/raid1/www/Hosts/bankrupt/TCR_Public/210128.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Thursday, January 28, 2021, Vol. 25, No. 27

                            Headlines

ACADEMY DRIVE: Voluntary Chapter 11 Case Summary
ACRISURE LLC: $700MM Add-on Term Loan No Impact on Moody's B3 CFR
ACS PAYMENT: Payday Lender Files for Chapter 7 Liquidation
AETHON UNITED: Fitch Assigns First-Time 'B' LongTerm IDR
AETHON UNITED: Moody's Assigns 'B2' CFR & Rates $750MM Notes 'B3'

AMC NETWORKS: Moody's Rates New $500MM Unsec. Notes 'Ba3'
ASURION LLC: Moody's Rates New $1.25BB First Lien Loan 'Ba3'
BALLOON BOY: Seeks Approval to Hire Olivo SMB CPA as Accountant
BBGI US: Court Okays Chapter 11 Plan for Creditor Vote
BEGIN A LEGACY: Case Summary & 7 Unsecured Creditors

BLACKROCK CAPITAL: Fitch Affirms 'BB-' LT IDR, Outlook Stable
BRUIN E&P HOLDCO: Enerplus Purchasing All Shares for $465 Million
CAROUSEL WORKS: Wooden Carousels Maker Files for Liquidation
CBL & ASSOCIATES: Wells Fargo Asks Court to Throw Out Chapter 11
CELLA III: Girod to Seek Confirmation of Competing Plan on Feb. 24

CHEMOURS COMPANY: Cost Sharing MOU No Impact on Moody's Ba3 Rating
CHRISTOPHER & BANKS: Hilco Unit Is Lead Bidder for E-Commerce Biz.
CHS/COMMUNITY HEALTH: Fitch Rates New Secured Notes Due 2031 'B'
CICI'S HOLDINGS INC: Files for Chapter 11 to Sell to D&G
CICI'S HOLDINGS: D & G to Take 100% Ownership in Prepack Plan

CLOUD TEN: Case Summary & 3 Unsecured Creditors
COMCAR INDUSTRIES: March 10 Plan Confirmation Hearing Set
COMCAR INDUSTRIES: Unsec. Creditors to Recover 2.7% to 4.0% in Plan
COROTOMAN INC: Trustee Hires Sheehan & Associates as Counsel
COROTOMAN INC: Trustee Hires Woomer Nistendirk as Accountant

DOUBLE D GROUP: Case Summary & 20 Largest Unsecured Creditors
DR. PROCTOR: March 9 Disclosure Statement Hearing Set
DTE ENERGY: Moody's Hikes Sr. Sec. Bonds From Ba1, Outlook Stable
EAGLE RIVER: Case Summary & 30 Largest Unsecured Creditors
EARLY BIRD: Davis to Contribute $1K; Confirmation Hearing March 9

EARTH ENERGY: Trustee Hires Chamberlain Hrdlicka as Counsel
EARTH ENERGY: Trustee Seeks to Hire William G. West as Accountant
ELM COURT: Voluntary Chapter 11 Case Summary
ENDURE DIGITAL: Moody's Rates New $640MM Sr. Unsec. Notes 'Caa2'
FDZ HOMES: Seeks to Hire Century 21 as Real Estate Agent

GARRETT MOTION: Equity Committee Wants Exclusivity Periods Ended
GARRETT MOTION: Shareholders Offer Competing Chapter 11 Plan
GIRARDI & KEESE: Trustee Accuses Rival Firm of Poaching Clients
HARVEST MIDSTREAM: $150MM Add-on Notes No Impact on Moody's Ba3 CFR
HAWAIIAN AIRLINES: Fitch Assigns B+ Rating on New Secured Debt

HC2 HOLDINGS: Moody's Rates New $300MM Secured Notes 'Caa1'
HC2 HOLDINGS: S&P Rates New $300MM Senior Secured Notes 'B'
HENRY ANESTHESIA: Seeks to Hire Nichols Cauley as Accountant
HENRY FORD VILLAGE: Seeks Aug. 31 Plan Exclusivity Extension
HSA ENTERPRISES: Seeks to Hire Baker & Associates as Legal Counsel

INTELSAT SA: Stroock, Boies & Nelson Mullins Advise Noteholders
INTERMEDIATE DUTCH: Fitch Assigns First-Time 'B+' LongTerm IDR
INTERMEDIATE DUTCH: Moody's Assigns First Time 'B1' CFR
JODY WADE: Seeks to Hire Craig Terrill as Special Counsel
L'OCCITANE INC: Case Summary & 20 Largest Unsecured Creditors

L'OCCITANE INC: Files for Ch. 11 to Close Unprofitable Stores
L'OCCITANE, INC: Closing 23 of 166 U.S. Locations for Now
L'OCCITANE, INC: Fails to Reach Deals With Landlords Out of Court
LECLAIRYAN PLLC: Trustee Wants UnitedLex Fight Kept in Chapter 7
LEED CORPORATION: Seeks Court Approval to Hire Accountant

LEGENDS GOLF: Trustee Seeks to Hire Fisher Auction as Broker
LGI HOMES: Moody's Hikes CFR to Ba3 on Continued Growth
LYONDELL CHEMICAL: Brown Rudnick Settles $300M Malpractice Suit
MAIN STREET: Voluntary Chapter 11 Case Summary
N & G PROPERTIES: Has Until January 28 to File Chapter 11 Plan

NAVITAS MIDSTREAM: Fitch Hikes LongTerm IDR to 'B'
NAVITAS MIDSTREAM: Moody's Affirms B3 CFR & Alters Outlook to Pos.
NEUROCARE CENTER: Seeks to Hire Anthony J. DeGirolamo as Counsel
NEUROCARE CENTER: Seeks to Hire Ten Key Group as Financial Advisor
NOVETTA SOLUTIONS: Moody's Upgrades CFR to B3, Outlook Stable

ON MARINE: Seeks April 26 Extension to File Chapter 11 Plan
OZ STEEL: Seeks to Hire Morrison Tenenbaum as Legal Counsel
PAREXEL INTERNATIONAL: Moody's Rates New Secured Loans 'B2'
PENINSULA PACIFIC: Moody's Alters Outlook on Caa1 CFR to Stable
PROQUEST LLC: Repriced $1BB Term Loan No Impact on Moody's B2 CFR

RENT-A-CENTER INC: Moody's Rates New $575MM Term Loan-B 'Ba3'
S-TEK 1: Seeks Approval to Hire FPM & Associates as Accountant
STANLEY-TRAFTON: Lender Underwood-Briskin Says Plan Unconfirmable
SUNOPTA FOODS: Moody's Hikes CFR to B2 on Ingredients Business Sale
SUPERIOR ENERGY: $120M JPMorgan Loan, Cash Collateral Access OK'd

SYNCSORT INC: Moody's Rates First Lien Term Loan B2 Amid Repricing
TASEKO MINES: Fitch Assigns B- Rating on $325MM Secured Notes
TASEKO MINES: Moody's Gives Caa1 Rating on New $325MM Sec. Notes
TRICORBRAUN HOLDINGS: Moody's Assigns B3 CFR & Rates New Loans 'B2'
US FOODS: Moody's Gives Caa1 Rating on New $600MM Unsec. Notes

USI INC: Moody's Gives B2 Rating on Repriced $694MM Sec. Term Loan
WARDMAN PARK: Marriott Wants D.C. Court to Hear Chapter 11 Case
ZPOWER TEXAS: Unsec. Creditors to Get Up to 7% in Liquidating Plan
[*] Brown Rudnick's Ed Weisfelner Retires
[^] Recent Small-Dollar & Individual Chapter 11 Filings


                            *********

ACADEMY DRIVE: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Academy Drive Development LLC
        427 N. Columbia St.
        Covington, LA 70433

Business Description: Academy Drive Development LLC is primarily
                      engaged in renting and leasing real estate
                      properties.

Chapter 11 Petition Date: January 22, 2021

Court: United States Bankruptcy Court
       Eastern District of Louisiana

Case No.: 21-10087

Judge: Hon. Meredith S. Grabill

Debtor's Counsel: Mathew Pepper, Esq.
                  PEPPER & ASSOCIATES, LLC
                  10200 Grogans Mill Rd Ste 235
                  The Woodlands, TX 77380
                  Tel: (281) 367-2266
                  E-mail: pepperlaw@msn.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Adam Ackel, manager.

The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.

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

https://www.pacermonitor.com/view/3E2CZGA/Academy_Drive_Development_LLC__laebke-21-10087__0001.0.pdf?mcid=tGE4TAMA


ACRISURE LLC: $700MM Add-on Term Loan No Impact on Moody's B3 CFR
-----------------------------------------------------------------
Moody's Investors Service says the B3 corporate family rating and
B3-PD probability of default rating on Acrisure, LLC (Acrisure)
remain unchanged following the company's announcement that it plans
to borrow an additional $700 million under its senior secured term
loan (rated B2). The company intends to use net proceeds from the
offering to refinance existing secured debt, fund future
acquisitions and pay related fees and expenses. The rating outlook
for Acrisure is unchanged at stable.

RATINGS RATIONALE

Acrisure's ratings reflect its growing market presence in US
insurance brokerage and select international markets, its good mix
of business across property & casualty insurance and employee
benefits, and its healthy EBITDA margins. Acrisure maintains the
existing brands of its many acquired entities and allows them to
operate fairly autonomously, while centralizing critical financial
reporting and compliance functions. Acrisure aligns the interests
of its existing and acquired businesses by including significant
common equity in its purchase consideration. While GSO/Blackstone
holds a majority of Acrisure's preferred equity, Acrisure
Management and Agency Partners own more than 90% of the firm's
common equity.

These strengths are offset by Acrisure's large number and dollar
volume of acquisitions and its rising debt burden. The acquisition
strategy heightens the firm's integration risk and its exposure to
errors and omissions in the delivery of professional services. The
acquisitions also give rise to contingent earnout liabilities that
consume a substantial portion of Acrisure's free cash flow.

Acrisure's performance is holding up relatively well through the
coronavirus-related economic slowdown with revenues of $1.4 billion
for the first nine months of 2020 and strong EBITDA margins helped
by expense savings. The company's organic growth was slightly
negative for the first nine months of 2020 while retention rates
remained solid. Moody's expects that Acrisure will continue to
limit its discretionary spending to maintain its credit profile as
the economy recovers.

Giving effect to the proposed borrowing, Acrisure will have a pro
forma debt-to-EBITDA ratio at or slightly above 7.5x and (EBITDA -
capex) interest coverage in the range of 1.5x-2x, per Moody's
estimates. The company is improving its cash flow generation, and
produced positive free cash flow after contingent earnout payments
and scheduled debt amortization during the first nine months of
2020. These metrics incorporate the rating agency's adjustments for
operating leases, contingent earnout liabilities, changes in a
warrant liability, and run-rate earnings from recent and pending
acquisitions. Moody's expects Acrisure to reduce its financial
leverage over the next couple of years in line with provisions it
has agreed to with its preferred equity holders, and to continue
generating positive free cash flow after earnout payments and debt
amortization.

Factors that could lead to a rating upgrade include: (i)
debt-to-EBITDA ratio below 6x; (ii) (EBITDA - capex) coverage of
interest exceeding 2x; (iii) free-cash-flow-to-debt ratio exceeding
5%; and (iv) declining proportion of revenue and earnings from
newly acquired versus existing business.

Factors that could lead to a rating downgrade include: (i)
debt-to-EBITDA ratio above 7.5x; (ii) (EBITDA - capex) coverage of
interest below 1.2x; (iii) free-cash-flow-to-debt ratio below 2%,
or negative free cash flow after contingent earnout payments and
scheduled debt amortization; or (iv) disruptions to existing or
newly acquired operations.

The following ratings remain unchanged:

Corporate family rating at B3;

Probability of default rating at B3-PD;

$350 million senior secured revolving credit facility (undrawn)
maturing in February 2025 at B2 (LGD3);

$3.9 billion (including pending $700 million increase) senior
secured term loan maturing in February 2027 at B2 (LGD3);

$950 million senior secured notes maturing in February 2024 at B2
(LGD3);

$925 million senior unsecured notes maturing in November 2025 at
Caa2 (to LGD6 from LGD5);

$400 million senior unsecured notes maturing in August 2026 at Caa2
(to LGD6 from LGD5).

The rating outlook for Acrisure is unchanged at stable.

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

Based in Grand Rapids, Michigan, Acrisure distributes a range of
property & casualty insurance, employee benefits and related
products to small and midsize businesses through offices in a
majority of US states and through operations in the UK, Switzerland
and Bermuda. The company generated revenue of $2 billion for the 12
months through September 2020.


ACS PAYMENT: Payday Lender Files for Chapter 7 Liquidation
----------------------------------------------------------
Sarah Shadburne of the Louisville Business First reports that the
Louisville payday loan company, ACS Payment Solutions Ltd. Co, has
filed for Chapter 7 bankruptcy.

According to the report, the company filed for Chapter 7 bankruptcy
protection with the U.S. Bankruptcy Court of the Western District
of Kentucky on Dec. 14, 2020 after clients were unable to pay loans
back due to the coronavirus, said Nick Thompson, the attorney
representing ACS Payment Solutions in bankruptcy court.

Mr. Thompson said the business was established to help deaf and
hard-of-hearing individuals get easier access to cash, which is why
the company offered a 120% APR on its loans when the average rate
on payday loans in Kentucky is 460% APR, according to
UStatesloans.org, a database of legally working payday lenders.

"It was best for investors, creditors, customers and the owner to
file Chapter 7," Mr. Thompson wrote in an e-mail.  

"Chapter 7 would allow a fair distribution of what remaining assets
there are."

Jeff Jenkins, sole owner and president of the company, listed
current debts for the business at more than $3.5 million with
assets at $1,987.

Mr. Jenkins, who founded the business in 2010, indicated in the
bankruptcy filing the business had been operating in the red since
at least 2018.  In addition to anticipating a major revenue loss
this year, the document shows ACS Payment Solutions lost $180,000
in 2019 and $14,685 in 2018.

Jenkins indicated that ongoing business, cash flow and accepting
payments had become difficult or impossible as the account
receivables -- or money owed to the company -- were "basically
uncollectible," and the corporation could not meet obligations as
they became due.

He also pointed out that one creditor, yLoFt LLC, had ongoing
litigation with the company that made operations for ACS Payment
Solutions impossible. The company will have its first meeting with
creditors Jan. 21.

                       Pending litigation

The major creditor listed in the filing is Michael E. Boone Trust,
for $950,000.  Michael J. Boone is the founder of Pioneer
Ventures/yLoFt.

YLoFt, also known as Pioneer Ventures, is a Louisville-based
investment firm and is one of the contributing sponsors of Story
Louisville, a shared, community workspace.  The bankruptcy filing
lists yLoFt as having an unsecured claim of $250,000 with ACS
Payment Solutions.

A promissory note agreement shows yLoFt agreed to invest a
principal amount of $250,000 into ACS Payment Solutions in February
2019, which the loan company was then supposed to pay back at a 10%
interest rate with quarterly payments of $6,250.  The agreement was
to extend until March 2021.

But yLoFt, in a complaint filed against ACS Payment Solutions in
the Jefferson County Circuit Court in October of this year, states
it provided ACS Payment Solutions $1.2 million in promissory notes
which are in default and have not been paid, representing a breach
of contract.

The complaint claims ACS Payment Solutions was not just breaching
contract with yLoFt, but that the whole business was an elaborate
scheme to take money from investors allegedly to build the business
and loan portfolio of ACS, but instead used those funds from
investors to pay off loans of other investors and shell companies.

In an answer filed with the court Dec. 10, Jenkins' counsel
confirmed that loans had not been repaid, but denied most of the
other allegations made by yLoFt's counsel, including the alleged
fraud scheme.

ACS Payment Solutions additionally has another pending case with
Capital Merchant Services LLC, a New York-based firm that
originally filed a complaint against the lender in 2018.  That case
will have a status hearing Jan. 11, 2021.

                         About ACS Payment

ACS Payment Solutions Ltd. is a payday loan company in Louisville,
Kentucky.  Jeff Jenkins, founded the business in 2010.   ACS
formerly did business as Access Cash Solutions until it rebranded
in 2012.  The business provided loans to deaf and hard-of-hearing
individuals.

ACS Payments Solutions, Ltd. Co., filed a Chapter 7 bankruptcy
petition (Bankr. W.D. Ky. Case No. 20-32921) on Dec. 14, 2020.

The Debtor's attorney:

         Nick C. Thompson
         Tel: 502-625-0905
         E-mail: office@bankruptcy-divorce.com


AETHON UNITED: Fitch Assigns First-Time 'B' LongTerm IDR
--------------------------------------------------------
Fitch Ratings has assigned a first-time Long-Term Issuer Default
Rating (IDR) of 'B' with a Stable Rating Outlook to Aethon United
BR LP (Aethon). In addition, Fitch has assigned issue-level ratings
of 'B'/'RR4' to Aethon's proposed senior unsecured notes. Proceeds
will be used to refinance the company's existing second lien notes,
to term out a portion of reserve-based lending (RBL) borrowing and
for general corporate purposes.

Aethon's ratings reflect management's revised development program
that allocates capex to their highly capital efficient re-frac
program, its core position in the mature price-advantaged
Haynesville Basin, a competitive cost structure with margin
supported by midstream and services integration and projected
Fitch-calculated financial leverage of 2.1x at YE21. Aethon's
reduced price risk through peer-leading, six-year rolling hedge
coverage supports their production growth plans along with expected
production and capital efficiency improvement related to the
company's re-frac program, lower service costs and improvements in
well design, as well as non-operating interest participation. Fitch
believes Aethon's new re-frac program helps to de-risk the
transition to positive FCF generation while increasing production
and Proved Developed Producing reserves (PDP). Offsetting factors
include forecast negative FCF through 2021 before transitioning to
positive FCF in 2022 under Fitch's base case price deck; execution
risk of the expected production and capital efficiencies needed to
grow production to meet firm transportation commitments; and
improving liquidity and refinancing prospects.

KEY RATING DRIVERS

Proposed Transaction Addresses Maturity Wall: As of 3Q20, Aethon's
debt consisted of a $565 million draw under their RBL, with a
borrowing base of $775 million maturing in September 2023, and $550
million of second lien notes due in September 2023. The company is
looking to refinance their second lien and term out part of the RBL
borrowing with a new senior unsecured note issuance. Fitch believes
this transaction would help to smooth Aethon's maturity schedule
and reduce near-term liquidity and refinancing risk. Fitch
forecasts Aethon's revolver will be roughly 50% drawn as of YE21,
but forecast positive FCF in 2022 and beyond will help to reduce
RBL borrowings ahead of its 2023 maturity.

Re-frac Moderates Negative FCF: Aethon has pursued a growth
strategy, outspending cash flow to grow net production from
324MMcfe/d (million cubic feet of natural gas equivalent per day)
in 2018 to approximately 820MMcfe/d expected in 2021. To moderate
cash flow outspend and accelerate the transition to positive FCF,
the company has adjusted its development plan to four rigs instead
of five, allocating capex instead to a re-frac crew. Fitch expects
the capital efficiencies and a compressed "first gas" timeline for
re-fracking (about two months versus roughly six months for new
wells) to reduce Aethon's outspend in 2021 and de-risk transition
to positive cash generation in 2022 and beyond. Aethon's
substantial hedgebook; competitive cost structure; and capital
efficiencies relating to non-operating participation, working
interest mix and well design will support Aethon's cash netbacks
and continued production growth.

Robust Hedgebook Reduces Price Risk: Aethon's programmatic, rolling
six-year hedge program helps to mitigate price and cash flow risk,
supporting the development budget linked to filling their near-term
firm transportation commitments. The company targets hedging a
majority of two-year forward development production and continually
layers hedges to cover the resulting PDP production for up to six
years. Fitch estimates actual coverage in line with these targets,
with substantially all projected natural gas production hedged at a
floor of $2.45/MMbtu (million British thermal units) and a floor of
$2.56/MMbtu in 2021 and 2022, respectively. Coverage declines
thereafter, with roughly 40% of projected production hedged at a
floor of $2.64/MMbtu in 2023. Fitch expects Aethon's hedgebook to
help reduce cash flow variability, fund the development program and
support the RBL borrowing base.

Low Cost Gas Production Profile: Aethon's largely contiguous core
position in the highly productive Haynesville basin supports their
competitive cash netbacks. The mature, well-delineated Haynesville
basin offers repeatable well results with relatively low execution
risk. Proximity to the Henry Hub and the Gulf of Mexico, along with
established infrastructure, help to limit Aethon's basis risk. The
company's core Haynesville asset base and midstream integration
results in competitive Fitch-calculated unhedged netbacks
($0.47/mcfe as of 3Q20) compared with larger Haynesville peer
Comstock ($0.47/mcfe), as well as their Appalachian peers.

Midstream Integration and Commitments: Aethon's vertical
integration into midstream assets includes more than 1,110 miles of
pipeline and more than 80,000HP (horsepower) of owned compression.
Fitch believes this integration helps to support margins by
reducing operating expenses and providing roughly $0.40/Mcfe uplift
to net revenue interest volumes, as reported by the company in its
3Q20 operating results. Fitch expects the midstream and marketing
segment to grow in line with Aethon's upstream development program,
contributing approximately $185 million EBITDA in 2021. While
guaranteeing access to egress from the basin, Fitch expects
Aethon's firm transportation commitments to reduce G&T (gathering
and transportation) flexibility and motivate the company's
near-term production growth despite expected negative FCF in 2021.

DERIVATION SUMMARY

Aethon's rating of 'B'/Stable with 820MMcfe/d expected as of YE21
reflects its smaller size relative to peers Comstock (CRK;
B/Positive; 1,140MMcfe/d at 3Q20), Encino Acquisition Partners
Holdings LLC (B/Negative; 919MMcfe/d at 2Q20), CNX (BB/Positive;
1,260MMcfe/d at 3Q20) and Ascent Resources Utica Holdings, LLC
(B/Stable; 1,982MMcfe/d at 3Q20) despite its recent increase in
production size. Aethon's core position in the Haynesville basin
and robust hedgebook result in competitive netbacks, on a hedged
and unhedged basis ($0.47/Mcfe at 3Q20), compared with larger
Appalachian peers (Range Resources Corporation [unrated; RRC],
$0.08/Mcfe; Ascent, $0.35/Mcfe; CNX, $0.34/Mcfe; and Southwestern
Energy Company [BB/Negative]; SWN, $0.30/Mcfe; at 3Q20) and other
Haynesville players (CRK, $0.47/Mcfe at 3Q20). Margins are further
supported by the company's integration into midstream and services
segments. Fitch expects Aethon to moderate its negative FCF through
2021 (similar to Encino) while maintaining significant production
growth, supported by their new re-frac program before transitioning
to positive FCF generation. Pro forma to the proposed transaction,
Fitch expects Aethon's Fitch-calculated leverage of 2.1x at YE 2021
to compare favorably with higher rated peers SWN (3.4x at 3Q20) and
CNX (3.3x at 3Q20), as well as other 'B' rated peers, CRK (3.7x at
3Q20) and Ascent (2.6x at 3Q20).

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- WTI prices of $38.00/bbl (barrel), $42.00/bbl, $47.00/bbl and
    $50.00/bbl in 2020, 2021, 2022 and 2023, respectively.

-- Henry Hub prices of $2.10/Mcf in 2020 and $2.45/Mcf in 2021
    and beyond.

-- Completion of the senior unsecured bond offering, consistent
    with management plans.

-- Improving capital efficiencies relating to Aethon's new re
    frac program, well design and lower cost environment, as well
    as non-operated participation.

-- Production growth, supported by the re-frac program, to fulfil
    midstream firm transportation commitments.

-- Midstream segment growth in line with upstream growth.

-- Near-term negative FCF funded with revolver borrowings, with
    subsequent positive FCF allocated to reduce RBL balance.

RATING SENSITIVITIES

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

-- Realization of production and capital efficiencies resulting
    in a successful shift to material positive FCF generation
    ahead of expectations that further improves future liquidity
    and refinance prospects.

-- A demonstrated commitment to stated financial policy,
    including a hedging program that results in maintenance of
    midcycle debt/EBITDA below 2.5x (adjusted FFO leverage below
    2.5x).

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

-- Terms of final transaction that are worse than assumed.

-- Failure to realize expected production and capital efficiency
    gains resulting in lower-than-expected unit economics and/or
    positive FCF.

-- Expectations for RBL borrowings to exceed $400 million by YE21
    that heighten refinancing risk.

-- Debt/EBITDA (adjusted FFO leverage) durably above 3.5x.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Improving, Post-Transaction Liquidity Profile: As of 3Q20, Aethon's
liquidity consisted of roughly $30 million in cash on hand and $360
million of availability under their upsized RBL facility ($775
million borrowing base). Fitch expects negative FCF in 2021 to
result in Aethon's RBL being drawn approximately 50% as of YE21.
The company's new re-frac program will reduce outspend in 2021 and
accelerate RBL paydown, as the company is expected to transition to
positive FCF in 2022 and thereafter.

Debt Issuance Extends Maturity Profile: Pro forma to the
contemplated transaction, Aethon's debt will consist of its $775
million RBL facility, extended to September 2023, and the proposed
senior unsecured notes due in 2026.

KEY RECOVERY RATING ASSUMPTIONS

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

-- Fitch has assumed a 10% administrative claim.

Going Concern (GC) Approach

The GC EBITDA estimate of $300 million reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which the agency
bases the enterprise valuation (EV). This reflects the decline from
current pricing levels to stressed levels followed by a partial
recovery emerging from a troughed pricing environment combined with
lower-than-anticipated capital and production efficiency gains from
Aethon's re-frac program.

An EV multiple of 3.5x EBITDA is applied to the GC EBITDA to
calculate a post-reorganization EV. The choice of this multiple
considered these factors:

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

-- The multiple considers the 4.0x recovery multiple of Ascent,
    whose asset base does not rely on capital efficiencies to meet
    the development needs of firm transportation commitments and
    who has transitioned to positive FCF; as well as that of the
    main consolidator in the Haynesville basin, Comstock (3.75x).

Liquidation Approach

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

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

The senior secured revolver is assumed to be 80% drawn given the
likelihood of negative redetermination in a sustained low price
environment.

The revolver is senior to the senior unsecured bonds in the
waterfall.

The allocation of value in the liability waterfall results in
recoveries corresponding to 'RR1' for the senior secured revolver
and 'RR4' for the senior unsecured notes.

SOURCES OF INFORMATION

ESG Considerations

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


AETHON UNITED: Moody's Assigns 'B2' CFR & Rates $750MM Notes 'B3'
-----------------------------------------------------------------
Moody's Investors Service assigned ratings to Aethon United BR LP,
including a B2 Corporate Family Rating, a B2-PD Probability of
Default Rating and a B3 rating to the company's proposed $750
million senior unsecured notes. The rating outlook is stable.

Aethon is an independent exploration & production company focused
primarily on developing natural gas properties in North Louisiana
and East Texas. Aethon is seeking to raise $750 million of senior
unsecured notes with proceeds used to refinance the company's $550
million second lien term loan due 2023 and partially repay existing
borrowings on the company's $775 million reserves based lending
(RBL) facility.

"Aethon's ratings are supported by its low financial leverage,
proved reserves base, and strong cash margins aided by its
commodity hedge book and significant midstream infrastructure
ownership, offset by the company's pure-play natural gas production
profile and single basin concentration in the Haynesville,"
commented Sreedhar Kona, Moody's Senior Analyst. "Aethon's good
hedge position and our expectation that the company will execute
its development program without outspending its cash flow
contribute to the stable outlook."

Assignments:

Issuer: Aethon United BR LP

Probability of Default Rating, Assigned B2-PD

Corporate Family Rating, Assigned B2

Senior Unsecured Notes, Assigned B3 (LGD5)

Outlook Actions:

Issuer: Aethon United BR LP

Outlook, Assigned Stable

RATINGS RATIONALE

Aethon's B2 CFR reflects the company's pure-play natural gas
production profile, which yields lower cash margins than an
oil-weighted production base on an equivalent unit of production,
notwithstanding the company's operations in prolific natural gas
plays of Cotton Valley/Haynesville and East Texas. The ratings are
also constrained by the company's geographic concentration and to
some extent its firm transportation (FT) commitments which, while
providing flow assurance, could prove burdensome if the company's
production slows down. A significant portion of Aethon's reserve
base is proved undeveloped and the company's capital spending
program to develop the acreage will not enable the company to be
significantly free cash flow positive until 2022.

Aethon benefits from its relatively low debt leverage, its sizeable
production and reserve base and strong cash margins aided by its
substantial commodity hedge book. The company has demonstrated a
meaningful track record of production and reserves growth since its
inception in 2014 and has delineated its acreage significantly. The
company's ownership of significant midstream gathering
infrastructure enhances the company's cash margins and its FT
capacity provides access to Gulf Coast markets with attractive
natural gas pricing. The ownership of midstream infrastructure also
improves Aethon's asset coverage. The company is supported by an
experienced management team with a good track record and a
long-term investor, the Ontario Teacher's Pension Plan, as one of
its sponsors.

Aethon's $750 million senior unsecured notes due in 2026 are rated
B3, one-notch below the CFR, reflecting the priority ranking of the
company's $775 million borrowing base senior secured RBL facility
due in September 2023.

Moody's expects Aethon to maintain adequate liquidity. At closing
of the proposed notes transaction, Aethon will have $29 million of
cash balance and $357 million available under its borrowing base
RBL facility due in September 2023, after accounting for
outstanding borrowings and letters of credit. Aethon will fund its
capital spending needs and debt service through 2021 largely from
its operating cash flow. Under the RBL credit agreement, Aethon is
required to maintain total net debt/EBITDAX of less than 3.5x and a
current ratio of greater than 1x. Aethon should maintain compliance
with its financial covenants well into 2022.

The stable outlook reflects Aethon's good hedge position and our
view that Aethon will continue to grow production scale and
reserves size without outspending its cash flow. Moody's also
expects the company to maintain low debt leverage and adequate
liquidity.

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

A ratings upgrade could be considered if Aethon generates
consistent positive free cash flow while growing both production
and proved developed reserves, while maintaining retained cash flow
to debt above 35% and leveraged full cycle ratio above 1.5x. The
natural gas pricing environment must be supportive as well.

Factors that could lead to a downgrade include declining
production, a significant rise in debt or a deterioration of
liquidity. Retained cash flow to debt below 20% could lead to a
ratings downgrade.

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

Aethon is an independent exploration & production company focused
primarily on developing natural gas properties in North Louisiana
and East Texas.


AMC NETWORKS: Moody's Rates New $500MM Unsec. Notes 'Ba3'
---------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to AMC Networks
Inc.'s proposed $500 million senior unsecured notes issuance. The
notes will be guaranteed on a senior unsecured basis by AMC's
existing and future domestic restricted subsidiaries and will be
subordinated to the company's senior secured credit facilities. Use
of proceeds will be used to redeem the company's outstanding 4.75%
senior unsecured notes due 2022 as well as a portion of the
company's 5% senior unsecured notes due 2024. The new notes rank
pari passu with the company's remaining existing senior unsecured
notes, which include $900 million (proforma for the paydown) 5%
notes due 2024 and $800 million 4.75% notes due 2025. All other
ratings including the company's Ba2 corporate family rating remain
unchanged.

Assignments:

Issuer: AMC Networks Inc.

Senior Unsecured Regular Bond/Debenture, Assigned Ba3 (LGD4)

RATINGS RATIONALE

AMC's Ba2 CFR reflects its strong and stable cash flow driven by
profitable television networks with long operating histories and
extensive distribution throughout the US and internationally. The
broad reach of its cable networks, combined with the company's
proven ability to deliver consistently high quality and widely
appealing entertainment content that generate high viewer ratings
and appeal to advertisers and distributors, allows the company to
obtain lucrative affiliate fees and advertising rates. AMC's
distribution revenue represents approximately 68% of total revenue,
of which recurring revenue streams from contractual consignment
affiliate fees paid by pay TV providers represents the largest
component. While Moody's expect credit metrics will weaken through
Q1 2021 to reflect a full year of business disruptions from
COVID-19, the company's very good liquidity supported by continuing
free cash flow, cash on hand and no near-term maturities allow for
flexibility to manage through the crisis.

AMC's credit profile incorporates risks associated with the secular
decline in traditional linear pay television distribution and the
risks related to its ability to successfully transition to
video-on-demand direct-to-consumer. It also incorporates the risk
of customer and revenue concentration and a highly competitive
environment in which programming drives viewership, subscriptions
and advertising revenues. The company is also impacted by event
risk concerns as the company's controlling owner, the Dolan family,
has historically been comfortable with high leverage and
transformative events. These risks remain balanced by the company's
strong track record in programming creation and selection, as well
as a solid balance sheet and cash flow generation. The company also
has a strong liquidity profile as indicated by its SGL-1 rating and
demonstrated by its significant cash balance of over $1 billion in
cash and an undrawn revolver of $500 million.

The stable rating outlook reflects our expectation that the company
will continue to invest in high quality programming and to pace the
decline in linear TV distribution of the company's networks with
its transition to direct to consumer video-on-demand growth.
Moody's anticipate that overall operating performance will be
supported by increasing digital and international revenues, along
with cost controls and relative stability in traditional revenue
streams. Weakness in the company's advertising business as well as
increased costs for ramping up production and expanding the
streaming business will unfavorably impact credit metrics in the
near-term. However, once the economy begins to recover, Moody's
believe AMC will be on track to deleverage gross debt-to-EBITDA
(with Moody's standard adjustments) to under 3.5x, and will use
cash to deleverage if necessary. Until that time, the company
remains weakly positioned for its credit ratings. The outlook also
incorporates Moody's view that AMC will continue to generate good
free cash flows and maintain a solid liquidity profile.

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

An upgrade of the company's CFR could occur if management
demonstrated and made a commitment to a fiscally conservative
capital structure on a sustained basis and if debt-to-EBITDA
leverage is sustained at or below 2.5x (including Moody's
adjustments). The rating could be downgraded if management does not
deleverage the company back to under 3.5x after COVID-19 crises, or
if the company funds returning capital to equity investors and as a
result sustains leverage above 3.5x (including Moody's adjustments)
excluding the temporary impact from COVID-19. A significant debt
funded acquisition could also impact the rating. A view that values
were materially diminishing for cable networks and/or any potential
damage to the AMC brand in particular, subscriber loss levels trend
upward without an offsetting improvement in streaming revenues and
reduction in debt and leverage, or a more constrained liquidity
profile, could also put downward pressure on the company's
ratings.

With its headquarters in New York, New York, AMC Networks Inc.
("AMC") supplies television programming to pay-TV service providers
throughout the United States. The company predominantly operates
five entertainment programming networks - AMC, WE tv, IFC, Sundance
TV and BBC America. Revenues for LTM 9/30/2020 were approximately
$2.8 billion.

The principal methodology used in these ratings was Media Industry
published in June 2017.


ASURION LLC: Moody's Rates New $1.25BB First Lien Loan 'Ba3'
------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to a new $1.25
billion six-and-a-half-year first-lien term loan and a B3 rating to
a new $1.89 billion seven-year second-lien term loan being issued
by Asurion, LLC (Asurion, corporate family rating B1). The company
will use net proceeds to refinance its existing second-lien term
loan (due 2025) and pay related fees and expenses. The rating
outlook for Asurion is unchanged at stable.

RATINGS RATIONALE

According to Moody's, Asurion's ratings reflect its dominant
position in mobile device services distributed through wireless
carriers in the US, Japan and other selected international markets
(Mobility segment). The company has a record of efficient
operations, excellent customer service and profitable growth in
Mobility, which accounts for around 95% of its revenue and
earnings. Asurion also administers and underwrites extended
warranty and product service and replacement plans mainly in the US
(Retail segment), although this segment's revenue has declined due
to the loss of large clients in the past several years.

Credit challenges include Asurion's business concentrations among
leading wireless carriers, underscored by the recent merger of
T-Mobile USA, Inc. and Sprint Corporation, as well as its practice
of borrowing substantial sums from time to time to help fund
payments to shareholders. Risk management also becomes a greater
challenge as the firm expands its Mobility business
internationally.

Following the refinancing, Moody's estimates that Asurion's pro
forma debt-to-EBITDA ratio will be in the range of 5.0x-5.5x, with
(EBITDA - capex) coverage of interest around 3.0x and a
free-cash-flow-to-debt ratio in the mid-to-high single digits.
These metrics incorporate our accounting adjustments for operating
leases and noncontrolling interest expense, and reflect interest
expense mainly on a cash basis to remove the effects of foreign
exchange hedging.

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

Factors that could lead to an upgrade of Asurion's ratings include
(i) debt-to-EBITDA ratio consistently below 5x, (ii) (EBITDA -
capex) coverage of interest exceeding 3.5x, (iii)
free-cash-flow-to-debt ratio above 8%, and (iv) EBITDA margins
exceeding 22%.

Factors that could lead to a rating downgrade include: (i)
debt-to-EBITDA ratio above 6.5x, (ii) (EBITDA - capex) coverage of
interest below 2x, (iii) free-cash-flow-to-debt ratio below 4%,
(iv) EBITDA margins below 18%, or (v) loss of a major carrier
relationship.

Moody's has assigned the following ratings (and loss given default
(LGD) assessments) to Asurion:

- $1.25 billion six-and-a-half-year senior secured first-lien term
loan at Ba3 (LGD3);

- $1.89 billion seven-year senior secured second-lien term loan at
B3 (LGD6).

The following ratings remain unchanged:

Corporate family rating at B1;

Probability of default rating at B1-PD;

$250 million senior secured first-lien revolving credit facility
maturing in July 2024 at Ba3 (LGD3);

$2.1 billion senior secured first-lien term loan maturing in
November 2023 at Ba3 (LGD3);

$2.2 billion senior secured first-lien term loan maturing in
November 2024 at Ba3 (LGD3);

$3.1 billion senior secured first-lien term loan maturing in
December 2026 at Ba3 (LGD3);

$3.1 billion senior secured second-lien term loan maturing in
August 2025 at B3 (to LGD6 from LGD5) (rating to be withdrawn at
closing when this facility is repaid).

The rating outlook for Asurion is unchanged at stable.

The pending transaction will increase Asurion's proportion of
first-lien versus second-lien borrowings. A further shift toward
first-lien borrowings could lead to a downgrade of the company's
first-lien credit facilities.

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

Based in Nashville, Tennessee, Asurion is a global provider of
product protection and support services to the wireless, insurance,
retail and home repair service industries. Asurion generated
revenue of $10.6 billion for the 12 months through September 2020.


BALLOON BOY: Seeks Approval to Hire Olivo SMB CPA as Accountant
---------------------------------------------------------------
Balloon Boy, Inc. seeks approval from the U.S. Bankruptcy Court for
the Middle District of Florida to hire Nicholas Olivo, a certified
public accountant at Olivo SMB CPA Solutions.

The accountant will assist the Debtor in the preparation and filing
of tax returns, evaluation of assets, and the preparation of
reports and other documents required as a result of the Debtor's
Chapter 11 filing.

The firm will be paid at these rates:

    Nicholas Olivo       $175 per hour
    Staff Accountant     $85 per hour
    Assistant            $35 per hour

Mr. Olivo and Olivo SMB CPA Solutions do not represent interests
adverse to the Debtor and its estate, according to court filings.

Mr. Olivo can be reached at:

     Nicholas Olivo, CPA
     Olivo Small Business CPA Solutions
     6151 Lake Osprey Drive, Third Floor
     Sarasota, FL 34240
     Office: 941-373-1473
     Mobile/Text: 941-504-4775
     Fax: 941-373-1401
     Email: info@olivosmbcpa.com

                      About Balloon Boy Inc.

Balloon Boy, Inc. sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-09491) on Dec.
31, 2020.  At the time of the filing, the Debtor had estimated
assets of between $100,001 and $500,000 and liabilities of between
$500,001 and $1 million.  

The Debtor tapped Cole & Cole Law, P.A. and Olivo Small Business
CPA Solutions as its legal counsel and accountant, respectively.


BBGI US: Court Okays Chapter 11 Plan for Creditor Vote
------------------------------------------------------
Alex Wolf of Bloomberg Law reports that Brooks Brothers Group Inc.
received court approval to circulate a liquidation plan that would
repay a fraction of unsecured creditors' claims with the proceeds
from a $325 million bankruptcy sale of the men's fashion company.

Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the
District of Delaware approved the retailer's Chapter 11 plan
disclosure materials during a telephonic hearing Tuesday, January
26, 2021.

The company, winding down in bankruptcy as BBGI US Inc., said it
plans to add clarifying language in the plan documents pertaining
to third party litigation releases and administrative expense
payments.

                    About Brooks Brothers Group

Brooks Brothers -- https://www.brooksbrothers.com/ -- was a
clothing retailer with over 1,400 locations in over 45 countries.

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 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 formed an
official committee of unsecured creditors.  The Committee selected
Akin Gump Strauss Hauer & Feld LLP and Troutman Pepper Hamilton
Sanders LLP as its counsel, and FTI Consulting, Inc. as its
financial advisor.

                          *     *     *

In August 2020, the Court entered an order authorizing the Debtors
to sell substantially all assets for $325 million to SPARC Group
LLC, the successful bidder.  The sale closed Aug. 31, 2020.  The
Debtors were renamed to BBGI US Inc., et al., following the sale.


BEGIN A LEGACY: Case Summary & 7 Unsecured Creditors
----------------------------------------------------
Debtor: Begin a Legacy, Inc.
        907 Westwood Blvd.
        Suite 413
        Los Angeles, CA 90024

Business Description: Begin a Legacy, Inc. --
                      https://www.beginalegacy.com -- provides a
                      proprietary SaaS platform to nonprofits and
                      donor-advised funds that manages and
                      automates charitable accounts, allowing
                      users to make contributions to their
                      account, raise donations using crowdfunding,

                      and then request grants from their account
                      to charities.

Chapter 11 Petition Date: January 26, 2021

Court: United States Bankruptcy Court
       Central District of California

Case No.: 21-10575

Judge: Hon. Sandra R. Klein

Debtor's Counsel: Elsa Horowitz, Esq.
                  WOLF, RIFKIN, SHAPIRO, SCHULMAN & RABKIN LLP
                  11400 West Olympic Boulevard, 9th Floor
                  Los Angeles, CA 90064
                  Tel: (310) 478-4100
                  E-mail: ehorowitz@wrslawyers.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Kyle C. Murphy, chief executive
officer.

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

https://www.pacermonitor.com/view/5XFCUJI/Begin_a_Legacy_Inc__cacbke-21-10575__0004.0.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/TVJRMWY/Begin_a_Legacy_Inc__cacbke-21-10575__0001.0.pdf?mcid=tGE4TAMA


BLACKROCK CAPITAL: Fitch Affirms 'BB-' LT IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR), senior secured debt and senior unsecured debt ratings of
BlackRock Capital Investment Corporation (BKCC) at 'BB-'. The
Rating Outlook is Stable.

KEY RATING DRIVERS

IDR AND SENIOR DEBT

The rating affirmations reflect BKCC's affiliation with global
investment manager BlackRock Inc. (BlackRock), which Fitch believes
provides the firm with enhanced risk management and back-office
capabilities, Wall Street relationships and broader industry and
market insights. Fitch believes that BlackRock's acquisition of
Tennenbaum Capital Partners (TCP) in 2018 has also improved the
scale and competitive positioning of the platform. The ratings also
reflect BKCC's solid asset coverage cushion and declining exposure
to troubled legacy assets.

Rating constraints specific to BKCC include weaker-than-peer credit
performance since inception, inconsistent operating performance,
weak dividend coverage, elevated portfolio concentrations, and
turnover in the management team in recent years, which yields more
limited experience running a BDC.

Rating constraints for the BDC sector more broadly include the
market impact on leverage, given the need to fair-value the
portfolio each quarter, dependence on access to the capital markets
to fund portfolio growth and a limited ability to retain capital
due to dividend distribution requirements. Additionally, the
competitive underwriting environment over the last several years
has yielded deterioration in terms in the middle market, including
fewer/looser covenants and higher underlying leverage. Fitch
believes a sustained slowdown in the economy, resulting from the
coronavirus pandemic, is likely to translate into asset quality
issues more quickly, given the limited embedded financial cushion
in most portfolio credits and weaker lender flexibility in credit
documentation. Recently relaxed regulatory limits on leverage are
an evolving sector headwind, which could contribute to increased
risk profiles for individual BDCs.

