specialties where it
has an emergent presence (pulmonary, anesthesia, pain management,
orthopedics, cardiology, ear, nose, throat (ENT), urology, general
surgery, and gynecology). However, we anticipate that the company
may face difficulty in taking market share from its much larger,
established competitors in the practice management and RCM
subsectors. Additionally, procedure documentation appears to be
much less essential in other specialty areas, which limits its
addressable market. In many cases, these areas also have incumbent
software providers whose offerings may be difficult to displace. We
expect Provation will likely mitigate this through strategic
acquisitions but still view a significant improvement in its
overall scale as unlikely.

"Our highly leveraged assessment of Provation's financial risk
reflects our expectation that it will sustain high adjusted
leverage of more than 7x and minimal free cash generation.  We
expect the company's 2021 adjusted leverage–-including our
treatment of its capitalized software development costs as an
operating expense, consistent with our treatment of its peers--to
be very high at 9.3x. We do expect Provation's leverage to decrease
moderately as it expands its EBITDA but forecast that it will
remain above 7x through 2022. We also expect the company to report
minimal annual free cash flow of about $6 million, which is
consistent with the levels at its 'B-' rated peers. We do not
adjust the company's debt to reflect its considerable cash balance
as of the close of the transaction because we believe that its
financial sponsor will likely use that balance to fund business
development or shareholder-friendly activities rather than
permanent debt reduction.

"The stable outlook on Provation reflects our expectation for
double-digit percent annual revenue growth supported by mid-single
digit percent organic growth and continued external business
development. It also reflects our expectation that the company will
sustain leverage--including our adjustments for its capitalized
software development costs--of more than 7x for the next several
years and positive, but minimal, free cash flow generation.

"We could consider lowering our rating on Provation in the next 12
months if it is unable to generate free cash flow, leading us to
believe that its capital structure is unsustainable. This could
occur if the company faced more intense competition from much
larger and better-capitalized HCIT providers. It could also occur
if Provation has trouble managing its ongoing business acquisitions
such that it incurs significant integration expenses.

"We could consider raising our rating on Provation if it is able to
materially scale its business operations while generating a high
level of free cash flow. Under this scenario, we would need to be
confident that it would sustainably generate free operating cash
flow to debt of at least 3% before raising our rating."


PUERTO RICO: Prasa Moves Up Sale of $1.4 Billion Bonds
------------------------------------------------------
Michelle Kaske of Bloomberg News reports that Puerto Rico's
Aqueduct and Sewer Authority on Wednesday, December 9, 2020, began
pricing $1.4 billion of bonds, accelerating the refinancing by one
day.

Prasa, as the utility is known, is the main supplier of water on
the island.

Debt maturing in 2047 with a 5% coupon was priced at an initial
yield of 4.25%, or 285 basis points more than top-rated municipal
bonds, according to preliminary pricing information. By comparison,
Puerto Rico’s restructured sales-tax debt due in 2058 with a 5%
coupon has been trading this week at an average yield of 3.48%,
according to Bloomberg data.

The island water and sewer utility set to refinance revenue bonds.
The deal is first major public debt sale since bankruptcy.

               About Aqueduct and Sewer Authority

The Puerto Rico Aqueducts and Sewers Authority is a water company
and the government-owned corporation responsible for water quality,
management, and supply in the U.S. Commonwealth of Puerto Rico.
PRASA is the only entity authorized to conduct such business in
Puerto Rico

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.


QUANTUM HEALTH: S&P Assigns 'B-' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings assigning our 'B-' issuer credit rating to
Ohio-based Quantum Health Inc.

S&P said, "At the same time, we are assigning our 'B-' issue-level
and '3' recovery ratings to the company's proposed senior secured
credit facility, which comprises a $60 million first-lien revolver
and a $300 million first-lien term loan. The '3' recovery rating
indicates our expectation for meaningful (50%-70%; rounded
estimate: 50%) recovery in the event of a default."

Private-equity sponsor Warburg Pincus LLC entered into a definitive
agreement to acquire a partial interest in Ohio-based Quantum
Health, a provider of care navigation and care coordination
services to self-insured employer health insurance plans in the
U.S. Great Hill Partners, LP as well as management will retain a
material equity interest.

Following the proposed recapitalization, S&P expects the company's
adjusted leverage to be about 12x for 2021, (fiscal year ending in
February 2021) and about 10x for 2022, and for the company to
generate free operating cash flow deficits for the next two years.

S&P's rating on Quantum Health reflects its small scale and narrow
focus in the nascent business as a third-party provider of care
navigation and care coordination services to self-insured employer
health insurance plans in the U.S. It also reflects the inherent
vulnerability of competing with giant health insurance companies
(and their affiliates that administer self-insured plans), that
provide related services. The rating also reflects S&P's
expectation for high adjusted debt leverage of about 10x, and that
the company's private-equity ownership will contribute to an
aggressive financial policy.

These risks are only partially offset by the company's good
customer diversification (no customer represents more than 5% of
revenues), multiyear contracts (typically having a three-year term)
with employers, including guaranteed volumes, good
contract-retention rates, and a record of providing superior levels
of participant satisfaction and cost savings to these self-insured
employers via care coordination.

S&P said, "We believe the greatest risk to the company's business
model is the ability of insurers to exclude third-party service
providers from their insurance-administration contracts with
employers or to otherwise aggressively compete with Quantum's
relatively unique service offerings. We expect they may be tempted
to compete as the business model gains traction and opportunity to
generate profits increases. Such a development could be disruptive
to Quantum because 20%-25% of the company's business relates to
plans administered by a single insurer, and about 55% relates to
the top three insurers' plan administrators."

That said, S&P believes health insurers may have competitive
disadvantages given participant suspicion and distrust of care
coordination efforts managed directly by the insurance company and
given the risk that proactively directing patients away from
certain health care providers to their competition may harm the
insurer's business relationships with those providers. Moreover,
although insurers can technically refuse to allow employers to
carve out these services (customer service and care coordination)
to a third-party provider like Quantum, doing so could result in
their customers taking their business to another insurer. Indeed,
only one leading insurer, Anthem, maintains that policy. If more
insurers adopt that policy, Quantum's existing clients would still
be bound by the remaining portion of their (three-year) contract.

About 90% of the company's revenues are per-member-per-month fees
paid by employers, with the remaining 10% tied to performance
measures split between achieving cost-saving targets and
plan-participant satisfaction. The company's customer annual
retention rates exceed 90%, helped by the three-year contract term.
Together these characteristics provide a high degree of near- and
medium-term revenue visibility.

The company manages all interactions that plan participants and
providers have with the health plan (up to claims processing),
which would traditionally be provided by the health insurer (or
affiliate) that administers the health plan for self-insured
employers. Quantum's strategy and services are differentiated by a
high level of engagement with plan participants (aiding them in
navigating the complexity of U.S. health care) and a highly
proactive approach to care coordination promoting preventative care
but limiting unnecessary or wasteful spending. Cost-control
initiatives include helping plan participants use in-network
providers, lower-cost providers (e.g., imaging services), directing
patients to lower-cost sites of care (e.g., outpatient services
rather than inpatient services, or home-based infusion rather than
hospital-based infusion), and coordinating care to reduce length of
inpatient hospital stays and unnecessary hospital readmissions.

The company's case managers and care coordinators leverage a
proprietary IT platform that suggests opportunities for reducing
unnecessary spending, based on the company's decades of experience,
though ultimately the plan participant has the right to refuse
Quantum Health's suggestions. S&P believes the cost savings are
concentrated in the minority of patients with high levels of
insurance claims, though it can be difficult to predict claims in
advance of care, absent the high-touch relationship Quantum
maintains with plan participants. Medicare expansion, though not in
our base case, could be disruptive to the business.

S&P said, "The company's closest competitor, Accolade Inc.
(unrated), is of similar size and is publicly traded. We believe
together these third-party providers represent less than 5% of the
roughly 100 million participants in self-insured employer-sponsored
plans in the U.S. Although there are few opportunities for
consolidation, we expect the company to consider acquisitions of
adjacent services.

"The stable outlook reflects our expectation that revenue will grow
by more than 10% annually, adjusted EBITDA margins will gradually
improve within the mid-teens range, and that high-interest expense
and elevated capex will result in modest free operating cash flow
deficits over the next two years, before turning positive.

"We would consider lowering our rating within the next 12 months if
the company's operating performance deteriorates such that we
expect its free operating cash flow deficit to persist beyond the
next couple of years, leading us to believe the capital structure
is unsustainable. This could occur if increased competitive
pressures from insurers (or their affiliates) weigh on margins.

"Although unlikely within the next 12 months, we could raise our
rating on the company if we expect the company to sustain the ratio
of FOCF-to-debt above 3%. This could occur over time with continued
revenue growth via contract wins though we would need to be
confident that this level of cash flow would be sustained."


QUARTER HOMES: $2.2 Million Sale of 8 Arizona Houses Approved
-------------------------------------------------------------
Judge Daniel P. Collins of the U.S. Bankruptcy Court for the
District of Arizona authorized Quarter Homes, LLC's sale of the
following eight houses located at:

     (1) 153 Dry Creek Road, San Tan Valley, Arizona to Progress
Residential Homes, LLC for $265,000;

     (2) 4512 W. Beverly Road, Laveen, Arizona to Abdulhaq Rahimi
for $270,000;

     (3) 1044 E. Stardust Way, San Tan Valley, Arizona to Luis
Gonzalez/Victor Perez for $275,000;

     (4) 4322 E. Whitehall Drive, San Tan Valley, Arizona to Zach
Daniel Wallace for $285,000;

     (5) 7004 W. Shumway Farms Road, Maricopa, Arizona to David
Ewell for $275,000;

     (6) 18676 N. Smith Dr. Maricopa, Arizona to Hector Armando
Perez for $267,500;

     (7) 30451 N. Bareback Trail, San Tan Valley, Arizona to Leesa
Castro and Linda Brawley for $288,000; and

     (8) 45537 W. Morning View Lane, Maricopa, Arizona to Hector
Armando Perez and Miriam Perez for $255,000.

The sale is pursuant to the terms set forth in the Sale Motion and
the Purchase Contracts.

The Debtor is authorized and directed to (i) pay the Release Price
to Situs from the sale proceeds of each House in accordance with
the terms set forth in the Sale Motion and the Order Allowing Use
of Cash Collateral; (ii) pay a 2.5% brokerage fee of $54,513 at
closing of the transactions to A&M Management; (iii) pay the
brokerage fees for each Buyer's agent in accordance with each sale
contract; and (iv) pay the applicable taxing authority and
homeowners' association for their claims secured or encumbered by
the
Property, and all other costs incident to closing and typically
borne by the seller in a transaction.  

The Debtor is further directed to (i) sequester the net sale
proceeds from the sales of the Stardust House, Whitehall House,
Shumway House, Beverly House, and Dry Creek House for the benefit
of Toxic Stock, LLC in a segregated DIP bank account not to be used
or otherwise disbursed absent further Court order; (ii) sequester
the net sale proceeds from the sales of the 236th Avenue House, and
Morning View House for the benefit of all investors in a segregated
DIP bank account not to be used or otherwise disbursed absent
further Court order, except that $50,000 from these sale proceeds
may be used to fund the continued operations of the Debtor as set
forth in the Sale Motion; and (iii) provide a copy of the closing
statement for each house to counsel for the Curry Parties and the
counsel for the United States Trustee.

The Court waive the 14-day stay provided under Fed. R. Bankr. P.
6004(h) with respect to the closing of such sales which sales may
occur immediately upon entry of the Order.

A copy of the Contracts is available at
https://tinyurl.com/y4e552dd from PacerMonitor.com free of charge.

                      About Quarter Homes

Quarter Homes, LLC, located at 15446 N Greenway Hayden Loop Ste
1029, Scottsdale, Arizona, owns commercial real estate, undeveloped
land, and residential properties located in Arizona.

Quarter Homes, LLC sought Chapter 11 protection (Bankr. D. Ariz.
Case No. 20-07065) on June 11, 2020.  In the petition signed by
David Turcotte, president, the Debtor was estimated to have assets
and liabilities in the range of $1 million to $10 million.  The
Debtor tapped Warren J. Stapleton, Esq., at Osborn Maledon, P.A.


QUARTER HOMES: Selling 7 Arizona Houses for $1.848 Million
----------------------------------------------------------
Quarter Homes, LLC, asks the U.S. Bankruptcy Court for the District
of Arizona to authorize the sale of the following seven houses
located at:

     (1) 18935 N. Vemto Street, Maricopa, Arizona to Paul Davis for
$245,000;

     (2) 45794 W. Morning View Lane, Maricopa, Arizona to Melvin
Garcia/Delia Garcia for $255,000;

     (3) 18676 N. Smith Dr., Maricopa, Arizona to My Ngo/Tiffany
Ung for $280,000;

     (4) 38192 W. Santa Clara Avenue, Maricopa, Arizona to Paula
Ladd/Cecil Renollet for $315,000;

     (5) 4140 E. Superior Road, San Tan Valley, Arizona to Robert
C. Mitchell/Mirna Mitchell for $228,000;

     (6) 1165 E. Canyon Trail, San Tan Valley, Arizona to Zhizhong
Tang/Sushu Zhang for $255,000; and

     (7) 41819 W. Hillman Dr., Maricopa, Arizona to Jesse Wien for
$270,000.

Quarter Homes owns 39 homes (single family residences) located in
Maricopa, Pinal, and Navajo County.  The homes are covered by
blanket deeds of trust, assignments of leases and rents, and
security agreements ("DOT Assignments and Security Agreements"),
serviced by Midland Loan Servicing on behalf of Wilmington Trust,
National Association, as Trustee for the benefit of holders of
CoreVest American Finance 2018-1 Mortgage Pass Through
Certificates.  Due to the bankruptcy filing, CoreVest passed
servicing of the loans to Situs AMC.

The DOT Assignments and Security Agreements are part of a master
loan agreement providing the terms of the original $6.9 million
(now approximately $5 million) loan that Quarter Homes has from
CoreVest.  Under the terms of the Loan Documents, Quarter Homes is
required to pay back a certain release price (the proportional
share of that home with regard to the original loan), along with a
pre-payment fee, and a yield-maintenance fee.  

Upon closing of the sale and receipt of the Release Price,
Situs/CoreVest is obligated to release its lien so that clear title
can be passed to the buyer.  Although it has not yet been
calculated to the exact dollar amount, it is anticipated that the
Release Price (which includes the principal allocation, the
contract-required 20% principal reduction, and the yield
maintenance) for each house will be:

         House      Sale Price   Release Price  Costs of Sale
Projected Amount
                                                                 to
Debtor

     Vemto St        $245,000      $121,000       $17,150       
$106,850  
     Morning View Ln $255,000      $143,000       $17,850       
$94,150  
     Smith Dr        $280,000      $143,000       $19,600       
$117,400
     Santa Clara Dr  $315,000      $164,000       $22,050       
$128,950  
     Superior Rd     $228,000      $144,000       $15,960       
$68,040
     Canyon Trl      $255,000      $151,000       $17,850       
$86,150
     Hillman Dr      $270,000      $148,000       $18,900       
$103,100
          
     Totals:       $1,848,000    $1,014,000      $129,360       
$704,640

These Selling House were marketed pursuant to the Debtor's
previously filed motion to employ Maria Todd and A&M Management as
a broker for the houses.  The Court approved that motion on Oct.
27, 2020.

After payment of the Release Price, and payment of the commissions
due to the Maria Todd of A&M Management of Arizona, the escrow,
tax, and other closing costs borne by Quarter Homes, Quarter Homes
will realize approximately $704,640 on the sales.  Those funds will
be used to fund the Debtor's recently filed liquidating plan, i.e.,
to pay off Quarter Homes' creditors and investors.      

As previously indicated, under Quarter Homes' business model, it
would obtain money from investors and use those funds to purchase
specific houses.  Those investors would then receive beneficial
interests in the residences purchased with their funds.  In
accordance with its recently filed plan, the Debtors expect that
all of the funds from the sales of the Selling Houses will be
deposited in a segregated account (the account previously used for
the post-petition sale of the Colby Home -- approved by the Court
on June 23, 2020).  The Debtors will visit with their creditor
constituents and anticipate that they will be willing to authorize
$25,000 to be taken from these sale proceeds and placed into the
Debtors' operating reserve -- to ensure continued liquidity during
the case.   

The Closing of the each sale will occur as follows:

        House          Closing     

     Vemto St         Dec. 22, 2020
     Morning View Ln  Dec. 31, 2020
     Smith Dr         Jan. 7, 2020
     Santa Clara Dr   Jan. 9, 2020
     Superior Rd      Jan. 15, 2020
     Canyon Trl       Jan. 15, 2020
     Hillman Dr       Jan. 18, 2020

Contingent upon the Court's approving the sales of the houses at
the purchase prices specified below, A&M Broker is entitled to 2.5%
of the sale prices for the Selling Homes as follows:

         House        Commission  

     Vemto St           $6,125
     Morning View Ln    $6,375
     Smith Dr           $7,000
     Santa Clara Dr     $6,375
     Superior Rd        $5,700
     Canyon Trl         $7,875
     Hillman Dr         $6,750

     Totals:            $46,200

The Debtor asks approval of such fees, and authorization for
payment to A&M Broker at closing of each sale in the amounts set
forth.

The Debtor further asks a waiver of the 14-day stay pursuant to
Rule 6004(h) to allow the order approving the relief sought to take
effect immediately.  Fed. R. Bankr. P. 6004(h).

A copy of the Contracts is available at
https://tinyurl.com/y366nv5e from PacerMonitor.com free of charge.

                     About Quarter Homes

Quarter Homes, LLC, located at 15446 N Greenway Hayden Loop Ste
1029, Scottsdale, Arizona, owns commercial real estate, undeveloped
land, and residential properties located in Arizona.

Quarter Homes, LLC sought Chapter 11 protection (Bankr. D. Ariz.
Case No. 20-07065) on June 11, 2020.  In the petition signed by
David Turcotte, president, the Debtor was estimated to have assets
and liabilities in the range of $1 million to $10 million.  The
Debtor tapped Warren J. Stapleton, Esq., at Osborn Maledon, P.A.,
as counsel.


QUEEN ELIZABETH REALTY: Seeks to Hire Rosen & Kantrow as Counsel
----------------------------------------------------------------
Queen Elizabeth Realty Corp. seeks authority from the the U.S.
Bankruptcy Court for the Eastern District of New York to hire Rosen
& Kantrow, PLLC as its legal counsel.

Rosen & Kantrow will advise the Debtor of its rights and duties,
oversee the preparation of necessary reports to the courts or
creditors, conduct investigation or litigation and provide other
services in aid of the administration of its estate.

The firm's hourly rates are:

     Associates    $375 - $495
     Partners      $575 - $595

Rosen & Kantrow is disinterested as that term is defined in
Bankruptcy Code Section 101(14), according to court filings.

The firm can be reached thopugh:

     Fred S. Kantrow, Esq.
     Nico G. Pizzo, Esq.
     Rosen & Kantrow, PLLC
     38 New Street
     Huntington, NY 11743
     Phone: 631 423 8527

                 About Queen Elizabeth Realty Corp.

Queen Elizabeth Realty Corp. is primarily engaged in renting and
leasing real estate properties.

Queen Elizabeth Realty Corp. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y.
Case No. 20-73327) on Nov. 3, 2020.  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 Robert E. Grossman oversees the case.  Rosen & Kantrow, PLLC
represents the Debtor as counsel.


RANDOLPH HOSPITAL: Debtors & Committee Seek Exclusivity Extension
-----------------------------------------------------------------
Randolph Hospital, Inc. d/b/a Randolph Health and certain of its
affiliates, and the Official Committee of Unsecured Creditors ask
the U.S. Bankruptcy Court for the Middle District of North
Carolina, Greensboro Division, for entry of an order extending the
Debtors' exclusive right to file a chapter 11 plan by approximately
60 days, through and including February 1, 2021, and to solicit
votes thereon by approximately 60 days, through and including April
1, 2021.

Randolph Hospital said sufficient cause exists to extend the
Exclusivity Periods to allow the Debtors to close the sale of
assets to American Healthcare Systems, Inc. and to negotiate a
potential consensual chapter 11 plan with the Committee and Bank of
America.

The Debtors anticipate the sale to American Healthcare, which is
anticipated to underpin a plan of liquidation, will close in
January or February 2021. Further, the Debtors are engaged in
negotiations with the Committee and BOA, with the goal of
negotiating a consensual plan based upon the foregoing and avoiding
unnecessary conflict and delay, and require extensions of the
Exclusivity Periods to facilitate those negotiations. The Debtors
and the Committee believe that the Debtors' estates, creditors, and
other interested parties will be best served by additional time for
substantive plan negotiations.

BOA is the Debtors' term lender.

The Debtors have provided a draft chapter 11 plan to the Committee
and BOA and are currently in substantive negotiations with these
entities to develop a consensual plan.

Judge Lena Mansori James previously extended the Debtors' exclusive
periods to file a Chapter 11 plan and solicit acceptances for the
plan through and including December 4, 2020, and February 1, 2021,
respectively.

The December 4 termination date for the Filing Exclusivity Period
is automatically extended to the hearing date on the Joint Motion
without the need of a bridge order pursuant to the Order
Implementing Certain Notice and Case Management Procedures.

                     About Randolph Hospital

Randolph Hospital — https://www.randolphhealth.org/ — operates
as a hospital that provides inpatient and outpatient services in
North Carolina. The Company offers, among other services, cancer
care, imaging, maternity services, cardiac services, surgical
services, outpatient specialty clinics, rehabilitation services,
and emergency services.

Randolph Hospital, Inc. and its affiliates, MRI of Asheboro, LLC
and Randolph Specialty Group Practice, each filed a voluntary
petition for relief under chapter 11 of the Bankruptcy Code (Bankr.
M.D.N.C. Lead Case No. 20-10247) on March 6, 2020. In the petition
signed by CRO Louis E. Robichaux IV, Randolph Hospital was
estimated to have $100 million to $500 million in both assets and
liabilities.

Judge Lena Mansori James oversees the case. The Debtor is
represented by Jody A. Bedenbaugh, Esq., and Graham S. Mitchell,
Esq., at Nelson Mullins Riley & Scarborough LLP.

William Miller, the bankruptcy administrator for the U.S.
Bankruptcy Court for the Middle District of North Carolina,
appointed a committee to represent unsecured creditors in the
Chapter 11 cases. The committee retained Spilman Thomas & Battle,
PLLC as counsel; Sills Cummis & Gross, P.C., as co-counsel; and
Gibbins Advisors, LLC, as financial advisor.

Melanie L. Cyganowski was appointed as patient care ombudsman in
the Debtors' bankruptcy cases. The PCO is represented by Otterbourg
P.C. as her legal counsel effective May 5, 2020.



RAYONIER ADVANCED: S&P Places 'CCC+' ICR on Watch Positive
----------------------------------------------------------
S&P Global Ratings placed all of its ratings on Jacksonville,
Fla.-based Rayonier Advanced Materials Inc.'s (RYAM) on CreditWatch
with positive implications. S&P expects to raise its issuer credit
rating on RYAM to 'B-' from 'CCC+' when the transaction closes.

S&P said, "At the same time, we are assigning our preliminary
'CCC+' issue-level rating and '3' recovery rating to the proposed
senior secured notes. The '3' recovery rating indicates our
expectation for meaningful recovery (50%-70%; rounded estimate:
50%) in the event of a default.

"We are also lowering our issue-level rating on RYAM's senior
unsecured notes to 'CCC-' from 'CCC' and revising our recovery
rating to '6' from '5'. The '6' recovery rating indicates our
expectation for negligible recovery (0%-10%; rounded estimate: 0%)
in the event of a default.

"The CreditWatch placement reflects our expectation that the
company's leverage will fall to and remain near 8x and EBITDA
interest coverage will rise to and remain near 2x over the next 12
months."

Rayonier's liquidity is improving and its operating performance and
credit measures have strengthened because of the enhancement of its
profitability through management's cost-cutting initiatives coupled
with substantially higher lumber prices and improved demand in its
High Purity Cellulose business.

The company's wholly-owned subsidiary Rayonier A.M. Products Inc.
plans to issue $500 million of senior secured notes that it will
use the proceeds from, together with cash on hand, to repay all of
the outstanding obligations under its two existing term loans
(unrated).

Robust demand and pricing for wood products, coupled with
management's cost-containment measures, will lead to higher EBITDA
generation in 2020 and 2021. The anticipated decline in lumber
demand in the first half of 2020 due to the coronavirus
pandemic-related recession led many companies to curtail their
capacity. However, the industry was unexpectedly met with strong
demand starting in the second quarter, which led to significant
price tension and historically high lumber prices. S&P believes
this sharp improvement in lumber prices, from historic lows over
the previous 18 months, was due to the high demand stemming from
strong repair and remodeling (R&R) activity and a much
greater-than-expected level of U.S. housing starts. Additionally,
cellulose specialty prices have increased modestly year to date (by
1.0%-1.5%) and are currently at their highest point since 2017 due
to strong commodity volumes in the high purity cellulose business.
RYAM implemented strong cost-containment measures, including
improving its sourcing and logistics spending and reducing its
corporate overhead, which enabled it to achieve approximately $17
million of savings in 2020 and curtail unproductive assets in its
newsprint and lumber business. Therefore, S&P now expects the
company's EBITDA to increase by more than 50% in 2020, relative to
its previous expectation for a 25%-30% increase from 2019, and
remain near that level in 2021.

S&P said, "We expect RYAM's adjusted leverage to be near the 8x
area in 2021, which is an improvement from our previous expectation
of more than 10x.  The company's expense control and
cash-preservation policies, along with its stronger demand and
lower raw material costs (particularly for pulp and fuel), will
lead to vastly improved earnings in 2020, although we still believe
its operating cash will be compressed in 2021 once the strong
demand and elevated wood prices normalize and some of its temporary
cost reductions abate." For the 12 months ended September 2020,
RYAM's adjusted leverage improved to 10.6x from 12.6x as of the end
of 2019.

RYAM's improved liquidity will remain adequate over the next 12
months following its increased cash flow generation in 2020.  As of
Sept. 30, 2020, RYAM had more than $80 million of cash on hand. S&P
said, "We expect the company to generate $75 million-$85 million of
cash FFO over the next 12 months and issue a new $200 million
asset-based lending (ABL) facility, which we expect will be undrawn
at close. We believe these sources of liquidity will be more than
sufficient to fund the company's working capital needs of $10
million-$15 million and about $80 million-$90 million of capital
expenditure over the next 12 months."

