/raid1/www/Hosts/bankrupt/TCR_Public/201223.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Wednesday, December 23, 2020, Vol. 24, No. 357

                            Headlines

159 BROADWAY: Voluntary Chapter 11 Case Summary
24 HOUR FITNESS: Court Okays Reorganization Plan
24 HOUR FITNESS: Unsec. Creditors Will Get 0.1% to 1.0% in Plan
99 CENTS: S&P Affirms 'CCC+' ICR on Refinancing; Outlook Stable
AES PUERTO: Moody's Completes Review, Retains Caa1 Rating

AFFINITY GAMING: S&P Upgrades ICR to 'B-' on Improved Liquidity
AMC ENTERTAINMENT: S&P Puts 'C' Notes Rating on Watch Negative
ANOTHER DAN MOON: Combined Plan & Disclosures Approved by Judge
BLANK ACQUISITION: $106K Cash Sale of All Assets to Royal Approved
BOMBARDIER RECREATIONAL: S&P Alters Outlook to Positive

BORGER ENERGY: Moody's Completes Review, Retains Ba3 Rating
BOYD GAMING: Moody's Retains B2 CFR, Outlook Still Negative
CAMBER ENERGY: Posts $2.1M Net Loss for the Quarter Ended Sept. 30
CEC ENTERTAINMENT: Court Denies Abatement Bid
COCRYSTAL PHARMA: Regains Compliance with Nasdaq Bid Price Rule

COOKE OMEGA: S&P Puts 'B+' ICR on Watch Negative
COSMOLEDO LLC: Strikes Deal With SBA on Unspent Relief Loan
CRACKED EGG: Seeks to Hire BeanCounters Tax as Accountant
CRED INC: Independent Examiner to Probe Fraud Allegations
CUENTAS INC: Signs 5-Year Agency Agreement with Western Union

DAVID W. SORENSON: $665K Sale of 3 White Bear Lake Properties OK'd
DCP MIDSTREAM: S&P Alters Outlook to Stable, Affirms 'BB+' ICR
DISH NETWORK: S&P Rates New $2BB Unsecured Convertible Notes 'CCC+'
DIVERSITECH HOLDINGS: S&P Alters Outlook to Stable, Affirms 'B' ICR
DPW HOLDINGS: Unit to Acquire Michigan Facility for $3.9MM

EDGEWATER GENERATION: Moody's Completes Review, Retains Ba3 Rating
ELWOOD ENERGY: Moody's Completes Review, Retains Ba1 Rating
EYEPOINT PHARMACEUTICALS: Gets $16.5M Payment Under SWK Deal
FAIRFIELD SENTRY: Renewed Bid to Dismiss Partly Granted
FEDERICO MAESE M.D.: Seeks to Hire Joyce W. Lindauer as Counsel

FILTRATION GROUP: Moody's Retains B3 CFR Amid Pending Acquisition
FIRSTLIGHT HOLDCO: S&P Affirms 'B-' ICR, Outlook Stable
FM COAL: Selling Inoperable, Obsolete & Inefficient Equipment
GAINESVILLE ROAD: Trustee to Hold Auction of All Assets on Jan. 15
GARBANZO MEDITERRANEAN: $542K Sale of All Assets Approved

GB SCIENCES: Pays $3.01M in Settlement With Iliad Research
GLASS MOUNTAIN: S&P Affirms 'CCC' ICR; Outlook Negative
GLOBAL ASSET RENTAL: Jan. 20, 2021 Hearing on Liquidating Plan
GLOBAL MEDICAL: Moody's Retains B2 CFR Amid $150MM Loan Add-on
GOLDEN HOTEL: May Use Cash Collateral Thru Jan. 2021

GTT COMMUNICATIONS: S&P Lowers ICR to 'CCC' on Narrowing Liquidity
HERTZ CORP: Feb. 24 Auction of All Assets of Donlen Entities
HUNT COS: S&P Affirms 'BB-' ICR; Outlook Negative
IDEANOMICS INC: Enters Into $25M Convertible Debenture with YA II
INTELSAT SA: Court Approves $19 Million Executive Bonuses

JIM'S DISPOSAL: Seeks to Hire Zimmer Real Estate as Broker
JOSEPH PORADA: Compensation for Rathje & Woodward Partly Allowed
KD BELLE TERRE: $6.23M Sale of Shopping Center to MH&JD Okayed
KRANOS CORP: Schutt Sports Owner Pursues Chapter 7 Liquidation
LIGHTHOUSE RESOURCES: Unsecureds Get Interest in Reclamation Trust

MALLINCKRODT PLC: Opioid Committee Retains Canadian Counsel
MALLINCKRODT PLC: Opioid Committee Taps Akin Gump as Legal Counsel
MCGRAW-HILL EDUCATION: S&P Raises ICR to 'B-' on Refinancing
MILLER TOOL: Case Summary & 20 Largest Unsecured Creditors
MMM HOLDINGS: Moody's Retains B1 CFR Following Term Loan Increase

MONUMENT BREWING: Amended Reorganization Plan Confirmed by Judge
MOUNTAIN PROVINCE: Sells C$80.2 Million Diamond in Fourth Quarter
MULHOLLAND: Bid to Dismiss, Convert, Appoint Trustee Denied
MULHOLLAND: Court Denies Confirmation of Proposed Chapter 11 Plan
NCL CORP: S&P Rates New $500MM Senior Unsecured Notes 'B'

NEIGHBORS' CONSEJO: Court Allows Attorneys' Fees for Fabre
NEWELL BRANDS: S&P Affirms 'BB+' Rating on Unsecured Notes
NFP CORP: Moody's Retains B3 CFR Following Senior Notes Add-on
O & B HACKING: Fine-Tunes Plan; Seeks 120-Day Extension
OPELOUSAS GENERAL HOSPITAL: S&P Lowers 2003 Bond Rating to 'BB'

PENOBSCOT VALLEY HOSPITAL: Court Approves Bankruptcy-Exit Plan
PENUMBRA BRANDS: Unsecured Creditors to Get 3% Cash or Equity
PERLA, ARKANSAS: Central States Buying PWA for $1.15 Million
PORTLAND WINTER: Foreign Rep.'s $5.85M Sale of All U.S. Assets OK'd
PRESSURE BIOSCIENCES: Two Proposals Passed at Special Meeting

PROPERTY VENTURES: Objection to Murante Proof of Claim Granted
PUNCH BOWL: Case Summary & 30 Largest Unsecured Creditors
PUNCH BOWL: Files for Chapter 11 Bankruptcy in Delaware
QUARTER HOMES: $1.85 Million Sale of 7 Arizona Houses Approved
QUINCY HEALTH: S&P Assigns 'B-' ICR; Outlook Stable

REMINGTON OUTDOOR: Wins Jan. 25 Plan Exclusivity Extension
RENOVATE AMERICA: Case Summary & 30 Largest Unsecured Creditors
RESIDENTIAL MARKETING: Subchapter V Case Underway
RUBIO'S RESTAURANT: Set to Emerge From Bankruptcy
S-TEK 1: Court Grants Interim Use of Cash Collateral

SERENDIPITY LABS: Optimistic on Emerging From Chapter 11
SIMBECK INC: Jan. 20, 2021 Plan Confirmation Hearing Set
SONADOR CAPITAL: $2.73M Sale of Rarity Mountain Property Okayed
TALLGRASS ENERGY: S&P Rates New $500MM Senior Unsecured Notes 'BB-'
TANK HOLDING: S&P Alters Outlook to Stable, Affirms 'B-' ICR

TERRA-GEN FINANCE: Moody's Completes Review, Retains B2 Rating
TG SERENITY WELLNESS: Subchapter V Case Underway
THEAG NORTH: Court Rules on Taylor and Stearns Bid to Dismiss
TOWNSQUARE MEDIA: S&P Alters Outlook to Stable, Affirms 'B' ICR
VAIL RESORTS: S&P Places 'BB' ICR on Watch Negative

VALLEY TIMBER: Assets Sold to Dominion; Liquidating Plan Confirmed
VALVOLINE INC: S&P Alters Outlook to Stable, Affirms 'BB' ICR
VANGUARD NATURAL: NPI Owners' Bid for Summary Judgment Granted
VITALITY HEALTH PLAN: Hits Chapter 11 Bankruptcy Protection
WB BRIDGE HOTEL: Brooklyn Project Enters Chapter 11 Bankruptcy

WEST DEPTFORD: Moody's Completes Review, Retains Ba3 Rating
WG PARTNERS: Moody's Completes Review, Retains Ba3 Rating
[*] Expanded SBRA: Temporary Opportunity for Distressed Firms

                            *********

159 BROADWAY: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: 159 Broadway Member LLC  
        c/o GC Realty Advisors LLC
        3284 N. 29th Court
        Hollywood, FL 33020

Business Description: 159 Broadway Member LLC is a privately
                      held company engaged in activities
                      related to real estate.

Chapter 11 Petition Date: December 21, 2020

Court: United States Bankruptcy Court
       Southern District of New York

Case No.: 20-23289

Judge: Hon. Robert D. Drain

Debtor's Counsel: Fred B. Ringel, Esq.
                  ROBINSON BROG LEINWAND GREENE GENOVESE &
                  GLUCK P.C.
                  875 Third Avenue
                  New York, NY 10022
                  Tel: 603-6300
                  Email: fbr@robinsonbrog.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by David Goldwasser, chief restructuring
officer.

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/JI6ATIY/159_Broadway_Member_LLC__nysbke-20-23289__0001.0.pdf?mcid=tGE4TAMA


24 HOUR FITNESS: Court Okays Reorganization Plan
------------------------------------------------
Alex Wolf of Bloomberg Law reports that 24 Hour Fitness Worldwide
Inc. won approval to reorganize in bankruptcy and slash $1.2
billion of debt by handing the fitness chain over to a group of
lenders.

The gym operator beat an objection raised by one of its
post-bankruptcy lenders to confirm its Chapter 11 plan during a
telephonic hearing Monday, December 21, 2020, in the U.S.
Bankruptcy Court for the District of Delaware. The restructuring
arrangement keeps the chain in business and preserves over 10,000
jobs, according to the company.

Judge Karen B. Owens overruled investment manager Man GLG's
challenge to the company's plan.

                  About 24 Hour Fitness Worldwide

24 Hour Fitness Worldwide, Inc., owns and operates fitness centers
in the United States. As of March 31, 2017, the company operated
426 clubs serving approximately 3.6 million members across 13
states and 23 markets, predominantly in California, Texas, and
Colorado. For the 12 months ended March 31, 2017, the company
generated total revenue of about $1.4 billion.  In May 2014, 24
Hour Fitness was acquired by affiliates of AEA Investors LP,
Fitness Capital Partners, and Ontario Teachers' Pension Plan for a
total purchase price of approximately $1.8 billion.

24 Hour Fitness Worldwide and its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-11558) on June 15,
2020.  24 Hour Fitness was estimated to have $1 billion to $10
billion in assets and liabilities as of the bankruptcy filing.

The Honorable Karen B. Owens is the case judge.

The Debtors tapped Weil, Gotshal & Manges, LLP as lead bankruptcy
counsel; Pachulski Stang Ziehl & Jones, LLP as local counsel; FTI
Consulting, Inc. as financial advisor; Lazard Freres & Co. LLC as
investment banker; and Prime Clerk, LLC as claims agent.


24 HOUR FITNESS: Unsec. Creditors Will Get 0.1% to 1.0% in Plan
---------------------------------------------------------------
24 Hour Fitness Worldwide, Inc., et al., submitted a Plan of
Reorganization and a Disclosure Statement.

The transactions contemplated in the Plan will maximize value and
allow for the Debtors' business to reorganize with a substantially
reduced debt load and increasing their cash flow on a go-forward
basis.  Specifically, the proposed restructuring contemplates,
among others, things:

    * A reduction of the Debtors' funded debt as of the Petition
Date of approximately $1.2 billion;

    * A new money rights offering pursuant to which eligible
holders of Allowed DIP Claims will be distributed subscription
rights (the "Subscription Rights") to purchase 48,165,893 shares of
New Preferred Equity Interests issued by the Reorganized Parent.

    * The Rights Offering Shares issuable pursuant to the Plan will
have an aggregate investment amount of $65.0 million; provided that
such investment amount may be increased to up to $80.0 million in
the aggregate with the consent of the Requisite Consenting
Creditors; and

    * Upon emergence from chapter 11, entry into a senior secured
term loan facility in an aggregate initial principal amount of up
to $200.0 million and an incremental uncommitted facility of up to
$200.0 million (collectively, the "Exit Facility").

Class 3 Prepetition Credit Facility Claims in the amount of
$690,784,861 are impaired.  Each Class 3 holder will receive its
pro rata share of 5.0% of the new common equity interests, subject
to dilution.  Class 3 is projected to recover 2.5%.

Class 4 General Unsecured Claims in the amount of $900,000,000 are
impaired.  Creditors will recover 0.1% to 1.0% of their claims:

   * With respect to each General Unsecured Claim that (i) is
Allowed in an amount less than or equal to $250,000 or (ii) is held
by an Ineligible GUC Holder and is Allowed in amount greater than
$250,000 but less than or equal to $400,000, cash in an amount
equal to 1% of the amount of such Allowed General Unsecured Claim,
to be funded from the General Unsecured Claim Recovery Cash Pool;
and

   * With respect to each General Unsecured Claim that (i) is held
by an Eligible GUC Holder and is Allowed in an amount greater than
$250,000 but less than or equal to $400,000 or (ii) is Allowed in
an amount greater than $400,000, its Pro Rata share of the
Warrants; provided, that, if the number of Holders receiving
Warrants will exceed 1,500, then the Debtors reserve the right to
provide the GUC Cash Recovery (in lieu of its Pro Rata share of
Warrants) to Eligible GUC Holders that hold General Unsecured
Claims that are Allowed in an amount greater than $250,000 but less
than or equal to $400,000 on account of such Claims, beginning with
the Holder of the General Unsecured Claim Allowed in the smallest
aggregate amount, such that the number of Holders that will receive
Warrants does not exceed 1,500.

Class 5 Membership Agreement Claims in the amount of $13,000,000
are impaired.  These creditors will recover 5.0% to 6.0% of their
claims.  Each holder will receive:

    * With respect to each Membership Agreement Claim that is
Allowed in amount less than or equal to $250, a gift card in the
amount of $25; and

    * With respect to each Membership Agreement Claim that is
Allowed in amount greater than $250, a gift card in the amount of
$50.

Class 9 Parent Equity Interests will be cancelled, released, and
extinguished, and be of no further force or effect, whether
surrendered for cancellation or otherwise, and there shall be no
distributions for holders of Parent Equity Interests on account of
such Interests.

A copy of the further revised First Amended Chapter 11 Plan of
Reorganization dated Dec. 22, 2020, from PacerMonitor.com is
available at https://bit.ly/3mHp5OG

A copy of the Disclosure Statement dated Nov. 17, 2020, is
available at https://bit.ly/37GrO6Q

Attorneys for the Debtors:

     Ray C. Schrock, P.C.
     Ryan Preston Dahl
     Kevin Bostel
     Kyle R. Satterfield
     WEIL, GOTSHAL & MANGES LLP
     767 Fifth Avenue
     New York, New York 10153
     Telephone: (212) 310-8000
     Facsimile: (212) 310-8007

         - and -

     Laura Davis Jones
     Timothy P. Cairns
     Peter J. Keane
     PACHULSKI STANG ZIEHL & JONES LLP
     919 North Market Street
     17th Floor
     Wilmington, Delaware 19801
     Telephone: (302) 652-4100
     Facsimile: (302) 652-4400

                 About 24 Hour Fitness Worldwide

24 Hour Fitness Worldwide, Inc., owns and operates fitness centers
in the United States.  As of March 31, 2017, the company operated
426 clubs serving approximately 3.6 million members across 13
states and 23 markets, predominantly in California, Texas and
Colorado.  For the 12 months ended March 31, 2017, the company
generated total revenue of about $1.4 billion.  In May 2014, 24
Hour Fitness was acquired by affiliates of AEA Investors LP,
Fitness Capital Partners and Ontario Teachers' Pension Plan for a
total purchase price of approximately $1.8 billion.

24 Hour Fitness Worldwide and its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-11558) on June 15,
2020.  24 Hour Fitness was estimated to have $1 billion to $10
billion in assets and liabilities as of the bankruptcy filing.

The Hon. Karen B. Owens is the case judge.

The Debtors tapped Weil, Gotshal & Manges, LLP as lead bankruptcy
counsel; Pachulski Stang Ziehl & Jones, LLP as local counsel; FTI
Consulting, Inc. as financial advisor; Lazard Freres & Co. LLC as
investment banker; and Prime Clerk, LLC as claims agent.


99 CENTS: S&P Affirms 'CCC+' ICR on Refinancing; Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' issuer credit rating on 99
Cents Only Stores LLC after the company partially refinanced its
capital structure, including its first-lien term loan due January
2022 ($468 million outstanding as of June 2020) with new senior
secured notes and a new preferred equity investment.

At the same time, S&P assigned its 'B-' rating on the company's new
$325 million senior secured notes due 2025. The recovery rating is
'2', indicating its expectation for substantial recovery (70%-90%;
rounded estimate: 75%) in a default scenario.

The stable outlook reflects 99 Cents Only's improved operating
performance and absence of near-term debt maturities. However, S&P
continues to view the company's capital structure as unsustainable
due to high leverage and persistent negative free operating cash
flow (FOCF) generation when including its dividend payments on the
preferred equity.

The stable outlook reflects the company's improved liquidity
following the refinancing of its term loan at par. 99 Cents Only's
improving sales performance in recent quarters and the recently
announced refinancing reduce the probability of a default over the
next 12 months. In S&P's view, the proposed refinancing, composed
of a $325 million five-year senior secured notes issuance and a
$220 million preferred equity investment, addresses the company's
near-term debt maturity and improves its liquidity position given
the partial pay-down of its outstanding asset-based loan (ABL)
revolver.

Considered an essential retailer, 99 Cents Only Stores remained
open in compliance with CDC and local guidelines amid the
coronavirus pandemic. The company benefited from same-store sales
growth in the first two quarters of fiscal 2021 (ending May 1 and
July 31, 2020, respectively) as customers consolidated their
shopping trips with larger average spending. Third-quarter (ending
Oct. 31, 2020) year-to-date comparable sales of negative 0.4% were
partly from border closures due to COVID-19 and softness in
food-related sales. However, performance in nonconsumables sales
remained in line with larger peers over the same period, such as
Dollar Tree and Dollar General, including comparable sales growth
in the mid- to high-single-digit percents for general merchandise.

In fiscal 2020, 99 Cents Only began to implement labor
efficiencies, merchandise cost management, and leaner overhead
while upgrading its store base, which improved its operating
trends, including its profitability. The company's gross margin has
seen continued benefit (third-quarter year-to-date improvement of
approximately 40 basis points, or bps) from its focus on optimized
buying strategies and a favorable shift in product mix.

Although consumer discretionary spending has decreased because of
macroeconomic deterioration, sales of household consumables and
food remain strong; S&P expects this to continue in 2021 given the
relative insulation of the dollar-store sector from online
disruption and its resilient performance throughout economic
cycles.

S&P said, "We continue to view the company's capital structure as
unsustainable. Barring a significant improvement in the company's
operating performance, we continue to view its capital structure as
unsustainable. We now forecast leverage in the mid-7x area in
fiscal 2021 (ending January 2021), decreasing to the low-7x area in
fiscal 2022 as the proposed refinancing transaction increases
adjusted debt given our treatment of the $220 million preferred
equity investment as debt."

"We expect 99 Cents Only's FOCF generation will remain negative
over the coming year as its interest-laden capital structure and 9%
preferred equity quarterly cash dividend on the preferred equity
will offset earnings growth. In addition, we believe the company's
persistent negative FOCF generation and weak credit metrics provide
a limited cushion for it to absorb potential setbacks in its
turnaround efforts."

S&P believes there remains a high degree of uncertainty about the
evolution of the coronavirus pandemic. While the early approval of
a number of vaccines is a positive development, countries' approval
of vaccines 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 mid-2021.

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."

The stable outlook reflects the company's improved operating
performance and liquidity and absence of near-term debt maturities.
However, S&P continues to view the company's capital structure as
unsustainable due to high leverage and the persistent negative FOCF
generation, including the dividend payments on its preferred
equity.

S&P could lower its rating if:

-- Its operating performance deteriorates, possibly because of
intensifying competition or execution issues on its
margin-expansion initiatives.

-- This would occur if its negative FOCF generation accelerates,
its liquidity tightens, and S&P views a payment crisis over the
next 12 months as likely.

S&P could raise its rating if:

-- Its operating performance trends demonstrate sustained
improvement, including positive same-store sales growth and EBITDA
expansion, such that it generates positive FOCF; and

-- The company sustains its leverage below 6x.


AES PUERTO: Moody's Completes Review, Retains Caa1 Rating
---------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of AES Puerto Rico, L.P. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review in which Moody's reassessed the
appropriateness of the ratings in the context of the relevant
principal methodology, recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1, 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

KEY RATING CONSIDERATIONS

AES Puerto Rico, L.P's (AES PR or Project or Borrower) Caa1 senior
secured rating primarily reflects the very weak credit quality of
the sole off-taker, Puerto Rico Electric Power Authority (PREPA;
Ca) and the uncertainty around its bankruptcy proceedings. However,
we believe that contract abrogation risk at AES PR remains low
owing to the plant's comparatively low cost structure compared to
PREPA's generation assets in addition to the fact that the plant
has become even more competitive as capacity payments began to
decline materially in 2020. Because of these factors, in the event
that an AES PR payment default occurred, bondholder recoveries
would likely be very high, a key consideration in the Caa1 credit
profile. PREPA remains current on all payments to AES Puerto Rico.

The debt service coverage ratio in FY 2019 was less than 1.0x and
it is anticipated to be also less than 1.0x in FY 2020 given higher
operating costs associated with coal ash disposal which is no
longer permitted to be made on the island, as of April 2019. The
coverage shortfall was covered with cash on hand and is expected to
be similarly covered in FY 2020, since the project has continued to
accumulate cash as equity distributions have not been permitted for
some time.

The principal methodology used for this review was Power Generation
Projects Methodology published in July 2020.  


AFFINITY GAMING: S&P Upgrades ICR to 'B-' on Improved Liquidity
---------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating to 'B-' from
'CCC+' on U.S. gaming operator Affinity Gaming and assigned its
'B-' issue level rating and '3' recovery rating to the company's
proposed senior secured notes.

The stable outlook reflects S&P's forecast for Affinity to sustain
some cost cuts over the next several quarters and maintain EBITDA
at a level that supports coverage of interest expense of at least
1.5x.

Affinity plans on entering into a $50 million super senior priority
revolver to replace its existing undrawn $75 million revolver due
July 2021, and issuing $475 million in senior secured notes. The
company intends to use the proceeds, along with some cash on hand,
to repay its existing first and second lien term loans, and to
return an equity contribution its sponsor made earlier this year to
ensure covenant compliance.

S&P said, "The upgrade reflects our view that Affinity's liquidity
position has improved in recent months given good (high-20%)
year-over-year EBITDA growth in the third quarter of 2020, and
support from the company's owner, which allowed the company to
repay outstanding borrowings under its revolver due 2021 and reduce
near-term liquidity risks. Further, we believe EBITDA will continue
to be sustained at a level that can support coverage of interest
expense of at least 1.5x. Although the proposed financing
transaction would result in reduced revolver commitments and a
modest reduction in excess cash balances, we believe the
transaction enhances Affinity's liquidity position since it
eliminates the near term maturity of its undrawn revolver and
potential further covenant violations."

"We believe Affinity has sufficient liquidity to weather a
potential brief shutdown, or EBITDA generation that is modestly
weaker than we are anticipating.   Pro forma for the completion of
the proposed financing transaction, we expect Affinity will have
full availability under the new $50 million revolver, and some
excess cash on hand. We believe these liquidity sources are
sufficient to cover our estimate of fixed charges (operating
expenses, interest expense, and maintenance capital expenditures
[capex]) in a zero-revenue environment for around a year. Even
absent the proposed transaction, we believe the company would still
have sufficient liquidity for around nine months under this
scenario. Further, we believe casino closures over the coming
quarters will likely be more targeted, as opposed to the widespread
closures earlier this year."

"We believe Affinity can generate 2021 EBITDA at around 2019
levels, even incorporating our forecast for revenue to decline.  
We believe Affinity, like many other gaming operators, will
continue to benefit from cost reductions made over the past several
months, particularly in terms of labor and marketing. We believe
the company will continue to realize some cost savings by keeping
some lower-margin amenities closed and by keeping marketing at
reduced levels. We believe that since many leisure alternatives may
be somewhat limited in Affinity's markets and since many gaming
competitors have also reduced marketing spending, Affinity will be
able to sustain reduced levels of marketing until its operating
markets become more competitive following broader openings of
leisure alternatives and less-stringent social distancing
requirements, which we assume may be in the second half of 2021.
Further, we believe a mix shift toward higher-margin gaming revenue
will support higher EBITDA margin in 2021 relative to 2019."

"Although we expect EBITDA to improve, the potential for further
capacity restrictions or shutdowns remains a key risk.   We believe
recent increases in COVID-19 cases will translate into reduced
visitation to casinos in the next few quarters as consumers may
have fears of being in enclosed public spaces, and may heed public
health officials guidance to stay at home except for essential
items. Further, in November, Nevada announced tighter capacity
restrictions at casinos, bars, and restaurants, reducing capacity
to 25%, from 50%. We expect these new capacity restrictions, along
with more stringent social distancing orders in some of the feeder
markets for Affinity's properties, will result in reduced
visitation over the next few months, relative to the third quarter
of 2020. Affinity's Nevada operations represent about two-thirds of
the company's revenue and half of EBITDA. As cases of COVID-19
continue to rise, states could impose further restrictions or new
lockdowns, which would result in performance deviating from our
base-case forecast and EBITDA coverage of interest expense
potentially remaining under 1.5x. Nevertheless, Affinity's casinos
in Missouri and Iowa have not experienced tighter capacity
restrictions in recent weeks, even while virus cases have
increased. Therefore, at this time we have not incorporated any
meaningful change in our forecast for the operating environment for
Affinity's Midwest properties, which represent the remaining
portion of revenue and EBITDA not generated from Nevada."

"The stable outlook reflects our forecast for Affinity to sustain
some cost cuts over the next several quarters and maintain EBITDA
at a level that supports coverage of interest expense of at least
1.5x."

"We could lower the rating at any time if EBITDA generation in the
next few quarters is weaker than we are expecting and no longer
supports interest coverage of at least 1.5x, or if the company
begins to deplete its excess cash balances or revolver
availability."

"Higher ratings are unlikely over the next several quarters given
our forecasted leverage and continued uncertainty around the impact
of the coronavirus on Affinity's customers and the risk of
additional property closures or significant continuing operating
restrictions. We could, however, raise the rating if we expect
Affinity to maintain adjusted leverage of under 6.5x. Given the
company's new proposed capital structure, which does not allow for
voluntary debt reduction, improving adjusted leverage to this level
would likely need to result from better than expected EBITDA
generation."


AMC ENTERTAINMENT: S&P Puts 'C' Notes Rating on Watch Negative
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on AMC
Entertainment Holdings Inc. to 'CC' from 'CCC-' and placed its 'C'
issue-level rating on its second-lien notes on CreditWatch with
negative implications because S&P expects to lower the rating to
'D' if the proposed exchange is completed.

The negative outlook reflects S&P's expectation that it will lower
its issuer credit rating on the company to 'SD' (selective default)
upon the completion of the proposed exchange offer.

The downgrade follows AMC's announcement that one of its
noteholders has agreed to exchange $100 million of its existing
second-lien notes for equity and provide the company with $100
million of new first-lien 15%/17% payment in kind (PIK) toggle
notes (unrated).

S&P said, "We view the proposed debt-for-equity transaction as
distressed and, if completed, tantamount to a default because we
believe the second-lien noteholder will receive less than they were
originally promised. Without receiving the $100 million of new debt
financing, the company believes it will run out of cash in January.
AMC's monthly cash burn was about $125 million in October and
November and we have seen no indication that it will materially
improve." Therefore, this transaction will likely provide the
company with less than an additional month of liquidity."

AMC also announced an at-the-market share issuance of up to 178
million shares. It is currently unclear whether the equity market
is willing to provide the company with enough capital to cover its
liquidity shortfall in 2021. AMC expects to burn at least $750
million of cash in 2021 assuming attendance returns to 20% of 2019
levels in the first half of the year and increases to 85% in the
second half.

S&P said, "We believe that attendance is unlikely to return to
these levels in 2021 and anticipate that the company may need up to
$1 billion of incremental capital to bridge its liquidity gap. We
expect it will be difficult for AMC to obtain this level of capital
outside of a debtor-in-possession financing and thus expect further
debt restructurings in the near future."

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

-- Health and safety

S&P said, "The negative outlook reflects our expectation that we
will lower our issuer credit rating on AMC to 'SD' upon the
completion of the proposed exchange offer."

"We would lower our issuer credit rating on AMC to 'SD' if it
completes the proposed exchange. Immediately thereafter, we would
raise our rating on the company to a level that reflects its
ongoing risk of a conventional default or the likelihood for future
distressed restructurings. If we believe further distressed events
are imminent, we may not raise our rating on AMC higher than
'CC'."

"While unlikely, we could raise our issuer credit rating on AMC if
it does not proceed with the proposed exchange offer and
establishes a clear plan to avoid any future debt restructurings."


ANOTHER DAN MOON: Combined Plan & Disclosures Approved by Judge
---------------------------------------------------------------
Judge Jerry A. Funk has entered an order confirming and approving
the Combined Disclosure Statement and Chapter 11 Plan of
Reorganization of Debtor Another Dan Moon Global Enterprise Limited
Liability Company.

Except as modified by the Plan or the Plan Confirmation Order,
secured creditors will retain any lien on property in which the
estate has an interest to the extent of the value in the estate's
interest in such property or as agreed between the parties in the
Debtor-in-Possession's Chapter 11 Plan of Reorganization.  Except
as modified by the Plan or the Order, all terms of the loan
documents shall remain in full force and effect.

All proceeds, after expenses, related to causes of actions which
could have been brought by the estate will be distributed pro rata
to general unsecured creditors within 30 days of receipt of such
proceeds.

Another Dan Moon has proposed a reorganization plan that provides
that unsecured creditors will be paid in full over time.  In full
satisfaction of Class 4 Unsecured Claims, the Debtor will pay this
class in full over 60 months on a pro rata basis to general
unsecured creditors.

A full-text copy of the Plan Confirmation Order dated December 11,
2020, is available at https://bit.ly/2Kugwtt from PacerMonitor.com
at no charge.

                     About Another Dan Moon

Another Dan Moon Global Enterprise Limited Liability Company
operates an epicurean restaurant in Daytona Beach, Florida. Another
Dan Moon filed a Chapter 11 petition (Bankr. M.D. Fla. Case No.
20-00216) on Jan. 23, 2020. Jason A. Burgess, Esq., of THE LAW
OFFICES OF JASON A. BURGESS, LLC, is the Debtor's Counsel.


BLANK ACQUISITION: $106K Cash Sale of All Assets to Royal Approved
------------------------------------------------------------------
Judge William J. Fisher of the U.S. Bankruptcy Court for the
District of Minnesota authorized Blank Acquisition, LLC's sale of
all assets to Royal Business Forms and Printing, Inc. for $106,400,
cash, on the terms of their Asset Purchase Agreement, dated Dec.
10, 2020.

The sale is free and clear of any and all liens, claims,
encumbrances and interests of any kind or nature whatsoever, and
all such liens, claims, encumbrances and interests will attach to
the proceeds of the sale.

The Debtor is authorized to pay the proceeds from the sale to Bell
Bank.

It is authorized to enter into the Manufacturing and Distribution
Agreement with Royal.

Notwithstanding Bankruptcy Rule 6004(h), the Order will take effect
immediately upon entry.

                    About Blank Acquisition
      
Blank Acquisition, LLC -- https://blanksusa.com/ -- offers a wide
variety of paper solutions for business and do-it-yourself
projects.  Its products include security papers, door hangers,
folders, cardboard easels, business cards, brochures and flyers,
postcards, raffle tickets, and other related products.

Blank Acquisition, LLC, sought Chapter 11 protection (Bankr. D.
Minn. Case No. 20-42096) on Aug. 25, 2020.  The case is assigned to
Judge William J. Fisher.

In the petition signed by CEO Andrew R. Ogren, the Debtor disclosed
total assets of $4,756,327 and total debt of $4,369,444 as of Aug.
1, 2020.

The Debtor tapped Linda Thompson, Esq., at MLG Bankruptcy, PLLC as
counsel.


BOMBARDIER RECREATIONAL: S&P Alters Outlook to Positive
-------------------------------------------------------
S&P Global Ratings revised its outlook on Valcourt, Que.-based
recreational vehicle manufacturer Bombardier Recreational Products
Inc. (BRP) to positive from negative, and affirmed its 'BB-'
long-term issuer credit rating on the company.

At the same time, S&P affirmed its issue-level ratings on BRP's
asset-backed loan (ABL) at 'BB+' and senior secured debt (term loan
B) at 'BB-'. The recovery ratings on the ABL and term loan are
unchanged at '1' and '4', respectively.

S&P said, "The positive outlook reflects our view that we could
raise the ratings within the next 12 months if the consumer demand
for BRP's products is stronger than anticipated through fiscal
2022, leading the company to improve adjusted leverage measures to
well below 3.0x."

Favorable consumer demand for BRP's products could improve leverage
measures below 3.0x through fiscal 2022. The demand for motorized
recreational vehicles has been quite resilient through the
pandemic-driven economic slowdown, as consumers reallocate their
spending from travel and other entertainment activities to outdoor
recreational activity. As a result, BRP and its peers have
experienced strong demand for recreational products, leading to
better-than-anticipated operating performance through third-quarter
fiscal 2021; revenue declines were in the mid-single-digit
percentage area compared with S&P's previous expectation of about
30%. At the outset of the pandemic, the company had temporarily
halted its production, leading to lower inventory levels across its
dealerships in key markets. At the same time, a shortage of
products at the dealerships meant consumers traded up to
higher-margin products that, combined with reduced promotions from
BRP, led to improved margins. As a result, S&P Global Ratings'
adjusted EBITDA margins expanded to about 14% as of year-to-date
third-quarter 2021 compared with its previous expectation of about
8%-9% in the same time period.

S&P said, "Furthermore, we anticipate the healthy demand for
motorized recreational vehicles to persist through fiscal 2022.
Driving factors include the company's ability to launch new
products; replenish existing low inventory levels, which are down
by about 50% compared with last year; and attract new customers. As
a result, we expect revenue growth to be in about the high
single-percentage area along with adjusted EBITDA to be about C$1
billion in fiscal 2022 (which is higher by about 20%-25% compared
with pre-pandemic levels). Therefore, based on our updated
forecasts, we expect the company's adjusted leverage to
significantly improve to about 3.0x (on a gross debt basis) through
fiscal 2022 compared with our previous expectation of about 5.0x,
thereby supporting our positive outlook."

"Updated forecasts and strong cash balances allow BRP to
accommodate an increased level investment and support its announced
shareholder remuneration. We expect the company to generate about
C$350 million-C$400 million of free operating cash flow (FOCF) in
fiscal 2022 based on sustained EBITDA generation of about C$1
billion. In our current forecasts, we assume BRP could increase its
capital expenditure (capex) investments slightly higher than
pre-pandemic levels, to expand capacity in order to full fill
rising consumer demand. Furthermore, we anticipate the company
could distribute a major portion of its FOCF to shareholders in the
form of cash dividends and share buybacks. Therefore, credit
measure improvement over the next 12 months will likely be spurred
by EBITDA growth rather than any material debt reduction. Given
that BRP has a strong cash balance of about C$1.3 billion as of
third-quarter 2021 and we calculate leverage on a gross basis, we
believe there is ample capacity for the company to accommodate
higher levels of capital investments and pursue announced moderate
share repurchases without pressuring its adjusted credit metrics."

The magnitude of consumer demand and competitive dynamics could be
key factors for an upgrade.  Slower-than-anticipated economic
growth in fiscal 2022 could create uncertainty for discretionary
spending on big-ticket recreational products. Also, the
pandemic-driven spike in demand for recreational vehicles could
prove to be temporary and decelerate over the long term, as
customers focus on travelling and other recreational activities in
response to a wide deployment of the vaccine. Furthermore, original
equipment manufacturers could compete aggressively to gain more
market share amid a weak consumer demand environment, thereby
leading to overproduction and intense promotional environment. As a
result, if BRP is unable to align its production with the retail
demand it could lead to pressure on EBITDA and working capital, in
turn leading to cash flow volatility. Therefore, successful
execution of BRP's strategy to prudently meet retail demand and
sustained consumer interest for its products over the next 12-24
months will be the key determinants for the direction of the
company ratings.

S&P said, "The positive outlook on BRP reflects our view that the
steadily improving consumer demand for motorized recreational
vehicles, along with the company's ability to prudently meet retail
demand, could support EBITDA and maintain adjusted leverage
measures well below 3.0x."

"We could raise the ratings within the next 12 months, if BRP is
able to maintain adjusted leverage measures well below 3.0x. In
such a scenario, we anticipate that the current surge in demand for
recreational vehicles is sustained beyond our outlook horizon,
which could enable the company to prudently manage its production
capacity and generate strong FOCF. At the same time, we could also
expect the company to adhere to a prudent financial strategy with a
commitment to maintain leverage measures well below 3.0x."

"We could revise the outlook to stable over the next 12 months if
credit metrics weaken because of poor operating performance with
adjusted debt to EBITDA approaching 4.0x. Such a scenario could
occur if competition intensifies in the recreational vehicle market
or weak macroeconomic conditions lead to lower discretionary
spending. We could also lower the ratings if the company undertakes
a large debt-funded shareholder distribution or acquisition,
resulting in adjusted debt to EBITDA approaching 4.0x."


BORGER ENERGY: Moody's Completes Review, Retains Ba3 Rating
-----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Borger Energy Associates, L.P. and other ratings that
are associated with the same analytical unit. The review was
conducted through a portfolio review in which Moody's reassessed
the appropriateness of the ratings in the context of the relevant
principal methodology, recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1, 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

KEY RATING CONSIDERATIONS

Borger Energy Associates, L.P.'s Ba3 rating reflects the project's
power purchase agreement with an investment grade off-taker that
provides availability-driven capacity revenues, its role as an
important source of steam to steam host WRB Refining L.P, a fully
amortizing debt profile, and traditional project finance features
including a six-month debt service reserve and security in assets.
The rating benefits from the extension of the Steam Sales Agreement
on favorable terms to match the June 2024 maturity of its PPA with
Southwestern Public Service Company (Baa2). Borger's contract
structure, which links revenues to natural gas prices and its
location in northern Texas adjacent to the Permian Basin constrain
Borger's rating since falling natural gas prices compress margins
and debt service coverage ratios.

The principal methodology used for this review was Power Generation
Projects Methodology published in July 2020.  


BOYD GAMING: Moody's Retains B2 CFR, Outlook Still Negative
-----------------------------------------------------------
Moody's Investors Service upgraded Boyd Gaming Corporation's
Speculative Grade Liquidity rating to SGL-2 from SGL-4. The
company's Corporate Family Rating of B2, Probability of Default
Rating of B2-PD, existing senior secured revolver and term loans
rated Ba3, and existing senior unsecured notes rated Caa1 are
unchanged. The outlook remains negative.

The upgrade to Boyd's speculative-grade liquidity rating to SGL-2
from SGL-4 was driven by the company's recent maturity extension of
its revolving credit facility and term loan A to September 2023
from 2021. The upgrade to the SGL additionally reflects that
largely all the company's casinos have reopened and have
demonstrated EBITDA margin improvement, while generating strong
free cash flow of nearly $150 million for the recent quarter. As of
September 30, 2020, the company had $506 million of cash, and an
undrawn revolving credit facility with $933 million of
availability. Effective October 8, 2020, the company increased its
revolving credit facility capacity to $1,033.7 million from $945.5
million. Moody's estimates the company could maintain sufficient
internal cash sources after maintenance capital expenditures to
meet required annual amortization and interest requirements
assuming a sizeable decline in annual EBITDA. Boyd is currently
subject to a minimum liquidity requirement of $250 million, as
typical financial maintenance covenants are waived until Q2 2021.
Moody's believes the company will maintain compliance with the
minimum liquidity covenant and the leverage and interest coverage
financial covenants once they resume in Q2 2021.

The following ratings/assessments are affected by the action:

Ratings Upgraded:

Issuer: Boyd Gaming Corporation

Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-4

RATINGS RATIONALE

Boyd's B2 CFR reflects the meaningful earnings decline from efforts
to contain the coronavirus and the potential for a slow or uneven
recovery as properties reopen. Boyd's properties have largely
reopened with its Las Vegas locals and Midwest and South regions
performing better than Downtown Las Vegas given demand levels and
expense reductions. The rating also reflects the company's
significant size and geographic diversification. The company is the
second-largest regional gaming operator in terms of net revenue and
number of casino assets operated. Key credit concerns include
Boyd's significant leverage prior to the coronavirus outbreak and
longer-term social risk and fundamental challenges facing Boyd and
other regional gaming companies related to consumer entertainment
preferences and US population demographics that Moody's believes
will move in a direction that does not favor traditional
casino-style gaming.