Since taking over in 2015, the new management team has articulated
its intention to restructure BKCC's portfolio and create a more
stable, income-producing portfolio through exiting the non-earning
and non-core legacy assets and redeploying capital into a more
diverse portfolio with a greater mix of first lien assets. As a
result of restructurings of troubled legacy investments, BKCC has
hadoutsized exposure to equity investments relative to peers for
some time. The rotation out of equity and non-core investments has
taken longer than initially anticipated, resulting in significant
net realized losses. However, throughout 2020, BKCC made solid
progress toward materially reducing its non-core assets, by exiting
multiple legacy investments, as well as materially reducing its
exposure to Gordon Brothers Finance Company (GBFC) and the BCIC
Senior Loan Partners, LLC (SLP) investment vehicle.

Following receipt of shareholder approval on May 1, 2020 to reduce
the asset coverage requirement to 150% from 200%, BKCC communicated
a long-term targeted leverage range of 0.95x-1.25x, up from a
targeted range of 0.70x-0.75x previously, and in line with that of
rated BDC peers that are subject to a 150% asset coverage
requirement. The reduced asset coverage requirement has benefited
the company's asset coverage cushion, which was 24.8% at 3Q20, up
from 15.6% at year-end 2019 (YE19). The higher cushion is in line
with the rated peer average and above Fitch's 'bb' category
capitalization and leverage benchmark range of 0%-11%. Fitch
believes the cushion is appropriate given the firm's elevated
portfolio concentrations and the potential for higher credit losses
over the medium term as rising coronavirus cases impact the
economic recovery. BKCC's leverage, as measured by par
debt-to-equity on a gross basis, was 1.01x at Sept. 30, 2020, but
declined materially following the investment exits completed in
4Q20. Based on preliminary financial results, BKCC's management
team estimated that leverage, net of cash, was 0.51x at YE20, down
from 0.98x at 3Q20. Net leverage further declined to 0.38x as of
Jan. 15, 2021 as a result of net portfolio activity subsequent to
the end of 4Q20. Fitch expects leverage to increase over the
Outlook horizon, but at a measured pace given the current economic
backdrop.

Total equity exposure, excluding the investment in SLP, was 17.0%
of the portfolio at fair value at 3Q20, down from 24.3% at YE19.
Fitch considers BKCC's entire investment in GBFC to be a levered
equity position, despite it being structured as a combination of
debt and equity positions. However, equity exposure declined
subsequent to the end of 3Q20 following the sale of GBFC and SLP
assets. As a result of elevated historical exposure to equity
investments, in addition to coronavirus-related uncertainties,
BKCC's portfolio has experienced above-average valuation
volatility, which drove net realized and unrealized losses of
$140.7 million during 9M20. Management is focused on redeploying
proceeds from non-core investment exits into yielding debt
investments over time, which should improve the stability of net
investment income (NII) and limit further declines in net asset
value (NAV) resulting from market movements. Still, Fitch believes
that the pace at which BKCC can redeploy capital will be dependent
on market conditions, so earnings and dividend coverage could
remain pressured for some time.

BKCC's portfolio remains more concentrated than that of its BDC
peers, with the top 10 portfolio companies representing 58.6% of
total assets at Sept. 30, 2020, compared to a rated peer average of
30.4%. Still, this ratio declined from 75.2% at 3Q18 as BKCC was
able to exit certain large investments and leverage the broader
BlackRock platform to increase originations during 2019. Management
expects BKCC's competitive positioning to continue to improve as
the BlackRock platform is now able to take on larger hold sizes
following the acquisition of TCP and continued growth of the direct
lending platform. Additionally, BKCC's portfolio risk profile
should improve if it is able to focus more on senior debt
positions.

Asset quality trends have deteriorated in recent years and were
particularly weak in 9M20, as BKCC recorded net realized losses
representing approximately 17.0% of the average portfolio, at
value, which has continued a trend of elevated losses driven by
ongoing challenges in the legacy portfolio. Fitch believes that, in
addition to coronavirus-related markdowns, there is the potential
for incremental portfolio losses until all remaining legacy
non-core investments have been exited. At Sept. 30, 2020, BKCC had
investments in three portfolio companies that were on non-accrual
status, amounting to 7.7% of the portfolio, at cost, and 1.0%, at
value. This compares to rated peer averages of 3.2% and 1.4%,
respectively.

Fitch will continue to monitor BKCC's ability to retain its
financial flexibility over time. At Sept. 30, 2020, 46.6% of BKCC's
outstanding debt (at par) was unsecured, which is viewed favorably
by Fitch. The current proportion of unsecured debt is above Fitch's
quantitative benchmark range of less than 35% for BDCs in the 'bb'
rating category; however, that percentage could decline should the
firm draw on its secured credit facility to fund portfolio growth.
Failure to maintain economic access to the unsecured markets over
time could yield negative rating actions.

Fitch views BKCC's liquidity position as adequate. At Sept. 30,
2020, BKCC had $5.4 million in cash and cash equivalents and
approximately $135.5 million of undrawn capacity under its credit
facility, subject to borrowing base restrictions. BKCC's nearest
debt maturity is in June 2022, when $143.8 million of convertible
notes come due. The credit facility is scheduled to mature in June
2023, but Fitch believes that the facility could be extended prior
to the maturity date. Fitch believes the reduction in borrowing
capacity on the facility, to $300 million, following the amendment
on May 22, 2020 could become a rating constraint if it impacts
BKCC's ability to grow and/or if BKCC does not access additional
funding in advance of the 2022 debt maturity. BKCC's exposure to
unfunded revolver commitments to portfolio companies is relatively
small, amounting to approximately $2.1 million at Sept. 30, 2020.
Fitch views BKCC's liquidity as sufficient to fund any increased
draws.

Following the onset of the spread of the coronavirus, BKCC cut its
dividend in 2Q20 to $0.10 per share from $0.14 per share, and is
paying a portion of the dividend in stock, until pandemic-driven
uncertainties ease. Fitch believes this action is prudent and will
help BKCC conserve cash and equity; however, this reduction marks
the third dividend cut since BlackRock took over management
responsibilities for the BDC in 2015. NII coverage of the dividend
increased to 115.1% in 9M20 from 95.1% in 2019. BKCC's cash
earnings coverage of the dividend, which is adjusted for
payment-in-kind (PIK) income, was lower at 93.1% in 9M20 and 83.0%
in 2019. Cash earnings coverage of the dividend is weaker due to
elevated PIK income, which accounted for 9.8% of interest and
dividend income in 9M20. While Fitch believes dividend coverage
will benefit from the lower dividend level, incremental credit
deterioration, which leads to an increase in non-accruals and
portfolio contraction, could challenge coverage over time. Still,
Fitch believes management will continue to waive incentive fees, if
necessary, to improve dividend coverage as demonstrated during 9M20
when the firm voluntarily waived $5.0 million of incentive fees
that the advisor was entitled to during the first three quarters of
2020.

The Stable Outlook reflects Fitch's expectation that BKCC will
maintain an appropriate asset coverage cushion for the risk profile
of its portfolio, continue to reduce exposure to legacy investments
without realizing material additional outsized losses, and leverage
its relationship with BlackRock and TCPC to enhance deal flow.

The equalization of the secured and unsecured debt ratings with the
Long-Term IDR reflects solid collateral coverage for all classes of
debt given that BKCC is subject to a 150% regulatory asset coverage
limitation.

RATING SENSITIVITIES

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

-- An inability for BKCC to maintain its cushion to covenants at
    a level viewed as sufficient to account for incremental
    valuation volatility and/or credit deterioration in the
    portfolio over the medium term, a decline in the company's
    asset coverage cushion to below 5.5%, a material increase in
    leverage without a commensurate decline in the portfolio risk
    profile, material asset quality deterioration in investments
    originated by the current management team, incremental
    outsized realized losses in the legacy portfolio, and/or an
    inability to improve operating performance and dividend
    coverage for a sustained period.

-- Longer term, should BKCC fail to maintain economic access to
    the unsecured funding markets, ratings could also be
    pressured.

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

-- Strong credit performance of recent underwriting vintages,
    continued economic access to unsecured funding, and BKCC's
    ability to continue to leverage its relationship with the
    broader BlackRock platform (including TCPC) to benefit its
    competitive positioning in the market.

-- Positive rating momentum would also be contingent upon BKCC's
    ability to exit its remaining legacy investments without
    incurring material additional realized and/or unrealized
    portfolio losses; maintain leverage at a level commensurate
    with the portfolio risk profile; demonstrate increasingly
    consistent operating performance and sustained NII coverage of
    the dividend of over 100%; and the maintenance of sufficient
    liquidity.

-- The secured and unsecured debt ratings are primarily linked to
    the Long-Term IDR and are expected to move in tandem. However,
    a sustained reduction in unsecured debt as a proportion of
    total debt could result in the unsecured debt rating being
    notched down from the IDR.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

ESG CONSIDERATIONS

BlackRock Capital Investment Corporation has an ESG Relevance Score
of '4' for Management Strategy due to the execution risk associated
with the portfolio rotation out of remaining legacy underperforming
investments and the redeployment of proceeds into yielding senior
debt investments, which is relevant to the rating in conjunction
with other factors.

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


BRUIN E&P HOLDCO: Enerplus Purchasing All Shares for $465 Million
-----------------------------------------------------------------
Enerplus Corporation (TSX & NYSE: ERF) on Jan. 25, 2021, announced
that it has agreed to acquire all of the outstanding shares of
Bruin E&P HoldCo, LLC for total cash consideration of US$465
million pursuant to a purchase and sale agreement, subject to
customary purchase price adjustments.  

The Acquisition will be funded with a new US$400 million term loan
and a concurrent $115 million bought deal equity financing.
Enerplus will not assume any debt of Bruin as part of the
Acquisition.  Closing of the Acquisition is subject to customary
closing conditions and is expected to occur in early March 2021.

"This acquisition demonstrates our disciplined returns-oriented
focus and commitment to value creation for our shareholders," said
Ian C. Dundas, President and CEO of Enerplus.  "With immediately
adjacent acreage offering strong operational synergies, Bruin's
assets are highly complementary to our existing tier 1 position in
the Bakken and will enable us to accelerate free cash flow growth
and further support our focus on providing long term sustainable
shareholder returns."  

In connection with the Acquisition, Enerplus has entered into a
binding agreement with RBC Capital Markets and BMO Capital Markets,
who are acting as Joint Bookrunners, to provide Enerplus with a new
three year, US$400 million term loan, which will be fully drawn to
fund a portion of the purchase price for the Acquisition.  The new
term loan will include financial and other covenants and pricing
identical to Enerplus' existing US$600 million revolving credit
facility which matures October 31, 2023.  Funding under the term
loan is subject to limited conditions, including completion of the
Acquisition and delivery of customary credit facility
documentation.  

Bruin's properties are all located in North Dakota with significant
production and development inventory concentrated in the Fort
Berthold area near Enerplus' primary property.  Bruin's current
production rate is approximately 24,000 BOE per day (72% tight oil,
14% NGL and 14% natural gas).  An independent reserves report on
Bruin's properties effective as of December 31, 2020 has assigned
proved plus probable reserves of 84.1 MMBOE consisting of 61.5
MMbbls of tight oil, 11.6 MMbbls of NGLs and 66.4 Bcf of shale gas
(working interest before the deduction of royalties).

A full text copy of the Jan. 25, 2021 announcement is available at
https://bit.ly/3sZNsve

                   About Bruin E&P Partners

Bruin E&P Partners, LLC -- http://www.bruinep.com/-- is a
privately owned exploration and production enterprise focused on
the acquisition and development of onshore oil and natural gas
producing properties.  Its production and development activities
are located in North Dakota.  Headquartered in Houston, Texas, and
with offices in Colorado and North Dakota, Bruin has 134
employees.

Bruin E&P Partners filed a Chapter 11 petition (Bankr. S.D. Tex.
Case No. 20-33605) on July 16, 2020.  At the time of filing, the
Debtor estimated $1 billion to $10 billion in assets and
liabilities.

The Hon. Marvin Isgur oversaw the case.

Kirkland & Ellis LLP served as legal counsel to Bruin, PJT Partners
LLP served as financial advisor, AlixPartners LLP served as
restructuring advisor, and Jackson Walker L.L.P. was the local
legal counsel.  Omni Agent Solutions was the claims agent.

                          *     *     *

Bruin E&P Partners and its subsidiaries in August 2020 completed
its restructuring process and emerged from Chapter 11 bankruptcy.
The comprehensive balance sheet restructuring equitized a
substantial majority of the Company's funded debt.  Lenders owed
$400.9 million under the revolving credit facility got 92.5% of the
new interests (projected recovery of 53.9%) while holders of notes
totaling $589 million got 7.1% of the interests (recovery of 2.8%).
PJT's valuation analysis said the equity value was $134 million to
$334 million, with a midpoint of $234 million.


CAROUSEL WORKS: Wooden Carousels Maker Files for Liquidation
------------------------------------------------------------
The Carousel Works, Inc., filed a Chapter 7 bankruptcy petition
(Bankr. S.D. Ohio Case No. 21-50052) on Jan. 9, 2021.

The Debtor's counsel:

       Richard K Stovall
       Matthew M Zofchak
       Allen Stovall Neuman Fisher & Ashton LLP
       Tel: 614-221-8500
       E-mail: stovall@asnfa.com
               zofchak@asnfa.com

The Chapter 7 trustee:

        Myron N Terlecky
        575 S Third Street
        Columbus, OH 43215

The Mansfield News Journal earlier reported on the bankruptcy
filing of The Carousel Works, Mansfield, Ohio-based manufacturer of
wooden carousels.  The company has made at least 63 carousels
around the world.

The report relates that the once-bustling Mansfield company built
the landmark Richland Carrousel Park, which opened downtown in 1991
and remains open.  All 52 figures were designed, carved and painted
by Carrousel Works.

According to the Journal, The Carousel Works Inc. business sits
idle at 1285 Pollock Parkway off Piper Road and no one is working
at the site.


CBL & ASSOCIATES: Wells Fargo Asks Court to Throw Out Chapter 11
----------------------------------------------------------------
Law360 reports that Wells Fargo asked a Texas bankruptcy court to
throw out mall owner CBL & Associates' Chapter 11 case Monday,
January 25, 2021, arguing that a series of defaults on nearly $1.2
billion in loans had allowed the bank to seize control of the
company and many of its tenants' rents, which should have precluded
CBL from filing for bankruptcy.  

As administrative agent for the banks that provided CBL with $500
million in loans and a $685 million revolving line of credit, Wells
Fargo said it had been entitled by various agreements to take over
the company and start directly collecting rents from its tenants.

CBL has commenced in Bankruptcy Court an adversary proceeding
against Wells Fargo seeking, among other things, a declaratory
judgment that no event of default has occurred or is continuing
under the first lien credit agreement.

In the adversary proceeding, Wells Fargo said in its trial brief
filed Jan. 25, "The evidence at trial will show that between
mid-2019 and October 28, 2020, a cascade of Events of Default
occurred under the Credit Agreement -- at least two of which the
Debtors have admitted in their SEC filings.  The First Lien Lenders
did not waive any of the Events of Default -- as the Debtors agreed
in a written forbearance agreement and acknowledged in their SEC
filings.  While the First Lien Lenders elected not to exercise
their remedies immediately, and instead sought to negotiate
constructively with the Debtors, in late October 2020, the Debtors'
actions made clear that the First Lien Lenders’ interests would
not be served through continued negotiations.  At that point,
between October 28 and 30, 2020, the First Lien Lenders properly
exercised their agreed upon remedies, took control of the Pledged
Debtors' governance, and took ownership of the rents attributable
to the Mortgage Debtors' real property.  The Pledged Debtors
therefore lacked corporate authority to file for bankruptcy on
November 1 and 2, 2020, and their cases must be dismissed, and the
rents attributable to the Mortgage Debtors' real property (to the
extent their cases are not dismissed) never became part of their
respective bankruptcy estates."

                      About CBL & Associates

CBL & Associates Properties, Inc. -- http://www.cblproperties.com/
-- is a self-managed, self-administered, fully integrated real
estate investment trust (REIT) that is engaged in the ownership,
development, acquisition, leasing, management and operation of
regional shopping malls, open-air and mixed-use centers, outlet
centers, associated centers, community centers, and office
properties.

CBL's portfolio is comprised of 107 properties totaling 66.7
million square feet across 26 states, including 65 high-quality
enclosed, outlet and open-air retail centers and 8 properties
managed for third parties.  It seeks to continuously strengthen its
company and portfolio through active management, aggressive leasing
and profitable reinvestment in its properties.

CBL, CBL & Associates Limited Partnership and certain other related
entities filed voluntary petitions for reorganization under Chapter
11 of the U.S. Bankruptcy Code in Houston, Texas, on Nov. 1, 2020
(Bankr. S.D. Tex. Lead Case No. 20-35226).

The Debtors have tapped Weil, Gotshal & Manges LLP as their legal
counsel, Moelis & Company as restructuring advisor and Berkeley
Research Group, LLC as financial advisor.  Epiq Corporate
Restructuring, LLC, is the claims agent.


CELLA III: Girod to Seek Confirmation of Competing Plan on Feb. 24
------------------------------------------------------------------
Creditor Girod LoanCo, LLC, filed a competing plan in the Chapter
11 case of Cella III, LLC.

On Jan. 7, 2021, the Court considered the adequacy of disclosures
contained in the Disclosure Statement filed by Girod and the
objection filed by the Debtor.  Based on discussions and
negotiations at the hearing on Jan. 7, 2021, Girod filed the First
Amended Disclosure Statement on Jan. 14, 2021.

Girod's First Amended Chapter 11 Plan Dated Jan. 14, 2021,
represents a plan proposed by creditor Girod to complete with the
amended plan of reorganization filed by the Debtor on March 16,
2020.  The Court on June 1, 2020, approved the Debtor's Disclosure
Statement, the Debtor solicited votes on its plan and, on Jan. 7,
2021, the Court held an evidentiary hearing to consider
confirmation of the Debtor's plan.  At the close of evidence, the
Court took the matter under submission

The Court finds that the Girod Disclosure Statement, as amended,
contains "adequate information" as that term is defined in 11
U.S.C. Sec. 1125(a)(1) of the Bankruptcy Code.

The Court on Jan. 20, 2021, approved the Girod Disclosure
Statement, as amended, and ordered that:

   * The video evidentiary hearing at which the Court will
determine whether to confirm the Girod Plan will take place on Feb.
24, 2021, at 2:30 p.m.  

   * Ballots must be received by Feb. 18, 2021, to be counted as
votes to accept or reject the Girod Plan.

   * Objections to the confirmation of the Girod Plan are also due
Feb. 18, 2021.

   * Girod is to tabulate the acceptances and/or rejections of the
Plan and electronically file into the record a Certified Tabulation
of Ballots by Feb. 19, 2021.  

                      Girod's Competing Plan

Girod filed a competing plan when the Bankruptcy Court terminated
the Debtor's exclusive right to confirm a plan.  In Girod's view,
the Debtor's Plan is not confirmable over Girod's objection.  The
Girod Plan, in contrast, is designed to maximize the recovery to
all holders of allowed claims and, in fact, proposes to pay allowed
unsecured claims in full with interest.

Generally, the Girod Plan provides two alternatives for current
equity, both of which result in allowed unsecured claims being
satisfied in full with interest.  The payments on these allowed
claims shall be made first from cash in the DIP bank account on the
Effective Date.  If there are insufficient funds available for that
purpose, Girod commits to paying those allowed claims.  Under the
Sale Option, all allowed claims, including allowed Administrative
Expense Claims, will be paid from existing Cash and, if necessary,
from the proceeds of the sale on or before the Effective Date or
the date thereafter such claim becomes allowed by a final,
non-appealable order, as the case may be.  

Which alternative is triggered depends entirely upon the vote of
George Cella ("Cella") individually as the sole holder of the Class
4 Equity Interest.  The decision focuses primarily upon the
Debtor's lease with Horizon.  Horizon is an affiliated company also
owned 100% by Cella, the sole member of the Debtor, and
importantly, Horizon is also a co-obligor with the Debtor on the
Girod indebtedness in this case.  Horizon currently occupies space
on a verbal, month-to-month basis with the Debtor.  Girod contends
the rent is well below market.  Indeed, Horizon was paying the
Debtor twice as much in rent immediately before the bankruptcy was
filed.  The current monthly rent of only $10,000 is, in Girod's
view, purposefully, conveniently and artificially low in order to
accomplish two self-serving goals of Cella: (1) support for a
restructuring of the Girod indebtedness under the Debtor's plan
with substantially lower monthly payments, including "interest
only" for the first year, a 30-year amortization and an interest
rate on the low end of the spectrum, and (2) diverting what should
be significant revenues of the Debtor away from the Estate and into
the hands of Cella through his ownership of Horizon.  

A vote in favor of the Girod Plan by Class 4 Equity shall trigger
the Reorganization Option under the Girod Plan.  Among other
things, it will permit the Debtor to emerge from bankruptcy as a
reorganized debtor, with Cella owning 100% of the equity.  The
Horizon verbal lease would be rejected in favor of a new written
lease with Horizon (See Plan Supplement One attached hereto)
providing for "market rate" monthly payments of $22,000 and other
terms and conditions subject to Girod approval, approval not to be
unreasonably withheld.  The  Reorganized Option would also permit
Cella to remain as manager for the reorganized debtor, with
compensation mirroring that available under the Debtor's plan,
namely $8,000 per month for the first year with an increase to
$10,000 thereafter.  Girod's fully secured claim will receive a
payment of $200,000 on the Effective Date, with the balance
amortized over 20 years at 6.25% interest.  Monthly payments will
be $57,600 at a minimum, or higher if Girod's motion for
reconsideration and/or new trial is granted.  The Class 2 Secured
Claim would mature after 24 months, a period of time more than
reasonable for the reorganized debtor to seek and obtain new
financing.  In the event the Debtor prevails on any appeal of the
breach of lease litigation with EJGH and actually recovers those
awarded damages, the first $1,000,000 in collected funds would be
paid to Girod and the Debtor would be entitled to the remainder, if
any.  And if LCMC exercises its early lease termination rights, the
proceeds shall be paid to Girod on account of its priming security
interest in leases and rents.

If Class 4 does not vote in favor of the Girod Plan or fails to
timely vote, the Girod Plan provides automatically for the Sale
Option, whereby Girod shall offer a credit bid of $7.9 million as a
Stalking Horse Bid, subject to a court-supervised auction process
designed to obtain the best possible price for the assets.  Under
the Sale Option, Horizon will be immediately evicted from the
space, and Cella's services as manager will be terminated.  Upon
the occurrence of the eviction and removal of management ("Transfer
of Control"), Girod will provide for the temporary management of
the property until a sale can be fully consummated and Cella will
not be entitled to any more compensation from the Transfer of
Control forward.

Under Girod's Plan, unsecured creditors will be paid in full in
cash on the Effective Date, with 3% interest accruing from the
Petition Date until payment is made.

A full-text copy of Girod's First Amended Disclosure Statement
filed Jan. 14, 2021, and refiled Jan. 21, 2021, is available at
https://bit.ly/3iQY3UA from PacerMonitor.com at no charge.

Attorneys for Girod LoanCo, LLC:

     Brett P. Furr
     Michael A. Crawford
     John A. Milazzo, Jr.
     TAYLOR, PORTER, BROOKS & PHILLIPS L.L.P.
     P.O. Box 2471
     Baton Rouge, LA 70821-2471
     Telephone: (225) 387-3221
     Facsimile: (225) 346-8049

                       About Cella III LLC

Cella III, LLC, owns the building and real estate bearing the
municipal address 4545, 4539, and 4531 Veteran's Memorial Highway,
Metairie, LA.  This property is located at a prominent, heavily
traveled commercial intersection of Veterans Memorial Boulevard and
Clearview Parkway.

Cella III, LLC, filed a Chapter 11 petition (Bankr. E.D. La. Case
No. 19-11528) on June 5, 2019.  In the petition signed by George A.
Cella, III, member and manager, the Debtor was estimated to have
$10 million to $50 million in assets and $1 million to $10 million
in liabilities.

The Hon. Jerry A. Brown oversees the case.  

The Debtor tapped Congeni Law Firm, LLC as bankruptcy counsel;
Sternberg, Naccari & White, LLC as special counsel; and Patrick J.
Gros, CPA, APAC as accountant.


CHEMOURS COMPANY: Cost Sharing MOU No Impact on Moody's Ba3 Rating
------------------------------------------------------------------
Moody's Investors Service stated that the memorandum of
understanding ("MOU") regarding the cost sharing of potential
future PFAS liabilities between DuPont de Nemours, Inc. ("DuPont";
Baa1 stable), E.I. du Pont de Nemours and Company ("Corteva"; A3
stable) and The Chemours Company ("Chemours"; Ba3 negative) that
provides greater certainty over the cash outflows related to these
liabilities will not have an impact on ratings or outlooks at this
time at any of the three companies. This agreement is a credit
positive for Chemours and a modest credit negative for both DuPont
and Corteva as cash outflows related to these liabilities will be
easily manageable within expected free cash flows. The settlement
of the Ohio Multi-District Litigation ("MDL"), which is also
included in the MOU, for approximately $83 million (excludes the
Abbott claim, which is under appeal) is also a positive for all
three companies.

Moody's views the agreement as favorable to Chemours, particularly
in the earlier years of the agreement period, as it shifts the
legal responsibility for any PFAS liability, including but not
limited to settlements, defense costs and remediation expenses from
100% Chemours to 50% within the next 20 years or until the $4.0
billion is spent. This reduces cash demands on Chemours related to
these liabilities in the near term, and could also allow ample time
for Chemours to further strengthen its financial profile in
anticipation of a worse case scenarios in PFAS litigation where the
$4.0 billion amount is exhausted in future years.

Despite the benefits of this MOU, the outlook on Chemours' ratings
remains negative, reflecting Chemours' remaining $2.0 billion share
of this $4.0 billion agreement and its potential exposure to future
amounts above this level, as well as the continuing case load
growth, the unknown ultimate scale of the PFAS liability and the
uncertain pace of incurring litigation costs.

Moody's would consider stabilizing or upgrading Chemours ratings if
there's better clarity on the timing and scale of litigation
related costs, and if Chemours significantly improves is adjusted
gross debt/ EBITDA leverage, which stood at 4.8x at September 30,
2020 on an LTM basis. Moody's would consider stabilizing or
upgrading the ratings if gross adjusted Debt/EBITDA were sustained
below 3.5x and RCF/Debt remained above 20%, both on a sustained
basis.

Moody's would consider a downgrade if the pace of litigation
related costs indicates the $4.0 billion ceiling in the agreement
will be pierced, if NRD or other cases grow significantly, or it
appears Chemours will face liabilities related to the growing
firefighting foam cases. A downgrade would also be considered if
cash balances and liquidity were to deteriorate, if Debt/EBITDA
were to exceed the 4.5x range, or if RCF/Debt falls to single
digits, on a sustained basis.

Moody's views the impact on both DuPont and Corteva as modest
negatives in that it creates a contractual liability of up to $2
billion that didn't exist prior to the agreement. However, these
liabilities, roughly $630 million for Corteva and $1.37 billion for
DuPont, are not substantial within the context of their annual or
cumulative cash flows over multiple years, and are not likely to
alter their strategic efforts or financial flexibility. Over the
longer term, however, and under stress scenarios, where the total
PFAS liability rises meaningfully above $4.0 billion, Moody's
believes that Corteva and DuPont will continue take actions to
prevent Chemours from becoming financially distressed, which
shields these two companies from direct responsibility for
potentially burdensome future liabilities.

The MOU requires that the parties share potential future PFAS
liabilities -- 50% by Chemours and 50% by both Dupont and Corteva.
This arrangement terminates upon the earlier of $4.0 billion in
expenditures or 20 years. Furthermore, the MOU sets up a $1 billion
escrow account to fund future large PFAS liabilities (i.e., in the
event of third party settlements above $125 million in any of the
first five years, above $200 million in years six through ten and
for any cost or expenses thereafter). Additionally, if the balance
of this escrow account falls below $700 million by December 31,
2028, the companies will make additional annual contributions over
the following five or six years to cover the difference between the
balance at the end of 2028 and $700 million. If PFAS liabilities
are not covered by the escrow fund, the expenses are shared by the
companies on the same basis - 50% by Chemours and 50% by DuPont and
Corteva. All qualified expenditures count toward the $4.0 billion
limit. For DuPont and Corteva their share of the funding will align
with the previously agreed 71%/ 29% cost sharing agreement,
respectively. If at some point in the future, liability costs were
to exceed $4.0 billion, or extend beyond the 20 year period, all
additional costs would be the responsibility of Chemours under its
amended 2015 separation agreement. The Ohio MDL payment is not part
of this escrow arrangement and will be funded roughly equally by
all three companies.

These three companies expect to negotiate a definitive agreement by
February 28, 2021 that is consistent with this MOU and lays out
additional details on how and when payments to cover future
liabilities will be made. This MOU also resolves all ongoing
litigation between the parties and avoids the current arbitration
process.


CHRISTOPHER & BANKS: Hilco Unit Is Lead Bidder for E-Commerce Biz.
------------------------------------------------------------------
Ben Unglesbee of Retail Dive reports that Christopher & Banks has a
bid on its e-commerce business from a term loan lender that would
set the baseline for a Chapter 11 auction, according to court
documents.  The bankrupt women's apparel seller signed a letter of
intent with ALCC, LLC, an affiliate of Hilco Merchant Resources, to
serve as the stalking horse at the auction. Under the bid, the
purchase price for the e-commerce business would consist of the
value of the term loan ($8.1 million) along with other assumed
liabilities.  According to the agreement, competing bids would have
to top the bid by at least $650,000 to be considered.

Christopher & Banks was among those hit hardest by the COVID-19
pandemic, with a core customer who has been staying home and
avoiding the very occasions the apparel retailer's clothes are
designed for.

After defaulting on multiple major financial obligations in early
January, it filed for Chapter 11 with plans to liquidate its entire
footprint of nearly 450 stores. Failing to find a buyer for its
entire retail business, the company said that it would seek a sale
of its e-commerce unit, which historically made up roughly a
quarter of its sales and has been growing.

With the help of advisers from B. Riley, Christopher & Banks
initially reached out to at least 200 parties around a possible
sale. Most of them declined to pursue a deal, but three did
indicate interest in buying the company's e-commerce assets,
according to court papers.

Among them was ALCC, a major lender tied to Hilco Merchant
Resources, the company carrying out the retailer's
going-out-of-business sales. Taking over the digital business gives
ALCC a way to recoup what Christopher & Banks owes it.

Christopher & Banks' e-commerce business went through tremendous
growth last year as store-based, and overall sales plummeted due to
the pandemic and the spring's temporary closures. Through October,
the company's e-commerce sales grew nearly 28% year over year to
$71.2 million, according to its latest financial report. That
helped make the digital business an "attractive asset," the
company's CEO said in court papers earlier this month.

If a sale indeed happens, Christopher & Banks would join a growing
cohort of brands left to sell online only after liquidating in
bankruptcy, a trend driven both by the travails of mall-based store
chains (especially those selling apparel) and the advent of tools
to help sell online.

Christopher & Banks' auction and stalking horse bid from ALCC will
need court approval. The company has proposed a Feb. 17, 2021
deadline for "qualified" bids, followed by a Feb. 19, 2021 auction,
a Feb. 22, 2021 sale hearing in bankruptcy court and a target
closing date of Feb. 26, 2021.

                    About Christopher & Banks

Christopher & Banks Corporation (OTC: CBKC) is a Minneapolis-based
specialty retailer featuring exclusively designed privately branded
women's apparel and accessories.  As of Jan. 13, 2021, the Company
operates 449 stores in 44 states consisting of 315 MPW stores, 76
Outlet stores, 31 Christopher & Banks stores, and 28 stores in its
women's plus size clothing division CJ Banks.  The Company also
operates the www.ChristopherandBanks.com eCommerce website.

Christopher & Banks Corporation and two affiliates sought Chapter
11 protection (Bankr. D.N.J. Lead Case No. 21-10269) on Jan. 13,
2021.

As of Dec. 14, 2020, the Company had $166,396,185 in assets and
$105,639,182 in liabilities.

The Hon. Andrew B. Altenburg Jr. is the case judge.

The Company's restructuring counsel is Cole Schotz P.C., its
financial advisor is BRG, LLC, and its investment banker is B.
Riley Securities Inc.  Omni Management Solutions is the claims
agent.


CHS/COMMUNITY HEALTH: Fitch Rates New Secured Notes Due 2031 'B'
----------------------------------------------------------------
Fitch Ratings has assigned a 'B'/'RR1' rating to CHS/Community
Health Systems, Inc.'s (CHS) senior secured notes due in 2031.
Proceeds are expected to be used to partially redeem the company's
senior secured notes due in 2024. The ratings apply to $12.8
billion of debt as of Sept. 30, 2020. The Rating Outlook is
Positive, reflecting the company's slowly improving financial
flexibility and operating profile. However, gross debt to leverage
remains high, and Fitch expects the company's absolute level of
cash generation to be positive but thin.

KEY RATING DRIVERS

Coronavirus Business Disruption Manageable: Fitch believes that
healthcare services, including those provided by CHS, should
experience lesser long-term effects from the coronavirus pandemic
versus other corporate sectors because demand is not as
economically sensitive and oftentimes is not discretionary.
However, depressed volumes of elective patient procedures weighed
meaningfully on healthcare providers' revenue and operating margins
in 2020. Although elective procedures in both inpatient and
outpatient settings were cancelled for an extended period to
increase capacity for Covid-19 patients and in response to
government orders, these volumes showed a strong pattern of
recovery as healthcare systems restarted operations.

Fitch believes CHS has sufficient headroom in the 'CCC' rating
category to continue to absorb the effects of the pandemic on
operations in 2021. This is predicated on an assumption that
sporadic, government-mandated shutdowns and business disruptions
related to spiking Covid-19 patient volumes will not significantly
disrupt the recovery in elective patient volumes that began in
mid-2020. There could be downward rating pressure if business
disruption accelerates and depresses cash flow more than Fitch
currently anticipates.

Very High Debt Burden: CHS encountered the pandemic with a highly
leveraged balance sheet despite efforts to reduce debt following
the acquisition of rival hospital operator Health Management
Associates, LLC (HMA) in late 2014. Fitch-calculated leverage as of
Sept. 30, 2020 was 12.0x (and 8.4x inclusive of grant funding
provided via the Coronavirus Aid, Relief and Economic Security
[CARES] Act, which Fitch has elected to exclude from its EBITDA
calculation), versus 5.2x prior to the acquisition. CHS has paid
down more than $3 billion of debt since the beginning of 2016,
primarily using proceeds from the spinoff of Quorum Health Corp.
and a series of smaller divestitures. While Fitch believes CHS's
hospital sales have been for multiples of EBITDA that are slightly
deleveraging, leverage increased steadily until late 2019, when
some recovery in the base business slightly bolstered EBITDA.

Incremental Progress Addressing Capital Structure: In addition to
the divestiture-funded debt repayment, CHS has been slowly
addressing concerns in its liquidity profile through a series of
transactions that include multiple debt exchanges completed in late
2020 and early 2021. Unlike prior debt exchanges in June 2018 and
December 2019, Fitch did not consider the latter transactions as
distressed debt exchanges because they took advantage of market
pricing and excess liquidity, rather than being conducted to avoid
bankruptcy or similar insolvency.

The senior secured notes issuance will continue to address upcoming
debt maturities without the company resorting to offmarket options.
Fitch views the extension of maturities as a credit positive since
it increases CHS's window to execute an operational turnaround plan
that is focused on restoring organic growth and improving the
profitability of hospitals in the markets remaining after a
recently completed divestiture program.

Forecast Reflects Hospital Divestitures: Fitch's $1.5 billion
operating EBITDA forecast for CHS in 2021 reflects completed
hospital divestitures and hospitals under definitive agreement for
sale. The company sold about 60 hospitals with nearly $6 billion of
annualized revenues during 2017-2020, raising about $2.8 billion of
cash proceeds and leaving a footprint of 93 hospitals as of Sept.
30, 2020. The divestiture program was part of a long-term plan to
improve same-hospital margins and sharpen focus on markets with
better organic operating prospects. While divestiture proceeds have
been a source of debt paydown, long-term repair of the balance
sheet will require the company to expand EBITDA through a return to
organic growth and expansion of profitability within the group of
remaining hospitals. Fitch does not include any further divestiture
proceeds in its forecast.

Headwinds to Less Acute Volumes: CHS's legacy hospital portfolio
faced secular headwinds to less acute patient volumes, which are
highly susceptible to weak macroeconomic conditions, seasonal
influences from the flu and respiratory cases and health insurer
scrutiny of short-stay admissions and preventable hospital
readmissions. CHS's same-hospital operating trends were weak in
2017 and 2018, although quarterly results showed sequential
improvement in yoy performance for various patient volume measures
throughout 2019. The operating EBITDA margin also showed signs of
stabilization during 2018-2019 after five consecutive quarters of
yoy declines in this metric from 1Q17 through 1Q18. The pandemic
influenced operating results in 2020, with CHS's 1H20 volume
declines and subsequent 3Q20 sequential recovery falling broadly in
line with its acute care hospital industry peers.

DERIVATION SUMMARY

CHS's 'CCC' IDR reflects the company's weak financial flexibility
with high gross debt leverage and stressed FCF generation (cash
flow from operations [CFO] less capex and dividends). High leverage
partly reflects a legacy operating profile focused on rural and
small suburban hospital markets that are facing secular headwinds
to organic growth. A pivot toward faster growing and more
profitable markets at the conclusion of the divestiture program
should boost profitability to be more in line with higher rated
industry peers HCA Healthcare Inc. (HCA; BB/Stable), Tenet
Healthcare Corp. (THC; B/Stable) and Universal Health Services Inc.
(UHS; BB+/Stable).

KEY ASSUMPTIONS

Fitch's key assumptions within the Agency's rating case for the
issuer include:

-- A steady recovery in patient volumes following pandemic
    related business disruption in 2020 resulting in 6% topline
    growth in 2021.

-- EBITDA margin rebounds in 2021 to about 12%.

-- CFO of $400 million-$500 million annually in 2021-2023.

-- Capital intensity assumed at 3% in 2021-2023.

-- Although Fitch's 2020 revenue and EBITDA calculations for CHS
    do not include CARES Act or other fiscal stimulus/grant
    funding, these amounts are included in FCF (CFO less capex).

-- The forecast assumes no additional fiscal support and that the
    CARES Act items that require repayment are repaid according to
    the schedule currently outlined by the Centers for Medicare
    and Medicaid Services (CMS) in 2021 and 2022.

-- The forecast assumes no additional hospital divestiture
    proceeds.

RATING SENSITIVITIES

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

-- The operational turnaround plan gains traction in the next 12
    months-18 months, evidenced by stabilization in the operating
    EBITDA margin and better growth in organic patient volumes.

-- An expectation that ongoing CFO generation will be sufficient
    to fund investment in the remaining hospital markets to
    support expectations for improved organic growth.

-- An expectation that the company will be able to successfully
    refinance debt maturities without resorting to offmarket
    options such as debt exchanges.

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

-- A downgrade to 'CCC-' or below or a revision of the Rating
    Outlook to Stable or Negative would reflect an expectation
    that the company will struggle to refinance upcoming
    maturities. This would likely be a result of deterioration in
    revenues and EBITDA, leading Fitch to expect either another
    distressed debt exchange or a more comprehensive
    restructuring.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity During Pandemic: CHS has maintained a
comfortable liquidity cushion during the pandemic-related business
disruption. Sources of liquidity include $1.8 billion of cash on
hand as of Sept. 30, 2020, and $654 million of availability under a
$1 billion asset-based lending (ABL) facility, with about $150
million in an LOC outstanding. CHS paid down $273 million
outstanding on the ABL earlier in 2020; availability is subject to
a borrowing base calculation.

Liquidity has also been supported by funding received through the
CARES Act. CHS received $719 million in grant funding and about
$1.2 billion in accelerated Medicare payments earlier in 2020.
Other sources of near-term liquidity enhancement include the
deferral of 2020 payroll tax payments. Some of these liquidity
enhancements are temporary measures that are required to be repaid,
starting with the Medicare advances beginning in April 2021. Fitch
does not expect the unwinding of these temporary government-funded
liquidity bolsters to strain CHS's financial profile. The company's
debt agreements do not include financial maintenance covenants.

Debt Issue Notching: Fitch's recovery assumptions result in a
recovery rate for CHS's approximately $8.7 billion of first lien,
senior secured debt, which includes the ABL and senior secured
notes, within the 'RR1' range, to generate a three-notch uplift to
the debt issue ratings from the IDR, to 'B'/'RR1'. The $3.1 billion
senior secured junior priority notes are notched down by two
notches to reflect estimated recoveries in the 'RR6' range, to
'CC'/'RR6', and the $1.7 billion senior unsecured notes are notched
down by three notches, to 'C'/'RR6', to reflect estimated
recoveries in the 'RR6' range and structural subordination of these
notes relative to the prior ranking junior priority secured notes.
Fitch assumes that CHS would draw $700 million on the ABL prior to
a bankruptcy scenario, and it includes that amount in the claims
waterfall.

Fitch estimates an enterprise value (EV) on a going concern basis
of $8.8 billion for CHS after deducting 10% for administrative
claims. The EV assumption is based on post-reorganization EBITDA
after payments to noncontrolling interests of $1.4 billion and a
7.0x multiple. Fitch's post-reorganization EBITDA estimate assuming
ongoing deterioration in the business is offset by corrective
measures taken to arrest the decline in EBITDA after the
reorganization. Fitch does not believe the pandemic has changed
longer term valuation prospects for the hospital industry, and
CHS's post-reorganization EBITDA and multiple assumptions are
unchanged from the last ratings review. The post-reorganization
EBITDA estimate is approximately 2.5% lower than Fitch's 2021
forecast EBITDA for CHS. Fitch's post-reorganization EBITDA
estimate assumes ongoing deterioration in the business but is
offset by corrective measures taken to arrest the decline in EBITDA
after the reorganization.

The 7.0x multiple employed for CHS reflects a history of
acquisition multiples for large acute care hospital companies with
similar business profiles to CHS, in the range of 7.0x-10.0x since
2006, and the average public trading multiple (EV/EBITDA) of CHS's
peer group (HCA, UHS and THC), which has fluctuated between
approximately 6.5x and 9.5x since 2011. CHS has recently sold
hospitals in certain markets for a blended multiple that Fitch
estimates is higher than the 7.0x assumed in the recovery analysis.
However, Fitch believes the higher multiple on recent transactions
is due to strong interest by strategic buyers in markets where they
have an existing footprint; therefore, it is not necessarily
indicative of the multiple that the larger CHS entity would
command.

ESG CONSIDERATIONS

CHS has an ESG Relevance Score of '4' for Exposure to Social
Impacts due to societal and regulatory pressures to constrain
healthcare spending growth in the U.S. This dynamic has a negative
impact on the credit profile and is relevant to the rating in
conjunction with other factors.

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


CICI'S HOLDINGS INC: Files for Chapter 11 to Sell to D&G
--------------------------------------------------------
CiCi's Holdings Inc., which operates and franchises the Cici's
Pizza buffet chain, has filed for Chapter 11 bankruptcy protection
after the pandemic curbed in-person dining.

Irving, Texas-based CiCi's operates 11 pizza buffets in the U.S.
and franchises the concept to 307 stores to 128 franchisees in 26
states.  Founded in 1985, CiCi's is focused on providing "ultimate
all-you-can-eat pizza and gaming experience" in a family-oriented
environment at relatively low prices.  At its peak in 2009, CiCi's
had 650 locations.  The chain was acquired in 2016 by an affiliate
of Arlon Group, the middle-market private equity unit of
Continental Grain Co.

Dave Flessner of Times Free Press reports that while the pandemic
has boosted sales for pizza delivery companies Domino's Pizza, Papa
John's, and Pizza Hut, buffet-style restaurants like Cici's have
lost more than half of their business in 2020.

According to Times Free Press, Cici's pizza chain announced that it
has agreed to sell itself to its biggest lender -- D&G Investors --
as part of a pre-packaged plan in its Chapter 11 case.  D&G bought
$81.6 million in debt from CiCi's previous lenders and will convert
its secured debt into equity in CiCi's and provide another $9
million of debtor-in-possession financing to fund the bankruptcy
reorganization.

CiCi's will continue to operate and support franchisees as usual,
according to the statement.

CiCi's bankruptcy filing comes seven months after another pizza
chain, Chuck E. Cheese, filed for bankruptcy last June.