S&P said, "The CreditWatch placement indicates our expectation that
the company will complete its refinancing in the next 90 days. We
intend to resolve the CreditWatch at that time. We also expect to
raise our issuer credit rating on RYAM to 'B-' from 'CCC+' when the
transaction closes. The upgrade would acknowledge RYAM's improved
liquidity, better operating performance, and stronger credit
measures."


RAYONIER AM: Moody's Assigns B1 Rating to New $500MM Sec. Notes
---------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Rayonier A.M.
Products Inc.'s proposed $500 million senior secured notes due 2026
and affirmed the company's B3 corporate family rating, B3-PD
probability of default rating and Caa2 senior unsecured bond
rating. RYAM intends to use the proceeds of this offering to
refinance the company's $499 million senior secured term loans (not
rated). RYAM's speculative grade liquidity rating was upgraded to
SGL-2 from SGL-3 and the rating outlook was changed to stable from
negative.

"RYAM's existing ratings were affirmed with a stable outlook
reflecting our expectations that the company will maintain good
liquidity as its leverage (adjusted Debt to EBITDA) improves toward
6x in 2022," said Ed Sustar, Senior Vice President with Moody's.

Assignments:

Issuer: Rayonier A.M. Products Inc.

Senior Secured Regular Bond/Debenture, Assigned B1 (LGD3)

Affirmations:

Issuer: Rayonier A.M. Products Inc.

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

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

Upgrades:

Issuer: Rayonier A.M. Products Inc.

Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-3

Outlook Actions:

Issuer: Rayonier A.M. Products Inc.

Outlook, Changed to Stable from Negative

RATINGS RATIONALE

RYAM's B3 CFR is constrained by: (1) high consolidated leverage
(about 6.5x adjusted debt/EBITDA expected for 2021 after duties and
including Moody's standard adjustments, and 6.1x in 2022); (2)
volatile lumber and pulp pricing; (3) declining markets for
acetate-based specialty cellulose pulp (SC), which is primarily
used to manufacture cigarette filters, and newsprint, which has
experienced larger than normal declines due to stay-at home
measures during the pandemic; and (4) several high-cost assets that
are challenged to generate cash during cyclical pricing lows. RYAM
benefits from: (1) its leading global market position as a SC pulp
manufacturer; (2) operational and geographic diversity through four
SC facilities located in the US, Canada and France; (3) end-market
and product diversity with six sawmills, one consumer paper
packaging mill, one high-yield commodity pulp mill and a newsprint
mill; and (4) good liquidity.

The company's new B1 rated $500 million senior secured notes are
two notches above the CFR reflecting the noteholders' position
ahead of the company's Caa2 rated $496 million senior unsecured
notes due 2024, in accordance with Moody's Loss Given Default for
Speculative-Grade Companies methodology. The Caa2 rating on the
company's senior unsecured notes reflects the noteholders'
subordinate position behind the company's new $200 million ABL
facility (not rated), the new $500 million secured notes and about
$88 million of secured project debt (not rated).

RYAM's SGL-2 rating reflects good liquidity with about $250 million
of liquidity sources to cover about $16 million of current debt
maturities. RYAM had $83 million of cash (at Sept. 30, 2020) and is
expected to have about $130 million of availability under the
company's new $200 million ABL facility that matures in November
2025. Moody's expects that the company will generate about $40
million of free cash flow in 2021. The company is no longer subject
to financial covenants, and Moody's does not expect that the
availability covenant in the new ABL facility will be triggered
over the next four quarters. However, all of the company's assets
are encumbered, and Moody's expects that any asset sale proceeds
would be used to reduce debt.

The stable outlook reflects Moody's expectation that RYAM will
maintain good liquidity as its leverage trends down toward 6x in
2022, through debt reduction from the amortization of secured
project debt as EBITDA increases from operational improvements and
slightly higher pulp prices.

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

RYAM's rating could be downgraded if:

  -- the company's liquidity profile deteriorates;

  -- the company fails to strengthen its operating performance, or

  -- adjusted Debt/EBITDA was expected to remain at or above 7x
(10x LTM September 2020, expected to decline to 6.5x in 2021).

RYAM's rating could be upgraded if:

  -- liquidity improves, including the ability to generate
meaningful positive free cash flow;

  -- sustaining adjusted Debt/EBITDA is below 5.5x (10x LTM
September 2020, expected to decline to 6.5x in 2021) and

  -- EBITDA/Interest is around 1.5x (1.6x LTM September 2020).

The principal methodology used in these ratings was Paper and
Forest Products Industry published in October 2018.

Rayonier A.M. Products Inc., headquartered in Jacksonville,
Florida, is a leading global producer of specialty cellulose (SC)
pulp, which is used as a raw material to manufacture a diverse
array of consumer products, such as cigarette filters, LCD screens,
coatings and plastics films. RYAM also produces commodity pulp,
lumber, consumer paper packaging and newsprint, with revenue of
about $1.7 billion (last twelve months September 2020).


RED ROSE: Court Extends Plan Exclusivity Thru January 7
-------------------------------------------------------
At the behest of Red Rose, Inc. and its affiliates, the Honorable
Mike K. Nakagawa of the U.S. Bankruptcy Court for the District of
Nevada extended the period in which the Debtor may file a chapter
11 plan through and including January 7, 2021, and to solicit
acceptances to a plan through March 8, 2021.

The Debtors are in the midst of negotiating with the Official
Committee of Unsecured Creditors, ACF FinCo I LP, and their DIP
lender, LS DE LLC and LSQ Funding Group, L.C. regarding a global
resolution of the Chapter 11 cases with their major constituencies,
including the prospective sale of their business and consumer
division operating assets. The extension of the Exclusive Periods
will incentivize the parties to continuing negotiating rather than
diverting energy to contested plan confirmation.

In addition, the Debtors have reached an agreement with ACF on the
use of cash collateral, and an agreed-upon process (on notice to
the Committee, UST, ACF, and LSQ) for the payment of pre-petition
critical vendor claims.

The Debtors said they have been focused on administering the
estates, which includes, among other things, preparing their
schedules and statements of financial affairs, reducing overhead
expenses including multiple reductions in force as well as reducing
executive compensation, seeking to pay prepetition salaries and
benefits, retaining professionals, settling claims, obtaining
post-petition financing to fund these cases, preparing and filing
their monthly operating reports, and reducing their operating
expenses, including by downsizing leased office spaces and selling
assets the Debtors no longer need. Also, the Debtors are complying
with the statutory obligations in anticipation of submitting a plan
that will garner creditor support and provide for confirmation.

The Debtors are also timely sharing information with creditors
through their monthly operating reports, cash collateral budgets,
and filed schedules and statement of financial affairs, and have
been meeting their ongoing obligations as they come due.

There are unresolved contingencies that must be resolved in order
to formulate the Debtors' plan. In order to formulate their plan,
the Debtors must know the value of their assets and liabilities.

                 About Red Rose Inc.

Red Rose, Inc., its affiliates, and its parent company
Petersen-Dean Inc., a full-service, privately-held roofing, and
solar company, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Nev. Lead Case No. 20-12814) on June 11, 2020.  At
the time of the filing, Red Rose and Petersen-Dean each disclosed
assets of between $10 million and $50 million and liabilities of
the same range.  

The Honorable Mike K. Nakagawa oversees the cases. The Debtors have
tapped Fox Rothschild, LLP to serve as their bankruptcy counsel,
JHS CPAs, LLP to provide tax-related services

The U.S. Trustee for Region 17 appointed a committee of unsecured
creditors on June 27, 2020.  Brown Rudnick LLP and Schwartz Law,
PLLC serve as the committee's bankruptcy counsel and local counsel,
respectively.



REGIONAL HEALTH: Signs Agreement Regarding Leases with Tenants
--------------------------------------------------------------
Regional Health Properties, Inc., entered into an Agreement
Regarding Leases with 3223 Falligant Avenue Associates, L.P., 3460
Powder Springs Road Associates, L.P., Wellington Healthcare
Services II, L.P. ("Guarantor") and Mansell Court Associates LLC
("Pledgor").  Tenants, Guarantor and Pledgor, together with each of
their respective affiliates, shareholders, partners, members,
managers, officers, directors and employees thereof, are the
"Wellington Parties".

The Agreement provides for, among other things, the: (i)
termination of that certain (a) Sublease Agreement, dated as of
Jan. 31, 2015, which were due to expire Aug. 31, 2027, between
Regional and Tara Tenant, under which Regional subleases to Tara
Tenant the skilled nursing and assisted living facility located in
Thunderbolt, Georgia, and (b) Sublease Agreement, dated as of Jan.
31, 2015, between Regional and Powder Springs Tenant, under which
Regional subleases to Powder Springs Tenant the skilled nursing
facility located in Powder Springs, Georgia; (ii) transition of the
operation of the Facilities to Regional; and (iii) settlement of
outstanding amounts owed by the Tenants to Regional under the
Subleases.  In connection with the Subleases, Regional and the
Wellington Parties entered into several ancillary security
agreements with respect to the Facilities, each dated as of Jan.
25, 2019, including guarantees, pledge agreements, subordination
agreements and security agreements.

Scheduled rent payments under the Subleases constitute
approximately 22% of Regional's anticipated annual revenue in 2020.
As of
Sept. 30, 2020, Regional had recorded an allowance of $0.9 million
against a rent receivable of $2.0 million from the Tenants.
Because Regional has a uniform commercial code lien on the Tenants'
receivables, Regional determined that a full allowance was not
warranted.

Under the Agreement, possession, custody, control and operation of
the Facilities will transition from the Tenants to Regional at
12:01 a.m. on Jan. 1, 2021 or such other date as the parties agree
to in writing, pursuant to the terms and provisions of the
Operations Transfer Agreements which Regional and the Tenants have
entered into in connection with the Agreement.  Such OTAs are
subject to customary closing conditions and representations and
warranties.  The Transition is subject to the Georgia Department of
Community Health's approval of the Change in Ownership
Applications, which such Applications were filed by Regional on
Dec. 2, 2020.  The Transition Date will be effective upon: (i)
DCH's approval of the transition of the Facilities; and (ii) the
occurrence of the Transition.  On the Transition Date, the Tenants
will: (i) pay all cash on hand at the Facilities to Regional; (ii)
transfer and assign all accounts receivable relating to the
Facilities as of the Transition Date; and (iii) enter into
commercially reasonable Deposit Account Control Agreements with
respect to all of the Tenants' bank accounts that receive accounts
receivable remittances. The Security Agreements will survive the
Transition and will remain in full force and effect in order to
assist Regional in collecting the accounts receivable.
Upon the occurrence of the Transition, the Subleases, Guarantees,
Pledge Agreements and Subordination Agreements will terminate
automatically without any further action needed by any party.
Additionally, the Wellington Parties and Regional agreed to a
mutual release whereby each party releases, acquits, and forever
discharges one another from any and all charges, complaints,
claims, liabilities, demands, costs, losses, debts, and expenses of
any nature whatsoever (including attorneys' fees and costs actually
incurred), known or unknown, suspected or unsuspected, accrued or
not accrued, whether in law in equity, that existed from the
beginning of time to the Transition Date.

Subject only to the OTAs and the Agreement, Regional will not in
any way be liable for any contractual obligations or liabilities of
the Wellington Parties owed to third parties arising prior to the
Transition Date.  Regional will pay and/or assume all vacation
days, sick days and paid time off accruing on or before the
Transition Date.

Regional will indemnify the Wellington Parties from liabilities
arising from or relating to any unpaid nursing home provider fees
relating in any way to the Facilities for the period prior to
and/or after Dec. 1, 2020.

Until the Transition Date occurs, neither: (i) the execution of the
Agreement; (ii) the execution of any document or instrument
required under the Agreement; nor (iii) the consummation of the
transactions and agreements set forth in the Agreement will in any
manner (a) rescind or cure any existing default under the
Subleases, (b) reinstate the Subleases to current status, or (c)
constitute an accord and satisfaction.  Regional's agreement to
forego immediate pursuit of its rights and remedies constitutes a
postponement and forbearance only, and does not constitute a waiver
of any such rights or remedies.

The Agreement includes customary termination events, including: (i)
the failure of the Tenants to perform any of their obligations
under the Agreement where such failure continues for a period of
ten business days after the Tenants receipt of written notice from
Regional; or (ii) either Tenant institutes or has instituted
against Tenant or the Facilities any bankruptcy, reorganization,
receivership, assignment for the benefit of creditors,
conservatorship, custodianship, sequestration, or other similar
judicial or non-judicial proceeding; or (iii) the Transition Date
has not occurred on or before Feb. 28, 2021 for any reason other
than a default by Regional under the Agreement or the OTAs.

                       About Regional Health

Regional Health Properties, Inc. (NYSE American: RHE) (NYSE
American: RHEpA) -- http://www.regionalhealthproperties.com/-- is
a self-managed healthcare real estate investment company that
invests primarily in real estate purposed for senior living and
long-term healthcare through facility lease and sub-lease
transactions.

Regional Health reported a net loss attributable to the company's
common stockholders of $3.50 million for the year ended Dec. 31,
2019 compared to a net loss attributable to the company's common
stockholders of $19.88 million for the year ended Dec. 31, 2018.
As of Sept. 30, 2020, the Company had $110.33 million in total
assets, $98.23 million in total liabilities, and $12.10 million in
total stockholders' equity.


REVLON INC: S&P Upgrades ICR to 'CCC-' on Distressed Debt Exchange
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Revlon Inc.
to 'CCC-' from 'SD', which reflected its view of the company's
still unsustainable capital structure, very high debt service
burden, near-term debt maturities, and weak liquidity. The outlook
is negative.

Revlon recently completed its previously announced 5.75% senior
notes exchange, which S&P viewed as a distressed restructuring
given the company's weak operating performance exacerbated by the
pandemic, negative cash flow generation, and significant near-term
debt maturities.

S&P said, "We are raising our issue-level ratings on Revlon's $915
million BrandCo new money term loan to 'CCC' from 'CCC-', and its
roll-up term loans and legacy term loan to 'CC' from 'C' as a
result of the higher issuer credit rating. We are affirming our 'C'
rating on its senior unsecured notes.

"We are also assigning our 'CC' issue-level and '5' recovery rating
to Revlon's new BrandCo second-lien term loan.

"We continue to view Revlon's capital structure and debt service
burden as unsustainable and its liquidity as weak.  The notes
exchange transaction modestly lowered the company's interest
expense and avoided springing maturities on its other debt, but it
significantly weakened the company's liquidity position. Revlon
spent $185 million-$190 million in cash to complete the transaction
and redemption of the remaining notes. This left the company with
an estimated $82 million of cash and $53 million of asset-based
lending (ABL) revolving credit facility availability as of Sept.
30, 2020, pro forma for the completion of the transaction. The
company's pro forma annual interest expense is about $245 million
and its required annual amortization is more than $20 million. We
expect the company to generate modest positive free cash flow in
the fourth quarter of 2020, leading to an improvement in its
liquidity by the end of this year, but we expect the company to
burn cash over the subsequent three quarters given its weak
operations and the seasonality in its business. We believe the
company intends to manage the timing of its other cash outflows to
preserve enough liquidity to prioritize its quarterly debt service
payments. Still, we believe it will be very difficult for the
company to meet its debt service obligations over the next six
months and avoid a default, especially if pandemic-related
headwinds cause a further revenue decline.

Revlon has additional debt maturities it will need to address in
2021. Revlon has $292 million in pro forma borrowings outstanding
under tranche A of its $400 million domestic ABL facility. S&P
said, "The facility matures in September 2021, and we forecast that
the company will not have the cash needed to repay the borrowings.
It is our understanding that the company is currently in talks with
lenders to renew this facility, and we believe it will have an
easier time renewing this facility than its other debt maturities
and might not require a distressed exchange given the priority
secured nature of the ABL." However, if the company is not able to
renew, or is forced to accept higher borrowing costs or
restrictions on the borrowing base, this would further pressure
Revlon's liquidity and jeopardize its ability to continue as a
going concern.

S&P said, "We expect Revlon's performance will continue to be
hampered by the COVID-19 pandemic.  The company's operations have
been on the decline since 2016, and this year, sales declines
accelerated because of the impact from COVID-19, which hurt
Revlon's sales first in Asia, and subsequently in Europe and the
U.S. As a result, revenue declined 29% during the first half of the
year. Revenue improved sequentially but was still down 20%
year-over-year in the third quarter, leading to a year-to-date
revenue decline of about 26%. The company's product portfolio is
heavily skewed toward color cosmetics and fragrances, and we
believe demand for these categories will remain somewhat weak given
that more people are working from home and social distancing
mandates create fewer social occasions. We expect that a
challenging operating environment and declining sales will make it
difficult for the company to meaningfully improve profitability
enough to make the capital structure sustainable, despite its
restructuring activities aimed to optimize its cost structure and
achieve meaningful cost savings. Pro forma for the recently closed
transactions, the company has about $3.5 billion of funded debt on
its balance sheet as of Sept 30, 2020. Pro forma leverage is very
high at over 20x as of the third quarter 2020, and we expect it to
remain in the double-digits over the next two years.

"The negative outlook reflects our view of the company's
unsustainable capital structure and heavy debt service burden, and
our belief that Revlon could default on its debt obligations in the
upcoming quarters.

"We could lower the rating if Revlon missed a debt service payment,
filed for bankruptcy protection, or initiated another debt
restructuring.

"We could raise the rating if the company's operating performance
and cash flow management led us to believe that a payment default
or bankruptcy filing in the next six months were unlikely, even if
its capital structure remained unsustainable. A higher rating would
also require that the company refinance its ABL on satisfactory
terms before it is due in September 2021."


RILEY BULK: Gets OK to Hire McNamee Hosea as Legal Counsel
----------------------------------------------------------
Riley Bulk Transport, LLC received approval from the U.S.
Bankruptcy Court for the District of Maryland to hire McNamee Hosea
Jernigan Kim Greenan & Lynch, P.A. as its legal counsel.

The services that McNamee Hosea will render are:

     a) prepare and file schedules, statement of affairs and other
documents required by the court;

     b) represent the Debtor at the initial debtor interview and
meeting of creditors;

     c) counsel the Debtor in connection with the formulation,
negotiation and promulgation of a plan of reorganization and
related documents;

     d) assist the Debtor in the negotiation and documentation of
financing agreements, debt restructurings and related transaction;

     e) prepare legal documents and review all financial reports;
and

     f) perform all other legal services related to the Debtor's
Chapter 11 case.

McNamee Hosea's hourly rates are:

     Partners      $300
     Associates    $250
     Paralegal     $100

McNamee Hosea represents no other entity in connection with the
case and is disinterested as that term is defined in Section
101(14) of the Bankruptcy Code, according to court filings.

McNamee Hosea can be reached through:

     Christopher L. Hamlin, Esq.
     McNamee Hosea Jernigan
     Kim Greenan & Lynch, P.A.
     950 N. Washington Street, Suite 210
     Alexandria, VA 22314
     Phone: (703) 270-9600

                  About Riley Bulk Transport, LLC

Riley Bulk Transport, LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. 20-20182) on Nov. 18,
2020, listing under $1 million in both assets and liabilities.
Christopher L. Hamlin at McNamee Hosea Jernigan Kim Greenan &
Lynch, P.A. serves as the Debtor's legal counsel.


RM BAKERY: Court Extends Plan Exclusivity Period Thru Feb. 2021
---------------------------------------------------------------
At the behest of RM Bakery, LLC and its affiliates, the U.S.
Bankruptcy Court for the Southern District of New York extended the
periods within which the Debtors have the exclusive rights to file
a plan through and including February 10, 2021, and to solicit
acceptances of a plan to April 12, 2021.

Mark Rimer, a member of the senior management of and an investor in
debtors RM Bakery and BKD Group LLC, identified three main reasons
for the Chapter 11 filing:

     (1) The Debtors were overleveraged due to a secured loan from
Pacific Western Bank, and negotiations with Pac West had been
fruitless. Accordingly, Pac West had filed suit against debtor RM
Bakery as principal obligor, and against debtor BKD Group, as
guarantor, and the Debtors faced immediate replevin and summary
judgment;

     (2) As the Debtors are in the hospitality industry, most of
which was precipitously closed down due to the coronavirus
pandemic, the Debtors' business had dropped off precipitously by
65% due to the pandemic; and

     (3) Baseless lawsuits, in particular a lawsuit from Beldotti
Bakeries LLC and its shareholders, Michael Beldotti and Christopher
Beldotti.

During the first 120 days, the Debtors have made substantial
strides in resolving these issues, which must be resolved in order
to be able to propose a plan of reorganization.

The Debtors, after substantial negotiation, were able to work out
consensual cash collateral and DIP order with Pac West and
continued to engage in significant negotiations with them. The
Debtors believe they are very close to reaching a resolution with
Pac West which will form the framework for a plan of
reorganization; although, the parties are still negotiating some of
the fine points. The Pac West loan, however, is guaranteed by the
Small Business Administration ("SBA"). With an extension, the
Debtors will be able to finalize the settlement, obtain the
approval of the SBA, and formulate a plan based on the settlement.

Similarly, the Debtors have made great strides in resolving
litigation matters which could have posed a barrier to a successful
plan of reorganization. As this Court knows, the NLRB has filed
substantial priority claims against Debtor RMB, as well as filing a
motion for immediate payment of a large putative administrative
priority claim. The Debtors dispute these claims, and if they were
to be allowed, the cash necessary to satisfy such claims both
immediately, as requested, and/or at confirmation would make
proposing a plan of reorganization much more difficult. Thus, the
Debtors has been in negotiations with the NLRB since it filed its
Administrative Claim Motion. The Debtors are optimistic that it can
resolve these claims by working within the framework of a recent
proposal put forward by the NLRB, and with the additional time to
complete this critical negotiation.

Regarding the Beldottis, they have continued to be litigious
post-petition. They filed a motion to deny Debtors a discharge in
chapter 11. While the Debtors believe that there is no basis to
deny a discharge, the cost of the litigation alone would greatly
deplete Debtors' assets and make reorganization more difficult. So,
the Debtors negotiated at length with the Beldottis, and have
reached a settlement which the Debtors believe will save a great
deal of time and expense and allow a reorganization to go forward.
The Debtors have the 9019 settlement motion heard at the Omnibus
hearing on November 10, 2020.

The one area which the Debtors need to address is the pandemic's
effects on the hospitality industry. The Debtors now have
sufficient time, it will able them to develop a business plan on
how to stabilize their business, to understand what the business
will look like in the "new normal." The Debtors are committed to
filing a plan of reorganization as soon as possible and have been
exploring several options for stabilizing their business.

                 About RM Bakery and BKD Group

RM Bakery, LLC, owner of a bakery business, and BKD Group, LLC
sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No.
20-11422) on June 15, 2020.

At the time of the filing, RM Bakery disclosed assets of between $1
million and $10 million and liabilities of the same range.
Meanwhile, BKD Group had estimated assets of less than $50,000 and
estimated liabilities of between $1 million and $10 million.

Judge Martin Glenn presides over the case. The Debtors have tapped
Mayerson & Hartheimer, PLLC as their legal counsel and Epiq
Corporate Restructuring, LLC as their claims and noticing agent.



ROYAL CARIBBEAN: S&P Places 'B+' ICR on CreditWatch Negative
------------------------------------------------------------
S&P Global Ratings placed all ratings on Royal Caribbean Cruises
Ltd., including its 'B+' issuer credit rating, on CreditWatch with
negative implications.

S&P said, "The CreditWatch placement follows the extended
suspension of most of Royal's sailings through February 2021, later
than our prior assumption that sailings would be suspended through
the end of 2020.   As a result, we expect 2021 credit measures and
operating cash flow generation will be even weaker, and more
negative, than our already anticipated very weak levels.
Furthermore, we believe there is heightened risk as to Royal's
ability to significantly improve credit measures to more manageable
levels in 2022.

"We previously assumed that global cruise operators would resume
operations in a phased manner at significantly reduced occupancy
levels late in the fourth quarter of 2020 upon the expiration of
the No Sail Order from the Centers for Disease Control and
Prevention (CDC). However, the larger global cruise operators have
extended the suspension of the majority of sailings through most of
the first calendar quarter of 2021 as they handle the
implementation of new protocols and guidelines contained in the
CDC's Conditional Sail Order (CSO)."

The CSO creates phases for the resumption of cruising, including:

-- The requirement for operators to have the ability and capacity
to administer widespread testing for guests and crew,

-- Simulated trial sailings to test the overall effectiveness of
health and safety protocols,

-- Evaluation and certification on a ship-by-ship basis, and

-- A phased resumption of revenue-generating voyages.

Although many of these phases can run concurrently, the
commencement of trial sailings, certification of ships, and the
timing of the resumption of revenue-generating voyages remains
highly uncertain.

S&P said, "Furthermore, while we believe resuming operations in a
phased manner might help operators better align supply and demand,
target easily accessible homeports and better manage itineraries,
customers might find the itineraries less desirable because, in our
view, destinations and the length of itineraries operators are able
to offer might be limited due to continued port closures and local
government and health authority restrictions. This could pressure
pricing, particularly on initial voyages where pricing will already
be hurt by short booking windows because tickets will also likely
be sold close to sailing. Additionally, even once sailings resume,
we believe that cruise operators will continue to face heightened
risks of additional suspensions in the absence of a widely
available vaccine or effective treatment, which could be around
mid-2021 under our base case assumptions."

These factors will result in a longer period of cash burn for
cruise operators and very high leverage in 2021. There remains a
high degree of risk as to Royal's ability to ramp EBITDA generation
over the next year to a level that would support significant
deleveraging and improvement in operating cash flow generation into
2022.

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

-- Health and safety factors

S&P said, "The CreditWatch listing reflects the heightened
likelihood that we will lower our rating within the next few months
given a high degree of uncertainty as to Royal's recovery path and
its ability to substantially improve leverage in 2022 from what
will likely be unsustainable levels in 2021. The CreditWatch
listing also reflects the delay in the restart of cruises in many
markets, the potential for further suspensions even when operations
do resume, and the possibility the pandemic could alter consumers'
demand for travel and cruising over the longer term because of
concerns around contracting the coronavirus.

"In resolving the CreditWatch listing, we plan to incorporate our
updated views for the timeframe of the resumption of sailings into
our forecast, including management's plans to adhere to the CDC's
CSO and what options they may have to improve their profitability
and cash flow. We will also assess the impact of recent
liquidity-enhancing transactions on the company's liquidity
position and credit measures, including the recent implementation
of an at-the-market equity offering program. We will look to
address the CreditWatch listing on Royal within the next several
weeks."


