/raid1/www/Hosts/bankrupt/TCR_Public/210315.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, March 15, 2021, Vol. 25, No. 73

                            Headlines

1101 S FEDERAL: Case Summary & 5 Unsecured Creditors
2374 VILLAGE COMMON: Seeks to Hire Quinn Law as Legal Counsel
4YL DEVELOPMENT: Kemp Smith Represents Term Lender Group
A & R DEVELOPMENT: Ajam Buying Four Assets in Louisiana for $900K
A & R DEVELOPMENT: April 6 Hearing on Sale of Assets for $900K

ACASTI PHARMA: Has 200.1M Common Shares Outstanding as of March 5
ACI WORLDWIDE: Moody's Completes Review, Retains Ba3 CFR
ADETONA, LLC: Wells Fargo Says Plan Patently Unconfirmable
AEPC GROUP: June 30 Plan Confirmation Hearing Set
AIRPORT VAN RENTAL: Hires Barnes & Thornburg as Special Counsel

ALA TURK: Reaches FLSA Settlement With Ucarer; Files Amended Plan
ALAMO DRAFTHOUSE: Seeks to Hire Epiq as Claims Agent
ALL IN JETS: Withdraws Auction Sale of Substantially All Assets
ALPHA MEDIA: Court Okays $115 Million Chapter 11 Plan Vote
ALPHA MEDIA: US Trustee Says Amended Plan Patently Unconfirmable

AMERICAN PUBLIC EDUCATION: S&P Assigns 'B+' ICR, Outlook Stable
ARCHDIOCESE OF NEW ORLEANS: 400 Clergy Abuse Claims Filed
ARETE LAND: Buddyncheeks & MSC Buying Montpelier Property for $330K
ARTISAN BUILDERS: $255K Sale of Phoenix Property to Equity OK'd
ASCENA RETAIL: Untimely Opt Out of Third-Party Releases Denied

AULT GLOBAL: Unit Gets $3M Purchase Order From Aerospace Customer
AUSTIN HOLDCO: Moody's Completes Review, Retains B3 CFR
AVENTURA HOTEL: Case Summary & 20 Largest Unsecured Creditors
AVIS BUDGET: S&P Assigns 'B' Rating on New $350MM Sr. Unsec. Notes
BERRY TWINS: Seeks to Hire Wax Ellison as Local Counsel

BETA MUSIC: CredEvolv Buying All GCH Assets for $75K + Cure Costs
BOYCE HYDRO: Liquidating Trustee Hires Wolfson Bolton as Counsel
BRILLIANT INDUSTRIES: Hires Michael D. Kwasigroch as Counsel
BUENA VISTA GAMING: S&P Upgrades ICR to 'CCC+', Outlook Stable
BURLINGTON STORES: S&P Alters Outlook to Pos., Affirms 'BB' ICR

CABLE ONE: S&P Alters Outlook to Stable, Affirms 'BB' ICR
CANYONS END: Seeks to Hire Guidant Law as Counsel
CARDTRONICS INC: Moody's Completes Review, Retains Ba3 CFR
CARETRUST REIT: S&P Raises ICR to 'BB' on Strong Rent Collections
CARLA'S PASTA: Auction of Substantially All Assets on April 15

CARLA'S PASTA: Seeks to Hire 'Ordinary Course' Professionals
CARNIVAL CORP: S&P Lowers Rating on Senior Unsecured Notes to 'B-'
CASTLETON CORNER: Hires CliftonLarsonAllen LLP as Accountant
CCC INFORMATION: Moody's Completes Review, Retains B3 CFR
CHC GROUP: To Acquire Offshore Helicopter Business of Babcock

CHEFS' WAREHOUSE: Moody's Lowers CFR to B3 on Cash Flow Losses
CICI'S HOLDINGS: Joint Chapter 11 Plan Confirmed
CITYSCAPE AT COURTHOUSE: Seeks to Hire Johnson Pope as Counsel
COMMUNITY HOME: Fee Awards to Henderson, Wells Marble Valid
CONVERGINT TECHNOLOGIES: S&P Assigns 'B' Rating on New Debt

CRED INC: Liquidating Trust to Sell Assets in Wind Down
CSC ENTERPRISES: Seeks to Hire Corona Law Firm as Counsel
CSG SYSTEMS: Moody's Completes Review, Retains Ba2 CFR
CUE VAPOR: Blackbird to Hold IP Auction on March 18
CUMULUS MEDIA: S&P Alters Outlook to Stable, Affirms 'B-' ICR

CYRIL FULTON: Trustee's $1.2M Sale of Naples Condo Unit 201 Okayed
CYTOSORBENTS CORP: Posts $7.8 Million Net Loss in 2020
DCG ACQUISITION: S&P Upgrades ICR to 'B-', Outlook Stable
DEERFIELD DAKOTA: Moody's Completes Review, Retains B3 CFR
DESTILERIA NACIONAL: Consignment Motion, Objection to POC 6 Denied

DETROIT SERVICE: S&P Places 'B' Bond Rating on Watch Negative
DIAMOND RESORTS: S&P Places 'CCC+' ICR on Watch Positive
DIGNITY GROUP: Seeks to Hire Eric A. Liepins as Legal Counsel
DIOCESE OF CAMDEN: Committee Seeks to Hire Expert Consultant
DON RAMON'S: Restaurant Avoids Foreclosure After Ch.11

DON RAMON'S: Voluntary Chapter 11 Case Summary
DONALD PHILLIP TANNER: Selling 211-Acre Plains Property for $390.5K
EAST VILLAGE: Court Confirms Plan of Liquidation
EHT US1: Hearing on Bid Procedures for All Assets Set for March 23
EHT US1: Madison Buying All Assets for $470M, Subject to Overbid

EHT US1: Seeks to Shorten Notice Period on Assets Bid Procedures
EHT US1: Sets Bidding Procedures for Substantially All Assets
EMPIRE TODAY: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
ENERGY FISHING: Court Confirms Chapter 11 Plan
ENTERCOM COMMUNICATIONS: S&P Rates New $500MM 2nd-Lien Notes 'B-'

EWT HOLDINGS: S&P Rates New First Lien Credit Facility 'B+'
EXCHANGE AVENUE: Court Confirms Plan
FCG ACQUISITIONS: S&P Assigns 'B-' ICR, Outlook Stable
FIELDWOOD ENERGY: Energy Transfer Questions Plan's Feasibility
FM COAL: Says Plan Objections Resolved

FOXWOOD HILLS: Court Sets April 6 Hearing on Disclosure Statement
FOXWOOD HILLS: Files Plan to Resolve Restriction Issues
FREDDIE MAC: Ricardo Anzaldua Quits as General Counsel
FRICTIONLESS WORLD: Will Liquidate Its Assets to Pay Claims
FRIENDS OF CITRUS: April 28 Plan Confirmation Hearing Set

FRONTERA HOLDINGS: Hires Conway MacKenzie as Financial Advisor
FRONTERA HOLDINGS: Seeks to Hire Quinn Emanuel as Counsel
G.A.F. SEELIG: Seeks to Hire Klestadt Winters as Counsel
GAINWELL ACQUISITION: Moody's Completes Review, Retains B3 CFR
GARRETT MOTION: Equity Committee Taps Glenn Agre as Counsel

GARRETT MOTION: Equity Committee Taps Morris Nichols as Counsel
GARRETT MOTION: Equity Panel Taps Kramer Levin as Special Counsel
GARRETT MOTION: Files Revised Plan Following Equity Panel Accord
GARRETT MOTION: Retail Holders Win Extra Time to Sell in Bankruptcy
GI DYNAMICS: Signs 5th Amendment to Crystal Amber Purchase Deal

GLOBAL PACIFIC: Seeks to Hire J. Luke Hendrix as Bankruptcy Counsel
GLOBALLOGIC HOLDINGS: Moody's Completes Review, Retains B2 CFR
GO WIRELESS: Moody's Completes Review, Retains B2 CFR
GOVERNORS STATE UNIVERSITY: S&P Affirms 'BB+' Revenue Bond Rating
GRANITE ACQUISITION: S&P Alters Outlook to Stable, Affirms B+ ICR

GREAT LAKES PETROLEUM: Case Summary & 20 Top Unsecured Creditors
GREAT OAKS LEGACY: S&P Assigns 'BB+' ICR on Enrollment Growth
GREEN VALLEY: Seeks to Hire McDowel Law as Counsel
GREEN VALLEY: Seeks Use of Cash Collateral
GREENPOINT TACTICAL: Hires California Appellate as Special Counsel

GULFPORT ENERGY: Creditors Plan to Sue Execs for Bonuses
H & R PROPERTY: Proposes Auction Sale of All Business Assets
H & R PROPERTY: Sets Bid Procedures for All Business Assets
HERTZ CORP: Kirkland, Pachulski 2nd Update on Noteholder Group
HERTZ CORPORATION: Willkie, Young 2nd Update on Noteholder Group

HILTON GRAND: S&P Places 'BB' ICR on CreditWatch Negative
HOSPITALITY WOODWORKS: Seeks to Hire Rountree Leitman as Counsel
HUNTS POINT: Hires Cullen and Dykman as Co-Counsel
IAA INC: Moody's Completes Review, Retains Ba3 CFR
INTELSAT S.A.: Jones Day Updates List of Jackson Crossover Group

INTELSAT S.A.: Paul, Whiteford Update List of Parent Creditors
INTELSAT S.A.: Wilmer, Zemanian Update on Noteholder Group
ISIS MEDICAL: Seeks to Hire FocusCFO as Accountant
JASON'S HAULING: Seeks Court Approval to Hire CFO
JASON'S HAULING: Seeks to Hire Stichter Riedel as Legal Counsel

JFK HEATING: Gets Cash Collateral Access on Interim Basis
KAR AUCTION: Moody's Completes Review, Retains B2 CFR
KESTREL ACQUISITION: S&P Lowers Senior Secured Debt Rating to 'B'
KEYERA CORP: S&P Rates 2021-A Subordinated Notes 'BB'
KLAUSNER LUMBER ONE: Hires CBIZ Accounting as Tax Accountant

KLAUSNER LUMBER TWO: Hires CBIZ Accounting as Tax Accountant
KNOTEL INC: Seeks Shortened Notice on Proposed All Assets Sale
KORN FERRY: Moody's Completes Review, Retains Ba2 CFR
KRATOS DEFENSE: S&P Alters Outlook to Stable, Affirms 'B+' ICR
LAKE CECILE: Case Summary & 20 Largest Unsecured Creditors

LATAM AIRLINES: Seeks Expansion as Ch. 11 Restructuring Continues
LEGENDS GOLF: March 16 Hearing on Trustee's Sale of Assets for $2M
LEGENDS GOLF: Trustee Selling Assets to Winter Garden for $2M Cash
LGI HOMES: S&P Affirms 'BB-' Ratings on Strong 2020 Performance
LIGHTHOUSE RESOURCES: Court Approves Wind-Down Plan

LIQUIDMETAL TECHNOLOGIES: Incurs $2.64 Million Net Loss in 2020
MADDOX FOUNDRY: Seeks to Hire ICS Asset as Appraiser
MALLINCKRODT PLC: Arnold & Porter Accused of Conflict of Interest
MALLINCKRODT PLC: Cousins, Jones Update on Diameter Master
MALLINCKRODT PLC: Revolver Lenders Contest Term Loan Settlement

MATTEL INC: S&P Assigns 'BB' Rating to $1.2BB Sr. Unsecured Notes
MEDASSETS SOFTWARE: Moody's Completes Review, Retains B3 CFR
MERCY HOSPITAL: Local Group Urges Illinois to Take Over Company
MILLER BRANGUS: Hearing on Sale of Assets Set for March 24
MITCHELL INTERNATIONAL: Moody's Completes Review, Retains B3 CFR

ML COUNTRY CLUB: Seeks to Hire McDowel Law as Counsel
MMZ HOLDINGS: Seeks to Hire Michael Jay Berger as Counsel
MOBILE FUNDS: Seeks to Hire Barry A. Friedman as Legal Counsel
MOBITV INC: Sets Bid Procedures for Substantially All Assets
MONROE SUBWAYS: Seeks to Hire David Jennis as Legal Counsel

MOTIF DIAMOND: April 15 Plan & Disclosure Hearing Set
MOUTHPEACE DENTAL: Proposes Private Sale of All Assets for $150K
MRC GLOBAL: Moody's Affirms B2 CFR & Alters Outlook to Stable
MUSCLEGEN RESEARCH: Files Chapter 7 as Founder Faces Prison Time
MY FL MANAGEMENT: Gets OK to Hire Edelboim Lieberman as Counsel

MY2011 GRAND: Seeks to Hire Akerman as Special Litigation Counsel
NAVEX TOPCO: Moody's Completes Review, Retains B3 CFR
NAVIENT CORP: Fitch Alters Outlook on 'BB-' LT IDR to Stable
NCR CORP: Moody's Completes Review, Retains B2 CFR
NEENAH INC: S&P Downgrades ICR to 'BB-' on Debt-Funded Acquisition

NESCO HOLDINGS: Incurs $21.28 Million Net Loss in 2020
NETSMART INC: Moody's Completes Review, Retains B3 CFR
NICK MAVRAKIS: Selling Bainbridge Residential Property for $110K
NIELSEN HOLDINGS: S&P Affirms 'BB' ICR, Outlook Stable
NUCLEAR IMAGING: Taxpayers' Exceptions Overruled

OLYMPUS DEVELOPMENT: Withdraws Proposed Sale of Nashville Property
ONATAH FARMS: Hires Re/Max Farm as Real Estate Broker
OSPREA LOGISTICS: Seeks to Hire Moon Wright as Counsel
PARK SEVEN: April 20 Plan & Disclosure Hearing Set
PARKLAND CORP: S&P Rates C$500MM Senior Unsecured Notes 'BB'

PENNGOOD LLC: Seeks to Hire Nelson & Pelura as Accountant
PLASKOLITE PPC: S&P Upgrades ICR to 'B' ICR on High Demand
PODS LLC: S&P Cuts ICR to 'B' on Dividend Recapitalization
PRIORITY HOLDINGS: S&P Places 'CCC+' ICR on CreditWatch Positive
PURDUE PHARMA: To Get Add'l $1.2 Billion From Sacklers for Plan

RAMI B. AJAM: April 6 Hearing on $900K Sale of Assets to Brother
RAMI B. AJAM: Brother Buying Four Assets in Louisiana for $900K
RANGE RESOURCES: S&P Alters Outlook to Positive, Affirms 'B' ICR
REMEDY DINER: Hits Chapter 7 Bankruptcy After Location Closes
REVLON INC: Citi Helps Rework Debt Despite Payment Error

RHINO BARE: Hires Russ August as Special Counsel
RING CONTAINER: S&P Alters Outlook to Positive, Affirms 'B-' ICR
SCOTTS MIRACLE-GRO: S&P Rates New $500MM Senior Unsec. Notes 'B+'
SEARS METHODIST: TMF Seeks Confirmation of Abilene Property Sale
SHAMROCK FINANCE: Case Summary & 20 Largest Unsecured Creditors

SHOLAND LLC: Case Summary & 20 Largest Unsecured Creditors
SIMPLE SITEWORK: Unsecureds Will Get 20% of Claims Over 5 Years
SITEONE LANDSCAPE: S&P Upgrades ICR to 'BB' on Debt Reduction
SOLERA LLC: Moody's Completes Review, Retains B2 CFR
STA TRAVEL: Seeks to Hire Cozen O'Connor as Counsel

STARFISH HOLDCO: S&P Affirms 'B-' ICR on Sale to Sponsors
STEIN MART: Chapter 11 Liquidation Plan Hits Snag
STONEMOR INC: To Release Q4, Full Year Results on March 23
SUNDIVE COMMODITY: Committee Taps Snow & Green as Legal Counsel
SYNIVERSE HOLDINGS: Twilio Deal No Impact on Moody's Caa1 Rating

TD HOLDINGS: To Issue 808,891 Shares of Common Stock
TEMPUR SEALY: S&P Alters Outlook to Positive, Affirms 'BB' ICR
TERRAFORM GLOBAL: S&P Affirms 'BB-' ICR, Outlook Stable
TERVITA CORP: S&P Places 'CCC+' ICR on CreditWatch Positive
THOR INDUSTRIES: S&P Upgrades ICR to 'BB' on Strong RV Demand

THOUGHTWORKS INC: S&P Upgrades ICR to 'B+' on Steady Performance
TIDEWATER ESTATES: Selling 10-Acre Hancock County Property for $40K
TOWN SPORTS: Says Chapter 11 Injunction Voids Deal With NY AG
TRINSEO SA: S&P Alters Outlook to Stable, Affirms 'B' ICR
TRIPLE J PARKING: Seeks to Hire Cohne Kinghorn as Legal Counsel

TRIPLE J: Seeks Court Approval to Retain CEO, Accountant
TRIPTYCH MIAMI: Voluntary Chapter 11 Case Summary
US CONSTRUCTION: Gets Cash Collateral Access Thru April 9
VERICAST CORP: S&P Affirms 'CCC+' Ratings on Senior Secured Debt
VI GROUP: Seeks Use of Cash Collateral

VILLA TAPIA: Seeks Court Approval to Hire Cititax Business
VISTRA CORP: Fitch Puts 'BB+' LongTerm IDR on Watch Negative
VITALIBIS INC: Seeks to Hire Andersen Law as Counsel
W RESOURCES: $175K Sale of 14-Acre Zachary Property to Wisham OK'd
W. KEN TGANSKE: $275K Sale of Monona Property to Rasmussen Approved

WC SOUTH CONGRESS: Lender Still Opposes Amended Disclosures
WEST VIRGINIA: Dehn Buying Canaan Valley Property for $65K Cash
WILDWOOD VILLAGES: Hires Fisher Auction as Auctioneer
WILLIAM H. LLOYD, JR: Shore Buying Clermont Property for $1.9M
WILSON ORGANIC: Trustee Hires Country Boys as Auctioneer

WWEX UNI: S&P Alters Outlook to Stable, Affirms 'B-' ICR
YC ATLANTA HOTEL: Hires Buckhead Advisory as Appraiser
YOUFIT HEALTH: April 22 Plan & Disclosure Hearing Set
ZOTEC PARTNERS: Moody's Completes Review, Retains B2 CFR
ZPOWER TEXAS: April 12 Plan Confirmation Hearing Set

[^] BOND PRICING: For the Week from March 8 to 12, 2021

                            *********

1101 S FEDERAL: Case Summary & 5 Unsecured Creditors
----------------------------------------------------
Debtor: 1101 S Federal Highway, LLC
        1121 S Federal Highway
        Dania, FL 33304

Business Description: 1101 S Federal Highway, LLC operates in
                      the commercial real estate industry.

Chapter 11 Petition Date: March 12, 2021

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 21-12382

Judge: Hon. Peter D. Russin

Debtor's Counsel: Kevin Christopher Gleason, Esq.
                  FLORIDA BANKRUPTCY GROUP, LLC
                  4121 N31 Ave
                  Hollywood, FL 33021
                  Tel: (954) 893-7670
                  E-mail: bankruptcylawyer@aol.com

Total Assets: $2,812,700

Total Debt: $1,669,792

The petition was signed by Huu Van Nguyen, manager.

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

https://www.pacermonitor.com/view/D5H5INY/1101_S_Federal_Highway_LLC__flsbke-21-12382__0002.0.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/2TIPHDI/1101_S_Federal_Highway_LLC__flsbke-21-12382__0001.0.pdf?mcid=tGE4TAMA


2374 VILLAGE COMMON: Seeks to Hire Quinn Law as Legal Counsel
-------------------------------------------------------------
2374 Village Common Drive, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Pennsylvania to employ
Quinn Law Firm as its legal counsel.

The firm's services include:

     (a) advising the Debtor regarding its powers and duties under
Chapter 11, including legal matters related to the operation of the
Debtor's business;

     (b) preparing amendments to Debtor's schedule of assets,
schedule of liabilities and statement of financial affairs;

     (c) preparing and seeking confirmation of the Debtor's Chapter
11 plan of liquidation;

     (d) taking legal actions, as necessary, to avoid liens, object
to claims, enforce the automatic stay, recover preferences, and
defend motions or complaints against the Debtor;

     (e) preparing legal papers; and

     (f) other necessary legal services in connection with the
Debtor's Chapter 11 case.

The firm is holding a retainer in the amount of $2,333.89.

Mr. Kruszewski, Esq., a partner at Quinn Law Firm, disclosed in a
court filing that the firm is disinterested within the meaning of
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Michael P. Kruszewski, Esq.
     Quinn Law Firm
     2222 West Grandview Boulevard
     Erie, PA 16506-4508
     Tel: 814-833-2222
     Fax: 814-833-6753
     Email: mkruszewski@quinnfirm.com

                 About 2374 Village Common Drive

2374 Village Common Drive, LLC is a Pennsylvania limited liability
company, which operates its business at 2374 Village Common Drive,
Erie, Pa.  It is a single asset real estate entity under 11 U.S.C
Sec. 101(51B).  

2374 Village Common Drive owns the medical facility where Tri-State
Pain Institute, LLC and Greater Erie Surgery Center, Inc. conduct
business.  

On March 5, 2021, 2374 Village Common Drive sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Penn. Case No.
21-10118).  In the petition signed by Joseph Martin Thomas, M.D.,
sole member, the Debtor disclosed assets of between $1 million and
$10 million and liabilities of the same range.

Judge Thomas P. Agresti oversees the case.

Michael P. Kruszewski, Esq. is the Debtor's legal counsel.


4YL DEVELOPMENT: Kemp Smith Represents Term Lender Group
--------------------------------------------------------
In the Chapter 11 cases of 4YL Development, Inc., the law firm of
Kemp Smith LLP provided notice under Rule 2019 of the Federal Rules
of Bankruptcy Procedure, to disclose that it is representing the
Lenders.

Kemp Smith LLP has been retained by Uprising ln vestments, LLC to
represent the parties listed below. Uprising Investments, LLC is
the loan servicer for loans owing by 4YL Development, Inc., the
Debtor, as payor to the Lenders as payees. The Lenders are secured
creditors in this case with liens on either real estate or real
estate secured notes.

The names of the Lenders known to Kemp Smith LLP and the amounts of
their secured claims are listed below. The address for each of the
Lenders is c/o Uprising Investments, LLC is 5862 Cromo Drive, Suite
100, El Paso, Texas 79912.

     a. RASK Holdings, LLC.  Holder of one secured claim in the
        approximate amount or $233,613.44

     b. PTTN Investments, LLC Holder of one secured claim in the
        approximate amount of $316,298.03

     c. AJPMM Investments, LLC Holder of one secured claim in the
        approximate amount of $144,728.55

     d. SM VER Enterprises, LLC Holder of one secured claim in
        the approximate amount of $183,208.98.

     e. Zia Trust Inc., as Custodian for Teren D. Klein, IRA
        Holder of one secured claim in the approximate amount of
        $230,176.11.

     f. Zia Trust Inc., as Custodian for Robert A. Snow Holder of
        three secured claims in the approximate amounts of
        $157,272.14, $217,565.71 and $344,784.51.

     g. Louis O. Garcia Holder of one secured claim in the
        approximate amount of $217,178.17.

     h. Zia Trust Inc., as Custodian for Hojin Kim, IRA and My
        Ventures, LLC Holder of one secured claim in the
        approximate amount of $231,267.82.

Kemp Smith LLP is authorized to represent the Lenders under a
general retention agreement with Uprising Investments, LLC as loan
servicer.

Neither Kemp Smith LLP nor its attorneys have any claim against the
Debtor, nor own or have ever owned any equity securities in the
Debtor.

The Firm can be reached at:

          KEMP SMITH LLP
          James W. Brewer, Esq.
          P.O. Box 2800
          El Paso, TX 79999-2800
          Tel: 915.533.4424
          Fax: 915.546.5360
          E-mail: james.brewer@kempsmith.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3qFuJ5L

4YL Development, Inc., sought Chapter 11 protection (Bankr W.D.
Tex. Case No. 21-30157) on March 1, 2021.  The Debtor estimated $1
million to $10 million in assets and liabilities as of the filing.
Miranda & Maldonaldo, PC, led by Carlos Miranda, is the Debtor's
counsel.


A & R DEVELOPMENT: Ajam Buying Four Assets in Louisiana for $900K
-----------------------------------------------------------------
A & R Development, Inc., and Rami Ajam ask the U.S. Bankruptcy
Court for the Western District of Louisiana to authorize the sale
to Robert Ajam for $900,000, subject to overbid, of the following
properties, more particularly described on Exhibits A to D:

      a. Improvements and/or assets located on or at 3111 Hwy. 90
E., in Broussard, Louisiana, which are collateral of Gulf Coast
Bank;

      b. Immovable property and improvements located at 5101 Decon
Road, in Youngsville, Louisiana, which forms collateral of Gulf
Coast Bank;

      c. All leases or subleases held by the Seller; and

      d. The property and improvements located at and on 106
Farmington Drive, in Lafayette, Lafayette Parish, Louisiana, which
is the collateral of Gulf Coast Bank.

No litigious rights are included in the Sale.

The Youngsville Property, the Broussard Property and the Home
(together with certain movables at the Youngsville and Broussard
locations) are encumbered by senior mortgages and/or security
interests in favor of Gulf Coast Bank.  The Bank's security
interests in the Broussard Property includes a first priority
mortgage in the Debtor's leasehold interest in the Youngsville
Property and the Broussard Property.

The Broussard Property is leased from the owner of that property
and Subleased to a tenant of A&R which is Rudral LLC.  The
Youngsville Property is leased to S&A Group LLC.  The Home is cross
collateralized as to the debt of A&R to the Bank.

The Buyer, Rami Ajam's brother, has offered to purchase the
Youngsville Property subject to and including the leasehold
interest of A&R, the Broussard Property (lease hold interests), and
the Home together with all non-exempt movable assets of the Movers
at the Youngsville and Broussard locations, and the leasehold
interests of A&R in the Youngsville and Broussard properties ("Sale
Assets") for a total, lump sum price of $900,000.  The Buyer has
executed an irrevocable purchase agreement, conditioned only
approval of the sale by the Court and being the winning bidder.
Additionally, any Inferior Liens could be compelled to take
whatever could be obtained in money at a state law foreclosure
sale, if any, and therefore such privileges or liens are subject to
section 363(f).

The Movers have presented the Motion to the Bank, and the Bank has
indicated that it does not intend to object to the sale
contemplated, conditioned on the ongoing cooperation of the Movers
with the Bank and the timely payment by the Movers of adequate
protection to the Bank through the date of the sale and reserving
the right to the Bank to obj ect to the Motion up until the hearing
on the Motion.  The April adequate protection payments due the Bank
will be due and payable before the hearing on the Motion.

Any higher bid must be for cash accompanied by a deposit in the
amount of 10% of the amount offered.  Any higher bid and deposit
must be received by 4:00 p.m. (PT), seven days prior to the hearing
date upon the Motion is first set for hearing.

The proceeds of the sale of the three properties, which is
$900,000, will be paid to Gulf Coast Bank at closing.  The minimum
to be received by Gulf Coast Bank is $900,000.

In addition, the sale includes the collateral held by Merchants
Bank Equipment Finance and TCF Equipment Financial.  The Purchaser
may elect to purchase either the equipment securing the Merchants'
loan or the equipment securing the TCF loan or both.  The amount of
the purchase price as to Merchants is $9,750 and $13,000 as to TCF,
which amounts will be in excess of the minimum bid of $900,000.
The purchase price, however, may be increased or decreased by the
Court and therefore the purchase price will be in the amounts
stated unless altered by a ruling of the Court or by the agreement
of Merchants, TCF, and the Stalking Horse Bidder or Successful
Bidder.

The Stalking Horse Bidder, or Successful Bidder in the event it is
not the Stalking Horse, along with A&R, may elect to surrender the
pumps and other related collateral of Merchants and/or TCF to
either Merchants or TCF, as the case may be, in lieu of purchasing
the collateral.  If the collateral is surrendered to either
Merchants or TCF, A&R will be entitled to a dollar-for-dollar
credit against the claim of the creditor whose collateral is
surrendered.  Once the claim of a given creditor is reduced by the
value of its collateral, any remaining balance will be deemed an
unsecured claim.

To be clear, the Purchaser of the Movers' property is not obligated
to purchase the collateral of either Merchants or TCF and may, at
its option, 1) either purchase the collateral for the additional
amounts stated, any amount fixed by the Court, or any amount agreed
upon between the creditor and the Purchaser, or 2) the Purchaser
along with A&R may surrender the collateral to the creditor holding
a security interest therein.

The Movants are asking authority to sell the immovable property of
the Debtor described to the highest bidder free and clear of any
privileges, liens, claims, judgments, and encumbrances.

The Movers believe that an opportunity for competitive bidding will
allow for assets to be purchased for the highest and best offer.
Additionally, they believe exposure to the market is not an option.
Accordingly, if a bid of at least $20,000 higher than the Stalking
Horse Bid is received and such bid is accompanied by the required
deposit and proof of ability to close satisfactory to the Movers
and others as is provided and as stated, then the Movers intend to
conduct the Auction on April 6, 2021, immediately after the hearing
on the Motion (PT).  Further, Movers suggest that any higher offers
must be made in increments of $20,000.

Any prospective bidder, must qualify no later than 4:00 p.m. (PT)
on March 30, 2021.  In order to bid on the ale Assets, the
prospective bidder must tender to either the Movers' counsel or the
Trustee Armstead Long between the hours of 9:00 a.m. and 4:00 p.m.
(either CDST or CST as applicable) no later than seven days before
the hearing on the Motion, the funds as noted for the bidder's
initial competing bid and provide sufficient proof, as determined
by the Movers, Gulf Coast Bank, and the Trustee, of financial
ability to close.  

The Stalking Horse bidder will be entitled to a breakup fee in the
amount of $30,000 in the event a higher bid is accepted and the
higher bidder actually closes the transfer of the property being
sold.  Additionally, in the event any successful bidder fails to
close within the time frame set out in this Motion or the related
Order, the bidder who fails to close will pay to each Mover, in
addition to the forfeiture of any deposit, the sum of $15,000 (a
total of $30,000) which will be used by each Mover to pay
administrative costs in each Mover's respective chapter 11 case;
however, in no event will the break-up fee or other amounts
contemplated educe the minimum payment to the Bank of $900,000.

The Bank is deemed to be a qualified bidder and will be allowed to
credit bid (except for payments that may be required to TCF and/or
Merchants as contemplated) and will not be required to pay any
break-up fee, deposits or any other out of pocket amounts.

Any funds received in excess of amounts due thereunder to the Bank,
TCF, and/or Merchants will be held in the trust account of H. Kent
Aguillard, counsel for A&R, pending further order of the court and
directing and authorizing release of such funds.

The successful bidder/purchaser will pay all usual and customary
costs of closing.

Finally, the Movers ask the Court to waive and abrogate the 14-day
stay imposed by Bankruptcy Rules 6004 and 6006.

A copy of the Agreement and the Exhibits is available at
https://tinyurl.com/4j5wz9t2 from PacerMonitor.com free of charge.

                      About A & R Development

A & R Development, Inc., a company that owns and operates gasoline
stations, filed a voluntary petition for relief under Chapter 11
of
the Bankruptcy Code (Bankr. W.D. La. Case No. 20-50903) on Dec. 7,
2020. The petition was signed by Rami Ajam, president. At the time
of the filing, the Debtor disclosed $513,994 in total assets and
$1,421,820 in total liabilities.

The Hon. John W. Kolwe oversees the case. The Debtor is
represented
by H. Kent Aguillard, Esq., and Caleb K. Aguillard, Esq.



A & R DEVELOPMENT: April 6 Hearing on Sale of Assets for $900K
--------------------------------------------------------------
A & R Development, Inc. and Rami Ajam filed with the U.S.
Bankruptcy Court for the Western District of Louisiana a notice of
their proposed the sale to Robert Ajam for $900,000, subject to
overbid, of the following properties:

      a. Improvements and/or assets located on or at 3111 Hwy. 90
E., in Broussard, Louisiana, which are collateral of Gulf Coast
Bank;

      b. Immovable property and improvements located at 5101 Decon
Road, in Youngsville, Louisiana, which forms collateral of Gulf
Coast Bank;

      c. All leases or subleases held by the Seller; and

      d. The property and improvements located at and on 106
Farmington Drive, in Lafayette, Lafayette Parish, Louisiana, which
is the collateral of Gulf Coast Bank.

No litigious rights are included in the Sale.

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


A hearing on the Motion is set for April 6, 2021, at 2:30 p.m.
Objections, if any, must be filed no later than seven days prior to
the hearing.

                      About A & R Development

A & R Development, Inc., a company that owns and operates gasoline
stations, filed a voluntary petition for relief under Chapter 11
of
the Bankruptcy Code (Bankr. W.D. La. Case No. 20-50903) on Dec. 7,
2020. The petition was signed by Rami Ajam, president. At the time
of the filing, the Debtor disclosed $513,994 in total assets and
$1,421,820 in total liabilities.

The Hon. John W. Kolwe oversees the case. The Debtor is
represented
by H. Kent Aguillard, Esq., and Caleb K. Aguillard, Esq.



ACASTI PHARMA: Has 200.1M Common Shares Outstanding as of March 5
-----------------------------------------------------------------
As required pursuant to the policies of the TSX Venture Exchange,
Acasti Pharma Inc. provided an update on the use of its "at-the
market" equity offering program.

As previously disclosed, Acasti entered into an amended and
restated ATM sales agreement on June 29, 2020 with B. Riley FBR
Inc., Oppenheimer & Co. Inc. and H.C. Wainwright & Co., LLC, to
implement an "at-the market" equity offering program under which
Acasti may issue and sell from time to time its common shares
having an aggregate offering price of up to $75 million through the
Agents. Pursuant to the ATM Program, as required pursuant to the
policies of the TSX Venture Exchange, since the last distributions
reported on Jan. 27, 2021, Acasti issued an aggregate of 20,159,229
common shares over the NASDAQ Stock Market for aggregate gross
proceeds to the Company of US$21.7 million.  The ATM Shares were
sold at prevailing market prices averaging US$1.0747 per share.  No
securities were sold through the facilities of the TSXV or, to the
knowledge of the Company, in Canada.  The ATM Shares were sold
pursuant to a U.S. registration statement on Form S-3 (No.
333-239538) as made effective on July 7, 2020, as well as the Sales
Agreement.  Pursuant to the Sales Agreement, a cash commission of
3.0% on the aggregate gross proceeds raised was paid to the Agents
in connection with their services.  As a result of the recent ATM
sales, Acasti has a total of 200,119,659 common shares issued and
outstanding as of March 5, 2021.

The additional capital raised has strengthened Acasti's balance
sheet and will provide the Company with additional flexibility in
its ongoing review process to explore and evaluate strategic
alternatives.

                         About Acasti Pharma

Acasti -- http://www.acastipharma.com-- is a biopharmaceutical
innovator that has historically focused on the research,
development and commercialization of prescription drugs using OM3
fatty acids delivered both as free fatty acids and
bound-to-phospholipid esters, derived from krill oil.  OM3 fatty
acids have extensive clinical evidence of safety and efficacy in
lowering triglycerides in patients with hypertriglyceridemia, or
HTG.  CaPre, an OM3 phospholipid therapeutic, was being developed
for patients with severe HTG.

Acasti reported a net loss and total comprehensive loss of $25.51
million for the year ended March 31, 2020, compared to a net loss
and total comprehensive loss of $39.37 million for the year ended
March 31, 2019.  As of Sept. 30, 2020, the Company had $13.83
million in total assets, $4.96 million in total liabilities, and
$8.87 million in total shareholders' equity.

KPMG LLP, in Montreal, Canada, the Company's auditor since 2009,
issued a "going concern" qualification in its report dated June 29,
2020, citing that the Corporation has incurred operating losses and
negative cash flows from operations since its inception, and
additional funds will be needed in the future that raise
substantial doubt about its ability to continue as a going concern.


ACI WORLDWIDE: Moody's Completes Review, Retains Ba3 CFR
--------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of ACI Worldwide, Inc. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on March 2, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

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

ACI's Ba3 Corporate family rating is supported by its predictable
revenue stream, driven by long-term software licensing contracts
with high renewal rates. The critical nature of ACI's software in
the payments ecosystem, coupled with high switching costs, also
provide rating support. Predictable revenue and profitability,
combined with modest capital expenditure requirements, result in
stable free cash flow generation. The credit is constrained by high
debt/EBITDA, which has been elevated after the debt-funded
acquisition of Speedpay in 2019. Product concentration within
legacy on-premise retail payment solutions and intense competition
in the consolidating payments industry are also credit negative.

The principal methodology used for this review was Software
Industry published in August 2018.


ADETONA, LLC: Wells Fargo Says Plan Patently Unconfirmable
----------------------------------------------------------
Wells Fargo Bank, N.A., objects to the Disclosure Statement of
Adetona, LLC, because it fails to provide adequate information as
required in the Bankruptcy Code and it describes a patently
unconfirmable plan.

As of the Petition Date, the Debtor was indebted to Wells Fargo in
an amount of at least $1.2 million as evidenced by various loan
documents.  The Debtor's obligations to Wells Fargo are secured by
perfected liens and security interests in the Debtor's real
property at 9480 Huebner Road, #400, San Antonio, Texas.

According to Wells Fargo, the Debtor has failed to provide
financial projections that would support its ability to make the
proposed Plan payments.  It notes that without financial
projections, creditors are unable to make an informed decision to
accept or reject the Plan.  Feasibility is an important issue as
tax arrears and missed Note payments are the primary reasons the
Debtor filed this Chapter 11 case.

Wells Fargo adds that the Debtor improperly classifies the claim of
Wells Fargo as "unimpaired." Prior to the Petition Date, Wells
Fargo's Note had been accelerated and was due in full.  The Plan
proposes to purportedly reinstate the Note on its original terms.
However, the Note, by its original terms, matures on November 30,
2036.  Under the Plan's treatment of Wells Fargo, it will take 254
payments, which calculates to over 21 years before Wells Fargo's
claim is paid off. In rough numbers, the Note, as proposed in the
Plan, will be paid off in 2042, which is after the original
maturity date of the Note.

Moreover, Wells Fargo points out that the Plan is unconfirmable as
a matter of law and the case should be dismissed.

"Notwithstanding the fact that there are no financial projections
of the Debtor or its medical practice tenants, the Debtor's
post-petition monthly operating reports do not support Plan
feasibility.  If the Debtor is properly setting aside monthly
deposits for post-petition taxes as required under the agreed order
with Wells Fargo resolving its lift stay motion, the Debtor should
be setting aside approximately $4,166 each month. Given the monthly
Plan payments right after confirmation which escalate in 2021, the
Debtor's income from post-petition operations does not support
feasibility," Wells Fargo tells the Court.

Wells Fargo's counsel can be reached at:

      LANGLEY & BANACK, INCORPORATED
      Allen M. DeBard
      745 E. Mulberry, Suite 900
      San Antonio, Texas 78212
      Tel: (210) 736-6600
      Fax: (210) 735-6889

                      About Adetona LLC

Adetona, LLC, filed as a single asset real estate debtor (as
defined in 11 U.S.C. Section 101(51B)).

Based in San Antonio, Texas, Adetona filed a petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No.
20-51825) on Oct. 30, 2020.  Olutola Adetona, the managing member,
signed the petition.  At the time of filing, the Debtor estimated
$1 million to $10 million in both assets and liabilities. Judge
Craig A. Gargotta oversees the case.  James S. Wilkins, P.C.,
serves as the Debtor's legal counsel.


AEPC GROUP: June 30 Plan Confirmation Hearing Set
-------------------------------------------------
AEPC Group, LLC, filed with the U.S. Bankruptcy Court for the
Central District of California, Santa Ana Division, the First
Amended Disclosure Statement Describing the First Amended Chapter
11 Plan.

On March 4, 2021, Judge Theodor C. Albert ordered that:

     * June 4, 2021, by 5 p.m. is the deadline by which ballots to
accept or reject the Debtor's First Amended Chapter 11 Plan must be
returned.

     * June 14, 2021, is the deadline for the Debtor to file its
ballot tally, confirmation brief and evidence in support thereof.

     * June 18, 2021, is the deadline by which any party objecting
to confirmation of the Debtor's First Amended Chapter 11 Plan must
file and serve its objections.

     * June 22, 2021, is the deadline for the Debtor to file any
reply to confirmation objections.

     * June 30, 2021, commencing at 10:00 a.m. is the chapter 11
plan confirmation hearing.

A full-text copy of the order dated March 4, 2021, is available at
https://bit.ly/2NdwzgH from PacerMonitor.com at no charge.

Attorneys for the Debtor:

     JEFFREY S. SHINBROT, ESQ.
     JEFFREY S. SHINBROT, APLC
     15260 Ventura Blvd., Suite 1200
     Sherman Oaks, CA 91403
     Tel: (310) 659-5444
     Fax: (310) 878-8304
     E-mail: jeffrey@shinbrotfirm.com

                        About AEPC Group

AEPC Group, LLC is an Irvine, Calif.-based full-service,
multi-discipline architectural, engineering and construction
services firm with professional, technical and support personnel.

AEPC Group sought Chapter 11 protection (Bankr. C.D. Cal. Case No.
20-11611) on June 4, 2020.  AEPC Group President Ed Ghalib signed
the petition.  At the time of the filing, the Debtor disclosed
total assets of $953,625 and total liabilities of $1,327,056.
Judge Theodor Albert oversees the case.  The Debtor has tapped
Jeffrey S. Shinbrot, APLC, as its legal counsel and C.Y.G.
Financial Advisory Services as its investment banker.


AIRPORT VAN RENTAL: Hires Barnes & Thornburg as Special Counsel
---------------------------------------------------------------
Airport Van Rental, Inc., and its affiliates seek approval from the
U.S. Bankruptcy Court for the Central District of California to
employ Barnes & Thornburg LLP as special counsel.

The firm will advise the Debtors concerning the proper registration
of their businesses in California, Georgia, Nevada, Texas, and
Utah, along with related duties and state filings.

The firm will be paid at these rates:

     Attorneys             $515 to $765 per hour
     Paralegals            $300 to $380 per hour

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

William B. Kirshenbaum, Esq., a partner at Barnes & Thornburg LLP,
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 B. Kirshenbaum, Esq.
          Barnes & Thornburg LLP
          2029 Century Park East, Suite 300
          Los Angeles, CA 90067
          Telephone number: (310) 284-3894

              About Airport Van Rental, Inc.

Airport Van Rental -- https://www.airportvanrental.com/ -- is a van
rental company offering short and long-term rentals for road trips,
weekend journeys, moving, and any other group outings. Airport Van
Rental and its affiliates filed their voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Lead Case
No. 20-20876) on Dec. 11, 2020. Yazdan Irani, its president and
chief executive officer, signed the petitions.

At the time of filing, Airport Van Rental disclosed between $10
million and $50 million in both assets and liabilities.

Judge Sheri Bluebond oversees the case.

The Debtors tapped Danning, Gill, Israel & Krasnoff, LLP as their
bankruptcy counsel, CSA Partners LLC as financial consultant, and
Joel Glaser, APC as litigation counsel. Kevin S. Tierney is the
Debtors' chief reorganization officer.


ALA TURK: Reaches FLSA Settlement With Ucarer; Files Amended Plan
-----------------------------------------------------------------
Ala Turk Inc., d/b/a Ala Turka, submitted a Second Amended
Disclosure Statement and a Second Amended Plan after having reached
a settlement of the FLSA Action.

The Debtor has reached a settlement of the FLSA Action with the
labor creditor Akin Ucarer who filed proof of claim no. 8. The
Debtor will be filing a motion pursuant to Bankruptcy Rule 9019 to
approve that settlement returnable at the time of the hearing on
confirmation of the Plan. The Bankruptcy Court shall retain
jurisdiction of that action to the extent provided for in the
settlement agreement and order of the Bankruptcy Court approving
the settlement.

Ecolab filed a priority claim in the amount of $190.53 that the
Debtor believes is allowable as an administrative expense claim
under 11 U.S.C. Sec. 503(b)(9). Ecolab shall be paid in full on the
effective date of the Plan.

The proposed Plan has the following risks:

     * Changes in the economy and the New York restaurant market,
including the length of time and impact of the COVID-19 pandemic on
the New York economy, could affect the Debtor's ability to make
payments and other distributions required under the Plan. Due to
the pandemic, there are risks including the length of time of
closure of indoor dining, potential closure of outdoor dining.
However, the Debtor has made a substantial investment in its
outdoor dining seating and believes that customers will continue to
dine through the winter and early spring. At this time the Debtor
is open for outdoor and indoor dining and expects to remain open
with capacity increasing as the effects of the pandemic subside.

     * A further risk is that the Plan may not be accepted by
creditors. However, due to the settlement of the FLSA Action, the
Debtor's largest creditor has committed to voting to accept the
Plan and the Debtor believes that the Plan will be accepted by its
creditors.

     * A further risk is that the Debtor will not obtain a new
lease prior to the confirmation hearing. The Debtor occupies its
premises on a month-to-month basis. The Debtor's landlord had
previously promised to send a signed new lease; however, she has
been non-responsive to the Debtor's latest efforts to contact her.
Given the current market for restaurant tenants in Manhattan, the
Debtor believes that as long as it continues to pay rent that it
will be permitted to occupy the premises on a month-to-month
basis.

The Amended Plan and Amended Disclosure Statement does not alter
the projected recovery for general unsecured creditors.  Unsecured
creditors will recover 6.9% under the Plan.

Payments and distributions under the Plan will be funded by cash on
hand in the amount of $60,000.00, a new value contribution by the
Debtor's principal Suleyman Secer in the sum of $20,000.00, and
funds from future operations. By signing this Disclosure Statement,
the Debtor's principal represents that he has the funds required
and available to fund the plan contribution.

A full-text copy of the Second Amended Disclosure Statement dated
March 4, 2021, is available at https://bit.ly/3qGuzLq from
PacerMonitor.com at no charge.

Attorneys for the Debtor:

     LAWRENCE F. MORRISON
     BRIAN J. HUFNAGEL
     MORRISON TENENBAUM PLLC
     87 Walker Street, Floor 2
     New York, New York 10013
     Telephone: (212) 620-0938
     Facsimile: (646)390-5095

                         About Ala Turk

Ala Turk Inc. -- https://alaturkarestaurant.com/ -- owns and
operates a restaurant specializing in Mediterranean cuisine.  The A
La Turka restaurant focuses on grilled meat and fish.  A La Turka
offers along with 20 different kebabs like a kebab factory,
including chicken, lamb and beef, also Mediterranean fish
selections, as Branzini.  The restaurant is located at 1417 2nd
Avenue, New York.

Ala Turk Inc. filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 20-42628) on
July 15, 2020. The petition was signed by Suleyman Secer,
president.  At the time of filing, the Debtor disclosed $263,500 in
assets and $1,276,886 in liabilities.

Lawrence F. Morrison, Esq., at Morrison Tenenbaum PLLC, is the
Debtor's counsel.


ALAMO DRAFTHOUSE: Seeks to Hire Epiq as Claims Agent
----------------------------------------------------
Alamo Drafthouse Cinemas Holdings, LLC, and its affiliates seek
approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Epiq Corporate Restructuring, LLC as claims and
noticing agent.

The firm will oversee the distribution of notices and the
maintenance, processing and docketing of proofs of claim filed in
the Debtor's Chapter 11 case.

The firm will be paid at these rates:

     Executives                                       No Charge
     Executive Vice President, Solicitation           $215
     Solicitation Consultant                          $195
     Consultants/Directors/Vice Presidents            $165-$195
     Case Managers                                    $85-$165
     IT/Programming                                   $65-$85
     Clerical/Administrative Support                  $35-$55

The firm received from the Debtor a retainer in the amount of
$25,000.

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

Sophie Frodsham, a partner at Epiq Corporate Restructuring, LLC,
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:

          Sophie Frodsham
          Epiq Corporate Restructuring, LLC
          777 Third Avenue
          New York, NY 10017
          Tel: (415) 691-0775

       About Alamo Drafthouse Cinemas Holdings, LLC

Alamo Drafthouse Cinemas Holdings, LLC sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
21-10474) on March 3, 2021. In the petition signed by Matthew
Vonderahe, chief financial officer, the Debtor disclosed up to $500
million in both assets and liabilities.

Judge Mary F. Walrath oversees the case.

Matthew B. Lunn represents the Debtor as counsel.



ALL IN JETS: Withdraws Auction Sale of Substantially All Assets
---------------------------------------------------------------
All In Jets, LLC, doing business as Jet Ready, filed with the U.S.
Bankruptcy Court for the Southern District of New York a notice of
withdrawal of its proposed bid procedures relating to the private
sale of substantially all assets outside the ordinary course of
business, to Aviate Jet Group, LLC, for $600,000, cash, subject to
higher and better offers.

The Debtor filed the Sale Motion on Dec. 21, 2020.  The related
auction is cancelled as of the filing of the Withdrawal of Motion.

                         About All In Jets

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

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



ALPHA MEDIA: Court Okays $115 Million Chapter 11 Plan Vote
----------------------------------------------------------
Law360 reports that a Virginia bankruptcy judge Thursday, March 11,
2021, gave radio station owner Alpha Media Holdings the go-ahead to
send its Chapter 11 plan to creditors for a vote while denying an
application by a creditor for more than $5 million in professional
fees.

After a more than five-hour virtual hearing that was mostly devoted
to first-lien debt holder Fortress Credit Corp.'s request for about
$5.5 million in professional fees, U.S. Bankruptcy Judge Kevin
Huennekens approved Alpha Media's Chapter 11 disclosure statement,
overriding arguments from the U.S. Trustee that plan confirmation
is scheduled too soon for creditors to air objections to the plan.


                   About Alpha Media Holdings

Alpha Media is a privately held radio broadcast and multimedia
company.  Formed in 2009 by a veteran radio executive, Alpha Media
grew through acquisitions and now owns or operates more than 200
radio stations that provide local news, sports, music, and
entertainment to a weekly audience of more than 11 million
listeners in 44 communities across the United States. In addition
to its radio stations, Alpha Media provides digital content through
more than 200 websites and countless mobile applications and
digital streaming services.

Alpha Media and its affiliates sought Chapter 11 protection (Bankr.
E.D. Va. Lead Case No. 21-30209) on Jan. 25, 2021. John Grossi,
chief financial officer, signed the petitions. At the time of the
filing, Alpha Media disclosed estimated assets of $10 million to
$50 million and estimated liabilities of $50 million to $100
million.

Judge Kevin R. Huennekens oversees the cases.

The Debtors tapped Sheppard, Mullin, Richter & Hampton LLP as legal
counsel, Kutak Rock LLP as local counsel, Moelis & Company as
financial advisor, and Ernst & Young LLP as restructuring advisor.
Stretto is the claims and noticing agent.

Wilmington Savings Fund Society, the administrative agent to the
first lien lenders, is represented by Debevoise & Plimpton, LLP and
Hunton Andrews Kurth, LLP.

The U.S. Trustee for Region 4 appointed an official committee of
unsecured creditors on Feb. 3, 2021.  