CiCi's had sought to adapt to the pandemic by shifting more to
digital ordering and delivery to replace its buffet model.  But
company revenues fell last year by 57% and it adjusted earnings
before taxes, depreciation and other adjustments went from a
positive $14.2 million in 2019 to a loss of $2.7 million last
year.

"CiCi's introduction of digital ordering and delivery services has
amplified its ability to reach customers, but the company's
reliance on third-party dispatch and delivery platforms has
impacted margins and may reduce customer loyalty over the longer
term by lowering switching costs," CiCi CFO Richard Peabody said in
a court filing.  "As such, and because the in-store experience
features less prominently today in the overall customer value
proposition, CiCi's must work harder and more creatively to
differentiate its offerings from the competition."

                       About CiCi's Holdings

CiCi's Holdings Inc. is the owner, operator, and franchisor of
family-oriented unlimited pizza restaurants.  With approximately
318 locations across 26 states, including 11 owned restaurants and
307 franchise locations owned and operated by 128 franchisees, the
CiCi's brand is known as a "go-to" destination for family and other
group outings through its wide variety of pizza, pasta, and salad
bar items and cost-effective price point.

CiCi's Holdings, Inc., and its affiliates sought Chapter 11
protection (Bankr. N.D. Tex. Lead Case No. 21-30146) on Jan. 25,
2021.  Cici's Holdings was estimated to have $10 million to $50
million in assets and $50 million to $100 million in liabilities as
of the bankruptcy filing.

The Hon. Stacey G. Jernigan is the case judge.

The Debtors tapped Gray Reed & McGRAW LLP as bankruptcy counsel,
and Piper Sandler & Co. as investment banker.  Stretto is the
claims agent.


CICI'S HOLDINGS: D & G to Take 100% Ownership in Prepack Plan
-------------------------------------------------------------
CiCi's Holdings Inc., which operates and franchises the Cici's
Pizza buffet chain, has sought bankruptcy protection with a deal
that will save jobs and keep its stores open.

Despite CiCi's best efforts, the COVID-19 pandemic and associated
economic downturn have severely strained the company's finances,
ultimately triggering events of default under CiCi's prepetition
credit agreement.

CiCi's has $81.64 million in total funded debt obligations,
consisting $9.99 million outstanding under a prepetition revolving
facility and $71.65 million outstanding under a term loan facility
both provided under the Credit Agreement dated Aug. 29, 2016.

Over the past six months, the Debtors have been engaging with their
prepetition lenders on a path forward to address the debt and
existing defaults.

CiCi's initial lenders did not want to own the Company, so CiCi's
commenced a sale process in consultation with those lenders.  While
the sale process was ongoing, however, that lender group sold 100%
of the CiCi's debt to D & G Investors, L.L.C.

From the outset, D & G expressed a desire to take ownership of the
business, retain all or substantially all of the Debtors'
employees, and maintain valuable relationships with franchisees;
thus, CiCi's engaged with D & G on the terms of a transaction.

D & G, however, raised concerns regarding the costs of any
transaction, whether that be the exposure to potential liabilities
in an out-of-court transaction or the potential administrative
expenses for any in-court transaction.  These fee issues resulted
in a stalemate between the parties.  D & G also recognized that
there were certain existing defaults under the Prepetition Credit
Agreement, including a lack of deposit account control agreements
("DACAs"), which had been required since 2016 but never executed,
and perfection issues with respect to certain collateral included
in the original 2016 security agreement.

On Jan. 8, 2021, CiCi's received a notice of remedies from the
administrative agent, Wilmington Trust, National Association, and
was prepared to file for chapter 11 at that time, in order to
protect the estates and allow the Debtors to engage with D & G.

However, after extensive and intensive last-minute,
around-the-clock discussions, the Debtors and D & G were able to
agree upon the terms of an overall transaction structure, as set
forth in that certain Restructuring Support and Forbearance
Agreement dated as of January 14, 2021.

Parties to the RSA are:

   1. The Company and its subsidiaries;

   2. D&G Investors, LLC, as assignee of Wells Fargo Bank, N.A.,
Citizens Bank, N.A., Cadence Bank, N.A., and Bank of America, N.A.,
the lenders under the Credit Agreement.

   3. Interest holders Arlon Food and Agricultural Partners II LP,
AFAP II Co-Invest LP, and Continental Grain Company.

The RSA contemplates a pre-packaged and expedited chapter 11
process, with the intent of exiting bankruptcy in 60 days.

In sum and substance, D & G will convert its secured debt into 100%
of the new equity of CiCi's, with the option to roll over an amount
to be determined of its pre- and postpetition debt into an exit
facility on terms to be agreed upon among D & G and the Debtors.

The Prepackaged Plan provides for a cash recovery pool of $50,000
for distribution to allowed unsecured claims.  Unsecured claims are
estimated to total $750,000.

To finance these chapter 11 cases, D & G will provide the Debtors
with a DIP facility in the principal amount of $9 million,
comprised of $3 million in new credit and deemed term loan "roll
up" of $6 million in prepetition debt.  The DIP loan will bear
interest at the rate of 15% per annum and will mature 75 days after
the Petition Date.  For the first 60 days of the chapter 11 cases,
there will not be any adequate protection provided to D & G on
account of its prepetition debt, provided that if the Plan is not
confirmed by the 60th day from the Petition Date, then on day 61 D
& G will receive go-forward adequate protection payments equal to
the monthly amount of default interest payable under the
Prepetition Credit Agreement

To comply with the DIP loan also contains certain case milestones,
the Debtors are targeting a March 3, 2021 confirmation hearing on
its Prepackaged Plan.

Richard A. Peabody, the managing member and CFO of the Company,
asserts that implementation of the transactions contemplated by the
RSA and the Plan will position CiCi's for long-term success, save
jobs, and ensure that franchisees and the Company's key landlords
and vendors continue to have a viable go-forward business partner.

D & G's counsel:

         Holland N. O'Neil, Esq.
         Foley & Lardner LLP
         2021 McKinney Avenue, Suite 1600
         Dallas, TX 75201-3340
         E-mail: honeil@foley.com

                 - and –

         David Morris, Esq.
         David Morris Law Firm
         3044 Old Denton Road, Suite 111-246
         Carrollton, TX 75007
         E-mail: dfmorris48@verizon.net

Arlon, et al.'s counsel:

         Paul Basta, Esq.
         Karen Zeituni, Esq.
         Paul Weiss Rifkind Wharton & Garrison LLP
         1285 Avenue of the Americas
         New York, NY 10019-6064
         E-mail: pbasta@paulweiss.com
                 kzeituni@paulweiss.com

                       CiCi's at a Glance

   * Debtor: CiCi's is an owner, operator, and franchisor of
family-oriented unlimited pizza restaurants

   * Store Count: 11 company-owned locations and 307 franchise
locations at present (total 318) compared with 26 company-owned
locations and 369 franchise locations (total 395) at the beginning
of 2020

   * Revenue: $76.3 million in fiscal 2020 from $177.3 million in
fiscal 2019

   * Adjusted EBITDA: Negative $2.7 million in 2020, compared with
$14.2 million in 2019

   * Funded debt outstanding: $81.64 million as of Dec. 11, 2020

   * Present owner: Arlon Food and Agriculture Partners II LP
(acquired 2016)

   * Primary reason for filing: Debt-for-equity deal reached with D
& G Investors, L.L.C.

                       About CiCi's Holdings

CiCi's Holdings Inc. is the owner, operator, and franchisor of
family-oriented unlimited pizza restaurants.  With 318 locations
across 26 states, including 11 owned restaurants and 307 franchise
locations owned and operated by 128 franchisees, the CiCi's brand
is known as a "go-to" destination for family and other group
outings through its wide variety of pizza, pasta, and salad bar
items and cost-effective price point.

CiCi's Holdings and its affiliates sought Chapter 11 protection
(Bankr. N.D. Tex. Lead Case No. 21-30146) on Jan. 25, 2021.  Cici's
Holdings was estimated to have $10 million to $50 million in assets
and $50 million to $100 million in liabilities as of the bankruptcy
filing.

The Hon. Stacey G. Jernigan is the case judge.

The Debtors tapped Gray Reed & McGraw LLP as bankruptcy counsel,
and Piper Sandler & Co.'s TRS Advisors as investment banker.
Stretto is the claims agent.



CLOUD TEN: Case Summary & 3 Unsecured Creditors
-----------------------------------------------
Debtor: Cloud Ten Marketing Group LLC
        1350 Bobcat Trail Blvd.
        North Port, FL 34288

Business Description: Cloud Ten Marketing Group LLC Single Asset
                      Real Estate (as defined in 11 U.S.C. Section
                      101(51B)).

Chapter 11 Petition Date: January 26, 2021

Court: United States Bankruptcy Court
       Middle District of Florida

Case No.: 21-00303

Debtor's Counsel: Ian Horn, Esq.
                  LAW OFFICE OF IAN HORN
                  P.O.Box 691
                  Brandon, FL 33509-0691
                  Tel: (813) 545-1067
                  E-mail: ianhornlaw@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Richard Smith, the managing member.

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

https://www.pacermonitor.com/view/IYMARVA/Cloud_Ten_Marketing_Group_LLC__flmbke-21-00303__0001.0.pdf?mcid=tGE4TAMA


COMCAR INDUSTRIES: March 10 Plan Confirmation Hearing Set
---------------------------------------------------------
Comcar Industries, Inc., et al., filed with the U.S. Bankruptcy
Court for the District of Delaware a motion for entry of an order
approving the Amended Combined Disclosure Statement and Chapter 11
Plan of Liquidation.  On Jan. 21, 2021, Judge Laurie Selber
Silverstein granted the motion and ordered that:

     * The Combined Disclosure Statement and Plan and Committee
Support Letter are approved on an interim basis for solicitation
purposes. Any objections to the adequacy of information contained
in the Combined Disclosure Statement and Plan on a final basis are
expressly reserved for consideration at the Combined Confirmation
Hearing.

     * March 10, 2021, at 10:00 a.m. is the Combined Confirmation
Hearing.

     * March 1, 2021, at 4:00 p.m. is the deadline to file
objections to confirmation of the Combined Disclosure Statement and
Plan.

     * March 8, 2021, at 12:00 p.m. is the deadline for the Debtors
to file a memorandum of law in support of the adequacy of the
information contained in, and Confirmation of, the Combined
Disclosure Statement and Plan.

     * Feb. 28, 2021, is the deadline by which Ballots must be
received by the Voting Agent.

     * Feb. 17, 2021, is the deadline for any Claimholder seeking
allowance of its Claim for voting purposes or to challenge the
allowance of its Claim for voting purposes to file a motion for an
order temporarily allowing its Claim.

Counsel to the Debtors:

     Stuart M. Brown
     DLA PIPER LLP (US)
     1201 North Market Street, Suite 2100
     Wilmington, Delaware 19801
     Telephone: (302) 468-5700
     Facsimile: (302) 394-2341
     E-mail: stuart.brown@us.dlapiper.com

          - and -

     Jamila Justine Willis
     DLA PIPER LLP (US)
     1251 Avenue of the Americas
     New York, New York 10020
     Telephone: (212) 335-4500
     Facsimile: (212) 335-4501
     E-mail:jamila.willis@us.dlapiper.com

                     About Comcar Industries

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

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

The Hon. Laurie Selber Silverstein is the presiding judge.

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

                          *    *    *

On June 25, 2020, the Bankruptcy Court entered orders authorizing
the Debtors to (i) sell substantially all of the assets of CT to
Bulk Transport Company, East, Inc., (ii) sell substantially all of
the assets of CTL to Adams Resources & Energy, Inc., and Service
Transport Company, and (iii) sell the MCT assets to Contract
Freighters, Inc.  On Sept. 4, 2020, the Court entered an order
authorizing the sale of substantially all of CCC to Bulk Transport
Company East, Inc.


COMCAR INDUSTRIES: Unsec. Creditors to Recover 2.7% to 4.0% in Plan
-------------------------------------------------------------------
Comcar Industries, Inc., et al., submitted an Amended Combined
Disclosure Statement and Chapter 11 Plan of Liquidation.

The Combined Disclosure Statement and Plan represents the
culmination of extensive negotiations among the Debtors, the
Creditors' Committee and B2 FIE VII LLC and B2 FIE VIII LLC into
the Global Settlement and Plan.  FIE has agreed to fund an amount
that will be available for Distribution to General Unsecured
Creditors and to fund out of its collateral payment of Allowed
Administrative Expense, Administrative Professional, Priority Tax,
and Other Priority Claims in exchange for broad releases and
exculpation.  The Plan then contemplates that FIE's collateral will
vest in the Wind-Down Trust, while certain other Assets that now
constitute FIE's collateral will vest in the Liquidating Trust free
and clear of FIE's Liens and Claims.  Further, once FIE's secured
claims are paid in full from the proceeds of collateral received by
the Wind-Down Trust and the Wind-Down Trust Operating Expenses are
paid full, any excess value in the WindDown Trust will be
transferred to the Liquidating Trust.  FIE is contributing
substantial value to fund the Plan and Global Settlement, which the
Debtors, Creditors' Committee and FIE believe is in excess of the
low range of reasonableness as compared to potential litigation
outcomes.

Class 4 consists of all General Unsecured Claims that are not CWI
Unsecured Claims or Bostick Unsecured Claims.  The Plan provides
that holders of Class 4 Claims owed $66,421,232.45 are projected to
recover 2.7% to 4.0%.  Each Holder of an Allowed General Unsecured
Claim will be entitled to receive a Pro Rata beneficial interest in
the Liquidating Trust, which pro rata beneficial interest shall
entitle such Holder of an Allowed General Unsecured Claim to the
following on each applicable Distribution Date:

     * the benefits of the settlement embodied in this Plan,
including its pro rata share of the $2.15 million GUC Cash Pool in
cash, after reserves for Liquidating Trust Operating Expenses;

     * its Pro Rata share of the net proceeds resulting from the
prosecution of any Causes of Action (net of Liquidating Trust
Operating Expenses), which shall be distributed by the Liquidating
Trust on a Pro Rata basis to Holders of Allowed General Unsecured
Claims in Class 4 and Allowed CWI and Bostick Unsecured Claims in
Class 5, until all Allowed General Unsecured Claims in Class 4 are
paid in full or the proceeds are exhausted;

     * its Pro Rata share of the proceeds of all remaining
Liquidating Trust Assets (net of Liquidating Trust Operating
Expenses), which shall be distributed by the Liquidating Trust on a
Pro Rata basis to the Holders of Allowed General Unsecured Claims
in Class 4 and Allowed CWI and Bostick Unsecured Claims in Class 5,
until all Allowed General Unsecured Claims in Class 4 are paid in
full or the remaining Liquidating Trust Assets are exhausted; and

     * In accordance with the Global Settlement, FIE waives its
rights to any distributions from the Liquidating Trust.

Class 5 consists of all CWI Unsecured Claims and Bostick Unsecured
Claims. The Plan provides that holders of Class 5 Claims owed
$12,477,280 are projected to recover 2.7% to 4.0%.  Each Holder of
an Allowed CWI and Bostick Claim will be entitled to receive a Pro
Rata beneficial interest in the Liquidating Trust, which pro rata
beneficial interest shall entitle such Holder of an CWI and Bostick
Claim to the following on each applicable Distribution Date:

     * the benefits of the settlement embodied in this Plan,
including its Pro Rata share of the GUC Cash Pool in Cash, after
reserves for Liquidating Trust Operating Expenses;

     * its Pro Rata share of the net proceeds resulting from the
prosecution of any Causes of Action (net of Liquidating Trust
Operating Expenses), which shall be distributed by the Liquidating
Trust on a Pro Rata basis to Holders of Allowed General Unsecured
Claims in Class 4 and Allowed CWI and Bostick Claims in Class 5,
until all Allowed CWI and Bostick in Class 5 are paid in full or
the proceeds are exhausted;

     * its Pro Rata share of the proceeds of all remaining
Liquidating Trust Assets (net of Liquidating Trust Operating
Expenses), which shall be distributed by the Liquidating Trust on a
Pro Rata basis to the Holders of Allowed General Unsecured Claims
in Class 4 and Allowed CWI and Bostick Claims in Class 5, until all
Allowed CWI and Bostick Claims in Class 5 are paid in full or the
remaining Liquidating Trust Assets are exhausted; and

     * In accordance with the Global Settlement, FIE waives its
rights to any distributions from the Liquidating Trust.

A full-text copy of the Amended Combined Disclosure Statement and
Chapter 11 Plan of Liquidation dated Jan. 19, 2021, is available at
https://bit.ly/3ccz3Wv from PacerMonitor.com at no charge.

Counsel to the Debtors:

     Stuart M. Brown
     DLA PIPER LLP (US)
     1201 North Market Street, Suite 2100
     Wilmington, Delaware 19801
     Telephone: (302) 468-5700
     Facsimile: (302) 394-2341
     E-mail: stuart.brown@us.dlapiper.com

          - and -

     Jamila Justine Willis
     DLA PIPER LLP (US)
     1251 Avenue of the Americas
     New York, New York 10020
     Telephone: (212) 335-4500
     Facsimile: (212) 335-4501
     E-mail:jamila.willis@us.dlapiper.com

                     About Comcar Industries

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

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

The Hon. Laurie Selber Silverstein is the presiding judge.

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

                          *    *    *

On June 25, 2020, the Bankruptcy Court entered orders authorizing
the Debtors to (i) sell substantially all of the assets of CT to
Bulk Transport Company, East, Inc., (ii) sell substantially all of
the assets of CTL to Adams Resources & Energy, Inc., and Service
Transport Company, and (iii) sell the MCT assets to Contract
Freighters, Inc.  On Sept. 4, 2020, the Court entered an order
authorizing the sale of substantially all of CCC to Bulk Transport
Company East, Inc.


COROTOMAN INC: Trustee Hires Sheehan & Associates as Counsel
------------------------------------------------------------
Martin Sheehan, the Chapter 11 trustee for Corotoman Inc., seeks
approval from the U.S. Bankruptcy Court for the Southern District
of West Virginia to hire Sheehan & Associates, PLLC as his legal
counsel.

The firm's services will include:

     (a) advising the trustee with respect to his powers and duties
and assisting him as needed in his administration of the Debtor's
estate.

     (b) preparing court papers;

     (c) representing the trustee at hearings on various motions,
applications and proceedings;

     (d) investigating and instituting any proceedings relating to
transactions between the Debtor and its creditors;


     (e) advising the trustee on legal matters and filing motions
and adversary proceedings; and

     (f) other legal services.

The firm's attorneys and paralegals will charge $400 per hour and
$125 per hour, respectively.

Sheehan & Associates does not represent any interest adverse to the
trustee or the bankruptcy estate, according to court papers filed
by the firm.

The firm can be reached through:

     Martin P. Sheehan, Esq.
     Sheehan & Associates, PLLC
     1 Community St., Ste 200
     Wheeling, WV 26003
     Phone: (304) 232-1064
     Fax: (304) 232-1066
     Email: SheehanBankruptcy@WVDSL.net

                       About Corotoman Inc.

Corotoman Inc. sought Chapter 11 protection (Bankr. S.D. W.Va. Case
No. 19-20134) on March 29, 2019.  In the petition signed by
Corotoman President John H. Wellford, III, the Debtor was estimated
to have assets of less than $50,000 and liabilities of between
$100,001 and $500,000.  

The Debtor is represented by the Law Office of John Leaberry,
PLLC.

Martin P. Sheehan was appointed as the Debtor's Chapter 11 trustee.
The trustee tapped Sheehan & Associates, PLLC as his legal
counsel.


COROTOMAN INC: Trustee Hires Woomer Nistendirk as Accountant
-------------------------------------------------------------
Martin Sheehan, the Chapter 11 trustee for Corotoman,Inc. seeks
approval from the U.S. Bankruptcy Court for the Southern District
of West Virginia to hire Woomer, Nistendirk & Associates, PLLC as
his accountant.

The firm's services will include the preparation and filing of
state and federal tax returns and monthly operating reports.

The firm will charge $65 to $215 per hour for its services.

Woomer Nistendirk is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code, according to court papers
filed by the firm.

The firm can be reached through:

     Robert L. Nistendirk, CPA
     Woomer, Nistendirk & Associates, PLLC
     231 Capitol Street Ste 400
     Charleston, WV  25301
     Phone: (304) 342-2006
     Fax: (304) 342-2007
     Email: rnistendirk@wnacpas.com

                       About Corotoman Inc.

Corotoman Inc. sought Chapter 11 protection (Bankr. S.D. W.Va. Case
No. 19-20134) on March 29, 2019.  In the petition signed by
Corotoman President John H. Wellford, III, the Debtor was estimated
to have assets of less than $50,000 and liabilities of between
$100,001 and $500,000.  

The Debtor is represented by the Law Office of John Leaberry,
PLLC.

Martin P. Sheehan was appointed as the Debtor's Chapter 11 trustee.
The trustee tapped Sheehan & Associates, PLLC as his legal
counsel.


DOUBLE D GROUP: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: The Double D Group, LLC
        1450 West Horizon Ridge Parkway B-304
        Henderson, NV 89012

Business Description: The Double D Group, LLC is a Single Asset
                      Real Estate debtor (as defined in 11 U.S.C.
                      Section 101(51B)).

Chapter 11 Petition Date: January 26, 2021

Court: United States Bankruptcy Court
       District of Nevada

Case No.: 21-10343

Judge: Hon. Natalie M. Cox

Debtor's Counsel: Anthony W. Austin, Esq.
                  FENNEMORE CRAIG, P.C.
                  300 South Fourth Street, Suite 1400
                  Las Vegas, NV 89101
                  Tel: 602-916-5000
                  E-mail: aaustin@fennemorelaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Jose Pihardo, managing member.

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

https://www.pacermonitor.com/view/KLCMEHQ/THE_DOUBLE_D_GROUP_LLC__nvbke-21-10343__0002.0.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/BMJ5P2A/THE_DOUBLE_D_GROUP_LLC__nvbke-21-10343__0001.0.pdf?mcid=tGE4TAMA


DR. PROCTOR: March 9 Disclosure Statement Hearing Set
-----------------------------------------------------
On Jan. 4, 2021, debtor Dr. Proctor & Associates filed with the
U.S. Bankruptcy Court for the District of Maryland at Greenbelt a
Disclosure Statement and a Plan.  On Jan. 21, 2021, Judge Maria
Ellena Chavez-Ruark ordered that:

     * March 9, 2021, at 2:00 p.m. in Courtroom 3C of the U.S.
Bankruptcy Court, U.S. Courthouse, 6500 Cherrywood Lane, Greenbelt,
Maryland 20770 is the hearing to consider the approval of the
Disclosure Statement.

     * Feb. 24, 2021, is fixed as the last day for filing and
serving written objections to the Disclosure Statement.

A full-text copy of the order dated Jan. 21, 2021, is available at
https://bit.ly/2YkAuKk from PacerMonitor.com at no charge.

Attorney for the Debtor:

     The Johnson Law Group, LLC
     William C. Johnson, Jr., Esq.
     6305 Ivy Lane, Suite 630
     Greenbelt, Maryland 20770
     Tel: (202) 525-2958
     Fax: (301) 288-7473

                 About Dr. Proctor & Associates

Dr. Proctor & Associates, formerly Kids R 1st, LLC, offers a range
of programs and services that enhance growth, independence, and
quality of life for individuals with special needs, including
children, adolescents, adults with Autism Spectrum Disorder and
other developmental disabilities.

Dr. Proctor & Associates sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Md. Case No. 20-19022) on Oct. 5, 2020.
At the time of the filing, the Debtor estimated assets of between
$100,001 and $500,000 and liabilities of less than $50,000. William
C. Johnson, Jr., Esq., serves as the Debtor's legal counsel.


DTE ENERGY: Moody's Hikes Sr. Sec. Bonds From Ba1, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service upgraded the rating assigned to DTE
Energy Center, LLC's (DTEEC) senior secured bonds due 2024 to Baa3
from Ba1. The rating outlook was changed to stable from positive.

RATINGS RATIONALE

The upgrade reflects the improved credit profile of DTEEC's sole
customer, a significant subsidiary of Stellantis N.V. (Baa3
stable), formerly known as Fiat Chrysler Automobiles N.V. (FCA),
after completion of a 50/50 merger between FCA and Peugeot S.A. The
combined entity has larger scale product, brand and regional
diversification, as well as technology competence, all of which are
factors driving the Baa3 rating.

The rating considers the essential nature of the diverse production
support systems and services DTEEC provides to FCA US LLC under
contractual service agreements that expire in 2024. FCA US LLC
designs, manufactures and sells or distributes vehicles under the
Chrysler, Dodge, Jeep, Ram, FIAT and Alfa Romeo brands and is
wholly owned by Stellantis.

The service agreements are structured to provide DTEEC with
protection from certain events outside of its control, namely, the
state of the economy and its impact on automobile production levels
as well as extended force majeure events. The strength of these
contractual arrangements have resulted in consistent and highly
predictable financial performance and debt reduction. Specifically,
DTEEC has maintained an annual debt service coverage ratio in
excess of 1.5 times since 2012 while reducing debt by approximately
$130 million.

The stable outlook reflects our expectation that DTEEC will
continue to demonstrate consistent financial and operating
performance and for Stellantis to maintain its current credit
profile over the foreseeable future.

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

An upgrade of Stellantis would likely place upward pressure on
DTEEC's rating.

Downward rating pressure could develop if there were material
unexpected deterioration in DTEEC's financial profile or if
Stellantis' rating were to be lowered.

DTEEC is a special purpose company created to own and operate
various utility-related assets used in certain manufacturing
processes of FCA US LLC. Headquartered in Ann Arbor, MI, DTEEC is
owned 50% each by subsidiaries of DTE Energy Company (Baa2 stable)
and Commerzbank AG (A1 stable).

The principal methodology used in this rating was Generic Project
Finance Methodology published in November 2019.


EAGLE RIVER: Case Summary & 30 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Eagle River Coal, LLC
        250 Cross Pointe Boulevard
        Evansville, IN 47715

Business Description: Eagle River Coal, LLC is majority owned by
                      Debtor White Stallion, a developer and
                      operator of surface mining complexes in
                      Indiana and Illinois.

                      Eagle River has sought joint administration
                      of its case with the cases of White
                      Stallion Energy, LLC and 18 of its
                      affiliates, filed on Dec. 2, 2020
                      (Bankr. D. Del. Lead Case No. 20-13037).

Chapter 11 Petition Date: January 26, 2021

Court:                    United States Bankruptcy Court
                          District of Delaware

Case No.:                 21-10118

Judge:                    Hon. Laurie Selber Silverstein

Debtor's
General
Bankruptcy
Counsel:                  Chris L. Dickerson, Esq.
                          Nathan S. Gimpel, Esq.
                          Mike Jones, Esq.
                          Matthew Smart, Esq.
                          PAUL HASTINGS LLP
                          71 South Wacker Drive,
                          Suite 4500
                          Chicago, Illinois 60606
                          Tel: (312) 499-6000
                          Fax: (312) 499-6100
                          Email: chrisdickerson@paulhastings.com
                                 nathangimpel@paulhastings.com
                                 michaeljones@paulhastings.com
                                 matthewsmart@paulhastings.com

                            - and -
   
                         Todd M. Schwartz, Esq.
                         PAUL HASTINGS LLP
                         1117 South California Avenue
                         Palo Alto, California 94304
                         Tel: (650) 320-1800
                         Fax: (650) 320-1900
                         E-mail: toddschwartz@paulhastings.com

Debtor's
Local
Bankruptcy
Counsel:                 M. Blake Cleary, Esq.
                         Jaime Luton Chapman, Esq.
                         S. Alexander Faris, Esq.
                         YOUNG CONAWAY STARGATT & TAYLOR, LLP
                         Rodney Square
                         1000 North King Street
                         Wilmington, DE 19801
                         Tel: 302-571-6600
                         Fax: 302-571-1253
                         E-mail: mbcleary@ycst.com
                                 jchapman@ycst.com
                                 afaris@ycst.com

Debtor's
Financial
Advisor:                 FTI CONSULTING, INC.

Debtor's
Notice &
Claims
Agent and
Administrative
Advisor:                 PRIME CLERK LLC

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $100 million to $500 million

The petition was signed by David J. Beckman, authorized signatory.

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

https://www.pacermonitor.com/view/GRGJIZY/Eagle_River_Coal_LLC__debke-21-10118__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. MacAllister Machinery Co., Inc.      Trade          $10,575,293
Attn: President or General Counsel
Dept 78731
PO Box 78000
Detroit, MI 48278‐0731
Tel: 317‐545‐2151
Fax: 317‐860‐3310
Email: credit@macallister.com

2. Old National Bank                 Bank Loans        $10,064,818
Attn: 111-Paycheck
Protection Program
1 Main St.
Evansville, IN 47708
Tel: 800-731-2265
Fax: 812-464-1551
Email: jennifer.gilbert@oldnational.com

3. Synenergy Partners LLC               Trade           $7,033,076
Attn: Chris Cash
PO Box 545
Vernon, MT 47620
Tel: 812-838-4468
Fax: 812-838-8308
Email: jowens@synenergypartners.com

4. Kohmatsu Financial                   Trade           $4,908,871
Limited Partnership
Attn: Jason Lee
8770 W Bryn Mawr Avenue, Suite 100
Chicago, IL 60631
Tel: 847-437-3330
Fax: 847-437-3199
Email: jholtz@kohmatsuna.com

5. WAREX                                Trade           $4,331,193
Attn: President or General Counsel
PO Box 310
Boonville, IN 47601
Tel: 812-473-6066
Fax: 812-477-8381
Email: bobjameswarex@aol.com

6. Caterpillar Financial Ser Corp        Trade          $2,054,885
Attn: David Walton
PO Box 730681
Dallas, TX 75373-0681
Tel: 615-341-1000
Fax: 615-341-115
Email: nabc.customerservice@cat.com

7. Hawkins Bailey WHSE Inc.              Trade          $1,658,725
Attn: Randy Hawkins & Damons Bailey
1101 12th Street Ste A
Bedford, IN 47421
Tel: 812-275-8888
Fax: 812-278-9999
Email: heathhawkins@hawkins‐bailey.com;
       bobyoung@hawkins‐bailey.com

8. Whayne Supply Co                      Trade          $1,624,760
Attn: Monty Boyd, Founder & CEO
Beverly Knear
DBA Boyd Company
10001 Linn Station Rd
Louisville, KY 40223
Tel: 502-774-4441
Fax: 502-778-2296
Email: beverly_knear@whayne.com

9. Smith-Manus                       Professional       $1,611,897
Attn: Brook Smith                      Services
2307 River Road, Suite 200
Louisville, KY 40206-5005
Tel: 800-235-9347
     502-636-9191
Fax: 502-636-5328
Email: info@smithmanus.com;
       bsmith@smithmanus.com

10. Connell Equip Leasing                Trade          $1,421,750
Attn: President or General Counsel
300 Connell Drive
Berkeley Heights, NJ 07922
Tel: 908-673-3700
Fax: 908-673-3800
Email: lalevee@connellco.com

11. Rudd Equipment Co                    Trade          $1,341,946
Attn: Tim Murphy, Branch Vice
President
PO Box 77000
Detroit, MI 48277
Tel: 502-456-4050
Fax: 502-458-2515
Email: cniemeier@ruddequipment.com

12. Cummins Sales and Service            Trade          $1,305,400
Attn: Tony S., President & COO
75 Remittance Drive
Suite 1701
Chicago, IL 60675-1701
Tel: 812-377-5000
Fax: 317-240-1215
Email: kenneth.hurst@cummins.com

13. C&M Giant Tire, LLC                  Trade          $1,005,371
Attn: President or General Counsel
980 W New Circle Rd
Lexington, KY 40511
Tel: 859-281-1320
Fax: 812-674-2369
Email: rusty@cmgianttire.com

14. Onyett Fabricators Inc.           Professional        $858,931
Attn: Robert Onyett, President          Services
3377 North State Road 57
Petersburg, IN 47567
Tel: 812-354-8899
Fax: 812-354-8877
Email: thensler@onyettfab.com

15. Brandeis Machinery and Supply        Trade            $645,787
Attn: Michael Brennan, CEO
Department 8013
Carol Stream, IL 60122-8013
Tel: 502-493-4380
Fax: 502-499-3180
Email: michael_brennan@bramco.com

16. Custom Staffing Services          Professional        $602,379
Attn: President or General Counsel      Services
1820 N. Green River Road
Evansville, IN 47715
Tel: 812-474-7400
Fax: 812-474-7411
Email: ehigginson@customstaffingservices.com

17. Brake Supply Company                  Trade           $553,760
Attn: President or General Counsel
4280 Paysphere Circle
Chicago, IL 60674
Tel: 812-452-3831
Fax: 812-759-6703
Email: jhickman@brake.com

18. John Fabick Tractor Co.               Trade           $484,308
Attn: President or General Counsel
1 Fabick Dr.
Fenton, MO 63026-2986
Tel: 636-343-5900
Fax: 636-680-1550
Email: michael.malone@fabickcat.com

19. GIBCO Motor Express LLC               Trade           $483,978
Attn: President or General Counsel
PO Box 8158
Evansville, IN 47716-8358
Tel: 606-432-1535; 606-835-9143
Fax: 812-473-2517
Email: LMeeks@gibcomotorexpress.com

20. Bowman Family Holdings            Royalty/Trade       $446,648
Attn: Jackie B Ponder
6755 Gray Rd
Indianapolis, IN 46237
Tel: 317-691-8903
Email: jbponder@bfhinc.com

21. Coal Sales Ventures Inc.            Professional      $333,221
Attn: President or General Counsel        Services
488 Magnolia Vale Dr
Chattanooga, TN 37419
Tel: 423-903-8887
Fax: 423-822-7592
Email: Steve_hicks@comcast.net

22. Rock Creek LLC                        Royalty         $329,336
Attn: Thomas A. Belles
Senior Partner
PO Box 444
Harrisburg, IL 62946
Tel: 202-333-8140
Fax: 202-424-7654
Email: info@rockcreekdc.com

23. SNF Mining Inc.                         Trade         $303,381
Attn: President or General Counsel
PO Box 405655
Atlanta, GA 30384-5655
Tel: 606-432-1535; 606-835-9143
Fax: 606-437-0563
Email: remittance@snfhc.com

24. Extreme Welding & Machine               Trade         $229,045
Attn: Ardon Smith
1506 US Hwy 45 N
Eldorado, IL 62930
Tel: 618-272-7237
Email: extreme_weld@yahoo.com

25. Xylem Dewatering Solutions              Trade         $210,623
Attn: President or General Counsel
26717 Network Place
Chicago, IL 60673-1267
Tel: 707-422-9894
Fax: 707-422-9808
Email: priyadarshini.v@xyleminc.com

26. All Type Hydraulic                      Trade         $185,890
Attn: C.R. Tucker
12836 Hwy 57
Evansville, IN 47725
Tel: 800-457-3160
Fax: 812-867-7401
Email: cr.tucker@tuckerhyd.com

27. Mega Highwall Mining                    Trade         $182,775
Attn: President or General Counsel
PO Box 5005 PMB#116
Rancho Santa Fe, CA 92067
Tel: 800-227-1960
Fax: 606-929-5513
Email: ckitchell@sdhg.com

28. Rockwood Casualty Ins. Co.            Insurance       $164,269
Attn: John Miller
654 Main Street
Rockwood, PA 15557
Tel: 814-926-5307
Fax: 814-926-3027
Email: John.Miller@rockwoodcasualty.com

29. Centrifugal Services                     Trade        $153,293
Attn: Carmen Conci
24708 Network Place
Chicago, IL 60673
Tel: 618-268-4850
Email: carmen.conci@elginps.com

30. Clark's Commercial Services              Trade        $143,670
Attn: Jeremy Clark
125 White Ridge Court
Washington, IN 47501
Tel: 812-617-5773


EARLY BIRD: Davis to Contribute $1K; Confirmation Hearing March 9
-----------------------------------------------------------------
Early Bird Foods & Co., LLC, filed a Second Amended Disclosure
Statement for its proposed Plan of Reorganization on Jan. 21,
2021.

The Bankruptcy Court has scheduled a hearing to consider
confirmation of the Plan for March 9, 2021, at 2:30 p.m.

Objections to confirmation of the Plan and final approval of the
Disclosure Statement must be filed on or before March 2, 2021.  All
ballots with respect to the Plan must be completed in full and
signed to be counted in the tabulation of the votes and must be
received by Klestadt Winters Jureller Southard & Stevens, LLP
("Voting Agent") no later than March 2, 2021 at 4:00 p.m.

The Second Amended Disclosure Statement discloses that the holder
of Interests in the Debtor, Ms. Nekisia Davis, to receive nothing
in exchange for her interests, but will receive 100% of the
interest in the Reorganized Debtor in exchange for her contribution
of $1,000 cash pursuant to the New Value Contribution.  

The Second Amended Disclosure Statement added this paragraph: "The
filing of the Plan shall constitute a motion for an order of the
Bankruptcy Court authorizing, and the Confirmation Order shall
constitute the Bankruptcy Court's approval authorizing, Ms. Davis
and the Debtor to consummate the New Value Contribution at any time
prior to or substantially contemporaneously with the Effective
Date.  Ms. Davis shall receive nothing under the terms of the Plan
in exchange for her Interests in the Debtor, however, she shall
make a payment of the $1,000 in cash to the Debtor in exchange for
100% of the Interests in the Reorganized Debtor. In addition, Ms.
Davis shall contribute her extensive knowledge of the Debtor's
business, its various granola recipes, business structure and her
sales expertise to ensure general unsecured creditors are paid
pursuant to the terms of the Plan. "

Like in the prior iteration of the Plan, the Second Amended Plan
projects a 10% recovery for unsecured creditors which shall be
payable on the first, second, and third anniversaries of the
Effective Date.

A full-text copy of the Second Amended Disclosure Statement dated
Jan. 21, 2021, is available at https://bit.ly/3iRI2hp from
PacerMonitor.com at no charge.

Attorneys for the Debtor:

        KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP
        Tracy L. Klestadt
        Christopher Reilly
        200 West 41st Street, 17th Floor
        New York, New York 10036
        Tel: (212) 972-3000
        Fax: (212) 972-2245

                   About Early Bird Foods & Co.

Early Bird Foods & Co., LLC, is a privately held New York limited
liability company established around 2008.  Early Bird filed a
voluntary Chapter 11 petition (Bankr. E.D.N.Y. Case No. 19-45669)
on Sept. 19, 2019, and is represented by Tracy L. Klestadt, Esq.
and Christopher J. Reilly, Esq., at Klestadt Winters Jureller
Southard & Stevens, LLP.  The Debtor listed under $1 million in
assets and liabilities.


EARTH ENERGY: Trustee Hires Chamberlain Hrdlicka as Counsel
-----------------------------------------------------------
Eric Terry, the Chapter 11 Subchapter V Trustee for Earth Energy
Renewables, LLC, seeks approval from the U.S. Bankruptcy Court for
the Western District of Texas to hire Chamberlain, Hrdlicka, White,
Williams & Aughtry, P.C. as his legal counsel.

The firm's services will include:

     a. advising the trustee with respect to his rights, duties and
powers in the Debtor's Chapter 11 case;

      b. assisting the trustee in his consultations relative to the
administration of the case;

     c. assisting the trustee in analyzing the claims of creditors
and in negotiating with such creditors;

     d. assisting the trustee in the analysis of and negotiations
with any third-party concerning matters relating to, among other
things, asset sales, confirmation of a Chapter 11 plan and
post-petition financing;

     e. assisting the trustee with certain intellectual
property-related issues;

     f. representing the trustee at all hearings and other
proceedings;

     g. reviewing and analyzing all applications, orders,
statements of operations and schedules filed with the court and
advising the trustee as to their propriety;

     h. assisting the trustee in formulating a plan of
reorganization or other restructuring strategies;

     i. assisting the trustee in preparing pleadings and
applications as may be necessary in furtherance of the trustee's
interests and objectives; and

     j. other legal services.  
The firm will be paid at these rates:

     Partners: $445 - 575 per hour
     Associates: $300 – 385 per hour
     Paralegals: $150 – 225 per hour
     Administrative Staff: No charge

    Travel and Transit Time: 50 percent of hourly rates

Jarrod Martin, Esq., the firm's attorney who will lead this
representation, will be billed at $445 per hour.  His paralegal,
Lara Coleman, will be paid at $225 per hour.

Chamberlain is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code, according to court papers
filed by the firm.

The firm can be reached through:
     
     Jarrod B. Martin, Esq.
     Chamberlain, Hrdlicka, White, Williams & Aughtry, P.C.
     1200 Smith Street, Suite 1400
     Houston, TX 77002-4310
     Telephone: (713) 658-1818
     Facsimile: (713) 658-2553
     Email: jarrod.martin@chamberlainlaw.com

                   About Earth Energy Renewables

Based in Canyon Lake, Texas, Earth Energy Renewables, LLC is a
company focused on commercializing bio-based chemicals and fuels.
The company has demonstrated success in creating high-margin green
alternatives to petroleum-based products. Visit
http://www.ee-renewables.comfor more information.

Earth Energy Renewables sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Texas Case No. 20-51780) on Oct. 20,
2020.  Jeff Wooley, manager, signed the petition.

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.

Judge Ronald B. King oversees the case.  The Law Offices of Frank
B. Lyon is the Debtor's legal counsel.

Eric Terry, Chapter 11 trustee, tapped Chamberlain, Hrdlicka,
White, Williams & Aughtry, P.C. as his counsel, and William G.
West, P.C., CPA as his accountant.


EARTH ENERGY: Trustee Seeks to Hire William G. West as Accountant
-----------------------------------------------------------------
Eric Terry, the Chapter 11 Subchapter V Trustee for Earth Energy
Renewables, LLC, seeks approval from the U.S. Bankruptcy Court for
the Western District of Texas to hire William G. West, P.C., CPA as
its accountant.

The firm's services will include:

     a. preparing federal and state tax returns as required and
representing the trustee in audits and other deadlines with the
Internal Revenue Service and other government authorities in
tax-related matters for the Debtor's Chapter 11 case;

     b. reconstructing the books and records of the Debtor to the
extent necessary;

     c. preparing a list of missing records needed to complete the
analysis of the Debtor's financial operations and transactions;

     d. performing tracing of funds in and out of the Debtor's bank
accounts and account records;

     e. preparing preference and fraudulent transfer analysis for
the trustee;

     f. preparing an analysis of possible manipulations,
falsification or alteration or destruction of accounting records
and supporting documents; and

     g. preparing any reports required by the court or the Office
of the U.S. Trustee.

William G. West will be paid at these rates:

     William G. West, CPA         $330 per hour
     Roger D. Martin, CPA         $285 per hour
     William A. Potter, CPA       $255 per hour
     Rhonda B. Fronk, CPA         $225 per hour
     Paraprofessionals            $140 per hour

The firm will also be reimbursed for out-of-pocket expenses
incurred.

William West, the firm's name partner, disclosed in a court filing
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     William G. West
     William G. West, P.C., CPA
     12345 Jones Rd., Suite 214
     Houston, TX 77070
     Tel: (281) 807-7811

                   About Earth Energy Renewables

Based in Canyon Lake, Texas, Earth Energy Renewables, LLC is a
company focused on commercializing bio-based chemicals and fuels.
The company has demonstrated success in creating high-margin green
alternatives to petroleum-based products. Visit
http://www.ee-renewables.comfor more information.

Earth Energy Renewables sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Texas Case No. 20-51780) on Oct. 20,
2020.  Jeff Wooley, manager, signed the petition.

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.

Judge Ronald B. King oversees the case.  The Law Offices of Frank
B. Lyon is the Debtor's legal counsel.

Eric Terry, Chapter 11 trustee, tapped Chamberlain, Hrdlicka,
White, Williams & Aughtry, P.C. as his counsel, and William G.
West, P.C., CPA as his accountant.


ELM COURT: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: ELM Court LLC
        111 Elm Street
        Somerville, MA 02144

Business Description: ELM Court LLC is a Single Asset Real Estate
                      debtor (as defined in 11 U.S.C. Section
                      101(51B)).

Chapter 11 Petition Date: January 27, 2021

Court: United States Bankruptcy Court
       District of Massachusetts

Case No.: 21-10090

Judge: Hon. Janet E. Bostwick

Debtor's Counsel: Michael Van Dam, Esq.
                  VAN DAM LAW LLP
                  233 Needham Street
                  Suite 540
                  Newton, MA 02464
                  Tel: 617-969-2900
                  Fax: 617-964-4631
                  E-mail: mvandam@vandamlawllp.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Lou G. Makrigiannis, authorized
representative.

The Debtor stated it has no unsecured creditors.

