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

              Friday, January 1, 2021, Vol. 25, No. 0

                            Headlines

24 HOUR FITNESS: Emerged From Chapter 11 Process at Year-End
ABILITY INC: Posts US$4.5 Million Net Loss in First Half of 2020
AIRPORT VAN: Seeks to Hire CSA Partners as Financial Consultant
ARDENT CYBER SOLUTIONS: Feb. 23, 2021 Disclosure Hearing Set
BBGI US: Unsecureds' Recovery Unknown in Committee-Backed Plan

BLACKRIDGE TECHNOLOGY: Feb. 2, 2021 Plan Confirmation Hearing Set
BUMBLE BEE: Debtor Asks to Convert Case to Chapter 7 Liquidation
CEC ENTERTAINMENT: Emerges From Chapter 11 Bankruptcy Protection
CEL-SCI CORP: Incurs $30.2 Million Net Loss in Fiscal 2020
CMC MATERIALS: Egan-Jones Hikes Senior Unsecured Ratings to BB

CROWN REMODELING & HOMES4FAMILIES: Owing Mills Firms in Chapter 11
DOLPHIN ENTERTAINMENT: Warrant Delisted from Nasdaq
DPW HOLDINGS: Adjourns Annual Meeting For Lack of Quorum
ENALASYS CORPORATION: March 10, 2021 Plan Confirmation Hearing Set
EXACTUS INC: Chief Financial Officer Resigns

FIGUEROA MOUNTAIN: Jan. 7 Final Hearing on Cash Use, DIP Loan
GRUPO AEROMEXICO: Closes 2 Union Deals in Bankruptcy
GTT COMMUNICATIONS: Enters Into $275 Million New Term Loan Facility
IBIO INC: Appoints Dr. Martin Brenner as Chief Scientific Officer
INTERSTATE COMMODITIES: Creditors to Be Paid From Sale Proceeds

J.C. PENNEY: CEO Soltau Out After New Owners Split Company
JONES DAY: NY District Expands Safe Harbor for LBO Payments
JSAA REALTY: Rental Income to Pay Claims in Full
K&L AG GROUP: Seeks Approval to Hire Rossini Law Firm as Counsel
KLAUSNER LUMBER: Has Final OK on $5.5MM DIP Loan, Cash Use

L.S.R. INC: Plan Confirmation Hearing Continued to Jan. 22, 2021
MALLINCKRODT PLC:  Committee Seeks to Hire Investment Banker
MEDICAL SIMULATION: Feb. 9, 2021 Plan Confirmation Hearing Set
MEDICAL SIMULATION: Unsec. Creditors to Get 38% in Liquidating Plan
MOHEGAN TRIBAL: Incurs $162 Million Net Loss in Fiscal 2020

MONKEY TOES: Combined Plan & Disclosure Confirmed by Judge
NUZEE INC: Incurs $9.5 Million Net Loss in Fiscal 2020
ODYSSEY ENGINES: Parties Delay Disclosures Hearing to Jan. 13, 2021
OFFER SPACE: Case Summary & 11 Unsecured Creditors
PENNGOOD LLC: Amended Subchapter V Plan Confirmed

PPV INC: Leaf Capital's Claim to Be Paid in Full in Amended Plan
SABLE PERMIAN: Jan. 29, 2021 Plan & Disclosure Hearing Set
SANTA MARIA: Seeks to Hire Leslie Cohen as Bankruptcy Counsel
SAXON SHOES: Final Cash Collateral Hearing on Tuesday
SCHNELL SERVICES: Seeks Approval to Hire Bankruptcy Attorney

SEADRILL LTD: Enters Forbearance for 9 of 12 Sr. Credit Facilities
SEGOVIA LODGE: Seeks Approval to Hire Bankruptcy Attorney
SUMMIT MIDSTREAM: S&P Cuts Series A Preferred Equity Rating to 'D'
SUPERIOR ENERGY: Taps Ducera, Johnson Rice as Investment Bankers
T & C DOWNTOWN: Seeks Approval to Hire Bookkeeping Consultant

TALK VENTURE: May Use Cash Collateral Thru Feb. 10
THG PROPERTIES: Town Hospitality Unsecureds to Get 25% Dividend
TRAVELEXPERIENCE LLC: Jan. 19, 2021 Plan & Disclosure Hearing Set
UNLOCKD MEDIA: Creditors' Recovery to Depend on Litigation
VALARIS PLC: Citibank Says Lenders Are 'Hostage' in Bankruptcy

VALARIS PLC: Gets Court Approval to Solicit Bankruptcy Plan Votes
VP CONSTRUCTION: Seeks to Hire Tyler Bartl as Legal Counsel
WIRTA HOTELS: Unsecured Creditors to be Paid in Full Over Time
X-BUILT LLC: Seeks Approval to Hire Bankruptcy Counsel
YUNHONG CTI: Gets Noncompliance Notice From Nasdaq

[*] 16 Illinois Store Chains That Said Goodbye in 2020
[*] Big Bankruptcy Cases Arrived in Richmond in 2020
[*] Retail Chains in Idaho Falls That Didn't Survive 2020
[^] BOOK REVIEW: Bankruptcy Crimes

                            *********

24 HOUR FITNESS: Emerged From Chapter 11 Process at Year-End
------------------------------------------------------------
24 Hour Fitness, a fitness industry leader for over 35 years, on
Dec. 31, 2020, announced its emergence from chapter 11 protection.
The Company has successfully completed its financial restructuring
process and has implemented the plan of reorganization confirmed by
the U.S. Bankruptcy Court on December 21, 2020.  The Company now
has greater financial strength with an optimized cost structure and
leaner balance sheet after eliminating $1.2 billion of funded
debt.

Chief Executive Officer Tony Ueber stated, "24 Hour Fitness is now
well-positioned and well-capitalized to become the leading fitness
provider, serving club members and guests across nearly 300 clubs
nationwide at a time when a supportive and motivating gym community
has never been more important. Safety will continue to be our top
priority as we move forward with reinvesting in our clubs and
introducing new and innovative member wellness experiences to
enhance our clubs.  We are looking forward to continuing to help
change lives every day by offering best-in-class fitness
experiences long into the future."

Ueber continued, "I want to thank our team members, club members,
and financial partners for their support of our company and our
strategy.  As we start the new year, fitness is more important than
ever for the physical and mental health of our communities. I am
optimistic about the long-term prospects for our business and our
industry."

A new Board of Directors has been appointed in conjunction with the
emergence from chapter 11 that will help 24 Hour Fitness navigate
through the next phase of its strategic plans.

                    About 24 Hour Fitness

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, FTI Consulting, Inc. as financial advisor, Lazard Freres &
Co. LLC as investment banker.  Pachulski Stang Ziehl & Jones, LLP,
is the Debtors' local counsel.  Prime Clerk, LLC, is the claims
agent.

PJT Partners acted as financial adviser and O'Melveny & Myers LLP
acted as legal counsel to the ad hoc group of debt holders.
Richards Layton & Finger PA is the group's local counsel.

Morgan Stanley Senior Funding Inc., as lender administrative and
collateral agent, is represented by Andrew L. Magaziner of Young
Conaway Stargatt & Taylor LLP, and Richard A. Levy and James
Ktsanes of Latham & Watkins LLP.

The U.S. Trustee for Regions 3 and 9 appointed a committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
The committee is represented by Cooley, LLP.

                           *     *     *

24 Hour Fitness Worldwide in December 2020 won court approval of a
bankruptcy-exit plan that would slash $1.2 billion of debt by
handing the fitness chain over to a group of lenders.  Unsecured
creditors owed $900,000,000 were slated to recover only 0.1% to
1.0% under the plan.


ABILITY INC: Posts US$4.5 Million Net Loss in First Half of 2020
----------------------------------------------------------------
Ability Inc. filed with the U.S. Securities and Exchange Commission
a periodic report including the Company's condensed consolidated
interim financial statements as of and for the six-month period
ended June 30, 2020.

Ability reported a net and comprehensive loss of US$4.47 million on
US$898,000 of revenues for the six months ended June 30, 2020,
compared to a net and comprehensive loss of US$4.16 million on
US$855,000 of revenues for the six months ended June 30, 2019.

As of June 30, 2020, the Company had US$14.14 million in total
assets, US$21.34 million in total liabilities, and a total
shareholders' deficit of US$7.20 million.

The Company's capital deficit as of June 30, 2020 is approximately
US$7.2 million, compared to equity of approximately US$0.5 million
as of June 30, 2019 and a capital deficit of approximately US$2.9
million as of Dec. 31, 2019.  The capital deficit as of June 30,
2020 constitutes approximately 51% of the total balance sheet,
compared with the equity, which constitutes approximately 3% of the
total balance sheet as of June 30, 2019 and a capital deficit which
constitutes approximately 17% of the total balance sheet as of Dec.
31, 2019.

As of June 30, 2020, the Company had an accumulated deficit of
approx. US$40,509,000, and cash and cash equivalents of US$18,000.

Ability said, "Due to the continuing low revenues along with
significant legal expenses and professional services, the Company
is suffering from constant losses, a capital deficit and a negative
cash flow from operating activities.  The Company is under
investigation by the Israeli Ministry of Defense ("IMOD"), which
ordered the suspension of certain export licenses.  In addition,
severe restrictions on movement imposed by many countries as a
result of the Corona virus ("COVID-19"), prevented the Company from
completing the system acceptances in various projects.  The Company
is making every effort to overcome this issue as soon as possible.

"These and other facts, together with other reasons... raise
significant doubts about the Company's continued ability to
function as a going concern."

A full-text copy of the Periodic Report is available for free at:

https://www.sec.gov/Archives/edgar/data/1652866/000121390020044663/ea132277ex99-1_abilityinc.htm

                        About Ability Inc.

Ability Inc. is a holding company operating through its
subsidiaries Ability Computer & Software Industries Ltd., Ability
Security Systems Ltd., and Telcostar, which provide advanced
interception, geolocation and cyber intelligence products and
solutions that serve the needs and increasing challenges of
security and intelligence agencies, military forces, law
enforcement agencies and homeland security agencies worldwide.

Ability Inc. reported a net and comprehensive loss of US$7.74
million for the year ended Dec. 31, 2019, compared to a net loss
and comprehensive loss of US$10.19 million for the year ended Dec.
31, 2018.  As of Dec. 31, 2019, the Company had US$17.22 million in
total assets, US$20.08 million in total liabilities, and a total
shareholders' deficit of US$2.86 million.

Ziv Haft, Certified Public Accountants (Isr.) BDO Member Firm, in
Tel Aviv, Israel, the Company's auditor since 2015, issued a "going
concern" qualification in its report dated June 15, 2020 citing
that the Company has an accumulated deficit, working capital
deficit, suffered recurring losses and has negative operating cash
flow.  Additionally, the Company is under an investigation of the
Israeli Ministry of Defense, which ordered a suspension of certain
export licenses.  Additionally, severe restrictions imposed by many
countries on global travel as a result of the coronavirus disease
of 2019 outbreak have impeded the Group's ability to complete the
phase of the systems acceptances.  These matters, along with other
reasons, raise substantial doubt about the Company's ability to
continue as a going concern.


AIRPORT VAN: Seeks to Hire CSA Partners as Financial Consultant
---------------------------------------------------------------
Airport Van Rental, Inc. and its affiliates seek authority from the
U.S. Bankruptcy Court for the Central District of California to
hire CSA Partners, LLC as their financial consultant.

The Debtors require CSA to:

     1. Provide written, verbal, quantitative and qualitative
assistance and support to Kevin Tierney, chief reorganization
officer, and the Debtors, including but not limited to:

        (a) drafting and reviewing the Debtors' restructuring plan
and related schedules;

        (b) preparing, in summary and presentation format,
finalized restructuring plan and financial model; and

        (c) assisting, either directly or in support of, any inside
or outside constituents impacted by the restructuring plan.

     2. Perform review or other procedures to ensure the Debtors'
financial statements are materially accurate.

     3. Assist the Debtors with accounting department restructure,
guidance and oversight (including on-site visits at the its Los
Angeles office, if and when needed).

     4. Develop and prepare financial statements as of September
30, 2020, which will be utilized as a base period for restructuring
plan.

     5. Prepare, in presentation format, the Debtors' financial
statements.

     6. Develop a five-year financial mode for each of the Debtors'
seven operating sites, including any special government activities,
that include all respective financial statements (income statement,
balance sheet and cash flow) and any required detail schedules,
that are able to be presented in a consolidated form.

     7. Prepare a financial sensitivity analysis.

     8. Prepare other reports, as required, to support the
restructuring activities either in presentation or detailed form.

     9. Prepare, manage or assist with bankruptcy requirements,
including but not limited to:

        (a) 7-Day Package, DIP banking, and related compliance;

        (b) Schedules, Statement of Financial Affairs;

        (c) Monthly Operating Reports;

        (d) Projections, Liquidation Analysis, and other Plan and
Disclosure Statement materials;

        (e) Other bankruptcy reporting and financial advisory
services, as required.

     10. Assist with finding and placing debtor-in-possession
financing.

     11. Assist with finding and placing other financing.

CSA received a retainer of $15,000 as an advance against fees and
costs to be incurred by the firm after the commencement of the
Debtors' cases.

The Debtors propose to retain CSA on an hourly basis, at its usual
billing rate of $200 per hour, plus reimbursement of out-of-pocket
expenses.

Anthony Scalese, managing partner at CSA, disclosed in court
filings that the firm does not have an interest materially adverse
to the interest of the Debtors' estate, creditors and equity
security holders.

CSA can be reached through:

     Anthony Scalese
     CSA Partners LLC
     2934½ Beverly Glen #597
     Los Angeles, CA 90077
     Phone: (310) 684-2019
     Direct: (310) 494-4009
     Fax: (310) 388-3148

               About Airport Van Rental

Airport Van Rental -- https://www.airportvanrental.com -- is a van
rental company offering short and long-term rentals for road trips,
weekend journeys, moving, and any other group outings.

Airport Van Rental  and its affiliates filed their voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
C.D. Cal. Lead Case No. 20-20876) on Dec. 11, 2020. The petitions
were signed by Yazdan Irani, president and chief executive officer.
At the time of the filing, Airport Van Rental, Inc. estimated $10
million to $50 million in both assets and liabilities.

Zev Schechtman, Esq., at Danning, Gill, Israel & Krasnoff, LLP
represents the Debtor as counsel. The Debtors tapped Kevin S.
Tierney as their chief reorganization officer, and CSA Partners LLC
as their financial consultant.


ARDENT CYBER SOLUTIONS: Feb. 23, 2021 Disclosure Hearing Set
------------------------------------------------------------
Ardent Cyber Solutions, LLC, filed with the U.S. Bankruptcy Court
for the District of Arizona a disclosure statement and plan.  On
Dec. 17, 2020, Judge Paul Sala ordered that:

   * Feb. 23, 2021, at 1:30 p.m. is the telephonic hearing to
consider approval of the Disclosure Statement.

   * Feb. 12, 2021, is fixed as the last day for any party desiring
to object to the Court's approval of the Disclosure Statement to
file a written objection with the Court.

   * Feb. 12, 2021, is the deadline for non-governmental creditors
to file proof of claims.

                    Plan & Disclosure Statement

The Debtor's bankruptcy resulted primarily from: (i) the failure of
its client to pay for services rendered to that client during 2019;
and (ii) the payment of significant amounts during 2019 and 2020 to
defend against false allegations that were made against Debtor in
connection with a number of legal matters.  An arbitration
proceeding was initiated and Ardent was threatened with pre
judgment seizure of its assets.  This directly caused the filing of
Chapter 11 on June 3, 2020.

Upon the filing of the Chapter 11 case, the Debtor immediately
began defending itself against its main adversary, the City of Los
Angeles.  Due to the sensitive nature of the claims, the United
States Department of Justice stepped in by filing a Motion to Stay
Proceedings.  This Motion was partially granted by an Order entered
on Aug. 17, 2020.  Since that time the Debtor has been working to
comply with the requirements of the Office of the US Trustee.
Ardent is now ready to move forward with its Disclosure Statement
and a viable "liquidating" Chapter 11 Plan that will address the
remaining claims of the prepetition creditors.  Accordingly, an
Application to Appoint Special Counsel will be filed shortly to
prosecute the accounts (assets) of this Estate for the benefit of
all creditors with allowed claims.

Class 4 General Unsecured Claims will be paid from the liquidation
of estate assets.  Class 4 is impaired.  Payment to creditors will
be on a pro rata basis when funds are available with the first 9
available funds being used to pay any remaining administrative
claims then priority taxes, allowed priority wage claims, and then,
Class 4.

A full-text copy of the Disclosure Statement dated Nov. 17, 2020,
is available at https://bit.ly/350eLeC from PacerMonitor.com at no
charge.

A full-text copy of the Scheduling Order dated Dec. 17, 2020, is
available at https://bit.ly/38yHb0d from PacerMonitor.com at no
charge.

The Debtor is represented by:

          Allan D. NewDelman, Esq.
          ALLAN D. NEWDELMAN, P.C.
          80 East Columbus Avenue
          Phoenix, AZ 85012

                   About Ardent Cyber Solutions

Ardent Cyber Solutions, LLC, f/k/a Aventador Utility Solutions LLC,
a cybersecurity firm based in Scottsdale, Ariz., sought for
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz.
Case No. 20-06722) on June 3, 2020.  At the time of the filing, the
Debtor had estimated assets of less than $50,000 and liabilities of
between $1 million and $10 million.  Judge Paul Sala oversees the
case.  Allan D. NewDelman, P.C., is the Debtor's legal counsel.

The Debtor's principal, Paul Paradis has also filed a voluntary
Chapter 11 bankruptcy case (Case No. 20-06724) on June 3, 2020
which remains pending.


BBGI US: Unsecureds' Recovery Unknown in Committee-Backed Plan
--------------------------------------------------------------
BBGI US, Inc. (f/k/a Brooks Brothers Group, Inc.) and its debtor
affiliates filed with the U.S. Bankruptcy Court for the District of
Delaware a Joint Chapter 11 Plan of Liquidation and a Disclosure
Statement on Dec. 24, 2020.

The Debtors commenced Chapter 11 cases to, among other things,
attempt to secure a transaction that would ensure the continuation
of the Brooks Brothers business and maximize value for the Debtors'
creditors.

The Plan is the product of good-faith arm's-length negotiations and
is consistent with the objectives of chapter 11.  Throughout the
chapter 11 cases, the Debtors worked closely and in coordination
with their key stakeholders, including the Creditors' Committee,
who actively participated in the development and negotiation of the
Plan and supports confirmation of the Plan.

On July 15, 2020, the Debtors filed a motion seeking approval of
bidding procedures. Shortly thereafter, the Debtors and SPARC Group
LLC entered into that certain Asset Purchase Agreement, dated as of
July 23, 2020 (as amended by, in each case as of the effective date
of the applicable agreement, that certain First Amendment to the
Asset Purchase Agreement dated as of Aug. 11, 2020, and that
certain Second Amendment to the Asset Purchase Agreement, dated as
of August 31, 2020, the "APA"), setting forth the terms and
conditions upon which SPARC would serve as stalking horse bidder
for substantially all of the Debtors' assets associated with the
Brooks Brothers' Business, on the terms and subject to the
conditions contained in the APA (the "Sale Transaction") and filed
a supplement to the Bidding Procedures Motion to seek approval of,
among other things, bid protections provided under the APA.

On Aug. 3, 2020, the Bankruptcy Court entered approved the Bidding
Procedures Motion, including auction and sale procedures and bid
protections for the stalking horse bidder.  Following further
negotiations, SPARC materially increased the consideration under
the APA to $325 million, and the Debtors declared SPARC the
successful bidder, cancelled the auction, and sought Bankruptcy
Court approval of the APA, subject to various adjustments.  On Aug.
14, 2020, the Bankruptcy Court approved the APA, and on Aug. 31,
2020, the Debtors consummated the sale transaction.

The final phase in the chapter 11 cases is the confirmation and
consummation of the Plan, pursuant to which the Debtors will
distribute the remaining cash proceeds from the sale of their
assets (the "Sale Proceeds") to creditors in accordance with the
absolute priority rule and section 1129 of the Bankruptcy Code,
including by:

   * providing that all Allowed Administrative Expense Claims,
Priority Tax Claims or Other Priority Claims, and Secured Claims,
are unimpaired by the Plan;

   * distributing to holders of Allowed General Unsecured Claims
interests in a Liquidation Trust that will liquidate the Debtors'
remaining assets and make cash distributions to holders of Allowed
General Unsecured Claims, and interests in a Litigation Trust that
will pursue certain potential estate causes of action for the
benefit of holders of General Unsecured Claims.

While secured claims are unimpaired and projected to recover 100%,
the Disclosure Statement still has blanks as to the projected
percentage recovery for unsecured creditors.  The Debtor has yet to
file a liquidation analysis that would discuss of the effects of
the Plan and a chapter 7 liquidation would have on the recoveries
of holders of claims and interests.

The Debtor interests will be cancelled when merged or dissolved
pursuant to the terms of the Plan.  Each holder of a Debtor
Interest shall neither receive nor retain any property of the
Debtors' estates or direct interest in property of the Debtors'
estates.

The Plan will serve as a motion by the Debtors seeking entry of a
Bankruptcy Court order deeming the substantive consolidation of the
Debtors' Estates into a single Estate for certain limited purposes
related to the Plan, including voting, confirmation, and
distribution and the Bankruptcy Court's findings that the
substantive consolidation of the Estates to the extent set forth in
the Plan is (i) in exchange for good and valuable consideration
provided by each of the Estates, and a good-faith settlement and
compromise of the released claims, (ii) in the best interests of
the Debtors, the Estates and all holders of Claims, (iii) fair,
equitable, and reasonable, and (iv) effected after due notice and
opportunity for hearing.

A full-text copy of the Disclosure Statement dated Dec. 24, 2020,
is available at https://bit.ly/3pDAKjq from PacerMonitor.com at no
charge.

Counsel to the Debtors:

           Weil, Gotshal & Manges LLP
           767 Fifth Avenue
           New York, NY 10153
           Attn: Garrett A. Fail
           David J. Cohen
           Telephone: (212) 310-8000
           Facsimile: (212) 310-8007

                 – and –

           Richards, Layton & Finger, P.A.
           One Rodney Square
           920 N. King Street
           Wilmington, DE 19801
           Attn: Mark D. Collins
           Zachary I. Shapiro
           Christopher M. De Lillo
           Telephone: (302) 651-7700
           Facsimile: (302) 651-7701

Counsel to the Creditors' Committee:

           Akin Gump Strauss Hauer & Feld LLP
           One Bryant Park
           Bank of America Tower
           New York, NY 10036
           Attn: Meredith A. Lahaie
           Abid Qureshi
           Telephone: (212) 872-1000
           Facsimile: (212) 872-1002

                   – and –

           2001 K Street NW
           Washington, DC 20006
           Attn: Kate Doorley
                 Julie Thompson
           Telephone: (202) 887-4000
           Facsimile: (202) 887-4288

                   – and –

           Troutman Pepper Hamilton Sanders LLP
           Hercules Plaza, Suite 5100
           1313 N. Market Street, P.O. Box 1709
           Wilmington, DE 19899
           Attn: David B. Stratton
                 David M. Fournier
                 Evelyn J. Meltzer
                 Marcy J. McLaughlin Smith
                 Telephone: (302) 777-6500
                 Facsimile: (302) 421-8390

                    About Brooks Brothers Group

Brooks Brothers -- https://www.brooksbrothers.com -- is a clothing
retailer with over 1,400 locations in over 45 countries. While
famous for its clothing offerings and related retail services,
Brooks Brothers is known as a lifestyle brand for men, women, and
children, which markets and sells footwear, eyewear, bags, jewelry,
watches, sports articles, games, personal care items, tableware,
fragrances, bedding, linens, food items, beverages, and more.  

Brooks Brothers Group, Inc. is the Debtors' ultimate corporate
parent, which directly or indirectly owns each of the other Debtor
entities.

Brooks Brothers Group, Inc. and 12 of its affiliates filed for
Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-11785) on
July 8, 2020.  The petitions were signed by Stephen Marotta, the
CRO.