RTW RETAILWINDS: Chapter 11 Liquidation Plan Approved
-----------------------------------------------------
Alex Wolf of Bloomberg Law reports that the bankrupt parent of
retailer New York & Co., RTW Retailwinds Inc., won approval of its
liquidation plan after closing nearly 400 store locations and
selling its e-commerce business.

RTW Retailwinds Inc. successfully built consensus around a Chapter
11 liquidation plan that returns some value to unsecured creditors,
Judge John K. Sherwood of the U.S. Bankruptcy Court for the
District of New Jersey ruled during a telephonic hearing Wednesday,
December 9, 2020.

The women's clothing retailer is creating a liquidation trust
funded primarily from the proceeds of going-out-of-business sales,
plus the $66 million sale of its online brand to Saadia Group LLC.


As reported in the TCR, RTW Retailwinds, Inc., et al., submitted a
Liquidating Plan and a Disclosure Statement.  Holders of Allowed
General Unsecured Claims will receive their pro rata share of the
Beneficial Trust Interests, which Beneficial Trust Interests shall
entitle the holders thereof to receive their pro rata share of the
Liquidation Trust Assets.  Unsecured creditors will recover 31% to
38% of  their claims.

                     About RTW Retailwinds

RTW Retailwinds, Inc. [OTC PINK:RTWI], formerly known as New York &
Company, Inc., is a specialty women's omni-channel retailer with a
powerful multi-brand lifestyle platform providing curated fashion
solutions that are versatile, on-trend, and stylish at a great
value.  The specialty retailer, first incorporated in 1918, has
grown to now operate 378 retail and outlet locations in 32 states
while also growing a substantial eCommerce business.  The Company's
portfolio includes branded merchandise from New York & Company,
Fashion to Figure, and Happy x Nature.  The Company's branded
merchandise is sold exclusively at its retail locations and online
at http://www.nyandcompany.com/,http://www.fashiontofigure.com/,
http://www.happyxnature.com/,and through its rental subscription
businesses at http://www.nyandcompanycloset.com/and
http://www.fashiontofigurecloset.com/           

RTW Retailwinds, Inc. and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 20-18445)
on July 13, 2020.  The petitions were signed by Sheamus Toal, CEO,
CFO and treasurer.  

As of July 13, 2020, the Debtors reported total assets of
$405,356,610 and total liabilities of $449,962,395.

The Hon. John K. Sherwood presides over the cases.

Michael D. Sirota, Esq., Stuart Komrower, Esq., Ryan T. Jareck,
Esq., and Matteo W. Percontino, Esq. of Cole Schotz P.C. serve as
counsel to the Debtors.  Berkeley Research Group, LLC, has been
tapped as financial advisor to the Debtors; B. Riley FBR, Inc. as
investment banker; and Prime Clerk, LLC as claims and noticing
agent.


RVT INC: Jan. 12 Hearing on Disclosures and Plan
------------------------------------------------
The RVT Inc's Plan And Disclosure Statement will be heard on
January 12, 2021, at 2:00 p.m. at 3420 Twelfth St, Riverside CA
92501-3819, Courtroom Video Courtroom 225. Any opposition must be
filed at least 7 days before the hearing.

     Attorney for Debtor RVT Inc:

     Julie J. Villalobos, SBN263382
     OAKTREE LAW
     10900 183rd Street, Suite 270
     Cerritos CA 90703
     Telephone: (562)741-3938
     Fax Number: (888) 408-2210

                          About RVT Inc.

Based in Fontana, California, RVT Inc. filed a Chapter 11 petition
(Bankr. C.D. Cal. Case No. 19-17552) on Aug. 28, 2019, listing
under $1 million in both assets and liabilities.  The Hon. Mark S.
Wallace is the case judge.  OAKTREE LAW represents the Debtor.


RVT INC: Unsecured Claims to Recover 100% Under Plan
----------------------------------------------------
RVT, Inc., submitted a Chapter 11 Plan of Reorganization and a
Disclosure Statement.

Class 4 General Unsecured Claims are projected to recover 100
percent.

The Debtor believes the Plan is feasible because, both on the
Effective Date and for the duration of the Plan, the proponent
estimates that Debtor will have sufficient cash to make all
distributions.

A full-text copy of the Chapter 11 Disclosure Statement dated
November 25, 2020, is available at
https://tinyurl.com/y4wkcgw4 from PacerMonitor.com at no charge.

Attorney for RVT, Inc.:

     Larry Fieselman, Esq.
     OAKTREE LAW
     10900 183rd Street, Suite 270
     Cerritos CA90703
     Tel: (562) 741-3943
     Fax: (562) 264-1496

                          About RVT Inc.

Based in Fontana, California, RVT Inc. filed a Chapter 11 petition
(Bankr. C.D. Cal. Case No. 19-17552) on Aug. 28, 2019, listing
under $1 million in both assets and liabilities.  The Hon. Mark S.
Wallace is the case judge.  OAKTREE LAW represents the Debtor.


S & H HARDWARE: Seeks Feb. 3 Extension of Plan Exclusivity
----------------------------------------------------------
S & H Hardware & Supply Co., Inc., asks the U.S. Bankruptcy Court
for the Eastern District of Pennsylvania to extend the exclusive
periods during which the Debtor may file a Chapter 11 plan until
Feb. 3, 2021, and to solicit acceptances for the plan until April
4, 2021.

The Debtor has determined to engage in the orderly liquidation of
its inventory and other assets and to close its store located in
Huntingon Valley, Pa., subject to bankruptcy court approval, which
the Debtor believes will maximize the recovery to its creditors
under a plan of reorganization.

The Debtor commenced the liquidation sale in August 2020 and
continues to liquidate its inventory.  It was originally envisioned
that the Debtor would conclude the sale and vacate the Huntington
Valley location on Sept. 3, 2020.   However, the Debtor and its
landlord later agreed that the Debtor would be permitted to remain
in the Huntington Valley location through Oct. 31 to continue with
the sale.

The Debtor and its landlord have agreed to a final extension of the
Debtor's tenancy in the Huntington Valley location through Dec. 31
to continue with the sale.  In furtherance of continuing the sale,
the Debtor sought authority to enter into an extension of the
liquidation consulting agreement with its liquidator, which request
was approved by the Court on Nov. 27.

At the behest of S & H Hardware, Judge Eric L. Frank extended the
exclusive periods during which the Debtor may file a Chapter 11
plan until Dec. 5, and solicit acceptances for the plan until Feb.
3.

               About S & H Hardware & Supply Co.

S & H Hardware & Supply Co., Inc., which engages in the retail of
hardware, home furnishings and related goods, filed a Chapter 11
bankruptcy petition (Bankr. E.D. Pa. Case No. 20-11514) on March
10, 2020, disclosing under $1 million in both assets and
liabilities.  

Judge Eric L. Frank oversees the case. The Debtor is represented by
Maureen P. Steady, Esq., at Kurtzman Steady, LLC, and Heier
Weisbrot & Bernstein, LLC, as an accountant.

No official committee of unsecured creditors has been appointed in
the case.



SABRE CORP: S&P Rates $637MM Incremental Sr. Secured Term Loan 'B'
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '3'
recovery rating to Sabre Corp.'s proposed $637 million incremental
senior secured term loan facility. The '3' recovery rating
indicated its expectation for meaningful recovery (50%-70%; rounded
estimate: 60%) of principle in the event of a payment default.

Sabre's subsidiary Sabre GLBL Inc. is the borrower of the proposed
$637 million senior secured term loan facility. The proposed term
loan facility is pari passu--but not fungible--with Sabre GLBL's
existing senior secured term loan. The company will use the
proceeds to retire its outstanding $134 million term loan A due
2024 (unrated) and the outstanding $500 million of its 5.25% senior
secured notes due 2023. S&P expects the transaction to be largely
leverage and cash flow neutral. In addition, the company is seeking
an amendment from its revolving credit facility lenders to lower
its minimum liquidity covenant to $300 million from $450 million.
The covenant is applicable during a material travel disruption
period.

S&P said, "Our 'B' issuer credit rating and negative outlook on
Sabre are unchanged, reflecting our expectation that air travel
volumes will remain depressed well into 2021 due to the coronavirus
pandemic.

"We could lower our rating on Sabre to 'B-' if we did not expect
air traffic volumes to improve significantly by the second half of
2021 and the company continued to burn cash. In this scenario, we
would expect its leverage to remain elevated above 8x for a
prolonged period and its cash balance and revolver availability to
fall below $750 million, causing its margin of compliance under its
minimum liquidity covenant to narrow considerably.

"We could revise our outlook on Sabre to stable if our outlook for
global air travel improved, likely following the widespread
distribution of a vaccine for the coronavirus, and we expected the
company to consistently generate positive FOCF, with FOCF to debt
approaching 5% by the end of 2022."

ISSUE RATINGS—RECOVERY ANALYSIS

Key analytical factors

-- S&P's simulated default scenario contemplates a default
occurring in 2023, likely due to the combination of a significant
disruption in the global travel industry and an economic
recession.

-- Sabre's capital structure comprises senior secured debt and
unsecured convertible notes (unrated). Sabre GLBL Inc. is the
borrower under its senior secured credit facility and the issuer of
the secured notes and unsecured exchangeable notes. The company's
secured debt is unconditionally guaranteed by Sabre Holdings Corp.,
in addition to the borrower's other material domestic U.S.
subsidiaries.

-- The collateral for the company's secured debt comprises a
first-priority security interest in substantially all of the assets
of the borrowers and guarantors.

Sabre GLBL is the borrower of the proposed senior secured term loan
facility, which is pari passu with the existing senior secured
notes and credit facility and will benefit from subsidiary
guarantees.

Simulated default assumptions

-- Simulated year of default: 2023

-- Emergence EBITDA: About $455 million

-- EBITDA multiple: 6.5x

Simplified waterfall

-- Gross enterprise value: About $3 billion

-- Net enterprise value (after administrative costs and priority
claims): About $2.8 billion

-- Senior secured debt: $4.5 billion

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

-- Unsecured convertible note claims: About $350 million

-- Recovery expectations: Not applicable

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

  Ratings List

  New Ratings

  Sabre GLBL Inc.
  
   Senior Secured
   US$137 mil term B bank ln due 12/2027               B
   Recovery Rating                                     3(60%)
   US$500 mil incremental term B bank ln due 12/2027   B
   Recovery Rating                                     3(60%)


SABRE GLBL: Moody's Rates New $637MM Senior Secured Term Loan Ba3
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the proposed
$637 million senior secured term loan B to be issued by Sabre GLBL
Inc., a wholly-owned subsidiary of Sabre Holdings Corporation. All
other ratings, including the Ba3 corporate family rating of Sabre,
and the negative outlook are unchanged.

RATINGS RATIONALE

Net proceeds from the new $637 million term loan B and $22 million
of cash will be used to refinance $500 million of 5.25% notes due
2023, repay the outstanding $134 million term loan A due 2024, and
fund related expenses. In addition, Sabre proposes to amend the
existing $400 million revolver to reduce the minimum liquidity
requirement to $300 million from $450 million. Although the
proposed transactions are debt and leverage neutral, the new term
loan B extends the closest debt maturities and the amendment
provides some flexibility under the revolver covenant. As a result,
Sabre will have no significant debt maturities until February 2024
to manage through current operating challenges as a result of the
coronavirus pandemic and global recession.

The proposed debt issuance and revolver amendment represent another
step in Sabre's efforts to enhance liquidity and extend debt
maturities. In April 2020, Sabre added to its cash balances by
raising $1.1 billion of debt, and in August the company issued over
$600 million of new equity ($334 million mandatory convertible
preferred shares plus $288 million of common equity).

Ratings Actions:

Issuer: Sabre GLBL Inc.

$637 million Senior Secured Term Loan B due 2027, Assigned Ba3
(LGD3)

The refinancing transaction is credit positive as it extends debt
maturities, provides some covenant flexibility, and partially
alleviates pressure on the company's credit profile from the
decline in global air travel. Nevertheless, ratings remain
pressured by mandated travel restrictions as well as Moody's
expectation that travel bookings will remain depressed over the
next several months despite gradual improvements. There are further
downside risks in the event travel demand remains weak beyond the
next several months in a scenario in which COVID-19 is not
contained or travelers continue to maintain some degree of social
distancing practices. Recent news regarding potential distribution
of an effective vaccine in certain countries represents positive
developments in addressing the pandemic, however, Sabre's ratings
will remain pressured until some combination of vaccines, other
medical treatments, heightened precautions, improved consumer
sentiment, or other factors lead to increased passenger volumes and
growing revenues for Sabre.

Sabre's Ba3 CFR reflects Moody's view that the company will be able
to navigate through current challenges despite pressure on revenues
and profit margins caused by COVID-19. As evidenced by the proposed
term loan B issuance as well as prior debt and equity raises, Sabre
remains committed to disciplined financial policies, and Moody's
expects Sabre will reduce debt balances when travel demand
eventually rebounds as the impact of COVID-19 abates.

Revenues for 3Q20 declined by (72%) reflecting improvement compared
to the (92%) decline in 2Q20, and Moody's expects Sabre's revenues
will remain depressed over the next several months reflecting
mandated travel bans and reduced passenger volumes, followed by
quarterly revenues gradually recovering, but remaining below 2019
levels through 2023. Consistent with Moody's Macro outlook, Moody's
assumes flight schedules and travel demand will only partially
recover in 2021 given the time needed for airlines to restore
capacity and for consumers to become more comfortable engaging in
social activities. Sabre's ratings are supported in the near term
by significant cost reductions in response to revenue declines and
by the company's ability to manage growth investments and IT spend
to preserve liquidity. Roughly two-thirds of Sabre's cost structure
is variable, such as incentive expenses which are tied directly to
revenues, and the company estimates that, in a scenario with no net
bookings, its monthly cash burn rate is roughly $80 million. To
reach breakeven cash flow, Sabre estimates bookings need to recover
to 60%-70% of 2019 levels.

Sabre benefits from its good operating scale, high proportion of
transaction-based revenues, and market leadership as the second
largest provider of Global Distribution System (GDS) services
globally which better positions the company when air traffic and
travel demand rebound from currently depressed levels. In addition,
Sabre's migration to a cloud-based platform will lower operating
costs, support innovation, and provide competitive differentiation.
The company's partnership with Google will not only complete the
cloud migration, but is also building a new predictive, customer
centric travel marketplace with improved performance and better
pricing than Sabre's current legacy data centers and other cloud
contracts. Sabre continues to be successful in renewing multi-year
contract with significant airline partners including American
Airlines and Copa Airlines which were renewed in October; however,
to the extent the negative impact of COVID-19 becomes more severe,
there could be further degradation to Sabre's credit profile.

Moody's expects Sabre will maintain at least adequate liquidity
over the next year notwithstanding the negative impact of COVID-19
on travel demand. Moody's estimates Sabre will have roughly $1.5
billion of balance sheet cash at closing of the refinancing. Sabre
has historically maintained a large share of cash at its overseas
subsidiaries to support its large geographic footprint of
operations, and the company estimates roughly $150 million is
needed globally. Sabre suspended common dividends which eliminates
a $154 million annual cash outflow with another $70 million
preserved by suspending share buybacks.

Borrowings under the revolver will continue to be subject to
compliance with a maximum total net leverage maintenance ratio of
4.5x; however, Sabre's credit agreement comes with a Material
Travel Event Disruption clause which suspends the requirement for
covenant compliance if domestic passengers (as defined) decline by
10% or more in a given month compared to prior year periods.
Suspension of this covenant is expected to continue for the
remainder of 2020 and potentially through 2021 based on industry
projections. As proposed, Sabre will need to comply with a relaxed
minimum liquidity covenant of $300 million when the total net
leverage test is suspended. Moody's expects Sabre will remain in
compliance with its financial covenants over the next year.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
corporate assets from the current weak global economic activity and
a gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around its forecasts is unusually high. Moody's
regards the coronavirus outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safety.

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

Despite Sabre's operating improvements since 2Q20 when revenues
declined (92%), the negative outlook is driven by uncertainty
regarding the depth and duration of the decline in global consumer
and business demand for travel related services exacerbated by the
number of restrictions on travel across global regions. Moody's
expects that Sabre will continue to manage liquidity, as already
evidenced by the various debt and equity raises this year and the
suspension of quarterly dividends and share buybacks. In addition,
Sabre will remain proactive in controlling costs and managing IT
spend to help offset revenue declines.

Ratings could be upgraded if Sabre maintains good earnings growth
and operating profits become more diversified. Debt to EBITDA
(Moody's adjusted) would need to be sustained below 4x with high
single digit percentage adjusted free cash flow to debt. Moody's
could downgrade Sabre's ratings if customer losses, pricing
erosion, elevated debt balances, or the impact of COVID-19 cause
adjusted debt to EBITDA to exceed 4.75x on a sustained basis after
2021 or adjusted free cash flow to debt deteriorates to the low
single digit percentage range. Ratings could also come under
pressure if Sabre funds distributions or acquisitions prior to
Moody's being assured of a long term rebound in travel demand or
Moody's expects that liquidity will weaken because of a prolonged
downturn in the travel industry.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Based in Southlake, TX, Sabre Holdings Corporation is a leading
global travel platform operating in roughly 160 countries and
organized in two segments: The Travel Solutions segment including
revenues from GDS services, software-based passenger reservation
system as well as commercial and operations offerings for the
airline industry; and the Hospitality Solutions segment including
software revenues from Sabre's central reservation and property
management system offerings for hoteliers.


SADLER CONSTRUCTION: Court Confirms Reorganization Plan
-------------------------------------------------------
Judge Jeffery A. Deller on Nov. 30, 2020, entered an order that the
Sadler Construction Company, Inc.'s Plan of Reorganization under
Chapter 11 of the United States Bankruptcy Code, Dated March 11,
2020, as modified by is confirmed.

The Disclosure Statement to Accompany Debtor's Plan of
Reorganization under Chapter 11 of the United States Bankruptcy
Code, Dated March 11, 2020 as modified by the Stipulation and
Agreed Order with the United States of America, filed on November
24, 2020 and the Stipulation and Agreed Order with Americredit
Financial Services, Inc. d/b/a GM Financial, filed on September 15,
2020; and Stipulation and Agreed Order with Bank Capital Services,
LLC d/b/a FNB Equipment Finance, filed on July 21, 2020 at Doc. No.
139 is approved.

As reported in the TCR, under the Plan, holders of general
unsecured non-tax claims, namely Port-A-John Rentals ($536), Bank
Capital Services, LLC ($4,296), and Internal Revenue Service
($4,392), will have a 100 percent
dividend.

                     About Sadler Construction

Sadler Construction Company, Inc., is a full-service, general
contractor with its primary business offices located at 536 Bash
Road in Indiana, Pa.  

Sadler Construction Company sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. W.D. Pa. Case No. 19-70571) on Sept.
13, 2019.  At the time of the filing, the Debtor was estimated to
have assets of between $100,001 and $500,000 and liabilities of
between $500,001 and $1 million.  Robleto Kuruce, PLLC, is the
Debtor's counsel.


SAEXPLORATION HOLDINGS: Court Okays Chapter 11 Restructuring Plan
-----------------------------------------------------------------
Leslie A. Pappas of Bloomberg Law reports that SAExploration
Holdings Inc. won court approval of its Chapter 11 plan that will
eliminate $74 million of debt and hand over equity in the
reorganized company to several lenders.

Voting creditors overwhelmingly supported the plan, SAE attorney M.
Shane Johnson of Porter Hedges LLP told Judge Marvin Isgur of the
U.S. Bankruptcy Court for the Southern District of Texas, who
confirmed the plan at a hearing Thursday, December 10, 2020.

A group of pre-bankruptcy lenders -- including Whitebox Advisors
LLC, Highbridge Capital Management LLC, and Assured Guaranty Ltd.
subsidiary Assured Investment Management LLC, formerly known as
BlueMountain Capital Management -- will take over equity.

                    About SAExploration Holdings

Based in Houston, Texas, SAExploration Holdings, Inc. and
affiliates are full-service global providers of seismic data
acquisition, logistical support and processing services to their
customers in the oil and natural gas industry that operate through
wholly-owned subsidiaries, branch offices and variable interest
entities in North America, South America, Asia Pacific, West Africa
and the Middle East. For more information, visit
https://www.saexploration.com/

SAExploration Holdings, Inc. and affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-34306) on August 27, 2020. The petitions were signed by Michael
Faust, chairman, chief executive officer, and president.

At the time of the filing, Debtors had estimated assets of between
$1 million to $10 million and liabilities of between $100 million
to $500 million.

Judge Marvin Isgur oversees the case.

The Debtors have tapped Porter H Edges LLP as their bankruptcy
counsel, Imperial Capital, LLC and Winter Harbor LLC as financial
advisors, and Epiq Corporate Restructuring, LLC as claims,
noticing, solicitation and administrative agent.



SAEXPLORATION HOLDINGS: Unsecureds Out of Money in Amended Plan
---------------------------------------------------------------
SAExploration Holdings, Inc., et al. submitted a Third Amended
Disclosure Statement in connection with their Second Amended
Chapter 11 Plan of Reorganization.

Class 5 Term Loan Claims -- allowed in the amount of $29,000,000 --
will each receive (i) its Pro Rata share of 100 percent of the New
Equity under the Plan, subject to dilution.
The Class is projected to recover 1.6% to 3.8%.

Class 7 PPP Loan Claims are unimpaired in the Plan.

Class 8 General Unsecured Claims will not receive any distribution
under the Plan.  The class is deemed to reject the Plan.

A full-text copy of the Third Amended Disclosure Statement dated
November 9, 2020, is available at
https://www.pacermonitor.com/view/IUEIIHI/SAExploration_Holdings_Inc_and__txsbke-20-34306__0314.0.pdf?mcid=tGE4TAMA

Attorneys for the Debtors:

     John F. Higgins
     Eric M. English
     M. Shane Johnson
     Megan Young-John
     PORTER HEDGES LLP
     1000 Main Street, 36th Floor
     Houston, Texas 77002

                      About SAExploration Holdings

Based in Houston, Texas, SAExploration Holdings, Inc. and
affiliates are full-service global providers of seismic data
acquisition, logistical support and processing services to their
customers in the oil and natural gas industry that operate through
wholly-owned subsidiaries, branch offices and variable interest
entities in North America, South America, Asia Pacific, West Africa
and the Middle East. For more information, visit
https://www.saexploration.com/

SAExploration Holdings, Inc. and affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-34306) on August 27, 2020.  The petitions were signed by Michael
Faust, chairman, chief executive officer, and president.

At the time of the filing, Debtors had estimated assets of between
$1 million to $10 million and liabilities of between $100 million
to $500 million.

Judge Marvin Isgur oversees the case.

The Debtors have tapped Porter H Edges LLP as their bankruptcy
counsel, Imperial Capital, LLC and Winter Harbor LLC as financial
advisors, and Epiq Corporate Restructuring, LLC as claims,
noticing, solicitation and administrative agent.


SERENDIPITY LABS: Ineligible for Subchapter V Due to Affiliate
--------------------------------------------------------------
Samuel R. Rabuck, Sean T. Scott & Aaron Gavant of Mayer Brown wrote
on the ruling in Serendipity Labs in connection with its filing
under Subchapter V of Chapter 11 of the Bankruptcy Code.

The U.S. Bankruptcy Court for the Northern District of Georgia
ruled in In re Serendipity Labs, Inc., 620 B.R. 679 (Bankr. N.D.
Ga. 2020) that a debtor was ineligible to proceed under the newly
enacted Subchapter V of Chapter 11, designed specifically for small
businesses, because it was an affiliate of an "issuer" (as defined
in section 3 of the Securities Exchange Act of 1934), even though
that issuer owned only 6.51% of the shares authorized to vote on
the debtor's bankruptcy filing. Subchapter V went into effect in
February 2020 and offers an expedited reorganization process for
small-business debtors who meet the eligibility requirements under
Section 1182(B) of the Bankruptcy Code. However, Section
1182(B)(iii) precludes Chapter 11 debtors from proceeding under
Subchapter V if they are an "affiliate" of an issuer (generally a
company that has issued classes of securities required to be
SEC-registered or that are publicly-traded or that otherwise are
public reporting companies). An "affiliate" is defined in Section
101(2)(A) of the Bankruptcy Code as an "entity that directly or
indirectly owns, controls, or holds with power to vote, 20 percent
or more of the outstanding voter securities of the debtor"; thus,
if the issuer here had such holdings, the debtor was ineligible.
The debtor argued that because the issuer, while owning 27.36% of
the debtor's voting securities, held less than 20% of the shares
actually entitled to vote on the debtor's bankruptcy filing, it did
not qualify as an "affiliate" of the debtor. The court rejected the
debtor's argument, concluding that an entity that owns more than
20% of the voting securities of a debtor is an affiliate regardless
of whether it has the power to vote such securities (or not) on any
particular matter.

                  About Serendipity Labs Inc.

Serendipity Labs, Inc. is a workplace-as-a-service company that
offers co-working, shared offices and team suites. It has over 35
locations in urban, suburban and secondary markets across the
United States.   

Serendipity Labs filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
20-68124) on July 15, 2020.  John Arenas, chairman and chief
executive officer, signed the petition.  At the time of filing, the
Debtor was estimated to have $10 million to $50 million in assets
and $1 million to $10 million in liabilities.  Judge Sage M. Sigler
oversees the case. Nelson Mullins Riley & Scarborough, LLP is the
Debtor's legal counsel.


SETEC ASTRONOMY: Jan. 7 Hearing on Disclosure Statement
-------------------------------------------------------
Judge Bill Parker has entered an order that the hearing to consider
approval of the Disclosure Statement of Setec Astronomy, Inc. will
be held by telephonic means on Thursday, January 7, 2021, at 2:00
p.m.

Thursday, Dec. 31, 2020, is fixed as the last day for filing and
serving written objections to the Disclosure Statement in
accordance with Fed. R. Bankr. P. 3017(a).

                     About Setec Astronomy

Setec Astronomy, Inc. -- http://www.setecmidstream.com/-- is a
boutique EPC(M) services firm specializing in Total Project
Execution.  

Setec Astronomy filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No.
20-60079) on Feb. 10, 2020.  In the petition signed by Stephen P.
Carter, president, the Debtor was estimated to have $500,000 to $1
million in assets and $1 million to $10 million in liabilities.
James Andrew Carter, Esq. at LAW OFFICE OF JAMES ANDREW CARTER, PC,
is the Debtor's counsel.