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

https://www.pacermonitor.com/view/PG2YBJI/ELM_Court_LLC__mabke-21-10090__0001.0.pdf?mcid=tGE4TAMA


ENDURE DIGITAL: Moody's Rates New $640MM Sr. Unsec. Notes 'Caa2'
----------------------------------------------------------------
Moody's Investors Service assigned a Caa2 rating to Endure Digital,
Inc.'s proposed $640 million senior unsecured notes due 2029.
Proceeds from this financing will be used to complete the funding
for Web.com Group, Inc.'s ("Web.com") merger with EIG Investors
Corp. ("Endurance"). All other ratings, including Endure Digital's
B3 Corporate Family Rating, B3-PD Probability of Default Rating,
and B2 senior secured credit facility rating remain unchanged.

Assignments:

Issuer: Endure Digital, Inc.

Senior Unsecured Regular Bond/Debenture, Assigned Caa2 (LGD6)

RATINGS RATIONALE

Endure Digital's B3 CFR reflects the company's high pro forma
debt-to-EBITDA leverage, estimated at 8.8x (Moody's adjusted,
expensing all capitalized software costs but excluding future cost
savings and synergies not yet implemented for the combined company)
at September 30, 2020 and elevated integration risk associated with
the combination of two businesses, Endurance and Web.com, which
historically experienced challenges in sustaining revenue and
earnings growth amid ongoing revenue attrition for the company's
legacy brands. The scale of the two companies and the considerable
restructuring initiatives that are planned could create business
disruptions and slow pace of deleveraging in the context of the
competitive industry dynamic and weak macro-economic outlook.
Although closing leverage is high, Moody's estimates that the
company will be able to improve on this measure over the next 12-18
months, with debt-to-EBITDA expected to moderate towards mid-7.0x
by the end of 2022 based on cost savings realization and improved
operating margin. However, these leverage projections assume Endure
Digital achieves the majority of its planned synergies and cost
savings from the merger, while maintaining stable topline. The
company is also exposed to event risks under majority private
equity ownership including debt-funded acquisitions and shareholder
distributions.

The rating favorably considers Endure Digital's enhanced scale as
the third largest by revenue provider of web services, highly
diversified revenue base with more than 6.8 million
paid-subscribers, the mission-critical nature of its offerings
servicing small-medium-sized businesses (SMB), a largely recurring
and predictable revenue base driven by annual contracts with
auto-renew options, and above market average customer retention
rates. The business combination creates opportunities for the
company to cross-sell and up-sell solutions across a larger and
diversified subscriber base and realize significant cost savings
through improved capacity utilization in data centers, elimination
of redundancies, offshoring operating platforms and consolidating
infrastructure and technology platforms. The transaction
contemplates large cost synergies that the company expects to
realize within 2-3 years of closing. Web.com's management team,
which will be retained as part of this transaction, has significant
expertise and good track record in platform consolidation and cost
savings implementation. The rating is also supported by the
company's asset-light operating model with highly variable cost
structure, favorable working capital profile and limited capital
requirements. Moody's expects the company will maintain good
liquidity, including free cash flow generation in excess of $150
million over the next 12-18 months.

The Caa2 rating assigned to the senior unsecured notes reflects
Endure Digital's B3-PD PDR as well as a Loss Given Default (LGD)
assessment of LGD6 and is two notches lower than the CFR given the
note's effective subordination to the $275 million senior secured
revolving credit facility and $2.295 billion senior secured term
loan. The notes are guaranteed on a senior unsecured basis by the
holdings and the borrower's direct and indirect, existing and
future, wholly-owned domestic subsidiaries.

Endure Digital's good liquidity will be supported by a pro forma
cash balance of approximately $70 million at closing and full
availability under a new $275 million revolving credit facility due
2026 (undrawn at closing). While one-time integration costs
associated with the integration of the two businesses could weigh
on the free cash flow generation over the near term, Moody's
expects that Endure Digital will generate normalized annual free
cash flow of nearly 5% of total debt over the next 12-18 months.
There are no financial maintenance covenants under the new credit
facility (revolver and term loan), but the revolver is subject to a
springing maximum first lien leverage ratio of 7.1x if the amount
drawn exceeds more than 35% of the revolving credit facility. The
company is expected to maintain covenant compliance over the next
12-15 months even if the covenant is triggered.

The stable outlook reflects Moody's view that Endure Digital's
credit metrics will improve over the next 12-18 months as the
company realized significant cost savings and large integration
expenses abate, while topline remains stable over the same period.
Moody's also expects Endure Digital will maintain good liquidity,
including free cash flow-to-debt (Moody's adjusted) in the
low-to-mid single-digit percentages of total debt.

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

The rating could be downgrade if Endure Digital cannot translate
planned cost savings and synergy benefits into higher EBITDA, weak
topline growth or margin compression, or if the company fails to
generate free cash flow. The rating could also be downgraded if
debt-to-EBITDA (Moody's adjusted) remains elevated or liquidity
deteriorates for any other reason.

Successful integration of Endurance, including achieving synergy
targets and meaningfully reducing leverage, while maintaining
stable topline are required for an upgrade. Quantitatively, the
ratings could be upgraded if Moody's believes that the company will
maintain debt-to-EBITDA (Moody's adjusted) below 6.5x and free cash
flow-to-total debt at 5% or better.

Endure Digital (Web.com and Endurance), is a leading provider of
internet domain name registrations, web hosting and website
building tools to small businesses. The combined company will have
an expanded portfolio of leading web services brands, which include
Bluehost, Network Solutions, and Web.com as well as other regional
and complimentary brands. Moody's projects pro forma revenue in
excess of $1 billion in 2020. Clearlake and Siris will be majority
shareholders of the combined company.

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


FDZ HOMES: Seeks to Hire Century 21 as Real Estate Agent
--------------------------------------------------------
FDZ Homes, Inc. seeks approval from the U.S. Bankruptcy Court for
the Central District of California to hire real estate agent Jose
Arana of Century 21 Realty Masters.

Mr. Arana will market the Debtor's property located at 4311 and
4315 N. Portola Ave., Los Angeles.

Upon consummation, Mr. Arana will receive a commission of 6 percent
of the purchase price.

Mr. Arana disclosed in a court filing that he is a disinterested
person within the meaning of Section 101(14) of the Bankruptcy
Code.

Mr. Arana can be reached at:

     Jose Arana
     Century 21 Realty Masters
     830 N Wilcox Ave
     Montebello, CA 90640
     Phone: +1 323-633-4317
     Email: josearanasells@hotmail.com

                       About FDZ Homes Inc.

FDZ Homes, Inc. is the owner of five properties in Los Angeles and
Palm Springs, Calif., having a total current value of $7.42
million.

FDZ Homes sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. C.D. Cal. Case No. 20-20772) on Dec. 7, 2020.  At the time
of the filing, the Debtor disclosed $7,422,233 in assets and
$7,464,153 in liabilities.  

Judge Ernest M. Robles oversees the case.  The Bisom Law Group
serves as the Debtor's legal counsel.


GARRETT MOTION: Equity Committee Wants Exclusivity Periods Ended
----------------------------------------------------------------
The Official Committee of Equity Securities Holders of Garrett
Motion Inc. (GMI) and its affiliated debtors and
debtors-in-possession asks the U.S. Bankruptcy Court for the
Southern District of New York to terminate the Debtor's exclusive
periods to file a Chapter 11 Plan and solicit acceptances to the
plan.

The Equity Committee also asks the Court to expedite the hearing on
its motion.

According to the Equity Committee, the Debtors at the outset of the
Chapter 11 Cases claimed they needed to restructure their
unsustainable liability burden inherited from Honeywell
International Inc.  The Debtors sought to restructure a
"financially extraordinary indemnity contract" that Honeywell
imposed on Garrett ASASCO Inc. to reimburse Honeywell, among other
things, for legacy asbestos exposure arising from an unrelated
Honeywell business, up to $5.25 billion over 30 years.

Two of the Debtors' shareholders, Centerbridge Partners, L.P. and
Oaktree Capital Management, L.P., also known as the COH Group,
reached an agreement with Honeywell that provided for (i) the
settlement of Honeywell's claims against ASASCO; and (ii) the
transfer of virtually all of the Debtors' equity value to
Centerbridge, Oaktree and a select group of the Debtors'
shareholders, known as the Additional Insider Shareholders.  

The Debtors commenced an auction on December 21, 2020.  In addition
to a stalking horse bid submitted by KPS, which consisted of AMP
U.S. Holdings, LLC and AMP Intermediate B.V., two other bids were
submitted: one by the COH Group and one by the OWJ Group, which
consisted of Owl Creek Asset Management, L.P., Warlander Asset
Management, L.P., Jefferies LLC and other investors.  At the
conclusion of the auction, the Debtors declared the KPS Bid the
highest and best offer received in the auction and, on January 8,
2021, filed its plan and disclosure statement predicated upon the
KPS Bid.

After the conclusion of the auction and the declaration of the KPS
Bid as the highest and best bid, the Debtors received a modified
proposal from the COH Group containing only minor enhancements to
its original proposal.  The revised COH Group proposal offered a
cash-out option to shareholders of $6.25 per share, nominally lower
than the value of its original proposal where it claimed the value
to shareholders was $6.28 per share.  The only other purported
improvement the COH Group offered in its revised proposal was an
increase in the rights offering from $100 million to $200 million
for all prepetition shareholders who do not exercise the cash-out
option, including members of the COH Group.  
   
On January 11, 2021, the Debtors declared that they had signed a
plan support agreement with the COH Group and decided to pursue the
COH Group Bid.  The COH Plan Term Sheet sets forth the following
principal terms:

     (i) Treatment of Centerbridge, Oaktree and the Additional
Insider Shareholders: Centerbridge, Oaktree and the Additional
Insider Shareholders shall receive Convertible Series A Preferred
Stock -- COH Convertible Series A Preferred Stock -- at a purchase
price of $1,250,800,000, with a 11% per annum dividend payable in
cash or PIK at the option of the reorganized GMI (subject to
certain conditions).  Each holder of the COH Convertible Series A
Preferred Stock shall have the right to convert its shares into
common stock of the reorganized GMI based on a conversion right of
$3.50 per common share (subject to certain conditions).

     (ii) Treatment of Non-insider Shareholders: Each shareholder
shall have the option to elect to either (i) retain its equity
interest in the reorganized GMI (subject to dilution by the COH
Convertible Series A Preferred Stock given to Centerbridge, Oaktree
and the Additional Insider Shareholders), or (ii) receive $6.25 per
share in cash (the "Cash-Out Option").

     (iii) Rights Offering: Centerbridge, Oaktree, the Additional
Insider Shareholders, and all other shareholders that have not
exercised the Cash-Out Option shall receive subscription rights to
purchase shares of the COH Convertible Series A Preferred Stock at
a purchase price of $200 million in the aggregate in cash.

     (iv) Settlement with Honeywell: Honeywell shall receive $1.209
billion in payments, comprised of an initial payment of $375
million in cash, and new Series B Preferred Stock of the
reorganized company, providing for $834.8 million in total payment,
divided into yearly payments starting in 2022 through 2030.
Honeywell shall further receive a "put" option whereby the Debtors
are required to pay the full amount of Honeywell's claims in
advance if certain EBITDA levels are achieved.

     (v) Treatment of DIP Facility Claims: Payment in full in cash
on the Effective Date.

     (vi) Treatment of Holders of Secured Credit Facility Claims:
Payment in full in cash on the Effective Date of all outstanding
principal and accrued interest at the contractual non-default
rate.

     (vii) Treatment of Holders of Claims Under the Senior Notes:
Payment in full in cash on the Effective Date of (a) all
outstanding principal and accrued and unpaid interest under the
Senior Notes at the contractual non-default rate; and (b) $15
million on account of certain claims purportedly based on the
Applicable Premium set forth in the Senior Notes' indenture.

     (viii) General Unsecured Claims: Each general unsecured
creditor shall receive, at the option of Centerbridge and Oaktree:
(i) reinstatement of its allowed General Unsecured Claim pursuant
to Section 1124 of the Bankruptcy Code; or (ii) payment in full in
cash on the Effective Date or when the claim is contractually due.

The PSA also includes a "no-shop" provision that purports to
prevent the Debtors from actively exploring alternative,
value-maximizing plans.

The Equity Committee tells the Court that since its formation, it
has explored strategic alternatives to maximize value for its
constituents and the Debtors' other stakeholders, including through
a stand-alone Chapter 11 plan that would (i) reinstate the equity
security interests in GMI; (ii) refinance the Debtors' funded debt;
and (iii) raise new capital through the issuance of redeemable
preferred stock.  They further tell the Court that before the
Debtors announced their support of the COH Plan, they repeatedly
assured the Equity Committee that they remained open to considering
a stand-alone plan proposed by the Equity Committee or other
stakeholders.

"As part of that process, the Equity Committee's proposed
investment banker, Cowen and Company, LLC, launched a marketing
process, contacting potential financing sources to provide equity
capital to sponsor a stand-alone plan that would be superior to the
other bids submitted to the Debtors during the auction, including
the COH Plan.  The Equity Committee's efforts have culminated in a
viable, value-maximizing, Stand-Alone Plan with fully committed
preferred stock, and senior debt financing offered on a 'highly
confident' basis, that provides equal or better treatment to all
the Debtors' stakeholders in comparison to the COH Plan," contends
the Equity Committee.

The Stand-Alone Plan provides for these principal terms, among
others:

     (a) Equity Financing:

              (i) Atlantic Park Strategic Capital Fund, LP shall
backstop $800 million of preferred stock financing to fund the
Stand-Alone Plan.

             (ii) The Series A Preferred Stock would be redeemable
on or after three years and would not be convertible but would
include at-the-money warrants for 15% of the reorganized GMI's
equity -- of which existing GMI shareholders receive up to 7.6% --
struck at the volume-weighted average price of the GMI common stock
for the 30-day period preceding the Effective Date of the
Stand-Alone Plan.

           (iii) The Series A Preferred Stock would be offered
ratably to all eligible shareholders, other than a 25% backstop
minimum for Atlantic Park (75% available to all shareholders), in
contrast to the preferred stock in the COH Group Bid, in which only
$200 million of $1.25 billion (16%) is open to all shareholders
(inclusive of Centerbridge, Oaktree and the Additional Insider
Shareholders).

     (b) Senior Debt Financing: Two major banks have offered to
provide senior secured debt comprised of $1.5 billion in term loans
and $350 million in a revolving credit facility, on a "highly
confident" basis, which shall be used to repay the Secured Credit
Facility Claims and DIP Facility Claims.  They would also provide a
revolver for working capital needs.

     (c) Treatment of Equity Interests: GMI Common stock shall be
reinstated and subject to dilution only by the warrants granted to
Atlantic Park and the parties (including existing shareholders)
exercising rights to participate in the Series A Preferred Stock
for 15% of the reorganized GMI's equity.

     (d) Treatment of Honeywell: The Stand-Alone Plan shall provide
Honeywell with an identical treatment to that provided under the
COH Plan.

     (e) Treatment of Other Claims: The Stand-Alone Plan shall
provide all other claims -- including the DIP Facility Claims,
Secured Credit Facility Claims, claims under the Senior Notes, and
General Unsecured Claims -- with an identical treatment to that
provided under the COH Plan.

     (f) Timeline: The Restructuring Support Agreement among the
Debtors and holders of the Secured Credit Facility Claims (RSA)
requires those lenders to vote in favor of any plan that provides
for payment of principal and simple interest, which would result in
savings of $0.23 per share, if the disclosure statement is approved
on or before February 22, 2021.  The Equity Committee intends to
comply with such deadlines (if not extended), subject to the
Court's approval.

"On January 24, 2021, the Equity Committee provided the Debtors
with the Stand-Alone Plan Term Sheet... However, even though the
Stand-Alone Plan provides equal value to all stakeholders and
substantially more value to shareholders, the Debtors will still
proceed with the COH Plan, which has necessitated this Motion," the
Equity Committee discloses.

Lorie R. Beers, Managing Director and Head of Special Situations
and Restructuring at the investment banking firm, Cowen and
Company, LLC, says "the clear superiority of the Stand-Alone Plan
-- and the coercive nature of the COH Plan -- cannot be reasonably
disputed.  Assuming management projections and a consistent 6.0x
LTM EBITDA multiple at the end of 2024, the shares allocated to
Centerbridge, Oaktree and the Additional Insider Shareholders will
be worth $7.22/share in 2024, which is an attractive return for
those investors on their new money investment, who are buying the
COH Convertible Series A Preferred Stock with a $3.50/share
conversion price and earning an 11% coupon in the interim.  The
shares held by the non-insider shareholders, however, would be
substantially diluted by the COH Convertible Series A Preferred
Stock, effectively leading them to exercise the $6.25 Cash-Out
Option instead of $7.22 per share in potential value in nearly four
years."  

"There is no guarantee that the lenders will agree to waive their
default interest -- which would result in savings of $0.23 per
share (based on assumed default interest rate of $18 million
divided by 75.8 million outstanding shares) -- and support the
Stand-Alone Plan if the Equity Committee does not meet the
foregoing deadline under the RSA.  Therefore, without the expedited
consideration of the Motion to Terminate Exclusivity, there is a
significant risk that the Stand-Alone Plan would fail despite its
clear superiority over the COH Plan," the Equity Committee says.

               Debtors Object to Expedited Hearing

Garrett Motion Inc. balked at the Equity Committee's request for
expedited hearing, arguing that the Motion to Terminate Exclusivity
"makes several baseless and serious allegations about the Debtors
conduct and the progress of these chapter 11 cases."  The Debtors
said they should be provided sufficient time to respond to these
unfounded assertions.

Garrett Motion said the Equity Committee's request should be taken
up at the next omnibus hearing scheduled for Feb. 16, 2021.  "There
is sufficient time for the Equity Committee to properly notice the
Motion to Terminate Exclusivity to be heard at that hearing. The
Equity Committee has failed to show any basis or ‘cause' to
shorten the notice period, and the Motion to Shorten should be
denied," the Debtors said.

The Debtors also pointed out that the motions previously noticed
for the Feb. 16 hearing present many of the same and overlapping
issues concerning the Debtors' business judgment to proceed with
solicitation of their Plan of Reorganization.  Specifically, at the
hearing, the Debtors will seek approval of their disclosure
statement and solicitation procedures; and permission to enter into
a Plan Support Agreement and the Equity Backstop Commitment
Agreement.

"Assuming the Equity Committee interposes objections to some or all
of the relief the Debtors seek, the Court will already be
considering many of the same topics raised in the Motion to
Terminate Exclusivity concerning the path of these chapter 11
cases, the competitive auction process, and the Debtors' decision
to pursue approval of the PSA and confirmation of their Plan."

The Debtors also noted that any timing issue with respect to the
Equity Committee's proposed plan is entirely a result of the Equity
Committee's own inaction and delay. The Debtors said, "The Equity
Committee had ample time to prepare and submit its alternative plan
proposal as part of the Court-approved bidding process and during
the nearly month-long auction. Nonetheless, during and following
conclusion of the auction the Debtors have provided diligence
information to the Equity Committee and its financing sources. In
fact, the Debtors obtained a specific carve-out in the "no-shop"
provision in the PSA in order to be able to continue to provide the
Equity Committee continued due diligence in the event it could make
a higher and better offer. The Equity Committee decided not to send
a formal written proposal to the Debtors until January 24, 2021,
which is still subject to definitive documentation, and is not
materially different from the verbal proposal previously considered
by the Debtors' Board of Directors."  The Debtors said the Board of
Directors will convene a meeting this week to consider the Equity
Committee's written proposal.  However, the Equity Committee's own
delay does not constitute "cause" to shorten the 14-day notice
period for the Motion to Terminate Exclusivity.

The Debtors also reminded the Court that the Restructuring Support
Agreement, dated September 20, 2020, allows the lenders to withdraw
support if the Company loses plan exclusivity.  "Therefore, if the
Court were to ultimately grant the Motion to Terminate Exclusivity,
the RSA lenders will have the right to terminate the RSA and would
not be obligated to support either the Equity Committee's
alternative proposal or the Debtors' Plan. There is certainly no
current ability of the Equity Committee to utilize the treatment
that the RSA lenders consented to in the RSA in that circumstance.
Rather, the Equity Committee would need to negotiate a new
agreement with the RSA lenders with respect to its proposal and the
RSA deadline causing the purported exigency is irrelevant," the
Debtors explained.

                    About Garrett Motion

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

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

Garrett disclosed $2.066 billion in assets and $4.169 billion in
liabilities as of June 30, 2020.

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

On Oct. 5, 2020, the U.S. Trustee for Region 2 appointed a
committee to represent unsecured creditors in the Debtors' Chapter
11 cases.  White & Case LLP and Conway MacKenzie, LLC serve as the
committee's legal counsel and financial advisor, respectively.

An Official Committee of Equity Securities Holders has also been
appointed in the case and is represented by:

     Andrew K. Glenn, Esq.
     David S. Rosner, Esq.
     Matthew B. Stein, Esq.
     Shai Schmidt, Esq.
     KASOWITZ BENSON TORRES LLP
     1633 Broadway
     New York, NY 10019
     Telephone: (212) 506-1700
     Facsimile: (212) 506-1800


GARRETT MOTION: Shareholders Offer Competing Chapter 11 Plan
------------------------------------------------------------
Law360 reports that a group of shareholders of Garrett Motion Inc.
asked a New York bankruptcy judge to end the debtor's exclusive
right to pursue a Chapter 11 plan and offered up a plan of their
own that they say provides more value to existing equity holders.

In its motion, the official committee of equity securities holders
said Garrett's currently filed plan seeks to transfer more than $1
billion of value to a group of private equity investors holding a
slim majority of the debtor's shares, leaving a group of smaller
investors — currently holding about 42% of the equity.

                       About Garrett Motion

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

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

Garrett disclosed $2.066 billion in assets and $4.169 billion in
liabilities as of June 30, 2020.

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

On Oct. 5, 2020, the U.S. Trustee for Region 2 formed a committee
to represent unsecured creditors in the Debtors' Chapter 11 cases.
White & Case LLP and Conway MacKenzie, LLC, serve as the
committee's legal counsel and financial advisor, respectively.


GIRARDI & KEESE: Trustee Accuses Rival Firm of Poaching Clients
---------------------------------------------------------------
Law360 reports that the bankruptcy trustee for troubled law firm
Girardi Keese claims rival California plaintiffs firm Abir Cohen
Treyzon Salo LLP is trying to poach GK clients in the Porter Ranch
gas leak litigation.

In a complaint filed late Tuesday, January 26, 2021, afternoon,
Girardi Keese liquidation trustee Elissa Miller of SulmeyerKupetz
PC said that on Monday ACTS sent a mass email to thousands of
Girardi Keese clients in litigation over a massive gas leak that
sickened tens of thousands of Southern California residents in
2015.

                     About Girardi & Keese

Girardi and Keese or Girardi & Keese was a Los Angeles-based law
firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It
served clients in California in a variety of legal areas.  It was
known for representing plaintiffs against major corporations.

An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No.
20-21022) was filed in December 2020 against GIRARDI KEESE by
alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian,
Erika Saldana, Virginia Antonio, and Kimberly Archie.

The petitioners' attorneys:

         Andrew Goodman
         Goodman Law Offices, Apc
         Tel: 818-802-5044
         E-mail: agoodman@andyglaw.com

Elissa D. Miller, a member of the firm SulmeyerKupetz, has been
appointed as Chapter 7 trustee.

The Chapter 7 trustee can be reached at:

         Elissa D. Miller
         333 South Grand Ave., Suite 3400
         Los Angeles, California 90071-1406
         Telephone: 213.626.2311
         Facsimile: 213.629.4520
         E-mail: emiller@sulmeyerlaw.com


HARVEST MIDSTREAM: $150MM Add-on Notes No Impact on Moody's Ba3 CFR
-------------------------------------------------------------------
Moody's Investors Service said that Harvest Midstream I, L.P.'s
proposed $150 million Add-on to its senior unsecured notes due
September 2028 (the Add-on) will not affect the company's credit
ratings or stable outlook. The Add-on is being offered as an
addition to Harvest Midstream's existing $600 million 7.50% senior
unsecured notes due September 2028 that Harvest Midstream initially
issued in August 2020.

The proposed $150 million Add-on and the existing $600 million
senior unsecured notes are rated B1, one-notch below Harvest
Midstream's Ba3 Corporate Family Rating, in consideration of the
priority claim that Harvest Midstream's secured revolving credit
facility has relative to its assets.

Proceeds from the proposed Add-on will repay a portion of the $215
million borrowed under Harvest Midstream's $600 million secured
revolving credit facility (as of January 22, 2021).

Harvest Midstream's Ba3 CFR is supported by its diverse midstream
operating platform in the San Juan Basin of New Mexico and
Colorado, its gathering and transportation operations in Alaska,
joint ventures in South Louisiana, the Eagle Ford Shale and the
Utica, and other locations in Texas and Louisiana. It generates a
stable, contract-based revenue stream, over 80% of which is
generated under fixed-fee contracts, providing a high degree of
certainty to cash flow available for debt service. Effective
December 18, 2020, Harvest Midstream completed its acquisition of
BP p.l.c.'s (BP, A1 negative) midstream assets in Alaska, comprised
of a 49% interest in the Trans Alaska Pipeline System (TAPS) and
additional pipeline segments and gathering systems. Pro forma for
BP Alaska midstream, Harvest Midstream projects that its 2020
EBITDA will increase by up to 50% to between $275 and $315 million,
diversifying to an extent its outsized exposure to the San Juan
Basin. BP Alaska's midstream contribution to consolidated EBITDA
and cash flow will also accelerate the deleveraging of Harvest
Midstream's balance sheet. With modest projected growth in capital
spending and limited distribution payouts, Harvest Midstream should
generate positive free cash flow in amounts sufficient to reduce
leverage to under its targeted 3.5x debt/EBITDA in 2021.

The singular control Mr. Jeffery Hildebrand wields over the Hilcorp
enterprises, including Harvest Midstream, through his ownership of
Hildebrand Enterprises is also considered in the partnership's
credit profile. However, Harvest Midstream has prospered under
Hildebrand's control and leadership, limiting its use of excessive
debt financing. Under the common ownership of Hildebrand, Harvest
Midstream has a strategic relationship with its sister affiliate
Hilcorp Energy I, L.P. (HEI, Ba2 stable) for whom it provides
midstream services in support of much of its production.

Moody's regards Hilcorp Midstream as having good liquidity. Its
$600 million secured revolving credit facility, which is scheduled
to mature in October 2023, will be largely available following the
repayment of much of its current outstandings with proceeds of the
proposed Add-on. Two of Harvest Midstream's joint venture companies
also have revolving credit debt, which have recourse solely to the
respective joint ventures themselves, and are not guaranteed by
Harvest Midstream.

The outlook is stable reflecting Harvest Midstream's expected
declining debt leverage, underpinned by the contractual source of
cash flow which helps insulate the partnership from the full brunt
of commodity price and volume risk.

Harvest Midstream could be upgraded to Ba2 should leverage drop
below 3.5x, should EBITDA exceed $500 million and presuming that
EBITDA is not exposed to additional commodity price or volume risk.
Harvest Midstream could be downgraded should leverage exceed 4.5x,
or should contract structure erode resulting in increased leverage.
Should HEI be downgraded below Ba3, Harvest Midstream would also be
downgraded.

Harvest Midstream is a private, diversified oil and natural gas
gathering and processing (G&P) company whose 1% general partner and
its limited partnership units are owned and controlled by
Hildebrand Enterprises LP.


HAWAIIAN AIRLINES: Fitch Assigns B+ Rating on New Secured Debt
--------------------------------------------------------------
Fitch Ratings has assigned a rating of 'B+'/'RR2' to Hawaiian
Airlines' proposed senior secured debt issuance. The transaction
will be backed by Hawaiian's loyalty program and its brand
intellectual property. The debt will be issued by newly the formed
special purpose vehicles, Hawaiian Brand Intellectual Property,
Ltd, and Hawaiian Miles Loyalty, Ltd., and will be guaranteed by
Hawaiian Airlines, Inc. and Hawaiian Holdings, Inc. Fitch has
reviewed appraisals of the collateral that indicate that the
transaction is overcollateralized, which supports the rating
uplift. Fitch also believes that the importance of the collateral
to Hawaiian creates a high level of incentive for the company to
continue servicing the debt even in a distress scenario.

However, Fitch notes that the value of the collateral is highly
contingent upon Hawaiian continuing as a going concern. Fitch
believes that this dynamic creates the possibility that Hawaiian
could attempt to negotiate its obligations under this transaction
in a bankruptcy scenario since the creditors cannot readily enforce
their rights against the collateral without destroying the
collateral's value. This transaction will be used in lieu of
Hawaiian's $622 million in availability under the CARES Act
Economic Relief Program loan, including the refinancing of the
initial $45 million draw that Hawaiian took in September.

Fitch has also removed Hawaiian's Issuer Default Rating from Rating
Watch Negative and assigned a Negative Rating Outlook. The ratings
were affirmed at 'B-'. This applies to Hawaiian Holdings, Inc. and
its primary operating subsidiary, Hawaiian Airlines, Inc. Fitch
believes that the additional liquidity provided by the transaction
gives Hawaiian a meaningful amount of cushion with which to weather
the current crisis. Announcements about effective COVID vaccines
that occurred since Fitch's prior rating action also provide some
confidence around a recovery in passenger traffic, making a
downgrade into the 'CCC' category less likely.

Fitch downgraded Hawaiian Airlines to 'B-' from 'B+' in September
of 2020. The rating downgrade was driven by the severe impact that
COVID has had on air travel, which for Hawaiian had been
exacerbated in the by the company's reliance on tourist travel to
its home market and by travel restrictions in Hawaii, which
required a 14-day quarantine for anyone arriving to the islands.
The situation for Hawaiian has begun to improve following the
state's decision to allow travelers to forego the quarantine period
with a negative COVID test, which has driven a modest rebound in
bookings.

KEY RATING DRIVERS

Debt Transaction will Bolster Liquidity: Hawaiian ended the third
quarter with a cash and short-term investments balance of $910
million and an estimated cash burn rate of $2.2 million/day for the
fourth quarter. Cash burn is down from $2.6 million/day in the
third quarter. Assuming the transaction is issued at its proposed
size, Fitch estimates that Hawaiian could end the first quarter of
2021 with north of $1.5 billion, which is sufficient manage the
business well into 2022 even if cash burn rates do not improve. The
proposed transaction is slated to be larger than the $622 million
available to Hawaiian under the Cares Act Economic Relief Program.

Fitch expects cash burn to improve as a result of improving demand
and cost cuts, particularly in the second half of this year
assuming continued progress on COVID vaccines/treatments.
Hawaiian's cash needs in 2021 are manageable as it has no major
debt maturities and limited planned capital spending. The company
has officially deferred delivery of the 787-9s that it was
scheduled to take in 2021, pushing total estimated capex for the
year to a very manageable $40 million-$60 million. Liquidity will
also be bolstered by additional government funds following the
renewal of CARES Act. Hawaiian will receive a total of $167.5
million under the renewed Payroll Support Program (PSP). 30% of any
funds received greater than $100 million will be in the form of
unsecured promissory notes and the remainder will be government
grants. The PSP inflow will be partly offset by increased wage
expenses as the airline is required to call back previously
furloughed employees.

Transaction Description: The co-issuers of the senior secured notes
are special purpose vehicles, the Brand IP Issuer and the Loyalty
IP Issuer. They are both owned by the holding company HoldCo2 (an
SPV), which is in turn fully owned by HoldCo1 (an SPV), which in
turn is fully owned by Hawaiian Airlines, Inc., which will also be
the transaction's manager. All these SPVs are newly formed Cayman
Island entities. The HoldCos have an independent director to
mitigate the consolidation risk in case of Hawaiian's bankruptcy.
Hawaiian also acts as parent guarantor of the co-issuers'
obligations under the transaction documents. The HoldCos also
guarantee those obligations.

The issuance proceeds will be used, in addition to funding
Hawaiian's general corporate purposes through an intercompany loan,
to fund a reserve account to cover the following quarter's interest
payment. The notes mature in 2026 after five years of interest-only
payments and the 2026 maturity would not allow extensions. For this
reason, the transaction differs from the United Airlines sponsored
transaction Mileage Plus Intellectual Property Assets, Ltd (rated
BBB- in July 2020) and the Delta Airlines sponsored transaction
SkyMiles IP, Ltd (rated BBB in September 2020).

Recovery Analysis: Fitch's recovery analysis assumes that Hawaiian
would be reorganized as a going concern in bankruptcy rather than
liquidated. Fitch has assumed a 10% administrative claim. Fitch's
estimate for the value available to the loyalty program-backed
creditors is based on an internally generated discounted cash flow
(DCF) analysis using conservative assumptions for future cash
flows. Assumptions in this analysis include loyalty backed revenues
rebounding to pre-COVID levels in 2023 with limited growth
thereafter, and a reduction in brand IP royalty payments from
current rates based on a hypothetical negotiation in bankruptcy.
This analysis results in secured creditors receiving superior
recovery, in the 71%-90% range or 'RR2' range.

Reduced Financial Flexibility: Fitch believes that the company has
limited additional options to raise funds going forward having
utilized its loyalty program to secure the proposed transaction and
having accessed the EETC market with previously unencumbered
aircraft. The company will be prohibited from raising additional
pari passu debt against the loyalty program and brand IP under the
proposed transaction in the first two years. At Sept. 30, 2020,
Hawaiian reported holding an estimated $243 million worth of
unencumbered aircraft, which could secure a modest amount of
additional funding if needed, but other options are limited.

Debt raised through the proposed transaction will also burden the
company's balance sheet for some time. At Sept. 30, 2020,
Hawaiian's total balance of debt and finance lease obligations
stood at $1.3 billion. A $1 billion issuance will increase the
company's total debt balance by 77%. Risks around financial
flexibility are partly mitigated by the company's solid liquidity
balance.

Market Concentration: Hawaiian's ratings have always been
constrained by its reliance on tourist travel to the Hawaiian
Islands. The COVID pandemic has highlighted that risk as quarantine
restrictions effectively pushed passenger travel down 98% in the
second quarter of 2020 and 96% in the third quarter at a time when
domestic competitors began to see modest improvement from early
2020 lows. Fitch believes that there is a risk of a longer recovery
period for travel to Hawaii until a vaccine is widely distributed
due to the long-haul nature of the trip segments, and the deterring
nature of needing a negative COVID test prior to travel.
Uncertainties around the pace of vaccine distribution and the
impact of newly identified variant of the coronavirus continue to
drive these risks despite Fitch's overall improving outlook for the
airline sector as vaccines become more widely distributed. Market
concentration risk for Hawaiian is partly offset by the company's
focus on leisure travel. Pent up leisure demand could drive a
meaningful recovery later in the year depending on the pace of
vaccinations and developments with travel restrictions.

Intense Competition: Assuming that demand starts to return to the
market, the recovery for Hawaiian may be tempered by increased
competition as other U.S. carriers focus on winning more leisure
travel to offset declines in long-haul international and business
markets. For instance, United announced new routes to Hawaii from
Chicago and Newark starting next summer. A competitive market and
lower overall numbers of travelers may keep fares low and limit
Hawaiian's recovery in the near term.

Traffic Assumption Updates: Forecasting airline traffic remains
highly uncertainty due to unknowns about the timing of vaccine
distribution and its impact on travel patterns and restrictions.
Although the approval of more than one COVID vaccine provides
increased confidence in a return to normal travel, traffic in the
first half of 2021 is still likely to be severely depressed.

Our base case for Hawaiian is more stressful than for some other
carriers due to the airlines' concentration in its home market.
Fitch's model assumes that 2021 revenues will remain down by
approximately 45% from 2019 with a rebound weighted towards the
second half of the year. This is modestly lower than the assumption
included in Fitch’s prior review, primarily due to revised
expectations that the recovery in the first half of the year will
be weaker than previously expected.

DERIVATION SUMMARY

Credit metrics have been pressured across airlines globally due to
the severe impact that the coronavirus pandemic has had on air
travel. The impact for Hawaiian has been more severe due to its
less diverse route structure that focuses heavily on travel to its
home market and significant travel restrictions that has deterred
air traffic to the state. None of the other North American airlines
in Fitch's rated universe exhibit such a high degree of reliance on
a single leisure-focused destination. Hawaiian's leverage metrics
are expected remain elevated over the next few years due to
increased debt and weakened profitability and are comparable to
American Airlines, which also exhibits leverage metrics below the
'B' category.

RATING SENSITIVITIES

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

-- Evidence of materially increasing traffic to the Hawaiian
    Islands;

-- Cash burn rates trending towards breakeven;

-- Expectations for total adjusted debt/EBITDAR to fall below 5x;

-- FFO fixed-charge coverage moving toward 2x.

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

-- Failure to return to cash break-even over the next 9-12
    months;

-- Total liquidity falling below $500 million;

-- FFO fixed-charge coverage sustained at or below 1x.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

ESG CONSIDERATIONS

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


HC2 HOLDINGS: Moody's Rates New $300MM Secured Notes 'Caa1'
-----------------------------------------------------------
Moody's Investors Service has assigned a Caa1 rating to HC2
Holdings, Inc.'s proposed $300 million senior secured notes. The
proceeds from the notes along with proceeds from the recently
completed sale of the company's Beyond6 operating subsidiary, which
builds and operates compressed natural gas fueling stations, will
be used to redeem the company's existing $340 million senior
secured notes due December 2021 and to repay $15 million of
borrowings on its revolving credit facility which matures in
September 2021. HC2's B3 corporate family rating, B3-PD probability
of default rating, the Caa1 rating on its existing senior secured
notes, its stable ratings outlook and speculative grade liquidity
rating of SGL-3 remain unchanged. The rating on the existing senior
secured notes will be withdrawn once the refinancing is completed.

Assignments:

Issuer: HC2 Holdings, Inc.

Senior Secured Regular Bond/Debenture Assigned Caa1 (LGD4)

RATINGS RATIONALE

HC2's B3 corporate family rating reflects its holding company
status and the structural subordination of its debt to the direct
claims on the assets and cash flows of its key operating
subsidiaries, which do not guarantee the debt of HC2. HC2's sole
source of internal cash flow is the dividends, tax sharing payments
and management fees it receives from its operating subsidiaries and
the company is reliant on one operating subsidiary for the majority
of its cash flow. The limited scale and lack of profitability of a
few of its operating subsidiaries and the company's acquisitive
history along with the risk of additional debt funded acquisitions
are also factored into the rating. However, the company has
recently shifted its focus to selling some of its operating
subsidiary assets and refinancing their debt and its high cost
holding company debt. HC2's rating is supported by the collateral
value of the assets and the diversity and potential monetization of
its subsidiaries.

HC2's dividend, management fee and tax sharing payments from its
operating subsidiaries are not expected to cover its holding
company expenses of about $47 million in 2021 including about $14
million of corporate expenses, around $31 million in interest
payments on $300 million of senior secured notes and $55 million of
7.5% convertible senior notes, and around $2 million of preferred
stock dividends. However, the company is expected to have a healthy
cash balance after the proposed refinancing is completed and is in
negotiations to potentially sell its insurance subsidiary and to
possibly pull forward the expected sale of its remaining stake in
the Huawei Marine Networks Co., Limited ("HMN") joint venture. If
completed as currently contemplated, then these two transactions
could generate proceeds of around $95 million - $100 million for
HC2 and would provide funds to cover the shortfall in its holding
company expenses as it pursues the commercialization of businesses
in its Pansend Life Sciences subsidiary and profitability in its
Broadcasting segment.

Since HC2 is a holding company and depends on its subsidiaries to
generate sufficient cash flows, we believe it makes sense to use
projected dividends rather than EBITDA in our analysis of its
credit profile. Its credit metrics will remain weak for its B3
corporate family rating on this basis. However, HC2's rating
receives support from its minimum liquidity and collateral coverage
covenants which ensure it maintains adequate liquidity and the
collateral value of the assets of its operating subsidiaries well
exceeds its holding company and subsidiary debt. The company's
collateral coverage ratio may not be less than 1.5x and was about
2.5x as of September 30, 2020 according to an independent
appraisal. The liquidity covenant does not permit the aggregate
amount of (i) all unrestricted cash of the company and the
subsidiary guarantors, (ii) amounts available for drawing under
revolving credit facilities and undrawn letters of credit and (iii)
dividends, distributions or payments that are immediately available
to be paid to the company by any of its restricted subsidiaries to
be less than the company's obligation to pay interest on its debt
and mandatory cash dividends on its convertible preferred stock for
the following six months.

HC2's speculative grade liquidity rating of SGL-3 reflects Moody's
expectation that its liquidity will remain adequate in the near
term. As of September 2020, the company had only $8.9 million of
cash at the corporate level and no availability on its $15 million
revolving credit facility which matures in September 2021. However,
the company completed a $65 million rights offering in November
2020 that enhanced its liquidity position and is expected to have
about $30 million in cash after the proposed refinancing.

HC2's senior secured notes are rated Caa1, which is one notch below
the corporate family rating due to the structural subordination of
the note holders' claims on the assets and cash flows of HC2's
operating subsidiaries. The senior secured note holders have a
first-priority pledge in HC2's ownership interest in most of its
operating subsidiaries including its 90% interest in DBM Global.
Most of the operating subsidiaries including DBM Global do not
provide guarantees on the senior secured notes. The notes are also
structurally subordinated to any existing and future debt of the
company's non-guarantor subsidiaries, which had about $250 million
of debt outstanding as of September 2020.

The stable outlook reflects our expectation for continued positive
cash flow from its operating subs and the use of those cash flows
to pay dividends to HC2. The stable outlook also reflects our
expectation that HC2 will maintain an adequate liquidity profile
and a leverage ratio (Debt/Dividends) below 6.5x.

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

An upgrade of HC2's ratings could be considered if it lowers its
leverage ratio below 4.5x (Debt/Dividends), strengthens its
liquidity profile and consistently receives dividends from its
operating subsidiaries that cover its holding company cash
obligations.

A downgrade could occur if HC2 maintains a leverage ratio above
6.5x (Debt/Dividends) or makes additional debt financed
acquisitions of companies with limited cash generating
capabilities. A moderate reduction in liquidity could also result
in a downgrade.

Headquartered in New York, New York, HC2 Holdings, Inc. is a
holding company whose principal focus is on acquiring or entering
into combinations with businesses in diverse segments. The
company's principal holdings include controlling interests in DBM
Global Inc., a North American engineering, modeling, steel
fabrication and erection company and through its GrayWolf
subsidiary provides maintenance, repair, installation, outage and
turnaround services. In addition to DBM Global, HC2 owns or has
investments in other businesses, including in the insurance
(Continental Insurance Group), life sciences (Pansend) and
over-the-air broadcast television (HC2 Broadcasting) sectors. HC2
generated $1.8 billion in revenues during the trailing 12 months
ended September 30, 2020.

The principal methodology used in these ratings was Construction
Industry published in March 2017.


HC2 HOLDINGS: S&P Rates New $300MM Senior Secured Notes 'B'
-----------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '2'
recovery rating to HC2 Holdings Inc.'s proposed $300 million senior
secured notes due 2026. The '2' recovery rating indicates its
expectation that lenders would receive substantial recovery
(70%-90%; rounded estimate: 75%) of their principal in the event of
a payment default.

The company plans to use the proceeds from these proposed notes,
together with the net cash proceeds from the sale of its
majority-owned subsidiary Beyond6 Inc. and cash on hand, to fully
redeem its existing 11.5% senior secured notes, repay the
outstanding borrowings under its revolving credit agreement, and
pay related fees and expenses.

S&P said, "Our issuer credit rating and negative outlook on HC2
reflect the upcoming maturities of its revolver and senior notes
due 2021. We could revise our outlook on the company to stable once
it has successfully refinanced these maturities and we view its
liquidity as adequate."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

S&P said, "Our simulated default scenario contemplates a default
occurring due to a severe downturn in its subsidiaries' markets and
the loss of some of their largest contracts. This would result in
significantly depressed earnings and cash flow--constraining the
company's ability to make interest payments and service its holding
company debt--and significantly weaken the value of its portfolio.
We assume HC2 will default when it is unable to meet its
fixed-charge obligations while the value of its investment
portfolio declines toward the level of its total debt. At
emergence, we estimate that the value of the portfolio would
further decline by 40%." This reflects that the portfolio is rather
illiquid and cumbersome to sell off because it consists of
controlling interests in private companies, which would likely take
a considerable time to sell and thus are relatively illiquid
compared with noncontrolling publicly traded equity investments."