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
Boyd from the current weak US economic activity and a gradual
recovery for the coming year. 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 our forecasts is unusually high. Moody's regards the
coronavirus outbreak as a social risk under our ESG framework,
given the substantial implications for public health and safety.
The gaming sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in Boyd's credit
profile, including its exposure to travel disruptions and
discretionary consumer spending have left it vulnerable to shifts
in market sentiment in these unprecedented operating conditions and
Boyd remains vulnerable to the outbreak continuing to spread.

Governance risk is considered balanced given public ownership and
the company's track record of managing dividends and share
repurchases principally from cash flow. The company suspended its
quarterly cash dividend to conserve liquidity due to the impact of
coronavirus on the company's operations. From a leverage and
financial policy perspective, with several significant acquisitions
behind the company, Boyd had been able to reduce debt-to-EBITDA
leverage to about 5x before the pandemic pushed leverage up over 7x
as of September 2020.

The negative outlook considers that Boyd remains vulnerable to
travel disruptions and unfavorable sudden shifts in discretionary
consumer spending and the uncertainty regarding the consistency and
pace at which consumer spending and level of gaming activity at the
company's properties will recover.

Ratings could be downgraded if liquidity deteriorates or if Moody's
anticipates Boyd's earnings declines to be deeper or more prolonged
because of actions to contain the spread of the virus or reductions
in discretionary consumer spending.

A ratings upgrade is unlikely given the uncertain operating
environment. However, the ratings could be upgraded if facilities
are able to remain open and earnings recover such that positive
free cash flow and reinvestment flexibility is fully restored, and
debt-to-EBITDA is sustained below 5.25x.

The principal methodology used in this rating was Gaming
Methodology published in October 2020.


CAMBER ENERGY: Posts $2.1M Net Loss for the Quarter Ended Sept. 30
------------------------------------------------------------------
Camber Energy, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $2.06 million on $57,458 of total revenues for the three months
ended Sept. 30, 2020, compared to a net loss of $276,964 on $92,753
of total revenues for the three months ended Sept. 30, 2019.

For the six months ended Sept. 30, 2020, the Company reported a net
loss of $3.65 million on $91,147 of total revenues compared to a
net loss of $1.56 million on $214,104 of total revenues for the six
months ended Sept. 30, 2019.

As of Sept. 30, 2020, the Company had $11.79 million in total
assets, $1.61 million in total liabilities, $6 million in preferred
stock (series C), and $4.18 million in total stockholders' equity.

Camber said, "Recent oil and gas price volatility as a result of
geopolitical conditions and the global COVID-19 pandemic may have a
negative impact on the Company's financial position and results of
operations.  Negative impacts could include, but are not limited
to, the Company's inability to sell its oil and gas production,
reduction in the selling price of the Company's oil and gas,
failure of a counterparty to make required payments, possible
disruption of production as a result of worker illness or mandated
production shutdowns or 'stay-at-home' orders, and access to new
capital and financing."

"The factors above raise substantial doubt about the Company's
ability to continue to operate as a going concern for the twelve
months following the issuance of these financial statements.  The
Company believes that it may not have sufficient liquidity to meet
its operating costs unless it can raise new funding, which may be
through the sale of debt or equity or unless it closes the Viking
Merger, which is the Company's current plan, which Merger is
anticipated to close in the first calendar quarter of 2021, and
which required closing date is currently December 31, 2020.  There
is no guarantee though that the Viking Merger will be completed or
other sources of funding will be available.  The financial
statements do not include any adjustments that might result from
the outcome of this uncertainty."

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

https://www.sec.gov/Archives/edgar/data/1309082/000158069520000444/cei-10q_093020.htm

                         About Camber Energy

Based in Houston, Texas, Camber Energy -- http://www.camber.energy
-- is primarily engaged in the acquisition, development and sale of
crude oil, natural gas and natural gas liquids from various known
productive geological formations, including from the Hunton
formation in Lincoln, Logan, Payne and Okfuskee Counties, in
central Oklahoma; the Cline shale and upper Wolfberry shale in
Glasscock County, Texas; and Hutchinson County, Texas, in
connection with its Panhandle acquisition which closed in March
2018.

Camber Energy reported a net loss of $3.86 million for the year
ended March 31, 2020, compared to net income of $16.64 million for
the year ended March 31, 2019.  As of June 30, 2020, the Company
had $13.91 million in total assets, $1.71 million in total
liabilities, $6 million in temporary equity, and $6.20 million in
total stockholders' equity.

Marcum LLP, in Houston, Texas, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated June 29,
2020, citing that the Company has incurred significant losses from
operations and had an accumulated deficit as of March 31, 2020 and
2019.  These factors raise substantial doubt about its ability to
continue as a going concern.


CEC ENTERTAINMENT: Court Denies Abatement Bid
---------------------------------------------
Judge Marvin Isgur of the United States Bankruptcy Court for the
Southern District of Texas, Houston Division denied an abatement
motion filed by the debtors in the case captioned IN RE: CEC
ENTERTAINMENT, INC., et al., PETER PIPER TEXAS, LLC PETER PIPER,
INC. BHC ACQUISITION CORPORATION, CEC ENTERTAINMENT CONCEPTS, L.P.
CEC ENTERTAINMENT HOLDINGS, LLC INTERNATIONAL, LLC CEC
ENTERTAINMENT LEASING COMPANY, CEC LEASEHOLDER, LLC CEC LEASEHOLDER
#2, LLC HOSPITALITY DISTRIBUTION INCORPORATED PETER PIPER HOLDINGS,
INC. PETER PIPER MEXICO, LLC QUESO HOLDINGS INC. SB HOSPITALITY
CORPORATION SPT DISTRIBUTION COMPANY, INC. TEXAS PP BEVERAGE, INC.,
CHAPTER 11, Debtors, Case Nos. 20-33163, 20-33162, 20-33164,
20-33165, 20-33166, 20-33167, 20-33168, 20-33169, 20-33170,
20-33171, 20-33172, 20-33173, 20-33174, 20-33175, 20-33176,
20-33177, 20-33178, Jointly Administered Order (Bankr. S.D. Tex.).

CEC Entertainment operates a nationwide chain of Chuck E. Cheese
venues which offer a mixture of arcade games, entertainment, and
dining in a safe sociable environment. However, the COVID-19
pandemic has severely impacted CEC's ability to operate its
venues.

CEC and its affiliates filed petitions under Chapter 11 of the
Bankruptcy Code on June 24, 2020.

On August 3, 2020, CEC filed a motion seeking "an order abating
rent payments for stores closed or otherwise limited in operations
as a result of any governmental order or restriction until such
restriction or order has been lifted..." The relief was sought at
141 CEC venues located across twelve states. Although many
landlords consensually resolved their objections, the following six
lessors of CEC venues located in North Carolina, Washington, and
California filed their objections to CEC's motion:

     (1) CBL & Associates Management, Inc., managing agent of a CEC
venue located in Greensboro, North Carolina;

     (2) Hovde Family Investments, LLC, lessor of a CEC venue
located in Spokane, Washington;

     (3) Lynnwood Public Facilities District, lessor of a CEC venue
located in the Lynnwood Convention Center in Lynnwood, Washington;

     (4) Granada Hills Partners, LLC, lessor of a CEC venue located
in Granada Hills, California;

     (5) Portal Plaza LP, lessor of a CEC venue located in
Cupertino, California; and

     (6) South Bay SPE, LLC, lessor of a CEC venue located in
National City, California.

In support of its position, CEC made three arguments:

     (1) that Sections 365(d)(3) and 105(a) of the Bankruptcy Code
give the court equitable power to alter CEC's rent obligations;

     (2) that the global pandemic and related government
regulations are force majeure events which allow it to delay
contractual performance under its leases; and

     (3) if neither the Bankruptcy Code nor force majeure clauses
permit rent abatement, that the doctrine of frustration of purpose
relieves CEC's obligation to timely pay rent.

Judge Isgur, however, denied CEC's requested relief as to the six
lessors. The judge explained that while the Bankruptcy Code allows
the court to delay performance of CEC's lease obligations, the Code
expressly prohibits delays beyond 60 days after the order for
relief. That period has expired. Judge Isgur also found that each
CEC lease prohibits CEC from delaying its rent obligations on
account of a force majeure event. Lastly, the judge held that
frustration of purpose does not apply because the force majeure
clauses supersede application of the doctrine under state law or
because the purpose of each lease is not entirely frustrated.

"The Court is sympathetic to the hardship which CEC has endured as
a result of the global pandemic. However, neither the Bankruptcy
Code, the force majeure clauses of the leases, nor the doctrine of
frustration afford CEC the relief requested," said the judge.

A full-text copy of Judge Isgur's memorandum opinion dated December
14, 2020 is available at https://tinyurl.com/y9aqh5d8 from
Leagle.com.

                    About CEC Entertainment

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

As of Dec. 29, 2019, CEC Entertainment had $2.12 billion in total
assets, $1.90 billion in total liabilities, and $213.78 million in
total stockholders' equity.

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

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

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


COCRYSTAL PHARMA: Regains Compliance with Nasdaq Bid Price Rule
---------------------------------------------------------------
Cocrystal Pharma, Inc. received a letter from the Listing
Qualifications department of The Nasdaq Stock Market on Dec. 10,
2020, notifying the Company that it had regained compliance with
the minimum bid price requirement set forth in Nasdaq Listing Rule
5550(a)(2) because the closing bid price of the Company's common
stock had been at least $1.00 per share for 10 consecutive business
days.  Accordingly, the matter is now closed.

                       About Cocrystal Pharma

Headquartered in Creek Parkway Bothell, WA, Cocrystal Pharma, Inc.
-- http://www.cocrystalpharma.com-- is a clinical stage
biotechnology company discovering and developing novel antiviral
therapeutics that target the replication machinery of influenza
viruses, hepatitis C viruses, noroviruses, and coronaviruses.

Cocrystal Pharma recorded a net loss of $48.17 million for the year
ended Dec. 31, 2019, compared to a net loss of $49.05 million for
the year ended Dec. 31, 2018.  As of Sept. 30, 2020, the Company
had $53.22 million in total assets, $3.04 million in total
liabilities, and $50.18 million in total stockholders' equity.


COOKE OMEGA: S&P Puts 'B+' ICR on Watch Negative
------------------------------------------------
S&P Global Ratings placed all of its ratings on Saint John,
N.B.-based Cooke Omega Investments Inc., including its 'B+' issuer
credit rating (ICR) on the company, on CreditWatch with negative
implications.

S&P said, "The CreditWatch placement reflects the risk that parent
Cooke Aquaculture's operational weakness and near-term refinancing
could pressure our ratings on Cooke Omega.  Our ICR on Cooke Omega
receives a one-notch enhancement from the company's relationship
with the parent. Although Cooke Omega represents only a quarter of
fully consolidated earnings, the company's operations benefits from
what we view to be a stronger parent, which has a relatively robust
and geographically diverse business risk profile and historically
stronger financial credit measures. Furthermore, the strategic
benefits also enhanced the linkage between the two companies. In
our view, the strategic relationship between Cooke Aquaculture and
Cooke Omega, and its impact on the group's operational performance
and credit measures, is critical to our assessment of the group's
credit risk profile."

Cooke Aquaculture's operating performance for the LTM period ended
Sept. 30, 2020, exhibited weakness when compared with the same
period last year due to the adverse impact of the pandemic. As a
result, the consolidated leverage of the group (which includes full
consolidation of Cooke Aquaculture and Cooke Omega based on S&P
Global Ratings' methodology) is about one financial category weaker
than S&P's previous expectations.

S&P said, "In addition, we foresee refinancing risks because parent
Cooke Aquaculture faces near-term maturities of its debt
facilities. That said, we believe there is a possibility of
operating performance recovery in 2021 should pandemic-related
risks diminish. We also anticipate that the initiatives that Cooke
Aquaculture has taken to address its near-term challenges should be
positively reflected in revenues and EBITDA such that leverage
measures improve in 2021 from the current elevated levels. However,
we note that should there be prolonged EBITDA stress at the parent,
which could weaken the overall group credit worthiness, we would
likely lower our ICR on Cooke Omega."

Favorable demand and market pricing for fishmeal and fish oil has
led to consistent operating performance and adequate liquidity for
Cooke Omega.   

S&P said, "We view positively Cooke Omega's stand-alone operating
performance based on LTM- September 2020 results. The company
benefited from steady demand and higher market pricing for its core
fishmeal and fish oil products. Therefore, even though fish catch
and production levels were lower compared with last year due to
weather- and pandemic-related disruptions, total revenues and
EBITDA on an S&P Global Ratings' adjusted basis for the LTM (to
Sept. 30, 2020) period remained at the same level as the previous
year. We expect production should return to normalized levels in
2021. A combination of favorable sales volumes and market pricing,
spurred by demand in North America and higher-margin European
markets, should result in steady low-single-digit revenue growth in
the company's animal nutrition segment (about 65% of total
revenues). We also believe that Cooke Omega can sustain the stable
operating performance in its human nutrition segment, which
accounts for the other 35% of the company's total revenues.
Therefore, we forecast that Cooke Omega should generate EBITDA on
an S&P Global Ratings' adjusted basis of US$80 million-US$85
million and sustain debt to EBITDA in the low-to-mid 4x area
through 2021. We believe that this leverage level sufficiently
supports our stand-alone credit profile on Cooke Omega."

Cooke Omega (formerly Omega Protein Corp.) is a provider of
nutritional products and supplements for human and animal health.
The company primarily offers proteins, specialty oils, and
essential fatty acids. Its portfolio includes plant- and
marine-based oils, seeds and grains, and dairy proteins for human
nutrition. Its product line also includes omega-3-rich fish oil,
protein-rich specialty fish meal, and organic fish soluble for
animal nutrition.

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

  -- Health and safety


COSMOLEDO LLC: Strikes Deal With SBA on Unspent Relief Loan
-----------------------------------------------------------
Law360 reports that the U.S. operator of French bakery chain Maison
Kayser Monday, Dec. 21, 2020, told a New York bankruptcy judge that
it has struck a deal with the Small Business Administration to get
the unspent portion of its $6.7 million in coronavirus relief loans
to its intended recipients.

At a remote hearing counsel for Cosmoledo LLC and its unsecured
creditors committee told U.S. Bankruptcy Judge Michael Wiles they
had reached an agreement in principle that would provide more than
$5 million for the company's landlords and former employees,
boosting creditor recoveries to as much as a third of their
claims.

                        About Cosmoledo

Cosmoledo, LLC and affiliates own and operate 16 fine casual bakery
cafes in New York City under the trade name "Maison Kayser."
Maison Kayser -- https://maison-kayser-usa.com/ -- a global brand,
is an authentic artisanal French boulangerie that has been doing
business in New York since 2012.

Cosmoledo and its affiliates, including Breadroll, LLC, sought
Chapter 11 protection (Bankr. S.D.N.Y Lead Case No. 20-12117) on
Sept. 10, 2020.

In the petitions signed by CEO Jose Alcalay, Debtors were estimated
to have assets in the range of $10 million to $50 million, and $50
million to $100 million in debt.

The Debtors have tapped Mintz & Gold LLP as their bankruptcy
counsel, and CBIZ Accounting, Tax and Advisory of New York LLC as
their financial advisor, accountant and consultant. Donlin Recano &
Co., Inc., is the claims agent.

The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors in the Debtors' Chapter 11 cases.  The
committee is represented by Hahn & Hessen LLP.

                          *     *     *

Bloomberg Law reports Aurify Brands, a restaurant operator that's
buying Maison Kayser's U.S. bakeries in a bankruptcy liquidation,
won preliminary court approval of its $8.4 million acquisition and
revealed plans to reopen some, if not all, of the 16 locations
under another brand.  An Aurify affiliate had bought the right to
collect nearly $73 million owed by the bakery, which debt will be
used to credit bid for Comsoledo's business.  Should no higher
offer come in, Aurify would add Maison Kayser to its growing list
of New York restaurants, the report said.


CRACKED EGG: Seeks to Hire BeanCounters Tax as Accountant
---------------------------------------------------------
The Cracked Egg LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Pennsylvania to hire BeanCounters Tax
and Accounting Services as its accountant.

The Debtor is in need of an accountant to prepare, review and file
tax returns and provide general accounting services.

The firm's hourly rates range from $100 to $150.  The retainer fee
is $750.

No individual from BeanCounters Tax represents any interest adverse
to the Debtor, according to court filings.

The firm can be reached through:

     Joshua Jones
     BeanCounters Tax and Accounting Services
     380 Southpointe Boulevard, Suite 303
     Canonsburg, PA 15317
     Phone: (724)260-5372
     info@beancountersonline.com

                    About The Cracked Egg

The Cracked Egg LLC is family-owned and operated culinary driven
gourmet eatery in Brentwood that serves breakfast and lunch.

Cracked Egg filed a Chapter 11 petition (Bankr. W.D. Pa. Case No.
20-22889) on Oct. 9, 2020.  In the petition signed by Kimberly
Waigand, the owner, the Debtor was estimated to have less than
$50,000 in assets and $100,000 to $500,000 in liabilities.  

Robert O Lampl Law Office and BeanCounters Tax and Accounting
Services serve as the Debtor's legal counsel and accountant,
respectively.


CRED INC: Independent Examiner to Probe Fraud Allegations
---------------------------------------------------------
A bankruptcy judge in Wilmington, Del., declined to place
cryptocurrency platform Cred Inc. under the control of an outside
trustee but ordered an examination of how and why the company
failed.

Andrew Scurria of the Wall Street Journal reports that Judge John
Dorsey appointed an examiner to look into Cred's management,
including co-founder and former PayPal Holdings Inc. executive
Daniel Schatt, who was removed as chief executive earlier this
month.

Cred filed for bankruptcy protection after a bitcoin heist, a
fallout with a former executive and a failed cryptocurrency hedging
strategy drained the company's coffers.  

In an oral ruling on Friday, Judge Dorsey said investors had raised
"serious concerns" about how Cred was run that should be
investigated thoroughly.  But he wasn't persuaded to take the more
serious step of installing a chapter 11 trustee to wrest control of
Cred, saying that independent leadership now in place has a viable
path to administer the bankruptcy case and recover as much as
possible for creditors.

Bloomberg News notes that two of the company's investors, Krzysztof
Majdak and Philippe Godinea, in November 2020 urged a federal
bankruptcy court to dismiss or convert its case, alleging "fraud
and deception on 'Madoff' level proportions."

                         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.


CUENTAS INC: Signs 5-Year Agency Agreement with Western Union
-------------------------------------------------------------
Cuentas, Inc. signed a five-year Agency Agreement with Western
Union Financial Services, Inc., to integrate Western Union branded
digital domestic and international money transfer services into the
Cuentas Mobile Application and digital wallet in 2021.

Utilizing Western Union's "Online Account Based Money Transfer
Service" or "On-line Money Transfer" services, which will include
Western Union's Domestic Money Transfer services, International
Money Transfer services, Mexico Money Transfer services, and such
other funds transfer or funds disbursement services that Western
Union may introduce, from time to time, through Western Union's
global cross-border, cross-currency platform, Cuentas cardholders
will have the ability to transfer money internationally via the
Western Union network directly from their Cuentas Mobile app.

Cuentas said it will cooperate with Western Union in implementing
all procedures mandated by law in order to comply with any
applicable law and any reasonable policies and/or procedures
implemented by Western Union to protect consumer privacy and/or
consumer data.  Western Union's transactional rates to Cuentas are
confidential and, as such, have been redacted in the attached
agreement.

                           About Cuentas

Headquartered in Miami, Florida, Cuentas, Inc. --
http://www.cuentas.com-- is focused on financial technology
services, delivering mobile banking, online banking, prepaid debit
and digital content services to unbanked, underbanked and
underserved communities.  The Company derives its revenue from the
sales of prepaid and wholesale calling minutes.  Cuentas reported a
net loss attributable to the company of $1.32
million for the year ended Dec. 31, 2019, compared to a net loss
attributable to the company of $3.56 million for the year ended
Dec. 31, 2018.  As of Sept. 30, 2020, the Company had $8.06 million
in total assets, $4.34 million in total liabilities, and $3.72
million in total stockholders' equity.

Halperin Ilanit, in Tel Aviv, Israel, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
March 30, 2020 citing that as of Dec. 31, 2019, the Company has
incurred accumulated deficit of $19,390,000 and negative operating
cash flows.  These factor, among others, raise substantial doubt
about the Company's ability to continue as a going concern.


DAVID W. SORENSON: $665K Sale of 3 White Bear Lake Properties OK'd
------------------------------------------------------------------
Judge William J. Fisher of the U.S. Bankruptcy Court for the
District of Minnesota authorized David W. Sorenson and Sandra L.
Espe Sorenson to sell the following three rental properties
located: (i) 997 Stillwater Street, White Bear Lake, Minnesota to
VG Properties, LLC for $185,000, pursuant to their purchase
agreement dated May 22, 2020; (ii) 5353 LaValle Court, White Bear
Lake, Minnesota to Ryan Rich for $312,000, pursuant to their
purchase agreement dated June 11, 2020; and (iii) 2101 Third
Street, White Bear Lake, Minnesota to Jerrold Ford for $179,725,
pursuant to their purchase agreement date July 30, 2020.

The sale of the three properties is free and clear of liens and
interests.

With respect to each of the foregoing transactions, the Debtors are
authorized to pay at closing the amounts due to the creditor
holding the first mortgage lien in full as of the date of closing
in satisfaction of their secured claims.  To the extent funds are
available at closing to pay to the second mortgage lien holder in
priority, the Debtors are authorized to pay those funds to the
second mortgage lien holders in reduction of their secured claims.

David W. Sorenson and Sandra L. Espe Sorenson sought Chapter 11
protection (Bankr. D. Minn. Case No. 20-31456) on May 27, 2020.
The Debtor tapped Joseph Dicker, Esq., as counsel.


DCP MIDSTREAM: S&P Alters Outlook to Stable, Affirms 'BB+' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on DCP Midstream LP (DCP) to
stable from negative.

The rating agency also affirmed the 'BB+' issuer credit rating,
'BB+' senior unsecured rating (recovery rating: 3), 'BB-' junior
subordinated rating (recovery rating: 6), and 'B+' preferred stock
rating.

S&P said, "The stable outlook reflects our view that leverage will
remain below 5x and approach 4x over the next few years while the
company maintains a conservative financial policy and EBITDA
remains somewhat stable."

"DCP has outperformed our EBITDA expectations over the last several
quarters.  Following the market turmoil in the first half of 2020,
we had expected DCP's EBITDA to fall significantly given its direct
commodity risk and exposure to gathering and processing volumes.
However, the company's EBITDA has remained more stable than we
expected given the somewhat resilient volumes across its footprint
in the DJ and Permian basins, increased exposure to long-haul
pipeline fixed-fee contracts and its success in lowering its
operating cost structure. We expect 2020 annual adjusted EBITDA to
be about $1.3 billion, which is a slight increase year over year
and significantly better than our previous projection. We expect
DCP's EBITDA will fall incrementally in 2021 based on lower
gathering and processing volumes before growing in 2022."

"The company will remain cash-flow positive and repay debt in our
forecast.  Following unprecedented commodity-price volatility
starting in the first quarter of 2020, the company cut its
distribution and capital-expenditure plan, and it sought to lower
its operating costs. As a result, the partnership is now cash-flow
positive in our forecast. We also consider its financial policy to
be relatively conservative given its strong focus on debt repayment
with excess cash. As a result of the lower cost structure and more
conservative financial policy, we believe DCP's financial risk now
fully supports the rating. We expect its S&P Global
Ratings-adjusted leverage, which includes intermediate treatment
(50% equity credit) on the hybrids, to average 4.5x over the next
few years and trend down over time."

"The stable outlook reflects our view that DCP's S&P Global
Ratings-adjusted debt leverage will average 4.5x over the next few
years and will improve gradually as the company pays down debt with
excess cash flow. We expect the company to maintain its
conservative financial policy over the next few years, which
prioritizes debt repayment over growth-related spending and
distributions. We believe the company will be able to repay its
September 2021 maturity without the need to access capital
markets."

"We could consider a positive rating action if the company is able
to moderate leverage such that S&P Global Ratings adjusted debt to
EBITDA falls below 4x and we expect it to remain in that area on a
sustained basis while also improving its business risk. This would
likely occur if EBITDA remains stable and DCP continues to pay down
debt while lowering its exposure to commodity prices. We could also
raise the rating if our view of its strategic importance to
Phillips 66 improves."

"We could consider a negative rating action if the company's S&P
Global Ratings-adjusted leverage were to remain above 5x for a
sustained period. This could happen if the company materially
underperforms our base-case EBITDA projections or if its financial
policy becomes more aggressive."


DISH NETWORK: S&P Rates New $2BB Unsecured Convertible Notes 'CCC+'
-------------------------------------------------------------------
S&P Global Ratings assigned its 'CCC+' issue-level and '6' recovery
ratings to Dish Network Corp.'s proposed $2 billion unsecured
convertible notes. The '6' recovery rating indicates recovery
prospects are minimal (0%-10%) in a hypothetical default. These
notes do not have any subsidiary guarantees from entities that hold
wireless spectrum assets or the pay-TV entities. Further, S&P
estimate that the pay-TV asset value is fully absorbed by debt
issued at operating subsidiary Dish DBS Corp. under its
hypothetical default scenario. The company plans to use proceeds
for general corporate purposes, which may include 5G wireless
network build costs.

S&P said, "We assume minimal recovery prospects for convertible
noteholders, which have an unsecured residual claim to the equity
of subsidiaries holding the spectrum licenses. While Dish Network's
creditors reside closer to the company's spectrum assets than other
debt in the capital structure, we assume that the value from the
spectrum assets would be unavailable to convertible noteholders
because of the uncertainty related to the company's monetization
strategy and the lack of contractual commitments that would provide
creditors value from the assets that reside at various
subsidiaries, based on simulated default assumptions. We believe
potential strategic and/or financial partnerships that are
uncertain at this time will influence the future capital structure.
Dish has indicated it will need about $10 billion to fund its
wireless network buildout over the next five to seven years on top
of startup losses that we estimate could approach $3 billion-$5
billion through 2024. Therefore, our hypothetical default scenario
envisions an unsuccessful wireless buildout funded with a
substantial amount of senior debt that would have priority claims
over the proposed convertible notes. We could revisit these
assumptions when we receive more details surrounding the company's
funding plans for its wireless strategy and when there is greater
assurance about creditor protections for unsecured noteholders."

"Our 'B' issuer credit rating on Dish Network is unchanged by the
proposed transaction because there is ample downside cushion in the
rating for debt issuance of this magnitude. We expect that pro
forma debt to EBITDA will increase to about 4.7x in 2020 from 4.2x,
which is still comfortably below our 6.5x downside trigger. Still,
we believe significant uncertainty exists related to how Dish plans
to fund the buildout of its very costly wireless network, its
potential spectrum purchases, and its wireless startup losses.
These costs and losses could lead to significant deterioration in
its credit metrics in the coming years, underpin our negative
rating outlook."

"We believe Dish has sufficient liquidity to fund its upcoming 2021
maturities, which total $2 billion. However, it is unclear to what
extent Dish will participate in the ongoing C-band auction. C-Band
spectrum possesses a good balance of coverage and capacity
well-suited for 5G. While Dish has a solid spectrum position
unburdened by legacy network technology and consumer traffic, the
C-Band frequency will allow for better data throughput than Dish's
other owned frequencies, leading us to believe it may invest in
C-Band to aid its long-term competitive positioning. Under our
base-case operating assumptions, Dish could take on about $3
billion more in debt in 2021 while maintaining our 'B' issuer
credit rating."

Dish has financing flexibility because of its unencumbered spectrum
assets, which supports the rating.

S&P said, "Dish has spent more than $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 5G network. Based on this potential
value, we rate Dish Network one notch higher than its pay-TV
operating subsidiary, Dish DBS."

However, if Dish cannot 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 they will hinge largely on how it
funds the buildout of its wireless network. While the company's
leverage could increase to close to 10x in 2023 absent an equity
infusion, S&P does not assume this ratio, given the uncertainty in
the rating agency's base-case projections, as well as Dish's
ability to manage its leverage based on its funding choices.


DIVERSITECH HOLDINGS: S&P Alters Outlook to Stable, Affirms 'B' ICR
-------------------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.-based heating,
ventilation, and air conditioning (HVAC) parts manufacturer and
distributor DiversiTech Holdings Inc. to stable from negative, and
affirmed the 'B' issuer credit rating.

S&P is also affirming its 'B+' issue-level rating on the first-lien
term loan and 'CCC+' rating on the second-lien term loan.

The stable outlook indicates S&P's expectations that strength in
the HVAC end market will help the company sustain the current
credit measures over the next 12 months.

Strong organic growth and cost-reduction efforts lowered leverage
by two turns to 6.1x over the last 12 months. For the twelve months
ended Sep 30, 2020 adjusted leverage for DiversiTech was 6.1x
compared to 8x for the same period last year, driven by strong
organic revenue growth and meaningful margin improvement. Better
earnings and margins resulted partially from input cost deflation
and some temporary savings due to actions taken during the second
quarter. Also, divestment of the company's low-margin Australian
business in January and other permanent cost-control initiatives
drove some improvement. These initiatives included realigning some
its supply chain, and lower-cost alternatives mitigated some
tariff-related costs from 2019.

S&P said, "We expect robust organic growth for 2020 to offset most
of the divesture-related revenue decline, before moderating to
mid-single-digit percentage top-line growth in 2021. After a strong
first quarter, demand in April and May was weak due to the pandemic
driven recession. Since 85% of DiversiTech's revenues are from
nondiscretionary residential repair and replacement needs, we
believe the decline was attributable to delayed or deferred demand.
Since June, the rebound has been quick and strong, with increased
installations resulting in healthy organic revenue growth through
the first nine months of 2020. Based on strong backlogs through the
end of the year, we think high-single-digit percentage organic
growth for 2020 will offset majority of the top-line decline from
selling the Australian operations. We expect total revenues to be
down only 5%. Also, we believe demand conditions will moderate next
year for mid-single-digit percentage growth."

"Adjusted leverage is now expected to be under 6.5x versus our
prior expectation of about 8x. DiversiTech has seen the reversal in
some of the temporary savings and pick up in input costs in the
second half of this year as demand recovered and economic
conditions improved. However, we expect the company's 2020 margins
to be significantly better than in 2019. While we expect lower
margins next year on higher input costs, we believe some actions
during the year will keep them above 2019 margins for the next few
periods. Therefore, based on our current earnings expectations, we
expect DiversiTech to end 2020 with adjusted leverage under 6.5x
(versus our prior expectation of 8x). Further, we expect leverage
to remain within the 6x-6.5x range, and EBITDA interest coverage
over 2x for the next 12-18 months."

The stable outlook on DiversiTech reflects a slow economic recovery
and strength in end markets due to nondiscretionary repair and
replacement needs. This will help the company maintain adjusted
leverage of 6x-6.5x over the next 12 months.

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

-- Repair and replacement spending declines, perhaps due to
sustained high unemployment and reduced household income, such that
EBITDA falls over 10%, raising adjusted leverage above 7x and
dropping EBITDA interest coverage below 2x.

-- The company pursues large debt-funded acquisitions or
shareholder dividends, such that adjusted leverage deteriorates to
7x, with little prospect of a quick rebound.

S&P views a higher rating as unlikely over the next year, given
DiversiTech's small scale, narrow product portfolio, and current
leverage. However, S&P could raise the rating in the longer term
if:

-- DiversiTech significantly expands and diversifies such that it
takes a more favorable view of its business and operating
prospects; and

-- Adjusted leverage is sustained below 5x, accompanied by the
financial sponsors' commitment to maintaining leverage below 5x.


DPW HOLDINGS: Unit to Acquire Michigan Facility for $3.9MM
----------------------------------------------------------
DPW Holdings, Inc. reports that Alliance Cloud Services, LLC, a
newly formed majority-owned subsidiary of its wholly-owned
subsidiary, Ault Alliance, Inc., has signed a purchase agreement to
acquire a 617,000 square foot mixed-use commercial facility located
on a 34.5 acre site in southern Michigan for $3.9 million in cash.
The Company believes the purchase price of the Facility represents
significant value given that the estimated replacement cost of the
building, property and the extensive integrated infrastructure,
which includes power, gas and rail services on or immediately
accessible to the property, would be approximately $95 million.
The transaction is expected to close on or about Jan. 29, 2021.
Revenue from the existing commercial real estate operations will be
recognized during the quarter ending March 31, 2021 and, upon
completion of the initial buildout of 30,000 square feet, or the
equivalent of 1,000 cabinets capable of housing over 40,000
servers, recognition of revenue from the Enterprise Cloud Data
Center is expected to begin during the quarter ending June 30,
2021.  While the Company believes the Facility and its anticipated
future operations will be successful, the Company cannot assure you
that its expectations will materialize in a timely manner, if at
all.

Upon closing of the transaction, which is subject to shareholder
approval by the seller of the Facility, ACS shall commence
operations.  Further, with the ability to offer up to 300MWs of
critical power capacity, 34.5 acres of owned land that enables
growth capacity and the flexibility to offer customizable space and
power, the Facility has certain characteristics of a hyperscale
data center but at a development cost significantly below those
currently being built.

The hyperscale data center sector is expected to reach revenues of
over $108 billion by 2025 according to a June 16, 2020 study by
Arizton Advisory and Intelligence.  Companies such as Amazon have
spent hundreds of millions of dollars on hyperscale facilities that
house tens of thousands of servers and related hardware.  Further,
Equinix, Inc., which provides colocation space and related
services, reported in its annual report for the fiscal year ended
Dec. 31, 2019 estimated capital expenditures related to its data
center expansion projects in the Americas of $760 million for
11,775 sellable cabinets, or approximately $65,000 per cabinet.
Due to the Facility's extensive integrated infrastructure, the
Company's anticipated capital expenditure costs are forecasted to
be significantly less.

The buildout of the initial 30,000 square feet will be for
colocation services, including build-to-suit arrangements, in which
customers will be provided with secure, reliable and robust
environments for hardware and access to network connectivity that
are necessary to aggregate and distribute information.  By
initially focusing on colocation services that range from a single
rack to multi-megawatt hyperscale requirements, the Company will be
able to minimize its capital and operating expenses and also
provide an attractive alternative to companies that either host
internally and need additional capacity or are evaluating build vs.
buy alternatives.  Revenues from the colocation services will be
primarily based on a recurring revenue model comprised of
colocation for a predetermined amount of allocated power and
related interconnection offerings. Ultimately, the Company intends
to expand its service offerings to include managed cloud computing,
in other words the on-demand availability of various technology
resources, such as compute, storage and network.

The Facility features several strategic and operational
advantages:

   * It currently operates with a positive net operating income
from its existing commercial real estate customers;

   * It provides immediate access to notable power of approximately
28MWs, anticipated to be upgraded to 190MWs over the next 18 to 24
months with the option to reach a maximum capacity of approximately
300MWs, as necessary;

   * It features direct access to power from a local provider under
a perennial energy abatement agreement with guaranteed pricing at
relatively low energy rates for the next 5 years;

   * It has an on-premise natural gas system capable of producing
approximately 12MWs;

   * It is located within 100 to 2,500 feet of major internet loops
and fiber optics which enables the Enterprise Cloud Data Center to
offer customers a wide choice of service providers;

   * It will feature a hyperscale enterprise cloud data center
targeted to be 200,000 square feet over the next 3 to 5 years; and

   * At 50% capacity, the Facility is expected to generate annual
gross revenues between approximately $54 million and $64 million.

Darren Magot, the CEO of Ault Alliance, Inc., said, "The
acquisition of the Facility, and particularly its incremental
expansion, in terms of both square footage and service offerings
provides an opportunity to rapidly enter the data center business
with limited risk as the initial offerings will be centered more on
colocation services, which significantly reduces our overall
capital needs."  Mr. Magot continued, "We see a clear opportunity
to enter a large addressable market.  In the second quarter of
2020, total global data center infrastructure equipment revenues,
including both cloud and non-cloud, hardware and software, were
$41.4 billion, according to Synergy Research Group.  We do not
expect to incur these computing related infrastructure costs at the
outset of this program because by initially only offering
colocation services we will not be required to deploy servers and
other equipment.  Since we expect to finance our data center
operations and capital expenditures with internally-generated cash
from operations from the Facility, we intend to delay offering
managed cloud services until our colocation base is sufficient to
support the additional service offerings."

Milton "Todd" Ault, III, the CEO and Chairman of the Company,
observed, "This data center represents the culmination of years of
work and preparation and is very timely given the lasting impact
that the coronavirus pandemic will have on the way that companies
operate and employees work.  In the post-pandemic environment, I
believe that companies will recognize the many benefits of a remote
workforce.  As such, I expect there will be a surge in the demand
for services provided by hyperscale data centers such as the
Facility."

                         About DPW Holdings

DPW Holdings, Inc. -- http://www.DPWHoldings.com-- is a
diversified holding company pursuing growth by acquiring
undervalued businesses and disruptive technologies with a global
impact.  Through its wholly and majority-owned subsidiaries and
strategic investments, the Company provides mission-critical
products that support a diverse range of industries, including
defense/aerospace, industrial, telecommunications, medical, and
textiles. In addition, the Company owns a select portfolio of
commercial hospitality properties and extends credit to select
entrepreneurial businesses through a licensed lending subsidiary.
DPW's headquarters are located at 201 Shipyard Way, Suite E,
Newport Beach, CA 92663.

DPW Holdings recorded a net loss available to common stockholders
of $32.93 million for the year ended Dec. 31, 2019, compared to a
net loss available to common stockholders of $32.34 million for the
year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had
$43.64 million in total assets, $39.12 million in total
liabilities, and $4.52 million in total stockholders' equity.

Ziv Haft., Certified Public Accountants (Isr.) BDO Member Firm, the
Company's auditor since 2012, issued a "going concern"
qualification in its report dated May 29, 2020 citing that the
Company has a working capital deficiency, has incurred significant
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.


EDGEWATER GENERATION: Moody's Completes Review, Retains Ba3 Rating
------------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Edgewater Generation, L.L.C. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review in which Moody's reassessed the
appropriateness of the ratings in the context of the relevant
principal methodology, recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1, 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

KEY RATING CONSIDERATION

Edgewater Generation, LLC's Ba3 rating reflects its five-asset
portfolio that provides geographic, asset and revenue diversity.
The assets are in highly developed PJM, ISO-NE and MISO markets
that allows for sales in the forward capacity markets and energy in
the day-ahead and real time markets. The rating is constrained by
the project's exposure to merchant cash flow and weak financial
metrics for the Ba-category rating mainly owing to low power
prices.

The principal methodology used for this review was Power Generation
Projects Methodology published in July 2020.


ELWOOD ENERGY: Moody's Completes Review, Retains Ba1 Rating
------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Elwood Energy LLC and other ratings that are associated
with the same analytical unit. The review was conducted through a
portfolio review in which Moody's reassessed the appropriateness of
the ratings in the context of the relevant principal methodology,
recent developments, and a comparison of the financial and
operating profile to similarly rated peers. The review did not
involve a rating committee. Since January 1, 2019, Moody's practice
has been to issue a press release following each periodic review to
announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

KEY RATING CONSIDERATIONS

Elwood Energy's Ba1 rating reflects the project's low total debt
load, strong project sponsorship and cash flow visibility. The gas
peaking project enjoys high certainty revenues from known PJM-COMED
capacity prices through May 2022 along with a newly secured black
start tariff, which should support strong financial metrics over
the current period of peak amortization and maintenance spending
scheduled through December 2022. There is some uncertainty
regarding PJM capacity pricing following May 2022 that does limit
the credit profile due to its high reliance on capacity revenue.
This adds to uncertainty on both the capacity market construct and
expected future capacity prices particularly during 2022 when
Elwood's debt service peaks.

The principal methodology used for this review was Power Generation
Projects Methodology published in July 2020.  


EYEPOINT PHARMACEUTICALS: Gets $16.5M Payment Under SWK Deal
------------------------------------------------------------
EyePoint Pharmaceuticals, Inc. entered into a royalty monetization
agreement with SWK Holdings Corporation (SWK) for royalties payable
to EyePoint under its license agreement with Alimera Sciences, Inc.
(Alimera) for ILUVIEN.  EyePoint has received a one-time $16.5
million payment from SWK and, in return, SWK is entitled to receive
future royalties payable to EyePoint from the Alimera agreement.

EyePoint has applied $15 million of net proceeds from the
transaction against existing long-term debt obligations with CRG
Servicing LLC.  The remaining $1.5 million will be used to advance
product pipeline programs.  The transaction will also result in a
reduction of annual interest payments of approximately $1.7
million.