SETEC ASTRONOMY: Unsecureds to Recover 60% in Plan
--------------------------------------------------
Setec Astronomy, Inc., submitted a Reorganization Plan and a
Disclosure Statement

The Debtor intends to remain in business to provide a dividend to
unsecured creditors.  The Plan projects a "substantial dividend"
and will use income to repay creditors.

The Debtor remains optimistic that the oil & gas industry is
rebounding.  It has seen more movement towards re-opening and
believe that SETEC will be profitable in the first quarter of
2021.

The Debtor currently has very little in the way of hard assets. The
Debtor has some office furniture and computers along with four
vehicles. The Debtor also has account's receivable with a face
value of approximately $500,000.  The furniture, computers and
vehicles if liquidated would bring approximately $75,000.  The
accounts receivable have a face value of $500,000 but would require
substantial effort to collect if the Debtor were out of business.

Class 7 (Unsecured Creditors) are impaired under the Plan and shall
be satisfied as follows: The Allowed Claims of Unsecured Creditors
shall receive their pro rata portion of payments made by the Debtor
into the Class 7 Creditors Pool. The Debtor shall make 60 monthly
payments of $5,000 each commencing on the Effective Date. The
Debtor shall make distributions to the Class 7 Allowed Claims every
90 days commencing 90 days after the Effective Date. Based upon the
Debtor's schedules, the Class 7 creditors will receive
approximately 60% on their claims.

A full-text copy of the Disclosure Statement dated November 25,
2020, is available at
https://tinyurl.com/yxmn9ak4 from PacerMonitor.com at no charge.

Attorneys for the Debtor:

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

                     About Setec Astronomy

Setec Astronomy, Inc. -- http://www.setecmidstream.com/-- provides
employees to customers in the oil and gas industry.

Setec Astronomy filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No.
20-60079) on Feb. 10, 2020.  In the petition signed by Stephen P.
Carter, president, the Debtor was estimated to have $500,000 to $1
million in assets and $1 million to $10 million in liabilities.
James Andrew Carter, Esq. at LAW OFFICE OF JAMES ANDREW CARTER, PC,
is the Debtor's counsel.


SHIFT4 PAYMENTS: S&P Alters Outlook to Negative, Affirms 'B' ICR
----------------------------------------------------------------
S&P Global Ratings affirmed all of its ratings on U.S.-based
provider of payment processing solutions, Shift4 Payments Inc.,
including its 'B' issuer credit rating, and revised its outlook to
negative from stable.

The negative outlook reflects the spike in leverage and the
near-term uncertainty regarding the company's use of proceeds.
Although S&P believes Shift4 will likely pursue acquisitions, the
timing and size of any transactions and subsequent deleveraging
prospects remain to be seen.

Shift4's announced offering of $600 million of convertible notes
with the option of an additional $90 million will raise total
outstanding debt to $1.14 billion and pro forma leverage to about
16x as of Sept. 30, 2020. The debt raise has no immediate effect on
free cash flow as the new notes carry a zero coupon. The new
convertible notes are issued at the parent company, Shift4 Payments
Inc., and are structurally subordinated to the existing senior
unsecured notes. The company has yet to identify concrete use for
the proceeds. However, given the recent consolidating phenomenon in
the payments industry, S&P expects Shift4 to deploy the new capital
for acquisitions.

S&P said, "Indeed, we expect the consolidation of the fragmented
and competitive payments industry to accelerate as smaller players
seek to augment scale and omnichannel offerings and diversify end
market and geographic presence. Recently, Shift4 has made a few
tuck-in acquisitions of about $10 million-$60 million, targeting
areas to enhance omnichannel capabilities and expand customer base.
Supported by constructive capital market conditions, Shift4 now can
consider a wide range of acquisition opportunities. Nonetheless,
the timing and size of any transactions and subsequent deleveraging
prospects remain uncertain, which could pressure the rating.

"Our rating reflects the company's modest scale and relatively
small market position within the payment processing industry, and
lack of geographic and product diversity." This is partially offset
by favorable industry fundamentals such as the increased adoption
of electronic payments, low customer concentration, and the
company's high market share in its core hospitality and restaurant
verticals.

The company's operating performance showed significant sequential
and annual improvement in the third quarter of 2020, despite the
continued burden of the pandemic on the hospitality, restaurant,
and retail end markets. S&P said, "Transaction volumes troughed at
the beginning of April as low as 70%-80% year-over-year, and since
then Shift4 has reported a quicker recovery in its key metrics than
we initially anticipated. In the third quarter, the company
reported 20% growth year-over-year in its end-to-end payment
volumes driven by new client wins and gateway conversions,
resulting in a 10% increase in net revenue year-over-year and 30%
sequentially. The company also announced that in October,
transaction volumes increased 28% year-over-year. Shift4 has
demonstrated resilient performance throughout the pandemic and we
now project mid-single-digit-percent revenue growth in 2020 and at
least mid-teen-percents organic growth in 2021. We expect the
company to maintain its margin profile in the
low-double-digit-percentage area over the coming year, higher than
9% last year, due to the company's efforts to reduce operating
expenses and the realization of synergies from prior
acquisitions."

On an organic basis, S&P estimates leverage at about 14x at the end
of fiscal 2020, declining to about 11x-12x in fiscal 2021, driven
by revenue growth. S&P also projects capital expenditure,
consisting primarily of customer acquisition costs, to remain at
about $35 million, driving free cash flow generation to break-even
in 2020 and to about $35 million in 2021.

The negative outlook reflects the spike in leverage and the
near-term uncertainty regarding the company's use of debt proceeds.
Although S&P believes Shift4 will likely pursue acquisitions, the
timing and size of any transactions and subsequent deleveraging
prospect remain to be seen.

S&P said, "We could lower the rating if Shift4's core business
materially underperforms, or if we expect integration challenges or
unattractive return on investment post-acquisition announcement
would keep leverage above 7x. We would also consider lowering our
rating if we expect the company to adopt a more risk-tolerant
long-term financial policy whereby leverage remains above 7x.

"We could revise the outlook to stable if we believe the company
will be able to reduce and sustain leverage below 7x after the
completion of a strategic acquisition. We would also expect the
company to commit to a long-term financial policy of maintaining
leverage below 7x."


SILO PHARMA: Reports Substantial Doubt on Staying as Going Concern
------------------------------------------------------------------
Silo Pharma, Inc. (formerly Uppercut Brands, Inc.) filed its
quarterly report on Form 10-Q, disclosing a net loss of $633,795 on
$16,285 of sales for the three months ended Sept. 30, 2020,
compared to a net loss of $265,481 on $268 of sales for the same
period in 2019.

At Sept. 30, 2020, the Company had total assets of $2,204,181,
total liabilities of $133,672, and $2,070,509 in total
stockholders' equity.

The Company said, "We had a net loss and cash used in operations of
US$2,247,703 and US$620,673 for the nine months ended September 30,
2020, respectively.  Additionally, we had an accumulated deficit of
US$4,972,507 at September 30, 2020 and have generated minimal
revenues under our new business plan.  These factors raise
substantial doubt about our ability to continue as a going concern
for a period of twelve months from the issuance date of this
report.  Management cannot provide assurance that we will
ultimately achieve profitable operations or become cash flow
positive or raise additional debt and/or equity capital.  We are
seeking to raise capital through additional debt and/or equity
financings to fund our operations in the future.  If we are unable
to raise additional capital or secure additional lending in the
near future to fund our business plan, management expects that we
will need to curtail our operations.  Our financial statements do
not include any adjustments related to the recoverability and
classification of assets or the amounts and classification of
liabilities that might be necessary should we be unable to continue
as a going concern."

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

                       https://bit.ly/33WfjBt

Silo Pharma Inc. is a developmental stage biopharmaceutical company
focused on merging traditional therapeutics with psychedelic
research to innovatively address underserved conditions including
Fibromyalgia, PTSD, Parkinson's, and other rare neurological
disorders.


SIZZLER USA: Unsecureds to Recover 17% in Subchapter V Plan
-----------------------------------------------------------
Sizzler USA, Inc. et al. submitted a Amended Plan of Reorganization
for small business under Subchapter V of Chapter 11 of the
Bankruptcy Code.

Under this Amended Plan of Reorganization (the "Plan"), it is
estimated that just over $1.9 million of general unsecured claims
are impaired, primarily consisting of a handful of landlords, an
equipment supplier, and certain essential trade vendors
(collectively, the "Impaired GUCs"). At a projected recovery of 17%
under the Plan, the Impaired GUCs fare significantly better than
they would if the Debtors' cases converted to ones under chapter 7
of the Bankruptcy Code2 and required liquidation of all of their
assets. Indeed, in a chapter 7 scenario, the Impaired GUCs can
expect to either receive no return at all (if the Debtors are not
substantively consolidated) or, at most, 3% on account of their
claims if the Debtors are substantively consolidated. All other
creditors are either unimpaired or have consented to the treatment
afforded to them under the Plan.

Funding for the Plan will be provided by Kevin Perkins (the "DIP
Lender").

A full-text copy of the Plan of Reorganization dated November 30,
2020, is available at
https://tinyurl.com/y6ouwh92 from PacerMonitor.com at no charge.

                   About Sizzler USA Acquisition

Sizzler USA Acquisition, Inc. is a United States-based restaurant
chain with headquarters in Mission Viejo, California. It offers
steak, seafood, chicken, and burgers. Visit https://www.sizzler.com
for more information.

Sizzler USA Acquisition and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Lead Case No.
20-30746) on September 21, 2020. The petitions were signed by
Christopher Perkins, chief services officer.

At the time of the filing, each Debtors had estimated assets and
liabilities of $1 million to $10 million.

Sheppard, Mullin, Richter & Hampton, LLP is Debtor's legal counsel.


SK HOLDCO: S&P Places 'CCC' ICR on Watch Positive on Refinancing
----------------------------------------------------------------
S&P Global placed its 'CCC' issuer credit rating on SK HoldCo LLC
(Service King) and its 'CC' issue-level rating on its unsecured
debt on CreditWatch with positive implications.

S&P sid, "At the same time, we are assigning our preliminary 'CCC+'
issue-level rating and '3' recovery rating to the proposed revolver
and term loan. We expect to assign final ratings to the facilities
upon the completion of the transaction.

"The CreditWatch placement reflects that we will likely raise our
ratings on Service King when the refinancing closes."

Service King's refinancing would improve its maturity profile and
liquidity. The company plans to refinance its existing senior
secured credit facilities with a new $91 million revolver and a new
$700 million term loan B. The refinancing will not only extend the
maturity of its revolver to 2024 and the maturity of its term loan
to 2025 but also increase its liquidity, including cash and
revolver availability, by over $140 million. Consequently, S&P
expects to revise its assessment of Service King's liquidity to
adequate from weak upon the close of the proposed transaction.

S&P said, "We believe Service King would have a sufficient cushion
under the new financial covenant. The company will now be subject
to a $35 million monthly minimum liquidity (cash and revolver
availability) covenant, which will be tested on a quarterly basis.
We expect it to remain in compliance with this covenant over the
next several quarters."

Although Service King has made progress on improving its
operational efficiency since 2019, its debt leverage will remain
high. The company has redesigned its front office by streamlining
its employee roles and workflows, implementing new production
systems, and centralizing its support. Because of these
initiatives, it was able to reduce its store overhead by $44
million. Also, given the COVID-19 pandemic, the company has had to
adjust its cost footprint and reduce its corporate overhead,
including by cutting its labor costs by $10 million.

Going forward, the company is, among other things, focused on
integrating its production and back office systems and deepening
its back office linkages with those of its insurance carriers.
Moreover, it is investing in tools and capabilities to optimize its
utilization. Nevertheless, even when looking past 2020 and the
adverse effects of the pandemic on its performance, S&P expects its
debt to EBITDA to remain high at about 10x in 2021.

S&P sid, "We expect to resolve the CreditWatch and raise our issuer
credit rating on Service King to 'CCC+' from 'CCC' when the
proposed refinancing is successfully completed. We also expect to
raise our issue-level rating on the company's unsecured debt to
'CCC-' from 'CC' at that time. In addition, we expect to assign
final ratings to the revolver and term loan at the same level as
our preliminary ratings when the transaction closes."


SONIC AUTOMOTIVE: S&P Alters Outlook to Positive, Affirms BB- ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Sonic Automotive Inc. to
positive from negative and affirmed its 'BB-' issuer credit
rating.

At the same time, S&P affirmed its 'B+' issue-level rating on
Sonic's unsecured notes. The '5' recovery rating remains unchanged,
indicating its expectation for modest (10%-30%; rounded estimate:
15%) recovery in the event of a default.

The positive outlook reflects stronger-than-anticipated operating
results in 2020 and an expectation that volumes recover in 2021.
Sonic's sales, margins, and cash flow generation have been trending
much better than S&P had expected earlier this year, thereby
increasing the likelihood of an upgrade within the next 12 months.
Like other auto retailers, strong demand for used vehicles and
strong vehicle pricing offset the decline in new light vehicle
sales, parts, and service.

S&P said, "We also believe the company has been managing its cost
profile and working capital well, limiting the effects of lower
volumes on earnings and cash flow. In particular SG&A as a
percentage of gross profit has declined below 70% this year and we
expect it to remain there in 2021."

"We expect leverage to remain below 3x, and remain cautiously
optimistic the company can generate FOCF to debt of at least 5%
even as it grows EchoPark. Although we expect some margin erosion
in 2021 as new and used car prices are expected to moderate, we
forecast selling, general, and administrative (SG&A) costs to
remain lower as a percent of revenues and gross profit than in
previous years." As the company grows its EchoPark business, this
should require less spending on SG&A than the company's traditional
new and used stores."

EchoPark continues to gain traction in the stand-alone used-car
business but the company's aggressive planned growth in EchoPark
stores could lead to volatility in the company's cash flow
generation.

S&P said, "As sales ramp up at EchoPark stores, we expect capital
spending and working capital investments will also increase. Based
on their current performance, we believe the EchoPark stores could
generate enough free operating cash flow to self-support their
future expansion. Still, we would need to see how the company
manages its cashflows and its approach to debt as it pursues its
growth targets in 2021." There is a risk that the stores do not
attract the demand the company expects, leading to unsustainably
low margins. A key to the EchoPark model is driving higher volumes
and successfully maintaining a high penetration of finance and
insurance for the used cars sold."

Uncertainty still remains from the pandemic and its effect on the
economy, as well as the timing and size of further government
stimulus. S&P expects Sonic's parts and service business and demand
for new and used cars could be volatile over the next few months as
restrictions on going out have re-emerged. Still, thus far Sonic
has been able to perform well through the crisis.

The positive outlook reflects the potential for a higher rating
over the next 12 months if S&P expects Sonic will maintain debt to
EBITDA below 3x while generating FOCF to debt of at least 5%, even
as it aggressively grows its EchoPark business.

S&P said, "We could upgrade Sonic Automotive within the next 12
months if prospects for auto sales and profitability continue to
improve and downside risks from the pandemic abate. We would also
need to gain confidence that the company can maintain its improved
credit metrics, for instance FOCF to debt in the 5% to 10% range,
while growing EchoPark."

"We could revise the outlook to stable within the next 12 months if
FOCF to debt falls to 5% or lower. This could occur if we foresee a
slower recovery in new vehicle demand next year, potentially
resulting from weaker consumer confidence or macroeconomic
conditions stemming from effects of the pandemic. It could also
occur if the cost to grow EchoPark exceeds the cash flows generated
from its existing business and the new EchoPark stores."


SOTERA HEALTH: Moody's Assigns B1 CFR Upon Debt Repayment
---------------------------------------------------------
Moody's Investors Service upgraded Sotera Health Holdings LLC first
lien term loan rating to B1 from B2. Moody's also assigned a B1
Corporate Family Rating, a B1-PD Probability of Default Rating and
a SGL-1 Speculative Grade Liquidity Rating to Sotera Health. The
outlook stable. Moody's concurrently withdrew SHC's B3 CFR and
B3-PD PDR

The B1 Corporate Family Rating reflects the repayment of
approximately $1.1 billion in debt with net proceeds from the
November 2020 IPO of SHC. Debt/EBITDA declined from 7.7x as of
Sept. 30, 2020 to approximately 5x. Following the IPO, Moody's
expects financial policies will remain balanced and the company
will focus on debt repayment. Some governance risks remain,
however, as its private-equity owners still hold approximately 70%
of the outstanding shares. The B1 CFR also reflects Moody's
expectations that the company's free cash flow generation will
materially improve as result of lower cash interest costs. The
rating also reflects elevated environmental risks arising from the
handling of toxic gases in its manufacturing process.

The upgrade of the company's first lien credit facilities to B1
from B2 reflects the B1 CFR of Sotera Health. The first lien credit
facilities are rated the same as the Corporate Family Rating as
they now represent substantially all funded debt in the capital
structure. The company has issued a redemption notice to redeem in
full its $770 million (unrated) 2nd lien notes and these notes will
be repaid in the very near term.

The assignment of the SGL-1 Speculative Grade Liquidity Rating
reflects Moody's expectations that Sotera Health will maintain very
good liquidity. The company has in excess of $100 million of cash
on hand and Moody's expects free cash flow will exceed $200 million
in the next 12 months. The company also has access to a $190
million revolver which is largely undrawn outside of letters of
credit. The company is subject only to a springing covenant in its
revolving credit facility with ample headroom even if tested.

Upgrades:

Issuer: Sotera Health Holdings LLC

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

Assignments:

Issuer: Sotera Health Holdings LLC

Probability of Default Rating, Reinstated to B1-PD

Corporate Family Rating, Reinstated to B1

Speculative Grade Liquidity Rating, Assigned SGL-1

Withdrawals:

Issuer: Sotera Health Company

Probability of Default Rating, Withdrawn, previously rated B3-PD

Corporate Family Rating, Withdrawn, previously rated B3

Outlook Actions:

Issuer: Sotera Health Company

Outlook, Changed to Rating Withdrawn from Stable

Issuer: Sotera Health Holdings LLC

Outlook, Remains Stable

RATINGS RATIONALE

Sotera Health's B1 rating reflects its moderately high leverage
with debt/EBITDA of around 5 times, pro-forma for its November 2020
initial public offering. The company's ratings also reflect its
exposure to the device sterilization industry and the significant
environmental risks arising from the handling of toxic gases in its
manufacturing process. Sotera Health has a concentrated supply
chain with limited providers of key chemicals. Sotera Health's
credit profile is supported by its leading position in the contract
sterilization outsourcing market and the significant barriers to
entry and meaningful customer switching costs. The company is
reducing its reliance on device sterilization through acquisitions
into new categories, such as the lab services sector. The company's
profile also reflects its breadth of operations with no meaningful
customer concentrations, earnings growth, a global footprint and a
very good liquidity profile. Moody's expects Sotera will maintain
balanced financial policies as a public company with an articulated
leverage target of achieving net debt/EBITDA of 2 to 4 times.

The stable outlook reflects Moody's expectations that Sotera will
continue to demonstrate growth in revenue and EBITDA, though the
impact of the coronavirus pandemic may create some
quarter-to-quarter volatility. Moody's expects free cash flow over
time will be used to enhance liquidity, reduce debt or fund
accretive tuck-in acquisitions.

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

Ratings could be upgraded if the company continues to demonstrate
balanced financial policies and improving credit metrics. The
company would also need to keep costs related to legal and
environment risks well contained. Quantitatively, ratings could be
upgraded if debt/EBITDA is sustained below 4.5 times.

Ratings could be downgraded if financial policies become more
aggressive or if legal and environmental risks increased
substantially. Quantitively, ratings could be downgraded if
debt/EBITDA was sustained above 5.5 times.

Sotera Health, headquartered near Cleveland, OH, is a leading fully
integrated provider of mission-critical health sciences, lab
services and sterilization solutions for the healthcare industry.
Sotera Health offers services in sterilization, lab and testing and
gamma technologies. It operates through three main entities:
Sterigenics, Nelson Labs and Nordion Inc. The company generates
revenue of approximately $0.8 billion. Sotera Health's parent
Sotera Health Corporation is publicly traded however private equity
firms Warburg Pincus International LLC and GTCR LLC continue to
hold approximately 70% of the outstanding shares.

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


SOUTHERN CLEARING: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Southern Clearing & Grinding, Inc.
          DBA SCG
        298 Franklindale Road
        Thomaston, GA 30286

Chapter 11 Petition Date: December 10, 2020

Court: United States Bankruptcy Court
       Middle District of Georgia

Case No.: 20-51567

Judge: Hon. James P. Smith

Debtor's Counsel: Paul Reece Marr, Esq.
                  PAUL REECE MARR, P.C.
                  Suite 960
                  300 Galleria Parkway, N.W.
                  Atlanta, GA 30339
                  Tel: (770) 984-2255
                  Fax: (678) 623-5109
                  E-mail: paul.marr@marrlegal.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Shane S. Dinkins, CEO, CFO, and
secretary.

The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.

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

https://www.pacermonitor.com/view/A5JAA7I/Southern_Clearing__Grinding_Inc__gambke-20-51567__0001.0.pdf?mcid=tGE4TAMA


SOUTHERN FOODS: Files Liquidating Plan After $545M Sales
--------------------------------------------------------
Southern Foods Group, LLC, Dean Foods Company and their debtor
affiliates submitted a Joint Chapter 11 Plan of Liquidation and a
corresponding Disclosure Statement.

The Plan contemplates the liquidation and dissolution of the
Debtors and the resolution of all outstanding claims and interests.
After an exhaustive marketing and sale process, the Bankruptcy
Court entered various sale orders [D.I. 1572, 1584–1585,
1594–1595, 1835] (the "Sale Orders") approving seven sale
transactions (the "Sale Transactions") with six different buyers
for substantially all of the Debtors' assets. The Sale Transactions
included sales with and for the following: Dairy Farmers of America
Inc. ("DFA"), acquiring 44 plants; Prairie Farms Dairy, Inc.
("Prairie Farms") acquiring eight plants; Mana Saves McArthur, LLC
("Mana") acquiring the Miami, Florida plant; Producers Dairy Foods,
Inc. ("Producers") acquiring the Reno, Nevada plant and the
"Berkeley Farms" trademark and related intellectual property;
Harmoni, Inc. ("Harmoni") acquiring all assets, rights, and
properties in connection with the "Uncle Matt's Organic" branded
juice products and popsicles; and Logix Capital, LLC ("Logix"),
through MGD Acquisition, LLC, acquiring the Hilo facility and
related distribution branches on the Big Island, Kauai and Maui as
well as the use of the Meadow Gold Hawaii brand name. The Debtors
closed all of the Sale Transactions between April 30, 2020 and May
5, 2020 for an aggregate sales price of approximately $545 million,
which includes approximately $104.7 million in cure cost
obligations assumed by Dairy Farmers of America Inc., plus certain
other liabilities assumed by the various purchasers in the
respective Sale Transactions. The Sale Transactions left the
Debtors without a stand-alone operating business, and the Debtors
have already begun the process of winding down the remainder of the
Estates.

Class 6 General Unsecured Claims are impaired. Each Holder of an
Allowed General Unsecured Claim shall receive, on the applicable
Distribution Date, its Pro Rata share of the Liquidating Trust
Assets (along with Holders of Allowed Senior Notes Claims, Holders
of Allowed Control Group Liability Pension Claims, and Holders of
Allowed Central States Pension Claims) after (a) the satisfaction
in full of all Allowed Claims that are senior in priority pursuant
to the Bankruptcy Code and (b) the Plan Adjustment Payments.

The Bankruptcy Court will hold a hearing to consider the Motion and
the Disclosure Statement on January 11, 2021 at 2:30 p.m.
(prevailing Central Time) before the Honorable David R. Jones in
Courtroom 400, 515 Rusk Street, Houston, Texas 77002.

Objections, if any, to relief requested in the Motion, including,
among other things, the approval of the Disclosure Statement must
be filed and served no later than December 30, 2020 at 4:00 p.m.
(prevailing Central Time).

A full-text copy of the Disclosure Statement dated November 30,
2020, is available at
https://tinyurl.com/y29pcqb3 from PacerMonitor.com at no charge.

A full-text copy of the Notice dated November 30, 2020, is
available at https://tinyurl.com/yyzgacal from PacerMonitor.com at
no charge.

Counsel to the Debtors:

     Brian M. Resnick
     Steven Z. Szanzer
     Nate Sokol
     Omer Netzer
     DAVIS POLK & WARDWELL LLP
     450 Lexington Avenue
     New York, New York 10017
     Tel.: (212) 450-4000
     Fax: (212) 701-5800
     E-mail: brian.resnick@davispolk.com
             steven.szanzer@davispolk.com
             nathaniel.sokol@davispolk.com
             omer.netzer@davispolk.com

     William R. Greendyke
     Jason L. Boland
     Robert B. Bruner
     Julie Goodrich Harrison
     NORTON ROSE FULBRIGHT US LLP
     1301 McKinney Street, Suite 5100
     Houston, Texas 77010-3095
     Tel: (713) 651-5151
     Fax: (713) 651-5246
     E-mail: william.greendyke@nortonrosefulbright.com
             jason.boland@nortonrosefulbright.com        
             bob.bruner@nortonrosefulbright.com
             julie.harrison@nortonrosefulbright.com

                    About Southern Foods Group

Southern Foods Group, LLC, which conducts business under the name
Dean Foods, is a Food and Beverage Company and a processor and
direct-to-store distributor of fresh fluid milk and other dairy and
dairy case products in the United States.  

Southern Foods and its affiliates filed for bankruptcy protection
on November 12, 2019 (Bankr. S.D. Texas, Lead Case No. 19-36313).
The petitions were signed by Gary Rahlfs, senior vice president and
chief financial officer. The Debtors posted estimated assets and
liabilities of $1 billion to $10 billion.

Judge David R. Jones presides over the cases. The Debtors have
tapped David Polk & Wardell LLP as general bankruptcy counsel,
Norton Rose Fulbright US LLP as local counsel, Alvarez Marsal as
financial advisor, Evercore Group LLC as investment banker, Epiq
Corporate Restructuring LLC as notice and claims agent, and ASK LLP
as their special counsel.

The Office of the U.S. Trustee appointed creditors to serve on the
official committee of unsecured creditors on November 22, 2019. The
committee is represented by Philip C. Dublin, Esq., at Akin Gump
Strauss Hauer & Feld LLP.