Simulated default assumptions

-- Simulated year of default: 2023
-- Estimated gross enterprise value (EV): $276 million

Simplified waterfall

-- Net EV (after 5% administrative costs): $262 million
-- Priority claims: $18 million
-- Total value available to senior claims: $244 million
-- Senior claims: $314 million
-- Recovery expectations: 70%-90% (rounded estimate: 75%)

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


HENRY ANESTHESIA: Seeks to Hire Nichols Cauley as Accountant
------------------------------------------------------------
Henry Anesthesia Associates, LLC seeks authority from the U.S.
Bankruptcy Court for the Northern District of Georgia to employ
Nichols, Cauley & Associates LLC as its accountant.

The firm's services will include the preparation of quarterly and
annual tax returns.  It may additionally provide bookkeeping
services as needed.

The firm will be paid at these rates:

     Keith A. Daniel    $350 per hour
     Denise O'Connell   $350 per hour
     Keith C. Masters   $110 per hour
     Cassia Maglott     $110 per hour

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


The firm can be reached through:

    Denise O'Connell, CPA
    Nichols, Cauley & Associates LLC
    1825 Barrett Lakes Boulevard NW, Suite 200
    Kennesaw, GA 30144
    Phone: 770-422-0598
    Fax: 678-214-2355
    Email: Kennesaw@nicholscauley.com

                 About Henry Anesthesia Associates

Henry Anesthesia Associates LLC is a Stockbridge, Ga.-based
for-profit limited liability company, which provides anesthesiology
services.

Henry Anesthesia Associates filed a Chapter 11 petition (Bankr.
N.D. Ga. Case No. 20-68477) on July 28, 2020. It first sought
bankruptcy protection (Bankr. N.D. Ga. Case No. 19-64159) on Sept.
6, 2019.

In the petition signed by Kenneth Mims, M.D., manager, the Debtor
was estimated to have assets of $1 million to $10 million and
liabilities of the same range.

Judge Lisa Ritchey Craig presides over the case.

The Debtor tapped Jones & Walden, LLC as its bankruptcy counsel and
Moorman and Pieschel, LLC as its corporate counsel.


HENRY FORD VILLAGE: Seeks Aug. 31 Plan Exclusivity Extension
------------------------------------------------------------
Henry Ford Village, Inc. requests the U.S. Bankruptcy Court for the
Eastern District of Michigan, Southern Division, for an extension
of its exclusive period to file a Chapter 11 Plan from February 25,
2021, through and including August 31, 2021.

The Debtor wants the exclusive period to solicit and tabulate votes
on any plan extended from April 12, 2021, through and including
October 15, 2021.

The Debtor also seeks a 186-day extension of deadlines and hearing
date issued in the Court's December 14, 2020 Chapter 11 Case
Management Order Establishing Deadlines and Procedures:

     i. The deadline for parties to request the Debtor to include
any information in the disclosure statement, which is presently
January 26, 2021;

     ii. The deadline to return ballots on the plan, as well as to
file objections to final approval of the disclosure statement and
objections to confirmation of the plan, which is currently April
12, 2021;

    iii. The hearing on objections to final approval of the
disclosure statement and confirmation of the plan, which is on the
Court's April 19, 2021 docket at 11 a.m. Eastern.

The Debtor contends the sheer size and complexity of its Chapter 11
Case provides sufficient cause to extend the exclusivity period.
The Debtor further contends that it is currently undertaking the
process to sell substantially all of its assets.  The Debtor says
the Court has set the sale hearing on May 24, 2021 and that the
buyer must obtain regulatory approval before any closing can occur.
The Debtor anticipates that it will take the buyer approximately
90 to 120 days from the Sale Hearing to obtain the regulatory
approvals.

The Debtor tells the Court it cannot reasonably file a combined
plan and disclosure statement before the sale process is completed,
which is not anticipated to occur until late-August 2021, at the
earliest.  The Debtor further tells the Court that it needs
additional time to complete the evaluation of its business and
operations and develop a viable and consensual plan.

                    About Henry Ford Village

Henry Ford Village, Inc. is a non-profit, non-stock corporation
established to operate a continuing care retirement community
located at 15101 Ford Road, Dearborn, Mich.  It provides senior
living services comprised of 853 independent living units, 96
assisted living unites and 89 skilled nursing beds.

Henry Ford Village sought Chapter 11 protection (Bankr. E.D. Mich.
Case No. 20-51066) on Oct. 28, 2020.  In the petition signed by CRO
Chad Shandler, Henry Ford Village was estimated to have $50 million
to $100 million in assets and $100 million to $500 million in
liabilities.

The Hon. Mark A. Randon is the case judge.

The Debtor has tapped Dykema Gossett PLLC as its legal counsel and
FTI Consulting, Inc., as its financial advisor.  Kurzman Carson
Consultants, LLC, is the claims agent.



HSA ENTERPRISES: Seeks to Hire Baker & Associates as Legal Counsel
------------------------------------------------------------------
HSA Enterprises, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to hire Baker & Associates as
its legal counsel.

The firm's services will include:

     a. analyzing the Debtor's financial situation;

     b. advising the Debtor with respect to its duties;

     c. preparing legal papers;

     d. representing the Debtor at the first meeting of creditors
and providing such other services as may be required during the
course of its bankruptcy proceedings;

     e. representing the Debtor in all proceedings before the
court;

     f. preparing and filing a disclosure statement and Chapter 11
plan of reorganization; and

     g. assisting the Debtor in any matters arising out of the
case.

The firm received from the Debtor a retainer fee of $6,717.

Baker & Associates is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code, according to court
papers filed by the firm.

The firm can be reached through:

     Reese W. Baker, Esq.
     Baker & Associates
     950 Echo Lane, Suite 200
     Houston, TX 77024
     Telephone: (713) 869-9200
     Facsimile: (713) 869-9100

                       About HSA Enterprises

HSA Enterprises, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No.
21-30023) on Jan. 4, 2021.  HSA Enterprises President Shawn LePorte
signed the petition.  At the time of the filing, the Debtor
estimated $1 million to $10 million in assets and $100,000 to
$500,000 in liabilities.

Judge Eduardo V. Rodriguez presides over the case. Reese Baker,
Esq., at Baker & Associates serves as the Debtor's legal counsel.


INTELSAT SA: Stroock, Boies & Nelson Mullins Advise Noteholders
---------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Stroock & Stroock & Lavan LLP, Boies Schiller
Flexner LLP and Nelson Mullins Riley & Scarborough LLP submitted a
verified statement to disclose that they are representing the Ad
Hoc Group of Convertible Noteholders in the Chapter 11 cases of
Intelsat S.A., et al.

In November 2020, the Ad Hoc Group of Convertible Noteholders was
formed by the initial members and retained Stroock and Boies as
co-counsel in connection with the chapter 11 cases.  The Ad Hoc
Group of Convertible Noteholders has also retained Nelson Mullins
as local counsel.  In January 2021, certain additional noteholder
parties joined the Ad Hoc Group of Convertible Noteholders.

As of Jan. 25, 2021, member of the Ad Hoc Group of Convertible
Noteholders and their disclosable economic interests are:

Anchorage Capital Group LLC
610 Broadway 6th Floor
New York, NY 10012

* Convertible Notes: $58,637,000
* Lux Notes: $27,656,000
* ICF Notes: $8,000,000
* Jackson Unsecured Notes: $116,562,000

Brean Asset Management, LLC
3 Times Square 14th Floor
New York, NY 10036

* Convertible Notes: $4,700,000
* Lux Notes: $4,000,000
* ICF Notes: $5,000,000
* Jackson Unsecured Notes: $5,000,000

Cristallin Management Inc.
1002 rue Sherbrooke Ouest Montréal
Canada H3A 3L6

* Convertible Notes: $2,947,000
* Lux Notes: $2,000,000
* ICF Notes: $1,000,000

Cyrus Capital Partners, L.P.
65 East 55th Street
35th Floor
New York, NY 10022

* Convertible Notes: $108,427,000
* Jackson Unsecured Notes: $216,769,000
* DIP Term Loans: $9,170,425
* Common Stock: 10,766,504

Discovery Capital Management, LLC
20 Marshall Street
Suite 310
South Norwalk, CT 06854

* Convertible Notes: $28,608,000
* Lux Notes: $5,892,000

Goldman Sachs Asset Management, L.P.
200 West Street
35th Floor
New York, NY 10282

* Convertible Notes: $21,468,000
* Lux Notes: $43,115,000
* Jackson Unsecured Notes: $85,128,000
* Jackson Secured Notes: $15,737,000
* Jackson Term Loans: $13,301,566
* DIP Term Loans: $4,407,239

Moore Capital Management, LP
11 Times Square
New York, NY 10036

* Convertible Notes: $12,400,000
* Jackson Term Loans: $10,000,000

Whitebox Advisors LLC
3033 Excelsior Blvd.
Suite 500
Minneapolis, MN 55416

* Convertible Notes: $26,589,000

Neither Stroock, Boies nor Nelson Mullins owns, nor, since the
Petition Date, has Stroock, Boies or Nelson Mullins owned, any
claims against or interests in the Debtors except for claims for
services rendered to the Ad Hoc Group of Convertible Noteholders,
nor do Stroock, Boies or Nelson Mullins own any equity securities
of the Debtors.

Counsel for the Ad Hoc Group of Convertible Noteholders can be
reached at:

          NELSON MULLINS RILEY & SCARBOROUGH LLP
          H. Jason Gold, Esq.
          Dylan G. Trache, Esq.
          101 Constitution Ave. NW, Suite 900
          Washington, DC 20001
          Telephone: (202) 689-2800
          E-mail: jason.gold@nelsonmullins.com
                  dylan.trache@nelsonmullins.com

                  - and -

          STROOCK & STROOCK & LAVAN LLP
          Kristopher M. Hansen, Esq.
          Daniel A. Fliman, Esq.
          Sayan Bhattacharyya, Esq.
          Isaac S. Sasson, Esq.
          180 Maiden Lane
          New York, NY 10038
          Telephone: (212) 506-5400
          E-mail: khansen@stroock.com dfliman@stroock.com
                  sbhattacharyya@stroock.com
                  isasson@stroock.com

                  - and -

          BOIES SCHILLER FLEXNER LLP
          Duane L. Loft Esq.
          55 Hudson Yards
          New York, NY 10001
          Telephone: (212) 446-2300
          E-mail: dloft@bsfllp.com

          Marc V. Ayala, Esq.
          Andrew P. Steinmetz, Esq.
          333 Main Street
          Armonk, NY 10504
          Telephone: (914) 749-8200
          E-mail: mayala@bsfllp.com
                  asteinmetz@bsfllp.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/36crxXN

                      About Intelsat S.A.

Intelsat S.A. -- http://www.intelsat.com/-- is a publicly held
operator of satellite services businesses, which provides a diverse
array of communications services to a wide variety of clients,
including media companies, telecommunication operators, internet
service providers, and data networking service providers.  The
Company is also a provider of commercial satellite communication
services to the U.S. government and other select military
organizations and their contractors.  The Company's administrative
headquarters are in McLean, Virginia, and the Company has extensive
operations spanning across the United States, Europe, South
America, Africa, the Middle East, and Asia.

Intelsat S.A. and its affiliates concurrently filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. E.D. Va. Lead Case No. 20-32299) on May 13, 2020.  The
petitions were signed by David Tolley, executive vice president,
chief financial officer, and co-chief restructuring officer.  At
the time of the filing, the Debtors disclosed total assets of
$11,651,558,000 and total liabilities of $16,805,844,000 as of
April 1, 2020.

Judge Keith L. Phillips oversees the cases.  

The Debtors tapped Kirkland & Ellis LLP and Kutak Rock LLP as legal
counsel; Alvarez & Marsal North America, LLC, as restructuring
advisor; PJT Partners LP as financial advisor & investment banker;
Deloitte LLP as tax advisor; and Deloitte Financial Advisory
Services LLP as fresh start accounting services provider.  Stretto
is the claims and noticing agent.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on May 27, 2020.  The committee tapped Milbank LLP and
Hunton Andrews Kurth LLP as legal counsel; FTI Consulting, Inc., as
financial advisor; Moelis & Company LLC as investment banker; Bonn
Steichen & Partners as special counsel; and Prime Clerk LLC as
information agent.


INTERMEDIATE DUTCH: Fitch Assigns First-Time 'B+' LongTerm IDR
--------------------------------------------------------------
Fitch Ratings has assigned first-time Long-Term Issuer Default
Ratings (IDRs) of 'B+' to Intermediate Dutch Holdings (NielsenIQ)
and its associated subsidiaries Indy US Bidco, LLC and Indy Dutch
Bidco B.V. Fitch has also assigned a senior first-lien secured
rating of 'BB'/'RR2' to the proposed $1.6 billion term loan B and
to the proposed $350 million revolving credit facility. The Outlook
is Stable.

The ratings and Outlook reflect NielsenIQ's conservative leverage
profile opening with total debt with equity credit/operating EBITDA
of approximately 4.2x, relative to the 'B' rating category and
principal-rated peer IRI Holdings, Inc. (B/Stable), balanced with
its historical competitive challenges and weak margins. The
sponsor-led team intends to improve adjusted EBITDA margins from
low teens to closer to 20%. Fitch more conservatively estimates
NielsenIQ's margins will improve to approximately 17%, reflecting
modest execution risk associated with cost actions that represent
nearly 50% of management long-term adjusted EBITDA, although about
half of which are already underway in an existing cost reduction
plan.

NielsenIQ has made technological improvements in its Connect
Platform, which historically lagged IRI's Liquid Data platform. As
such NielsenIQ's retail measurement (RMS) market share is estimated
to be slightly lower than IRI in the U.S., having given up ground
historically, while it has greater share than IRI in the consumer
panel (CPS) market. While the end markets the company operates in
are large and growing, competition from existing data and analytics
may pressure share and pricing. NielsenIQ benefits from a global
footprint, with approximately three-quarters of revenue earned from
non-U.S. markets, and a significant non-U.S. share in most of the
international markets it operates in.

KEY RATING DRIVERS

Improving Competitive Position: NielsenIQ saw its competitive
position erode, particularly in the U.S. NielsenIQ's principal U.S.
competitor IRI's Liquid Data platform was viewed as technologically
superior to NielsenIQ's offering. IRI entered into exclusive
contracts to provide purchase activity data for some of the largest
U.S. retailers. However, NielsenIQ has recently invested in
modernizing its Connect Platform and saw solid renewals by its
largest clients. NielsenIQ has significantly broader geographic
coverage than IRI, and accordingly generates nearly 75% of its
revenue outside of the U.S.

Modest Leverage Profile: Pro forma leverage of approximately 4.2x,
based upon fiscal 2020 estimated pro forma adjusted EBITDA of
approximately $379 million, is conservative for the rating
category. Fitch's business services data analytics navigator gross
leverage 'B' threshold is 5.5x. NielsenIQ's FCF-based leverage
metrics are more in line with the 'B' category, reflecting mid- to
high-single digit capex intensity in conjunction with weaker
margins relative to business service data analytics and processing
(DAP) peers broadly. As a result, NielsenIQ's navigator factor
financial structure (assigned higher importance) compares favorably
with the high-'B'/low-'BB' rating categories, affording the company
flexibility to sustainably invest in its capabilities through a
cycle.

Significant Cost Savings: Through its Project Rally initiative,
NielsenIQ has already executed approximately $57 million in cost
savings in fiscal 2020 and anticipates an additional $90 million in
fiscal 2021. The financial sponsor is targeting an additional $170
million in additional cost savings within 24 months and realized
within 36 months. Fitch conservatively estimates NielsenIQ will
improve its adjusted EBITDA margin by 3.5 points, which is about
3.0 points below management's target. At approximately 17%,
NielsenIQ's margin profile would in line with Fitch's expectations
for the RMS subsector, but well below the roughly 40% average among
broader DAP peers. Accordingly, Fitch denotes NielsenIQ's
profitability navigator factor to be of higher importance given its
relevance to the company's financial structure. Fitch views its
profitability profile as a limit to the rating at current expected
levels.

End-Market Concentration: NielsenIQ is more narrowly focused on
data measurement and analytics for the retail and consumer packaged
goods (CPG) markets. NielsenIQ's top-five customers represent about
15% of total revenue, and its top-10 customers represent about 20%.
However, Fitch expects retailers to increasingly rely on the use of
data to address growing competitive threats in the sector, such as
Amazon and growing e-commerce, although the company does partner
with Amazon and other major e-commerce and omnichannel retailers.
Additionally, CPG companies tend to be countercyclical, but growth
has been limited.

DERIVATION SUMMARY

Fitch believes that NielsenIQ's modest leverage positions the
company solidly in the 'B' rating category. The rating is also
supported by the company's high proportion of recurring revenues,
diverse and large customer base and long-term contracts with retail
customers which provide barriers to entry to the company's core
data analytics businesses. The ratings also incorporate NielsenIQ's
smaller scale and significant end-market concentration to the
retail and consumer product goods sectors.

KEY ASSUMPTIONS

-- Annual revenue growth of 1% to 2% reflecting improving U.S.
    market position, moderate China growth and 1 point-2 point
    higher growth rates in other developed and developing markets.

-- Approximately 1 point operating EBITDA margin expansion
    annually in fiscals 2021-2023, reflecting cost savings
    initiatives and lower data costs.

-- Capex of approximately $200 million-$220 million annually,
    cash taxes of 16%-17% of operating EBITDA, $13 million annual
    pension contributions, cash FX impact of mid- to high teens as
    a percentage of operating EBITDA and $100 million of costs to
    achieve cost savings.

-- No sponsor dividend in fiscal 2021.

KEY RECOVERY RATING ASSUMPTIONS

-- NielsenIQ's going-concern EBITDA is based on Fitch's estimated
    operating EBITDA of $379 million for the pro forma standalone
    fiscal YE 2020 results. The going-concern EBITDA is
    approximately 25% below YE 2020 EBITDA to reflect
    deterioration resulting from major customer losses and
    increasing competition for CPG clients and the high operating
    leverage of the business.

-- An evaluation value (EV)/EBITDA multiple of 6.5x is used to
    calculate a post-reorganization valuation, above the 5.5x
    median TMT emergence EV/forward EBITDA multiple. The 6.5x
    multiple is in line with recovery assumptions that Fitch
    employs for other data analytics companies with high recurring
    revenue streams, while 1.5x below IRI, NielsenIQ's chief
    competitor.
-- The difference reflects IRI's superior competitive positioning
    in the U.S. and the inherent execution risk to NielsenIQ's
    cost reduction plan. The multiple is further supported by
    Fitch's positive view of the data analytics sector including
    the high proportion of recurring revenues, the contractual
    rights to proprietary data and the inherent leverage in the
    business model. Recent acquisitions in the data and analytics
    subsector have occurred at attractive multiples in the range
    of 10x-20x+. Current EV multiples of public data analytics
    companies trade in the 20x-30x range.

-- Fitch assumes a fully drawn revolver in its recovery analysis,
    as credit revolvers are tapped as companies approach distress
    situations. Fitch assumes a full draw on NielsenIQ's $350
    million revolver, which is expected to be undrawn at close.
    NielsenIQ had total debt of approximately $1.95 billion pro
    forma for the proposed debt issuance, including the new $1.6
    billion first-lien term loan and the $350 million revolving
    credit facility.

-- The recovery analysis results in a 'BB'/'RR2' issue and
    recovery ratings for the first-lien credit facilities,
    implying expectations for 71%-90% recovery.

RATING SENSITIVITIES

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

-- FCF margin expected to be sustained at 3.5% or higher.

-- Cash flow from operations (CFO) less capex/total debt expected
    to be sustained above 4.5%.

-- Organic revenue growth sustained above low-single digit
    potentially reflecting market share gains via successful
    Connect Platform roll-out and competitive wins against main
    competitor, and improved retention rates.

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

-- FCF margin expected to be sustained approaching neutral.

-- Gross leverage (defined as total debt with equity
    credit/operating EBITDA) expected to be sustained above 5x.

-- CFO less capex/total debt expected to be sustained below 2.5%.

-- Neutral to negative organic revenue growth potentially
    reflecting share losses, declining retention and increased
    competitive pressure or sustained end-market weakness.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch believes NelisenIQ will have adequate
liquidity supported by $110 million of balance sheet cash at close
and availability under its $350 million revolving credit facility.
NielsenIQ's revolver is expected to have a springing maximum
first-lien leverage ratio of 5.4x, with a 35% springing covenant.
Internally generated cash flow will be sufficient to meet the 1%
amortization on the $1.6 billion first-lien secured term loan.
NielsenIQ's revolving credit facility is expected to expire five
years from close, and its term loan is expected to mature in seven
years.

ESG CONSIDERATIONS

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


INTERMEDIATE DUTCH: Moody's Assigns First Time 'B1' CFR
-------------------------------------------------------
Moody's Investors Service assigned first time ratings to
Intermediate Dutch HoldCo (NL) (dba NielsenIQ), consisting of a B1
corporate family rating and B1-PD probability of default rating.
Moody's also assigned B1 ratings to senior secured credit
facilities at NielsenIQ's subsidiary, Intermediate Dutch Holdings
("US Holdings"). The outlook is stable for NielsenIQ and US
Holdings.

On November 1, 2020, Nielsen Holdings Plc (Ba3 negative), announced
the sale of its Global Connect business (NielsenIQ) to a private
equity firm, Advent International (Advent) for $2.7 billion. The
transaction is subject to regulatory approval and is expected to
close in the first half of 2021. Net proceeds from a new $950
million senior secured first lien term loan B and new $650 million
(Euro equivalent) senior secured first lien term loan B, both due
in 2028, together with $989 million of common equity contributed by
Advent, will be used to purchase NielsenIQ and to pay fees and
expenses. A new $350 million senior secured revolving credit
facility is not expected to be drawn at close.

Ratings Assigned:

Issuer: Intermediate Dutch HoldCo (NL)

Corporate Family Rating, B1

Probability of Default Rating, B1-PD

Issuer: Intermediate Dutch Holdings

$350 million senior secured first lien revolving credit facility
due 2026, B1 (LGD3)

$950 million senior secured first lien term loan B due 2028, B1
(LGD3)

$650 million (Euro equivalent) senior secured first lien term loan
B due 2028, B1 (LGD3)

Outlook Actions:

Issuer: Intermediate Dutch HoldCo (NL)

Outlook, Assigned as Stable

Issuer: Intermediate Dutch Holdings

Outlook, Assigned as Stable

RATINGS RATIONALE

NielsenIQ's B1 CFR is constrained by: (1) limited industry
diversity, doing a majority of business with large consumer
packaged goods (CPG) companies; (2) execution risk in rolling out
its new technology platform as customers will be slow to switch;
(3) soft revenue growth in the next 12 to 18 months because of the
impact of the coronavirus pandemic, weak global economic conditions
and competitive pressures; and (4) event risk of higher leverage
given its ownership by private equity. The rating benefits from:
(1) very good liquidity; (2) leading global positions as a provider
of data and analytics to CPG and retail clients; (3) Moody's
expectation that leverage (adjusted Debt/EBITDA) will be sustained
around 4x in the next 12 to 18 months, driven by cost savings (pro
forma 4.5x for 2020); (4) good global geographic diversity; and (5)
a long track record of strong recurring revenue as its offerings
are embedded into clients' business processes.

The credit facilities are rated at the same level as the CFR as
they make up the total debt capital. Although NielsenIQ's debt
capital structure is comprised of only bank debt, for which Moody's
normally ascribe a higher recovery rate and lower PDR, NielsenIQ's
transaction is covenant-lite, so Moody's has used its normal 50%
family recovery rate, which keeps the CFR and PDR at the same
level.

The proposed term loan facilities do not have financial maintenance
covenants. The term loan facilities are expected to provide
flexibility including incremental term loan capacity not to exceed
(i) the greater of (a) $492 million and (b) 100% of pro forma
consolidated EBITDA for the trailing four quarters, plus (ii)
available general basket amount, plus (iii) an unlimited amount as
would not result in First Lien Net Leverage Ratio exceeding 3.50x
(for pari passu first lien debt) or if used to finance an
acquisition or similar investment, so long as leverage does not
increase on a pro forma basis; additional ratio-based capacity for
junior or unsecured incremental debt. Amounts up to the greater of
50% of closing date EBITDA initially (which grow as a % of EBITDA
over time) may be incurred with an earlier maturity date than the
existing term loan. The credit facilities also include provisions
allowing the ability to transfer assets to unrestricted
subsidiaries subject to a blocker provision that prohibits any IP
Separation and Relicense Transaction; only wholly-owned
subsidiaries are required to provide guarantees, raising the risk
of potential guarantee releases subject to limitations on such
releases when a subsidiary guarantor ceases to be wholly-owned
unless (i) such entity is no longer a subsidiary or (ii)
Intermediate Dutch Holdings is deemed to have made a new investment
in such subsidiary giving pro forma effect to the release and
consummation of the transaction; and step downs in the asset sale
proceeds term loan prepayment requirement to 50% and 0% if the
First Lien Net Leverage Ratio is 3.0x and 2.5x.

NielsenIQ's social risk is elevated and is tied to the coronavirus
pandemic, increasing use of e-commerce platforms, and cyber
breaches. Because of the pandemic, the company's revenue was
negatively impacted in 2020 and Moody's expects some impact in
2021. Online purchases from some websites including Amazon.com do
not provide point of sale data that NielsenIQ historically
collected and measured to analyze purchaser behavior. Some of
NielsenIQ's retail clients face growing competition from online
merchants while some CPG clients are allocating more of their
retail measurement and data analytics spend to Amazon, Google and
Facebook. These do not bode well for NielsenIQ. Also, exposure to
data breaches can cause legal or reputation issues and increased
operational costs.

NielsenIQ's governance risk is high because it is owned by a
private equity firm.

NielsenIQ has very good liquidity. Sources approximate $560 million
while uses in the form of term loan amortization total about $16
million in the next four quarters. Liquidity is supported by pro
forma cash of $110 million, Moody's expected free cash flow of
about $100 million in the next 4 quarters, and full availability
under a new $350 million credit revolving facility due in 2026.
NielsenIQ will be subject to a springing first lien leverage ratio
under its revolving credit facility and the covenant is not
expected to be applicable through the next four quarters. The
company has limited ability to generate liquidity from asset
sales.

The outlook is stable because Moody's expects the company to
maintain at least good liquidity while its cost reduction
initiatives will improve EBITDA and allow it to reduce leverage to
4x in the next 12 to 18 months despite weak global economic
conditions.

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

The ratings could be upgraded if the company provides clarity
around its capital structure target, diversifies its industry
coverage, is able to generate sustainable revenue and EBITDA growth
in the mid-single digits (2021 revenue growth expected to be in the
very low single digits), and sustains leverage towards 3.5x (pro
forma 4.5x for 2020).

The ratings could be downgraded if there is material revenue or
EBITDA decline (2021 revenue growth expected to be in the very low
single digits) and leverage is sustained above 5.5x (pro forma 4.5x
for 2020). Weak liquidity could also cause a downgrade.

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

NielsenIQ, headquartered in Chicago, Illinois, is a global provider
of retail measurement data, services and analytics to CPG and
retail customers. Revenue for 2020 is projected to be about $3
billion.


JODY WADE: Seeks to Hire Craig Terrill as Special Counsel
---------------------------------------------------------
Jody Wade Enterprises, LLC and Collins Motor Company, LLC seek
approval from the U.S. Bankruptcy Court for the Northern District
of Texas to employ Craig, Terrill, Hale & Grantham, LLP as their
special counsel.

The Debtors require the services of the firm to investigate and
pursue claims that they have against FirstCapital Bank of Texas,
N.A.

The firm was paid a retainer in the amount of $10,000.

The firm will be paid at these rates:

     Kent Hale               $350 per hour
     H. Grady Terrill, III   $350 per hour
     Mark Chisolm            $225 per hour
     Hilary Hale             $225 per hour
     Legal assistants         $75 per hour

Craig Terrill is disinterested as the term is defined in Section
101(14) of the Bankruptcy Code, according to court papers filed by
the firm.

The firm can be reached through:

     H. Grady Terrill, III Esq.
     Kent D. Hale, Esq.
     Craig, Terrill, Hale & Grantham, L.L.P.
     9816 Slide Road, Suite 201
     Lubbock, TX  79424
     Tel: 806-744-3232
     Fax: 806-744-2211
     Email: gradyt@cthglawfirm.com
            kenth@cthglawfirm.com

                  About Jody Wade Enterprises and
                       Collins Motor Company

Jody Wade Enterprises, LLC and Collins Motor Company, LLC filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Texas Case Nos. 20-70310 and 20-70311) on Nov.
30, 2020.  The cases are jointly administered with the Chapter 11
case filed by Jody Randolph Wade, the Debtors' managing member.

At the time of the filing, Jody Wade Enterprises and Collins Motor
disclosed assets of between $1 million and $10 million and
liabilities of the same range.

Judge Harlin Dewayne Hale oversees the cases.

R. Byrn Bass, Jr., Esq., and Craig, Terrill, Hale & Grantham, LLP
serve as the Debtors' bankruptcy attorney and special counsel,
respectively.


L'OCCITANE INC: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: L'Occitane, Inc.
        111 West 33rd Street, 20th Floor
        New York, NY 10120

Business Description: L'Occitane, Inc. --
                      www.loccitane.com -- is a national
                      retail chain that sells and promotes the
                      internationally renowned "L'OCCITANE en
                      Provence" beauty and well-being products
                      brand in the United States through boutiques

                      in 36 states and its website.

Chapter 11 Petition Date: January 26, 2021

Court: United States Bankruptcy Court
       District of New Jersey

Case No.: 21-10632

Judge: Hon. Michael B. Kaplan

Debtor's Counsel: Mark E. Hall, Esq.
                  Martha B. Chovanes, Esq.
                  Michael R. Herz, Esq.
                  FOX ROTHSCHILD LLP
                  49 Market Street
                  Morristown, NJ 07960
                  Tel: 973-992-4800
                  E-mail: mhall@foxrothschild.com
                          mchovanes@foxrothschild.com
                          mherz@foxrothschild.com

Debtor's
Financial
Advisor:          RK CONSULTANTS LLC

Debtor's
Real Estate
Consultant:       HILCO REAL ESTATE, LLC

Debtor's
Claims
Administration,
Noticing, &
Solicitation
Agent:            BANKRUPTCY MANAGEMENT SOLUTIONS, INC.
                  DBA STRETTO
                  https://cases.stretto.com/LOccitane

Estimated Assets: $100 million to $500 million

Estimated Liabilities: $100 million to $500 million

The petition was signed by Yann Tanini, regional managing
director.

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

https://www.pacermonitor.com/view/ZANPZFI/LOccitane_Inc__njbke-21-10632__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. ESRT 112 West 34th Street, LLC       Rent              $595,071
111 West 33rd Street
New York, NY 10120
Tel: 212-687 8700
Fax: 212-850-2751
Email: DLucas@empirestaterealtytrust.com

2. Astor Retail Strategic               Rent              $581,103
Venture LLC
c/o Vanbarton Services, LLC
292 Madison Avenue, 7th Floor
New York, NY 10017
Tel: 212-293-8800
Fax: 212-293-8805
Email: accountsreceivable@vanbartongroup.com

3. A/R Retail, LLC                      Rent              $484,910
c/o Related Urban Management Company
60 Columbus Circle, 19th Floor
New York, NY 10023
Tel: 212-801-7424
Email: CashReceipts@Related.com

4. WTC Retail Owner LLC                 Rent              $421,305
c/o Westfield World Trade Ctr, VP
Leases
37th Fl., Suite C, 7 World Trade Center
250 Greenwich Street
New York, NY 10007
Tel: 310-689-2636
Email: usarremittances@westfield.com

5. 170 Fifth Retail Condo LLC           Rent              $348,464
c/o Ranger Properties, LLC
Attn: Sheldon Stein
11 West 25th Street, 6th Floor
NewYork, NY 10010
Tel: 212-675-6953;
     212-675-7260
Fax: 212-675-7448
Email: ss@rangerproperties.com;
       cj@rangerproperties.com

6. Woodbury Commons Premium             Rent              $327,530
Outlet
c/o Simon Property Group
Att: Premium Outlets
225 West Washington Street
Indianapolis, IN
46204-3438
Tel: 317-636-1600
Email: SVOIGT@SIMON.COM;
       3172637091@simon.com;
       acarrington@simon.com

7. Bevill, Inc.                         Rent              $287,748
c/o IDS Real Estate Group
515 S. Figueroa Street, 16th Floor
Los Angeles, CA 90071
Tel: 213-362-9300
Fax: 213-627-9937
Email: elozano@idsrealestate.com

8. Queens Center SPE LLC                Rent              $268,153
Attn: Center Manager
90-15 Queens Boulevard
Elmhurst, NY 11373-4900
Tel: 866-811-1095
Email: queenscenterar@macerich.com

9. Simon/Chelsea Las                    Rent              $248,389
Vegas Development, LLC
c/o Simon Property Group-Premium
Outlets
105 Eisenhower Parkway, First Floor
Roseland, NJ 07068-1029
Tel: 317-263-7775
Fax: 702-676-1184
Email: SGRAFT@SIMON.COM

10. Facebook Inc.                  Professional           $236,877
Attn: Accounts Receivable            Services
1601 Willow Rd
Menlo Park, CA 94025
Tel: 650-543-4800
Email: ar@fb.com

11. 63 Spring Lafayette, LLC           Rent               $227,651
362 Fifth Avenue, Suite 1200
New York, NY 10001
Email: MT@JTREHOLDINGS.COM

12. Short Hills Associates, L.L.C.     Rent               $214,225
Department 53501
PO Box 67000
Detroit, MI 48267-0535
Tel: 248-258-7209
Email: shorthills_remit@taubman.com

13. Hartford Realty Co.                Rent               $212,047
c/o One Ninety Realty Co., LLC
616 East Palisade Avenue 1A
Englewood Cliffs, NJ 07632

14. Metro-North Commuter               Rent               $210,562
Railroad Company
347 Madison Avenue
New York, NY 10017
Tel: 212-340-2345
Fax: 802-527-3482
Email: GCTPAYMENTS@AM.JLL.COM

15. Aventura Mall Venture              Rent               $205,112
c/o Turnberry Aventura Mall Company, Ltd
Attn: Legal Dept./Leasing Attorney
19501 Biscayne Boulevard, Suite 400
Miami, FL 33180
Tel: 305-933-5518
Fax: 305-937-5509
Email: EPEREZ@TURNBERRY.COM

16. Desert Hills Premium Outlet        Rent               $202,945
c/o Simon Property Group
Attention: Premium Outlets
225 West Washington Street
Indianapolis, IN 46204-3438
Tel: 317-636-1600
Email: tgehring@simon.com

17. Tysons Corner Holdings LLC         Rent               $195,206
Attn: Center Manager
1961 Chain Bridge Road, Suite 105
Mc Lean, VA 22102
Tel: 703-893-9400
Email: TYSONSCORNER_AR@MACERICH.COM

18. Charles H. Greenthal Mgmt.         Rent               $191,580
Corporation
4 Park Avenue
New York, NY 10016
Tel: 212-340-9300
Fax: 212-447-1662
Email: dneziri@greenthal.com

19. Commission Junction            Professional           $191,200
Attn: Legal Dept. 530                Services
East Montecito St.
Santa Barbara, CA, 93103
Tel: 805-730-8000
Email: cjar@cj.com

20. La Cienega Partners                Rent               $190,863
Limited Partnership
Dept. 58801
PO Box 67000
Detroit, MI 48267-0588
Tel: 248-258-7562
Email: beverly_remit@taubman.com;
jsanders@taubman.com


L'OCCITANE INC: Files for Ch. 11 to Close Unprofitable Stores
-------------------------------------------------------------
L'Occitane, Inc., a U.S. retailer of beauty and well-being products
rich in natural and organic ingredients that preserves and
celebrates the traditions of Provence, sought Chapter 11 protection
to "create a sustainable U.S. store platform for the long term."

To implement this store footprint optimization plan, including the
contemplated exit of unprofitable locations, the Company commenced
a voluntary case under Chapter 11 of the U.S. Bankruptcy Code in
the U.S. Bankruptcy Court for the District of New Jersey.  

The filing does not include the L'OCCITANE en Provence brand or any
operations outside the U.S.; parent company L'Occitane
International S.A. ("Group"); or any other Group subsidiaries,
including ELEMIS and LimeLife.

Boutiques Open

L'OCCITANE en Provence boutiques across the country are open and
operating safely in accordance with all applicable COVID-related
guidelines.  The Company has ample liquidity to support ongoing
operations across all channels and fulfill commitments to its
valued employees, customers, and suppliers in the ordinary course
during the restructuring of its U.S. store lease portfolio, which
it anticipates completing in short order.

Transformation

Despite L'Occitane's success in advancing its strategy, including
dramatic year-over-year growth in online sales, its business
continues to be impacted by disproportionately high store rent
obligations that are no longer tenable. The Company determined that
a Chapter 11 process was the necessary path to right-size its
brick-and-mortar presence following repeated endeavors to engage
with its landlords to address unmanageable store lease terms.

"Today's action is a pivotal step forward in achieving the full
potential of L'Occitane's U.S. business," said Yann Tanini,
Managing Director of L'Occitane North America.  "Over the past
year, we have moved aggressively to address  COVID-related
challenges head-on, developing innovative new ways to connect with
our community and continue to deliver the extraordinary L'Occitane
beauty experience that our customers know and love, all while
accelerating the essential transformation of our store footprint
already underway.  We look forward to working collaboratively with
our landlords to achieve partnerships that make economic sense in
this current retail environment and best position our marquee
brand's boutique offering for years to come."  

Mr. Tanini added, "Just like in L'Occitane's other markets around
the world,  we look forward to continuing to serve our loyal
clients here in the U.S. in our boutiques, online, and through our
amazing team of passionate beauty advisors.  As always, L'Occitane
is focused on creating a delightful and personalized customer
experience, and we will continue to develop innovative products
with unique benefits.  Our unwavering commitment to sustainability
and ambition to make a positive impact in the world are stronger
than ever.  We appreciate the continued support of our employees,
community, and partners, and we are excited about the bright future
of our U.S. business."

First Day Motions

The Company has filed with the Court a series of customary motions
seeking to continue operating its business as usual, allowing for
ongoing successful engagement with customers in-store, online, and
through L'Occitane's clienteling applications, particularly during
this period of continued social distancing.  These "first day"
motions include requests to continue to pay wages and provide
benefits to employees as usual, honor all gift cards in the normal
course, and maintain customer policies.

The Company intends to continue to pay suppliers in the ordinary
course for all goods received and services rendered after the
filing, just as it had done prior thereto.

                        About L'Occitane

Founded by Olivier Baussan more than 40 years ago,
Switzerland-based L'OCCITANE en Provence captures the true art de
vivre of Provence, offering a sensorial immersion in the natural
beauty and lifestyle of the South of France.  From the texture of
L'OCCITANE products to the scent, each skincare, body care, and
fragrance formula promises pleasure through beauty and well-being
-- a moment rich in enjoyment and discovery that goes beyond
tangible benefits to create a different experience of Provence.

New York-based L'Occitane, Inc. -- http://www.loccitane.com/-- is
a national retail chain that sells and promotes the internationally
renowned "L'OCCITANE en Provence" beauty and well-being products
brand in the United States through boutiques in 36 states and its
website.  After opening its first boutique in the U.S. in 1996, the
Company presently operates 166 boutiques in 36 states and Puerto
Rico.

On Jan. 26, 2021, L'Occitane, Inc., filed a Chapter 11 petition
(Bankr. D.N.J. Case No. 21-10632).  The Debtor estimated $100
million to $500 million in assets and liabilities as of the
bankruptcy filing.  International operations are not part of the
Chapter 11 filing.

The Hon. Michael B. Kaplan is the case judge.

Fox Rothschild LLP is serving as the Company's legal counsel, RK
Consultants LLC is serving as financial advisor, and Hilco Real
Estate, LLC is serving as real estate advisor to the Company.
Stretto is the claims agent, maintaining the page
https://cases.stretto.com/LOccitane


L'OCCITANE, INC: Closing 23 of 166 U.S. Locations for Now
---------------------------------------------------------
L'Occitane, Inc., which operates 166 boutiques in the U.S. that
sell beauty products, has sought Chapter 11 protection and
immediately announced it is closing and rejecting leases for 23
locations for now.

Through the Chapter 11 case, the Debtor intends to right-size its
brick-and-mortar footprint through the rejection of burdensome
leases in order to restructure and strengthen its financial picture
for its go-forward business, including preserving as many of its
employees as possible.

The Debtor said in a court filing its management team and advisors
have determined at the outset of the Debtor's Chapter 11 filing
that it is appropriate to close and reject the leases for 23
locations.  Additional closing locations may be identified as the
Debtor's Chapter 11 case progresses.

By rejecting the leases, the Debtor believes it will save $479,156
per month in rent and associated costs and a total of approximately
$18,045,238 of remaining lease liability from the rejection of the
leases.

                      23 Leases to be Rejected

The Debtor intends to reject leases with these landlords for 23
locations effective Jan. 31, 2021:

  Store        Landlord              Store Location
  -----        --------              --------------
  L209  170 Fifth Retail Condo  5th Avenue, New York
  L035  AP Fillmore II          Fillmore St, San Francisco, CA
  L242  Astor Strategic Vent.   2151 Broadway, New York
  L024  Bevill, Inc.            Beverly Hills, CA
  L175  Biltmore (Macerich)     Camelback Road, Phoenix, Arizona

  L133  Boston Properties LP    Embarcadero 2, San Francisco, CA
  L287  Brookfield Properties   One Province, Province, R.I.
  L088  Caruso Affiliated H     Commons Way, Calabasas, CA
  L293  CBL & Associates        Nicholasville Rd, Lexington, KY
  L320  Corte Madera Village    Redwood Highway, Corte Madera, CA

  L219  Freemall (Macerich)     Freehold, NJ
  L324  JTRE-63 Spring Lafay.   Spring Street, New York, NY
  L289  Lincoln Center          Lincoln Road, Miami, FL
  L295  OMB Houston, L.P.       Westheimer Blvd., Houston, TX
  L003  One Ninety Realty Co.   Columbus Avenue, New York, NY

  L253  Renaissance at Colony   Colony Pkwy, Ridgeland, MS
  L245  Simon Property Group    Briarwood Circle, Ann Arbor, MI
  L274  Simon Property Group    Smith Haven Mall, Lake Grove, NY
  L256  Simon Property Group    Parsonage Rd., Edison, NJ
  L302  Simon Property Group    10thh St., McAllen, TX

  L228  Townson TC, LLC         Dulaney Valley Rd., Towson, MD
  L318  TRG IMP LLC             Kalakaua Ave., Honolulu, HI
  L288  WS Asset Management     Midway Road, Cranston, RI

In addition, the Debtor identified five already closed locations
with leases for rejection effective on the Petition Date:

  Store        Landlord              Store Location
  -----        --------              --------------
  L206  85th Estates Company    East 86th Street, New York
  L225  Dr. Issac Levy          Promenade, Santa Monica, CA
  L306  Elmwal Associates LLC   Long Wharf Mall, Newport, RI
  L248  Jem 6 Realty LLC        Third Avenue, New York, NY
  L089  Malibu Country Mart     Cross Creek Road, Malibu, CA

                        About L'Occitane

New York-based L'Occitane, Inc. -- http://www.loccitane.com/-- is
a national retail chain that sells and promotes the internationally
renowned "L'OCCITANE en Provence" beauty and well-being products
brand in the United States through boutiques in 36 states and its
website.  After opening its first boutique in the U.S. in 1996, the
Company presently operates 166 boutiques in 36 states and Puerto
Rico.

Founded by Olivier Baussan more than 40 years ago,
Switzerland-based L'OCCITANE en Provence captures the true art de
vivre of Provence, offering a sensorial immersion in the natural
beauty and lifestyle of the South of France.  From the texture of
L'OCCITANE products to the scent, each skincare, body care, and
fragrance formula promises pleasure through beauty and well-being
-- a moment rich in enjoyment and discovery that goes beyond
tangible benefits to create a different experience of Provence.

On Jan. 26, 2021, L'Occitane, Inc., filed a Chapter 11 petition
(Bankr. D.N.J. Case No. 21-10632).  The Debtor estimated $100
million to $500 million in assets and liabilities as of the
bankruptcy filing.  International operations are not part of the
Chapter 11 filing.

The Hon. Michael B. Kaplan is the case judge.

Fox Rothschild LLP is serving as the Company's legal counsel, RK
Consultants LLC is serving as financial advisor, and Hilco Real
Estate, LLC is serving as real estate advisor to the Company.
Stretto is the claims agent, maintaining the page
https://cases.stretto.com/LOccitane


L'OCCITANE, INC: Fails to Reach Deals With Landlords Out of Court
-----------------------------------------------------------------
L'Occitane, Inc., a 166-store retailer of beauty products in the
U.S., has sought Chapter 11 protection after failing to restructure
its leases with landlords out-of-court.