"This transaction with SWK allows EyePoint to reduce existing debt
and interest obligations and improve our balance sheet as we focus
on advancing our ocular disease pipeline, including EYP-1901 for
wet age-related macular degeneration," said George Elston, chief
financial officer and head of corporate development of EyePoint
Pharmaceuticals.  "We remain focused on managing our burn rate and
preserving cash to reach important clinical and commercial
milestones in 2021 and this transaction will help to achieve these
goals."

"We are pleased to be part of EyePoint's corporate strategy with
this non-dilutive capital as the Company continues to develop long
lasting, sustained and stable therapies using its Durasert
technology to help improve the lives of patients," said Winston
Black, CEO of SWK Holdings Corporation.  "The technologies EyePoint
has developed are emblematic of the life science innovations in
which SWK seeks to invest.  Benefitting from Durasert's continuous
microdosing technology, products such as ILUVIEN and YUTIQ are
important treatment options for patients with diabetic macular
edema and posterior segment uveitis."

                     About EyePoint Pharmaceuticals

EyePoint Pharmaceuticals, formerly pSivida Corp. --
http://www.eyepointpharma.com/-- headquartered in Watertown, MA,
is a specialty biopharmaceutical company committed to developing
and commercializing innovative ophthalmic products in indications
with high unmet medical need to help improve the lives of patients
with serious eye disorders.  The Company currently has two
commercial products: DEXYCU, the first approved intraocular product
for the treatment of postoperative inflammation, and YUTIQ, a
three-year treatment of chronic non-infectious uveitis affecting
the posterior segment of the eye.

Eyepoint reported a net loss of $56.79 million for the year ended
Dec. 31, 2019.  For the six months ended Dec. 31, 2018, the Company
reported a net loss of $44.72 million.  As of Sept. 30, 2020, the
Company had $76.79 million in total assets, $69.19 million in total
liabilities, and $7.59 million in total stockholders' equity.

Deloitte & Touche LLP, in Boston, Massachusetts, the Company's
auditor since 2008, issued a "going concern" qualification in its
report dated March 13, 2020, citing that the combination of the
Company's limited currently available cash, cash equivalents and
available borrowings, together with its history of losses, and the
uncertainty in timing of cash receipts from its newly launched
products raise substantial doubt about the Company's ability to
continue as a going concern.


FAIRFIELD SENTRY: Renewed Bid to Dismiss Partly Granted
-------------------------------------------------------
Judge Stuart M. Bernstein of the United States Bankruptcy Court for
the Southern District of New York granted in part and denied in
part the defendants' renewed motion to dismiss the case captioned
In re: FAIRFIELD SENTRY LIMITED, et al., Chapter 15 Case, Debtors
in Foreign Proceedings. FAIRFIELD SENTRY LIMITED (IN LIQUIDATION),
acting by and through the Foreign Representatives thereof,
Plaintiffs, v. THEODOOR GGC AMSTERDAM, et al., Defendants (Case No.
10-13164 (SMB) Jointly Administered, Adv. Proc. No. 10-03496 (SMB)
Administratively Consolidated ) (Bankr. S.D.N.Y.).

The case arose from the Ponzi scheme perpetrated by Bernard L.
Madoff through the investment advisory division of Bernard L.
Madoff Investment Securities, LLC (BLMIS).  Kenneth M. Krys and
Greig Mitchell sued in their capacities as liquidators and foreign
representatives of Fairfield Sentry Limited, Fairfield Sigma
Limited, and Fairfield Lambda Limited, foreign feeder funds that
invested with BLMIS.

The funds were organized under British Virgin Islands (BVI) law.
Sentry sold shares to foreign investors and invested 95% of the
proceeds with BLMIS.  Sigma and Lambda were "funds of funds" -–
they sold shares to investors and invested those proceeds with
Sentry, which, in turn, invested those funds with BLMIS.  Hence,
the funds invested virtually all of their assets directly or
indirectly with BLMIS.

The funds' directors retained Citco Group Limited and its
affiliates to perform administrative and custodial functions for
the funds.

In December 2008, Madoff admitted to operating the investment
advisory business of BLMIS as a Ponzi scheme, and BLMIS was placed
into liquidation.  Shortly after the collapse of BLMIS, certain of
the funds' creditors and shareholders commenced insolvency
proceedings against the funds in the Commercial Division of the
Eastern Caribbean High Court of Justice, British Virgin Islands.

The court had previously dismissed all of the liquidators' claims
except for avoidance claims under BVI law to recover "unfair
preferences" and "undervalue transactions" and constructive trust
claims against the so-called Knowledge Defendants.  According to
the liquidators, the Knowledge Defendants knew when they redeemed
their interests in the funds that the redemption prices were
inflated because they were based on Sentry's fictitious BLMIS
account statements listing securities that did not exist.

The defendants renewed their motion to dismiss, arguing that the
remaining claims are barred by 11 U.S.C. Section 546(e) (the "Safe
Harbor") and service of process was insufficient.  The liquidators
opposed the motion.

The defendants contended that the BVI avoidance claims are barred
by the Safe Harbor.  According to the defendants, the redemptions
were made by a "financial institution" within the meaning of 11
U.S.C. Section 101(22) because the funds were customers of Citco
Bank Nederland N.V. Dublin Branch which acted as the Funds' agent
with respect to redemptions.  The defendants further contended that
the Safe Harbor extends to bar the constructive trust claims
because they seek the same relief as the BVI avoidance claims.

The liquidators opposed the application of the Safe Harbor on
several grounds:

     (1) that the Safe Harbor does not apply to the BVI avoidance
claims because they sought to avoid intentionally fraudulent
transfers which are carved out of the Safe Harbor.

     (2) that the Safe Harbor does not apply to the constructive
trust claims because:

          (i) the Safe Harbor's plain language does not bar the
claims,

          (ii) the precedent extending the Safe Harbor to state
common law claims relied on the Supremacy Clause which does not
apply to foreign law claims,

          (iii) prescriptive comity considerations limit the reach
of section 546(e), and

          (iv) the Safe Harbor does not extend to common law claims
concerning internationally fraudulent transfers

     (3) the Liquidators contest the assertion that the redemptions
were made by a financial institution because the pleadings do not
establish that Citco Bank was an agent of the funds

     (4) the redemptions were not made by a financial participant
because 11 U.S.C. Section 101(22A) precludes a debtor from being a
financial participant.

Judge Bernstein noted that the parties did not dispute that the
redemptions were settlement payments made in connection with
securities contracts.

Judge Bernstein held that the BVI avoidance claims are barred by 11
U.S.C. section 561(d). The judge found that the transfers were made
by a financial institution as agent for its customer.

Judge Bernstein explained that Citco Bank is a financial
institution which acted as the funds' agent in connection with the
securities contract underlying the redemptions.  The funds were
also considered customers of Citco Bank who acted as their agents
in connection with the securities contracts pursuant to which the
redemption payments were made, and the funds were therefore
"financial institutions."

Judge Bernstein, however, found that the constructive trust claims
were based on BVI law and the defendants have not identified any
statutory language that purports to expressly preempt the
constructive trust claims.  Consequently, the motion to dismiss the
constructive trust claims on the ground that they seek to recover
safe harbored transfers was denied.

The defendants also sought dismissal of the U.S. Redeemer Actions
for insufficient service of process, asserting that the liquidators
were required to serve the defendants in accordance with the Hague
Convention on the Service Abroad of Judicial and Extrajudicial
Documents, and the liquidators' service of the initial complaints
via international mail failed to satisfy its requirements.

The liquidators did not dispute that mail service on HSBC Suisse
failed to satisfy the requirements of the Hague Service Convention.
Instead, they sought retroactive approval of their 2010 mail
service on HSBC Suisse's U.S. counsel, Clearly Gottlieb, as a form
of alternative service pursuant to Federal Civil Rule 4(f)(3).

Judge Bernstein explained that a foreign corporation may be served
abroad "in any manner prescribed by Federal Rules of Civil
Procedure Rule 4(f) for serving an individual, except personal
delivery under (f)(2)(C)(i).  The judge further stated that an
alternative method of service under Rule 4(f)(3) is proper so long
as it (1) is not prohibited by international agreement, and (2)
comports with constitutional notions of due process.  "But nothing
in Rule 4(f) itself or controlling case law suggests that a court
must always require a litigant to first exhaust the potential for
service under the Hague Convention before granting an order
permitting alternative service under Rule 4(f)(3)," said the
judge.

Accordingly, the liquidation request to effect service on Gotlieb
was granted.

A full-text copy of Judge Bernstein's Memorandum Decision, dated
December 14, 2020, is available at https://tinyurl.com/y86ewnlg
from Leagle.com.

                    About Fairfield Sentry

Fairfield Sentry is being liquidated under the supervision of the
Commercial Division of the High Court of Justice in the British
Virgin Islands. It is one of the funds owned by the Fairfield
Greenwich Group, an investment firm founded in 1983 in New York
City. Fairfield Sentry and other Greenwich funds had among the
largest exposures to the Bernard L. Madoff fraud.

Fairfield Sentry Limited filed for Chapter 15 protection (Bankr.
S.D.N.Y. Case No. 10-13164) on June 14, 2010.

Fairfield Sentry became the subject of a BVI liquidation, and a BVI
court appointed the Liquidator under BVI law. The Liquidator then
sought recognition of the BVI liquidation as a foreign main
proceeding under Chapter 15 of the Code in the Southern District of
New York. The Bankruptcy Court entered an order granting
recognition of the Fairfield Sentry case on July 22, 2010, enabling
the Liquidator to use the U.S. Bankruptcy Court to protect and
administer Fairfield Sentry's assets in the U.S.


FEDERICO MAESE M.D.: Seeks to Hire Joyce W. Lindauer as Counsel
---------------------------------------------------------------
Federico Maese M.D., P.A., seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to hire Joyce W. Lindauer
Attorney, PLLC as its legal counsel.

The firm will provide services in connection with the Debtor's
Chapter 11 case, which include the preparation of a Chapter 11 plan
of reorganization.

The firm will be paid at these rates:

     Joyce W. Lindauer, Esq.         $395 per hour
     Kerry S. Alleyne, Esq.          $250 per hour
     Guy H. Holman, Esq.             $205 per hour
     Paralegals/Legal Assistants   $65 - $125 per hour

The Debtor paid the firm a retainer of $9,250, which included the
filing fee of $1,717.

Joyce Lindauer, Esq., disclosed in court filings that she and the
members and contract attorneys of her firm are "disinterested"
within the meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Joyce W. Lindauer, Esq.
     Kerry S. Alleyne, Esq.
     Guy H. Holman, Esq.
     Joyce W. Lindauer Attorney, PLLC
     1412 Main Street, Suite 500
     Dallas, TX 75202
     Telephone: (972) 503-4033
     Facsimile: (972) 503-4034
     E-mail: joyce@joycelindauer.com

                  About Federico Maese M.D.

Federico Maese M.D., P.A., specializes in cardiovascular disease
and internal medicine.

Federico Maese sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Tex. Case No. 20-32872) on Nov. 17, 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 Harlin Dewayne Hale oversees the case.  The Debtor is
represented by Joyce W. Lindauer Attorney, PLLC.


FILTRATION GROUP: Moody's Retains B3 CFR Amid Pending Acquisition
------------------------------------------------------------------
Moody's Investors Service said that Filtration Group Corporation's
plan to purchase a leading filtration company with incremental debt
is credit negative. Filtration Group's ratings, including the B3
senior secured and Corporate Family Rating, and the stable outlook,
are unaffected at this time. The acquisition is expected to close
within the next thirty days, subject to regulatory approvals.

Funding for the acquisition will include a €175 million add-on to
the first-lien term loan (approximately $1.95 billion outstanding).
The added debt will push pro forma debt-to-EBITDA (after Moody's
standard adjustments) to near 7x. Though Filtration Group's
deleveraging history is skewed more to earnings growth than to debt
repayment, Moody's expects the ratio to fall steadily to below 6x
by year-end 2021 through both debt repayment and earnings growth.

Notably, this largely debt-funded acquisition closely follows a
$400 million debt-funded shareholder dividend in October 2020. With
this acquisition funding, total debt will increase roughly 40% over
just three months. Accordingly, Filtration Group's financial
flexibility at the rating level is sharply reduced, with limited
capacity for similarly structured transactions over the
near-to-intermediate term.

Positively, the acquisition expands Filtration Group's presence and
brings capabilities that it can leverage with its legacy business.
The acquisition should be margin accretive in the near term after
modest integration costs.

Filtration Group Corporation is a designer and manufacturer of
fluid and air filtration products to customers in medical &
bioscience, indoor air quality, CO2 emission reduction, food &
beverage and a variety of other end markets. Revenues for the
latest twelve months ended September 30, 2020 were nearly $1.5
billion.


FIRSTLIGHT HOLDCO: S&P Affirms 'B-' ICR, Outlook Stable
-------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating and all
of its issue-level ratings on U.S.-based fiber infrastructure
provider FirstLight Holdco Inc. At the same time, S&P revised its
recovery rating on the company's first-lien debt to '3' from '4' to
reflect the increase in its projected enterprise valuation under
its simulated default scenario.

S&P said, "The stable outlook reflects our expectation that
FirstLight will reduce its leverage to the 7x area over the next 12
months due to the full realization of the earnings from its 2020
installs and the contributions from its recent tuck-in
acquisitions, which it financed with equity."

"While the company's leverage is currently elevated, the
affirmation reflects our expectation that it will reduce its
leverage to the mid-7x area by the end of fiscal year 2021.
FirstLight experienced a delay in its new installations due to the
coronavirus pandemic in the first half of 2020. However, we expect
it to report a very strong performance in the fourth quarter of
2020 because the pandemic pushed out a number of its projects to
the back half of the year. Therefore, we expect its leverage to
decline to the mid-7x area by the end of fiscal year 2021 on a 20%
increase in its EBITDA stemming from its full realization of the
earnings from its 2020 installs as well as the EBITDA contributions
from its recent tuck-in acquisitions. We anticipate continued
strong demand for connectivity and wireless backhaul opportunities
will also contribute to FirstLight's healthy top-line growth.
Furthermore, we believe the company's free operating cash flow
(FOCF) deficits will moderate over the next 12 months as its
capital intensity of about 70% in 2020 declines to approximately
20% as it expands in its underutilized footprint."

FirstLight received a sizeable equity commitment to support the
densification of its existing footprint in 2021. The company's
private-equity sponsor has contributed over $150 million in cash
equity year to date to support its elevated capital spending and
tuck-in acquisitions, which reflects its strong ongoing commitment.


S&P said, "However, we believe FirstLight may require additional
funds if its capital investment plans deviate from our base-case
forecast. Still, we believe its sponsor will continue to provide it
with additional capital if it can successfully execute its growth
initiatives."

"We are revising our recovery rating on FirstLight's first-lien
debt to '3' from '4' to reflect the modestly improved recovery
prospects for its first-lien lenders in our hypothetical default
scenario. We raised our recovery valuation for the company by about
$50 million to reflect the incremental value from its recent
acquisitions (PrimeLink, TruePath, DFT, BestWeb, and KINBER) and
the significant capital expansion of its network over the last
year. Therefore, we are revising our recovery rating to '3', which
indicates our expectation for meaningful (50%-70%; rounded
estimate: 55%) recovery in the event of a payment default. However,
our 'B-' issue-level rating on the first-lien debt remains
unchanged."

"The stable outlook on FirstLight reflects our expectation that it
will reduce its leverage to the 7x area in 2021 from about 10x
currently on increased EBITDA from the full realization of the
earnings from its 2020 installations and its recent tuck-in
acquisitions. Still, any longer-term improvement in the company's
leverage is constrained by its private-equity sponsors and the
potential for elevated capital expenditure or debt-financed
acquisitions and dividends."

"We could lower our rating on FirstLight if it loses contracts with
its customers, if its installations are further delayed because of
the pandemic, or if it faces elevated pricing pressure leading to
lower EBITDA that ultimately hurts its liquidity position and
causes us to assess its capital structure as unsustainable over the
longer term."

"We could raise our rating on FirstLight if its adjusted debt to
EBITDA improves below 6.5x and we believe it is committed to
maintaining leverage below this level on a sustained basis. Before
upgrading the company, we would expect it to continue to improve
its margins such that they are on par with those of its peers and
generate positive FOCF. However, we believe that sustained leverage
improvement below 6.5x is unlikely given FirstLight's
private-equity ownership and the potential for future debt-financed
acquisitions or shareholder returns."


FM COAL: Selling Inoperable, Obsolete & Inefficient Equipment
-------------------------------------------------------------
FM Coal, LLC, and its affiliates filed with the U.S. Bankruptcy
Administrator for the Northern District of Alabama their second
request for authority to sell inoperable, obsolete and/or
inefficient equipment in the ordinary course of business to
third-party purchasers free and clear of liens, claims, or
encumbrances.

The Debtors ask authority to sell various pieces of inoperable
equipment that are secured by liens held by KeyBank National
Association as collateral agent for itself Sumitomo Mitsui Banking
Corp., and Caterpillar Financial Services Corp. pursuant to that
certain Credit Agreement dated as of Sept. 1, 2017.  They ask
authority to enter into various sales of their inoperable, obsolete
and/or inefficient equipment in the ordinary course of business and
without further order of the Court and to use the sale proceeds to
either purchase replacement equipment or refurbish existing
equipment.

The single greatest challenge faced by the Debtors is the state of
their equipment fleet, which is essential to their day-to-day
mining operations.  It is of paramount importance that the Debtors
be able to have reliable, efficient and operable equipment.
However, in order to efficiently generate the necessary capital to
purchase replacement equipment or refurbish existing equipment, the
Debtors ask, out of an abundance of caution, authority to enter
into future sales of their Equipment without further Court order so
that they may use the sale proceeds to purchase replacement and/or
upgrade equipment.    

In light of the Lenders' consent and because the Prepetition
Secured Parties could be compelled to accept a money satisfaction
of the Equipment in exchange for their lien, section 365(f)(5) of
the Bankruptcy Code permits the Debtors to sell the Equipment free
and clear without approval of any of the Prepetition Secured
Parties.

The Debtors will serve notice of the Motion on all creditors of the
Debtors, including the Prepetition Secured Parties.  Therefore, the
Debtors ask that they be authorized to sell any Equipment free and
clear of all encumbrances and interests, with the proceeds of any
such sale being authorized solely for reinvestment into new or
existing equipment that will be subject to the Prepetition Secured
Parties' existing first priority liens.  Furthermore, prior to the
Debtors' sale of any Equipment or use of any sale proceeds from the
Equipment, the Debtors will provide each of the Prepetition Secured
Parties with five days written notice of the Debtors' proposed sale
and specifically intended use of such proceeds in order to allow
KeyBank the opportunity to confirm that the proposed sale price is
acceptable and that the sale proceeds are being used in compliance
with an Order granting the Motion.

In the event that a Prepetition Secured Party asserts that the
proposed sale price is not acceptable or that the sale proceeds are
not being used as authorized by an Order granting the Motion, the
Debtors propose that such Prepetition Secured Party be entitled to
ask relief from the Court, on an expedited basis, regarding the
Debtors' use of the sale proceeds.  While such objection or related
pleading is pending before the Court, the Debtors will be
prohibited from selling the property at issue or using the sale
proceeds until such time as the objection is overruled by the Court
or such Prepetition Secured Party otherwise consents.  

Further, to the extent that Equipment sale proceeds are received by
the Debtors, the Debtors will maintain such proceeds in a
segregated bank account subject to the Prepetition Secured Parties'
lien until such proceeds are spent in accordance with the Motion.

A copy of the Equipment Sale List is available at
https://bit.ly/3h2wTZX from PacerMonitor.com free of charge.

                         About FM Coal LLC

FM Coal, LLC and its affiliates are engaged in the business of
extracting, processing and marketing metallurgical coal and thermal
coal from surface mines.  Their customers include steel and coke
producers, industrial customers and electric utilities.

On Sept. 1, 2020, FM Coal and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Lead Case
No. 20-02783).  Judge Tamara O. Mitchell oversees the cases.  

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

The Debtors tapped Waller Lansden Dortch & Davis, LLP as their
bankruptcy counsel, Aurora Management Partners as financial
advisor, and Donlin Recano & Company, Inc. as claims, solicitation
and balloting agent.


GAINESVILLE ROAD: Trustee to Hold Auction of All Assets on Jan. 15
------------------------------------------------------------------
Judge Catherine Peek McEwen of the U.S. Bankruptcy Court for the
Middle District of Florida authorized the bidding procedures
proposed by Steven Oscher, Chapter 11 trustee for the bankruptcy
estate of Gainesville Road Community Trust, relating to the sale of
substantially all of the Debtor's assets to Raj Baluja for $2
million, subject to overbid.

A hearing on the Motion was held on Dec. 17, 2020 at 3:00 p.m.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: Jan. 13, 2021 at 5:00 p.m. (EST)

     b. Initial Bid: $1.9 million cash

     c. Deposit: A good faith deposit in immediately available
funds in the amount equal to the greater of (i) 10% of the
aggregate dollar amount of the Bid(s), or (ii) $190,000, which will
be made payable to and delivered to Trenam, the counsel to the
Trustee, by no later than the Sale Hearing (or such later date
agreed to by the Trustee).

     d. Auction: The Auction to consider any Qualified Bids for the
Assets will be held at the Tampa office of Trenam, 101 East Kennedy
Blvd., Suite 2700, Tampa, Florida 33602, at 10:00 a.m. (EST) on
Jan. 15, 2021.  

     e. Bid Increments: $10,000

     f. Sale Hearing: Jan. 19, 2021 at 1:30 p.m.

     g. Sale Objection Deadline:

     h. Closing: Jan. 22, 2021

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

Attorney Lara Roeske Fernandez is directed to serve a copy of the
Order on interested parties who do not receive service by CM/ECF
and file a proof of service within three days of entry of the
Order.

               About Gainesville Road Community Trust

Gainesville Road Community Trust sought protection under Chapter 11
of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-03888) on May
19, 2020.  At the time of the filing, Debtor was estimated to have
assets of between $1 million and $10 million and liabilities of the
same range.  Judge Catherine Peek McEwen oversees the case.  Dion
R. Hancock, P.A. is Debtor's legal counsel.

Steven S. Oscher was appointed as Chapter 11 trustee for Debtor's
bankruptcy estate on Aug. 19, 2020.  The trustee has tapped Trenam,
Kemker, Scharf, Barkin, Frye, O'Neill & Mullis, P.A. as his legal
counsel and Oscher Consulting, P.A. as his accountant.


GARBANZO MEDITERRANEAN: $542K Sale of All Assets Approved
---------------------------------------------------------
Judge Barry S. Schermer of the U.S. Bankruptcy Court for the
Eastern District of Missouri authorized Garbanzo Mediterranean
Grill, LLC and affiliates to sell substantially all assets to
Restaurant Co., LLC, doing business as Saladworks, or its designee,
and Garbanzo, LLC, for the aggregate purchase price comprised of:
(a) $542,000 in cash; (b) the prepaid expense amount; and (c) the
Subordinated Note, to be delivered at Closing.

The Sale Hearing was held on Dec. 16, 2020.

The Sale is free and clear of all Liens, Claims, Encumbrances and
Interests, with all such Liens, Claims, Encumbrances and Interests
attaching to the net cash proceeds.

The cash consideration for the sale and transfer of the Acquired
Assets under the APA will be $542,000.  Additional consideration is
also being received by the Debtors in the form of the Subordinated
Note and the assumption of the Assumed Liabilities by the
Purchaser.  The Cash Purchase Price and the Subordinated Note will
be remitted to the Debtors at the Closing in accordance with the
APA.

The Debtors are authorized to (i) assign, sell and transfer the
Acquired Assets to the Purchaser, and (ii) assume and assign the
Assumed Contracts to the Purchaser pursuant to the APA, which
assignments will take place on and be effective as of the Closing
or as otherwise provided by a separate order of the Court.  There
will be no accelerations, assignment fees, increases, or any other
fees charged to the Purchaser or the Debtors as a result of the
assumption and assignment of the Assumed Contracts.

Subject to the terms of the APA and the occurrence of the Closing,
the assumption by the Debtors of the Assumed Contracts and the
assignment of such agreements to the Purchaser as provided for or
contemplated by the APA is authorized and approved.

Notwithstanding anything to the contrary in the Order or the APA,
no contract between the Debtor and Oracle America, Inc., successor
in interest to NetSuite, Inc., will be assumed and assigned to the
Stalking Horse Purchaser without: (1) Oracle's prior written
consent; (2) cure of any default under such Oracle Contract; and
(3) execution by the Stalking Horse Purchaser of mutually agreeable
assignment documentation in a final form to be negotiated after
entry of the Order.  

Pursuant to Bankruptcy Rules 7062, 9014, and 6004(h), the Sale
Order will be effective immediately upon entry and the Debtors and
the Purchaser are authorized to close the APA immediately upon
entry of the Sale Order.

All time periods set forth in the Sale Order will be calculated in
accordance with Bankruptcy Rule 9006(a).

Within 14 days of the entry of the Order, the Debtors will file a
Report of Sale advising of the occurrence and Closing of the Sale.
The Report of Sale will be served by the Debtors upon all creditors
and parties-in-interest not later than two business days of filing
and Debtors will file a certificate of service no later than 24
hours after service.

A copy of the APA is available for free at https://bit.ly/2KjpNo4
from PacerMonitor.com free of charge.
  
                About Garbanzo Mediterranean Grill

Garbanzo Mediterranean Grill, LLC and its affiliates, Garbanzo
Mediterranean Fresh, LLC, Garbanzo Mediterranean Fresh Missouri,
LLC and Garbanzo Mediterranean Grill Franchising, LLC, operate a
chain of fast food restaurants offering Mediterranean cuisine.

On Aug. 12, 2020, Garbanzo Mediterranean Grill and its affiliates
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
E.D. Mo. Case No. 20-43963).  Barry Levine, manager, signed the
petitions.

At the time of the filing, Garbanzo Mediterranean Grill had
estimated assets of between $1 million and $10 million and
liabilities of between $10 million and $50 million; Garbanzo
Mediterranean Grill Franchising had estimated assets of between
$100,000 and $500,000 and liabilities of between $50,000 and
$100,000; Garbanzo Mediterranean Fresh had estimated assets of
between $500,000 and $1 million and liabilities of less than
$50,000; and Garbanzo Mediterranean Fresh Missouri had estimated
assets of less than $50,000 and liabilities of between $100,000
and
$500,000.

Judge Barry S. Schermer oversees the cases.  

Carmody MacDonald P.C. is the Debtors' legal counsel.


GB SCIENCES: Pays $3.01M in Settlement With Iliad Research
----------------------------------------------------------
GB Sciences, Inc. filed a Current Report on Form 8-K with the
Securities and Exchange Commission on Nov. 27, 2020 reporting that
it had entered into a material definitive agreement with Iliad
Research and Trading, L.P, in the form of a Judgment Settlement
Agreement.  The Settlement Agreement established that Iliad would
release its judgment against the Company issued by the Third
Judicial District Court of Salt County, State of Utah, upon the
payment to Iliad of $3,006,015.  The judgment had resulted from the
Company's default on a note the Company issued to Iliad on April
23, 2019.  

On Nov. 15, 2019, the Company entered into a Membership Interest
Purchase Agreement with Wellcana Plus, LLC, a Louisiana limited
liability company, whereby Wellcana would acquire the Company's
50.01% membership interest in GB Sciences Louisiana LLC, a
Louisiana limited liability company.  Since Nov. 15, 2019, certain
modifications of the Agreement have taken place.  It was ultimately
agreed that Wellcana would pay the Company $4,900,000 in cash for
the Membership Interest.  Prior to Dec. 16, 2020, Wellcana paid the
Company $750,000 of the purchase price.  On Dec. 16, 2020, Wellcana
paid the balance of $4,150,000 which completed the disposition of
the Membership Interest.  There is no affiliate relationship
between Wellcana and the Company.

Of the $4,150,000 paid by Wellcana, $3,006,015 was sent directly by
Wellcana to Iliad in satisfaction of the Company's obligation
pursuant to the Settlement Agreement.  Accordingly, the Settlement
Agreement is now terminated.

                           About GB Sciences

GB Sciences, Inc., seeks to be a biopharmaceutical research and
cannabinoid-based drug development company whose goal is to create
patented formulations for safe, standardized, cannabinoid therapies
that target a variety of medical conditions in both the
pharmaceutical and wellness markets.  The Company is engaged in the
research and development of cannabinoid medicines and plans to
produce cannabinoid therapies for the wellness markets based on its
portfolio of intellectual property.

GB Sciences reported a net loss of $13.11 million for the year
ended March 31, 2020, compared to a net loss of $24.68 million for
the year ended ended March 31, 2019.  As of Sept. 30, 2020, the
Company had $14.25 million in total assets, $16.60 million in total
liabilities, and a total stockholders' deficit of $2.35 million.

Assurance Dimensions, in Margate, Florida, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated Aug. 27, 2020, citing that the Company has suffered recurring
losses.  For the year ended March 31, 2020 the Company had a net
loss, had net cash used in operating activities of $4,479,713, and
had negative working capital of $3,884,877.  These factors raise
substantial doubt about its ability to continue as a going concern.


GLASS MOUNTAIN: S&P Affirms 'CCC' ICR; Outlook Negative
-------------------------------------------------------
S&P Global Ratings affirmed its 'CCC' issuer credit rating on Glass
Mountain Pipeline LLC and revised the liquidity assessment to weak.
S&P's rating on the company's senior secured debt is unchanged at
'CCC' with recovery rating of '3' (50%-70%; rounded estimate 55%).

The negative outlook reflects S&P's expectation that Glass Mountain
will likely consider a distressed debt exchange or redemption
within the next 12 months.

Glass Mountain, a crude oil transportation system connecting the
STACK, Mississippi Lime, and Granite Wash plays to Cushing, Okla.,
is facing heightened liquidity risk due to reduced volumes and cash
flows.

Material EBITDA decline in 2021 will weaken Glass Mountain's debt
servicing ability.   

S&P said, "Our forecast adjusted EBITDA of $10 million to $15
million over the next two years reflects a material decline in
Glass Mountain's throughput volumes stemming from the production
curtailment in the company's dedicated acreage as well as exposure
with Chesapeake Energy, which failed to honor its minimum volume
commitment contract in March 2020. Our base case assumes a material
decline in throughput volumes resulting in adjusted debt to EBITDA
above 20x in 2021. We anticipate Glass Mountain will minimize its
capital spending and monetize crude oil on its balance sheet in
order to service its debt."

"The company's debt continues to trade at distressed levels. We
believe the company could pursue a distressed debt exchange or
restructuring over the next 12 months. We believe Glass Mountain
will face trouble meeting their debt service coverage ratio (DSCR)
covenant of 1.1x in the second quarter of 2021 requiring an equity
cure from their sponsor, BlackRock."

"The negative outlook reflects our expectation that Glass Mountain
will continue to face liquidity pressure and may consider a
distressed debt exchange or redemption within the next 12 months."

"We could lower our rating on Glass Mountain if we expect the
company to initiate a distressed debt exchange, restructure its
debt, or default over the next six months."

"We could consider a positive rating action if market conditions
improve such that the company generates ample liquidity and
stronger cash flows to service its debt."


GLOBAL ASSET RENTAL: Jan. 20, 2021 Hearing on Liquidating Plan
--------------------------------------------------------------
Global Asset Rental, LLC, filed with the U.S. Bankruptcy Court for
the Middle District of Florida, Orlando Division, a proposed
Disclosure Statement.  On Dec. 11, 2020, Judge Karen S. Jennemann
conditionally approved the Disclosure Statement and ordered that:

   * Jan. 20, 2021 at 11:00 a.m. is the hearing to consider the
disclosure statement and any objections and, if the Court
determines the disclosure statement contains adequate information
under 11 U.S.C. Sec. 1125, to conduct a confirmation hearing.

   * Creditors and other parties in interest shall file with the
clerk their written acceptances or rejections of the plan (ballots)
no later than seven days before the date of the Confirmation
Hearing

   * Any party objecting to the disclosure statement or
confirmation of the plan shall file its objection no later than
seven days before the date of the Confirmation Hearing.

   * The Debtor's counsel shall file a ballot tabulation no later
than two days before the date of the Confirmation Hearing.

                        Plan of Liquidation

The Debtor filed a Plan of Liquidation and a corresponding
Disclosure Statement on Nov. 24, 2020.  The Official Committee of
Unsecured Creditors is a co-proponent of the Plan.

The Debtor sold substantially all of its assets to International
Keg Rental LLC via a credit bid by secured creditor White Oak
Global Advisors LLC.  White Oak had agreed to settle the
Committee's litigation claims and increase the Bid with the
following consideration: (a) $1,250,000 in cash, (b) a payment of
an amount equal to 10 percent of the net cash proceeds (the
"Heineken Payment") received by Purchaser from the arbitration
pending between the Debtor and Heineken Global Procurement B.V.
before the International Court of Arbitration of the International
Chamber of Commerce in Amsterdam, the Netherlands, Case No.
25201/FS (the "Heineken Arbitration") and (c) an increase in the
amount of the obligations owed by the Debtor to White Oak that is
the subject of the credit bid portion of the Bid from $15,000,000
to $50,000,000 (the "Credit Bid Increase").

The Plan contemplates a distribution of the White Oak Settlement
Consideration and the proceeds from the liquidation of the
Liquidating Trust Assets in accordance with the priorities mandated
by the Bankruptcy Code.  The Debtor and the Committee believe that
the Plan will allow for a prompt resolution of the Debtor's Chapter
11 Case.

Allowed Unsecured Claims owed $51.34 million are projected to
recover 1.4% to 2% under the Plan.

No Distribution shall be made to Class 5 Holders of Allowed
Unsecured Claims unless and until (i) all Allowed Administrative
Claims, all Allowed Professional Fee Claims, all Allowed Priority
Claims, all Allowed Priority Tax Claims, all U.S. Trustee Fees, all
Allowed Claims in Classes 1 through 4 have been paid in full,
reserved or otherwise resolved, and (ii) the Liquidating Trustee
has established the Liquidating Trust Reserve.

A copy of the Disclosure Statement dated Nov. 24, 2020, is
available at https://bit.ly/3aBtxvU

A full-text copy of the order dated December 11, 2020, is available
at https://bit.ly/2KNey76 from PacerMonitor.com at no charge.

                  About Global Asset Rental
                    f/k/a Global Keg Rental

Global Asset Rental, LLC -- http://www.globalkeg.com/-- is an
asset rental and logistics solutions company engaged in the
business of renting plastic pallets and kegs.

Global Asset Rental, LLC f/k/a Global Keg Rental, LLC, based in
Orlando, FL, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No.
6:20-bk-04126) on July 23, 2020. In its petition, the Debtor was
estimated to have $10 million to $50 million in assets and $50
million to $100 million in liabilities.

Genovese Joblove & Battista, P.A., serves as bankruptcy counsel to
the Debtor.  KapilaMukamal, LLP's Soneet R. Kapila is the CRO.

The U.S. Trustee for Region 21 on Aug. 12, 2020, appointed a
committee to represent unsecured creditors in the Chapter 11 case
of Global Asset Rental, LLC.  The Committee retained Shraiberg
Landau & Page, P.A., as counsel.

                          *     *    *

International Keg Rental LLC, a provider of stainless-steel beer
keg leasing and rental services, announced Nov. 13, 2020, it has
completed the acquisition of substantially all of the assets of
Global Asset Rental.


GLOBAL MEDICAL: Moody's Retains B2 CFR Amid $150MM Loan Add-on
--------------------------------------------------------------
Moody's Investors Service commented on Global Medical Response,
Inc's announcement that it will raise approximately $150 million as
a fungible add-on to its existing $1.64 billion senior secured term
loan due in October 2025.

The proceeds from the add-on financing will be used for general
corporate purposes, which includes potential acquisitions and/or
repayment of more expensive debt. There is no impact on the
company's B2 corporate family rating, B2-PD probability of default
rating, or stable outlook. There is also no change in the B2
ratings on senior secured debt or the Caa1 rating on the unsecured
debt. The outlook remains stable.

Moody's estimates that GMR's debt/EBITDA was approximately 5.8
times at the end of September 30, 2020. The company's leverage will
increase slightly to 6.0 times after the add-on transaction.
However, the use of proceeds for acquisition would result in modest
deleveraging. Otherwise, the deployment of the cash to repay high
cost debt would result in a cash flow benefit from the interest
savings.

Global Medical Response, Inc provides air, ground, specialty and
residential fire services, and managed medical transportation
through its wholly-owned subsidiaries -- Air Medical Group Holdings
LLC and AMR Holdco, Inc. The company is owned by Kohlberg Kravis
Roberts & Co. L.P. Net revenues were approximately $4.3 billion for
the last twelve months ended September 30, 2020.


GOLDEN HOTEL: May Use Cash Collateral Thru Jan. 2021
----------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Santa Division, has authorized Golden Hotel LLC to use cash
collateral on an interim basis through January 7, 2021, in
accordance with the budget.

The Debtor is permitted to use cash collateral in an amount not to
exceed 115% per budget line item set forth in the Budget for such
period. During the Cash Collateral Period, any unused amount for
any given line item in the Budget for a particular week will carry
forward and can be used in later weeks, and any amounts budgeted
for a given line item in particular week may be spent at an earlier
time provided the total amount spent for such line time does not
exceed the total amount budgeted for that line item with the 15%
variance.

Wells Fargo will receive a replacement lien in the Debtor's
post-petition revenues, in and to the same extent, validity, and
priority as any duly perfected and unavoidable lien in the Debtor's
cash held by Wells Fargo as of the Petition Date, limited to the
amount of any cash collateral as of the Petition Date and to the
extent cash collateral is actually used by the Debtor.

The Debtor will also prepare, on a weekly basis, a report for the
immediate preceding week of: (a) the daily occupancy percentage;
(b) the daily average room rate; (c) the gross income, expenses,
and net income for such week; and (d) any loans or contributions
from any third party during such week. The Weekly Report will be
provided to any party in interest who requests it from Debtor's
bankruptcy counsel.

Wells Fargo, as trustee for Mortgage Stanley Capital Trust
2015-UBS8, Commercial Mortgage Pass-Through Certificates, Series
2015-UBS8, asserts a lien to secure a loan in the outstanding
principal amount of approximately $16.4 million.  The Real Property
and Hotel were purchased by the Debtors in 2015 for $23.4 million.
Within the last year, and as recently as July 2020, the Debtors
received multiple offers to purchase the Real Property and Hotel,
including one for $25 million. However, Wells Fargo noticed a
default in April 2020 (i.e., in the midst of the pandemic and the
resulting government "shelter-in-place" orders), and, in July 2020,
Well Fargo commenced suit, seeking the appointment of a receiver to
liquidate the Real Property and Hotel for its benefit.

The Debtors said Wells Fargo is seeking a windfall by overstating
the amount owed by millions.  The Debtors also said Wells Fargo is
in possession of estate funds that must be turned over.  Wells
Fargo is holding a cash reserve in the amount of $1.357 million
(the "FF&E Reserve"). The FF&E Reserve has been funded on a monthly
basis from Golden Hotel's revenues and, as such, constitutes estate
property. The FF&E Reserve was designed for improvements and
renovations of the Hotel, but Wells Fargo has been unwilling to
disburse the reserves to reimburse Golden Hotel.

A continued hearing on the matter is scheduled for January 7 at
10:00 a.m.

               About Golden Hotel LLC

Golden Hotel is a privately held company in the traveler
accommodation industry.  Golden Capital is primarily engaged in
renting and leasing real estate properties.

Golden Hotel LLC and Golden Capital Venture LLC concurrently filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. C.D. Cal. Case Nos. 20-12636 and 20-12637,
respectively) on September 21, 2020. The petitions were signed by
Hieu M. Bui, manager. At the time of filing, the Debtors estimated
$10 million to $50 million in both assets and liabilities.

Judge Scott C. Clarkson oversees the case.

Lei Lei wang Ekvall, Esq. at SMILEY WANG-EKVALL, LLP represents the
Debtor as counsel.

On December 21, 2020, the Debtors filed their Joint Chapter 11 Plan
of Reorganization and explanatory Disclosure Statement.


GTT COMMUNICATIONS: S&P Lowers ICR to 'CCC' on Narrowing Liquidity
------------------------------------------------------------------
S&P Global Ratings lowered all of its ratings on U.S.-based
internet protocol (IP) network operator GTT Communications Inc.
(GTT) by one notch, including its issuer credit rating, to 'CCC'
from 'CCC+', to reflect the increased likelihood of a default or
distressed exchange over the next year.

The ratings remain on CreditWatch negative, where they were placed
on Aug. 11, 2020. S&P expects to resolve the CreditWatch placement
over the next couple weeks. Resolution will depend on GTT's ability
to obtain short-term financing to shore up its liquidity position
and obtain an extension on its forbearance agreement.