The committee tapped Hahn Loeser & Parks, LLP as its bankruptcy
counsel, Hirschler Fleischer, P.C. as local counsel, Dundon
Advisers LLC as financial advisor, and Miller Buckfire & Co., LLC
as investment banker.


ALPHA MEDIA: US Trustee Says Amended Plan Patently Unconfirmable
----------------------------------------------------------------
John P. Fitzgerald, III, Acting United States Trustee for Region
Four, objects to the Amended Disclosure Statement for Amended Joint
Plan of Reorganization of Alpha Media Holdings LLC and Its Debtor
Affiliates.

The Amended Disclosure Statement in its current form cannot be
approved because the proposed Plan is patently unconfirmable and
fails to provide adequate information as required by Section 1125
of the Bankruptcy Code. The United States Trustee objects to the
Solicitations Procedures Motion and Amended Disclosure Statement on
various grounds, including, among others:

     * The Solicitation Procedures Motion contemplates shortening
the deadline to vote on the Plan without providing a plausible
explanation as to why the deadlines should be reduced.

     * The Solicitation Procedures Motion, the Amended Disclosure
Statement, and the Plan should not provide that a failure by
creditors in a class to cast any votes is deemed acceptance of the
plan by the class.

     * The release of non-debtor third parties and exculpation
provisions are overly broad and do not satisfy the Behrmann
factors.

     * The Amended Disclosure Statement and underlying Plan may
contain an impermissible request for approval of certain Management
Incentive Plan provisions which may violate Section 503(c) of the
Bankruptcy Code.

     * The Amended Disclosure Statement and Plan do not contemplate
a bar date by which claimants need to file claims.

                  About Alpha Media Holdings

Alpha Media is a privately held radio broadcast and multimedia
company.  Formed in 2009 by a veteran radio executive, Alpha Media
grew through acquisitions and now owns or operates more than 200
radio stations that provide local news, sports, music, and
entertainment to a weekly audience of more than 11 million
listeners in 44 communities across the United States. In addition
to its radio stations, Alpha Media provides digital content through
more than 200 websites and countless mobile applications and
digital streaming services.

Alpha Media and its affiliates sought Chapter 11 protection (Bankr.
E.D. Va. Lead Case No. 21-30209) on Jan. 25, 2021. John Grossi,
chief financial officer, signed the petitions. At the time of the
filing, Alpha Media disclosed estimated assets of $10 million to
$50 million and estimated liabilities of $50 million to $100
million.

Judge Kevin R. Huennekens oversees the cases.

The Debtors tapped Sheppard, Mullin, Richter & Hampton LLP as legal
counsel, Kutak Rock LLP as local counsel, Moelis & Company as
financial advisor, and Ernst & Young LLP as restructuring advisor.
Stretto is the claims and noticing agent.

Wilmington Savings Fund Society, the administrative agent to the
first lien lenders, is represented by Debevoise & Plimpton, LLP and
Hunton Andrews Kurth, LLP.

The U.S. Trustee for Region 4 appointed an official committee of
unsecured creditors on Feb. 3, 2021.  

The committee tapped Hahn Loeser & Parks, LLP, as its bankruptcy
counsel, Hirschler Fleischer, P.C. as local counsel, Dundon
Advisers LLC as financial advisor, and Miller Buckfire & Co., LLC
as investment banker.


AMERICAN PUBLIC EDUCATION: S&P Assigns 'B+' ICR, Outlook Stable
---------------------------------------------------------------
On March 11, 2021, S&P Global Ratings assigned its 'B+' issuer
credit rating to Charles Town, W. Va.-based for-profit higher
education provider American Public Education Inc. (APEI). S&P also
assigned a 'BB-' issue-level rating and '2' recovery rating to the
proposed $175 million term loan and $20 million revolving credit
facility.

APEI is vulnerable to regulatory changes because of high dependence
on federal assistance programs. The company derives roughly 60% of
its revenue from U.S. governmental funding sources, which are
vulnerable to changes in regulations and budgetary pressures and
consider this a risk. The large reliance on these funds exposes
both its American Public University System Inc. (APUS) and nursing
business to regulatory risk as governmental funding could be cut
off or significantly reduced due to changes in regulatory
requirements, or if a particular program fails to meet job
placement and accreditation requirements set by the regulator. Cash
payments and private loans make up a small percentage of revenue,
because most applicants require some form of student financing aid
to support their education.

The company has a small scale of operations with limited business
diversity. APEI is a higher education provider with roughly $600
million revenue on a pro forma basis and is smaller compared to
other rated peers such as Adtalem Global Education Inc. APEI's
small size, lower EBITDA margin, and limited track record of
consistent growth compared to peers are negative factors for the
rating. Both APEI and Hondros College of Nursing (HCN) compete with
organizations including large flagship universities and midsize
state universities that have more diverse course offerings, broader
geographic reach, and larger-scale operations.

Although the proposed acquisition enhances the company's scale and
growth profile, APEI only operates in the U.S. with course
offerings focused in pre-licensure nursing and postsecondary
education for adult learners. S&P said, "We expect pro forma
revenue to be roughly one-third military, one-third adult learners,
and one-third nursing. We still view APEI as having limited
business diversity with a high concentration of military and
veteran students." It generates more than half of its revenue from
online course offerings. The company's APUS segment is delivered
online and enhances the company's geographic reach. Offerings
include traditional academic programs and targeted public services
focused programs to military service members and professionals. HCN
and Rasmussen University together offer pre-licensure nursing and
non-nursing healthcare programs through 30 campuses across eight
states in the U.S.

APEI has a good market position in the online learning space. APUS
is a leading provider of higher education to military service
members and veterans in the U.S. The company's flexible delivery
model with both online and on-campus program offerings provides it
with the opportunity to capitalize on favorable secular trends in
both the online education and nursing higher education and
licensure markets. The company offers programs at a lower tuition
rates compared to most of its competitors and tuition rate
increases have not been frequent. While S&P believes that lower
tuition rates help APEI attract more students by making the courses
affordable to students, increasing student-acquisition costs and
its limited ability to compete against other institutions with
larger marketing budgets makes it vulnerable to increasing
competition in the post-secondary education market.

APEI faced challenges in enrollment trends over the past several
years at both APUS and HCN largely due to changes to admission
policies. However, management has introduced certain initiatives
such as a marketing campaign to increase brand awareness and
investing in the virtual learning platform, which has resulted in a
12.4% revenue increase and enrollment growth in 2020. Nursing
enrollments at APEI's HCN at the end of December 2020 were up 34%
year over year and nursing enrollments at Rasmussen University in
2020 were up roughly 28% from the previous year. S&P said, "While
we believe the coronavirus pandemic and transition to online
learning may have boosted growth in 2020, we believe that APEI's
pre-licensure nursing courses will see healthy enrollment trends
given market demand. Nevertheless, consistent growth at the APUS
segment, which in our view has less pricing power due to its appeal
of affordability to students, will be critical for growth because
it will still account for approximately 50% of total revenues."

Long term secular trends augur well for APEI's nursing vertical.
S&P said, "We expect the company to increase enrollment and tuition
fees with good revenue visibility in our view stemming from the
increasing demand for healthcare professionals due to the aging
U.S. population." Following the acquisition of Rasmussen
University, APEI will increase its scale by adding 24 campuses
across seven states, diversify its program offering, and become a
leading provider of pre-licensure nurses. With the acquisition,
registered nursing (RN) degrees will account for about 64% of
nursing enrollment, up from currently 35%, supporting good growth
prospects for APEI because of increasing supply and demand
imbalance for nurses, especially amid the coronavirus pandemic.

S&P said, "We expect the company to generate healthy cash flow,
maintain sufficient liquidity, and expect adjusted leverage to be
in the 3x area over the next two years. APEI generates good free
operating cash flow because of low capital spending. We expect the
company to generate between $40 million and $55 million of reported
FOCF in fiscal years 2021 and 2022. We forecast adjusted leverage
in the low-3x area in 2021 and high-2x area in 2022. We expect the
company to improve its adjusted leverage with EBITDA growth at
mid-single-digit percentage rate and modest debt reduction from the
5% annual term loan amortization. While we view APEI's acquisition
of Rasmussen University as transformative, we do not expect the
company to adopt an aggressive acquisition growth strategy that
will require additional debt funding over the next two to three
years. APEI directed most of its free cash flow toward share
repurchases during the past two years; however, going forward, we
believe it will use most of its free cash flow for tuck-in
acquisitions and business investments such as campus expansion.

"The stable outlook reflects our expectation that APEI will
generate steady revenue and EBITDA growth through positive
enrollment trends and that pro forma leverage will be in the low-3x
area in fiscal 2021 pro forma for the acquisition of Rasmussen
University."

S&P could lower the rating if:

-- Enrollment rates decline materially because of operational
missteps, loss of accreditation, or adverse regulatory changes that
reduces government-assisted funding sources; or

-- The company adopts an aggressive financial policy such that
leverage to trends toward 4x.

S&P could raise the rating if:

-- APEI broadens its scale of operations and further reduces its
reliance on government-assisted funding sources;

-- The company sustains positive enrollment trends; and

-- The company reduces and maintains leverage well below 2.5x.



ARCHDIOCESE OF NEW ORLEANS: 400 Clergy Abuse Claims Filed
---------------------------------------------------------
Ramon Antonio Vargas of Nola.com reports that roughly 400 people
who allege that they were sexually preyed upon by local priests and
deacons went to bankruptcy court and sought compensation from the
Archdiocese of New Orleans before the deadline for victims of
clerical abuse to file such claims, church officials said
Thursday.

The announcement provides clarity as to the number and potential
value of remaining clerical abuse cases that the archdiocese will
have to settle or litigate before it can reorganize its finances, a
process that started when the church filed for Chapter 11
bankruptcy last May.

March 1, 2021, was the final day a sexual abuse claim could be
filed in the case, which is the only avenue for compensation for
those claiming they were molested prior to the bankruptcy filing.
Whoever had such claims but didn’t pursue compensation by the
deadline has forever lost the right to do so.

Plaintiffs' attorney Jeff Anderson, who has represented abuse
claimants against virtually all of the 27 U.S. Catholic dioceses
that have declared bankruptcy, said he believes 400 claims is
relatively low for the church in New Orleans, given that the
archdiocese serves about a half-million parishioners and currently
has a list of more than 70 clergy who have been credibly accused of
sexually molesting children or vulnerable adults.

He said the low number of claims illustrates why bankruptcy
protection is "a sinister and effective tool."

"There is no question that the archdiocese is using Chapter 11 as a
...shield to prevent survivors from being able to come forward,"
said Anderson, who represents about a dozen clients in New Orleans.
"They (would) face so many more claims in time."

In a statement Thursday, March 11, 2021, Archbishop Gregory Aymond
said he and his staff hope "these steps allow survivors of sexual
abuse a path of healing" while offering "prayerful support for all
victims and survivors of sexual abuse."

For the sake of comparison, the Diocese of Buffalo filed for
bankruptcy last February and the court has given claimants until
August of this year to file, eight months more than New Orleans
claimants received. The Buffalo diocese, which serves about 700,000
Catholics, estimates it will end up receiving 400 abuse claims, but
it's impossible to know if that will prove anywhere near accurate.

The New Orleans bankruptcy claims do not include dozens, or even
hundreds, of abuse survivors who came forward before the bankruptcy
case began and agreed to out-of-court settlements with the
archdiocese. A significant number of those settlements were made in
2018 and 2019, in the months immediately before and after Aymond
released earlier versions of the list of priests and deacons who
had been credibly accused of sexually abusing minors in the New
Orleans area over seven decades.

The publication of the list inspired many victims to come forward
who had repressed memories of their abuse or had been afraid to
speak up, and the roster has been expanded a handful of times.

Only an approximation of the final number of claims from church
officials is available, rather than an exact number from federal
bankruptcy court, because the court-appointed claims administrator
is still sorting through documents arriving by mail as well as
issues with duplicate or incorrectly filed forms.

The archdiocese has said it filed for Chapter 11 due to significant
financial distress from litigation and settlement negotiations
surrounding the abuse scandal, as well as revenue decreases
associated with activity restrictions spurred by the coronavirus
pandemic.

Clergy-abuse creditors have argued the archdiocese is not in
financial distress and doesn't deserve Chapter 11 protection, but
the court has not ruled on that question.

Chapter 11 allows organizations to get their books in order while
shielding them from the demands of creditors, who have to fill out
claims forms proving the bankruptcy entity owes them money.

Archdiocesan officials said Thursday, March 11, 2021, that 430
additional creditors -- including several of the churches and
agencies under archdiocesan control -- claim they are owed money
for other reasons, from outstanding utility bills to accidental
falls on church property.

An archdiocesan spokesperson said abuse-related bankruptcy claims
would be reviewed for referral to law enforcement authorities and
church discipline — such as removing a cleric from public
ministry — when appropriate.

Those claims are currently under seal. It is unclear how much their
total value might be. Church abuse settlements prior to the
bankruptcy could range from tens of thousands of dollars to more
than $1 million.

              About the Archdiocese of New Orleans

The Roman Catholic Church of the Archdiocese of New Orleans is a
non-profit religious corporation incorporated under the laws of the
State of Louisiana. For more information, visit
https://www.nolacatholic.org/

Established as an archdiocese in 1850, the Archdiocese of New
Orleans has educated hundreds of thousands in its schools, provided
religious services to its churches, and provided charitable
assistance to individuals in need, including those affected by
hurricanes, floods, natural disasters, war, civil unrest, plagues,
epidemics, and illness. Currently, the archdiocese's geographic
footprint occupies over 4,200 square miles in southeast Louisiana
and includes eight civil parishes -- Jefferson, Orleans,
Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St.
Tammany, and Washington.

The Roman Catholic Church for the Archdiocese of New Orleans sought
Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1,
2020, to deal with sexual abuse claims.  The archdiocese was
estimated to have $100 million to $500 million in assets and
liabilities as of the bankruptcy filing.

Judge Meredith S. Grabill oversees the case.

The archdiocese's counsel is Jones Walker LLP.  Donlin, Recano &
Company, Inc. is the claims agent.

The Official Committee of Unsecured Creditors tapped Pachulski
Stang Ziehl & Jones, LLP and Locke Lord, LLP as counsel, and
Berkeley Research Group, LLC, as financial advisor.


ARETE LAND: Buddyncheeks & MSC Buying Montpelier Property for $330K
-------------------------------------------------------------------
Arete Land Co., LLC, asks the U.S. Bankruptcy Court for the
District of Utah to authorize the sale of interest in certain
estate property, namely The Jewel Building situated at 350
Washington Street in Montpelier, Bear Lake County, State of Idaho,
as more particularly described in the RE-23 Commercial/Investment
Real Estate Purchase and Sale Agreement, to Buddyncheeks, LLC, and
MSC Investments, LLC, for $329,800, subject to higher and better
offers.

The Debtor is in the business of buying and selling real estate,
particularly in the area of Bear Lake, Utah.  It has been
diligently marketing the Property and negotiating with various
interested parties for many months for the sale of the Property.  

As a result of those efforts, the Debtor has recently received the
Purchase Contract from the Buyers, one of the parties with which
the Debtor has been negotiating, offering to purchase the Property
owned by the Debtor for the sum of $329,800.  The offer by the
Buyers is a fair and equitable offer according to the Debtor's
assessment of values of the property and the current market
conditions.  The Debtor has made no promises or agreements with the
Buyers to entice the Buyers to make the offer other than as
disclosed in the Motion; and, the Buyers have not agreed to do
anything other than as disclosed in the Purchase Contract.

The Debtor intends to sell its interest in the Property, free and
clear of all liens and interests, but “as is, where is”, and
with no warranties or guarantees.  There are no known liens on the
Property at this time.

The Debtor has received an offer for the Property as set forth,
which offer is subject to higher and better offers and subject to
bankruptcy court approval.  Any parties desiring to make a higher
and better offer must present the offer in writing prior to or at
the hearing on the Motion.

Upon completion of the sale, the Debtor will provide the
appropriate deeds necessary to transfer the Property to the
successful purchaser, which will be accompanied by the order
approving the sale of the Property free and clear of liens and
interests.

The Debtor believes that the sale is proposed in good faith and is
for fair value.  Moreover, the sale is expressly subject to higher
and better offers.  The net proceeds of the sale will be used by
the Debtor in its ongoing operations.

A copy of the Agreement is available at
https://tinyurl.com/8behtcmd from PacerMonitor.com free of charge.

        About Arete Land Company, LLC

Arete Land Company, LLC operates in the traveler accommodation
industry.

The Debtor sought Chapter 11 protection (Bankr. D. Utah Case No.
21-20488) on Feb. 9, 2021.  The case is assigned to Judge William
T. Thurman.

As of Jan. 31, 2021, the Debtor's total assets is at $4,184,852 and
$3,469,900 in total debt.

The Debtor tapped Andres Diaz, Esq., at Diaz & Larsen as counsel.

The petition was signed by Christofer Shurian, manager.



ARTISAN BUILDERS: $255K Sale of Phoenix Property to Equity OK'd
---------------------------------------------------------------
Judge Brenda K. Martin of the U.S. Bankruptcy Court for the
District of Arizona authorized Artisan Builders, LLC's sale of the
real property located at 4307 N. 13th Place, in Phoenix, Arizona,
to Equity Sunrise, LLC, for $255,000, cash.

The Sale is free and clear of all liens pursuant to the terms set
forth in the Motion to Approve Sale and in the Purchase Contract,
except as otherwise set forth in the Order.

The Court authorized and directed payment of the following:

      a. the Release Price of approximately $170,000 to the senior
secured lender, InFocus Investments, LLC, from the sales proceeds
in accordance with the terms set forth in the Motion to Approve
Sale;

      b. a brokerage fee of $3,000 to the Seller's agents, Urban
Blue Realty;

      c. closing costs to the title and escrow company handling the
transaction, Empire West Title Agency, pursuant to the terms of the
Purchase Contract; and

      d. the net proceeds of sale to the Debtor, to be deposited
into its DIP account.

The Court waived the 14-day stay provided by the Federal Rules of
Bankruptcy Procedure Rule 6004(h) which respect to the closing of
the sale which sale may occur immediately upon entry of the Order.


             About Artisan Builders, LLC,

Artisan Builders, LLC, located at 17916 N. 93rd Street, Scottsdale,
Arizona, is a full service general contractor specializing in
custom homes.

Artisan Builders sought Chapter 11 protection (Bankr. D. Ariz. Case
No. 20-07501) on June 24, 2020.

The Debtor estimated assets and liabilities in the range of $1
million to $10 million.

The Debtor tapped Richard W. Hundley, Esq., at The Kozub Law Group,
PLC as counsel.

The petition was signed by James Guajardo, manager.

On Oct. 20, 2020, the Court appointed Urban Blue Realty, LLC, and
Nicolas Blue as Broker.



ASCENA RETAIL: Untimely Opt Out of Third-Party Releases Denied
--------------------------------------------------------------
Judge Kevin R. Huennekens of the U.S. Bankruptcy Court for the
Eastern District of Virginia, Richmond Division, denied the
Securities Lead Plaintiffs' Motion for Entry of an Order (I)
Authorizing Lead Plaintiffs to Opt Out of Third-Party Releases on
Behalf of the Class or, in the Alternative, (II) Certifying the
Class for a Limited Purpose Pursuant to Fed. R. Bankr. P. 7023 and
9014 and Fed. R. Civ. P. 23, filed by Movants Joel Patterson and
Michaella Corporation.

The Motion asked the Court to authorize the Movants to untimely opt
out of third-party releases provided in the confirmed Amended Joint
Chapter 11 Plan of Mahwah Bergen Retail Group, Inc. (F/K/A Ascena
Retail Group, Inc.) and its Debtor Affiliates, on behalf of all
members of a putative class in connection with a class action
lawsuit brought by Movants or, in the alternative, to certify a
class for the limited purpose of allowing the Movants to untimely
effect an opt out of the Third-Party Releases on behalf of all
class members.

In June 2019, the Movants, on behalf of themselves and a proposed
class of persons who purchased or otherwise acquired Ascena common
stock between December 1, 2015 and May 17, 2017, filed a class
action lawsuit alleging violations of federal securities law
against Ascena and two of its former officers and directors in the
United States District Court for the District of New Jersey.  The
District Court appointed the Movants as the lead plaintiffs in the
Securities Litigation but has not certified a class for any
purpose.

More than a year following the commencement of the Securities
Litigation, on July 23, 2020, the Debtors each filed voluntary
petitions under Chapter 11 of Title 11 of the Bankruptcy Code,
thereby commencing the Bankruptcy Cases.  As a result of the
commencement of the Bankruptcy Cases, the Securities Litigation was
stayed as to Ascena pursuant to section 362 of the Bankruptcy
Code.

Prior the Petition Date, the Debtors entered into a Restructuring
Support Agreement supported by 68% of their prepetition secured
term lenders, which initially contemplated a balance sheet
restructuring.  However, in exercising flexibility afforded by the
RSA, after the Petition Date, the Debtors engaged in a marketing
process to determine whether a sale transaction of all or a portion
of the Debtors' business would result in a higher and better value
for the benefit of the bankruptcy estate.  To that end, the
Debtors, with the Court's approval, consummated three sale
transactions pursuant to section 363 of the Bankruptcy Code.  By
the time that the Debtors closed on the third and final transaction
on December 23, 2020, the Debtors had effectively sold
substantially all of their assets.  These sale transactions were
supported by nearly all Term Lenders and the Creditors' Committee.


The Debtors executed an amended and restated RSA with approximately
97.25% of the Term Lenders, all of whom strongly supported
confirmation of the proposed revised Plan designed to effect
distribution of the sales proceeds.  In addition, the Debtors were
able to negotiate a global settlement with the Creditors'
Committee, the terms of which are reflected in the Plan.  As a
result, the Creditors' Committee also endorsed confirmation of the
Plan.

The Plan includes, among other provisions, the voluntary
Third-Party Releases, described as a "Release by holders of Claims
or Interests": "[E]ach Releasing Party... is deemed to have
released and discharged each Debtor, Reorganized Debtor, and each
other Released Party from any and all Causes of Action, whether
known or unknown, including any derivative claims, asserted or
assertable on behalf of any of the Debtors... based on or relating
to, or in any manner arising from, in whole or in part the Debtors
(including the management, ownership or operation thereof), the
purchase, sale, or rescission of any Security of the Debtors or the
Reorganized Debtors, the subject matter of, or the transactions or
events giving rise to, any Claim or Interest that is treated in the
Plan... or upon any other act, omission, transaction, agreement,
event, or other occurrence (in each case, related to any of the
foregoing) taking place on or before the Effective Date."

Pursuant to the Plan, "Releasing Party" includes, but is not
limited to, all holders of interests who do not timely opt out of
or object to the Third-Party Releases. It includes, but is not
limited to, Ascena and the current and former officers and
directors of Ascena, such that it would include the Non-Debtor
Defendants.  In the absence of an objection or timely affirmative
opt-out, the Third-Party Releases would apply to any claims of
equity holders against Ascena and the Non-Debtor Defendants.

Prior to the Debtors' solicitation of votes on the Plan, the Court
entered an Order on September 11, 2020, approving the Disclosure
Statement for the Amended Joint Chapter 11 Plan of Reorganization
of Ascena Retail Group, Inc. and Its Debtor Affiliates in
accordance with section 1125 of the Bankruptcy Code.  Holders of
equity interests in Ascena were deemed to reject the Plan and, as
such, were not entitled to vote on the Plan.  Nevertheless, in
order to ensure that the Disclosure Statement provided adequate
information as far as reasonably practicable to enable the Debtors'
equity holders to make an informed judgment about the process for
opting out of the Third-Party Releases, the Court required that a
Notice of Non-Voting Status to Holders of Interests Deemed to
Reject the Plan and of Third-Party Release under the Plan be sent
to both current and former shareholders of Ascena, accompanied by
an opt-out form.

As stated in the Notice of Non-Voting Status, recipients could
elect to opt out of the Third-Party Releases by timely returning
the enclosed Release Opt-Out Form by mail.  The notice also
included a pre-addressed envelope, with pre-paid postage, for
recipients to use to return the Release Opt-Out Form.

Ascena's equity holders hold their interests either (i) as a
registered holder directly on the books and records of Ascena's
transfer agent, American Stock Transfer & Trust Company, LLC, or
(ii) as a beneficial holder through a bank, broker, or other
financial institution holding the equity "in street name" at The
Depository Trust Company.  Prime Clerk LLC, the Debtors'
Court-approved claims and noticing agent, took a comprehensive,
two-pronged approach to ensure that equity holders of each type
received notice of the Release Opt-Out Form and the opt-out
procedures approved in the Disclosure Statement.  First, Prime
Clerk worked with AST to identify current registered equity holders
and registered equity holders who purchased or otherwise acquired
Ascena stock during the Putative Class Period.  Prime Clerk then
served the Notice of Non-Voting Status, the Opt-Out Form, and the
stamped return envelope on all current and former registered
holders identified by AST.  Next, Prime Clerk worked with
Broadridge Financial Solutions, Inc. and various Nominees' mailing
agents to identify current and former beneficial equity holders,
including those who held Ascena stock as a Nominee during the
Putative Class Period.  Nominees were given the option to either
(i) request additional copies of the Notice of Non-Voting Status
and Opt- Out Forms from Prime Clerk for the purpose of forwarding
such materials to their underlying beneficial holder clients, or
instead (ii) provide a list of their clients directly to Prime
Clerk.  Based on the representations made to the Court at the
Hearing, the Debtors provided notice of the Third-Party Releases
and the opt-out procedure to hundreds of thousands of parties
through this process.

In total, as of October 15, 2020, at least 200 current and former
shareholders of Ascena opted out of the Third-Party Releases.  A
month later, by November 18, 2020, approximately 596 Release
Opt-Out Forms had been received, the majority of which were
submitted by purported current and former equity holders.

The Movants alleged that they have the "inherent authority" to opt
out of the Third-Party Releases on behalf of the putative class
members, based upon their appointment as lead plaintiffs by the
District Court and the Movants' fiduciary obligations to the
putative class members arising from such appointment.  They further
alleged that in their role as lead plaintiffs, the Movants have
been given the authority in the District Court to "amend the
[a]mended [c]omplaint, defend against dispositive motions, take and
defend discovery, and engage in numerous other litigation-related
activities without the [c]lass ever being certified."  In other
words, the Movants argue that their status in the District Court
authorizes them to represent the putative class members before the
Court.

"The Movants' appointment as lead plaintiffs by the District Court
in the Securities Litigation is not determinative of whether the
Movants may represent the interests of the putative class before
this Court...  the order appointing the Movants as lead plaintiffs
in the Securities Litigation does not provide any authorization for
the Movants in connection with these Bankruptcy Cases, and the
Movants' fiduciary duties to the putative class members in the
Securities Litigation do not confer upon the Movants any status for
these Bankruptcy Cases.  For these reasons, the Court finds that
the Movants have no inherent authority to opt out of the
Third-Party Releases on behalf of the putative class," held Judge
Huennekens.

The Movants then argued that the Court should certify a class under
Rule 23 of the Federal Rules of Civil Procedure for the "limited
purpose" of opting out of the Third-Party Releases on behalf of the
putative class.  The Movants contended that both that Civil Rule 23
applies to the proceeding and that its requirements are satisfied.

"Class certification is governed by Civil Rule 23, made applicable
to bankruptcy proceedings by Bankruptcy Rule 7023... By its terms,
Bankruptcy Rule 7023 only makes Civil Rule 23 applicable to
adversary proceedings.  However, Bankruptcy Rule 9014 authorizes
the bankruptcy court to 'direct' that one or more of the adversary
rules, including [Bankruptcy] Rule 7023, 'shall apply' to a
contested matter... The Court declines to apply Bankruptcy Rule
7023 to certify a class.  The Movants have presented no evidence to
the Court that class certification would be superior to the process
that has already been approved and implemented in these Bankruptcy
Cases for notifying and allowing the putative class members to opt
out of the Third-Party Releases on their own behalf.  Although the
Movants assert that 'a class may be certified' in this
circumstance, they give no explanation for why the Court should
apply Bankruptcy Rule 7023 in the first place... Instead, the
Movants rely solely upon conclusory assertions with no evidentiary
support that the requirements for certifying a class under Civil
Rule 23 are satisfied... The requirements for class certification
under Civil Rule 23 do not become an issue until the Court
determines that Bankruptcy Rule 7023 should apply to the matter at
bar," Judge Huennekens said.

"The Debtors' evidence demonstrates that hundreds of current and
former equity holders had elected to opt out of the Third-Party
Releases using these procedures... Based on this evidence, the
Court finds that the Third-Party Releases were consensual... As
such, they allowed each individual putative class member to choose,
on his, her, or its own behalf, whether to release, and to receive
a release of, any claims... The Movants have failed to present any
evidence that any putative class member who had not opted out of
the Third-Party Releases wished to do so.  The Debtors have
presented evidence that established that all known current and
former equity holders in the Putative Class Period were provided
with the Court-approved form of notice and a sixty-day opportunity
to respond.  Further, the Debtors' evidence established that
current and former equity holders effectively did exercise their
ability to opt out of the Third-Party Releases.  As such, not only
have the Movants failed to adduce 'any evidence that [the putative
class members] may be incapable of asserting their own rights'...
the evidence before the Court clearly establishes that the putative
class members have been able to represent their own interests at
will.  To now grant the Movants the authority to represent those
interests would threaten to undo the choice that individual equity
holders have made up to this point and cause confusion with which
neither the bankruptcy estates nor the putative class members
should be saddled," Judge Huennekens reasoned.

The case is In re: RETAIL GROUP, INC., et al., Chapter 11, Debtors,
Case No. 20-33113-KRH, Jointly Administered (Bankr. E.D. Va.).  A
full-text copy of the Memorandum Opinion, dated March 5, 2021, is
available at https://tinyurl.com/3atm5cr4 from Leagle.com.

                    About Ascena Retail

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

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

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

The Hon. Kevin R. Huennekens is the case judge.

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

                           *    *    *

In September 2020, FullBeauty Brands Operations, LLC, won an
auction to acquire Ascena's Catherines intellectual property assets
for a base purchase price of $40.8 million and potential upward
adjustment for certain inventory.

In November 2020, Ascena won approval to sell the intellectual
property of its Justice Brand and other Justice brand assets to
Justice Brand Holdings LLC, an entity formed by Bluestar Alliance
LLC (a leading brand management company), for $90 million.

The Company continues to operate its Ann Taylor, LOFT, Lane Bryant,
and Lou & Grey brands as normal through a reduced number of retail
stores and online.


AULT GLOBAL: Unit Gets $3M Purchase Order From Aerospace Customer
-----------------------------------------------------------------
Ault Global Holdings, Inc.'s global defense business, Gresham
Worldwide, Inc. has received a $3.0 million purchase order from a
leading defense and aerospace customer of its wholly owned
subsidiary, Enertec Systems 2001, Ltd.

Enertec, based in Israel, is a defense and aerospace designer and
manufacturer of advanced multi-purpose electronic systems,
including customized computer-based automated test equipment and
turnkey solutions designed to perform in harsh environments and
battlefield conditions.

Enertec has developed a unique generic automated testing system to
meet complex challenges in validating capabilities and readiness of
defense and attack platforms.  The test system can test and perform
diagnostics on all sophisticated computers that support a wide
range of military and aerospace systems.  Enertec has been in
business for more than 30 years and Enertec's CEO, Zvi Avni, has
over 35 years of experience developing advanced testing systems.
After receiving a $2.9 million order in 2019 and a $2.0 million
order in 2020 related to the development and delivery of this
unique and complex testing system, Enertec recently received a $3.0
million follow up order to supply the testing system.  Enertec's
management believes the new $3.0 million order will be recognized
as revenue over the next twelve months and that this customer has
the potential to order over $10 million of Enertec solutions per
year.

Enertec's CEO, Zvi Avni said, "Our recent performance related to
development and delivery of this advanced military testing system
has resulted in an additional $3.0 million order and further
solidifies Enertec's position as a leading provider of complex
testing solutions for the defense and aerospace industry, both in
Israel and around the world."

Jonathan Read, Gresham Worldwide's chief executive officer, said,
"We are very pleased with Enertec's progress, which contributes
significantly to the prospects for Gresham Worldwide. "This recent
order demonstrates that demand for Gresham's technology offerings
remains strong.  We look forward to expanding the relationship with
this global defense contractor in what we expect to be a long life
cycle platform program.  We remain optimistic that Gresham can
achieve our goals for continued growth in 2021 and beyond."

                  About Ault Global Holdings, Inc.

Ault Global Holdings, Inc. (fka DPW Holdings, Inc.) is a
diversified holding company pursuing growth by acquiring
undervalued businesses and disruptive technologies with a global
impact.  Through its wholly and majority-owned subsidiaries and
strategic investments, the Company provides mission-critical
products that support a diverse range of industries, including
defense/aerospace, industrial, telecommunications, medical, and
textiles.  In addition, the Company extends credit to select
entrepreneurial businesses through a licensed lending subsidiary.

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

Ziv Haft., Certified Public Accountants (Isr.) BDO Member Firm, the
Company's auditor since 2012, issued a "going concern"
qualification in its report dated May 29, 2020 citing that the
Company has a working capital deficiency, has incurred significant
losses and needs to raise additional funds to meet its obligations
and sustain its operations.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern.


AUSTIN HOLDCO: Moody's Completes Review, Retains B3 CFR
-------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Austin HoldCo Inc. and other ratings that are associated
with the same analytical unit. The review was conducted through a
portfolio review discussion held on March 2, 2021 in which Moody's
reassessed the appropriateness of the ratings in the context of the
relevant principal methodology(ies), recent developments, and a
comparison of the financial and operating profile to similarly
rated peers. The review did not involve a rating committee. Since
January 1, 2019, Moody's practice has been to issue a press release
following each periodic review to announce its completion.

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

Key rating considerations

Virtusa's B3 Corporate Family Rating is supported by the
expectation for strong demand for IT services focused on new
digital technologies such as cloud, automation and other, which
will fuel the company's growth. These trends are expected to be
further accelerated by the COVID-19 pandemic, as corporates seek to
enhance their digital capabilities. Long-standing relationships
with key clients also support a growing revenue backlog. The
company's good liquidity position is also credit positive. The
rating is constrained by the company's high leverage following its
acquisition by Baring Private Equity Asia. Virtusa's high customer
concentration, relatively small scale in a competitive and highly
fragmented industry, and below-industry profitability also weigh on
the rating.

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


AVENTURA HOTEL: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Aventura Hotel Properties, LLC
        3601 N Miami Avenue
        Miami, FL 33136

Business Description: Aventura Hotel Properties, LLC is a Single
                      Asset Real Estate debtor (as defined in 11
                      U.S.C. Section 101(51B)).  Its principal
                      assets are located at 3601, 3610, 3630, 3651
                      and 3701, N. Miami Avenue 17 & 25 NE 36
                      Street Miami, FL 33137.

Chapter 11 Petition Date: March 12, 2021

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 21-12374

Judge: Hon. Jay A. Cristol

Debtor's
General
Bankruptcy
Counsel:          Jesus M. Suarez, Esq.
                  GENOVESE JOBLOVE & BATTISTA, P.A.
                  100 SE 2nd St.
                  44th Floor
                  Miami, FL 33131
                  Tel: 305-349-2300
                  Email: jsuarez@gjb-law.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Francisco Arocha, manager.

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

https://www.pacermonitor.com/view/NFBIZLI/Aventura_Hotel_Properties_LLC__flsbke-21-12374__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Barmello Ajamil &                                      $426,557
Partners, Inc.
2601 S Bayshore Drive,
Suite 1000
Miami, FL 33133

2. Miami-Dade County               Property Taxes         $422,592
Tax Collector
200 NW 2nd Ave
Miami, FL 33128

3. OHL Building, Inc.                                     $290,892
9675 NW 117th Ave
Suite 108
Miami, FL 33178

4. Hospitality House                                       $75,000
405 Lexington Avenue
New York, NY 10174

5. Studio 5 Design                                         $63,320
116 Maderia Ave
Miami, FL 33134

6. Wilson Associates                                       $52,903
3811 Turtle Creek Blvd
Suite 1600
Dallas, TX 75219

7. Next Legal                                              $44,571
1395 Brickell Avenue
Suite 950
Miami, FL 33131

8. Banyan Street Capital                                   $40,000
80 SW 8th Street
Suite 2200
Miami, FL 33130

9. Republica Havas                                         $40,000
2153 Coral Way
Miami, FL 33145

10. Private Advising Group                                 $12,544
600 Brickell Avenue
Miami, FL 33130

11. American Regional                                      $10,000
Center Group
14 NE 1st Avenue
Suite 1400
Miami, FL 33130

12. Greenberg Traurig, P.A.                                 $9,974
333 SE 2nd Ave.
Suite 4400
Miami, FL 33131

13. Landauer Valuation &                                    $7,745
Advisory
5901 SW 74th Street
#306
Miami, FL 33143

14. Windels Mark Lane &                                     $7,740
Mittendorf
156 W 56th St
New York, NY 10019

15. Morrison Brown                                          $4,445
1450 Brickell Avenue
18th Floor
Miami, FL 33131

16. HVS                                                     $4,000
8925 SW 148 Street
Ste 216
Miami, FL 33176

17. Miami Dade County                                       $3,963
111 NW 1st Street,
Suite 710
Miami, FL 33128-1984

18. East Everglades                                           $900
Landscaping
3590 NW 79th Street
Miami, FL 33147

19. 21 Brands S.A.                                         Unknown
200 S. Biscayne Blvd.
#2720
Miami, FL 33131

20. City of Miami                                          Unknown
444 SW 2 Ave
Miami, FL 33130


AVIS BUDGET: S&P Assigns 'B' Rating on New $350MM Sr. Unsec. Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '5'
recovery rating to Avis Budget Car Rental LLC and Avis Budget
Finance Inc.'s proposed $350 million senior unsecured notes due
2028. The notes are guaranteed by parent Avis Budget Group Inc. The
'5' recovery rating indicates its expectation that lenders would
receive modest (10%-30%; rounded estimate: 15%) recovery in the
event of a payment default. The company will use the proceeds from
these notes to redeem its existing 6.375% senior notes due 2024.

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- The proposed notes will be issued by Avis Budget Car Rental LLC
and Avis Budget Finance Inc., the same co-issuers as the existing
senior notes, and will be guaranteed by the parent and domestic
subsidiaries that also guarantee the existing notes and senior
credit facilities.

-- S&P said, "In our simulated default scenario, we assume a
severe disruption in the travel industry decreases the revenue from
car rentals and leads to a default in 2025. We expect that the
collateralized fleet funding programs would remain intact and that
the outstanding letters of credit under the revolving credit
facility would not be drawn.

-- S&P believes that if Avis Budget defaulted, its extensive
network of rental locations and the public's need to rent vehicles
would keep its business model viable. Therefore, its lenders would
achieve the greatest recovery value through a reorganization rather
than a liquidation.

-- S&P used a discrete asset valuation (DAV) approach to estimate
the company's enterprise valuation at emergence because nearly all
of its assets are pledged to specific debt facilities.

-- To calculate the DAV, S&P applies a 90% realization rate to the
book value of Avis' vehicles.

-- S&P assumes if it were to default, Avis would preserve the
majority of its highly desirable on-airport locations and therefore
would only reject a small portion (10%) of its operating leases.

Simplified waterfall

-- Enterprise value (net of 3% admin. expense): $9.5 billion

-- Valuation split (domestic/international): 73%/27%

-- Priority claims (including domestic debt under vehicle
program): $5,197 million

-- Total collateral value available to non-vehicle secured debt:
$1,790 million

-- Secured first-lien debt claims (revolver and term loan): $2,090
million

    --Recovery expectations: 70%-90% (rounded estimate: 85%)

-- Total value available to unsecured notes: $709 million

-- Total unsecured debt claims/pari passu (deficiency)
claims/non-debt unsecured claims (lease rejection): $3,254
million/$300 million/$54 million

    --Recovery expectations: 10%-30% (rounded estimate: 15%)

Note: All debt amounts include six months of prepetition interest.
Collateral value equals asset pledge from obligors after priority
claims plus equity pledge from nonobligors after nonobligor debt.



BERRY TWINS: Seeks to Hire Wax Ellison as Local Counsel
-------------------------------------------------------
Berry Twins LLC, seeks approval from the U.S. Bankruptcy Court for
the Western District of Washington to employ Wax Ellison PLLC as
local counsel.

The firm will assist the Debtor in carrying out its duties in the
Chapter 11 case, including the sale of various parcels of real
property owned by the Debtor.

The firm will be paid at the rate of $400 per hour.

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

Ben Ellison, Esq., a partner at Wax Ellison PLLC, 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:

     Ben Ellison, Esq.
     Wax Ellison PLLC
     1811 Queen Anne Ave. N., Suite 202
     Seattle, WA 98109
     Tel: (206) 494-5350

              About Berry Twins LLC

Berry Twins, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Wash. Case No. 21-40030) on Jan. 8,
2021. At the time of the filing, the Debtor disclosed assets of
between $500,001 and $1 million and liabilities of the same range.

Judge Brian D. Lynch oversees the case. Jason E Anderson, Esq., at
Emerald City Law Firm, PC, is the Debtor's legal counsel.


BETA MUSIC: CredEvolv Buying All GCH Assets for $75K + Cure Costs
-----------------------------------------------------------------
Beta Music Group, Inc. and Get Credit Healthy, Inc., ask the U.S.
Bankruptcy Court for the Southern District of Florida to authorize
the bidding procedures in connection with the sale of substantially
all assets of GCH to CredEvolv Services, LLC, for $75,000, plus
cure costs up to $10,000 with respect to executory contracts to be
assumed and assigned, subject to overbid.

BEMG is a holding company and its primary asset is its 100%
ownership of GCH.  GCH is an entity that integrates with lenders to
provide a conduit through which loan officers can refer applicants
who do not qualify for financial products, to non-profit credit
counselors.  Using propriety processes and software, as well as a
partner network of non-profit entities and HUD-certified credit
counselors, GCH provides a mechanism for those who did not qualify
for the financial products for which they applied to build credit
profiles and receive credit education.  

The Debtors ask approval of a sale of substantially all of GCH's
assets to the Stalking Horse Bidder, or such other party that makes
the highest and best offer at a public auction.  They also ask
approval of bidding procedures, notice procedures, auction and sale
hearing dates, and the terms of the Sale Agreement with the Buyer.
In addition, they ask that the Court schedules a hearing to approve
the sale to the Successful Bidder, as well as to approve the
assumption and assignment of various contracts.  The Debtors
believes a sale of the Assets by public auction is in the best
interests of the Debtors and their creditors and should be
approved.

As more fully detailed in the Sale Agreement, GCH proposes to enter
into a transaction whereby the Buyer will pay $75,000, plus cure
costs up to $10,000 with respect to executory contracts to be
assumed and assigned to the Buyer, to acquire the Assets.

The salient terms of the Agreement are:

     a. Seller: GCH

     b. Buyer: CredEvolv Services, LLC and/or assigns

     c. Purchase Price: $75,000 purchase price, plus up to $10,000
to satisfy cure costs with respect to contracts to be assumed and
assigned to Buyer. The amount of $25,000 plus the cure costs will
be paid in cash, with the balance to be paid over 36 months with
simple interest at the rate of 3% per annum pursuant to a
promissory note; the Buyer will execute a promissory note at
closing.  The Buyer will place a $10,000 deposit with the counsel
for the Debtors.

     d. Purchased Assets: Substantially All Assets

     e. Warranties: The Property is being sold in "as is"
condition, with no representations or warranties, other than
marketability of title.

     f. Sale Order: Sale Order Entered within 70 days of the
Petition Date (May 14, 2021), or such other date as the Buyer may
designate in writing.

     g. Closing Date: The Date that is on or after the 15th day
after the entry of an order by the Court approving the Plan or the
sale of the Assets to the Buyer, but no later than May 31, 2021.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: April 30, 2021, at 4:00 p.m. (ET)

     b. Initial Bid: $80,000 plus Cure Costs of Assumed Contracts

     c. Deposit: $10,000

     d. Auction: May 6, 2021 via Virtual Platform TBD commencing at
10:00 a.m. to be hosted by the offices of Markowitz Ringel Trusty
&Hartog, PA (or such other location as may be designated by the
Debtors prior to the Auction with advance notice to all parties in
interest entitled to appear at the Auction)

     e. Bid Increments: $5,000 in excess of the highest Qualified
Bid (or such other amounts and terms that the Debtors determine
will result in the highest and best offer)  

     f. Sale Hearing: May 7, 2021

The Sale Agreement contemplates the assumption and assignment of a
proprietary software platform which contains personally
identifiable information.  The Debtors store, but do not utilize
the personally identifiable information.  Further, GCH has policies
regarding the safeguarding of personally identifiable information.
The Buyer intends to acquire and utilize GCH's assets in a manner
consistent with GCH's use; as such, the proposed sale would not be
inconsistent with any such policies regarding safeguarding
personally identifiable information, nor would the sale violate the
terms of agreements with counter parties relating thereto.

Pursuant to a search of the public records regarding recorded
documents, judgment liens, federal liens and UCC filings, the
Debtors have identified the following parties that may assert a
lien, claim, encumbrance or other interest regarding the Assets:
United States Small Business Administration is the holder of a note
and security agreement on the Purchased Assets; SBA filed a UCC-1.

In an effort to further market the Assets, the Debtors propose to
provide notice of the proposed auction and sale in the Sun
Sentinel, and Miami Herald, and Daily Business Review.  In
addition, they will provide a copy of the sale notice to all
parties that previously expressed an interest in acquiring the
assets of the Debtors.

Considering the value of the Assets and scope of debt in these
cases, the Debtors submit that the proposed dates and deadlines for
an auction, sale hearing and entry of a sale order are reasonable.
The Debtors estimate the claims in these cases to total
approximately $1.3 million (including disputed claims), and
estimate the value of the Assets to total $25,000.  Additionally,
their cash flow is insufficient to support a lengthy or expensive
sale and marketing process.  Furthermore, allocation of the
Purchase Price contemplated by the Sale Agreement provides for
sufficient amounts to pay all allowed claims and administrative
expenses.

The Buyer has agreed to act as a "stalking horse" in connection
with a sale to be conducted in accordance with the Bankruptcy Code.
The Sale Agreement is subject to the approval of the Court.

Subject to entry of the Bidding Procedures Order, within three
business days of entry of the Bidding Procedures Order, the Debtors
will cause the Sale Notice, to be served on the Sale Notice
Parties.

The Debtors are also asking approval of the Assumption Procedures
to facilitate the fair and orderly assumption and assignment of all
executory contracts and unexpired leases subject of the Sale
Agreement.  They ask that the Court approves the Assumption and
Assignment Notice.

To implement the foregoing successfully, the Debtors ask that the
Court enters an order providing that the Debtors have established
cause to exclude such relief from the 14-day stay period under
Bankruptcy Rule 6004(h).  The Buyer's failure to consummate the
sale would prevent their estates from realizing significant value
from the proposed sale transaction.  Therefore, they ask waiver of
the 14-day stay period under Bankruptcy Rule 6004(h).

A copy of the Agreement and the Bidding Procedures is available at
https://tinyurl.com/8endyjxd from PacerMonitor.com free of charge.

          About Beta Music Group, Inc.

Beta Music Group, Inc. through its operating subsidiary Get Credit
Healthy (www.getcredithealthy.com), utilizes its proprietary
processes, platform, and software to integrate with lenders to
make
it easier to recapture leads. The Debtor sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No.
21-12199) on March 5, 2021. In the petition signed by Elizabeth
Karwowski, president, the Debtor disclosed $802,688 in assets and
$1,336,478 in liabilities.

Judge Scott M. Grossman oversees the case.

Grace E. Robson, Esq., at MARKOWITZ, RINGEL, TRUSTY & HARTOG,
P.A.,
is the Debtor's counsel.



BOYCE HYDRO: Liquidating Trustee Hires Wolfson Bolton as Counsel
----------------------------------------------------------------
Scott Wolfson, the liquidating trustee appointed in the Chapter 11
cases of Boyce Hydro, LLC and its affiliates, seeks authority from
the U.S. Bankruptcy Court for the Eastern District of Michigan to
hire Wolfson Bolton PLLC as his legal counsel.

The firm's services include:

     i. advising the liquidating trustee with respect to his powers
and duties to the administer the liquidating trust assets;

    ii. assisting the liquidating trustee in establishing a claims
process and in his administration, review, estimation, and
potential objections to creditor claims;

   iii. representing the liquidating trustee in his prosecution or
defense of causes of action vested in the trust;

    iv. preparing legal papers;

     v. appearing in court and at meetings;

    vi. representing the liquidating trustee in negotiations with
parties in interest;

   vii. other legal services.

The firm will be paid as follows:

     Peter C. Bolton, Member         $565 per hour
     Adam L. Kochenderfer, Member    $475 per hour
     Anthony J. Kochis, Member       $475 per hour
     Eric A. Zacks, Of Counsel       $525 per hour
     Lara F. Phillip, Of Counsel     $525 per hour
     John R. Stevenson, Of Counsel   $445 per hour
     Thomas J. Kelly, Member         $385 per hour
     Michelle H. Bass, Associate     $295 per hour
     Vonica Sallan, Associate        $195 per hour
     Kelsey Postema, Law Clerk       $185 per hour
     Stephanie K. Travis, Paralegal  $195 per hour

Anthony Kochis, Esq., a partner at Wolfson Bolton, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Anthony J. Kochis, Esq.
     Wolfson Bolton PLLC
     3150 Livernois, Suite 275
     Troy, MI 48083
     Main: (248) 247-7105
     Cell: (248) 835-2166
     Email: akochis@wolfsonbolton.com

                         About Boyce Hydro

Boyce Hydro LLC is an Edenville dam that was privately owned and
operated by Boyce Hydro Power, a company based in Edenville, which
also owned three other hydroelectric facilities.

On July 31, 2020, Boyce Hydro and affiliate, Boyce Hydro Power,
LLC, sought Chapter 11 protection (Bankr. E.D. Mich. Lead Case No.
20-21214).  The Debtors were each estimated to have $10 million to
$50 million in assets and $1 million to $10 million in liabilities
as of the bankruptcy filing.

Goldstein & McClintock LLP, led by Matthew E. McClintock, Esq., is
the Debtors' legal counsel.

On Feb. 25, 2021, the court entered a nonconsensual order, which
confirmed the Debtors' joint consolidated Chapter 11 plan of
liquidation, and approved the establishment of the Boyce Hydro
liquidating trust and Scott A. Wolfson's appointment as liquidating
trustee.  The plan was declared effective on March 3, 2021.

The liquidating trustee is represented by Wolfson Bolton, PLLC.


BRILLIANT INDUSTRIES: Hires Michael D. Kwasigroch as Counsel
------------------------------------------------------------
Brilliant Industries, Inc., seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ the Law
Offices of Michael D. Kwasigroch as its counsel.

The Debtor requires the firm to assist it in proposing a plan,
draft and propose a disclosure statement, assist with all United
States Trustee requirements, and litigate certain potential
disputes.

The firm will be paid at the rates of $350 to $495 per hour and be
reimbursed for reasonable out-of-pocket expenses incurred.