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

The Hon. Christopher Sontchi presides over the cases.

Richards, Layton & Finger, P.A. and Weil, Gotshal & Manges LLP
serve as counsel to the Debtors. PJ Solomon, L.P acts as investment
banker; Ankura Consulting Group LLC as financial advisor; and Prime
Clerk LLC as claims and noticing agent.

On July 21, 2020 the Office of the United States Trustee appointed
the Committee pursuant to section 1102 of the Bankruptcy Code.  On
July 24, 2020 and July 27, 2020 respectively, the Committee
selected Akin Gump Strauss Hauer & Feld LLP and Troutman Pepper
Hamilton Sanders LLP as its counsel, and on July 27, 2020, the
Committee selected FTI Consulting, Inc. as its financial advisor.


BLACKRIDGE TECHNOLOGY: Feb. 2, 2021 Plan Confirmation Hearing Set
-----------------------------------------------------------------
On Dec. 2, 2020, debtors Blackridge Technology International, Inc.,
et al., filed a First Amendment to the Disclosure Statement
explaining their Chapter 11 Plan.

On Dec. 17, 2020, Judge Bruce T. Beesley approved the Disclosure
Statement and established the following dates and deadlines:

   * Jan. 19, 2021 is fixed as the last day for serving written
ballots accepting or rejecting the Jointly Administered Debtors'
Plan of Reorganization.

   * Feb. 2, 2021, at 2:00 p.m. is fixed for the hearing on
confirmation request of the Plan.

   * Jan. 19, 2021 is fixed as the last day for filing and serving
written objections/oppositions to confirmation of the Plan.

   * Jan. 26, 2021 is fixed as the last day for filing and serving
written replies to any such objections/oppositions.

   * Jan. 29, 2021 is fixed as the last day to file and serve the
Ballot Summary.

A full-text copy of the order dated December 17, 2020, is available
at https://bit.ly/3aFKCow from PacerMonitor.com at no charge.

Attorneys for the Debtors:

     Stephen R. Harris
     Harris Law Practice LLC
     6151 Lakeside Drive, Suite 2100
     Reno, NV 89511
     Telephone (775) 786-7600
     Email: steve@harrislawreno.com

                  About Blackridge Technology

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

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

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


BUMBLE BEE: Debtor Asks to Convert Case to Chapter 7 Liquidation
----------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that the bankrupt former parent
of the Bumble Bee tuna brand asked to convert its Chapter 11 case
to a Chapter 7 liquidation, saying it can't cover the tax liability
from a $928 million asset sale.

Bumble Bee, now being administered under the name Old BBP Inc.,
doesn't have enough funds at its disposal to pay priority expenses
and confirm a Chapter 11 plan, the company told the U.S. Bankruptcy
Court for the District of Delaware in a filing Tuesday, December
29, 2020.

Under Chapter 7, a court-appointed trustee is empowered to
liquidate an estate according to strict waterfall provisions in the
bankruptcy code.

                      About Bumble Bee Foods

Bumble Bee -- https://www.bumblebee.com/ -- is a health and
wellness focused company with a full line of seafood and specialty
protein products marketed under certain brands including Bumble
Bee(R), Brunswick, Snow's(R), Wild Selections(R) and Beach
Cliff(R).

Canadian affiliate, Connors Bros. Clover Leaf Seafoods Company --
http://www.cloverleaf.ca-- is a supplier of shelf-stable seafood,
producing and marketing its products under several brands,
including Clover Leaf(R), Brunswick(R) and Wild Selections(R).
CBCLS's international business distributes products under the
Brunswick(R) Bumble Bee(R) and Beach Cliff(R) brands to over 40
markets and countries, including Barbados, Jamaica, and Trinidad &
Tobago.

San Diego, California-based Bumble Bee Parent, Inc., and four
affiliates filed for Chapter 11 bankruptcy (Bankr. D. Del. Lead
Case No. 19-12502) on Nov. 21, 2019, before the Hon. Laurie Selber
Silverstein. Bumble Bee Parent estimated $50 million to $100
million in assets and $500 million to $1 billion in liabilities.
The petitions were signed by Kent McNeil, vice president.

Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison, LLP, led by
Alan W. Kornberg, Esq., Kelley A. Cornish, Esq., Claudia R. Tobler,
Esq., and Aaron J. David, Esq., serve as counsel to the Debtors.
Young Conaway Stargatt & Taylor LLP, led by Pauline K. Morgan,
Esq., Ryan M. Bartley, Esq., and Ashley E. Jacobs, Esq., serves as
co-counsel.

The Debtors tapped AlixPartners, LLP as restructuring advisor;
Houlihan Lokey, Inc. as investment banker; and Prime Clerk as
notice, claims, solicitation and balloting agent.

                          *    *    *  

In January 2020, Judge Laurie Selber Silverstein of the U.S.
Bankruptcy Court for the District of Delaware has entered a
supplemental order approving the the sale to Tonos 1 Operating
Corp., Tonos US LLC and Melissi 4, Inc. of substantially all of the
assets of Bumble Bee Parent, Inc. and its affiliates' Canadian
affiliates, as well as equity interests in certain non-debtor
affiliates, for a purchase price of up to $930.6 million.  The
buyers are units of Taiwan-based tuna supplier Fong Chun Formosa
(FCF) Fishery Company.  The Debtors changed their names to Old BBP
Inc., et al., following closing of the sale.


CEC ENTERTAINMENT: Emerges From Chapter 11 Bankruptcy Protection
----------------------------------------------------------------
CEC Entertainment on Dec. 30, 2020, announced its emergence from
Chapter 11 protection.  This milestone marks the successful
completion of the Company's financial restructuring process and
implementation of the Plan of Reorganization confirmed by the U.S.
Bankruptcy Court on December 15, 2020.

CEC emerges with a significantly strengthened financial position,
approximately $705 million of debt obligations eliminated from its
balance sheet, and the full support of its new Board of Directors
and ownership.

"We are thrilled to have emerged from our financial restructuring
process and look forward to beginning a new chapter as a stronger
and healthier company well positioned to execute on our long-term
goals," said David McKillips, CEC's Chief Executive Officer.
"Under new ownership, and with the leadership of our new Board, the
CEC team is excited to continue delivering memories, entertainment,
and pizza for kids and families around the world for generations to
come.  Behind the strength of our entire team and world-class
brands, we look forward to growing through key opportunities and
implementing our strategic plan."

As a result of the contributions and support of key constituents,
the Company's balance sheet has been strengthened by the reduction
of approximately $705 million of debt obligations and at emergence
the Company has over $100 million of liquidity to support
operations and growth initiatives.

CEC has emerged with a new Board of Directors that will consist of
seven members including:

    * David McKillips, CEO of CEC;
    * Joshua Acheatel, Senior Investment Professional at Monarch
Alternative Capital LP;
    * Howard Altman, Chief Investment Officer of Metropoulos &
Co.;
    * Patrick J. Bartels Jr., Managing Member of Redan Advisors;
    * Clifford Hudson, previously Chairman of the Board and CEO of
Sonic Corp.;
    * Lance Milken, Founder of Ripple Industries LLC, and formerly
a Senior Partner at Apollo Global Management, Inc.; and
    * An additional director appointed in accordance with the
limited liability company agreement of CEC Holdings.

As of December 30, the Company and its franchisees operate 559
Chuck E. Cheese and 122 Peter Piper Pizza venues. A list of open
locations and services provided can be found on
https://www.chuckecheese.com/reopening-directory and
https://www.peterpiperpizza.com/locations. The Company plans to
continue opening additional locations as it is safe to do so,
steadily bringing more employees back to work and providing
families with wholesome entertainment over great food.

Filings and additional information on the transaction consummated
in connection with the Company's emergence from bankruptcy can be
found at https://cases.primeclerk.com/cecentertainment/

                     About CEC Entertainment

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

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

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

Judge Marvin Isgur oversees the cases.

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

The Ad Hoc Group of First Lien Lenders was advised in this process
by Akin Gump Strauss Hauer & Feld LLP as legal counsel and Houlihan
Lokey Capital, Inc. as financial advisor.

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.


CEL-SCI CORP: Incurs $30.2 Million Net Loss in Fiscal 2020
----------------------------------------------------------
CEL-SCI Corporation filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$30.25 million on $558,664 of grant income for the year ended Sept.
30, 2020, compared to a net loss of $22.13 million on $462,754 of
grant income for the year ended Sept. 30, 2019.

As of Sept. 30, 2020, the Company had $40.54 million in total
assets, $20.81 million in total liabilities, and $19.73 million in
total stockholders' equity.

BDO USA, LLP, in Potomac, Maryland, the Company's auditor since
2005, issued a "going concern" qualification in its report dated
Dec. 29, 2020, citing that since inception the Company has suffered
recurring losses from operations and expects to continue incurring
losses.  In addition, the Company is dependent on raising
additional capital to continue to fund its operations.  These
factors raise substantial doubt about the Company's ability to
continue as a going concern.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/725363/000165495420013975/cvm_10k.htm

                       About CEL-SCI Corporation

CEL-SCI -- http://www.cel-sci.com-- is a clinical-stage
biotechnology company focused on finding the best way to activate
the immune system to fight cancer and infectious diseases.  The
Company's lead investigational therapy Multikine is currently in a
pivotal Phase 3 clinical trial involving head and neck cancer, for
which the Company has received Orphan Drug Status from the FDA.
The Company has operations in Vienna, Virginia, and near Baltimore,
Maryland.


CMC MATERIALS: Egan-Jones Hikes Senior Unsecured Ratings to BB
--------------------------------------------------------------
Egan-Jones Ratings Company, on December 24, 2020, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by CMC Materials Incorporated to BB from BB-.

Headquartered in Aurora, Illinois, CMC Materials, Inc. supplies
slurries used in chemical mechanical planarization, a polishing
process used in the manufacture of integrated circuit devices.



CROWN REMODELING & HOMES4FAMILIES: Owing Mills Firms in Chapter 11
------------------------------------------------------------------
Elizabeth Janney of Patch reports that two companies based in
Owings Mills, Crown Remodeling and Home4Families, filed for Chapter
11 protection in December 2020, according to the Baltimore Business
Journal.

Crown Remodeling, of 5 Gwynns Mill Court, and Homes4Families of
5115 Wagon Shed Circle, both filed for Chapter 11 bankruptcy, the
journal reported.

Chapter 11 means companies are undergoing financial reorganization
in order to stay in business while they restructure their debts.
During the proceedings, businesses can continue operating.

Crown Remodeling, which focuses on roof repairs, filed for Chapter
11 on Dec. 10, 2020 according to court records.

One customer whose roof was recently installed posted this review
about Crown Remodeling on the Better Business Bureau website Dec.
19, 2020: "They worked hard all day until after dark trying to
finish before impending bad weather came in.  They came back the
next day (Sunday) to make sure we were finished and okay for the
snow....We would highly recommend them and their team."

Overall, the remodeling company based in Owings Mills owes $1
million to $10 million and has $100,000 to $500,000 in assets,
based on court filings. Of its 50 to 99 creditors, the largest is
Beacon Roofing Supply of Williamsport, Md., to which it owes
$340,000, records show.

The other Owings Mills-based company that filed for bankruptcy has
less information available about it.

Homes4Families filed for Chapter 11 bankruptcy on Dec. 14, 2020. It
has three major debts, the largest of which is more than $743,000
owed to K&S Eastern of Pikesville, according to court filings.
Other creditors include the Baltimore City Department of Public
Works, owed $600, and BGE, which is owed $500, based on court
records.

                     About Crown Remodeling

Based in Owings Mills, Md., Crown Remodeling, LLC is a general
contractor that offers roofing installation, storm damage repair,
window services, chimney repair, and lead paint services.  Visit
https://www.crownremodelingllc.com/ for more information.

Crown Remodeling sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Md. Case No. 20-20690) on Dec. 10, 2020.
Crown Remodeling President Jeff Weissberg signed the petition.  At
the time of the filing, the Debtor had total assets of $231,157 and
liabilities of $1,219,792.  Judge David E. Rice oversees the case.
Jeffrey M. Sirody and Associates is Debtor's legal counsel.
                                
                   About Homes4Families LLC

Homes4Families, LLC filed its voluntary petition for relief under
Chapter 11, Subchapter V, of the Bankruptcy Code (Bankr. D. Md.
Case No. 20-20771) on Dec. 14, 2020.  At the time of the filing,
the Debtor disclosed assets of between $500,001 and $1 million and
liabilities of the same range.  Judge Nancy V. Alquist oversees the
case.  The Debtor is represented by Damani K. Ingram, Esq., of The
Ingram Firm, LLC.



DOLPHIN ENTERTAINMENT: Warrant Delisted from Nasdaq
---------------------------------------------------
The Nasdaq Stock Market LLC filed a Form 25 with the Securities and
Exchange Commission notifying the removal from listing of Dolphin
Entertainment, Inc.'s warrant from the Exchange.

                     About Dolphin Entertainment

Headquartered in Coral Gables, Florida, Dolphin Entertainment, Inc.
-- http://www.dolphinentertainment.com-- is an independent
entertainment marketing and premium content development company.
Through its subsidiaries, 42West LLC, The Door Marketing Group LLC
and Shore Fire Media, Ltd, the Company provides expert strategic
marketing and publicity services to many of the top brands, both
individual and corporate, in the entertainment, hospitality and
music industries.

Dolphin Entertainment reported a net loss of $1.19 million for the
year ended Dec. 31, 2019, compared to a net loss of $2.91 million
for the year ended Dec. 31, 2018.  As of Sept. 30, 2020, the
Company had $51.27 million in total assets, $30.80 million in total
liabilities, and $20.47 million in total stockholders' equity.

BDO USA, LLP, in Miami, Florida, the Company's auditor since 2014,
issued a "going concern" qualification in its report dated March
30, 2020 citing that the Company has suffered recurring losses from
operations from prior years, has an accumulated deficit, and a
working capital deficit that raise substantial doubt about its
ability to continue as a going concern.


DPW HOLDINGS: Adjourns Annual Meeting For Lack of Quorum
--------------------------------------------------------
DPW Holdings, Inc.'s annual meeting of stockholders, scheduled as a
virtual meeting format only, on Dec. 30, 2020 at 9:00 a.m. PT. was
adjourned due to a lack of quorum.

A quorum consists of a majority of the shares entitled to vote.
There were fewer than a majority of shares entitled to vote
present, either in person or by proxy at this meeting.  The special
meeting of stockholders therefore had no quorum and the meeting was
adjourned.

The Company has no present intention to schedule a postponed annual
meeting.  However, DPW intends to seek approval for the proposals
submitted to its stockholders at the adjourned annual meeting when
practicable.  The record date for the new annual meeting will be
established by the Company, but will be set at a future date; the
former record date of Nov. 2, 2020 is no longer valid.

                         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.


ENALASYS CORPORATION: March 10, 2021 Plan Confirmation Hearing Set
------------------------------------------------------------------
On Nov. 23, 2020, debtor Enalasys Corporation filed with the U.S.
Bankruptcy Court for the Central District of California, Santa Ana
Division, a disclosure statement describing Chapter 11 plan of
reorganization.

On Dec. 17, 2020, Judge Mark S. Wallace approved the disclosure
statement and ordered that:

    * Jan. 8, 2021 is the service of the solicitation package
including the plan, disclosure statement and ballots.

   * Feb. 26, 2021 is fixed as the last day to file the plan
confirmation memorandum.

   * March 10, 2021 at 2:00 p.m. is the plan confirmation hearing.

A full-text copy of the order dated December 17, 2020, is available
at https://bit.ly/34Kp4mS from PacerMonitor.com at no charge.

Attorneys for the Debtor:

     Michael Jones
     M. Jones & Associates, PC
     505 North Tustin Ave, Suite 105
     Santa Ana, CA 92705
     Telephone: (714) 795-2346
     Facsimile: (888) 341-5213
     Email: mike@MJonesOC.com

                   About Enalasys Corporation

Enalasys Corporation develops, markets and sells heating and air
conditioning-related products and services especially those related
to environmental matters.

Enalasys filed a voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Cal. Case No.19-11987) on May 23,
2019, listing under $1 million in both assets and liabilities.  The
Debtor is represented by Michael Jones, Esq., at M Jones &
Associates, PC.


EXACTUS INC: Chief Financial Officer Resigns
--------------------------------------------
Kenneth Puzder resigned from his position as Exactus, Inc.'s chief
financial officer, effective Dec. 22, 2020.

                          About Exactus

Exactus Inc. (OTCQB:EXDI) -- http://www.exactusinc.com-- is a
producer and supplier of hemp-derived ingredients and feminized
hemp genetics.  Exactus is committed to creating a positive impact
on society and the environment promoting sustainable agricultural
practices.  Exactus specializes in hemp-derived ingredients
(CBD/CBG/CBC/CBN) and feminized seeds that meet the highest
standards of quality and traceability.  Through research and
development, the Company continues to stay ahead of market trends
and regulations.  Exactus is at the forefront of product
development for the beverage, food, pets, cosmetics, wellness, and
pharmaceutical industries.

Exactus reported a net loss of $10.22 million for the year ended
Dec. 31, 2019, compared to a net loss of $4.34 million for the year
ended Dec. 31, 2018.  As of Sept. 30, 2020, the Company had $3.11
million in total assets, $5 million in total liabilities, and a
total stockholders' deficit of $1.89 million.

RBSM LLP, in Henderson, NV, the Company's auditor since 2014,
issued a "going concern" qualification in its report dated May 22,
2020, citing that the Company has recurring losses from operations,
limited cash flow, and an accumulated deficit.  These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.


FIGUEROA MOUNTAIN: Jan. 7 Final Hearing on Cash Use, DIP Loan
-------------------------------------------------------------
A hearing will be held Jan. 7, 2021, at 11:00 a.m. to consider
final approval of Figueroa Mountain Brewing, LLC's request to use
cash collateral and obtain postpetition secured financing.

Objections are due Jan. 5.

On Dec. 30, Bankruptcy Judge Martin R. Barash entered an interim
order granting the Debtor's cash collateral motion on the terms set
forth in a sixth stipulation the Debtor entered into with secured
creditors White Winston Select Asset Funds, LLC and Montecito Bank
& Trust.

Judge Barash also authorized the Debtor, on an interim basis, to
enter into a postpetition financing agreement with Creekstone
Mountain LLC and incur debt of $1,000,000 on a secured basis.

The Cash Collateral Stipulation with White Winston and Montecito
Bank is conditioned upon the DIP financing being approved by the
Court and timely funded. Had the Court denied the DIP Motion, then
the Stipulation and Cash Collateral Order would have no force and
effect.

According to the Stipulation, if the DIP Loan is not timely funded
to the Debtor within three business days following entry of the
Order approving the DIP Motion, then the Secured Parties' consent
to the Debtor's use of Cash Collateral is deemed immediately
withdrawn, unless the Secured Parties consent otherwise in writing,
and the Debtor is no longer entitled to use cash collateral
pursuant to the Stipulation or otherwise.

The Debtor is authorized to use Cash Collateral on the terms and
conditions set forth in the Stipulation and on an interim basis
through the date of a final hearing on the Motion, to pay expenses
as set forth in the Debtor's budget, with authority to deviate from
the expense line items contained in the Budget by no more than 25%
on a line-item basis, so long as the aggregate expense deviation is
no more than 15%, with any unused portions to carried over into the
following week(s), and to pay expenses owing to the Clerk of the
Bankruptcy Court and fees owing the Office of the United States
Trustee. Additionally, any particular line-item expense not
actually paid (in whole or in part) in a particular Budget week may
be paid in the following Budget week to the extent not previously
paid.

The Debtor is required to file the necessary reports for each
Budget week.

With respect to the DIP Facility, Creekstone is granted continuing,
valid, binding, enforceable, non-avoidable and automatically and
properly perfected postpetition security interests in and liens on
all existing and after acquired real and personal property, and
other assets of the Debtor.  The Liens securing the DIP Obligations
will be continuing, valid, binding, enforceable, non-avoidable and
automatically perfected security interests and liens junior only to
(a) a Chapter 11 carveout, (b) all existing, valid liens on the
Debtor's Pre-Petition Assets, and (c) any valid post-petition
security interests of the Prepetition Secured Creditors, or either
of them, pursuant and subject to written orders of the Bankruptcy
Court authorizing the use of cash collateral by the Debtor and
granting adequate protection to the Prepetition Secured Creditors.

Creekstone is granted an allowed superpriority administrative
expense claim in the case for all DIP Obligations.  The DIP
Superpriority Claim shall be subordinate only to the Chapter 11
Carveout and the adequate protection claims granted to WWSAF and
MBT, and otherwise the DIP Superpriority Claims shall have priority
over any and all administrative expenses and unsecured claims
against the Debtor or its estate in the case.

The Court clarifies it is not ruling on the valuation of the
Secured Creditors' collateral as of the Petition Date or at any
other date, or the proper valuation methodology for valuation of
the Secured Creditors' collateral, including the proper valuation
methodology for valuation of the Debtor's WIP inventory. The
Parties' rights are reserved regarding the valuation of the Secured
Creditors' collateral, including the valuation methodology used for
valuation of the Secured Creditors' collateral.

White Winston and MBT will continue to receive the adequate
protection described in the Stipulation.

              About Figueroa Mountain Brewing LLC

Founded in 2020, Figueroa Mountain Brewing, LLC is in the business
of manufacturing beer with principal place of business in Buellton,
Calif. Visit https://www.figmtnbrew.com for more information.

Figueroa Mountain Brewing sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-11208) on Oct. 5,
2020. Jaime Dietenhofer, the company's manager, signed the
petition.

At the time of the filing, Debtor had estimated assets of between
$1 million and $10 million and liabilities of the same range.

Judge Martin R. Barash oversees the case.  Lesnick Prince & Pappas
LLP is Debtor's legal counsel.



GRUPO AEROMEXICO: Closes 2 Union Deals in Bankruptcy
----------------------------------------------------
Daina Beth Solomon of Reuters reports Grupo Aeromexico has wound up
discussions with two labor unions but remains in talks with two
more, it said on Tuesday, December 29, 2020, in an update on
negotiations that are a requirement for the airline to receive a
second tranche of bankruptcy financing.

Aeromexico filed for Chapter 11 bankruptcy protection in a U.S.
court in June 2020, after the coronavirus pandemic slammed the
global travel industry.

The carrier was approved for up to $1 billion in
debtor-in-possession (DIP) financing, and received an initial $100
million payment in September 2020.

Aeromexico said it had wrapped up negotiations with the STIA and
Independencia unions, which represent airline industry workers,
while it remains in talks with the ASSA and ASPA unions, which
represent flight crews and pilots respectively.

It did not detail terms of the completed agreements. The airline is
required to reach agreements with all four unions to access a
second tranche of DIP funding.

"The favorable outcome of the negotiations with the Independencia
and STIA unions, as well as the progress with the flight attendants
union ASSA, represents an extremely important milestone to have
access to the next stages of DIP financing under our restructuring
process," Aeromexico Chief Executive Andres Conesa said in a
statement.

The company in November 2020 requested permission from U.S.
bankruptcy court to dismiss 1,830 employees, including 855
unionized workers.

                    About Grupo Aeromexico

Grupo Aeromexico, S.A.B. de C.V. -- https://www.aeromexico.com/ --
is a holding company whose subsidiaries are engaged in commercial
aviation in Mexico and the promotion of passenger loyalty
programs.

Aeromexico, Mexico's global airline, has its main hub at Terminal 2
at the Mexico City International Airport. Its destinations network
features the United States, Canada, Central America, South America,
Asia and Europe.

Grupo Aeromexico and three of its subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30,
2020.  In the petitions signed by CFO Ricardo Javier Sanchez Baker,
the Debtors reported consolidated assets and liabilities of $1
billion to $10 billion.

Timothy Graulich, Esq., of Davis Polk and Wardell LLP, serves as
counsel to the Debtors.