S&P said, "The downgrade reflects our view that GTT's near-term
liquidity position is deteriorating. The company has no
availability under its revolving credit facility and we believe it
needs to obtain additional liquidity by Dec. 31, 2020, to bridge
the gap until the $2.15 billion sale of its infrastructure division
to I Squared Capital closes. Furthermore, GTT's forbearance
agreement with lenders is set to expire by Dec. 28, 2020, and it is
unclear whether lenders will be willing to grant the company an
extension. Although we believe GTT is better-positioned to obtain
some form of near-term bridge financing given the sizable sale of
its infrastructure division, we recognize that unsecured
bondholders have fewer incentives than first-lien lenders to agree
to a super-senior loan facility. Even if GTT obtains bridge
financing prior to receiving asset sale proceeds, we believe there
is greater likelihood that the company may also pursue a distressed
exchange or restructuring to address pro forma debt levels, given
uncertainty regarding the actual level of EBITDA as a result of the
accounting issues."

"We expect to resolve the CreditWatch placement over the next
couple weeks. Resolution will depend on GTT's ability to both
obtain short-term financing to shore up its liquidity position and
obtain an extension on its forbearance agreement."

"We could lower the ratings by at least one notch if we believe GTT
is unlikely to obtain bridge financing, which could occur if the
company's existing lender group does not give them consent to put
in place a super-senior loan facility. In addition, we could lower
the rating if we believe a default or restructuring is likely
within the next six months."

"Conversely, we could affirm our rating on GTT if it obtains
near-term bridge financing. However, an upgrade would be predicated
on the belief that the company would not pursue any sort of
restructuring that we would view as tantamount to a default."


HERTZ CORP: Feb. 24 Auction of All Assets of Donlen Entities
------------------------------------------------------------
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District
of Delaware authorized the bidding procedures proposed by The Hertz
Corp. and its affiliate in connection with the sale of
substantially all of the assets of Donlen Corp. and its Debtor
subsidiaries to Freedom Acquirer, LLC for $825 million, plus
closing adjustments based on a working capital, fleet equity and
assumed indebtedness, subject to overbid.

Within five business days after the entry of the Bidding Procedures
Order, or as soon thereafter as practicable, the Debtors (or their
agents) will serve the Stalking Horse SAPA, the Bidding Procedures
Order and the Bidding Procedures, upon the Interested Parties.

On the Mailing Date or as soon as practicable thereafter, the
Debtors (or their agents) will serve the Sale Notice upon the Sale
Notice Parties.  

As soon as possible after the conclusion of the Auction the Debtors
will file a notice identifying any Successful Bidder and Back-Up
Bidder, a copy of the Successful Bid and Back-Up Bid and the
deadline for objecting to the assumption and assignment of the
Assigned Contracts (if the Stalking Horse Bidder is not the
Successful Bidder) and the date and time of the Sale Hearing.

The Termination Fee is approved in the amount of $23.75 million and
will be paid to the Stalking Horse Bidder on the terms and
conditions set forth in the Stalking Horse SAPA and other relevant
provisions of the Stalking Horse SAPA.  The Buyer Expense Payment
Amount, the Option Fee, and the Catch-Up Fee set forth in the
Stalking Horse SAPA are approved and will be paid to the Stalking
Horse Bidder on the terms and conditions set forth in the Stalking
Horse SAPA.

The Donlen Debtors are authorized to pay the Buyer Expense Payment
Amount, the Termination Fee, the Option Fee, and the Catch-Up Fee
pursuant to and subject to the terms and conditions set forth in
the Stalking Horse SAPA.  Upon entry of the Order, the Termination
Fee, the Buyer Expense Payment Amount, the Option Fee, and the
Catch-Up Fee will constitute an administrative expense of the
Donlen Debtors with priority over any and all administrative
expenses, and senior to all other superpriority administrative
expenses in the cases of such Donlen Debtors.

If the Termination Fee becomes payable pursuant to Section 7.14 of
the Stalking Horse SAPA, such payments (along with the Buyer
Expense Payment Amount and return of the Deposit) will be the sole
and exclusive remedy of the Stalking Horse Bidder against the
Donlen Debtors and their respective Affiliates, Representatives,
creditors or shareholders with respect to the Stalking Horse SAPA
and the Sale Transaction (including the termination and any breach
of the Stalking Horse SAPA).

In the event the Buyer Expense Payment Amount becomes due and
payable pursuant to the terms of the Stalking Horse SAPA and the
Stalking Horse Bidder asks payment of any such amount from the
Donlen Debtors, the Stalking Horse Bidder will provide summary
documentation for such Buyer Expense Payment Amount to the Debtors,
the Committee, and the U.S. Trustee.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: Feb. 22, 2021 at 4:00 p.m. (ET)

     b. Initial Bid: A Bid must propose a purchase price, including
any assumption of liabilities and any earnout or similar
provisions, that in Hertz' reasonable business judgment, in
consultation with the Consultation Parties, has a value greater
than the sum of (i) the Purchase Price plus (ii) $31.25 million on
account of the maximum combined Termination Fee and the Buyer
Expense Payment Amount payable under the Stalking Horse SAPA plus
(iii) the Assumed Liabilities plus (iv) $2.5 million.

     c. Deposit: 10% of the purchase price contained in the
Modified SAPA

     d. Auction: The Auction will take place on Feb. 24, 2021 at
10:30 a.m. (ET) in a virtual room hosted by the Debtors' counsel,
or such other place and time as the Debtors will notify all
Qualified Bidders, including the Stalking Horse Bidder and its
counsel, and the Consultation Parties.

     e. Bid Increments: $2.5 million

     f. Sale Hearing: March 1, 2021 at 12:30 p.m. (ET)

     g. Sale Objection Deadline: Feb. 22, 2021 at 4:00 p.m. (ET)

     h. Closing: May 25, 2021

For the avoidance of doubt, pursuant to the Bidding Procedures, the
Stalking Horse SAPA will be deemed a Qualified Bid in all respects,
the Stalking Horse Bidder will be deemed a Qualified Bidder, and
the Stalking Horse Bidder will not be required to provide
additional information or due diligence access to the Debtors to
participate in the Auction.  

Nothing in the Order will limit the rights of (i) holders of
secured claims to credit bid or (ii) any party in interest to
object to any such credit bid on any grounds, and all such rights
are reserved.

Except as set forth in the Stalking Horse SAPA, the Donlen Assets
or any other assets of the Donlen Debtors sold pursuant to the
Bidding Procedures will be conveyed at Closing in their
then-present condition, "as is, with all faults, and without any
warranty whatsoever, express or implied."

The Assumption and Assignment Procedures, and the Assumption and
Assignment Notice are approved.

On Dec. 28, 2020, the Debtors will file with the Court and serve on
each party to an Assigned Contract the Initial Assumption Notice.

The Debtors may file a Supplemental Assumption Notice with respect
to additional Assigned Contracts or remove Assigned Contracts that
were included on previously filed Assumption and Assignment Notice
until the date that is five Business Days prior to the Sale
Hearing.  The objection deadline with respect to any such
Supplemental Assumption Notice will be 14 days after service of the
Supplemental Assumption Notice.

Upon Adequate Assurance Information Request, the Adequate Assurance
Information may be provided to such counterparty on a confidential
basis.

The Cure Objection Deadline is (i) 21 calendar days following the
service thereof, with respect to the Initial Assumption Notice, or
(ii) 14 calendar days following the service of the Assumption and
Assignment Notice, with respect to a Supplemental Assumption
Notice.

To the extent that a non-Debtor counterparty to an Assigned
Contract was not provided with an Assumption and Assignment Notice,
the Debtors will notify the Successful Bidder within three Business
Days. The counterparties will have 14 calendar days from service
thereof to object to the Cure Amount or the assumption and
assignment.

The Debtors are authorized to enter into the Stalking Horse SAPA,
subject to higher and better Qualified Bids in accordance with the
terms and procedures of the Bidding Procedures.  Any obligations of
the Debtors set forth in the Stalking Horse SAPA that are intended
to be performed prior to the Sale Hearing and/or entry of the Sale
Order are authorized.

Notwithstanding the possible applicability of Bankruptcy Rules
6004(h), 6006(d), 7052, 9014 or otherwise, the terms and conditions
of the Order will be immediately effective and enforceable upon its
entry.

A copy of the Bidding Procedures is available at
https://bit.ly/3p7sckn from PacerMonitor.com free of charge.

                       About Hertz Corp.

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

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

Judge Mary F. Walrath oversees the cases.  The Debtors have tapped
White & Case LLP as their bankruptcy counsel, Richards, Layton &
Finger, P.A. as local counsel, Moelis & Co. as investment banker,
and FTI Consulting as financial advisor. The Debtors also retained
the services of Boston Consulting Group to assist the Debtors in
the development of their business plan. Prime Clerk LLC is the
claims agent.

The U.S. Trustee for Regions 3 and 9 appointed a Committee to
represent unsecured creditors in Debtors' Chapter 11 cases.  The
Committee has tapped Kramer Levin Naftalis & Frankel LLP as its
bankruptcy counsel, Benesch Friedlander Coplan & Aronoff LLP as
Delaware counsel, UBS Securities LLC as investment banker, and
Berkeley Research Group, LLC as financial advisor.  Ernst & Young
LLP provides audit and tax services to the Committee.


HUNT COS: S&P Affirms 'BB-' ICR; Outlook Negative
-------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer credit and secured
debt ratings on Hunt Cos. Inc. The outlook remains negative.

The rating agency also revised the recovery rating on the senior
secured notes to '3' (50%-70%, rounded 60% recovery expectation)
from '4' (30%-50%, rounded 40% recovery expectation).

S&P said, "We completed our review of Hunt under our investment
holding company criteria. We have lowered our assessment of Hunt's
business risk profile and improved our assessment of its financial
risk profile. That said, the company's issuer credit and secured
debt ratings were unaffected by the reassessment of the business
and financial risk profiles."

"Hunt has an illiquid portfolio, concentration in cyclical real
estate assets, and limited geographical footprint. Most of the
company's portfolio is composed of unlisted assets, which, in our
view, limits its ability to monetize investments quickly and repay
debt at the parent in the event of distress and caps our assessment
of asset liquidity. Furthermore, we view the company's real estate
concentrations as somewhat weighing down Hunt's average credit
quality. Nearly all of the investee companies operate within the
U.S., limiting geographic diversification."

"That said, we view the investee companies as adequately
diversified across sectors (real estate investment management,
asset managers, homebuilders and developers, engineering and
construction, and unregulated utility services). Moreover, Hunt's
largest investment (Amber Infrastructure) accounts for about 16% of
total investments, and the top three investments are nearly 31% of
total investments as of Sept. 30, 2020, which we do not view as
meaningful concentration. The company has a good long-term track
record of investments with a consistent investment strategy. Hunt
also has a solid market position in public-private partnership
projects, as evidenced by its long history of working with the U.S.
government on military housing and low-income housing projects."

"The negative outlook reflects our expectation that Hunt will
sustain an LTV ratio close to 30% during the next 12 months. Our
outlook also is based on our expectation that Hunt's portfolio
quality, liquidity, and diversification will remain relatively
unchanged during the next 12 months."

"We could lower the ratings if the LTV ratio rises above 30% on a
sustained basis, if cash flow adequacy drops below 0.7x, or if the
company's liquidity significantly deteriorates."

"We view an upgrade over the next 12 months as unlikely. That said,
we could revise the outlook to stable if the company's LTV ratio
remains comfortably below 30% during the next 12 months while cash
flow adequacy remains above 0.7x and the liquidity profile remains
relatively unchanged."


IDEANOMICS INC: Enters Into $25M Convertible Debenture with YA II
-----------------------------------------------------------------
Ideanomics, Inc. entered into a convertible debenture, dated Dec.
14, 2020, with YA II PN, Ltd. with a principal amount of
$25,000,000.  The Note has a fixed conversion price of $1.93.  The
Conversion Price is not subject to adjustment except for
subdivisions or combinations of common stock.  The Principal and
the interest payable under the Note will mature on June 14, 2021,
unless earlier converted or redeemed by the Company.  At any time
before the Maturity Date, the Investor may convert the Note at
their option into shares of Company common stock at a fixed
conversion price of $1.93.  The Company has the right, but not the
obligation, to redeem a portion or all amounts outstanding under
this Note prior to the Maturity Date at a cash redemption price
equal to the Principal to be redeemed, plus accrued and unpaid
interest, if any; provided that the Company provides Investor with
at least 15 business days' prior written notice of its desire to
exercise an Optional Redemption and the volume weighted average
price of the Company's common stock over the 10 Business Days'
immediately prior to such redemption notice is less than the
Conversion Price.  The Investor may convert all or any part of the
Note after receiving a redemption notice, in which case the
redemption amount shall be reduced by the amount so converted. No
public market currently exists for the Note, and the Company does
not intend to apply to list the Note on any securities exchange or
for quotation on any inter-dealer quotation system.  The Note
contains customary events of default, indemnification obligations
of the Company and other obligations and rights of the parties.

The Note was offered pursuant to the Company's effective
registration statement on Form S-3 (Registration Statement No.
333-239371) previously filed with the Securities and Exchange
Commission and a prospectus supplement thereunder.  A prospectus
supplement relating to the offering of the securities has been
filed with the SEC and is available on the SEC's website at
http://www.sec.gov.

                             About Ideanomics

Headquartered in New York, NY, with offices in Beijing and Qingdao,
China, Ideanomics is a global company focused on facilitating the
adoption of commercial electric vehicles and developing next
generation financial services and Fintech products.  Its electric
vehicle division, Mobile Energy Global (MEG) provides group
purchasing discounts on commercial electric vehicles, EV batteries
and electricity as well as financing and charging solutions.
Ideanomics Capital includes DBOT ATS and Intelligenta which
provide
innovative financial services solutions powered by AI and
blockchain.  MEG and Ideanomics Capital provide its global
customers and partners with better efficiencies and technologies
and greater access to global markets.

Ideanomics reported a net loss of $96.83 million for the year ended
Dec. 31, 2019, compared to a net loss of $28.42 million for the
year ended Dec. 31, 2018.  As of Sept. 30, 2020, the Company had
$138.46 million in total assets, $49.33 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, $7.37 million in redeemable non-controlling interest, and
$80.50 million in total equity.

B F Borgers CPA PC, in Lakewood, Colorado, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 16, 2020, citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.


INTELSAT SA: Court Approves $19 Million Executive Bonuses
---------------------------------------------------------
Steven Church of Bloomberg News reports that bankrupt Intelsat SA
can pay eight top executives as much as $19 million in bonuses for
guiding the satellite company through court supervision, a federal
judge said Monday, December 21, 2020.

U.S. Bankruptcy Judge Keith L. Phillips overruled an objection by
the Office of the U.S. Trustee, the bankruptcy watchdog for the
federal government, which argued that some of the financial targets
executives musts hit next year to get the bonuses are easier to
achieve than they were this 2020.

"It is challenging in today's times to fashion something that is
based on historical data," Phillips said during the hearing.

                        About Intelsat SA

Based in Luxembourg, Intelsat S.A. operates as a satellite services
company that provides diversified communications services to the
media companies, fixed and wireless telecommunications operators,
and data networking service providers for enterprise and mobile
applications, multinational corporations, and Internet service
providers.





JIM'S DISPOSAL: Seeks to Hire Zimmer Real Estate as Broker
----------------------------------------------------------
Jim's Disposal Service, LLC, seeks approval from the U.S.
Bankruptcy Court for the Western District of Missouri to hire
Zimmer Real Estate Services, L.C., as its real estate broker.

The Debtor needs the services of a broker to sell a real property
located at 3738 Gardner Avenue, Kansas City, Mo.

Zimmer will get a 6 percent commission on the sale price.

Zimmer does not represent interests materially adverse to the
Debtor and its estate on matters upon which the firm is to be
employed, according to court filings.

The firm can be reached through:

     David J. Zimmer
     Zimmer Real Estate Services, L.C.
     1220 Washington Street, Suite 300
     Kansas City, MO 64105
     Tel: 816.474.2000
     Direct: 816.512.1001
     Mobile: 816.223.4555
     Fax:  816.421.6666
     E-mail: dzimmer@ngzimmer.com

                   About Jim's Disposal Service

Jim's Disposal Service, LLC, a company that specializes in
residential waste solutions, filed a Chapter 11 petition (Bankr.
W.D. Mo. Case No. 20-40050) on Jan. 6, 2020.  At the time of the
filing, Debtor was estimated to have less than $50,000 in assets
and $1 million to $10 million in liabilities.  Judge Brian T.
Fenimore oversees the case.  Larry A. Pittman, II, Esq., and Robert
Baran, Esq., at Mann Conroy, LLC, are Debtors' bankruptcy
attorneys.


JOSEPH PORADA: Compensation for Rathje & Woodward Partly Allowed
----------------------------------------------------------------
In the case captioned In re: JOSEPH J PORADA, JR., Chapter 11,
Debtor, Case No. 17bk36268 (Bankr. N.D. Ill.), Judge Timothy A.
Barnes of the United States Bankruptcy Court for the Northern
District of Illinois, Eastern Division, partly awarded to Rathje &
Woodward, LLC, special counsel for Joseph J. Porada, Jr., allowance
and payment of interim compensation and reimbursement of expenses.

The total fees requested was for $63,543.00 and the total costs
requested was for $72.55. However, the total fees were reduced by
$1,001.00 broken down as follows:

(1) Lumping – TOTAL of disallowed amounts (10% of affected
entries): $871.00

Judge Barnes imposed a ten percent penalty on time and expense
entries that appear to be "lumping." The judge explained that
"Applicants may not circumvent the minimum time requirement or any
of the requirements of detail by "lumping" a bunch of activities
into a single entry. Each type of service should be listed with the
corresponding specific time allotment."

(2) Unreasonable Time – TOTAL of disallowed amounts: $130.00

Judge Barnes also denied the allowance in part of compensation for
the indicated task(s) since the professional or paraprofessional
expended an unreasonable amount of time on the tasks in light of
the nature of the tasks, the experience and knowledge of the
professional performing the tasks, and the amount of time
previously expended by the professional or another on the tasks.

As to the time devoted to the preparation of the fee application
itself, Judge Barnes denied the allowance of compensation that is
disproportionate to the total hours in the main case.

A full-text copy of Judge Barnes' findings of fact and conclusions
of law dated December 14, 2020 is available at
https://tinyurl.com/ydapsukq from Leagle.com.

                    About Joseph J. Porada, Jr.

Joseph J. Porada Jr. filed for chapter 11 bankruptcy protection
(Bankr. N.D. Ill. Case No. 16-36268) on Dec. 6, 2017.


KD BELLE TERRE: $6.23M Sale of Shopping Center to MH&JD Okayed
--------------------------------------------------------------
Judge Douglas D. Dodd of the U.S. Bankruptcy Court for the Middle
District of Louisiana authorized KD Belle Terre, L.L.C.'s private
sale of the immovable property located at 140-164 Belle Terre
Boulevard, Laplace, Louisiana to MH&JD Belle Terre Marketplace, LLC
for $6.225 million.

The sale is free and clear of all Liens and Claims of any kind or
nature, including, but not limited to:

     a. Multiple Indebtedness Mortgage, Pledge of Leases and Rents
and Security Agreement effective Dec. 27, 2018, and recorded on
Jan. 2, 2019 as Instrument Number 362912-MO in the official records
of St. John the Baptist Parish, State of Louisiana, which Mortgage
granted DCR Mortgage 7 Sub 1, LLC, a valid first priority,
mortgage, lien, and security interest on the Property and other
rights related thereto, including without limitation proceeds,
leases, rents, profits, deposits, proceeds, accounts, inventory,
equipment, and fixtures, all as is more fully detailed in the
Mortgage.

     b. UCC-1 Financing Statement in favor of DCR Mortgage,
recorded on Jan. 2, 2019 as Instrument Number 362913-MO and
48000830556-UC in the official records of St. John the Baptist
Parish, State of Louisiana ("UCC").

The Immovable Property will not be transferred free and clear of
all Liens and Claims of any kind or nature, including, but not
limited to the Easements and Leases.

The Mortgage and UCC of DCR Mortgage will attach only to $5.8
million of the proceeds of the sale of the Immovable Property as a
valid first priority, mortgage, lien, and security interest.  The
$5.8 million due and payable to DCR will be distributed to DCR at
the closing of the sale of the Immovable Property.

The valid first priority, mortgage, lien and security interest
created by the Mortgage and the UCC will continue to attach to any
rents collected prior to the closing date and other property,
excluding the Immovable Property, to which such Mortgage and UCC
were meant to attach.

Following the sale of the Immovable Property as set forth, the
Clerk and Recorder of Mortgages and/or Clerk of Court of St. John
the Baptist Parish, LA and/or other public officials are authorized
and directed to cancel and release the Immovable Property from the
effect of all Liens and Claims shown in the public records only
insofar as they attach to the Immovable Property.

The real estate taxes related to the Property for the year 2020
will be prorated between the Debtor's estate and Purchaser through
the date of closing of the sale.

All previous years accrued and unpaid real estate taxes and any
accrued and unpaid real estate taxes that are related to the
Immovable Property will be paid from the sale proceeds by the
Debtor's estate at closing, and the closing agent is authorized to
make payment of same at the closing of the sale of the Immovable
Property, as well as any other closing costs paid by sellers of
immovable property, including cancellation charges, recordation
charges and other closing costs, if any.

The Purchaser will be responsible for all real estate taxes related
to the Immovable Property that accrue on or after the date of
closing of the sale.

NAI Latter & Blum Property Management, Inc.'s professional services
as keeper and/or property manager will be terminated on the closing
date of the sale.

The Sale Order will be effective immediately and executory upon
entry on the docket of the case, and that the 14-day stay provided
by Fed. R. Bankr. P. 6004(h) will be abrogated and waived by the
Sale Order, to allow the Debtor and the Purchaser immediately to
effectuate the closing and transfers contemplated by and within the
Sale Motion and the Sale Order.

Unless the Sale Order will be stayed by means of an order issued by
a court with authority to stay the effectiveness of the Sale Order,
the closing of the sale will be concluded within the deadline
established by the parties.

The sale will be "as is," without any warranty of any kind or
nature even as to title and/or return of all or any part of the
purchase price.

                   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.


KRANOS CORP: Schutt Sports Owner Pursues Chapter 7 Liquidation
--------------------------------------------------------------
Law360 reports that an umbrella company to Schutt Sports, a leading
producer of football helmets, faceguards and other sports safety
equipment, opened a Chapter 7 liquidation case along with 10
affiliates in Delaware late Friday, December 185, 2020 listing more
than $58 million in liabilities and $1.2 million in sports
equipment assets.

Privately held Kranos Corp. , which has identified itself in court
documents as Schutt and is led by Schutt's longtime CEO, had not
yet provided full details on its plans for the case by midday on
Monday. Neither Schutt nor the attorney for the bankruptcy
responded to questions Monday, December 21, 2020.

                         About Kranos Corp.

Kranos Corporation is located in Litchfield, IL, United States and
is part of the sporting goods manufacturing industry.  The company
manufactures different football equipment.

Kranos Corporation filed a Chapter 7 bankruptcy petition (Bankr. D.
Del. Case No. 20-13144) on Dec. 18, 2020.  Kranos disclosed $1.22
million in assets and $58.34 million in liabilities in its
schedules.

Affiliates that also sought Chapter 7 bankruptcy are Man in the
Arena, Inc., Kranos Holding Corporation, Kranos Intermediate
Holding Corporation, Kranos Acquisition Corporation, Kranos
Corporation, Kranos RE Corporation, Kranos IP Corporation, Kranos
IP II Corporation, Kranos IP III Corporation, Kranos Diamond
Sports, Inc., and Field to Field, Inc.

The Debtors' counsel:

         David M. Klauder
         Bielli & Klauder, LLC
         Tel: 302-803-4600
         E-mail: dklauder@bk-legal.com




LIGHTHOUSE RESOURCES: Unsecureds Get Interest in Reclamation Trust
------------------------------------------------------------------
Lighthouse Resources Inc. and its Debtor Affiliates filed with the
U.S. Bankruptcy Court for the District of Delaware a Chapter 11
Plan of Reorganization and a Disclosure Statement on Dec. 11,
2020.

The Plan and the Disclosure Statement are the result of extensive
negotiations among the Debtors and the Senior Secured Lenders,
which collectively hold approximately $256,023,553 in prepetition
secured debt, and the Sureties, which hold approximately
$182,043,734 in surety/bonding obligations.  The culmination of
such negotiations was the entry into the Restructuring Support
Agreement.

The Plan contemplates that the Debtors' assets will be transferred
to the Reclamation Trust Entity that will be responsible for
reclaiming the Decker Mine in accordance with a reclamation plan
agreed to by the Debtors, Senior Secured Lenders, and the Sureties,
and for which all applicable regulatory and/or third-party
approvals have been obtained, and performing the reclamation
obligations at the Black Butte Mine associated with the ownership
interest in the Black Butte JV, and otherwise monetizing the assets
of the Debtors' business and operations in a value-maximizing,
controlled and efficient manner. Upon consummation of the Plan,
Debtor Lighthouse will be wholly owned by the Reclamation Trust
Entity. On the Effective Date, the Reclamation Trust Entity will be
funded with the Initial Wind Down Funding Amount and will be
governed by the Reclamation Trust Entity Board pursuant to the
terms of the Reclamation Trust Entity Agreement.

In principal, the Restructuring Support Agreement provides that
after the filing of these chapter 11 cases the Debtors will work
toward a chapter 11 plan, which upon confirmation and its effective
date, only LHR Coal and its subsidiaries will survive, and the LHR
Coal Entities' membership interests and assets will vest in a
reclamation trust (the "Trust") to satisfy the reclamation and
environmental obligations at the Decker Mine.

The Trust will establish a Decker Reclamation Plan to be approved
by the State of Montana. The Decker Reclamation Plan will be
administered by the Trust and will be funded by a sinking fund
("Sinking Fund"). The Sinking Fund will be funded by any remaining
collateral held by the Sureties, portions of distributions KCP
receives from Black Butte, and certain proceeds from the sale of
the LHR Coal Entities' assets following plan confirmation, as set
forth in the Restructuring Support Agreement.

In consideration for providing the use of their collateral to the
Trust, the Senior Secured Lenders will receive distributions from
the Trust.  The general unsecured creditors of Lighthouse and the
LHR Coal Entities will also receive pro rata distributions from the
Trust in accordance with the RSA and, ultimately, any chapter 11
plan and Trust documents.  Any funds remaining in the Sinking Fund
will be reserved to pay KCP's share of the Black Butte reclamation
costs when it ceases operation, in accordance with the
Restructuring Support Agreement.

To summarize, the Plan provides that:

  * All Allowed Administrative Claims, Allowed Fee Claims, Allowed
Priority Tax Claims, and Allowed Priority Non-Tax Claims will be
paid in full in Cash;

  * Allowed Other Secured Claims shall receive, at the option of
the Debtors and with the consent of the Consenting Stakeholders (i)
payment in full in Cash, (ii) reinstatement pursuant to Bankruptcy
Code section 1124, or (iii) such other recovery as may be necessary
to satisfy Bankruptcy Code section 1129;

  * Holders of Allowed General Unsecured Claims shall receive, in
full and final satisfaction, settlement, and release, and in
exchange for, each Allowed General Unsecured Claim, to the extent
such holder's Claim has not been previously paid in the ordinary
course of business pursuant to an order of the Court, or otherwise,
a pro rata Class B Reclamation Trust Entity Interest.  Any payment
of a General Unsecured Claim is subject to the rights of the
Debtors and, after the Effective Date, the Reclamation Trust Entity
to dispute such Claim, in the case of a General Unsecured Claim as
to which no proof of Claim has been filed, as if the Chapter 11
Cases had not been commenced in accordance with applicable
nonbankruptcy law, and, in the case of a General Unsecured Claim as
to which a proof of Claim has been filed, in accordance with
applicable law, including Section 502 of the Bankruptcy Code;

  * Holders of Allowed Lighthouse Equity Interests shall be
cancelled and of no further force and effect on the Effective
Date.

The Disclosure Statement still has blanks as to the projected
percentage recoveries for Class 3 Senior Secured Claims, Class 4
Surety Claims and Class 6 General Unsecured Claims.

A full-text copy of the disclosure statement dated Dec. 11, 2020,
is available at https://bit.ly/3rper2L from PacerMonitor at no
charge.

Proposed Co-counsel to the Debtors:

         JACKSON KELLY PLLC
         Mary Elisabeth Naumann
         Chacey Malhouitre
         JACKSON KELLY PLLC
         100 West Main Street, Suite 700
         Lexington, KY 40507
         Telephone: 859.255.9500
         Email: mnaumann@jacksonkelly.com
                chacey.malhouitre@jacksonkelly.com

         Elizabeth Amandus Baker
         500 Lee Street East, Suite 1600
         Charleston, WV 25301
         Telephone: 304.340.1000
         Email: elizabeth.baker@jacksonkelly.com

         POTTER ANDERSON & CORROON LLP
         L. Katherine Good
         Aaron H. Stulman
         1313 N. Market Street, 6th Floor
         Wilmington, DE 19801-6108
         Telephone: 302.984.6000
         Facsimile: 302.658.1192
         Email: kgood@potteranderson.com
                astulman@potteranderson.com

                  About Lighthouse Resources

Lighthouse Resources Inc., is an owner and operates two coal mines
located in Wyoming and Montana, delivering low sulfur,
subbituminous coal to both domestic and export customers. It also
owns and operates the Millennium Bulk Terminal in Longview,
Washington. The Company is widely recognized for its extraordinary
performance in both safety and environmental stewardship. Its
flagship project is the development of a trade route for coal from
the Rocky Mountain region of the United States to demand centers in
Asia.

Utah-based Lighthouse Resources and 13 subsidiaries, including
Decker Coal Company, filed for Chapter 11 bankruptcy protection
(Bankr. D. Del. Case No. 20-13056) on Dec. 3, 2020.

Lighthouse Resources was estimated to have $100 million to $500
million in assets and liabilities as of the filing.

The Debtors tapped JACKSON KELLY PLLC as general bankruptcy counsel
and BDO USA LLP as restructuring advisor.  POTTER ANDERSON &
CORROON LLP is the local bankruptcy counsel.  LANG LASALLE
AMERICAS, INC., is the marketer and seller of assets related to the
dock facility owned by Millennium Bulk Terminals-Longview, LLC.
ENERGY VENTURES ANALYSIS is the marketer and seller of Debtors'
coal mining assets.  STRETTO is the claims agent.


MALLINCKRODT PLC: Opioid Committee Retains Canadian Counsel
-----------------------------------------------------------
The official committee representing opioid claimants of
Mallinckrodt plc and its affiliates seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to retain Cassels
Brock & Blackwell LLP as its Canadian counsel.

The firm will provide these services:

     (a) Advise the committee in connection with the CCAA
recognition proceedings pending before the Ontario Superior Court
of Justice, including enforcement of the bankruptcy court's orders
in Canada, application of comity, and coordination of cross-border
issues;

     (b) Appear in the Canadian court, in connection with the
recognition proceedings;

     (c) Assist with claims analysis, including advising on claims
based on Canadian legal principles;

     (d) Evaluate, analyze and report on any litigation in Canada
and any related applications;

     (e) Prepare legal papers, if any;

     (f) Evaluate any Canadian issues that may arise in connection
with the evaluation, negotiation or implementation of any plan of
reorganization; and

     (g) Advise regarding intersection of Canadian insolvency,
corporate law or other Canadian legal issues on cross-border
matters.

The hourly rates charged by the firm's attorneys and
paraprofessionals are:

                                 2020            2021
                              ----------      ----------
     Partners                 $600 - $1,050   $600 - $1,100
     Associates               $375 - $595     $380 - $605
     Paraprofessionals        $190 - $450     $195 - $460

The attorneys expected to provide the services are:

                                    2020            2021
                                 ----------      ----------
     Ryan Jacobs, Partner        $1,000          $1,100
     John N. Birch, Partner      $875            $895
     Natalie E. Levine, Partner  $685            $700
     Sophie Moher, Associate     $450            $505
     Kieran May Associate        $375            $380

Ryan Jacobs, Esq., at Cassels Brock, disclosed in court filings
that the firm does not have an interest materially adverse to the
interests of the Debtors' estates, creditors and equity security
holders.

Mr. Jacobs also made the following disclosures in response to the
request for additional information set forth in Section D.1 of the
Revised U.S. Trustee Guidelines:

     (a) Cassels Brock did not agree to any variations from, or
alternatives to, its standard or customary billing arrangements for
this engagement;

     (b) No rate for any of the professionals included in this
engagement varies based on the geographic location of the
bankruptcy case;

     (c) Cassels Brock did not represent any member of the
committee in connection with the Debtors' Chapter 11 cases or the
recognition proceedings prior to its retention by the committee;

     (d) Cassels Brock expects to develop a prospective budget and
staffing plan to comply reasonably with the U.S. Trustee's request
for information and additional disclosures, as to which the firm
reserves all rights; and

     (e) The committee has approved Cassels Brock's proposed hourly
billing rates.

Cassels Brock can be reached through:

     Ryan C. Jacobs, Esq.
     Cassels Brock & Blackwell LLP
     40 King Street West
     Toronto, Ontario Canada M5H 3C2
     Tel: 416 860 6465
     Fax: 416 640 3189
     E-mail: rjacobs@cassels.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.

The official committee of unsecured creditors retained Cooley LLP
as its legal counsel, Robinson & Cole LLP as co-counsel, and Dundon
Advisers LLC as its financial advisor.

On Oct. 27, 2020, the Office of the United States Trustee for
Region 3 appointed an 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: Opioid Committee Taps Akin Gump as Legal Counsel
------------------------------------------------------------------
The official committee representing opioid claimants of
Mallinckrodt plc and its affiliates seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to hire Akin Gump
Strauss Hauer & Feld LLP as its legal counsel.

The firm will provide services in connection with the Debtors'
Chapter 11 cases, which include:  

     (a) advising the committee with respect to its rights, duties
and powers in the cases;

     (b) assisting the committee in its consultations and
negotiations with the Debtors;

     (c) assisting the committee in analyzing the claims of
creditors and the Debtors' capital structure and in negotiating
with holders of claims and equity interests;

     (d) assisting the committee in investigating and conducting
diligence with respect to the acts, conduct, assets, liabilities
and financial condition of the Debtors and their insiders and the
operation of the Debtors' businesses;

     (e) assisting the committee in negotiating with the Debtors
and third parties concerning matters related to, among other
things, asset dispositions, financing transactions and the terms of
one or more plans of reorganization for the Debtors and
accompanying disclosure statements and related plan documents;

     (f) assisting the committee as to its communications to and
with the general body of opioid claimants and other creditor
constituents regarding significant matters in the cases;

     (g) representing the committee at all hearings and other
proceedings before the court;

     (h) analyzing applications, orders, statements of operations
and schedules filed with the court and advising the committee as to
their propriety and, to the extent deemed appropriate by the
committee, support, join or object thereto;

     (i) advising the committee with respect to any legislative,
regulatory or governmental activities;

     (j) assisting the committee in preparing pleadings and
applications;

     (k) assisting the committee in reviewing and analyzing all of
the Debtors' various agreements;

     (l) investigating and analyzing any claims against the
Debtors' equity holders, non-debtor affiliates and other related
parties; and

     (m) performing other legal services related to the cases.

The hourly rates charged by the firm's attorneys and
paraprofessionals are:

                                 2020            2021
                              ----------      ----------
     Partners                 $995 – $1,835   $1,035 – $1,995
     Senior Counsel/Counsel   $735 – $1,510   $780 – $1,595
     Associates               $390 – $1,070   $555 – $1,145
     Paraprofessionals        $215 – $455     $230 – $550
  
The attorneys expected to provide the services are:

                                 2020            2021
                              ----------      ----------
     Arik Preis               $1,595          $1,655
     Mitchell Hurley          $1,595          $1,655
     Sara Brauner             $1,225          $1,265
     Roxanne Tizravesh        $1,195          $1,240
     Edan Lisovicz            $975            $1,045
     Caitlin Griffin          $775            $980
     James Salwen             $775            $895
     Brooks Barker            $775            $895
     Jess Coleman             $615            $735

Arik Preis, Esq., a partner at Akin Gump, disclosed in court
filings that the firm is "disinterested" within the meaning of
Section 101(14) of the Bankruptcy Code.

Mr. Preis also made the following disclosures in response to the
request for additional information set forth in Section D of the
Revised U.S. Trustee Guidelines:

     (a) Akin Gump did not agree to any variations from, or
alternatives to, its standard or customary billing arrangements for
this engagement;

     (b) No rate for any of the professionals included in this
engagement varies based on the geographic location of the
bankruptcy case;

     (c) Akin Gump did not represent any member of the committee in
connection with the Chapter 11 cases prior to its retention by the
committee;

     (d) Akin Gump expects to develop a prospective budget and
staffing plan to reasonably comply with the U.S. Trustee's request
for information and additional disclosures, as to which the firm
reserves all rights; and

     (e) The committee has approved Akin Gump's proposed hourly
billing rates.

Akin Gump can be reached through:

     Arik Preis, Esq.
     Mitchell P. Hurley, Esq.
     Sara L. Brauner, Esq.
     Akin Gump Strauss Hauer & Feld, LLP
     One Bryant Park, Bank of America Tower
     New York, NY 10036-6745
     Telephone: (212) 872-1000
     Facsimile: (212) 872-1002
     E-mail: apreis@akingump.com  
             mhurley@akingump.com
             sbrauner@akingump.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.

The official committee of unsecured creditors retained Cooley LLP
as its legal counsel, Robinson & Cole LLP as co-counsel, and Dundon
Advisers LLC as its financial advisor.

On Oct. 27, 2020, the Office of the United States Trustee for
Region 3 appointed an 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.


MCGRAW-HILL EDUCATION: S&P Raises ICR to 'B-' on Refinancing
------------------------------------------------------------
S&P Global Ratings raised all of its ratings on McGraw-Hill
Education Inc. (MHE), including the issuer credit rating on the
company, to 'B-' from 'CCC+' because the proposed transaction gives
the company additional time to grow into its capital structure. The
outlook is stable.

At the same time, S&P assigned its 'B' issue-level rating and '2'
recovery rating to the company's proposed $1.4 billion first-lien
term loan. The rating agency also assigned its 'CCC' issue-level
rating and '6' recovery rating to the company's proposed senior
secured notes. S&P also assigned its 'B-' issuer credit rating on
McGraw-Hill LLC, operating subsidiary and borrower of the debt
facilities.

S&P said, "We forecast MHE's operating performance will continue to
improve into fiscal 2022. The upgrade reflects better-than-expected
operating performance during the company's key fiscal second
quarter (ended Sept. 30) that accounts for roughly 35% of revenue
and about 70% of total adjusted EBITDA on a generally acceptable
accounting principles (GAAP basis). Despite a challenging quarter
due to disruptions from the coronavirus pandemic, revenue decreased
just 3.6% while adjusted EBITDA (including amortization of
pre-publication costs) increased by approximately 27% mainly due to
lower operating costs during the second fiscal quarter. We now
expect mid-single digit percent revenue decrease and double-digit
percent adjusted EBITDA growth in fiscal 2021, compared to our
previous forecast of high-single digit percent decline for revenue
and adjusted EBITDA. While the secular challenges in higher
education and the risk of delays in K-12 state adoption spending
because of budgetary pressures remains in our view, we believe the
company could benefit from deferred 2020 US college enrollments in
fiscal 2022 and we don't foresee any material changes to the
adoption schedule next year."

S&P expects MHE will complete the proposed transaction and increase
its EBITDA and cash flow generation over the next 18 months to
allow for further deleveraging. Following the termination of its
merger with Cengage earlier this year, management announced a
cost-reduction program that the company expects to realize more
than $100 million of run-rate savings. A majority of the cost
actions have been implemented, and management expects to realize
about $40 million of run-rate savings this year and the remainder
in fiscal 2022. The significant cost savings will increase
management's flexibility to increase product and business
investments to compete with better- capitalized peers and to reduce
its debt burden.

The debt burden is significant, but the proposed transaction
provides the company with flexibility to deleverage over the next
three years. MHE's debt burden remains high, with approximately
$2.2 billion of debt outstanding. The company plans to issue
approximately $800 million of senior secured notes (including $200
million from new lenders) that it will use to exchange up to $191
million of its Holdco term loan due 2022 and exchange a majority of
its senior unsecured notes due 2024. The company will also use
about $200 million of the senior secured note proceeds to pay down
and exchange its first-lien term loan due 2022 ($1.6 billion
outstanding prior to paydown) with a new first-lien term loan due
2024.

S&P said, "We also expect the company to extend the revolver
maturity through November 2023 albeit with a reduced commitment. We
did not view the proposed transaction as a distressed exchange
because the facilities will be exchanged at par and the incremental
interest and cash considerations provided adequate compensation for
deferring payment. We will withdraw the ratings on the existing
first-lien term loan once the transaction closes and the debt is
repaid. Pro forma for the transaction, the company's annual cash
interest costs will not materially change compared with fiscal
2020, due to debt pre-payments over the past 18 months.
Approximately $72 million of the senior unsecured notes will remain
outstanding, which we expect the company to repay with cash in
advance of the May 2024 maturity or refinance with additional
junior indebtedness, to avoid a 90-day springing maturity prior to
the unsecured notes on the first-lien term loan and senior secured
notes. We expect improvement in credit metrics will be mainly from
EBITDA growth as the company will use free cash flow for business
investments." The ratings upgrade is constrained due to the
company's high debt leverage, the uncertainty around the company's
longer-term cost structure and its financial policy given MHE's
financial sponsor ownership, which has a history of debt-financed
dividends."