The firm will be paid a retainer in the amount of $6,800.

Michael D. Kwasigroch, Esq. a partner at the Law Offices of Michael
D. Kwasigroch, 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:

          Michael D. Kwasigroch Esq.
          Law Offices of Michael D. Kwasigroch
          1975 Royal Ave Suite 4
          Simi Valley, CAa 93065
          E-mail: (805) 522-1800

            About Brilliant Industries, Inc.

Brilliant Industries Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-11046) on Feb. 9,
2021. Brilliant Industries President Eric Hill 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 Law Offices Of Michael D. Kwasigroch is the Debtor's legal
counsel.


BUENA VISTA GAMING: S&P Upgrades ICR to 'CCC+', Outlook Stable
--------------------------------------------------------------
S&P Global Ratings raised all of its ratings on Ione, Calif.-based
Buena Vista Gaming Authority (BVGA), including its issuer credit
rating, to 'CCC+' from 'CC'.

S&P said, "The stable outlook reflects our expectation that it will
maintain EBITDA coverage of its fixed charges in the mid- to
high-1x area and adequate liquidity over the next one to two
years.

"We believe BVGA can sustain sufficient run-rate EBITDA to cover
its fixed charges in the mid- to high-1x area over the next few
years. Based on its actual third-quarter results and our
expectations for the fourth quarter, we believe the company
achieved a sufficient level of run rate EBITDA in the second half
of 2020 to cover its fixed charges--including the cash interest
expense on its senior secured notes and maintenance capex--by the
mid- to high-1x area. We believe BVGA can sustain this level of
EBITDA through at least the first half of 2022 because we expect it
to ease the capacity restrictions at its Harrah's Northern
California Casino (NorCal) over time and anticipate the strength of
the Harrah's brand and its management expertise will keep
visitation and spending at the casino at least flat relative to the
second half of 2020. Furthermore, we believe management will retain
some of the cost cuts it implemented over the past few months,
particularly in its marketing.

"Our EBITDA forecast translates into sufficient operating cash flow
generation to cover BVGA's minimal maintenance capex. We also
believe BVGA may use the majority of the cash flow available after
funding its capex to reduce the principal balances under its senior
secured notes. This is because BVGA's senior secured notes contain
an excess cash flow sweep provision that requires it to offer to
repurchase a certain portion of the notes based on its excess cash
flow generation, as defined under the indenture. Nevertheless,
while we expect BVGA's senior secured note balances to decline over
time due to the cash flow sweeps, we forecast its EBITDA will
remain about flat through the first half of 2022 before declining
modestly because of new competition, which will limit its ability
to reduce its high debt leverage under our forecast.

"We believe BVGA's highly competitive operating environment and
greater future competition will make it challenging to expand its
EBITDA over the next few years.  We view BVGA's operating
environment as highly competitive given that there are 12 other
tribal casinos operating in a 100-mile radius. We believe BVGA is
able to generate the current level of visitation and spending at
its casino largely because of the strength of the well-known
Harrah's brand and the benefits of being part of Caesars Rewards,
which is Caesars Entertainment Inc.'s player loyalty program. We
also believe BVGA benefits from its closer proximity to Stockton,
Calif, one of its primary markets, than its nearest competitor.
However, absent its affiliation with Caesars and the Harrah's
brand, we believe BVGA would be at somewhat of a competitive
disadvantage because of certain restrictions on its signage and its
ability to serve alcohol on the casino floor that its competitors
are not subject to. In addition, we believe the opening of the
Wilton Rancheria Resort & Casino, which is expected to open in the
second half of 2022 and is located about 40 miles to the north of
BVGA's property, will lead to at least a modest decline in its
EBITDA in the second half of 2022 and into 2023. This is because we
believe at least a portion of BVGA's customers come from areas that
are closer to Wilton Rancheria, thus they may forego trips to
Harrah's Northern California given the existence of a closer
property."

BVGA is vulnerable to event risk given its concentration in a
single asset.  As a single casino operator, BVGA lacks geographic
diversity. Its reliance on a single property to generate cash flow
and service its debt heightens its vulnerability to adverse
competitive changes, event risk, weather-related events (e.g.,
wildfires), and regional economic weakness. Adverse events can lead
to significant EBITDA volatility and liquidity stress.

S&P said, "We believe BVGA's capital structure is unsustainable
over the long term given our expectation for leverage in the mid-7x
to mid-8x area through 2023.  We believe BVGA's capital structure
is unsustainable over the long term because we do not believe it
can expand its EBITDA base enough to sufficiently improve its
leverage and cash flow coverage measures despite the continued debt
reduction under its senior secured notes from the required cash
flow sweeps. In addition, we believe the relatively high coupon
rate on BVGA's senior secured notes and its associated high cash
interest expense will hamper its ability to generate higher levels
of free operating cash flow (FOCF) to further reduce its debt
balances to more manageable levels. In our view, this increases the
likelihood of a future restructuring or distressed exchange,
although we do not believe BVGA faces a near-term credit crisis.

"The stable outlook on BVGA reflects our expectation that it will
maintain fixed-charge coverage in the mid- to high-1x area and
adequate liquidity over the next one to two years.

"We could lower our rating on BVGA if its liquidity position
deteriorates, which may occur due to increased restrictions on its
capacity due to COVID-19, another extended shutdown, or generally
weaker demand due to increased competition.

"It is highly unlikely we would raise our rating on BVGA over the
next year given high forecast leverage, the uncertainty around the
effects of the coronavirus on its capacity and visitation, and our
belief that its capital structure is unsustainable over the long
term. However, we could consider an upgrade if it generates
sufficient free cash flow to facilitate deleveraging below 6.5x on
a sustained basis with EBITDA interest coverage of more than 2x."


BURLINGTON STORES: S&P Alters Outlook to Pos., Affirms 'BB' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.-based off-price
retailer Burlington Stores Inc. to positive from negative and
affirmed all ratings on the company, including its 'BB' issuer
credit rating.

S&P said, "We expect leverage to normalize in 2021 to around 3x as
sales and profitability rebound to near pre-pandemic levels. Store
closures and social distancing mandates led to significantly
contracted sales throughout most of 2020, while industrywide supply
chain disruptions pressured profitability even further.
Burlington's fourth quarter (ended Jan. 30, 2021) EBITDA margin
contracted around 350 basis points (bps) from the previous year,
driven by supply chain, freight, and pandemic-related expenses.
However, its sales recovered to pre-pandemic levels in the fourth
quarter, supported by government stimulus payments distributed in
January. For 2021, we project low-single-digit comparable sales
declines relative to 2019 as social distancing practices moderate
with ongoing vaccine rollouts. We also believe the next round of
stimulus could provide a tailwind.

"Industry-wide supply chain disruptions remain unabated. We expect
these challenges and other headwinds to persist but moderate
through fiscal 2021, leading to S&P Global Ratings' adjusted EBITDA
margin deterioration of around 50-100 bps relative to 2019.
Consequently, we forecast S&P Global Ratings' adjusted leverage to
improve to the 3x area in 2021, reflecting significant improvement
from nearly 10x in 2020."

While comparable sales in the fourth quarter were flat, underlying
consumer behavior remains disrupted.  Since the onset of the
pandemic, consumers have adapted their behavior to prioritize
safety, including making fewer, more purposeful shopping trips. As
a result, brick and mortar retailers have observed a reduction in
traffic partly offset by conversion and increasing transaction
values. S&P said, "We believe this also led to lower price
sensitivity and contributed to improving merchandise margins. We
expect these trends to begin to normalize in the second half of
2021 as vaccines become widely available and infection rates wane.
This could include some merchandise margin pressure at Burlington
in the second half of 2021 as consumers return to more normal
shopping behaviors and hold back some purchases, seeking better
value at competing retailers."

Category mix has also been disrupted, with a shift toward home and
casual apparel categories as consumers continue to spend more time
at home. S&P believes Burlington's good sales performance in the
fourth quarter reflects its successful efforts to chase this shift
in demand. As consumers return to more normal shopping patterns,
demand will likely shift toward other, higher margin categories
such as outerwear and formalwear. Burlington's ability to shift
product assortments as new trends emerge will be important in
2021.

Consumers' increasing affinity for value will provide a tailwind
for the company despite a broader shift toward online shopping.  In
contrast to most major retailers, Burlington does not operate an
online store. S&P said, "However, as department store market share
continues to shrink in favor of online retail, we expect Burlington
to also benefit through market share gains. This is because we
believe value-oriented customers will continue to migrate from
full-price retail to the off-price channel. While its lack of an
e-commerce channel is a fundamental long-term risk, we acknowledge
that value-seeking customers are often willing to forgo the
convenience of online shopping in favor of finding the best value
in a brick-and-mortar store. Burlington's "treasure hunt" model
offers a compelling value proposition that remains very difficult
to replicate online given the large number of stock keeping units
and we expect a growing subset of value-conscious consumers to
favor this channel. While ambitious, we believe the company's new
long-term goal of operating 2,000 stores is consistent with
anticipated demand growth."

Burlington's strategic initiatives (Burlington 2.0) will position
it to seize opportunities ahead, although they also present
execution risks. The company's recent strategic shift to tighten
in-store inventory and acquire merchandise in-season to enhance its
assortment have enabled it to offer compelling value to its
customers. The benefits of this strategy became apparent in the
fourth quarter as demand increased significantly above the
company's plan, and it was prepared and able to react by sourcing
on-trend merchandise. However, S&P believes this strategy also
introduces execution risk and its ongoing success depends on
management's close monitoring and deliberate action to maintain
appropriate inventory at its stores and in reserve.

The company works with more than 5,000 brands to execute its
merchandising strategy. S&P said, "While some suppliers have
recently committed to pulling back flow of products into the
off-price channel, we believe Burlington's performance will not be
materially affected because we expect most vendors to continue
historical levels of engagement. In our view, the off-price channel
provides an effective way to offload excess inventory and we expect
good merchandise buying opportunities over the next 12 months as
prolonged supply chain disruptions in the full-price retail channel
drive excess inventories."

S&P said, "We believe Burlington's financial policy supports our
leverage expectations. The company reported about $1.4 billion of
cash on the balance sheet as of Jan. 30, 2021. We believe it could
use some of this cash to repay debt over the next one to two years.
However, we also believe it will maintain a higher cash balance
going forward relative to pre-pandemic norms, for greater financial
flexibility. Historically, it has maintained a cash balance of only
about $100 million. We also anticipate Burlington will resume its
share repurchase program to return excess cash flow to investors.
In our view, Burlington will likely reduce its leverage slowly over
the next few years to the mid-2x area.

"The positive outlook reflects our view that recovery trends and
abatement of industrywide supply chain disruptions, as well as good
execution of its merchandise strategy could lead to further
deleveraging. However, we believe significant uncertainty remains
and we anticipate some volatility over the next 12 months. As
performance visibility improves, we could raise the rating."

S&P could raise the rating on Burlington if:

-- S&P expects it will sustain leverage of less than 3x, supported
by management's financial policy;

-- Funds from operations (FFO)-to-debt approaches 30%;

-- It continues to successfully execute its merchandising and
inventory strategy, leading to consistent sales growth; and

-- S&P does not anticipate significant competitive pressures from
online retailers infiltrating the off-price sector.

S&P could revise its outlook to stable or lower its rating on
Burlington if:

-- S&P expects leverage to be sustained above 3x;

-- FFO-to-debt remains in the mid-20% area;

-- Supply chain challenges continue to pressure margins;

-- Lack of merchandise availability or operational missteps lead
to increased markdowns and sales declines; or

-- S&P believes online retailers pose a formidable competitive
threat to the off-price channel.



CABLE ONE: S&P Alters Outlook to Stable, Affirms 'BB' ICR
---------------------------------------------------------
S&P Global Ratings revised its outlook on U.S. cable service
provider Cable One Inc. to stable from positive and affirmed its
'BB' issuer credit rating.

Cable One plans to acquire Hargray Communications Co. in a
transaction with a total implied enterprise value of $2.2 billion.
The company will fund the acquisition with a combination of $800
million in senior convertible notes, cash on hand, and rolled
equity, which will cause its pro forma debt to EBITDA to rise to
about 4.5x from 2.4x as of fiscal year-end 2020.

S&P said, "The outlook revision reflects Cable One's elevated
leverage due to its planned acquisition of Hargray, which is
partially offset by its strong broadband subscriber growth that we
expect will improve its penetration rates closer to those of its
incumbent peers. This underpins the upward revision of our business
risk profile assessment. We believe the coronavirus pandemic has
accelerated the inevitable expansion of broadband connectivity
throughout the U.S. This will likely lead to higher HSD subscriber
and penetration rates, particularly for rural providers like Cable
One that often operate in lower-income markets where the pace of
high-speed internet adoption tends to lag that of more urban areas.
We believe providers with digital subscriber line (DSL) and
fiber-to-the-home (FTTH) plans offering speeds of 25 megabits per
second (Mbps)-100 Mbps may no longer be sufficient for many
households given the increased importance of having a fast and
reliable broadband internet connection for distance learning,
telemedicine, and work-from-home arrangements. Furthermore, as
satellite TV becomes more expensive, we believe the plethora of
streaming TV alternatives could push rural consumers to switch to
high-speed cable to save on their TV bills."

Cable One's strategy to move down market has led to improved
broadband penetration over the last two years. S&P believes that
this was a prudent decision because it expands the company's
addressable market and allows it to increase its average revenue
per user (ARPU) across a wider customer base in the future. It also
serves to maximize Cable One's return on its investment and will
likely help it increase its EBITDA per home passed, which is a key
operating metric. However, Cable One's 37% broadband penetration
rate still trails those of most cable incumbents, which have
penetration rates in the mid- to high-40% range.

Cable One is well-positioned as a rural broadband provider because
it has no FTTH competition in 88% of its footprint. S&P said, "We
believe the substantial capital investment needed to overbuild an
incumbent network in these less dense markets is prohibitive and
creates a high barrier to entry for new participants such that
Cable One will maintain superior speeds in the vast majority of its
footprint for the foreseeable future. In addition, competitor AT&T
recently announced that it will no longer market DSL, which
typically is the only alternative to the local cable provider in
rural areas, which leaves Cable One with an effective monopoly in
many of these regions. Still, we expect AT&T to continue to build
out its FTTH business across the U.S., though likely at a pace--and
in locations--that will not impede Cable One's competitive position
in the near to intermediate term."

S&P said, "We view Cable One's business slightly less favorably
than that of Midcontinent Communications (Midco). Midco has
materially higher broadband and video penetration rates than Cable
One. Although we recognize that Cable One has aggressively pursued
a strategy that deemphasizes video, which has provided it with
industry-leading EBITDA margins, we believe if Midco chose to
replicate this approach it would be modestly more successful given
the cost benefits from its video programming agreement with
Comcast. Still, Cable One has less competition in its footprint,
which we believe could support modestly higher HSD ARPU that will
support a faster increase in its broadband revenue over the near to
intermediate term.

"We believe that the acquisition of Hargray reflects a more
aggressive financial policy. The company does not have a stated
public leverage target. However, this transaction demonstrates
Cable One's willingness to increase its leverage to the mid-4x area
to support its M&A activity. Although we recognize the cash flow
benefits of the low-coupon convertible notes, which the company
recently raised to partially fund the acquisition, we treat the
notes as debt and incorporate them in our leverage metric."

Furthermore, Cable One has the right to acquire the remaining
interests in cable operator Vyve Broadband beginning in 2023. S&P
said, "We believe it will likely acquire the remaining 55% equity
stake, which could increase its leverage by a turn if it solely
fund the purchase with debt. However, we do not believe the company
would increase its leverage above the mid-4x area given its
inclination to maintain financial flexibility to support future
acquisitions and opportunistic debt-financed stock buybacks."

S&P said, "Our net adjusted leverage metric proportionately
consolidates Cable One's 45% equity stake in Vyve, which adds about
0.1x to its stand-alone leverage.

"We view the acquisition of Hargray favorably. The purchase will
broaden Cable One's reach to the Southeastern U.S. Also, the
addition increases the company's exposure to commercial customers,
which feature higher ARPU and lower churn characteristics than
residential subscribers, to about 21% from 18%. Furthermore, we
expect Cable One to realize about $45 million of cost synergies
related to the acquisition, which we believe it will be able to
achieve over the next three years.

"We may revisit our recovery analysis based on the final capital
structure at the close of the transaction, which we expect will
most likely occur in the second quarter of 2021.

"The stable outlook reflects our expectation Cable One will benefit
from a strong increase in the demand for broadband and commercial
services and that the competitive dynamics in its territories will
remain favorable relative to those in the territories of other
incumbent cable operators such that its leverage declines to about
4.0x over the next year from 4.5x pro forma for the acquisition.

"We could lower our rating on Cable One if it completes a
debt-financed acquisition that pushes its leverage above 4.75x. We
could also lower our rating if a more competitive environment
caused the company's EBITDA margin to decline to the mid-30% area,
leading its debt leverage to rise above 4.75x with little sign of a
near-term improvement.

"Although unlikely, we could raise our rating on Cable One if it
reduces its leverage below 3.75x and we believe that its financial
policy considerations would enable it to sustain this improved
level of leverage."


CANYONS END: Seeks to Hire Guidant Law as Counsel
-------------------------------------------------
Canyons End, LLC, seeks approval from the U.S. Bankruptcy Court for
the District of Arizona to employ Guidant Law, PLC to handle its
Chapter 11 case.

The firm will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.

D. Lamar Hawkins, Esq., a partner at Guidant Law, PLC, 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:

          D. Lamar Hawkins, Esq.
          Guidant Law, PLC
          402 E. Southern Ave.
          Tempe, AZ 85282
          Telephone: (602) 888-9229
          Facsimile: (480) 725-0087
          E-mail: lamar@guidant.law

              About Canyons End, LLC

Canyons End operates as the closest motel to the Grand Canyon
Skywalk, Canyons End Motel. Robert McDowell is the sole member and
manager of Canyons End, LLC.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 0:21-bk-01469) on March
2, 2021. In the petition signed by Robert McDowell, manager, the
Debtor disclosed up to $ 1 million in assets and up to $500,000 in
liabilities.

Guidant Law, PLC is the Debtor's counsel.


CARDTRONICS INC: Moody's Completes Review, Retains Ba3 CFR
----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Cardtronics, Inc. and other ratings that are associated
with the same analytical unit. The review was conducted through a
portfolio review discussion held on March 4, 2021 in which Moody's
reassessed the appropriateness of the ratings in the context of the
relevant principal methodology(ies), recent developments, and a
comparison of the financial and operating profile to similarly
rated peers. The review did not involve a rating committee. Since
January 1, 2019, Moody's practice has been to issue a press release
following each periodic review to announce its completion.

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

Key rating considerations

Cardtronics' Ba3 corporate family rating is on review for downgrade
following the company's announced agreement to be acquired by NCR.
The rating reflects Cardtronics' leading market position and
differentiated business model as the largest global ATM transaction
processor, providing services to over 285,000 ATMs. The rating also
reflects the company's relatively low growth profile in recent
years due in part to the effect of cash displacement by electronic
payments, though Moody's expects growth to improve in 2021
following the cyclical decline in 2020 driven by the pandemic.
Cardtronics benefits from moderate financial leverage, good
liquidity and solid free cash flow generation.

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


CARETRUST REIT: S&P Raises ICR to 'BB' on Strong Rent Collections
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on CareTrust
REIT Inc. (CTRE)  to 'BB' from 'BB-'. S&P also raised its rating on
the company's senior unsecured notes to 'BB+' from 'BB'. The '2'
recovery rating is unchanged.

The stable outlook reflects its expectation that CTRE will continue
to grow its portfolio in a relatively leverage-neutral manner over
the next year, while exhibiting continued cash flow stability with
immaterial tenant hardships or restructurings.

CTRE's tenant-level coverage surprisingly improved amid the
pandemic in 2020, and S&P expects further improvement in 2021 as
the economy recovers. The company's operating performance was
resilient during 2020 as it collected at least 98% of its
contractual base rent each month, with a total of 99.3% of
contractual rents collected during the year. While occupancy
declined materially within CTRE's skilled nursing and senior
housing facilities, it was largely offset by an increase in skilled
mix. As a result of the improvement in skilled mix and strong
expense control, tenant-level EBITDAR coverage actually improved
during the pandemic, rising to 2.15x for the 12-month period ended
Sept. 30, 2020, from 1.90x for the 12-month period ended March 31,
2020 (operator rent coverage levels are reported one quarter in
arrears).

The strength of the operating performance is further demonstrated
by improved rent coverage even without incorporating government
support from the U.S. Department of Health and Human Services
(HHS). HHS has allocated $180 billion of relief to health care
providers through the Coronavirus Aid, Relief, and Economic
Security (CARES) Act (approximately $155 billion has been disbursed
to date, including approximately $12 billion to skilled nursing
facilities). Trailing-12 month tenant-level EBITDAR coverage for
CTRE's operators was 2.02x for the period ended Sept. 30, 2020,
excluding any government funding. S&P said, "We think the rollout
of the vaccine should improve the company's operating prospects,
and we expect rent collections and tenant coverage to remain stable
as occupancy improves in the latter half of 2021 and beyond."

Despite these favorable factors, CTRE operates one of the smaller
asset portfolios among rated REIT peers and has significant tenant
concentration, which could cause greater cash flow volatility if
any of its core markets or larger tenants face unexpected stress.

S&P said, "We expect CTRE's financial policy to remain conservative
despite our expectation for greater external growth over the next
12 to 24 months. The company's external growth slowed in 2020 with
$89.7 million in acquisitions compared to $321.5 million in 2019.
We expect CTRE's pace of growth in 2021 to revert to around 2019
levels as the acquisition environment has improved. The company
already completed the acquisitions of four continuing care
retirement communities (CCRCs) and one skilled nursing facility in
California for $142 million during the first quarter of 2021. The
company funded the acquisitions using its availability under its
$600 million unsecured revolving credit facility. We expect
additional acquisitions to be funded in a relatively
leverage-neutral manner. As a result, we expect S&P Global
Ratings-adjusted debt to EBITDA to increase to approximately 4x at
year-end 2021 from 3.4x as of Dec. 31, 2020. We note that CTRE's
key credit metrics improved throughout the pandemic (adjusted debt
to EBITDA improved from 3.9x at year-end 2019), and the company
continues to maintain one of the more conservative balance sheets
in our coverage universe.

"The stable outlook reflects our expectation that CTRE will
continue to grow its portfolio in a relatively leverage-neutral
manner over the next year, while exhibiting continued cash flow
stability with immaterial tenant hardships or restructurings. The
outlook also reflects our expectation that the company will use its
revolver and proceeds from its At-The-Market (ATM) program to fund
its external growth strategy. As such, we project S&P Global
Ratings-adjusted debt to EBITDA will increase slightly to around 4x
at year-end 2021."

While unlikely over the next year, S&P could raise the rating by
one notch if:

-- The company increases its scale meaningfully and further
diversifies its tenant base; and

-- Maintains its conservative financial policy such that debt to
EBITDA is sustained in the low-4x area or below.

Although also unlikely over the next year, S&P could lower the
rating if:

-- The company pursues large debt-financed acquisitions, resulting
in debt to EBITDA rising above 6x on a sustained basis; or

-- Operating performance deteriorates significantly at several of
its key operators, resulting in material rent concessions or cash
flow disruption.



CARLA'S PASTA: Auction of Substantially All Assets on April 15
--------------------------------------------------------------
Judge James J. Tancredi of the U.S. Bankruptcy Court for the
District of Connecticut authorized the bidding procedures proposed
by Carla's Pasta, Inc., and Suri Realty, LLC, relating to the
auction sale of substantially all assets.

The Debtors are authorized, subject to the reasonable exercise of
their business judgment and in consultation with the Lenders and
the Official Committee of Unsecured Creditor, to designate an
agreement a "Stalking Horse Agreement" and enter into a Stalking
Horse Agreement with a Qualified Bidder no later than March 19,
2021, and to offer the Stalking Horse Bidder the following
protection: A break-up fee in an amount to be determined by the
Debtors, not to exceed 3% of the total purchase price offered by
any Stalking Horse Bidder in the Stalking Horse Agreement; provided
that any Break-Up Fee exceeding 1% of the total purchase price is
subject to the terms of a negotiated agreement with the Lenders and
the Committee.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: April 12, 2021, at 4:00 p.m.

     b. Deposit: 7.5% of the proposed purchase price

     c. Initial Overbid Amount: If a Stalking Horse Bidder has been
selected, any Bid submitted in competition with any Stalking Horse
Bid must propose a purchase price equal to the purchase price under
the Stalking Horse Agreement, plus an amount equal to, at a
minimum, the sum of: (i) the amount of any Break-Up Fee in the
Stalking Horse Agreement; and (ii) $100,000.

     d. Bidding Increments: $100,000

     e. Credit Bidding: The Agent will be deemed to be a Qualified
Bidder and is not required to make any Deposit.  

     f. Auction: If one or more Qualified Bids is received by the
Bid Deadline (other than a Credit Bid), the Debtors will conduct
the Auction at 10:00 a.m. (ET) on April 15, 2021, via the Zoom
platform, or such later time on such day or other place as the
Debtors will notify all creditors and all Qualified Bidders who
have submitted Qualified Bids.  If the Debtors do not receive a
Qualified Bid (other than a Credit Bid), they may, in consultation
with the Lenders and the Committee, cancel the Auction.  

     g. Sale Objection Deadline: April 12, 2021

     h. Sale Hearing: April 19, 2021, at 2:00 p.m. (ET)

As soon as practicable after entry of the Order, but in no event
later than seven calendar days after entry of the Order, the
Debtors will serve on all non-Debtor contract counterparties
("Contract Counterparties") the Cure and Possible Assumption and
Assignment Notice.  The Contract Assignment Objection Deadline is
4:00 p.m. (ET) on April 12, 2021.  Provided that the Auction has
concluded, by April 16, 2021, the Debtors will file with the Court
and serve on the Contract Counterparties the Assignment Notice.

The Sale Notice, the Cure and Possible Assumption and Assignment
Notice, and the Assumption Notice, are approved.  Within two days
after the entry of the Order, the Debtors (or their agents) will
serve the Sale Notice upon the Sale Notice Parties.  

he terms and conditions of the Order will be immediately effective
and enforceable upon its entry, notwithstanding any provision in
the Federal Rules of Bankruptcy Procedure or the Local Bankruptcy
Rules to the contrary, and the Debtors may, in their discretion and
without further delay, take any action and perform any act
authorized under the Order.

A copy of the Bid Procedures Order is available at
https://tinyurl.com/2rm4e2cm from PacerMonitor.com free of charge.

                     About Carla's Pasta

Carla's Pasta was founded in 1978 by Carla Squatrito and is a
family-owned and operated business and is headquartered in South
Windsor, Connecticut.  Carla's Pasta manufactures high-quality
food
products including pasta sheets, tortellini, ravioli, and steam
bag
meals for branded and private label retail, foodservice
distributors, and restaurant Carla's Pasta's stock is held by
members of the Squatrito family.

On Dec. 31, 2016, Carla's Pasta acquired 100% of Suri Realty,
LLC's
membership interests.  Suri's business is limited to the ownership
of two adjoining parcels of real property with an address of 50
Talbot  Lane, South Windsor, Connecticut, and 280 Nutmeg Road,
South Windsor, Connecticut.

Carla's Pasta operates its business from an approximately
150,000-sq. ft. BRC+ certified production facility.

On Oct. 29, 2020, an involuntary petition for relief under Chapter
7 of the Bankruptcy Code was filed against Suri by the Dennis
Group, HJ Norris, LLC, Renaissance Builders, Inc., and Elm
Electrical, Inc.  On Dec. 17, 2020, the Court approved Suri's
request and converted the involuntary Chapter 7 case to a Chapter
11.

Carla's Pasta filed a Chapter 11 petition (Bankr. D. Conn. Case
No.
21-20111) on Feb. 8, 2021.  The Debtor estimated assets of $10
million to $50 million and liabilities of $50 million to $100
million.

The law firm of Locke Lord LLP is the Debtors' counsel.  Cowen &
Co
is the Debtors' investment banker.  Sandeep Gupta of Nova Advisors
is the Debtors' CRO.



CARLA'S PASTA: Seeks to Hire 'Ordinary Course' Professionals
------------------------------------------------------------
Carla's Pasta, Inc. and Suri Realty, LLC seek approval from the
U.S. Bankruptcy Court for the District of Connecticut to hire
professionals employed in the ordinary course of business and
compensate such professionals up to an aggregate amount of $25,000
for services through April 30, 2021.

The 'ordinary course' professionals are:

     Blum Shapiro
     29 N. Main Street
     West Hartford, CT 06107
       Accounting/Tax Services

     Fuss & O'Neill, Inc.
     146 Hartford Road
     Manchester, CT 06040
       Environmental Consulting

     Law Office of Randolph T. Lovallo, P.C.
     90 Grove Street
     Ridgefield, CT 06877
       Legal Services

     Updike, Kelly & Spellacy, P.C.
     100 Pearl Street - 17th Floor
     Hartford, CT 06103
       Legal Services

The request, if granted, would allow the Debtors to hire "ordinary
course professionals" without filing separate employment
applications.

                About Carla's Pasta and Suri Realty

Carla's Pasta Inc. is a family-owned and operated business
headquartered in South Windsor, Conn.  It manufactures food
products including pasta sheets, tortellini, ravioli, and steam bag
meals for branded and private label retail, foodservice
distributors, and restaurant.  Founded in 1978 by Carla Squatrito,
Carla's Pasta's stock is held by members of the Squatrito family.

On Dec. 31, 2016, Carla's Pasta acquired 100% of Suri Realty, LLC's
membership interests.  Suri's business is limited to the ownership
of two adjoining parcels of real property located at 50 Talbot Lane
and 280 Nutmeg Road, South Windsor, Conn.

Carla's Pasta operates its business from an approximately
150,000-square-foot BRC+ certified production facility.

On Oct. 29, 2020, an involuntary petition for relief under Chapter
7 of the Bankruptcy Code was filed against Suri by Dennis Group, HJ
Norris, LLC, Renaissance Builders, Inc., and Elm Electrical, Inc.
On Dec. 17, 2020, the court approved Suri's request and converted
the involuntary Chapter 7 case to one under Chapter 11.

Carla's Pasta filed a Chapter 11 petition (Bankr. D. Conn. Case No.
21-20111) on Feb. 8, 2021.  It estimated assets of $10 million to
$50 million and liabilities of $50 million to $100 million.

The cases are jointly administered under Case No. 21-20111.

The Debtors tapped Locke Lord LLP as their counsel, Cowen & Co. as
investment banker and Novo Advisors, LLC as financial advisor.
Sandeep Gupta of Novo Advisors is the Debtors' chief restructuring
officer.


CARNIVAL CORP: S&P Lowers Rating on Senior Unsecured Notes to 'B-'
------------------------------------------------------------------
S&P Global Ratings lowered its issue-level ratings on global cruise
operator Carnival Corp.'s senior unsecured debt that has parent
guarantees but not subsidiary guarantees to 'B-' from 'B'.

S&P said, "We revised the recovery rating on this debt to '5' from
'4'. The lower issue-level and recovery ratings are the result of
Carnival's recent upsizing of its senior unsecured notes due 2027
to $3.5 billion from the expected $2.5 billion under our prior
analysis. This results in less enterprise value available to cover
Carnival's remaining senior unsecured debt with only parent
guarantees, weakening recovery prospects for these lenders. The
senior unsecured notes due 2027, along with Carnival's senior
unsecured notes due 2026 and its unsecured convertible notes due
2023, benefit from both parent and subsidiary guarantees, whereas
Carnival's remaining unsecured debt benefits from only parent
guarantees. The '5' recovery rating indicates our expectation for
modest (10%-30%; rounded estimate: 20%) recovery for lenders in the
event of a payment default."

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P lowered its issue-level ratings on Carnival's unsecured
debt that has parent guarantees but not subsidiary guarantees to
'B-' from 'B'. The recovery rating is '5', indicating its
expectation for modest (10%-30%; rounded estimate: 20%) recovery
for lenders in the event of a payment default. The '5' recovery
rating also reflects the incremental unsecured debt in the capital
structure that benefits from subsidiary guarantees, which accounts
for a greater portion of our assumed enterprise value under its
analysis.

-- All other issue-level ratings are unchanged.

Simulated default assumptions

-- S&P's simulated default scenario contemplates a default
occurring by 2024 because of a significant decline in cash flow
from a prolonged economic downturn, and/or increased competitive
pressures,and permanently impaired demand for cruises following the
negative publicity and travel advisories during the COVID-19
pandemic.

-- S&P includes in its unsecured claims new ship debt that it
expects Carnival to incur before the year of default.

-- S&P said, "We assume Carnival's revolver may become secured
prior to default because we believe that under our default
scenario, the company would likely breach the financial maintenance
covenants under its revolver and that its revolving lenders would
then request collateral. We assume the outstanding revolver claims
at default would be less than the amount that would trigger
springing collateral provisions in certain of Carnival's export
credit agreements, which would result in those agreements obtaining
some security. Under this scenario, we assume this would absorb
substantially all of the capacity Carnival would have to grant
further security, without triggering the springing collateral
provisions under the export credit agreements."

-- S&P said, "Further, although Carnival's export credit
agreements and bilateral bank facilities remain unsecured and
benefit only from parent guarantees, we believe the lenders under
these loans may demand additional guarantees in exchange for
covenant relief in a potential scenario where Carnival breaches its
financial maintenance covenants under the loans. Under that
scenario, we believe the recovery prospects for the lenders of
Carnival's remaining unsecured debt that does not benefit from
subsidiary guarantees or contain financial maintenance covenants
would be materially impaired."

-- Additionally, Carnival may incur additional unsecured debt that
benefits from subsidiary guarantees prior to default, which would
also significantly impair the recovery prospects for its unsecured
debt that does not benefit from subsidiary guarantees.

-- S&P estimates gross enterprise value at emergence of about
$24.1 billion by applying a 7x multiple to our estimate of EBITDA
at emergence. The 7x multiple is at the high end of our range for
leisure companies, and it reflects Carnival's good position in the
cruise industry, which is a small but underpenetrated segment of
the overall travel and vacation industry.

-- S&P allocates its estimate of gross enterprise value at
emergence among secured and unsecured claims based on its
understanding of the contribution, by asset value, of the parent
and subsidiary guarantors.

-- S&P assumes that of our estimated gross enterprise value at
emergence, about 74% is available to cover first- and
second-priority secured claims, about 22% is available to cover
unsecured claims that benefit from subsidiary guarantees, and about
4% is available to cover unsecured claims that only benefit from
parent guarantees.

-- Under S&P's analysis, and after subtracting 7% administrative
expenses from our estimate of gross enterprise value, about $16.5
billion of enterprise value would be available to cover secured
claims. After satisfying first- and second-priority secured claims,
any remaining value, which we estimate to be $4.3 billion, is then
allocated between claims that benefit from subsidiary guarantees
and those that only benefit from parent guarantees. This is because
a material portion of the collateral sits at the subsidiary
guarantors.

-- S&P said, "We attribute $4 billion of the residual value, after
satisfying first- and second-priority claims, to unsecured notes
that benefit from subsidiary guarantees. These notes also benefit
from the enterprise value--about $4.8 billion--that is not pledged
as collateral and that we attribute to the unsecured notes that
have subsidiary guarantees." The total value--about $8.8
billion--is sufficient to fully cover our estimate of those notes
at default.

-- S&P attributes about $342 million of the residual value, after
satisfying first- and second-priority secured claims, and about
$2.5 billion in residual value from subsidiaries, after satisfying
unsecured claims that benefit from subsidiary guarantees, to the
unsecured debt that benefits only from parent guarantees. This
unsecured debt also benefits from the enterprise value--about $1.1
billion--we attribute to the unsecured debt that has only parent
guarantees. The total value--about $4 billion--only partially
covers our estimate of those unsecured claims at default.

-- S&P assumes Carnival's revolvers are 85% drawn at default.

Simplified waterfall

-- Emergence EBITDA: $3.4 billion

-- EBITDA multiple: 7x

-- Gross enterprise value: $24.1 billion

-- Net enterprise value available after 7% administrative
expenses: $22.4 billion

-- Value attributable to secured/unsecured claims: $16.5
billion/$5.9 billion

-- Value available to first-lien secured claims: $16.5 billion

-- Estimated first-lien secured claims at default: $10 billion

    --Recovery range: 90%-100% (rounded estimate: 95%)

-- Value available to second-lien secured claims: $6.5 billion

-- Estimated second-lien secured claims at default: $2.3 billion
   
    --Recovery range: 90%-100% (rounded estimate: 95%)

-- Value available (including some residual value after satisfying
secured first- and second-lien claims) to unsecured claims that
benefit from subsidiary guarantees (the 2026 and 2027 notes, as
well as the 2023 convertible notes): $8.8 billion

-- Estimated unsecured claims that benefit from subsidiary
guarantees at default: $6.2 billion

    --Recovery range: Capped at 70%-90% (rounded estimate: 85%)

-- Value available to remaining unsecured debt: $3.9 billion

-- Estimated remaining unsecured claims at default: $16 billion

    --Recovery range: 10%-30% (rounded estimate: 20%)

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



CASTLETON CORNER: Hires CliftonLarsonAllen LLP as Accountant
------------------------------------------------------------
Castleton Corner Owners Association, Inc. seeks approval from the
U.S. Bankruptcy Court for the Southern District of Indiana to
employ Herbert J. Hoffman, CPA, of CliftonLarsonAllen LLP as its
accountant.

The firm will provide accounting services, including but not
limited to, the preparation of tax returns.

The firm will be paid as follows:

     Herbert J. Hoffman, Principal  $350 per hour
     Ann Ashton, Director           $185 per hour
     Matt Farsjo, Associate         $150 per hour

Mr. Hoffman received a retainer of $2,000 prior to the petition
date.

Mr. Hoffman, principal at CliftonLarsonAllen, assures the court
that the firm does not hold or represent any interest that is
materially adverse to the interests of the Debtor and is a
"disinterested person" as that term is defined in 11 U.S.C. Sec.
101(14).

The firm can be reached through:

     Herbert J. Hoffman, CPA
     CliftonLarsonAllen LLP
     335 N Wilmot Road, Suite 300
     Tucson, AZ 85711
     Phone: 520-790-3500

            About Castleton Corner Owners Association

Castleton Corner Owners Association, Inc., an Indianapolis,
Ind.-based association, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Ind. Case No. 20-04470) on Aug. 6,
2020.  At the time of the filing, Debtor had estimated assets of up
to $50,000 and liabilities of between $500,001 and $1 million.
Judge Robyn L. Moberly oversees the case.  The Debtor tapped Bose
McKinney & Evans LLP as its legal counsel and Cliftonlarsonallen
LLP as its accountant.


CCC INFORMATION: Moody's Completes Review, Retains B3 CFR
---------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of CCC Information Services Inc. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on March 2, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

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

Key rating considerations

CCC's B3 Corporate Family Rating reflects its stable business
model, with revenue mostly based on sticky subscriptions with high
customer retention rates. CCC has a leading position as a provider
of auto physical damage services to US insurers and repair shops,
and a long track record of strong profitability. The rating is
constrained by the company's very high financial leverage,
aggressive financial policies, relatively small scale and
substantial concentration in the US auto physical claims market.

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


CHC GROUP: To Acquire Offshore Helicopter Business of Babcock
-------------------------------------------------------------
Dominic Perry of Flight Global reports that oil and gas helicopter
operator CHC Group is to acquire the offshore business of
UK-headquartered Babcock for an undisclosed fee.

Rumours of the takeover had been swirling for several days, but
Babcock on March 11, 2021 confirmed a "conditional agreement" with
CHC.

It expects the deal to close in the second quarter of 2021. While
anti-trust clearance for the acquisition is being sought from
authorities in the UK and Australia, "completion is not conditional
upon such clearances being received", says Babcock.

Babcock's offshore business operates in the UK, Denmark and
Australia, using a fleet of 30 helicopters and employing 500
people.

Faced with a prolonged downturn in the oil and gas business,
Babcock had been looking to exit the business for some time.

Last 2020, its then chief executive Archie Bethel said that the oil
and gas business "was no longer attractive in the long term amid a
race to the bottom on rates. It subsequently booked a £500 million
($630 million) write-down on the operation.

However, Babcock then surprised many in the sector, last August
2020 winning a pair of new contracts with energy giant Total for
operations from Aberdeen, Scotland, and Esbjerg, Denmark. That work
was won from CHC and NHV, respectively.

USA-headquartered CHC is a global operator and already has a
presence in Aberdeen, although its Europe Middle East & Africa
regional office is located in Manchester.

The company underwent a significant restructuring in 2016 via the
USA's Chapter 11 bankruptcy

                      About CHC Group Ltd.

Headquartered in Irving, Texas, CHC Group Ltd. (OTC PINK: HELIQ) is
a global commercial helicopter services company primarily servicing
the offshore oil and gas industry. CHC maintains bases on six
continents with major operations in the North Sea, Brazil,
Australia, and several locations across Africa, Eastern Europe, and
South East Asia. CHC maintains a fleet of 230 medium and heavy
helicopters, 67 of which are owned by it and the remainder are
leased from various third-party lessors.

CHC Group Ltd. and 42 of its wholly-owned subsidiaries each filed a
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Tex. Case No. 16-31854) on May 5, 2016.

The Debtors hired Weil, Gotshal & Manges LLP as counsel, Debevoise
& Plimpton LLP as special aircraft counsel, PJT Partners LP as
investment banker, Seabury Corporate Advisors LLC as financial
advisor, CDG Group, LLC, as restructuring advisor, and Kurtzman
Carson Consultants LLC as claims and noticing agent.

The Office of the U.S. Trustee on May 13, 2016, appointed five
creditors of CHC Group Ltd. to serve on the official committee of
unsecured creditors.

The Creditors Committee's attorneys are Marcus A. Helt, Esq., and
Mark C. Moore, at Gardere Wynne Sewell LLP, and Douglas H. Mannal,
Esq., Gregory A. Horowitz, Esq., and Anupama Yerramalli, Esq., at
Kramer Levin Naftalis & Frankel LLP.

Angelo, Gordon & Co. and Cross Ocean Partners, which either hold
claims or manage funds and accounts that hold claims against the
Debtors' estates arising on account of the 9.25% Senior Secured
Notes due 2020 issued under the Indenture, dated as of Oct. 4,
2010, by and among CHC Helicopter S.A., as issuer, each of the
guarantors named therein, HSBC Corporate Trustee Company (UK)
Limited, as collateral agent, and the Bank of New York Mellon, as
indenture trustee, are represented by Jones Day. process.


CHEFS' WAREHOUSE: Moody's Lowers CFR to B3 on Cash Flow Losses
--------------------------------------------------------------
Moody's Investors Service downgraded The Chefs' Warehouse, Inc.'s
corporate family rating to B3 from B2 and probability of default
rating to B3-PD from B2-PD. The B2 senior secured term loan rating
was affirmed. The speculative grade liquidity rating remains SGL-3
and the ratings outlook is negative.

The CFR and PDR downgrades reflect the company's continued earnings
and cash flow losses as a result of the coronavirus pandemic's
impact on the restaurant industry and the still uncertain timing
and extent of dining capacity restrictions for restaurants, as well
as the broader recovery in the independent restaurant sector.
Moody's regards the coronavirus pandemic as a social risk under
Moody's ESG framework, given the substantial implications for
public health and safety.

The affirmation of the B2 term loan rating reflects the support
from junior debt in the capital structure, including the recent
issuance of $50 million add-on convertible notes and term loan
paydown.

Moody's took the following rating actions for The Chefs' Warehouse,
Inc.:

Corporate family rating, downgraded to B3 from B2

Probability of default rating, downgraded to B3-PD from B2-PD

Senior secured bank credit facility, affirmed B2 (LGD3 from
LGD4)

Outlook, remains negative

RATINGS RATIONALE

The Chefs' Warehouse, Inc.'s B3 CFR is constrained by the company's
ongoing EBITDA losses as a result of the coronavirus pandemic.
Chefs' niche focus on independent restaurant operators poses
significant risk, as these customers have riskier credit profiles
and liquidity, which is likely to result in an elevated closure
rate over the near term. In addition, a meaningful portion of
Chefs' customer base is located in dense urban areas that remain
particularly exposed to the government restrictions on restaurants
or operate casual and fine dining restaurants that are less
conducive to take-out and delivery orders. Moody's-adjusted
debt/EBITDA was negative as of December 25, 2020 due to significant
EBITDA losses. Moody's projects gradual earnings improvement over
the next 12-24 months, with EBITDA reaching 80% below 2019 levels
(proforma for acquisitions) in 2021 and 30% below 2019 in 2022 in a
base case scenario. This will lead to leverage declining to 11
times in 2021, and 5.5 times in 2022. In addition, the company has
modest scale, as revenue and EBITDA are much smaller than that of
its public company foodservice industry peers.

The rating is supported by Moody's expectations for adequate
liquidity over the next 12-18 months. The credit profile also
benefits from governance considerations, specifically the company's
balanced financial policies, including its issuance of common
equity and convertible notes to support liquidity during the
pandemic, and its moderate leverage levels maintained prior to
2020. In addition, the ratings incorporate Chefs' position as a
premier distributor of specialty food products in the United States
and Canada. The company has a product portfolio with a deep
selection of specialty and center-of-the-plate food products that
differentiates its offering from the larger, traditional broadline
foodservice distributors. Prior to the pandemic, Chefs' focus on
the independent segment and scale within the segment allowed it to
maintain solid operating margins relative to its peers.

The SGL-3 speculative grade liquidity rating reflects Moody's
projections for adequate liquidity over the next 12-18 months,
mainly supported by its $211 million balance sheet cash pro-forma
for the convertible issuance and stub term loan repayment, and lack
of near-term maturities. While the add-on convertible notes
improved liquidity, Moody's expects excess revolver availability to
be limited, and free cash flow generation in 2021 to be negative
due to still weak earnings and a reversal of 2020 working capital
benefits.

The negative outlook reflects Moody's view that Chefs' operating
performance and credit metrics will remain under considerable
pressure given its exposure to independent restaurants.

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

Factors that could result in an upgrade include solid revenue and
earnings recovery, such that debt/EBITDA is sustained around 5.5
times and EBITA/interest expense above 1.5 times. An upgrade would
also require an improved liquidity profile, including positive free
cash flow and ample revolver availability.

Factors that could result in a downgrade include a deterioration in
liquidity for any reason or a worse than expected recovery in
earnings.

The Chefs' Warehouse, Inc. distributes specialty food products to
menu-driven independent restaurants, fine dining establishments,
country clubs, hotels, caterers, culinary schools, bakeries,
patisseries, chocolatiers, cruise lines, casinos, and specialty
food stores in the United States and Canada. The company generated
net sales of $1.1 billion for the fiscal year ended December 25,
2020.

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


CICI'S HOLDINGS: Joint Chapter 11 Plan Confirmed
------------------------------------------------
Judge Stacey G. Jernigan of the U.S. Bankruptcy Court for the
Northern District of Texas, Dallas Division, approved Cici's
Holdings, Inc. and its affiliated Debtors' disclosure statement on
a final basis and confirmed the joint prepackaged Chapter 11 Plan
of Reorganization.

Judge Jernigan made, among others, these findings of facts and
conclusions of law:

     (a) Adequacy of the Disclosure Statement: The Disclosure
Statement contains "adequate information" (as such term is defined
in Bankruptcy Code Section 1125(a) and used in Bankruptcy Code
Section 1126(b)(2)) with respect to the Debtors, the Plan, and the
transactions contemplated therein.  To the extent not withdrawn,
settled, or otherwise resolved, any objections to the approval of
the Disclosure Statement are overruled.

     (b) Solicitation: The Plan, the Disclosure Statement, Plan
Supplements and the other materials distributed by the Debtors in
connection with solicitation of the Plan were transmitted and
served in compliance with the Bankruptcy Rules, including
Bankruptcy Rules 3017 and 3018, with the Local Rules, and with the
procedures set forth in the Scheduling Order.  The Debtors
solicited votes for acceptance and rejection of the Plan in good
faith, and provided the opportunity for creditors to objection to
the releases set forth in the Plan.  Such solicitation and notice
complied with sections 1125 and 1126 and all other applicable
sections of the Bankruptcy Code, rules 3017, 3018, and 3019 of the
Bankruptcy Rules, the Scheduling Order, the Local Rules, and all
other applicable rules, laws, and regulations.

     (c) Voting Report: Before the Combined Hearing, the Debtors
filed the Voting Report.  The Voting Report was admitted into
evidence during the Combined Hearing.  The procedures used to
tabulate ballots were fair and conducted in accordance with the
Scheduling Order, the Bankruptcy Code, the Bankruptcy Rules, the
Local Rules, and all other applicable rules, laws, and regulations.
As set forth in the Plan, only Holders of Claims in Class 3 were
eligible to vote on the Plan.  Holders of Claims in Classes 1 and 2
(collectively, the "Deemed Accepting Classes") are Unimpaired and
conclusively deemed to accept the Plan and, therefore, did not vote
to accept or reject the Plan.  Holders of Claims and Interests in
Classes 4, 5, 6 and 7 (the "Deemed Rejecting Classes") are Impaired
under the Plan and/or are entitled to no recovery under the Plan
and are, therefore, deemed to have rejected the Plan.  As evidenced
by the Voting Report, Class 3 voted to accept the Plan in
accordance with section 1126 of the Bankruptcy Code.

     (d) Compliance with the Requirements of Section 1129 of the
Bankruptcy Code:  The Plan complies with all applicable provisions
of section 1129 of the Bankruptcy Code.

In the Confirmation Order, Judge Jernigan ordered, among others,
that:

     (a) Post-Confirmation Modification of the Plan: Subject to the
limitations and terms contained in Article X of the Plan, the
Debtors are hereby authorized to amend or modify the Plan at any
time prior to the substantial consummation of the Plan, but only in
accordance with section 1127 of the Bankruptcy Code and Bankruptcy
Rule 3019 and in a manner consistent with the RSA, without further
order of this Court.

     (b) General Settlement of Claims and Interests:  Pursuant to
section 1123 of the Bankruptcy Code and in consideration for the
classification, distributions, releases, and other benefits
provided under the Plan, upon the Effective Date, the provisions of
the Plan shall constitute a good faith compromise and settlement of
all Claims, Interests, Causes of Action, and controversies resolved
pursuant to the Plan.  All distributions made to Holders of Allowed
Claims and Interests in any Class are intended to be and shall be
final.