GTT COMMUNICATIONS: Enters Into $275 Million New Term Loan Facility
-------------------------------------------------------------------
GTT Communications, Inc. entered into a Priming Facility Credit
Agreement, dated as of Dec. 28, 2020, among the Company, GTT
Communications B.V., the lenders party thereto and Delaware Trust
Company, as administrative agent and collateral agent.  The Priming
Facility Credit Agreement provides for a priming term loan facility
consisting of initial and delayed draw term loans in a principal
amount of up to $275,000,000.  The Company has delivered a notice
of borrowing for an initial draw of $100,000,000 that the Company
expects to make on Dec. 29, 2020, with a subsequent draw of
$175,000,000 available subject to the satisfaction of certain
specified delayed draw conditions.  The New Term Loan Facility will
be syndicated after closing.

The proceeds of the New Term Loan Facility will be used to meet the
Company's liquidity needs, for working capital and funds for other
general corporate purposes and the payment of fees and expenses in
connection with the New Term Loan Facility, the other agreements
entered into in connection with the New Term Loan Facility and the
pending infrastructure sale transaction announced by the Company on
Oct. 16, 2020.

Maturity: The New Term Loan Facility matures on the earlier of (i)
the consummation of the Sale Transaction and (ii) Dec. 28, 2021.
However, if the sale and purchase agreement for the Sale
Transaction is terminated, the New Term Loan Facility matures 60
days after such termination, unless the Company enters into a
replacement infrastructure sale agreement that is reasonably
satisfactory to lenders holding a majority of the loans and
commitments under the New Term Loan Facility that is effective
within 45 days after the date of such termination (or New Term Loan
Facility Required Lenders agree to amend this springing maturity
provision).

Borrower, Guarantees and Security: The borrower under the New Term
Loan Facility is GTT B.V., and the New Term Loan Facility is
guaranteed by the Company and each of the current guarantors of the
term loans borrowed by GTT B.V. under that certain Credit
Agreement, dated as of May 31, 2018, by and among the Company and
GTT B.V., as borrowers, KeyBank National Association, as
administrative agent and letter of credit issuer), and the lenders
and other financial institutions party thereto from time to time.
GTT B.V. and the guarantors have or will grant liens on all of
their assets that are collateral for the Existing EMEA Term Loans,
which liens rank senior to the liens securing the borrowers'
obligations under the Credit Agreement pursuant to the terms of an
intercreditor agreement between the administrative agent under the
Credit Agreement and the administrative agent for the New Term Loan
Facility.

Interest and Fees: At the Company's election, loans outstanding
under the New Term Loan Facility may be borrowed as either Base
Rate Loans or Eurocurrency Loans.  Loans outstanding under the New
Term Loan Facility accrue interest at (i) the Base Rate plus 4.00%
per annum, subject to a 2.00% Base Rate floor, or the Adjusted
Eurocurrency Rate plus 5.00% per annum, subject to a 1.00% Adjusted
Eurocurrency Rate floor, in each case, payable in cash, plus (ii)
2.50% per annum payable in-kind.  The Company will also pay (A) a
backstop premium to the New Term Loan Facility lenders at the
initial funding of the New Term Loan Facility equal to 8.50% of the
total commitment payable in cash, (B) a cash fee to the New Term
Loan Facility lenders upon repayment of the New Term Loan Facility
equal to 3.00% of the outstanding loans, subject to certain
exceptions and (C) if any loans outstanding under the New Term Loan
Facility are repaid at any time prior to their stated maturity, all
interest that would have accrued on such loans through the stated
maturity date, subject to certain exceptions.  The Company also
paid the fees and expenses of the advisors of the New Term Loan
Facility lenders in connection with the entry into the New Term
Loan Facility.

Covenants: The New Term Loan Facility contains certain covenants
that, among other things, (i) require the Company to maintain (A)
at least $40 million of unrestricted cash and cash equivalents
until February 4, 2021 and (B) at least $50 million of unrestricted
cash and cash equivalents after Feb. 4, 2021 and (ii) prohibit the
sum of the Company's unrestricted cash and cash equivalents and
unfunded delayed draw term commitments under the New Term Loan
Facility to be less than $60 million.  The New Term Loan Facility
also requires the Company to provide certain updates to the New
Term Loan Facility lenders that have agreed to receive certain
confidential information and deliver periodic budgets to such New
Term Loan Facility lenders, which budgets must remain within
certain specified variances.  The Company is also required to use
commercially reasonable efforts to obtain a public rating from S&P,
Moody's and Fitch by Jan. 27, 2021 and use commercially reasonable
efforts to maintain such ratings (but not a specific rating level).
The New Term Loan Facility also contains other customary
affirmative and negative covenants, including covenants restricting
the incurrence of debt, imposition of liens, the payment of
dividends and entering into affiliate transactions.

Delayed Draw Conditions: The New Term Loan Facility also includes
covenants and delayed draw conditions requiring that the Company
(i) (A) (1) appoint two additional directors to the Board of
Directors of the Company and the Strategic Planning Committee of
the Board and appoint one observer to the Strategic Planning
Committee, in each case either from a list previously provided by
the steering committee of the ad hoc group of term lenders under
the Credit Agreement or that are acceptable to the Steering
Committee, by
Jan. 8, 2021 and (2) following such appointments, cause one
currently serving member of the Strategic Planning Committee to
resign from the Strategic Planning Committee and (B) propose an
additional director to be appointed to the Board and the Steering
Committee by Jan. 15, 2021 and, unless the Steering Committee
reasonably objects, (x) appoint such additional director to the
Board and the Strategic Planning Committee and (y) following such
appointment, cause one currently serving member of the Strategic
Planning Committee to resign and become an observer to the
Strategic Planning Committee, (ii) use commercially reasonable
efforts to host a conference call between financial advisors to
certain ad hoc groups of creditors, the financial advisor to the
Company and the buyer in the Sale Transaction by no later than Jan.
8, 2021, (iii) provide a plan with respect to tax strategy and
implementation of a balance sheet recapitalization that is
reasonably acceptable to certain ad hoc groups of creditors no
later than Jan. 31, 2021 and (iv) deliver to certain ad hoc groups
of creditors the updated vendor due diligence report prepared by
KPMG required under the Infrastructure SPA within 5 business days
after delivery to the buyer in the Sale Transaction.

Prepayments: The Company may prepay loans under the Credit
Agreement at any time, subject to certain notice requirements,
premiums and breakage costs.  The New Term Loan Facility is subject
to certain customary mandatory prepayments, which are similar to
those required by the Credit Agreement with modifications customary
for priming term loan facilities.

Events of Default: The New Term Loan Facility also contains
customary events of default, including among others, nonpayment of
principal or interest, material inaccuracy of representations and
failure to comply with covenants.  If a bankruptcy event of default
occurs, the entire outstanding balance under the New Term Loan
Facility will become immediately due and payable.  If any other
event of default occurs and is continuing under the New Term Loan
Facility, the administrative agent, in its own discretion or at the
direction of New Term Loan Facility Required Lenders, will be able
to declare the entire outstanding balance under the New Term Loan
Facility to become immediately due and payable.
Several of the lenders under the New Term Loan Facility and their
affiliates may have various relationships with the Company and its
subsidiaries involving the provision of financial services, such as
investment banking, commercial banking, advisory, cash management,
custody and corporate credit card services and interest rate
hedging for which they receive customary fees.

                    Original Forbearance Agreements

As previously disclosed, on Oct. 28, 2020, (i) the Company and the
guarantors under that certain Indenture, dated as of Dec. 22, 2016
(as amended, supplemented or otherwise modified) by and between the
Company, as successor by merger to GTT Escrow Corporation, and
Wilmington Trust, National Association, as Trustee, entered into a
Forbearance Agreement with certain beneficial owners (or nominees,
investment managers, advisors or subadvisors for the beneficial
owners) of a majority of the outstanding aggregate principal amount
of the Company's outstanding 7.875% Senior Notes due 2024; and (ii)
the Company, GTT B.V. and certain guarantors of the obligations
under the Credit Agreement entered into a Forbearance Agreement
with (A) certain lenders party to the Credit Agreement, holding (1)
a majority of the outstanding loans and revolving commitments under
the Credit Agreement and (2) a majority of the revolving
commitments under the Credit Agreement and (B) the Agent.  Between
Oct. 28, 2020 and Nov. 11, 2020, certain additional beneficial
owners (or nominees, investment managers, advisors or subadvisors
for the beneficial owners) of the Notes executed and delivered the
Original Notes Forbearance Agreement.

As further described in the Company's Current Report on Form 8-K
filed on Oct. 28, 2020, among other provisions, the Original
Forbearing Noteholders and the Original Forbearing Lenders agreed
to forbear from exercising any and all rights and remedies related
to the Company's failure to timely file its Quarterly Report on
Form 10-Q for the fiscal quarter ended June 30, 2020 and the
Quarterly Report on Form 10-Q for the fiscal quarter ended Sept.
30, 2020, and in the case of the Original Credit Facilities
Forbearance Agreement, certain defaults related to historical
financial statements, until the earlier of (i) 5:00 p.m., New York
City time, on Nov. 30, 2020 and (ii) the receipt of notice from the
Original Forbearing Noteholders or the Original Forbearing Lenders,
as applicable, regarding their intent to terminate the applicable
Forbearance Agreement upon the occurrence of certain specified
forbearance defaults.

The scheduled expiration time under the Original Notes Forbearance
Agreement could be extended with the consent of Original Forbearing
Noteholders holding more than 66.7% of the aggregate principal
amount of the Notes held by all Original Forbearing Noteholders,
provided that at least two of such consenting Original Forbearing
Noteholders are unaffiliated.  The scheduled expiration time under
the Original Credit Facilities Forbearance Agreement could be
extended with the consent of (i) Required Lenders and (ii) Required
Revolving Lenders.  As previously disclosed, on Nov. 23, 2020 and
Nov. 25, 2020, the Company received notices on behalf of Requisite
Forbearing Noteholders and Requisite Forbearing Lenders consenting
to an extension of the scheduled expiration time under each of the
Original Notes Forbearance Agreement and the Original Credit
Facilities Forbearance Agreement, respectively, to 8:00 a.m., New
York City time, on Dec. 14, 2020.

On Dec. 9, 2020, the Company received notices on behalf of
Requisite Forbearing Noteholders and Required Lenders consenting to
an extension of the scheduled expiration time under each of the
Original Notes Forbearance Agreement and the Original Credit
Facilities Forbearance Agreement, respectively, to 8:00 a.m., New
York City time, on Dec. 28, 2020.  In addition, on Dec. 10, 2020,
the Company, GTT B.V. and certain guarantors of the obligations
under the Credit Agreement entered into a Forbearance Extension
Agreement with Required Revolving Lenders and the Agent.  The
Forbearance Extension Agreement provided, among other things, that
Required Revolving Lenders consented to the extension of the
Original Credit Facilities Forbearance Agreement to 8:00 a.m., New
York City time, on Dec. 28, 2020.

On Dec. 22, 2020, the Company received notice on behalf of
Requisite Forbearing Noteholders consenting to an extension of the
scheduled expiration time under the Original Notes Forbearance
Agreement to 5:00 p.m., New York City time, on Dec. 28, 2020.  On
Dec. 21, 2020 and Dec. 23, 2020, the Company received notices on
behalf of Required Revolving Lenders and Required Lenders,
collectively constituting Requisite Forbearing Lenders, consenting
to an extension of the scheduled expiration time under the Original
Credit Facilities Forbearance Agreement to 5:00 p.m., New York City
time, on Dec. 28, 2020.

                     Second Notes Forbearance Agreement

On Dec. 28, 2020, the Company and the guarantors under the
Indenture entered into a new Noteholder Forbearance Agreement with
certain beneficial owners (or nominees, investment managers,
advisors or subadvisors for the beneficial owners) of a majority of
the outstanding aggregate principal amount of Notes.  Pursuant to
the Second Notes Forbearance Agreement, the Forbearing Noteholders
have agreed to, among other things, forbear from exercising any and
all rights and remedies under the Indenture, the Notes and
applicable law, including not directing the Trustee to take any
such action, with respect to defaults and events of default that
have occurred, or that may occur as a result of, (i) the Company's
failure to timely file the Q2 SEC Report and the Q3 SEC Report and
(ii) the occurrence and continuance of the "Lender Specified
Defaults" as defined in the Second Credit Facilities Forbearance
Agreement.

In addition, in the event that the Trustee or any holder of Notes
or group of Noteholders takes any action to declare all of the
Notes immediately due and payable, the Forbearing Noteholders agree
to deliver written notice to the Trustee to rescind and annul such
acceleration and its consequences and to provide the necessary
consents to amend the Indenture to provide that the Indenture shall
not require cure or waiver of any events of default that are
specified defaults in the Second Notes Forbearance Agreement in
connection with rescinding and annulling such acceleration and its
consequences.

The forbearance period under the Second Notes Forbearance Agreement
ends on the earlier of 5:00 p.m., New York City time, on March 31,
2021 and the receipt of notice regarding intent to terminate the
Second Notes Forbearance Agreement from Forbearing Noteholders upon
the occurrence of any of the specified forbearance defaults.

                    Credit Agreement Amendment and
             Second Credit Facilities Forbearance Agreement

On Dec. 28, 2020, the Company and GTT B.V. entered into an
Amendment No. 4 to Credit Agreement and Consent with the other
credit parties party thereto, the lenders party thereto
constituting Required Lenders and Required Revolving Lenders and
the Agent.

The Amendment and Consent, among other things, amends certain
provisions of the Credit Agreement to permit the New Term Loan
Facility and the internal reorganization and/or the disposition of
all or any portion of the Company's infrastructure business in
accordance with the terms of the Infrastructure SPA or a
Replacement SPA that is reasonably satisfactory to Required
Lenders.  In addition, pursuant to the Amendment and Consent, the
Consenting Lenders consented to, among other things, (i) the entry
by the Company and GTT B.V. into the Priming Facility Credit
Agreement and all transactions contemplated thereby; (ii) the entry
by the Agent into an intercreditor agreement, which sets forth the
respective priority and other rights of the New Term Loan Facility
lenders under the Priming Facility Credit Agreement relative to the
Lenders under the Credit Agreement, and the terms thereof; (iii)
the terms of a new Lender Forbearance Agreement; and (iv) the
consummation of any internal reorganization and/or the disposition
of all or any portion of the Company's infrastructure business in
accordance with the Infrastructure SPA or a Replacement SPA that is
reasonably satisfactory to Required Lenders.  The Amendment and
Consent also requires the Company to provide certain updates,
periodic budgets and variance reports to the Lenders that have
agreed to receive certain confidential information.  The Amendment
and Consent also modifies certain provisions of the Credit
Agreement relating to mandatory prepayments with proceeds of
certain asset sales.

Pursuant to the Second Credit Facilities Forbearance Agreement, the
Consenting Lenders have agreed to, among other things, forbear from
exercising any and all rights and remedies under the Loan Documents
(as defined in the Credit Agreement) and applicable law, including
not directing the Agent to take any such action, with respect to
defaults and events of default that have occurred, or that may
occur as a result of, (i) the Company's failure to timely file the
Q2 SEC Report and the Q3 SEC Report, (ii) any amendment,
supplement, modification, restatement and/or withdrawal or public
statement of non-reliance on (A) any audit opinion related to
historical consolidated financial statements or (B) historical
consolidated financial statements and (iii) the occurrence and
continuance of the "Noteholder Specified Defaults" as defined in
the Second Notes Forbearance Agreement.

The forbearance period under the Second Credit Facilities
Forbearance Agreement ends on the earlier of the Expiration Time
and the receipt of notice regarding intent to terminate the Second
Credit Facilities Forbearance Agreement from Consenting Lenders
upon the occurrence of any of the specified forbearance defaults
described therein.  The forbearance defaults include, without
limitation, (i) the occurrence of any event of default under the
Credit Agreement other than any of the specified defaults in the
Second Credit Facilities Forbearance Agreement; (ii) amendments to
the Indenture or the Notes that require the payment of additional
interest and/or compensation to the Noteholders or amendments to
prepayment provisions of the Indenture or Notes that are adverse to
the Consenting Lenders; (iii) the Company or its subsidiaries (w)
incurring indebtedness for borrowed money or providing certain
guarantees of indebtedness, subject to certain exceptions including
the incurrence of indebtedness under the Priming Facility Credit
Agreement and the guarantees in respect thereof, (x) allowing a
non-U.S. subsidiary to provide a guarantee of the Notes, (y)
transferring assets or equity interests of credit parties under the
Credit Agreement to non-credit parties, outside of the ordinary
course of business, unless such transaction is necessary to
consummate the internal reorganization and/or the disposition of
all or any portion of the Company's infrastructure business in
accordance with the terms of the Infrastructure SPA or a
Replacement SPA that is reasonably satisfactory to Required
Lenders, or (z) granting liens to secure the Notes; (iv) breaches
of the Second Credit Facilities Forbearance Agreement by the
Company; (v) the end of the forbearance period under the Second
Notes Forbearance Agreement; (vi) 60 days after the termination of
the
Infrastructure SPA unless a Replacement SPA that is reasonably
acceptable to Requisite Forbearing Lenders is effective within 45
days of such termination; or (vii) the occurrence of the maturity
date under the New Term Loan Facility.

                             About GTT

GTT Communications operates a Tier 1 internet network and owns a
fiber network that includes an expansive pan-European footprint and
subsea cables.  The Company's global network includes over 600
unique points of presence ("PoPs") spanning six continents, and the
Company provides services in more than 140 countries.

GTT reported a net loss of $105.9 million for the year ended Dec.
31, 2019, a net loss of $243.4 million for the year ended Dec. 31,
2018, and a net loss of $71.5 million for the year ended Dec. 31,
2017.  As of March 31, 2020, the Company had $4.74 billion in total
assets, $4.54 billion in total liabilities, and $196.8 million in
total stockholders' equity.

                           *    *    *

As reported by the TCR on Dec. 23, 2020, S&P Global Ratings lowered
all of its ratings on GTT Communications Inc. 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.

Moody's Investors Service downgraded GTT's corporate family rating
to Caa2 from B3, according to a TCR report dated Dec. 21, 2020.
The downgrade reflects the continued delays in the company reaching
an agreement with its lenders over a long-term cure of its
reporting requirements which GTT is in breach of due to recently
discovered accounting issues which have led to the company being
unable to file its Q2 and Q3 financial reports.

In September, 2020, Fitch Ratings downgraded the Long-term Issuer
Default Rating (IDR) of GTT Communications, Inc. (GTT) and GTT
Communications BV to 'CCC' from 'B-'.  The rating action follows
the company's announcement that it received a notice of default on
Sept. 2, 2020 from holders representing 25% or more of outstanding
principal ($575 million) of the company's senior unsecured notes,
due to its noncompliance with a reporting covenant under the notes
indenture that required the company to file 2Q20 financials within
the stated time frame (allowing for extensions).


IBIO INC: Appoints Dr. Martin Brenner as Chief Scientific Officer
-----------------------------------------------------------------
iBio, Inc. has appointed Martin B. Brenner, DVM, Ph.D., as its
chief scientific officer, effective Jan. 18, 2020.

"We are thrilled to have Dr. Brenner join our team," said Tom
Isett, Chairman & CEO of iBio.  "Given his prior experience leading
organizations with novel protein expression platforms to build
proprietary product pipelines, Dr. Brenner should be uniquely
suited to assist iBio with a similar transformation.  Notably, he
also brings a track-record of effective new target search and
evaluation, as well as establishing productive collaborations."

Dr. Brenner has a strong history of success heading drug discovery
and development teams at several of the world's leading
pharmaceutical companies, including AstraZeneca, Eli Lilly and
Company, Pfizer Inc., and Merck Research Laboratories.  Most
recently, Dr. Brenner served as the CSO at Pfenex Inc., a
NYSEA-listed company which, using its patented Pfenex Expression
Technology platform, created an advanced pipeline of therapeutic
equivalents, vaccines, biologics and biosimilars.  Pfenex was
acquired by Ligand Pharmaceuticals Incorporated for approximately
$516 million in October 2020.

Previously, Dr. Brenner served as the CSO at Recursion
Pharmaceuticals, Inc., a company focused on accelerating drug
discovery for rare diseases and diseases with high unmet medical
need. Prior to his time at Recursion, he was vice president and
Head of Research & Early Development at Stoke Therapeutics, Inc., a
biotechnology company using antisense oligonucleotides to increase
gene expression for the treatment of rare diseases.  Prior to
Stoke, he was Executive Director at Merck, where he built a biotech
unit from scratch, focusing his team's research on diabetes and
nonalcoholic steatohepatitis (NASH).  Earlier in his career, Dr.
Brenner was the Senior Director and Head of cardiovascular, renal,
and metabolism (CVRM) biosciences at AstraZeneca.  In addition, Dr.
Brenner was an Associate Research Fellow at Pfizer where he led the
islet biology and in vivo pharmacology in the CVMED Target
Exploration Unit before assuming the role of Head of the Insulin
Resistance Group.

"It has been captivating to watch the scale, scope and speed with
which iBio has successfully transformed itself into a dynamic and
diversified biotechnology company," said Dr. Brenner.  "That was
made possible by iBio combining its proprietary FastPharming and
Glycaneering technologies to better control the way in which its
plant-based expression system glycosylates proteins, thereby
possibly improving the quality and, potentially in some cases, the
efficacy of the biologics it produces.  I am looking forward to
being part of the iBio team as the Company executes the next stage
of its growth strategy and seeks to expand its pipeline of
innovative product candidates focused on pulmonology, oncology and
fibrotic diseases."

Dr. Brenner earned his DVM at the Ludwig Maximilian University of
Munich and his Ph.D. in Pharmacology at the Veterinary School of
Hannover in Hannover, Germany.  He received the Lilly Endocrine
Research Award of Merit for Science, as well as the Lilly Pinnacle
Award for Quality for Good Research Practice.

                             About iBio Inc.

iBio, Inc. -- http://www.ibioinc.com-- is a full-service
plant-based expression biologics CDMO equipped to deliver
pre-clinical development through regulatory approval, commercial
product launch and on-going commercial phase requirements.  iBio's
FastPharming expression system, iBio's proprietary approach to
plant-made pharmaceutical (PMP) production, can produce a range of
recombinant products including monoclonal antibodies, antigens
forsubunit vaccine design, lysosomal enzymes, virus-like particles
(VLP), blood factors and cytokines, scaffolds, maturogens and
materials for 3D bio-printing and bio-fabrication,
biopharmaceutical intermediates and others, as well as create and
produce proprietary derivatives of pre-existing products with
improved properties.

iBio reported a net loss attributable to the Company of $16.44
million for the year ended June 30, 2020, compared to a net loss
attributable to the company of $17.59 million.  As of Sept. 30,
2020, the Company had $117.25 million in total assets, $37.21
million in total liabilities, and $80.04 million in total equity.


INTERSTATE COMMODITIES: Creditors to Be Paid From Sale Proceeds
---------------------------------------------------------------
Interstate Commodities, Inc., filed with the U.S. Bankruptcy Court
for the Northern District of New York a plan of liquidation dated
Dec. 24, 2020.

Class 3 consists of all General Unsecured Claims held against the
Debtor.  Holders of Allowed General Unsecured Claims will receive
their pro rata share of Net Sale Proceeds remaining, after payment
of the Allowed Claims in Classes 1 and 2.  Class 3 is impaired, and
therefore holders of Class 3 Claims are entitled to vote to accept
or reject the Plan.

Holders of Class 4 interests will receive no distribution on
account of such interest. Class 4 is impaired, and interest holders
are deemed to reject the Plan.

The payments to be made under the Plan will be made from the
Debtor's available Cash, collections of accounts receivable and
proceeds of various sales to be approved by the Bankruptcy Court
pursuant to Sec. 363 of the Bankruptcy Code.  The sale of the Real
Property will be consummated free and clear of liens and
encumbrances pursuant to 11 U.S.C. Sec. 363(f), with all liens and
encumbrances to be paid at the closing of the sale.  Funds will
also be generated from the sale of the Debtor's railcars, chassis,
personal property and its Amarillo Business.

A full-text copy of the Liquidating Plan dated Dec. 24, 2020, is
available at https://bit.ly/3o6oCqH from PacerMonitor.com at no
charge.

Attorneys for the Debtor:

         FORCHELLI DEEGAN TERRANA LLP
         333 Earle Ovington Boulevard, Ste. 1010
         Uniondale, NY 11553
         Tel: (516) 248-1700

                  About Interstate Commodities

Interstate Commodities Inc., a company engaged in the merchandise
of commodities, filed a voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. N.D.N.Y. Case No. 20-11139) on
Aug. 26, 2020.  COO Michael G. Piazza signed the petition.