STANDARD BAKERY: Jan. 7, 2021 Plan & Disclosure Hearing Set
-----------------------------------------------------------
Debtor Standard Bakery, LLC filed with the U.S. Bankruptcy Court
for the Western District of Washington, at Seattle, an ex parte for
a combined hearing on the adequacy of the Debtor's Disclosure
Statement and for confirmation of the Plan.  On Dec. 1, 2020, Judge
Marc Barreca ordered that:

   * Jan. 7, 2021 at 9:30 a.m. is the telephonic hearing on the
adequacy of the Disclosure Statement and confirmation of the Plan.

   * Dec. 31, 2020 by 5:00 pm is fixed as the last day to file and
serve all Ballots.

   * Dec. 31, 2020 is fixed as the last day to file and serve all
objections to the adequacy of disclosure statement and/or Plan.

"The Debtor is a small business Debtor as defined by Sec. 101(51D)
in that it is engaged in commercial activity and has aggregate
noncontingent liquidated secured and unsecured debts of less than
$2,725,625.  The Code allows the combined hearing on the adequacy
of the Disclosure Statement and confirmation of the Plan in a Small
Business Case. Given that the Plan is relatively straight forward,
there is no reason to have a separate hearing on adequacy of
disclosure statement and then confirmation; all issues may be
addressed at a single combined hearing. The Debtor anticipates that
this hearing can be held on the Court's regularly scheduled
calendar on January 7, 2021. Due to COVID19 precautions, Debtor's
request that this hearing be telephonic," the Debtor said in its
motion for combined hearing.

A full-text copy of the order dated December 1, 2020, is available
at https://tinyurl.com/y4z4wuma from PacerMonitor at no charge.

Attorneys for Debtor:

         Larry B. Feinstein
         Kathryn P. Scordato
         VORTMAN & FEINSTEIN
         2033 SIXTH AVENUE, SUITE 251
         SEATTLE, WA 98121
         Tel: (206) 223-9595
         Fax: (206) 386-5355

                       About Standard Bakery

Standard Bakery LLC, which conducts business under the name
Zylberschtein's Delicatessen and Bakery, filed a voluntary petition
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No.
20-10361) on Feb. 4, 2020, listing under $1 million in both assets
and liabilities.  Judge Marc Barreca oversees the case.  Vortman &
Feinstein, PS is the Debtor's legal counsel.


STANDARD BAKERY: Unsecureds Will Receive 5% Dividend in Plan
------------------------------------------------------------
Standard Bakery, LLC, submitted a Plan and a Disclosure Statement.

General unsecured creditors are classified in Class 4 and will
receive a distribution of 5% of their allowed claims.  Unsecured
creditors will receive a 5% dividend of their allowed claim, paid
at 0.0% Interest, over 60 months following the effective date of
the Plan. The total dividend to Class 4 is $18,489.  Payments will
begin on the 15th date of the first full month following the
effective date of the Plan and on the 15th day of the month
thereafter.

"Originally, we anticipated that a Plan would be filed within a few
months. However, on March 23, 2020, Governor Inslee announced his
"Stay Home, Stay Healthy" order in response to the coronavirus
pandemic. We had to shift our entire business model on the fly. We
shifted to an online store and take out only. It was a little rocky
at the beginning to shift our dine-in model to an online model, but
our customers were happy that we stayed open. We closed our dining
room and focused on fresh bread, pantry items and meat by the
pound. We also began offering home delivery, weekly Friday night
dinners and added 3rd party delivery programs. By Summer, we went
back to offering hot sandwiches, but the popularity of our bread
and bagels has remained consistent. We have yet to open our dining
room since March of 2020. We have had the same staff since May, a
very committed group who love what we are doing and want to be a
part of feeding people. Our staff has been fantastic and our
company’s survival is entirely attributed to their hard work,"
the Debtor said in the Disclosure Statement.

Despite this second wave of COVID19 restrictions begun in November
2020, the Debtor shall continue to operate its restaurant and
bakery. The company has adjusted to a take out and delivery basis
and expects its revenues to remain consistent for the immediate
future. When It will be safe to do so, the Debtor will reopen its
dining room. The Plan's proposed payments reflect its current
operations and represents our best efforts to make a meaningful
distribution to our creditors in spite of this pandemic.

A full-text copy of the Disclosure Statement dated November 30,
2020, is available at
https://tinyurl.com/y3bkynm8 from PacerMonitor.com at no charge.

                     About Standard Bakery

Standard Bakery LLC, which conducts business under the name
Zylberschtein's Delicatessen and Bakery, filed a voluntary petition
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No.
20-10361) on Feb. 4, 2020, listing under $1 million in both assets
and liabilities.  Judge Marc Barreca oversees the case.  Vortman &
Feinstein, PS is the Debtor's legal counsel.            


SUPERIOR ENERGY: S&P Downgrades ICR to 'D' on Bankruptcy Filing
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
oilfield services company Superior Energy Services Inc. to 'D' from
'CC'. At the same time, S&P lowered all of its issue-level ratings
on the company's debt to 'D'.

Superior Energy Services announced that it has commenced voluntary
Chapter 11 bankruptcy proceedings with the U.S. Bankruptcy Court
for the Southern District of Texas.

S&P expects to withdraw all of its ratings on the company after 30
days.



SUPERIOR ENERGY: Shareholder Payout Vanishes in Bankruptcy Plan
---------------------------------------------------------------
Jeremy Hill of Bloomberg News reports that a years-ago asset sale
may dash the hopes of Superior Energy Services Inc. shareholders
looking for a bankruptcy payout.  The troubled oilfield services
firm disclosed in September 2020 that it planned to file for
bankruptcy and potentially hand 98% ownership to bondholders, along
with giving 2% to existing shareholders. But that breakdown was
notably absent from the bankruptcy plan that Houston-based Superior
filed on Monday, December 7, 2020, sending the shares sliding from
an already-paltry 35 cents to less than 10 cents at the close of
trading Monday, December 7, 2020.

                  About Superior Energy Services

Headquartered in Houston, Texas, Superior Energy Services (SPN) --
htttp://www.superiorenergy.com/ -- serves the drilling, completion
and production-related needs of oil and gas companies worldwide
through a diversified portfolio of specialized oilfield services
and equipment that are used throughout the economic life cycle of
oil and gas wells.

Superior Energy incurred net losses of $255.7 million in 2019,
$858.1 million in 2018, and $205.92 million in 2017.  

As of June 30, 2020, the Company had $1.73 billion in total assets,
$222.9 million in total current liabilities, $1.28 billion in
long-term debt, $135.7 million in decommissioning liabilities,
$54.09 million in operating lease liabilities, $2.53 million in
deferred income taxes, $125.74 million in other long-term
liabilities, and a total stockholders' deficit of $95.13 million.

The New York Stock Exchange notified the Securities and Exchange
Commission of its intention to remove the entire class of common
stock of Superior Energy Services, Inc. from listing and
registration on the Exchange on Oct. 13, 2020, pursuant to the
provisions of Rule 12d2-2(b) because, in the opinion of the
Exchange, the Common Stock is no longer suitable for continued
listing and trading on the NYSE.

On Dec. 7, 2020, Superior Energy and its affiliates sought Chapter
11 protection (Bankr. S.D. Tex. Lead Case No. 20-35812) to seek
approval of a prepackaged Chapter 11 plan of reorganization.

Ducera Partners LLC and Johnson Rice & Company L.L.C. are acting as
financial advisors for the Company, Latham & Watkins LLP and Hunton
Andrews Kurth LLP are acting as legal counsel, and Alvarez & Marsal
is serving as restructuring advisor.  Kurtzman Carson Consultants
LLC is the claims agent.

Evercore L.L.C. is acting as financial advisor for an ad hoc group
of noteholders with Davis Polk & Wardwell LLP and Porter Hedges LLP
serving as legal counsel.  FTI Consulting, Inc. is acting as
financial advisor for the agent for the Company's secured
asset-based revolving credit facility with Simpson Thacher &
Bartlett LLP acting as legal counsel.


TESTER DRILLING: G. Goshong Appointed as Subchapter V Trustee
-------------------------------------------------------------
Gregory M. Garvin, the Acting U.S. Trustee for Region 18, appointed
Geoff Groshong as the Subchapter V Trustee for Tester Drilling
Services, Inc.

The appointment was made pursuant to 11 U.S.C. Sec. 1183(a) of the
Bankruptcy Court.

Mr. Goshong can be reached at:

         GEOF GOSHONG
         600 Stewart St. – Suite 1300
         Seattle, WA 98101
         Phone: (206) 508-0585
         E-mail: trustee@groshonglaw

A copy of the Notice is available at https://bit.ly/2K3PAjM from
PacerMonitor.com for free.

                      About Tester Drilling

Tester Drilling Services, Inc. filed a Chapter 11 case (Bankr. D.
Alaska Case No.: 20-00282) on December 5, 2020. At the time of the
filing, Tester Drilling was estimated to have $1 million to $10
million in estimated assets and $1 million to $10 million in
estimated liabilities.   

The petition was signed by Peter B. Tester, authorized
representative.

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

https://www.pacermonitor.com/view/TBKS6HI/Tester_Drilling_Services_Inc__akbke-20-00282__0001.0.pdf?mcid=tGE4TAMA


TOLL ROAD INVESTORS II: S&P Lowers Sr. Secured Debt Rating to 'BB+'
-------------------------------------------------------------------
S&P Global Ratings lowered its rating on Toll Road Investors
Partnership II L.P.'s (TRIP II) senior secured debt, comprising
$332.8 million (outstanding) series 1999 A&B bonds due in February
2003-2035, and $390.6 million (outstanding) series 2005 A-C bonds
due in February 2036-2056 to 'BB+' from 'BBB-'.

Virginia-based TRIP II owns and operates a 14-mile limited-access
toll road (Dulles Greenway) under a Certificate of Authority issued
by the Virginia State Corporation (SCC) Commission and a
Comprehensive Agreement (CA) with the Virginia Department of
Transportation (VDOT). Dulles Greenway connects Washington Dulles
International Airport (at the terminus of the Dulles Toll Road)
with Leesburg, Va. The road opened for operations in September 1995
and is 100% volume exposed.

The traffic recovery on Dulles Greenway has been slower than
expected; and will likely be drawn out given the recent surge in
COVID-19 infections. S&P said, "Since our last review in April
2020, traffic has not recovered in line with our expectations.
Dulles Greenway is one of the most-affected toll roads in our
portfolio due to COVID-19, with traffic and toll revenues down 43%
compared with 23% and 28%, respectively, expected in our April 2020
forecast. Importantly, the traffic did not recover as expected
after restrictions eased."

With Virginia currently combating a third wave of COVID-19 and as
of Nov. 15, 2020, recording the highest number of cases thus far,
some mitigation measures have been re-imposed. S&P said, "We
believe the path of recovery going forward will be slower and
lengthier than previously anticipated considering prospects of
prolonged lockdown-like conditions, return-to-work policies being
drawn out, and more and more parents choosing online schools.
Accordingly, we now assume the project will recover gradually from
the pandemic, only reaching pre-COVID-19 traffic forecast levels in
2024, compared to 2021 previously."

S&P believes there remains a high degree of uncertainty about the
evolution of the coronavirus pandemic. Reports that at least one
experimental vaccine is highly effective and might gain initial
approval by the end of the year are promising, but this is merely
the first step toward a return to social and economic normality;
equally critical is the widespread availability of effective
immunization, which could come by the middle of next year. S&P
said, "We use 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, "Our revised traffic forecast results in weakened
base-case performance, which is no longer commensurate with the
'BBB-' rating and calls for a one-notch downgrade. We may further
lower the rating if the COVID-19-related traffic decline
deteriorates, causing forecast metrics to fall further below the
revised rating level."

The project completed its Special Improvement initiatives--the DTR
Connector Project and West End Ramp Reconfiguration Project--in
third-quarter 2020. However, S&P has not assumed any impact on
traffic on account of these improvements as it will likely
materialize only after the traffic reverts to pre-COVID levels.

The project's pending rate case with SCC will not likely to yield
an outcome before 2021. Uncertainty over long-term toll
rate-setting beyond 2020 remains. Historically, revenue growth on
this toll road has been achieved mainly through toll rate
increases, while traffic growth remained relatively volatile. After
the formulaic framework for toll rate setting (which allowed
minimum toll increases) expired in January 2020, the project's toll
increases are now regulated by Virginia legislators through rate
case proceedings.

The project had filed a rate case seeking approval for annual price
increases over a five-year period commencing Jan. 1, 2021,
equivalent to about 6%-7% for peak tolls and about 5%-6% for
off-peak tolls; and decision on the same was expected by the end of
2020. S&P said, "The proceedings, however, have not progressed in
line with our expectations, and we now expect the SCC to make a
determination sometime in the first-quarter of 2021. Moreover, the
preliminary update on this rate case is not favorable as the
hearing examiner (appointed by SCC) has completed his report and
recommends no increases on peak tolls, but supports increases on
off-peak tolls for the next three years (resulting in a weighted
average toll rate increase of between 3% and 4%). The project has
submitted a response and is awaiting the commissioners to issue
their final order. The hearing examiner's recommendation reflects
their view on the economic impact of COVID-19 on residents of toll
payers for their ability to pay future toll rates. At this stage,
these views are only recommendations and may not be adopted by
commissioners in the final order. Our current base-case assumption
of 3% toll increases per year is relatively in line with the
hearing examiner's recommendation."

S&P may lower the rating if the delays to the pending tolling rate
case extend beyond 2021 or if the approved toll increases are
materially below our expectation.

There is no update on prepayment of some debt with large equity
trap accumulated (more than $100 million) at this point. TRIP II's
capital structure creates risk because interest accretes over time
and increases leverage. Mitigating this concern is that the project
has MER payments for its 2005A and 2005B notes that significantly
reduces the interest that would otherwise accrue on maturity.
Therefore, S&P views the MER payment as essential to the rating.

The MER payments, coupled with the near-term implications of
COVID-19, keep the project's debt service coverage ratio (DSCR)
profile relatively depressed, with a minimum of 0.82x and average
of 1.27x from 2022-2035 under S&P's base case. After 2035, the DSCR
increases substantially with a minimum of about 1.82x and average
of 2.52x and has more cushion to absorb lower traffic or toll
revenues.

The project repaid $64 million of 1999B bonds around 2012, which
reduced MER payments through 2021. It could similarly benefit from
another deleveraging action before 2022. Unless that happens, it
will have to rely on revenue growth to meet these payments. Failure
to generate sufficient revenue for the MER payments would not
constitute an event of default, but would trigger a dividend
lock-up.

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

-- Health and safety

S&P's negative outlook reflects the uncertainty around the recovery
in traffic, which is key to maintaining the DSCR against the
accreting debt service schedule, including MER payments. The
outlook also highlights the probability that worsening economic
conditions could delay or worsen the rate case outcome. Under our
forecast, the minimum DSCR drops to 0.82x in 2022, with all other
years being above 1.00x.

S&P said, "In the short term, we could lower the rating if approved
toll rate escalations are less than 3% for 2021-2025 or if they
continue to be significantly delayed, such that a 2021
implementation is not likely. We could also lower the rating if
traffic volumes are below expectations such that we forecast
additional periods under 1.00x DSCR or there were a material
reduction to the over $200 million available, which could occur if
actual traffic performs approximately 7% below our current
expectations.

"We could revise our outlook to stable if forecast DSCR metrics
remain above 1.00x in all years, which would occur if traffic made
a dramatic recovery to above 85% of 2019 volumes next year, or if
the project delevered. An upgrade would only be possible when
traffic volumes recover to near pre-virus levels and the threat of
further traffic disruptions from lockdowns subsides."


TRANSPORTATION AND LOGISTICS: Has $36M Income for Sept. 30 Quarter
------------------------------------------------------------------
Transportation and Logistics Systems, Inc. filed its quarterly
report on Form 10-Q, disclosing a net income of $35,602,297 on
$6,309,509 of revenues for the three months ended Sept. 30, 2020,
compared to a net loss of $11,360,914 on $7,759,451 of revenues for
the same period in 2019.

At Sept. 30, 2020, the Company had total assets of $4,515,961,
total liabilities of $16,788,330, and $12,272,369 in total
shareholders' deficit.

The Company said that the management has concluded there are
factors that raise substantial doubt about the Company's ability to
continue as a going concern for a period of twelve months from the
issuance date of the quarterly report.

The Company said, "For the nine months ended September 30, 2020,
the Company had a net loss of US$35,506,373 and net cash used in
operations was US$2,369,261.  Additionally, the Company had an
accumulated deficit, shareholders' deficit, and a working capital
deficit of US$114,818,245, US$12,272,369 and US$12,974,773,
respectively, at September 30, 2020.  Furthermore, the Company
failed to make required payments of principal and interest on
certain of its convertible debt instruments and notes payable.

"On June 19, 2020, Amazon notified Prime EFS by the Prime EFS
Termination Notice that it does not intend to renew the In-Force
Agreement when that agreement expires.  In the Prime EFS
Termination Notice, Amazon stated that the In-Force Agreement
expires on September 30, 2020.  Additionally, on July 17, 2020,
pursuant to the Shypdirect Termination Notice, Amazon notified
Shypdirect that Amazon had elected to terminate the Program
Agreement between Amazon and Shypdirect effective as of November
14, 2020.  However, on August 3, 2020, Amazon offered pursuant to
the Aug.  3 Proposal to withdraw the Shypdirect Termination Notice
and extend the term of the Program Agreement to and including May
14, 2021, conditioned on Prime EFS executing, for nominal
consideration, a separation agreement with Amazon under which Prime
EFS agrees to cooperate in an orderly transition of its Amazon
last-mile delivery business to other service providers, Prime EFS
releases any and all claims it may have against Amazon, and Prime
EFS covenants not to sue Amazon.  In a "Separation Agreement" dated
August 23, 2020, by and among Amazon, Prime EFS and the Company,
Prime EFS and the Company agreed, for nominal consideration, that
the Delivery Service Partner Program Agreement between Amazon and
Prime EFS would terminate effective September 30, 2020; that Prime
EFS and the Company would cooperate in an orderly transition of the
last-mile delivery business from Prime EFS to other service
providers; that Prime EFS would return any and all vehicles leased
from Element Fleet Corporation by October 7, 2020 in good repair;
and that Prime EFS would dismiss the Amazon Arbitration with
prejudice.  Under the same Separation Agreement, Prime EFS and the
Company released any and all claims they had against Amazon and
covenant not to sue Amazon.  In a "Settlement and Release
Agreement" dated August 21, 2020, by and among Amazon, Shypdirect,
Prime EFS and the Company, Amazon withdrew the Shypdirect
Termination Notice and extended the term of the Program Agreement
to and including May 14, 2021.  In the Settlement and Release
Agreement, Shypdirect released any and all claims it had against
Amazon, arising under the Program Agreement between Amazon and
Shypdirect effective as of November 14, 2020, or otherwise.

"The COVID-19 pandemic and resulting global disruptions have
affected the Company's businesses, as well as those of the
Company's customers and their third-party suppliers and sellers.
To serve the Company's customers while also providing for the
safety of the Company's employees and service providers, the
Company has adapted numerous aspects of its logistics and
transportation processes.  The Company continues to monitor the
rapidly evolving situation and expect to continue to adapt its
operations to address federal, state, and local standards as well
as to implement standards or processes that the Company determines
to be in the best interests of its employees, customers, and
communities.  The impact of the pandemic and actions taken in
response to it had minimal effects on the Company's results of
operations.  The Company is experiencing higher net sales, which
reflect increased demand, particularly as more people are staying
at home, for household staples and other essential products,
partially offset by decreased demand for discretionary consumer
products, delayed procurement and shipment of non-priority
products, and supply chain interruptions.  Other effects include
increased fulfilment costs and cost of sales, primarily due to
investments in employee hiring, pay, and benefits, as well as costs
to maintain safe workplaces, and higher shipping costs.  The
Company expects to continue to be affected by possible procurement
and shipping delays, supply chain interruptions, higher product
demand in certain categories, lower product demand in other
categories, and increased fulfilment costs and cost of sales as a
percentage of net sales through at least Q4 2020, although it is
not possible to determine the duration and spread of the pandemic
or such actions, the ultimate impact on the Company's results of
operations during 2020, or whether other currently unanticipated
consequences of the pandemic are reasonably likely to materially
affect the Company's results of operations.

"It is management's opinion that these factors raise substantial
doubt about the Company's ability to continue as a going concern
for a period of twelve months from the issuance date of this
report.

"In April 2020, the Company's subsidiaries, Prime EFS and
Shypdirect, entered into Paycheck Protection Program promissory
notes with M&T Bank in the aggregate amount of US$3,446,152.
Management cannot provide assurance that the Company will
ultimately achieve profitable operations, become cash flow
positive, or raise additional debt and/or equity capital.

"The Company will continue to: (i) seek to replace its last-mile
DSP Amazon business and supplement its mid-mile and long-haul
Amazon business with other, non-Amazon, customers; (ii) explore
other strategic relationships; and (iii) identify potential
acquisition opportunities, while continuing to execute our
restructuring plan, commenced in February 2020.  The Company is
seeking to raise capital through additional debt and/or equity
financings to fund its operations in the future.  Although the
Company has historically raised capital from sales of common shares
and from the issuance of convertible promissory notes and notes
payable, there is no assurance that it will be able to continue to
do so.  If the Company is unable to replace its Amazon business, to
raise additional capital or secure additional lending in the near
future, management expects that the Company will need to curtail
its operations.  These consolidated financial statements do not
include any adjustments related to the recoverability and
classification of assets or the amounts and classification of
liabilities that might be necessary should the Company be unable to
continue as a going concern."

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

                       https://bit.ly/374sjXQ

Transportation and Logistics Systems, Inc., an early stage company,
provides integrated transportation management solutions in the
United States.  It also offers brokerage and logistics services,
including transportation scheduling, routing, and other services
related to the transportation of automobiles and other freight.
The Company was formerly known as PetroTerra Corp. and changed its
name to Transportation and Logistics Systems, Inc. in July 2018.
The Company is based in West Palm Beach, Florida.



TRANSUNION: S&P Alters Outlook to Stable, Affirms 'BB+' ICR
-----------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' issuer credit rating and
revising the outlook to stable from negative on Chicago-based
consumer credit bureau and risk information services provider
TransUnion.

S&P said, "At the same time, we are raising our issue-level rating
on the company's senior secured credit facilities to 'BBB-' from
'BB+' and our recovery rating to '2' from '3' to reflect, among
other things, the increasing growth and value of TransUnion's
global data and analytic solutions.

"TransUnion has outperformed our expectations and demonstrated
resiliency withstanding the COVID-19 induced global economic
recession.

"We now expect the company's credit measures to remain comfortably
within our rating thresholds.

"The stable outlook on TransUnion reflects our view that the
company will sustain S&P adjusted leverage below 4x over the next
12 to 24 months as EBITDA margins hold strong in the mid-30% area
while revenues remain resilient and improving despite challenging
global economic headwinds.

"Our outlook revision to stable reflects the company's stable
operating performance despite the sharp contraction in global gross
domestic product. Despite contraction in the second and third
quarters, TransUnion achieved 2.4% revenue growth during the first
9 months of 2020 and we believe full-year growth for 2020 will come
in at just under 2%. At the same time, cost conservation and
operating efficiency have allowed adjusted margins to remain steady
in the mid 30% area. We expect 2021 adjusted margins to remain
steady at 36.5%, supporting adjusted leverage in the low 3x area
and holding credit metrics solidly within the bounds of the BB+
rating and stable outlook."

TransUnion generates the majority of its revenues from financial
service providers who depend on favorable macroeconomic conditions
for growth. Record low-interest rates and unprecedented levels of
government stimulus have helped fuel a sharp rise in mortgage
origination and refinancing volumes and a rebound in the demand for
consumer credit reports in the U.S. The company has also benefited
from good cost management and increased scale and revenue
diversification since the 2008 financial crisis. Over the last few
years, TransUnion has increasingly focused on the automation and
integration of its data and analytics solutions into its client
workflows and diversifying into other verticals like health care,
insurance, and other nonbanking applications, which has helped to
soften volatility from macroeconomic factors. Nevertheless,
revenues are still primarily transaction-based and correlated to
macroeconomic trends.

The upgrade of the company's senior secured debt reflects the
business' increasing intrinsic value and lender recovery prospects.
S&P said, "Under our simulated default scenario analysis, which we
use to assign our issue-level ratings, we have revised our
emergence EBITDA multiple to align with premium information
services and software and services companies. Our revised emergence
EBITDA multiple of 7x is still significantly lower than current
double-digit EBITDA transaction multiples, but it reflects a
significant decline in business prospects that would have resulted
in a payment default under our scenario analysis. Our issue-level
rating reflects our view that the increasing importance for data
and analytics insights, increasing product diversity, and the
company's well-established customer relationships and embedded
product solutions will support lender recovery prospects."

TransUnion has flexibility at the current 'BB+' rating to pursue
debt-funded acquisitions TransUnion has an active acquisition
strategy to grow or diversify into new verticals and geographies
and gain a stronger foothold in its existing verticals. The company
maintains a financial policy with target leverage below 3.5x (S&P
Global Ratings' adjusted leverage calculation tends to be 300 basis
points to 400 basis points higher because of S&P's capitalized
software and lease adjustments); however, the company is willing to
temporarily exceed its policy target for acquisitions. For example,
after significant debt-financed acquisition activity in 2018, S&P
adjusted debt to EBITDA increased to the mid-4x area by the end of
2018, but declined quickly thereafter, to the low-3x area by the
end of 2019, following the inclusion of acquisition contributions
and achievement of organic growth.

S&P said, "Our rating reflects TransUnion's sustainable market
position as one of the top three national credit reporting
agencies(NCRAs) due to high entry barriers, good operating
efficiency, and strong profitability. Key risks include increasing
regulatory scrutiny and cybersecurity risk, exposures to cyclical
transaction-based consumer credit report demand, and an acquisitive
growth strategy that could result in adjusted leverage rising and
remaining above our 4x rating threshold.

"The stable outlook on TransUnion reflects our view that leverage
will decline and remain below 4x (S&P Global Ratings basis) due to
continued strong revenue growth rates and EBITDA margin expansion
with support from favorable demand across all segments, new product
introductions, and continued focus on operating efficiency. We
expect the company will continue to generate strong free cash flow,
which we think it will apply toward tuck-in acquisitions,
shareholder returns, and modest debt repayment.

"We could raise the rating to 'BBB-' if the company continues to
scale its business and capabilities, improve its profit margins,
and diversify its revenues. In this scenario, we would feel more
confident about its ability to sustain revenue and profit margins
through an economic down cycle and that company would sustain its
adjusted leverage comfortably below 4x despite short-term and
temporary increases to fund acquisitions.