Ann Tanini, regional managing director, explained that the Debtor
negotiated diligently with its landlords to reach terms that would
have resulted in an out-of-court restructuring.  In particular, the
Debtor undertook significant effort to obtain rent concessions from
the Debtor's landlords.

These efforts included retaining Hilco Real Estate as a consultant
to assist the Debtor in attempting to renegotiate leases.
Unfortunately, the Debtor was unable to execute a satisfactory
out-of-court restructuring as landlords generally exhibited
reluctance to negotiate long-term adjustments to leases.

As of the Petition Date, at least 13 landlords have commenced
actions for amounts due under leases, and dozens more have issued
demand letters.

Because it was engaged in negotiations with its landlords
prepetition to modify the terms of its leases, the Debtor did not
pay any rent obligations in January 2021, and also did not remit
rent on certain other leases in prior months.  However, the Debtor
has generally paid its vendors, suppliers, service providers, and
trade creditors in the ordinary course of its business.

After much deliberation and consultation with its professionals and
advisors, the Debtor has determined in its business judgment that
restructuring through chapter 11 presents the best avenue for the
Debtor to address its challenges and promote sustained success.

Even so, the Debtor was experiencing a decline in brick-and-mortar
retail sales prior to the pandemic that was becoming increasingly
untenable, leading to the Debtor's efforts to adjust its
brick-and-mortar presence.

Outside of parent L'Occitane International S.A.'s $30 million
claim, the Debtor's largest liability is to its landlords.

The Debtor does not own any real estate.  Instead, the Debtor
leases all of its 166 locations, as well as its corporate offices
in New York and the distribution center in New Jersey under
operating leases that expire on various dates, with the longest
lease term on the Petition Date expiring in 115 months.

As of the Petition Date, the aggregate amount of annual and monthly
gross rent due to landlords on all leases is approximately
$30,290,984 and $2,524,249.00, respectively.

As of Dec. 31, 2020, the Debtor's total remaining lease obligations
under the terms of its current leases is $112,754,750.  As of
Petition Date, the Debtor is currently $15,087,468 in arrears on
its leases.  Landlords are holding $516,000 in security deposits
(of which $125,000 is held by the landlord for the Distribution
Center).

The Debtor said in a court filing that its management team and
advisors have determined at the outset of the Debtor's Chapter 11
filing that it is appropriate to close and reject the leases for 23
locations.

                     eCommerce Shift

For the Debtor's fiscal year beginning in April 2020 through
December 2020, the Debtor's net sales were approximately
$111,162,000, down nearly 21% from approximately $140,861,000 in
net sales for the same period in 2019.

Presently, approximately 166 of the Debtor's boutiques are open,
but many continue to operate with reduced hours and capacity. From
April through December 2019, brick and mortar retail sales
comprised 61.7% of the Debtor's total revenue.  However, for that
same period in 2020, a time entirely encompassing the pandemic,
brick-and-mortar retail sales declined by 56.5% from the same
period in 2019 and comprised just 34% of the Debtor's total
revenue.  Meanwhile, online e-commerce sales have significantly
increased by 72%.

                      L'Occitane at a Glance

   * Debtor: L'Occitane, Inc.

   * Non-Debtor Parent: Plan-Les-Ouates, Switzerland.-based
L'Occitane International, S.A.

   * Business: Sells L'Occitane and affiliate-branded cosmetic and
well-being products in the U.S.

   * Store count: 166 boutiques in 36 states and Puerto Rico (all
leased)

   * Headquarters: 111 West 33rd Street, 20th FL, New York, NY

   * Distribution Center: 120 Herrod Boulevard, Dayton, NJ

   * Employees; 1,051 in the U.S. (125 in New York and N.J.)

   * Net sales: $111,162,000 for April - December 2020 (down 21%)

   * E-commerce sales: 42.7% of overall sales

   * Annual rent on all leases: $30,290,984

   * Arrears to landlords: $15,087,468

   * Assets: $161,063,000 as of Petition Date

   * Liabilities: $161,659,000 as of Petition Date

   * Largest Unsecured Creditor: L'Occitane International (owed
$30.5 million)

   * Primary reason for filing: Unable to negotiate new lease terms
with landlords

                        About L'Occitane

New York-based L'Occitane, Inc. -- http://www.loccitane.com/-- is
a national retail chain that sells and promotes the internationally
renowned "L'OCCITANE en Provence" beauty and well-being products
brand in the United States through boutiques in 36 states and its
website.  After opening its first boutique in the U.S. in 1996, the
Company presently operates 166 boutiques in 36 states and Puerto
Rico.

Founded by Olivier Baussan more than 40 years ago,
Switzerland-based L'OCCITANE en Provence captures the true art de
vivre of Provence, offering a sensorial immersion in the natural
beauty and lifestyle of the South of France.  From the texture of
L'OCCITANE products to the scent, each skincare, body care, and
fragrance formula promises pleasure through beauty and well-being
-- a moment rich in enjoyment and discovery that goes beyond
tangible benefits to create a different experience of Provence.

On Jan. 26, 2021, L'Occitane, Inc., filed a Chapter 11 petition
(Bankr. D.N.J. Case No. 21-10632).  The Debtor estimated $100
million to $500 million in assets and liabilities as of the
bankruptcy filing.  International operations are not part of the
Chapter 11 filing.

The Hon. Michael B. Kaplan is the case judge.

Fox Rothschild LLP is serving as the Company's legal counsel, RK
Consultants LLC is serving as financial advisor, and Hilco Real
Estate, LLC is serving as real estate advisor to the Company.
Stretto is the claims agent, maintaining the page
https://cases.stretto.com/LOccitane


LECLAIRYAN PLLC: Trustee Wants UnitedLex Fight Kept in Chapter 7
----------------------------------------------------------------
Law360 reports that the trustee for bankrupt law firm LeClairRyan
is pushing back at a bid by legal services giant UnitedLex to move
the trustee's $128 million conspiracy and breach of duty suit out
of a Virginia bankruptcy court, saying the claims are
"inextricably" part of the bankruptcy case.

In an objection filed Monday to UnitedLex's arguments that state
law claims against the company belong in district and not
bankruptcy court, LeClairRyan Chapter 7 trustee Lynn Tavenner said
those claims are "inextricably intertwined, factually and legally"
with LeClairRyan and UnitedLex's claims against each other under
bankruptcy law.  

                      About LeClairRyan PLLC

Founded in 1988, LeClairRyan PLLC is a national law firm with 385
attorneys, including 160 shareholders, at its peak.  The firm
represented thousands of clients, including individuals and local,
regional, and global businesses.

Following massive defections by its attorneys LeClairRyan, members
of the firm in July 2019 voted to effect a wind-down of the
Debtor's operations.

LeClairRyan PLLC sought Chapter 11 protection (Bankr. E.D. Va. Case
No. 19-bk-34574) on Sept. 3, 2019, to effect the wind-down of its
affairs.

In its Chapter 11 petition, the firm listed a range of 200-999
creditors owed between $10 million and $50 million. The firm claims
assets of $10 million to $50 million.

The Hon. Kevin R Huennekens is the case judge.

Richmond attorneys Tyler Brown and Jason Harbour of Hunton Andrews
Kurth are representing LeClairRyan in the case. Protiviti is its
financial adviser for the liquidation.


LEED CORPORATION: Seeks Court Approval to Hire Accountant
---------------------------------------------------------
The Leed Corporation seeks approval from the U.S. Bankruptcy Court
for the District of Idaho to hire Jason Peterson, an accountant
practicing in Jerome, Idaho.

The Debtor requires an accountant to:

     a. close out general ledger each month after reconciling
accounts payable and bank statements;

     b. review and prepare financial statements;

     c. prepare federal and state tax returns;

     d. provide consulting services regarding financial tax
matters; and

     e. provide any other financial and accounting services
necessary.

Mr. Peterson will be paid $200 per hour for his services.

In court papers, Mr. Peterson disclosed that he does not represent
interests adverse to the Debtor and its estate.

Mr. Peterson can be reached at:

     Jason L. Peterson, CPA
     115 1st Ave E
     Jerome, ID 8333
     Phone: +1 208-539-1955
     Fax: 1-888-895-6988
     Email: jpetersoncpa@gmail.com

                     About The Leed Corporation

The Leed Corporation, a company that provides landscape services,
filed its voluntary petition under Chapter 11 of the Bankruptcy
Code (Bankr. D. Idaho Case No. 20-409841) on Dec. 31, 2020.  Leed
Corporation President Lon Montgomery, signed the petition.

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

The Debtor tapped Aaron Tolson, Esq., at Tolson & Wayment PLLC, as
its legal counsel, and Jason L. Peterson, CPA as its accountant.


LEGENDS GOLF: Trustee Seeks to Hire Fisher Auction as Broker
------------------------------------------------------------
Jason Burgess, Chapter 11 trustee for Legends Golf Orlando LLC,
seeks approval from the U.S. Bankruptcy Court for the Middle
District of Florida to hire Fisher Auction Company.

The trustee requires the services of a broker and auctioneer to
find buyers for the Debtor's interest in the Stoneybrook West Golf
Course & Country Club in Winter Garden, Fla.

Fisher will be paid as follows:

     (i) if there is a buyer's broker representing the winning
bidder, then Fisher and the buyer's broker shall each receive a 3
percent commission of the final bid price;

    (ii) if there is no buyer's broker representing the winning
bidder, then Fisher shall receive a 6 percent commission of the
final bid price.

   (iii) the bankruptcy estate will receive 1 percent of the final
bid price at closing to help reimburse the advanced marketing
campaign expenses.

    (iv) In the event a secured creditor is permitted to credit bid
and becomes the winning bidder up to the agreed claim amount,
Fisher will receive a 1 percent commission of the secured
creditor's final bid price.

     (v) If the secured creditor bids beyond the agreed claim
amount and becomes the winning bidder, it will be subject to the 7
percent buyer's premium as any other bidder.

Additionally, Fisher has agreed to keep marketing fees and costs to
$7,500 or less.

Fisher is a "disinterested person" as that phrase is defined in
Section 101(14) of the Bankruptcy Code, according to court papers
filed by the firm.

The firm can be reached through:

     Lamar Fisher
     Fisher Auction Company
     2112 E Atlantic Blvd.
     Pompano Beach, FL 33062
     Phone: +1 954-942-0917
     Email: info@fisherauction.com

                     About Legends Golf Orlando

Legends Golf Orlando, LLC -- https://www.golfsbw.com/ -- owns and
operates a golf course in Clermont, Fla.

Legends Golf Orlando sought Chapter 11 protection (Bankr. M.D. Fla.
Case No. 20-04460) on Aug. 7, 2020.  Miguel Angel Vidal, managing
member, 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.

The Debtor tapped Bartolone Law, PLLC as its legal counsel and
Accounting Center of Orlando, LLC and Lighthouse Tax Accounting and
Valuation, Inc. as its accountant.

Jason A. Burgess was appointed as Chapter 11, Subchapter V trustee,
in the Debtor's case on Aug. 10, 2020.  The trustee is represented
by his own firm, The Law Offices of Jason A. Burgess, LLC.


LGI HOMES: Moody's Hikes CFR to Ba3 on Continued Growth
-------------------------------------------------------
Moody's Investors Service upgraded LGI Homes, Inc.'s Corporate
Family Rating to Ba3 from B1, Probability of Default Rating to
Ba3-PD from B1-PD, and the rating on the company's senior unsecured
notes to Ba3 from B1. The company's Speculative Grade Liquidity
rating of SGL- 2 is maintained. The outlook remains stable.

The ratings upgrade reflects: LGI's track record and Moody's
expectation of continued growth and strengthening of market
position within the entry-level home market; the company's position
as the tenth largest builder in the country by the number of homes
closed; geographic diversity with presence across 18 states in 34
markets; consistent strong gross margin performance and interest
coverage of 8.1x with further improvement anticipated; Moody's
expectation that the company will operate with total debt to
capitalization in the range of 30% - 40%.

The stable outlook reflects Moody's expectation of solid underlying
fundamentals in the homebuilding sector over the next 12 to 18
months, which will ensure good demand conditions and result in top
line growth and improvement in credit metrics.

The following rating actions were taken:

Issuer: LGI Homes, Inc.:

Corporate Family Rating, Upgraded to Ba3 from B1

Probability of Default Rating, Upgraded to Ba3-PD from B1-PD

Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3 (LGD4)
from B1 (LGD4)

Outlook Actions:

Outlook, Remains Stable

RATINGS RATIONALE

LGI's Ba3 Corporate Family Rating is supported by the company's: 1)
track record of strong organic growth funded by a conservative mix
of debt and equity; 2) increasing scale and geographic
diversification, and strengthening market position; 3) gross margin
that is expected to remain among the highest within the peer group,
strong interest coverage metrics, and consistent profitability; 4)
business model that focuses on standardized home construction and
creates production efficiencies; and 5) focus on the entry-level
home segment, which is supported by a relatively low supply of
available homes and favorable demographic trends.

However, the credit profile also reflects: 1) the company's all
speculative construction strategy, which can lead to high unsold
home inventory during a housing downturn; 2) the potential for cash
flow from operations to turn negative if investment in growth is
accelerated; 3) a total land position of nearly seven years of
supply with approximately four years of owned land, which increases
exposure to land impairments during a weak market; and 4) the
cyclicality of the homebuilding industry and the resulting
volatility in operating results.

LGI's SGL-2 Speculative Grade Liquidity rating reflects Moody's
expectation of good liquidity over the next 12 to 15 months,
supported by modest positive cash flow from operations,
approximately 50% of availability under the revolver, significant
financial covenant cushion, and alternate sources of liquidity
available given the company's land supply.

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

The ratings could be upgraded if the company continues to increase
scale and improve geographic diversification, maintains total debt
to capitalization below 40% and homebuilding interest coverage
above 5.0x. A conservative financial policy and good liquidity,
including solid positive cash flow, would also have to be
maintained for a rating upgrade.

The ratings could be downgraded if leverage approaches 50% and
interest coverage declines below 4.0x, or if the company engages in
aggressive shareholder friendly activities or large scale
acquisitions. Further if the liquidity profile weakens or end
market conditions deteriorate and result in net losses and
impairments the rating could be downgraded.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Established in 2003 and headquartered in Houston, Texas, LGI Homes,
Inc. builds largely starter, single-family homes, and operated in
110 communities in 34 markets across 18 states (as of September
2020), including Texas, Arizona, Florida, Georgia, New Mexico,
Colorado, North Carolina, South Carolina, Washington, Tennessee,
Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West
Virginia and Virginia. The company sells entry-level and move-up
homes under its LGI Homes brand, and luxury homes under its Terrata
Homes brand. LGI also sells homes to real estate investors that
subsequently utilize these assets as rentals, representing about
10% of total LTM closings as of Q3 2020. In the LTM period ended
September 30, 2020, the company generated approximately $2.1
billion in revenue and $252 million in net income.


LYONDELL CHEMICAL: Brown Rudnick Settles $300M Malpractice Suit
---------------------------------------------------------------
Brown Rudnick LLP has settled a malpractice suit "in principle"
with the trustee for bankrupt Lyondell Chemical Co. after facing
allegations that the firm bungled a $300 million clawback effort by
failing to prove that the company was insolvent, a New York federal
judge said, Law360 first reported.

The parties have not announced the terms of the settlement.

According to the unofficial docket maintained at PacerMonitor.com,
U.S. District Judge Paul A. Engelmayer ruled Jan. 26, 2021, "The
Court having been advised by the parties that all claims asserted
herein have been settled in principle, it is ORDERED that the
action is dismissed and discontinued without costs, and without
prejudice to the right to reopen the action within 60 days of the
date of this Order if the settlement is not consummated, as further
set forth in this order.  The Clerk of Court is respectfully
directed to terminate all pending motions and close this case".

The case is MARK E. HOLLIDAY, as Trustee of the LB Litigation
Trust, Plaintiff, v. BROWN RUDNICK LLP, Defendant (S.D.N.Y. 19 Civ.
10925 (PAE)).

According to CaseText.com, in the case, plaintiff Mark E. Holliday,
trustee of the LB Litigation Trust brought an action for legal
malpractice against defendant Brown Rudnick.  Brown Rudnick
represented the Trust in Weisfelner v. Blavatnik (In re Lyondell
Chem. Co.), Adv. Pro. No. 09-1375 (Bankr. S.D.N.Y.), before the
Bankruptcy Court for the Southern District of New York, in which
the Trust lost a $300 million preference claim (the "Preference
Claim") to Access Industries Holdings, LLC.  Holliday alleges that
this loss was due to Brown Rudnick's negligence.  He accordingly
brings claims against the firm under New York state law for legal
malpractice for loss of the Preference Claim, legal malpractice for
lost settlement value, and breach of fiduciary duty.

District Engelmayer had issued an opinion on July 28, 2020,
dismissing Holliday's malpractice claim for lost settlement value
and his breach of fiduciary duty claim, but denying Brown Rudnick's
motion to dismiss the malpractice claim for loss of the Preference
Claim.  A copy of the decision is available at
https://casetext.com/case/holliday-v-brown-rudnick-llp

                     About Lyondell Chemical

Rotterdam, Netherlands-based LyondellBasell Industries is one of
the world's largest polymers, petrochemicals and fuels companies.
Luxembourg-based Basell AF and Lyondell Chemical Company merged
operations in 2007 to form LyondellBasell Industries, the world's
third largest independent chemical company.  LyondellBasell became
saddled with debt as part of the US$12.7 billion merger.  Len
Blavatnik's Access Industries owned the Company prior to its
bankruptcy filing.

On Jan. 6, 2009, LyondellBasell Industries' U.S. operations, led by
Lyondell Chemical Co., and one of its European holding companies --
Basell Germany Holdings GmbH -- filed voluntary petitions to
reorganize under Chapter 11 of the U.S. Bankruptcy Code to
facilitate a restructuring of the company's debts.  The case is In
re Lyondell Chemical Company, et al., Bankr. S.D.N.Y. Lead Case No.
09-10023).  Seventy-nine Lyondell entities filed for Chapter 11.
Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 protection on April 24,
2009.

Deryck A. Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in
New York, served as the Debtors' bankruptcy counsel.  Evercore
Partners served as financial advisors, and Alix Partners and its
subsidiary AP Services LLC, served as restructuring advisors.
AlixPartners' Kevin M. McShea acted as the Debtors' Chief
Restructuring Officer.  Clifford Chance LLP served as restructuring
advisors to the European entities.

LyondellBasell emerged from Chapter 11 bankruptcy protection in May
2010, with a plan that provides the Company with US$3 billion of
opening liquidity.  A new parent company, LyondellBasell Industries
N.V., incorporated in the Netherlands, is the successor of the
former parent company, LyondellBasell Industries AF S.C.A., a
Luxembourg company that is no longer part of LyondellBasell.
LyondellBasell Industries N.V. owns and operates substantially the
same businesses as the previous parent company, including
subsidiaries that were not involved in the bankruptcy cases.
LyondellBasell's corporate seat is Rotterdam, Netherlands, with
administrative offices in Houston and Rotterdam.


MAIN STREET: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Main Street Investments II, LLC
        1201 S. Main Street
        Las Vegas, NV 89104

Chapter 11 Petition Date: January 27, 2021

Court: United States Bankruptcy Court
       District of Nevada

Case No.: 21-10361

Debtor's Counsel: Corey B. Beck, Esq.
                  COREY B. BECK, ESQ.
                  425 South Sixth Street
                  Las Vegas, NV 89101
                  Tel: 702-678-1999
                  Fax: 702-678-6788
                  E-mail: becksbk@yahoo.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by David LeGrand, manager for the Manager
of Main Street Investments II, LLC.

The Debtor stated it has no unsecured creditors.

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

https://www.pacermonitor.com/view/XHXTRQY/MAIN_STREET_INVESTMENTS_II_LLC__nvbke-21-10361__0001.0.pdf?mcid=tGE4TAMA


N & G PROPERTIES: Has Until January 28 to File Chapter 11 Plan
--------------------------------------------------------------
Judge Vincent F. Papalia of the U.S. Bankruptcy Court for the
District of New Jersey, issued a final bridge order extending the
deadline allowing N & G Properties, LLC to file a Chapter 11 Plan
and solicit votes until January 28, 2021, or such other time as is
determined by further Court order on motion or application filed on
or before January 28, 2021.

The Debtor previously sought an extension of 120 days of its
exclusive right to file a Chapter 11 plan of reorganization and an
extension of 180 days of the time period in which it can solicit
votes and obtain acceptance of the plan.

                    About N & G Properties

N & G Properties, LLC is a single asset real estate, a limited
liability company with a property address of 1572-1574 Sussex
Turnpike, Randolph, NJ 07869. On January 24, 2020, the Debtor filed
a voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D.N.J. Lead Case No. 20-11146).

At the time of the filing, N & G Properties estimated $0 to $50,000
in assets and $1 million to $10 million in liabilities. The
petition was signed by Joon Tae Yi, a managing member.

The Honorable Vincent F. Papalia oversees the case. The Debtor
tapped Steven D. Pertuz, Esq. of the Law Offices of Steven D.
Pertuz, LLC as legal counsel.


NAVITAS MIDSTREAM: Fitch Hikes LongTerm IDR to 'B'
--------------------------------------------------
Fitch Ratings has upgraded Navitas Midstream Midland Basin, LLC's
(Navitas) Long-Term Issuer Default Rating (IDR) to 'B' from 'B-'.
Additionally, Fitch has upgraded Navitas' super senior secured
revolver rating to 'BB'/'RR1' from 'BB-'/'RR1' and the senior
secured term loans B and C are upgraded to 'B+'/'RR3' from
'B'/'RR3'. The Rating Outlook has been revised to Stable from
Negative.

Further, Fitch rates the proposed add-on to the existing senior
secured term loan B-1 'B+'/'RR3'. Fitch has reviewed the
preliminary draft legal documentation for the proposed term loan,
and the overall financing plan of which the term loan is a part.
The assigned ratings assume there will be no material variation
from the documentation and plan previously provided.

The upgrade occurs as Navitas' wellhead volumes increased by 42%
year over year to 716MMcf/d in 4Q 2020. This growth comes despite
industry headwinds with a sharp reduction in global energy demand
caused by the pandemic and lower oil prices causing reduced
producer drilling and spending. Navitas's system is located within
the Midland region of the Permian basin, a region that Fitch views
as having one of the lowest breakeven costs and highest producer
investor returns.

Based on preliminary 2020 information, Navitas ended 2020 with
strong volumes and profits. Gross margins were higher than Fitch's
previous expectations, and an equity commitment funded the growth
capital for the Trident Plant, which came online in April 2020.
Fitch's leverage, as measured by total debt with equity credit to
operating EBITDA using 3Q2020 information, is 4.5x, and lower than
the 7.0x YE20 leverage previously anticipated by Fitch. However,
Fitch expects leverage to increase after the transaction to just
under 6.0x, better than the positive sensitivity for an upgrade.

The transaction will fund a one-time dividend to the parent, a new
200 MMcf/d processing plant and, at the same time, extend the
maturity of the revolving credit facility by 18 months to June 15,
2024. These actions mitigate Fitch's previous concerns over
liquidity during a period of high growth capital spending.

Fitch's price deck for oil and natural gas establishes guideposts
for the execution of Fitch's policy of rating through the cycle.
The price deck is the main basis for the new Fitch forecast. Fitch
now believes volumes will be up in 2021 and basically flat in 2022.
With the new plant coming on line in mid-2022, Navitas is
increasing its capacity by 26% to 955MMcf/d, in excess of the
average volumes of 716MMcf/d during 4Q 2020. While Navitas' largest
producer continues to drill, many of the other producers have
focused on cutting capital spending and reducing debt, keeping
production flat at best. Beyond 2021, Fitch believes the volume
growth remains flat, contributing to a slow deleveraging below 6.0x
over the forecast. Risk from lower than expected volumes or lower
commodity prices impacting the gross margin may drive leverage up
slightly under Fitch's forecast from 2022-2023 as operating
expenses increase when the new 200 MMcf/d processing plant comes
online by mid-2022.

KEY RATING DRIVERS

Volume Growth Drives Deleveraging: Fitch believes the pace of the
volume growth is the key factor to support deleveraging. The
pending debt offering reverses Navitas' steady trend of
deleveraging seen throughout 2020 due in part to the $100 million
one-time dividend payment to its sponsors. Navitas has overcome
operational issues, including a fire at its Newberry Plant in 2018,
which forced the company to offload gas volumes to competitors in
the region and slowed deleveraging in 2019.

Fitch forecasts that leverage (total debt with equity
credit/operating EBITDA) will trend to just under 6.0x by the end
of 2021, above the trailing twelve-month leverage of 4.5x leverage
in 3Q2020. Fitch projects low to flat volume growth beyond 2021 as
some of Navitas' core customers reduce production following a
period of above average volume growth. Fitch forecasts that flat
volumes on increased operating expenses drive leverage up slightly
to just above 6.0x as the new 200 MMcf/d processing plant comes
online mid 2022 into 2023.

At Fitch Price Deck, Unit Gross Margin is Stable: Navitas' main
contract type is a price floor-protected contract. With Fitch's
price deck, including what the price deck implies for the natural
gas liquids (NGL) gallon, most of these contracts are receiving a
unit gross margin (in dollars per Mcf) that is at or near the fee
floor. Therefore, Fitch believes there is not much downside from a
hypothetical fall in prices compared to the Fitch price deck. The
company has approximately 453,400 acres dedicated on its system.
The price floor margin will set the price for new wells drilled on
this acreage and this protection extends long-term. For the
company's top five customers by volume in 2020, the range of time
remaining on the dedication is three to 12 years, with a simple
average for these five companies of almost eight years.

Volumetric Exposure: Navitas' rating reflects its operational
exposure to volumetric risks associated with the production and
demand for natural gas and NGLs. Navitas' wellhead volumes
increased by 21% in 2H 2020 following a drop in 2Q2020 driven by
curtailed producer activities in the Midland basin. This growth
compares to a 1% decline in natural gas production within the
Permian Basin. Fitch expects volumes to be slightly higher in 2021
compared to 4Q2020 levels despite producer-customers' low level of
new drilling driven by greater-than-previous DUCs (Drilled but
Uncompleted Wells) completion by its customers. Rig activity on
dedicated acreage supports some volume growth in 2021, although
coming from a small number of producers, with 10 rigs currently
running on the acreage. Under the current Fitch commodities price
deck, Fitch also expects producer activities to be constructive in
2021.

The recent run-up in oil prices after a year of record low prices
illustrates ongoing concerns over the risks faced by midsized
single-territory gathering and processing issuers. Fitch views
small scale, single-basin focused midstream service providers with
high geographic, customer and business line concentration as
consistent with the 'B' category.

Increased Customer Credit Concentration: The credit quality of
Navitas' seven core counterparties under long-term acreage
dedications has declined over the past year due to low oil prices
and reduced demand from the global pandemic. Several of the
counterparties dropped out of investment grade. The
producer-counterparties range in credit quality from high-yield
single 'B' to 'BB' category. Navitas' exposure is concentrated at
Endeavor Energy Resources (BB/Stable) and SM Energy (CCC+/Negative
Watch) with offsetting exposure to larger producers like Apache
Corp. (BB+/Negative) and Ovintiv, Inc. (BB+/Stable). Fitch believes
the risk of contract rejection in bankruptcy is low given the
historic track record. However, concerns remain that lower credit
quality producers facing financial pressures may reduce capital
spending and reduced drilling activity or even curtail production
within a single basin.

Sponsor Support: Warburg Pincus contributed significant equity to
Navitas in 2019 and 2020, funding growth capital. However, the
current growth spending plans and one-time sponsor dividend has
reversed the pace of deleveraging. While Fitch is projecting volume
growth in 2021, the capital structure may need to be proactively
managed, if sector headwinds return or volume and profitability
fall off over the medium term, especially as the company incurs
increased operating expense associated with the new processing
plant expected by management to be online by mid-2022.

Group Structure Complexity: Navitas has an ESG Relevance Score of
'4' for Group Structure and Financial Transparency as
private-equity backed midstream entities typically have less
structural and financial disclosure transparency than publicly
traded issuers. This has a negative impact on the credit profile,
and is relevant to the rating in conjunction with other factors.
Also, group structure considerations have elevated scope for
Navitas given inter-family/related party transactions with
affiliate companies.

DERIVATION SUMMARY

Navitas' credit profile and ratings reflect its single territory,
declining leverage, and slightly concentrated customer credit risk.
The company's natural gas gathering and processing operations are
focused on a single-basin, the Permian. Generally, Fitch views
single basin focused midstream service providers as being
consistent with 'B' category IDRs.

Navitas' operations are similar in size compared to peer BCP Raptor
LLC (EagleClaw; B-/Negative), in terms of gathered volumes and
processing capacity. Navitas and EagleClaw are single basin
gathering and processing service providers operating in the
Permian. Both Navitas and EagleClaw are private equity-owned
entities. While EagleClaw is exposed to commodity prices, similar
to Navitas, and both lack MVC contracts, Navitas has a mix of
fixed-fee and price floor contracts, setting a minimum price floor,
with favorably less commodity price exposure.

Navitas' customer exposure is Endeavor Energy Resources (BB/Stable)
and SM Energy (CCC+) and larger producers like Apache Corp.
(BB+/Negative) and Ovintiv, Inc. (BB+/Stable), reflecting a
modestly riskier, and slightly more concentrated customer profile
versus EagleClaw. The majority of EagleClaw's volumes are expected
to come from a more diverse group of producers including a larger
portfolio with some 'BB' or higher rated producers. Leverage at
Navitas is expected to be under 6.0x in 2021. In 2018, EagleClaw's
leverage was over 10x, and is expected to be over 10x once again by
year-end 2020.

Oryx Midstream Holdings LLC (Oryx; B/Negative) is a crude gathering
and intrabasin transportation service provider in the Delaware
Basin of the Permian. Compared to Navitas, Oryx is slightly larger
in size with greater acreage dedication and generates more cash
flow under fixed fee contracts, with more counterparty exposure,
unlike Navitas. However, Oryx's producers have a higher credit
quality, with 40% of 2020 estimated volumes coming from investment
grade counterparties. Oryx's leverage metrics are higher than
Navitas' with Fitch projecting 2020 leverage for Oryx in the range
of 7.2x-7.5x compared with Navitas at 4.8x in 2020 and just under
6.0x in 2021.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- A Fitch price deck of Henry Hub natural gas prices of $2.45
    per thousand cubic feet (mcf) in 2021 and over the long-term
    and West Texas Intermediate oil prices of $42 per barrel (bbl)
    in 2021, $47/bbl in 2022 and $50/bbl in 2023.

-- Production by customers for delivery into the Navitas systems
    in 2021 grows slightly from the 2020 level, reflecting
    improved customer production in 2H20 compared to 1H20.

-- Full online production from the new processing plant in
    2H2022.

-- Growth capital expenditures are reduced from management's
    forecast to reflect the Fitch volume assumption which is also
    lower than management's projections.

RATING SENSITIVITIES

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

-- EBITDA above $300 million per annum and leverage (total debt
    with equity credit/ operating EBITDA) at or below 5.5x basis.

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

-- A decline in volumes across Navitas' acreage, as evidenced by
    Navitas operational problems or by a drop in daily volumes
    through the Navitas system;

-- Significant cost overruns on project completion;

-- Meaningful deterioration in customer credit quality or a
    significant event at a major customer that impairs cash flow;

-- Leverage (total debt with equity credit/operating EBITDA)
    sustained above 6.5x;

-- Funds Flow From Operations Fixed Charge Coverage sustained
    below 3.0x.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Liquidity Adequate: Fitch expects Navitas to fund its growth capex
needs through issuance of the Term Loan B3. The sponsors
contributed significant equity to Navitas in 2019 and provided an
additional $135 million in equity during the first nine months
ended 2020. Liquidity, as of the end September 2020, was adequate
with cash on hand of $21.1 million and $56.4 million available on
the super senior secured revolving credit facility. The six-month
debt service reserve fund fell away in 2Q 2020, under the loan
agreement provisions.

The super senior secured revolving credit facility was expanded
from $50 million to $60 million in June 2019 and, after this
transaction, will have a maturity date of June 15, 2024. There were
$3.6 million of letter of credit obligations and no outstanding
borrowings under the credit facility as of Sept. 30, 2020. The
company's Term Loan B1/B2 does not come due until 2024; however, a
1% annual required amortization, equating to roughly $5 million per
year. As of September 2020, the total outstanding amount under the
Term Loan B1 and Term Loan B2 facility was approximately $390
million and $40 million, respectively. During September 2019,
Navitas entered into a new $40 million senior secured term loan
agreement, the Term Loan C. Maturity of this term loan is due in
September 2022, and the proceeds were used to purchase components
of the Trident and the Taylor processing plants as well as the
Reagan County lateral pipeline.

Navitas is issuing additional debt, an add-on to the senior secured
term loan B-1, in the amount of approximately $265 million. The net
proceeds will fund a one-time $100 million dividend, finance a new
processing plant for approximately $115 million and redeem the Term
Loan C. This will result in a net debt increase of approximately
$225 million. The term loan B-1 is junior to the super senior
secured revolving credit facility and ranks pari passu with the
existing term loans. Navitas will extend the maturity of its
revolving credit facility by 18 months to 2024 from 2022.

Navitas' credit and term loan facilities contain various covenants
including limitations on the creation of indebtedness and liens,
and related to the operation and conduct of business. The credit
facilities do not permit Navitas' Debt Service Coverage Ratio to be
less than 1.1x, Total Debt to Capitalization to be more than 50%
and Super Senior Leverage ratio to be less than 1.5x. Navitas was
in compliance with its covenants as of Sept. 30, 2020, and Fitch
expects continued covenant compliance.

ESG CONSIDERATIONS

Navitas has an ESG Relevance Score of '4' for Group Structure and
Financial Transparency as private-equity backed midstream entities
typically have less structural and financial disclosure
transparency than publicly traded issuers. This has a negative
impact on the credit profile and is relevant to the rating in
conjunction with other factors.

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


NAVITAS MIDSTREAM: Moody's Affirms B3 CFR & Alters Outlook to Pos.
------------------------------------------------------------------
Moody's Investors Service changed Navitas Midstream Midland Basin,
LLC's rating outlook to positive from stable and affirmed the
company's B3 Corporate Family Rating, B3-PD Probability of Default
Rating, and B3 senior secured term loan rating, including the
incremental add-on $265 million senior secured term loan B, due
2024. Net proceeds will be used to pre-fund capital expenditures
for a new processing plant, redeem $100 million of Series D
preferred equity, and repay about $40 million of existing debt.

"While the proposed term loan increases total debt by roughly $225
million, a portion of which is going to be used to repurchase
preferred equity, the positive outlook recognizes Navitas'
increased throughput volumes and operational diversification as
well as a more established cash flow base since mid-2020," said
Sajjad Alam, Moody's Senior Analyst. "With the planned expansion in
processing capacity, cash flow will grow allowing Navitas to
delever the business more sustainably in 2022 and beyond."

Issuer: Navitas Midstream Midland Basin, LLC

Outlook action:

Changed to Positive from Stable

Ratings affirmed:

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Senior Secured Term Loan, Affirmed B3 (LGD4) from (LGD3)

RATINGS RATIONALE

The incremental term loan has identical terms and conditions,
including collateral pledges and maturity date, as the existing
term loan B, and hence have the same B3 rating. Navitas' term loans
are rated at the B3 CFR level given they comprise the vast majority
of the capital structure and because of the modest size of its $60
million secured revolving credit facility (unrated), which has a
super-priority claim over the company's assets.

Navitas' B3 CFR reflects its high but improving financial leverage,
significant projected negative free cash flow through early 2022
owing to another plant construction, and somewhat uncertain volume
growth trajectory as its customers gradually increase capital
expenditures and development activity following a period of low oil
prices. The credit profile also reflects Navitas' relatively small
asset and earnings base, inconsistent operating history in earlier
years, and private ownership. Following the completion of the
Trident plant in May 2020, the company's cash flow and leverage
metrics improved considerably in the second half of 2020. Navitas'
key strengths include its location in the heart of the prolific
Midland Basin - one of the lowest cost basins in the US, large
acreage dedications from a diversified group of E&P companies,
long-term fee based contracts some of which have a "fee floor"
feature, strong equity support from its private equity sponsor
Warburg Pincus LLC, and structural features in the loan agreement
offering credit enhancements.

Navitas should have adequate liquidity through mid-2022. The
company's projected operating cash flow and pro forma cash balance
of roughly $150 million following the proposed term loan issuance
will help fully fund capital expenditures through early-2022,
including the next processing plant. Navitas had $56 million of
availability under its $60 million revolving credit facility after
accounting for $4 million of LCs at December 31, 2020. Concurrent
with the term loan offering, the revolver maturity date has been
extended to June 2024. Additionally, Navitas' ultimate parent,
Navitas Midstream Partners, LLC, has $25 million of cash and $60
million of undrawn committed equity from Warburg Pincus, that could
be accessed by Navitas, if necessary. The revolver requires Navitas
to maintain a debt service coverage ratio of 1.1x, a maximum super
senior leverage ratio of 1.5x, and a total debt to capitalization
ratio below 50%. Moody's expects the company to be well in
compliance with these covenants.

The positive outlook reflects Moody's view that Navitas will
continue to execute its growth plans in a prudent manner and gain
greater scale and diversification.

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

An upgrade could be considered if the company can consistently run
its plants at near capacity, attain better volume visibility
through 2022 and continue to reduce leverage while maintaining
adequate liquidity. The ratings could be downgraded if leverage
rises above 7x or the company substantially debt funds growth or
equity distributions and generates persistent negative free cash
flow.

The principal methodology used in these ratings was Midstream
Energy published in December 2018.

Navitas Midstream Midland Basin, LLC is a Texas incorporated and
privately owned natural gas gathering and processing company with
primary operations in the Midland, Martin, Howard, Glasscock,
Reagan and Upton Counties. The company is wholly owned by Navitas
Midstream Partners, LLC, which is primarily owned by Warburg
Pincus.


NEUROCARE CENTER: Seeks to Hire Anthony J. DeGirolamo as Counsel
----------------------------------------------------------------
Neurocare Center Inc. seeks approval from the U.S. Bankruptcy Court
for the Northern District of Ohio to employ Anthony J. DeGirolamo,
Attorney at Law, as its legal counsel.

DeGirolamo will render legal services to the Debtor for its Chapter
11 case, including, but not limited to, bankruptcy, general
business and litigation assistance and advice.

The firm will be paid at these rates:

     Anthony J. DeGirolamo  $360 per hour
     Paralegals             $200 per hour

The firm holds a $8,334 retainer.

DeGirolamo is a "disinterested person" within the meaning of
Sections 101(14) and 327 of the Bankruptcy Code, according to court
papers filed by the firm.

The firm can be reached through:

     Anthony J. DeGirolamo, Esq.
     Anthony J. DeGirolamo, Attorney at Law
     3930 Fulton Dr NW #100b
     Canton, OH 44718
     Phone: +1 330-305-9700

                   About Neurocare Center Inc.

Founded in 1995, Neurocare Center Inc. --
http://www.neurocarecenter.com-- provides health care services to
patients with neurological, rehabilitative and sleep disorders.

Neurocare Center filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No.
21-60030) on Jan. 12, 2021.  Neurocare Center President Andrew
Stalker MD signed the petition.

At the time of filing, the Debtor disclosed $597,245 in assets and
$2,128,274 in liabilities.

Judge Russ Kendig oversees the case.  Anthony J. DeGirolamo,
Attorney at Law serves as the Debtor's legal counsel.


NEUROCARE CENTER: Seeks to Hire Ten Key Group as Financial Advisor
------------------------------------------------------------------
Neurocare Center Inc. seeks approval from the U.S. Bankruptcy Court
for the Northern District of Ohio to employ The Ten Key Group, LLC
as its accountant and financial advisor.

The firm's services will include:

     (a) assisting the Debtor in fulfilling its duties under the
Bankruptcy Code;

     (b) financial analyses necessary for the Debtor's Chapter 11
plan of reorganization, disclosure statement, sale of assets or
other transaction related to the Debtor's reorganization; and

     (c) general accounting services.

Ten Key will be paid at these rates:

     David Zajac        Principal     $250 per hour
     Sally Eisenmann    Associate     $140 per hour
     Mark McCauley      Associate     $100 per hour
     Joan Mosley        Staff         $60 per hour

The firm holds a retainer of $10,000.

Ten Key is a "disinterested person" within the meaning of Sections
101(14) and 327 of the Bankruptcy Code, according to court papers
filed by the firm.

The firm can be reached through:

     David A. Zajac, CPA
     Ten Key Group, LLC
     470 Portage Lakes Dr., Ste. 102
     Akron, OH 44319
     Phone: (234) 334-1966, ext. 4
     Email: dzajac@thetenkeygroup.com

                   About Neurocare Center Inc.

Founded in 1995, Neurocare Center Inc. --
http://www.neurocarecenter.com-- provides health care services to
patients with neurological, rehabilitative and sleep disorders.

Neurocare Center filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No.
21-60030) on Jan. 12, 2021.  Neurocare Center President Andrew
Stalker MD signed the petition.

At the time of filing, the Debtor disclosed $597,245 in assets and
$2,128,274 in liabilities.

Judge Russ Kendig oversees the case.  Anthony J. DeGirolamo,
Attorney at Law serves as the Debtor's legal counsel.


NOVETTA SOLUTIONS: Moody's Upgrades CFR to B3, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has upgraded ratings of Novetta
Solutions, LLC, including the corporate family to B3 from Caa1, the
probability of default to B3-PD from Caa1-PD, the first lien senior
secured to B2 from B3 and the second lien senior secured to Caa2
from Caa3. The rating outlook is stable.

RATINGS RATIONALE

According to lead analyst, Bruce Herskovics, "The upgrades reflect
significantly improved financial performance during 2020 that
should continue with debt-to-EBITDA declining to the low-5x range
and free cash flow generation approaching $30 million, or almost
10% of debt in 2021." Herskovics added "The company's marketing
efforts hit a positive inflection point in 2020 and the June
acquisition of WaveStrike, which was half-funded with equity and is
rapidly growing, has enhanced Novetta's bid qualifications and
competitiveness."

The B3 corporate family rating reflects that despite organic sales
growth exceeding 15% in 2020, Novetta's revenue base remains modest
within defense services. The company has high customer
concentration and has generated modest cumulative free cash flow
since the rating was assigned in 2015. Novetta also reports
negative operating margins and net losses because of significant
amortization of intangible assets, the add-back of which supports
positive operating cash flow. Execution of projects from a strong
backlog of about $900 million heading into 2021, up materially from
prior years, will expand revenues and cash generation in 2021.
Novetta's high degree of labor specialization within the data
analytics services niche of the US intelligence community should
also sustain EBITDA margin of 14% or higher, leading among rated
peers. Moody's expects steady budget funding within Novetta's niche
across the next three years. Moody's anticipates strengthening of
some credit metrics through 2021, with debt-to-EBITDA declining by
a turn from 6.2x in 2020 (which includes pro forma full year
earnings for acquisitions in the period) and EBITDA-to-interest
reaching 2.5x, up from 2.2x.

In 2020, Novetta repaid its revolver borrowings which had reached
$19 million in 2020 and Moody's estimates that the company began
2021 with a $20 million cash balance. Moody's views the company's
liquidity as adequate, supported by its expectations for positive
free cash flow, sufficient cushion with financial covenants and
full availability on the revolver which will go current in April
2021

The B2 rating of the first lien credit facility, one notch above
the CFR, reflects the first loss protection provided by unsecured
non-debt claims and the second lien credit facility. The Caa2
rating on the second lien credit facility, two notches below the
CFR, reflects the facility's lien subordination to approximately
$225 million of secured debt that has a first-priority claim on the
company's assets.

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

Upward rating momentum would depend on expectations of the company
sustaining, if not strengthening, its liquidity, including by
expanding free cash flow generation. Growing the backlog towards $1
billion or higher with debt-to-EBITDA approaching 4x, steady EBITDA
margin of at least 14% and free cash flow to debt above 10% could
also support a ratings upgrade.

Downward rating pressure would mount with a material deterioration
of financial performance or credit metrics, or if the liquidity
profile were to become weak such as with the first lien term loan
becoming a near-term obligation later this year.