     (c) Corporate Action and Plan Implementation: On the Effective
Date, and without the need for any further action by any of the
Debtors' officers, directors, managers, members or shareholders,
all actions contemplated under the Plan, regardless of whether
taken before, on or after the Effective Date, shall be deemed
authorized and approved in all respects in accordance with the law
of the jurisdiction of formation for each of the Debtors.  All
matters provided for in the Plan or deemed necessary or desirable
by the Debtors before, on, or after the Effective Date involving
the corporate structure of the Debtors or the Reorganized Debtors,
and any corporate action required by the Debtors or the Reorganized
Debtors in connection with the Plan or corporate structure of the
Debtors or the Reorganized Debtors shall be deemed to have occurred
and shall be in effect on the Effective Date, without any
requirement of further action by the officers, directors, managers,
members or shareholders of the Debtors or the Reorganized Debtors.
Before, on, or after the Effective Date, the appropriate officers
of the Debtors or the Reorganized Debtors, as applicable, shall be
authorized to issue, execute, and deliver the agreements,
documents, securities, and instruments contemplated under the Plan
(or necessary or desirable to effect the transactions contemplated
under the Plan) in the name of and on behalf of the Reorganized
Debtors.  The authorizations and approvals contemplated by Article
IV of the Plan shall be effective notwithstanding any requirements
under non-bankruptcy law.  The Debtors and the Reorganized Debtors,
as the case may be, and their respective directors, officers,
members, agents, and attorneys, financial advisors, and investment
bankers are authorized and empowered to negotiate, execute, issue,
deliver, implement, file, or record any contract, instrument,
release, or other agreement or document related to the Plan, as the
same may be modified, amended and supplemented, and to take any
action necessary or appropriate to implement, effectuate,
consummate, or further evidence the Plan in accordance with its
terms and the terms hereof, or take any or all corporate actions
authorized to be taken pursuant to the Plan or this Confirmation
Order, whether or not specifically referred to in the Plan or any
exhibit thereto, without further order of the Court.  To the extent
applicable, any and all such documents shall be accepted upon
presentment by each of the respective state filing or recording
offices and filed or recorded in accordance with applicable state
law and shall become effective in accordance with their terms and
the provisions of state law.  Pursuant to all applicable provisions
of the business corporation laws of any applicable state, no action
of the Debtors' boards of directors will be required to authorize
the Debtors to enter into, execute and deliver, adopt or amend, as
the case may be, any such contract, instrument, release, or other
agreement or document related to the Plan, and following the
Effective Date, each of the Plan documents will be a legal, valid,
and binding obligation of the Debtors and the Reorganized Debtors,
as applicable, enforceable against each in accordance with the
respective terms thereof.

     (c) Vesting of Assets in the Reorganized Debtors:  Except as
otherwise provided in the Plan, or any agreement, instrument, or
other document incorporated herein or therein, on the Effective
Date, the assets of the Debtors shall vest in the Reorganized
Debtors free and clear of all Liens, Claims, charges, or other
encumbrances.  On and after the Effective Date, the Reorganized
Debtors may use, acquire, or dispose of property, and compromise or
settle any Claims, Interests, or Causes of Action without
supervision or approval by the Bankruptcy Court and free of any
restrictions of the Bankruptcy Code or Bankruptcy Rules.  On and
after the Effective Date, except as otherwise provided in the Plan,
each Reorganized Debtor may operate its business and may use,
acquire, or dispose of property and compromise or settle any
Claims, Interests, or Causes of Action without supervision or
approval by the Court and free of any restrictions of the
Bankruptcy Code or Bankruptcy Rules.  To the extent that the
retention by the Debtors or the Reorganized Debtors of assets or
property held immediately prior to the Effective Date in accordance
with the Plan is deemed, in any instance, to constitute a
"transfer" of property, such transfer of property to the Debtors or
the Reorganized Debtors (i) is or shall be a legal, valid, and
effective transfer of property, (ii) vests or shall vest the
Debtors or the Reorganized Debtors with good title to such
property, free and clear of all Liens, Claims, charges, or other
encumbrances, except as expressly provided in the Plan or this
Confirmation Order, (iii) does not and shall not constitute an
avoidable transfer under the Bankruptcy Code or under applicable
nonbankruptcy law, and (iv) does not and shall not subject the
Debtors or the Reorganized Debtors to any liability by reason of
such transfer under the Bankruptcy Code or under applicable
nonbankruptcy law, including by laws affecting successor or
transferee liability.

     (d) Cancellation of Securities and Agreements: Upon the
Effective Date, except as set forth in the Plan and the Exit
Facility Documents: (i) the obligations of the Debtors under the
Prepetition Credit Agreement and any other certificate, security,
share, note, bond, indenture, purchase right, option, warrant, or
other instrument or document directly or indirectly evidencing or
creating any indebtedness or obligation of or ownership interest in
the Debtors giving rise to any Claim or Interest (except such
certificates, notes, or other instruments or documents evidencing
indebtedness or obligation of or ownership interest in the Debtors
that are Reinstated pursuant to the Plan) shall be canceled solely
as to the Debtors and their affiliates, and the Reorganized Debtors
shall not have any continuing obligations thereunder; and (ii) the
obligations of the Debtors and their affiliates pursuant, relating,
or pertaining to any agreements, indentures, certificates of
designation, bylaws, or certificate or articles of incorporation or
similar documents governing the shares, certificates, notes, bonds,
indentures, purchase rights, options, warrants, or other
instruments or documents evidencing or creating any indebtedness or
obligation of or ownership interest in the Debtors (except such
agreements, certificates, notes, or other instruments evidencing
indebtedness or obligation of or ownership interest in the Debtors
that are specifically Reinstated pursuant to the Plan) shall be
released; provided however, that the liens of the Prepetition
Lender and the DIP Lender on the Debtors' assets shall be amended
and reinstated in conjunction with the Exit Facility.

     (e) Discharge of Claims and Termination of Interests: Pursuant
to section 1141(d) of the Bankruptcy Code, and except as otherwise
specifically provided in the Plan and the Plan Supplement, or in a
contract, instrument, or other agreement or document executed
pursuant to the Plan and the Plan Supplement, the distributions,
rights, and treatment that are provided in the Plan shall be in
complete satisfaction, discharge, and release, effective as of the
Effective Date, of Claims, Interests, and Causes of Action of any
nature whatsoever, including any interest accrued on Claims or
Interests from and after the Petition Date, whether known or
unknown, against, liabilities of, Liens on, obligations of, rights
against, and Interests in, the Debtors or any of their assets or
properties, regardless of whether any property shall have been
distributed or retained pursuant to the Plan on account of such
Claims and Interests, including demands, liabilities, and Causes of
Action that arose before the Effective Date, any contingent or
non-contingent liability on account of representations or
warranties issued on or before the Effective Date, and all debts of
the kind specified in sections 502(g), 502(h), or 502(i) of the
Bankruptcy Code, in each case whether or not: (i) a Proof of Claim
based upon such debt or right is Filed or deemed Filed pursuant to
section 501 of the Bankruptcy Code; (ii) a Claim or Interest based
upon such debt, right, or Interest is Allowed pursuant to section
502 of the Bankruptcy Code; or (iii) the Holder of such a Claim or
Interest has voted to accept the Plan.  Any default or "event of
default" by the Debtors with respect to any Claim or Interest that
existed immediately before or on account of the Filing of the
Chapter 11 Cases shall be deemed cured (and no longer continuing)
as of the Effective Date.  This Confirmation Order shall be a
judicial determination of the discharge of all Claims and Interests
subject to the Effective Date occurring.

     (f) Release of Liens: Except (1) with respect to the Liens
securing (i) the Exit Facility, if applicable, (ii) Other Secured
Claims that are reinstated pursuant to the Plan, or (iii)
obligations pursuant to Executory Contracts and Unexpired Leases
assumed pursuant to the Plan or (2) as otherwise provided in the
Plan or in any contract, instrument, release, or other agreement or
document created pursuant to the Plan, on the Effective Date, all
mortgages, deeds of trust, Liens, pledges, or other security
interests against any property of the Estates and, subject to the
consummation of the applicable distributions contemplated in the
Plan, shall be fully released and discharged, at the sole cost of
and expense of the Reorganized Debtors, and the Holders of such
mortgages, deeds of trust, Liens, pledges, or other security
interests shall execute such documents as may be reasonably
requested by the Debtors or the Reorganized Debtors, as applicable,
to reflect or effectuate such releases, and all of the right,
title, and interest of any Holders of such mortgages, deeds of
trust, Liens, pledges, or other security interests shall revert to
the Reorganized Debtor and its successors and assigns.

     (g) Inland Commercial Real Estate Services LLC Resolution:
Notwithstanding anything to the contrary in the Plan or this Order:
(1) the lease for premises at the Prattville Town Center in
Prattville, Alabama by and between the Debtor Cici Enterprises, LP
and IREIT Prattville Legends, L.L.C., for which the managing agent
is Inland Commercial Real Estate Services, LLC, shall be assumed by
the Debtors as of the Effective Date; (2) the assumption of the
Prattville Lease and cure of all defaults shall result in the full
release and satisfaction of any defaults arising prior to the
effective date of assumption of the Prattville Lease; (3) if the
Debtors wish to disallow or expunge proofs of claim with respect to
the Prattville Lease that has been assumed, the counterparty must
be sufficiently noticed with a reasonable opportunity to be heard;
(4) any liens granted pursuant to the Exit Facility and Exit
Facility Documents shall not include the Prattville Lease (except
they may include the proceeds of such Prattville Lease) and the
Exit Facility Lenders and Exit Facility Agent shall have no rights
to access or utilize the Prattville Lease's leased premises absent
the existence of such a right under applicable non-bankruptcy law
or written consent of the landlord; (5) any Restructuring
Transactions that affect the Prattville Lease may (i) only take
place following the Effective Date and (ii) not violate the terms
of the Prattville Lease; (6) the rights, if any, of counterparties
to the Prattville Lease to assert setoff and recoupment are
preserved; (7) the Holder of the Cure Claim specific to the
assumption of the Prattville Lease shall not be required to file a
request for payment of an Administrative Claim; and (8) the cure
amount for the Prattville Lease has been agreed to as $23,999.83
plus all accrued but unbilled or not yet due obligations and and
indemnification obligations and all other amounts that come due
under the lease from February 22, 2021 through the Effective Date.

     (h) Wells Fargo Resolution:  On the earlier of the Effective
Date or three business days of the presentment of such amounts, the
Debtors shall pay Wells Fargo Bank, National Association all
accrued and unpaid amounts reimbursable under the Prepetition
Credit Agreement and/or the Successor Agent Agreement by and
between Wells Fargo and the Prepetition Administrative Agent.  At
least $47,964.40 in Accrued Administrative Fees are due and owing
to Wells Fargo.

The case is In re: CICI'S HOLDINGS, INC., et al., Chapter 11,
Debtors, Case No. 21-30146 (SGJ) (Bankr. N.D. Tex.).  A full-text
copy of the Order, dated March 3, 2021, is available at
https://tinyurl.com/m9429ecc from Leagle.com.
          
                    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 and its affiliates sought Chapter 11 protection
(Bankr. N.D. Tex. Lead Case No. 21-30146) on Jan. 25, 2021, with a
restructuring support agreement for a plan that would have lender
D&G Investors LLC take over ownership. D&G is an affiliate of
private investment firm Gala Capital.

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.




CITYSCAPE AT COURTHOUSE: Seeks to Hire Johnson Pope as Counsel
--------------------------------------------------------------
Cityscape At Courthouse Centre Condominium Association, Inc. seeks
approval from the U.S. Bankruptcy Court for the Middle District of
Florida to hire Johnson Pope Bokor Ruppel & Burns, LLP as its
counsel.

The firm will render these services:

     a. give the Debtor legal advice with respect to its duties and
obligations under the Bankruptcy Code;

     b. take necessary steps to analyze and pursue any avoidance
actions if in the best interest of the estate;

     c. prepare legal papers;

     d. assist the Debtor in taking all legally appropriate steps
to effectuate compliance with the Bankruptcy Code; and

     e. perform other legal services for the Debtor, which may be
necessary including the closings of sales of its real properties.

Alberto Gomez, Jr., Esq., the firm's attorney who will be handling
the Debtor's Chapter 11 case, charges $410 per hour.

Johnson Pope is disinterested and does not hold or represent an
interest adverse to the estate or the Debtors, according to court
papers filed by the firm.

The firm can be reached through:

     Alberto F. Gomez, Jr., Esq.
     Johnson Pope Bokor Ruppel & Burns, LLP
     401 East Jackson Street #3100
     Tampa, FL 33602
     Tel: 813-225-2500
     Email: al@jpfirm.com

                About Cityscape At Courthouse Centre
                      Condominium Association

Cityscape At Courthouse Centre Condominium Association, Inc. filed
its voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-00991) on March 2021.
Lou Wells, treasurer, signed the petition.  In the petition, the
Debtor estimated $100,000 to $500,000 in assets and $100,000 to
$500,000 in liabilities.  

Alberto F. Gomez, Jr., Esq., at Johnson Pope Bokor Ruppel & Burns,
LLP, represents the Debtor as counsel.


COMMUNITY HOME: Fee Awards to Henderson, Wells Marble Valid
-----------------------------------------------------------
The United States Court of Appeals, Fifth Circuit, reversed the
district court's judgment which vacated the bankruptcy court's
award of fees to Community Home Financial Services, Inc.'s counsel
for work performed prior to the appointment of a trustee.

The Court also remanded for the district court to reinstate the
bankruptcy court's fee award.

Heavily indebted to the appellants — Edwards Family Partnership,
Inc. and Beher Holdings Trust — and others, CHFS entered Chapter
11 bankruptcy to restructure its debts in May of 2012.  Throughout
the bankruptcy, the two largest creditors were the appellants,
Edwards Family and Beher.  CHFS remained the debtor in possession,
and CHFS's president acted as its designated representative.  With
the approval of the bankruptcy court, Derek A. Henderson and Wells
Marble & Hurst, PLLC represented CHFS.

As counsel for CHFS, Henderson and Wells Marble initiated a series
of adversary proceedings against Edwards Family and Beher between
August 2012 and November 2013 challenging the priority of certain
claims.  Meanwhile, Henderson and Wells Marble proposed a
reorganization plan on January 29, 2013.  Both Edwards Family and
Beher objected to the plan and moved to appoint a trustee and to
convert the bankruptcy to a Chapter 7 case.  The bankruptcy court
held confirmation of the proposed reorganization plan in abeyance.
As a result, Henderson and Wells Marble responded to these motions
as they continued to pursue the adversary proceedings.  Wells
Marble withdrew as counsel for CHFS on November 13, 2013.

As the bankruptcy case proceeded, CHFS's president transferred "all
but approximately $7,500.00 from" CHFS's account — over $9
million in cash — to a Panamanian account.  CHFS's president then
fled the country and "set up a `rogue' operation of CHFS's
business" out of new branch offices in Panama and Costa Rica.

On December 20, 2013, Henderson filed a disclosure informing the
bankruptcy court that CHFS's president had transferred those funds
and moved CHFS's principal place of business from Jackson,
Mississippi to Panama.  Three days after the disclosure, the
bankruptcy court appointed an emergency trustee, and then it
appointed Kristina Johnson as Trustee on January 21, 2014.
Henderson withdrew as counsel on March 6, 2014.  Both Henderson and
Wells Marble sought fees for the services they performed in
connection with the adversary proceedings before Johnson was
appointed as Trustee.  Wells Marble sought fees for its services
from May 1, 2013 through October 31, 2013, approximately two weeks
before Wells Marble withdrew as counsel.  Henderson sought fees for
his services from September 2, 2013 through December 28, 2013,
approximately three weeks before Johnson was appointed as Trustee.

The bankruptcy court awarded fees to both Henderson and Wells
Marble in December 2015 and January 2016.  Edwards Family and Beher
timely appealed the awards.  On February 27, 2018, the bankruptcy
court once again awarded fees to Henderson and Wells Marble in
connection with the adversary proceedings.  The bankruptcy court
concluded that those services "were necessary to the administration
of the bankruptcy case and reasonably likely to benefit the
bankruptcy estate."  The bankruptcy court emphasized that the
adversary proceedings were necessary "to create a clear path for an
exit strategy in the Bankruptcy Case" and to "reduc[e] and
reclassif[y]" certain claims."

Edwards Family and Beher filed a notice of appeal to the district
court on March 13, 2018.  On August 5, 2020, the district court
vacated the fee award.  In the district court's view, Henderson and
Wells Marble's decision to pursue adversary proceedings "was not a
good gamble."

Henderson, Wells Marble, and the Trustee appealed, arguing that the
district court improperly evaluated the benefit of the adversary
proceedings retrospectively. E dwards Family and Beher moved to
dismiss the Trustee for lack of standing. Henderson and Wells
Marble then settled their fee dispute with Edwards Family and
Beher, and those parties jointly moved to dismiss Henderson and
Wells Marble from the appeal on October 13, 2020.  The Court
granted that motion on October 14, 2020.  The only remaining
appellant is the Trustee.

Edwards Family and Beher contended that their settlement with
Henderson and Wells Marble mooted the appeal.  The Trustee, on the
other hand, asserted that the case remains live notwithstanding the
settlement.  Judge Jennifer Walker Elrod held that "the Trustee in
this case has standing and this case is not moot because the
payment of fees to Henderson and Wells Marble directly a"ects the
administration of the bankruptcy estate.  Even though Henderson and
Wells Marble have settled their fee dispute with Edwards Family and
Beher, the Trustee remains tasked with ensuring that only proper
payments are made from the bankruptcy estate.  It is immaterial
whether the Trustee or Edwards Family and Beher will ultimately
prevail on this appeal... Rather, the district court order presents
an issue of the administration of the estate, meaning the Trustee
has a 'sufficient legal interest to maintain the litigation,' such
that this appeal is not moot."

"The district court vacated the fee awards to Henderson and Wells
Marble for their services related to the adversary proceedings.
The district court determined that the decision to pursue adversary
proceedings 'was an expensive course of action from the outset....
[I]t would have been more cost-effective, faster, and better for
the estate to pay off the few unsecured creditors rather than hire
professionals to litigate Adversary Proceedings quibbling about
their priority.' 'This was not a good gamble.'  The district court
was wrong to vacate the bankruptcy court award based on its own
retrospective assessment of the propriety of the adversary
proceedings without giving the 'the deference that is the hallmark
of abuse-of-discretion review'... The district court should have
looked at the reasonableness of pursuing the adversary proceedings
from the time Henderson and Wells Marble provided their services...
Viewed prospectively, pursuit of the adversary proceedings was
'necessary to the administration of the case' to resolve otherwise
unsettled disputes about the priority of claims," Judge Elrod
explained.

The case is IN THE MATTER OF: COMMUNITY HOME FINANCIAL SERVICES,
INCORPORATED, Debtor. EDWARDS FAMILY PARTNERSHIP, L.P.; BEHER
HOLDINGS TRUST, Appellees, v. KRISTINA M. JOHNSON, Trustee for
Community Home Financial Services, Incorporated, Appellants, Case
No. 20-60718 (5th Cir.).  A full-text copy of the decision, dated
March 5, 2021, is available at https://tinyurl.com/89dx8j59 from
Leagle.com.

                    About Community Home Financial

Community Home Financial is a specialty finance company providing
contractors with financing for their customers.  It operated from
one central location providing financing through its dealer network
throughout 25 states, Alabama, Delaware, and Tennessee.  On
December 23, 2013, Community Home Financial changed its principal
place of business to Panama.

Community Home Financial filed a Chapter 11 petition (Bankr. S.D.
Miss. Case No. 12-01703) on May 23, 2012.  The petition was signed
by William D. Dickson, its president.

The Debtor scheduled $44.9 million in total assets and $30.3
million in total liabilities.  Judge Edward Ellington presides over
the case.

The Debtor was first represented by Roy H. Liddell, Esq., and
Jonathan Bissette, Esq., at Wells, Marble, & Hurst, PPLC as Chapter
11 counsel.  Wells Marble was terminated Nov. 13, 2013.

The Debtor later engaged Derek A. Henderson, Esq., in Jackson,
Mississippi.  In 2013, the Debtor sought to employ David Mullin,
Esq., at Mullin Hoard & Brown LLP, as special counsel.

On Jan. 9, 2014, Kristina M. Johnson was appointed as Chapter 11
trustee for the Debtor.  Jones Walker LLP served as counsel to the
trustee, while Stephen Smith, C.P.A., acted as accountant.


CONVERGINT TECHNOLOGIES: S&P Assigns 'B' Rating on New Debt
-----------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '2'
recovery rating to Illinois-based DG Investment Intermediate
Holdings 2 Inc.'s (doing business as Convergint Technologies)
proposed $1.26 billion first-lien credit facility ($150 million
revolver, $930 million term loan, and $180 million delay draw term
loan). The '2' recovery rating indicates its expectation for
substantial recovery (70%-90%; rounded estimate: 70%) in the event
of a payment default.

S&P said, "At the same time, we assigned our 'CCC' issue-level
rating and '6' recovery rating to the company's proposed $305
million second-lien term loan. The '6' recovery rating indicates
our expectation for negligible recovery (0%-10%; rounded estimate:
0%) in the event of a payment default. Our 'B-' issuer credit
rating and stable outlook on Convergint Technologies are
unchanged."

The company plans to use the proceeds from this new debt, along
with cash on hand and new preferred equity, to refinance
outstanding debt ($990 million), fund near-term tuck-in
acquisitions, and pay a $583 million dividend to its owners. This
dividend is the first by Ares Management L.P. since it acquired the
company through a leveraged buyout in January 2018.

Pro forma for the transaction, the company's adjusted leverage (S&P
Global Ratings basis) as of Dec. 31, 2020, will rise to about 9x
(8x excluding preferred equity) from 5.9x currently. Similarly, its
free operating cash flow (FOCF) to debt will deteriorate to about
5% from 15%. In S&P's opinion, certain features of the preferred
shares do not satisfy its requirements for common equity
treatment.

S&P said, "Due to the sponsor's aggressive financial policy, we
expect Convergint's adjusted leverage and cash flow to remain weak
as it increases the pace of its debt-funded merger and acquisition
(M&A) strategy back to pre-pandemic levels. Despite the difficult
and unprecedented operating conditions in 2020, we believe
Convergint performed well relative to its 'B-' rated peers by
generating positive organic revenue growth and stable EBITDA
margins and while prudently managing its liquidity.

"We expect the company's organic revenue growth to normalize to
pre-pandemic levels in the 10% area in 2021 as it successfully
converts its strong sales pipeline into bookings. We forecast
Convergint's business will be supported by strong demand in its key
growth markets, including global accounts, financial services, and
data centers, to name a few. We expect adjusted margins of about
12% in 2021, which is modestly down from the year prior due to
higher selling, general, and administrative (SG&A) as the company
ramps-up its investments for growth. In addition, we expect
Convergint's liquidity to remain adequate due to its positive FOCF
generation and access to a $150 million revolver."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P's simulated default scenario contemplates a default
occurring in 2023 due to a prolonged economic recession, a material
decline in service quality, or increased competitive pressures that
lead to high customer attrition and a substantial EBITDA decline.
-- S&P said, "We estimate that under a bankruptcy restructuring,
Convergint would operate as a going concern with estimated
emergence EBITDA of about $165 million. As such, we used an
enterprise valuation methodology to gauge its recovery prospects
and applied a 6x multiple to our projected emergence EBITDA."

-- DG investment Intermediate Holdings 2 Inc. will the borrower of
the funded debt. The first-lien and second lien credit facilities
will be guaranteed by Convergint Technologies Group Holdings Inc.
and each existing and future wholly-owned U.S. domestic subsidiary
of the borrower. The debt will also be secured by all tangible and
intangible assets of the borrower with the first-lien debt having
priority claims over the second-lien debt.

Simulated default assumptions

-- Simulated year of default: 2023
-- EBITDA at emergence: $165 million
-- Implied enterprise value multiple: 6x

Simplified waterfall

-- Gross recovery value: $990 million

-- Obligor/nonobligor valuation split: 90%/10%

-- Net enterprise value (after 5% administrative expenses): $940
million

-- Collateral and deficiency value available to first-lien claims:
$925 million

-- Estimated first-lien claims: $1,255 million

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

-- Deficiency value available to second-lien claims: $16 million

-- Estimated second-lien claims: $319 million

    --Recovery expectations: 0%-10% (rounded estimate: 0%)



CRED INC: Liquidating Trust to Sell Assets in Wind Down
-------------------------------------------------------
Daniel Gill of Bloomberg Law reports that Cred Inc., a bankrupt
cryptocurrency services company, will create a liquidating trust to
sell assets in a wind-down and pay creditors.

The trust, whose tasks are outlined in the Chapter 11 plan approved
Thursday, March 11, 2021, by the U.S. Bankruptcy Court for the
District of Delaware, will take over all company assets, including
cash, bitcoin, and possible legal claims against third parties.

Unsecured creditors with about $162.8 million in claims will share
distributions by the trust.

A wide majority of creditors entitled to vote on the plan supported
it, Cred's attorney, James Grogan of Paul Hastings LLP said
Thursday, March 11, 2021.

According to Law360, during a virtual confirmation hearing, debtor
attorney James T. Grogan of Paul Hastings LLP said the plan was
achieved through months of negotiations among stakeholders and was
a positive result given the reports of mismanagement that plagued
the company prior to its bankruptcy filing.

                         About Cred Inc.

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

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

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

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on Dec. 3,
2020. The Committee tapped McDermott Will & Emery LLLP as counsel
and Dundon Advisers LLC as financial advisor.







CSC ENTERPRISES: Seeks to Hire Corona Law Firm as Counsel
---------------------------------------------------------
CSC Enterprises, Inc. d/b/a Scully's Tavern, seeks approval from
the U.S. Bankruptcy Court for the Southern District of Florida to
employ Corona Law Firm, P.A. as counsel.

The firm will provide these services:

   a. giver advice to the Debtor with respect to its powers and
duties as debtor in possession and the continued management of its
business operation;

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

   c. prepare motions, pleadings, orders, applications, adversary
proceedings, and other legal documents necessary in the
administration of the case;

   d. represent the Debtor in negotiations with their creditors in
the preparation of a plan.

The firm will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Ricardo Corona, Esq., a partner at Corona Law Firm, PA, 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:

          Ricardo Corona, Esq.
          Corona Law Firm, PA
          904 S. Andrews Ave.
          Fort Lauderdale, FL 33316
          E-mail: rcorona@coronapa.com

              About CSC Enterprises, Inc.

CSC Enterprises, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Fla. Case No. 21-11549) on February 17, 2021,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by CORONA LAW FIRM, PA.


CSG SYSTEMS: Moody's Completes Review, Retains Ba2 CFR
------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of CSG Systems International, Inc. and other ratings that
are associated with the same analytical unit. The review was
conducted through a portfolio review discussion held on March 2,
2021 in which Moody's reassessed the appropriateness of the ratings
in the context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

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

Key rating considerations

CSG Systems International's Ba2 Corporate Family Rating reflects
its leading position as a managed services provider in the US cable
and satellite customer management and billing market. CSG's revenue
is mostly based on recurring long-term contracts with high renewal
rates, which provide stability to the credit profile. The rating is
also supported by the expectation for conservative financial
policies. A relatively small scale for the rating category and high
customer and geographical concentration weigh on the credit.
Intense competition in emerging markets and customer consolidation
in the US limit growth opportunities and constrain the rating.

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


CUE VAPOR: Blackbird to Hold IP Auction on March 18
---------------------------------------------------
Blackbird Asset Services LLC will hold a live virtual Article 9
auction on March 18, 2021, at 2:00 p.m. (ET) on the collateral of
Cue Vapor System including trademarks, patents, engineering
documents, and copyrights.

Blackbird can be reached at:

   Blackbird Asset Services LLC
   5586 Main St., #204
   Williamsville, NY 14226
   Tel: (716) 632-1000
   Fax: (716) 257-8996
   Email: auctions@blackbirdauctions.com


CUMULUS MEDIA: S&P Alters Outlook to Stable, Affirms 'B-' ICR
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on
Cumulus Media Inc. and revised its outlook to stable from
negative.

S&P said, "The stable outlook reflects our expectation that
Cumulus' gross leverage will remain elevated above 8x through 2021
but will decline below 6x by 2022. It also reflects our expectation
that the company will generate FOCF/debt in the
mid-single-digit-percent area while maintaining a substantial cash
balance over the next 12 months."

Asset sales provide significant liquidity and an opportunity to
reduce leverage below 6x in 2022 through debt repayment. Cumulus
completed its long-awaited Bethesda, MD land sale in June 2020 for
$71.3 million in net proceeds. It also executed a sale-leaseback
transaction of nearly all its broadcast tower sites and related
assets, which generated $202.3 million in net proceeds. At closing
of the tower sale, the company repaid roughly $96 million pro rata
across the senior secured term loan and senior secured notes. About
$133 million in asset-sale proceeds remain that it must either
reinvest in the business or use to repay senior secured debt per
its credit agreements. Including these proceeds, the company ended
2020 with a total cash balance of $271.8 million. This cash balance
provides the company with substantial liquidity to weather any
delays in the economic recovery. S&P said, "The lease-back
transaction will add roughly $13.5 million to annual rent payments
and will add about $209 million to our adjusted debt figure.
However, we still expect the transactions to be deleveraging as the
expected financial debt repayment from both asset sales will more
than offset the incremental lease liabilities and we expect the
lease liability to decline over time. Our base case currently only
incorporates about $160 million of debt repayment in 2021 and
roughly $50 million in 2022. If the company chooses to deploy
nearly all its excess cash to repay debt, including free cash flow
generated over the next two years, it could potentially reduce
leverage to about 5x by the end of 2022."

S&P said, "We expect radio advertising will largely recover, but it
will be slower than we initially expected and extend into 2022.
Reduced advertising spending from the U.S. recession brought on by
the pandemic reduced Cumulus' broadcast radio advertising revenue
by approximately 30% in 2020. Radio advertising has sequentially
improved since its low point in April, and we continue to expect it
will recover to about 90% of full-year 2019 levels. However, we now
expect this will occur in 2022 and not in 2021. The U.S. economy
has been slower to recover than we previously expected given the
rise in coronavirus cases in the fourth quarter of 2020, which
continued into early 2021, as well as the slower-than-expected
rollout of the coronavirus vaccine. As a result, many local
advertisers have not yet returned to radio advertising. Although
radio advertising normally has short lead times, we believe the
recession further shortened advertiser commitments, giving us
little visibility into the recovery of radio advertising. As the
pandemic continues, we are uncertain to what degree smaller
advertisers will permanently close their businesses due to
financial distress from the recession.

"The stable outlook reflects our expectation that Cumulus' gross
leverage will remain elevated above 8x through 2021 but will
decline below 6x by 2022. It also reflects our expectation that the
company will generate FOCF/debt in the mid-single-digit-percent
area while maintaining a substantial cash balance over the next 12
months."

S&P could lower the rating if:

-- The recovery from the advertising recession is less robust than
expected, such that S&P believes Cumulus will be unable to reduce
leverage below 6x on a sustained basis;

-- FOCF to debt turns negative and S&P expects the company will
need to use its cash reserves to fund operations; or

-- The company uses its cash for shareholder-rewarding activities
or acquisitions that are not immediately accretive.

While unlikely at this time, S&P could raise the rating if:

-- The company's EBITDA generation returns to pre-pandemic
levels;

-- Leverage decreases and remains below 5x; and

-- The company consistently generates more than 5% FOCF to debt
and uses its excess cash flow to reduce leverage.



CYRIL FULTON: Trustee's $1.2M Sale of Naples Condo Unit 201 Okayed
------------------------------------------------------------------
Judge Caryl E. Delano of the U.S. Bankruptcy Court for the Middle
District of Florida authorized the private sale by John Young, of
the firm of BDO Northern Ireland, the duly appointed trustee of the
bankruptcy estate of Cyril Fulton, of the condominium unit located
at 9566 Gulf Shore Drive, Unit 201, in Naples, Collier County,
Florida, to Michael M. Barlow and Ruth E. Barlow for $1,187,500.

A hearing on the Motion was held on Feb. 24, 2021, at 11:00 a.m.

Pursuant to Section 363 of the Bankruptcy Code, the sale of the
Condo to the Buyer is and will be free and clear of all liens,
claims, encumbrances and interests of every kind and nature.  With
respect to the Dock, any sale of the Dock will be free and clear of
all liens, claims, and encumbrances, of every kind and nature, with
any such valid liens, claim and encumbrances, as set forth, will
attach to the Sale Proceeds.

The Buyer will be solely responsible for (i) the payment of all ad
valorem real property taxes on the Condo for the year 2021 and
subsequent years, (ii) selecting and compensating the closing
agent, (iii) obtaining and paying for a title commitment, (iv)
obtaining and paying for any title insurance, and (V) preparing all
documents necessary to consummate the sale of the Condo and for
paying the costs associated with same.

The only documents the Trustee will be required to provide to the
Buyer to consummate the sale of the Condo are: (i) an executed
Trustee's Quit Claim Deed; and (ii) a copy of the Final Sale Order.
With regards to the Condo and the Dock, the Trustee may deliver
any other documents he believes are necessary and customary for
closing and which would not require a separate motion and hearing.

On or prior to the date of the closing of the sale of the Condo or
the Dock, the Creditors are directed to execute such documents and
take all other actions as may be necessary to release their claims
on or against, if any, the Condo or the Dock.

In the event that Buyer does not close on the sale of the Condo
within 10 days of the entry of a final and non-appealable Final
Sale Order or such later date as the Trustee and the Buyer mutually
agree to in writing, through no fault of the Trustee, any and all
deposits tendered by the Buyer will be forfeited by Buyer and the
Trustee will retain all deposits paid by Buyer for the benefit of
the Estate.

The sale of the Condo is "as is, where is" and without
representations or warranties of any nature being given by the
Trustee and/or his agents, attorneys, employees and/or
representatives.

The Trustee is authorized but not required to make the following
payments and/or remittances from the sale proceeds, at or after the
Closing Date, without further order of the Court:

      a. Payment of up to $26,343.21 (plus, any applicable interest
and applicable reasonable fees and costs as agreed to by the
Trustee) to Collier County Tax Collector for ad valorem real
property taxes for tax year 2020; and in full satisfaction of Tax
Certificate #3752 issued on June 1, 2020 and held by Keys Funding
LLC / US Bank custodian for Keys Funding LLC;

      b. Payment of up to $569,212.42 (plus, any applicable
interest and applicable reasonable fees and costs as agreed to by
the Trustee) to Richard Hillman in full satisfaction of the
Mortgage recorded on Dec. 8, 2014 in Official Record Book 5101,
Page 1960, of the Public Records of Collier County, Florida;

      c. Payment of up to $61,381.89 (plus, any applicable
assessments, interest and applicable reasonable fees and costs as
agreed to by the Trustee); to Manatee Resort Condominium
Association, Inc. in full satisfaction of all outstanding amounts
owed to Manatee Resort Condominium Association, Inc. in exchange
for a satisfaction/release of any claim or lien against the Condo;


      d. Payment of up to $35,625 to John R Wood Properties, in
full satisfaction of the listing brokerage’s brokers commission
set forth in the Contract;

      e. Payment of up to $35,625 to Premier Sotheby’s
International Realty in full satisfaction of the selling
brokerage’s brokers Commission set forth in the Contract; and

      f. Remittance to the Internal Revenue Service of any and all
withholding obligations under the Foreign Investment in Real
Property Tax Act of 1980 or other applicable law.

      g. Payment of any and all standard closing costs and fees for
which the Trustee is responsible, or which the Trustee otherwise
deems necessary to effectuate the sale of the Condo or Dock and
transfer of the Estate's right, title and interests in the Condo to
Buyer or the Dock to any purchaser.

The Trustee retains the right to object to any lien or any amount
sought to be paid from the Sale Proceeds.

If a release or satisfaction is not provided by any of the
Creditors, the recording of the Final Sale Order in the public
records of Collier County, Florida will be considered a full
release of his/her/its/their lien or claim on or in the Condo or
the Dock.

The Bid Procedures set forth in the Motion are approved.

The provisions of Bankruptcy Rule 6004(h) will not apply to stay
consummation of the sale of the Condo.  Accordingly, the Final Sale
Order will be effective and enforceable immediately upon entry by
the Court.

Attorney James A. Timko is directed to serve a copy of the order on
interest parties who are non-CM/ECF users and file a proof of
service within three days of entry of the Order.

The bankruptcy case is In re: Cyril Fulton, (Bankr. M.D. Fla. Case
No. 2:20-bk-08940-FMD).  On Sept. 11, 2018, John Young of the firm
of BDO Northern Ireland was appointed as the trustee of the
bankruptcy estate of the Debtor.  On Jan. 11, 2021, the Court
recognized the foreign main proceeding.



CYTOSORBENTS CORP: Posts $7.8 Million Net Loss in 2020
------------------------------------------------------
Cytosorbents Corporation filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$7.84 million on $41 million of total revenue for the year ended
Dec. 31, 2020, compared to a net loss of $19.26 million on $24.95
million of total revenue for the year ended Dec. 31, 2019.

As of Dec. 31, 2020, the Company had $89.95 million in total
assets, $10.73 million in total liabilities, and $79.21 million in
total stockholders' equity.

Cytosorbents said, "We have experienced substantial operating
losses since inception.  As of December 31, 2020, we had an
accumulated deficit of approximately $196,627,000, which included
net losses of approximately $7,837,000 $19,266,000, and $17,211,000
for the years ended December 31, 2020, 2019 and 2018, respectively.
Our losses have resulted principally from costs incurred in the
research and development of our polymer technology, clinical
studies and general and administrative expenses.  We intend to
conduct significant additional research, development, and clinical
study activities which, together with expenses incurred for the
establishment of manufacturing arrangements and a marketing and
distribution presence and other general and administrative
expenses, are expected to result in continuing net losses for the
foreseeable future.  The amount of future losses and when, if ever,
we will achieve profitability are uncertain.  Our ability to
achieve profitability will depend, among other things, on continued
adoption and usage of our products in the market, obtaining
additional regulatory approvals in markets not covered by the CE
mark, establishing sales and marketing arrangements with third
parties, satisfactory reimbursement in key territories, and raising
sufficient funds to finance our activities.  No assurance can be
given that our product development efforts will be successful, that
our current CE Mark will enable us to achieve profitability, that
additional regulatory approvals in other countries will be
obtained, that any of our products will be manufactured at a
competitive cost and will be of acceptable quality, that
reimbursement will be available or satisfactory, that we will be
able to achieve profitability or that profitability, if achieved,
can be sustained, or our ability to raise additional capital when
needed or on terms acceptable to us. Our failure with respect to
any or all of these matters would have a material adverse effect on
our business, operating results, financial condition and
prospects."

Management's Comments

Dr. Phillip Chan, MD, PhD, chief executive officer of CytoSorbents
stated, "In our recent stockholder letter, I discussed how the
company successfully navigated a challenging 2020 and outlined our
expectation for continued growth this year as we eventually
transition from COVID-19 to the 'new normal.'  I would encourage
you to read the letter if you have not already done so."

"In addition to our business objectives, we are focused on
executing our clinical plan to support regulatory approvals,
inclusion into standard treatment guidelines, and reimbursement.
Our emphasis is to conduct rigorous, adequately powered,
multi-center, company sponsored clinical trials.  To this end, we
have significantly expanded our clinical trial operational
capabilities and will continue to do so in 2021."

"Our first priority is to leverage our Breakthrough Designation to
remove ticagrelor (Brilinta; AstraZeneca) during urgent or emergent
cardiothoracic surgery, and to implement our clinical and
regulatory strategy to gain U.S. approval.  We believe this is the
most expeditious, lowest risk, and least burdensome path to U.S.
regulatory approval that leverages our extensive cardiac surgery
experience, good clinical outcomes, and regulatory approvals in
Europe in this application, from which we can then build our
critical care and cardiac surgery franchises in the future.
Following productive prior discussions with the FDA, we expect to
imminently file an investigational device exemption (IDE)
application to conduct a well-designed and powered clinical trial
in the U.S. to demonstrate the clinical benefit of our therapy.
This STAR-T Trial (Safe and Timely Antithrombotic Removal of
Ticagrelor) will be led by two world-renowned Principal
Co-investigators, with support from a distinguished Executive
Committee.  We have already screened and obtained the commitment
from the majority of needed U.S. centers to participate in the
study.  In addition, the trial has been designed to obtain the
clinical and health economics data needed to support a U.S.
regulatory filing for this application, and also reimbursement.  As
previously noted, the Centers for Medicare & Medicaid Services
announced the Medicare Coverage of Innovative Technology pathway
that will provide national Medicare coverage for approved
Breakthrough Medical Devices for 4 years.  We plan to work closely
with the FDA to expedite the review and approval of the IDE, and
will have more detail on the final trial design at that time."
  
"Meanwhile, we are forging ahead with our efforts to open the U.S.
market to our therapy for the removal of the direct oral
anticoagulants (DOACs) in emergent or urgent cardiothoracic
surgery. These include blockbuster anticoagulant medications such
as the Factor Xa inhibitors - Eliquis (apixaban; Pfizer, Bristol
Myers Squibb), Xarelto (rivaroxaban; Janssen, Bayer), and Lixiana
and Savaysa (edoxaban; Daiichi Sankyo, Daewoong Pharmaceutical), as
well as the direct thrombin inhibitors such as Pradaxa (dabigatran;
Boehringer Ingelheim).  As with ticagrelor, these blood thinners
are also often associated with severe to life-threatening
perioperative bleeding after cardiothoracic surgery.  We anticipate
that the clinical and regulatory pathway will be similar to that
for ticagrelor.  Our technology has shown the ability to remove all
of these agents in vitro, and in the case of rivaroxaban and
apixaban, in humans during cardiac surgery.  This application would
target an additional total addressable market in the U.S. alone of
approximately $500M."

"In addition to the above, the company-sponsored CyTation trial in
Germany for ticagrelor removal is open for enrollment, though the
U.K. TISORB study has been impacted by COVID-19 restrictions in
that country.  We have also developed the STAR registry, that will
collect real world data on the removal of antithrombotics with our
blood purification technology."

"We are currently prioritizing the STAR-T trial.  However, we plan
to resume the U.S. REFRESH 2-AKI trial as soon as possible, pending
COVID-19 restrictions.  In addition to the studies above, we plan
to initiate multiple other company-sponsored studies this year,
including the multi-center, randomized, controlled PROCYSS
(Prospective, Randomized, COntrolled Trial To Evaluate CYtoSorb For
Shock Reversal in Septic Shock) trial in refractory septic shock in
Germany anticipated to start in the third quarter, and the
HepOnFire single arm pilot study in liver disease expected to start
in the fourth quarter.  The results of the REMOVE endocarditis
study are expected soon.  Finally, we plan to submit a publication
on the results from ECMO and CytoSorb from the multi-center U.S.
CTC registry and a review article summarizing the international
experience in COVID-19 patients treated with CytoSorb and CRRT or
hemoperfusion."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1175151/000110465921033790/ctso-20201231x10k.htm

                         About CytoSorbents

Based in Monmouth Junction, New Jersey, CytoSorbents Corporation is
engaged in critical care immunotherapy, specializing in blood
purification.  Its flagship product, CytoSorb is approved in the
European Union with distribution in 67 countries around the world,
as an extracorporeal cytokine adsorber designed to reduce the
"cytokine storm" or "cytokine release syndrome" that could
otherwise cause massive inflammation, organ failure and death in
common critical illnesses.  These are conditions where the risk of
death is extremely high, yet no effective treatments exist.


DCG ACQUISITION: S&P Upgrades ICR to 'B-', Outlook Stable
---------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on DCG
Acquisition Corp. (DuBois)  to 'B-' from 'CCC+' and its ratings on
all of its debt by one notch.

Despite a challenging operating environment, DuBois has improved
its adjusted EBITDA margins and credit metrics.   The company
experienced a sharp decline in demand in key end markets that were
most affected by the coronavirus pandemic in the second quarter,
such as metalworking, water treatment, transportation, and
pulp/paper. Demand has since mostly recovered in all segments
except metalworking, which is experiencing a slower recovery. This
resulted in modest top-line decline, though the company's five
acquisitions in 2020 more than offset this. The company implemented
cost controls quickly at the start of the pandemic and benefited
from lower raw material prices. This, in tandem with synergies
achieved from the recent acquisitions, led to margin expansion and
the company has implemented price increases, which we expect will
allow the company to maintain elevated profitability in 2021. S&P
said, "We now expect S&P Global Ratings adjusted EBITDA margins in
the high-teens to low-20% range. In addition, we now anticipate its
weighted-average debt to EBITDA will be 6.5x-7.5x, which compares
with our previous expectation of about 10x."

S&P said, "The stable outlook reflects our view that DuBois will
maintain appropriate credit metrics for the current rating over the
next 12 months.   We believe the company's financial policies will
continue to support an improvement in its credit measures and
expect its weighted-average debt to EBITDA will be 6.5x-7.5x. We
expect the company will pursue both organic and inorganic growth
opportunities. However, we believe any acquisitions will be bolt-on
in nature and not lead to a material increase in its debt
leverage.

"We continue to assess DuBois' business risk as weak. Our ratings
reflect the company's limited geographic diversity, overall narrow
scale, and exposure to cyclical end markets. These risks are offset
in part by the company's strong customer diversification, modest
geographic concentration, and improving EBITDA margins.

"The stable outlook on DuBois reflects our expectation that its
credit metrics will remain at a level consistent with the ratings
over the next 12 months. The company should continue to experience
moderate demand growth in 2021 as the global economy recovers in
key end markets, supporting the improved credit metrics and
liquidity. In our base case, we expect modest organic revenue
growth in 2021 due to the recovery in the U.S. macro environment,
further bolstered by moderate acquisition activity. We expect
continued margin expansion as the company benefits from synergies
achieved from acquisitions, price increases, and cost savings. We
expect the company to remain highly leveraged, with
weighted-average debt to EBITDA in the 6.5x-7.5x range. We do not
anticipate significant refinancing risk as the company's nearest
maturity is its revolver in 2024.

"We could lower the rating over the next 12 months if DuBois
experiences weaker-than-expected end-market demand recovery due to
the lingering effects of the global recession, resulting in an
increase in total pro forma leverage such that debt to EBITDA
approaches the double-digit-percent area on a sustained basis. We
could also consider a downgrade if liquidity sources to uses
materially weakens to less than 1.2x or, against our current
expectations, if the company completes a large debt-funded
acquisition or dividend recapitalization. In such a scenario, the
company could meaningfully draw on its revolver, leading to a
potential breach in covenants.

"We could raise the rating within the next 12 months if the
company's operating performance is stronger than we expect, such
that pro forma debt leverage remains below 6.5x on a sustained
basis by improving EBITDA margins 400 basis points beyond our
expectations. This could happen if we see a stronger-than-expected
macroeconomic recovery and DuBois grows through a mix of more
profitable end markets and demand growth of higher-margin products
from acquisitions. We would also need clarity that the company's
financial policies would support credit measures at these levels,
after factoring in its growth initiatives."


DEERFIELD DAKOTA: Moody's Completes Review, Retains B3 CFR
----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Deerfield Dakota Holding, LLC and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on March 2, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

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

Key rating considerations

The B3 Corporate Family Rating reflects Deerfield Dakota Holding,
LLC's (dba Kroll) established client base and the transformation of
the company's revenue streams over the last years to incorporate
new segments that mitigate the cyclical nature of its legacy
corporate finance advisory practice. The company's high financial
leverage, weak free cash flow and continued appetite for
debt-funded M&A transactions constrain the rating. Integration
risks and a competitive industry backdrop also weigh on the
credit.

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


DESTILERIA NACIONAL: Consignment Motion, Objection to POC 6 Denied
------------------------------------------------------------------
Judge Enrique S. Lamoutte of the United States Bankruptcy Court for
the District of Puerto Rico denied the Motion for Consignment filed
by Dr. William Cruz, of the amounts owed by Destileria Nacional,
Inc. to Marimar Brewing LLC, in the amount of $3,278.

Judge Lamoutte also denied the Debtor's objection to Marimar's
Proof of Claim Number 6.

Dr. Cruz is the president and sole shareholder of the Debtor.  He
claims standing as a party in interest for being a shareholder
whose equity interest is affected in the case.  Miramar became a
creditor of the Debtor upon the transfer of the claim held by Cidra
Excavation, LLC on December 31, 2020.  Miramar filed a Chapter 11
Small Business Plan on December 31, 2020 as a creditor and party in
interest for the Debtor after the exclusivity period for the small
business Debtor to file a plan lapsed. Miramar refused to accept
the payment from Dr. Cruz.

On February 1, 2021 Dr. Cruz served upon Miramar Brewing, LLC a
payment in the amount of $3,278 intended to be in full satisfaction
of the amount Miramar claims to be owed by the Debtor pursuant to
Article 1120 of the Puerto Rico Civil Code.  Dr. Cruz alleged that
the tendering of the payment operates as a satisfaction of the debt
owed pursuant to article 1125 of the Puerto Rico Civil Code.  He
alleged further that Miramar's refusal to accept payment without
reason discharges the debt pursuant to Article 1131 of the Puerto
Rico Civil Code.  According to Dr. Cruz, the satisfaction of the
debt upon the tendered consignment deprives Miramar of its standing
as it is no longer a party in interest with a pecuniary interest in
the case.  Due to Miramar's refusal to accept payment, Cruz opted
to move for the consignment of the funds on February 2, 2021.

On February 4, 2021 Miramar filed its opposition to the motion for
consignment.  Miramar summarized the events leading to the filing
of the voluntary petition and highlights the Debtor's selected
actions of paying certain pre-petition creditors and interfering
with the procurement of ballots in favor of Miramar's proposed
plan.  Miramar questioned the interference by Dr. Cruz in
purchasing prepetition claims in order to influence the voting
process.  Miramar also alleged that Dr. Cruz was attempting to
eliminate Miramar's standing to propose a plan for his personal
benefit and to the detriment of other creditors of the estate.

Marimar contended that Dr. Cruz is an insider, and that it may not
accept payment from Dr. Cruz pursuant to Article 1124 of the Puerto
Rico Civil Code as such article provides that a payment made to a
creditor is not effective if done after the "Debtor" has been
judicially ordered the suspension of payments.  "In this case the
automatic stay provisions of 11 U.S.C. Section 362(a) become
operative from the filing date, that is, March 6, 2020.
Furthermore, the allegations by Dr. Cruz that article 1125 causes
the satisfaction of the debt upon tendering the consignment are
incorrect as the legal provision relates to payment to third
parties and not to payments by third parties.  Therefore, the
consignment does not extinguish the debt," Marimar explained.

The Debtor alleged that Miramar lacks a claim against the estate
after "a third party" (Dr. Cruz), tendered payments of the claim,
and, thus, lacks standing to appear in the case.  The Debtor joined
the motion for consignment filed by Dr. Cruz.

The Debtor told the Court that "Miramar was not a prepetition
creditor and did not exist until after the instant bankruptcy
petition was filed.  Miramar became a creditor 'as the alleged
assignee of the holder of Claim No. 6, Cidra Excavating LLC.'"  The
Debtor alleged that "the assignment agreement in which Claim No. 6
was transferred to Miramar is unenforceable to the Debtor pursuant
to Articles 281, 283, and 1210 of the Civil Code."  The Debtor
further told the Court that "the legal basis for Debtor's
allegation is that Article 1120 of the Civil Code provides that the
assignment of a right or action does not affect third parties until
after its date is certain.  The Civil Code, in Article 283,
establishes that a 'certain date' is the date that establishes that
an instrument was not signed on a future date.  This article
further provides how 'certain date' established in any of the
following three ways: (1) the incorporation or inscription in a
public registry; (2) its transcription in a public instrument; or
(3) by the death of any of its signors.  The assignment agreement
between Cidra and Miramar does not meet any of these requirements
to have 'certain date'."