"Over the next 12 months, we could lower the ratings on TransUnion
if the company adopts a more aggressive financial policy, including
greater-than-expected shareholder distributions and acquisitions,
leading to debt leverage sustained above 4x. Less likely factors
that could trigger a downgrade include a significant business
downturn or an unforeseen loss in business stemming from a
cybersecurity breach or regulatory restrictions that would lead to
sharp revenue and EBITDA margin declines."

TransUnion is one of the leading global providers of consumer and
commercial credit information. TransUnion collects, organizes, and
manages credit, financial, demographic, and marketing information
regarding individuals. It amasses and processes this data using
proprietary systems and makes the data available to customers in
various formats to helps them in marketing and acquire customers.
The company sources this data from financial or credit granting
institutions, private databases, public records repositories, etc.

TransUnion has three reportable segments:

-- U.S. Markets (about 61% of revenues as of Sept. 30, 2020):
Provides consumer and commercial information solutions to
businesses in the U.S., including consumer credit information
reports, risk scores, and analytical and decision-making services.
Customers include banks, auto lenders, mortgage lenders, health
care, insurance, and property management companies.

-- International (about 21% of revenues): Serves select
international markets including Canada, the U.K., Latin America,
Africa, Asia Pacific, and India. Services provided to these markets
are similar to those provided in the U.S.

-- Consumer Interactive (18% of revenues): Helps consumers manage
their personal finances by providing credit reports and scores, and
financial management services, while also providing fraud
protection and resolution services.

-- S&P Global Ratings believes there remains a high degree of
uncertainty about the evolution of the coronavirus pandemic.
Reports that at least one experimental vaccine is highly effective
and might gain initial approval by the end of the year are
promising, but this is merely the first step toward a return to
social and economic normality; equally critical is the widespread
availability of effective immunization, which could come by the
middle of next year. S&P said, "We use 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."

-- U.S. GDP contracts 4.0% in 2020 and grows 3.9% in 2021.

-- Global GDP contracts 4.0% in 2020 and grows 5.4% in 2021.

-- U.S. unemployment rate of 8.4% by year-end 2020 and 6.7% in
2021.

-- Revenues remain relatively flat in 2020 with growth rates of 1%
to 2%, driven by COVID-19 headwinds, weak international operating
trends, but supported by U.S. markets financial services trends and
opportunities stemming from new partnerships with MX and
FinLocker.

-- Revenue growth to improve to the mid-single-digit rate in 2021
due to general improvement in global operating conditions.

-- Adjusted EBITDA margins remain stable in the 36% to 37% range
through 2021.

-- S&P expects capital spending between 7.5% and 8.0% of revenues,
translating to about $200 million in 2021.

-- Dividend spending of about $60 million annually.

Based on these assumptions, S&P projects the following metrics:

-- S&P Global Ratings-adjusted debt to EBITDA in the low 3x area
over the next 12 months. Despite expectations for earnings-based
de-leveraging, ongoing spending on internal investments and
acquisitions could sustain leverage in the mid- to high-3x area;

-- Funds from operations to debt of around 23% in 2020 and around
in the mid 20 percent area in 2021; and

-- Adjusted free operating cash flow to debt of around 17% in 2020
and in the low 20 percent area in 2021.

S&P said, "We assess TransUnion's liquidity as strong, due to our
expectation that sources of cash will exceed uses by at least 1.5x
over the next 12 months, and by 1x or more for the subsequent 12
months. We expect net uses would be positive and there would be
sufficient covenant headroom even if there was a 30% decline in
forecasted EBITDA."

-- Cash balance of about $554 million, as of Sept. 30, 2020;

-- Access to an undrawn $300 million revolving credit facility
that matures in 2024; and

-- About $650 million in operating cash flow over the next 12
months.

-- Annual capital expenditures of about $200 million;

-- Debt amortization of approximately $55 million in over the next
12 months; and

-- Dividend distributions of approximately $60 million per year.

As of Sept. 30, 2020, TransUnion's debt maturities were:

-- $300 million senior secured revolving credit facility due in
December 2024 (undrawn);

-- Senior secured term loan A-3 due December 2024: About $1.127
billion outstanding;

-- Senior secured term loan B-5 due Nov. 2026: About $2.494
billion outstanding.

TransUnion complied with its maximum-leverage covenant as of
third-quarter end of 2020. Over the next 24 months, S&P expects the
company to remain compliant, with EBITDA headroom in excess of
30%.

The senior secured credit facilities are subject to a maximum
senior secured net leverage covenant ratio of 5.5x.

-- TransUnion LLC is the borrower of senior secured credit
facility. The facility also benefits from guarantees from its
parent, Transunion Intermediate Holdings Inc. (f/k/a Transunion
Corp.), and its material domestic subsidiaries.

-- The senior secured credit facility is secured by a
first-priority security interest in substantially all of the assets
of TransUnion LLC and its domestic subsidiaries; and 65% equity
interest in TransUnion International Inc. and its subsidiaries.

-- All of TransUnion's debt is senior secured, and S&P treats it
as pari passu in our default scenario analysis.

-- S&P said, "Our simulated default scenario contemplates a
default in 2024 as a result of a confluence of factors, such as:
pricing pressure from its larger competitors, poor execution on its
growth and product initiatives, and a sustained economic downturn,
which impairs margins, cash flows, and business prospects to the
extent that the company is unable to service all of its debt
obligations."

-- S&P rates the secured debt 'BBB-' with a '2' recovery rating,
indicating its expectations for 70% to 90% recovery in the event of
a payment default."

-- Simulated year of default: 2025

-- EBITDA at emergence: about $465 million

-- EBITDA multiple: 7.0x

-- Net enterprise value (after 5% administrative costs): about
$3.1 billion

-- Valuation split in % (obligors/nonobligors) 80/20

-- First-lien debt: about $3.75 billion
    
-- Recovery expectations: 70% to 90% (rounded estimate: 80%)

Note: All debt amounts include six months of prepetition interest.
Collateral value equals asset pledge from obligors after priority.


TRAQIQ INC: Has $176,000 Net Loss for Quarter Ended Sept. 30
------------------------------------------------------------
TraqIQ, Inc. filed its quarterly report on Form 10-Q, disclosing a
net loss of $175,828 on $217,858 of revenue for the three months
ended Sept. 30, 2020, compared to a net loss of $248,768 on
$222,318 of revenue for the same period in 2019.

At Sept. 30, 2020, the Company had total assets of $2,067,138,
total liabilities of $4,402,541, and $2,335,403 in total
stockholders' deficit.

TraqIQ said, "The Company has an accumulated deficit of
US$2,336,046 and a working capital deficit of US$2,824,738, as of
September 30, 2020, and a working capital deficit of US$2,697,036
as of December 31, 2019.  As a result of these factors, management
has determined that there is substantial doubt about the Company
ability to continue as a going concern."

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

                       https://bit.ly/2VZwOg3

TraqIQ, Inc. provides software solutions.  The Company offers
Internet of things technology products and solutions to track,
manage, analyze, and optimize business.  TraqIQ serves customers in
the State of Washington.



TRIBUS ENTERPRISES: Has $198,000 Net Loss for Sept. 30 Quarter
--------------------------------------------------------------
Tribus Enterprises, Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss and comprehensive loss of $198,167 on $5,345
of revenue for the three months ended Sept. 30, 2020, compared to a
net loss and comprehensive loss of $344,755 on $0 of revenue for
the same period in 2019.

At Sept. 30, 2020, the Company had total assets of $2,352,076,
total liabilities of $1,088,921, and $1,263,155 in total
stockholders' equity.

Tribus Enterprises said, "The Company does not have significant
cash or other current assets, nor does it have an established
source of revenues sufficient to cover its operating costs which
raises substantial doubt regarding the Company's ability to
continue as a going concern.

"The ability of the Company to continue as a going concern is
dependent upon its ability to successfully execute its plans and
eventually attain profitable operations.  The accompanying
financial statements do not include any adjustments that may be
necessary if the Company is unable to continue as a going concern.
During the next year, the Company's foreseeable cash requirements
will relate to continual development of the operations of its
business, maintaining its good standing and making the requisite
filings with the Securities and Exchange Commission, and the
payment of expenses associated with research and development.  The
Company may experience a cash shortfall and be required to raise
additional capital.  Historically, it has mostly relied upon
internally generated funds and funds from the sale of shares of
stock to finance its operations and growth.  Management may raise
additional capital through future public or private offerings of
the Company's stock or through loans from private investors,
although there can be no assurance that it will be able to obtain
such financing.  The Company's failure to do so could have a
material and adverse effect upon it and its shareholders."

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

                       https://bit.ly/2LpDj9Z

Tribus Enterprises, Inc. was incorporated in the State of
Washington on March 29, 2017 for the purpose of developing,
designing, manufacturing and distributing hand tools. Upon
incorporation, the Company entered into a share exchange agreement
with Tribus Innovations, LLC and acquired all of the outstanding
ownership interests of Tribus Innovations.  Tribus Innovations was
formed on December 1, 2015.  The transaction was accounted for as a
reverse merger and these financial statements present the
historical financial information of Tribus Innovations from its
inception and include the financial information of the Company from
the completion of the share exchange agreement on March 29, 2017.
The Company has not yet realized revenues from its planned business
activities.


TRILLION ENERGY: Posts $1.2-Mil. Net Loss for Sept. 30 Quarter
--------------------------------------------------------------
Trillion Energy International Inc. filed its quarterly report on
Form 10-Q, disclosing a net loss of $1,183,375 on $493,609 of
revenue for the three months ended Sept. 30, 2020, compared to a
net loss of $944,205 on $914,791 of revenue for the same period in
2019.

At Sept. 30, 2020, the Company had total assets of $6,448,149,
total liabilities of $7,088,819, and $640,670 in total
stockholders' deficit.

The Company said there is substantial doubt about its ability to
continue as a going concern, citing recurring losses and negative
cash flows from operations.

Trillion Energy further stated, "The Company will need to raise
funds through either the sale of its securities, issuance of
corporate bonds, joint venture agreements and/or bank financing to
accomplish its goals.  If additional financing is not available
when needed, the Company may need to cease operations.  The Company
may not be successful in raising the capital needed to drill and/or
rework existing oil wells.  Any additional wells that the Company
may drill may be non-productive.  Management believes that actions
presently being taken to secure additional funding for the
reworking of its existing infrastructure will provide the
opportunity for the Company to continue as a going concern.  Since
the Company has an oil producing asset, its goal is to increase the
production rate by optimizing its current infrastructure.

"The recent outbreak of the coronavirus, also known as "COVID-19",
has spread across the globe and is impacting worldwide economic
activity.  Conditions surrounding the coronavirus continue to
rapidly evolve and government authorities have implemented
emergency measures to mitigate the spread of the virus.  The
outbreak and the related mitigation measures has had an adverse
impact on global economic conditions as well as on the Company's
business activities.  The extent coronavirus has caused a modest
drop in economic activity and oil and gas prices, due to reduced
demand.  The Company has implemented work from home measures for
its employees in its offices in Canada and Turkey.  The coronavirus
has caused delay in realizing the Company's funding efforts.  To
which the coronavirus may impact the Company's business activities
in the future will depend on future developments, such as the
ultimate geographic spread of the disease, vaccine approvals and
effectiveness, the duration of the outbreak, travel restrictions,
business disruptions, and the effectiveness of actions taken in
Canada and other countries to contain and treat the disease.  These
events are highly uncertain and as such, the Company cannot
determine their financial impact at this time.  While certain
restrictions are presently in the process of being relaxed, it is
unclear when the world will return to the previous normal, if ever.
This may adversely impact the expected implementation of the
Company's plans moving forward."

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

                       https://bit.ly/33YopOl

Trillion Energy International Inc., together with its subsidiaries,
operates as an oil and gas exploration, and production company in
Bulgaria and Turkey. It owns oil and gas producing assets in
Turkey; and a coal bed methane exploration license in Bulgaria. The
company was formerly known as Park Place Energy Inc. and changed
its name to Trillion Energy International Inc. in April 2019.
Trillion Energy International Inc. was founded in 2006 and is
headquartered in Vancouver, Canada.



TRIPBORN INC: Says Substantial Going Concern Doubt Exists
---------------------------------------------------------
On Sept. 30, 2020, TripBorn, Inc., filed its quarterly report on
Form 10-Q, disclosing a net loss of $827,849 on $2,128,370 of net
revenues for the three months ended Sept. 30, 2019, compared to a
net loss of $280,638 on $84,583 of net revenues for the same period
in 2018.

At Sept. 30, 2019, the Company had total assets of $21,105,137,
total liabilities of $18,603,333, and $2,501,804 in total equity.

TripBorn said, "The Company will require additional capital and may
also require additional financing from related or third parties in
the event that operations do not generate the expected revenues or
a recurrence of Covid-19 were to cause another suspension of
operations.  Such additional capital or financing may not be
available on favorable terms, or at all.  Due to these factors,
substantial doubt exists about the Company's ability to continue as
a going concern through September 2021, which is twelve months
after the date that the financial statements are issued.  If the
Company does not obtain sufficient funds when needed, the Company
expects it would reduce its operating expenses and defer vendor
payments, including closure of certain operations and or disposals
of assets.  Because such contingency plans have not been finalized
(because the specifics would depend on the situation at the time),
such actions also are not considered probable.  Because, neither
receipt of future equity or loan support, nor management's
contingency plans to mitigate the risk and extend cash resources
through September 2021, are considered probable, substantial doubt
is deemed to exist about the Company's ability to continue as a
going concern."

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

                       https://bit.ly/3m88Rh8

TripBorn, Inc. is an eCommerce aggregator and a hospitality
management company. An aggregator model is a form of eCommerce
whereby our website, www.tripborn.com aggregates, information on
various travel and hospitality vendors and presents them on a
single platform, to ease, facilitate, coordinate and effectuate
consumer travel and hospitality needs. The Hospitality segment is
an Indian based operator of 24 hotel properties in 18 cities with
1,230 keys under 4 brands (Mango Hotels, Mango Suites, Mango Hotels
Select, i-Stay Hotels) as of September 30, 2019. Mango Suites
Select and Apodis Collection are brands under development. APODIS
and IntelliStay function as umbrella brands.


TRUTANKLESS INC: Says Substantial Going Concern Doubt Exists
------------------------------------------------------------
Trutankless, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $1,224,810 on $361,008 of revenue for the
three months ended Sept. 30, 2020, compared to a net loss of
$785,630 on $442,781 of revenue for the same period in 2019.

At Sept. 30, 2020, the Company had total assets of $2,453,589,
total liabilities of $3,852,756, and $1,399,167 in total
stockholders' deficit.

The Company said, "Management evaluated all relevant conditions and
events that are reasonably known or reasonably knowable, in the
aggregate, as of the date the consolidated financial statements are
issued and determined that substantial doubt exists about the
Company's ability to continue as a going concern.  The Company's
ability to continue as a going concern is dependent on the
Company's ability to generate revenues and raise capital.  The
Company has not generated sufficient revenues from product sales to
provide sufficient cash flows to enable the Company to finance its
operations internally.  As of September 30, 2020, the Company had
US$26,685 cash on hand.  At September 30, 2020, the Company has an
accumulated deficit of US$40,757,452.  For the nine months ended
September 30, 2020, the Company had a net loss of US$8,331,470, and
cash used in operations of US$1,390,802.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern within one year from the date of filing.

"Over the next twelve months management plans to raise additional
capital and to invest its working capital resources in sales and
marketing in order to increase the distribution and demand for its
products.  However, there is no guarantee the Company will generate
sufficient revenues or raise capital to continue operations.  If
the Company fails to generate sufficient revenue and obtain
additional capital to continue at its expected level of operations,
the Company may be forced to scale back or discontinue its sales
and marketing efforts.  The consolidated financial statements do
not include any adjustments that might be necessary if the Company
is unable to continue as a going concern."

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

                       https://bit.ly/37JdUzi

Trutankless Inc. was incorporated in the state of Nevada on March
7, 2008. The Company is headquartered in Scottsdale, Arizona and
currently operates through its wholly-owned subsidiary, Bollente,
Inc., a Nevada corporation incorporated on December 3, 2009.

Trutankless is involved in sales, marketing, research and
development of a high quality, whole-house, smart electric tankless
water heater that is more energy efficient than conventional
products. Management anticipates the Company's trutankless water
heater, with Wi-Fi capability and trutankless' proprietary apps
offered in the iOS and Android store, will augment existing
products in the hope automation space.


TUESDAY MORNING: Reports $18.6M Net Income for Sept. 30 Quarter
---------------------------------------------------------------
Tuesday Morning Corporation filed its quarterly report on Form
10-Q, disclosing a net income of $18,624,000 on $161,546,000 of net
sales for the three months ended Sept. 30, 2020, compared to a net
loss of $9,629,000 on $224,439,000 of net sales for the same period
in 2019.

At Sept. 30, 2020, the Company had total assets of $450,325,000,
total liabilities of $424,338,000, and $25,987,000 in total
stockholders' equity.

The Company said, "Our operating loss for the fiscal year ended
June 30, 2020 was US$159.2 million, and our operating loss was
US$16.5 million for the quarter ended September 30, 2020.

"The COVID-19 pandemic and the resulting store closures severely
reduced our revenues and operating cash flows during the third and
fourth quarters of our fiscal year ended June 30, 2020 as well as
the first quarter of fiscal 2021.  On May 27, 2020, we commenced
the Chapter 11 Cases in the Bankruptcy Court.  The filing of the
Chapter 11 Cases constituted an event of default that caused our
obligations under the Pre-Petition ABL Credit Agreement to become
immediately due and payable.  We believe that any efforts to
enforce such payment obligations under the Pre-Petition ABL Credit
Agreement were stayed as a result of the filing of the Chapter 11
Cases, and the creditors' rights of enforcement with respect to the
Pre-Petition ABL Credit Agreement are subject to the applicable
provisions of the Bankruptcy Code and the Bankruptcy Court orders
modifying the stay, including the order of the Bankruptcy Court
approving the DIP ABL Facility.

"Although we are seeking to address any liquidity concerns through
the Chapter 11 Cases, the approval of a plan of reorganization or
the sale of all or substantially all of our assets is not within
our control and uncertainty remains as to whether the Bankruptcy
Court will approve a plan of reorganization or a sale of all or
substantially all of our assets.

"We believe that our plans, already implemented and continuing to
be implemented, will mitigate the conditions and events that have
raised substantial doubt about the entity's ability to continue as
a going concern.  However, due to the uncertainty around the scope
and duration of the COVID-19 pandemic and the related disruption to
our business and financial impacts, and because our plans,
including those in connection with the Chapter 11 Cases, are not
yet finalized, fully executed, or approved by the Bankruptcy Court,
they cannot be deemed probable of mitigating this substantial doubt
as to our ability to continue as a going concern."

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

                   https://bit.ly/2VZVcOC

                  About Tuesday Morning Corp.

Tuesday Morning Corporation, together with its subsidiaries, is a
closeout retailer of upscale home furnishings, housewares, gifts,
and related items.  It operates under the trade name "Tuesday
Morning" and is one of the original "off-price" retailers
specializing in providing unique home and lifestyle goods at
bargain values. Based in Dallas, Tuesday Morning operated 705
stores in 40 states as of Jan. 1, 2020.  For more information,
visit
http://www.tuesdaymorning.com/        

On May 27, 2020, Tuesday Morning and six affiliates sought Chapter
11 protection (Bankr. N.D. Tex. Lead Case No. 20-31476). Tuesday
Morning disclosed total assets of $92 million and total liabilities
of $88.35 million as of April 30, 2020.

The Hon. Harlin Dewayne Hale is the case judge. The Debtors tapped
Haynes and Boone, LLP as general bankruptcy counsel; Alixpartners
LLP as financial advisor; Stifel, Nicolaus & Co., Inc. as
investment banker; A&G Realty Partners, LLC as real estate
consultant; and Great American Group, LLC as liquidation
consultant. Epiq Corporate Restructuring, LLC is the claims and
noticing agent.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on June 9, 2020. The committee is represented by Munsch
Hardt Kopf & Harr, P.C.


TWINLAB CONSOLIDATED: Has $1.9M Net Loss for Sept. 30 Quarter
-------------------------------------------------------------
Twinlab Consolidated Holdings, Inc. filed its quarterly report on
Form 10-Q, disclosing a total net loss of $1,852,000 on $18,371,000
of net sales for the three months ended Sept. 30, 2020, compared to
a total net loss of $3,216,000 on $19,851,000 of net sales for the
same period in 2019.

At Sept. 30, 2020, the Company had total assets of $36,499,000,
total liabilities of $132,637,000, and $96,138,000 in total
stockholders' deficit.

The Company said, "Because of our history of operating losses and
significant interest expense on our debt, we have a working capital
deficiency of US$108,638 thousand as of September 30, 2020.  We
also have US$96,142 thousand of debt, net of discount, presented in
current liabilities.  These continuing conditions, among others,
raise substantial doubt about our ability to continue as a going
concern."

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

                       https://bit.ly/2Lixz1v

Twinlab Consolidated Holdings, Inc., together with its
subsidiaries, manufactures, markets, distributes, and retails
nutritional supplements and other natural products worldwide.  It
is based in Boca Raton, Florida.



TWO WHEELS PROPERTIES: Hires Bob's Bookkeeping as Accountant
------------------------------------------------------------
Two Wheels Properties, LLC received approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire Amber
Groberg of Bob's Bookkeeping & Income Tax as its accountant.

The Debtor requires Ms. Groberg to:

     a. prepare federal tax returns and state franchise tax
returns;

     b. maintain books and records of Two Wheel;

     c. adjust the books and records of Two Wheel to the extent
necessary; and

     d. prepare monthly operating reports.

Ms. Groberg has agreed to provide book keeping and monthly
operating report preparation services at a flat hourly rate of $150
per hour and to prepare tax returns at the flat rate of $400 per
return.

Ms. Groberg, and its members and associates, is a disinterested
person within the meaning of 11 U.S.C. Sec. 101(14), according to
court filings.

The accountant can be reached through:

     Amber Groberg
     Bob's Bookkeeping & Income Tax
     16222 I 10 East,
     Channelview, TX 77530
     Phone: (281) 452-3887

                 About Two Wheels Properties, LLC

Two Wheels Properties, LLC filed an emergency voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Tex. Case No. 20-35372) on Nov. 2, 2020. At the time of filing, the
Debtor estimated $500,001 to $1 million in both assets and
liabilities.  Judge Eduardo V. Rodriguez oversees the case.  Alex
Olmedo Acosta at Acosta Law, P.C. serves as the Debtor's counsel.


ULTRA PETROLEUM: Has $45.8-Mil. Net Loss for Quarter Ended June 30
------------------------------------------------------------------
Ultra Petroleum Corp. filed its quarterly report on Form 10-Q,
disclosing a net loss of $45,820,000 on $81,761,000 of total
operating revenues for the three months ended June 30, 2020,
compared to a net income of $57,105,000 on $155,406,000 of total
operating revenues for the same period in 2019.

At June 30, 2020, the Company had total assets of $1,246,289,000,
total liabilities of $2,352,797,000, and $1,106,508,000 in total
shareholders' deficit.

Ultra Petroleum said, "The Company has significant pre-petition
indebtedness, all of which has been reclassified to Liabilities
subject to compromise as of June 30, 2020.  The Company's level of
pre-petition indebtedness has adversely impacted and is continuing
to adversely impact its financial condition.  As a result of the
Company's financial condition, the defaults under its debt
agreements, the expected liquidity deficiency had the Company not
filed for bankruptcy, and the risks and uncertainties surrounding
the Chapter 11 proceedings, substantial doubt exists that the
Company as to whether the Company will be able to continue as a
going concern."

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

                     https://bit.ly/3aaS7DR

                     About Ultra Petroleum

Ultra Petroleum Corp., an independent oil and gas company, engages
in the acquisition, exploration, development, operation, and
production of oil and natural gas properties. Its principal
business activities are developing its natural gas reserves in the
Green River Basin of southwest Wyoming, the Pinedale and Jonah
fields.  The company was founded in 1979 and is headquartered in
Englewood, Colorado.

Ultra Petroleum Corp. and its affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 20-32631) on May 14,
2020.

The Debtor disclosed total assets of $1,450,000,000 and total debt
of $2,560,000,000 as of March 31, 2020.

The Hon. Marvin Isgur is the case judge.

The Debtors tapped KIRKLAND & ELLIS LLP as general bankruptcy
counsel; JACKSON WALKER LLP as local bankruptcy counsel; CENTERVIEW
PARTNERS LLC as investment banker; and FTI CONSULTING, INC., as
financial advisor.  Prime Clerk LLC is the claims agent.


UMATRIN HOLDING: Posts $252K Net Income for Quarter Ended Sept. 30
------------------------------------------------------------------
Umatrin Holding Limited filed its quarterly report on Form 10-Q,
disclosing a net income of $252,051 on $821,105 of sales for the
three months ended Sept. 30, 2020, compared to a net loss of
$14,662 on $308,784 of sales for the same period in 2019.

At Sept. 30, 2020, the Company had total assets of $2,235,299,
total liabilities of $1,579,202, and $656,097 in total equity.

Umatrin Holding said, "The Company had accumulated deficit of
US$2,550,026 as of September 30, 2020 which include a net income of
US$1,039,516 for the nine months ended September 30, 2020.  We
expect to finance our operations primarily through our existing
cash, our operations and any future financing.  However, there
exists substantial doubt about our ability to continue as a going
concern because we will be required to obtain additional capital in
the future to continue our operations and there is no assurance
that we will be able to obtain such capital, through equity or debt
financing, or any combination thereof, or on satisfactory terms or
at all.  Additionally, no assurance can be given that any such
financing, if obtained, will be adequate to meet our capital needs.
If adequate capital cannot be obtained on a timely basis and on
satisfactory terms, our operations would be materially negatively
impacted.  Therefore, our auditor has substantial doubt as to our
ability to continue as a going concern.  Our ability to complete
additional offerings is dependent on the state of the debt and/or
equity markets at the time of any proposed offering, and such
market's reception of the Company and the offering terms.  There is
no assurance that capital in any form would be available to us, and
if available, on terms and conditions that are acceptable."

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

                       https://bit.ly/3n4Zy2U

Umatrin Holding Limited, together with its subsidiaries, sells
beauty, personal care, health, and wellness products in Malaysia.
It markets its products to retail-based end-users and dealers
through an online platform; and a retail shop.  Umatrin Holding
Limited is based in New York City.