MHE has a good market position in the higher education and K-12
education publishing markets. MHE has a solid market position as
one of the three largest U.S. providers in both higher education
and K-12 education publishing. MHE's higher education segment
benefits from strong brand recognition and a breadth of titles,
including long-respected titles across key subject areas. However,
the company has a narrow product focus in educational learning
solutions, with longer-term exposure to declining higher education
enrollment, pricing pressures, and competition from its larger
peers, used and rental textbooks, and open educational resources.
In addition, cash flows from its K-12 segment can be volatile
because of cyclical state and local budgetary spending as well as
intense competition for state adoption. The company has made good
progress in transitioning its offerings to digital amid the secular
challenges in the higher education market over the past few years,
which has resulted in more predictable cash flow and improved
working capital. Digital sales account for 80% of the higher
education segment compared with about 57% in 2017 and have
accelerated this year because of increased virtual learning due to
the pandemic.

S&P said, "The stable outlook reflects our view that EBITDA will
continue to improve over the next 12 months from cost savings and
digital billings growth. The stable outlook also incorporates our
expectation that the company will complete and close the
transaction as contemplated, such that leverage is in the mid- to
high-7x area and FOCF to debt is in the high-single-digit percent
area."

"We could lower the rating over the next 12 months if MHE's
operating performance deteriorated, causing weak cash flow
generation and FOCF to debt to decrease below 5% on a sustained
basis. This underperformance could include greater competition and
market share losses."

"An upgrade is unlikely in the near term based on the company's
high leverage. However, we could raise the rating if the company
executed its cost initiatives, is able to generate consistent
organic growth, and we had more clarity around the cost structure
post the pandemic and the financial sponsor's longer-term financial
policy."


MILLER TOOL: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Miller Tool & Die, Inc.
        829 Belden Road
        Jackson, MI 49203

Business Description: Founded in 1930, Miller Tool & Die, Inc. --
                      http://www.millertd.com-- is a privately
                      held company that manufactures industrial
                      machinery serving and supporting its
                      customers throughout North, South & Central
                      America, Mexico, Europe, and Asia.

Chapter 11 Petition Date: December 21, 2020

Court: United States Bankruptcy Court
       Eastern District of Michigan

Case No.: 20-52501

Debtor's Counsel: Lynn M. Brimer, Esq.
                  STROBL SHARP PLLC
                  300 East Long Lake Road
                  Suite 200
                  Bloomfield Hills, MI 48304-2376
                  Tel: (248) 540-2300
                  Email:

Total Assets: $2,905,993

Total Liabilities: $6,996,536

The petition was signed by Patrick Miller, president.

A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/IP2E2FY/Miller_Tool__Die_Inc__miebke-20-52501__0003.0.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/IES2RMI/Miller_Tool__Die_Inc__miebke-20-52501__0001.0.pdf?mcid=tGE4TAMA


MMM HOLDINGS: Moody's Retains B1 CFR Following Term Loan Increase
-----------------------------------------------------------------
Moody's Investors Service says the ratings of MMM Holdings, LLC
(MMM, B1 senior secured term loan and corporate family rating) and
its operating subsidiary, MMM Healthcare, LLC (insurance financial
strength rating of at Ba1) remain unchanged following the company's
revision to its previous announcement on December 8 of its plans to
borrow an incremental $100 million under its senior secured term
loan. MMM now plans to borrow $200 million to fund anticipated
acquisitions, increasing the total outstanding on the term loan to
approximately $773 million. The outlook on MMM and its entities
remains stable.

RATINGS RATIONALE

With this additional increase in its term loan, MMM's pro-forma
debt-to-EBITDA with Moody's adjustments on a last twelve months
basis is 2.3x, remaining well within Moody's downgrade trigger of
3.0x. It remains comfortably below at 2.6x when further adjusted
for the benefit of the unusually low utilization of medical
services in Q2 2020 when non-essential procedures were deferred in
the wake of the coronavirus pandemic. Pro-forma for the now $200
million incremental borrowing, adjusted debt-to-capital increases
to approximately 44%, up from 37%, which is still positioned within
MMM's rating category.

While this loan increase does not trip Moody's downgrade triggers,
including the leverage trigger, it does indicate aggressive
financial management. Therefore, Moody's notes that additional debt
issuance and/or an increase in leverage in the near term could
result in a negative rating action.

The stable outlook reflects the positive MA reimbursement
environment and solid claims and expense controls which Moody's
believes will continue, along with favorable MA demographic trends
on Puerto Rico as well as Florida, where MMM continues to build out
its multi-payer provider business.

RATINGS DRIVERS

Moody's could upgrade MMM (and its operating subsidiary) if the
company meets the following drivers: RBC ratio at or above 150% of
company action level; MA membership growth continues at a rate of
5% or more along with stable reimbursement trends; Meaningful
percentage of earnings is from outside Puerto Rico on a sustained
basis while sustaining current profitability metrics.

Conversely, Moody's could downgrade MMM (and its operating
subsidiary) under the following conditions: 1) RBC ratio below 115%
of CAL; 2) MA membership drops 10% or more from current levels,
and; 3) debt-to-EBITDA exceeds 3.0x on a sustained basis.

The following ratings remain unchanged:

Issuer: MMM Holdings, LLC:

Corporate Family Rating, at B1

$673 million (including pending $100 million increase) senior
secured term loan due 2026, at B1

Issuer: MMM Healthcare, LLC:

Insurance Financial Strength Rating, at Ba1

The outlooks on MMM Holdings, LLC and MMM Healthcare, LLC remain
unchanged at stable.

ICH US Intermediate Holdings II, Inc. and ICH Flow-Through LLC are
co-borrowers on the term loans and revolving credit facility.

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

InnovaCare Health, LP, the ultimate parent company of MMM Holdings,
is a privately-owned company incorporated in Puerto Rico and
headquartered in White Plains, NY.


MONUMENT BREWING: Amended Reorganization Plan Confirmed by Judge
----------------------------------------------------------------
Judge Caryl E. Delano has entered an order confirming the Second
Amended Plan of Reorganization of debtor Monument Brewing, LLC.

After considering (a) the confirmation affidavit; (b) the evidence
proffered and the arguments of counsel; and (c) the entire record
in the Chapter 11 case, and for reasons stated orally and recorded
in open court, the Court has concluded the the Third Amended
Disclosure Statement should be finally approved; and that the Plan
should be confirmed.  

There are pro rata distributions to general unsecured creditors
through a plan pool in the amount of $40,000 payable in 120 monthly
distributions as follows:

   Creditor            Claim   Pro Rata   Payment
   --------            -----   --------   -------
Direct Capital        $7,442      0.036    $12.00
Lanese & Assoc.       $2,100      0.101    $3.33
Uline                   $294      0.0014   $0.46
Perez Mech. Refrig.   $1,505      0.0073   $2.43
Ins. Fin. Spec.       $1,576      0.0076   $2.53
Crooked Monkey          $797      0.0038   $1.27
NUCO2, LLC           $13,903      0.0067   $2.23
Financial Pacific    $43,450      0.21    $70.00
Pawnee Leasing Co    $29,383      0.14    $46.67
Centra Funding        $9,725      0.047   $15.67
Forward Financing    $21,209      0.1     $33.33
Bob Hogue            $10,000      0.048   $16.00
Bradley Jacobs       $16,500      0.08    $26.67
Stacey Banks          $1,000      0.0048  $16.00
BSG                   $9,861      0.048   $16.00
511 Sponsorship       $1,500      0.007    $2.33
Advanced Power Ser    $1,939      0.009    $3.00
Alley Cat Pest          $290      0.001    $0.33
Amer. Corodis Int'l   $7,268      0.035   $11.67
Country Malt Group    $2,273      0.011    $3.67
Direct TV             $3,183      0.015    $5.00
Employers Ins.          $602      0.003    $1.00
Fast Signs              $660      0.003    $1.00
Florida Sign Co.        $345      0.0017   $0.57
Frontier Comm.          $750      0.0036   $1.20
Gigi Yeast              $617      0.003    $1.00
Guardian Protection     $100      0.00048  $0.16
Hunter Business Law   $1,721      0.008    $2.67
Italo Ins.            $5,411      0.026    $8.67
Kabbage               $9,752      0.047   $15.67
Kurt Vragel             $225      0.001    $0.33
Solar Designs           $500      0.0024   $0.80
Steve Henry Design      $500      0.0024   $0.80
                    --------     -------  ------
  Total             $206,382        100   $333.33

Payments to the three secured creditors will be made as follows:

   i. Financial Pacific - Within 30 days of Plan Confirmation,
Debtor will pay 60 equal monthly payments of $83.33.

  ii. Pawnee Leasing Corporation - Within 30 days of Plan
Confirmation,  the Debtor will pay 60 equal monthly payments of
$200.

iii. Centra Funding, LLC - Within 30 days of Plan Confirmation,
the Debtor will pay 60 equal monthly payments of $83.33.

A status conference will be held in Courtroom 9A, Sam M. Gibbons
United States Courthouse, 801 N. Florida Ave., Tampa, FL 33602 on
Jan. 25, 2021, at 1:30 p.m.

A full-text copy of the order dated Dec. 11, 2020, is available at
https://bit.ly/3nFqB5f from PacerMonitor.com at no charge.

Attorney for the Debtor:
     
     Samantha L. Dammer
     Tampa Law Advocates, P.A.
     620 E. Twiggs Street, Suite 110
     Tampa, FL 33602
     Tel: (813) 288-0303   
     E-mail: sdammer@attysam.com

                     About Monument Brewing
  
Monument Brewing LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-10832) on Nov. 14,
2019.  At the time of the filing, the Debtor had estimated assets
of between $50,001 and $100,000 and liabilities of between $100,001
and $500,000.  The case is assigned to Judge Caryl E. Delano.  The
Debtor tapped Samantha L. Dammer, Esq., at Tampa Law Advocates,
P.A., as its legal counsel.


MOUNTAIN PROVINCE: Sells C$80.2 Million Diamond in Fourth Quarter
-----------------------------------------------------------------
Mountain Province Diamonds Inc. reports that during the fourth
quarter, 956,348 carats were sold for total proceeds of $80.2
million (US$61.7 million) resulting in an average value of $83.82
per carat (US$64.53 per carat).  The Company was very encouraged
that it saw continued price recovery during the quarter with most
sales categories finishing above pre-COVID-19 values.  The Company
has now concluded its rough diamond sales for 2020.

The Company is also pleased to report the recovery and successful
bid for the largest gem quality diamond recovered to date from the
Gahcho Kue mine located in the Northwest Territories, Canada.  The
diamond (photo shown) is a 157.40 carat gem of exceptional quality
and will be offered for sale during the first quarter of 2021.

Stuart Brown, the Company's president and CEO, commented:

"The diamond industry has faced immense challenges during 2020 so
to end the year with such a strong sales performance is very
encouraging.  Rough diamond prices, in the larger and
better-qualities have been exceptional and pleasingly we saw
further improvement in the smaller and lower quality diamonds which
we believe will continue to strengthen in 2021.  We look forward to
building on this positive momentum in the New Year and put what has
been a difficult 2020 behind us as the world starts the road to
recovery from the COVID-19 pandemic."

"The recovery of the largest ever diamond and the successful bid
was certainly a boost to the morale of the Company.  It shows that
the mine, although a high-volume producer of predominantly smaller
diamonds, does produce diamonds of exceptional size and quality."

                 About Mountain Province Diamonds

Mountain Province Diamonds -- http://www.mountainprovince.com-- is
a 49% participant with De Beers Group in the Gahcho Kue diamond
mine located in Canada's Northwest Territories.  The Gahcho Kue
Joint Venture property consists of several kimberlites that are
actively being mined, developed, and explored for future
development.  The Company also controls 67,164 hectares of highly
prospective mineral claims and leases immediately adjacent to the
Gahcho Kue Joint Venture property that include an indicated mineral
resource at the Kelvin kimberlite and inferred mineral resources
for the Faraday kimberlites.

Mountain Province reported a net loss of C$128.76 million for the
year ended Dec. 31, 2019, compared to a net loss of C$18.93 million
for the year ended Dec. 31, 2018.

                              *   *   *

As reported by the TCR on July 21, 2020, Moody's Investors Service
downgraded Mountain Province Diamonds Inc.'s Corporate Family
rating to Caa3 from Caa1.  The downgrade of MPD's rating reflects
Moody's view that the company will be challenged to repay its
revolving credit facility as per its revolving credit facility
waiver agreement given the current difficult rough diamond market
as the coronavirus pandemic has further weakened prices and sales
volumes, as well as the increased risk that the company enters into
a debt restructuring transaction.

In May 2020, S&P Global Ratings lowered its issuer credit rating on
Toronto-based Mountain Province Diamonds Inc. (MPV) and its
issue-level rating on the company's second-lien secured notes to
'CCC-' from 'CCC+'.  "We believe MPV faces a high risk of
exhausting its liquidity within the next several months, and
increased likelihood for engaging in a debt restructuring
transaction we view as a distressed," S&P said.

As reported by the TCR on Aug. 28, 2020, Fitch Ratings downgraded
Mountain Province Diamonds Inc.'s (MPVD) Issuer Default Rating to
'CCC' from 'B-'.  The downgrade reflects materially lower diamond
prices and the currently challenged diamond market due to
coronavirus pandemic implications.


MULHOLLAND: Bid to Dismiss, Convert, Appoint Trustee Denied
-----------------------------------------------------------
Judge Jerry A. Funk found that no cause exists to dismiss the case,
convert the case, or appoint a Chapter 11 trustee in the case
captioned In re: SPIDERMAN SCOTT MULHOLLAND and TINA MARIE FOLEY
MULHOLLAND Chapter 11, Debtors, Case No. 3:18-bk-4096-JAF (Bankr.
M.D. Fla.).

Rebekka Trahan had previously obtained a state-court judgment debt
against both debtors Spiderman Scott Mulholland and Tina Marie
Foley Mulholland in 2018.  The judgment stated that Trahan shall
recover from the Mulhollands the sum of $4,643,000.00 that shall
bear interest at the rate of 5.97% a year.  The judgment was
affirmed by the state appellate court.  The judgment debt was
nondischargeable, as to Spiderman Mulholland.

In November 2018, the debtors filed a voluntary petition under
Chapter 11 of the Bankruptcy Code to halt Trahan's collection
efforts.  The Mulhollands' bankruptcy estate includes one hundred
percent of the stock in a Florida corporation named US Building
Consultants, Inc. valued at no less than $4.8 million.

Trahan filed a secured proof of claim arising from the judgment
debt.  Trahan's allowed claim is secured by a statutory judgment
lien on the debtors' "interest in all personal property in
[Florida] subject to execution [], other than fixtures, money,
negotiable instruments, and mortgages."  On July 13, 2020, Trahan
filed an amended proof of claim, which values the claim at roughly
$5.1 million with post-judgment interest.

Trahan moved to dismiss, for conversion or in the alternative, for
appointment of a trustee, alleging the following bases for
"cause":

     a) Debtors' diminution of the bankruptcy estate with no
reasonable likelihood of rehabilitation;

     b) Debtors' gross mismanagement of the estate;

     c) Debtors' failure to maintain insurance that poses a risk to
the estate;

     d) Debtors' unexcused untimely financial reporting;

     e) Debtors' lack of good faith in the filing/administering of
the bankruptcy case.

Judge Funk, however, concluded that "cause" is not present in this
case.

The judge found that while the the evidence establishes diminution
of the cash assets of US Building, there is no indication that the
debtors would be unable to reestablish their business operations.
The judge noted that the revenue and profitability of US Building,
which is the debtors' primary source of income, have remained
steady since the filing of the bankruptcy petition.

Judge Funk also found that while US Building experienced a loss of
clients and revenue following the verdict in Trahan's tort suit,
revenue returned to a profitable level, and there is no indication
of any mismanagement of the business operations of US Building or
any other assets.

On Trahan's claim that the debtors' failed to insure an unimproved
3-acre parcel of land during the bankruptcy case, Judge Funk held
that the failure to insure the unimproved land does not pose a
"risk" to the bankruptcy estate.

Judge Funk also held that the failure to make timely reports does
not rise to a level constituting "cause" under these circumstances.
The judge determined that the facts did not demonstrate an
"unexcused failure" by the debtors to fulfill their reporting, and
that the untimely reports were ultimately produced and were not
materially misleading or false.

Lastly, as to Trahan's claim of bad faith on the part of the
debtors in filing/administering the bankruptcy case, the judge held
that filing the bankruptcy petition for the purpose of bringing
Trahan's debt collection efforts to a pause is not an abuse of the
bankruptcy process and does not constitute intent to "frustrate"
Trahan's efforts to enforce her rights.

A full-text copy of Judge Funk's Order, dated December 11, 2020, is
available at https://tinyurl.com/y8eud3os from Leagle.com.

     About Spiderman Scott and Tina Marie Mulholland

Spiderman Scott Mulholland and Tina Marie Foley Mulholland filed a
voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr.
M.D. Fla. Case No. 18-04096) on November 24, 2018.  They are
represented by Seldon J. Childers, Esq. of CHILDERSLAW LLC.



MULHOLLAND: Court Denies Confirmation of Proposed Chapter 11 Plan
-----------------------------------------------------------------
Judge Jerry A. Funk denied the confirmation of the debtors' Fourth
Modified Amended Chapter 11 Plan in the case captioned In re:
SPIDERMAN SCOTT MULHOLLAND and TINA MARIE FOLEY MULHOLLAND Chapter
11, Debtors, Case No. 3:18-bk-4096-JAF (Bankr. M.D. Fla.).

Rebekka Trahan had previously obtained a state-court judgment debt
against both debtors Spiderman Scott Mulholland and Tina Marie
Foley Mulholland in 2018.  The judgment stated that Trahan shall
recover from the Mulhollands the sum of $4,643,000.00 that shall
bear interest at the rate of 5.97% a year.  The judgment was
affirmed by the state appellate court.  The judgment debt was
nondischargeable, as to Spiderman Mulholland.

In November 2018, the debtors filed a voluntary petition under
Chapter 11 of the Bankruptcy Code.  The Mulhollands' bankruptcy
estate includes 100% of the stock in a Florida corporation named US
Building Consultants, Inc. In July 2019, the court entered a
consent order in which the parties agreed US Building "is valued at
a minimum of" $4.8 million.  The valuation order resolved the
debtors' amended motion to determine the secured status of Trahan's
claim.

On July 13, 2020, Trahan filed an amended proof of claim, which
values the claim at roughly $5.1 million with post-judgment
interest.

In the debtors' proposed plan, Trahan is the sole Class 5 creditor
and is an impaired creditor under Section 1124 of the Bankruptcy
Code.  The proposed plan provides for the turn over of Spiderman
Scott Mulholland's 100% equity holding in US Building to Trahan as
the indubitable equivalent of her claim in the amount of $4.8
million, pursuant to Trahan's agreement as to value.  After the
turnover of the US Building stock, the remaining balance of
Trahan's claim will be $375,639.95, payable by the debtors through
minimum monthly payments of $2,500.

However, Trahan, who is in her mid-30s and has only a high school
education, wants nothing to do with US Building and has no desire
to undertake ownership of the company, under any of the terms
presented at trial.  She also specifically and expressly wants no
contact with the debtors.  Given the circumstances, Judge Funk
found that tying Trahan to US Building, and therefore to the
debtors, would create an unreasonable psychological burden on
Trahan.

Judge Funk thus concluded that the debtors' proposed plan does not
satisfy Section 1129(a)(8) of the Bankruptcy Code because Class 5,
the class of which Trahan is the sole creditor, is an impaired
class and does not accept the plan.

A full-text copy of Judge Funk's findings of fact and conclusions
of law dated December 11, 2020 is available at
https://tinyurl.com/y7tv3zfh from Leagle.com.

   About Spiderman Scott and Tina Marie Mulholland

Spiderman Scott Mulholland and Tina Marie Foley Mulholland filed a
voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr.
M.D. Fla. Case No. 18-04096) on November 24, 2018.  They are
represented by Seldon J. Childers, Esq. of CHILDERSLAW LLC.




NCL CORP: S&P Rates New $500MM Senior Unsecured Notes 'B'
---------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '5'
recovery rating to Miami-based cruise operator NCL Corp. Ltd.'s
proposed $500 million senior unsecured notes due 2026 and placed
the issue-level rating on CreditWatch with negative implications.
The '5' recovery rating indicated its expectation of modest
(10%-30%; rounded estimate: 10%) recovery for noteholders in the
event of a payment default. S&P expects the company to use the
proceeds from the proposed notes for general corporate purposes,
including to enhance its liquidity position.

S&P said, "Our existing ratings, including our 'B+' issuer credit
rating, remain on CreditWatch with negative implications. We
believe NCL's recovery will take longer than previously expected
because of a slower resumption of operations. NCL recently extended
the suspension of its sailings through at least February 2021 for
the Norwegian brand and March 2021 for the Regent Seven Seas and
Oceania brands, which is beyond our previous assumption that
sailings would be suspended through the end of 2020. Accordingly,
we expect NCL to burn more cash relative to our previous
expectations and for leverage to remain very high in 2021. The
CreditWatch listing reflects the heightened likelihood that we will
lower our ratings 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."

"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 Centers
for Disease Control & Prevention's Conditional Sail Order and what
options the company may have to improve their profitability and
cash flow. We will also assess the impact of NCL's recent equity
issuance and this proposed notes 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. In the
event we lower the issuer credit rating, we would also lower all
issue-level ratings, including those on the proposed notes."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P assigned the proposed notes its 'B' issue-level rating and
'5' recovery rating. S&P's 'B' issue-level and '5' recovery ratings
on NCL's existing senior unsecured notes are unchanged. The '5'
recovery rating indicates its expectation of modest (10%-30%;
rounded estimate: 10%) recovery.

-- S&P's 'BB' issue-level and '1' recovery rating on NCL's $875
million revolver and $1.5 billion term loan A are unchanged because
it believes the collateral value provides it with full coverage.
The '1' recovery rating reflects its expectation of very high
(90%-100%; rounded estimate: 95%) recovery.

-- S&P's 'BB-' issue-level and '2' recovery ratings on NCL's $675
million senior secured notes due 2024 and $750 million senior
secured notes due 2026 are unchanged. The '2' recovery rating
reflects its expectation of substantial (70%-90%; rounded estimate:
70%) recovery.

Simulated default assumptions

-- S&P's simulated default scenario contemplates a payment default
by 2024, driven by cruise operators' inability to recover from the
COVID-19 pandemic such that they generate significantly weaker cash
flow and weaker-than-expected increases in cash flow from new ships
scheduled for delivery over the next several years.

-- S&P assumes any debt maturing between now and its assumed year
of default is extended to the year of default.

-- S&P uses a discrete asset valuation (DAV) approach for NCL
because its debt structure provides certain creditors with priority
claims against specific assets and it expects lenders would pursue
the specific collateral pledged to them.

-- To calculate its DAV, S&P applies discounts to the appraised
values of NCL's existing ships and to the costs of planned ships.
S&P applies discounts ranging from 40%-50% to appraisals depending
on the customer segment and age of the ship. In addition, where no
appraisals are available, S&P applies discounts to the cost of the
ships ranging from 15%-50% depending on when they were placed in
service or are scheduled for delivery and whether they operate in
the contemporary or premium class.

-- S&P includes in its analysis all ships, and associated
financing, to be delivered through 2023, the year prior to its
assumed year of default.

-- Norwegian Epic secures the $750 million senior secured notes
due 2026. S&P applies a 50% discount to the appraised value of the
ship.

-- For the private islands pledged as collateral for the $675
million senior secured notes due 2024, S&P applies a 50% discount
to the fair market value because it believes there is limited
repurpose value for the land, given its location and limited
accessibility.

-- S&P does not ascribe any value to the intellectual property
pledged as collateral to the $675 million senior secured notes,
given its belief that intellectual property, particularly trade
names, would have minimal value in a default scenario.

-- S&P assumes administrative claims total 7% of gross DAV because
it expects the complexity of NCL's capital structure, including
multiple classes of debt at the parent and ship financings at
various subsidiaries, which benefit from different collateral
pools, as well as multijurisdictional considerations to result in
higher administrative costs.

-- S&P assumes the $875 million revolver is fully drawn at the
time of default.

Simplified waterfall

-- Gross asset value: $10.3 billion

-- Net asset value (after 7% administrative costs): $9.5 billion

-- Value ascribed to the credit agreement/ship loans/Epic secured
notes/senior secured notes: 21%/69%/6%/5%

-- Net value available to the secured credit agreement (including
residual value from unpledged ships after satisfying ship-level
debt): $2.6 billion

-- Secured credit facilities: $2.2 billion

-- Recovery expectation: 90%-100%; rounded estimate: 95%

-- Remaining value available to unsecured and pari passu claims:
$400 million

-- Net value available to the $750 million senior secured notes
due 2026 (including collateral value pledged to the senior secured
notes and a portion of the remaining value after satisfying claims
under the credit agreement): $556 million

-- Senior secured notes due 2026: $788 million

-- Recovery expectation: 70%-90%; rounded estimate: 70%

-- Net value available to the $675 million senior secured notes
due 2024 (including collateral value pledged to the senior secured
notes and a portion of the remaining value after satisfying claims
under the credit agreement): $502 million

-- Senior secured notes due 2024: $716 million

-- Recovery expectation: 70%-90%; rounded estimate: 70%

-- Net value available to senior unsecured notes: $334 million

-- Senior notes and convertible notes: $2.9 billion

-- Recovery expectation: 10%-30%; rounded estimate: 10%

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


NEIGHBORS' CONSEJO: Court Allows Attorneys' Fees for Fabre
----------------------------------------------------------
Judge S. Martin Teel, Jr. of the United States Bankruptcy Court for
the District of Columbia allowed the claim filed by Fausto Gabriel
Fabre for attorney's fees in the case captioned In re NEIGHBORS'
CONSEJO, (Chapter 11) Debtor, Case No. 15-00373 (Bankr. D.C.).

On April 19, 2020, the debtor and Fabre stipulated that Fabre has a
wage claim for $21,341.94, with the issue of Fabre's entitlement to
attorney's fees set for later determination.

On October 16, 2020, the Court ruled that Fabre has an allowed
claim for attorney's fees reflecting 144.5 hours of work relating
to Fabre's wage claims under federal and D.C. Law and costs in the
amount of $831.36.

Upon the Court's direction, Fabre's counsel submitted an updated
calculation of his fees on October 20, 2020, with a proposed order
showing Fabre's allowed claim to be in the amount of $101,235.30,
consisting of:

     (a) $21,341.94 in stipulated backwages;

     (b) $79,062.00 in attorneys' fees; and

     (c) $831.36 in litigation costs.

The debtor objected on the sole ground that "an attorney's fee
award exceeding 440% is unreasonable and excessive compensation for
prosecuting the underlying wage claim that was settled without
trial for $18,000."

Judge Teel overruled the debtor's objection and allowed Fabre's
Claim #6 in the amount of $101,235.30.  The judge found that the
debtor has failed to point to anything that would rebut the
presumption that the fees are reasonable based on the hours
expended multiplied by the applicable hourly rate.  The judge also
found that Fabre prevailed in establishing that the debtor failed
to pay him wages.

A full-text copy of Judge Teel's memorandum decision and order
dated December 14, 2020 is available at
https://tinyurl.com/y7g4vkqg from Leagle.com.

                    About Neighbors' Consejo

Neighbors' Consejo is a District of Columbia community organization
dedicated since 1995 to providing Mental Health Rehabilitative
Services and Substance Use Disorder Services to residents of
Washington, D.C., free of charge.  Additionally, Neighbors' Consejo
has provided transitional housing for the homeless, who also needed
MHRS or SUD treatment, since 2004.  

The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.D.C. Case No. 15-00373) on July 16, 2015.  In the
petition igned by Glenda Rodriguez, executive director, the Debtor
estimated assets and liabilities of $1 million to $10 million.
Judge Martin S. Teel, Jr. presides over the case.  Bailey &
Ehrenberg PLLC represents the Debtor as bankruptcy counsel.  No
official committee of unsecured creditors has been appointed in the
case.


NEWELL BRANDS: S&P Affirms 'BB+' Rating on Unsecured Notes
----------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' issue-level ratings on Newell
Brands Inc.'s unsecured notes and revised the recovery rating to
'3' from '4'. The actions follow Newell's recent completion of a
tender offer in which it retired $300 million of its 3.85% senior
notes due in 2023. The company also repaid $305 million of its
4.70% senior notes when they matured in August. The revised
recovery rating reflects less unsecured debt outstanding in S&P's
hypothetical default scenario, increasing its estimate of recovery
prospects for the remaining unsecured lenders. The '3' recovery
rating indicates meaningful (50%-70%; rounded estimate: 50%)
recovery for lenders in the event of a default.

Issue Ratings—Recovery Analysis

Key analytical factors

The company's debt capital structure consists of:

-- A $1.25 billion unsecured revolving credit facility due in 2023
(not rated);

-- A $600 million securitization facility due in 2022 (not rated);
and

-- Various tranches of senior unsecured notes (about $5.6 billion
in aggregate) with maturities ranging from 2021 to 2046.

Newell Brands Inc. is the parent entity and borrower under the
company's $1.25 billion revolving credit facility and senior
unsecured notes. The revolver and the notes are senior unsecured
and unguaranteed obligations of the company.

Newell Brands Inc. and its wholly owned subsidiary Jarden
Receivables LLC are the borrowers under the unrated $600 million
securitization facility.

Simulated default assumptions

-- Based on Newell's current capital structure, S&P estimates
EBITDA would need to decline substantially to trigger a payment
default. At that point, the company's cash flow would be
insufficient to cover its interest expense and nondiscretionary
maintenance capital spending. S&P does not believe that such a
precipitous decline in EBITDA is likely in the near term based on
the risks the company is facing. However, under S&P's simulated
default scenario a decline of this magnitude would likely stem from
increasing competition in the industry, prolonged economic weakness
that hurts consumer spending, and higher-than-expected commodity or
tariff pressures that it cannot offset with price increases or
productivity improvements resulting in the loss of market share."

-- S&P believes the company would reorganize as a going concern
rather than liquidate under a default scenario because of its
portfolio of well-recognized brands. S&P valued the company using a
6.5x emergence EBITDA multiple to reflect some recovery in the
company's market share, its scale, and its well-known brands.

-- S&P generally assume usage of 85% for cash flow and 60% for
asset-based lending (ABL) revolvers at default.

-- S&P generally assume all debt maturing before its simulated
default is refinanced before maturity and that highly amortizing
debt is refinanced before the cumulative amortization exceeds 40%
of the original principal.

Calculation of EBITDA at emergence:

-- Debt service: $365 million (default year interest plus
amortization)
-- Minimum capex: $194 million
-- Default EBITDA proxy: $559 million
-- Cyclicality adjustment: 5%
-- Preliminary emergence EBITDA: $587 million
-- Operational adjustment: 5%
-- Emergence EBITDA: $616 million

Simplified waterfall

-- Simulated year of default: 2025
-- Jurisdiction/jurisdiction ranking assessment: U.S./Group A
-- Emergence EBITDA: $616 million
-- Emergence multiple: 6.5x
-- Emergence gross enterprise value: $4.0 billion
-- Net recovery value after admin. costs (5%): $3.8 billion
-- Priority claims (securitization facility): $305 million
-- Total value available to unsecured debt claims: $3.1 billion
-- Unsecured debt claims: $6.8 billion
-- Recovery expectations: 50%-70% (rounded estimate: 50%)

Note: Debt amounts include six months of accrued interest that S&P
assumes will be owed at default.


NFP CORP: Moody's Retains B3 CFR Following Senior Notes Add-on
--------------------------------------------------------------
Moody's Investors Service said the ratings of NFP Corp. (corporate
family rating B3) remain unchanged following the company's
announcement that it is issuing an incremental $300 million of
senior unsecured notes due in August 2028, raising the total
outstanding amount of notes to $1,775 million (rated Caa2). NFP
will use net proceeds of the offering to help fund acquisitions,
pay related fees and expenses and for general corporate purposes.
The rating outlook for NFP is unchanged at stable.

RATINGS RATIONALE

NFP's ratings reflect its expertise and solid market position in
insurance brokerage, particularly providing employee benefits and
property & casualty products and services to midsize firms. The
company also offers insurance and wealth management services to
high net worth individuals. The business is well diversified across
products, clients and regions primarily in the US. The company has
been expanding its P&C operations, largely through acquisitions,
and the P&C business represented about 30% of consolidated revenues
for 2019.

Offsetting these strengths are NFP's persistently high financial
leverage and limited interest coverage, leaving the company little
room for error in managing its existing and acquired operations.
NFP also has contingent earnout liabilities that consume a
significant portion of its free cash flow.

NFP has performed relatively well through the coronavirus-related
economic slowdown, achieving organic revenue growth of 3% and
overall revenue growth of 7% through the first nine months of 2020.
Moody's expects that NFP will continue to limit its discretionary
spending to maintain its credit profile during the fragile economic
recovery.

Giving effect to the proposed incremental financing, NFP will have
pro forma debt-to-EBITDA around 7.5x, (EBITDA - capex) interest
coverage in the range of 1.3x-1.6x, and free-cash-flow-to-debt in
the low single digits, according to Moody's estimates. The rating
agency expects NFP to maintain financial leverage at or below 7.5x.
These pro forma metrics reflect Moody's adjustments for operating
leases, contingent earnout obligations, certain non-recurring items
and run-rate EBITDA from acquisitions.

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

Factors that could lead to an upgrade of NFP's ratings include
debt-to-EBITDA ratio below 6x, (EBITDA- capex) coverage of interest
exceeding 2x, free-cash-flow-to-debt ratio exceeding 5%, and
successful integration of acquisitions.

Factors that could lead to a rating downgrade include
debt-to-EBITDA ratio above 7.5x, (EBITDA - capex) coverage of
interest below 1.2x, free-cash-flow-to-debt ratio below 2%, or a
significant loss of revenue and decline in EBITDA resulting from
the economic slowdown.

The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in June 2018.

Based in New York City, NFP provides a range of insurance
brokerage, consulting and advisory services, including corporate
benefits, retirement, property & casualty and individual solutions,
largely in the US. The company generated revenue of $1.5 billion
for the 12 months through September 2020.


O & B HACKING: Fine-Tunes Plan; Seeks 120-Day Extension
-------------------------------------------------------
O & B Hacking, Corp., further fine-tuned its plan, filing its
Amended Small Business Chapter 11 Plan and a corresponding
Disclosure Statement on December 11, 2020.

Under the Plan, Class II shall consist of the unsecured claim of
DePalma Acquisition I LLC in the total amount of $219,503.  The
Debtor's principals will surrender 2 NYC Taxi medallions #8H20 and
8H21 which are unencumbered and a lump sum payment of $10,000 will
be paid to DePalma Acquisition I LLC on the effective date of the
Plan.

Class III shall consist of the general unsecured claims in the
amount of $24,493.  The Debtor proposes to pay 10% dividend of
their allowed claims in one lump sum payment commencing on the
effective date of the Plan.

The Plan will be funded as follows, the contemplated lump sum
payment will be made from the personal funds of the two corporate
principals, Olga Matusovsky and Boris Bruderzon.  Following the
effective date, or soon thereafter, the following shall occur to
implement the Plan (i) all actions, documents and agreements
necessary to implement the Plan shall be taken or executed; and
(ii) the Disbursing Agent shall make all Distributions required to
be made to Holders of Allowed claims pursuant to the Plan.

The Debtor has asked the Court to extend by 120 days, through and
including May 25, 2021, its deadline to confirm its Chapter 11
plan.  The Debtor said that the extension will enable it to
harmonize the diverse and competing interests that exist and seek
to resolve any conflicts.

A full-text copy of the Amended Disclosure Statement dated December
11, 2020, is available at https://bit.ly/34yTTLg from
PacerMonitor.com at no charge.

Attorney for the Debtor:

     Alla Kachan, Esq.
     Law Offices of Alla Kachan, P.C.
     3099 Coney Island Avenue
     Brooklyn, New York 11235
     Tel: +1 718-513-3145

                    About O & B Hacking, Corp.

Based in Brooklyn, New York, O & B Hacking, Corp. filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y.
Case No. 19-46885) on Nov. 14, 2019, listing under $1 million in
both assets and liabilities.  Alla Kachan, Esq. at the Law Offices
of Alla Kachan, P.C. represents the Debtor as counsel.


OPELOUSAS GENERAL HOSPITAL: S&P Lowers 2003 Bond Rating to 'BB'
---------------------------------------------------------------
S&P Global Ratings lowered its long-term rating on Opelousas
General Hospital Authority, La.'s series 2003 hospital revenue
bonds issued for Opelousas General Hospital, doing business as
Opelousas General Health System (OGHS), to 'BB' from 'BB+'. The
outlook is negative.

"The lower rating reflects significant operating deterioration
through the first four months of fiscal 2021 as volumes continue to
be pressured by multiple weather events and increasing COVID-19
cases in the service area," said S&P Global Ratings credit analyst
Luke Gildner. "Also pressuring the rating is our continued view of
OGHS' vulnerable enterprise profile, characterized by modest market
share and considerable outmigration in a small primary service area
(PSA) with weak economic fundamentals. While the balance sheet
continues to be a key credit strength with low leverage and healthy
reserve to debt levels, the organization has a very high average
age of plant which will require capital investments over the near
term. OGHS has identified capital needs that it could finance with
a debt issuance. However, S&P has not incorporated this into its
analysis because management has not made decisions on the timing
and size of the new issuance. As OGHS' plan for the new debt
becomes firmer, S&P will assess how it might affect the rating.
However, in our view, the hospital has limited flexibility at the
current rating for the issuance of substantial additional debt
without marked corresponding improvement in financial
performance."

The negative outlook reflects both lack of volume recovery
translating to significant uncertainty regarding fiscal 2021
operating performance which is trending well behind budget through
October 2020 as well as significant capital needs which will likely
result in spending that will dilute the organization's balance
sheet over the near term.

COVID-19 has exposed Opelousas to additional social risks related
to its mission of protecting the health and safety of communities
and which S&P views as higher than industry peers. Specifically,
those risks have caused financial pressure as Opelousas has
experienced declines in demand through early fiscal 2021 which
management has indicated stems from patients forgoing care for
health and safety reasons related to the pandemic. Additionally,
Opelousas could face other financial pressures should patient
revenues, and federal and state support fail to cover the increased
equipment and personnel costs stemming from demand to care for as
the region experiences increased COVID-19 cases. S&P also views
OGHS' social risks as being above sector peers given its operations
are situated in a limited service area that remains challenged,
with projected declines in population and a weak payer mix.

OGHS maintains facilities in areas susceptible to hurricanes, which
have a history of causing disruption to the organization's
operations; therefore, S&P views the organization's environmental
risk as elevated compared to sector peers. S&P views OGHS'
governance risk as in line with the sector as a whole. It generally
views self-perpetuating boards as best practice, with negative
consideration given to an appointed structure as is the case with
OGHS. S&P believes this governance structure is effective for OHGS.


PENOBSCOT VALLEY HOSPITAL: Court Approves Bankruptcy-Exit Plan
--------------------------------------------------------------
Charles Eichacker of Bangor Daily News reports that Penobscot
Valley Hospital in Lincoln, Maine will exit Chapter 11 bankruptcy
in the next couple weeks after a federal bankruptcy judge approved
a proposal to reduce its long-term debt, the hospital said Friday,
December 18, 2020.

In a written statement, the hospital said the proposal would allow
it to "preserve" its business operations and jobs.  CEO Crystal
Landry has previously said the hospital does not plan to reduce
services as part of its restructuring.

In court filings, Landry said that the hospital would retain all of
its assets as it restructured its debts and that it is "stronger,
more prepared, and on a better financial footing than the day it
filed its bankruptcy petition."

Penobscot Valley Hospital in Lincoln will exit Chapter 11
bankruptcy in the next couple weeks after a federal bankruptcy
judge approved a proposal to reduce its long-term debt, the
hospital said Friday, December 18, 2020.

Penobscot Valley Hospital first sought bankruptcy protection in
2018, after accruing up to $10 million in debts to various
creditors including the U.S. Department of Agriculture, the Maine
Department of Health and Human Services, Machias Savings Bank and
the federal Centers for Medicare and Medicaid Services.

Under the hospital's restructuring plan, Maine DHHS and the Maine
Revenue Service agreed to "significantly reduce" the $2.9 million
Penobscot Valley Hospital owed to the state at the time it filed
for bankruptcy, Landry wrote in a court filing.

The plan will also restructure the hospital’s debts to the U.S.
Department of Agriculture and Machias Savings Bank so that it can
more easily repay them.  

U.S. Bankruptcy Judge Michael Fagone approved the restructuring
plan on Friday, December 18, 2020.