"The filing of the bankruptcy petition triggers the applicability
of the automatic stay provisions of section 362(a) of the
Bankruptcy Code and operates as a statutory injunction providing
interim protection from debt collection.  The automatic stay allows
the orderly administration of the bankruptcy estate and the
equitable payment of creditors according to the statutory
provisions of the Bankruptcy Code.  Generally, payment to creditors
holding a claim in a Chapter 11 case is done in accordance of the
provisions of a confirmed plan and the priorities set forth in the
Bankruptcy Code.  Debtors may not selectively pay prepetition
creditors unless so authorized by the court.  The automatic stay
provisions of section 362 and the payment authorization of
creditors in a chapter 11 bankruptcy case are consonant with the
provision in Article 1124 of the Puerto Rico Civil Code which
invalidates payment to a creditor after a judicial order to suspend
payment," Judge Lamoutte explained.  

Judge Lamoutte held that "for consignment purposes a third party
that realizes a payment for a debtor must not be related to the
debtor... Since it is uncontested that Dr. Cruz is the president
and sole shareholder of the Debtor Destileria, he does not qualify
as a third party that may through a consignment extinguish a debt
of the Debtor."

"The record of the case shows that the transfer of the Cidra claim
to Miramar was done using the appropriate official form, the
corresponding filing fee was paid, and notice was given.  Clearly,
the applicable bankruptcy provisions governing the transfer of
claims were followed.  The provisions regulating the assignment of
a right or action under the Puerto Rico Civil Code are inapposite
to the transfer of a claim under the facts of this case.  The court
may not, and will not, intervene in the validity of such
transfer... Debtor's objection to Miramar's proof of claim number 6
is hereby denied as the consignment allegations do not apply to the
facts of this case, nor do the provisions regarding the assignment
rights under the laws of Puerto Rico apply to the facts before the
court regarding the transfer of the claim by Cidra to Miramar,"
Judge Lamoutte  

The case is IN RE: DESTILERIA NACIONAL, INC., Chapter 11, Debtor,
Case No. 20-01247 (ESL) (Bankr. D.P.R.).  A full-text copy of the
Opinions, both dated March 3, 2021, are available at
https://tinyurl.com/k65rx8am and https://tinyurl.com/2t8zudd6 from
Leagle.com.


                    About Destileria Nacional

Destileria Nacional, Inc., a beer manufacturer headquartered in
Guaynabo, P.R., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 20-01247) on March 6,
2020.

At the time of the filing, the Debtor estimated assets of between
$100,001 and $500,000 and liabilities of between $500,001 and $1
million.  Judge Enrique S. Lamoutte Inclan oversees the case.  Then
Debtor hired Isabel Fullana-Fraticelli & Asoc. PSC as its legal
counsel.


DETROIT SERVICE: S&P Places 'B' Bond Rating on Watch Negative
-------------------------------------------------------------
S&P Global Ratings placed its 'B' long-term rating on Michigan
Finance Authority's series 2011 public school academy limited
obligation revenue and refunding bonds, issued for Detroit Service
Learning Academy (DSLA), on CreditWatch with negative
implications.

"The CreditWatch negative reflects our view of the immediate
refinancing risk associated with DSLA's unrated series 2014A and
2014B bonds, which have a $6.075 million bullet maturity coming due
Sept. 1, 2021," said S&P Global credit analyst Mel Brown. "In our
view, the short time horizon to maturity of the bonds increases the
risk of a near term event of default."

Additionally, there is cross default risk in relationship to the
rated series 2011 bonds which could trigger acceleration of all its
debt. Total outstanding debt was $15.27 million as of fiscal 2020.
DSLA has insufficient liquidity in the form of cash or lines of
credit to cover the bullet maturity. Unrestricted reserves were
$2.3 million or 70-days' cash on hand as of June 30, 2020.



DIAMOND RESORTS: S&P Places 'CCC+' ICR on Watch Positive
--------------------------------------------------------
S&P Global Ratings placed all ratings on Diamond Resorts
International Inc., including the 'CCC+' issuer credit rating, on
CreditWatch with positive implications.

Diamond Resorts International Inc. has agreed to be acquired by
Hilton Grand Vacations Inc. (HGV) in a transaction that values the
target's equity at $1.4 billion. Diamond's corporate debt will be
assumed or repaid through a refinancing at HGV.

The CreditWatch positive placement reflects Diamond's planned
acquisition by a higher-rated entity as well as the anticipated
repayment or assumption of Diamond's debt by the acquirer. Subject
to HGV shareholder approval, HGV plans to purchase Diamond in a
transaction that values Diamond's equity at $1.4 billion. HGV also
plans to raise or assume a significant amount of incremental debt
to acquire Diamond. S&P said, "We estimate HGV will need to
refinance or assume about $1.95 billion of existing corporate debt
at Diamond. In addition, based on disclosures about the
transaction, we understand there will not be incremental debt
raised at Diamond to complete the acquisition."

Diamond's acquisition by higher-rated HGV (BB/CW Neg) will likely
improve its credit profile. S&P said, "Excluding the effect of the
acquisition and under our recently updated base-case assumptions,
we forecast that HGV's stand-alone captive-adjusted debt to EBITDA
will likely be very weak in 2021 due to the pandemic, but EBITDA
could begin to recover in late 2021 to a level that would enable
HGV to improve run-rate leverage to below 4.5x, if widespread
immunization to COVID-19 is achieved in most developed economies by
the third quarter of 2021. Our current base-case forecast for
Diamond is for stand-alone captive-adjusted debt to EBITDA to be
well above 10x in 2021 even if an economic and travel recovery
begins later this year. The combined entity's leverage will likely
be less than Diamond's on a stand-alone basis."

S&P said, "We plan to withdraw our issue-level ratings on Diamond's
debt that will be refinanced by HGV. Diamond's debt that will be
assumed rather than refinanced, which we currently understand to be
the senior unsecured notes, could eventually be made pari passu
with HGV's unsecured debt and could be upgraded in line with the
issuer credit rating, pending the completion of our analysis."

Diamond's integration into HGV could entail significant business
risks. Diamond is very highly leveraged, and its integration into
HGV during a time of stress increases the burden on HGV's path to
recovery, and also makes the combined entity more vulnerable to
inadvertent operating missteps or further delays in travel and
economic recovery. Diamond and HGV have exposure to destination
markets including Hawaii, Las Vegas, and New York, which remain
under pressure and are experiencing visitation well below 2019
levels.

The acquisition also entails meaningful integration risks and there
will be a period of investment to align many of Diamond's resorts
to Hilton's brand standards. S&P said, "Diamond operates a
lower-priced points-based system, whereas HGV operates a mostly
deeded timeshare system, and we believe HGV will need to make a
significant investment to integrate the two product forms into a
cohesive sales system. In addition, Diamond historically has had a
higher provision for loan losses due to a weaker credit profile and
lower satisfaction of its owner base, compared to HGV's higher
owner income demographic. As a result, we plan to assess
integration risks involving streamlining the sales channels and
operating practices across the two systems."

S&P said, "We plan to resolve the CreditWatch placements over the
next several months after we review additional disclosures
regarding the terms of the financing plan, update our leverage
forecast to incorporate the impact of the acquisition, and assess
business risks and opportunities for the combined entity. Diamond's
issuer credit rating and issue-level ratings on debt that remains
in HGV's capital structure (and is not repaid) could be raised by
one or more notches due to the company's acquisition by a
higher-rated entity. We plan to withdraw our issue-level ratings on
Diamond's debt that will be refinanced by HGV."


DIGNITY GROUP: Seeks to Hire Eric A. Liepins as Legal Counsel
-------------------------------------------------------------
The Dignity Group, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to hire Eric A. Liepins,
P.C. as its legal counsel.

The firm will advise the Debtor of its powers and duties under the
Bankruptcy Code and will provide other legal services in connection
with its Chapter 11 case.

The firm's hourly rates are:

     Eric Liepins, Esq.                 $275
     Paralegals/Legal Assistants     $30 - $50

The Debtor paid the firm a retainer of $5,000, plus the filing fee
of $1,717.

Eric Liepins, Esq., disclosed in court filings that his firm does
not represent any interest adverse to the Debtor's bankruptcy
estate.

The firm can be reached through:

     Eric A. Liepins, Esq.
     Eric A. Liepins, P.C.
     12770 Coit Road, Suite 1100
     Dallas, TX 75251
     Tel: (972) 991-5591
     Fax: (972) 991-5788
     Email: eric@ealpc.com

                      About The Dignity Group

The Dignity Group, LLC, a company that purchases, repairs and sells
houses in the Dallas area, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Texas Case No. 21-30374) on March
2, 2021.  At the time of the filing, the Debtor disclosed assets of
$100,001 to $500,000 and $50,001 to $100,000 in liabilities. Eric
A. Liepins, P.C., is the Debtor's legal counsel.


DIOCESE OF CAMDEN: Committee Seeks to Hire Expert Consultant
------------------------------------------------------------
The official committee of tort claimants appointed in the Chapter
11 case of The Diocese of Camden, New Jersey seeks approval from
the U.S. Bankruptcy Court for the District of New Jersey to employ
Finance Scholars Group, Inc., an  expert consultant, to conduct a
valuation of sexual abuse claims.

The firm will be paid at these rates:

     Terry Lloyd            $650 per hour
     Steve Garber           $550 per hour
     Margaret Booth         $450 per hour
     Mark Sarchet           $300 per hour
     Kelly Marcu            $150 per hour

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

Terry Lloyd, a partner at The Diocese of Camden, New Jersey,
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:

     Terry Lloyd
     Finance Scholars Group, Inc.,
     Two Theater Square, Suite 234
     Orinda, CA 94549
     Tel (925) 258-9600

              About The Diocese of Camden, New Jersey

The Diocese of Camden, New Jersey is a nonprofit religious
corporation organized pursuant to Title 16 of the Revised Statutes
of New Jersey. The Diocese is the secular legal embodiment of the
Roman Catholic Diocese of Camden, a juridic person recognized under
Canon Law.

The Diocese of Camden sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 20-21257) on Oct. 1, 2020.
The petition was signed by Reverend Robert E. Hughes, vicar General
and vice president. At the time of the filing, the Debtor had total
assets of $53,575,365 and liabilities of $25,727,209. Judge Jerrold
N. Poslusny Jr. oversees the case. McManimon, Scotland & Baumann,
LLC, is the Debtor's legal counsel.


DON RAMON'S: Restaurant Avoids Foreclosure After Ch.11
------------------------------------------------------
Alex Barreira of San Francisco Business Times reports that the
future of Don Ramon's, the popular longtime Mexican restaurant in
SoMa, is uncertain after a related entity that owns its building
filed for Chapter 11 bankruptcy reorganization.

The filing, made Thursday in the U.S. Northern District of
California of U.S. Bankruptcy Court, came just a day before Don
Ramon's home at 221-225 11th St. and an adjacent building, 80-90
Kissling St., were scheduled to be foreclosed upon and sold.

The restaurant's owner, Leonila Ramirez, also owns the properties
through Don Ramon's Real Estate LLC, the entity that filed for
bankruptcy.

The bankruptcy filing will not immediately impact restaurant
operations, said Ramirez's sister, Natividad, who manages the
restaurant along with their sister Lucy. Don Ramon's will remain
open for takeout and delivery service for dinner hours.

The two properties were used to secure a $5.25 million loan that
Ramirez received in October 2018 from IMC Private Capital, a
Florida-based lender, according to the Chapter 11 filing, which
lists $5.5 million in liabilities.

The LLC, which services payments on the loan with revenue from the
restaurant, missed debt payments last 2020 after restrictions on
restaurant operations during the pandemic affected its revenue and
income.

"Negotiations to try and work something out with the lender
pre-bankruptcy were unsuccessful," said attorney Gregory Rougeau, a
partner at bankruptcy law firm Brunetti Rougeau LLP who represents
the LLC. "The lender was unwilling to delay the foreclosure sale
further, and so the LLC had to make the decision to file
bankruptcy."

Mr. Rougeau said Ramirez has an appraisal that places the value of
the property at well over $8 million, giving the owners more
financial leverage.

"That's why we're confident that this appraisal and the
presumptions in it are a buttress to reorganize this entity and
keep this restaurant there," Rougeau said. "The hope is we could
have a takeout lender or restructure the existing debt without
selling anything."

Ideally, he added, the LLC would find a different lender "that Don
Ramon’s can deal with in a more constructive way."

The 38-year-old restaurant has long been treasured by both regular
San Franciscans and politicos alike, including the late Mayor Ed
Lee, who hosted his election night celebration there.

When the restaurant first revealed financial troubles relating to
the 2018 loan last 2020, figures across the California political
spectrum -- from Supervisor Matt Haney, Mayor London Breed and
state Assembly member David Chiu -- advocated on behalf on the
restaurant.

The LLC's Chapter 11 filing was made under the new subchapter 5 —
or "small business bankruptcy" category -- enacted by Congress last
2020. That measure makes it easier for small businesses to file for
reorganization by eliminating some requirements and expediting the
process.

"There's dramatically more options that a debtor can take to
address debt without necessarily having creditor consent," Rougeau
said.

A balance sheet consolidating the finances of the LLC and the
corporation representing the restaurant itself showed a net income
loss of $274,000 for 2020. The restaurant also received SBA and
EIDL loans totaling $159,900 last 2020.

                About Don Ramon's Real Estate

Don Ramon's Real Estate LLC is the owner of the building that holds
the Don Ramon's Mexican restaurant at 225 11th Street, in South of
Market (SoMa), San Francisco, California.

Don Ramon's Real Estate LLC filed for chapter 11 protection (Bankr.
N.D. Cal. Case No. 21-30191) on March 10, 2021.  The company is
represented by Gregory A. Rougeau Brunetti Rougeau LLP.


DON RAMON'S: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Don Ramon's Real Estate LLC
        225 11th Street
        San Francisco, CA 94103

Chapter 11 Petition Date: March 10, 2021

Court: United States Bankruptcy Court
       Northern District of California

Case No.: 21-30191

Debtor's Counsel: Gregory A. Rougeau, Esq.
                  BRUNETTI ROUGEUA LLP
                  235 Montgomery Street, Suite 410
                  San Francisco, CA 94104
                  Tel: (415) 992-8940
                  E-mail: grougeau@brlawsf.com

Total Assets as of December 31, 2020: $5,506,879

Total Liabilities as of December 31, 2020: $5,724,103              
                 

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Leonila Ramirez, 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/7YBUHMA/Don_Ramons_Real_Estate_LLC__canbke-21-30191__0001.0.pdf?mcid=tGE4TAMA


DONALD PHILLIP TANNER: Selling 211-Acre Plains Property for $390.5K
-------------------------------------------------------------------
Donald Phillip Tanner asks the U.S. Bankruptcy Court for the Middle
District of Georgia to authorize the sale of approximately 211
acres located at 657 S Caner Fishpond Rd., in Plains, County of
Sumter, Georgia, to Srinivasarao Settipalli for $390,500.

The Debtor owns the described in Exhibit A attached to the Contract
for Sale of Real Property attached.  The Property is farmland.   

The Court approved the employment of Weeks Auction Group to sell
the 200+ acres at auction.  The Debtor's Chapter 11 Sub V plan
provided for the sale of the 200+ acres on the east side of Carter
Fish Pond Road.  The order also provided for payment of $200,000 to
Peoples Bank, the first priority lienholder, in full satisfaction
of its claims.

Pursuant to the Contract into between the Buyer (8011 Summit,
Midland, GA 31820), the Debtor is to sell his Property for the
gross amount of $390,500.  The Buyer was the high bidder at
auction.  He is an unrelated, non-insider party.

The Debtor is advised that the market value of the Property is
approximately $390,500.

Pursuant to its Court-approved employment, Weeks Auction Group will
be paid a buyer's premium of $35,500, plus expenses of $7,357.51.
The Property taxes are expected to be approximately $22,359, which
will also be deducted from the gross proceeds at closing.

The Property is encumbered by liens in favor of Respondent Peoples
Bank and the United States Farm Service Agency ("Respondent FSA").
Upon information and belief, Respondent Peoples Bank holds the
first priority lien.  About $200,000 will be paid to Respondent
Peoples Bank and the balance of the net sale proceeds will be paid
to Respondent FSA.   

The Debtor feels that the offer submitted by the Buyer is fair and
reasonable under the circumstances and that a sale of the Property
would be beneficial to all parties in interest.

The Debtor will sell the estate's interest in the Property free and
clear of liens, claims and encumbrances, with any liens, claim or
encumbrances attaching only to the proceeds of sale.  Upon
information and belief, all creditors holding liens against the
Property will consent to the sale.

A copy of the Contract is available at https://tinyurl.com/55v35dxt
from PacerMonitor.com free of charge.

Donald Phillip Tanner sought Chapter 11 protection (Bankr. M.D. Ga.
Case No. 20-10378) on April 6, 2020.  The Debtor tapped Wesley
Boyer, Esq., as counsel.  On Nov. 12, 2020, the Court appointed
Weeks Auction Group as Broker.  On Jan. 6, 2021, the Court
confirmed the Debtor's Chapter 11 Sub V plan.



EAST VILLAGE: Court Confirms Plan of Liquidation
------------------------------------------------
On March 5, 2021, the Honorable Robert D. Drain, entered findings
of fact, conclusions of law, and an order confirming the Second
Amended Joint Plan of Liquidation of East Village Properties LLC
and its affiliated debtors.

Three classes of claims and one class of interests are impaired by
the Liquidating Plan.  As set forth in the Ballot Certification,
the Liquidating Plan has been accepted by the holders of the
impaired claims of creditors classified in Classes 2 and 4.

On Feb. 10, 2021, the Debtors caused to be filed the Chapter 11
Plan Supplement containing the proposed form of Purchase and Sale
Agreement between the Debtors as Seller and EVF1 (or its nominee or
designee) as Purchaser (the "PSA").

Pursuant to the Confirmation Order, the Debtors are authorized and
directed to sell the Properties and other purchased assets to EVF1
(or its nominee or designee) and otherwise consummate the
transactions contemplated by the Purchase and Sale Agreement
between the Debtors as Seller (PSA) in connection with the
Liquidating Plan, including the closing documents.

As described on the record at the Confirmation Hearing, certain
changes to the Liquidating Plan were agreed.  The Liquidating Plan
at Section 1.35 will be deleted in its entirety and replaced as
follows: Effective Date Payments means the sum of $1,487,500 to be
funded on or before the Effective Date, plus the sum of $150,000 to
be paid on or before the Effective Date on account of the Class 6
Claim.

The Liquidating Plan at Section 4.2(b) will be deleted in its
entirety and replaced as follows:  

    (b) Treatment:  EVF1 shall fund $3,125,000 to pay certain
obligations under the Plan, from the Effective Date Payments and
the Post Effective Date Payments, not inclusive of amounts due for
Administrative Claims (except inclusive of the Manager
Administrative Claim which shall be paid from the Effective Date
Payments and the Post Effective Date Payments), Priority Tax
Claims, Fee Claims and United States Trustee Fees, and, if
necessary, shall fund the Disputed Claim Reserve, and it or its
nominee or designee will receive the Properties and the Debtors'
Cash Collateral as of the Effective Date of the Plan in full and
final satisfaction of the EVF1 Secured Claim.  

     The Properties and remaining Cash Collateral held by the
Debtors' Estates as of the Effective Date are the only
distributions to be made to EVF1 on account of the EVF1 Secured
Claim in full and final satisfaction of the Debtors' obligations to
EVF1 on account of the EVF1 Secured Claim, regardless of whether
EVF1 or its nominee or designee elects to take title to the
Properties (subject to the existing EVF1 Mortgages) free and clear
of all liens, claims, interests and encumbrances.  Pursuant to
Section 1146(a) of the Bankruptcy Code, the deeds conveying the
Properties to EVF1 or its nominee or designee upon the Effective
Date of this Plan and any deeds further conveying any of the
Properties by EVF1 or its nominee or designee within two years
following EVF1 or its nominee or designee taking title to the
Properties pursuant to this Plan shall be an instrument of transfer
in connection with or in furtherance of the Plan and shall not be
subject to tax under any law imposing a stamp tax, real property
transfer taxes, real estate Transfer Taxes, mortgage recording tax
or similar tax.  

A copy of the Plan Confirmation Order is available at:
https://bit.ly/3thKNMX

                    About East Village Properties

East Village Properties, LLC, and its affiliates own 15 residential
apartment buildings located in the East Village area of New York
City.

East Village Properties, LLC, and affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Case No. 17-22453) on March 28, 2017.
In the petition signed by David Goldwasser, authorized signatory of
GC Realty Advisors LLC, manager, the Debtor was estimated to have
assets and liabilities in the range of $0 to $50,000.  Judge Robert
D. Drain is assigned to the case.  The Debtors tapped Arnold
Mitchell Greene, Esq., at Robinson Brog Leinwand Greene Genovese &
Gluck, P.C., as counsel.

In 2017, the Debtors proposed a Plan that provides for EVF1 funding
the amount of $13,500,000 in exchange for EVF1 taking title to the
Debtors' Properties.  The Office of the Attorney General of the
State of New York's investigation into the Debtor, and the Covid-19
pandemic forced the parties to scrap that plan.  In the latest plan
that the Debtors will seek to confirm in February 2021, EVF1, which
is owed $145 million, will take control of the Debtors' properties
in exchange for funding of only $3,125,000.


EHT US1: Hearing on Bid Procedures for All Assets Set for March 23
------------------------------------------------------------------
Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the
District of Delaware will convene a hearing on March 23, 2021, at
1:00 p.m. (ET) to consider the bidding procedures proposed by EHT
US1, Inc., and its affiliates in connection with the sale of all or
substantially all of their assets to Madison Phoenix LLC, subject
to overbid.

The Stalking Horse Agreement provides for total consideration for
the Assets in the amount of (i) an aggregate amount equal to $470
million and (ii) the Stalking Horse Bidder's assumption of the
Assumed Liabilities.

The Objection Deadline is March 19, 2021 at 4:00 p.m. (ET).  The
Debtors' reply, if any, in further support of the Bidding
Procedures Motion and in response to any objections, will be filed
by no later than March 22, 2021, at 12:00 p.m. (ET).

The Debtors will serve a copy of the Order and the Notice of
Bidding Procedures Motion by U.S. first-class mail or e-mail where
appropriate upon (i) the U.S. Trustee; (ii) the counsel to the DIP
Lenders; (iii) the counsel to Bank of America, N.A., (iv) the
counsel to the Committee; and (v) all other parties entitled to
notice under Del. Bankr. L.R. 2002-1(b).   

                   About Eagle Hospitality Group

Eagle Hospitality Trust -- https://eagleht.com/ -- is a
hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust and Eagle Hospitality Business Trust.  Based in Singapore,
Eagle H-REIT is established with the principal investment strategy
of investing on a long-term basis in a diversified portfolio of
income-producing real estate, which is used primarily for
hospitality or hospitality-related purposes as well as real
estate-related assets in connection with the foregoing, with an
initial focus on the United States.

EHT US1, Inc. and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.

EHT US1 estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.

The Debtors tapped Paul Hastings LLP and Cole Schotz P.C. as their
bankruptcy counsel, FTI Consulting Inc. as restructuring advisor,
and Moelis & Company LLC as investment banker.  Rajah & Tann
Singapore LLP and Walkers serve as Singapore Law counsel and
Cayman
Law counsel, respectively.  Donlin, Recano & Company, Inc. is the
claims agent.

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors on Feb. 4, 2021.  The committee tapped Kramer
Levin Naftalis & Frankel, LLP as its bankruptcy counsel, Morris
James LLP as Delaware counsel, and Province, LLC as financial
advisor.



EHT US1: Madison Buying All Assets for $470M, Subject to Overbid
----------------------------------------------------------------
EHT US1, Inc., and its affiliates filed with the U.S. Bankruptcy
Court for the District of Delaware a notice of their proposed
bidding procedures in connection with the sale of all or
substantially all of their assets to Madison Phoenix LLC, subject
to overbid.

The Stalking Horse Agreement provides for total consideration for
the Assets in the amount of (i) an aggregate amount equal to $470
million and (ii) the Stalking Horse Bidder's assumption of the
Assumed Liabilities.

On March 9, 2021, the Debtors filed their Bid Procedures Motion.
On the same day, the Court entered an Order granting a motion to
shorten the deadline to respond to the Motion ("Order Shortening
Notice"), a copy of which is being served contemporaneously with
the Notice.

Pursuant to the Order Shortening Notice, a hearing the Bid
Procedures Motion is set for March 23, 2021, at 1:00 p.m. (ET).
The Objection Deadline is March 19, 2021 at 4:00 p.m. (ET).  No
hearing or objection deadline has been scheduled or established
with respect to the portion of the Bid Procedures Motion asking
approval of a Sale of the Debtors' Assets.  

The copies of the Bid Procedures Motion, the proposed Bidding
Procedures Order, and the Bidding Procedures, may be obtained free
of charge at the website dedicated to the Debtors' chapter 11 cases
maintained by their claims and noticing agent, Donlin, Recano &
Company, Inc. at https://www.donlinrecano.com/Clients/eagle/Index,
or can be requested by e-mail at eagleinfo@donlinrecano.com.

                   About Eagle Hospitality Group

Eagle Hospitality Trust -- https://eagleht.com/ -- is a
hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust and Eagle Hospitality Business Trust.  Based in Singapore,
Eagle H-REIT is established with the principal investment strategy
of investing on a long-term basis in a diversified portfolio of
income-producing real estate, which is used primarily for
hospitality or hospitality-related purposes as well as real
estate-related assets in connection with the foregoing, with an
initial focus on the United States.

EHT US1, Inc. and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.

EHT US1 estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.

The Debtors tapped Paul Hastings LLP and Cole Schotz P.C. as their
bankruptcy counsel, FTI Consulting Inc. as restructuring advisor,
and Moelis & Company LLC as investment banker.  Rajah & Tann
Singapore LLP and Walkers serve as Singapore Law counsel and
Cayman
Law counsel, respectively.  Donlin, Recano & Company, Inc. is the
claims agent.

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors on Feb. 4, 2021.  The committee tapped Kramer
Levin Naftalis & Frankel, LLP as its bankruptcy counsel, Morris
James LLP as Delaware counsel, and Province, LLC as financial
advisor.



EHT US1: Seeks to Shorten Notice Period on Assets Bid Procedures
----------------------------------------------------------------
EHT US1, Inc., and its affiliates ask the U.S. Bankruptcy Court for
the District of Delaware to shorten the notice period and schedule
an expedited hearing with respect to their proposed bidding
procedures in connection with the sale of all or substantially all
of their assets to Madison Phoenix LLC, subject to overbid.

The Stalking Horse Agreement provides for total consideration for
the Assets in the amount of (i) an aggregate amount equal to $470
million and (ii) the Stalking Horse Bidder's assumption of the
Assumed Liabilities.

Contemporaneously upon the filing of the Motion to Shorten, the
Debtors filed the Bidding Procedures Motion asking approval of
Bidding Procedures in connection with a proposed sale of
substantially all of the Debtors' assets, along with a request to
enter into the Stalking Horse Agreement with the Stalking Horse
Bidder. As detailed on the Bidding Procedures Motion, entry into
the Stalking Horse Agreement is in the best interest of the estates
and is designed to maximize the value of the Debtors' assets.

One of the provisions of the heavily negotiated Stalking Horse
Agreement is a set of case milestones: (i) entry of Bidding
Procedures Order must occur by March 31, 2021; (ii) any Auction
must take place by May 24, 2021; and (iii) the Sale Hearing must be
held by May 31, 2021.

By the Motion to Shorten, the Debtors ask entry of an order (a)
shortening the notice period for the Bidding Procedures Motion to a
date not less than 10 days after the date thereof, per agreement
with the Committee and Bank of America, N.A. ("Proposed Objection
Deadline"), (b) permitting the Debtors to file any reply in further
support of the Bidding Procedures Motion by noon on the day before
the hearing on the Bidding Procedures Motion ("Proposed Reply
Deadline"), and (c) scheduling an expedited hearing on the Bidding
Procedures Motion on or after March 23, 2020, as the Court's
schedule may permit.   

Given the more limited relief being sought in the Bidding
Procedures Motion, the reasonable (albeit slightly shorter)
proposed deadline to object, and the fact that shortening notice is
designed to maximize the time that other bidders would have to do
diligence and decide whether to make an overbid, the Debtors submit
that granting the Motion to Shorten is in the best interest of the
estates.  

                   About Eagle Hospitality Group

Eagle Hospitality Trust -- https://eagleht.com/ -- is a
hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust and Eagle Hospitality Business Trust.  Based in Singapore,
Eagle H-REIT is established with the principal investment strategy
of investing on a long-term basis in a diversified portfolio of
income-producing real estate, which is used primarily for
hospitality or hospitality-related purposes as well as real
estate-related assets in connection with the foregoing, with an
initial focus on the United States.

EHT US1, Inc. and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.

EHT US1 estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.

The Debtors tapped Paul Hastings LLP and Cole Schotz P.C. as their
bankruptcy counsel, FTI Consulting Inc. as restructuring advisor,
and Moelis & Company LLC as investment banker.  Rajah & Tann
Singapore LLP and Walkers serve as Singapore Law counsel and
Cayman
Law counsel, respectively.  Donlin, Recano & Company, Inc. is the
claims agent.

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors on Feb. 4, 2021.  The committee tapped Kramer
Levin Naftalis & Frankel, LLP as its bankruptcy counsel, Morris
James LLP as Delaware counsel, and Province, LLC as financial
advisor.



EHT US1: Sets Bidding Procedures for Substantially All Assets
-------------------------------------------------------------
EHT US1, Inc., and its affiliates ask the U.S. Bankruptcy Court for
the District of Delaware to authorize the bidding procedures in
connection with the sale of all or substantially all of their
assets to Madison Phoenix LLC, subject to overbid.

The Stalking Horse Agreement provides for total consideration for
the Assets in the amount of (i) an aggregate amount equal to $470
million and (ii) the Stalking Horse Bidder's assumption of the
Assumed Liabilities.

The Debtors, after exploring all available options, have determined
that the sale of the Assets represents the best option to maximize
the value of their estates for the benefit of their stakeholders.
In furtherance of that goal, they began a process to solicit
interest in the Assets early in these chapter 11 cases, and after
reviewing a number of indications of interest, entered into an
Agreement of Purchase and Sale ("Stalking Horse Agreement") by and
among certain of the Debtors, and the Stalking Horse Bidder, an
affiliate of Monarch Alternative Capital LP and the Debtors' DIP
lender.  

The Debtors, which heavily negotiated the Stalking Horse Agreement
with the Stalking Horse Bidder, believe that the Stalking Horse
Agreement represents a significant milestone in their efforts to
sell the Assets, and thus file the Motion for the purpose of
advancing the bidding and marketing process for the Assets,
including (i) obtaining approval of the designation of the Stalking
Horse Bidder pursuant to the Stalking Horse Agreement and certain
bidding protections contained therein,  (ii) approving milestone
dates and certain bid and other procedures related to the
marketing, conduct and completion of the Debtors' sale process,
(iii) scheduling key dates associated with the Sale Process,
including the deadline for the submission of bids, as well as the
dates of the auction and the sale hearing, and (iv) approving
procedures related to the Sale Process, including notices related
to the potential assumption and assignment of the Debtors'
executory contracts and unexpired leases.

The Debtors respectfully submit that the Bidding Procedures provide
significant flexibility to run a value-maximizing sale process,
including soliciting bids, negotiating transactions, determining
the manner in which to effectuate the potential sale transaction,
all while protecting the due process rights of all interested
parties and ensuring that there is a full and fair opportunity to
review and consider proposed transactions.

They propose to establish the following key dates and deadlines for
the Sale Process:

     a. Service of Cure Notice to Counterparties to Executory
Contracts and Unexpired Leases - Three Business Days After Entry of
Bidding Procedures Order

     b. Deadline to Object to Proposed Cure Costs - 14 Days After
Service of Cure Notice

     c. Deadline for Debtors to Notify Bidders of Status as
Qualified Bidders - May 18, 2021, at 4:00 p.m. (ET)

     d. Deadline to File Notice and Identities of Successful Bid(s)
and Back-Up Bid(s) - May 21, 2021, at 4:00 p.m. (ET) or as soon as
is practicable after the Auctions

     e. Deadline to File Objections to (i) Identity of Successful
Bidder, (ii) Conduct of Auctions, and (iii) Adequate Assurance -
May 24, 2021, at 4:00 p.m. (ET)

     f. Deadline to Reply to Objections -  May 26, 2021, at 11:59
p.m. (ET)

Given the ongoing COVID-19 pandemic, closure of nearly all the
Debtors' Hotels, and the state of their operations and financial
condition, it is vital that the Debtors consummate a sale in an
efficient and prompt manner.  Accordingly, they ask approval of the
Stalking Horse Agreement (including the bidding protections) and
the Bidding Procedures to facilitate the Sale Transaction.

By the Motion, the Debtors ask the following:

      i. entry of the "Bidding Procedures Order":

            (a) authorizing and approving the Bidding Procedures;

            (b) authorizing and approving the bid protections
provided to the Stalking Horse Bidder under the terms of the
Stalking Horse Agreement, including the payment of a break-up fee
and the reimbursement of expenses;

            (c) setting the Bid Deadline, authorizing and
scheduling auctions, and scheduling the Sale Hearing;

            (d) authorizing and approving the form and manner of
the Sale Notice;

            (e) approving the Assumption and Assignment Procedures
for the assumption and assignment of the Designated Contracts and
Designated Leases and the determination of the Cure Costs;

            (f) authorizing and approving the form and manner of
Cure Notice to the Counterparties regarding the Debtors’
potential assumption and assignment of certain executory contracts
and unexpired leases of the Debtors and of the Debtors' calculation
of the Cure Costs;

      ii. entry of one or more Sale Orders authorizing and
approving the following:

            (a) the sale of the Assets free and clear of all liens,
claims, interests, and encumbrances, except certain permitted
encumbrances as determined by the Debtors and any purchaser of the
Assets, with any such liens, claims, interests and encumbrances to
attach to the proceeds of such sale(s);

            (b) the assumption and assignment of the Designated
Contracts and Designated Leases; and

            (c) granting related relief.

March 7, 2021, the Debtors executed the Stalking Horse Agreement,
which agreement will serve as the stalking horse agreement for the
Assets at the Auctions (to the extent the Debtors receive another
Qualified Bid for the Assets prior to the Bid Deadline).  The
Stalking Horse Agreement provides for total consideration for the
Assets in the amount of (i) an aggregate amount equal to $470
million and (ii) the Stalking Horse Bidder's assumption of the
Assumed Liabilities.  The Stalking Horse Bid will establish a
valuable floor for the Assets with the opportunity for other
bidders to top the Stalking Horse Bid in a public auction process
pursuant to the Bidding Procedures proposed.

The salient terms of the Stalking Horse Agreement are:

     a. Purchase Price: The consideration for the purchase of the
Assets payable by Buyer, or an entity designated by Buyer to
Seller, pursuant to the terms of and subject to the terms and
conditions of the Stalking Horse Agreement will consist of (i) an
aggregate amount equal to $470 million and (ii) the Stalking Horse
Bidder’s assumption of the Assumed Liabilities.

     b. Assets: Substantially all Assets

     c. The Stalking Horse Agreement contemplates one or more
auctions.  All Auctions with respect to any Assets will be held
concurrently on the same date.

     d. Closing: For purposes of the Stalking Horse Agreement and
the transactions contemplated hereby, the Closing will be deemed to
occur and be effective, and title to and risk of loss associated
with the Assets, will be deemed to be effective as of 12:01 a.m.,
New York City time, on the Closing Date (including for accounting
purposes), but after giving effect to any actions taken by each
Seller on the Closing Date prior to the Closing.  

     e. Good Faith Deposit: $47 million, cash

     f. Tax Exemption: The Seller will use its reasonable best
efforts to cause the Court to enter a Sale Order which contains,
among other provisions, the following provisions: (a) pursuant to
Section 1146(c) of the Bankruptcy Code, the transactions
contemplated by the Stalking Horse Agreement will be exempt from
stamp, sales, use, transfer and certain other taxes, the so-called
"bulk sales" laws will be waived in all necessary jurisdictions,
and the transactions contemplated will be deemed to be under or in
contemplation of a plan to be confirmed under Section 1129 of the
Code; and (b) obligations of the Seller relating to Taxes (other
than Transfer Taxes), whether arising under law, by the Stalking
Horse Agreement, or otherwise, will be fulfilled by the Seller.

     g. Credit Bid: The Buyer will be entitled to Credit Bid all of
the Obligations of Seller to the DIP Lenders under the DIP
Facility.  However, these obligations are all post-petition
superpriority administrative expense claims for which the lender
would be entitled to payment in full in any event.  

     h. The Debtors request waivers of the 14-day stay requirements
under Bankruptcy Rules 6004(h) and 6006(d) and that the Sale Order
be effective immediately upon entry.

     i. Break-Up Fee:

           A. $9.4 million, representing 2% of the full amount of
the Purchase Price, in the event a Competing Bid is consummated
with respect to all Hotels;  

           B. $9.1 million, representing 2% of the full Purchase
Price less the amount of the Purchase Price allocated to the QM
Hotel under the "Individual Allocation" section on Schedule A-4
attached to the Stalking Horse Agreement, in the event a Competing
Bid is consummated with respect to all Hotels other than the QM
Hotel; or

           C. 2% of the Purchase Price allocated to each applicable
Hotel under the "Individual Allocation" section on Schedule A-4
attached to the Stalking Horse Agreement, in the event a Competing
Bid is consummated with respect to one or more of the Designated
Hotels and/or the QM Hotel, as applicable.

     j. Expense Reimbursement: $3 million

The Bidding Procedures are designed to promote a competitive and
robust sale process for the Debtors’ Assets.  If approved, the
Bidding Procedures will allow the Debtors to solicit and identify
bids from potential bidders that constitute the highest or
otherwise best offers for all or parts of the Debtors' Hotel
Portfolio.  

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: May 14, 2021, at 4:00 p.m. (ET)

     b. Initial Bid: The sum of (a) the Break-Up Fee, (b) the
Expense Reimbursement, if any, and (c) for a Bid for (i) all 15
Hotels or all Hotels other than the QM Hotel, $1million0, or (ii)
one or more of the Designated Hotels and/or the QM Hotel, $500,000
per each such Hotel.

     c. Deposit: 10% of the applicable Purchase Price

     d. Auction:  If the Debtors receive any Qualified Bids (other
than the Stalking Horse Bid), they will conduct the Auctions on May
20, 2021, at 10:00 a.m. (ET) or on such other date as may be
determined by the Debtors after consultation with the advisors to
each the Committee and the Stalking Horse Bidder, virtually
pursuant to procedures to be timely filed on the Bankruptcy Court's
docket.  All Auctions with respect to any Assets will be held
concurrently on the same date.

     e. Bid Increments: Minimum Auction Bid Increments will be
communicated to Qualified Bidders, after consultation with advisors
to the Committee, prior to the commencement of the Auctions.

     f. Sale Hearing: May 28, 2021, (subject to the Court's
availability)

     g. Sale Objection Deadline: May 14, 2021, at 4:00 p.m. (ET)

The Assumption and Assignment Procedures set forth in the Bidding
Procedures Order will, among other things, govern the Debtors'
provision of notice to all Counterparties of Cure Costs in the
event the Debtors decide to transfer such contracts in connection
with a Sale Transaction.  The Debtors propose to file a Cure Notice
with the Court and serve the Cure Notice on the Counterparties no
later than three business days after entry of the Bidding
Procedures Order.  

In the interest of attracting the best offers, the Assets should be
sold free and clear of any and all liens, claims, interests, and
encumbrances, with any such liens, claims, interests, and
encumbrances attaching to the proceeds of the Sale Transaction.

Delays in closing a Sale Transaction could risk the Debtors
defaulting under the DIP Facility.  Accordingly, the Debtors ask
that each Sale Order approving a Sale Transaction be effective
immediately upon entry of such order and that the 14-day stay
imposed by Bankruptcy Rule 6004(h) be waived, to the extent such
stay applies.

A copy of the Agreement and the Bidding Procedures is available at
https://tinyurl.com/3ssd83ws from PacerMonitor.com free of charge.

The Purchaser:

           MADISON PHOENIX LLC
           c/o Monarch Alternative Capital LP
           535 Madison Avenue
           New York, NY 10022
           Attn: Ian Glastein
           Telephone: (212) 554-1747
           E-mail: ian.glastein@monarchlp.com

The Purchaser is represented by:

           WEIL, GOTSHAL & MANGES LLP
           767 Fifth Avenue
           New York, NY 10153
           Attn: Philip Rosen, Esq.
                 Gabriel Morgan, Esq.
           Telephone: (212) 310 8863
           E-mail: philip.rosen@weil.com
                   gabriel.morgan@weil.com;

                   About Eagle Hospitality Group

Eagle Hospitality Trust -- https://eagleht.com/ -- is a
hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust and Eagle Hospitality Business Trust.  Based in Singapore,
Eagle H-REIT is established with the principal investment strategy
of investing on a long-term basis in a diversified portfolio of
income-producing real estate, which is used primarily for
hospitality or hospitality-related purposes as well as real
estate-related assets in connection with the foregoing, with an
initial focus on the United States.

EHT US1, Inc. and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.

EHT US1 estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.

The Debtors tapped Paul Hastings LLP and Cole Schotz P.C. as their
bankruptcy counsel, FTI Consulting Inc. as restructuring advisor,
and Moelis & Company LLC as investment banker.  Rajah & Tann
Singapore LLP and Walkers serve as Singapore Law counsel and
Cayman
Law counsel, respectively.  Donlin, Recano & Company, Inc. is the
claims agent.

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors on Feb. 4, 2021.  The committee tapped Kramer
Levin Naftalis & Frankel, LLP as its bankruptcy counsel, Morris
James LLP as Delaware counsel, and Province, LLC as financial
advisor.



EMPIRE TODAY: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to
Northlake, Ill.– based flooring retailer Empire Today LLC and its
'B' issue-level rating and '3' recovery rating to its proposed
first-lien debt.

The stable outlook reflects its expectation that Empire will
increase its revenue over the next year and expand its EBITDA
modestly by improving its margin.

S&P said, "Our rating reflects the company's small market share in
the cyclical and fragmented home improvement and flooring industry,
with an evolving cost structure including for advertising and
staffing expenses. In our view, Empire has a narrow product focus
with a significant concentration in replacement flooring. In 2020,
the company derived 56% of its revenue from hard surface products
and 44% from carpet. We view Empire as having limited concept
diversity and believe its customer base is predominantly
residential given its focus on Do-It-For-Me (DIFM) consumers. The
company's direct-to-consumer (DTC) segment accounted for
approximately 94% of its sales in 2020 while its
business-to-business (B2B) segment accounted for the remaining 6%.
We note that the company has posted good revenue growth in its B2B
segment in recent years, though this segment was negatively
affected by the business closures and lockdowns associated with the
COVID-19 pandemic in 2020."

Empire is a relatively small player in the flooring industry
relative to larger peers such as Floor & Decor, Home Depot, and
Lowe's, and we consider the competitive pressures stemming from
these larger peers as a risk to its business. However, S&P views
the company's brand recognition as a positive credit factor and
believe it benefits from its unique value proposition by offering
the convenience of in-home sales and next-day installation
services.

S&P said, "We expect Empire's S&P Global Ratings-adjusted leverage
to be in the low-5x area in 2021 before declining to the high-4x
area in 2022.  We anticipate the company will improve its operating
performance supported by a favorable shift in its product mix
toward higher-margin products such as Luxury Vinyl Tile as well as
its continued transition to a digital advertising strategy. We
forecast Empire's S&P Global Ratings-adjusted EBITDA margins will
be in the 11% area in 2021 and 2022.

"We believe Empire has good expansion prospects given it
successfully withstood the stress test of 2020. The company has
continued to expand into new markets and is focused on building out
its B2B segment. Historically, Empire's EBITDA margins were
pressured with high operating costs and we believe an improvement
in its operating performance will depend on the implementation of a
successful advertising strategy and prudent cost management.

"We expect the company to benefit from positive industry and style
trends as it relates to hard surface versus carpet. The rating
reflects our expectation that Empire will continue to increase its
business in line with the expansion of its overall industry.
Specifically, we believe its industry has benefited from the strong
housing market and rising home ownership rates as more people move
to the suburbs coupled with a shift in consumer demand toward hard
surface products, which carry higher average ticket prices and
margins, and away from carpet."

Though Empire was negatively affected by the shutdowns imposed
during the onset of the pandemic, it was quick to recover with good
positive comps, which it has carried over into 2021. S&P said, "We
believe the company has benefited from an increase in consumer
spending on home improvement during the pandemic. We forecast that
it will continue to benefit from this trend into 2021." However, as
vaccines become more widely available and consumer behavior
normalizes, this spending may shift back toward other discretionary
items.

The company's asset-lite business model will support good levels of
free cash flow generation to service its debt obligations.  The
asset-lite nature of Empire's business is underpinned by its
well-established hub-and-spoke network comprising regional
distribution centers and satellite facilities, which provide it
with easy access to markets across the U.S. In addition, the
company has no retail presence and benefits from low capital
expenditure (capex) requirements. Specifically, we believe Empire's
asset-lite model and minimal working capital needs will support
good cash flow generation, which leads us to forecast free
operating cash flow (FOCF) of about $50 million-$60 million in
2021.

The stable outlook on Empire reflects our expectation that it will
increase its revenue over the next year and expand its EBITDA by
improving its margin.

S&P could lower its rating on Empire if:

-- Lower-than-expected earnings cause its adjusted leverage to
deteriorate to well above 6.0x. Such a scenario could occur if
there is heightened competition in the industry; or

-- The company pursues a more aggressive financial policy,
including paying dividends to its financial sponsors, though we see
this route as less likely in the near term given the current
material dividend sponsors are taking.

S&P would consider upgrading Empire if:

-- It meaningfully expands its market presence, leading it to
favorably reassess its competitive position;
-- S&P believes it will improve its leverage below 5x and sustain
it at this level; and

-- An upgrade would be contingent on a commitment by the company's
sponsor owners to pursue a more prudent financial policy, including
deleveraging.



ENERGY FISHING: Court Confirms Chapter 11 Plan
----------------------------------------------
On March 5, 2021, Judge David R. Jones confirmed Energy Fishing &
Rental Services Inc.'s Amended Plan of Reorganization.  The judge
also approved the Amended Disclosure Statement.

A hearing on the Plan and Disclosure Statement was held Feb. 12,
2021.

The Court finds that the Plan satisfied Sec. 1129(a) of the
Bankruptcy Code.

Class 2, consisting of EFRSST Claims, and Class 5, consisting of
General Unsecured Claims, are impaired classes that have accepted
the Plan in accordance with Section 1126(c) of the Bankruptcy
Code.

As stated at the Confirmation Hearing, the Debtor has determined to
except from discharge, pursuant to 11  U.S.C. Sec. 524(f), and
1141(d)(1), the claim Paycheck Protection Program ("PPP") loan from
Truist Bank, and the Debtor's debt to Trusit Bank for such claim
(but only for such claim).  Conditioned on the provisions below
governing the same, the Court finds such exception to be proper and
lawful.

The Creditor Trustee is Joseph Sullivan, and Mr. Sullivan's
appointment as such is approved.

Notwithstanding any term in the Plan or this Confirmation Order to
the contrary: (i) the Texas Comptroller of Public Accounts' (the
"Comptroller") setoff rights are preserved under Sec. 553 of the
Bankruptcy Code; (ii) pursuant to Sec. 503(b)(1)(D) of the
Bankruptcy Code, the Comptroller shall not be required to file a
request for payment of any amounts coming due post-petition; (iii)
any and all tax liabilities owed by the Debtor to the Comptroller,
including those resulting from audits, shall be determined,
resolved, and paid under and in accordance with the laws of the
State of Texas; (iv) all matters involving the Debtor's liabilities
to the Comptroller shall be resolved in accordance with the
processes and procedures provided by Texas law, including
prosecution in Texas state courts; (v) the Debtor shall not request
relief from the Bankruptcy Court with regard to any matters
involving Debtors' liabilities to the Comptroller; and (vi) the
bankruptcy shall have no effect on the Comptroller's rights as to
non-Debtor third parties.

A copy of the Plan Confirmation Order is available at:
https://bit.ly/3rMRSVf

................About Energy Fishing & Rental

Houston, Texas-based Energy Fishing & Rental Services, Inc.,
provides fishing and downhole intervention services.  The Company
offers accumulators, adapters, back off tools, bailers, bails,
bars, baskets, bits, blocks, blowout preventers, bushings, casing
patches, couplings, cutters, die collars, rabbits, elevators,
extensions, overshots, and accessories.  On the web:
http://www.energyfrs.com/

Energy Fishing & Rental Services sought protection under Chapter
11
of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 20-20299) on
Sept. 18, 2020.  The petition was signed by Arthur L. Potter,
chairman and president.  At the time of the filing, the Debtor had
estimated assets of between $1 million and $10 million and
liabilities of between $10 million and $50 million.

Judge David R. Jones oversees the case.

Munsch Hardt Kopf & Harr, P.C., is the Debtor's legal counsel.


ENTERCOM COMMUNICATIONS: S&P Rates New $500MM 2nd-Lien Notes 'B-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating and '5'
recovery rating to the proposed $500 million senior secured
second-lien notes due 2029 issued by radio broadcaster Entercom
Communications Corp.'s subsidiary Entercom Media Corp. The '5'
recovery rating indicates its expectation for modest (10%-30%;
rounded estimate: 15%) recovery for lenders in the event of a
payment default.

The company plans to use the proceeds from these proposed notes to
redeem its existing 7.25% senior unsecured notes due 2024 ($400
million outstanding) and repay a portion of its existing senior
secured first-lien term loan ($754 million outstanding) and
borrowings on its revolving credit facility ($114.7 million
outstanding). The proposed transaction will extend the company's
debt maturity profile and increase the headroom under its 4x
maximum first-lien net leverage ratio covenant by reducing its
total amount of first-lien debt outstanding.

S&P said, "Our 'B' issuer credit rating and negative outlook on
Entercom are unchanged. We expect the company's leverage to be in
the high-7x area in 2021 with free operating cash flow (FOCF) to
debt of about 3% as broadcast radio advertising revenue continues
to recover from the U.S. recession stemming from the coronavirus
pandemic and Entercom increases its capital spending to support its
digital offerings. However, radio advertising has sequentially
improved since the onset of the recession and we expect the
company's FOCF to debt to improve comfortably above 5% in 2022,
which is our threshold for the current rating. The negative outlook
reflects the potential for a lower rating if radio advertising
takes longer to recover and we expect Entercom's FOCF to debt to
remain below 5% in 2022."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- Following the transaction, Entercom Media Corp. will be the
borrower of a $250 million senior secured revolving credit facility
($23 million maturing in 2022 and $227 million maturing in 2024), a
$770 million senior secured first-lien term loan maturing in 2024
(approximately $717 million outstanding), $425 million of 6.5%
senior secured second-lien notes due in 2027, and $500 million of
senior secured second-lien notes due in 2029.