UNIT CORP: Reports $215.6MM Net Loss for Quarter Ended June 30
--------------------------------------------------------------
Unit Corporation filed its quarterly report on Form 10-Q,
disclosing a net loss of $215,565,000 on $89,007,000 of total
revenues for the three months ended June 30, 2020, compared to a
net loss of $8,017,000 on $165,146,000 of total revenues for the
same period in 2019.

At June 30, 2020, the Company had total assets of $1,140,378,000,
total liabilities of $1,099,846,000, and $40,532,000 in total
shareholders' equity.

The Company said, "In addition to reorganizing our capital
structure in the Chapter 11 Cases, we have taken several actions to
alleviate the conditions that cause substantial doubt about our
ability to continue as a going concern, including (i) minimizing
capital expenditures, (ii) aggressively managing working capital,
(iii) further reducing recurring operating expenses, and (iv)
exploring potential business transactions.  However, the
significant risks and uncertainties related to the company's
liquidity and Chapter 11 Cases at June 30, 2020 raised substantial
doubt about the company's ability to continue as a going concern.
The company, therefore, concluded as of such date there continues
to be substantial doubt about the company's ability to continue as
a going concern."

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

                       https://bit.ly/3n3SL9v

Unit Corporation, together with its subsidiaries, engages in the
exploration, acquisition, development, and production of oil and
natural gas properties in the United States. It operates through
three segments: Oil and Natural Gas, Contract Drilling, and
Mid-Stream. Unit Corporation was founded in 1963 and is
headquartered in Tulsa, Oklahoma.



UPLAND POINT: Hires Accounting & Tax Solutions as Accountant
------------------------------------------------------------
Upland Point Corporation received approval from the U.S. Bankruptcy
Court for the Western District of Wisconsin to employ Accounting &
Tax Solutions, Inc. as its accountant.

The firm's services will include the preparation and filing of tax
returns; analysis to determine the tax implications of a potential
plan; payroll accounting with Quickbooks system to ensure correct
entry; and monthly bank reconciliations, annual loan
reconciliations and adjustments.

Stacey Lull, an enrolled agent at Accounting & Tax Solutions, will
charge $100 per hour.  Other professionals at the firm will charge
$75 to $100 for their services.

Stacey Lull is a "disinterested person" as defined in Section
101(14) of the Bankruptcy Code, according to court filings.    

The firm can be reached through:

     Stacey Lull, EA
     Accounting & Tax Solutions, Inc.
     9755 US Hwy 61
     Lancaster, WI 53813
     Phone: 608-723-2247

                 About Upland Point Corporation

Upland Point Corporation sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. W.D. Wisc. Case No. 20-12186) on
Aug. 21, 2020, listing under $1 million in both assets and
liabilities.  Judge Catherine J. Furay oversees the case.  Michelle
A. Angell, Esq., at Krekeler Strother, S.C. represents the Debtor
as legal counsel.


URBAN-GRO INC: Has $649K Net Loss for Quarter Ended Sept. 30
------------------------------------------------------------
urban-gro, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $649,281 on $8,359,422 of total revenue
for the three months ended Sept. 30, 2020, compared to a net loss
of $2,809,530 on $5,583,064 of total revenue for the same period in
2019.

At Sept. 30, 2020, the Company had total assets of $7,550,138,
total liabilities of $14,254,085, and $6,703,947 in total
shareholders' deficit.

The Company said, "Since inception, we have incurred significant
operating losses and have funded our operations primarily through
issuances of equity securities, debt, and operating revenue.  As of
September 30, 2020, we had an accumulated deficit of US$20,850,508,
a working capital deficit of US$4,833,132, and negative
stockholders' equity of US$6,703,947.  Our ability to generate
sufficient revenues to pay our debt obligations and accounts
payable when due remains subject to risks and uncertainties.  These
risks and uncertainties raise substantial doubt about our ability
to continue as a going concern within one year after the date that
the condensed consolidated financial statements in connection with
this Report are issued.  Our ability to continue as a going concern
is dependent upon, among other things, our ability to generate
revenue, control costs and raise capital.  Such capital, however,
may not be available, if at all, on terms that are acceptable to
us."

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

                       https://bit.ly/2LfAKae

urban-gro, Inc. provides end-to-end agricultural solutions for
cannabis and traditional agriculture produce growers in the United
States, Canada, and internationally.  It engages in the design,
engineering, sale, and commissioning of various integrated
cultivation systems, including environmental controls, and
fertigation and irrigation distribution products; commercial grade
light systems; water treatment and reclamation systems; rolling and
automated bench systems; fans; and odor mitigation systems.  The
company also offers integrated post management plan design and
product solutions; and Soleil 360, an agriculture technology
platform.  urban-gro, Inc. was founded in 2014 and is based in
Lafayette, Colorado.


URS HOLDCO: S&P Downgrades ICR to 'CCC+'; Outlook Negative
----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on URS Holdco
Inc.'s (URS) to 'CCC+' from 'B-' and its issue-level rating on the
company's senior secured debt to 'CCC+' from 'B-' and removed all
of its ratings on the company from CreditWatch, where the rating
agency placed them with negative implications on April 10, 2020.

S&P's '3' recovery rating on the secured debt remains unchanged,
indicating its expectation for meaningful (50%-70%; rounded
estimate: 55%) recovery in the event of a payment default.

The downgrade reflects URS' significant earnings decline in 2020
and its weakened credit metrics. The company provides vehicles
transportation services for auto customers, including auto original
equipment manufacturers (OEMs), retailers, and dealers, mainly in
the U.S. While the company has substantial end-market
concentrations in the auto and commercial vehicle industries, the
acquisition of Team Drive-Away in the heavy truck segment provides
some diversification for the business. URS derives about 90% of its
revenue from its new and used light-vehicle segments, which have
experienced double-digit percent declines in their sales volumes
this year due to the pandemic. This, in turn, has significantly
weakened the company's revenue and EBITDA. Although the company
experienced drastic topline declines in the second vehicle sales
has improved. S&P expects the business to report incremental
improvements into 2021, however S&P anticipates URS' debt leverage
will remain elevated at unsustainable levels over the next
year.quarter this year, revenue has rebounded to about 80-90% of
the pre-COVID levels in the third quarter, as the volume of light-

S&P said, "URS' cash position has improved, primarily due to a
sale-leaseback transaction, and we expect it to maintain adequate
liquidity over the next 12 months.  The company's cash balance
increased to $42.2 million as of the end of the third quarter of
2020 from $21.5 million as of the end of fiscal year 2019. The
primary reason for this increase was URS' sale and simultaneous
lease of a facility in April 2020 and certain vehicles in June
2020. Therefore, despite our assumption of negative cash flow
generation from its business operations, we believe the company's
sources of cash will be about 2x its uses over the next 12 months.
We currently include URS' asset-based lending (ABL) revolving
credit facility as a source of liquidity for the next 12 months
because it doesn't mature until September 2022."

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

-- Health and safety

S&P said, "The negative outlook reflects the deterioration in URS'
credit metrics in 2020 due to its weaker earnings during the
pandemic. Even though we forecast its performance will improve into
2021 on the recovery in light-vehicle sales, we anticipate its
adjusted leverage will remain elevated at above 8x while its funds
from operations (FFO)-to-adjusted debt ratio stays in the
low-single-digit percent area over the next 12 months."

"We could lower our ratings on URS if its liquidity becomes
constrained or if a further unanticipated decline in its earnings
leads us to conclude that it will likely default over the following
12 months. These scenarios include--but are not limited to--a
near-term liquidity crisis or covenant breach. This could also
occur if we believe URS will likely implement a distressed exchange
or below-par debt redemption over the next 12 months."

"We could revise our outlook on URS to stable over the next 12
months if it delivers a better-than-expected operating performance
and generates stronger cash flow on a sustained basis. This could
occur if market conditions improve by more than we currently expect
or the company achieves increased operating efficiency. We would
also expect URS to maintain at least adequate liquidity and
refinance any near-term maturities before revising our outlook."


US ANTIMONY: Has $993,000 Net Loss for Quarter Ended Sept. 30
-------------------------------------------------------------
United States Antimony Corporation filed its quarterly report on
Form 10-Q, disclosing a net loss of $993,240 on $1,007,231 of
revenues for the three months ended Sept. 30, 2020, compared to a
net loss of $568,592 on $1,787,934 of revenues for the same period
in 2019.

At Sept. 30, 2020, the Company had total assets of $14,115,298,
total liabilities of $5,218,510, and $8,896,788 in total
stockholders' equity.

The Company said, "At September 30, 2020, the Company's
consolidated financial statements show negative working capital of
approximately US$1.1 million and an accumulated deficit of
approximately US$30.9 million.  With the exception of 2018, the
Company has incurred losses for the past several years.  The net
income in 2018 was primarily due to non-recurring events which
contributed approximately US$2.5 million to net income.  These
factors indicate that there is substantial doubt regarding the
ability to continue as a going concern for the next twelve
months."

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

                       https://bit.ly/372dMM9

United States Antimony Corporation produces and sells antimony,
silver, gold, and zeolite products in the United States and Canada.
It was founded in 1968 and is headquartered in Thompson Falls,
Montana.



VALARIS PLC: Court Asked to Deny Appointment of Equity Committee
----------------------------------------------------------------
The official committee of unsecured creditors asked the U.S.
Bankruptcy Court for the Southern District of Texas to deny the
motion filed by Alexander Parker, Buxton Helmsley Group, Inc.'s
senior managing director, to appoint a committee of equity holders
in the Chapter 11 cases of Valaris plc and its affiliates.

In court papers, the committee said Mr. Parker failed to
demonstrate that the companies are solvent and that there
is a substantial likelihood that equity will receive a meaningful
distribution.

"The Debtors' prepetition financial statements do not prove that
the Debtors are solvent or that a meaningful distribution to
equity is likely," the committee said.

The committee disputed allegations that the companies' management
is "actively seeking to depress equity value."

"The evaporation of Valaris' equity value is not the product of
management manipulation. It is an unfortunate, widespread reality
that investors across a variety of sectors will need to come to
terms with in the coming months and years," the committee said.

The committee also pointed out that although Valaris holds
approximately $7.1 billion in funded debt obligations, in addition
to administrative, priority, and trade claims, these obligations
all need to be satisfied under the absolute priority rule before
equity is entitled to receive any distributions under the
Bankruptcy Code.

                        About Valaris plc

Valaris plc (NYSE: VAL) provides offshore drilling services. It is
an English limited company with its corporate headquarters located
at 110 Cannon St., London.  Visit http://www.valaris.com/for more
information.

On Aug. 19, 2020, Valaris and its affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 20-34114).  The Debtors
had total assets of $13,038,900,000 and total liabilities of
$7,853,500,000 as of June 30, 2020.

The Debtors tapped Kirkland & Ellis LLP and Slaughter and May as
their bankruptcy counsel, Lazard as investment banker, and Alvarez
& Marsal North America LLC as their restructuring advisor.  Stretto
is the claims agent, maintaining the page
http://cases.stretto.com/Valaris      

Kramer Levin Naftalis & Frankel LLP and Akin Gump Strauss Hauer &
Feld LLP serve as legal advisors to the consenting noteholders
while Houlihan Lokey Inc. serves as their financial advisor.


VALARIS PLC: Valuation Leads to Equity Committee Denial
-------------------------------------------------------
Law360 reports that a Texas bankruptcy judge denied a motion
seeking appointment of an official equity committee late Wednesday,
December 9, 2020, in the Chapter 11 case of offshore oil driller
Valaris, saying the company's valuation would leave shareholders
far out of the money.

During a virtual hearing, U.S. Bankruptcy Judge Marvin Isgur said
the evidence shows that the fair market value of Valaris PLC's
assets is well below the amount of its debt, leaving shareholders
about $5 billion short of a recovery under the absolute priority
rule of the bankruptcy code. "There is an arrangement contained in
the plan that nevertheless gives a return to equity."

                        About Valaris PLC

Valaris PLC (NYSE: VAL) provides offshore drilling services. It is
an English limited company with its corporate headquarters located
at 110 Cannon St., London. Visit http://www.valaris.com/for more
information.

On Aug. 19, 2020, Valaris and its affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 20-34114).

The Debtors tapped Kirkland & Ellis LLP and Slaughter and May as
their bankruptcy counsel, Lazard as investment banker, and Alvarez
& Marsal North America LLC as their restructuring advisor.  Stretto
is the claims agent, maintaining the page
http://cases.stretto.com/Valaris    

Kramer Levin Naftalis & Frankel LLP and Akin Gump Strauss Hauer &
Feld LLP serve as legal advisors to the consenting noteholders
while Houlihan Lokey Inc. serves as their financial advisor.



VALARIS PLC: Wants Bid to Appoint Equity Committee Denied
---------------------------------------------------------
Valaris plc asked the U.S. Bankruptcy Court for the Southern
District of Texas to deny the motion filed by Alexander Parker,
Buxton Helmsley Group, Inc.'s senior managing director, to appoint
a committee of equity holders in the Chapter 11 cases of the
company and its affiliates.

The companies' attorney, Matthew Cavenaugh, Esq., at Jackson
Walker, LLP, said that Mr. Parker failed to provide any evidence
showing that there is a substantial likelihood of a meaningful
distribution to equity holders in the company's case and that
equity holders will not be adequately represented without an
official committee.

"While the debtors wish there was sufficient value to enable all of
their creditors to be paid in full with the remainder going to
prepetition equity, Valaris' equity holders unfortunately fall
billions of dollars short of being entitled to a recovery," Mr.
Cavenaugh said.

According to the attorney, the companies owed $7.1 billion in
funded debt on the petition date, which must be satisfied in full
before equity holders receive any recovery.

"The valuation and liquidation analyses prepared by the debtors'
financial advisors show there is no scenario where equity holders
are entitled to a distribution. The prepetition trading
prices of the debtors' debt and other objective indicia of
financial distress confirm these conclusions," Mr. Cavenaugh said.

"There also is no need for an equity committee because the equity
holders' interests have been and are being adequately represented,"
the attorney said.

According to Mr. Cavenaugh, before the companies filed for Chapter
11, Luminus Management, which was their largest shareholder owning
approximately 18 percent of their equity, had a representative on
Valaris' Board of Directors that strongly advocated for equity
holders, including Buxton Helmsley’s clients, with respect to the
restructuring transactions set forth in the plan of reorganization.


"As a result, current equity holders will receive warrants for
seven percent of the reorganized debtors' equity if they support
the restructuring even though they are not entitled to a recovery
under the absolute priority rule.  During these Chapter 11 cases,
the debtors have continued to maximize the value of the estates for
all of their stakeholders, including the equity holders," Mr.
Cavenaugh said.

                        About Valaris plc

Valaris plc (NYSE: VAL) provides offshore drilling services.  It is
an English limited company with its corporate headquarters located
at 110 Cannon St., London.  Visit http://www.valaris.com/for more
information.

On Aug. 19, 2020, Valaris and its affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 20-34114).  The Debtors
had total assets of $13,038,900,000 and total liabilities of
$7,853,500,000 as of June 30, 2020.

The Debtors have tapped Kirkland & Ellis LLP and Slaughter and May
as their bankruptcy counsel, Lazard as investment banker, and
Alvarez & Marsal North America LLC as their restructuring advisor.
Stretto is the claims agent, maintaining the page
http://cases.stretto.com/Valaris      

Kramer Levin Naftalis & Frankel LLP and Akin Gump Strauss Hauer &
Feld LLP serve as legal advisors to the consenting noteholders
while Houlihan Lokey Inc. serves as their financial advisor.


VENTURE VANADIUM: Reports $68,000 Net Loss for July 31 Quarter
--------------------------------------------------------------
Venture Vanadium Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss of $67,808 on $0 of revenue for the three
months ended July 31, 2020, compared to a net loss of $59,808 on $0
of revenue for the same period in 2019.

At July 31, 2020, the Company had total assets of $1,047,717, total
liabilities of $207,738, and $839,979 in total stockholders'
equity.

The Company said, "We had no revenues for the nine months ended
July 31, 2020.  We currently have losses and have not completed our
efforts to establish a stabilized source of revenues sufficient to
cover operating costs over an extended period of time.  Therefore,
there is substantial doubt about our ability to continue as a going
concern.  Management anticipates that we will depend, for the near
future, on additional investment capital to fund operating
expenses.  We intend to raise additional funds through the capital
markets.  In light of management's efforts, there are no assurances
that we will be successful in this or any of our endeavors or
become financially viable and continue as a going concern."

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

                       https://bit.ly/373VlXx

Venture Vanadium Inc. focuses on the evaluation and development of
vanadium and rare earth metal exploration properties. Its primary
project is the Desgrosbois vanadium-titanium property that consists
of 30 mineral claims covering an area of 1,789.80 hectares located
in Quebec, Canada. The company was formerly known as Aura Energy
Inc. and changed its name to Venture Vanadium Inc. in February
2019. Venture Vanadium Inc. was founded in 2016 and is based in
Pittsburgh, Pennsylvania.



VICTOR MAIA: Asher Buying Philadelphia Property for $69K Cash
-------------------------------------------------------------
Victor H. Maia asks the U.S. Bankruptcy Court for the Eastern
District of Pennsylvania to authorize the private sale of the real
property located at 1403 Sellers Street, Philadelphia, Pennsylvania
to Asher Manuel Design Build, LLC for $69,000, cash.

Since 1994, the Debtor has been in the business of owning and
renting single family residential real property located in
Philadelphia.  During the course of operating his business, the
Debtor was the sole owner and operator of 22 residential single
family properties in Philadelphia.  At the time of the Bankruptcy
Petition, he owned and operated 17 single family rental properties.


The Debtor currently owns real properties set forth in the
Schedules of Assets and liabilities (Exhibit A).  Among the
Properties is the Real Property.

In January 2011, there was a fire at one of the Debtor's properties
located at 4814 N. Palethorp Street, Philadelphia, PA, which
resulted in protracted litigation, and ultimately $1.5 million in
judgments entered against the Debtor in the Court of Common Pleas
in Philadelphia County.  The judgments are on appeal; however, one
of the judgment creditors sought to sequester the Debtor's rents,
necessitating the bankruptcy filing.   

During the litigation, and prior to the Petition Date, the Debtor
suffered substantial losses of rental income from his rental
properties and two of his rental properties (4945 D Street,
Philadelphia, PA and 6356 Torresdale Avenue, Philadelphia, PA) were
sold at Sheriff Sale.     

The Debtor obtained Bankruptcy Court authority to employ Keller
Williams Real Estate Langhorne as Real Estate Broker to the
Debtor.

On Oct. 21, 2020, the Debtor has listed three of the properties for
sale: (i) 1403 Sellers Street, Philadelphia, PA, (ii) 2051 Wakeling
Street, Philadelphia, PA, and (iii) 124 East Albanus Street,
Philadelphia, PA.   He projects that the three properties when sold
will generate approximately $160,000.  A portion of which will be
available to fund Plan payments.

The Debtor is also in the process of renovating and listing the
following properties for sale: (i) 1932 Church Street,
Philadelphia, PA, (ii) 4814 Palethrop Street, Philadelphia, PA,
(iii) 4310 Cloud Street, Philadelphia, PA, and (iv) 5023 Valley
Street, Philadelphia, PA.

The Debtor put the Real Property on the market on Oct. 21, 2020 and
negotiated with the Purchaser, for the sale of the Real Property by
private sale.  He was able to reach an agreement in principal for
the sale of the Real Property for $69,000 without contingencies as
set forth in greater detail in the Agreement of Sale.  The Debtor
asks approval of a sale of the Real Property at a private sale, on
an "as-is" and "where-is" basis, without any warranty, either
express or implied, with all defects, except that the Property is
to be sold free and clear of all liens, claims, and encumbrances,
with liens, if any, tracing to the proceeds.  In other words, the
Real Property is being sold subject to all known and unknown
conditions.

Since the petition date, the Debtor made significant improvements
to the Real Property.  The Real Property was left in poor condition
by the prior tenant; it was full of personal items and trash,
broken kitchen table and chairs, a refrigerator full of spoiled
food, oxygen tanks, some bedroom furniture, roughly nine full bags
of trash consisting of clothing and all other personal items, trash
cans and trash bags which squirrels and cats had gotten into were
left throughout the backyard, and overgrown weeds covered the Real
Property.  The Debtor thoroughly cleaned out the Real Property,
including both the residence and the yard.  He repaired windows,
doors, and patched walls, all in order to prepare the Real Property
for sale.  

Further, since the Petition Date, the market for the Real Property
significantly increased, as the strong labor market and low
unemployment numbers over the past few years has created an influx
of buyers and investors, which have driven up real estate prices.
The current pandemic has not appeared to significantly affect the
increase in value of the Real Property since the Petition Date.

The Debtor believes that a sale of the Real Property will best
serve the interests of creditors by procuring the almost instant
cash infusion of $69,000, and by preventing the further loss and
diminution in value to the Real Property by continued operation in
an undercapitalized state.  He now asks to sell by private sale the
Real Property.  

On Oct.27, 2020, the Debtor enter into the Agreement with the
Purchaser for the sale of the Real Property for $69,000 with an
initial down payment of $5,000, and a Settlement Date of Nov. 30,
2020.  On Nov. 30, 2020, the parties entered into a Change in Terms
Addendum to Agreement of Sale, whereby the Settlement Date was
changed from Nov. 30, 2020, to Dec. 17, 2020.

The proposed sale of the Real Property will pay all allowed secured
claims on the Real Property in full and will have proceeds left
over which can be used in part to fund the Debtor's Plan.  The
Debtor respectfully submits that sale is in the best interest of
the bankruptcy estate and his creditors in that it disposes of the
Real Property and will result in proceeds to fund the Plan.  He
believes that a later sale will both increase the costs associated
with the sale and impair his ability to get value for the Real
Property.

The Debtor was his own broker in his capacity as an agent and
employee of Keller Williams Real Estate-Langhorne.  The Purchaser
employed Mike McCann and Stuart Cohen of Keller Williams Philly as
brokers to facilitate the sale of the Real Property.

In accordance with L.B.R. 5070-1(f), and 9014-1, the Debtor also
asks expedited consideration of the Motion.  He asks approval of
the request for expedited consideration pursuant to L.B.R. 9014-2.
He requires a hearing on the Motion on an expedited basis because
the settlement on the Property is scheduled to occur on Dec. 17,
2020.  He asks that the notice period be reduced accordingly to
correspond to the hearing date set by the Court.  He also asks that
service of the Motion with Exhibits and the Order granting
expedited consideration be limited to (i) the Office of the United
States Trustee; (ii) the Debtors' secured creditors; (iii) taxing
authorities; (iv) all parties who have timely filed requests for
notice under Bankruptcy Rule 2002.

Finally, the Debtor asks that the Sale Order be effective
immediately by providing that the 14-day stay under Bankruptcy
Rules 6004(h) is waived.

A copy of the Agreement is available at
https://tinyurl.com/y4lfzgsz from PacerMonitor.com free of charge.

Victor H. Maia sought Chapter 11 protection (Bankr. E.D. Pa. Case
No. 18-16907) on Oct. 17, 2018.  The Debtor tapped Edmond M.
George, Esq., at Obermayer Rebmann Maxwell & Hippel, LLP, as
counsel.



VICTOR MAIA: JDJ Buying Philadelphia Property for $55K Cash
-----------------------------------------------------------
Victor H. Maia asks the U.S. Bankruptcy Court for the Eastern
District of Pennsylvania to authorize the private sale of the real
property located at 2051 Wakeling Street, Philadelphia,
Pennsylvania to JDJ Fund D, LLC for $55,000, cash.

Since 1994, the Debtor has been in the business of owning and
renting single family residential real property located in
Philadelphia.  During the course of operating his business, the
Debtor was the sole owner and operator of 22 residential single
family properties in Philadelphia.  At the time of the Bankruptcy
Petition, he owned and operated 17 single family rental properties.


The Debtor currently owns real properties set forth in the
Schedules of Assets and liabilities (Exhibit A).  Among the
Properties is the Real Property.

In January 2011, there was a fire at one of the Debtor's properties
located at 4814 N. Palethorp Street, Philadelphia, PA, which
resulted in protracted litigation, and ultimately $1.5 million in
judgments entered against the Debtor in the Court of Common Pleas
in Philadelphia County.  The judgments are on appeal; however, one
of the judgment creditors sought to sequester the Debtor's rents,
necessitating the bankruptcy filing.   

During the litigation, and prior to the Petition Date, the Debtor
suffered substantial losses of rental income from his rental
properties and two of his rental properties (4945 D Street,
Philadelphia, PA and 6356 Torresdale Avenue, Philadelphia, PA) were
sold at Sheriff Sale.     

The Debtor obtained Bankruptcy Court authority to employ Keller
Williams Real Estate Langhorne as Real Estate Broker to the
Debtor.

On Oct. 21, 2020, the Debtor has listed three of the properties for
sale: (i) 1403 Sellers Street, Philadelphia, PA, (ii) 2051 Wakeling
Street, Philadelphia, PA, and (iii) 124 East Albanus Street,
Philadelphia, PA.   He projects that the three properties when sold
will generate approximately $160,000.  A portion of which will be
available to fund Plan payments.

The Debtor is also in the process of renovating and listing the
following properties for sale: (i) 1932 Church Street,
Philadelphia, PA, (ii) 4814 Palethrop Street, Philadelphia, PA,
(iii) 4310 Cloud Street, Philadelphia, PA, and (iv) 5023 Valley
Street, Philadelphia, PA.

The Debtor put the Real Property on the market on Oct. 21. 2020,
and met and negotiated with the Purchaser, for the sale of the Real
Property by private sale.  The Debtor was able to reach an
agreement in principal for the sale of the Real Property for
$55,000 without contingencies as set forth in greater detail in the
Agreement of Sale.

Since the Petition Date, the Debtor made significant improvements
to the Real Property.  The Real Property was left in poor condition
by the prior tenant; roughly eight bags of loose trash remained on
the Real Property, the residence was extremely dirty, the
refrigerator was filled with spoiled foods, the stove covered in
grease, clothing and many personal items were left throughout the
residence, the residence was heavily infested with pests, the
backyard was overgrown with loose trash items strewn about, the
back door was broken, some windows were broken, and there was
damage to the hardwood floors.  The Debtor thoroughly cleaned out
the Real Property, including both the residence and the yard.   He
repaired windows, doors, patched walls, hired an exterminator,
replaced items, recoated the roof, and repaired plumbing leaks all
in order to prepare the Real Property for sale.