At the time of the filing, the Debtor disclosed $12,558,336 in
assets and $25,513,305 in liabilities.

Gerard R. Luckman, Esq., at Forchelli Deegan Terrana LLP, is the
Debtor's legal counsel.  

The U.S. Trustee for Region 2 appointed a formal committee to
represent unsecured creditors.  The committee tapped Lemery
Greisler LLC as legal counsel and Bob Dohmeyer and his company,
Dohmeyer Valuation Corp., as business valuation expert.


J.C. PENNEY: CEO Soltau Out After New Owners Split Company
----------------------------------------------------------
Richard Clough of Bloomberg News reports that the new owners of
JCPenney replaced Chief Executive Officer Jill Soltau less than a
month after re-launching the department store chain that went
bankrupt during the pandemic.

Soltau will depart Dec. 31, 2020 and be succeeded by Stanley
Shashoua, the chief investment officer of Simon Property Group
Inc., while a search for a new CEO is conducted, according to a
statement Wednesday.

Mall owners Simon and Brookfield Asset Management Inc. acquired the
retail operations of J.C. Penney Co. to help keep one of their
biggest tenants in business. The brief, two-paragraph announcement
gave no explanation for the CEO change.

                       About J.C. Penney

J.C. Penney Company, Inc. -- http://www.jcpenney.com/-- is an
apparel and home retailer, offering merchandise from an extensive
portfolio of private, exclusive, and national brands at over 850
stores and online. It sells clothing for women, men, juniors, kids,
and babies.

On May 15, 2020, J.C. Penney announced that it has entered into a
restructuring support agreement with lenders holding 70% of its
first lien debt. The RSA contemplates agreed-upon terms for a
pre-arranged financial restructuring plan that is expected to
reduce several billion dollars of indebtedness.  

To implement the plan, J.C. Penney and its affiliates on May 15,
2020, filed voluntary petitions for reorganization under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-20182).  At the time of the filing, J.C. Penney disclosed assets
of between $1 billion and $10 billion and liabilities of the same
range.

Judge David R. Jones oversees the cases.

The Debtors have tapped Kirkland & Ellis and Jackson Walker, LLP as
legal counsel; Katten Muchin Rosenman, LLP as special counsel;
Lazard Freres & Co. LLC as investment banker; AlixPartners, LLP as
restructuring advisor; and KPMG, LLP as tax consultant. Prime Clerk
is the claims agent, maintaining the page
http://cases.primeclerk.com/JCPenney       

A committee of unsecured creditors has been appointed in Debtors'
Chapter 11 cases. The committee is represented by Cole Schotz,
P.C., and Cooley, LLP.

                         *     *     *

J.C. Penney in November 2020 won approval to sell substantially all
of its retail and operating assets ("OpCo") to a group formed by
landlords Brookfield Asset Management, Inc. and Simon Property
Group and senior lenders through a combination of cash and new term
loan debt.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal
counsel and BRG Capital Advisors, LLC is serving as financial
adviser to Simon and Brookfield.



JONES DAY: NY District Expands Safe Harbor for LBO Payments
-----------------------------------------------------------
Mark Douglas of Jones Day wrote an article on JDSupra titled "New
York District Court Expands the Scope of the Bankruptcy Safe Harbor
for LBO Payments."

In 2019, the U.S. Court of Appeals for the Second Circuit made
headlines when it ruled that creditors' state law fraudulent
transfer claims arising from the 2007 leveraged buyout ("LBO") of
Tribune Co. ("Tribune") were preempted by the safe harbor for
certain securities, commodity or forward contract payments set
forth in section 546(e) of the Bankruptcy Code. In In re Tribune
Co. Fraudulent Conveyance Litig., 946 F.3d 66 (2d Cir. 2019),
petition for cert. filed, No. 20-8-07102020, 2020 WL 3891501 (U.S.
July 6, 2020) ("Tribune 2"), the Second Circuit concluded that a
debtor may itself qualify as a "financial institution" covered by
the safe harbor, and thus avoid the implications of the U.S.
Supreme Court's decision in Merit Mgmt. Grp., LP v. FTI Consulting,
Inc., 138 S. Ct. 883 (2018), by retaining a bank or trust company
as an agent to handle LBO payments, redemptions, and
cancellations.

Picking up where the Second Circuit left off, the U.S. Bankruptcy
Court for the Southern District of New York held in Holliday v. K
Road Power Management, LLC (In re Boston Generating LLC), 617 B.R.
442 (Bankr. S.D.N.Y. 2020), that: (i) section 546(e) preempts
intentional fraudulent transfer claims under state law because the
intentional fraud exception expressly included in section 546(e)
provision applies only to intentional fraudulent transfer claims
under federal law; and (ii) payments made to the members of limited
liability company debtors as part of a pre-bankruptcy
recapitalization transaction were protected from avoidance under
section 546(e) because for that section's purposes the debtors were
"financial institutions," as customers of banks that acted as their
depositories and agents in connection with the transaction.

The U.S. District Court for the Southern District of New York
joined the Tribune 2 bandwagon in In re Nine W. LBO Sec. Litig.,
2020 WL 5049621 (S.D.N.Y. Aug. 27, 2020), appeal filed, 20-3290 (2d
Cir. Sept. 25, 2020). The court dismissed $1.1 billion in
fraudulent transfer and unjust enrichment claims brought by a
chapter 11 plan litigation trustee and an indenture trustee against
shareholders, officers, and directors of women's clothing retailer
Nine West Holding Inc. ("Nine West"). Citing Tribune 2, the
district court ruled that the payments were protected by the
section 546(e) safe harbor because they were made by a bank acting
as Nine West's agent. According to the court, "When, as here, a
bank is acting as an agent in connection with a securities
contract, the customer qualifies as a financial institution with
respect to that contract, and all payments in connection with that
contract are therefore safe harbored under Section 546(e)."

Further developments on this issue are likely—the U.S. Supreme
Court has been asked to review Tribune 2, and Nine West has been
appealed to the Second Circuit.

The Section 546(e) Safe Harbor

Section 546 of the Bankruptcy Code imposes a number of limitations
on a bankruptcy trustee's avoidance powers, which include the power
to avoid certain preferential and fraudulent transfers. Section
546(e) provides that the trustee may not avoid, among other things,
a pre-bankruptcy transfer that is a settlement payment "made by or
to (or for the benefit of) a … financial institution [or a]
financial participant …, or that is a transfer made by or to (or
for the benefit of)" any such entity in connection with a
securities contract, "except under section 548(a)(1)(A) of the
[Bankruptcy Code]." Thus, the section 546(e) "safe harbor" bars
avoidance claims challenging a qualifying transfer unless the
transfer was made with actual intent to hinder, delay, or defraud
creditors under section 548, as distinguished from being
constructively fraudulent because the debtor was insolvent at the
time of the transfer (or became insolvent as a consequence) and
received less than reasonably equivalent value in exchange.

Section 101(22) of the Bankruptcy Code defines the term "financial
institution" to include:

[A] Federal reserve bank, or an entity that is a commercial or
savings bank, industrial savings bank, savings and loan
association, trust company, federally-insured credit union, or
receiver, liquidating agent, or conservator for such entity and,
when any such Federal reserve bank, receiver, liquidating agent,
conservator or entity is acting as agent or custodian for a
customer (whether or not a "customer", as defined in section 741)
in connection with a securities contract (as defined in section
741) such customer….

11 U.S.C. § 101(22) (emphasis added). "Customer" and "securities
contract" are defined broadly in sections 741(2) and 741(7) of the
Bankruptcy Code, respectively. Section 741(8) defines "settlement
payment" as "a preliminary settlement payment, a partial settlement
payment, an interim settlement payment, a settlement payment on
account, a final settlement payment, or any other similar payment
commonly used in the securities trade." A similar definition of
"settlement payment" is set forth in section 101(51A).

The purpose of section 546(e) is to prevent "the insolvency of one
commodity or security firm from spreading to other firms and
possibly threatening the collapse of the affected market." H.R.
Rep. No. 97-420, at 1 (1982). The provision was "intended to
minimize the displacement caused in the commodities and securities
markets in the event of a major bankruptcy affecting those
industries." Id.

In Deutsche Bank Trust Co. Ams. v. Large Private Beneficial Owners
(In re Tribune Co. Fraudulent Conveyance Litig.), 818 F.3d 98 (2d
Cir. 2016) ("Tribune 1"), the U.S. Court of Appeals for the Second
Circuit affirmed lower court decisions dismissing creditors' state
law constructive fraudulent transfer claims arising from the 2007
LBO of Tribune. According to the Second Circuit, even though
section 546(e) expressly provides that "the trustee" may not avoid
certain payments under securities contracts unless such payments
were made with the actual intent to defraud, section 546(e)'s
language, its history, its purposes, and the policies embedded in
the securities laws and elsewhere lead to the conclusion that the
safe harbor was intended to preempt constructive fraudulent
transfer claims asserted by creditors under state law.

Prior to the Supreme Court's ruling in Merit, there was a split
among the circuit courts concerning whether the section 546(e) safe
harbor barred state law constructive fraud claims to avoid
transactions in which the financial institution involved was merely
a "conduit" for the transfer of funds from the debtor to the
ultimate transferee. For its part, the Second Circuit ruled that
the safe harbor applied under those circumstances in In re Quebecor
World (USA) Inc., 719 F.3d 94 (2d Cir. 2013). The Supreme Court
resolved the circuit split in Merit.

In Merit, a unanimous Supreme Court held that section 546(e) does
not protect transfers made through a "financial institution" to a
third party, regardless of whether the financial institution had a
beneficial interest in the transferred property. Instead, the
relevant inquiry is whether the transferor or the transferee in the
transaction sought to be avoided overall is itself a financial
institution. Because the selling shareholder in the LBO transaction
that was challenged in Merit as a constructive fraudulent transfer
was not a financial institution (even though the conduit banks
through which the payments were made met that definition), the
Court ruled that the payments fell outside of the safe harbor.

In a footnote, the Court acknowledged that the Bankruptcy Code
defines "financial institution" broadly to include not only
entities traditionally viewed as financial institutions but also
the "customers" of those entities, when financial institutions act
as agents or custodians in connection with a securities contract.
The selling shareholder in Merit was a customer of one of the
conduit banks, yet never raised the argument that it therefore also
qualified as a financial institution for purposes of section
546(e). For this reason, the Court did not address the possible
impact of the shareholder transferee's customer status on the scope
of the safe harbor.

In April 2018, the Supreme Court issued an order that, in light of
its ruling in Merit, the Court would defer consideration of a
petition seeking review of Tribune 1. The Second Circuit later
suspended the effectiveness of Tribune 1 "in anticipation of
further panel review." In a revised opinion issued in December
2019—Tribune 2—the Second Circuit reaffirmed the court's
previous decision that the creditors' state law constructive
fraudulent transfer claims in that case were preempted by the
section 546(e) safe harbor.

The Second Circuit acknowledged that one of the holdings in Tribune
1 (as well as its previous ruling in Quebecor) was abrogated by
Merit's pronouncement that the section 546(e) safe harbor does not
apply if a financial institution is a mere conduit. However, the
court again concluded that section 546(e) barred the creditors'
state law avoidance claims, but for a different reason.

The Second Circuit explained that, under Merit, the payments to
Tribune's shareholders were shielded from avoidance under section
546(e) only if either Tribune, which made the payments, or the
shareholders who received them were "covered entities." It then
concluded that Tribune was a "financial institution," as defined by
section 101(22) of the Bankruptcy Code, and "therefore a covered
entity."

According to the Second Circuit, the entity Tribune retained to act
as depository in connection with the LBO was a "financial
institution" for purposes of section 546(e) because it was a trust
company and a bank. Therefore, the court reasoned, Tribune was
likewise a financial institution because, under the ordinary
meaning of the term as defined by section 101(22), Tribune was the
bank's "customer" with respect to the LBO payments, and the bank
was Tribune's agent according to the common-law definition of
"agency." "Section 546(e)'s language is broad enough under certain
circumstances," the Second Circuit wrote, "to cover a bankrupt
firm's LBO payments even where, as here, that firm's business was
primarily commercial in nature."

In Boston Generating, the bankruptcy court dismissed state law
intentional and constructive fraudulent transfer claims asserted by
a liquidating chapter 11 plan trustee seeking to avoid and recover
$1 billion paid to the members of the debtors' holding company as
part of a 2006 leveraged recapitalization transaction in the form
of unit redemptions, warrant redemptions, and other distributions.
The court held that: (i) section 546(e) preempted the state law
intentional fraudulent transfer claims because the plain language
of the provision excepts only intentional fraudulent transfer
claims under federal law; and (ii) the payments were protected from
avoidance by the section 546(e) safe harbor because the debtors
were "financial institutions," as customers of the banks that acted
as the debtors' agents in connection with the recapitalization.

Nine West

In 2014, private equity firm Sycamore Partners Management, L.P.
("Sycamore") acquired The Jones Group, Inc. ("Jones"), a fashion
retail company, through an LBO. The transaction involved the merger
of Jones into a new Sycamore subsidiary that was ultimately renamed
Nine West Holdings, Inc. ("Nine West"). Transfers made to Jones
shareholders, directors, and officers as part of the LBO included:
(i) $1.1 billion paid to public shareholders by canceling and
converting each share of common stock to the right to receive $15
in cash; (ii) $78 million paid to directors and officers by
canceling and converting each of their restricted stock and stock
equivalent units to the right to receive $15 in cash; and (iii) $71
million in "change in control" payments to certain directors and
officers.

Payments with respect to common stock were made by a paying agent
"pursuant to a paying agent agreement in customary form" that
empowered the paying agent, among other things, to "act as [Nine
West's] special agent for the purpose of distributing the Merger
Consideration." Payments with respect to restricted stock, stock
equivalent units, and unpaid dividends as well as change-in-control
payments "were processed through the payroll and by other means."

Nine West filed for chapter 11 protection in the Southern District
of New York four years after the LBO was completed. In February
2019, the bankruptcy court confirmed a chapter 11 plan for Nine
West that was made possible by Sycamore's contribution of $120
million for the benefit of unsecured creditors, in exchange for a
release of any liability related to the LBO. The plan assigned
unreleased potential causes of action arising from the LBO to a
litigation trustee and empowered the indenture trustee for certain
Nine West noteholders to prosecute state law fraudulent transfer
claims.

The litigation trustee sued the public shareholders ("shareholder
defendants") and the directors and officers ("D&O defendants") in
various federal district courts seeking to avoid the LBO payments
as intentional and constructive fraudulent transfers under state
law and section 544 of the Bankruptcy Code (all federal avoidance
claims were time barred). He also asserted claims against certain
D&O defendants for unjust enrichment, disgorgement, and
restitution. The indenture trustee separately sued all of the
defendants to avoid and recover the payments under state law. All
of the litigation was later consolidated in the U.S. District Court
for the Southern District of New York.

Invoking the section 546(e) safe harbor as an affirmative defense,
the defendants moved to dismiss the litigation (other than the
unjust enrichment claims with respect to the change in control
payments).

The District Court's Ruling

The district court ruled in favor of the defendants on the motion
to dismiss.

District Judge Jed S. Rakoff agreed with the shareholder defendants
that the $1.1 billion Nine West paid them in connection with the
LBO was a "qualifying transaction" for purposes of section 546(e)
because the payments were "settlement payments," as defined by
section 741(8) of the Bankruptcy Code, and they were "made in
connection with a securities contract," as the term "securities
contract" is defined in section 741(7).

He rejected the trustees' efforts to distinguish Tribune 2 on the
basis that Tribune 2 involved payments to public shareholders for
the redemption of stock, whereas Nine West's LBO involved the
cancellation and conversion of common stock to the right to receive
cash. According to Judge Rakoff, the two-step LBO transaction in
Tribune 2 involved the redemption of common stock followed by
post-merger cancellation and conversion of the remaining shares to
the right to receive cash. Moreover, he explained, the plain
language of section 741(7) covers not only contracts for the
repurchase of securities but also includes as a "catch-all" any
other "similar" contract or agreement. Judge Rakoff concluded that
"[t]here is no substantive or essential difference between an LBO
that is effectuated through share redemption and one effectuated
through share cancellation."

Alternatively, Judge Rakoff held that the payments made to the
shareholder defendants were "settlement payments"—i.e., transfers
of cash made to complete a merger—consistent with the Second
Circuit's "capacious interpretation of § 741(8)."

Next, guided by Tribune 2, Judge Rakoff determined that Nine West's
shareholder payments involved a "qualifying participant" because
Nine West qualified as a "financial institution" under section
546(e) as a "customer" of an agent bank that was also a financial
institution. In addition, he noted that at least 82 of the
shareholder defendants independently qualified as "financial
institutions" because they were either registered investment
companies or commercial banks.

Also in accordance with Tribune 2, where the Second Circuit held
that section 546(e) impliedly preempts state law fraudulent
transfer claims by individual creditors that would be barred by the
provision if asserted by a bankruptcy trustee, the Nine West
district court ruled that the safe harbor preempts both trustees'
state law fraudulent transfer claims against the defendants.

Judge Rakoff also concluded that the payments (other than the
change-in-control payments) made to the D&O defendants were
protected as both settlement payments and transfers made in
connection with a securities contract, even though the payments,
unlike the shareholder payments, were not processed by Nine West's
agent bank. He reasoned that, because Nine West was a financial
institution as a customer of the agent bank, section 546(e)
safe-harbors all transfers made in connection with the LBO. In so
ruling, Judge Rakoff rejected the trustees' "transfer-by-transfer"
approach, which would distinguish between payments that were
processed by the agent bank and those that were not in construing
the definition of "financial institution" under section 101(22) of
the Bankruptcy Code. Instead, he opted for the more comprehensive
"contract-by-contract" approach, which views the transaction as a
whole. This approach, he explained, comports with Merit's holding
that "the relevant transfer for purposes of the § 546(e)
safe-harbor inquiry is the overarching transfer that the trustee
seeks to avoid" and "not any component part of that transfer."

Finally, the district court held that section 546(e) preempts the
litigation trustee's unjust enrichment claims against the D&O
defendants because such claims, however denominated, sought
recovery of the same payments that were protected from avoidance
under the safe harbor. However, the court did not dismiss the
unjust enrichment claims with respect to the change-in-control
payments because the D&O defendants did not seek dismissal.

Outlook

Several Second Circuit bankruptcy and appellate courts, including
the court of appeals, have now ruled that the results of Merit
might be avoided by structuring transactions so that the target or
recapitalized entity is a "customer" of the financial
intermediaries involved. Whether this approach holds up to further
appellate scrutiny remains to be seen. Both the U.S. Supreme Court
and the Second Circuit (again) now have an opportunity to weigh in
on the issue.

Two months after the district court handed down its decision in
Nine West, the U.S. Bankruptcy Court for the Southern District of
New York invoked section 546(e) to dismiss a chapter 11 plan
litigation trustee's complaint seeking to avoid and recover alleged
constructive fraudulent transfers made in 2015 by SunEdison
Holdings ("Holdings"), a subsidiary of renewable-energy development
company SunEdison, Inc. ("SunEdison"), in connection with the
acquisition of a wind and solar power generation project
("project").

Funding for the $350 million project involved: (i) Holdings'
formation of a special purpose entity subsidiary ("SPE") that
issued secured notes under an indenture among the SPE, SunEdison,
as guarantor, and Wilmington Trust, N.A. ("Wilmington"), as
collateral agent; (ii) the transfer by Holdings of stock ("Step One
Transfer") to the SPE to facilitate the acquisition under a 2014
purchase and sale agreement ("PSA"); and (iii) the SPE's pledge of
the stock ("Step Two Transfer") to Wilmington, as collateral agent
for the noteholders under a pledge agreement.

Beginning on April 2016, SunEdison, Holdings, and various
affiliates filed for chapter 11 protection in the Southern District
of New York (the SPE did not file for bankruptcy). In 2017, the
bankruptcy court confirmed a chapter 11 plan in for SunEdison,
Holdings, and various affiliates. In 2018, the liquidating trustee
("trustee") under the plan sued the SPE and the noteholders
(collectively, "defendants") to avoid and recover the Step One
Transfer (but not the Step Two Transfer) as a constructive
fraudulent transfer under sections 544, 548(a)(1)(B), and 550 of
the Bankruptcy Code and New York law. The defendants moved to
dismiss, arguing that the section 546(e) safe harbor barred the
trustee's constructive fraudulent transfer claims because the
transaction included the Step Two Transfer, which was made to a
"financial institution" (Wilmington). The trustee responded that he
did not seek avoidance of the Step Two Transfer and that, even if
Wilmington was a "financial institution," it did not act as the
SPE's agent in connection with the Step One Transfer because it did
not facilitate the actual transfer of the stock to the SPE.

The court ruled that the safe harbor barred the trustee's
constructive fraudulent transfer claims. See SunEdison Litigation
Trust v. Seller Note, LLC (In re SunEdison, Inc.), 2020 WL 6395497
(Bankr. S.D.N.Y. Nov. 2, 2020). Under Merit and Boston Generating,
the court explained, the "relevant transfer" in this case was "the
overarching transfer"—namely, both the Step One Transfer, which
did not involve a "qualifying participant," and the Step Two
Transfer, which did, because Wilmington received the pledged stock
as collateral for the notes. According to the court, "[t]his was an
integrated transaction" because the "Step One Transfer would not
have occurred without agreement on the Step Two Transfer as well as
the other components of the purchase and sale." Because the 2015
transaction was made to Wilmington, a qualified "financial
institution," in connection with the 2014 PSA, a "securities
contract," the court ruled that section 546(e) shielded the
"component steps" from avoidance as a constructive fraudulent
transfer.

Moreover, recent rulings regarding the impact of Merit on the scope
of section 546(e) safe harbor are not confined to the Second
Circuit, and at least one has rejected the Tribune "workaround"
approach. In In re Greektown Holdings, LLC, 2020 WL 6218655 (Bankr.
E.D. Mich. Oct. 21, 2020), reh'g denied, 2020 WL 6701347 (Bankr.
E.D. Mich. Nov. 13, 2020), the U.S. Bankruptcy Court for the
Eastern District of Michigan denied a motion for summary judgment
filed in avoidance litigation by the recipients of payments made in
connection with a pre-bankruptcy recapitalization transaction that
involved the issuance of unsecured notes underwritten by a
financial institution and payment of a portion of the proceeds to
the defendants. Citing Merit, the defendants argued that the
transfer was safe-harbored because the transaction was undertaken
"for the benefit of" the underwriter, which acted as the
debtor-transferor's agent, thereby making the transferor a
financial institution as the underwriter's customer.

The court rejected this argument, ruling that the transaction fell
outside the section 546(e) safe harbor because: (i) neither the
transferor nor the transferees were financial institutions in their
own right; (ii) the defendants failed to establish that the
transaction was "for the benefit" of the underwriter financial
institution by showing that it "received a direct, ascertainable,
and quantifiable benefit corresponding in value to the payments";
and (iii) the evidence did not show that the underwriter was acting
as either the transferor's agent or custodian in connection with
the transaction, such that the transferor itself could be deemed a
financial institution. Notably, the court was "not persuaded by the
agency analysis in [Tribune 2] as it does not distinguish between
mere intermediaries contracted for the purpose of effectuating a
transaction and agents who are authorized to act on behalf of their
customers in such transactions." Under Tribune 2, the court wrote,
"any intermediary hired to effectuate a transaction would qualify
as its customer's agent [,which] … would result in a complete
workaround of [Merit]."


JSAA REALTY: Rental Income to Pay Claims in Full
------------------------------------------------
JSAA Realty, LLC, filed with the U.S. Bankruptcy Court for the
Northern District of Texas, Dallas Division, a Plan of
Reorganization and a Disclosure Statement on Dec. 29, 2020.