Before filing for bankruptcy in early 2019, the 25-bed facility had
seen its patient numbers drop in recent years, which the hospital
described as among the "ripple effects" of the 2015 closure of
Lincoln's largest employer, the Lincoln Paper and Tissue mill.

This past spring of 2020, the hospital faced serious cash
shortfalls, when the coronavirus pandemic forced all hospitals to
delay or cancel many elective procedures.

At the time, it and another bankrupt Maine hospital, Calais
Regional Hospital, warned they might have to close by the summer
without outside funding. Their Chapter 11 status became an
impediment to them receiving relief funding through the federal
Paycheck Protection Program because of rules barring bankrupt
entities from the program.

Both hospitals unsuccessfully sued the federal government to change
those rules, but they eventually received separate relief funds
that secured their bottom lines and helped them get through the
summer.

However, it may be too late for the hospital to reapply for funding
under the Paycheck Protection Program, which has not been renewed
after applications closed for the last round of funding in August
2020.

                 About Penobscot Valley Hospital

Penobscot Valley Hospital -- http://www.pvhme.org/-- operates a
general medical and surgical facility in Lincoln, Maine. It has
been serving the community for over 40 years with a wide variety of
services and treatment options.

Penobscot Valley Hospital sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Maine Case No. 19-10034) on Jan. 29,
2019.  At the time of the filing, the Debtor estimated assets of $1
million to $10 million and liabilities of $1 million to $10
million. The case is assigned to Judge Michael A. Fagone.  The
Debtor tapped Murray Plumb & Murray as its legal counsel.


PENUMBRA BRANDS: Unsecured Creditors to Get 3% Cash or Equity
-------------------------------------------------------------
Penumbra Brands LLC ("PB") and Penumbra Brands Holdings, Inc.
("PH") filed with the U.S. Bankruptcy Court for the District of
Utah a revised Joint Chapter 11 Plan of Reorganization and
corresponding Disclosure Statement on December 18, 2020.

Through the Joint Plan, the Debtors propose to continue to operate
their businesses in the ordinary course, obtain additional equity
from existing shareholders, pay its secured creditors the full
value of their secured claim as the Petition Date, and repay a
portion of unsecured creditor claims while preserving the
pre-confirmation priorities of creditors and interest holders.

Under the Joint Plan, the Reorganized Debtors will continue to
conduct business in their respective names of Penumbra Brands and
Penumbra Holdings.  Further, the Reorganized Debtors may, but are
not required to, formalize any change in ownership of Penumbra
Holdings as the Reorganized Debtors may determine in its sole
discretion.

The Debtors are not seeking to substantively consolidate their
corporate structures, assets, or liabilities.  Post-confirmation,
the Reorganized Debtors will engage the law firm of Holland & Hart
LLP to serve as its general, post-confirmation bankruptcy counsel.
As soon as reasonably practicable after confirmation, the
Reorganized Debtors will file a motion for entry of a final decree
in the case, and will proceed to conduct its business of maximizing
returns to creditors, owners and/or limited partners, free of the
expense and administrative burden of the bankruptcy process.

The holder of the PB Class 1 Secured Claim will receive an allowed
secured claim of $4,775,000.  The Allowed BBVA PB Class 1 Claim
shall be paid, as follows: (i) $4,000,000 on the Initial
Distribution Date and (ii) $775,000 on or before the Final
Distribution Date. The holder of the Allowed PB Class 1 Claim shall
not be paid post-petition interest on its Claim.

The PB Class 2 will consist of the Allowed Deficiency Claim of BBVA
in the unsecured amount of $15,666,580.  On the Effective Date, the
holder of the PB Class 2 Claim will receive $225,000 (approximately
1.6% of the Allowed Deficiency Claim of BBVA).

PB Class 5 consists of all Allowed Claims of General Unsecured
Creditors of PB that are not otherwise classified in the Plan.  The
holders of Allowed PB Class 5 Claims shall, as they may elect on
their ballot for accepting or rejecting the Plan: (i) receive a
cash distribution equal to the Unsecured Claim Distribution
Percentage of their Allowed PB Class 5 Claims (the "PB Class 5
Payment") or (ii) receive Equity Interests in Penumbra Holdings.
If no election is made on the ballot, then the holders of PB Class
5 Claims shall be deemed to have elected the PB Class 5 Payment.

If the holders of Allowed PB Class 5 Claims elect to receive a Cash
distribution, they shall be paid on the Initial Distribution Date
an amount equal to the Unsecured Claim Distribution Percentage
times the amount of their Allowed PB Class 5 Claims.  If the
holders of the Allowed PB Class 5 Claims elect to receive Equity
Interests in Penumbra Holdings, they will receive Equity Interests
in Penumbra Holdings in an amount equal to the Unsecured Claim
Distribution Percentage times the amount of their Allowed PB Class
5 Claims.  If the holders of the Allowed PB Class 5 Claims fail to
make an election on their ballot, they will be deemed to have
elected to receive a Cash distribution and not Equity Interests.
The holders of Allowed PB Class 5 Claims shall not be paid
postpetition interest on their claims.

According to the Plan, "Unsecured Claim Distribution Percentage"
will mean 3.0%.

PB Class 6 consists of all Equity Interests in Penumbra Brands.
Penumbra Holdings owns 100% of the Equity Interests in Penumbra
Brands.  The PB Class 6 is not impaired under the Plan.  Class 6
shall receive no cash distributions until all payments contemplated
under the Plan have been made.

                        Penumbra Holdings

PH Class 2 shall consist of the Allowed General Unsecured Creditors
of Penumbra Holdings.  Penumbra Holdings scheduled only one General
Unsecured Creditor: BBVA. BBVA did not file a proof of claim in the
Penumbra Holdings case.  The obligations owed to BBVA by Penumbra
Holdings and Penumbra Brands are identical.  BBVA will be paid on
its claims through the PB Class 1 and PB Class 2 Claims.  The
Boston Consulting Group ("BCG") filed an unsecured proof of claim
in the Penumbra Holdings and the Penumbra Brands cases. The proofs
of claim are identical.  Penumbra Holdings did not contract with
BCG.  The Debtors have objected BCG's claim in the Penumbra
Holdings case.  Penumbra Holdings General Unsecured Creditors shall
receive no distribution under the Plan.

PH Class 3 will consist of consist of the Existing PH Equity
Interests.  As of the Effective Date all Existing PH Equity
Interests shall be cancelled.  On the Effective Date, Penumbra
Holdings will issue 10,000,000 shares of common stock in Penumbra
Holdings (the "New PH Equity").  1,000,000 shares of the New PH
Equity will be allocated for potential distribution to employees
through an employee stock incentive plan or employee compensation
consistent with past practices and may be distributed by Penumbra
Brands after entry of the Confirmation Order. The remaining
9,000,0000 shares are to be allocated to creditors that elect to
convert their unsecured claims to equity and others that provide
new equity funds for the Plan.  $2,975,000 in new equity will be
raised.  The owners' source of the new equity funds for the Plan
will come from their cash resources.

Pursuant to Section 1128 of the Code, the Court has scheduled a
hearing to consider the confirmation of the Joint Plan (the
"Confirmation Hearing") on Jan. 28, 2021, at 10:00 a.m., and has
directed that notice thereof be transmitted to all parties in
interest.  The Confirmation Hearing will be held before the
Honorable Joel T. Marker.  The Court has directed that objections,
if any, to the confirmation of the Plan be filed and served on
counsel for the Debtors as the Plan Proponents of the Joint Plan on
or before January 18, 2021 at 4:00 p.m.  All parties in interest
are entitled to object to the Joint Plan on any relevant ground.

A red-lined copy of the Plan of Reorganization dated Dec. 18, 2020,
is available at https://bit.ly/3mGRLY3 from PacerMonitor.com at no
charge.

A red-lined copy of the Disclosure Statement dated Dec. 18, 2020,
is available at https://bit.ly/38pZepe from PacerMonitor.com at no
charge.

Attorneys for the Debtors:

          Sherilyn A. Olsen
          HOLLAND & HART LLP
          222 S. Main Street, Suite 2200
          Salt Lake City, UT 84101
          Telephone: (801) 799-5800
          Fax: (801) 799-5700
          E-mail: solsen@hollandhart.com

                       About Penumbra Brands

Penumbra Brands offers and supports products that improve the
performance, aesthetic and lifespan of mobile devices. For more
information, visit  https://penumbrabrands.com/

Penumbra Brands and Penumbra Brands Holdings, Inc., filed their
voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr.
D. Utah Lead Case No. 20-22804) on May 8, 2020.

At the time of the filing, Penumbra Brands had estimated assets of
between $1 million and $10 million and liabilities of between $10
million and $50 million. Penumbra Brands Holdings had estimated
assets of less than $50,000 and liabilities of between $10 million
and $50 million.      

Judge Joel T. Marker oversees the cases.

Holland & Hart, LLP, is the Debtors' legal counsel.


PERLA, ARKANSAS: Central States Buying PWA for $1.15 Million
------------------------------------------------------------
City of Perla, Arkansas, doing business as Perla Water Association
("PWA"), asks the U.S. Bankruptcy Court for the Western District of
Arkansas to authorize the sale of PWA to Central States Water
Resources, Inc. for $1.15 million.

Among the assets owned by the Debtor is the PWA.  It is in the best
interest of the Debtor's estate that the PWA be sold to Central
States.  The specific assets to be sold and financial terms are
described in detail in Exhibit A.

Perla Water Department has a secured claim with the USDA in the
claimed amount of $55,303, an update payoff will be obtained before
closing, and a general unsecured claim with the City of Malvern,
for a yet to be determined amount.  At closing these amounts will
be paid in full.

It is anticipated that after closing that that a Motion to Dismiss
the matter will be filed.  

Aa prior Order granting authority to sell has not been exercised as
Liberty Utilities Arkansas Water is reviewing its business in
Arkansas after an Order was entered by the Public Service
Commission.

The Debtor prays that the Court enters its Order granting the
Debtor's Second Motion for Authority to Enter into an Asset
Purchase Agreement with Central States Water Resources, Inc. on the
terms set forth in Exhibit A and for all other necessary and proper
relief.

A copy of the Agreement is available at https://bit.ly/34sWJkU from
PacerMonitor.com free of charge.

The Purchaser:

        Josiah M. Cox
        CENTRAL STATES WATER RESOURCES, INC.
        500 Northwest Plaza Drive
        Suite 500
        St. Ann, MO 63074

The Purchaser is represented by:

        James A. Beckemeier, Esq.
        THE BECKEMEIER LAW FIRM, LC
        13421 Manchester Rd., Ste. 103
        St. Louis, MO 63131
        Telephone: (314) 965-2277
        Facsimile: (314) 965-0127
        E-mail: jim@beckemeierlaw.com

                 About City of Perla, Arkansas
   
City of Perla, Arkansas, doing business as Perla Water Association,
owns in fee simple a citywide and beyond water and sewer system
valued at $1.1 million.  The value is an offer to purchase from
from Liberty Utilities.

City of Perla, Arkansas, sought Chapter 9 protection (Bankr. W.D.
Ark. Case No. 19-71447) on May 26, 2019.  The petition was signed
by Raymond L. Adams, mayor.

The Debtor reported total assets of $1,545,646 and debt of $327,634
as of the bankruptcy filing.

The Debtor tapped Kyle Havner, Esq., at Havner Law Firm PA, as
counsel.


PORTLAND WINTER: Foreign Rep.'s $5.85M Sale of All U.S. Assets OK'd
-------------------------------------------------------------------
Judge Peter C. McKittrick of the U.S. Bankruptcy Court for the
District of Oregon authorized KSV Restructuring, Inc. (formerly KSV
Kofman, Inc.), solely in its capacity as the Court-appointed
Receiver and authorized foreign representative of Audible Capital
Corp., Avenir Trading Corp., 1892244 Alberta Ltd., Avenir Sports
Entertainment Ltd., Avenir Sports Entertainment Corp., and Portland
Winter Hawks, Inc. ("PWH"),

      a. recognized in full and gave full force and effect in the
United States the order to be entered by the Canadian Court in the
Canadian Proceeding ("Approval and Vesting Order"), authorizing the
sale of substantially all of the Debtors' U.S. assets and
authorizing the execution of the Asset Purchase Agreement dated as
of Oct. 23, 2020 (as amended by Amendment No. 1 and Amendment No. 2
thereto) by and among the Receiver, Avenir Ice Sports, LLC ("AIS"),
Winterhawks Junior Hockey, LLC and Winterhawks Sports Group LLC;
and

      b. approved the sale of the Debtors' right, title, and
interest in and to the Purchased Assets to Winterhawks Hockey, LLC,
Winterhawks Ice Center, LLC, and Winterhawks Youth Hockey, LLC, for
$5.85 million, pursuant to the Asset Purchase Agreement, free and
clear of all liens, claims, encumbrances, and other interests and
the assumption of the Assumed Liabilities by the Purchasers.

The Sale Hearing was held on Dec. 18, 2020.

The sale is free and clear of and from any and all liens, claims,
encumbrances and interests.  For the avoidance of doubt, only the
Assumed Liabilities described in the Sale Agreement will vest
absolutely in the Purchaser.

As a condition to sale free and clear of its collateral, at or
prior to the Closing Date, the Debtors or the Purchaser will repay
in full all amounts outstanding under that certain Note & Security
Agreement dated Oct. 22, 2015, by and between Banc of America
Leasing & Capital, LLC ("BofA") and PWH ("BofA Note") in an amount
not to exceed $21,372 in the aggregate.  The Debtors will provide
BofA through its counsel three business days' advance notice of the
Closing Date, following which BofA will provide the Debtors with a
payoff on the BofA Note as of the Closing Date.  

Notwithstanding anything in the Order or the Approval and Vesting
Order to the contrary, the sale of the Purchased Assets will not be
free and clear of the lien under the BofA Note unless and until all
amounts owing under the BofA Note are paid in full, upon which
occurrence BofA will immediately release its lien and, within two
weeks after payment, deliver the cancelled BofA Note and all title
to all collateral to the Purchaser and will cooperate with the
Purchaser to execute any other or further documents necessary to
release its lien.

Notwithstanding any provision in the Bankruptcy Rules to the
contrary: (a) the terms of the Sale Order will be immediately
effective and enforceable upon its entry; (b) the Debtors, the
Purchaser, and the Receiver are not subject to any stay in the
implementation, enforcement or realization of the relief granted in
this Sale Order; and (c) the Debtors, the Purchaser, and the
Receiver may, in their discretion and without further delay, take
any action and perform any act authorized under the Approval and
Vesting Order and/or the Sale Order.

The Sale Order constitutes a final and appealable order within the
meaning of 28 U.S.C. Section 158(a).

A copy of the Approval and Vesting Order is available at
https://bit.ly/38cDugk from PacerMonitor.com free of charge.

                   About Portland Winter Hawks

Portland Winter Hawks, Inc. is the owner of the Portland
Winterhawks, a junior ice hockey team based in Portland, Oregon,
that plays in the Western Hockey League.  The WHL is a major junior
hockey league based in Western Canada and the Northwestern United
States.

Pursuant to the Bankruptcy and Insolvency Act, R.S.C. 1985, in May
2020, KSV Restructuring, Inc. (formerly KSV Kofman, Inc.) was
appointed by the Ontario Court of Justice (Commercial List) as
receiver of Audible Capital Corp., Avenir Trading Corp., 1892244
Alberta Ltd., Avenir Sports Entertainment Ltd., Avenir Sports
Entertainment Corp., and Portland Winter Hawks, Inc. ("PWH").  

On May 7, 2020, the Receiver filed voluntary petitions for relief
under chapter 15 of the Bankruptcy Code for each of the Debtors.
The cases are jointly administered under Bankr. D. Ore. Case No.
20-31519.

K&L GATES LLP is the U.S. counsel for the Receiver.


PRESSURE BIOSCIENCES: Two Proposals Passed at Special Meeting
-------------------------------------------------------------
Pressure BioSciences, Inc. held a special meeting in lieu of the
annual meeting of stockholders on Dec. 3, 2020, at which the
stockholders elected Richard T. Schumacher as a Class III director
until the 2023 Annual Meeting of Stockholders and ratified the
appointment of MaloneBailey LLP as the Company's independent
auditors for fiscal year 2020.

                     About Pressure Biosciences

Headquartered in South Easton, Massachusetts, Pressure Biosciences,
Inc. -- http://www.pressurebiosciences.com-- develops and sells
innovative, broadly enabling, pressure-based platform solutions for
the worldwide life sciences industry.  Its solutions are based on
the unique properties of both constant (i.e., static) and
alternating (i.e., pressure cycling technology, or "PCT")
hydrostatic pressure.  PCT is a patented enabling technology
platform that uses alternating cycles of hydrostatic pressure
between ambient and ultra-high levels to safely and reproducibly
control bio-molecular interactions (e.g., cell lysis, biomolecule
extraction).

Pressure Biosciences recorded a net loss of $11.66 million for the
year ended Dec. 31, 2019, compared to a net loss of $9.70 million
for the year ended Dec. 31, 2018.  As of Sept. 30, 2020, the
Company had $2.96 million in total assets, $17.49 million in total
liabilities, and a total stockholders' deficit of $14.54 million.

MaloneBailey, LLP, in Houston, Texas, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
April 14, 2020 citing that the Company has a working capital
deficit, has incurred recurring net losses and negative cash flows
from operations.  These conditions raise substantial doubt about
its ability to continue as a going concern.


PROPERTY VENTURES: Objection to Murante Proof of Claim Granted
--------------------------------------------------------------
Judge Brian S. Kruse granted Property Ventures, LLC's objection to
the proof of claim filed by John Murante in the case captioned In
the Matter of PROPERTY VENTURES, LLC, Chapter 11, Subchapter V,
Debtor, Case No. BK20-80750 (Bankr. D. Neb.).

John filed Proof of Claim No. 1 in the amount of $391,228.81 as
secured by the Property Ventures, LLC's real estate.

John contended that in 2002, he paid Property Ventures $50,213 for
a 12.5% interest in the South Omaha City Hall building, with funds
he withdrew from 5622 Ames, LLC.  Property Ventures asserted,
however, that John never received funds from 5622 Ames, LLC and
never paid Property Ventures $50,213.

John supported his claim with a Conveyance Agreement which conveys
a 25% undivided interest in the SOCH building for $100,000 "in hand
paid."  The agreement is signed by Sam Murante Sr. and Bob Pelshaw,
each as manager of Property Ventures, and as grantors, and by John
Murante and Sam Murante Jr. as grantees.

John testified that he received email from Sam on July 9, 2007
which stated that Property Ventures cannot transfer title to the
SOCH, but that the attached equity accounting shall be ledgered as
a payable of Property Ventures and for the benefit of the investors
as a receivable or payment in full or partial payment to the
investors.  The document did not contain typical email headers and
appeared to be an unsigned memo.

Over six years later, on August 1, 2013, Sam executed two
affidavits to encumber Property Ventures' real estate.  The
affidavits were signed by Sam only in his individual capacity, not
on behalf of Property Ventures.  The affidavits were separately
filed with applicable register of deeds.  The copy of the
promissory note attached to the affidavits provided that for value
received, Sam promises to pay John the principal sum of
$101,768.12.  Sam signed the note individually.  Although Property
Ventures is not listed as "Borrower" in the body of the note, Sam
also signed the note "Property Ventures LLC by Managing Member."

John believed that the note was essentially a buyout of his
ownership and also factored in the tax credits promised to him
under the Conveyance Agreement.

On January 18, 2017, John sued Sam and Property Ventures in the
District Court of Douglas County, Nebraska, asserting claims for
breach of promissory note and unjust enrichment.  Sam and Property
Ventures denied John's allegations and affirmatively alleged lack
of consideration, that the note was not enforceable, and that the
defendants lacked authority to obligate.

On December 13, 2017, Property Ventures filed its first Chapter 11
case.  John asserted that Property Ventures is in default of the
note and that he never received a payment.  Property Ventures
sought to avoid a lien.

John asserted that the 2013 affidavits encumber Property Ventures'
real estate.  Judge Kruse, however, found that the note was not
issued by the debtor, and that the affidavits are, at best, a mere
admission of legal liability by Sam and not the debtor.  Judge
Kruse also noted that the affidavits did not display a willingness
by the debtor and Sam to pay the debt in the future.

Judge Kruse thus ordered as follows:

     (1) Debtor's objection to Proof of Claim #1 filed by John
Murante is granted;

     (2) Any lien John Murante claims against property of Debtor is
avoided; and

     (3) John Murante does not have an enforceable claim against
Debtor's bankruptcy estate.

A full-text copy of Judge Kruse's order dated December 11, 2020 is
available at https://tinyurl.com/yd7r8xv2 from Leagle.com.

     About Property Ventures

Property Ventures, LLC is the owner of a property located at
5002-06 S. 24th St Omaha, NE 68107. The Debtor previously sought
bankruptcy protection on Dec. 13, 2017 (Bankr. D. Neb. Case No.
17-81762).

Property Ventures, LLC filed a voluntary petition under Chapter 11
of the Bankruptcy Code (Bankr. D. Neb. Case No. 20-80750) on June
8, 2020. The petition was signed by Lisa Rezac, Trustee, Gloria
Ann
Murante Intervivos Trust. At the time of the filing, the Debtor
disclosed total assets of $318,708 and total liabilities of
$6,210,101 as of May 31, 2020. The Debtor tapped Turner Legal
Group, LLC as counsel.






PUNCH BOWL: Case Summary & 30 Largest Unsecured Creditors
---------------------------------------------------------
Lead Debtor: PBS Brand Co., LLC
             65 Broadway
             Denver, CO 80203
   
Business Description:     The Debtors are a chain of
                          "eatertainment" venues that blends best
                          in category scratch-kitchen culinary
                          specialties, and craft cocktail and
                          craft non-alcoholic programs.  Each of
                          the Punch Bowl locations is a design-
                          forward environment that provides its
                          patrons with a different and diverse
                          selection of games including, among
                          other things, bowling, scrabble,
                          shuffleboard, virtual reality,
                          billiards, karaoke, vintage arcade
                          games, ping-pong, darts, and skee-ball,
                          and in one location, a nine-hole
                          miniature golf course, that create a
                          setting conducive to large corporate
                          gatherings as well as a la carte sales.

Chapter 11 Petition Date: December 21, 2020

Court:                    United States Bankruptcy Court
                          District of Delaware

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

    Debtor                                           Case No.
    ------                                           --------
    Punch Bowl Social, Inc.                          20-13158
    Punch Bowl Arlington, LLC                        20-13161
    Punch Bowl Atlanta Battery, LLC                  20-13162
    Punch Bowl Austin, LLC                           20-13163
    Punch Bowl Chicago West Loop, LLC                20-13164
    Punch Bowl Cleveland                             20-13165
    Punch Bowl Dallas Deep Ellum, LLC                20-13166
    Punch Bowl, LLC                                  20-13167
    Punch Bowl Indianapolis, LLC                     20-13168
    Punch Bowl Minneapolis, LLC                      20-13169
    Punch Bowl Sacramento, LLC                       20-13170
    Punch Bowl SanDiego, LLC                         20-13171

Judge:                    Hon. John T. Dorsey

Debtors'
Bankruptcy
Counsel:                  Jeffrey R. Waxman, Esq.
                          Eric J. Monzo, Esq.
                          Brya M. Keilson, Esq.
                          Sarah M. Ennis, Esq.
                          MORRIS JAMES LLP
                          500 Delaware Avenue
                          Suite 1500
                          Wilmington, DE 19801
                          Tel: (302) 888-6800
                          Fax: (302) 571-1750
                          E-mail: jwaxman@morrisjames.com
                          E-mail: emonzo@morrisjames.com
                          E-mail: bkeilson@morrisjames.com
                          E-mail: sennis@morrisjames.com

Debtors'
Restructuring
Advisor:                  GAVIN/SOLMONESE

Debtors'
Claims,
Noticing &
Solicitation
Agent:                    OMNI AGENT SOLUTIONS

https://cases.omniagentsolutions.com/documents/list?clientId=CsgAAncz%2B6ZLN7uyow163CtFtp9YRuJxTTm%2BuAGw9QHqIt8ircT%2FFUoSFWd8yiOXPQ8p24tBnZI%3D

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petitions were signed by Stacy Johnson Galligan, authorized
representative.

A copy of PBS Brand Co.'s petition is available for free at
PacerMonitor.com at:

https://www.pacermonitor.com/view/PSCA5JY/PBS_Brand_Co_LLC__debke-20-13157__0001.0.pdf?mcid=tGE4TAMA

List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. JPMorgan Chase Bank, NA            PPP Loan         $10,069,144
PO Box 182054
Columbis, OH 42318
Jenae Anderson
Email: jenae.h.anderson@chase.com

2. FC Ballston Common LLC             Leasehold           $818,158
Terminal Tower,
Forest City Realty Trust
50 Public Square
Suite 1360
Cleveland, OH 44113-2267
Jeffrey Aronoff
Email: Jeffrey.Aronoff@brookfieldpropertiesretail.com

3. The Domain Mall LLC                Leasehold           $763,173
c/o M.S. Management Associates Inc.
225 West Washington Street
Indianapolis, IN 46204-3438
Sundesh Shah
Email: sshah@simon.com

4. Circle Centre Mall                 Leasehold           $707,893
C/O M.S. Management Associates Inc.
225 West Washington Street
Indianapolis, IN 46204-3438
Sundesh Shah
Email: sshah@simon.com

5. ARC WEMPSMN001 LLC                 Leasehold           $684,086
Attn: General Counsel
405 Park Avenue
14th Floor
New York, NY 10022
Jason Slear
Email: jslear@ar-global.com

6. Sysco Corporation                    Trade             $643,949
Attn: Legal Department
1390 Enclave Parkway
Houston, TX 77077-2099
Ken O'Donnell
Email: o'donnell.ken@den.sysco.com

7. Internal Revenue Service             Taxes             $465,154
Centralized Insolvency Operation
PO Box 7346
Philadelphia, PA 19101-1734

8. Going Stagg                           Note             $319,191
217 Havemeyer Street
4th Floor
Brooklyn, NY 11211
Jaco Sacks
Email: jsacks@cayugacapital.com

9. Tundra Restaurant Supply, Inc.       Trade             $109,962
PO Box 74007307
Chicago, IL 60674
Keith Kelly
Email: customerservice@tundrafmp.com

10. Trimark SS Kemp                     Trade              $99,329
4567 Willow PKWY,
Cleveland, OH 44125-1041
Tel: 216-271-7700
Email: info@trimark.com

11. US Bowling Corporation              Trade              $92,711
5480 Schaefer Ave
Chino, CA 91710
Email: sales@usbowling.com

12. Canon Financial Services, Inc.    Leasehold            $84,961
PO Box 5008
Mount Laurel, NJ 08054
Email: customer@cfs.com

13. John Haywood                      Consulting           $75,000
100 Park Plaza #320                    Services
San Diego, CA 92101
Email: jwhaywood@gmail.com

14. Conveyor                             Trade             $66,900
240 Saint Paul Street
Suite 115
Denver, CO 80206
Andee Conner Foutch
Email: andee.connerfoutch@conveyormedia.com

15. National Distribution                Trade             $65,576
Service, Inc.
6616 Trade Center Blvd.
Chesterfield, MO 63005
Tel: 636-536-5300
Email: steve@ndsstl.com

16. Davis Wright                      Legal Fees           $64,137
Tremaine LLP
1300 SW Fifth Avenue
Suite 2400
Portland, OR 97201
Riley Lagesen
Email: rileylagesen@dwt.com

17. Vox Media                            Trade             $53,000
PO Box 20064
Pittsburgh, PA 15251-0064

18. NAMIFY                               Trade             $46,194
280 West 900 North
Springville, UT84663
Tel: 801-491-8068
Email: orders@namify.com

19. The Spice Guy                        Trade             $43,468
3568 Peoria Street
Suite 605
Tel: 303-482-1620
Email: hello(at)thespiceguyco.com

20. Facebook                             Trade             $42,130
1601 Willow Road
Menlo Park, CA 94025
Legal Department

21. VRSENAL, Inc.                        Trade             $35,716
1001-A E. Harmony
Road #516, Fort Collins, CO 80525
Tel: (303) 590-8064
Ben Davenport

22. Amazon Business                      Trade             $35,070
410 Terry Avenue
North, Seattle, WA
Legal Department

23. Feed Media                           Trade             $31,757
7807 E. 24th Avenue
Denver, CO 80238
Stepfanie Jones
Email: stefanie@feedmedia.com

24. Sundell & Associates                 Trade             $31,250
5535 E. ThunderHawk Road,
Cave Creek, AZ 85331
Tel: 480-595-5297
Andy Sundell

25. Vantage Architectural                Trade             $27,611
Solutions, LLC
28553 Network Place,
Chicago, IL 60673-1285
Thomas Papp
Tel: (847) 867-7136

26. San Diego Gas                      Utilities           $25,611
and Electric
8330 Century Part Ct.,
San Diego, CA 92123-1530
Customer Service
Tel: 800-411-7343

27. Lyrical Systems                      Trade             $20,935
3303 N. Mississippi
Avenue, Suite 310,
Portland, OR 97227
Account Manager
Tel: 408-230-7202

28. Broad Sky Networks                   Trade             $19,840
750 NW Charbonneau Street
Bend, OR 97703
Tel: 877-291-9575
Email: info@bradskynetworks.net

29. Red Book Connect, LLC                Trade             $19,799
3440 Preston Ridge Road, Suite 650
Alpharetta, GA 30005
Danny Matthews
Email: danny.matthews@hotschedules.com

30. Garda World                          Trade             $19,664
1699 S. Handley Road, Suite 350,
St.Louis, MO 63144
Account Manager
Tel: 314-644-1974


PUNCH BOWL: Files for Chapter 11 Bankruptcy in Delaware
-------------------------------------------------------
Claire Boston of Bloomberg News reports that restaurant chain Punch
Bowl Social, which offers dining and entertainment like arcade
games, bowling and karaoke, filed for Chapter 11 bankruptcy in
Delaware on Monday, court papers show.

Denver-based chain lists assets and liabilities of $10 million to
$50 million in petition Cracker Barrel Old Country Store wrote down
its investment in Punch Bowl Social by $133 million -- representing
its entire equity stake in the company and certain debt holdings --
after the company was forced to shutter its 19 locations and lay
off almost all its staff amid the pandemic Cracker Barrel said in
March 2020 filing.

                 About Punch Bowl Social

Punch Bowl Social is a restaurant chain that offers the best in fun
with a great lineup of arcade games, karaoke, food, craft cocktails
and drinks, and hosting your events.

PBS Brand Co., LLC and its affiliates own Punch Bowl Social, a
chain of                     "eatertainment" venues that blends
bestin category scratch-kitchen culinary
specialties, and craft cocktail and craft non-alcoholic programs.
Each of the Punch Bowl locations is a design-forward environment
that provides its patrons with a different and diverse selection of
games including, among other things, bowling, scrabble,
shuffleboard, virtual reality, billiards, karaoke, vintage arcade
games, ping-pong, darts, and skee-ball, and in one location, a
nine-hole miniature golf course, that create a setting conducive to
large corporate gatherings as well as a la carte sales.

On Dec. 21, 2020, PBS Brand Co., LLC, and its affiliates, including
Punch Bowl Social, Inc., sought Chapter 11 protection (Bankr. D.
Del. Lead Case No. 20-13157).
The cases are pending before the John T. Dorsey and are being
jointly administered for procedural purposes under case number
20-13157.

PBS Brands was estimated to have $10 million to $50 million in
assets and liabilities as of the bankruptcy filing.

The Debtors tapped MORRIS JAMES LLP as bankruptcy counsel; and
GAVIN/SOLMONESE as restructuring advisor.  OMNI AGENT SOLUTIONS is
the claims agent.


QUARTER HOMES: $1.85 Million Sale of 7 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 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.

The sale is free and clear of all claims, liens, and interests,
with any such interests to attach to the sale proceeds; and in
accordance with the Purchase Contracts.

The Court authorized and directed the payment (i) of 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) of a 2.5% brokerage fee of $46,200 at
closing of the transactions to A&M Management; (iii) of brokerage
fees for each Buyer's agent in accordance with each sale contract
Exhibits A to G; (iv) to 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 directed to sequester the net sale proceeds from the
sales of (i) the Canyon House and the Superior 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; and (ii)
the Vemto House, the Morning View House, the Smith House, the Santa
Clara House, and the Hillman 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 $25,000 from
these sale proceeds may be used to fund the continued operations of
the Debtor as set forth in the Sale Motion.

The Debtor is directed to provide a copy of the closing statement
for each house to the counsel for the Curry Parties and the counsel
for the United States Trustee.

The Court waived 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.

                      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 sought Chapter 11 protection (Bankr. D. Ariz. Case
No. 20-07065) on June 11, 2020.  The petition was 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.


QUINCY HEALTH: S&P Assigns 'B-' ICR; Outlook Stable
---------------------------------------------------
S&P Global Ratings assigned a 'B-' issuer credit rating to newly
formed Quincy Health LLC following emergence of Quorum Health Corp.
from Chapter 11 bankruptcy and reorganized to become a wholly owned
subsidiary of the company.  The new capital structure consists of a
four-year asset based loan (ABL) of up to $162.5 million and a
five-year $732.2 million term loan.

At the same time, S&P assigned its 'B-' issue-level and '3'
recovery ratings to the company's senior secured debt, indicating
its expectation for meaningful (50%-70%; rounded estimate: 55%)
recovery in the event of a default.

The company's capital structure is manageable.   The company
emerged from its bankruptcy and reorganization with much less debt
and interest expense. S&P believes the debt can be supported given
the rating agency's expectations for operating performance and cash
flow.

Quincy generates profits from a limited number of hospitals.   The
company operates predominantly in small rural and midsize markets,
and a limited number of hospitals account for a disproportionately
large portion of its profitability--Quincy's top-five hospitals
account for about 75% of its EBITDA. Furthermore, although Quincy
has hospitals in 13 states, it generates about 55% of its revenue
in two states. S&P believes this heavy concentration in revenue and
EBITDA generation increases the company's risk profile as the
company is more exposed to local economic, demographic, and
regulatory developments in addition to the risk of local market
disruption from the pandemic.

Volume and admission trends are weak.   The company has struggled
with weak patient volume trends, an unfavorable business mix shift,
and higher-than-expected expenses. These factors led to weak
operating results with margins around 10%, which is below that of
its for-profit hospital company peers. The company has implemented
cost-cutting measures to bolster margins and is pursuing
third-party IT solutions to improve billings and collections.

Covenant relief until third quarter 2021.   The company's secured
term loan is not subject to a covenant ratio until the third
quarter of 2021, at which point the company must maintain a maximum
senior net leverage ratio (SNLR) of 6.5x. In the fourth quarter of
2021, the company's SNLR must also be less than 6.5x, and the
maximum ratio decreases 0.25 basis points each calendar quarter
thereafter until it reaches 5x, which S&P estimates will be in the
second quarter of 2023. S&P believes this provides the company time
to improve its operations, lessening near-term risk of a covenant
violation.

The company is highly leveraged with limited discretionary cash
flow.   

S&P said, "In spite of the postbankruptcy reduction in debt, we
expect the company will remain highly leveraged with debt-to-EBITDA
leverage of 5.3x in 2021 and 5.1x in 2022. We expect a relatively
small discretionary cash flow deficit in 2021 in the
high-single-digit percents, turning to positive discretionary cash
flow generation of $5 million-$10 million in 2022. Our forecast is
contingent on the company's ability to lower costs, realize
improved billing and collections, and improve EBITDA generation
through accretive acquisitions."

Uncertainty from the pandemic remains.   Ongoing impairment from
the coronavirus pandemic could weaken Quincy's financial results.
The company's patient volumes declined significantly in the second
quarter of 2020 because of the pandemic. Although volume rebounded
in the third quarter, it remains below prior-year levels.

S&P said, "We expect emergency room volumes in 2021 to remain far
below prepandemic levels. Although we cannot predict the pandemic's
severity or duration, we do not build into our base case widespread
stay-at-home restrictions similar to what occurred early on in
mid-March and April. However, as the pandemic becomes more
widespread across the country this winter, we think increased local
and regional shutdowns are possible. Due to significant
uncertainty, we do not include any possible impact of the covid
vaccine in our base case."

"Our stable outlook reflects our belief that the company's current
capital structure is now manageable and its liquidity position will
be sufficient over the next 12 months. The outlook also
incorporates our expectation that Quincy will steadily improve
sales and cash flow generation."

"We could lower the rating if the company underperforms relative to
our base case. This could occur if the company's operating
performance at hospitals deteriorates. This would likely involve
persistent cash flow deficits, which could cause us to believe the
company's current capital structure is unsustainable, and that it
will be unable to support its debt burden over the long term."

"Although unlikely over the next 12 months, we could raise the
rating if the company improves operating performance at its
underperforming hospitals and generates sustained discretionary
free cash flow. Under this scenario, we would need to gain
confidence that the company could generate and sustain
discretionary free cash flow to debt of at least 3%."


REMINGTON OUTDOOR: Wins Jan. 25 Plan Exclusivity Extension
----------------------------------------------------------
Judge Clifton R. Jessup Jr., of the U.S. Bankruptcy Court for the
Northern District of Alabama, Northern Division extended the
periods by 60 days within which Remington Outdoor Company, Inc. and
its affiliates have the exclusive right to file a Chapter 11 plan
through and including January 25, 2021, and to solicit acceptances
of the plan through and including March 26, 2021.

Since the Petition Date, the Debtors have focused on transitioning
their operations into chapter 11 while running multiple sale
processes to maximize the value of their Debtor estates.

The Debtors filed their petitions without a stalking horse or
debtor in possession financing after their pre-petition stalking
horse failed to proceed. Accordingly, the Debtors' immediate focus
was on securing sufficient financing through cash collateral
arrangements and establishing a prompt sale process to unlock the
value of their assets. The Court set an Auction Date of September
17 and the Debtors continued to engage with multiple independent
bidders.

Just weeks before the Auction, the Debtors were able to secure a
stalking horse bid for their ammunition business and intellectual
property for $65 million. This served as the springboard for an
active "virtual" auction involving over a dozen bidders that took
place over eight days from September 17 through September 24th. The
sales included four primary auction sales agreements and five
back-up bidders, as well as three intellectual property buyers. The
Debtors promptly documented these separate agreements.

After considering the evidence presented by the Debtors, the Court
approved the sales. Since then, the Debtors have closed three of
the main transactions (Remington ammunition, Barnes Bullets, and
Remington firearms), as well as two of the intellectual property
agreements. The remaining two sales are anticipated to close by
mid-November. The Debtors are also in the process of engaging a
broker to market their remaining assets, including real property in
Huntsville, Alabama, and Madison, North Carolina, in addition to
pursuing sales of other assets. Thus far, the process has put the
Debtors in a favorable position to be able to propose a feasible
plan.

As the Debtors move into the next stage of these Chapter 11 Cases,
they have recently filed a motion to set a claims bar date and are
commencing discussions with stakeholders as to the potential terms
for a chapter 11 plan. Given the uncertainty concerning the value
of the Debtors' assets at the commencement of the cases, meaningful
plan discussions could not take place until after the sale process
unfolded. Thus, the Debtors will use the additional time to
facilitate those discussions.

Also, the Debtors intend to use the additional time to continue
their wind-down efforts, conduct further discussions regarding
liquidation strategy, finalize and close the remaining asset sales,
and progress the process of negotiating a consensual chapter 11
plan. The extension is in the best interests of the Debtors and of
their stakeholders.

A copy of the Debtors' Motion to extend is available from
primeclerk.com at https://bit.ly/2VxyOfd at no extra charge.

A copy of the Court's Extension Order is available from
primeclerk.com at https://bit.ly/3lD41Z8 at no extra charge.

                       About Remington Outdoor Company

Remington Outdoor Company, Inc. and its affiliates are
manufacturers of firearms, ammunition, and related products for
commercial, military, and law enforcement customers throughout the
world. They operate seven manufacturing facilities located across
the United States. The companies' principal headquarters are
located in Huntsville, Alabama.

Remington Outdoor Company and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Lead Case
No. 20-81688) on July 27, 2020. At the time of the filing,
Remington disclosed assets of between $100 million and $500 million
and liabilities of the same range.

Judge Clifton R. Jessup Jr. oversees the cases. The Debtors have
tapped O'Melveny & Myers LLP as their bankruptcy counsel, Burr &
Forman LLP as local counsel, M-III Advisory Partners LP as
financial advisor, Ducera Partners LLC as investment banker, B.
Riley Real Estate, LLC as real estate broker, and Prime Clerk LLC
as notice, claims, and balloting agent.  

The U.S. Bankruptcy Administrator for the Northern District of
Alabama appointed a committee of unsecured creditors on August 6,
2020. The committee is represented by Fox Rothschild, LLP and Baker
Donelson Bearman Caldwell & Berkowitz, PC.