Further, since the Petition Date, the market for the Real Property
significantly increased, as the strong labor market and low
unemployment numbers over the past few years has created an influx
of buyers and investors, which have driven up real estate prices.
The current pandemic has not appeared to significantly affect the
increase in value of the Real Property since the Petition Date.

The Debtor believes that a sale of the Real Property will best
serve the interests of creditors by procuring the almost instant
cash infusion of $55,000, and by preventing the further loss and
diminution in value to the Real Property by continued operation in
an undercapitalized state.  He now proposes to sell by private sale
the Real Property.

The Real Property is in good condition and the Debtor has recently
invested in the Real Property's renovation, but he asls approval of
a sale of the Real Property at a private sale, on an "as-is" and
"where-is" basis, without any warranty, either express or implied,
with all defects, except that the Property is to be sold free and
clear of all liens, claims, and encumbrances, with liens, if any,
tracing to the proceeds.  In other words, the Real Property is
being sold subject to all known and unknown conditions.

On Oct. 28, 2020, the Debtor entered into the Agreement with the
Purchaser for the sale of the Real Property for $55,000 with an
initial down payment of $5,000, and a Settlement Date of Dec. 2,
2020.  On Dec. 2, 2020, the parties entered into a Change in Terms
Addendum to Agreement of Sale, whereby the Settlement Date was
changed from Dec. 2, 2020, to Jan. 8, 2021.

The proposed sale of the Real Property will pay all allowed secured
claims on the Real Property in full and will have proceeds left
over which can be used in part to fund the Debtor's Plan.  The
Debtor respectfully asks that sale is in the best interest of the
bankruptcy estate and the Debtor's creditors in that it disposes of
the Real Property and will result in proceeds to fund the Plan.
The Debtor believes that a later sale will both increase the costs
associated with the sale and impair his ability to get value for
the Real Property.

Upon information and belief, the following secured claims will be
paid in full: (i) PNC Bank - $1,492; and (ii) City of Philadelphia
- $7,801 (taxes) and (iii) $701 (Code 33 Judgments).


The Debtor was his own broker in his capacity as an agent and
employee of Keller Williams Real Estate-Langhorne.  The Purchaser
employed James McAteer of Keller Williams Real Estate - Bensalem as
a broker to facilitate the sale of the Real Property.

In accordance with Local Bankruptcy Rules 5070-1(f) and 9014-1, the
Trustee asks expedited consideration of the Motion.  Expedited
consideration is required in order to allow the Debtor to sell the
Real Property on Jan. 8, 2021, to reduce costs associated with the
sale.

Finally, the Debtor asks that the Sale Order be effective
immediately by providing that the 14-day stay under Bankruptcy
Rules 6004(h) is waived.

A copy of the Agreement is available at
https://tinyurl.com/y4lfzgsz from PacerMonitor.com free of charge.

Victor H. Maia sought Chapter 11 protection (Bankr. E.D. Pa. Case
No. 18-16907) on Oct. 17, 2018.  The Debtor tapped Edmond M.
George, Esq., at Obermayer Rebmann Maxwell & Hippel, LLP as
counsel.



VIDA CAPITAL: S&P Affirms 'B' ICR, Alters Outlook to Negative
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit and secured debt
ratings on Vida Capital Inc. and revised the outlook to negative
from stable. The recovery rating on the debt issues remains '4',
indicating its expectation for an average (40%) recovery in the
event of a default.

Vida's cash flow generation during the first nine months of 2020
was below S&P's expectations as a result of stagnant management fee
growth, a 29% decrease in origination and servicing fees relative
to the same period of 2019, and negligible realized carried
interest.

Besides the pressure in cash flow generation exhibited so far in
2020, Vida also experienced challenging performance in its VLF
Fund, the company's largest fund--about 46% of total assets under
management as of Sept. 30, 2020.  This performance combined with
increased redemptions could lead to further pressure in cash flow
generation during the next 12 months.

Gross debt at the end of third-quarter 2020 was $282 million,
slightly higher than at the end of 2019 as Vida drew roughly $14
million from its $40 million revolving credit facility. In S&P's
view, the combination of modestly higher gross debt and pressure in
cash flow generation could lead to leverage above 5x, the downside
trigger for the company.

S&P said, "The negative outlook reflects our expectation that Vida
could operate with leverage above 5x during the next 12 months as a
result of lower cash flow generation.

"We could lower the ratings if Vida operates with debt to adjusted
EBITDA above 5.0x or if it experiences a significant deterioration
in investment performance, weaker fundraising or sustained
redemptions impacting AUM.

"We could revise the outlook to stable if the company operates with
leverage comfortably below 5x while exhibiting good investment
performance, strong fundraising, and no further significant
write-downs in the portfolio."


WELD NORTH: Moody's Affirms B2 CFR Due to $412MM Term Loan Add-on
-----------------------------------------------------------------
Moody's Investors Service affirmed the B2 Corporate Family Rating
and B2-PD Probability of Default Rating of Weld North Education LLC
following the company's proposed transactions that include an amend
and extend of the existing first lien credit facilities as well as
an additional $412 million first lien term loan offering. Moody's
also affirmed the B2 ratings for the company's existing senior
secured bank credit facility and assigned B2 ratings to the
proposed new revolver due 2025 and first lien term loan due 2027.
The outlook remains stable.

Proceeds of the $412 million term loan add-on will be used to fund
a proposed $300 million dividend payment to Weld North's
shareholders, an acquisition under a letter of intent, add roughly
$29 million of cash to the balance sheet, as well as pay related
expenses. Weld North also plans to extend the maturity of a portion
of the existing term loan to 2027 from 2025.

The transaction is credit negative because it will increase
leverage and cash interest expense and reduce free cash flow
available for investment and debt reduction. Pro forma for the
add-on, Moody's adjusted debt-to-EBITDA will temporarily increase
from 6.4x for the LTM period ended September 30, 2020 to about 9.1x
(Moody's adjusted EBITDA expenses capitalized content development
cost for external use), a level that is considered very high for
the company's B2 rating.

However, the affirmation of the B2 CFR reflects Moody's expectation
that the company will be able to de-lever quickly with strong
earnings growth over the next 12 to 18 months following this
re-leveraging transaction. Strong new orders driven by accelerated
adoption of digital learning tools by local school districts in
support of distance learning is contributing to an estimated 50%
increase in Weld North's billings for 2020 with most of such orders
already received. The billings growth is across a number of Weld
North's product offerings and will support the sizable projected
boost in earnings and leverage reduction. Pro forma for the
transaction, Weld North will also have very good liquidity with
$189 million cash on the balance sheet and is expected to generate
solid free cash flow of more than $70 million over the next year,
and no meaningful maturities until 2025, which factors also support
the affirmation of the B2 CFR.

Moody's took the following ratings actions:

Assignments:

Issuer: Weld North Education LLC

Senior Secured Bank Credit Facility (Revolver and Term Loan),
assigned B2 (LGD4)

Affirmations:

Issuer: Weld North Education LLC

Corporate Family Rating, affirmed B2

Probability of Default Rating, affirmed B2-PD

Senior Secured Bank Credit Facility (Revolver and Term Loan),
affirmed B2 (LGD4 from LGD3)

Outlook Actions:

Issuer: Weld North Education LLC

Outlook, Remains Stable

Moody's expects to withdraw the B2 rating on the existing revolver
expiring in February 2023 once the transaction closes and the new
revolver is in place.

RATINGS RATIONALE

Weld North's B2 CFR broadly reflects its high leverage with pro
forma Moody's adjusted debt-to-EBITDA of 9.1x (4.3x when adding
back change in deferred revenue), modest scale as measured by
revenue, as well as competition from other industry players. The
rating is also constrained by the company's aggressive financial
policies as evidenced by this debt funded dividend transaction as
well as a history of debt-financed tuck in acquisitions. Weld North
must spend continuously on content creation and software to
maintain competitive product offerings given the high level of
investment by a wide range of companies on digital learning.
However, the rating is supported by Weld North's established
position as a provider of digital curriculum, intervention and
supplemental learning tools for the K-12 market, the company's
track record of solid operating performance and the ability to
de-lever with earnings growth. Moody's expects in the ratings that
in 2021 Weld North will reduce debt-to-EBITDA to a mid 6x range and
generate free cash flow to debt of 7-8%. The rating also benefits
from the solid growth prospects driven by favorable industry
fundamentals with school districts adopting digital education
tools, favorable cash flow generation due to high recurring revenue
with strong renewal rates, and modest capital expenditures. The
rating also acknowledges reflects Weld North's very good
liquidity.

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

The stable outlook reflects Moody's expectation that the company
will be able to de-lever with strong earnings growth over the next
12 to 18 months with debt-to-EBITDA falling to a mid 6x range in
2021. The stable outlook also reflects Moody's expectation that the
company will generate solid free cash flow in a $70 million range
over the next 12 to 18 months and maintain very good liquidity.

The ratings could be downgraded if there is deterioration in
operating performance or if the company does not maintain
sufficient investment levels to sustain competitive product
offerings and the revenue base. EBITA-to-interest expense less than
1.5x or weakening of liquidity with free cash flow as a percentage
of debt sustained below 5% could also prompt a ratings downgrade.

The ratings could be upgraded if Weld North delivers sustained
revenue and earnings growth, with Moody's adjusted debt-to-EBITDA
sustained below 4.5x and free cash flow as a percentage of debt
sustained above 10%.

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

Weld North Education LLC, headquartered in Scottsdale, Arizona, is
a provider of digital online educational curriculum content and
services primarily to K-12 schools in the United States. The
company is owned by funds affiliated with Silver Lake Partners and
management. Weld North generated pro forma revenue of approximately
$377 million for the trailing twelve months ended September 30,
2020.


WENDY'S CO: S&P Alters Outlook to Positive, Affirms 'B' ICR
-----------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on
U.S.-based quick-service restaurant operator Wendy's Co. and
revised the outlook to positive from negative.

S&P said, "We are also affirming our 'CCC+' issue-level rating on
the company's unsecured debentures. The '6' recovery rating
indicates our expectation for negligible recovery (0%-10%, rounded
estimate: 0%) in the event of a default or bankruptcy.

"The positive outlook reflects that we could raise the rating on
Wendy's if it continues to execute its growth strategy while
generating positive comparable sales and sustained profitability
gains.

Wendy's reported better-than-expected performance through Sept. 27,
2020, leading to adjusted leverage around 7x versus S&P's earlier
expectations around 8x, while generating significant free operating
cash flow.

"Wendy's better-than-expected performance in 2020 and our forecast
for continued EBITDA growth lead to greater confidence that credit
measures will improve over the next 12 months.

"We expect S&P Global Ratings-adjusted leverage will decline to the
low-6x area in fiscal 2021 from our projected high-6x range in
2020. Wendy's operating performance has stabilized, returning to
growth in the back half of 2020, a trend we expect over the next
year.

"Quick-services restaurants (QSR) like Wendy's have proven more
resilient than we originally believed at the outset of the pandemic
and government-mandated lockdowns in March 2020. At that time, we
had projected Wendy's sales and adjusted EBITDA margins would
decline significantly in 2020 as restaurants were closed on both
permanently and temporarily. However, the QSR industry and Wendy's
have outperformed other restaurant concepts, as unique industry
aspects like drive-throughs, food portability, and product value
made early disruptions only temporary. For example, Wendy's revenue
for the first nine months of 2020 declined around 2% but increased
over 3% in the third quarter. In addition, adjusted EBITDA margins
declined 9% for the nine months ended in September, but gained 2%
in the third quarter.

"We think this growth trajectory reflects Wendy's leading market
position in the intensely competitive and fragmented QSR industry
through its strong brand image. This solid brand perception with
consumers (along with the unique industry factors) has helped the
company maintain average unit volumes (AUV) around $1.6 million or
more. For 2020, we expect relatively flat to somewhat positive
growth in sales and EBITDA. In 2021, we project low-single-digit
sales and EBITDA growth, increasing at a mid-single-digit rate."

Good free cash flow generation supports growth initiatives and
helps maintain its financial policy.

S&P said, "We expect Wendy's to generate significant operating cash
flow of $290 million-$320 million annually and spend around $70
million-$80 million in capital expenditures. The relatively lower
capital expenditures reflect the company's asset-lite business
model. Wendy's targets a restaurant ownership mix of around 5%,
with the remaining 95% of restaurants operated by franchisees. We
expect Wendy's to maintain this mix even if it successfully
acquires some restaurants from the bankrupt NPC International Inc.
The generally low capital expenditures and the high franchise mix
leads us to project generally less volatile free operating cash
flow (FOCF) of around $230 million over the next 12 months.

"We view Wendy's strategy to focus on improving restaurant
operations at both company-owned and franchised operations in the
coming year as credit positive. We believe Wendy's will focus on
expanding its delivery businesses and continued investments in its
technology systems, particularly its mobile app, with a focus on
improving restaurant efficiency and faster delivery. We also
believe the company will benefit from operating initiatives
designed to drive traffic, including menu changes and product
promotions into next year. The company will also continue to build
awareness of its breakfast offerings with customers, which have
helped boost same-restaurant sales and margins this year. We
believe all this will occur while maintaining relatively consistent
reported balance sheet debt levels and cash."

Wendy's maintains lower relative refinancing risk.

S&P said, "We hold this view despite expecting the company's
adjusted credit metrics to remain somewhat elevated compared to
similarly rated peers. Our view considers, in part, little expected
change in Wendy's capital structure over the medium term; the debt
consists primarily of securitized notes maturing between 2022 and
2028 (unrated). Our view also considers the capital structure's
laddered maturity schedule and the relatively low projected EBITDA
and cash flow volatility, which comes from franchising operations.

"The positive outlook reflects our expectation that Wendy's will
experience consistent performance and free operating cash flow
generation over the coming year despite ongoing economic
uncertainty because of the coronavirus pandemic, supporting
deleveraging to the low-6x range by the end of 2021."

S&P could raise the rating if Wendy's:

-- Further executes its growth strategy, including its digital
initiatives, international and domestic expansion, and breakfast
offerings while continuing to generate low- to mid-single-digit
increases in comparable sales.

-- S&P expects limited if any performance disruptions from the
ownership change of the restaurants formerly owned by NPC
International.

-- Continues meaningful free operating cash generation and
improves credit protection measures on a sustainable basis,
including leverage approaching the low 6x range.

S&P could revise the outlook back to stable on Wendy's if operating
performance improvements expected over the coming year do not
materialize as projected. This scenario would likely result from:

-- Weakened market share;
-- Elevated economic uncertainty; and
-- Management's inability to sustain comparable sales. Under this
scenario, sales would not expand in 2021 and adjusted EBITDA margin
would remain in the high-20% range, all resulting leverage
remaining in the high-6x range.


WESTERN HERITAGE: Case Summary & 3 Unsecured Creditors
------------------------------------------------------
Debtor: Western Heritage Investments, LLC
        1000 E. Washington St.
        Vale, OR 97918

Business Description: Western Heritage Investments, LLC
                      is the owner of fee simple title to a
                      a property located in Vale, Oregon, valued
                      at $1.2 million.

Chapter 11 Petition Date: December 10, 2020

Court: United States Bankruptcy Court
       District of Idaho

Case No.: 20-01051

Judge: Hon. Joseph M. Meier

Debtor's Counsel: Martin J. Martelle, Esq.
                  MARTELLE & ASSOCIATES, P.A.
                  5995 W. State St. Ste A
                  Boise, ID 83703
                  Tel: (208) 938-8500
                  Fax: (208)938-8503
                  Email: melody@martellelaw.com

Total Assets: $1,200,000

Total Liabilities: $560,142

The petition was signed by Baljit Nanda, managing member.

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

https://www.pacermonitor.com/view/ADYCJHY/Western_Heritage_Investments_LLC__idbke-20-01051__0001.0.pdf?mcid=tGE4TAMA


WESTERN SHIP: Seeks to Hire DeMarco Mitchell as Counsel
-------------------------------------------------------
Western Ship Management, LLC seeks authority from the U.S.
Bankruptcy Court for the Northern District of Texas to hire DeMarco
Mitchell, PLLC as its general counsel.

The firm will render these legal services to the Debtor:

     (a) take all necessary action to protect and preserve the
Estate;

     (b) prepare on behalf of the Debtor all necessary motions,
applications, answers, orders, reports, and papers in connection
with the administration of the estate;

     (c) formulate, negotiate, and propose a plan of
reorganization; and

     (d) perform all other necessary legal services in connection
with these proceedings.

The hourly rates of the firm's attorneys and professionals are as
follows:

     Robert T. DeMarco, Attorney       $350
     Michael S. Mitchell, Attorney     $350
     Barbara Drake, Paralegal          $125

The Debtor paid DeMarco Mitchell a retainer of $10,000.

Robert T. DeMarco, Esq., a partner at DeMarco*Mitchell, 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.

The firm can be reached through:
   
     Robert T. DeMarco, Esq.
     Michael S. Mitchell, Esq.
     DEMARCO MITCHELL, PLLC
     1255 West 15th St., 805
     Plano, TX 75075
     Telephone: (972) 578-1400
     Facsimile: (972) 346-6791
     E-mail: robert@demarcomitchell.com
             mike@demarcomitchell.com

                 About Western Ship Management

Western Ship Management, LLC sought protection from the US
Bankruptcy Court (Bankr. N.D. Tex. Case No. 20-32816) on Nov. 6,
2020, listing under $1 million in both assets and liabilities.
Robert T. DeMarco, Esq. at DeMarco Mitchell, PLLC, represents the
Debtor as counsel.


WHOA NETWORKS: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------
The U.S. Trustee, until further notice, will not appoint an
official committee of unsecured creditors in the Chapter 11 cases
of Whoa Networks Inc., a Florida Corporation and its affiliates,
according to court dockets.

                      About Whoa Networks

Whoa Networks is a secure cloud services provider (CSP).  It
specializes in security, compliance, cloud and enterprise solutions
for customers.

Whoa Networks and its affiliates filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla.
Lead Case No. 20-21883) on Oct. 29, 2020.  Mark Amarant, authorized
officer, signed the petitions.

At the time of filing, Whoa Networks, Inc., a Florida Corporation,
was estimated to have $1 million to $10 million in assets and $10
million to $50 million in liabilities.  Whoa Networks, Inc., a
Delaware Corporation, disclosed $500,000 to $1 million in assets
and $1 million to $10 million in liabilities while Hipskind
Technology Solutions Group, Incorporated and Platinum Systems
Holdings, LLC disclosed $1 million to $10 million in both assets
and liabilities.

Judge Peter D. Russin oversees the cases.  Genovese Joblove &
Battista, P.A., led by Paul J. Battista, Esq., is the Debtors'
legal counsel.


YOGAWORKS INC: Receives $9.6 Million Bid in Ch. 11 Assets Sale
--------------------------------------------------------------
Law360 reports that yoga instruction company YogaWorks Inc. on
Wednesday, December 9, 2020, told a Delaware bankruptcy judge that
it received a $9.6 million offer for its online business at an
auction Monday, December 7, 2020 nearly doubling the stalking horse
credit bid with which it came into Chapter 11.

In a notice filed with the court, YogaWorks said media and
entertainment venture capital firm MEP Capital Management LLC and
affiliates of intellectual property manager GoDigital Media Group
Inc. submitted a joining bid that beat out the stalking horse and
two other contenders at the auction. "The market spoke about what
people thought this product was actually worth," YogaWorks counsel
Alan Friedman said.

                     About YogaWorks Inc.

YogaWorks, Inc. is a provider of progressive and quality yoga that
promotes total physical and emotional well-being. It caters to
students of all levels and ages with both traditional and
innovative programming. YogaWorks is also an international teaching
school, cultivating the richest yoga talent from around the globe
and setting the gold standard for teaching. For more information on
YogaWorks, visit http://www.yogaworks.com/  

YogaWorks and Yoga Works, Inc. sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 20-12599) on Oct. 14, 2020.

In the petition signed by CEO Brian Cooper, YogaWorks was estimated
to have $1 million to $10 million in assets and $10 million to $50
million in liabilities.

The Debtors tapped Shulman Bastian Friedman & Bui LLP as
restructuring counsel, Cozen O'Connor as Delaware restructuring
counsel, and Force Ten Partners, LLC as financial advisor. BMC
Group, Inc., is the claims agent.

On Oct. 27, 2020, the U.S. Trustee for the District of Delaware
appointed an official committee of unsecured creditors in these
chapter 11 cases. The committee tapped Kilpatrick Townsend &
Stockton LLP and Morris James LLP as its legal counsel and Dundon
Advisers LLC as its financial advisor.




ZERO ENERGY: Rad Brands Buying Boulder Hangar for $650K
-------------------------------------------------------
Zero Energy Aviation, LLC, asks the U.S. Bankruptcy Court for the
District of Colorado to authorize the sale of the hangar located at
the Boulder Municipal Airport, legally described as Parcel B-5 Lot
2 Airport South Replat C Located in the Southeast Quarter of
Section 21, Township 1 North, Range 70 West of the 6th P.M. City of
Boulder, County of Boulder State of Colorado or as amended by title
company, survey or City of Boulder, also known as No. 3304 Airport
Road, Boulder, Colorado, to Rad Brands Aviation, LLC for $650,000.

On the Petition Date, Debtor owned the Hangar.  

The Hangar is under the Contract to Buy and Sell Real Estate to the
Buyer for $650,000 with a closing date scheduled to take place on
Jan. 18, 2021.  

The Debtor does not own the real property upon which the Hangar is
situated.  Rather, it is leasing the land from the City of Boulder
pursuant to a 30-year ground lease executed on June 1, 2018, which
was amended on Dec. 9, 2019.  On the Petition Date the Debtor was
current and not in default on its obligations under the Ground
Lease.

Based upon the sales price and estimated payoff that the Debtor has
received from the secured creditor, AMG National Trust Bank, it
projects that after payment of the outstanding mortgage, real
estate commissions, and other costs of sale, that it will receive
net proceeds of approximately $115,000.

Upon information and belief, contemporaneously upon the filing of
the Motion, the Buyer is submitting its application to the City of
Boulder asking its consent to the assignment of the Ground Lease,
and its application includes adequate assurance of the Buyer's
future performance.

While the Contract obliges the Debtor to ask the City of Boulder's
consent to its assumption and assignment of the Ground Lease,
pursuant to the terms of the Ground Lease the City of Boulder may
not unreasonably withhold its consent to such assignment.

Based on the foregoing, the Debtor asks the Court to authorize (i)
it to pay the outstanding balance on the existing mortgage and the
customary costs of closing, including its pro rata share of real
property taxes, title insurance premium(s), broker's commissions
and other similar expenses at the closing of such sale; (ii) its
assumption of the Ground Lease; and (iii) its assignment of the
Ground Lease to the Buyer.

Upon information and belief, the Buyer would like to close as soon
as practicable following Court approval of the sale.  The Movant
accordingly asks that the Court suspends the 14-day stay imposed by
operation of Fed.R.Bankr.P. 6004(h).   
  
A copy of the Contract is available at https://tinyurl.com/y6zyqe4j
from PacerMonitor.com free of charge.

                   About Zero Energy Aviation

Zero Energy Aviation, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. D. Colo. Case No. 20-15279) on Aug. 5, 2020, disclosing
under $1 million in both assets and liabilities.  The Debtor is
represented by GOFF & GOFF, LLC.


[^] BOOK REVIEW: The Rise and Fall of the Conglomerate Kings
------------------------------------------------------------
Author:     Robert Sobel
Publisher:  Beard Books
Softcover:  240 pages
List Price: $34.95
Review by David Henderson

Order your personal copy today at http://is.gd/1GZnJk

The marvelous thing about capitalism is that you, too, can be a
Master of the Universe.  If you are of a certain age, you will
recall that is the name commandeered by Wall Street bond traders in
their Glory Days.  Being one is a lot like surfing: you have to
catch the crest of the wave just right or you get slammed into the
drink, and even the ride never lasts forever.  There are no Endless
Summers in the market.

This book is the behind-the-scenes story of the financial wizards
and bare-knuckled businessmen who created the conglomerates, the
glamorous multi-form companies that marked the high noon of
post-World War II American capitalism.  Covering the period from
the end of the war to 1983, the author explains why and how the
conglomerate movement originated, how it mushroomed, and what
caused its startling and rapid decline.  Business historian Robert
Sobel chronicles the rise and fall of the first Masters of the
Universe in the U.S. and describes how the era gave rise to a cadre
of imaginative, bold, and often ruthless entrepreneurs who took
advantage of a buoyant stock market to create giant enterprises,
often through the exchange of overvalued paper for real assets.  He
covers the likes of Royal Little (Textron), Text Thornton (Litton
Industries), James Ling (Ling-Temco-Vought), Charles Bludhorn (Gulf
& Western) and Harold Geneen (ITT).  This is a good read to put the
recent boom and bust in a better perspective.

While these men had vastly different personalities and processes,
they had a few things in common: ambition, the ability to seize
opportunities that others were too risk-averse to take, willing
bankers, and the expansive markets of the 1960s.  There is
something about an expansive market that attracts and creates
Masters of the Universe.  The Greek called it hubris.

The author tells a good joke to illustrate the successes and
failures of the period.  It seems the young son of a Conglomerateur
brings home a stray mongrel dog.  His father asks, "How much do you
think it's worth?" To which the boy replies, "At least $30,000."
The father gently tries to explain the market for mongrel dogs, but
the boy is undeterred and the next afternoon proudly announces that
he has sold the dog for $50,000.  The father is proudly
flabbergasted,  "You mean you found some fool with that much money
who paid you for that dog?"  "Not exactly," the son replies, "I
traded it for two $25,000 cats."

While it lasted, the conglomerate struggles were a great slugfest
to watch: the heads of giant corporations battling each other for
control of other corporations, and all of it free from the rubric
of "synergy."  Nobody could pretend there was any synergy between
U.S. Steel and Marathon Oil.  This was raw capitalist power at
work, not a bunch of fluffy dot.commies pretending to defy market
gravity.

History repeats itself, endlessly, because so few people study
history.  The stagflation of the 1970s devalued the stock of
conglomerates and made it useless a currency to keep the schemes
afloat.  The wave crashed and waiting on the horizon for the next
big wave: the LBO Masters of the 1980s.

Robert Sobel was born in 1931 and died in 1999.  He was a prolific
chronicler of American business life, writing or editing more than
50 books and hundreds of articles and corporate profiles.  He was a
professor of business history at Hofstra University for 43 years
and he a Ph.D. from NYU.



                            *********

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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
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Copyright 2020.  All rights reserved.  ISSN: 1520-9474.

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