-- The senior secured revolving credit facility and first-lien
term loan are secured by a first-priority lien on substantially all
of the borrower's assets and those of its guarantors (with certain
exceptions). The senior secured second-lien notes are secured by a
second-priority lien on the collateral securing the revolving
credit facility and first-lien term loan. All of the secured debt
is guaranteed on a joint and several basis by all of Entercom Media
Corp.'s current and future wholly owned domestic subsidiaries (with
certain exceptions).

Simulated default assumptions

-- S&P's simulated scenario contemplates a default occurring in
2024 primarily due to increased competition from alternative media
and a cyclical downturn in advertising that materially reduces
Entercom's revenue and cash flow given its largely fixed-cost
base.

-- Other default assumptions include an 85% draw on the revolving
credit facility, the spread on the revolving credit facility rises
to 5% as covenant amendments are obtained, LIBOR is 2.5%, and all
debt includes six months of prepetition interest.

-- S&P has valued the company on a going-concern basis using a 6x
multiple of its projected emergence EBITDA, which is in line with
the multiples it uses for the other radio companies it rates.

Simplified waterfall

-- EBITDA at emergence: $190 million

-- EBITDA multiple: 6x

-- Gross recovery value: $1.1 billion

-- Net recovery value for waterfall after administrative expenses
(5%): $1.1 billion

-- Value available for senior secured first-lien debt claims: $1.1
billion

-- Estimated senior secured first-lien debt claims: $938 million

    --Recovery expectations: 90%-100% (rounded estimate: 95%)

-- Value available for senior secured second-lien debt claims:
$145 million

-- Estimated senior secured second-lien debt claims: $955 million

   --Recovery expectations: 10%-30% (rounded estimate: 15%)


EWT HOLDINGS: S&P Rates New First Lien Credit Facility 'B+'
-----------------------------------------------------------
S&P Global Ratings assigned its 'B+' rating to EWT Holdings III
Corp.'s proposed first-lien credit facility consisting of a $250
million revolving credit facility (estimated to be roughly $50
million drawn at close) and a $560 million term loan. EWT Holdings
III Corp. is a subsidiary of Pittsburgh, Pa.-based Evoqua Water
Technologies Corp., a water and wastewater treatment product,
system, and service provider. The '3' recovery rating indicates its
expectation for meaningful recovery (50%-70%; rounded estimate:
50%) in the event of a payment default. Evoqua also plans to put in
place, through a subsidiary, a $150 million receivables financing
facility (unrated, fully utilized).

S&P said, "We believe Evoqua will use the net proceeds from the
transaction and about $60 million of cash to repay its existing
$817 million of term loans outstanding. Although the proposed
transaction would modestly lower S&P Global Ratings-adjusted debt
leverage by about 0.2x-0.3x, we continue to forecast that free
operating cash flow to debt will remain below our upgrade trigger
of 10% over the next 12 months. Therefore, our 'B+' issuer credit
rating and stable outlook remain unchanged."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P's simulated default scenario assumes a default in 2025
following severe demand and profitability pressure stemming from
increased competition and persistent operational inefficiencies.

-- S&P values the company on a going-concern basis using a 5x
multiple of our projected emergence EBITDA of about $132 million.
The 5x multiple reflects Evoqua's good position within its
competitive and fragmented market.

-- S&P's recovery analysis assumes that in a simulated default
scenario--after satisfying any unpaid administrative expenses and
other priority claims--the first-lien lenders' recoveries would be
in the 50%-70% range (rounded estimate: 50%).

Simulated default assumptions

-- Year of default: 2025
-- Jurisdiction: U.S.
-- The revolving credit facility is 85% drawn at default and the
accounts receivable securitization facility is 100% drawn at
default.

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): $627
million

-- Valuation split (obligors/nonobligors): 80%/20%

-- Priority claims (securitization facility and equipment
financing claims): $223 million

-- Collateral value available to first-lien debt claims: $360
million

-- Unpledged value available to deficiency and unsecured claims:
$44 million

-- First-lien debt claims: $773 million

    --Recovery expectations: 50%-70% (rounded estimate: 50%)

All debt amounts include six months of prepetition interest.


EXCHANGE AVENUE: Court Confirms Plan
------------------------------------
Judge Mark X. Mullin has entered an order that the Plan of Exchange
Avenue Production Co is CONFIRMED in accordance with Section 1129
of the Bankruptcy Code, and all terms and conditions set forth in
the Plan, are hereby APPROVED.

No party objected to the Plan.

Class 2 is unimpaired under the Plan and is deemed to have accepted
the Plan pursuant to section 1126(f).  Due to a scrivener's error,
the Disclosure Statement indicates that Class 2 is impaired, but
the Plan says Class 2 is unimpaired and, in fact, treats Class 2 as
unimpaired. Accordingly, for purposes of the Plan and this Order,
Class 2 is unimpaired and is deemed to have accepted the Plan.
Class 5, consisting of Equity Interests and Insider Claims, is
conclusively deemed to have rejected the Plan pursuant to section
1126(g).

Class 2 (claims of State for Severance Taxes) is specified as
unimpaired because those claims will be paid in full as soon as
practicable after the Effective Date.

The Plan satisfies Section 1129(a)(7).  The liquidation analysis
included in the Disclosure Statement and the exhibits and evidence
proffered or adduced at the Confirmation Hearing regarding the
liquidation of the Debtor's assets were persuasive and credible.
The record establishes that each holder of an impaired Claim has
either accepted the Plan or will receive or retain under the Plan,
on account of such Claim, property of a value, as of the Effective
Date, that is not less than the amount that such holder would
receive or retain if the Debtor were liquidated under Chapter 7 of
the Bankruptcy Code as of the Effective Date. Class 5 Equity
Interests in the Debtor are cancelled on the Effective Date.
However, because the holders of such Interests would receive
nothing through a Chapter 7 liquidation as of the Effective Date,
the requirement of section 1129(a)(7) is also satisfied as to all
holders of Class 5 Interests.

The four impaired Classes of Claims and Interests voted as follows
to accept or reject the Plan:

   a) Class 1 – no Ballots were cast in this Class;
   b) Class 3 – voted to accept the Plan;
   c) Class 4 – voted to accept the Plan; and
   d) Class 5 is conclusively presumed to have rejected the Plan
pursuant to Section 1126(g) of the Bankruptcy Code.
  
Consequently, Section 1129(a)(8) is satisfied as to Classes 3 and 4
which have overwhelmingly voted to accept the Plan.  Based on the
failure of Class 1 to vote on the Plan, the Court has made a "cram
down" analysis pursuant to section 1129(b).  The Plan satisfies the
requests for cram down as to Class 1.

Classes 1 and 5 are impaired and either failed to vote to accept
the Plan (Class 1) or are deemed to have rejected the Plan (Class
5).
Consequently, the Court addresses the application of the cram down
provisions of section 1129(b)(2)(i) and (ii) to Classes 1 and 5 as
follows:

   (i) The Plan does not discriminate unfairly, and is fair and
equitable, as to each Class which has not voted
to accept the Plan.

   (ii) The Plan has not been accepted by Class 1. As to Class 1,
the Plan is confirmable pursuant to section 1129(b)(2)(A).

  (iii) As to the holders of Class 5 Interests, the Plan is
confirmable pursuant to section 1129(b)(2)(C).

Attorneys for the Debtor:

     J. Robert Forshey
     Laurie Dahl Rea
     FORSHEY & PROSTOK LLP
     777 Main St., Suite 1550
     Ft. Worth, TX 76102
     Telephone: (817) 877-8855
     Facsimile: (817) 877-4151
     E-mail: bforshey@forsheyprostok.com
             lrea@forsheyprostok.com

               About Exchange Avenue Production

Exchange Avenue Production Co. is a privately held company in
Weatherford, Texas, engaged in oil and gas extraction business. The
Debtor sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Tex. Case No. 17-44107) on Oct. 4, 2017.  In the
petition signed by Linda Hunt, partner, the Debtor estimated assets
of $1 million to $10 million and liabilities of less than $1
million.  Judge Mark X. Mullin presides over the case.  The Debtor
hired Forshey & Prostok, LLP, as its legal counsel; Kelly Hart &
Hallman LLP, as special counsel; and Freemon, Shapard & Story as
its accountant.


FCG ACQUISITIONS: S&P Assigns 'B-' ICR, Outlook Stable
------------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to FCG
Acquisitions Inc. (which operates as Flow Control Group.

S&P said, "At the same time, we are assigning our 'B-' issue-level
rating and '3' recovery rating to the company's proposed first-lien
debt, including the delayed-draw term loan. We are assigning our
'CCC' issue-level rating and '6' recovery rating to the company's
proposed second-lien term loan.

"The stable outlook reflects our expectation that FCG will grow its
organic revenues over the next 12 months and expand its EBITDA
margins through operating leverage and value-creation
initiatives."

KKR & Co. is acquiring FCG Acquisitions Inc., a distributor of flow
control and industrial automation products.

FCG is issuing debt to fund the transaction, which S&P Global
Ratings expects will close in the first calendar quarter of 2021.

S&P said, "Our ratings reflect the company's narrow business focus,
negligible market share in the fragmented and highly competitive
industrial distribution industry, and high S&P Global
Ratings-adjusted leverage of over 7x in 2021. These factors are
offset in part by the company's technical expertise and relatively
stable revenue stream. FCG's scale is relatively small with
projected revenue of about $700 million in fiscal 2021 (ends June
30) and we view its business focus on flow control and industrial
automation products and services as relatively narrow." These
products are highly engineered and mission-critical, which
typically requires a consultative sale. As such, FCG, which
competes primarily with small-to-midsized regional players, adds
value to customers through its technical knowledge and service
capabilities. Still, the company has a very small market share and
we believe it has limited pricing power in its addressable
distribution markets (estimated at about $80 billion in size).

The company serves cyclical industrial markets but generates about
75% of revenues from maintenance, repair, and operations (MRO)
products and services, which tend to have a more stable demand
profile. FCG has significant exposure to cyclical end markets such
as general industrial, refining, and power generation (together
about 70% of revenues). However, the company derives about
three-quarters of its revenues from MRO products and services,
which partially mitigates end-market demand volatility. While
original equipment demand is recovering slowly from the
pandemic-related trough, MRO demand bounced back quicker in the
second half of calendar 2020 as customers resumed maintenance
activity when mandatory shutdowns lifted. The company is also
expanding its exposure to the growing and less cyclical
life-sciences end market through new product introductions, which,
over time, should further support revenue stability.

FCG has grown meaningfully through acquisitions, and we expect the
company to remain very acquisitive. The company typically completes
5 to 10 bolt-on acquisitions annually. S&P said, "Given the highly
fragmented industry, we believe FCG will grow inorganically over
the next few years by consolidating local players. We believe the
company has demonstrated good integration capabilities with smaller
deals, though any large transformative acquisitions will
nevertheless pose integration risk."

S&P said, "The company's S&P Global Ratings-adjusted leverage is
high but should improve over time. We forecast the company will end
fiscal 2021 with debt leverage in the mid-7x area. This metric
incorporates EBITDA contributions from acquisitions but does not
add back any restructuring costs or unrealized cost savings. The
company has identified several value-creation initiatives,
including supplier transitions, pricing, facility consolidation,
and procurement. We expect the company will achieve most of these
cost savings in fiscal 2022, which should increase EBITDA and
contribute to a reduction in leverage. Still, given the company's
acquisitive stance, we believe some level of restructuring and
acquisition-related expenses will recur.

"The stable outlook reflects our expectations that FCG will grow
its organic revenues over the next 12 months and expand its EBITDA
margins through operating leverage and value-creation initiatives.

"We could lower the rating on FCG if its S&P Global
Ratings-adjusted debt leverage increases over the next 12 months,
leading us to believe the capital structure is unsustainable, or if
we believe the company could face liquidity or covenant
challenges." This could occur through a combination of the
following factors:

-- A prolonged economic downturn pressures revenue.

-- The company is unable to expand its EBITDA margin due to
operational inefficiencies and unsuccessful acquisition
integration.

-- Poor working capital management hinders the company's ability
to generate free cash flow.

S&P could raise the rating on FCG if it lowers and maintains S&P
adjusted debt leverage below 6.5x through a combination of the
following factors:

-- Strong expansion of its EBITDA margin due to realization of
cost savings and acquisition synergies.

-- Better-than-expected free cash flow generation and the use of
excess cash flow to repay debt.

S&P would also expect the financial sponsor to maintain a financial
policy that supports keeping S&P adjusted leverage below 6.5x even
when incorporating potential acquisitions and shareholder rewards.



FIELDWOOD ENERGY: Energy Transfer Questions Plan's Feasibility
--------------------------------------------------------------
Sea Robin Pipeline Company, LLC, et al. (collectively, "Energy
Transfer") filed an objection to the Disclosure Statement for the
Joint Chapter 11 Plan of Fieldwood Energy LLC and Its Affiliated
Debtors.

Among numerous other deficiencies of the Disclosure Statement,
which are thoroughly addressed in objections filed by other
parties, the Disclosure Statement raises questions with respect to
the Plan's feasibility.  Lastly, the Plan includes broad releases
for third parties in violation of Section 524(e) of the Bankruptcy
Code.

Energy Transfer points out that the disclosure statement lacks
adequate information as required by Section 1125 of the Bankruptcy
Code to enable a creditor to make an informed judgment regarding
the Plan:L

   * The Disclosure Statement lacks information pertaining to the
allocation of the Debtors' executory contracts among the various
entities to be created under the Plan, and whether those will be
assumed and assigned or rejected.  This information is necessary
for Energy Transfer to make an informed decision when voting on the
Plan and to evaluate whether it has any substantive objections to
confirmation of the Plan. In its current form, the Disclosure
Statement is both facially and substantively deficient with respect
to the ultimate destiny of Energy Transfer's contracts.

   * The Plan and Disclosure Statement describe at a very high
level that the Reorganization Transactions entail the transfer of
all of the Company's assets and liabilities to three entities –
the Credit Bid Purchaser, FWE I, and FWE III. The Disclosure
Statement further explains that FWE I and FWE III are being formed
to decommission the Apache Legacy Properties and FWE III Properties
and related assets and liabilities, respectively. However, many
questions about these entities remain unanswered

   * Similarly, a number of active contracts between Energy
Transfer and the Debtors are not listed on Exhibit I-F as being
allocated to and vesting in FWE I. Neither the Plan nor the
Disclosure Statement provides any information as to what will
happen to those contracts.

   * The Disclosure Statement does not explain what will happen to
those contracts that will not be allocated to FWE I or FWE III or
assigned to the Credit Bid Purchaser. This should be explained in
detail in the Disclosure Statement.

Energy Transfer further points out that the disclosure statement
fails to adequately disclose potential feasibility concerns with
the Plan:

   * These Bankruptcy Cases are the Debtors' second attempt at
restructuring their enterprise, and as proposed, the restructuring
raises serious concerns about the Post-Effective Date Debtors'
ability to keep the enterprise out of liquidation or a further
financial reorganization following confirmation.  Separate and
apart from the Debtors' failure to disclose how they intend to (i)
pay allowed administrative expense claims as required by Section
1129(11) of the Bankruptcy Code, and (ii) impose environmental
liabilities on their predecessors without the predecessors' consent
to take on those obligations, both of which issues are exhaustively
briefed by other parties in interest, the Debtors have not met
their burden of showing the financial viability of FWE I and FWE
III following confirmation.

   * Though the Credit Bid Purchaser is expected to pay $224
million in cash for the Debtors' desirable assets, it is unknown
how those funds will be used, and whether any portion of those
funds will be infused into FWE I or FWE III so that these new
entities are financially able to satisfy their obligations under
the contracts being allocated to them.

Energy Transfer asserts that there is inadequate disclosure about
the broad releases contemplated by the plan.

   * As proposed, the Plan seeks to provide releases for the
Debtors and numerous third parties from liabilities in violation of
Section 524(e) of the Bankruptcy Code. Released Parties include,
among others, the Debtors, the Post-Effective Date Debtors, the
Credit Bid Purchaser, the Apache PSA Parties, the DIP Agent and DIP
Lenders, and the Consenting Creditors. The Debtors offer no
explanation as to the grounds for providing releases to such
parties, some of whom may have environmental liability in
connection with the decommissioning of the Debtors' assets, nor do
they explain what, if any, investigation, was conducted in
connection with the releases, and what consideration, if any, was
paid for such releases.

Counsel for Energy Transfer:

     John E. Mitchell
     Michaela C. Crocker
     Yelena Archiyan
     KATTEN MUCHIN ROSENMAN LLP
     2121 N. Pearl St., Suite 1100
     Dallas, TX 75201
     Telephone: (214) 765-3600
     E-mail: john.mitchell@katten.com
     E-mail: michaela.crocker@katten.com
     E-mail: yelena.archiyan@katten.com

                    About Fieldwood Energy

Fieldwood Energy is a portfolio company of Riverstone Holdings
focused on acquiring and developing conventional assets, primarily
in the Gulf of Mexico region. It is the largest operator in the
Gulf of Mexico owning an interest in approximately 500 leases
covering over two million gross acres with 1,000 wells and 750
employees.  Visit https://www.fieldwoodenergy.com for more
information.

Fieldwood Energy and its 13 affiliates previously sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 18-30648) on Feb. 15,
2018, with a prepackaged plan that would deleverage $3.286 billion
of funded by $1.626 billion.

On Aug. 3, 2020, Fieldwood Energy and its 13 affiliates again filed
voluntary Chapter 11 petitions (Bankr. S.D. Tex. Lead Case No.
20-33948).  Mike Dane, senior vice president and chief financial
officer, signed the petitions.

At the time of the filing, the Debtors disclosed $1 billion to $10
billion in both assets and liabilities.

Judge David R. Jones oversees the cases.

The Debtors tapped Weil, Gotshal & Manges LLP as their legal
counsel, Houlihan Lokey Capital, Inc. as investment banker, and
AlixPartners, LLP as financial advisor.  Prime Clerk LLC is the
claims, noticing, and solicitation agent.

The first-lien group employed O'Melveny & Myers LLP as its legal
counsel and Houlihan Lokey Capital, Inc. as its financial advisor.
The RBL lenders employed Willkie Farr & Gallagher LLP as their
legal counsel and RPA Advisors, LLC as their financial advisor.
Meanwhile, the cross-holder group tapped Davis Polk & Wardwell LLP
and PJT Partners LP as its legal counsel and financial advisor,
respectively.

On Aug. 18, 2020, the Office of the U.S. Trustee appointed a
committee of unsecured creditors.  Stroock & Stroock & Lavan, LLP
and Conway MacKenzie, LLC serve as the committee's legal counsel
and financial advisor, respectively.


FM COAL: Says Plan Objections Resolved
--------------------------------------
FM COAL, LLC, et al., submitted a Second Amended Joint Plan of
Reorganization.

In their brief in support of Plan confirmation, the Debtors noted
that the Plan provides for the (a) reduction of over $32 million of
the Debtors' existing indebtedness, (b) right-sizing the Debtors'
businesses so that they may operate successfully in a challenging
time for the industry, and (c) the formation of a Litigation Trust
to pursue the Hunt Causes of Action, the proceeds of which will be
distributed to Holders of Claims.  Importantly, pursuant to the
Plan, the Debtors will emerge from these Chapter 11 Cases with only
$28 million in secured A&R Term Loans, and will have sufficient
cash liquidity upon emergence.  The A&R Term Loans will provide the
Reorganized Debtors with sufficient balance sheet flexibility
post-emergence to operate successfully.

General Unsecured Claims (Class 4) will each receive (i) its pro
rata share of the General Unsecured Creditor Initial Distribution,
and (ii) its Pro Rata share of Litigation Trust Assets, subject to
the Sharing Allocation with respect to the Hunt Causes of Action.

The Plan was overwhelmingly approved by the Voting Classes.  The
Class 3 Credit Agreement Secured Claim Holders voted unanimously to
accept the Plan while 91.75% in amount and 77.42% in number of
Class 4 General Unsecured Claim Holders voted in favor of the Plan.
The Debtors received a number of informal comments and have fully
resolved such matters through discussions or the inclusion of
language in the Proposed Confirmation Order and the Plan.  Four
formal objections were filed to the confirmation of the Plan.
Three of those objections, filed by Drummond Company, Inc., Alabama
Power Company, and Raccoon MTN MLT, LLC, principally object to the
assumption of certain executory contracts or unexpired leases or
the cure that the Debtors propose to pay in respect of those
executory contracts and unexpired leases.  The Debtors have
resolved the DCI Objection and the Alabama Power Objection.  The
fourth objection was filed by Warrior Met Coal Land, LLC that was
since been withdrawn as a result of a resolution incorporated in
the Proposed Confirmation Order.  The Debtors continue to engage in
active negotiations with RMM and hope to resolve the RMM Objection
through discussions or the inclusion of language in the Proposed
Confirmation Order prior to the Confirmation Hearing.  

Counsel to the Debtors:

     WALLER LANSDEN DORTCH & DAVIS, LLP
     Jesse S. Vogtle, Jr.
     Eric T. Ray
     Paul Greenwood
     1901 Sixth Avenue North, Suite 1400
     Birmingham, Alabama 35203
     Telephone: (205) 214-6380
     Facsimile: (205) 214-8787
     E-mail: Jesse.Vogtle@wallerlaw.com
             Eric.Ray@wallerlaw.com
             Paul.Greenwood@wallerlaw.com

     John Tishler
     Tyler N. Layne
     511 Union Street, Suite 2700
     Nashville, TN 37219
     Telephone: (615) 244-6380
     Facsimile: (615) 244-6804
     E-mail: John.Tishler@wallerlaw.com
             Tyler.Layne@wallerlaw.com

A copy of the Second Amended Joint Plan of Reorganization dated
March 8, 2021, is available at https://bit.ly/30z9jNa from Donlin
Recano, the claims agent.

                         About FM Coal LLC

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

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

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

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


FOXWOOD HILLS: Court Sets April 6 Hearing on Disclosure Statement
-----------------------------------------------------------------
Foxwood Hills Property Owners Association, Inc., filed on March 4,
2021, a Plan and a Disclosure Statement.

On March 5, 2021, the U.S. Bankruptcy Court for the District of
South Carolina entered an order setting a hearing to consider the
approval of the Disclosure Statement and Plan for April 6, 2021, at
10:30 a.m. at Donald Stuart Russell Federal Courthouse, 201
Magnolia Street, Spartanburg, South Carolina.  April 2, 2021, is
the last day for filing of written objections to the Disclosure
Statement.

                       Small Business Plan

The Debtor filed on March 4, 2021, a Small Business Plan of
Reorganization and a Disclosure Statement

The Association proposes to address issues that need to be resolved
for the Association's improved operation going forward.  Most
notably, the Plan includes new bylaws.  It also addresses the
application and enforcement of restrictions by the Association.
The Plan does not, however, revisit the issues and matters in the
Adversary Proceeding (filed by Debtor against lot owners to seek a
determination of issues regarding membership, member voting rights,
and restrictions on assessments); those issues and matters have
been, or will be (as to the remaining defendants), determined in
the Adversary Proceeding.  

The Plan provides for the full payment of all allowed claims
against the Association and its Estate.  The Association's income
and expenses support its ability to make full payment, as do its
unencumbered assets.

Non-priority unsecured creditors in Class 11 will receive full
payment within 60 days after the earlier of (a) the Effective Date
of the Plan, or (b) allowance by the Court, if disputed.  The
Association will file any objections it asserts to filed claims
within 45 days after confirmation of the Plan.

A copy of the Small Business Disclosure Statement dated March 4,
2021, is available at https://bit.ly/2PZGmIe

                       About Foxwood Hills

Foxwood Hills Property Owners Association, Inc. is an organization
of owners of Foxwood Hills -- a lake front community of primary
and vacation homes nestled in the northwest corner of Oconee
County,
S.C.

Foxwood Hills Property Owners Association filed its voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. D.S.C.
Case No. 20-02092) on May 8, 2020. At the time of the filing,
Debtor disclosed $4,253,427 in assets and $219,780 in liabilities.
Judge Helen E. Burris oversees the case.  Nexsen Pruet, LLC is
Debtor's legal counsel.


FOXWOOD HILLS: Files Plan to Resolve Restriction Issues
-------------------------------------------------------
Foxwood Hills Property Owners Association, Inc., filed with the
U.S. Bankruptcy Court for the District of South Carolina a
Disclosure Statement for the District of South Carolina on March 4,
2021.

The Association filed this Chapter 11 case for the primary purposes
of addressing issues relating to restrictions in certain deeds and
recorded real property filings, some of which have not been
followed or enforced for decades; inequitable treatment that would
result if those restrictions were now enforced; financial fall-out
resulting from the issues over the restrictions, which jeopardized
the Association's ability to properly operate and fulfill its
responsibilities in the future; and other organizational needs of
the Association, such as the need for updated bylaws.  The
Association believes that Chapter 11 provides the best and most
efficient forum for it to address these matters comprehensively, at
one time.

The Chapter 11 case has already been a success in economically
addressing important issues. The Association filed the Adversary
Proceeding for a determination of issues regarding membership,
member voting rights and restrictions on assessments. To date, the
Association has been granted judgment (a declaratory judgment of
rights) as to approximately 97% of the owners of record and over
70% of the lots in the Community. The Association did not seek a
monetary judgment or a lien against any owner, only declaratory
judgment on rights and interests. Whereas the pre-bankruptcy
litigation in state court included approximately 202 lot owners,
the Adversary Proceeding included over 3,300 named owners, so that
everyone of record would be included and with the goal that the
Court's determinations should apply to all owners.

Comparing the current status of the Adversary Proceeding, wherein
the Court has entered declaratory judgment stating that
approximately 97% of all owners in the Community are members of the
Association and must pay budget-based fees, dues, and assessments,
the Association is in far better position that it was in early May
2020 when the pre petition Busbee Litigation was still mired in
service of process as to owners in just one section of the
Community.

On the Petition Date, the Association owned approximately 605 lots
in the Community, of which approximately 484 of lots were available
for sale. Any funds received from the lot sales is income to the
Association, used to meet its annual approved budget, and sales to
third-parties should lead to income in the form of payment from
those new owners of fees, dues and assessments.

The Association's assets primarily consist of the following: (1)
funds on account in Debtor-in-Possession accounts at First Citizens
Bank & Trust Company (totaling $768,146.97, as of January 31,
2021); (2) accounts receivable due from owners on past-due fees,
dues and assessments (totaling $2,189,747.77, as of January 31,
2021); (3) bar and restaurant inventory; (4) office furniture and
fixtures; (5) two tractors, other John Deere lawn equipment and
five automobiles; and (6) common area real estate used as amenities
for members; and (7) approximately six hundred lots in the
Community.

The Plan provides for the full payment of all allowed claims
against the Association and its Estate. The Association's income
and expenses support its ability to make full payment, as do its
unencumbered assets.

In summary, the Plan provides for the following:

     * The amendment of the Association Bylaws. The amendments to
the Bylaws include new provisions regarding the Association's
application and enforcement of restrictions applicable for sections
in the Community.

     * The designation of the property in the Leland, Fontana,
Bellhaven, Chapin, Dellwood, Granby and Woodcrest Sections of the
Community, which sections were never developed with roads or
infrastructure, as Inactive Membership property as to which (a)
assessments will not be charged, and (b) the right to use
Association amenities will not exist, until developed or the owner
requests to become an Active Member of the Association; and further
(c) the Association will have no responsibility or obligation to
provide services to such property, unless and until (i) a mutual
agreement is reached between the owner and the Association
regarding the owner's development of such property, and (ii) the
owner commences payment of assessments for the property.

     * The exception of lots owned by the Oconee County FLC from
the payment of dues or assessments during such ownership, with the
exception terminating immediately upon the transfer of ownership to
a person or entity other than the Oconee County FLC or another
government entity, such that the successor owner will be
responsible for payment of assessments and dues like other members
of the Association.

     * The payment of all allowed claims in full, upon the payment
terms.

Community Association Management Services ("CAMS"), successor to
Southern Community Services, LLC ("SCS") does not comprise a
class, but is a claimant under Class 11 for non-priority unsecured
creditors. After the filing of this Case, the Association notified
CAMS that its services were being terminated effective October 1,
2020. The Association maintains that it owes no amount to CAMS
because CAMS breached and defaulted under the contract. CAMS
asserts that, by the Association's termination of its services, the
Association breached the contract, and that CAMS is entitled to
damages for breach of contract. If CAMS is determined to have an
allowed claim, such claim will be a non-priority unsecured claim,
and it will be paid under the provisions for Class 11.

Attorneys for the Debtor:

     JULIO E. MENDOZA, JR.
     District Court ID No. 3365
     KYLE A. BRANNON
     District Court ID No. 11509
     NEXSEN PRUET, LLC
     1230 Main Street, Suite 700 (29201)
     Post Office Box 2426
     Columbia, SC 29202
     Telephone: 803-540-2026
     803-540-2168
     Email: rmendoza@nexsenpruet.com
      kbrannon@nexsenpruet.com

                 About Foxwood Hills Property
                        Owners Association

Foxwood Hills Property Owners Association, Inc. is an organization
of owners of Foxwood Hills -- a lake front community of primary and
vacation homes nestled in the northwest corner of Oconee County,
S.C.

Foxwood Hills Property Owners Association filed its voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. D.S.C.
Case No. 20-02092) on May 8, 2020.  At the time of the filing, the
Debtor disclosed $4,253,427 in assets and $219,780 in liabilities.
Judge Helen E. Burris oversees the case.  Nexsen Pruet, LLC, is
Debtor's legal counsel.


FREDDIE MAC: Ricardo Anzaldua Quits as General Counsel
------------------------------------------------------
Ricardo A. Anzaldua, executive vice president and general counsel,
informed Freddie Mac (formally the Federal Home Loan Mortgage
Corporation) of his decision to retire.  Mr. Anzaldua stepped down
as general counsel effective March 10, 2021 and will remain at
Freddie Mac to assist with the transition of the general counsel
duties until March 31, 2021.

                         About Freddie Mac

Federal National Mortgage Association (Freddie Mac) is a GSE
chartered by Congress in 1970.  The Company's public mission is to
provide liquidity, stability, and affordability to the U.S. housing
market.  Freddie Mac does this primarily by purchasing residential
mortgage loans originated by lenders.  In most instances, it
packages these loans into guaranteed mortgage-related securities,
which are sold in the global capital markets and transfer
interest-rate and liquidity risks to third-party investors.  In
addition, the Company transfers mortgage credit risk exposure to
third-party investors through its credit risk transfer programs,
which include securities- and insurance-based offerings.  The
Company also invests in mortgage loans and mortgage-related
securities.  The Company does not originate loans or lend money
directly to mortgage borrowers.

Freddie Mac conducts its business subject to the direction of
Federal Housing Finance Agency (FHFA) as its conservator.  The
Conservator has provided authority to the Board of Directors to
oversee management's conduct of the Company's business operations
so it can operate in the ordinary course.  The directors serve on
behalf of, exercise authority as provided by, and owe their
fiduciary duties of care and loyalty to the Conservator.  The
Conservator retains the authority to withdraw or revise the
authority it has provided at any time.  The Conservator also
retains certain significant authorities for itself, and has not
provided them to the Board.  The Conservator continues to provide
strategic direction for the company and directs the efforts of the
Board and management to implement its strategy.  Many management
decisions are subject to review and/or approval by FHFA and
management frequently receives direction from FHFA on various
matters involving day-to-day operations.

As of Dec. 31, 2020, Freddie Mac had $2.62 trillion in total
assets, $2.61 trillion in total liabilities, and $16.41 billion in
total equity.


FRICTIONLESS WORLD: Will Liquidate Its Assets to Pay Claims
-----------------------------------------------------------
Frictionless World, LLC, submitted a First Amended Chapter 11 Plan
of Liquidation and a corresponding Disclosure Statement on March 8,
2021.

Frictionless World, LLC filed a petition for relief under chapter
11 of the Bankruptcy Code on Sept. 30, 2019, in the Bankruptcy
Court.  The formulation of a plan of reorganization is the
principal purpose of a chapter 11 case.  Alternatively, a plan of
liquidation may be put in place to liquidate the assets of the
debtor for the benefit of the debtor's creditors and other parties
in interest.

The Debtor's assets, as of the Petition Date, consisted primarily
of accounts receivable, inventory, equipment, and other
miscellaneous tangible assets and intangibles.  During the case,
the Debtor liquidated most of its tangible assets.  No inventory of
the Debtor remains for liquidation by the Trustee as of the date of
this Disclosure Statement.  The Debtor's additional remaining
tangible assets consisting primarily of miscellaneous materials,
equipment and supplies.  The Debtor owns intellectual property
rights such as patents and trademarks.

Class 3: Allowed General Unsecured Claims will be treated as
follows:

   * Arbitration Creditor Claims and Arbitration Creditor
Distributable Assets: Each holder of an Allowed Arbitration
Creditor Claim shall receive and in exchange for its Allowed
Arbitration Creditor Claim, its Pro Rata Share of  the Arbitration
Creditor Distributable Assets and the Beneficial Interest in the
Liquidating Trust in accordance with the Liquidating Trust
Agreement. The Arbitration Creditor Distributable Assets shall
consist of 50% of Net Cash in the Estate on the Effective Date; 50%
of the proceeds from the post-Effective Date liquidation of the
Other Assets; 90% of the Net Litigation Proceeds; and any and all
Excess Proceeds (if any).

   * Trade Creditor Claims and Trade Creditor Distributable Assets:
Each holder of an Allowed Trade Creditor Claim, including any Trade
Creditor Claim which becomes an Allowed General Unsecured Claim
thereafter, shall receive and in exchange for its Trade Creditor
Claim, its Pro Rata Share of  the Trade Creditor Distributable
Assets and the Beneficial Interest in the Liquidating Trust in
accordance with the Liquidating Trust Agreement. The Trade Creditor
Distributable Assets shall consist of 50% of Net Cash in the Estate
on the Effective Date; 50% of the proceeds from the post- Effective
Date liquidation of the Other Assets and 10% of the Net Litigation
Proceeds.

Class 4: Equity Interests will be entitled to Distributions only
after each of the holders of the Arbitration Creditor Claims and
each of the holders of the Allowed Trade Creditor Claims is Fully
Paid.

From the Confirmation Date through the Effective Date, the Trustee
shall maintain all Estate Assets for the benefit of the Liquidating
Trust and will not take, or cause others to take, any actions (or
fail to take actions) which might reduce unreasonably the amount
of, or impair, any Estate Assets. The Trustee shall at all times
coordinate with the Plan Proponents and, once appointed as the
Liquidating Trustee, through the Effective Date and thereafter as
reasonably required in order to fully consummate the Plan and
liquidation of the Estate Assets.

Counsel for Official Committee of Unsecured Creditors:

     ARCHER & GREINER, P.C.
     Three Logan Square
     1717 Arch Street, Suite 3500
     Philadelphia, PA 19103
     Telephone: (215) 963-3300

         - and -

     HOLLAND & HART LLP
     555 17th Street, Suite 3200
     Denver, CO 80202
     Telephone: (303) 295-8000

Counsel for Frictionless, LLC, Changzhou Zhong Lian Investment Co.,
Ltd., and Changzhou Inter Universal Machine & Equipment Co., Ltd.:

     SHERMAN & HOWARD L.L.C.
     633 Seventeenth Street, Suite 3000
     Denver, CO 80202
     Telephone: (303) 297-2900

     - and -

     K&L GATES LLP
     1601 K Street, NW
     Washington, D.C. 20006
     Telephone: (202) 778-9200

A copy of the First Amended Disclosure Statement is available at
https://bit.ly/38tQzTM from PacerMonitor.com.

                   About Frictionless World

Frictionless World, LLC -- https://www.frictionlessworld.com/ --
provides professional-grade outdoor power equipment, replacement
parts for tractors, hitches and agricultural implements, gate and
fence equipment, lithium ion powered tools, and ice fishing
equipment. It offers brands such as Dirty Hand Tools, RanchEx,
Redback, Trophy Strike and Vinsetta Tools.

Frictionless World sought Chapter 11 protection (Banks. D. Col.
Case No. 19-18459) on Sept. 30, 2019.  The Hon. Michael E. Romero
is the case judge. In the petition signed by CEO Daniel Banjo, the
Debtor disclosed total assets of $14,600,503 and total liabilities
of $17,364,542.

The Debtor tapped Wadsworth Garber Warner Conrardy P.C. as
bankruptcy counsel; Thomas P. Howard, LLC as special counsel; r2
Advisors, LLC as financial advisor; and Three Twenty-One Capital
Partners, LLC, as investment banker.

The Office of the U.S. Trustee appointed creditors to serve on the
official committee of unsecured creditors on Nov. 20, 2019.  JW
Infinity Consulting LLC is the financial advisor to the Committee.

Tom Connolly was appointed as Chapter 11 trustee effective as of
October 1, 2020.  The Trustee is represented by Faegre Drinker
Biddle & Reath, LLP.


FRIENDS OF CITRUS: April 28 Plan Confirmation Hearing Set
---------------------------------------------------------
Friends of Citrus and the Nature Coast, Inc., f/k/a Hospice Of
Citrus County, Inc., filed with the U.S. Bankruptcy Court for the
Middle District of Florida, Tampa Division, a Disclosure Statement
and Plan of Reorganization.

On March 9, 2021, Judge Michael G. Williamson conditionally
approved the Disclosure Statement and ordered that:

     * April 28, 2021 at 10:30 a.m. in Tampa, FL − Courtroom 8A,
Sam M. Gibbons United States Courthouse, 801 N. Florida Avenue is
the hearing on confirmation of the Plan.

     * Parties in interest shall submit to the Clerk's office their
written ballot accepting or rejecting the Plan no later than 8 days
before the date of the Confirmation Hearing.

     * Objections to confirmation shall be filed with the Court and
served no later than 7 days before the date of the Confirmation
Hearing.

     * Plan Proponent shall file a ballot tabulation no later than
96 hours prior to the time set for the Confirmation Hearing.

A full-text copy of the order dated March 9, 2021, is available at
https://bit.ly/30TeVCd from PacerMonitor.com at no charge.

Counsel for the Debtor:

     Frank P. Terzo, Esq.
     Florida Bar No. 906263
     Nelson Mullins Broad and Cassel
     100 S.E. 3rd Avenue, Suite 2700
     Ft. Lauderdale, FL 33394
     Telephone: (954) 764-7060
     Facsimile: (954) 761-8135
     E-mail: frank.terzo@nelsonmullins.com

             - and -

     Nicolette Corso Vilmos, Esq.
     Florida Bar No. 469051
     Nelson Mullins Broad and Cassel
     390 North Orange Avenue, Suite 1400
     Orlando, FL 32801
     Telephone: (407) 839-4200
     Facsimile: (407) 650-0955
     E-mail: nicolette.vilmos@nelsonmullins.com

                    About Friends of Citrus

Friends of Citrus And The Nature Coast, Inc. --
https://friendsofcitrus.org/ -- is a charitable organization
providing community grief support workshop for anyone who has
experienced a loss; telephone support; grief support resources for
all ages; educational materials for parents and teachers; and
children's grief support camps.

Friends of Citrus And The Nature Coast, Inc. filed a voluntary
petition in this Court for relief under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-03101) on Aug. 14,
2019.  On Aug. 15, 2019, the case was transferred to Tampa Division
and was assigned a new case number (Case No. 19-07720).

In the petition signed by Bonnie L. Saylor, chief executive
officer, Friends of Citrus estimated $7,510,918 in assets and
$5,283,937 in liabilities.

Judge Michael G. Williamson oversees the case.  Frank P. Terzo,
Esq. and Nicolette Corso Vilmos, Esq., at Nelson Mullins Broad and
Cassel serves as the Debtor's legal counsel.


FRONTERA HOLDINGS: Hires Conway MacKenzie as Financial Advisor
--------------------------------------------------------------
Frontera Holdings LLC, and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Conway MacKenzie, LLC as financial advisor.

The firm will provide these services:

   a. evaluating intercompany transactions involving the Frontera
Subsidiaries and their affiliates and shareholders, including
service agreements as well as fee and expense reimbursement
provisions and practices and assessing the extent to which such
provisions and practices are reasonable and consistent with market
approaches ;

   b. conducting an analysis of whether the expense and fee
allocations between and among the Frontera Subsidiaries parallel
investment structures, is currently, and has historically been,
consistent with market practices;

   c. evaluating certain transactions or co-investment
opportunities by, between and among the Frontera Subsidiaries;

   d. assistance with review of any tax issues associated with, but
not limited to, preservation of net operating losses, refunds due
to the Debtors, plans of reorganization, and asset sales;

   e. assistance with the review of the Debtors' analysis of core
and non-core business assets, the potential disposition or
liquidation of the same, and assistance regarding the review and
assessment of any sales process relating to same;

   f. attendance at meetings and assistance in discussions with the
Debtors, potential investors, banks, other secured lenders, the
Disinterested Managers and any official committees organized in
these chapter 11 proceedings, the U.S. Trustee, other parties in
interest and professionals hired by the same, as requested;

   g. providing expert work product, courtroom or deposition
testimony with respect to such matters arising in connection with
the Engagement or other services contemplated therein;

   h. assisting Quinn Emanuel with litigation strategy and support
relating to the foregoing; and

   i. other services as directed and as mutually agreed.

The firm will be paid at these rates:

     Senior Managing Directors           $955 to $1,350 per hour
     Managing Directors                  $825 to $1,095 per hour
     Directors                           $640 to $790 per hour
     Senior Associates                   $490 to $625 per hour
     Analysts                            $235 to $490 per hour

The firm will be paid a retainer in the amount of $100,000.

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

John T. Young, Jr., senior managing director at Conway MacKenzie,
LLC, 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:

     John T. Young, Jr.
     Conway MacKenzie, LLC
     909 Fannin Street, Suite 4000
     Houston, TX 77010
     Tel: (713) 650-0500
     Fax: (713) 650-0502

              About Frontera Holdings LLC

Frontera Holdings, LLC operates a 526-MW combined-cycle natural gas
plant near Mission, Texas, and exports power to Mexico.

On Feb. 3, 2021, Frontera Holdings LLC and five affiliated debtors
each filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. No. 21-30354) to
seek confirmation of a debt-for-equity plan that would reduce debt
by $800 million. At the time of the filing, Frontera Holdings had
estimated assets of between $100 million and $500 million and
liabilities of between $1 billion and $10 billion.

Judge Marvin Isgur oversees the cases.

The Debtors tapped Kirkland & Ellis and Jackson Walker L.L.P. as
their legal counsel, Alvarez & Marsal as financial advisor, and PJT
Partners LP as investment banker. Prime Clerk LLC is the claims
agent.

The term loan lenders' advisors include Houlihan Lokey Inc. and
Akin Gump Strauss Hauer & Feld LLP.

The noteholders' advisors include Silver Foundry, LP and Morgan,
Lewis & Bockius LLP.


FRONTERA HOLDINGS: Seeks to Hire Quinn Emanuel as Counsel
---------------------------------------------------------
Frontera Holdings LLC, and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Quinn Emanuel Urquhart & Sullivan, LLP as counsel.

The firm will provide legal services and representation in
connection with the Debtors' Chapter 11 cases.

The firm will be paid at these rates:

     Partners                 $900 to $1,595 per hour
     Associates               $625 to $995 per hour
     Paraprofessionals        $355 to $425 per hour

The firm will be paid a retainer in the amount of $100,000.

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

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

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

   Response:  No.

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

   Response:  No.

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

   Response:  The Firm followed the fee arrangement as stated in
              the Engagement Letter dated August 13, 2020,
              attached to the proposed order as Exhibit 1. On
              September 1, 2020, the billing rate for the
              associate working on the matter moved up to the
              next higher class rate on the Firm's rate schedule.
              As noted above, associate rates are based on years
              out of law school, and are not considered rate
              increases by the U.S. Trustee. Otherwise, there
              have been no adjustments to the Firm's billing
              rates.

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

   Response:  The Debtors have not approved a budget and staffing
              plan for the Firm.

James C. Tecce, Esq., a partner at Quinn Emanuel Urquhart &
Sullivan, LLP, 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:

     James C. Tecce, Esq.
     Quinn Emanuel Urquhart & Sullivan, LLP
     711 Louisiana, Suite 500
     Houston, TX 77002
     Tel: (713) 221-7000

              About Frontera Holdings LLC

Frontera Holdings, LLC operates a 526-MW combined-cycle natural gas
plant near Mission, Texas, and exports power to Mexico.

On Feb. 3, 2021, Frontera Holdings LLC and five affiliated debtors
each filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. No. 21-30354) to
seek confirmation of a debt-for-equity plan that would reduce debt
by $800 million. At the time of the filing, Frontera Holdings had
estimated assets of between $100 million and $500 million and
liabilities of between $1 billion and $10 billion.

Judge Marvin Isgur oversees the cases.

The Debtors tapped Kirkland & Ellis and Jackson Walker L.L.P. as
their legal counsel, Alvarez & Marsal as financial advisor, and PJT
Partners LP as investment banker. Prime Clerk LLC is the claims
agent.

The term loan lenders' advisors include Houlihan Lokey Inc. and
Akin Gump Strauss Hauer & Feld LLP.

The noteholders' advisors include Silver Foundry, LP and Morgan,
Lewis & Bockius LLP.


G.A.F. SEELIG: Seeks to Hire Klestadt Winters as Counsel
--------------------------------------------------------
G.A.F. Seelig, Inc., seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to employ Klestadt Winters
Jureller Southard & Stevens, LLP to handle its Chapter 11 case.

The firm will be paid based upon its normal and usual hourly
billing rates and will be reimbursed for reasonable out-of-pocket
expenses incurred.

Fred Stevens, Esq., a partner at Klestadt Winters Jureller Southard
& Stevens, LLP, 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:

          Fred Stevens, Esq.
          Sean C. Southard, Esq.
          Lauren C. Kiss, Esq.
          Klestadt Winters Jureller
          Southard & Stevens, LLP
          200 West 41st Street, 17th Floor
          New York, NY 10036
          Tel: (212) 972-3000
          Fax: (212) 972-2245

              About G.A.F. Seelig, Inc.

Headquartered in Woodside, New York, G.A.F. Seelig, Inc., is a
family-owned company that distributes dairy products (skims, lo
fats, whole milk), creams, yogurts, juices, water, imported and
domestic cheeses, purees, raviolis and pastas, oils and vinegars,
chocolate and an ever expanding array of food service items.

G.A.F. Seelig, Inc., filed Chapter 11 petitions (Bankr. E.D.N.Y.
Case Nos. 17-46968) on Dec. 30, 2017. In the petition signed by
Rodney P. Seelig, president, the Debtor estimated assets of $1
million to $10 million and liabilities of the same range.

The Debtors tapped Michael L Moskowitz, Esq., at Weltman &
Moskwitz, LLP, as bankruptcy counsel; and MYC & Associates, Inc.,
as auctioneer.



GAINWELL ACQUISITION: Moody's Completes Review, Retains B3 CFR
--------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Gainwell Acquisition Corp. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on March 2, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

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

Key rating considerations

The B3 Corporate Family rating reflects Gainwell's very high
financial leverage and aggressive financial policies, including
recent debt-funded acquisitions. The ratings also reflect
Gainwell's high customer concentration with its main payors being
the federal government and local Medicaid agencies, a lack of
operating history as a stand-alone entity, and modest expectations
for organic growth in the mature Medicaid management information
systems ("MMIS") segment. The rating benefits from the company's
stable and sticky revenue base, supported by long-term contracts
with Medicaid agencies, and a leading position as a provider of
MMIS systems. Healthy margins and cash flow generation capacity,
along with substantial revenue scale for the rating category, are
also credit positive.

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


GARRETT MOTION: Equity Committee Taps Glenn Agre as Counsel
-----------------------------------------------------------
The official committee of equity securities holders of Garrett
Motion Inc. and its affiliated debtors seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to retain
Glenn Agre Bergman & Fuentes, LLP as its bankruptcy counsel.

The firm will render the following services:

     a) advise the Equity Committee in connection with its rights,
powers and duties under the Bankruptcy Code, the Bankruptcy Rules,
and the Local Rules;

     b) assist and advise the Equity Committee in its consultations
with the Debtors in connection with the administration of the
Chapter 11 Cases;

     c) prepare on behalf of the Equity Committee all necessary
motions, applications, answers, orders, reports, and papers in
support of positions taken by the Equity Committee;

     d) attend meetings and negotiate with representatives of the
Debtors and other parties in interest;

     e) assist and advise the Equity Committee in its examination
and analysis of the conduct of the Debtors' affairs;

     f) advise the Equity Committee on the proprietary of any
restructuring transaction;

     g) advise the Equity Committee on the review, analysis, and
negotiation of any Chapter 11 plan(s) of reorganization that may be
filed and assist the Equity Committee in the review, analysis, and
negotiation of the disclosure statement(s) accompanying any such
plan(s);

     h) take all necessary action to protect and preserve the
interests of the Equity Committee, including, if appropriate, by
(i) pursuing a stand-alone Chapter 11 plan of reorganization; (ii)
prosecuting actions against third parties; (iii) negotiating the
resolution of any litigation in which the Debtors are involved; and
(iv) reviewing and analyzing claims filed against the Debtors'
estates;

      i) appear, as appropriate, before this Court and any other
court to protect the interests of the Equity Committee;

     j) communicate with the Equity Committee's constituents in
furtherance of its responsibilities, including, but not limited to,
communications required under Section 1102 of the Bankruptcy Code;

     k) perform all of the Equity Committee's duties and powers
under the Bankruptcy Code and the Bankruptcy Rules and performing
such other services as are in the interests of those represented by
the Equity Committee; and

     l) perform all other necessary legal services on behalf of the
Equity Committee in the Chapter 11 Cases.  

The firm will be paid at these rates:

     Partners         $900 - $1,250 per hour
     Associates       $475 - $875 per hour
     Staff Attorneys  $375 - $475 per hour
     Paralegals       $275 - $350 per hour

Andrew K. Glenn, a partner at Glenn Agre, assured the court that
the firm is a "disinterested person" as that term is defined in
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

      Andrew K. Glenn, Esq.
      Jed I. Bergman, Esq.
      Shai Schmidt, Esq.
      GLENN AGRE BERGMAN & FUENTES LLP
      55 Hudson Yards, 20th Floor
      New York, NY 10001
      Tel: (212) 358-5600

                     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.

On Nov. 18, 2020, the U.S. Trustee appointed Gem Partners LP, S.
Muoio & Company LLC, and Mountaineer Master Fund, Ltd. as members
of the Equity Committee. The Equity Committee tapped Glenn Agre as
its bankruptcy counsel, and Morris, Nichols, Arsht & Tunnell LLP
and Kramer Levin Naftalis & Frankel LLP as its special counsel.


GARRETT MOTION: Equity Committee Taps Morris Nichols as Counsel
---------------------------------------------------------------
The official committee of equity securities holders of Garrett
Motion Inc. and its affiliated debtors seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to retain
Morris, Nichols, Arsht & Tunnell LLP to assist its lead bankruptcy
counsel, Glenn Agre Bergman & Fuentes, LLP, with certain discrete
assignments.