The Debtor is the owner of a piece of real property located at
11505 Anaheim Street, Dallas, Texas ("Property").  The Debtor was
formed Sept. 27, 2016, when it acquired the Property.  The Debtor
has been actively involved in the construction/build out/
improvements of the Property.  The Debtor has a tenant who
currently rents the Property and the Debtor is finishing renovation
on the Property to move from a retail store to nightclub concept.
The Debtor continues to work toward completing the renovation, in
the meantime the Debtor's tenant has a long term lease commitment
to provide funds to the Debtor to make payments under the Plan.

Prior to the filing the Debtor rented the Property to JSAA
Enterprises, LLC.  The rental is for $6,000 per month and
Enterprises is responsible for property taxes and insurance on the
Property.  The lease with Enterprises has continued postpetition.
Under the Debtor's Plan, the Debtor will pay its creditors from the
rental received on the Property.  Enterprises along with the Debtor
have been involved in renovating the Property.  The Renovations
will continue post petition.  It is anticipated that the completed
renovations will allow the Property to be used as a nightclub.

Class 6 consists of Allowed Unsecured Creditors Claims and are
impaired.  All creditors holding allowed unsecured claims will be
paid from the operations of the company.  The Debtor will pay $250
per month commencing on the Effective Date until all Class 6
Claimants are paid in full.  Unsecured creditors will receive 100%
of their allowed claims under this Plan.  The Class 6 Creditors are
impaired under this Plan.

Class 7 interest holders are not impaired under the Plan and will
be satisfied by retaining their interest in the Debtor.  Ownership
will remain 40% Arpit Joshi and 50% Andy Sinkular.

The Debtor will continue to rent the Property.  The rental proceeds
will be used to pay the amount necessary to pay the Allowed Claims
of Class 2 through 6.  The Plan is premised on the Debtor's
continued rental of the Property.  Based upon the current rental
income, the Debtor believes the Plan to be feasible.

A full-text copy of the Disclosure Statement dated Dec. 29, 2020,
is available at https://bit.ly/3aWhXf9 from PacerMonitor.com at no
charge.

Attorneys for the Debtor:

          Eric A. Liepins
          ERIC A. LIEPINS, P.C.
          12770 Coit Road, Suite 1100
          Dallas, Texas 75251
          Tel: (972) 991-5591
          Fax: (972) 991-5788

                       About JSAA Realty

JSAA Realty, LLC, is a single asset real estate debtor (as defined
in 11 U.S.C. Section 101(51B)).  It is the owner of fee simple
title to a property located at 11505 Anaheim Drive, which is valued
at $2.2 million.

JSAA Realty filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 20-32504) on
Oct. 2, 2020.  Arpit Joshi, managing member, signed the petition.
At the time of the filing, the Debtor disclosed $2.2 million in
assets and $651,046 in liabilities.  Eric A. Liepins, P.C., serves
as the Debtor's legal counsel.


K&L AG GROUP: Seeks Approval to Hire Rossini Law Firm as Counsel
----------------------------------------------------------------
K&L Ag Group, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Texas to employ Rossini Law Firm as its
bankruptcy counsel.

Rossini Law Firm will render these legal services:

     (a) prepare a small business plan;

     (b) prepare and file necessary motions, applications,
responses and other papers which must be filed;

     (c) appear in court, meetings of creditors and other meetings
as required;

     (d) represent the Debtor in negotiating and litigating motions
for relief from stay;

     (e) assist in reviewing, estimating and resolving claims
asserted by and against the Debtor;

     (f) commence and conduct litigation as may be necessary to
protect and recover assets of the Debtor; and

     (g) perform all other legal services in connection with the
Debtor's Chapter 11 case.

William Rossini, Esq., the firm's attorney who will be handling the
case, will be compensated at his hourly rate of $350, plus approved
expenses.

Mr. Rossini disclosed in court filings that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached through:
   
     William P. Rossini, Esq.
     Rossini Law Firm
     6440 N. Central Expressway, Suite 770
     Dallas, TX 75206
     Telephone: (214) 763-3089
     Facsimile: (214) 871-5090
     Email: WilliamP@Rossini-Law.com

                         About K&L Ag Group

K&L Ag Group, LLC, a Royce City, Texas-based company engaged in the
business of highway, street, and bridge construction, sought
Chapter 11 protection (Bankr. N.D. Texas Case No. 20-32930) on Nov.
25, 2020.  Karen Mynar, authorized officer and member, signed the
petition.  At the time of the filing, the Debtor was estimated to
have $1 million to $10 million in both assets and liabilities.  

Judge Michelle V. Larson oversees the case.

The Rossini Law Firm, led by William P. Rossini, Esq., serves as
the Debtor's legal counsel.


KLAUSNER LUMBER: Has Final OK on $5.5MM DIP Loan, Cash Use
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has entered
a "first amended second final order" authorizing Klausner Lumber
Two LLC to obtain post-petition financing and use cash collateral
on a final basis in accordance with the budget.

The Debtor is authorized to borrow up to $5,500,000 from Legalist
DIP SPV I, LP and Legalist DIP Fund I, LP as DIP lenders plus any
accrued capitalized interest and fees. The aggregate principal
advances by the DIP Lenders under the DIP Credit Facility shall not
exceed the Total DIP Principal Amount.

A prior iteration of the DIP Order authorized the Debtor to borrow
up to $3,400,000 from the DIP Lenders plus any accrued capitalized
interest and fees.

The Debtor ceased all business operations prior to the Petition
Date and filed for bankruptcy in an effort to effect a
reorganization or a sale of substantially all of its assets. The
Debtor said it does not have sufficient capital available to
maintain its property or fund administrative costs without the DIP
Credit Facility and the permitted use of Cash Collateral. As a
result, an immediate need exists for the Debtor to obtain
post-petition financing in the Total DIP Principal Amount. In the
absence of the DIP Credit Facility and the permission to use the
Cash Collateral, the Debtor said its potential reorganization and
any related disposition would not be possible and the Debtor and
its estate would be irreparably harmed.

As of the Petition Date, the Debtor was party to a Construction
Loan Agreement dated as of March 14, 2020, with Carolina Sawmills,
L.P.  Pursuant to the Prepetition Loan Documents, the Debtor is
allegedly indebted to the Prepetition Lender in the approximate
principal amount of $75,000,000, plus prepetition interest, fees,
expenses, and other amounts arising in respect of the Prepetition
Loan Documents.

Carolina Sawmills, to the extent that the Prepetition Liens are
valid, enforceable, and properly perfected in the Prepetition
Collateral, is entitled to adequate protection of its interests in
the Prepetition Collateral solely to the extent of the actual
diminution in value of the Prepetition Collateral.  Within three
business days of the Debtor's receipt of the total funds borrowed
pursuant to the DIP Order, the Debtor will pay $312,187 to the
Prepetition Lender as additional adequate protection payment.

Upon occurrence of an Event of Default, the Debtor will (A)
immediately cease making any payments other than budgeted payments
having accrued through the date of the Event of Default (including
professional fees included in the Approved Budget), and (B) utilize
up to $175,000 of cash on hand for the preservation and disposition
of the DIP Collateral -- which shall not, for the avoidance of
doubt, include any professional fees -- and for payment of US
Trustee Fees, and (C) fund the Carve Out as permitted by the Order.
The DIP Lenders will (A) be relieved from any further funding
obligations and (B) may not exercise remedies until the Maturity
Date.

Notwithstanding anything in the contrary in the Order, the Debtor's
obligations to the DIP Lender and the liens, security interests,
and superpriority claims granted, under the DIP Loan Documents,
including, without limitation, the DIP Claim and the DIP Credit
Lien, will be subject and subordinate in all respects to the Carve
Out.

The "Carve Out" means the sum of (i) all fees required to be paid
to the Clerk of the Court and to the Office of the U.S. Trustee
plus interest at the statutory rate, (ii) all reasonable fees and
expenses up to $25,000 incurred by a trustee under section 726(b)
of the Bankruptcy Code; (iii) to the extent set forth on the
Approved Budget and allowed at any time, whether by interim order,
procedural order, or otherwise, (x) all unpaid fees and expenses
incurred by persons or firms retained by the Debtor pursuant to
section 327, 328, or 363 of the Bankruptcy Code and the Committee
pursuant to section 328 or 1103 of the Bankruptcy Code incurred at
any time before or on the first business day following delivery by
the DIP Lender of a Carve Out Trigger Notice, whether allowed by
the Court prior to or after delivery of a Carve Out Trigger Notice;
and (iv) Allowed Professional Fees of Professional Persons in an
aggregate amount not to exceed $100,000 incurred after the first
business day following delivery by the DIP Lender of the Carve Out
Trigger Notice, to the extent allowed at any time, whether by
interim order, procedural order, or otherwise.

                 About Klausner Lumber Two LLC

Klausner Lumber Two, LLC, a sawmill company in Enfield, N.C.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Case No. 20-11518) on June 10, 2020.  Robert Prusak, chief
restructuring officer, signed the petition.  At the time of the
filing, Debtor had estimated assets of between $10 million and $50
million and liabilities of between $100 million and $500 million.

Judge Karen B. Owens oversees the case. The Debtor has tapped
Westerman Ball Ederer Miller Zucker & Sharfstein, LLP and Morris,
Nichols, Arsht & Tunnell, LLP as its bankruptcy counsel, Asgaard
Capital LLC as restructuring advisor, Cypress Holdings LLC as an
investment banker, and McCausland Keen + Buckman to provide legal
advice on intellectual property matters.

The U.S. Trustee for the District of Delaware appointed a committee
of unsecured creditors in the Debtor's Chapter 11 case on June 25,
2020.  The committee has tapped Elliott Greenleaf, P.C. as its
legal counsel and EisnerAmper LLP as its financial advisor.



L.S.R. INC: Plan Confirmation Hearing Continued to Jan. 22, 2021
----------------------------------------------------------------
Judge Paul M. Black has entered an order continuing to Jan. 22,
2021, at 2:00 p.m., the hearing to consider the final approval of
the First Amended Disclosure Statement and confirmation of the Plan
via zoom videoconference.

A hearing was previously held on the Plan and Disclosure Statement
on Dec. 8.

A full-text copy of the order dated Dec. 17, 2020, is available at
https://bit.ly/38CakYj from PacerMonitor.com at no charge.

                        About L.S.R. Inc.

L.S.R., Inc. owns a motel building with improvements located at 201
West 2nd Avenue Williamson, West Virginia.  L.S.R. sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
W.Va. Case No. 18-20221) on May 2, 2018.  In the petition signed by
Doyle R. VanMeter II, president, the Debtor disclosed $1.02 million
in assets and $1.55 million in liabilities.  

The Debtor is represented by:

         James M. Pierson, Esq.
         Pierson Legal Services
         P.O. Box 2291
         Charleston, WV 25328
         Tel: (304) 925-2400
         E-mail: jpierson@piersonlegal.com


MALLINCKRODT PLC:  Committee Seeks to Hire Investment Banker
------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Mallinckrodt plc and its affiliates seeks
approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Moelis & Company LLC as its investment banker.

Moelis will render these services:

     (a) assist the committee in reviewing and analyzing the
Debtors' results of operations, financial condition and business
plan;

     (b) assist the committee in reviewing and analyzing a
potential restructuring;

     (c) assist the committee in negotiating a restructuring;

     (d) assist the committee in analyzing the capital structure of
the Debtors;

     (e) advise and assist the committee regarding securities the
Debtors offer in a potential restructuring;

     (f) assist the committee in reviewing any alternatives to a
restructuring proposed by the Debtors, creditors or other
parties-in-interest; and

     (g) provide such other investment banking services in
connection with a restructuring as Moelis and the committee may
mutually agree upon in writing.

Moelis will be compensated pursuant to this fee structure:

     (a) Monthly Fee. During the term of the engagement letter, a
fee of $200,000 per month, payable in advance of each month.

     (b) Restructuring Fee. At the closing of a restructuring, a
fee of $7.5 million.

In addition to fees payable to Moelis, the Debtors will reimburse
the firm for out-of-pocket expenses incurred.

William Derrough, a managing director and global co-head of
Recapitalization & Restructuring with Moelis, disclosed in court
filings that the firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:
        
     William Derrough
     Moelis & Company LLC
     399 Park Avenue, 5th Floor
     New York, NY 10022
     Telephone: (212) 883-3800
     Facsimile: (212) 880-4260
     Email: william.derrough@moelis.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.


MEDICAL SIMULATION: Feb. 9, 2021 Plan Confirmation Hearing Set
--------------------------------------------------------------
On Dec. 10, 2020, debtor Medical Simulation Corporation with the
U.S. Bankruptcy Court for the District of Colorado a Corrected
Amended Disclosure Statement and Amended Plan of Liquidation.

On Dec. 17, 2020, Judge Elizabeth E. Brown approved the Disclosure
Statement and ordered that:

   * Jan. 26, 2021 is fixed as the last day for the holders of all
claims or interests to submit all ballots accepting or rejecting
the Plan.

   * Jan. 26, 2021 is fixed as the last day to file or serve any
objection to confirmation of the Plan.

   * Feb. 9, 2021, at 9:00 a.m. in the United States Bankruptcy
Court for the District of Colorado, Courtroom F; United States
Custom House, 721 19th St., Denver, Colorado is the preliminary,
non-evidentiary hearing for consideration of confirmation of the
Plan and such objections (confirmation hearing).

A full-text copy of the order dated Dec. 17, 2020, is available at
https://bit.ly/2JnP6F6 from PacerMonitor.com at no charge.

The Debtor is represented by:

         WADSWORTH GARBER WARNER AND CONRARDY, P.C.
         Aaron A. Garber
         2580 W Main Street, Suite 200
         Littleton, CO 80120
         Tel: 303-296-1999
         Fax: 303-296-7600
         E-mail: agarber@wgwc-law.com

                   About Medical Simulation Corp.

Medical Simulation Corp., a manufacturer of medical equipment and
supplies, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Colo. Case No. 19-20101) on Nov. 22, 2019.  At the time
of the filing, the Debtor estimated assets of between $10 million
and $50 million and liabilities of between $1 million and $10
million.  The case is assigned to Judge Elizabeth E. Brown.


MEDICAL SIMULATION: Unsec. Creditors to Get 38% in Liquidating Plan
-------------------------------------------------------------------
Following a hearing on Dec. 16, 2020, Medical Simulation
Corporation submitted a corrected Disclosure Statement explaining
its Amended Plan of Liquidation.

"For the reasons stated on the record, the Court overruled Mr.
Younkes Dec. 16, 2020 Objection to the Debtor's Amended Disclosure
Statement, except as to the disclosures regarding the price of the
Mentice stock.  The Debtor will also revise the disclosure
statement to update the status of its objection to Mr. Enlows
claim.  On or before Dec. 21, 2020, the Debtor shall file a further
amended disclosure statement...", according to the minutes of the
minute order entered at the Dec. 16 hearing.

According to the Disclosure Statement filed Dec. 17, 2020, the Plan
provides that the Debtor will remain a Debtor-in-Possession until
the Effective Date of the Plan, at which point the Liquidating
Trustee will be appointed to liquidate the Debtor's remaining
assets.  The Liquidating Trustee will then distribute the proceeds
of the assets.  The proceeds will be used to satisfy Administrative
Claims and then Class 1 Priority Unsecured Claims and Class 2
Unsecured Claims claims on a pro rata basis.   

General unsecured claims in the total amount of $7,082,313 have
been  listed in the Debtor's Schedule F.  General unsecured claims
in the amount of $13,680,657 have been asserted against the
Debtor's estate, which is inclusive of proofs of claim filed in the
case.  Holders of Class 2 Allowed Claims will share on a pro rata
basis in monies deposited the Creditor Account after the
satisfaction of Administrative Claims, Tax Claims and Class 1
Allowed Claims.

The Debtor believes that the Plan, as proposed, is feasible.  The
Debtor will fund the Plan through the liquidation of the remaining
assets by the Liquidating Trustee.  The Liquidating Trustee will be
Thomas Kim.  The Liquidating Trustee retains Aaron Garber of
Wadsworth Garber Warner Conrardy, PC, as counsel.  

The Debtor has an estimated asset value of $5,446,344.  According
to the Liquidation Analysis, assuming allowed claims of
$13,680,657, Class 2 claimants would receive a pro rata
distribution of 37% in a Chapter 7 liquidation scenario.  In
contrast, in the Plan, where the liquidating trustee is paid hourly
as opposed to commission based, Class 2 claimants would receive a
pro rata distribution of approximately 38%.

A full-text copy of the Amended Disclosure Statement to the Amended
Plan of Liquidation dated Dec. 16, 2020, is available at
https://bit.ly/3psiV6y from PacerMonitor.com at no charge.

A full-text copy of the Corrected Disclosure Statement dated Dec.
17, 2020, is available at https://bit.ly/383e8Tx from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Aaron A. Garber
     WADSWORTH GARBER WARNER AND CONRARDY, P.C.
     2580 W Main Street, Suite 200
     Littleton, CO 80120
     Telephone: 303-296-1999
     Fax: 303-296-7600
     Email: agarber@wgwc-law.com

                  About Medical Simulation Corp.

Medical Simulation Corp., a manufacturer of medical equipment and
supplies, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Colo. Case No. 19-20101) on Nov. 22, 2019.  At the time
of the filing, the Debtor had estimated assets of between $10
million and $50 million and liabilities of between $1 million and
$10 million.  The case is assigned to Judge Elizabeth E. Brown.


MOHEGAN TRIBAL: Incurs $162 Million Net Loss in Fiscal 2020
-----------------------------------------------------------
Mohegan Tribal Gamin Authority filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing a net
loss of $162.02 million on $1.11 billion of net revenues for the
fiscal year ended Sept. 30, 2020, compared to a net loss of $2.38
million on $1.38 billion of net revenues for the fiscal year ended
Sept. 30, 2019.

As of Sept. 30, 2020, the Company had $2.71 billion in total
assets, $2.77 billion in total liabilities, and a total capital of
$67.99 million.

Deloitte & Touche LLP, in Hartford, Connecticut, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated Dec. 29, 2020, citing that certain tranches of the
Company's senior secured credit facilities mature on Oct. 13, 2021,
and the Company has determined that it will need to refinance these
near-term maturities in order to meet the debt obligations at
maturity, and the Company expects that without such a refinancing
it is probable that it will not have sufficient liquidity to meet
those debt obligations, and it may not be able to satisfy its
financial covenants under the senior secured credit facilities.
These conditions and events, when considered in the aggregate raise
substantial doubt about the Company's ability to continue as a
going concern.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1005276/000100527620000012/mtga-20200930.htm

                            About Mohegan Tribal

Mohegan Tribal -- http://www.mohegangaming.com-- is primarily
engaged in the ownership, operation and development of integrated
entertainment facilities, both domestically and internationally,
including: (i) Mohegan Sun in Uncasville, Connecticut, (ii) Mohegan
Sun Pocono in Plains Township, Pennsylvania, (iii) Niagara
Fallsview Casino Resort, Casino Niagara and the 5,000-seat Niagara
Falls Entertainment Centre, all in Niagara Falls, Canada, (iv)
Resorts Casino Hotel in Atlantic City, New Jersey, (v) ilani
Casino
Resort in Clark County, Washington, (vi) Paragon Casino Resort in
Marksville, Louisiana and (vii) INSPIRE Entertainment Resort, a
first-of-its-kind, multi-billion dollar integrated resort and
casino under construction at Incheon International Airport in South
Korea.

                                 *    *    *

As reported by the TCR on May 14, 2020, S&P Global Ratings lowered
all of its ratings on casino operator Mohegan Tribal Gaming
Authority (MTGA) and hotel owner Mohegan Tribal Finance Authority
(MTFA), including its issuer credit ratings, by one notch to 'CCC+'
from 'B-' and removed the ratings from CreditWatch, where it placed
them with negative implications on March 20, 2020.  "We believe the
spike in MTGA's leverage in 2020 and our expectation for a slow
recovery increase its refinancing risks over the next 12-18 months
given that its $250 million revolver, $257 million term loan A, and
the proposed $100 million incremental term loan A all mature in
October 2021. We anticipate that MTGA may have difficulty
refinancing this debt on favorable terms because we believe it may
take multiple years for its cash flow to return to pre-pandemic
levels," S&P said.

In April 2020, Moody's Investors Service downgraded Mohegan Tribal
Gaming Authority's Corporate Family Rating to Caa2 from B3. The
downgrade reflects that significant pressure on earnings and free
cash flow will increase leverage and elevate default risk.


MONKEY TOES: Combined Plan & Disclosure Confirmed by Judge
----------------------------------------------------------
Judge Jerrold N. Poslusny, Jr., confirmed the Plan (or Plan
including Disclosure Statement) filed by Debtor Monkey Toes, LLC,
subject to the following:

   * Section 2.2(C) is amended to set forth that all allowed
general unsecured claimants, which total $774,317, will be paid 10
percent of their claims commencing with an initial payment of
$8,000 paid toward the plan prior to Dec. 31, 2020; then, in equal
monthly payments of $1,877 commencing on April 1, 2021 and ending
on April 1, 2024; and

   * Should the Debtor not experience a close-down in business due
to the Covid-19 pandemic, the Debtor shall make the regular monthly
payment of $1,877 commencing on Feb. 1, 2021 and ending on Feb. 1,
2024.

The Duncan Settlement and the Nelson Settlement (collectively the
"Settlements") have been approved among the individual parties to
their respective Settlement.  The Debtor does not anticipate any
objections to the Settlements, which are due on or before Jan. 5,
2021.  However, the Debtor is aware that any objections to the
Settlements that are filed could cause the Plan to become
unfeasible causing a default under the terms of the Plan, which
could require a modification to be filed.

A full-text copy of the Order and First Amended Combined Plan and
Disclosure Statement dated Dec. 17, 2020, is available at
https://bit.ly/3nQs8oR from PacerMonitor.com at no charge.

Attorneys for the Debtor:

         Carrie J. Boyle, Esq.
         Boyle & Valenti Law, P.C.
         10 Grove Street, 2nd Floor
         Haddonfield, NJ 08033
         Tel: (856) 499-3335
         E-mail: cboyle@b-vlaw.com

                        About Monkey Toes

Monkey Toes, LLC, owns Sanctuary Gentlemen's Club, an adult
entertainment club in Vineland, New Jersey.

Monkey Toes, LLC, d/b/a Sanctuary Gentlemen's Club, filed a Chapter
11 petition (Bankr. D.N.J. Case No. 19-31018) on Nov. 6, 2019.  In
its petition, the Debtor disclosed $14,879 in assets and $1,022,443
in liabilities.  The petition was signed by David Glassman,
managing member.  The Hon. Jerrold N. Poslusny Jr. presides over
the case.  Carrie J. Boyle, Esq., at Boyle & Valenti Law, P.C.,
serves as bankruptcy counsel to the Debtor.


NUZEE INC: Incurs $9.5 Million Net Loss in Fiscal 2020
------------------------------------------------------
Nuzee, Inc. filed with the Securities and Exchange Commission its
Annual Report on Form 10-K disclosing a net loss of $9.52 million
on $1.40 million of net revenues for the year ended Sept. 30, 2020,
compared to a net loss of $12.21 million on $1.79 million of net
revenues for the year ended Sept. 30, 2019.

As of Sept. 30, 2020, the Company had $8.17 million in total
assets, $1.78 million in total liabilities, and $6.39 million in
total stockholders' equity.

During the fiscal year ended Sept. 30, 2020, the Company completed
an offering pursuant to Securities Act registration exemptions as
well as a registered underwritten public offering and raised an
aggregate of approximately $7,354,978 in net proceeds.  In
addition, in October and November of 2020, the Company raised an
additional aggregate of $2,962,387 from a registered direct
investment and an offering pursuant to Securities Act registration
exemptions.  The Company exceeded its capital raising predications
thus mitigating any substantial doubt about the Company's ability
to continue as a going concern as defined by ASU 2014-05 and its
ability to satisfy the estimated liquidity needs for the twelve
months from the issuance of the financial statements.