Upgrades:

Issuer: Novetta Solutions, LLC

Probability of Default Rating, Upgraded to B3-PD from Caa1-PD

Corporate Family Rating, Upgraded to B3 from Caa1

Senior Secured 1st Lien Bank Credit Facility, Upgraded to B2
(LGD3) from B3 (LGD3)

Senior Secured 2nd Lien Bank Credit Facility, Upgraded to Caa2
(LGD5) from Caa3 (LGD5)

Outlook Actions:

Issuer: Novetta Solutions, LLC

Outlook, Remains Stable

Novetta Solutions, LLC, headquartered in McLean, Virginia, is an
advanced analytics company that works on intelligence and cyber
security projects for the government and commercial organizations.
The company is majority-owned by affiliates of The Carlyle Group.
Revenues in the last twelve months ended September 30, 2020, were
slightly above $335 million.

The principal methodology used in these ratings was Aerospace and
Defense Methodology published in July 2020.


ON MARINE: Seeks April 26 Extension to File Chapter 11 Plan
-----------------------------------------------------------
ON Marine Services Company LLC asks the United States Bankruptcy
Court for the Western District of Pennsylvania to extend the
exclusive period during which it may file a chapter 11 plan through
April 26, 2021.

The Debtor also asks the Court to extend the exclusive period
during which it may solicit acceptances to its plan through June
28, 2021.

The Debtor's Exclusive Filing Period and Exclusive Solicitation
Period were previously extended by the Court through January 26 and
March 29, respectively.

ON Marine Services Company has been named as a defendant in
thousands of asbestos-related personal injury lawsuits, in which
claimants seek money damages for personal injury and wrongful death
alleged as a result of exposure to asbestos-containing products
that were manufactured and sold by the Debtor and/or its
predecessor entities.  The Debtor has also been named as a
defendant in a smaller number of asbestos-related cases arising
under the Merchant Marine Act of 1920, 46 U.S.C. Section 30104, or
the Jones Act, in which claimants seek money damages for personal
injury arising from claimants' exposure to asbestos aboard lake
vessels owned and operated by the Debtor and/or its predecessor
entities.

The Debtor estimates there are approximately 6,000 Asbestos Tort
Claims and one Jones Act Claim pending as of the Petition Date.
The Debtor's Chapter 11 Case was commenced for the purpose of
resolving all existing Asbestos Claims.

The Debtor filed a Plan of Liquidation on January 2, 2020, its
Petition Date.  The Debtor acknowledges it views the approval of
certain pre-petition settlement agreements with the Debtor's
insurers and negotiations with the Committee of Unsecured Creditors
regarding the Plan, a liquidation trust agreement, and trust
distribution procedures as prerequisites for proceeding with the
solicitation of votes on the Plan.  The Debtor further contends
negotiations with the Committee may lead to amendments to the Plan
in order to proceed toward confirmation on a consensual basis.

The Debtor tells the Court the process has taken and will continue
to take time.  The Debtor further tells the Court that the
Committee has retained professionals, conducted and continues to
conduct discovery, and analyzed the insurance coverage, asbestos
liability, and proposed settlement agreements and motions to
approve those agreements.  The Debtor alleges that throughout this
due diligence process, it has cooperated with the Committee in
responding to the latter's document and information requests.

On December 31, 2020, the Committee filed a motion seeking to
adjourn the objection deadline and hearing concerning the Debtor's
motion to establish notice procedures for, and to schedule a
hearing concerning approval of, the Insurance Settlement
Agreements.  The Committee wanted additional time to continue
negotiations concerning the Insurance Settlement Agreements through
mediation, as its found that the proposed settlement amounts were
too low.  The hearing on the Committee's motion is scheduled for
February 4, 2021, where the Court will consider the appropriate
process for proceeding on the Debtor's motions to approve the
Insurance Settlement Agreements.

The Debtor says that regardless of the outcome of that hearing, it
anticipates that there will be at least another 60 to 90 days
before a hearing will be held on the Insurance Settlement
Agreements.  The Debtor goes on to say that because the Insurance
Settlement Agreements provide essential funding for the liquidation
trust proposed in the Plan, the Debtor does not anticipate moving
forward with the confirmation process unless and until the
Insurance Settlement Agreements are approved.  The Debtor adds that
this anticipated timeframe is not due to any lack of diligence on
the part of the Debtor, but rather is dictated by the complexities
of a mass tort case.

          About ON Marine Services Company

ON Marine Services Company is the continuation of the entity
formerly known as Oglebay Norton Company, as part of which the
Ferro Division operated as an unincorporated division.  In 1999,
Oglebay Norton Company changed its name to ON Marine Services
Company and became a wholly-owned subsidiary of a newly formed
company known as Oglebay Norton Company, an Ohio corporation.  The
Ferro Division and/or ON Marine manufactured and sold refractory
products for use exclusively in steelmaking. ON Marine Services
Company ceased all active business operations in 2010.

ON Marine Services Company filed for Chapter 11 bankruptcy
protection (Bankr. W.D. Pa. Case No. 20-20007) on Jan. 2, 2020.

In its petition, Debtor estimated $1 million to $10 million in
assets and $100,000 to $500,000 in liabilities.  The petition was
signed by Kevin J. Whyte, senior vice president.

Chief Judge Carlota M. Bohm oversees the case. The Debtor is
represented by Paul M. Singer, Esq., at Reed Smith LLP and Legal
Analysis Systems, Inc. as its consultant.

A committee of asbestos personal injury claimants has been
appointed in the Debtor's case.  The asbestos committee is
represented by Caplin & Drysdale, Chartered.


OZ STEEL: Seeks to Hire Morrison Tenenbaum as Legal Counsel
-----------------------------------------------------------
Oz Steel Inc. seeks authority from the U.S. Bankruptcy Court for
the Eastern District of New York to hire Morrison Tenenbaum, PLLC
as its legal counsel.

The firm will render these services:

     a. advise the Debtor with respect to its powers and duties;

     b. assist in any amendments of schedules and other financial
disclosures;

     c. negotiate with the Debtor's creditors and take the
necessary legal steps to consummate a plan of reorganization;

     d. prepare legal papers;

     e. appear before the bankruptcy court to represent and protect
the interests of the Debtor and its estate; and

     f. perform all other legal services for the Debtor.

The firm's hourly rates are as follows:

     Lawrence F. Morrison         $595
     Associates                   $450
     Paraprofessionals            $225

On or about Nov. 6, 2020, the firm received from the Debtor an
initial retainer fee of $10,000, plus the filing fee.

Lawrence Morrison, Esq., a founding partner at Morrison Tenenbaum,
disclosed in court filings that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Lawrence Morrison, Esq.
     Brian J. Hufnagel, Esq.
     Morrison Tenenbaum, PLLC
     87 Walker Street, Floor 2
     New York, NY 10013
     Telephone: (212) 620-0938
     Email: lmorrison@m-t-law.com
            bjhufnagel@m-t-law.com

                        About Oz Steel Inc.

Oz Steel Inc. sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 20-44339) on Dec. 22,
2020, listing under $1 million in both assets and liabilities.

Judge Nancy Hershey Lord oversees the case.  

Lawrence F. Morrison, Esq., at Morrison Tenenbaum, PLLC, is the
Debtor's legal counsel.


PAREXEL INTERNATIONAL: Moody's Rates New Secured Loans 'B2'
-----------------------------------------------------------
Moody's Investors Service assigned B2 ratings to Parexel
International Corporation's new senior secured credit facilities
(revolver and term loan B). There are no changes to Parexel's
existing ratings including the B2 Corporate Family Rating and B2-PD
Probability of Default Rating. The outlook is stable.

Proceeds from Parexel's new credit facilities and cash will be used
to refinance all of its existing funded debt, including the secured
term loan and guaranteed senior unsecured notes. Once the debt is
fully repaid with proceeds from the refinancing transaction,
Moody's will withdraw the ratings for the existing bank credit
facilities and unsecured notes.

Moody's assigned the following ratings:

Parexel International Corporation

  Senior secured term loan B at B2 (LGD3)

  Senior secured revolving credit facility at B2 (LGD3)

RATINGS RATIONALE

Parexel's B2 Corporate Family Rating reflects Moody's expectation
for high financial leverage, offset by good cash flow. Parexel is
making considerable progress in addressing operational challenges
that will make it increasingly competitive with Contract Research
Organization (CRO) peers. The improvements have translated to
strong new business bookings and revenue backlog growth comparable
to its public peers.

Parexel's rating benefits from good scale and breadth of service
offerings as a CRO. Underlying demand for CRO services continues to
be strong. In Moody's view, CROs have good long-term growth
prospects as the biopharmaceutical industry continues to increase
outsourcing of R&D functions, which will benefit Parexel. Further,
Moody's expects Parexel to maintain very good liquidity, including
ample cash reserves, which support the ratings.

The stable outlook reflects Moody's view that a good earnings
outlook coupled with debt repayment will result in debt/EBITDA
under 7x over the next 12-18 months. This is somewhat offset by
Moody's expectation for weaker free cash flow over the next 12
months as working capital benefits moderate and Parexel makes
strategic investments to support future growth.

ESG considerations include Parexel's financial policy, which
Moody's believes is aggressive, a key governance risk. The company
has maintained high financial leverage, in part due to a past
debt-funded dividend in August 2018.

Parexel's liquidity is very good, supported by more than $400
million of cash, pro forma for about $250 million of debt repayment
earlier in January 2020. While Parexel's cash generating ability is
strong, Moody's expects only modestly positive free cash flow in
2021, reflecting increased capital investments and working capital
headwinds. Moody's expects free cash flow to return to a more
normalized level of more than $200 million beyond 2021. Parexel
also has a $300 million undrawn revolver that expires in September
2022. The revolver has a springing net senior secured leverage
financial covenant that only applies if more than 35% is drawn.
Given the substantial cash balance, Moody's does not expect the
revolver to be drawn in the next 12 months.

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

The ratings could be upgraded if adjusted debt/EBITDA is sustained
below 5.5x and the company demonstrates more conservative financial
policies.

The ratings could be downgraded if Moody's expects Parexel's
debt/EBITDA to be sustained above 7x or if free cash flow is
expected to be negative for a sustained period.

Dually headquartered in Newton, Massachusetts, and Durham, North
Carolina, Parexel International Corporation is a global
biopharmaceutical services company providing clinical research and
logistics, technology solutions and consulting services for the
pharmaceutical, biotechnology, and medical device industries.
Reported revenue for the twelve months ended September 30, 2020 was
approximately $2.5 billion. The company is privately held by
Pamplona Capital and publicly available information is limited.

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


PENINSULA PACIFIC: Moody's Alters Outlook on Caa1 CFR to Stable
---------------------------------------------------------------
Moody's Investors Service revised the rating outlook of Peninsula
Pacific Entertainment, LLC ("P2E") to stable from negative. Moody's
also affirmed the company's Caa1 Corporate Family Rating, Caa1-PD
Probability of Default Rating and Caa1 Senior Unsecured Rating.

Moody's decision to revise the outlook incorporated P2E's proposed
a $75 million tack-on to its existing $475 million 8.5% senior
unsecured notes due 2027. Proceeds from the tack-on will be placed
on the balance sheet and can be used for general corporate
purposes. The tack-on will be subject to the same terms as P2E's
existing senior unsecured notes.

"Moody's decision to revise P2E's rating outlook to stable from
negative and affirm the existing ratings considers the company's
lower cost structure and relatively strong results reported for the
quarter ended 30-Sept 2020, a trend that Moody's believes will
continue despite the ongoing effects of COVID-19, as well as result
in a gradual reduction in debt/EBITDA during the next 12-18 months"
stated Keith Foley, a Senior Vice President at Moody's.

P2E's restricted group debt/EBITDA on latest 12-month basis for the
period ended September 30, 2020 was considerable at about 14x.
However, this LTM metric is unfavorably affected by a period of
closure related to COVID-19, and does not incorporate the EBITDA
contribution of Hard Rock Sioux City as it was acquired in October
2020. Applying an annualized EBITDA amount based on the company's
actual Sep. 30, 2020 quarter and anticipated Dec 31, 2020 results,
debt/EBITDA is considerably lower at about 5.0x. The affirmation of
the Caa1 CFR reflects that the economic and operating environment
for gaming companies remains uncertain that leads to a wide range
of potential EBITDA, cash flow from operations and credit metric
outcomes.

The outlook revision to stable also considers the further
improvement in P2E's liquidity -- pro forma for the tack-on, the
company has full availability under its $75 million revolver, and
approximately $140 million of unrestricted cash -- and that the
company's restricted group gaming assets will continue to operate
without interruption.

P2E's ratings and outlook recognize the restricted borrowing group
structure that include Colonial Downs Group, LLC and SCE Partners
LLC Hard Rock Sioux City (Iowa). In October 2020, P2E acquired the
50% equity ownership of Sioux City Iowa casino (Hard Rock Sioux
City) that it did not already own. The portion that was owned by
P2E was outside of the company's restricted group borrowing
structure but was contributed as equity to the restricted group.

Affirmations:

Issuer: Peninsula Pacific Entertainment LLC

Probability of Default Rating, Affirmed Caa1-PD

Corporate Family Rating, Affirmed Caa1

Senior Unsecured Regular Bond/Debenture, Affirmed Caa1 (LGD4)

Outlook Actions:

Issuer: Peninsula Pacific Entertainment LLC

Outlook, Changed To Stable From Negative

RATING RATIONALE

P2E's Caa1 CFR reflects the earnings and cash flow pressure from
efforts to contain the coronavirus and the likelihood that a slow
recovery to pre-coronavirus volume will sustain elevated
debt-to-EBITDA leverage in a high single digit range over the next
year. In addition to the continued operating uncertainty related to
the coronavirus, key credit concerns include the inherent risks
related to the relatively small size of the company in terms of pro
forma revenue, earnings, and limited geographic diversification.

Positive credit consideration is given to the fact that P2E's
Colonial Downs racetrack is the only racetrack qualified for HHR
(Historic Horse Racing) terminals and P2E holds the only HHR
license in the State of Virginia with exclusivity through 2028. HHR
terminals are an electronic slot machine-like game that is a form
of pari-mutuel legal horse racing wagering. Also considered are the
diversification benefits related to Hard Rock Sioux City
acquisition. The property is a stable performing casino asset in
normal economic times operating under the well-known and popular
Hard Rock brand name.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
P2E from the current weak US economic activity and a gradual
recovery for the coming year. Although an economic recovery is
underway, it is tenuous, and its continuation will be closely tied
to containment of the virus. As a result, the degree of uncertainty
around our forecasts is unusually high.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The gaming sector has been one of the sectors most
significantly affected by the shock given its sensitivity to
consumer demand and sentiment. More specifically, the weaknesses in
P2E's credit profile, including its exposure to travel disruptions
and discretionary consumer spending have left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions and P2E remains vulnerable to the outbreak continuing to
spread.

P2E, like other casinos owners and operators, is exposed to
elevated social risks, particularly in terms of evolving
demographic and societal trends that may drive a change in demand
away from traditional casino style gaming. The risks are somewhat
mitigated by having non-gaming attractions including hotels,
restaurants, bars, and entertainment venues.

Data security and customer privacy risk is elevated given the large
amount of data collected on customer behavior. In the event of data
breaches, the company could face higher operational costs to secure
processes and limit reputational damage.

Governance factors include targeting a moderate leverage level, but
with event risk related to debt-funded acquisitions and/or
expansions.

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

A higher rating can be achieved once Moody's has a higher degree of
confidence that the risks related to COVID-19 will lessen and the
operating environment improves along with revenue and earnings
visibility. A higher rating also requires that P2E generate
positive free cash flow, restore investment flexibility and
demonstrate the ability and willingness to achieve and maintain
debt/EBITDA below 5.5x over the longer-term.

Ratings could be downgraded if earnings decline or liquidity
deteriorates because of actions to contain the spread of the
coronavirus, or if consumer spending on gaming activities weakens.

P2E owns and operates the Colonial Downs Racetrack in New Kent,
Virginia, as well as three satellite wagering facilities in
Richmond, Hampton and Vinton. The company is owned by PGP
Investors, LLC (managing member is Brent Stevens), and was founded
to develop, own and operate regional gaming opportunities. The
company will also own 100% of the Hard Rock Sioux City casino
located in downtown Sioux City, Iowa. The company is private and
does not disclose detailed financial information. Revenue pro forma
for the Sioux City acquisition is approximately $293 million.

The principal methodology used in these ratings was Gaming
Methodology published in October 2020.


PROQUEST LLC: Repriced $1BB Term Loan No Impact on Moody's B2 CFR
-----------------------------------------------------------------
Moody's Investors Service says ProQuest LLC's proposed repricing of
its $1 billion first lien senior secured term loan is credit
positive. The proposed repricing will immediately reduce the
interest rate on the first lien term loan by 25 basis points, and
another 25 basis points margin stepdown at 3.0x net secured
leverage. There is no impact on the company's ratings, including
the B2 Corporate Family Rating, B2-PD Probability of Default
Rating, and the B2 rating on the company's senior secured first
lien credit facility. The outlook remains stable.

The repricing is expected to save ProQuest approximately $3 to $5
million in annual interest costs, helping to improve the company's
free cash flow. For FY2021, Moody's still expects the company to
have about 15% free cash flow-to-debt thanks to the aforementioned
interest savings, continued earnings growth, and improvements in
earnings quality.

ProQuest's credit profile benefits from its growth at the company's
Ex Libris SaaS software business, its large subscription base in
the library reference market with extensive content databases sold
to libraries, corporations and government organizations, a high
recurring revenue stream supported by high renewal rates, and good
free cash flow generation. The credit profile is constrained by
high leverage and an aggressive financial policy as reflected from
the December 2020 debt-funded dividend distribution. Although
ProQuest's leverage (Moody's adjusted) will increase to 5.1x pro
forma for the LTM period ended September 30, 2020, continued EBITDA
growth, good free cash flow generation and voluntary debt
repayments support our expectation of leverage approaching 4.8x
over the next 12 months.

Headquartered in Ann Arbor, Michigan, ProQuest LLC aggregates,
creates, and distributes academic and news content serving
academic, corporate and public libraries worldwide. The company's
ownership consists of Cambridge Information Group, Inc. (majority
shareholder), Atairos and Goldman Sachs. LTM revenue as of Q3 2020
was $840 million.


RENT-A-CENTER INC: Moody's Rates New $575MM Term Loan-B 'Ba3'
-------------------------------------------------------------
Moody's Investors Service affirmed Rent-A-Center, Inc.'s ratings,
including its Ba3 corporate family rating, Ba3-PD probability of
default rating and the Ba3 rating on its senior secured term loan
due 2026. At the same time, Moody's assigned a Ba3 rating to the
company's proposed $575 million senior secured term loan-B. The
speculative grade liquidity rating is unchanged at SGL-2. The
ratings outlook is stable.

On December 20, 2021[1], Rent-A-Center announced that it entered
into a definitive agreement to acquire Acima Holdings LLC for
approximately $1.65 billion, or around 7.3x Acima's adjusted 2020
projected EBITDA. The transaction is expected to close in the first
half of 2021 subject to customary closing conditions, including
clearance under the Hart-Scott-Rodino Antitrust Improvements Act.
Proceeds from the proposed term loan along with additional debt in
the form of borrowings under a new asset-based loan, new secured
and unsecured bonds, and Rent-A-Center common stock, will be used
to fund the acquisition, refinance existing debt, pay related fees
and expenses, and for general corporate purposes.

The affirmation reflects the strategic benefits of the transaction,
which will expand Rent-A-Center's position as a premier fintech
platform in the traditional and virtual lease-to-own market,
further diversify its retail partner base and product verticals,
expand its e-commerce platform, and create significant synergies.
The transaction also brings increased risk, such as increased
exposure to virtual lease-to-own contracts which tend to have
higher default rates than its traditional rent-to-own business, as
well as increase financial leverage and integration risk. However,
the action also reflects key governance factors particularly
Rent-A-Center's balanced financial strategies as reflected by its
moderate leverage policy, and Moody's favorable view of the use of
equity to help fund acquisition. As of September 30, 2020,
lease-adjusted debt-to-EBITDAR was around 1.1 time, and Moody's
expects pro forma leverage to increase to around 2.7 times
following transaction, a level that is appropriate for the current
Ba3 CFR, with improvement expected over the next 12-18 months
through profitable growth and debt reduction.

Assignments:

Issuer: Rent-A-Center, Inc.

Senior Secured Term Loan B, Assigned Ba3 (LGD3)

Affirmations:

Issuer: Rent-A-Center, Inc.

Probability of Default Rating, Affirmed Ba3-PD

Corporate Family Rating, Affirmed Ba3

Senior Secured Bank Credit Facility, Affirmed Ba3 (LGD4)

Outlook Actions:

Issuer: Rent-A-Center, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Rent-A-Center, Inc.'s Ba3 CFR reflects its solid, and growing,
position in the consumer rent-to-own industry and key governance
factors such as the company's moderate leverage policy and
historical track record of maintaining relatively strong and stable
debt protection measures. Rent-A-Center's liquidity is good,
supported by balance sheet cash, free cash flow and excess revolver
availability. Following a period of operational missteps in 2016
and 2017, the company's operating performance and credit metrics
significantly improved as a result of a successful implementation
of its strategic turnaround plans and significant debt reduction.
As of September 2020, lease-adjusted debt/EBITDA was a very solid
1.1x and EBIT/Interest was 6.9x. While the acquisition of Acima has
many strategic benefits, it will increase Rent-A-Center's leverage
to around 2.7x, a level that remains appropriate for the Ba3
rating. In addition, the acquisition presents a level of
integration risk, including the ability to effectively manage a
higher level of default risk. Also considered are the moderate
business risks associated with the rent-to-own industry due to its
focus on cash and credit constrained consumers, as well as the
potential impact from government legislation or litigation that may
occur from time to time.

The Ba3 rating on the proposed term loan reflects its first lien
position on substantially all assets of the company and guarantors,
except for the proposed ABL revolver collateral, on which it will
have a second lien. The term loan will be guaranteed by all
material wholly owned domestic subsidiaries. The Term Loan will not
contain any financial maintenance covenants, while the proposed ABL
revolver will contain a springing minimum fixed charge coverage
test of 1.10x if availability is less than the greater of (x) 15.0%
of the Line Cap and (y) $56.25mm.

The term loan is expected to contain covenant flexibility for
transactions that could adversely affect creditors. The term loan
will allow an incremental facility up to (a) the greater of (i)
$500 million and (ii) 100% of Consolidated EBITDA, plus (b) an
unlimited amount of pari passu debt so long as the senior secured
net leverage ratio is equal to or less than 2.00x, plus (c) an
unlimited amount of junior lien debt so long as the secured net
leverage ratio is equal to or less than 2.00x, plus (d) an
unlimited amount of unsecured debt so long as either (A) the total
net leverage ratio is equal to or less than 2.50x, or B) the Cash
Interest Coverage Ratio is equal to greater than 2.00x.
Alternatively, the ratio tests may be satisfied so long as leverage
(coverage) does not increase (decrease) on a pro forma basis in the
case of incremental facilities incurred in connection with a
Permitted Acquisition or investment. The credit facilities may also
include: provisions allowing for collateral leakage through the
transfer of assets to unrestricted subsidiaries, with no additional
"blocker" protections; the requirement that only wholly-owned
subsidiaries act as subsidiary guarantors, raising the risk that
guarantees may be released following a partial change in ownership;
an obligation to prepay obligations with 100% of the net proceeds
of asset sales, with steps down to 50% and 0% subject to achieving
1.50x and 1.00x senior secured net leverage, respectively,
weakening control over collateral.

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

The stable outlook reflects Moody's expectation that Rent-A-Center
will successfully integrate Acima while maintaining a conservative
financial policy and strong free cash flow to reduce debt and
leverage. The outlook also reflects Moody's expectation that
Rent-A-Center will continue to maintain predictable operating
performance, and that solid growth will continue at Acima.

Ratings could be upgraded if Rent-A-Center makes progress
integrating the Acima acquisition and demonstrates that it can
manage the higher default risks associated with the increased
virtual lease-to-own portfolio. An upgrade would also require
consistent strong free cash flow generation, a sustained reduction
of debt and leverage levels, continued stability in its core
operating performance, and solid growth in its emerging virtual
lease segment. Quantitatively, ratings could be upgraded if
debt/EBITDA was sustained below 3.75x and EBIT/Interest coverage
above 3.25 times.

Ratings could be lowered if the company experiences any unexpected
issues integrating Acima, if its core Rent-A-Center business
experiences any declines, or if liquidity were to materially
weaken. Specific metrics include debt/EBITDA rising above 4.5x, or
EBIT/Interest coverage falling below 2.75x.

Rent-A-Center, Inc., with headquarters in Plano, Texas is one of
the largest operators of consumer rent-to-own stores in North
America with over 1,950 Company operated stores located in the US,
Mexico and Puerto Rico and around 460 franchised rent-to-own stores
that operate under the "Rent-A-Center," "ColorTyme" and "RimTyme"
banners. Preferred Lease provides virtual and staffed lease-to-own
solutions to retail partners in stores and online, in the US and
Puerto Rico. Pro forma revenue, including the proposed acquisition
of Acima, approached $4 billion for the twelve month period ended
September 30, 2020.

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


S-TEK 1: Seeks Approval to Hire FPM & Associates as Accountant
--------------------------------------------------------------
S-Tek 1, LLC seeks authority from the U.S. Bankruptcy Court for the
District of New Mexico to employ FPM & Associates, LLC as its
accountant.

The firm's services will include:

     a. analyzing filed proofs of claim and claims against the
Debtor;

     b. analyzing aspects of all pending or later filed motions in
the Debtor's Chapter 11 case and the Debtor's defenses;

     c. preparing an expert report for the Debtor's use at court
hearings;

     d. advising the Debtor with respect to its plan of
reorganization and any objections thereto;

     e. preparing an expert report regarding the Debtor's
forthcoming plan of reorganization, if requested;

     f. attending and testifying at depositions;

     g. testifying in court;

     h. advising the Debtor about all other matters reasonably
related to the Debtor's reorganization; and

     j. preparing tax returns.

C. Stephen Sanders, the firm's accountant who will be providing the
services, will be paid $200 per hour, plus applicable New Mexico
gross receipts tax.

FPM is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code, according to court papers filed by
the firm.

The firm can be reached through:

     C. Stephen Sanders, CPA
     FPM & Associates, LLC
     4848 Tramway Ridge Dr NE Ste 120
     Albuquerque, NM 87111
     Tel: (505) 323-5100
     Fax: (505) 323-5111

                        About S-Tek 1 LLC

S-Tek 1 LLC, also known as SurvTek -- https://www.survtek.com -- is
a land surveying and consulting firm providing services to both the
private and public sectors throughout New Mexico.  It is based in
based in Albuquerque, N.M.

S-Tek 1, filed a Chapter 11 petition (Bankr. D.N.M. Case No.
20-12241) on Dec. 2, 2020.  In its petition, the Debtor disclosed
$355,177 in assets and $2,251,153 in liabilities.  Randy Asselin,
managing member, signed the petition.  

Judge Robert H. Jacobvitz presides over the case.

The Debtor tapped Nephi D. Hardman Attorney at Law, LLC as its
bankruptcy counsel and FPM & Associates, LLC as its accountant.


STANLEY-TRAFTON: Lender Underwood-Briskin Says Plan Unconfirmable
-----------------------------------------------------------------
Lender Dr. Mara Underwood-Briskin objects to the Disclosure
Statement explaining the Chapter 11 Plan filed by debtor
Stanley-Trafton Holdings, LLC.

The Debtor purchased its real estate in January 2017 for $3,000,000
and has successfully paid its debt obligations to the Lender until
the COVID-19 pandemic disrupted the operations of the Debtor's
tenant, MPR Summers, Inc.  The Debtor asserts that the value of its
real estate is now $2,300,000 to $700,000 less than the purchase
price despite the general increase in waterfront real estate values
that continued unabated during the pandemic.

The Lender asserts that the Debtor and the Lender have different
views regarding the value of the Debtor's only asset, its real
estate which is fully encumbered by the Lender's mortgage. In
addition to the valuation problem, the Debtor's plan violates the
absolute priority rule, contains an impermissible co-debtor
injunction and is otherwise not confirmable.

The Lender claims that the Debtor should provide the court and
creditors with some explanation for the precipitous drop in value
in its Disclosure Statement.

The Lender states that the Debtor provides no disclosure about the
feasibility of the Plan which relies upon MPR's plan.

The Lender says that the Debtor's Plan contains an injunction
against pursuing claims against co-debtors including its two
individual equity holders who are co-obligors.  It says the
Disclosure Statement provides no information regarding why such an
extraordinary remedy is justified.

The Lender points out that it provided the Debtor with an offer to
take back the Property and the post-petition rent in full
satisfaction of its claims.  This information and the Debtor's
position regarding this proposal should be disclosed to the other
creditors and parties in this case, the Lender tells the Court.

A full-text copy of the Lender's objection dated Jan. 21, 2021, is
available at https://bit.ly/36jkT2h from PacerMonitor.com at no
charge.

Counsel for the Lender:

         Richard P. Olson, Esq.
         Curtis Thaxter
         One Canal Plaza, Suite 1000
         P.O. Box 7320
         Portland, ME 04112-7320
         (207) 774-9000
         rolson@curtisthaxter.com

                       About Stanley-Trafton

Stanley-Trafton Holdings, LLC, is a Single Asset Real Estate debtor
(as defined in 11 U.S.C. Section 101(51B)).  It owns approximately
40 acres of real property on Stanley Pond on the border of Porter
and Hiram, Maine, on which an affiliate, MPR Summers Inc. ("MPR"),
operates Maine Teen Camp, Maine's only accredited camp for
adolescents.  

In May of 2020 during the initial surge of the COVID pandemic, in
consultation with medical and industry experts, camper families,
and professional colleagues, the Debtor and MPR made the decision
to suspend the summer 2020 camp season out of concern for the
health of campers, staff, and the community.

Stanley-Trafton Holdings, LLC, sought Chapter 11 protection (Bankr.
D. Maine Case No. 20-20389) on Oct. 20, 2020.  The Debtor was
estimated to have $1 million to $10 million in assets and
liabilities as of the bankruptcy filing.  BERNSTEIN, SHUR, SAWYER &
NELSON, P.A., led by Adam R. Prescott, is the Debtor's counsel.  


SUNOPTA FOODS: Moody's Hikes CFR to B2 on Ingredients Business Sale
-------------------------------------------------------------------
Moody's Investors Service upgraded SunOpta Foods Inc.'s corporate
family rating to B2 from B3 and its probability of default rating
to B2-PD from B3-PD. Moody's assigned a B2 rating to the company's
new $250 million asset based revolving credit facility and a B2
rating to the new $75 million delayed draw term loan. The company's
speculative grade liquidity rating remains SGL-3 and the outlook
was changed to stable from positive. Moody's has withdrawn the
rating on SunOpta's senior secured second lien notes, as they were
repaid following the sale of the Global Ingredients business.

"The upgrade reflects the significant debt repayment following the
sale of SunOpta's global ingredients business which improved
leverage to approximately 2.5x. However, the rating is constrained
by the company's small size and weak operating margins in
comparison to other rated packaged foods companies, and its lack of
geographical diversification", said Louis Ko, Moody's Vice
President and Senior Analyst.

Upgrades:

Issuer: SunOpta Foods Inc.

Corporate Family Rating, Upgraded to B2 from B3

Probability of Default Rating, Upgraded to B2-PD from B3-PD

Assignments:

Issuer: SunOpta Foods Inc.

Senior Secured ABL Revolving Credit Facility, Assigned B2 (LGD3)

Senior Secured Delayed Draw Term Loan, Assigned B2 (LGD3)

Withdrawals:

Issuer: SunOpta Foods Inc.

Senior Secured Regular Bond/Debenture, Withdrawn , previously
rated Caa1 (LGD5)

Outlook Actions:

Issuer: SunOpta Foods Inc.

Outlook, Changed To Stable From Positive

RATINGS RATIONALE

SunOpta (B2 CFR) benefits from: (1) participation in the private
label organic and non-genetically modified (non-GMO) food and
plant-based beverage market, which has attractive long-term growth
prospects; (2) low leverage which is expected to be sustained
around 2.5x (2.5x 2020 pro forma for sale of the ingredient
business) over the next 12-18 months; and (3) maintenance of
adequate liquidity. However, the company is constrained by: (1) its
small size in comparison to other rated packaged foods companies;
(2) its concentration of sales in the US; (3) weak operating
margins as driven by the low-margin fruit-based foods and beverages
segment; and (4) its general exposure to food safety recalls and
liability claims.

The B2 ratings on the company's new $250 million asset based
revolving credit facility and new $75 million delayed draw term
loan is in-line with the company's CFR.

SunOpta has adequate liquidity (SGL-3) with about $255 million of
sources to fund about $20 million of negative free cash flow over
the next 12 months. The company's liquidity sources consist of cash
of about $1 million at Q3 2020, about $180 million of availability
under its $250 million ABL facility due 2025, which is subject to a
borrowing base, and $75 million of availability under a delayed
draw term loan which is dedicated for funding SunOpta's capital
expenditures. Moody's expect that SunOpta will consume about $20
million of cashflow over the next 12 to 18 months as the company
grows its plant-based foods and beverages operations. The company
has no mandatory debt repayments in the near term and no
refinancing risks until 2025 when the ABL facility and DDTL comes
due. SunOpta is not subject to financial maintenance covenants
unless its availability falls below $15 million, which Moody's does
not expect to occur in the next four quarters.

The stable outlook reflects our expectation that SunOpta's leverage
will remain strong around 2.5x, however, the rating will continue
to be constrained by the company's limited size and
diversification, with EBITA margins remaining weak, despite gradual
improvements over the next 12-18 months.

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

The rating could be upgraded if:

SunOpta increases its scale and improves its geographic diversity

Improves its weak operating margins (4% EBITA margin LTM September
2020), and

Maintains strong leverage with debt to EBITDA below 3.5x (2.5x
2020 pro forma for sale of the ingredient business)

The rating could be downgraded if:

SunOpta demonstrates aggressive financial policies, including
debt-funded dividends

Operational performance weakens and causes leverage to be
sustained above 5.5x (2.5x 2020 pro forma for sale of the
ingredient business), or

Liquidity weakens, possibly caused by sustained negative free cash
flow generation

SunOpta monitors its social risks closely which includes the
potential exposure it faces with respect to food safety and
reputation risks associated with a product recall. SunOpta has
demonstrated a good track record of responding to food safety
issues and is compliant with all safety regulations related to
employee safety and manufacturing safety standards in its
manufacturing facilities.

SunOpta has a good governance track record with strong financial
oversight. SunOpta is publicly traded on the NASDAQ and the Toronto
Stock Exchange and has consistently complied with the regulatory
and reporting requirements. SunOpta maintains a relatively
conservative financial strategy, with a consistent dividend
policy.

The principal methodology used in these ratings was Consumer
Packaged Goods Methodology published in February 2020.

SunOpta Foods Inc., headquartered in Mississauga, Ontario, Canada,
is focused on plant-based beverages, broths, ingredients and snacks
(Plant-Based Foods and Beverages) and on frozen fruits, fruit
ingredients and fruit snacks (Fruit-Based Foods and Beverages
segment), primarily in the US. Revenue for the twelve months ended
September 26, 2020 was about $800 million on pro forma basis
following the sale of the global ingredient segment.


SUPERIOR ENERGY: $120M JPMorgan Loan, Cash Collateral Access OK'd
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, has entered a final order:

     (1) authorizing Superior Energy Services, Inc. and its
debtor-affiliates to incur up to $120 million in senior secured
postpetition obligations on a superpriority basis under a senior
secured superpriority letter of credit facility by and among SESI,
L.L.C., as borrower, Superior Energy Services, Inc. as parent
guarantor and each of the other Debtors party thereto as
guarantors, and JPMorgan Chase Bank, N.A., as administrative agent
and collateral agent;

     (2) authorizing the deemed replacement of up to $47.36 million
of Prepetition Letters of Credit, which were deemed converted into,
and constitute for all purposes, letters of credit outstanding
under the DIP Facility;

     (3) granting the DIP Facility and all obligations owing
thereunder allowed superpriority administrative expense claim
status in each of the Chapter 11 Cases and any Successor Cases;

     (4) granting to the DIP Agent, for the benefit of itself and
the DIP Secured Parties automatically and validly perfected
security interests in and liens on all of the DIP Collateral,
including all property constituting "cash collateral" as defined in
section 363(a) of the Bankruptcy Code;

     (5) authorizing and directing the Debtors to pay the necessary
fees payable under the DIP Documents, including continuing
commitment fees, fronting fees, letter of credit fees, closing
fees, exit fees, audit fees, appraisal fees, valuation fees,
liquidator fees, structuring fees, administrative agent's fees, the
reasonable fees and disbursements of each of the DIP Agent's and
other DIP Secured Parties' attorneys, advisors, accountants and
other consultants, all to the extent provided in, and in accordance
with, the DIP Documents; and

     (6) authorizing the Debtors to use collateral, including the
cash collateral, of the lenders under the Prepetition ABL Credit
Facility with JPMorgan Chase Bank, N.A., as administrative agent,
and providing adequate protection to the Prepetition ABL Secured
Parties for, among other things, any diminution in value on or
after the Petition Date resulting from the imposition of the
automatic stay, the Debtors' use, sale, or lease of the Prepetition
ABL Collateral, the priming of the Prepetition ABL Secured Parties'
respective interests in the Prepetition ABL Collateral, including
by any carve-out of their respective interests in the Prepetition
ABL Collateral.

The Debtors have a need to use Cash Collateral and obtain DIP
Letters of Credit pursuant to the DIP Facility in order to, among
other things, enable the orderly continuation of their operations
and to administer and preserve the value of their estates.

As of the Petition Date, the Debtors owed $47.36 million under the
Prepetition ABL Credit Agreement.

The Court order provides that the DIP Agent, DIP Secured Parties,
and the Prepetition ABL Secured Parties may credit bid up to the
full amount of the outstanding DIP Obligations or the relevant
Prepetition ABL Obligations in the event of a bankruptcy sale of
the Debtors' assets.

As a form of adequate protection, the Debtors will pay reasonable
fees and out-of-pocket expenses, including the professional fees,
incurred by the Prepetition ABL Agent or the Prepetition ABL
Secured Parties.  Simpson Thacher & Bartlett LLP serves as counsel
to the Prepetition ABL Agent, and FTI Consulting, Inc. acts as
financial advisor to the Prepetition ABL Agent.

The Debtors also agreed to pay all reasonable fees and
out-of-pocket expenses of the ad hoc group of holders of
Prepetition Senior Notes.  Davis Polk and Wardwell LLP -- Damian S.
Schaible and Adam L. Shpeen -- and Porter Hedges LLP -- John F.
Higgins and Eric M. English -- serve as counsel to the Ad Hoc
Group; and Evercore LLC acts as its financial advisor.

Pursuant to the Final Order, the term "Carve-Out" means the sum
of:

     (i) all fees required to be paid to the Clerk of the Court and
the U.S. Trustee;

    (ii) all reasonable fees, costs, and expenses up to $100,000
incurred by a trustee under section 726(b) of the Bankruptcy Code;

   (iii) fees incurred by professionals retained by the Debtors and
an official statutory committee (if any); and

    (iv) Allowed Professional Fees in an aggregate amount not to
exceed $1,750,000 incurred following an event of default under the
DIP facility.

A copy of the Final DIP Order is available at
https://bit.ly/3sG5ORV from PacerMonitor.com.

               About Superior Energy Services Inc.

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

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., signed the petitions.

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

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.



SYNCSORT INC: Moody's Rates First Lien Term Loan B2 Amid Repricing
------------------------------------------------------------------
Moody's Investors Service assigned B2 ratings to Syncsort
Incorporated's ("Precisely") proposed repricing of its existing
first lien term loan tranches into a single tranche. While the
transaction is a credit positive due to expected interest payment
savings, there is no immediate impact on other ratings for
Precisely, including its B3 corporate family rating, B3-PD
probability of default rating, B2 rating for its revolving credit
facility and Caa2 rating for its second lien term loan.

The proposed repricing on the first lien term loan from L+600-625
bps to L+475-500 bps is expected to improve Precisely's cost of
capital, leading to interest payment savings and improved free cash
flow. Additionally, in relation to the repricing, the company is
expected to prepay $50 million of the first lien term loan using
net proceeds from the Confirm divestiture, which will moderately
improve leverage.

Assignments:

Issuer: Syncsort Incorporated

Gtd Senior Secured Bank Credit Facility, Assigned B2 (LGD3)

RATINGS RATIONALE

The B3 CFR reflects Precisely's high leverage as a result of the
Software & Data (S&D) acquisition from Pitney Bowes in December
2019. Pro forma for the expected debt paydown, debt-to-EBITDA is
estimated at 6.3x (Moody's adjusted and excluding annualized cost
synergies and additional cost actions) for the LTM December 31,
2020, or 5.8x when about $18 million of annualized synergies are
included. The ratings also reflect Precisely's modest scale
relative to its high debt levels, while competing in the enterprise
data management market with larger and better capitalized
companies. Ratings are supported by the company's diversified niche
product offering and track record of high customer retention rates
reflecting the mission-critical nature of its products and
difficulty in customers changing their enterprise data management
platforms.

Moody's expects modest revenue growth over the next 12 to 18 months
following 2020 which was impacted by fewer new license sales and
declines in professional service revenue due to COVID-19 and the
subsequent economic recession. However, the company has made solid
progress on its integration initiatives, raising its total synergy
target to $60 million (from its original $52 million) and exiting
its transition service agreements (TSAs) in late 2020. While free
cash flow will remain pressured in early 2021 due to remaining cash
outlays for the restructuring activities, Moody's expects the
company to generate adjusted free cash flow to debt in the 2-3%
range driven by its strong margin profile and low capital
expenditure requirements.

The stable outlook reflects Moody's expectation that Precisely will
successfully integrate the S&D business and achieve planned cost
synergies that will support leverage trending towards 5.5x over the
next 12-18 months. Moody's expects that Precisely will maintain at
least adequate liquidity and revert to positive free cash flow
generation in 2021.

Precisely's adequate liquidity over the next 12 months will be
supported by a pro forma cash balance of $7 million and full
availability under its $125 million revolving credit facility as of
December 30, 2020 following the expected debt paydown. Although
Moody's expects free cash flow to remain pressured in early 2021,
restructuring expenses are expected to roll-off and the company is
projected to generate free cash flow of around $35-$45 million in
2021. The revolver contains a springing net first lien secured
leverage covenant to be tested should revolver utilization exceed
35%, set at 7.1x with no step downs (4.6x estimated as of December
30, 2020). Moody's expects that Precisely will maintain sufficient
cushion over the next 12-18 months.

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

The ratings can be upgraded if Precisely demonstrates strong
organic growth and maintains financial strategy that will sustain
debt-to-EBITDA leverage below 6x and free cash flow to debt above
5%.

The ratings could be downgraded should Precisely experience a deep
organic revenue decline, margin deterioration or any other
operating challenges related to the integration of S&D.
Quantitatively, this could be represented by debt-to-EBITDA
exceeding 8x or negative free cash flow beyond 2021.

Headquartered in Pearl River, New York, Precisely is a global
software company specializing in Big Data, high-speed sorting
products, data protection, data quality and integration software
and services, for mainframe, power systems and open system
environments to enterprise customers. The company is majority owned
by Centerbridge with remaining ownership stakes held by Clearlake
and management. In December 2019, the company completed the
acquisition of Software and Data (S&D) business from Pitney Bowes,
Inc. for a cash purchase price of $704 million. In May 2020, the
company was rebranded as Precisely (formerly dba Syncsort). Pro
forma for the acquisition, estimated revenues total $581 million
for LTM December 2020.

The principal methodology used in this rating was Software Industry
published in August 2018.


TASEKO MINES: Fitch Assigns B- Rating on $325MM Secured Notes
-------------------------------------------------------------
Fitch Ratings has assigned a 'B-'/'RR4' rating to Taseko Mines
Limited's proposed USD325 million senior secured notes due in 2026.
Proceeds from the issue are to be used to redeem the company's
USD250 million notes due June 15, 2022, to support the potential
development of the Florence copper project and for general
corporate purposes. The notes are to be guaranteed by entities
owning Taseko's interests in the Florence project.

The rating reflects Taseko's small size, concentration on one
operation and cost position in the third quartile of the global
copper cost curve. The Gibraltar mine benefits from a stable
production profile, a favorable mining jurisdiction and an 18-year
mine life.