RENOVATE AMERICA: Case Summary & 30 Largest Unsecured Creditors
---------------------------------------------------------------
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

     Debtor                                     Case No.
     ------                                     --------
     Renovate America, Inc. (Lead Debtor)       20-13172
       f/k/a Powerhouse Service, Inc., RAI
     16870 W. Bernardo Dr. Ste. 408
     San Diego, CA 92127

     Personal Energy Finance, Inc.              20-13173

Business Description:     The Debtors are privately held
                          companies in the home improvement
                          financing industry, specifically as it
                          relates to financing for certain
                          environmentally-friendly home
                          improvement projects.

Chapter 11 Petition Date: December 21, 2020

Court:                    United States Bankruptcy Court
                          District of Delaware

Debtors' Counsel:         Sharon Z. Weiss, Esq.
                          BRYAN CAVE LEIGHTON PAISNER LLP
                          120 Broadway, Suite 300
                          Santa Monica, California 90401
                          Tel: (310) 576-2100
                          Fax: (310) 576-2200
                          Email: sharon.weiss@bclplaw.com

                             - and -

                          Timothy R. Bow, Esq.
                          BRYAN CAVE LEIGHTON PAISNER LLP
                          161 North Clark Street, Suite 4300  
                          Chicago, Illinois 60601
                          Tel: (312) 602-5000
                          Fax: (312) 602-5050
                          Email: timothy.bow@bclplaw.com

Debtors'
Bankruptcy
Co-Counsel:               Mette H. Kurth, Esq.
                          CULHANE MEADOWS, PLLC
                          4023 Kennett Pike #165
                          Wilmington, Delaware 19807
                          Tel: (302) 660-8331
                          Email: mkurth@cm.law

Debtors'
Financial
Advisor &
Investment
Banker:                   ARMANINO LLP

Debtors'
Restructuring
Advisor:                  GLASS RATNER ADVISORY & CAPITAL
                          GROUP, LLC
                          D/B/A B. RILEY ADVISORY SERVICES

Debtors'
Notice,
Claims,
Balloting
Agent and
Administrative
Advisor:                  STRETTO
           https://cases.stretto.com/renovateamerica/court-docket

Estimated Assets: $50 million to $100 million

Estimated Liabilities: $100 million to $500 million

The petitions were signed by Shawn Stone, chief executive officer.

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

https://www.pacermonitor.com/view/IMSZWDY/Renovate_America_Inc__debke-20-13172__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/ITWE2SA/Personal_Energy_Finance_Inc__debke-20-13173__0001.0.pdf?mcid=tGE4TAMA

List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. SFII Rancho Bernardo, LLC            Rent           $13,627,447
260 California St, Suite 1100
San Francisco, CA 94111
Steve Blue
Email: blue@swiftrp.com

2. State of California                 Legal            $2,700,000
Office of District Attorney          Settlement
3960 Orange St
Riverside, CA 92501
Lauren Dossey
Tel: 951-955-5400
Email: LaurenDossey@RivCoDA.org

3. Larson O'Brien LLP               Professional          $891,484
555 South Flower Street               Services
Suite 4400
Los Angeles, CA 90071
Email: dceballos@larsonobrienlaw.com

4. ReedSmith LLP                    Professional          $832,889
33489 PO Box 39000                    Services
San Francisco, CA 94139
Email: caach@reedsmith.com

5. CBRE, Inc.                       Trade Debts           $323,941
P.O. Box 740935
Location Code 2142
Los Angeles, CA 90074-0935
Email: Luzviminda.Thrall@cbre.com

6. Concord Servicing Corporation    Trade Debts           $310,080
4150 N Drinkwater Blvd
Suite 200
Scottsdale, AZ 85251
Email: billing@concordservicing.com

7. Squire Patton                    Professional          $220,178
Boggs (US) LLP                        Services
41 South High Street
Columbus, OH 43215
Email: aaron.seamon@squirepb.com

8. Hunton Andrews Kurth LLP         Professional          $144,035
PO Box 405759                         Services
Atlanta, GA 30384-5759
Email: lgrosse@HuntonAK.com

9. Goodwin Procter LLP              Professional          $113,143
100 Northern Avenue                   Services
Boston, MA 02210
Email: MSheldon@goodwinprocter.com

10. Best Best & Krieger LLP         Professional          $111,586
3390 University Avenue                Services
5th Floor
Riverside, CA 92502
Steven DeBaun, Esq.
General Counsel, WRCOG
Email: steven.debaun@bbklaw.com

11. Corelogic                       Trade Debts           $108,941
PO Box 847239
Dallas, TX 75284
Email: pisgar.sna.ca@corelogic.com

12. National Economic Research      Trade Debts            $63,672
Associates, Inc.
1255 23rd Street NW
Washington, DC 20037
Xiaoling Ang
Tel: 202-466-9259
Email: lingling.ang@nera.com

13. West Publishing Corporation     Trade Debts            $50,716
PO Box 6292
Carol Stream, IL 60197-6292
Email: WestAccountsReceivable@thomsonreuters.com

14. Winston & Strawn, LLP          Professional            $45,483
200 Park Avenue                      Services
New York, NY 10166
Email: dpassage@winston.com

15. Five9 Inc.                      Trade Debts            $23,283
4000 Executive Parkway
Suite 400
San Ramon, CA 94583
Email: billing@five9.com

16. Hudson Cook, LLP                Professional           $18,925
7037 Ridge Rd. Ste. 300               Services
Hanover, MD 21076
Email: mmclean@hudco.com

17. Brightcove Inc                  Trade Debts            $17,000
PO Box 83318
Woburn, MA 01813
Email: fin-express@brightcove.com

18. Littler Mendelson, PC           Professional           $14,114
PO Box 45547                          Services
San Francisco, CA 94145-0547
Email: clientpayments@littler.com

19. Trantor, Inc.                   Trade Debts            $12,500
3723 Haven Ave, #120
Menlo Park, CA 94025
Sanjul Saxena
Tel: 510-703-4506
Email: sanjul.saxena@trantorinc.com

20. Electronic Printing             Trade Debts            $11,144
Solutions, LLC
4879 Ronson Ct
Suite C
San Diego, CA 92111
Email: mchau@epsolution.com

21. Fidelity National               Trade Debts            $11,000
Information Services, Inc.
PO Box 4535
Carol Stream, IL 60197-4535
Email: Nermina.Selman@fisglobal.com

22. SHI International Corp          Trade Debts             $9,849
290 Davidson Avenue
Somerset, NJ 08873
Email: matt_soles@shi.com

23. StreamSource Technologies Inc   Trade Debts             $9,540
25 Broadway, 9th Floor
New York, NY 10004
Email: rupesh@skeps.com

24. Secure Talent, Inc.             Trade Debts             $8,978
2385 Northside Drive, Suite 250
San Diego, CA 92108
Email:accounts.receivable@eastridge.com

25. Jobvite                         Trade Debts             $7,500
PO Box 208262
Dallas, TX 75320-8262
Email: ar@jobvite.com

26. Folger Levin LLP                Professional            $6,796
199 Fremont Street 20th Floor         Services
San Francisco, CA 94105
Email: cconner@folgerlevin.com

27. Trace3, Inc.                     Trade Debts            $6,211
27 PO Box 847467
Los Angeles, CA 90084-7467
Email: accountsreceivable@trace3.com

28. McGlinchey Stafford             Professional            $4,641
PO Box 2153                           Services
Birmingham, AL 35287
Email: accountsreceivable@mcglinchey.com

29. The Bank of New York Mellon      Trade Debts            $4,400
Trust Company, N.A.
PO Box 392013
Pittsburgh, PA 15251-9013
Email: stuart.weiss@bnymellon.com
Phone: 213-553-9510

30. Baker Tilly US, LLP              Professional           $3,175
4100 Newport Place Drive              Services
Newport, CA 92660
Email: Adam.Bullock@bakertilly.com


RESIDENTIAL MARKETING: Subchapter V Case Underway
-------------------------------------------------
Residential Marketing Concepts, Inc.'s proceedings under Subchapter
V of Chapter 11 of the Bankruptcy Code is underway in the U.S.
Bankruptcy Court for the Western District of Michigan.

Residential Marketing, which sought bankruptcy protection in
October, reported $13,685 in total revenues since the filing
against $22,510 in revenues.

In November, the Debtor resolved the objection of Kapitus
Servicing, Inc. on the Debtor's bid to use cash collateral.  The
parties entered into a stipulation on the Debtor's use of cash
collateral.  A November 17 hearing on the request was later
cancelled.

Also on November 17, U.S. Trustee Dean E. Rietberg conducted a
Meeting of Creditors under 11 U.S.C. Sec. 341.

The Debtor previously won permission to use cash collateral, on an
interim basis, up to $60,000.00 per month.  That authority,
however, was limited to that amount prior to the entry of a final
order authorizing the Debtor to use cash collateral or the time the
Order becomes a final order.

As adequate protection, Kapitus was granted Replacement Liens on
the Debtor's assets which are created, acquired, or arise after the
Petition Date, but limited to only those types and descriptions of
collateral in which the Secured Creditor holds a prepetition lien
or security interest. The Replacement Liens will have the same
priority and validity as Secured Creditor's pre-petition security
interests and liens.

The Debtor is also authorized to receive, collect, and make use of
the Cash Collateral in its possession and that it receives in the
ordinary course of its business. The use of the Cash Collateral
will be as needed for the reasonable and necessary operating
expenses incurred in the ordinary course of the Debtor's business,
including the payment of US Trustee quarterly fees when due and
court approved fees and expenses of professionals retained by the
Debtor.

The Debtor will make adequate protection payments for the use of
cash collateral in the total monthly amount of $1,000.

              About Residential Marketing Concepts

Residential Marketing Concepts Inc. is a provider of senior housing
and care information to families and healthcare professionals under
the name Alternatives for Seniors. It sought protection under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.
Mich. Case No. 20-03216) on October 19, 2020, listing under
$500,000 in assets and $500,001 to $1 million in liabilities.

Judge John T. Gregg oversees the case.

Michael D. Lieberman is the Debtor's counsel.

Scott A. Chernich has been appointed as Subchapter V Trustee.



RUBIO'S RESTAURANT: Set to Emerge From Bankruptcy
-------------------------------------------------
As widely reported, Rubio's Restaurants Inc. has won court approval
of its bankruptcy-exit plan.

Leslie A. Pappas of Bloomberg Law reports that Rubio's is poised to
emerge from bankruptcy by the end of the year with new ownership
after the court approved its Chapter 11 plan.

According to Bloomberg, the restaurant's pre-bankruptcy lender,
Golub Capital LLC, and equity holder Mill Road Capital Management
LLC will take a controlling stake in the reorganized company in
exchange for debt forgiveness.  Golub provided an $8 million loan
and Mill Road Capital provided $6 million of equity towards the
restructuring efforts.

Law360 reports that the Delaware judge on ec. 21, 2020, gave her
nod to the Chapter 11 plan after a settlement was reached with
stakeholders that will result in a recovery for unsecured creditors
not initially expected when the bankruptcy was filed.

According to Law360, during a hearing held virtually, U.S.
Bankruptcy Judge Mary F. Walrath commended Rubio's and other
parties for resolving most issues heading into the hearing and
brokering the deal that will see unsecured creditors recover about
$650,000 to $1 million.  Judge Walrath said the recovery for
unsecured creditors was not anticipated at the outset of the
bankruptcy.

The company's plan results in a "substantial deleveraging,"
provides $13 million in new liquidity, and allows unsecured
creditors to recover up to 18% of debt.

                    About Rubio's Restaurants

Rubio's Restaurants, Inc. and its debtor affiliates are operators
and franchisors of approximately 170 limited service restaurants in
California, Arizona, and Nevada under the Rubio's Coastal Grill
concept. Visit www.rubios.com for more information.

Rubio's Restaurants, Inc. and its debtor affiliates filed
concurrently filed voluntary petitions for relief under Chapter 11
of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-12688) on
Oct. 26, 2020. The petitions were signed by Melissa Kibler, chief
restructuring officer.  At the time of the filing, the Debtors
estimated to have $50 million to $100 million in assets and $100
million to $500 million in liabilities.

Judge Mary F. Walrath oversees the cases.

The Debtors tapped Ropes & Gray LLP as counsel, Young Conaway
Stargatt & Taylor, LLP as Delaware counsel, Mackinac Partners LLC
as restructuring advisor, Gower Advisers as investment banker, and
B. Riley Financial, Inc. as real estate advisor.  Stretto is the
claims, noticing, solicitation and balloting agent.


S-TEK 1: Court Grants Interim Use of Cash Collateral
----------------------------------------------------
In the case captioned In re: S-Tek 1, LLC, Debtor, No. 20-12241-j11
(Bankr. D. N. M.), Judge Robert H. Jacobvitz granted the debtor
emergency interim relief to use cash collateral from December 2,
2020 through the date of the final hearing on the Motion for Use of
Cash Collateral, to the extent necessary to avoid immediate and
irreparable harm.

In December 2018, S-Tek 1 entered into a purchase agreement with
Surv-Tek, Inc., whereby S-Tek purchased all or a substantial
portion of the assets of Surv-Tek.  S-Tek also executed a
promissory note payable to Surv-Tek for approximately $1,550,000.
The note provided for montly payments of $16,440.15.  A non-compete
agreement was also executed in which Surv-Tek agreed not to compete
with S-Tek for five years after the date of sale.  The non-compete
agreement also provided that, in the event of uncured default on
the note by S-Tek, the non-compete agreement's provisions
preventing Surv-Tek from providing surveying services would
"terminate automatically."  Moreover, after an uncured default,
S-Tek would be barred from providing commercial or residential
surveying services in the State of New Mexico if Surv-Tek elected
to conduct a surveying business in New Mexico.

In July 2019, S-Tek sued Surv-Tek and others for fraud, negligent
misrepresentation, material breach of contract, breach of contract,
breach of good faith and fair dealing, equitable recovery, and
violation of the UCC.  Surv-Tek answered the complaint and
counter-claimed for S-Tek's failure to timely pay the promissory
note, among other things.

The Second Judicial District Court of New Mexico found that, as of
October 2020, the amount the debtor was in arrears in its
obligations to Surv-Tek was $180,841.70, which consists of 10 past
due monthly installments of $16,440.15 each, plus 10 monthly late
fees of $1,644.02 each, for the period beginning January 1, 2020
through November 1, 2020.

In October 2020, the State Court held a hearing on Surv-Tek's
motion to enjoin competition by S-Tek.  The State Court ordered
S-Tek to "come current on all indebtedness due and owing under the
note.  The State Court also provided that, even if the amount in
arrears was timely paid, the debtor must abide by the non-compete
agreement if it failed to pay $16,440.15 monthly thereafter. S-Tek
did not pay the amount in arrears by November 2, 2020.

On December 2, 2020, S-Tek filed its voluntary chapter 11 petition
electing treatment under Subchapter V of Chapter 11 of the
Bankruptcy Code. S-Tek filed an emergency motion for authority to
use cash collateral for the period from December 2, 2020 through
March 31, 2021 and to request for a emergency hearing.

Surv-Tek, Inc. objected to the debtor's use of cash collateral,
arguing among other things, that, pre-petition, the State Court
ordered the debtor to cease operations and that debtor should not
be premitted to use cash collaterol to enable it to continue
operations in violation of the State Court's order.

For purposes of granting S-Tek use of cash collateral on an
emergency basis during the interim period pending final hearing,
Judge Jacobvitz found the replacement lien and other adequate
protection granted in a separate order authorizing use of cash
collateral during the interim period, provides adequate protection
for such use.  Judge Jacobvitz also found that the Rooker-Feldman
doctrine does not bar the court from ruling on the debtor's request
for use of cash collateral because such a ruling does not modify or
reverse the State Court Order; rather, the automatic stay prevents
its enforcement.  Judge Jacobvitz held that the debtor's use of
cash collateral for the interim emergency period is necessary to
prevent immediate and irreparable harm to the estate pending the
final hearing on January 5, 2021.

A full-text copy of Judge Jacobvitz's memorandum opinion dated
December 11, 2020 is available at https://tinyurl.com/y9ttl97g from
Leagle.com.

                    About S-Tek 1, LLC

S-Tek 1, LLC aka SurvTek -- https://www.survtek.com -- is a land
surveying and consulting firm providing professional surveying
services to both the private and public sectors throughout New
Mexico.

S-Tek 1, LLC, based in Albuquerque, NM, filed a Chapter 11 petition
(Bankr. D.N.M. Case No. 20-12241) on Dec. 2, 2020. In its petition,
the Debtor disclosed $355,177 in assets and $2,251,153 in
liabilities. The petition was signed by Randy Asselin, managing
member. The Hon. Robert H. Jacobvitz presides over the case. NEPHI
D. HARDMAN ATTORNEY AT LAW, LLC, serves as bankruptcy counsel.


SERENDIPITY LABS: Optimistic on Emerging From Chapter 11
--------------------------------------------------------
Jamie Orr of All Work reports that Serendipity Labs, Inc., is
optimistic that despite the challenges it is facing in court, the
company will emerge successfully from Chapter 11 bankruptcy in the
coming months.

The Chapter 11 proceedings were initially undertaken in July of
2020 to restructure corporate level senior debt using the expanded
eligibility criteria of the Small Business Reorganization Act
(SBRA) under the CARES Act.

In a recent call with Allwork.Space, CEO John Arenas explained why
Serendipity Labs made the decision to pursue this method of debt
restructuring and why it was needed.

"We took this action as a profitable company, only because we were
unable to refinance or restructure our senior debt with our lender,
Hall Financial Group, while in the midst of the first wave of the
pandemic."

"The Stay at Home orders temporarily closed all Serendipity Labs
locations and temporarily shut down our access to private
investment markets for refinancing," he said.

The senior level debt in question refers to a $4 million loan with
the Hall Financial Group from 2019 that had a maturity date of
August 2020.

Under the SBRA, which went into effect in February 2020, a new
subchapter (Subchapter V) was added to the United States Bankruptcy
Code in an effort to make the bankruptcy process more efficient and
less costly for qualifying small businesses.  To be eligible, a
company (the debtor) must have less than $2,725,625 in total debt
with an increase in the debt limit to $7.5 million as part of the
CARES Act.  The expansion of the debt limit to $7.5 million is why
Serendipity Labs, elected to use the SBRA to restructure the $4
million debt to the Hall Financial Group.

Unfortunately, Serendipity Labs faced an additional setback in the
process when the Hall Financial Group filed a challenge in October
2020 to the company's election to proceed as a small business
debtor under Subchapter V.  The basis for the challenge came from
the fact that Steelcase, which through its investment in
Serendipity Labs, owns approximately 27.7% of the company's shares
in total, is a publicly traded company itself.

In a ruling that was a surprise to Arenas, the court agreed.

As a result of the ruling, Serendipity Labs could no longer proceed
with bankruptcy under Subchapter V and instead had to follow a more
stringent process as a traditional Chapter 11 case.  

For its traditional chapter 11 case, Serendipity Labs raised $1.1
million from Bay Point Capital Partners to support the
administration and legal costs of the continued process while still
operating the company on a neutral to cash flow positive basis.

In what Arenas called a "Plan B," they also proposed a formal
process for optimizing the return to creditors, in case they elect
to proceed with a sale of the company next year as an alternative
to filing a plan of reorganization. As this requires a court
supervised and transparent process, Serendipity Labs filed details
of an asset purchase agreement and auction as part of a 363 sale
procedure for consideration by the court.

Serendipity Labs is still working with investors to emerge from
Chapter 11 by early 2021 and is continuing to push the business
forward.

                    About Serendipity Labs

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.


SIMBECK INC: Jan. 20, 2021 Plan Confirmation Hearing Set
--------------------------------------------------------
Debtor Simbeck, Inc., filed with the U.S. Bankruptcy Court for the
Western District of Virginia an Amended Disclosure Statement.  On
Dec. 11, 2020, Judge Rebecca B. Connelly approved the Amended
Disclosure Statement and ordered that:

  * Jan. 13, 2021, is fixed as the last date for filing and serving
written objections to confirmation of the Debtor's Plan.

  * Jan. 20, 2021, at 11:00 am via Zoom Video Meeting is the
hearing upon confirmation of said Plan.

  * Jan. 15, 2021 is fixed as the last day to file and submit all
Ballots to be counted as votes.

As reported in the TCR, the Debtor has proposed a reorganization
plan that says Class 11 General Unsecured Class will share pro rata
in 10 bi-annual distributions of 35 percent of bi-annual net
income.  The extent of the recovery for Class Eleven Claims is
speculative, but is expected to be approximately 100%.  A full-text
copy of the Amended Disclosure Statement dated Dec. 7, 2020, is
available at https://bit.ly/3a9lqq1 from PacerMonitor.com at no
charge.

Counsel for the Debtor:

     Hannah W. Hutman, Esquire
     HOOVER PENROD PLC
     342 South Main Street
     Harrisonburg, Virginia 22801
     Tel: 540/433-2444
     Fax: 540/433-3916
     E-mail: hhutman@hooverpenrod.com

                      About Simbeck Inc.

Simbeck, Inc., is a transportation company with experience in
long-haul, regional and short-haul truckload freight.  With a fleet
of more than 70 trucks, Simbeck is located along Interstate 81 in
Northern Virginia providing the company access to all major
shipping corridors along the east coast, and from Virginia to
Texas.

Simbeck filed a Chapter 11 petition (Bankr. W.D. Va. Case No.
19-50868) on Oct. 1, 2019, in Harrisonburg, Va.  In the petition
signed by Michael Darnell, Jr., president, the Debtor was estimated
to have assets of no more than $50,000 and liabilities at $1
million to $10 million.  Judge Rebecca B. Connelly oversees the
case.  The Debtor tapped Hoover Penrod, PLC, as its legal counsel
and Haines, Greene & Yowell Tax Service as its accountant.


SONADOR CAPITAL: $2.73M Sale of Rarity Mountain Property Okayed
---------------------------------------------------------------
Judge Randal S. Mashburn of the U.S. Bankruptcy Court for the
Middle District of Tennessee authorized Sonador Capital Partners,
LLC's sale of the real estate consisting of approximately 1,145
acres in Campbell County, Tennessee, Rarity Mountain, together with
all buildings, improvements and fixtures to Zephyr Capital for the
sum of $2.73 million, cash, under the terms and provisions of their
Asset Purchase and Sale Agreement.

The sale is free and clear of the interests of any lien holder;
however, said lien will attach to the proceeds of the sale.

                      About Sonador Capital

Sonador Capital Partners, LLC, is a single asset real estate (as
defined in 11 U.S.C. Section 101(51B)).  It is the fee simple owner
of a property located at Newcomb-Elk Valley Pike and Highway 297,
Newcomb, Tenn., having a comparable sale value of $5 million.

Sonador Capital filed a Chapter 11 petition (Bankr. M.D. Tenn Case
No. 20-02391) on May 1, 2020.  At the time of the filing, the
Debtor had total assets of $5,001,501 and total liabilities of
$979,456.  Judge Randal S. Mashburn oversees the case.  Debtor's
legal counsel is Steven L. Lefkovitz, Esq., at Lefkovitz &
Lefkovitz.


TALLGRASS ENERGY: S&P Rates New $500MM Senior Unsecured Notes 'BB-'
-------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' rating to Tallgrass Energy
Partners L.P.'s proposed $500 million senior unsecured notes. The
recovery rating is still '2', although the estimated recovery
expectations are incrementally lower at 75% (previously 85%). The
proceeds from the issuance will be used to repay senior unsecured
notes maturing 2023. Credit metrics are unaffected in S&P's
forecast because the company will not be materially increasing
debt.

The 'B+' issuer credit rating and negative outlook are also
unchanged.

S&P said, "On Dec. 9, 2020, we revised the outlook on the company
and its direct parent, Prairie ECI Acquiror, to negative based our
expectation for higher leverage over the next 12-18 months given
challenging market conditions across the company's footprint. We
expect consolidated leverage at Prairie to be over 7.5x through
2021, but gradually approach 7x in 2022."


TANK HOLDING: S&P Alters Outlook to Stable, Affirms 'B-' ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on Tank Holding Corp. to
stable from negative and affirmed all of its ratings on the
company, including its 'B-' issuer credit rating.

At the same time, S&P is assigning its 'B-' issue-level rating and
'3' recovery rating to the proposed $240 million incremental
first-lien term loan.

S&P said, "The stable outlook reflects our expectation for high
leverage and adequate liquidity, including our forecast for
moderate free cash flow generation supported by the company's
strong profitability, over the next 12 months."

"We expect Tank's debt leverage to remain high over the 12 months
following the transaction despite its better-than-expected
performance. The proposed transaction includes an incremental $240
million first-lien term loan due 2026 and a $30 million second-lien
term loan due 2027 (unrated). We believe the company will use the
proceeds from these loans to pay a dividend to its financial
sponsor, Olympus Partners, and acquire three small rotational
molding manufacturers. We anticipate Tank's S&P-adjusted leverage
will exceed 7.0x immediately following the close of the transaction
and remain about 6.5x or higher over the next 12 months, which we
view as consistent with a 'B-' rating."

"Organic growth and increased profitability will likely cause the
company's debt leverage to fall to the mid-6x area by the end of
2021. Our forecast incorporates our view that Tank will maintain
the solid momentum in its operating performance over the next 12
months, particularly given the strong demand in its septic and
water tank businesses. Combined with the more resilient environment
in its agricultural end market than we previously anticipated, we
believe the company's strong operating performance will likely
support an organic increase in its volume in 2021. However, this
could be partially offset by continued softness in its material
handling, industrial, and related intermediate bulk container (IBC)
product lines. We believe the roll-off of previous transaction
costs, favorable resin prices, and manufacturing efficiencies will
increase Tank's S&P-adjusted EBITDA margin by about 300 basis
points (bps) by the end of 2020. In addition, solid demand and the
company's ability to pass through increased resin costs to its
customers will likely enable it to maintain -stable profitability
in 2021."

Tank's free cash flow generation will likely be sufficient to fund
future tuck-in acquisitions and prevent its liquidity from
deteriorating. The company's strong margins and modest working
capital and capital expenditure (capex) requirements will likely
support solid free cash flow generation of roughly $50 million
annually through 2021.

S&P said, "We expect Tank to remain acquisitive and anticipate it
will opportunistically consolidate small manufacturers as their
owners look to monetize, and we we do not forecast any voluntary
debt repayment during 2021. We believe Tank's free cash flow
generation will provide it with enough liquidity to support its
operations and fund moderate acquisition activity."

Outlook

The stable outlook reflects S&P expectation that Tank will generate
good free cash flow of about $50 million annually and reduce its
leverage to the mid-6x area over the next 12 months.

Downside scenario

S&P could lower its rating on Tank over the next 12 months if its
operating performance is significantly worse than S&P expects such
that:

-- S&P estimates its debt leverage will trend toward 9x or above,
causing it to view its capital structure as unsustainable;

-- It cannot generate positive annual free cash flow; or

-- There is a significant reduction in its cash and revolver
availability, raising concerns around its liquidity, or S&P
foresees covenant pressure.

Upside scenario

S&P could raise its ratings on Tank if:

-- The company deleverages by increasing its profit and cash flow
to the point that its adjusted debt to EBITDA falls firmly below
6.5x and S&P believes it will likely remain there; and

-- S&P would also require the company to demonstrate its
commitment to maintaining this level of leverage even when
incorporating potential shareholder-return activity and
acquisitions.


TERRA-GEN FINANCE: Moody's Completes Review, Retains B2 Rating
--------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Terra-Gen Finance Company, LLC and other ratings that
are associated with the same analytical unit. The review was
conducted through a portfolio review in which Moody's reassessed
the appropriateness of the ratings in the context of the relevant
principal methodology, recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1, 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

KEY RATING CONSIDERATIONS

Terra-Gen Finance Company, LLC's B2 senior secured rating reflects
its highly levered credit profile and weak consolidated credit
metrics. In December 2019, TGF contributed several assets into the
collateral package under its term loan, mitigating refinancing risk
ahead of the loan's December 2021 maturity. The rating also
reflects the lower percentage of contracted revenues and increasing
merchant exposure of TGF's wind and solar power assets., and
considers the loan's structural subordination to substantial
leverage at the operating company level.

The principal methodology used for this review was Power Generation
Projects Methodology published in July 2020.  


TG SERENITY WELLNESS: Subchapter V Case Underway
------------------------------------------------
TG Serenity Wellness, LLC's bankruptcy proceedings under Subchapter
V of Chapter 11 is underway.

A status conference was held and concluded on November 6.

On November 5, the court authorized the Debtor's employment of
Whiteford, Taylor & Preston, LLP as counsel.

TG Serenity Wellness is funding the case through the use of cash
collateral.  The Debtor has won authority to use cash collateral on
a final basis.

As of the Petition Date, the Debtor said its total pre-petition
debt obligations are roughly $1,069,000, of which approximately
$630,000 in principal, plus accrued interest, is owed to Truist
under various loans and a credit card account, as
successor-by-merger to Branch Banking & Trust, which debt is
purportedly secured by the first lien of Truist.

On the Petition Date, Worldpay US, Inc., the Debtor's credit card
processor, pursuant to a UCC Lien Notice sent by Kalamata,
restrained certain funds that would have otherwise been paid to the
Debtor.

The Court says Kalamata has been authorized under the Interim Cash
Collateral Order to retain $15,000 of the funds that were held by
Worldpay. The Kalamata Disbursement is subject to disgorgement.
Truist and the Debtor disclaim any interest in the Kalamata
Disbursement. Kalamata will have an allowed claim, the character
and amount of which is yet to be determined, but which claim, if
deemed to be secured, will be junior to that of Truist's senior,
perfected, secured claim, in the bankruptcy case with respect to
any allowed claim. Kalamata is prohibited from disputing Truist's
senior, perfected, secured interest in the Debtor's personal
property, including Cash Collateral or Truist's lien priority in
such Cash Collateral in the case and is further prohibited from
seeking any adequate protection in any form, including as payment
in exchange for use of use of the Released Funds by the Debtor,
during the pendency of the case. Further, Kalamata is prohibited
from disputing in any form the Debtor's use of cash collateral
during the pendency of the case.

Truist is granted a replacement lien on and security interest in
and upon the Debtor's post-petition accounts, accounts receivables,
contract rights, inventory, equipment, and general intangibles, all
proceeds thereof, including all Cash Collateral, to the same
extent, priority and validity as the Lender's pre-petition liens
and security interests, subject to all pre-existing liens and only
to the extent of any diminution in the value of Truist's interest
in Cash Collateral.

The Debtor will also make post-petition monthly interest payments
in the amount of $2,500 and provide Truist with an administrative
priority expense claim pursuant to section 507(b) of the Bankruptcy
Code, to the extent there is a diminution in the value of the
Lender's interest in Cash Collateral.

The liens and security interests granted to Lender pursuant to the
Final Cash Collateral Order are valid and perfected, as of the
Petition Date, without the need for execution or filing of any
further document or instrument otherwise required to be executed or
filed under applicable non-bankruptcy law.

                About TG Serenity Wellness, LLC

TG Serenity Wellness, LLC, an Owings Mills, Md.-based corporation,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Md. Case No. 20-18801) on Sept. 28, 2020.  TG Serenity Wellness
president Tyrone Stephenson signed the petition.

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

Judge Nancy V. Alquist oversees the case.

Whiteford, Taylor & Preston, LLP is the Debtor's legal counsel.



THEAG NORTH: Court Rules on Taylor and Stearns Bid to Dismiss
-------------------------------------------------------------
Judge Edward L. Morris granted in part and denied in part, the
motions to dismiss filed by Chris and Jean-Ann Taylor and Stearns
Bank, N.A. in the case is captioned In re: THEAG NORTH ARLINGTON
LLC, et al., Chapter 11, Debtors. CHRIS TAYLOR and JEAN-ANN TAYLOR,
Plaintiffs, v. CHRISTOPHER ALLEN, SEAN ALLEN, DAWN BERRY and APRIL
CROSSE, Defendants/Third-Party Plaintiffs, v. STEARNS BANK, N.A.,
Third-Party Defendant. THEAG NORTH DALLAS LLC, THEAG NORTH
ARLINGTON LLC and THEAG MANAGEMENT LLC, Intervenors, v. CHRIS
TAYLOR and JEAN-ANN TAYLOR, Plaintiffs, and STEARNS BANK, N.A.,
Third-Party Defendant, Case No. 19-41108-ELM, Adversary No.
19-04034 (Bankr. N.D. Tex.).

The motions to dismiss were filed in relation to the Second Amended
Counterclaim and Third-Party Complaint filed by Christopher and
Sean Allen, and the Amended Petition in Intervention, Third-Party
Petition and Request for Disclosure filed by the debtor intervenors
THEAG North Dallas LLC, THEAG North Arlington LLC and THEAG
Management LLC.

The dispute arose out of the 2016 sale of a franchised FASTSIGNS
business owned by the Taylors by and through certain of their
wholly owned companies to the Allens by and through certain of
their affiliated companies, including the debtor intervenors.  In
connection with the sale, the debtor intervenors and THEAG Denton
LLC executed a promissory note made payable to the Taylors in the
original principal amount of $937,500, and a personal guaranty was
executed by the Allens with their respective spouses Dawn Berry and
April Crosse.  The THEAG entities also made a cash payment out of
proceeds of a $4,943,500 loan obtained from Stearns.

Under the terms of the promissory note, the THEAG entities were
required to make a one-time lump sum payment of $1,033,594 on the
maturity date of December 31, 2017.  In September 2018, after the
THEAG entities allegedly failed to make payment, the Taylors sued
the Allens in the 44th District Court of Dallas County, Texas to
pursue recovery under the guaranty.

On March 12, 2019, the Debtor Intervenors intervened in the action.
Both the Debtor Intervenors and the Allens asserted a variety of
claims against the Taylors and Stearns.  On March 18, 2019, each of
the Debtor Intervenors filed for voluntary chapter 11 bankruptcy
relief.  On March 22, 2019 the state court case was removed to the
Bankruptcy Court.

On May 15, 2019, the Allens filed their Amended Counterclaim and
Third-Party Complaint to assert claims of common law fraud and
conspiracy to commit fraud against the Taylors and claims of common
law fraud and conspiracy to commit fraud against Stearns.

In response, the Taylors timely filed a motion to dismiss each of
the original counterclaims and original intervention claims.  The
Stearns also timely filed a motion to dismiss each of the original
intervenor third-party claims.  The motions sought dismissal of the
claims for failure to plead with particularity and/or failure to
state a claim upon which relief can be afforded, as applicable.
Both the Allens and the debtor intervenors responded in opposition
to the motions.

The Court orally ruled that the Debtor Intervenors' breach of
contract claim against the Taylors would be dismissed with
prejudice, but that all other original intervention claims, as well
as all original counterclaims and all original intervenor
third-party claims, would be conditionally dismissed subject to the
right of the Allens or Debtor Intervenors, as applicable, to
replead such claims by August 16, 2019.  By agreement between the
Allens and Stearns, the Allens were also given the opportunity to
replead the original defendant third-party claims by the same
deadline.

On August 16, 2019, the Allens filed the Defendants' Live Pleading
and the Debtor Intervenors filed the Intervenors' Live Pleading.
Instead of only repleading the claims subject to conditional
dismissal and the Allens - Stearns agreement, however, the Allens
asserted eight new claims against the Taylors and four new claims
against Stearns, and the Debtor Intervenors asserted nine new
claims against the Taylors and five new claims against Stearns.

Specifically, pursuant to the Defendants' Live Pleading, the Allens
now assert the following counterclaims against the Taylors and
third-party claims against Stearns:

Live Counterclaims:

     Count 1: Common Law Fraud
     Count 2: Fraud in the Inducement
     Count 4: Negligent Misrepresentation
     Count 5: Aiding and Abetting Negligent Misrepresentation
     Count 7: Money Had and Received
     Count 8: Unjust Enrichment
     Count 10: Invasion of Privacy
     Count 11: Promissory Estoppel
     Count 13: Breach of Duty of Good Faith and Fair Dealing

Live Defendant Third-Party Claims:

     Count 3: Negligent Misrepresentation
     Count 6: Aiding and Abetting Negligent Misrepresentation
     Count 9: Invasion of Privacy
     Count 12: Promissory Estoppel

Pursuant to the Intervenors' Live Pleading, the Debtor Intervenors
now assert the following claims in intervention against the Taylors
and third-party claims against Stearns:

Live Intervention Claims:

     Count 2: Common Law Fraud
     Count 3: Fraud in the Inducement
     Count 5: Tortious Interference with Existing Contract
     Count 6: Tortious Interference with Prospective Relations
     Count 8: Negligent Misrepresentation
     Count 9: Aiding and Abetting Negligent Misrepresentation
     Count 11: Money Had and Received
     Count 12: Unjust Enrichment
     Count [14]: Invasion of Privacy
     Count [15]: Promissory Estoppel
     Count [17]: Breach of Duty of Good Faith and Fair Dealing

Live Intervenor Third-Party Claims:

     Count 4: Fraud in the Inducement
     Count 7: Negligent Misrepresentation
     Count 10: Aiding and Abetting Negligent Misrepresentation
     Count [13]: Invasion of Privacy
     Count [16]: Promissory Estoppel

The Taylors requested dismissal of each of the live counterclaims
and each of the live intervention claims.  The Stearns also
requested the dismissal of each of the live defendant third-party
claims and each of the live intervenor third-party claims.  With
respect to any live defendant third-party claims and live
intervenor third-party claims that are not subject to dismissal,
Stearns alternatively requested that the Allens or Debtor
Intervenors, as applicable, be required pursuant to Federal Rule
12(e), made applicable to adversary proceedings by Bankruptcy Rule
7012(b), to replead such claims with detail to enable Stearns to
reasonably respond.

Ruling on the Taylors' and Stearns' motions to dismiss, Judge
Morris provided the following relief:

1. Granting in part, and denying in part, the Taylor's motion, as
follows:

     (a) In relation to Count 5 of the Intervenors' Live Pleading,
the Court will grant the Taylor Motion and said Count will be
dismissed with prejudice;
     
     (b) In relation to Counts 5, 7, 8, 10 and 13 of the
Defendants' Live Pleading and Counts 6, 9, 11, 12, 14 and 17 of the
Intervenors' Live Pleading, the Court will deny the Implied
Requests for Leave to Amend and grant the Taylor Motion, with said
Counts to be dismissed with prejudice;

     (c) In relation to Count 2 of the Defendants' Live Pleading
and Count 3 of the Intervenors' Live Pleading: (i) the Court will
deny the Implied Requests for Leave to Amend and grant the Taylor
Motion to the extent said Counts are predicated on the Taylors'
alleged misrepresentations and omissions with respect to the
financing of the sale, with said Counts to be dismissed with
prejudice to such extent; and (ii) the Court will grant the Implied
Requests for Leave to Amend and deny the Taylor Motion to the
extent said Counts are predicated on the Taylors' alleged
misrepresentations of post-closing support to be provided to the
Debtor Intervenors;

     (d) In relation to Count 4 of the Defendants' Live Pleading
and Count 8 of the Intervenors' Live Pleading: (i) the Court will
deny the Implied Requests for Leave to Amend and grant the Taylor
Motion to the extent said Counts are predicated on alleged
misrepresentations of the Taylors with respect to the financing of
the sale, with said Counts to be dismissed with prejudice to such
extent; and (ii) the Court will grant the Implied Requests for
Leave to Amend and deny the Taylor Motion to the extent said Counts
are predicated on alleged misrepresentations of the Taylors with
respect to financial information supplied in connection with the
sale;

     (e) In relation to Count 11 of the Defendants' Live Pleading
and Count 15 of the Intervenors' Live Pleading, the Court will
grant the Implied Requests for Leave to Amend and deny the Taylor
Motion; and

     (f) In relation to Count 1 of the Defendants' Live Pleading
and Count 2 of the Intervenors' Live Pleading, the Taylor Motion
will be denied.

2. Granting in part, and conditionally granting in part subject to
the right to replead, the Stearns Defendant Claim Motion, as
follows:

     (a) In relation to Count 6 of the Defendants' Live Pleading,
the Court will deny the Implied Request for Leave to Amend and
grant the Stearns Defendant Claim Motion, with said Count to be
dismissed with prejudice;

     (b) In relation to Counts 3 and 12 of the Defendants' Live
Pleading, the Court will deny the Implied Requests for Leave to
Amend and conditionally grant the Stearns Defendant Claim Motion
subject to the right of the Allen Defendants to replead said Counts
to remedy the deficiencies noted above, with the Counts to be
deemed dismissed with prejudice in the absence of timely
repleading; and

     (c) In relation to Count 9 of the Defendants' Live Pleading:

          (i) to the extent said Count purports to assert an
invasion of privacy-public disclosure of private facts claim, the
Court will deny the Implied Request for Leave to Amend and grant
the Stearns Defendant Claim Motion, with the Count to be dismissed
with prejudice to such extent; and

          (ii) to the extent said Count purports to assert an
invasion of privacy-intrusion upon seclusion claim, the Court will
deny the Implied Request for Leave to Amend and conditionally grant
the Stearns Defendant Claim Motion subject to the right of the
Allen Defendants to replead the Count to remedy the deficiencies
noted above, with the Count to be deemed dismissed with prejudice
in the absence of timely repleading.