Nuzee stated, "In the fiscal year ended September 30, 2020, as a
result of the COVID-19 pandemic and responses to the outbreak,
certain of our customers slowed or delayed purchases of our
co-packing services or pour over coffee products, and we also
believe that potential sales of our pour over coffee products to
new or potential customers in the hospitality industry were
adversely impacted.  In addition, we have experienced delays in the
submission and approval of custom artwork and packaging as well as
the shipment to us of coffee for co-packing.  We do not believe,
however, that these delays had a significant effect on our business
or results of operations to date.  The COVID-19 crisis may have an
adverse impact on our business and financial results going forward
that we are not currently able to fully determine or quantify.  The
COVID-19 crisis may adversely affect the ability of our customers
to pay for goods delivered on a timely basis, or at all.  Any
increase in the amount or deterioration in the collectability of
accounts receivable will adversely affect our cash flows and
results of operations, requiring an increased level of working
capital.  If general economic conditions continue to deteriorate or
remain uncertain for an extended period of time, our liquidity may
be harmed and the trading price of our common stock could decline
significantly.  We may also be subject to lawsuits from employees
and others exposed to COVID-19 at our facilities.  Such actions may
involve large demands, as well as substantial defense costs.  Our
professional and general liability insurance may not cover all
claims against us.

"We have a corporate office in Japan and a manufacturing and sales
office in Korea, and we source our manufacturing equipment and
filters from East Asian companies.  The continued spread of
COVID-19 and implementation of restrictive measures may adversely
affect our operations in North America and Asia and our business
generally, depending on the extent of its spread of the virus, the
rate of infection, the severity of illness and the probability of
lethality, the relative effect on various portions of the
population (such as the aged), the effect on international trade
and commerce and on foreign and domestic travel generally of any
measures taken to combat the virus, any action taken (such as the
lowering of interest rates) by government entities to combat the
negative macroeconomic effects of these measures, the timing and
availability of any vaccine for the virus, and other factors.  If
such circumstances continue to deteriorate, our production
capabilities and demand for our products may decline, which would
have an adverse effect on our results of operations and financial
condition."

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

https://www.sec.gov/Archives/edgar/data/1527613/000149315220024308/form10-k.htm

                            About Nuzee

NuZee, Inc. (d/b/a Coffee Blenders) is a specialty coffee company
and a single-serve pour-over coffee producer and co-packer.  The
Company owns sophisticated packing equipment developed in Asia for
pour over coffee production and it believes its long-standing
experience with this equipment and associated pour over filters,
and its relationships with their manufacturers provide the Company
with an advantage over its North American competitors.


ODYSSEY ENGINES: Parties Delay Disclosures Hearing to Jan. 13, 2021
-------------------------------------------------------------------
Judge Robert A. Mark has entered an order within which the hearing
on approval of the Disclosure Statement of Odyssey Engines, LLC, et
al, is continued to Jan/ 13, 2021, at 10:00 a.m.

Odyssey Leasing and Preferred Bank jointly requested the Court to
continue the hearing on the Disclosure Statement.  In seeking a two
or three-week extension of the Dec. 16 hearing, the parties
explained that the Court is aware of the several matters pending
regarding these two parties in both the main bankruptcy case and in
adversary proceeding.

A full-text copy of the order dated Dec. 17, 2020, is available at
https://bit.ly/2KRGHtU from PacerMonitor.com at no charge.

Counsel for the Debtors:

          David R. Softness, Esq.
          DAVID R. SOFTNESS P.A.
          201 South Biscayne Boulevard, Suite 2740
          Miami, FL 33131
          Tel: 305-341-3111
          E-mail: david@softnesslaw.com

                     About Odyssey Engines

Odyssey Engines, LLC and its affiliates own, lease, and maintain
aircraft engines.  On June 23, 2020, Odyssey Engines and its
affiliates concurrently filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No.
20-16772). The petitions were signed by David Alan Boyer,
president.  At the time of the filing, each Debtor disclosed assets
of $1 million to $10 million and liabilities of $10 million to $50
million.

Judge Robert A. Mark oversees the cases.  The Debtors have tapped
David R. Softness, P.A. as legal counsel; GGG Partners, LLC as
chief restructuring officer; Bedford Advisers as financial advisor;
and Pat Duggins Consulting Services Inc. as appraiser.

Synovus Bank is represented by Daniel Gold, Esq. --
Daniel.gold@bipc.com -- at Buchanan Ingersoll & Rooney as counsel.
Preferred Bank is represented by Daniel DeSouza, Esq. --
ddesouza@desouzalaw.com -- as counsel.


OFFER SPACE: Case Summary & 11 Unsecured Creditors
--------------------------------------------------
Debtor: Offer Space, LLC
        PO Box 901240
        Sandy, UT 84090-1240

Chapter 11 Petition Date: December 30, 2020

Court: United States Bankruptcy Court
       District of Utah

Case No.: 20-27480

Judge: Hon. William T. Thurman

Debtor's Counsel: Deborah Chandler, Esq.
                  ANDERSON & KARRENBERG
                  50 W. Broadway, Suite 700
                  Salt Lake City, UT 84101
                  Tel: 801-534-1700
                  E-mail: dchandler@aklawfirm.com

Total Assets as of November 30, 2020: $795,038

Total Liabilities as of November 30, 2020: $2,034,709

The petition was signed by Chris Armstrong, member.

A copy of the petition containing, among other items, a list of the
Debtor's 11 unsecured creditors is available for free  at
PacerMonitor.com at:

https://www.pacermonitor.com/view/CV5NDIQ/Offer_Space_LLC__utbke-20-27480__0001.0.pdf?mcid=tGE4TAMA


PENNGOOD LLC: Amended Subchapter V Plan Confirmed
-------------------------------------------------
Penngood LLC has won confirmation of its Amended Subchapter V Plan.
The U.S. Bankruptcy Court for the District of Columbia entered the
confirmation order on Dec. 10, 2020.

As reported by the Troubled Company Reporter, the Debtor's Plan
proposes minimum payments of $13,200 each month for 60 months, for
a total of $792,000.  According to the Plan, the known
administrative priority claims are to be paid outside the Plan as
are all lease payments and the payment to the only secured
creditor, the U.S. Small Business Administration under its Economic
Injury Disaster Loan program.

The priority claims, which are all tax related, are paid under the
Plan over 60 months at 3% per annum interest, which require an
aggregate payment of $593,644.  This leaves potentially $198,356
available for distribution to the unsecured creditors, whose claims
total $1,429,549.

Unsecured creditors may receive a distribution equaling as much as
13.87% of their claims. These calculations, and the projected
percentage of distribution to unsecured creditors, are based on
what is known to the debtor at the time this Plan is filed, and
should be considered as a good faith estimate. Future events,
unforseen or unknown, could affect the percentage of distribution
to unsecured creditors, either favorably or unfavorably.

Class 6 under the Plan is comprised of the equity security holder,
Clyde Penn, who will retain his equity interest in the debtor.

In November 2020, the Bankruptcy Court approved the Loan
Authorization Agreement and a Note dated May 30, 2020, between
Penngood LLC and the SBA and authorized the Debtor to use cash
collateral and other collateral provided for in the Loan
Authorization and Agreement and Note.  The SBA retained its lien on
the Debtor's collateral as provided for in the Loan Authorization
and Agreement and Note, and was granted a replacement lien on the
debtor's future receivables and accounts in an amount needed to
necessary to remain fully secured.  

                       About Penngood LLC

Penngood LLC -- https://www.penngood.com/ -- is a strategic
communications firm specializing in total health.  Penngood LLC
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D.D.C. Case No. 20-00230) on May 19, 2020.  At the time of the
filing, the Debtor disclosed assets of between $1 million and $10
million and liabilities of the same range.  Judge Martin S. Teel,
Jr. oversees the present case.  The Debtor has tapped Richard G.
Hall, Esq., as its legal counsel, and King, King & Associates, PA
as its accountant.

The Debtor previously sought bankruptcy protection (Bankr. D.D.C.
Case No. 16-00051) on Feb. 15, 2016.

Augustis T. Curtis, Esq., at Cohen, Baldinger, & Greenfeld, LLC,
was appointed Subchapter V Trustee in the 2020 case.


PPV INC: Leaf Capital's Claim to Be Paid in Full in Amended Plan
----------------------------------------------------------------
PPV, Inc. and Bravo Environmental NW, Inc. filed a First Amended
Joint Plan of Reorganization dated Dec. 17, 2020.

The prior iteration of the Plan said that Knight Capital Funding's
claim in Class 8 is disputed.

In the Amended Plan, Class 8 consists of the Allowed Secured Claim
of LEAF Capital Funding, LLC (assignee of Financial Servicing LLC)
for the asserted amount of $52,000 secured by a UCC 92050510
against PPV's assets and an agreement for financing the purchase of
LED lighting in PPV's facility.  PPV will pay LEAF Capital Funding
LLC's allowed Secured Claim in full sixty days after the effective
date.  Class 8 will accrue interest at the rate of 4.5% per annum.

Like in the prior iteration of the Plan, the Amended Plan treats
other classes as follows:

   * Class 10 consists of the disputed Secured Claim of Retail
Capital LLC, Credibly, Claim No. 17 (PPV) and Claim No. 13 (Bravo),
for payment of the asserted amount of $143,895 secured by purchase
and sale agreement of future receivables, and of which the Debtors
dispute the validity of the asserted secured status and the amount
of the asserted claim.

   * Class 18A PPV General Unsecured Claims are impaired.  Each
holder of a Claim in such class shall receive cash in an amount
equal to 100 percent of allowed amount of such Claim, without
interest, on the later of (a) 90 days after the Effective Date or
(b) the Allowance Date, unless such holder shall agree, or has
agreed, in writing to a different treatment of such Claim(s).

   * Class 18B Bravo General Unsecured Claims are impaired.  Each
holder of a Claim in such class shall receive cash in an amount
equal to 100 percent of allowed amount of such Claim, without
interest, on the later of (a) 90 days after the closing of the
Bravo Sale or (b) the Allowance Date, unless such holder shall
agree, or has agreed, in writing to a different treatment of such
Claim(s)

   * Class 20 consists of the claims of equity holders on account
of their common stock holdings in PPV and Bravo. Specifically,
Class 20 includes James Thuney who owns 51.3% of the shares of PPV,
Alan Schumacher who owns 24.4% of the shares of PPV, Joseph Thuney
who owns 23.6% of the shares of PPV, Todd Hubard who owns 0.7% of
the shares of PPV (collectively, the "PPV Equity Holders"), and PPV
who owns 100.0% of the shares of Bravo.

The closing of the PPV Sale will occur by electronic exchange of
documents unless otherwise agreed by the parties.  PPV anticipates
such closing to occur on or before February 1, 2021 not less than
$10 million, depending upon the results of any overbids and
auction.

Avoidance Claims, if any, are retained, unless otherwise provided
in an Asset Purchase Agreement.  This includes, but is not limited
to, Avoidance Claims against EBF Partners, LLC, Knight Capital
Funding, Libertas Funding, LLC, and Retail Capital LLC, which
include payments received of $499,587 during the ninety days before
the Petition Date.

A full-text copy of the First Amended Joint Plan dated December 17,
2020, is available at https://bit.ly/2JkuL3o from PacerMonitor at
no charge.

The Debtors are represented by:

         Douglas R. Ricks
         VANDEN BOS & CHAPMAN, LLP
         319 SW Washington St., Ste. 520
         Portland, OR 97204
         Tel: 503-241-4869
         Fax: 503-241-3731

                         About PPV, Inc.

PPV, Inc. -- https://www.ppvnw.com/ -- is a waste management
services provider in Portland, Oregon. The company offers
industrial cleaning, recycling, treatment, and technical waste
management services.

PPV, Inc., filed a petition under Chapter 11 of the Bankruptcy Code
(Bankr. D. Ore. Lead Case No. 19-34517) on Dec. 10, 2019.  In the
petition signed by Joseph J. Thuney, president, the Debtor was
estimated to have between $1 million and $10 million in both assets
and liabilities.  Douglas R. Ricks, Esq. at Vanden Bos & Chapman,
LLP is the Debtor's counsel.

Affiliate Bravo Environmental NW, Inc., also filed for Chapter 11
bankruptcy (Bankr. D. Ore. Case 19-34518) on Dec. 10, 2019.

The cases are jointly administered before the Honorable David W.
Hercher.  No creditors' committee has been appointed in this case.


SABLE PERMIAN: Jan. 29, 2021 Plan & Disclosure Hearing Set
----------------------------------------------------------
Sable Permian Resources, LLC, and its affiliated debtors filed with
the U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, a motion for entry of an order scheduling a
combined hearing and conditionally approving the Disclosure
Statement.

On Dec. 17, 2020, Judge Marvin Isgur conditionally approved the
Disclosure Statement and ordered that:

   * Jan. 29, 2021 at 11:00 a.m. by telephone and video conference
is the Combined Hearing (at which this Court will consider, among
other things, the adequacy of the Disclosure Statement and
confirmation of the Plan).

   * Jan. 22, 2021 is fixed as the last day to file any responses
or objections to the adequacy of the Disclosure Statement and/or
confirmation of the Plan.

   * Jan. 27, 2021 at 12:00 p.m. is fixed as the last day for the
Debtors to file any briefs in support of confirmation of the Plan
or reply briefs in response to any objections.

   * Jan. 22, 2021 at 4:00 p.m. is fixed as the last day to submit
Ballots for accepting or rejecting the Plan.

   * The Debtors are authorized to take all actions necessary to
effectuate the relief granted in this Scheduling Order in
accordance with the Motion.

A full-text copy of the order and Amended Disclosure Statement
dated Dec. 17, 2020, is available at https://bit.ly/3aHh6if from
PacerMonitor.com at no charge.

Counsel for the Debtors:

         HUNTON ANDREWS KURTH LLP
         Timothy A. ("Tad") Davidson II
         Joseph P. Rovira
         Ashley L. Harper
         600 Travis Street, Suite 4200
         Houston, Texas 77002
         Telephone: (713) 220-4200
         Facsimile: (713) 220-4285
         
             - and -

         LATHAM & WATKINS LLP
         George A. Davis
         885 Third Avenue
         New York, NY 10022
         Telephone: (212) 906-1200
         Facsimile: (212) 751-4864

             - and -

         Caroline A. Reckler
         Jeramy D. Webb
         Brett V. Newman
         Jonathan C. Gordon
         330 North Wabash Avenue, Suite 2800
         Chicago, IL 60611
         Telephone: (312) 876-7700
         Facsimile: (312) 993-9667

             - and -

         Jeffrey E. Bjork
         Christina M. Craige
         335 South Grand Avenue, Suite 100
         Los Angeles, CA 90071
         Telephone: (213) 485-1234
         Facsimile: (213) 891-8763

                 About Sable Permian Resources

Sable Permian Resources, LLC and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. 20-33193) on June 25, 2020.  At the time of the filing, Sable
Permian Resources disclosed assets of between $1 billion and $10
billion and liabilities of the same range.  Judge Marvin Isgur
oversees the cases.  

The Debtors have tapped Latham & Watkins, LLP and Hunton Andrews
Kurth LLP as legal counsel, Alvarez & Marsal North America LLC as
financial advisor, Evercore Group LLC as investment banker, and
M-III Advisory Partners, LP as financial advisor.  Mohsin Y. Meghji
of M-III Advisory Partners is Debtors' chief restructuring officer.
Hilco Valuation Services, LLC, Hilco Real Estate Appraisal, LLC,
and Hilco Fixed Asset Recovery, LLC are tapped as liquidation
analysis and valuation experts and sage-popovich, inc., as
valuation expert.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on July 17, 2020.  The committee has tapped Paul Hastings
LLP and Mani Little & Wortmann, PLLC as its legal counsel, Conway
MacKenzie LLC as financial advisor, and Miller Buckfire & Co. LLC
and Stifel, Nicolaus & Co. Inc. as investment banker.


SANTA MARIA: Seeks to Hire Leslie Cohen as Bankruptcy Counsel
-------------------------------------------------------------
Santa Maria Brewing Co. Inc. seeks approval from the U.S.
Bankruptcy Court for the Central District of California to employ
Leslie Cohen Law, PC as bankruptcy counsel.

Leslie Cohen Law will render these legal services:

     (a) advise the Debtor regarding its rights and
responsibilities;

     (b) prepare documents to be filed with the bankruptcy court
and the Office of the U.S. Trustee;

     (c) represent the Debtor in contested matters that would
affect the administration of its Chapter 11 case except in
proceedings that require expertise in areas of law outside of the
firm's expertise;

     (d) assist the Debtor in the negotiation, formulation and
confirmation of a plan of reorganization;

     (e) render services for the purpose of pursuing, litigating or
settling litigation that may be necessary and appropriate in
connection with the Debtor's case.

The firm's hourly rates are:

     Leslie Cohen              $575
     J'aime Williams           $395
     Senior Contract Attorneys $350
     Paraprofessionals         $110

The firm received a $51,738 retainer, which was reduced
pre-petition to $44,099.50. This amount is being held in trust.

Leslie Cohen, Esq., the president and sole shareholder of Leslie
Cohen Law, disclosed in court filings that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached through:
   
     Leslie A. Cohen, Esq.
     J'aime K. Williams, Esq.
     Leslie Cohen Law, PC
     506 Santa Monica Blvd., Suite 200
     Santa Monica, CA 90401
     Telephone: (310) 394-5900
     Facsimile: (310) 394-9280
     Email: leslie@lesliecohenlaw.com
            jaime@lesliecohenlaw.com

                     About Santa Maria Brewing

Santa Maria Brewing Co. Inc. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal.
Case No. 20-11486) on Dec. 15, 2020.  Byron Moles, chief executive
officer, signed the petition. At the time of the filing, the Debtor
disclosed $1 million to $10 million in assets and $10 million to
$50 million in liabilities.

Judge Deborah J. Saltzman oversees the case.  Leslie Cohen Law, PC
serves as the Debtor's bankruptcy counsel.


SAXON SHOES: Final Cash Collateral Hearing on Tuesday
-----------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia,
Richmond Division, will hold a hearing Jan. 5 to consider final
approval of Saxon Shoes, Incorporated and its affiliate's request
to use cash collateral and provide adequate protection.

The Court set the final cash collateral hearing in connection with
the hearing to confirm the Debtors' Chapter 11 Small Business
Subchapter V Plan, also on Jan. 5.

The Court has previously authorized Saxon Shoes to use cash
collateral on an interim basis.

The Debtors stated that, in the ordinary course of business, they
require cash on hand and cash flow from their operations to fund
their working capital needs; and there is a risk that the going
concern value of their businesses will decline if they cannot
access cash on hand and cash flow from their operations.

The Court's interim order permitted the Debtors to use cash
collateral  to pay amounts approved by any other Court order and to
provide working capital for the Debtors, but in any event solely in
accordance with the Budget, the Interim Order, and other applicable
orders of the Court.

The Debtors are authorized to use Cash Collateral in accordance
with the Budget, in an amount that would not cause the Debtors to
use Cash Collateral for operating disbursements in an aggregate
amount greater than 120% of the operating disbursements in the
Budget for any 4-week period.

The Debtors are authorized to purchase materials in excess of
amounts reflected on the Budget if a deposit has been received in
an amount in excess of the cost of said materials.

Cafaro, WebBank, Amex, and CEO Gary Weiner are entitled, pursuant
to sections 361, 363(c)(2), and 363(e) of the Bankruptcy Code, to
adequate protection of potential interests in the Collateral and
the Cash Collateral, in an amount equal to the aggregate diminution
in value of the particular creditor's Collateral, including,
without limitation, any such diminution resulting from the sale,
lease or use by the Debtors (or other decline in value) of the
Collateral and from the imposition of the automatic stay pursuant
to section 362 of the Bankruptcy Code.

                     About Saxon Shoes Inc.

Saxon Shoes Spotsylvania, LLC -- https://www.saxonshoes.com -- owns
and operates full-service shoe stores in Virginia, which offer a
selection of styles and sizes for men, women and children.

Saxon Shoes Spotsylvania and parent company Saxon Shoes, Inc.
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
E.D. Va. Lead Case No. 20-33454) on Aug. 14, 2020.  Gary L. Weiner,
president and manager, signed the petitions.  At the time of the
filing, each Debtor had total assets of $4,017,418 and liabilities
of $5,428,682.

Judge Kevin R. Huennekens oversees the cases.

Tavenner & Beran, PLC is Debtors' legal counsel.

On Aug. 14, 2020, Richard C. Maxwell, Esq., at Woods Rogers PLC was
appointed as Subchapter V trustee in the Debtors' bankruptcy
cases.



SCHNELL SERVICES: Seeks Approval to Hire Bankruptcy Attorney
------------------------------------------------------------
Schnell Services, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of North Carolina to employ Danny
Bradford, Esq., of Bradford Law Offices, to handle its Chapter 11
case.

Mr. Bradford will be paid at the rate of $400 per hour.  The rate
for paralegal services is $175 per hour.

In court papers, Mr. Bradford disclosed that he is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

Mr. Bradford can be reached at:
   
     Danny Bradford, Esq.
     Bradford Law Offices
     455 Swiftside Drive, Suite 106
     Cary, NC 27518-7198
     Telephone: (919) 758-8879
     Email: Dbradford@bradford-law.com

                      About Schnell Services

Schnell Services, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No.
20-03955) on Dec. 21, 2020.  At the time of the filing, the Debtor
disclosed assets of between $500,001 and $1 million and liabilities
of the same range.

Judge Joseph N. Callaway oversees the case.  Danny Bradford, Esq.,
at Bradford Law Offices, is the Debtor's legal counsel.  


SEADRILL LTD: Enters Forbearance for 9 of 12 Sr. Credit Facilities
------------------------------------------------------------------
Seadrill Limited  (OSE:SDRL, OTCQX:SDRLF) announces that it has
entered into a forbearance agreement with certain creditors in
respect of nine out of the group's twelve senior secured credit
facility agreements.

The purpose of the forbearance agreement is to allow the Company
and its stakeholders more time to finalise negotiations on the head
terms of a comprehensive restructuring of its balance sheet.  Such
a restructuring may involve the use of a court-supervised process.
The Company continues to evaluate capital structure proposals from
its financial stakeholders; whilst no agreement has been reached at
this point it is expected that potential solutions will lead to
significant equitization of debt which is likely to result in
minimal or no recovery for current shareholders.

Pursuant to the forbearance agreement, the consenting creditors
have agreed not to exercise any voting rights to, or otherwise take
actions, in respect of certain events of default that may arise
under those senior secured credit facility agreements as a result
of the group not making certain interest payments, until and
including the earlier of 29 January 2021 and any termination of the
forbearance agreement.

Forbearance has not yet been agreed with respect to certain events
of default or termination events that may arise under the three
remaining senior secured credit agreements, the Company's New
Secured Notes, leasing arrangements for the West Hercules, West
Linus and West Taurus and a bilateral guarantee facility with
Danske Bank. Without a forbearance in respect of these
arrangements, a non-payment of interest or other amounts due under
the senior secured credit agreements, the Company's New Secured
Notes and/or the leasing arrangements could result in the creditors
under these arrangements having the right to accelerate or
otherwise enforce their rights under them.

                       About Seadrill Ltd.

Seadrill Limited (OSE:SDRL, OTCQX:SDRLF) --
http://www.seapdrill.com/-- is a deepwater drilling contractor
providing drilling services to the oil and gas industry. As of
March 31, 2018, it had a fleet of over 35 offshore drilling units
that include 12 semi-submersible rigs, 7 drillships, and 16 jack-up
rigs.

On Sept. 12, 2017, Seadrill Limited sought Chapter 11 protection
after reaching terms of a reorganization plan that would
restructure $8 billion of funded debt. It emerged from bankruptcy
in July 2018.

Demand for exploration and drilling has fallen further during the
COVID-19 pandemic as oil firms seek to preserve cash, idling more
rigs and leading to additional overcapacity among companies serving
the industry.

In June 2020, Seadrill wrote down the value of its rigs by $1.2
billion and said it planned to scrap 10 rigs.

Seadrill is presently in talks with lenders on a restructuring of
its $5.7 billion bank debt.


SEGOVIA LODGE: Seeks Approval to Hire Bankruptcy Attorney
---------------------------------------------------------
Segovia Lodge, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Texas to employ Oscar Cantu, Esq., an
attorney practicing in San Antonio, Texas, to handle its Chapter 11
case.