The firm will render these services:

     a) assist Glenn Agre with certain matters pertaining to
litigation before the Court, including review of documents produced
in discovery;

     b) assist Glenn Agre with drafting applications, motions,
objections, and replies to be filed with the Court by the equity
committee;

     c) provide legal advice and assistance to Glenn Agre and the
equity committee regarding specialized issues of Delaware law and
Delaware corporate law; and

     d) assist Glenn Agre in connection with certain matters
relating to the formulation and drafting of a stand-alone Chapter
11 plan and related disclosure statement proposed by the equity
committee.

Robert J. Dehney, Esq., a Morris Nichols lawyer, assured the court
that the firm is a "disinterested person" as defined in section
101(14) of the Bankruptcy Code.

Morris Nichols provided the following in response to the request
for additional information set forth in Part D.1 of the Revised
U.S. Trustee Guidelines:

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

     Response: No.

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

     Response: No.

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

     Response: Morris Nichols did not represent the equity
committee before being selected as its counsel on February 2, 2021,
nor did Morris Nichols represent any member or members of the
equity committee.

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

     Response: Morris Nichols, Glenn Agre, and the equity committee
expect to develop a budget and staffing plan for all the
professionals sought to be retained by the equity committee to
comply with the U.S. trustee's requests for information and
additional disclosures and any orders of this court. Should these
Chapter 11 cases continue
beyond the initial budgeted period, Morris Nichols intends to work
with Glenn Agre and the equity committee to develop a prospective
budget and staffing plan to comply with the U.S. trustee's requests
for information and additional disclosures through the conclusion
of the Debtors' Chapter 11 cases.

The firm can be reached through:

     Robert J. Dehney, Esq.
     MORRIS, NICHOLS, ARSHT & TUNNELL LLP
     1201 N. Market Street, 16th Floor
     P.O. Box 1347
     Wilmington, DE 19899-1347
     Tel: (302) 658-9200
     Fax: (302) 658-3989

                     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.

On Nov. 18, 2020, the U.S. Trustee appointed Gem Partners LP, S.
Muoio & Company LLC, and Mountaineer Master Fund, Ltd. as members
of the Equity Committee. The Equity Committee tapped Glenn Agre as
its bankruptcy counsel, and Morris, Nichols, Arsht & Tunnell LLP
and Kramer Levin Naftalis & Frankel LLP as its special counsel.


GARRETT MOTION: Equity Panel Taps Kramer Levin as Special Counsel
-----------------------------------------------------------------
The official committee of equity securities holders of Garrett
Motion Inc. and its affiliated debtors seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to retain
Kramer Levin Naftalis & Frankel LLP as special counsel.

The firm will advise the equity committee in connection with
potential financing to be provided to the Debtors, including equity
or debt financing, under a Chapter 11 plan proposed by the Debtors,
the equity committee or any other party in interest.

The firm will be paid as follows:

     Partners           $1,100 - $1,575 per hour
     Counsel            $1,105 - $1,525 per hour
     Special Counsel    $1,105 per hour
     Associates         $615 - $1,090 per hour
     Paraprofessionals  $395 - $475 per hour

The principal attorneys designated to represent the equity
committee are:

     Richard E. Farley     $1,525 per hour
     Sanjay Thapar         $1,375 per hour
     Daniel M. Eggermann   $1,200 per hour
     Lia Pistilli          $1,010 per hour
     Alex Korogiannakis    $715 per hour
     Zoe Essner            $715 per hour

Daniel M. Eggermann, a partner with Kramer Levin, disclosed in
court filings that his firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Daniel M. Eggermann, Esq.
     Kramer Levin Naftalis & Frankel LLP
     1177 Avenue of the Americas
     New York, NY 10036
     Tel: 212-715-9495
     Fax: 212-715-8495

                     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.

On Nov. 18, 2020, the U.S. Trustee appointed Gem Partners LP, S.
Muoio & Company LLC, and Mountaineer Master Fund, Ltd. as members
of the equity committee. The equity committee tapped Glenn Agre as
its bankruptcy counsel, and Morris, Nichols, Arsht & Tunnell LLP
and Kramer Levin Naftalis & Frankel LLP as its special counsel.


GARRETT MOTION: Files Revised Plan Following Equity Panel Accord
----------------------------------------------------------------
At the status hearing on March 5, 2021, counsel to Garrett Motion,
Inc., informed the Bankruptcy Court that a settlement has been
reached among two shareholder factions that sponsored competing
reorganization plans for the Company.  On March 9, Garrett filed
with the court a revised Replacement Equity Backstop Commitment
Agreement, a Second Amended and Restated Plan Support Agreement and
a Third Amended Joint Plan of Reorganization and accompanying
disclosure statement reflecting the parties' settlement.

The two shareholder groups are:

     -- the COH Group, which consists of Centerbridge Partners,
L.P., Oaktree Capital Management, L.P., Garrett's former parent
Honeywell International Inc., and Additional Investors, which are
comprised of shareholders represented by the Jones Day law firm.
The COH Group as well as certain senior noteholders, who
collectively hold more than 88% of the Senior Notes and 58% of
Garrett's Common Stock, and certain senior secured lenders, who
collectively hold no less than 47% of the outstanding loans under
the Senior Credit Facilities, are parties to the PSA.

     -- a group of shareholders owning 46.5% of Garrett's stock who
are unaligned with the COH Group and persuaded the U.S. Trustee's
office to appoint an official committee of equity securities
holders.  The Equity Committee proposed a standalone plan backed by
Atlantic Park Strategic Capital Fund, L.P. and PSP Investments
Credit USA LLC, and features up to $1.85 billion of fully committed
senior secured financing by major financial institutions.

Following mediation before the Honorable Sean H. Lane, Garrett's
counsel, Andrew G. Dietderich of Sullivan & Cromwell LLP, informed
the Honorable Judge Michael Wiles that the shareholders have agreed
to settle.

Pursuant to the revised Plan and PSA, Centerbridge and Oaktree
commit to make direct equity investments in the amount of $668.8
million -- down from $1,050.8 million -- in the aggregate by
purchasing Convertible Series A Preferred Stock from the
Reorganized Debtors.

Garrett will conduct rights offerings for an aggregate amount of
$632 million -- up from $200 million -- of Convertible Series A
Preferred Stock, available to all Garrett shareholders.
Shareholders that are unaligned with the COH Group may purchase up
to $270 million of the Preferred Stock.

Centerbridge, Oaktree, and the Additional Investors will no longer
backstop the rights offering.  Instead, these shareholders will
backstop the offering: Attestor Value Master Fund LP; Baupost Group
Securities, L.L.C.; Cyrus Capital Partners, L.P.; FIN Capital
Partners LP; Hawk Ridge Capital Management LP; Keyframe Capital
Partners, L.P.; Newtyn Management, LLC; Sessa Capital IM, L.P.; and
Whitebox Multi-Strategy Partners, L.P.  The first 8.441636227% of
the Subscription Rights will be allocated to the Equity Backstop
Parties as consideration for the Backstop Commitment.  The
remaining Subscription Rights will be available to all
shareholders.

The Plan also provides for committed debt financing of $1.55
billion.

The Convertible Series A Preferred Stock pays 11% dividend per
annum, payable quarterly in cash or PIK at the option of
reorganized Garrett; provided that dividends will automatically PIK
during any period in which the Reorganized Debtors' adjusted EBITDA
on a consolidated basis for the period of four fiscal quarters
ending with the fiscal quarter immediately preceding the
declaration of the dividend falls below $425 million.

Each holder will have the right to convert its shares of
Convertible Series A Preferred Stock into common stock of
reorganized Garrett, based on a conversion price of $5.25 per
common share -- up from $3.50.

On an as converted basis and accounting for the increase in an
aggregate amount of Series A Preferred Stock, holders of Series A
Preferred Stock will represent 76.5% of the total common equity of
reorganized Garrett as compared to 82.5% of the total common equity
of reorganized Garrett under the prior COH Plan.  The increased
conversion price results in a 5.9% reduction in dilution to
existing common equity holders on an as converted basis assuming no
shareholder exercises its Cash-Out Option.  Assuming no shareholder
exercises its Cash-Out Option and each shareholder participates
fully in the Rights Offering, the COH Group in the aggregate will
hold 236,917,221 shares of reorganized Garrett on an as converted
basis, representing 73.2% of the total common equity of reorganized
Garrett on an as converted basis.

Garrett's Plan also provides:

     -- payment in full in cash, plus accrued and unpaid interest
at the non-default contractual rate, plus additional interest of
1.00% per annum on all outstanding principal and other overdue
amounts under the Prepetition Credit Agreement from the Petition
Date to the Effective Date for Holders of Prepetition Credit
Agreement Claims (such additional interest estimated to be
approximately $9 million);

     -- payment in full in cash, plus accrued and unpaid interest
in cash at the non-default contractual rate through the Effective
Date plus $15 million in cash in resolution of claims related to
the Applicable Premium, for Holders of Senior Subordinated
Noteholder Claims;

     -- payment in full in cash for all other secured and unsecured
creditors, except Honeywell, who has agreed to its treatment;

     -- a global settlement with Honeywell, who will receive on the
Effective Date $375 million in cash and Series B Preferred Stock
issued by the Reorganized Debtors pursuant to which the Reorganized
Debtors will pay Honeywell a total of $834.8 million in the
aggregate through 2030, subject to the various put and call rights
set forth therein; and

     -- Holders of Existing Common Stock will have the option to
receive a number of shares of GMI Common Stock equal to the number
of shares of Existing Common Stock held by each such Holder and
each such Holder's Pro Rata share of the Subscription Rights or, at
such Holder's election (unless such stockholder is a party to the
Plan Support Agreement), receive cash in the amount of $6.25 per
share in exchange for cancellation of their shares.

The Court was scheduled to consider approval of the revised
Disclosure Statement and solicitation materials at the March 10
hearing.

The hearing to consider confirmation of the Plan has been pushed
back to April 21 from April 6. Confirmation objections are now due
April 13.  Plan votes are also due April 13.

The revised PSA requires the Debtor to meet these milestones --
which may be extended or waived:

     (a) file an Approved Plan with the Bankruptcy Court by no
later than March 9, 2021;

     (b) obtain entry of the Approval Orders by no later than March
12, 2021;

     (c) obtain entry of the Disclosure Statement Order by the
Bankruptcy Court by no later than March 12, 2021;

     (d) obtain entry of the Confirmation Order by the Bankruptcy
Court by no later than April 29, 2021; and

     (e) cause the effective date of the Approved Plan to occur by
no later than May 7, 2021.

A copy of the revised Disclosure Statement is available at
https://bit.ly/3eux7d5

The Equity Backstop Parties may be reached at:

     * ATTESTOR VALUE MASTER FUND LP
       Attn: F.S. Andreae
       c/o Attestor Limited
       7 Seymour Street
       London W1H 7JW
       Email: friedrich.andreae@attestorcapital.com
              ops@attestorcapital.com
              legal@attestorcapital.com

     * BAUPOST GROUP SECURITIES, L.L.C.
       Attn: Joshua A. Greenhill, Partner
       10 St. James Ave., Suite 1700
       Boston, MA 02116
       E-mail: legal@baupost.com
               jag@baupost.com

     * CYRUS CAPITAL PARTNERS, L.P., in its capacity as investment
manager to and on behalf of certain managed funds and accounts
       Attn: Jennifer M. Pulick
       65 East 55th Street, 35th Floor
       New York, NY 10022
       E-mail: ops@cyruscapital.com
               jmah@cyruscapital.com /
               jpulick@cyruscapital.com
     * FIN CAPITAL PARTNERS LP
       BY: FINN MANAGEMENT GP LLC, ITS GENERAL PARTNER
       Attn: Brian Finn, Manager
       336 West 37th Street, Suite 200
       New York, NY 10018
       E-mail: brian.finn@fincap.us

     * HAWK RIDGE CAPITAL MANAGEMENT LP
       Attn: COO/CFO/CCO David Bradley
       12121 Wilshire Blvd. Suite 900
       Los Angeles, CA 90025
       E-mail: dbradley@hawkridgellc.com

     * KEYFRAME CAPITAL PARTNERS, L.P., in its capacity as
investment manager to and on behalf of certain managed funds and
accounts
       Attn: John Rapaport and Operations Dept
       65 East 55th Street, 35th Floor
       New York, NY 10022
       E-mail: ops@cyruscapital.com
               jr@keyframecapital.com

     * NEWTYN MANAGEMENT LLC
       Attn: Eugene Dozortsev, Managing Member
       60 East 42nd Street, 9th Floor
       New York, NY 10165
       E-mail: edozortsev@newtyn.com

     * SESSA CAPITAL IM, L.P.
       Attn: Jae Hong, President & COO
       888 Seventh Avenue, 30th Floor
       New York, NY 10019
       E-mail: jae.hong@sessacapital.com

     * WHITEBOX MULTI-STRATEGY PARTNERS, LP
       Attn: Luke Harris, General Counsel
             Andrew Thau
       Whitebox Advisors LLC, 3033
       Excelsior Blvd, Suite 500
       Minneapolis, MN 55416
       E-mail: AThau@whiteboxadvisors.com

                     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 an
official committee of unsecured creditors in the Debtors' Chapter
11 cases.  White & Case LLP and Conway MacKenzie, LLC, serve as the
creditors committee's legal counsel and financial advisor,
respectively.

The U.S. Trustee also appointed an official committee to represent
equity security holders in the Debtors' cases.  The equity
committee tapped Glenn Agre Bergman & Fuentes LLP as its legal
counsel, MAEVA Group LLC as financial advisor, and Cowen and
Company, LLC as investment banker.

Centerbridge Partners, L.P., and Oaktree Capital Management, L.P.,
as Plan Sponsors are represented in the case by Milbank as legal
counsel and Houlihan Lokey, Inc., as financial advisor.

Kirkland & Ellis is legal counsel to Honeywell, and TRS Advisors
LLC and Centerview Partners LLC are its financial advisors.

Jones Day is s legal counsel to each Additional Investor, and
Rothschild & Co. is their financial advisor.

Fried, Frank, Harris, Shriver & Jacobson LLP, is the legal counsel
and Ducera Partners LLC, is the financial advisor to The Baupost
Group, LLC.

Ropes & Gray LLP, is the legal counsel and Moelis & Co., the
financial advisor to the Consenting Noteholders.

Gibson, Dunn & Crutcher LLP, is the legal counsel and PJT Partners
LP the financial advisor to the Consenting Lenders.


GARRETT MOTION: Retail Holders Win Extra Time to Sell in Bankruptcy
-------------------------------------------------------------------
Steven Church of Bloomberg News reports that retail stockholders
won a few extra days to cash out of bankrupt Garrett Motion Inc.
under a ruling by the judge overseeing the reorganization of the
car-parts maker.

The change is designed to compensate retail holders who can't buy
into the sale of new, preferred stock Garrett will issue to fund
its exit from bankruptcy.  The extra time will allow them to sell
their current, common stock to professional investors who will
dominate the preferred offering, shareholder attorney Andrew K.
Glenn said during a court hearing held by phone on Wednesday, March
10, 2021.

                    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 ("OEMs") 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 $2,066,000,000 in assets and $4,169,000,000 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 as investment banker; MORGAN STANLEY & CO. LLC as
investment banker; and ALIXPARTNERS LLP as restructuring advisor.
KURTZMAN CARSON CONSULTANTS LLC is the claims agent.


GI DYNAMICS: Signs 5th Amendment to Crystal Amber Purchase Deal
---------------------------------------------------------------
GI Dynamics, Inc. entered into a Fifth Amendment and Waiver to the
Series A Preferred Stock Purchase Agreement with Crystal Amber Fund
Limited pursuant to which the companies agreed to (i) set certain
closing dates of the additional offerings of Series A Preferred
Stock under the Purchase Agreement and (ii) waive certain
conditions to the closing of such additional offerings as required
under the Purchase Agreement.  The amendment took effect on Feb.
24, 2021.

                           About GI Dynamics

Founded in 2003 and headquartered in Boston, Massachusetts, GI
Dynamics, Inc. (ASX:GID) is a developer of EndoBarrier, an
endoscopically-delivered medical device for the treatment of type 2
diabetes and the reduction of obesity.  EndoBarrier is not approved
for sale and is limited by federal law to investigational use only.
EndoBarrier is subject to an Investigational Device Exemption by
the FDA in the United States and is entering concurrent pivotal
trials in the United States and India.

GI Dynamics reported a net loss of $17.33 million for the year
ended Dec. 31, 2019, compared to a net loss of $8.04 million for
the year ended Dec. 31, 2018.  As of Sept. 30, 2020, the Company
had $6.45 million in total assets, $4.88 million in total
liabilities, $5.32 million in redeemable preferred stock, and a
total stockholders' deficit of $3.76 million.

Wolf and Company, P.C., in Boston, Massachusetts, the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated March 26, 2020 citing that the Company has suffered
losses from operations since inception and has an accumulated
deficit and working capital deficiency that raise substantial doubt
about the Company's ability to continue as a going concern.


GLOBAL PACIFIC: Seeks to Hire J. Luke Hendrix as Bankruptcy Counsel
-------------------------------------------------------------------
Global Pacific Management, LLC seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire the
Law Offices of J. Luke Hendrix as its bankruptcy counsel.

The firm's services will include:

     a. advising the Debtor regarding matters of bankruptcy law;

     b. assisting the Debtor with the requirements of the Office of
the United States Trustee;

     c. assisting the Debtor in the administration of the estate's
assets and liabilities;

     d. representing the Debtor at the initial interview and 341
meetings of creditor;

     e. representing the Debtor with respect to any cash collateral
motions or other first day motions;

     f. preparing the Chapter 11 plan and supporting documents;

     g. responding to any objections to plan confirmation and
preparing an amended plan prior to confirmation;

     h. advising the Debtor regarding creditor claims and
objections to those claims;

     i. appearing at all hearings; and

     j. representing the Debtor in other matters related to its
Chapter 11 case.

J. Luke Hendrix, Esq., a principal at the Law Offices of J. Luke
Hendrix, will charge $300 per hour for his services.

The firm received $11,000 from the Debtor for its pre-bankruptcy
services.

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

The firm can be reached through:

      J. Luke Hendrix, Esq.
      Law Offices of J. Luke Hendrix
      28693 Old Town Front St Suite 400-D
      Temecula, CA 92590
      Tel: (951) 221-3721
      Email: luke@jlhlawoffices.com

                 About Global Pacific Management

Global Pacific Management, LLC is the fee simple owner of a single
family residence located at 30425 La Presa Loop, Temecula, Calif.,
having a current value of $1.1 million.

Global Pacific Management filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case
No. 21-10556) on Feb. 3, 2021.  Jon Cenoz, sole member and officer,
signed the petition.  In the petition, the Debtor disclosed
$1,100,198 in assets and $2,184,144 in liabilities.

Judge Wayne E. Johnson oversees the case.

J. Luke Hendrix, Esq., at the Law Offices of J. Luke Hendrix,
represents the Debtor as counsel.


GLOBALLOGIC HOLDINGS: Moody's Completes Review, Retains B2 CFR
--------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of GlobalLogic Holdings Inc. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on March 2, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

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

Key rating considerations

GlobalLogic Holdings Inc's B2 Corporate Family Rating benefits from
a strong revenue growth profile, supported by increasing demand in
outsourced software development services. The company's specialized
skillset in new digital technologies and established client
relationships across diverse industries are a credit positive.
GlobalLogic's aggressive financial policies and appetite for
debt-financed transactions, most recently a dividend
recapitalization, result in high financial leverage and constrain
the rating. The company's relatively small scale compared to larger
IT services providers with deeper financial resources and broader
offerings also weighs on the credit.

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


GO WIRELESS: Moody's Completes Review, Retains B2 CFR
-----------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Go Wireless Holdings, Inc. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on March 4, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

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

Key rating considerations

Go Wireless Holdings, Inc.'s B2 corporate family rating is
constrained by the negative impact on revenues and store traffic
from the counter-measures to the coronavirus pandemic and the
lengthened customer replacement/upgrade cycle, which has resulted
in a reduction in upgrades and pressured phone and tablet sales, as
contract counts have declined. The rating also reflects Go
Wireless' credit metrics including its moderately high leverage and
modest interest coverage. Go Wireless continues to evaluate closing
underperforming stores as well as realize the benefits from
restructuring its sales organization and reducing payroll expenses
to reduce expenses and commissions paid to improve profitability.
The ratings also consider the company's reliance on cellphone
manufacturers for continued product innovation and the risk of
volatile customer demand related to new product malfunctions or
changing consumer preferences.

The principal methodology used for this review was Retail Industry
published in May 2018.


GOVERNORS STATE UNIVERSITY: S&P Affirms 'BB+' Revenue Bond Rating
-----------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
affirmed its 'BB+' underlying rating on Governors State University
Board of Trustees (GSU), Ill.'s series 2007 and 2012 university
facilities system (UFS) revenue bonds and series 2008 certificates
of participation (COPs). S&P views the UFS bond and COP security
pledges equivalent to an unlimited student-fee pledge and therefore
rate them the same.

"The revision to stable outlook is based on our recent outlook
revision to stable on our general obligation ratings on Illinois as
well as GSU's improvement in financial performance and balance
sheet ratios that have shown significant growth over the past few
years since the budget impasse in 2016," said S&P Global credit
analyst Gauri Gupta.



GRANITE ACQUISITION: S&P Alters Outlook to Stable, Affirms B+ ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Granite Acquisition Inc.
to stable from developing and affirmed its 'B+' issuer credit
rating. At the same time, S&P assigned its 'B+' issue-level rating
and '3' recovery rating to the company's senior secured credit
facilities.

The stable outlook reflects S&P views that pro forma leverage is
high but manageable at about 5x in 2021. It also reflects free
operating cash flow (FOCF) deficits over the next year due to high
capital expenditures (capex) that will improve over time.

S&P said, "The combination of the legacy Wheelabrator and Tunnel
Hill entities will drive vertical integration, in our view, and
allow the company to capitalize on higher expected volumes and
lower capacity in its core markets. WIN operates within the
Northeast U.S. and southern Florida markets, which we view as
attractive given exceptionally high tipping fees. It also benefits
from shrinking landfill capacity given heavy environmental
regulations limiting expansion. We view the combined businesses
favorably given diverse revenue streams and a higher
internalization rate." It should benefit from stable volumes in its
WtE business, albeit at lower prices given a low-cost energy
environment. The combined business should also benefit from access
to Tunnel Hill's City Carting business, which would allow more
municipal waste to be converted at WtE facilities along with
greater vertical integration given rail access to Tunnel Hill's
Ohio landfills.

S&P said, "WIN is a midsize regional player competing against other
regional waste players alongside large national companies, in our
opinion. It serves over 100,000 customers, utilizing its portfolio
of 49 assets predominately in the Northeast. We expect the company
to maintain attractive EBITDA margins given the contracted nature
of its revenue across various business lines. However, we do not
expect meaningful organic growth given its position in the overall
waste market.

"We view MIRA as supportive of a prudent financial policy given its
other investments and investment horizon.

"We view leverage as higher than peers' and that high capex will
reduce the WIN's ability to generate meaningful FOCF. While the
company reduced leverage following the sale of its U.K. assets, we
still believe its leverage remains elevated relative to peers we
rate in the 'BB' category. As it realizes the full run rate of 2020
acquisitions, WIN should increase its top line above $1 billion.
EBITDA margins in the low-20% area should translate into leverage
of about 5x.

"Liquidity is adequate, in our opinion, as the proposed transaction
includes a $400 million revolving credit facility, which we expect
will be undrawn at close. We expect covenants under these
facilities to be set at levels that provide ample cushion. The
proposed transaction also provides the company with cash on the
balance sheet. In our view, these sources of liquidity provide
flexibility for tuck-in acquisitions and large one-time capital
expenditure projects needed to support the business. However, we
expect the company to only begin generating material positive FOCF
starting 2023 given its plans to engage in heavy capex to treat
landfill and to set up projects.

"The stable outlook reflects our view that pro forma leverage is
high but manageable and will likely remain elevated relative to
peers'. It also reflects our expectation that the company will
maintain low to negative FOCF over the near term to facilitate
growth initiatives that are likely to remain one time in nature."

S&P would consider an upgrade if:

-- The company reduces debt leverage well below 4.5x and commits
to maintain at that level. Under this scenario, the company would
also need to generate consistent and meaningfully positive FOCF.

S&P could lower the rating if:

-- Leverage increases above 5.5x. S&P believes this could happen
if operating performance suffers, the company engages in a more
aggressive financial policy than contemplated, or recent one-time
expenses continue; or

-- FOCF remains negative, increasing the reliance on its revolving
credit facility and narrowing liquidity.



GREAT LAKES PETROLEUM: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Three affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

    Debtor                                           Case No.
    ------                                           --------
    Great Lakes Petroleum Transportation, LLC        21-20285
    6525 North Jerome Road
    Alma, MI 48801

    Great Lakes Holdings, LLC                        21-20286
    6525 North Jerome Road
    Alma, MI 48801

    Great Lakes Petroleum Corporation                21-20287
    6525 North Jerome Road
    Alma, MI 48801

Chapter 11 Petition Date: March 12, 2021

Court: United States Bankruptcy Court
       Eastern District of Michigan

Judge: Hon. Daniel S. Oppermanbaycity

Debtors' Counsel: John C. Lange, Esq.
                  GOLD, LANGE, MAJOROS & SMALARZ, PC
                  24901 Northwestern Hwy.
                  Suite 444
                  Southfield, MI 48075
                  Tel: (248) 350-8220
                  E-mail: jlange@glmpc.com

Great Lakes Petroleum Transportation's
Estimated Assets: $50,000 to $100,000

Great Lakes Petroleum Transportation's
Estimated Liabilities: $1 million to $10 million

Great Lakes Holdings'
Estimated Assets: $100,000 to $500,000

Great Lakes Holdings'
Estimated Liabilities: $1 million to $10 million

The petitions were signed by Vincent J. Held, Sr., member.

Great Lakes Petroleum Corporation's
Estimated Assets: $1 million to $10 million

Great Lakes Petroleum Corporation's
Estimated Liabilities: $1 million to $10 million

Copies of the Debtors' petitions are available for free at
PacerMonitor.com at:

https://www.pacermonitor.com/view/3NXOI7Q/Great_Lakes_Petroleum_Transportation__miebke-21-20285__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/A4LM4TQ/Great_Lakes_Holdings_LLC__miebke-21-20286__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/NSUZGYA/Great_Lakes_Petroleum_Corporation__miebke-21-20287__0001.0.pdf?mcid=tGE4TAMA

A copy of Great Lakes Petroleum Transportation's list of 20 largest
unsecured creditors is available for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/3UMN2HA/Great_Lakes_Petroleum_Transportation__miebke-21-20285__0003.0.pdf?mcid=tGE4TAMA

A copy of Great Lakes Holdings, LLC's list of five unsecured
creditors is available for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/BGB7QQI/Great_Lakes_Holdings_LLC__miebke-21-20286__0003.0.pdf?mcid=tGE4TAMA

A copy of Great Lakes Petroleum Corporation's list of three
unsecured creditors is available for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/NZEODLI/Great_Lakes_Petroleum_Corporation__miebke-21-20287__0003.0.pdf?mcid=tGE4TAMA


GREAT OAKS LEGACY: S&P Assigns 'BB+' ICR on Enrollment Growth
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issuer credit rating (ICR) to
Great Oaks Legacy Charter School, N.J. The outlook is stable.

An ICR reflects an obligor's general creditworthiness, focusing on
its capacity and willingness to meet financial commitments when
they come due. It does not apply to any specific financial
obligation because it does not take into account the obligation's
nature and provision; standing in bankruptcy; or liquidation,
statutory preferences, or legality and enforceability.

"We assessed Great Oaks' enterprise profile as adequate, reflecting
recent and expected enrollment growth, sufficient demand with good
student retention, a history of successful charter renewals, and a
proactive management team, which offset transition risk associated
with continued growth plans," said S&P Global Ratings credit
analyst Avani Parikh. S&P said, "We assessed its financial profile
as vulnerable, with below 1x pro forma maximum annual debt service
(MADS) coverage, sufficient liquidity, and a moderately high, but
manageable, debt burden. We believe that, combined, these credit
factors lead to an anchor of 'bb'. As our criteria indicate, the
final rating can be within one notch of the anchor rating level. In
our opinion, the final 'BB+' rating on Great Oaks' bonds better
reflect the organization's sound market position, successful track
record of growth, and unrestricted reserves in line with the 'BB+'
rating level."

Great Oaks, via Little Acorn LLC, a single-purpose entity, intends
to enter into a loan agreement of approximately $14.3 million with
the Equitable Facilities Fund (EFF) to provide financing for the
construction of a new middle school facility, fund capitalized
interest, refinance a $1.5 million loan with Local Initiatives
Support Coalition (LISC), and reimburse the organization for
pre-construction costs already incurred. Based on current
expectations, the EFF financing will be structured as a 30-year
loan with level debt service payments and total proceeds of
approximately $17 million, including a $2.7 million reoffering
premium.

Great Oaks currently makes lease payments to support a New Markets
Tax Credit (NMTC) that funded the construction of its high school
facility. The financing, completed via the Great Oaks Newark
Property Corp., includes The Reinvestment Fund as the senior lender
and Civic Builders as the junior lender. The NMTC transaction is
due to unwind in December 2022, at which time Great Oaks intends to
refinance the non-forgivable portion of the loan of approximately
$6.1 million. The NMTC transaction does not appear on Great Oaks'
books, though S&P is including the planned refinanced portion in
our pro forma debt figures along with the EFF loan. The EFF loan is
a general obligation of Great Oaks, secured by a first-lien pledge
of rental payments and first-mortgage liens on all land and
facilities owned by the school, with the exception of the high
school facility, which is pledged to the NMTC transaction until it
unwinds.

"The stable outlook reflects our expectation that Great Oaks will
build its operations to support sufficient MADS coverage, good
liquidity, and a moderating debt burden, while successfully
transitioning to its new facility and meeting enrollment growth
projections over time," added Ms. Parikh.

S&P said, "We view the risks posed by COVID-19 to public health and
safety as an elevated social risk for all charter schools under our
environmental, social, and governance (ESG) factors. We believe
this is a social risk for Great Oaks because of its heavy
dependence on state revenues to support operations and the
potential for per-pupil funding reductions that may occur as a
result of pressures stemming from the pandemic. Despite the
elevated social risk, we believe the school's environmental and
governance risk are in line with our view of the sector."



GREEN VALLEY: Seeks to Hire McDowel Law as Counsel
--------------------------------------------------
Green Valley of ML Country Club, LLC, seeks approval from the U.S.
Bankruptcy Court for the District of New Jersey to employ McDowel
Law, PC as counsel to handle its Chapter 11 case.

The firm will be paid based upon its normal and usual hourly
billing rates and will be reimbursed for reasonable out-of-pocket
expenses incurred.

The firm will be paid a retainer in the amount of $8,500, and
$1,738 filing fee.

Robert N. Braverman, Esq., a partner at McDowell Law, PC, 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:

          Robert N. Braverman, Esq.
          McDowell Law, PC
          46 W. Main Street
          Maple Shade, NJ 08052
          Telephone: (856) 482-5544
          Facsimile: (856) 482-5511

          About Green Valley of ML Country Club, LLC

Green Valley of ML Country Club, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. D.N.J. Case No. 21-11747-JNP) on March 3, 2021.
At the time of the filing, the Debtor had estimated assets of less
than $50,000 and liabilities of between $500,001 and $1 million.
The Debtor hired McDowel Law, PC as counsel.


GREEN VALLEY: Seeks Use of Cash Collateral
------------------------------------------
Green Valley at ML Country Club, LLC asks the U.S. Bankruptcy Court
for the District of New Jersey, Camden, for authority to use cash
collateral.

In its March to December 2021 budget, the Debtor projects a total
of $616,268.55 in expenses and $7,960.20 in net operating income.

As of petition date, the Debtor has an unpaid loan balance of
$222,941.89.

A hearing on the matter is scheduled for April 13, 2021 at 11 a.m.

            About Green Valley at ML Country Club, LLC

Green Valley LLC at ML Country Club, LLC sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No.
21-11747) on March 3, 2021. In the petition signed by Louis Sacco,
managing member, the Debtor disclosed up to $50,000 in assets and
$1 million in liabilities.



GREENPOINT TACTICAL: Hires California Appellate as Special Counsel
------------------------------------------------------------------
Greenpoint Tactical Income Fund, LLC and GP Rare Earth Trading
Account, LLC seek approval from the U.S. Bankruptcy Court for the
Eastern District of Wisconsin to employ California Appellate Law
Group LLP as special counsel.

The firm will represent the Debtors in the appeal regarding the
litigation styled Bivens v. Six Unknown Named Agents of Federal
Bureau of Narcotics.

The Bivens action prosecutes claims against FBI Special Agent Alan
Pettigrew and Assistant U.S. Attorney Darren Halverson in relation
to the filing of a false search warrant affidavit that led to
illegal searches and seizures at the Debtors' place of business as
well as homes or offices of Chrysalis Financial, LLC, Bluepoint
Investment Counsel, LLC, Greenpoint Asset Management II, LLC,
Christopher Nohl, and Michael Hull on March 22, 2017.

The firm will be paid as follows:

     Kirstin Ault    $615 per hour
     Attorneys       $615 - $1,000 per hour
     Paralegals      $155 - $215 per hour

The firm received an initial retainer in the amount of $10,000.

Kirstin Ault, Esq., a member of California Appellate, disclosed in
a court filing that the firm does not hold or represent any
interest adverse to the Debtors and their Chapter 11 estate.

The firm can be reached through:

     Kirstin Ault, Esq.
     California Appellate Law Group LLP
     96 Jessie Street
     San Francisco, CA 94105
     Phone: (415) 649-6700
            (213) 878-0404
     Email: kirstin.ault@calapplaw.com

                 About Greenpoint Tactical Income Fund

Madison, Wisc.-based Greenpoint Tactical Income Fund LLC is a
private investment fund.  Its wholly owned subsidiary, GP Rare
Earth Trading Account LLC, is the entity that holds the gems and
minerals.

Greenpoint and GP Rare Earth sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Wis. Lead Case No. 19-29613) on
Oct. 4, 2019.  

At the time of filing, Greenpoint estimated assets of $100 million
to $500 million and liabilities of $10 million to $50 million. GP
Rare Earth estimated assets of $100 million to $500 million and
liabilities of $10 million to $50 million.

The Debtors tapped Steinhilber Swanson, LLP as their legal counsel
and CliftonLarsonAllen, LLP as their accountant.

On Dec. 5, 2019, the U.S. Trustee for Region 11 appointed an
official committee of equity security holders in the Debtors'
Chapter 11 cases.  The equity committee tapped Shelly A. DeRousse,
Esq., at Freeborn & Peters LLP, as its legal counsel and Phoenix
Management Services, LLC as its financial advisor.


GULFPORT ENERGY: Creditors Plan to Sue Execs for Bonuses
--------------------------------------------------------
Alex Wolf of Bloomberg Law reports that a group of creditors
alleged that Gulfport Energy Corp.'s top five executives received
more than $16 million in bonus payments while the natural gas
company was insolvent.

CEO David Wood and four other company "insiders" received about
$2.5 million as part of an executive compensation program last
April 2020, and another roughly $13.7 million in September 2020,
just two months before Gulfport filed for bankruptcy, the committee
of unsecured creditors said Wednesday, March 10, 2021.

Gulfport is now pursuing a Chapter 11 reorganization that would
release the executives from liability while providing nothing in
exchange, it said.

                     About Gulfport Energy

Gulfport Energy Corporation (NASDAQ: GPOR) --
http://www.gulfportenergy.com/-- is an independent natural gas and
oil company focused on the exploration and development of natural
gas and oil properties in North America and a producer of natural
gas in the contiguous United States. Headquartered in Oklahoma
City, Gulfport holds significant acreage positions in the Utica
Shale of Eastern Ohio and the SCOOP Woodford and SCOOP Springer
plays in Oklahoma.  In addition, Gulfport holds non-core assets
that include an approximately 22% equity interest in Mammoth Energy
Services, Inc. (NASDAQ: TUSK) and has a position in the Alberta Oil
Sands in Canada through its 25% interest in Grizzly Oil Sands ULC.

As of Sept. 30, 2020, Gulfport had $2,375,559,000 in assets and
$2,520,336,000 in liabilities.

Gulfport and its subsidiaries sought Chapter 11 protection (Bankr.
S.D. Tex. Lead Case No. 20-35562) on Nov. 13, 2020. The Hon. David
R. Jones is the case judge.

The Debtors tapped Kirkland & Ellis LLP as their bankruptcy
counsel; Jackson Walker L.L.P. as local bankruptcy counsel; Alvarez
& Marsal North America, LLC as restructuring advisor; and Perella
Weinberg Partners L.P. and Tudor, Pickering, Holt & Co. as
financial advisor; and PricewaterhouseCoopers LLP as tax services
provider. Epiq Corporate Restructuring LLC is the claims agent.

Wachtell, Lipton, Rosen & Katz is counsel for the special committee
of Gulfport's Board of Directors while Chilmark Partners is the
financial advisor.

Katten Muchin Rosenman LLP is counsel for the special committee of
the governing body of each Debtor other than Gulfport while M III
Partners, LP is the financial advisor.

The U.S. Trustee for Region 7 formed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases.  The
committee is represented by Norton Rose Fulbright US LLP and Kramer
Levin Naftalis & Frankel, LLP.


H & R PROPERTY: Proposes Auction Sale of All Business Assets
------------------------------------------------------------
H & R Property, LLC, asks the U.S. Bankruptcy Court for the Eastern
District of Michigan to authorize the sale of substantially all
assets used or useful in its businesses at auction.

Objections, if any, must be filed within 14 days of Notice
service.

The Debtor has determined that it can obtain the highest and best
values for its assets by selling its business at an auction.  

The assets to be sold include, but not limited to, the following:

      i. The real property located at 9999 Middlebelt Road, in
Romulus, Michigan.  All tangible personal property, leasehold
improvements, installations, fixtures, trade fixtures, equipment,
fittings, furniture, furnishings, inventory, office equipment and
supplies located and used at 9999 Middlebelt Road, in Romulus,
Michigan, excluding personal property included in the Excluded
Assets.  Fixtures not excluded;  

      ii. All computers, computer equipment, computer
hardware/software, servers, fiber optic lines, copiers, security
systems, machines, keys, codes and all other equipment owned by the
Debtor.  Except that which is listed in Excluded Assets;

      iii. To the extent transferrable under applicable law or with
the consent of any third party, if necessary, which consent has
been obtained all licenses, permits, certifications and approval
from all permitting, licensing accrediting a certifying agency, all
pending applications for any of the foregoing, and the rights to
all data and records held by such permitting, licensing and
certifying agencies;

      iv. All goodwill of the business as a going concern and all
other intangible properties of the business.    

      v. All documents consisting a zoning documents, business
plans, budgets, cost and pricing information, wherever located
related to the business, other than those documents that are
Excluded Assets;

      vi. All prepaid expenses relating to the Assets; and

      vii. All insurance claims or proceeds arising out of or
related to the damage, destruction, or loss of any Asset to the
extent any damage, destruction or loss remains unrepaired or not
replaced the Closing.  

Within three days after entry of the Bidding Procedures Order
approving these Bidding Procedures, the Debtor will provide notice
of the Bidding Procedures to the Notice Parties.  The Parties
interested in purchasing the Assets may obtain due diligence
materials regarding the Assets from the Debtor.  All due diligence
requests should be directed to the Debtor's counsel at
raymashni@gmail.com.  The Debtor will comply with other reasonable
due diligence requests made by interested parties, and all due
diligence must be completed by the auction.  

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: April 9, 2021

     b. Initial Bid: $1 million

     c. Deposit: $50,000

     d. Auction:  If one or more Qualified Bids is received (in
addition to the possible Stalking Horse Bid) by the Qualified Bid
Deadline the Auction will be conducted at the office of Raymond N.
Mashni, or such other place as may be designated by the Debtor, on
April 14, 2021, commencing at 10:00 a.m. (ET).  Qualified Bidders
may attend the Auction via remote video connection, provided that
they contact the attorney for the Debtor by email at
raymashni@gmail.com at least three days prior to the auction to
make arrangements for remote appearance.   

     e. Bid Increments: $25,000

     f. Sale Hearing: TBD

     g. Closing: The closing of the transactions contemplated by
the Sale Motion will take place remotely via electronic exchange of
documents, on the date that is mutually agreed to by the written
agreement of the Parties.

     h. The Assets will be sold on an "as is, where is" basis and
without representations or warranties of any kind, nature, or
description by the Debtor, its agents, or the bankruptcy estates.

                       About H & R Property

H & R Property, LLC filed for Chapter 11 bankruptcy protection
(Bankr. E.D. Mich. Case No. 20-52081) on Dec. 4, 2020.  Hassan
Ouza, member of H & R Property, signed the petition.  

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

Judge Thomas J. Tucker presides over the case.  The Debtor is
represented by Raymond N. Mashni, PLC.



H & R PROPERTY: Sets Bid Procedures for All Business Assets
-----------------------------------------------------------
H & R Property, LLC, asks the U.S. Bankruptcy Court for the Eastern
District of Michigan to authorize the bidding procedures in
connection with sale of substantially all assets used or useful in
its businesses at auction.

Objections, if any, must be filed within 14 days of Notice
service.

The Debtor originally intended to seek confirmation of a Chapter 11
Plan in the case.  However, circumstances outside of the control of
the Debtor have caused outside funding for a settlement with
Debtor’s primary secured creditor to be unavailable. This has
impaired the ability of Debtor to obtain conventional post-petition
financing.

The Debtor has resolved motions to lift stay from two of its
secured creditors by agreeing to file the Motion for sale of the
encumbered assets.

Accordingly, it believes that the best approach in the case is to
ask Court's approval for the sale of the Assets in accordance with
the Court order resolving Motions of 9999 Middlebelt, LLC and Sole
Construction, Inc. for Relief from the Automatic Stay.  A sale now
will also avoid the significant decline in the value of the
Debtor's Assets, which will likely occur in the absence of a
significant infusion of outside funding.

The assets to be sold are substantially all of the Debtor's assets
used in its business.  Specifically, the gasoline station and real
property located at 9999 Middlebelt Road, in Romulus, Michigan.

The Debtor began initial efforts to market the Assets for sale
shortly after the Petition date.  Through its counsel, the Debtor
intends to market the assets for sale until the deadline for
submission of qualified bids.  

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: April 9, 2021

     b. Initial Bid: $1 million

     c. Deposit: $50,000

     d. Auction:  If one or more Qualified Bids is received (in
addition to the possible Stalking Horse Bid) by the Qualified Bid
Deadline the Auction will be conducted at the office of Raymond N.
Mashni, or such other place as may be designated by the Debtor, on
April 14, 2021, commencing at 10:00 a.m. (ET).  Qualified Bidders
may attend the Auction via remote video connection, provided that
they contact the attorney for the Debtor by email at
raymashni@gmail.com at least three days prior to the auction to
make arrangements for remote appearance.   

     e. Bid Increments: $25,000

     f. Sale Objection Deadline: April 19, 2021, at 5:00 p.m. (ET)

     g. Closing: The closing of the transactions contemplated by
the Sale Motion will take place remotely via electronic exchange of
documents, on the date that is mutually agreed to by the written
agreement of the Parties.

     h. The Assets will be sold on an "as is, where is" basis and
without representations or warranties of any kind, nature, or
description by the Debtor, its agents, or the bankruptcy estates.

The sale will be free and clear of Liens, with such Liens attaching
to the applicable proceeds.

Following entry of the Bidding Procedures Order, the Debtor will
continue to market the Assets in accordance with the Bidding
Procedures to obtain the highest possible offer and with the
purpose of obtaining the highest and best offer.

The Debtor, a single asset real estate company, is landlord to
Runway Ventures, LLC, that has ceased business and no longer
occupies the property.  In addition, the Debtor, is a party to an
executory contract for the supply of gasoline with supplier, under
a gasoline supply agreement with Northern Lights Energy, LLC and/or
its successor RPF Oil Company.

The Debtor believes that this lease and the executory contract must
be rejected to properly market the property for sale.  It asks
authority to reject these leases and executory contract.   

Within three days after entry of the Bidding Procedures Order
approving these Bidding Procedures, the Debtor will provide notice
of the Bidding Procedures to the Notice Parties.  The Parties
interested in purchasing the Assets may obtain due diligence
materials regarding the Assets from the Debtor.  All due diligence
requests should be directed to the Debtor's counsel at
raymashni@gmail.com.  The Debtor will comply with other reasonable
due diligence requests made by interested parties, and all due
diligence must be completed by the auction.  

Finally, the Debtor asks that the stay imposed by Bankruptcy Rule
6004(h) and 6006(d) be modified such that any Sale Order entered by
the Court will be effective immediately upon entry.

                       About H & R Property

H & R Property, LLC filed for Chapter 11 bankruptcy protection
(Bankr. E.D. Mich. Case No. 20-52081) on Dec. 4, 2020.  Hassan
Ouza, member of H & R Property, signed the petition.  

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

Judge Thomas J. Tucker presides over the case.  The Debtor is
represented by Raymond N. Mashni, PLC.



HERTZ CORP: Kirkland, Pachulski 2nd Update on Noteholder Group
--------------------------------------------------------------
In the Chapter 11 cases of The Hertz Corporation, et al., the law
firms of Kirkland & Ellis LLP and Pachulski, Stang, Ziehl & Jones
LLP submitted a corrected first supplemental verified statement
under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to
disclose an updated list of Ad Hoc Group that they are
representing.

A separate, screened K&E team represents the Plan Sponsors.
Subject to the foregoing, Counsel does not represent any other
entity in connection with these chapter 11 cases, i.e., Counsel is
not taking a position before the court or soliciting votes
regarding the confirmation of a plan on behalf of any other entity
in connection with these chapter 11 cases.

As of March 12, 2021, members of the Ad Hoc Group and their
disclosable economic interests are:

Aristeia Capital, L.L.C.
One Greenwich Plaza
Greenwich, CT 06830

* 2021 Senior Notes: EUR33,215,000
* 2023 Senior Notes: EUR37,845,000
* Other: ($1,206) 6.25% Notes due 2022
         ($3,000) 5.5% Notes due 2024
         ($1,370) 6.0% Notes due 2028

Atlas Merchant Capital LLC
5 Welbeck Street
London, W1G 9YQ

* 2021 Senior Notes: EUR300,000
* 2023 Senior Notes: EUR3,500,000

Aurelius Capital Management, LP
535 Madison Avenue 31st Floor
New York, NY 10022

* 2021 Senior Notes: EUR9,626,000
* 2023 Senior Notes: EUR48,600,000
* Revolver: $4,994,972

Benefit Street Partners
9 West 57th Street Suite 4920
New York, NY 10019

* 2023 Senior Notes: EUR12,235,000

Carronade Capital, LP
17 Old Kings Highway South
Suite 140
Darien, CT 06820

* 2023 Senior Notes: EUR11,000,000

Catalur Capital Management, LP
One Grand Central Place
60 East 42nd Street Suite 2107
New York, NY 10165

* 2023 Senior Notes: EUR5,000,000

Centerbridge Partners Europe, LP
10 New Burlington St
Mayfair
London, W1S 3BJ, UK

* 2023 Senior Notes: EUR11,000,000
* $100,000,000 New DIP TL
* $39,080,000 6.00% Notes due 2028
* $11,269,000 7.625% Notes due 2022

CTC Alternative Strategies Ltd.
425 S. Financial Place
4th Floor
Chicago, IL 60605

* 2023 Senior Notes: EUR10,000,000

DSC Meridian Capital LP
888 Seventh Avenue
New York, NY 10106

* 2023 Senior Notes: EUR4,237,000
* Other: $15,000,000 New DIP TL

Fortress Investment Group (UK) Limited
7 Clarges Street
London, W1J 8AE, UK

* 2021 Senior Notes: EUR10,360,000
* 2023 Senior Notes: EUR78,700,000

Goldman Sachs International
25 Shoe Lane
Holborn
London, EC4A 4AU, UK

* 2021 Senior Notes: EUR17,497,000
* 2023 Senior Notes: EUR31,735,000

Hein Park Capital Management LP
888 7th Avenue
4th Floor
New York, NY 10106

* 2021 Senior Notes: EUR18,661,000
* $17,570,523 Term Loan
* $5,755,617.17 Revolver
* $1,000,000 6.250% Notes due 2022
* $13,264,000 7.125% Notes due 2026
* $13,654,000 6.0% Notes due 2028
* 2,518,332 HTZGQ

Jefferies
100 Bishopsgate
London, EC2N 4JL, UK

* 2021 Senior Notes: EUR5,299,000
* 2023 Senior Notes: EUR13,896,000
* $112,614 General Unsecured Claim against THC
* Other: ($1,390,000) 5.5% Notes due 2024
         ($400,000) 6.250% Notes due 2022
         75,000 HTZGQ

JH Lane Partners LP
126 East 56th Street
16th Floor
New York, NY 10022

* 2021 Senior Notes: EUR3,000,000
* 2023 Senior Notes: EUR2,950,000
* $1,939,000 7.625% Notes due 2022

Lynstone SSF Holdings S.A.R.L.
25 Bank St
Canary Wharf
London, E14 5JP, UK

* 2021 Senior Notes: EUR11,880,000
* 2023 Senior Notes: EUR33,450,000
* $9,000,000 6.00% Notes due 2028
* $2,000,000 7.125% Notes due 2026

Old Bellows Partners LP
660 Madison Avenue 20th Floor
New York, NY 10065

* 2023 Senior Notes: EUR650,000

Scoggin Capital Management LLC
660 Madison Avenue 20th Floor
New York, NY 10065

* 2023 Senior Notes: EUR3,350,000
* $1,000,000 7.00% Notes due 2028

Serengeti Asset Management, LP
632 Broadway Suite 901
New York, NY 10012

* 2021 Senior Notes: EUR6,000,000
* 2023 Senior Notes: EUR6,500,000

Silver Point Capital, L.P.
Two Greenwich Plaza
Greenwich, CT 06830

* 2021 Senior Notes: EUR1,850,000
* 2023 Senior Notes: EUR17,800,000
* $5,000,000 New DIP TL
* $28,7000,000 Term Loan
* $10,000,000 Revolver
* $27,643,000 7.625% Notes due 2022

Strategic Value Partners
100 West Putnam Avenue
Greenwich, CT 06830

* 2021 Senior Notes: EUR42,000,000
* 2023 Senior Notes: EUR46,121,000

Tresidor Investment Management LLP
55 New Bond St
Greater, Mayfair
London, W1S 1DG, UK

* 2021 Senior Notes: EUR2,550,000
* 2023 Senior Notes: EUR24,797,000

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

* 2021 Senior Notes: EUR6,797,000
* 2023 Senior Notes: EUR5,230,000
* $1,700,000 6.25% Notes due 2022
* $4,035,000 of 5.5% Notes due 2024
* $2,806,000 7.125% Notes due 2026
* 400,000 HTZGQ

Co-Counsel to the Ad Hoc Group can be reached at:

          PACHULSKI STANG ZIEHL & JONES LLP
          Laura Davis Jones, Esq.
          Timothy P. Cairns, Esq.
          919 North Market Street, 17th Floor
          P.O. Box 8705
          Wilmington, DE 19899-8705 (Courier 19801)
          Telephone: (302) 652-4100
          Facsimile: (302) 652-4400
          E-mail: ljones@pszjlaw.com

             - and -

          KIRKLAND & ELLIS LLP
          KIRKLAND & ELLIS INTERNATIONAL LLP
          Patrick J. Nash Jr., Esq.
          Gregory F. Pesce, Esq.
          300 North LaSalle
          Chicago, IL 60654
          Telephone: (312)862-2000
          Facsimile: (312) 862-2200
          E-mail: patrick.nash@kirkland.com
                  gregory.pesce@kirkland.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3rFuRn8

                    About Hertz Corp.