3. Granting in part, and conditionally granting in part subject to
the right to replead, the Stearns Intervenor Claim Motion, as
follows:

(a) In relation to Counts 10 and 13 of the Intervenors' Live
Pleading, the Court will deny the Implied Requests for Leave to
Amend and grant the Stearns Intervenor Claim Motion, with said
Counts to be dismissed with prejudice; and

(b) In relation to Counts 4, 7 and 16 of the Intervenors' Live
Pleading, the Court will deny the Implied Requests for Leave to
Amend and conditionally grant the Stearns Intervenor Claim Motion
subject to the right of the Debtor Intervenors to replead said
Counts to remedy the deficiencies noted above, with said Counts to
be deemed dismissed with prejudice in the absence of timely
repleading.

A full-text copy of Judge Morris' memorandum opinion dated December
11, 2020 is available at https://tinyurl.com/yanjgwnt from
Leagle.com.

                    About Theag North Arlington LLC

Theag North Arlington, LLC, THEAG Management, LLC and THEAG North
Dallas LLC, a sign, graphics and visual communications company,
filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No.
19-30957) on March 18, 2019. At the time of the filing, each Debtor
disclosed assets of between $1 million and $10 million and
liabilities of the same range.

Judge Edward L. Morris oversees the cases.

Debtors have tapped Hayward & Associates PLLC as their legal
counsel, Lain Faulkner & Co., P.C. as accountant, and CoreStrength
Financial Advisors as financial advisor.


TOWNSQUARE MEDIA: S&P Alters Outlook to Stable, Affirms 'B' ICR
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on radio
broadcaster Townsquare Media Inc. and revised its outlook to stable
from negative. At the same time S&P assigned a 'B' issue-level and
'3' recovery rating to the new notes.

The stable outlook reflects S&P's expectation that the Townsquare
will continue to recover from the coronavirus-related advertising
recession, will continue to generate over 5% FOCF to debt annually,
and will reduce leverage below 6.5x in 2021.

S&P expects Townsquare's leverage to decline below 6.5x in 2021.

Townsquare ended 2019 with leverage of 5.4x, but declines in radio
advertising revenue related to the coronavirus pandemic caused its
leverage to spike above 9x as of Sept. 30, 2020. Despite the spike
in leverage, free operating cash flow (FOCF) stayed positive
throughout the pandemic on a trailing 12-month basis and S&P
expects FOCF to debt will be above 5% for 2020. As the recovery
continues into 2021, S&P expects the company to reduce leverage
back below 6.5x in 2021 and operate at a run-rate leverage that is
similar to pre-pandemic levels. The company's existing $320 million
($272.4 million outstanding) senior secured term loan is due in
2022 and its $300 million ($273.4 million outstanding) senior
unsecured notes mature in 2023. The proposed note offering will
increase the company's weighted average maturity from roughly 2.5
years to about five years and will greatly reduce the company's
refinancing risk over the next few years and give it ample time to
reduce leverage back to a more normal level.

S&P Global Ratings believes there remains a high degree of
uncertainty about the evolution of the coronavirus pandemic. While
the early approval of a number of vaccines is a positive
development, countries' approval of vaccines 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 mid-2021.

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."

Townsquare generates more revenue from digital offerings than many
of its peers, which partially offsets its exposure to broadcast
radio advertising. S&P expects digital revenue to account for
35%-40% of total revenue in 2021. Townsquare's higher proportion of
digital revenue differentiates the company from its pure-play
broadcast peers (such as Beasley and Hubbard) because it provides a
buffer against the secular decline and cyclicality of broadcast
advertising. Townsquare's digital revenue provided a buffer to the
downturn in broadcast radio advertising in 2020 and will continue
to provide cushionagainst any further pull-backs in ad spending.

The stable outlook reflects S&P's expectation that Townsquare will
continue to recover from the coronavirus-related advertising
recession, generate over 5% FOCF to debt annually, and reduce
leverage below 6.5x in 2021.

S&P could lower the rating on Townsquare if:

-- A resurgence in the coronavirus pandemic leads to a second
downturn in advertising such that S&P expects adjusted leverage to
remain above 6.5x.

-- FOCF to debt falls below 5% annually

S&P could raise the rating if:

-- S&P expects leverage to decline below 5x and management
publicly commits to maintaining leverage at this level.

-- The company prioritizes excess cash flow on investments that
drive further EBITDA growth or for paying down debt.


VAIL RESORTS: S&P Places 'BB' ICR on Watch Negative
---------------------------------------------------
S&P Global Ratings placed its 'BB' rating on Vail Resorts Inc. on
CreditWatch with negative implications on reduced winter consumer
travel expectations.

Consumer concerns over COVID-19 and restrictions on travel, indoor
activities, and resort capacity will likely reduce Vail's revenue
in fiscal 2021 and cause leverage to rise above S&P's 4.25x
downgrade threshold.   

S&P said, "However, our base-case scenario assumes the company's
leverage improves below our downgrade threshold in fiscal 2022 if
there is a successful widespread dissemination of a vaccine in
mid-2021. Our revised fiscal 2021 base case assumes the company's
visitation declines about 20% from fiscal 2019 ski visitation,
which is at the high end of our previously assumed range of
decline, and that retail and dining declines 35%-45% relative to
2019 due to capacity restrictions. As a result, leverage could
spike above 6x in fiscal 2021. That said, we recognize there is a
wide range of potential outcomes and that leverage could be closer
to our 4.25x threshold depending on skier visitation and yields on
ancillary revenue streams. Additionally, as long as there is a
widespread dissemination of an effective vaccine by mid-2021, we
believe the winter 2021/2022 season will not be materially
impaired, allowing Vail to maintain enough balance sheet cash and
improve revenue and EBITDA to reduce leverage below our 4.25x
downgrade threshold in fiscal 2022."

"We downwardly revised our base-case assumptions for the company's
revenue in fiscal 2021 and now assume about a 15% decline in
revenue relative to our previous base-case forecast because of
reduced ski visitation, limited consumer spending on ancillary
revenue categories like food and beverage, and an effective ticket
price (ETP) that could be approximately 5%-15% below its fiscal
2019 ETP. We anticipate lower ETP as a result of a decline in
same-day and window pass sales, which have historically been priced
as high as two times prepaid passes. Even though we anticipate the
company's revenue will decline, we assume flat to slightly higher
skier visitation in fiscal 2021 compared with fiscal 2020 under our
base-case forecast because we believe its resorts will remain open
for the entire ski season (compared to being closed for a portion
of fiscal 2020) and it will experience average snowfall across its
resort footprint; however, we recognize that Vail's portfolio has a
higher concentration of destination resorts than its rated peers,
which we believe may result in a larger potential reduction in
visitation in fiscal 2021 than drive-to and regional resort based
portfolios. Accordingly, any temporary closure of its ski resorts
during the 2020/2021 ski season would hinder Vail's ability to
reduce its leverage to below 4.25x by fiscal 2022 and could lead us
to lower our rating."

"We assume visitation at the company's destination resorts
(including Vail, Park City, and Beaver Creek) will be below the
historical portfolio average because of reduced air travel and
potential travel restrictions. We also assume revenue at Vail's
Canadian resort, Whistler Blackcomb, which we believe historically
has had approximately 50% international visitors, will be lower
than historical levels because the U.S.-Canadian border remains
closed. We expect Vail's fiscal 2021 EBITDA margin will decline by
about one-third relative to 2019 because of lower average spending
per visitor and the company's high fixed-cost structure. We also
anticipate materially lower ancillary revenue from its limited
high-margin service offerings, including ski school, lodging, and
food and beverage sales. This is despite our assumption that ski
visitation will remain flat or slightly up in fiscal year 2021
(compared to 2020) because increases in regional and drive-to
resort visitation will be offset by declines in destination resort
travel. In fiscal 2022, we expect Vail's ski visitation to rise
15-20% and we assume its ticket pricing increases modestly to about
fiscal 2019 levels. We also expect margin to return to around
fiscal 2019 levels in fiscal year 2022 because the company will be
able to operate for the full ski season and we believe its
ancillary sales will increase in the absence of COVID-19
restrictions, resulting in leverage in the 3.5-4.0x range."

"We believe the company has enough liquidity to weather its reduced
revenue in the 2020/2021 ski season even if it is unexpectedly
required to shut down all of its resorts because of COVID-19
mitigation efforts.  Pro forma for the convertible note offering we
expect Vail to have approximately $419 million of U.S. revolving
credit facility availability, $169 million of availability under
its Whistler Blackcomb revolver, and $1.1 billion in balance sheet
cash. We estimate this would be sufficient to cover its cash burn
if it must unexpectedly suspend some or all of its operations for
the 2020/2021 ski season."

"Elevated consumer demand for outdoor activities perceived as safe
and compatible with social distancing could lead to increased
visitation at Vail's regional and drive-to resorts.  We believe
consumers may perceive skiing as a safer alternative to other
out-of-home entertainment options because of the outdoor nature of
the sport and the typical use of masks. Therefore, despite the
company's inability to offer certain amenities and ancillary
services, we believe the headwinds affecting the ski industry and
Vail in the 2020/2021 ski season may be moderate compared with
those facing other out-of-home entertainment options. Also, at
least over the next several quarters, we believe lower consumer
demand for flights will likely lead to greater demand for regional
and drive-to resorts than destination resorts as long as interstate
travel is not further restricted over the next few months. This
could benefit Vail's drive-to and regional resorts, which account
for over half of its resort portfolio. However, while skiing is
compatible with social distancing, we believe restrictions on
indoor areas could worsen the customer experience, although the
potential effect on visitation remains unclear."

"Vail's strong 2020/2021 ski season Epic Pass sales provide a
degree of cushion against COVID-19-related effects on the winter
2020/2021 ski season.   It is our understanding that sales of Epic
Passes in fiscal 2021 are up approximately 20% from fiscal 2020,
and revenue is up around the same amount. However, as a result of a
sizable amount of customer credits offered to 2019/2020 passholders
because of COVID-19 resort closures, cash revenue from Epic Pass
sales in fiscal 2021 is currently flat when compared to fiscal
2020, which was a strong year for pass sales. We believe presales
could be an early indicator for fiscal 2021 demand, but that
COVID-19 remains a risk factor that could lead to increased
refunds, or a heightened risk of further revenue deferrals."

Vail's high-quality properties, geographic diversity, and the
barriers to entry created by the limited supply of mountains that
can be developed for winter sports support its business strength.  
Vail's competitive position relative to its peers benefits from the
maturity and scale of its Epic Pass offering, in combination with
its network of top destination and local drive-to resorts. Launched
in 2008, Epic Pass has approximately 1.4 million holders and has a
significantly larger passholder base than competitive offerings. As
a result, Epic Pass creates opportunities for enhanced targeted
marketing and a greater capture of customer ancillary spending on
food, lodging, and supplementary sales.

S&P said, "We also believe many of the company's local drive-to
resorts are well located near major cities with good population
density, income demographics, and air travel options. This makes
the Epic Pass an attractive option for affluent skiers in these
areas. Existing Epic Pass membership also makes a destination ski
vacation at Vail's resorts relatively more attractive than other
destination resorts for customers, which may result in Vail
capturing a larger portion of Epic Pass holders' winter sports and
travel spending. Additionally, we believe advanced commitments
related to the Epic Pass, along with geographic diversity, helps to
reduce the company's revenue volatility due to variable winter
snowfall conditions."

These strengths are partially offset by Vail's sensitivity to
consumer discretionary spending, fluctuating weather conditions,
geographic concentration in North American markets, and its high
fixed-cost structure.   S&P believes a large portion of Vail's
revenue comes from its Rocky Mountain and Western North America
resorts during the winter months, and its revenue is somewhat
dependent on regional seasonal snowfall. Additionally, Vail is
vulnerable to declines in consumer discretionary spending,
especially given that ticket prices and related costs represent an
above-average level of daily leisure spending compared with more
value-oriented alternatives. This was evidenced during the Great
Recession, when revenue dropped approximately 25% peak-to-trough.

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

-- Health and safety

S&P said, "The CreditWatch placement reflects that we could lower
our rating on Vail if the pandemic's effects on the 2020/2021 ski
season are worse than our already materially depressed assumptions
or if we believe the company will burn enough cash in its fiscal
2021 to keep fiscal 2022 net leverage above our 4.25x downgrade
threshold. We could also lower the rating if prolonged
COVID-19-related restrictions or closures, leveraging acquisitions,
or other leveraging uses of cash lead us to believe its leverage
will remain above our 4.25x downgrade threshold in fiscal year
2022. We expect to resolve the CreditWatch placement in the next
few months as we gain greater visibility into ski visitation at
destination resorts, and the shape of Vail's revenue, EBITDA, and
cash flow trends in fiscal 2021."

-- S&P Global Ratings believes there remains a high degree of
uncertainty about the evolution of the coronavirus pandemic. While
countries' early approval of a number of vaccines is a positive
development, 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
mid-2021. S&P uses this assumption in assessing the economic and
credit implications associated with the pandemic. As the situation
evolves, S&P will update its assumptions and estimates
accordingly;

-- Resorts remain open through the 2020/2021 ski season with a
varying degree of capacity restrictions depending on state and
local government requirements;

-- Skier visits are flat to slightly up for fiscal 2021 compared
to fiscal 2020 but remain about 20% below fiscal 2019 visitation
pro forma for acquisitions. S&P assumes significantly lower
destination travel during the 2020/2021 ski season because of
lingering consumer apprehension around air travel as well as fewer
flights to Vail's destination resorts. This will be somewhat offset
by an increase in drive-to visitation to the company's regional and
local resorts;

-- Ancillary revenue declines 35%-45% because of continued
capacity restrictions on indoor dining, and lower lodging revenue
due to depressed demand for air travel in fiscal 2021;

-- Total revenue declines by 15%-25% in fiscal 2021 and increases
by approximately 25-35% in fiscal 2022;

-- EBITDA drops by approximately 30% in fiscal 2021 due to
significant margin compression because of lower ancillary revenue,
and fewer destination travelers (who typically generate higher
margins);

-- Capital expenditure (capex) of approximately $140 million in
fiscal 2021 and approximately $170 million in fiscal 2022; and

-- S&P assumes the company makes no acquisitions or distributions
through fiscal year 2022.

Under these assumptions, S&P forecasts the following credit
metrics:

-- Total lease-adjusted debt to EBITDA could be well above its
4.25x downgrade threshold in fiscal 2021 before recovering below 4x
in fiscal year 2022; and

-- EBITDA coverage of interest expense above 3x in fiscal year
2021, recovering to above 5x in fiscal year 2022.

Vail has a strong liquidity profile based on its likely sources and
uses of cash over the next 24 months and incorporating S&P's
performance expectations.

S&P said, "We believe sources (excluding the proposed convertible
notes issuance) will exceed uses by at least 1.5x for the upcoming
12 months and will remain above 1.0x over the subsequent 12-month
period. We also believe sources minus uses will remain positive
even if forecast EBITDA declines by 30%. The company has the likely
ability to absorb high-impact, low-probability events without
refinancing, and we believe it has well-established, solid
relationships with banks."

Principal liquidity sources:

-- $614 million of cash on hand as of Nov. 30, 2020.

-- $419 million of availability under its U.S. revolving credit
facility.

-- Approximately $400 million of positive cash funds from
operations in the next 12 months.

Principal liquidity uses:

-- Approximately $125 million in capex over the next 12 months.
$46.7 million in term loan amortization.

-- $115 million in working capital outflows in fiscal 2021 from
revenue deferrals.

Covenants:

Vail expects to enter into a fourth amendment to its Vail Holdings
credit facility concurrent with the issuance of its $500 million
convertible notes. Under this amendment the company will not be
subject to a covenants test until April 2022, when it will be
required to maintain maximum total leverage below 6.25x, maximum
senior secured leverage below 4.0x, and EBITDA coverage of interest
above 2.0x.


VALLEY TIMBER: Assets Sold to Dominion; Liquidating Plan Confirmed
------------------------------------------------------------------
Judge Rebecca B. Connelly has entered findings of fact, conclusions
of law and order confirming the Plan of debtor Valley Timber Sales,
Inc.

On Dec. 23, 2019, the Debtor filed the Plan and an accompanying
Disclosure Statement.  On March 2, 2020, the Debtor filed an
Amended Disclosure Statement.

Pursuant to the Market Value Procedures approved by the Court in
the Disclosure Statement Order, the Debtor conducted an auction on
Oct. 22, 2020 during which Dominion Forest Preserve, LLC, or its
nominee was determined to be the entity providing the highest and
best offer for the purchase of substantially all of the Debtor's
assets, including but not limited to the real property, together
with all improvements, titled in the name of the Debtor located in
Louisa County, Virginia, containing 7.991 acres, more or less, and
designated as Louisa County, Virginia Tax Map Parcel 52 8 A, with a
street address of 10584 James Madison Highway, Gordonsville, VA
22942, at the purchase price of $1,600,000.  Thereafter, the Debtor
entered, subject to the Court's approval, into an Asset Purchase
Agreement with Dominion.  As such, the Debtor is proceeding with an
Asset Sale and, therefore, the Liquidation scenario of the Plan.

The Debtor is proceeding under the Liquidation aspect of the Plan
with Valley Timber President Michele Pascarella continuing as the
sole owner of the Debtor until the liquidation of Assets and
distribution of Proceeds is complete, and as such Sec. 1129(a)(5)
of the Bankruptcy Code is satisfied.

Pursuant to the Market Value Procedures, the Debtor's assets will
be sold and the Debtor will be wound down by Ms. Pascarella.

The Asset Sale proceeds will be applied first to the outstanding
indebtedness of Union and HYG secured by one or more of the Assets.
Furthermore, the Debtor is specifically authorized to pay from the
Proceeds the customary and normal closing costs including but not
limited to associated fees and all requisite taxes.  The Debtor is
also authorized to pay the real estate commission to Loring
Woodriff LLC d/b/a Loring Woodriff Real Estate Associates in the
amount of 2 percent of the Purchase Price and to pay any incidental
closing expenses associated with the Asset Sale also upon closing
of the transaction.

A full-text copy of the Plan Confirmation Order dated Dec. 11,
2020, is available at https://bit.ly/3nJObxu from PacerMonitor.com
at no charge.

Counsel to Valley Timber Sales:

     Tavenner & Beran, PLC
     20 North Eighth Street, Second Floor
     Richmond, VA 23219
     Tel: (804) 783-8300
     Fax: (804) 783-0178

                   About Valley Timber Sales

Valley Timber Sales, Inc., is primarily a wood treating facility
located on Route 15 in Gordonsville, Virginia, directly off
Interstate 64, approximately 18 miles east of Charlottesville,
Virginia, and 50 miles west of Richmond, Virginia.

Valley Timber Sales sought Chapter 11 protection (Bankr. W.D. Va.
Case No. 19-60400) on Feb. 26, 2019.  In the petition signed by
Michele Pascarella, president, the Debtor was estimated to have up
to $50,000 in assets and $1 million to $10 million in liabilities.
The Hon. Rebecca B. Connelly is the case judge.  Paula Steinhilber
Beran, and Lynn Lewis Tavenner, at TAVENNER & BERAN, PLC, in
Richmond, Virginia, serve as the Debtor's counsel.


VALVOLINE INC: S&P Alters Outlook to Stable, Affirms 'BB' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
affirmed its 'BB' issuer credit rating on U.S.-based Valvoline
Inc.

S&P is assigning its 'BB-' issue-level rating to the proposed $535
million senior unsecured notes due 2031. The recovery rating is
'5', reflecting S&P's expectation for modest (10%-30%; rounded
estimate: 25%) recovery in the event of a payment default. S&P
expects the company to use the net proceeds from these notes, along
with cash on balance sheet, to repay the existing $800 million
senior unsecured notes due 2025.

At the same time, S&P is affirming its 'BBB-' issue-level rating on
the company's senior secured bank credit facilities, with a '1'
recovery rating, and 'BB-' issue-level rating on the senior
unsecured notes, with a '5' recovery rating.

"The outlook revision reflects the company's better-than-expected
operating performance and our expectation for continued EBITDA
growth in fiscal 2021.  Valvoline's business showed resilience
during the pandemic and recovered quickly from the decline driven
by COVID-19. The company's volumes were negatively affected as the
U.S. miles driven declined significantly by about 40%-50% in April
year over year. Trends have improved from the significant decline
earlier in the year, with the decline in the high-single-digit
percentage area recently. The company's operating performance
exceeded our expectation, driven by strong momentum in the Quick
Lubes segment. Adjusted leverage by the end of fiscal 2020 was in
the mid-3x area. In the most recent quarter, the company showed
sequential improvement in profitability across all segments. In the
Quick Lubes segment, fourth quarter systemwide same store sales
(SSS) were in the high-single-digit area, back to the pre-COVID-19
growth rates. The strong momentum in Quick Lubes was driven by
share gain and the company's stay-in-your-car service model. Within
the Core North America segment, the do-it-yourself (DIY) category
led the recovery, with the do-it-for-me (DIFM) category lagging the
DIY category. In the International segment, there was also a
sequential improvement, with the pace of recovery varying by
regions."

"We expect revenue to grow in the low-teens percentage area and
adjusted EBITDA to grow close to 10% in fiscal 2021, driven by the
continued momentum in the Quick Lubes segment and the improving
volume in the International segment. We expect modest volume growth
in Core North America, driven by the installer channel volume
rebounding while the retail channel stays relatively flat. We
expect Quick Lubes to be more than 50% of the company's total
EBITDA in fiscal 2021."

"We expect the company to maintain its current financial policy
such that adjusted leverage stays in the low- to mid-3x area.  The
company closed a few acquisitions in the Quick Lubes segment so far
in first quarter of fiscal 2021,and we expect annual acquisitions
of about $200 million in fiscal 2021. We expect share repurchase to
be about $100 million in fiscal 2021. We expect the company to
maintain its current financial policy and repurchase share
opportunistically such that adjusted leverage stays in the low- to
mid-3x area."

"Our ratings continue to reflect the company's reputable brand
name, satisfactory margins, and relatively stable profitability.
The company has a well-known, reputable brand name and a defensible
position as the third-largest passenger car motor oil brand in DIY
market by volume. Our ratings also factor in Valvoline's
substantial brand concentration and moderate customer focus with
several large automotive parts retailers and installers. We
incorporate the intense competition the company faces from several
large competitors that possess substantially greater financial and
marketing resources and its participation in a low-growth industry
that is subject to vehicle miles driven, volatile base oil prices,
and potential additional improvements in engine technology that
could result in a further reduction in oil usage. Valvoline's
competitors for retail customers include Shell, which produces
Pennzoil and Quaker State; BP, which produces Castrol; and Exxon
Mobil, which produces Mobil 1. We also think Valvoline could face
more pressure from private labels and that hybrid electric and
electric vehicles present a long-term risk."

"The stable outlook reflects our expectation over the next year
that Valvoline will grow its top line and EBITDA, driven by
continued momentum in the Quick Lubes segment and improving volumes
from International, while maintaining its current financial policy,
so that adjusted leverage stays in the low- to mid-3x area."

"We could lower the ratings over the next year if operating
performance and margins declined considerably, leading to weaker
profitability and cash flows, resulting in adjusted debt to EBITDA
sustained above 4x. This could occur from a further decline in
miles driven and lower lubricant volume, intensifying competition
from larger players. We could also lower the ratings if the
company's financial policy in respect to shareholder returns became
more aggressive, such that leverage were sustained above 4x."

"Although unlikely within the next 12 months, we could raise the
ratings if we had a more favorable view of the business. This could
happen if the company significantly expanded while diversifying its
product offerings, geographic exposure, and customer base. A higher
rating is also predicated on a more conservative financial policy
in respect to shareholder returns and a demonstration of a
commitment to sustain debt to EBITDA below 3x."


VANGUARD NATURAL: NPI Owners' Bid for Summary Judgment Granted
--------------------------------------------------------------
Judge Marvin Isgur granted the motion for summary judgment filed by
the NPI Owners in the case captioned IN RE: VANGUARD NATURAL
RESOURCES, LLC, Chapter 11, Debtor. VANGUARD OPERATING, LLC,
Plaintiff, v. MICHAEL L. KLEIN, et al, Defendants, Case No.
17-30560, Adversary No. 18-3178 (Bankr. S.D. Tex.).

The Defendants in this adversary proceeding are Michael L. Klein,
Jeanne Klein, Merlyn M. Westbrook, individually and as personal
representative of the estate of Ronnie H. Westbrook, James Lynn
Westbrook, as personal representative of the estate of Karen
Westbrook, Doyle Hartman, Margaret M. Hartman, and Carol W.
Hendrix, individually as trustee of the Carol Weiss Marital Trust,
and as personal representative of John H. Hendrix (collectively,
the "NPI Owners").

The dispute centered on the continued existence of a net profits
interest granted to the NPI Owners' predecessors.  The net profits
interest originated from the creation of the Pinedale Untit in
Wyoming's Pinedale Basin.  In the 1950s, Malco Refineries, Inc., El
Paso Natural Gas Company, and Continental Oil Company (together,
the "First Parties") were granted the right to develop land in the
Pinedale Basin by the United States Bureau of Land Management under
the Pinedale Unit Agreement.  In connection with their efforts to
develop the Pinedale Unit, the First Parties entered into an
Assignment Agreement with Novi Oil Company.  Under the Assignment
Agreement, Novi transferred four mineral leases to the First
Parties in exchange for a net profit interest (NPI).

In the decades following the creation of the NPI Novi conveyed its
NPI to various successors.  For decades, no payments were made by
or to any party pursuant to the NPI because production was
"impracticable."  The Pinedale Unit terminated in 1981 without ever
earning any profits.

However, two units were created out of the Pinedale Unit in the
years following its termination.  One unit was known as the Mesa
Unit.  The agreement creating the Mesa Unit provided that the Mesa
Unit was subject to the Pinedale Unit Agreement.  In 2005, leases
within the Mesa Unit, which were burdened to the NPI, became
profitable.  At that time, the NPI Owners sent a letter to the
holders of working interests in the leases burdened by the NPI
demanding an accounting and payment of the NPI. The NPI Owners'
demand was denied by those Working Interest Holders.  The NPI
Owners then filed suit against the Holders to enforce the NPI.

Central to the ensuing lawsuit was whether the NPI survived the
termination of the Pinedale Unit.  The Working Interest Holders
asserted that the NPI terminated along with the Pinedale Unit.
Without the Pinedale Unit, the Holders argued that the NPI no
longer burdened the leases in which they held interests.

The Wyoming district court disagreed.  Finding that the NPI was a
"covenant running with the leases," which was "analogous to a
royalty interest," the district court concluded that the NPI "was
not dependent on the continuation and/or modification of the
Pinedale Unit."

Nearly seven years later, Vanguard Natural Resources, LLC, and
various subsidiaries, filed voluntary petitions for relief under
chapter 11 of the Bankruptcy Code. Among those subsidiaries was
Vanguard Operating LLC.  Vanguard's Joint Plan of Reorganization
was confirmed on July 18, 2017.

The Court's order confirming Vanguard's Plan of Reorganization
included a Vesting Clause.  The Vesting Clause provides:

     "Vesting of Assets. Pursuant to section 1141(b) and (c) of the
Bankruptcy
     Code, except as otherwise provided in the Plan, on the
Effective Date, all        
     property in each Estate, all Causes of Action, and any
property acquired by
     any of the Debtors pursuant to the Plan shall vest in each
applicable      
     Reorganized Debtor, free and clear of all Liens, Claims,
charges or other
     encumbrances."

Cross-motions for summary judgment were filed by the parties –
Vanguard Operating, LLC and Michael Klein, et al.

Vanguard sought a declaration that the net profits interest was
extinguished on confirmation of its plan of reorganization.  The
NPI Owners contended that the net profits interest was unaffected
by Vanguard's Plan.  The motions raised two issues:

     (1) whether the court is bound by judgment from a state-court
lawsuit (the "Wyoming Litigation") waged over the existence of the
net profits interest; and

     (2) whether, in light of the outcome of the Wyoming
Litigation, Vanguard's Plan extinguished the net profits interest.

Judge Isgur found that the court is bound by the judgment of the
Wyoming Litigation.  The judge pointed out that the court must
adhere to the Wyoming district court's finding that the net profits
interest is a covenant running with the land.  The judge also found
that the RWI Clause in the Plan left the NPI unaffected by
Vanguard's bankruptcy.

A full-text copy of Judge Isgur's amended memorandum opinion dated
December 11, 2020 is available at https://tinyurl.com/y7e8omfu from
Leagle.com.

                       About Vanguard Natural Resources

Vanguard Natural Resources, LLC (OTC: VNRSQ) --
http://www.vnrllc.com/-- is a publicly traded limited liability
company focused on the acquisition, production and development of
oil and natural gas properties. Vanguard's assets consist primarily
of producing and non-producing oil and natural gas reserves located
in the Green River Basin in Wyoming, the Permian Basin in West
Texas and New Mexico, the Gulf Coast Basin in Texas, Louisiana,
Mississippi and Alabama, the Anadarko Basin in Oklahoma and North
Texas, the Piceance Basin in Colorado, the Big Horn Basin in
Wyoming and Montana, the Arkoma Basin in Arkansas and Oklahoma, the
Williston Basin in North Dakota and Montana, the Wind River Basin
in Wyoming, and the Powder River Basin in Wyoming.

Vanguard Natural Resources, LLC, and certain subsidiaries filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Tex. Lead Case No. 17-30560) on Feb. 2, 2017.
The Chapter 11 cases are assigned to the Hon. Judge Marvin Isgur.

The Debtors listed total assets of $1.54 billion and total debt of
$2.3 billion as of Feb. 1, 2017.

Paul Hastings LLP is serving as legal counsel and Evercore Partners
is acting as financial advisor to Vanguard. Opportune LLP is the
Company's restructuring advisor. Prime Clerk LLC is serving as
claims and noticing agent.

Judy R. Robbins, the U.S. Trustee for Region 7, on Feb. 14, 2017,
appointed three creditors to serve on the official committee of
unsecured creditors appointed in the Debtor's case. The Committee
hired Akin Gump Strauss Hauer & Feld LLP as counsel and FTI
Consulting, Inc., as financial advisor.

The Company on March 16, 2017, filed a motion with the Bankruptcy
Court disclosing a Stipulation and Agreed Order entered into on
March 15, 2017, by and between the Debtors and certain Unaffiliated
holders of its Preferred Units and common units pursuant to which
the Debtors and the Ad Hoc Equity Committee agreed, among other
things, that professionals for the Ad Hoc Equity Committee would be
funded by the Debtors' estates for services performed within a
defined scope and subject to agreed caps on fees and expenses as
described in the Stipulation and Agreed Order.

Counsel to the Ad Hoc Equity Committee are Sharon M. Beausoleil,
Esq., Alexander Chae, Esq., and Holland N. O'Neil, Esq., at Gardere
Wynne Sewell LLP.

Attorneys for Citibank, N.A, as administrative agent under the
Third Amended and Restated Credit Agreement, dated as of Sept. 30,
2011, are Chris Lopez, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil Gotshal & Manges LLP.


VITALITY HEALTH PLAN: Hits Chapter 11 Bankruptcy Protection
-----------------------------------------------------------
Vitality Health Plan of California, which offers Medicare Advantage
plans, filed for Chapter 11 bankruptcy protection Dec. 18, 2020.

Ayla Ellison of Beckers Hospital Review reports that the company
entered bankruptcy after California hospitals canceled their
contracts with the insurer earlier this year over its deteriorating
financial situation.  Vitality is required to maintain a few
million dollars in financial reserves, but it had negative working
capital as of this summer of 2020, according to The Mercury News,
which cited documents from the California Department of Managed
Health Care.

The creditor with the largest unsecured claim against the health
plan is Regional Medical Center in San Jose, Calif., according to
bankruptcy documents.

            About Vitality Health Plan of California

Vitality Health Plan of California, Inc. --
https://www.vitalityhp.net/ -- is a health insurance company in
Cerritos, California. Vitality is an HMO plan with a Medicare
contract.
                     
Vitality Health Plan of California, Inc., sought Chapter 11
protection (Bankr. C.D. Cal. Case No. 20-21041) on Dec. 18, 2020.
In the petition signed by CEO Brian Barry, the Debtor was estimated
to have assets of $1 million to $10 million and liabilities of $10
million to $50 million.  The Hon. Julia W. Brand is the case judge.
WINTHROP GOLUBOW HOLLANDER, LLP, led by Garrick A. Hollander, is
the Debtor's counsel.


WB BRIDGE HOTEL: Brooklyn Project Enters Chapter 11 Bankruptcy
--------------------------------------------------------------
Allison McNeely of Bloomberg News reports that the owners of a
hotel and residential tower project in Brooklyn's hip Williamsburg
neighborhood have filed for bankruptcy, the latest blow to New
York's struggling hospitality and commercial real estate sectors.
It was the second hotel in Brooklyn to file bankruptcy protection
in less than a week.

The Chapter 11 court filing covers a planned 26-story tower at 159
Broadway that includes apartments and a 235-room hotel across the
street from the legendary Peter Luger Steakhouse. It was slated to
open in the second half of 2021, according to media reports.

The owners, 159 Broadway Member LLC and WB Bridge Hotel LLC, listed
assets and liabilities of $10 million to $50 million in a petition
filed in Manhattan. 159 Broadway Member also listed the owner of
the newly bankrupt Tillary Hotel in Brooklyn as an affiliate.  The
Tillary sought court protection from its creditors in the third
week of December 2020.

Construction had already started on 159 Broadway, which included
plans for a restaurant, sky bar, pool and condominiums, according
to Stonehill Taylor, which is providing interior design and
architecture services.

Hotels and commercial real estate have come under pressure due to
the coronavirus pandemic, which has all but halted travel to the
city and caused New Yorkers to flee their apartments for the
suburbs. Revenue per available room -- a gauge of price and
occupancy for the hotel industry -- fell 57% in the U.S. for the
week ending Dec. 12 from a year earlier, according to STR, a
hospitality data website.

                       About the Debtors

WB Bridge Hotel LLC and 159 Broadway Member LLC are the owners of a
hotel and residential tower project in Brooklyn's hip Williamsburg
neighborhood.  The project covers a planned 26-story tower at 159
Broadway in Brooklyn New York, that includes apartments and a
235-room hotel across the street from the legendary Peter Luger
Steakhouse.

The two entities are affiliated with Hollywood, Florida-based GC
Realty Advisors LLC.  They are also affiliated with 85 Flatbush RHO
Mezz LLC, the owner of the Tillary Hotel Brooklyn, located at 85
Flatbush Extension, Brooklyn, New York.
85 Flatbush RHO sought bankruptcy protection on Dec. 18, 2020
(Bankr.
S.D.N.Y. Case Nos. 20-23280 to 20-23282).

WB Bridge Hotel LLC and 159 Broadway Member LLC sought Chapter 11
protection (Bankr. S.D.N.Y. Case Nos. 20-23288 and 2023289) on Dec.
21, 2020.  The Debtors were each estimated to have $10 million to
$50 million in assets and liabilities.

ROBINSON BROG LEINWAND GREENE GENOVESE & GLUCK P.C. is the Debtors'
counsel.


WEST DEPTFORD: Moody's Completes Review, Retains Ba3 Rating
-----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of West Deptford Energy Holdings, LLC and other ratings
that are associated with the same analytical unit. The review was
conducted through a portfolio review in which Moody's reassessed
the appropriateness of the ratings in the context of the relevant
principal methodology, recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1, 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

KEY RATING CONSIDERATIONS

West Deptford Energy Holdings, LLC's Ba3 rating reflects its cash
flow visibility through May 2022 due to known PJM capacity prices.
The rating benefits from the project's location in a premium
PJM-EMAAC capacity pricing zone and the experience of the sponsor
group. The project's diversified gas supply with access to two
different pipelines is also a strength. The rating is constrained
by the project's single asset exposure and higher outage rate in
recent years compared to its peers, although we do note that the
forced outage rate has improved, with 2020 YTD EFORd


WG PARTNERS: Moody's Completes Review, Retains Ba3 Rating
----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of WG Partners Acquisition, LLC and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review in which Moody's reassessed the
appropriateness of the ratings in the context of the relevant
principal methodology, recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1, 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

KEY RATING CONSIDERATIONS

WG Partners Acquisition, LLC's Ba3 rating reflects the contracted
cash flows with mostly highly rated offtakers and geographic
diversity of the six natural gas assets supporting debt service on
its term loan due in November 2023. WGP's credit quality improved
upon Pacific Gas & Electric Company's and its parent, PG&E
Corporation's emergence from bankruptcy in July 2020 with a Plan of
Reorganization that honored or assumed the power purchase
agreements with its electric generation suppliers. This included
agreements with two of WGP's six portfolio companies, the Three
Sisters and the Five Brothers, which collectively amount to about
10% of WGP's cash flows through the term loan maturity in 2023. The
rating also considers the likely refinancing risk, although this is
partially tempered by contracted cash flows from Hobbs and Trinity
that extend beyond WGP's debt maturity.

The principal methodology used for this review was Power Generation
Projects Methodology published in July 2020.  


[*] Expanded SBRA: Temporary Opportunity for Distressed Firms
-------------------------------------------------------------
Turner Falk and Edmond George of Obermayer Rebmann Maxwell & Hippel
LLP wrote an article on JDSupra titled "Expanded Chapter 11 Small
Business Reorganization Act Eligibility: A Temporary Opportunity
for New Jersey and Pennsylvania Businesses in Distress."

The COVID-19 pandemic has upset the expectations of many business
owners. Lines of business that seemed profitable are now
struggling, and previously underappreciated lines of business are
blossoming. The pandemic will bring about long-term changes in how
the economy operates, as well as short-term difficulties in
conforming to current customer demands and regulatory hurdles.

Two recent changes in the law have opened a limited-time
opportunity to restructure small business operations and finances
more quickly than ever before, while ensuring that the current
owners retain control of the business throughout the process.

In February 2020, the Small Business Reorganization Act ("SBRA")
became effective, allowing a new kind of chapter 11 bankruptcy
proceeding often called a Subchapter V case. This SBRA process was
originally limited to business groups with total debts below $2.7
million. However, in March 2020, the CARES Act increased this debt
limit to $7.5 million, allowing much larger small businesses to
qualify for Subchapter V treatment. Unless the law changes again,
this debt limit will decrease back to $2.7 million on March 27,
2021.

The good news is that any case filed prior to March 27, 2021 can
still use the higher debt limit. A business does not need to be in
danger of shutting down to use the bankruptcy process; it only
needs to have a valid reorganizational purpose for the bankruptcy.

The most obvious reorganizational purpose of a bankruptcy is to
deal with existing debts. In a bankruptcy, a business can modify,
renegotiate or even discharge most types of debts. In a Subchapter
V case, the debtor business proposes a payment plan, generally
three to five years in length that pays some debts over time and
discharges others without full payment. The bankruptcy law permits
a business to force some of its creditors into an extended
repayment period, even if they do not consent. Businesses can also
modify certain liens that secure their debt, rendering their
creditors unsecured to the extent that they are owed more than the
value of their collateral. The ability to involuntarily restructure
debts and discharge some unpaid debts gives the debtor business an
advantage in renegotiating on a consensual basis. A bankruptcy can
also stretch out the repayment of a debt, turning a debt that is
due in the short term, or is fully matured, into a multi-year
repayment that the business can afford to make.

Bankruptcy law also includes special tools that allow a business to
eliminate unprofitable sectors or locations while minimizing the
cost of shutting them down. A bankruptcy debtor can reject leases
and other ongoing contracts, and pay any pre-rejection arrears over
time. Pruning away unprofitable locations to preserve the overall
business is one of the main benefits of a Subchapter V bankruptcy.
This tool is especially useful for businesses like multi-location
professional practices (for example dental, accounting, medical or
veterinary practices), restaurant groups or construction or
development groups working on several projects at once.

Two key hurdles previously prevented businesses from using chapter
11 to reorganize, except in extreme distress: the cost and the loss
of control. Subchapter V goes a long was to fixing those concerns.
It could take up to a year to confirm a repayment plan in a chapter
11 bankruptcy. The small-business-friendly provisions of Subchapter
V shorten that timeline to just a few months.

A Subchapter V debtor remains "in possession" of all its business
assets. That means the business owners maintain control during the
bankruptcy process, and can continue to operate the business to
improve performance in parallel with the restructuring of debts.

The most important benefit of a Subchapter V bankruptcy is that
pre-bankruptcy owners retain control even after the payment plan is
confirmed. In a traditional chapter 11, unless all creditors are
paid in full, the owners are required to contribute new outside
value in order to keep ownership and control of the reorganized
business. There is no new value requirement in Subchapter V. As
long as the business can fund its payment plan by a combination of
sales of existing assets and profits from future earnings, the
ownership structure of the business remains in place, allowing the
people who shepherded the business through its reorganization to be
rewarded for taking the risk.

The CARES Act has raised the debt limit for Subchapter V filings,
but only for a limited time. Entrepreneurs should assess whether a
Subchapter V reorganization could help revitalize -- or even save
-- their business.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
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Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2020.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
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                   *** End of Transmission ***