Mr. Cantu will render these services:

     (a) advise the Debtor regarding its powers and duties in the
continued operation of its business and management of its
properties during bankruptcy;

     (b) take necessary actions to preserve and protect the
Debtor's assets;

     (c) prepare legal documents;

     (d) assist the Debtor in the development, negotiation and
confirmation of a plan of reorganization and the preparation of a
disclosure statement; and

     (e) perform other legal services that the Debtor may request
in connection with its Chapter 11 case.

Mr. Cantu and his legal assistant will charge $325 per hour and $75
per hour, respectively.  In addition, the attorney will seek
reimbursement for out-of-pocket expenses incurred.

In court filings, Mr. Cantu disclosed that he is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.

Mr. Cantu can be reached at:
   
     Oscar L. Cantu, Jr., Esq.
     1004 S. St. Mary's
     San Antonio, TX 78205
     Telephone: (210)846-0356
     Facsimile: (210)941-0811

                       About Segovia Lodge

Segovia Lodge, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No.
20-11290) on Nov. 30, 2020.  At the time of the filing, the Debtor
had estimated assets of between $500,001 and $1 million and
liabilities of between $100,001 and $500,000.   

Oscar L. Cantu, Esq., an attorney practicing in San Antonio, Texas,
represents the Debtor in its Chapter 11 case.


SUMMIT MIDSTREAM: S&P Cuts Series A Preferred Equity Rating to 'D'
------------------------------------------------------------------
S&P Global Ratings affirmed its 'SD' (selective default) issuer
credit rating on Summit Midstream Partners L.P. (SMLP). At the same
time, S&P lowered its rating on the company's series A preferred
units to 'D' from 'C'.

S&P said, "We lowered our issue-level rating SMLP's preferred units
to 'D' following the close of its series A preferred unit cash
tender offer. For each series A preferred unit SMLP accepted in the
tender offer, the company provided the unitholder with $333.00,
which represents a 33.2% increase over its previous offer of
$250.00 per unit and is a 66.5% increase over the initial $200.00
offer. We view this transaction as distressed based on the
discounted trading levels of the preferred units and because the
unitholders received less than what they were originally promised.
We assess this security as having intermediate (50%) equity
content. Therefore, we are removing approximately $37.537 million
from SMLP's debt balance."

SMLP focuses on natural gas, crude, and produced water gathering,
treating, and processing across a diverse geographic footprint that
is separated into core focus and legacy areas. The core focus areas
have better long-term growth prospects and include the Utica Shale,
Williston, DJ, and Permian basins. The legacy areas exhibit lower
long-term growth and include the Piceance Basin and the Barnett and
Marcellus shales.


SUPERIOR ENERGY: Taps Ducera, Johnson Rice as Investment Bankers
----------------------------------------------------------------
Superior Energy Services, Inc. and its affiliates seek approval
from the U.S. Bankruptcy Court for the Southern District of Texas
to employ Ducera Partners LLC and Johnson Rice & Company, LLC as
investment bankers.

Ducera and Johnson Rice will perform these services:

     (a) assist in developing financial data and presentations to
the Debtors, the Board of Directors of the Debtors, creditors and
other parties;

     (c) analyze the Debtors' financial liquidity and evaluate
alternatives to improve such liquidity;

     (d) assist in the evaluation of the Debtors' valuation, debt
capacity and alternative capital structures in light of their
projected cash flow;

     (e) review and analyze the business plans and forecasts of the
Debtors;

     (f) provide such other advisory services as may be agreed upon
by the Debtors;

     (g) analyze various restructuring scenarios and the potential
impact of these scenarios on the value of the Debtors and the
recoveries of those stakeholders impacted by the restructuring;

     (h) provide strategic advice with regard to restructuring or
refinancing of the Debtors' existing obligations;

     (i) provide financial advice and assistance to the Debtors in
developing a restructuring;

     (j) provide financial advice and assistance to the Debtors in
structuring any new securities to be issued under a restructuring;
and

     (k) assist the Debtors or participate in negotiations with
entities or groups affected by the restructuring.

The investment bankers will be compensated as follows:

     (a) Monthly Fee: $175,000 per month.

     (b) Restructuring Fee: $6,500,000, plus, a discretionary fee.

     (c) Investment Banker Discount: Debtors will receive a
discount of $87,500 per month against the discretionary component
of the restructuring fee for each month commencing six months after
commencement of the monthly advisory fee.

     (d) Expenses: The Debtors will reimburse the investment
bankers for out-of-pocket expenses incurred.

Derron Slonecker, a partner at Ducera Partners, and Joshua
Cummings, a partner at Johnson Rice, disclosed in court filings
that their firms are "disinterested persons" as that term is
defined in Section 101(14) of the Bankruptcy Code.

The firms can be reached through:
   
     Derron S. Slonecker
     Ducera Partners LLC
     11 Times Square, Floor 36
     New York, NY 10036
     Telephone: (212) 671-9700

           - and –

     Joshua C. Cummings
     Johnson Rice & Company, LLC
     639 Loyola Avenue, Suite 2775
     New Orleans, LA 70113
     Telephone: (504) 584-1247
     cummings@jrco.com

                   About Superior Energy Services

Headquartered in Houston, Texas, Superior Energy Services (SPN)
serves the drilling, completion and production-related needs of oil
and gas companies worldwide through a diversified portfolio of
specialized oilfield services and equipment.  Visit
htttp://www.superiorenergy.com for more information.

As of June 30, 2020, Superior Energy Services had $1.73 billion in
total assets, $222.9 million in total current liabilities, $1.28
billion in long-term debt, $135.7 million in decommissioning
liabilities, $54.09 million in operating lease liabilities, $2.53
million in deferred income taxes, $125.74 million in other
long-term liabilities, and a total stockholders' deficit of $95.13
million.

On Dec. 7, 2020, Superior Energy and its affiliates sought Chapter
11 protection (Bankr. S.D. Tex. Lead Case No. 20-35812) to seek
approval of a prepackaged Chapter 11 plan of reorganization.
Westervelt T. Ballard, Jr., authorized signatory, signed the
petitions.

At the time of the filing, Superior Energy disclosed $884,723 in
assets and
$1,383,151,024 in liabilities.  

Judge David R. Jones oversees the cases.

The Debtors tapped Latham & Watkins, LLP and Hunton Andrews Kurth,
LLP as their legal counsel; Ducera Partners, LLC and Johnson Rice
&
Company, LLC as investment banker and financial advisor; Alvarez &
Marsal North America, LLC as restructuring advisor; and Ernst &
Young, LLP as tax advisor.  Kurtzman Carson Consultants, LLC is
the
notice, claims and balloting agent.

Davis Polk & Wardwell LLP and Porter Hedges LLP serve as legal
counsel for an ad hoc group of noteholders.  Evercore LLC is the
noteholders' financial advisor.

FTI Consulting, Inc. serves as financial advisor for the agent for
the Debtors' secured asset-based revolving credit facility, with
Simpson Thacher & Bartlett LLP acting as legal counsel.


T & C DOWNTOWN: Seeks Approval to Hire Bookkeeping Consultant
-------------------------------------------------------------
T & C Downtown Development, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
Sharon Chamness, a  bookkeeping consultant.

Ms. Chamness will render these professional services:

     (a) assist in the preparation of monthly operating reports
during the course of the Debtor's bankruptcy proceeding;

     (b) perform general bookkeeping services;

     (c) assist in the preparation of documents necessary for
confirmation of the Debtor's Chapter 11 plan;

     (d) provide bookkeeping advice to the Debtor; and

     (e) other such functions as requested by the Debtor or its
legal counsel.

Ms. Chamness will be paid at these rates:

     Bookkeeping                       $45 per hour
     Attendance and Testimony at Court $90 per hour

In addition, Ms. Chamness will seek reimbursement for out-of-pocket
expenses incurred.

Ms. Chamness disclosed in court filings that she is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                 About T & C Downtown Development

T & C Downtown Development, LLC, an owner and operator of
restaurants in Orlando, Fla., filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla.
Case No. 20-06461) on Nov. 22, 2020. Timothy Green, manager, signed
the petition.  At the time of the filing, the Debtor was estimated
to have $500,000 to $1,000,000 in assets and $1,000,001 million to
$10,000,000 in liabilities.

Judge Lori V. Vaughan oversees the case.

The Debtor tapped Bartolone Law, PLLC, led by Aldo G. Bartolone,
Esq., as its legal counsel and Sharon Chamness as its bookkeeping
consultant.


TALK VENTURE: May Use Cash Collateral Thru Feb. 10
--------------------------------------------------
Judge Theodor C. Albert of the U.S. Bankruptcy Court for the
Central District of California in Santa Ana has entered an order
granting Talk Venture Group, Inc.'s request to use cash collateral
through the hearing on February 10, 2021, at 10:00 a.m.

The Debtor previously won permission to use cash collateral on an
interim basis through December 2, 2020.  The two-page order
provided that the Debtors' secured creditors are secured by all
assets of the Debtor, which constitutes cash collateral; and
continued use of cash collateral is allowed on the same terms and
conditions through the new hearing date.

As reported by the Troubled Company Reporter on February 7, 2020,
Talk Venture Group asked the Bankruptcy Court to authorize use of
cash collateral to pay necessary and ordinary expenses of its
business to allow the Debtor to emerge as a reorganized Debtor.

According to the Debtor's Cash Collateral Motion, secured creditor
claims against the Debtor are estimated at $4,304,828.79,
including:

   * Well Fargo Bank, N.A. - $1,005,715 (1st priority lien),
$226,332.81 (2nd priority lien),

   * Bank of California - $1,711,810.39 (3rd lien interest),
$84,383.79 (4th priority lien).

The Ohio Dept. of Job and Family Service also asserts a priority
unsecured claim estimated at $3,173.28 for tax assessment.

As adequate protection, the Debtor proposed to give its secured
creditors a post-petition replacement lien on all of its
post-petition assets based on the priority and up to the value of
the cash collateral actually used post-petition.  The Debtor
offered its first priority secured creditor, Wells Fargo, monthly
adequate protection payment of $10,000, due by the 20th of every
month beginning Jan. 20, 2020.

                 About Talk Venture Group, Inc.

Talk Venture Group, Inc., sells a variety of products, including
baby safety products, auto towing straps, security surveillance
cameras, and bicycling apparel and shoes.  Talk Venture Group filed
for Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No.
19-14893) on Dec. 19, 2019.  In the petition signed by Paul Se Won
Kim, its president, the Debtor was estimated to have under $500,000
in assets and under $10 million in liabilities.  The Hon. Theodor
Albert oversees the case.  The Debtor is represented by Michael Jay
Berger, Esq., at Law Offices of Michael Jay Berger.



THG PROPERTIES: Town Hospitality Unsecureds to Get 25% Dividend
---------------------------------------------------------------
THG Properties LLC and Town Hospitality Group, Inc., filed with the
U.S. Bankruptcy Court for the District of Massachusetts, Eastern
Division, a Joint Chapter 11 Plan of Reorganization and a Joint
Disclosure Statement on Dec. 18, 2020.

The Debtors' Plan is premised on, and contingent upon, the purchase
and refinancing, by Acorn Capital LLC, of its senior secured debt
currently held by Avidia Bank.  The refinancing, along with the
Debtors' current cash and future operations, will permit the
Debtors to provide a meaningful distribution to creditors.

The Plan further contemplates the satisfaction in full of all
administrative and priority claims; the full satisfaction of the
secured claims of the Massachusetts Department of Revenue and the
Internal Revenue Service to the extent that such claims are
attributable to unpaid prepetition taxes and interest; the payment
of a 100% dividend, on the effective date, to the holders of
allowed general unsecured claims in the THG case; and the payment
of a 25% dividend to the holders of general unsecured claims in the
Town Hospitality case, including by agreement certain subordinated
claims of the DOR and the IRS attributable to penalties, over a
period of 36 months from the effective date of the Plan.

The equity interest holders of THG and Town Hospitality are James
Derosier, Ryan Campbell, Greg Miscikowski and Todd Tierney, who
shall receive no distribution under the Plan on account of such
interests, but will retain unaltered, the legal, equitable and
contractual rights to which such interests were entitled as of the
petition date.

A full-text copy of the Joint Disclosure Statement dated Dec. 18,
2020, is available at https://bit.ly/3mRef8W from PacerMonitor at
no charge.

Counsel for the Debtors:

         David B. Madoff, Esq.
         MADOFF & KHOURY LLP
         124 Washington Street, Suite 202
         Foxborough, MA 02035
         Tel: 508-543-0040
         E-mail: alston@mandkllp.com

                     About THG Properties

THG Properties LLC is a Massachusetts Limited Liability Company
that owns and operates the real property located at 386 Commercial
Street, Provincetown, Massachusetts.  The Property is tenanted by a
15-room guest house known as the Waterford Inn and a restaurant
called Spindlers. The Inn and Restaurant are owned by Town
Hospitality, a Massachusetts corporation.  Both are owned by the
same individuals.  The Property has an appraised value of $5.94
million.

THG Properties sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Mass. Case No. 20-10644) on March 5, 2020.  The
petition was signed by James Derosier, manager.  At the time of
filing, the Debtor had $5,988,300 in assets and $3,571,822 in
debts. THG Properties LLC is a single asset real estate debtor (as
defined in 11 U.S.C. Section 101(51B)).  

Town Hospitality Group filed for Chapter 11 protection (Bankr. D.
Mass. Case No. 20-11496) on July 14, 2020, listing under $500,000
in estimated assets and $1 million to $10 million in estimated
liabilities.

The two cases are jointly administered.

Judge Frank J. Bailey oversees the cases.  The Debtors are
represented by David B. Madoff, Esq., at Madoff & Khoury, LLP.  No
creditors' committee has been appointed in either case.


TRAVELEXPERIENCE LLC: Jan. 19, 2021 Plan & Disclosure Hearing Set
-----------------------------------------------------------------
On Dec. 15, 2020, TravelExperience, LLC, filed with the U.S.
Bankruptcy Court for the District of New Jersey a Plan of
Liquidation and a Disclosure Statement.

On Dec. 17, 2020, Judge John K. Sherwood conditionally approved the
Disclosure Statement and ordered that:

   * Jan. 12, 2021 is fixed as the last day for filing and serving
written objections to the Disclosure Statement and confirmation of
the Plan.

   * Jan. 12, 2021 is fixed as the last day for filing written
acceptances or rejections of the Plan.

   * Jan. 19, 2021 at 10:00 AM in the United States Bankruptcy
Court, District of New Jersey, 50 Walnut Street, Newark, NJ 0710,
in Courtroom 3D is the hearing for final approval of the Disclosure
Statement (if a written objection has been timely filed) and for
confirmation of the Plan.

A full-text copy of the order dated Dec. 17, 2020, is available at
https://bit.ly/3ruGtty from PacerMonitor at no charge.

Attorney for the Debtor:

         Law Offices of Andy Winchell, P.C.
         Andy Winchell
         100 Connell Drive, Suite 2300
         Berkeley Heights, New Jersey 07922
         Telephone No. (973) 457-4710
         E-mail: andy@winchlaw.com

                   About TravelExperience

TravelExperience LLC operated as the American arm of a tour company
that facilitated guided visits to attractions in Rome, Italy.  The
company sought Chapter 11 protection (Bankr. D.N.J. Case No.
20-16195) on May 4, 2020.  Andy Winchell, Esq., at LAW OFFICES OF
ANDY WINCHELL, is the Debtor's counsel.


UNLOCKD MEDIA: Creditors' Recovery to Depend on Litigation
----------------------------------------------------------
Unlockd Media, Inc., and Unlockd Operations US Inc., filed a Third
Amended Combined Plan of Liquidation and a corresponding Disclosure
Statement on December 24, 2020.

The Debtors are proposing a straightforward liquidating plan in
which all of their assets and all of their liabilities will be
combined through a process known as substantive consolidation.
Substantive consolidation will eliminate all intercompany debt
between Media and Operations, which otherwise would be substantial.
All of the assets and all of the liabilities of the consolidated
entity will be transferred to a liquidation trust, which will
pursue the various causes of action.

The amount of the payments to creditors and interest Holders
depends entirely on the success of any litigation brought by the
Liquidation Trust.  There can be no guarantee that there will be
any payments whatsoever to creditors; however, if the Plan is not
approved and the Debtors are liquidated, it is anticipated that
there would be no payments beyond partial payment of Allowed
Administrative Claims.

Class 2 consists of Allowed General Unsecured Non-Insider Claims.
Each holder of an Allowed General Unsecured Non-Insider Claim will
be entitled to receive its Pro Rata share in Cash from the
Liquidation Trust Assets, subject to the Trust Waterfall, as
further provided by this Plan and the Liquidation Trust Agreement,
provided that the face amount of all Administrative Expense Claims,
Priority Tax Claims, and Priority Non-Tax Claims entitled to
greater priority than an Allowed General Unsecured Non-Insider
Claim have been paid in full or, to the extent not paid in full,
funds sufficient to satisfy the face amount have been placed in a
segregated reserve.  Pursuant to the Trust Waterfall, no payments
will be made to Class 3 until the Class 2 Allowed Claims have been
paid in full, without interest.  Class 2 Claims will bear interest
at the rate of 4% per annum from the Effective Date of the Third
Combined Plan.

The Debtors estimate that in a substantively consolidated Entity,
there will be approximately $1,830,000 of Allowed Unsecured
Non-Insider Claims.  Currently, there is approximately $2,200,600
of General Unsecured Non-Insider Claims scheduled or Filed against
the Debtors.  There is no way to estimate the payment on such
Claims, as, it will depend entirely on the Liquidation Trust
Recoveries.

Class 3 consists of Allowed General Unsecured Insider Claims.  Each
Holder of an Allowed General Unsecured Insider Claim will be
entitled to receive its pro rata share in Cash from the Liquidation
Trust Assets, subject to the Trust Waterfall, as further provided
by this Plan and the Liquidation Trust Agreement, provided that the
face amount of all Administrative Expense Claims, Priority Tax
Claims, Priority Non-tax Claims, and the face amount plus interest
at 4% per annum from the Effective Date of the Third Combined Plan
of the General Unsecured Non-Insider Claims, entitled to greater
priority than an Allowed General Unsecured Insider Claim, have been
paid in full, or, to the extent not paid in full, funds sufficient
to satisfy the face amount (an interest where appropriate) have
been placed in a segregated reserve.  Pursuant to the Trust
Waterfall, no payments will be made to Class 4 until the Class 3
Allowed Claims have been paid in full, with interest at 4% per
annum from the Effective Date.

The Debtors estimate that in a substantively consolidated Entity,
the Allowed General Unsecured Insider Claims will be approximately
$108,605.  Currently, there are approximately $9,350,000 of General
Unsecured Insider Claims scheduled or Filed against the Debtors.
There is no way to estimate the payment on such Claims, as, it will
depend entirely on the Liquidation Trust Recoveries.

On the Effective Date, all of the Assets of the Debtor will vest in
the Liquidation Trust.  The Liquidation Trustee may use such funds
to pay Administrative Expenses and Priority Tax Claims, as well as
Liquidation Trust Expenses; provided, however, that he maintain a
fund at the outset of $12,500 for the payment of statutory fees
pursuant to Section 1930 of Title 28 of the United States Code and
other urgent expenses, which may include filing fees for Causes of
Action. To the extent that the Allowed Administrative Expenses
exceed the Cash vested in the Liquidation Trust on the Effective
Date, the Holders of Allowed Administrative Expenses will be paid
their pro rata amount of cash on hand, less the $12,500 expense
fund. The remainder will be paid from Litigation Trust Recoveries
and/or any borrowings made by the Liquidation Trustee with 4%
interest from the Effective Date.  The Liquidation Trustee shall
use all Liquidation Trust Recoveries to pay Liquidation Trust
Expenses and the Unclassified Claims ahead of any payments under
the Trust Waterfall.  To the extent that further Trust Funding is
necessary, the Liquidation Trustee, with the advice of the
Liquidation Trust Advisor, is authorized to borrow money on a
non-recourse basis and enter into such litigation financing
arrangements as he shall see fit.

A full-text copy of the Third Amended Combined Plan and Disclosure
Statement dated Dec. 24, 2020, is available at
https://bit.ly/3n6wKGd from PacerMonitor.com at no charge.

Counsel for the Debtors:

          MAYERSON & HARTHEIMER, PLLC
          845 Third Avenue, 11th floor
          New York, NY 10022
          Tel: (646) 778-4380
          Sandra E. Mayerson, Esq.
          David H. Hartheimer, Esq.

                  About Unlockd Media Inc. and
                   Unlockd Operations US Inc.

Unlockd Media Inc. -- https://unlockd.com/ -- is a company that
offers Unlockd a mobile platform that rewards consumers when they
unlock their digital device and view targeted ads, content or
offers.  

Unlockd Media and its affiliate Unlockd Operations US Inc. sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Case Nos. 18-13243 and 18-13248) on Oct. 26, 2018.  At the time of
the filing, each Debtor was estimated to have assets of less than
$500,000 and liabilities of $1 million to $10 million.  The cases
have been assigned to Judge James L. Garrity Jr.


VALARIS PLC: Citibank Says Lenders Are 'Hostage' in Bankruptcy
--------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that Valaris PLC shouldn't be
given more time in bankruptcy to push its own agenda, Citibank NA
argued, saying the offshore driller is holding certain lenders
"hostage" in its reorganization efforts.

Citibank, the administrative agent for Valaris revolving credit
facility lenders, said in a Monday, December 28, 2020, court filing
that it wants an end to the company's exclusive right to advance a
pending Chapter 11 plan that would convert $7.1 billion of funded
debt to equity.

Valaris has negotiated exclusively with an ad hoc group of
noteholders to the detriment of RCF lenders since it entered
Chapter 11, Citibank said in a filing.

                       About Valaris PLC

Valaris PLC (NYSE: VAL) provides offshore drilling services.  It is
an English limited company with its corporate headquarters located
at 110 Cannon St., London. Visit http://www.valaris.com/for more
information.

On Aug. 19, 2020, Valaris and its affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 20-34114).

The Debtors tapped Kirkland & Ellis LLP and Slaughter and May as
their bankruptcy counsel, Lazard as investment banker, and Alvarez
& Marsal North America LLC as their restructuring advisor. Stretto
is the claims agent, maintaining the page
http://cases.stretto.com/Valaris    

Kramer Levin Naftalis & Frankel LLP and Akin Gump Strauss Hauer &
Feld LLP serve as legal advisors to the consenting noteholders
while Houlihan Lokey Inc. serves as their financial advisor.


VALARIS PLC: Gets Court Approval to Solicit Bankruptcy Plan Votes
-----------------------------------------------------------------
Allison McNeely of Bloomberg News reports that Valaris PLC received
court approval to collect votes on its bankruptcy plan, which
currently faces opposition from its revolving credit facility
lenders.

The offshore service company's disclosure statement was approved by
Judge Marvin Isgur in a Houston court on Wednesday, Dec. 30, 2020.
Valaris counsel and an attorney for its bank agent, Citibank, said
that the two sides were continuing to negotiate on a possible
settlement to address issues with the bankruptcy plan.

The company made a proposal before the hearing that was a
"yes-or-no" settlement offer, which the RCF lenders objected to and
the bondholders accepted, Citibank lawyer Fredric Sosnick said.

                        About Valaris PLC

Valaris plc (NYSE: VAL) provides offshore drilling services.  It is
an English limited company with its corporate headquarters located
at 110 Cannon St., London. On the Web: http://www.valaris.com/

On Aug. 19, 2020, Valaris and its affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 20-34114).  The Debtors
had total assets of $13,038,900,000 and total liabilities of
$7,853,500,000 as of June 30, 2020.

The Debtors tapped Kirkland & Ellis LLP and Slaughter and May as
their bankruptcy counsel, Lazard as investment banker, and Alvarez
& Marsal North America LLC as their restructuring advisor.  Stretto
is the claims agent, maintaining the page
http://cases.stretto.com/Valaris         

Kramer Levin Naftalis & Frankel LLP and Akin Gump Strauss Hauer &
Feld LLP serve as legal advisors to the consenting noteholders
while Houlihan Lokey Inc. serves as their financial advisor.


VP CONSTRUCTION: Seeks to Hire Tyler Bartl as Legal Counsel
-----------------------------------------------------------
VP Construction, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Virginia to employ Tyler, Bartl &
Ramsdell, P.L.C. as its legal counsel.