The rating also reflects Fitch's understanding that spending on
development projects from Gibraltar cash flows or credit capacity
will be limited; that additional capital required to develop the
Florence copper project will be sourced from third parties; that
any Florence project financing debt will be limited to USD100
million; and that any future debt ranking senior to the proposed
notes relative to Gibraltar cash flows or assets will be minimal.

Fitch believes the successful development of the Florence project
would provide positive rating momentum for the 'B-' Issuer Default
Rating (IDR), as well as for the recovery rating and issue rating
on the proposed notes. Should Taseko enter into a secured credit
facility that ranks senior to the proposed notes relative to
Gibraltar cash flows or assets, the issue ratings could have
negative rating momentum.

KEY RATING DRIVERS

Weak Business Profile: Taseko is relatively small and undiversified
by operation and metal. Taseko owns 75% of one large-scale
operating copper mine in a favorable mining jurisdiction (Gibraltar
in British Columbia [BC], Canada) but with costs in the third
quartile of CRU Group's cost curve. Taseko also has a near-term
development copper project (Florence in Arizona). Fitch estimates
that the development of Florence would reduce the company's overall
cost position by about 15% and increase production by about two
thirds.

Florence Execution Risk: Taseko expects to obtain the remaining
permit in early 2021 and is working to obtain the development
capital, estimated at about USD230 million. Without the permit and
financing, the project cannot move forward. Details on a final
financing structure will be necessary to assess the potential
economic impact on Taseko.

The project is designed to use in-situ copper recovery rather than
conventional mining, and it will take about 18 months to construct
and 18 months to ramp up. Execution risk has been reduced by the
2018 construction and subsequent operation of a production test
facility that recently commenced the final rinsing phase of
testing. Engineering has not been completed, however, and
construction contracts have not been awarded.

Other Development Longer Term: The company is evaluating the
Yellowhead copper project in BC. Other early stage projects include
Aley (niobium) and New Prosperity (gold and copper), which are both
in BC and currently deemed not material. Taseko also owns the
dormant exploration stage Harmony gold project. Fitch does not
expect material spending on other development until after Florence
has ramped up. Currently, Yellowhead is an unrestricted subsidiary
under the notes. The proposed notes contemplate having subsidiaries
owning Aley and New Prosperity be unrestricted subsidiaries under
the notes.

Copper Sensitivity: Taseko reports that a USD0.25/lb. increase in
copper prices increases annual cash flow by CAD33 million. Fitch
assumes that the average market copper price will be USD2.72/lb. in
2021 and USD2.81/lb. in 2022. This compares with a range of
USD2.09/lb.-USD3.61/lb. and an average of USD2.80/lb. in 2020 and
Taseko's realized copper price of CAD2.72/lb. in 2019. Current
copper prices are around USD3.60/lb.

Taseko enters into copper put option contracts to reduce short-term
copper price volatility.

High Leverage: Taseko's current capital structure includes
Gibraltar equipment loans (75% at CAD22 million as of Sept. 30,
2020) and Taseko's USD250 million senior secured note due in 2022
(converts to CAD333 million as of Sept. 30, 2020). Consolidated
total debt of CAD356 million was 3.6x for the LTM ended Sept. 30,
2020, with operating EBITDA of CAD99 million. Total debt to
operating EBITDA, assuming a 15% interest in Florence is sold,
would peak at over 5.5x in Fitch's rating case, including the
development of the Florence copper project, before declining to
about 3.0x once Florence ramps up.

If the Florence project is delayed indefinitely, total debt to
operating EBITDA could peak above 4.5x but could also return to the
3.5x-4.5x range assuming the company takes advantage of the
proposed notes' early call provisions.

DERIVATION SUMMARY

Taseko Mines Ltd. is smaller, less diversified and less profitable
than HudBay Minerals Inc. (B+/Stable) and Eldorado Gold Inc.
(B/Stable). Taseko is more highly leveraged than HudBay and
Eldorado Gold but similarly leveraged compared with much larger and
diversified First Quantum Minerals Ltd. (B-/Stable). Development of
the low-cost Florence project would result in higher pre-completion
leverage but would bring size, expected profitability and leverage
comparable to Eldorado Gold.

KEY ASSUMPTIONS

-- Taseko's 75% of Gibraltar production is at the lower end of
    guidance.

-- Copper prices of USD6,000/tonne in 2021 adjusted for hedges
    advised in a Jan. 12, 2021 presentation, USD6,200/tonne in
    2022 and USD6,400/tonne in 2023.

-- USD at 1.31 CAD.

-- Gibraltar operating expenses at USD2.10/lb.

-- Taseko's share of Gibraltar capex at CAD50 million in each of
    2021 and 2022.

-- The Florence copper project goes forward roughly in line with
    the technical report dated Feb. 28, 2017.

-- A 15% share of the Florence copper project is sold and the
    joint venture is unincorporated and consolidated at 85%.

KEY RECOVERY RATING ASSUMPTIONS

-- A default may occur during an extended period of low copper
    prices.

-- The recovery analysis assumes Taseko Mines Ltd. would be
    reorganized as a going concern in bankruptcy rather than
    liquidated.

-- Given that the Florence copper project is not fully permitted,
    Fitch assumes recovery relies solely on Gibraltar and that
    spending on Florence is minimal.

-- Fitch has: 1) evaluated the adjusted post-reorganization
    enterprise value (EV) of Gibraltar after recovering the
    Gibraltar secured equipment loans and the assumed utilization
    of the LOC facility; and 2) evaluated the recovery of the
    proposed secured notes from Taseko's 75% interest in the
    residual adjusted post-reorganization EV of Gibraltar.

-- A 10% administrative claim at the Gibraltar level.

-- USD1=CAD1.31.

Going-Concern (GC) Approach

The GC EBITDA assumption comprises 100% of Gibraltar calculated at
a copper price of USD2.50/lb., which compares to the 2020 average
of USD2.80/lb. and current prices around USD3.61/lb. The GC EBITDA
assumption for Gibraltar is CAD73 million.

The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch bases the EV.

An EV multiple of 4.0x EBITDA is applied to Gibraltar's GC EBITDA
to calculate a post-reorganization EV to reflect Gibraltar's high
cost position, solid reserve life and low country risk offset by
low diversification. The choice of this multiple considered similar
public companies trading at EBITDA multiples in the 4x-6x range.

Gibraltar has secured equipment loans and an LOC facility that is
assumed to be fully utilized and gives rise to reimbursement
obligations.

Taseko's 75% interest in the residual adjusted post-reorganization
EV of Gibraltar after the recovery of Gibraltar obligations becomes
CAD169 million (residual value).

The residual value results in average recovery corresponding to the
'RR4' rating on the senior secured notes.

RATING SENSITIVITIES

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

-- The Florence copper project is well advanced, project capital
    expenditures are in the USD250 million range, any project debt
    is limited to a USD125 million range and expected to be
    nonrecourse, annual production is expected to be in the 80
    million pound range and cash costs are in the first quartile
    of the global cost curve.

-- Financial policies in place resulting in consolidated total
    debt/EBITDA after minority distributions anticipated to be
    sustained below 3.5x.

-- Financial policies in place resulting in consolidated FFO
    leverage anticipated to be sustained below 4.0x.

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

-- A weakening FCF outlook.

-- Addition of senior secured debt that weakens recovery
    prospects.

-- Increased costs or material disruption at Gibraltar.

-- Consolidated total debt/EBITDA after minority distributions
    anticipated to be sustained above 4.5x.

-- Consolidated FFO leverage anticipated to be sustained above
    5.0x.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Taseko does not have a revolving credit or
asset-based lending (ABL) facility, and it provides cash collateral
for LOCs or surety bonds for reclamation. The company has an
uncommitted CAD9 million credit facility to provide LOCs to
Gibraltar suppliers to support trade finance. Restricted cash and
reclamation deposits were CAD4.3 million as of Sept. 30, 2020.
Taseko reported available cash on hand was CAD85 million as of Dec.
31, 2020.

Fitch expects fairly neutral FCF from Gibraltar over the ratings
horizon under its rating case excluding Florence; therefore, it
assumes Gibraltar cash flows will not be used to develop the
Florence copper project beyond 2020. Fitch assumes Taseko will
raise the remaining capital to develop the Florence copper project
from the sale of a minority interest in the project and project
financing.


TASEKO MINES: Moody's Gives Caa1 Rating on New $325MM Sec. Notes
----------------------------------------------------------------
Moody's Investors Service assigned a Caa1 rating to Taseko Mines
Limited's proposed $325 million senior secured notes due 2026 and
affirmed the company's Caa1 corporate family rating, Caa1-PD
probability of default rating and Caa1 senior secured bond rating.
Taseko's speculative grade liquidity rating was upgraded to SGL-3
from SGL-4. The ratings outlook remains stable.

Taseko intends to use the proceeds of this offering to refinance
the company's $250 million senior secured notes due 2022 and for
capital expenditures and working capital.

Assignments:

Issuer: Taseko Mines Limited

Senior Secured Regular Bond/Debenture, Assigned Caa1 (LGD3)

Affirmations:

Issuer: Taseko Mines Limited

Corporate Family Rating, Affirmed Caa1

Probability of Default Rating, Affirmed Caa1-PD

Senior Secured Regular Bond/Debenture, Affirmed Caa1 (LGD3 from
LGD4)

Upgrades:

Issuer: Taseko Mines Limited

Speculative Grade Liquidity Rating, Upgraded to SGL-3 from SGL-4

RATINGS RATIONALE

Taseko (Caa1 Stable) is constrained by 1) the company's
concentration of cash flows from primarily one metal (copper) at a
single mine (Gibraltar), 2) variability in grade and costs due to
mine sequencing, 3) execution risk for its Florence project that
includes permitting, arranging full funding and the technical risks
of in situ mining, which not been used for a large scale copper
project to date and 4) expected negative free cash flow before the
Florence project starts producing meaningfully in 2023. The company
benefits from 1) its mine locations in favorable mining
jurisdictions (Canada and the US) and 2) long reserve life (18
years at Gibraltar, 21 years expected at Florence). Taseko's
metrics have historically demonstrated volatility, as changes in
ore grade, strip ratio, copper prices, and the Canadian/US exchange
rate can substantively change leverage.

Taseko expects to obtain one remaining permit in the first half of
2021 for its Florence copper project in Arizona, which has an
estimated additional capital cost of $230 million. Moody's assumes
that the incremental $75 million raised from the proposed $325
million secured notes offering will be used to partially fund the
project: Taseko continues to work towards a fully committed funding
plan for Florence. The project is designed to use in-situ copper
recovery rather than conventional mining and will take about 18
months to construct and 18 months to ramp-up.

Taseko's liquidity is adequate over the next 12 months (SGL-3). The
company has about CAD185 million of sources compared to our
expectation of about CAD65 million of uses over the next twelve
months. Sources are comprised of CAD85 million in cash and
equivalents at December 30, 2020, and about CAD100 million of cash
from the proposed $325 million notes. Uses are CAD50 million of
free cash flow consumption are largely driven by the start of
construction of Florence in the second half of 2021 and about CAD13
million in repayment of equipment loans and leases. Taseko will
have no debt maturities until 2026 following the closing of the
proposed notes.

The stable outlook reflects our expectation that Taseko will
maintain copper equivalent production at about 100 million lbs/year
and will generate free cash flow excluding project spending at
Florence.

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

The ratings could be downgraded if Taseko experiences operating
challenges at Gibraltar or if liquidity weakens.

Taseko's CFR could be upgraded the company is able to generate a
positive EBIT margin (-2% LTM Q3/20) and maintain total adjusted
debt/EBITDA below 5x (3.8x as LTM Q3/20). It would also require
Taseko provide clarity regarding the funding of its Florence
project, and the company demonstrates prudent liquidity and capital
structure planning with regard to its development.

The principal methodology used in these ratings was Mining
published in September 2018.

Headquartered in Vancouver, Canada, Taseko Mines Limited operates
Gibraltar, an open-pit copper and molybdenum mine located in
British Columbia (BC), Canada, producing about 125 million
pounds/year. Gibraltar is an unincorporated joint venture, 75%
owned by Taseko and 25% owned by Cariboo Copper Corp. (a Japanese
consortium). The company also plans to develop its Florence copper
in-situ development project (Arizona) and three early stage
development projects in BC. Revenues in last twelve months ended 30
September, 2020 were CAD346 million.


TRICORBRAUN HOLDINGS: Moody's Assigns B3 CFR & Rates New Loans 'B2'
-------------------------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating and
B3-PD Probability of Default Rating to TricorBraun Holdings, Inc.
(New). Moody's also assigned a B2 rating to the company's proposed
$1.034 billion first lien senior secured term loan and $200 million
first lien senior secured delayed draw term loan. The outlook is
stable.

Proceeds from the proposed term loan, along with $376 million of
second lien senior secured term loan (not rated by Moody's) and
$1.135 billion in cash equity will be used to finance the
acquisition of TricorBraun by Ares Management and Ontario Teachers'
Pension Plan from AEA Investors as well as pay fees and expenses
associated with the transaction. The existing ratings of
TricorBraun will be withdrawn at the close of the transaction.

The stable outlook reflects Moody's expectation of continued strong
EBITDA margin and free cash flow, which enhances the company's
proven ability to reduce leverage post acquisitions.

Assignments:

Issuer: TRICORBRAUN HOLDINGS, INC. (NEW)

Corporate Family Rating, Assigned B3

Probability of Default Rating, Assigned B3-PD

Senior Secured 1st lien Term Loan, Assigned B2 (LGD3)

Senior Secured 1st lien Delayed Draw Term Loan, Assigned B2
(LGD3)

Outlook Actions:

Issuer: TRICORBRAUN HOLDINGS, INC. (NEW)

Outlook, Assigned Stable

RATINGS RATIONALE

TricorBraun's B3 CFR reflects the company's value-added services
and large scale relative to competitors in the fragmented packaging
industry. Moody's expects the company to continue to generate
steady EBITDA margins of approximately 14.5%. TricorBraun's asset
light business model requires minimal capital expenditures, in the
range of 1% to 3% of revenue, affording the company the ability to
consistently generate free cash that can be used to fund
acquisitions or be directed toward debt reduction.

The B3 CFR is constrained by TricorBraun's high leverage,
aggressive financial policy and acquisitiveness, exposure to
commodity products, and potential disintermediation. Pro forma LTM
September 30, 2020 debt to EBITDA will reach 7.4x, but is expected
to decline close to 6.0-6.5x over the next 12-18 months.
TricorBraun has built up its scale through acquisition that yields
a supply chain advantage in the fragmented markets it operates.
Smaller competitors may look to build scale to achieve similar
supply advantages as TricorBraun, which takes time and capital.

TricorBraun's good liquidity is supported by free cash flow and a
$140 million ABL revolving credit facility, which is supported by a
borrowing base of 85% and 75% of eligible receivables and
inventory, respectively. The company's liquidity profile is further
supported by an undrawn $200 million delayed draw term loan that is
expected to be utilized over the next two years for acquisitions.
The annual amortization payment on the term loan is 1%. The ABL
includes a springing minimum fixed charge covenant set at 1.0 times
when excess availability under the revolver is less than the
greater of (i) 10.0% of the Line Cap or (ii) $14 million. The
company is expected to remain in compliance with all financial
covenants over the next 12 months. All assets are fully encumbered
leaving little in the way of alternate liquidity.

The B2 ratings on the first lien senior secured credit facilities
are one notch above the CFR reflecting its superior position in the
capital structure that is well protected in a distressed scenario.
It also reflects the instruments' security and guarantees from
subsidiaries that represent approximately 94% of the company's
EBITDA, and the benefit of the loss absorption provided by second
lien debt.

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

The ratings could be upgraded if debt to EBITDA is sustained below
5.5x , EBITDA to interest expense reaches 3.0x, free cash flow to
debt exceeds 4.5%, and the company implements a more conservative
financial policy.

The ratings could be downgraded if debt to EBITDA does not improve
from pro forma levels to below 6.5x , EBITDA to interest expense
falls below 2.0x, free cash flow to debt declines below 1%, or the
company executes significant debt financed acquisitions or
dividends.

Based in St. Louis, Missouri, TricorBraun Holdings, Inc. is a
distributor of rigid packaging, with capabilities in package design
and engineering, logistics, and international sourcing. The product
line includes plastic and glass bottles, sprayers, dispensers,
closures, pails, tubes, drums and other items. End markets include
personal care, healthcare, food, industrial and household
chemicals, and wine. Revenue for the twelve months ended September
30, 2020 were approximately $1.4 billion. TricorBraun is a
portfolio company of Ares Management Ontario Teachers' Pension
Plan.

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers Methodology
published in September 2020.


US FOODS: Moody's Gives Caa1 Rating on New $600MM Unsec. Notes
--------------------------------------------------------------
Moody's Investors Service assigned a Caa1 rating to US Foods,
Inc.'s (USF) proposed unsecured notes due 2029. Concurrently,
Moody's upgraded the speculative-grade liquidity rating to SGL-1
from SGL-2. The company's existing ratings are unchanged, including
the B2 corporate family rating, B2-PD probability of default
rating, B3 senior secured bank facility and notes ratings, and Caa1
existing senior unsecured notes rating. The rating outlook remains
stable.

The proposed $600 million senior unsecured notes due 2029 will be
used to refinance the existing $600 million 5.875% senior unsecured
notes due 2024 and pay for transaction fees and expenses. Moody's
views the refinancing as a modest credit positive because it
extends the company's debt maturity profile and slightly reduces
interest expense.

The upgrade to SGL-1 from SGL-2 reflects US Foods' improved
liquidity supported by the repayment of outstanding borrowings on
the company's $1.99 billion asset-based revolver and $1 billion
balance sheet cash. Moody's believes that these sources provide the
company with very good liquidity despite an expectation for a
significant reduction of free cash flow in 2021 due to the
unwinding of 2020 working capital inflows.

Moody's took the following rating actions for US Foods, Inc.:

Proposed senior unsecured notes due 2029, assigned Caa1 (LGD6)

Speculative-grade liquidity rating, upgraded to SGL-1 from SGL-2

RATINGS RATIONALE

The B2 CFR reflects governance considerations, including USF's
aggressive acquisition strategy, highlighted by its recent
debt-financed acquisitions of SGA's Food Group of Companies and
Smart Foodservice, as well as the increased involvement of private
equity including board representation. Although the contraction of
demand related to COVID-19 has started to reverse, USF is exposed
to the hospitality, education and independent restaurant sectors,
which are at risk of a protracted period of reduced volumes.
Moody's base case reflects a gradual but steady recovery, which
together with debt repayment would reduce leverage towards 6x in
2021 from 11x as of Q3 2020 (Moody's-adjusted).

The rating is supported by USF's scale and market position as one
of the leading players in US foodservice. In addition, the rating
benefits from the company's very good liquidity, including a solid
cash balance and full availability under the $1.990 billion
asset-based revolver, which will support operations despite an
expected reduction in operating cash flow over the next several
quarters as working capital benefits reverse.

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

The stable outlook reflects Moody's projections for very good
liquidity and a gradual earnings recovery over the next 12-18
months.

Factors that could lead to an upgrade include a sustained
improvement in earnings and a balanced financial strategy that
results in debt/EBITDA of under 5.25 times and EBITA/interest
expense above 2.0 times on a sustained basis.

Factors that could lead to a downgrade include a lack of material
improvement in operating performance, a longer than anticipated
timeframe for the integration of acquisitions or the adoption of a
more aggressive financial strategy that does not prioritize near
term debt reduction that results in debt/EBITDA sustained above
6.25 times or EBITA/interest expense below 1.25 times. A sustained
deterioration in liquidity for any reason could also lead to a
downgrade.

US Foods, Inc. (USF) is a leading North American foodservice
distributor, with revenues of around $24 billion for the twelve
month period ended September 26, 2020. The company operates as a
national, broad-line distributor, providing a complete range of
products to restaurants, hospitality, education, healthcare and
other end segments.

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


USI INC: Moody's Gives B2 Rating on Repriced $694MM Sec. Term Loan
------------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to USI, Inc's
(corporate family rating B3, USI) $694 million repriced senior
secured term loan due December 2026. As part of this transaction,
the company will combine two existing term loan tranches into a
single tranche. The rating outlook for USI is unchanged at stable.

RATINGS RATIONALE

USI's ratings reflect its favorable market position, good balance
of property & casualty and employee benefits business, and healthy
pro forma free cash flow. The company seeks a team approach to
middle market insurance brokerage to make its full range of
products and services available to a given client. This approach
has helped USI improve its organic growth and maintain solid pro
forma EBITDA margins over the past few years. These strengths are
offset by the company's high financial leverage, continuing merger
integration risk and potential liabilities from errors and
omissions in the delivery of professional services.

USI has performed relatively well through the coronavirus-related
economic slowdown. Moody's expects the company to report slight
organic revenue growth for 2020, with healthy EBITDA margins
supported by expense savings. The rating agency expects that USI
will continue to limit its discretionary spending to maintain its
credit profile as the economy recovers.

Moody's estimates that USI's pro forma debt-to-EBITDA ratio is
about 8x, which is aggressive for its rating category, leaving
little room for error in integrating recent acquisitions. The
company's (EBITDA - capex) interest coverage is about 2x and its
free-cash-flow-to-debt ratio is in the low single digits. These
metrics include the rating agency's adjustments for operating
leases, contingent earnout obligations, run-rate EBITDA from
acquisitions, and large integration and retention costs,
particularly related to USI's 2017 acquisition of Well Fargo
Insurance Services.

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

Factors that could lead to an upgrade of USI's ratings include: (i)
debt-to-EBITDA ratio below 7x, (ii) (EBITDA - capex) coverage of
interest consistently exceeding 2x, (iii) free-cash-flow-to-debt
ratio exceeding 5%, and (iv) successful integration of recent
acquisitions.

Factors that could lead to a downgrade of USI's ratings include:
(i) pro forma debt-to-EBITDA ratio above 8x, (ii) pro forma (EBITDA
- capex) coverage of interest below 1.2x, (iii) pro forma
free-cashflow-to-debt ratio below 2%, or (iv) delay or disruption
in integrating acquisitions.

Moody's has assigned the following rating:

-- $694 million repriced senior secured term loan maturing in
December 2026 at B2 (LGD3).

When the transaction closes, Moody's will withdraw the ratings from
USI's existing senior secured term loan tranches maturing in
December 2026.

The rating outlook for USI is unchanged at stable.

The principal methodology used in this rating was Insurance Brokers
and Service Companies published in June 2018.

Based in Valhalla, New York, USI offers a broad range of property &
casualty and employee benefits insurance products and services
mainly to middle market businesses across the US. The company
generated revenue of $2 billion in the 12 months ended September
2020.


WARDMAN PARK: Marriott Wants D.C. Court to Hear Chapter 11 Case
---------------------------------------------------------------
Allison McNeely of Bloomberg News reports that Marriott
International, the former manager of the bankrupt Wardman Park
Hotel, is trying to get its Chapter 11 case transferred to a court
in Washington, D.C., according to a filing.

"This is a single-asset bankruptcy, where the asset is a storied
Washington D.C. hotel that has operated for over 100 years, hosted
multiple United States presidents, and is listed on the National
Register of Historic Places," Marriott said in its filing.  "Debtor
has no assets in Delaware, no employees in Delaware, and no
business operations in Delaware."

                      About Wardman Hotel

Wardman Hotel Owner, L.L.C., owns Marriott Wardman Park Hotel, a
convention hotel located at 2600 Woodley Road NW, in the Woodley
Park neighborhood of Washington, D.C.

Wardman Hotel Owner, L.L.C., filed a Chapter 11 bankruptcy petition
(Bankr. D. Del. Case No. 21-10023) on Jan. 11, 2021.  In the
petition signed by James D. Decker, manager, the Debtor estimated
$100 million to $500 million in assets and liabilities. The Hon.
John T. Dorsey is the case judge.  PACHULSKI STANG ZIEHL & JONES
LLP, led by Laura Davis Jones, is the Debtor's counsel.


ZPOWER TEXAS: Unsec. Creditors to Get Up to 7% in Liquidating Plan
------------------------------------------------------------------
Debtors ZPower Texas, LLC, and ZPower, LLC, filed with the U.S.
Bankruptcy Court for the Northern District of Texas, Fort Worth
Division, a Disclosure Statement in support of the Joint Plan of
Liquidation dated January 21, 2021.

The Debtors and their estates do not have sufficient assets to
provide large recoveries to affected creditors, and the value of
equity interests in the Debtors is zero, and likely has been for a
long time.  No large creditor or equity interest holder (other than
the individuals affiliated with Riot Energy) were prepared to
participate in a rights offering.  This meant that the Debtor did
not have a source of capital from which it could reorganize and
fund future research and development.  

In the end, the only viable solution is a liquidation of the
Debtors:

   * First, under the Plan, Riot Energy will acquire all the
Debtors' Business Assets in exchange for a credit bid of
$4,300,000.  The Plan provides that Riot Energy has an allowed
claim of $21,187,503.  Riot Energy will be responsible for paying
all Administrative Claims, Priority Claims, and Secured Tax Claims.
Thereafter, Riot Energy will fund, monetize, or otherwise use the
Business Assets as it sees fit, at its sole cost and burden, and
for its sole potential benefit and profit.

   * Second, a liquidating trust is created under the Plan for the
benefit of General Unsecured Creditors.  On the Effective Date of
the Plan, the following assets will be transferred to the Creditor
Trust: (a) all Causes of Action, including (i) the Widex Actions;
(ii) the D&O Actions, (iii) the Avoidance Actions, and (iv) the D&O
Insurance Actions; and (b) $50,000 in cash from the Debtors that is
otherwise Riot Energy's cash collateral.  A trustee will be
appointed to liquidate these assets and distribute the proceeds to
General Unsecured Creditors on a pro rata basis.  General Unsecured
Creditors will therefore have the benefit of everything of value
that they have, plus additional cash and consideration, and without
more than $20 million of Riot Energy debt to share that value
with.

The Class 3 Riot Energy Claims will be allowed in the amount of
$21,187,503.  On the Effective Date, the Purchase Price Amount will
be exchanged for the Business Assets in accordance with the terms
of the Riot Energy APA.  The Riot Energy Released Amount shall be
satisfied and released in accordance with the Riot Energy Release
Agreement and Riot Energy shall receive nothing further on account
of the Riot Energy Claims. Class 3 is impaired under the Plan.

Class 4 consists of Unsecured Claims.  Nothing in the Plan allows
any Unsecured Claim. In full and final satisfaction, release, and
exchange of each Unsecured Claim, each Unsecured Claim, to the
extent Allowed, will receive a pro-rata share of any distributions
or payments made by the Creditor Trust pursuant to the Plan.  The
Plan provides that holders of Class 4 owed $70,000,000 are
projected to recover 0% to 7%.  Class 4 is impaired under the Plan.


Holders of any equity interest in the Debtors prior to the
Effective Date in Class 6 will receive or retain nothing under the
Plan, and all such interests will be canceled.  Class 6 is deemed
to reject the Plan.

The largest of the causes of action are the Widex Actions and the
D&O Actions.  Regarding the Widex Actions, after the Petition Date,
Widex breached its contract with the Debtor, cancelled its orders,
and violated the automatic stay.  The Debtor believes that the
damages are in the millions.  One of the results of these actions
was that the Debtor was forced to shut down its production and lay
off most of its employees.  The Debtor then did not produce any
product or generate revenue for a period of two months, losing more
than $1 million in revenue, and, when the Debtor resumed
manufacturing operations, it incurred large additional costs to do
so and to rehire employees.  This is in addition to more than $2.8
million that Widex owed from prior to the Petition Date, by not
paying the Debtor sufficient amounts for products that it had
purchased (while Widex was granted a volume discount, it did not
meet the volume threshold, meaning that it was required to pay more
to the Debtor), and at least $770,000 in parts that Widex failed to
pay for.

Pursuant to the Bankruptcy Code, in exchange for the Purchase Price
Amount (a credit bid of $4,300,000), Riot Energy will (i) acquire
the Business Assets free and clear of all liens, claims, and
encumbrances unless otherwise provided in the Plan or in the Riot
Energy APA and (ii) assume certain liabilities of the Debtors and
the Estates all as more particularly set forth in the Riot Energy
APA, including Priority Claims and Secured Tax Claims.  All assumed
liabilities shall remain subject to all of the Debtors, the
Estates' and Riot Energy's defenses.  The Plan creates a creditor
trust for the benefit of Class 4 Creditors.

A full-text copy of the Disclosure Statement dated Jan. 21, 2021,
is available at https://bit.ly/36fFLHD from PacerMonitor.com at no
charge.

Attorneys for the Debtors:

         Davor Rukavina, Esq.
         Julian P. Vasek, Esq.
         MUNSCH HARDT KOPF & HARR, P.C.
         3800 Ross Tower
         500 N. Akard Street
         Dallas, Texas 75202-2790
         Telephone: (214) 855-7500
         Facsimile: (214) 978-4375

                         About ZPower Texas

ZPower -- https://www.zpowerbattery.com/ -- is a manufacturer of
silver-zinc rechargeable microbatteries.  The Company serves the
consumer electronics, medical, and military and defense
industries.

ZPower Texas, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Tex. Case No. 20-41158) on March 17,
2020.  At the time of the filing, the Debtor estimated assets of
between $10 million to $50 million and liabilities of between $10
million to $50 million.  The petitions were signed by Glynne
Townsend, the CRO.  The case is presided by Hon. Mark X. Mullin.
Davor Rukavina, Esq., of Munsch Hardt Kopf & Harr, P.C., is the
Debtors' bankruptcy counsel.  Honigman LLP is special IP counsel.


[*] Brown Rudnick's Ed Weisfelner Retires
-----------------------------------------
Brown Rudnick LLP announced the retirement of Edward (Ed)
Weisfelner, the Global Chair of the Firm's Bankruptcy & Corporate
Restructuring Practice Group, effective Jan. 31, 2021. Weisfelner
has been one of the country's preeminent bankruptcy lawyers for
nearly four decades.  He has led and engineered high-stakes matters
in many of the nation's largest in-court and out-of-court
restructurings and is credited with building the bankruptcy and
restructuring practice at Brown Rudnick, which is recognized as a
leading firm in the space.

William Baldiga, Chief Executive Officer and Chairman of the Firm's
Management Committee, commented, "Ed has been a transformative
leader and a driving force behind the remarkable growth of our
Bankruptcy & Corporate Restructuring Practice.  We would not be
where we are today without him."

Sunni Beville, Managing Director of the Firm's Dispute Resolution &
Restructuring Department, said, "Ed has set the bar very high for
what it takes to be an effective lawyer and dealmaker. His impact
on the Firm and the bankruptcy industry is unparalleled."

Since joining Brown Rudnick's predecessor firm Berlack, Israels&
Liberman LLP in 1984, Weisfelner has focused his practice on
representing official and ad hoc creditors' and equity holders'
committees, individual creditors, indenture trustees, equity
holders, and other parties.  He has also served as a
court-appointed litigation trustee, mediator, and examiner.  

"It has been an honor serving our distinguished clients and working
alongside such stellar attorneys and business staff," said
Weisfelner.  "Brown Rudnick has been my home for more than 35
years. I take with me great pride in being part of an organization
dedicated to the highest level of client service and committed to a
culture of collaboration."

Weisfelner is the recipient of numerous industry accolades.  He is
a five-time recipient of the Outstanding Restructuring Lawyers
Award from Turnarounds & Workouts.  He was also included as one of
only 67 nationally recognized restructuring attorneys in the 11th
edition of the K&A Restructuring Register, a peer group listing
selected by an advisory board of financial advisers, lawyers, and
private practitioners.  Weisfelner was honored by the UJA
Federation of New York bankruptcy and reorganization group with the
Professor Lawrence P. King Award, a philanthropic award given to a
leader in the bankruptcy and reorganization industry "whose spirit
of generosity and kindness is both boundless and selfless."  He is
also recognized by Chambers USA: America's Leading Lawyers for
Business in the area of bankruptcy law.  Additionally, Weisfelner
is recognized in Woodward/White's The Best Lawyers in America in
the areas of bankruptcy and creditor-debtor rights/insolvency and
reorganization law, and bankruptcy litigation.

Among many notable matters, Weisfelner advised:

    * The official equity committee in the Chapter 11 proceedings
for Mirant Corporation, a major supplier of energy in America’s
southern states. This matter is ranked as one of the largest
bankruptcy cases in U.S. history and as one of the most complex
energy industry bankruptcies ever filed;
  
    * The ad hoc trade creditors committee in the MCI WorldCom Inc.
Chapter 11 cases. A telecommunications company headquartered in
Washington, DC, Worldcomwas one of the largest long-distance
providers in the United States. WorldCom's bankruptcy was, at the
time, the largest such filing in the nation's history;

    * The official committee of unsecured creditors in the Global
Crossing Ltd. Chapter 11 cases.  Global Crossing Ltd. was an
international telecommunications company and its filing was, at the
time, one of the largest bankruptcy cases in U.S. history; and

    * The single largest creditor in the Marvel Entertainment Group
Inc. Chapter 11 cases.  In another high-profile bankruptcy, Marvel
was, at the time, the nation's largest comic book purveyor.

Weisfelner also advised on the Chapter 11 cases of Premier
Entertainment, the parent company to the Hard Rock Hotel and
Casino; The Sands Greate Bay Hotel and Casino; Hollywood Casino;
and the Trump Casinos, including the Trump TajMahal, Trump Plaza,
and Trump Marina.

                          About Brown Rudnick LLP

Brown Rudnick focuses on practices such as distressed debt,
corporate restructuring, M&A, white-collar defense, international
disputes and intellectual property.  It has more than 250 lawyers
and government relations professionals across the United States and
Europe, with offices in key financial centers.  Beyond the United
States and Europe, it serves clients in the Middle East, North
Africa, the Caribbean, and Latin America.  

Brown Rudnick is nationally recognized for leadership in corporate
restructuring and distressed situations. The Firm recently won
Law360's Bankruptcy Practice Group of the Year award for its
landmark matters, selected as one of only five U.S. law firms in
the category.

Among the matters highlighted in Law360's Bankruptcy Practice Group
of the Year award, Brown Rudnick represented the term loan lenders
of Pier 1, and the Firm secured $100 million for creditors after
the COVID-19 pandemic.  Brown Rudnick was featured also for its
ability to handle the most complex mass tort cases, including the
Purdue Pharma Chapter 11 case.  The Firm is representing parties
with tort claims against Purdue for its opioid sales and is
planning negotiations proposed to convert the drugmaker into a
public benefit corporation, which will forward its proceeds toward
opioid abuse mitigation.  Brown Rudnick is also representing the
official committee of unsecured creditors of Chesapeake Energy
Corporation, once the nation's No. 2 natural gas producer, in its
Chapter 11 case; and the ad hoc committee of child sexual abuse
victims in the Boy Scouts of America's Chapter 11 case.


[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Olivier Fajga
   Bankr. E.D.N.Y. Case No. 21-70084
      Chapter 11 Petition filed January 19, 2021
          represented by: Gary Fischoff, Esq.

In re John Edelman and Julia Byrne Edelmann
   Bankr. D. Ariz. Case No. 21-00417
      Chapter 11 Petition filed January 20, 2021
         represented by: Michael A. Jones, Esq.
                         ALLEN BARNES & JONES, PLC

In re German Gudino
   Bankr. C.D. Cal. Case No. 21-10428
      Chapter 11 Petition filed January 20, 2021
         represented by: Onyinye Anyama, Esq.

In re The Gregory Nathan Gould Co., LLC
   Bankr. S.D. Ohio Case No. 21-50172
      Chapter 11 Petition filed January 20, 2021
         See
https://www.pacermonitor.com/view/BRIEVSA/The_Gregory_Nathan_Gould_Co_LLC__ohsbke-21-50172__0001.0.pdf?mcid=tGE4TAMA
         represented by: James A. Coutinho, Esq.
                         ALLEN STOVALL NEUMAN & ASHTON LLP
                         E-mail: coutinho@asnalaw.com

In re Mississippi Maternal-Fetal Medicine, P.A.
   Bankr. S.D. Miss. Case No. 21-00091
      Chapter 11 Petition filed January 20, 2021
         See
https://www.pacermonitor.com/view/4XYKWAI/Mississippi_Maternal-Fetal_Medicine__mssbke-21-00091__0001.0.pdf?mcid=tGE4TAMA
         represented by: J. Walter Newman IV, Esq.
                         NEWMAN & NEWMAN
                         E-mail: wnewman95@msn.com

In re Joyner-Byrum Properties, LLC
   Bankr. E.D.N.C. Case No. 21-00111
      Chapter 11 Petition filed January 20, 2021
         See
https://www.pacermonitor.com/view/7LBFESQ/Joyner-Byrum_Properties_LLC__ncebke-21-00111__0001.0.pdf?mcid=tGE4TAMA
         represented by: James C. White, Esq.
                         J.C. WHITE LAW GROUP, PLLC
                         E-mail: jwhite@jcwhitelaw.com

In re McElrath Legal Holdings, LLC
   Bankr. W.D. Pa. Case No. 21-20110
      Chapter 11 Petition filed January 20, 2021
         See
https://www.pacermonitor.com/view/ZTUT7XY/McElrath_Legal_Holdings_LLC__pawbke-21-20110__0001.0.pdf?mcid=tGE4TAMA
         represented by: Gary W. Short, Esq.
                         GARY W. SHORT
                         E-mail: garyshortlegal@gmail.com

In re Margaret Antonia Korzan
   Bankr. D.S.D. Case No. 21-40012
      Chapter 11 Petition filed January 20, 2021
         represented by: Clair R. Gerry, Esq.

In re Allen E. Baker
   Bankr. C.D. Cal. Case No. 21-10443
      Chapter 11 Petition filed January 21, 2021
         represented by: Mark Young, Esq.

In re Brett Arthur Butler
   Bankr. C.D. Cal. Case No. 21-10458
      Chapter 11 Petition filed January 21, 2021
         represented by: Zev Shechtman, Esq.

In re Andrew Lee Elsner and Adam David Chalif
   Bankr. S.D. Fla. Case No. 21-10542
      Chapter 11 Petition filed January 21, 2021
         represented by: Chad Van Horn, Esq.
                         VAN HORN LAW GROUP, P.A.
                         E-mail: chad@cvhlawgroup.com

In re Innovative Software Solution Inc.
   Bankr. S.D. Fla. Case No. 21-10538
      Chapter 11 Petition filed January 21, 2021
         See
https://www.pacermonitor.com/view/DTZTH3Q/Innovative_Software_Solution_Inc__flsbke-21-10538__0001.0.pdf?mcid=tGE4TAMA
         represented by: Chad Van Horn, Esq.
                         VAN HORN LAW GROUP, P.A.
                         E-mail: chad@cvhlawgroup.com

In re Guilco Family Dental, Inc
   Bankr. S.D. Fla. Case No. 21-10588
      Chapter 11 Petition filed January 22, 2021
         See
https://www.pacermonitor.com/view/236UD7Y/Guilco_Family_Dental_Inc__flsbke-21-10588__0001.0.pdf?mcid=tGE4TAMA
         represented by: Roshawn Banks, Esq.
                         THE ALL LAW CENTER, PA
                         E-mail: rbanks@thealllawcenter.com

In re Carla Donna McPhun
   Bankr. D. Md. Case No. 21-10424
      Chapter 11 Petition filed January 22, 2021
         represented by: Lisa Alexander, Esq.

In re Helen Susan Bidawid
   Bankr. E.D. Tenn. Case No. 21-30106
      Chapter 11 Petition filed January 22, 2021

In re Frank Richard Bucci
   Bankr. W.D. Wash. Case No. 21-10132
      Chapter 11 Petition filed January 22, 2021
         represented by: Masafumi Iwama, Esq.

In re Sanjeev Acharya and Mina Acharya
   Bankr. N.D. Cal. Case No. 21-50082
      Chapter 11 Petition filed January 23, 2021
         represented by: Robert Harris, Esq.

In re Sanchez Trucking Transport, LLC
   Bankr. N.D. Tex. Case No. 21-50007
      Chapter 11 Petition filed January 23, 2021
         See
https://www.pacermonitor.com/view/3633OLY/Sanchez_Trucking_Transport_LLC__txnbke-21-50007__0001.0.pdf?mcid=tGE4TAMA
         represented by: Max R. Tarbox, Esq.
                         TARBOX LAW, P.C.
                         E-mail: jessica@tarboxlaw.com

In re Emitero J. Sanchez and Lisa Leal Sanchez
   Bankr. N.D. Tex. Case No. 21-50008
      Chapter 11 Petition filed January 23, 2021
         represented by: Max Tarbox, Esq.
                         TARBOX LAW, P.C.
                         Email: jessica@tarboxlaw.com

In re Hanks Towing Inc.
   Bankr. N.D. Ala. Case No. 21-40072
      Chapter 11 Petition filed January 25, 2021
         See
https://www.pacermonitor.com/view/3SY6WDQ/Hanks_Towing_Inc__alnbke-21-40072__0001.0.pdf?mcid=tGE4TAMA
         represented by: Harry P. Long, Esq.
                         THE LAW OFFICES OF HARRY P. LONG, LLC
                         E-mail: hlonglegal8@gmail.com

In re Charlotte Anne Whitmore
   Bankr. D. Ariz. Case No. 21-00494
      Chapter 11 Petition filed January 25, 2021
         represented by: Lamar D. Hawkins, Esq.
                         GUIDANT LAW, PLC
                         E-mail: lamar@guidant.law

In re Amie Carol Burrow and Rex Allen Burrow
   Bankr. E.D. Ark. Case No. 21-10227
      Chapter 11 Petition filed January 25, 2021
         represented by: Joel Hargis, Esq.

In re Esther Corona, Inc.
   Bankr. N.D. Cal. Case No. 21-50088
      Chapter 11 Petition filed January 25, 2021
         See
https://www.pacermonitor.com/view/FO4I7PQ/Esther_Corona_Inc__canbke-21-50088__0001.0.pdf?mcid=tGE4TAMA
         represented by: Lars Fuller, Esq.
                         THE FULLER LAW FIRM, PC
                         E-mail: admin@fullerlawfirm.net
            
In re Moxie's Cafe & Grill, LLC
   Bankr. M.D. Fla. Case No. 21-00271
      Chapter 11 Petition filed January 25, 2021
         See
https://www.pacermonitor.com/view/V4TGG2Q/Moxies_Cafe__Grill_LLC__flmbke-21-00271__0001.0.pdf?mcid=tGE4TAMA
         represented by: Buddy D. Ford, Esq.
                         BUDDY D. FORD, P.A.
                         E-mail: All@tampaesq.com

In re The Great Catch of Land O'Lakes, LLC
   Bankr. M.D. Fla. Case No. 21-00272
      Chapter 11 Petition filed January 25, 2021
         See
https://www.pacermonitor.com/view/2HD3U5Y/The_Great_Catch_of_Land_OLakes__flmbke-21-00272__0001.0.pdf?mcid=tGE4TAMA
         represented by: Buddy D. Ford, Esq.
                         BUDDY D. FORD, P.A.
                         E-mail: All@tampaesq.com

In re Miss Claudy Seide
   Bankr. D. Mass. Case No. 21-10076
      Chapter 11 Petition filed January 25, 2021
         represented by: Michael Van Dam, Esq.

In re Jennifer Reba Emmi
   Bankr. D. Colo. Case No. 21-10369
      Chapter 11 Petition filed January 26, 2021
         represented by: Katharine Sender, Esq.
                         COHEN & COHEN, P.C.

In re Jose Guillermo Pichardo
   Bankr. D. Nev. Case No. 21-10336
      Chapter 11 Petition filed January 26, 2021
         represented by: Nedda Ghandi, Esq.

In re Direct To Your Door, Inc
   Bankr. E.D. Tex. Case No. 21-40122
      Chapter 11 Petition filed January 26, 2021
         See
https://www.pacermonitor.com/view/KGPCJGY/Direct_To_Your_Door_Inct__txebke-21-40122__0001.0.pdf?mcid=tGE4TAMA
         represented by: Eric A. Liepins, Esq.
                         ERIC A. LIEPINS
                         E-mail: eric@ealpc.com

In re Jedidiah Christopher Houghton
   Bankr. D. Wyo. Case No. 21-20028
      Chapter 11 Petition filed January 26, 2021

In re Joshua Patrick Houghton
   Bankr. D. Wyo. Case No. 21-20027
      Chapter 11 Petition filed January 26, 2021
         represented by: Ken McCartney, Esq.


                            *********

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

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

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

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

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

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

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

                            *********

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
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herein is obtained from sources believed to be reliable, but is
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The TCR subscription rate is $975 for 6 months delivered via
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are $25 each.  For subscription information, contact Peter A.
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                   *** End of Transmission ***