The law firm will render these legal services:

     (a) assist with required schedules and related forms;

     (b) represent the Debtor at the creditors' meetings;

     (c) advise the Debtor of its duties and responsibilities under
the Bankruptcy Code;

     (d) assist in preparing monthly financial forms;

     (e) analyze cash flow and financial matters;

     (f) assist and advise the Debtor in connection with executory
contracts;

     (g) draft documents to reflect agreements with creditors;

     (h) resolve motions for relief from stay and adequate
protection;

     (i) negotiate to obtain financing and use of cash collateral
as necessary;

     (j) determine whether reorganization, dismissal or conversion
is in the best interests of the Debtor and its creditors;

     (k) work with creditors' committee and other counsel, if any;

     (l) work on any disclosure statement and plan of
reorganization; and

     (m) handle other matters that arise in the normal course of
administration of the Debtor's bankruptcy estate.

The firm will charge the Debtor at its usual and customary hourly
rate of $450 for bankruptcy services rendered and will seek
reimbursement for out-of-pocket expenses incurred.

The Debtor advanced a total of $23,262 to the firm.  From this
retainer, the firm applied $4,303 to legal fees and expenses earned
prior to the Debtor's bankruptcy filing, including the $1,738
filing fee, leaving a balance of $20,697, which will be held in the
firm's trust account.

Steven Ramsdell, Esq., at Tyler Bartl, disclosed in court filings
that the firm is a "disinterested person" as that term is defined
in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:
   
     Steven B. Ramsdell, Esq.
     Tyler, Bartl & Ramsdell, P.L.C.
     300 N. Washington St., Suite 310
     Alexandria, VA 22314
     Telephone: (703) 549-5003

                       About VP Construction

VP Construction, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Va. Case No. 20-12729) on Dec. 17,
2020. VP Construction President Karl Timothy vanVonno signed the
petition.  At the time of the filing, the Debtor was estimated to
have less than $50,000 in assets and $1 million to $10 million in
liabilities.  

Tyler, Bartl & Ramsdell, P.L.C., led by Steven B. Ramsdell, Esq.,
serves as the Debtor's legal counsel.


WIRTA HOTELS: Unsecured Creditors to be Paid in Full Over Time
--------------------------------------------------------------
Wirta Hotels 3, LLC and Wirta 3, LLC, filed with the U.S.
Bankruptcy Court for the Western District of Washington at Seattle
a Joint Chapter 11 Plan of Reorganization and a Disclosure
Statement on Dec. 17, 2020.

The Plan is filed under chapter 11 of the Bankruptcy Code and
proposes to pay creditors of the Debtors from the proceeds of the
Debtors' operation of the Hotel in the ordinary course of business.
The Plan provides for one class of Allowed Secured Claims, five
Classes of Allowed Unsecured Claims, and one Class of Equity
Interests.  The Plan proposes to pay general unsecured creditors
the full amount of their Allowed Claims over the Plan Period.

The principal purpose of the Plan is to restructure the terms of
the Loan Agreement so that the Debtors are well-positioned for
long-run success.  The Plan embodies an entirely financial
restructuring, and virtually no changes are anticipated to the
Debtors' key operations Once the COVID-19 pandemic begins to
recede, the Debtors anticipate being in a strong position to take
advantage of the strong tourist appeal of the Olympic Peninsula and
the thriving economy of Western Washington.  Accordingly, the
Principals, Bret Wirta and Patricia Wirta, will retain ownership of
the Debtors, and the Plan proposes to pay the holders of Unsecured
Claims in full over time out of the revenues generated by the
Reorganized Debtors' operation of the Hotel.

Although proposed jointly for administrative purposes, the Plan
constitutes a separate plan of reorganization for each Debtor for
the resolution of outstanding Claims pursuant to the Bankruptcy
Code.

The payments required under the Plan will be made primarily from
the following sources: (a) the proceeds generated from the
operation of the Debtors’ business; (b) the proceeds of any
Causes of Action and Claims which the Debtors and/or their Estates
have brought and/or may elect to bring, including, without
limitation, any proceeds of such Causes of Action; and (c) the
proceeds of any sale transaction to be entered into by the Debtors,
including any sale of an Asset. The proceeds of any such sale shall
be distributed first to satisfy Wilmington's Secured Claim (if the
Assets sold are subject to Wilmington's Lien) or to the Holder of
any other valid Lien on such Assets.  Any remaining proceeds of
such sale shall be held by the Debtors and used to satisfy their
obligations in accordance with the Plan.

A full-text copy of the Disclosure Statement dated December 17,
2020, is available at https://bit.ly/3rrIQ05 from PacerMonitor at
no charge.

Counsel to the Debtors:

          FOSTER GARVEY P.C.
          Tara J. Schleicher
          Dan Youngblut
          1111 Third Avenue
          Seattle, WA 98101
          Phone: (206) 447-4400
          E-mail: tara.schleicher@foster.com
          E-mail: dan.youngblut@foster.com

                  About Wirta Hotels 3 and Wirta 3

Wirta Hotels 3, LLC and Wirta 3, LLC are privately held companies
that operate in the hotels and motels industry.  Wirta Hotels owns
the Holiday Inn Express & Suites in Sequim, Wash.

On Sept. 18, 2020, Wirta Hotels and Wirta 3 filed Chapter 11
petitions (Bankr. W.D. Wash. Lead Case No. 20-12398).  At the time
of the filing, Wirta Hotels disclosed $2,365,830 in assets and
$2,805,775 in total liabilities while Wirta 3 disclosed $13,214,141
in assets and $7,017,530 in liabilities.  Judge Marc Barreca
oversees the cases.  Foster Garvey, PC is the Debtor's legal
counsel.


X-BUILT LLC: Seeks Approval to Hire Bankruptcy Counsel
------------------------------------------------------
X-Built, LLC seeks approval from the U.S. Bankruptcy Court for the
Northern District of Ohio to employ Aaron Ridenbaugh, Esq., of
Gibson & Moran LLC, as its legal counsel.

Mr. Ridenbaugh will render these legal services:

     (a) draft and file pleadings and litigation;

     (b) draft correspondence and attendance at hearings;

     (c) perform legal research;

     (d) make telephone calls; and

     (e) other services related to the Debtor's Chapter 11 case.

The attorney will be compensated at his hourly rate of $200, plus
approved expenses.

In court filings, Mr. Ridenbaugh disclosed that he is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

Mr. Ridenbaugh can be reached at:
   
     Aaron A. Ridenbaugh, Esq.
     Gibson & Moran LLC
     234 Portage Trail
     P.O. Box 535
     Cuyahoga Falls, OH 44222
     Telephone: (330) 929-0507
     Email: aaron@gibsonmoran.com

                         About X-Built LLC

X-Built, LLC sought Chapter 11 protection (Bankr. N.D. Ohio Case
No. 20-52045) on Nov. 12, 2020, listing under $1 million in both
assets and liabilities.  Judge Alan M. Koschik oversees the case.
The Debtor tapped David A. Mucklow, Esq. and Aaron A. Ridenbaugh,
Esq. as its legal counsel.


YUNHONG CTI: Gets Noncompliance Notice From Nasdaq
--------------------------------------------------
Yunhong CTI Ltd. received on Dec. 21, 2020, a notice of failure to
satisfy a continued listing standard from Nasdaq under Listing Rule
5550(b)(1).  The Notice indicated that the Company failed to meet
the minimum equity standard of $2,500,000, since the Company's Form
10-Q for the period ended Sept. 30, 2020 disclosed shareholders'
equity of $1,733,013.  The Company has 45 days to submit a plan to
regain compliance.  If that plan is accepted, the Company may be
granted up to 180 calendar days from the date of the letter to
evidence compliance.  Failure to regain compliance with standards
for continued listing would result in the ultimate de-listing of
the Company's common stock, ticker symbol "CTIB", from Nasdaq.  The
Company intends to respond with a plan designed to regain
compliance.

                        About Yunhong CTI Ltd.

Yunhong CTI Ltd. f/k/a CTI Industries --
http://www.ctiindustries.com-- is a manufacturer and marketer of
foil balloons and producer of laminated and printed films for
commercial uses.  Yunhong CTI also distributes Candy Blossoms and
other gift items and markets its products throughout the United
States and in several other countries.

Yunhong CTI reported a net loss of $8.07 million for the year ended
Dec. 31, 2019, compared to a net loss of $3.74 million for the year
ended Dec. 31, 2018, following a net loss of $1.78 million for the
year ended Dec. 31, 2017.  As of Sept. 30, 2020, the Company had
$21.95 million in total assets, $20.21 million in total
liabilities, and $1.73 million in total stockholders' equity.

RBSM, in Larkspur, CA, the Company's auditor since 2019, issued a
"going concern" qualification in its report dated May 14, 2020,
citing that the Company has suffered net losses from operations and
liquidity limitations that raise substantial doubt about its
ability to continue as a going concern.


[*] 16 Illinois Store Chains That Said Goodbye in 2020
------------------------------------------------------
Lorraine Swanson of Patch reports that the 2020 coronavirus
pandemic wreaked havoc on retail, restaurant and movie theater
chains in Illinois and around the United States.  Businesses across
the United States faced unprecedented challenges amid the
coronavirus pandemic, including chain stores.  Here are several
companies that closed their doors in 2020 due to economic fallout
from the public health crisis:

* Papyrus

The greeting card and gift chain's 260 stores (down from 450)
entered liquidation in January 2020. Six stores in Illinois are
slated for closure.

* Macy's

The department store chain in early February 2020 announced plans
to close 125 stores over the next three years, around a fifth of
its brick-and-mortar footprint.  The first Illinois stores slated
for closure were in Carbondale and West Dundee, with 13 Macy's
stores remaining in the state.

* Pier 1

The home furnishings chain in May 2020 announced plans to shutter
all of its 541 stores.  The company said it would reopen its stores
after the pandemic but only long enough to sell off its inventory.

* Bed, Bath & Beyond

Bed Bath & Beyond is closing stores across the U.S., including
three in the Chicago area at 530 N. State St. in Chicago, 3340
Shoppers Drive in McHenry and 1057 N. Elmhurst Road in Mount
Prospect. Company officials said in May 2020 that the stores "no
longer meet the standards our customers expect from us."

* J. Crew

The preppy clothier was the first major retailer in the U.S. to
file for bankruptcy last May 2020 after the pandemic started.  The
retailer has a store in Northbrook Court.

* Tuesday Morning

The home goods retailer filed for Chapter 11 bankruptcy in May
2020, closing stores in Downers Grove, Naperville and Wheaton.

* GNC

The supplement chain in June 2020 filed for bankruptcy and
announced plans to close 13 Illinois stores and between 800 and
1,200 stores nationwide.

* J.C. Penney

The department store chain in June 2020 said it would close 154
locations, including five in Illinois.  On May 15, 2020, filed
voluntary petitions for reorganization under Chapter 11 of the U.S.
Bankruptcy Code.

* Catherine's

The affordable plus-sized clothing retailer for women is shuttering
13 stores in Illinois. Parent company Ascena filed for bankruptcy
in July 2020.

* Justice

The tween-focused apparel chain for girls ages 6 to 12 closed 26
stores in Illinois. Parent company Ascena filed for Chapter 11
bankruptcy in July 2020. In the shop's final week of liquidation,
all inventory was priced under $10.

* LOFT

Two Ann Taylor's LOFT outlet stores closed, including a location at
662 W. Diversey Ave. in Chicago and one in Gurnee Mills.  The Lou &
Grey store at 3442 N. Southport Ave. in Chicago also shuttered.
Disrupted by the COVID-19 pandemic, parent company Ascena blamed
the pandemic for negatively impacting "meaningful progress" toward
getting the company back on track financially.  Ascena filed for
Chapter 11 bankruptcy in July 2020.

* Lord & Taylor

America's oldest department store filed for Chapter 11 bankruptcy
in August 2020.  The chain was acquired by the clothing retail
start-up Le Tote in 2019. Both companies filed for bankruptcy.
Lord & Taylor, which traces its roots to 1826, closed 37 stores,
including the Woodfield Mall location in Schaumburg.

* Men's Wearhouse

Citing a lack of demand for men's business attire during the
coronavirus shutdown, parent Joseph A. Bank filed for bankruptcy in
August 2020, immediately shuttering nine stores in Illinois.

* AMC Theatres

In June 2020, the world's largest movie chain expressed
"substantial doubt" the company could remain in business after the
coronavirus pandemic forced the closure of all of its locations,
including 51 screens in Illinois. AMC Woodridge 18 permanently
closed in November 2020.

* Regal Cinemas

The second-largest cinema chain announced in October 2020 that it
was suspending operations in the United States due to the pandemic.
Nine Regal move theaters in Illinois were affected, including in
Bolingbrook, Lake Zurich, Moline, Warrenville, Crystal Lake,
Lincolnshire, Round Lake Beach, and two in Chicago -- Webster Place
and City North.

* Francesca's

At the end of 2020, the boutique announced it was closing 140
locations nationwide after filing chapter 11 bankruptcy. The Joliet
and Orland mall stores are among those that are shutting down.


[*] Big Bankruptcy Cases Arrived in Richmond in 2020
----------------------------------------------------
Michael Schwartz of Richmond BizSense reports that within the
Richmond legal community in 2020, big corporate bankruptcies
arrived in Richmond federal court wrapped as the gifts that will
keep on giving.  The reputation of the Richmond district of the
federal court system helped lure a bevy of bankrupt out-of-town
companies -- mostly retailers -- to file their cases in Richmond.
Most recent among them was Guitar Center, which is seeking a
Chapter 11 safe haven while the pandemic plays out.

Few instances captured the attention of the local legal scene like
the saga of Bruce Matson.  The longtime LeClairRyan bankruptcy
court veteran was disbarred for mishandling millions of dollars
from the LandAmerica bankruptcy trust account.  And Matson's former
firm continued to make news in 2020, as LeClairRyan's bankruptcy
unfolded and will continue well into 2021 and perhaps beyond.

Another longtime local legal controversy, the collapse and
bankruptcy of MGT Construction, took notable steps during the year.
One of the company's former employees admitted to having a hand in
the accounting scheme that led to the firm's collapse, while the
MGT liquidation process was brought to a close.

While the former MGT employee awaits sentencing in his criminal
case, prominent local mortgage executive and developer Michael Hild
is looking ahead to 2021 to make his case that he was not
criminally at fault for the collapse of his firm, Live Well
Financial.

The sad tale of Throop Law, a small local bankruptcy firm, came to
its final chapter this summer, when its founder and namesake died
unexpectedly and without a succession plan for his business.  That
forced the Virginia State Bar to step in, in a process that
eventually led to the bulk of the firm’s assets being sold to one
of its former attorneys.

The legal battle over Richmond's Confederate monuments led to some
interesting news during a summer of unrest.  In particular, the
fate of the state-owned Lee Monument led to a game of hot potato
among city circuit court judges in the form of a recusal streak.
As the year closes out, the last leg of the case is still pending
and the statue still stands.

On the merger front, the marriage of two large law firms, Troutman
Sanders and Pepper Hamilton, had a ripple effect in Richmond,
including a spiced up new name for the combined firms.


[*] Retail Chains in Idaho Falls That Didn't Survive 2020
---------------------------------------------------------
Sally Krutzig of the Post Register reports that the coronavirus
pandemic created severe difficulties for many businesses. Idaho
Falls saw several brand name store closures.

Yet many local stores survived, despite massive numbers of closures
within their company nationwide.  Companies with local stores that
significantly downsized this year include GNC (1,200 closures),
GameStop (320 closures), Bed Bath & Beyond (260 closures),
Victoria's Secret (250 closures), J.C. Penney (204 closures), The
Children's Place (200 closures), Macy's (125 closures) and Men's
Wearhouse (66 closures). However, the Idaho Falls and Ammon
branches of these companies all survived and will continue to
operate for the foreseeable future. According to a local GameStop
manager, the area's population growth has meant sales have
continued to increase each year, helping eastern Idaho locations
avoid the ax.

The Post Register looks back at some of the retail brands locals
said goodbye to in 2020.

* Kay Jewelers

Nationwide closures: 300

Signet, the jewelry brand parent company of Kay Jewelers, Zales and
Jared The Galleria of Jewelry, closed hundreds of locations this
2020. The Kay Jewelers inside the Grand Teton Mall was one of the
casualties. The store closed around April 2020.

Signet, the "world's largest retailer of diamond jewelry," owns
approximately 3,200 locations worldwide. However, the Ohio-based
company was hit hard by the pandemic. Its last quarter sales had
dropped by 40%, according to a National Jewelers report. Signet
announced it will be focusing more on online sales going forward.

* Pier 1 Imports

Nationwide closures: 936

In May 2020, Pier 1 Imports announced it would be permanently
closing all its locations. By September 2020, the Idaho Falls store
on East 17th Street had shuttered.

The Fort Worth, Texas-based company known for its home décor was
unable to find a buyer after filing for bankruptcy in February
2020. CEO Robert Riesbeck attributed the lack of buyers to
challenges created by the coronavirus pandemic.

"This decision follows months of working to identify a buyer who
would continue to operate our business going forward.
Unfortunately, the challenging retail environment has been
significantly compounded by the profound impact of COVID-19,
hindering our ability to secure such a buyer and requiring us to
wind down," Riesbeck said in a statement.

Retail ECommerce Ventures bought the brand in July 2020 and has
since restarted Pier 1 Imports as an exclusively online store.

Started in 1962, Pier 1 Imports originally catered to "post-World
War II baby boomers looking for beanbag chairs, love beads and
incense," according to the company website. It expanded over the
decades to become one of the most prominent home-décor stores in
the country.

* Tuesday Morning

Nationwide closures: 232

The Idaho Falls deep-discount home goods store, also on East 17th
Street, began liquidation sales in June 2020 after the Dallas-based
company filed for Chapter 11 bankruptcy protection. The Pocatello
location soon followed.

CEO Steve Becker attributed the bankruptcy to the coronavirus,
which presented an "insurmountable financial hurdle."

"Prior to the pandemic, we were gaining momentum in our merchant
organization, growing our vendor base and improving brands,
assortment and value for our customers, while investing in our
technology and corporate leadership team," Becker said in a
statement. "However, the complete halt of store operations for two
months put the company in a financial position that can be
effectively addressed only through a reorganization in Chapter
11."

* Gordmans

Closures: 738

Gordmans in Blackfoot was preparing to close its doors for good
before ever opening them when its parent company, Stage Stores,
filed for Chapter 11 bankruptcy in May 2020. The Blackfoot store's
grand opening was originally planned for March 31 but was postponed
to May 2020 due to pandemic concerns. Upon opening in May 2020, it
immediately went into liquidation, according to a Blackfoot store
manager.

Gordmans is a department store brand that offers discounted items
that include clothing, accessories, home décor, and furniture. The
chain's arrival in eastern Idaho was part of a decision by Stage
Stores to convert all Bealls and other department stores it owns
into Gordmans.

Stage had originally planned to convert more than 500 department
stores across the country in 2020, including Bealls, Goody's,
Palais Royal, Peebles, and Stage, into Gordmans. Had the
change-overs been completed as planned, Gordmans would have become
one of the largest retail chains in the United States.

* A.C. Moore

Nationwide closures: 145

A.C. Moore, an arts and crafts store, closed all of its locations
this 2020. Included in that was the East 25th Street location. The
Idaho Falls store closed in March. A.C. Moore is the only store on
this list that did not attribute its closures to the pandemic. The
company announced its decision in November 2019.

"Unfortunately, given the headwinds facing many retailers in
today's environment, it made it very difficult for us to operate
and compete on a national level," CEO Anthony Piperno said in a
statement.


[^] BOOK REVIEW: Bankruptcy Crimes
----------------------------------
Author:  Stephanie Wickouski
Publisher:  Beard Books
Softcover:  395 Pages
List Price:  $124.95
Review by Gail Owens Hoelscher
Order your personal copy today at
https://bit.ly/3dTzyDY

Did you know that you could be executed for non-payment of debt in
England in the 1700s?  Or that the nailing of an ear was the
sentence for perjury in bankruptcy cases in 1604?  While ruling out
such archaic penalties, Stephanie Wickouski does believe "in the
need for criminal sanctions against bankruptcy fraud and for
consistent, effective enforcement of those sanctions."  She decries
the harm done to individuals through fraud schemes and laments the
resulting erosion in public confidence in the judicial system.
This leading authoritative treatise on the subject of bankruptcy
fraud, first published in August 2000 and updated annually with new
material, will prove invaluable for bankruptcy law practitioners,
white collar criminal practitioners, and prosecutors faced with
criminal activity in bankruptcy cases.  Indeed, E. Lawrence
Barcella, Jr. of Paul, Hastings, Janofsky, and Walker, in
Washington, DC, said, "If I were a lawyer involved in a bankruptcy
matter, whether civil or criminal, and had only one reference work
that I could rely upon, it would be this book."  And, Thomas J.
Moloney with Cleary, Gottlieb, Steen & Hamilton described the book
as "an essential reference tool."

An estimated 10% of bankruptcy cases involve some kind of abuse or
fraud. Since launching Operation Total Disclosure in 1992, the U.S.
Department of Justice has endeavored to send the message that
bankruptcy fraud will not be tolerated.  Bankruptcy judges and
trustees are required to report suspected bankruptcy crimes to a
U.S. attorney. The decision to prosecute is based on the level of
loss or injury, the existence of sufficient evidence, and the
clarity of the law.  In some cases, civil penalties for fraud are
deemed sufficient to punish and deter.

Ms. Wickouski suggests that some lawyers might not recognize
criminal activity that the DOJ now targets for investigation. She
gives several examples, including filing for bankruptcy using an
incorrect Social Security number, and receiving payments from a
bankruptcy debtor that were not approved by the bankruptcy court.
In both of these real life examples, DOJ investigations led to
convictions and jail time.

Ms. Wickouski says that although new schemes in bankruptcy fraud
have come along, others have been around for centuries.  She takes
the reader through the most common traditional schemes, including
skimming, the bustout, the bleedout, and looting, as well as some
new ones, including the bankruptcy mill. The main substance of
Bankruptcy Crimes is Ms. Wickouski's detailed analysis of the U.S.
Bankruptcy Criminal Code, chapter 9 of title 18, the Federal
Criminal Code. She painstakingly analyzes each provision, carefully
defining terms and providing clear and useful examples of actual
cases.  She ends with a good chapter on ethics and professional
responsibility, and provides a comprehensive set of annexes.

Bankruptcy Crimes is never dry, and some of the cases will make you
nostalgic for the days of ear-nailing.  This comprehensive, well
researched treatise is a particularly invaluable guide for debtors'
counsel in dealing with conflicts, attorney-client relationships,
asset planning, and an array of legal and ethical issues that
lawyers and bankruptcy fiduciaries often face in advising clients
in financially distressed situations.

Stephanie Wickouski is a partner at Bryan Cave Leighton Paisner
LLP, advising clients on all aspects of bankruptcy, insolvency and
commercial transactions, including bond defaults, trust indentures,
business acquisitions, real estate, health care and financial
fraud. With more than 30 years of experience handling complex
reorganization cases throughout the country, she has served as lead
bankruptcy counsel in multiple high-profile cases.

Ms. Wickouski is also the author of Indenture Trustee Bankruptcy
Powers & Duties, an essential guide to the legal role of bond
trustee.  She also writes the Corporate Restructuring blog
(http://blogs.bankrupt.com).She has a national reputation and is
an industry leader in corporate insolvency, and is a frequent
lecturer, author and commentator on bankruptcy subjects.

Ms. Wickouski joined Gardner Carton & Douglas' Corporate
Restructuring Practice as a partner in August 2002 and worked in
the Firm's Washington, D.C. office.  Prior to joining Gardner
Carton & Douglas, she was a partner at Arent Fox Kintner Plotkin &
Kahn in Washington, D.C. and New York City, and prior to that, a
partner at Reed Smith.

Prior to entering private practice, she was a trial attorney with
the Civil Division of the U.S. Department of Justice, where she
received awards for her handling of litigation in airline
bankruptcies. She is a panel mediator for the U.S. Bankruptcy Court
for the Southern District of New York.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2021.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

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