Hertz Corp. and its subsidiaries -- http://www.hertz.com-- operate

a worldwide vehicle rental business under the Hertz, Dollar, and
Thrifty brands, with car rental locations in North America,
Europe,
Latin America, Africa, Asia, Australia, the Caribbean, the Middle
East, and New Zealand. They also operate a vehicle leasing and
fleet management solutions business.  

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

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

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


HERTZ CORPORATION: Willkie, Young 2nd Update on Noteholder Group
----------------------------------------------------------------
In the Chapter 11 cases of The Hertz Corporation, et al., the law
firms of Willkie Farr & Gallagher LLP and Young Conaway Stargatt &
Taylor, LLP submitted a second amended verified statement under
Rule 2019 of the Federal Rules of Bankruptcy Procedure, to disclose
an updated list of Ad Hoc Noteholder Group that they are
representing.

The Ad Hoc Noteholder Group issued under the following indentures:
(a) that certain Indenture, dated as of October 16, 2012, relating
to the 6.25% Senior Notes due 2022; (b) that certain Indenture,
dated as of October 16, 2012, relating to the 5.50% Senior Notes
due 2024; (c) that certain Indenture, dated as of August 1, 2019,
relating to the 7.125% Senior Notes due 2026; and (d) that certain
Indenture, dated as of November 25, 2019, relating to the 6.0%
Senior Notes due 2028.

As of March 12, 2021, members of the Ad Hoc Noteholder Group and
their disclosable economic interests are:

400 Capital Management
510 Madison Ave,
New York, NY 10022

* 2028 Notes: $10,000,000

683 Capital Management
3 Columbus Circle, Suite 2205
New York, NY 10019

* 2028 Notes: $4,505,000

Aegon Asset Management
227 W Monroe, Suite 6000
Chicago, IL 60606

* 2022 Notes: $3,094,000
* 2024 Notes: $450,000
* 2026 Notes: $413,000
* 2028 Notes: $1,673,000

APG Asset Management US Inc.
666 Third Avenue, Second Floor
New York, NY 10017

* 2024 Notes: $5,000,000
* 2026 Notes: $2,000,000
* 2028 Notes: $15,000,000

Bank of America
One Bryant Park
New York, NY 10036

* 2022 Notes: $11,726,000
* 2024 Notes: $11,577,000
* 2026 Notes: $7,410,000
* 2028 Notes: $5,703,000

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

* 2022 Notes: $7,000,000

Canso Investment Counsel Ltd.
100 York Blvd
Richmond Hill, ON L4B 1J8
Canada

* 2022 Notes: $39,738,000
* 2024 Notes: $134,964,000
* 2026 Notes: $59,461,000
* 2028 Notes: $157,793,000

Cetus Capital, LLC
8 Sound Shore Dr.
Greenwich, CT 06830

* 2022 Notes: $2,000,000
* 2026 Notes: $1,000,000
* 2028 Notes: $1,000,000

Credit Suisse Securities (USA) LLC
Eleven Madison Avenue
New York, NY 10010

* 2022 Notes: $1,126,000
* 2028 Notes: $169,000

CVC Credit Partners
712 Fifth Avenue, 42nd Floor
New York, NY 10019

* 2022 Notes: $7,000,000
* 2026 Notes: $8,000,000

D.E. Shaw Galvanic Portfolios, L.L.C.
1166 Avenue of the Americas, 9th Floor
New York, NY 10036

* 2022 Notes: $24,515,000
* 2024 Notes: $7,857,000
* 2026 Notes: $42,156,000
* 2028 Notes: $107,831,000

Deutsche Bank Securities Inc.
60 Wall Street
New York, NY 10005

* 2022 Notes: $16,978,000
* 2024 Notes: $12,239,000
* 2026 Notes: $5,750,000
* 2028 Notes: $1,325,000

Diameter Capital Partners LP
24 W. 40th Street, 5th Floor
New York, NY 10018

* 2022 Notes: $3,000,000
* 2024 Notes: $13,000,000
* 2028 Notes: $10,000,000

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

* 2022 Notes: $12,000,000
* 2024 Notes: $10,000,000
* 2026 Notes: $8,000,000
* 2028 Notes: $10,000,000

Eaton Vance Management
Two International Place
Boston, MA 02110

* 2022 Notes: $6,000,000
* 2024 Notes: $11,303,000
* 2028 Notes: $2,000,000

Farmstead Capital
7 North Broad Street, 3rd Floor
Ridgewood, NJ 07450

* 2022 Notes: $11,000,000
* 2024 Notes: $4,600,000
* 2026 Notes: $9,000,000
* 2028 Notes: $14,000,000

Fidelity Management & Research Company
245 Summer Street
Boston, MA 02210

* 2022 Notes: $31,000,000
* 2024 Notes: $54,000,000
* 2026 Notes: $44,000,000
* 2028 Notes: $40,000,000

JP Morgan Investment Management Inc.
1 E. Ohio St., 6th Floor
Indianapolis, IN 46204

* 2022 Notes: $9,913,000
* 2024 Notes: $148,715,000
* 2026 Notes: $89,515,000
* 2028 Notes: $96,178,000

J.P. Morgan Securities LLC
383 Madison Ave
New York, NY 10017

* 2026 Notes: $9,155,000
* 2028 Notes: $35,597,000

King Street Capital Management, L.P.
299 Park Avenue, 40th Floor
New York, NY 10171

* 2022 Notes: $15,376,000
* 2024 Notes: $28,500,000
* 2026 Notes: $3,000,000
* 2028 Notes: $28,716,000

Lord, Abbett & Co. LLC
90 Hudson Street
Jersey City, NJ 07302-3973

* 2022 Notes: $9,000,000
* 2024 Notes: $25,675,000
* 2028 Notes: $50,840,000

Marathon Asset Management LP
One Bryant Park, 38th Floor
New York, NY 10036

* 2022 Notes: $25,914,100
* 2024 Notes: $89,367,000
* 2026 Notes: $26,638,900
* 2028 Notes: $19,221,000

Monarch Alternative Capital LP
535 Madison Avenue
New York, NY 10022

* 2026 Notes: $3,000,000
* 2028 Notes: $2,000,000

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

* 2022 Notes: $2,000,000
* 2024 Notes: $1,000,000
* 2028 Notes: $2,000,000

Morgan Stanley & Co., LLC
158 Broadway, 2nd Floor
New York, NY 10036

* 2022 Notes: $7,632,000
* 2024 Notes: $7,136,000
* 2026 Notes: $6,567,000
* 2028 Notes: $7,246,000

Napier Park Global Capital
280 Park Ave, 3rd Floor
New York, NY 10017

* 2022 Notes: $1,500,000
* 2026 Notes: $10,500,000
* 2028 Notes: $3,000,000

Nomura Corporate Research and
Asset Management Inc.
309 W. 49th St.
New York, NY 10019

* 2024 Notes: $10,000,000
* 2026 Notes: $30,000,000
* 2028 Notes: $27,000,000

One Fin Capital Management LP
One Letterman Drive
Building C, Suite C3-400
San Francisco, CA 94129

* 2024 Notes: $10,000,000
* 2028 Notes: $9,000,000

P. Schoenfeld Asset Management LP
1350 6th Ave, 21st Floor
New York, NY 10019

* 2022 Notes: $13,690,000
* 2024 Notes: $30,791,000
* 2026 Notes: $4,600,000
* 2028 Notes: $33,490,000

Paloma Partners Management Company
Two American Lane
Greenwich, CT 06831

* 2022 Notes: $2,000,000
* 2024 Notes: $3,000,000
* 2026 Notes: $5,077,000
* 2028 Notes: $4,000,000

Pentwater Capital Management
1001 10th Ave South, Suite 216
Naples, FL 34102

* 2022 Notes: $36,250,000
* 2024 Notes: $43,693,000
* 2026 Notes: $64,350,000
* 2028 Notes: $42,193,000

Susquehanna International Group, LLP
401 East City Avenue, Suite 220
Bala Cynwyd, PA 19004

* 2022 Notes: $7,000,000
* 2024 Notes: $6,000,000
* 2026 Notes: $4,000,000
* 2028 Notes: $2,00,000

Warlander Asset Management, LP
250 West 55th Street
New York, NY 10019

* 2024 Notes: $5,00,000

Wexford Advisors
777 South Flagler Drive, Suite 602
East West Palm Beach, FL 33401

* 2024 Notes: $5,000,000
* 2026 Notes: $4,065,000
* 2028 Notes: $18,975,000

White Box Advisors
3033 Excelsior Blvd
Minneapolis, MN 55416

* 2022 Notes: $1,700,000
* 2024 Notes: $4,035,000
* 2026 Notes: $2,806,000

Wolf Hill Management, LP
222 East 46th Street, Suite 403
New York, NY 10017

* 2022 Notes: $1,000,000
* 2024 Notes: $4,000,000

Counsel to the Ad Hoc Ad Hoc Noteholder Group can be reached at:

          WILLKIE FARR & GALLAGHER LLP
          Rachel C. Strickland, Esq.
          Daniel I. Forman, Esq.
          Agustina G. Berro, Esq.
          787 Seventh Avenue
          New York, NY 10019
          Telephone: (212) 728-8000
          Facsimile: (212) 728-8111
          Email: rstrickland@willkie.com
                 dforman@willkie.com
                 aberro@willkie.com

                 - and -

          YOUNG CONAWAY STARGATT & TAYLOR LLP
          Edmon L. Morton, Esq.
          Matthew B. Lunn, Esq.
          Joseph M. Mulvihill, Esq.
          Rodney Square
          1000 North King Street
          Wilmington, DE 19801
          Telephone: (302) 571-6600
          Facsimile: (302) 571-1253
          Email: emorton@ycst.com
                 mlunn@ycst.com
                 jmulvihill@ycst.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/38DjNzA

                    About Hertz Corp.

Hertz Corp. and its subsidiaries -- http://www.hertz.com-- Operate

a worldwide vehicle rental business under the Hertz, Dollar, and
Thrifty brands, with car rental locations in North America,
Europe,
Latin America, Africa, Asia, Australia, the Caribbean, the Middle
East, and New Zealand. They also operate a vehicle leasing and
fleet management solutions business.

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

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

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


HILTON GRAND: S&P Places 'BB' ICR on CreditWatch Negative
---------------------------------------------------------
S&P Global Ratings placed ratings on Hilton Grand Vacations Inc.
(HGV), including the 'BB' issuer credit rating and issue-level
ratings, on CreditWatch with negative implications.

S&P said, "We plan to resolve the CreditWatch placements over the
next several months after we review additional disclosures for the
terms of the financing plan, update our leverage forecast to
incorporate the impact of the acquisition, assess business risks
and opportunities for the combined entity, and review the possible
risks of Apollo's minority stake in the combined entity. We believe
HGV's issuer credit rating could be lowered by one or more notches
due to incremental leverage from the proposed acquisition."

HGV plans to acquire Diamond Resorts International Inc. by issuing
equity to Diamond's stockholders in a deal that values the target's
equity at $1.4 billion, as well as the partial refinancing and
partial assumption of Diamond's outstanding debt. S&P Global
Ratings expects the pro forma entity to have total corporate debt
of about $2.9 billion at transaction closing, inclusive of debt
issuances and assumed debt from existing entities and excluding
nonrecourse securitization debt at both entities. Using our measure
of 2019 captive-adjusted EBITDA.

S&P said, "The CreditWatch negative placement on HGV reflects the
probability that we would lower the 'BB' issuer credit rating due
to significantly higher leverage anticipated from the acquisition
of Diamond. Despite planning to issue equity to Diamond's
stockholders that values the target's equity at $1.4 billion
(subject to HGV board approval), HGV is also planning to raise or
assume a significant amount of incremental debt to acquire Diamond.
We estimate HGV will need to refinance or assume about $1.95
billion of Diamond's corporate debt at a time when the target's
EBITDA generation is diminished. Excluding the effect of the
acquisition and under our most recently updated base-case
assumptions, HGV's stand-alone captive-adjusted debt to EBITDA will
likely be very weak in 2021 because of the pandemic. However,
EBITDA could begin to improve on a run-rate basis in late 2021 to a
level that would enable HGV to decrease leverage to below 4.5x in
2022, if widespread COVID-19 immunization is achieved in most
developed economies by the third quarter 2021. Our current
base-case forecast for Diamond is for stand-alone captive-adjusted
debt to EBITDA to be above 10x in 2021 even if there is an economic
and travel recovery that begins later this year. We plan to update
our base-case leverage forecast for the combined company,
incorporating the planned pro forma capital structure, the resort
networks and owner bases of the combined system, and anticipated
EBITDA levels over the next few years. Given the very high
anticipated leverage at Diamond that HGV will either refinance or
assume, we believe the pro forma combined entity may have leverage
well above our 4.5x downgrade threshold at the current 'BB' issuer
credit rating on HGV over at least the next two years. In addition,
financial sponsor Apollo will have 28% ownership in the pro forma
entity, which could become a financial risk consideration over time
if it seeks a negotiated exit from HGV in a way that results in
sizable share repurchases. We believe this is a longer-term risk
factor that may not affect near-term credit metrics."

The acquisition reflects a significant risk appetite at a time of
operating stress.  HGV's willingness to purchase a very highly
leveraged entity increases the burden on its path to recovery and
makes the company more vulnerable to inadvertent operating missteps
or further delays in travel and economic recovery. HGV has sizable
exposure to destination markets including Hawaii, Las Vegas, and
Orlando, which remain under pressure and are experiencing
visitation well below 2019 levels. Diamond also has significant
exposure to destination markets, including Hawaii and New York,
where it recently developed properties for future contract sales.

S&P said, "The acquisition also entails substantial integration
risks. HGV is acquiring a larger system, which we believe will
require investment to align many of Diamond's resorts to Hilton's
brand standards. Diamond also operates a lower-priced points-based
system, whereas HGV operates a mostly deeded timeshare system, and
we believe HGV will need to make a significant investment to
integrate the two product forms into a cohesive sales system. In
addition, Diamond historically has had a higher provision for loan
losses due to a weaker credit profile and lower satisfaction of its
owner base, compared to HGV's higher owner income demographic. As a
result, we plan to assess integration risks involving streamlining
the sales channels and operating practices across the two systems.

"We plan to resolve the CreditWatch placements over the next
several months after we review additional disclosures regarding the
terms of the financing plan, update our leverage forecast to
incorporate the acquisition, assess business risks and
opportunities for the combined entity, and review the possible
future risks of Apollo's minority stake in the combined entity. We
believe HGV's issuer credit rating could be lowered by one or more
notches due to the leveraging risk of this acquisition. We plan to
resolve our CreditWatch placements on the issue-level ratings once
we review the financing terms. Even in the unlikely event the
acquisition does not close, we could still lower HGV's issuer
credit and other ratings because of ongoing negative operating
trends and the company's demonstrated risk appetite for leveraging
acquisitions."


HOSPITALITY WOODWORKS: Seeks to Hire Rountree Leitman as Counsel
----------------------------------------------------------------
Hospitality Woodworks LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to hire Rountree Leitman
& Klein LLC as its legal counsel.

The firm's services include:

     a. giving legal advice with respect to the Debtor's powers and
duties under the Bankruptcy Code;

     b. preparing legal papers;

     c. assisting the Debtor in the examination of claims of
creditors;

     d. assisting in the preparation of the disclosure statement
and plan of reorganization; and

     e. performing all other legal services necessary to administer
the Debtor's Chapter 11 case.

The firm will be paid as follows:

     William A. Roundtree   $495 per hour
     Hal Leitman            $425 per hour
     David S. Klein         $425 per hour
     Attorneys              $275 - $495 per hour
     Law Clerks             $195 per hour
     Paralegals             $150 - $195 per hour

William Roundtree, Esq., a member of Rountree Leitman, disclosed in
a court filing that the firm does not represent interest adverse to
the Debtor and its estate.

The firm can be reached through:

     William A. Roundtree, Esq.
     Rountree Leitman & Klein LLC
     2987 Clairmont Road, Suite 350
     Atlanta, GA 30329
     Phone: 404-584-1238

                     About Hospitality Woodworks

Hospitality Woodworks, LLC is a manufacturer and installer of
custom furniture and millwork commercial interiors, including
upscale restaurants, hotels, and convention centers, primarily in
the southeastern United States, working directly with local and
national companies that operate those facilities.

Hospitality Woodworks sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 21-51852) on March
5, 2021.  In the petition signed by David Robinson, owner, the
Debtor disclosed up to $500,000 in assets and up to $1 million in
liabilities.

William A. Rountree, Esq., at Rountree, Leitman & Klein, LLC
represents the Debtor as counsel.


HUNTS POINT: Hires Cullen and Dykman as Co-Counsel
--------------------------------------------------
Hunts Point Enterprises LLC, and its affiliates seek approval from
the U.S. Bankruptcy Court for the Eastern District of New York to
employ Cullen and Dykman LLP as co-counsel.

The firm's services include:

   a. advising the Debtors with respect to their powers and duties
as debtors in possession in the continued management and operation
of their businesses and properties;

   b. advising and consulting on the conduct of these Cases,
including all of the legal and administrative requirements of
operating in chapter 11;

   c. attending meetings and negotiating with representatives of
creditors and other parties in interest;

   d. advising the Debtors with respect to actions necessary to
protect and preserve the Debtors' estates, including prosecuting
actions on the Debtors' behalf, defending any action commenced
against the Debtors, and representing the Debtors in negotiations
concerning litigation in which the Debtors are involved, including
objections to claims filed against the Debtors' estates;

   e. preparing pleadings in connection with these Cases, including
motions, applications, answers, orders, reports, and papers
necessary or otherwise beneficial to the administration of the
Debtors' estates;

   f. representing the Debtors in connection with obtaining any
required authorization to use cash collateral and obtain
post-petition financing;

   g. advising the Debtors in connection with any potential sales
of assets;

   h. appearing before the Bankruptcy Court to represent the
interests of the Debtors' estates;

   i. taking any necessary action on behalf of the Debtors to
negotiate, prepare, and obtain approval of a disclosure statement
and confirmation of a chapter 11 plan and all documents related
thereto; and

   j. performing all other necessary legal services for the Debtors
in connection with the prosecution of these chapter 11 cases,
including: (i) analyzing the Debtors' leases and contracts and the
assumption and assignment or rejection thereof; (ii) analyzing the
validity of liens against the Debtors; and (iii) advising the
Debtors on corporate and litigation matters.

The firm will be paid at these rates:

     Attorneys                 $265 to $650 per hour
     Legal Assistants          $125 to $175 per hour

The firm will be paid a retainer in the amount of $40,000.

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

Thomas R. Slome, Esq., a partner at Cullen & Dykman LLP, 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:

          Thomas R. Slome, Esq.
          Matthew G. Roseman, Esq.
          Michelle McMahon, Esq.
          Cullen & Dykman LLP
          100 Quentin Roosevelt Boulevard
          Garden City, NY 11530
          Tel: (516) 357-3700

              About Hunts Point Enterprises LLC

Hunts Point Enterprises, LLC f/k/a BKD Holdings, LLC filed a
voluntary petition under chapter 11 of the Bankruptcy Code (Bankr.
E.D.N.Y. Case No. 20-42393) on June 24, 2020. On July 20, 2020,
Featherstone Distribution, LLC filed a voluntary petition under
chapter 11 of Bankruptcy Code (Bankr. E.D.N.Y. Case No. Case No.
20-42673). On August 6, 2020, this Court entered an order granting
the Debtor's Motion for Joint Administration of the Debtor's
bankruptcy cases. The Debtor failed to include in the petition a
list of its 20 largest unsecured creditors.

The Debtors disclosed an estimated assets of $100,000 to $500,000
and $100,000 to $500,000 in liabilities.

The case is assigned to Judge Carla E. Craig.

The Debtor tapped Lawrence F. Morrison, Esq., at Morrison Tenenbaum
PLLC, and Cullen and Dykman LLP as its legal counsel.



IAA INC: Moody's Completes Review, Retains Ba3 CFR
--------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of IAA, Inc. and other ratings that are associated with the
same analytical unit. The review was conducted through a portfolio
review discussion held on March 2, 2021 in which Moody's reassessed
the appropriateness of the ratings in the context of the relevant
principal methodology(ies), recent developments, and a comparison
of the financial and operating profile to similarly rated peers.
The review did not involve a rating committee. Since January 1,
2019, Moody's practice has been to issue a press release following
each periodic review to announce its completion.

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

Key rating considerations

IAA, Inc's Ba3 Corporate Family Rating reflects its strong position
within the salvage auction services market in North America, where
IAA and competitor Copart, Inc are the market leaders. The industry
benefits from barriers to entry as a result of established
long-term relationships and the need for a sizeable real estate
portfolio. Industry trends, such as the increase in the percentage
of vehicles declared a total loss, the growing price of parts and
the increasing age of the US car parc have provided tailwinds and
will continue to support growth. However, the company's scale is
relatively small for the rating category and a large portion of
revenue is generated from a reduced number of sizeable insurance
customers, creating concentration risk. Revenue is dependent on
total miles driven, which creates cyclical exposure to economic
downturns. The company operates with high financial leverage, with
the potential for debt-funded M&A, constraining the credit.

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


INTELSAT S.A.: Jones Day Updates List of Jackson Crossover Group
----------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Jones Day submitted an amended verified statement
to disclose an updated list of members and holdings of the Intelsat
Jackson Crossover Ad Hoc Group in the Chapter 11 cases of Intelsat
S.A., et al.

The certain beneficial holders and/or investment advisers or
managers for certain beneficial holders of:

    (a) the 5.5% Senior Notes due 2023 issued under that certain
        Indenture, dated as of June 5, 2013, by and among Intelsat
        Jackson Holdings S.A., as issuer, U.S. Bank, National
        Association, as trustee, and certain guarantors party
        thereto,

    (b) the 8.5% Senior Notes due 2024 issued under that certain
        Indenture, dated as of September 19, 2018, by and among
        Intelsat Jackson Holdings S.A., as issuer, U.S. Bank,
        National Association, as trustee, and certain guarantors
        party thereto,

    (c) the 9.75% Senior Notes due 2025 issued under that certain
        Indenture, dated as of July 5, 2017, by and among Intelsat
        Jackson Holdings S.A., as issuer, U.S. Bank, National
        Association, as trustee, and certain guarantors party
        thereto,

    (d) the term loans under that certain Credit Agreement, dated
        as of January 12, 2011 among Intelsat Jackson Holdings
        S.A., as borrower, Intelsat Connect Finance S.A., as
        Parent guarantor, the other guarantors from time to time
        party thereto, Bank of America, N.A., as administrative
        agent, and the lenders from time to time party thereto,

    (e) the 9.5% Senior Secured Notes due 2022 issued under that
        certain Indenture, dated as of June 30, 2016 by and among
        Intelsat Jackson Holdings S.A., as issuer, Wilmington
        Trust, National Association, as trustee, and certain
        guarantors party thereto, and

    (f) the 8.0% Senior Secured Notes due 2024 issued under that
        certain Indenture, dated as of March 29, 2016 by and among
        Intelsat Jackson Holdings S.A., as issuer, Wilmington
        Trust, National Association, as trustee, and certain
        guarantors party thereto.

As of March 9, 2021, members of the Intelsat Jackson Crossover Ad
Hoc Group and their disclosable economic interests are:

Capital Ventures International
c/o Susquehanna Advisors Group, Inc.
401 City Avenue
Suite 220
Bala Cynwyd, PA 19004

* Jackson Unsecured Notes: $14,000,000

CarVal Investors, LP
9320 Excelsior Boulevard, 7th Floor
Hopkins, MN 55343

* Jackson Unsecured Notes: $521,107,000
* DIP Loans: $15,436,158

Davidson Kempner Capital Management LP
520 Madison Avenue
30th Floor
New York, NY 10022

* Jackson Unsecured Notes: $491,907,000
* Lux Notes: $142,849,000
* 2025 Convertible Notes: $5,000,000
* Intelsat S.A. Common Shares: 1,508,803 shares

Deutsche Bank Securities Inc. and
Deutsche Bank AG Cayman Islands Branch
60 Wall Street, 3rd Floor
New York, NY 10005

* Jackson Unsecured Notes: $104,102,000
* Jackson Term Loans: $4,014,423
* 2023 ICF Notes: $3,118,000
* DIP Loans: $2,022,329

Fidelity Management & Research Co.
245 Summer Street
Boston, MA 02110

* Jackson Unsecured Notes: $165,430,000

Glendon Capital Management L.P.
2425 Olympic Blvd, Suite 500E
Santa Monica, CA 90404

* Jackson Unsecured Notes: $71,164,000
* Jackson Secured Notes: $2,000

J.P. Morgan Investment Management Inc. and
J.P. Morgan Chase Bank, N.A.
1 E Ohio St.
Floor 6
Indianapolis, IN 46204

* Jackson Unsecured Notes: $444,603,000
* Jackson Term Loans: $37,178,000
* Jackson Secured Notes: $99,725,000

Pacific Investment Management Company LLC
650 Newport Center Drive
Newport Beach, CA 92660

* Jackson Unsecured Notes: $2,317,319,000
* Jackson Term Loans: $473,583,315
* Jackson Secured Notes: $241,075,000
* 2023 ICF Notes: $77,948,000
* Lux Notes: $291,622,000
* DIP Loans: $173,622,668

PGIM Inc.
655 Broad St.
Newark, NJ 07102

* Jackson Unsecured Notes: $293,870,000
* Jackson Term Loans: $65,837,463
* Jackson Secured Notes: $90,985,000
* Lux Notes: $61,675,000

Signature Global Asset Management
c/o CI Signature Global Asset Management
2 Queen Street East
Toronto, Ontario
M5C 3G7

* Jackson Unsecured Notes: $32,554,000
* Jackson Term Loans: $500,000

Solus Alternative Asset Management
410 Park Avenue
New York, NY 10022

* Jackson Unsecured Notes: $58,538,000
* Jackson Term Loans: $12,484,621

The TCW Group, Inc.
865 S. Figueroa St.
Los Angeles, CA 90017

* Jackson Unsecured Notes: $322,315,000
* Jackson Term Loans: $39,388,924
* Lux Notes: $2,720,000

Counsel to the Intelsat Jackson Crossover Ad Hoc Group can be
reached at:

          J. Ryan Sims, Esq.
          JONES DAY
          51 Louisiana Avenue, N.W.
          Washington, D.C. 20001
          Tel: (202) 879-3939
          Fax: (202) 626-1700
          E-mail: rsims@jonesday.com

          Bruce Bennett, Esq.
          JONES DAY
          555 South Flower Street
          Fiftieth Floor
          Los Angeles, CA 90071
          Tel: (213) 489-3939
          Fax: (213) 243-2539
          E-mail: bbennett@jonesday.com

             - and -

          Michael Schneidereit, Esq.
          C. Lee Wilson, Esq.
          Nicholas J. Morin, Esq.
          JONES DAY
          250 Vesey Street
          New York, NY 10281
          Tel: (212) 326-3939
          Fax: (212) 755-7306
          E-mail: mschneidereit@jonesday.com
                  clwilson@jonesday.com
                  nmorin@jonesday.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3qDOQRX

                    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., based in L-1246 Luxembourg, and its
debtor-affiliates, sought Chapter 11 protection (Bankr. E.D. Va.
Lead Case No. 20-32299) on May 14, 2020.  The petition was signed
by David Tolley, executive vice president, chief financial officer,
and co-chief restructuring officer.  In its petition, Intelsat
disclosed $11,651,558,000 in assets and $16,805,844,000 in
liabilities.  

KIRKLAND & ELLIS LLP, and KUTAK ROCK LLP, as counsels; ALVAREZ &
MARSAL NORTH AMERICA, LLC as restructuring advisor; PJT PARTNERS LP
as investment banker; STRETTO as claims and noticing agent.


INTELSAT S.A.: Paul, Whiteford Update List of Parent Creditors
--------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Paul, Weiss, Rifkind, Wharton & Garrison LLP and
Whiteford, Taylor & Preston, LLP submitted an amended verified
statement to disclose an updated list of AD Hoc Committee of Parent
Company Creditors that they are representing in the Chapter 11
cases of Intelsat S.A.

In May 2020, the Ad Hoc Committee retained Paul, Weiss to represent
it as counsel in connection with a potential restructuring
involving the above-captioned debtors and debtors-in-possession.
Also in May 2020, the Ad Hoc Committee retained WTP to serve as its
Virginia counsel with respect to such matters. From time to time
thereafter, certain holders have departed from the Ad Hoc
Committee.

On June 29, 2020, the Ad Hoc Committee filed the Verified Statement
Pursuant to Bankruptcy Rule 2019 of Ad Hoc Committee of Parent
Company Creditors [Docket No. 407]. The Ad Hoc Committee submits
this Amended Verified Statement to amend information disclosed in
the Original Verified Statement.

As of March 5, 2021, members of the Ad Hoc Committee and their
disclosable economic interests are:

ANTARA CAPITAL LP
500 Fifth Avenue, Suite 2320
New York, NY 10110

* Luxembourg Senior Notes: $69,927,000.00
* Jackson Senior Notes: $25,000,000.00
* First Lien Notes: $15,000,000.00
* DIP Term Loans: $1,428,462.00

APPALOOSA LP
51 John F. Kennedy Parkway
Short Hills, NJ 07078

* 4.5% Convertible Senior Notes due 2024: $104,168,000.00
* Luxembourg Senior Notes: $404,091,000.00
* Connect Finance 9.5% Senior Notes due 2023: $613,798,000.00
* Jackson Senior Notes: $382,677,000.00
* Common Shares: 3,500,000

HIGHBRIDGE CAPITAL MANAGEMENT, LLC
277 Park Ave. 23rd Floor
New York, NY 10172

* 4.5% Convertible Senior Notes due 2024: $10,000,000.00
* Luxembourg Senior Notes: $15,000,000.00
* Connect Finance 9.5% Senior Notes due 2023: $25,100,000.00
* Jackson Senior Notes: $36,000,000.00

MELQART ASSET MANAGEMENT (UK) LTD
5 St James's Square
London, SW1Y 4JU

* Connect Finance 9.5% Senior Notes due 2023: $114,380,000.00
* Jackson Senior Notes: $18,500,000.00

STONEHILL CAPITAL MANAGEMENT LLC
885 Third Ave, 30th Floor
New York, NY 10022

* 4.5% Convertible Senior Notes due 2024: $15,114,000.00
* Connect Finance 9.5% Senior Notes due 2023: $163,707,000
* Jackson Senior Notes: $67,500,000

Counsel to the Ad Hoc Committee of Parent Company Creditors can be
reached at:

          Christopher A. Jones, Esq.
          Corey S. Booker, Esq.
          Jae Won Ha, Esq.
          WHITEFORD, TAYLOR & PRESTON L.L.P.
          Two James Center
          1021 E. Cary Street, Suite 1700
          Richmond, VA 23219
          Telephone: (804) 977-3300
          E-mail: cajones@wtplaw.com
                  cbooker@wtplaw.com
                  jha@wtplaw.com

                - and -

          Paul M. Basta, Esq.
          Lewis R. Clayton, Esq.
          Susanna M. Buergel, Esq.
          Kyle J. Kimpler, Esq.
          PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
          1285 Avenue of the Americas
          New York, NY 10019
          Telephone: (212) 373-3000
          E-mail: pbasta@paulweiss.com
                  lclayton@paulweiss.com
                  sbuergel@paulweiss.com
                  kkimpler@paulweiss.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3cuWfOr

                      About Intelsat SA

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 debtor-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 Stretto as claims and noticing
agent.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on May 27, 2020.


INTELSAT S.A.: Wilmer, Zemanian Update on Noteholder Group
----------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Wilmer Cutler Pickering Hale and Dorr LLP and
Zemanian Law Group submitted an amended verified statement to
disclose an updated list of Ad Hoc Group of Secured Noteholders
that they are representing in the Chapter 11 cases of Intelsat
S.A., et al.

In January 2021, certain members of the Ad Hoc Group retained
Wilmer Cutler Pickering Hale and Dorr LLP to represent them in
connection with the chapter 11 cases of the above-captioned debtors
and debtors-in-possession. Also in January 2021, certain members of
the Ad Hoc Group retained Zemanian Law Group to serve as Virginia
local counsel with respect to such matters.

On January 21, 2021, the Ad Hoc Group filed its Verified Statement
of the Ad Hoc Group of Secured Noteholders Pursuant To Bankruptcy
Rule 2019 [Docket No. 1345]. Since then, two additional members
have joined the Ad Hoc Group: Citadel Advisors LLC and Weiss Asset
Management LP. In addition, the disclosable economic interests in
relation to the Debtors held or managed by certain members of the
Ad Hoc Group have changed. Accordingly, pursuant to Bankruptcy Rule
2019, the Ad Hoc Group submits this Amended Statement.

As of March 11, 2021, members of the Ad Hoc Group and their
disclosable economic interests are:

Aristeia Capital LLC
One Greenwich Plaza 3rd Floor
Greenwich, CT 06830

* 2022 Jackson Secured Notes: $41,584,000.00
* 2024 Jackson Secured Notes: $11,925,000.00
* DIP Loans: $5,790,384.00

Bardin Hill Investment Partners LP
299 Park Avenue 24th Floor
New York, NY 10171

* 2022 Jackson Secured Notes: $58,451,000.00

Citadel Advisors LLC
520 Madison Avenue, 17th Floor
New York, NY 10022

* 2022 Jackson Secured Notes: $40,000,000.00
* 2024 Jackson Secured Notes: $21,255,000.00
* 2023 Intelsat 5.5% Notes: $8,000,000

HBK Services LLC
2300 North Field Street Suite 2200
Dallas, TX 75201

* 2022 Jackson Secured Notes: $81,254,000.00
* 2024 Jackson Secured Notes: $211,468,000.00
* DIP Loans: $7,532,989.00
* Jackson Term Loans: $79,653,267.00

VR Advisory Services, Ltd.
300 Park Avenue 16th Floor
New York, NY 10022

* 2022 Jackson Secured Notes: $12,128,000.00
* DIP Loans: $751,822.06

Weiss Asset Management LP
222 Berkeley Street, 16th Floor
Boston, MA 02116

* 2022 Jackson Secured Notes: $15,000,000.00

Counsel to the Ad Hoc Group of Secured Noteholders can be reached
at:

          Philip D. Anker, Esq.
          Lauren R. Lifland, Esq.
          Salvatore M. Daniele, Esq.
          WILMER CUTLER PICKERING HALE AND DORR LLP
          7 World Trade Center
          250 Greenwich Street
          New York, NY 10007
          Telephone: (212) 230-8800
          Facsimile: (212) 230-8888
          E-mail: philip.anker@wilmerhale.com
                  lauren.lifland@wilmerhale.com
                  sal.daniele@wilmerhale.com

          Benjamin W. Loveland, Esq.
          WILMER CUTLER PICKERING HALE AND DORR LLP
          60 State Street
          Boston, MA 02109
          Telephone: (617) 526-6641
          Facsimile: (617) 526-5000
          E-mail: benjamin.loveland@wilmerhale.com

              - and -

          Peter G. Zemanian, Esq.
          Paul A. Driscoll, Esq.
          ZEMANIAN LAW GROUP
          223 E. City Hall Ave.
          Suite 201
          Norfolk, VA 23510
          Telephone: (757) 622-0090
          E-mail: pete@zemanianlaw.com
                  paul@zemanianlaw.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3vfBOO9

                    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 debtor-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.


ISIS MEDICAL: Seeks to Hire FocusCFO as Accountant
--------------------------------------------------
ISIS Medical, Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Ohio to employ FocusCFO.

The firm will provide these services:

   a. assist in the Debtor's cash management;

   b. provide accounting advice to Debtor;

   c. assist in preparing accountings, monthly operating reports
and financial projections for Debtor;

   d. consult with Debtor regarding financial matters: and

   e. perform all other necessary accounting services and provide
all other necessary advice to Debtor in connection with this
chapter 11 case and Debtor's business operations.

The firm will be paid at the rate of $170 per hour.

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

Mark Clower, area president at FocusCFO, 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:

     Mark Clower
     FocusCFO
     1010 Jackson Hole Drive, Suite 202
     Blacklick, OH 43004
     Tel: (614) 944-5760

              About ISIS Medical, Inc.

ISIS Medical, Inc. filed for Chapter 11 bankruptcy protection
(Bankr. S.D. Ohio Case No.: 20-32705) on Dec. 17, 2020. Colleen
Duch, vice-president and sole shareholder of the Debtor, signed the
petition. At the time of the filing, the Debtor disclosed
$13,900,974 in assets and $6,034,068 in liabilities.

Judge Guy R. Humphrey oversees the case.

Shaneyfelt & Associates, LLC is the Debtor's legal counsel.


JASON'S HAULING: Seeks Court Approval to Hire CFO
-------------------------------------------------
Jason's Hauling, Inc. seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to hire Todd Frankel, an
independent contractor based in Tampa, Fla., as its chief financial
officer.

Mr. Frankel's services include:

     a. assisting with the preparation of the bankruptcy
schedules;

     b. assisting the Debtor's management with the development of a
post-filing budgets and cash flow forecasts;

     c. assisting management with the reporting requirements in the
Debtor's Chapter 11 case;

     d. assisting management with respect to the negotiations and
preparation of a plan of reorganization; and

     e. performing other work as may be requested by management.

The Debtor will pay Mr. Frankel weekly for services requested and
provided at the hourly rate of $100.

Mr. Frankel disclosed in a court filing that he is disinterested as
defined by Section 101(14) of the Bankruptcy Code.

Mr. Frankel can be reached at:

     Todd C. Frankel
     4302 Carrollwood Village Dr.
     Tampa, FL 33618

                       About Jason's Hauling

Jason's Hauling, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-00843) on Feb. 23,
2021.  Jason's Hauling President H. Jason Freyre, Jr. signed the
petition.  In the petition, the Debtor disclosed assets of between
$1 million and $10 million and liabilities of the same range.

The Debtor is represented by Scott A. Stichter, Esq., at Stichter,
Riedel, Blain & Postler, P.A.  Todd C. Frankel, an independent
contractor based in Tampa, Fla., serves as the Debtor's chief
financial officer.


JASON'S HAULING: Seeks to Hire Stichter Riedel as Legal Counsel
---------------------------------------------------------------
Jason's Hauling, Inc. seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to hire Stichter, Riedel, Blain
& Postler, P.A., as its legal counsel.

The firm's services include:

     a. advising the Debtor regarding its powers and duties, the
continued operation of its business, and the management of its
property;

     b. preparing legal papers;

     c. appearing before the court and the U.S. trustee;

     d. participating in negotiations with creditors and other
parties in interest in formulating and drafting a plan of
reorganization and disclosure statement, and taking necessary legal
steps to confirm such a plan;

     e. representing the Debtor in all adversary proceedings,
contested matters, and matters involving administration of its
Chapter 11 case;

      f. representing the Debtor in negotiations with potential
financing sources, and preparing contracts, security instruments,
and other documents necessary to obtain financing; and

     g. other legal services.

The firm received the aggregate sum of $25,000 on account of
pre-bankruptcy services and as a retainer for post-petition
services.

Scott Stichter, Esq., a partner at Stichter Riedel, 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 through:

     Scott A. Stichter, Esq.
     Matthew B. Hale, Esq.
     Stichter Riedel Blain & Postler, P.A.
     110 East Madison Street, Suite 200
     Tampa, FL 33602
     Phone: (813) 229-0144  
     Email: sstichter@srbp.com
            mhale@srbp.com

                       About Jason's Hauling

Jason's Hauling, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-00843) on Feb. 23,
2021.  Jason's Hauling President H. Jason Freyre, Jr. signed the
petition.  In the petition, the Debtor disclosed assets of between
$1 million and $10 million and liabilities of the same range.

The Debtor is represented by Scott A. Stichter, Esq., at Stichter,
Riedel, Blain & Postler, P.A.  Todd C. Frankel, an independent
contractor based in Tampa, Fla., serves as the Debtor's chief
financial officer.


JFK HEATING: Gets Cash Collateral Access on Interim Basis
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Ohio,
Western Division, has authorized JFK Heating and Cooling, LLC to,
among other things, use cash collateral on an interim basis in
accordance with the budget, with a 10% variance.

The court finds it is in the best interests of the Debtor's
creditors and the estate that it be allowed to continue its
operations.

Prior to the commencement of the Case, the Debtor's largest
creditor was the U.S. Small Business Administration. The Debtor's
obligations to the SBA is evidenced by:

     (1) a Loan Authorization and Agreement with an effective date
of May 8, 2020;

     (2) a Note dated May 8, 2020 in the original principal amount
of $150,000; and

     (3) a Security Agreement, also dated May 8, 2020.

The loan evidenced by the Senior Secured Loan Documents are
currently on deferred status, however, are incurring interest. The
total principal indebtedness owed to the SBA under the Senior
Secured Loan Documents, as of the Petition Date is $150,000.

The Debtor is directed to transfer all its cash to a
Debtor-in-Possession bank account or otherwise have its existing
account, pursuant to separate order, approved as a
Debtor-in-Possession account and will immediately deposit (or cause
its property manager to deposit) all cash received by it into the
Cash Collateral Account.

The Debtor will on a timely basis make monthly adequate protection
payments to the SBA in the amount of $731. SBA may allocate
payments for the Senior Secured Obligations to interest, principal,
legal fees and costs due in such manner as SBA deems appropriate in
accordance with its Senior Secured Loan Documents.

As security for the prompt payment and performance of any and all
obligations incurred by the Debtor to the SBA, of whatever nature
or description, the SBA is granted valid, binding, enforceable and
perfected first priority liens and security interests, superior to
the liens and security interests or other interests or rights of
all other creditors of the Debtor's estate on property owned or
leased by the Debtor, in and upon (i) all of the Cash Collateral
and all proceeds thereof, and (ii) all of the Debtor's property and
assets acquired by the Debtor on or after the Petition Date, of any
kind or nature.

As adequate protection for any post-petition diminution in value of
the SBA's interests in the Cash Collateral, including without
limitation for any diminution in value resulting from the use of
Cash Collateral, the use, sale or lease of any other Pre-Petition
Collateral or the imposition of the automatic stay, the SBA is
granted an administrative expense claim against the Debtor's estate
for the full amount of such diminution.

A further hearing on the matter is scheduled for April 15, 2021 at
2 p.m.

A copy of the Order is available at https://bit.ly/3l62PyM from
PacerMonitor.com.

                About JFK Heating and Cooling, LLC

JFK Heating & Cooling, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 3:21-bk-30341 )
on March 8, 2021. In the petition signed by Jason Kirby, member,
the Debtor disclosed up to $500,000 in assets and up to $10 million
in liabilities.

Judge Guy R. Humphrey oversees the case.

Patricia J. Friesinger, Esq. at Coolidge Wall Co., L.P.A is the
Debtor's counsel.



KAR AUCTION: Moody's Completes Review, Retains B2 CFR
-----------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of KAR Auction Services, Inc and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on March 2, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

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

Key rating considerations

The B2 Corporate Family rating is constrained by high leverage,
cyclicality and the reduction in miles driven caused by the
COVID-19 pandemic. KAR benefits from a solid operating scale as top
player in the wholesale auction market with strong ties to major
vehicle manufactures, dealers, rental car companies and vehicle
finance companies. The coronavirus shock resulted in material
operational disruption in 2020, but the company was able to
accelerate its transition to online auctions, which is expected to
improve long-term profitability.

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


KESTREL ACQUISITION: S&P Lowers Senior Secured Debt Rating to 'B'
-----------------------------------------------------------------
S&P Global Ratings lowered its senior secured debt rating on
Kestrel Acquisition LLC to 'B' from 'B+', based on lower debt
service coverage ratios (DSCRs) in the post-refinance period. The
outlook is negative.

The '2' recovery rating is unchanged. The rounded recovery
percentage is now 70%, down from 80% in its last review, indicating
its expectation for substantial recovery for lenders in the event
of default.

Kestrel Acquisition LLC's Hunterstown Generating Station power
plant is an 810-megawatt (MW) combined cycle gas-fired power plant
located in the MetEd region of the Western Mid-Atlantic Area
Council (MAAC) zone of the PJM Interconnection. Kestrel is
primarily owned by Platinum Equity Capital Partners IV L.P. The
project is owned by a private equity sponsor with a more aggressive
financial policy than most strategic owners.

-- The project's low heat rate of about 7,100 British thermal
units (Btus) per kilowatt-hour (kWh) allows the plant to dispatch
at a baseload level. We expect a capacity factor in the 75%-80%
range going forward.

-- Hunterstown has exhibited the ability to generate at high
capacity factors with minimal unplanned outages.

-- The project has a strong cash sweep mechanism compared with
some peers, with 100% of cash being swept when debt to EBITDA is
above 3.25x. This could accelerate debt reduction if the project
exceeds our expectations for cash generation.

-- As a merchant power generator, Kestrel is fully exposed to
market forces.

-- This is a single stand-alone plant, lacking scale, scope, and
geographic diversification.

S&P said, "We lowered our issue-level rating on Kestrel by one
notch to 'B' after the project did not sweep any cash against its
term loan in 2020. Based on our view of spark spreads in PJM MAAC,
we expect no sweep in 2021 and anticipate about $360 million to
remain outstanding when the project's term loan matures in 2025.
This is about $30 million more than previously expected and results
in lower DSCRs in the post-refinance period.

"Projected spark spreads in PJM MAAC have not rebound as expected,
weakening our forecast for cash flow available for debt service
(CFADs).  Kestrel has underperformed financially as realized spark
spreads continue to lag expectations. Despite its low heat rate and
good position in the dispatch stack, Kestrel has continued to
generate weak spark spreads, reporting a generation-weighted
average spark spread of about $7.50 per megawatt hour (/MWh)
through the first three quarters of 2020. While we expected sparks
to be low in 2020--primarily due to demand destruction related to
COVID-19 lockdown measures--the rebound in forward power pricing
curves has been weak. We now forecast Kestrel to generate spark
spreads of about $9.50/MWh through term loan maturity in 2025,
about $2.50/MWh lower than previously expected. In addition to a
higher debt balance at maturity, this forecast reduces expected
energy margins over the life of the asset and materially lowers
DSCR expectations. Under our base case forecast, we expect the
project to have a minimum annual DSCR of 1.11x in 2026, the first
year of the refinance period. We anticipate DSCRs to average 1.74x
through the term loan's maturity in the second quarter of 2022 and
1.30x over the life of the asset."

Kestrel is exposed to merchant forces but has some protection from
capacity payments.  The project is fully exposed to merchant prices
given its lack of off-take contracts or a robust hedging program.
While there is no change to the project's operations phase business
assessment of 10, its market exposure is more pronounced than some
peers. This, in S&P's view, raises the project's business risk and
cash flow volatility. Kestrel does participate in PJM's capacity
market, which provides about $33 million and $38 million of
predictable cash flows in 2021 and 2022, respectively.

However, capacity market pricing uncertainty represents a downside
credit risk.  Future cleared capacity prices are uncertain and are
a risk to future expected cash flows. S&P said, "We currently
expect capacity prices in PJM MAAC for 2022-2023 to clear at $125
per MW-day. As PJM's parameters show further load degradation, we
see downside to base-case assumptions to $110/MW-day. Our
assumptions for future years is $120 per MW-day thereafter. This
price is a premium to our assumption for $100 per MW-day for the
regional transmission organization (RTO) and is predicated on an
assumed separation of MAAC from RTO. While we expect RTO to clear
at $100 per MW-day, the range of outcomes we assume is wide and
could go as low as $75 per MW-day."

To illustrate the point, should MAAC clear at $75 per MW-day for
2022-2023, rather than at $125 per MW-day as currently expected,
Kestrel would suffer a roughly $14 million decline in annual CFADS,
decreasing DSCRs for the period by about 0.5x. While S&P thinks
such an outcome is unlikely, the risk posed by downside capacity
auction surprises, particularly given the current weak energy
margin environment, is an important credit consideration.

Despite poor financial performance, Kestrel's operational
performance has been strong.  Although pricing has been soft for
the plant, operations continue to be in line with expectations. S&P
said, "We forecast a capacity factor of about 85% over the plant's
life, but we expect it to fluctuate seasonally, which also captures
our view of good availability. Hunterstown's position in the supply
stack as a baseload plant is supported by a relatively strong heat
rate that we expect to remain about 7,100 Btu per kWh." The high
efficiency means the plant will likely continue to dispatch during
normal times and maintain a relatively strong capacity factor. This
supports the energy gross margins in our forecast. Although
operations have been relatively strong, the project is a single
asset that lacks operating, geographic, regulatory, and fuel supply
diversification. These factors can lead to greater operating
risks.

S&P said, "We view Kestrel as delinked from its sponsor, Platinum,
based on our review of the executed documents, which includes a
non-consolidation opinion and usual and customary cash waterfall
and separateness provisions.

"The negative outlook reflects the possibility that Kestrel may
underperform our base case in the near term by generating weak
DSCRs and failing to sweep any cash against its term loan over the
next several quarters. We currently expect about $360 million
outstanding on the term loan at the point of maturity in mid-2025,
resulting in a 1.11x minimum DSCR over the life of the asset.

"We could lower the rating if our expectations for the project's
financial performance over the life of the asset worsened. This
would likely result from the project sweeping less cash than we
currently expect against the term loan, such that the term loan
balance at maturity exceeded our current expectation of about $360
million. This failure to sweep could stem from: disappointing
future PJM capacity auction results relative to our expectations, a
deterioration in forecast energy margins if spark spreads do not
rebound, or unexpected operational issues that lead to forced
outages.

"We could consider revising the outlook to stable if Kestrel were
to realize an expected minimum DSCR above 1.25x over the life of
the project. This could stem from a secular improvement in power
and capacity prices in PJM or outperformance of the gas
optimization plan. Upward ratings pressure could also occur if the
project were to materially reduce market exposure while maintaining
similar DSCRs by signing an offtake contract or entering a hedge
that we think materially supports credit on the whole."



KEYERA CORP: S&P Rates 2021-A Subordinated Notes 'BB'
-----------------------------------------------------
S&P Global Ratings assigned its 'BB' rating to Keyera Corp.'s
CAD$350 million 5.95% fixed-to-fixed-rate subordinated notes,
series 2021-A due March 10, 2081.

At the same time, S&P affirmed its 'BBB-' issuer credit rating on
Keyera and 'BBB-' issue-level rating on the company's senior
unsecured debt.

The stable outlook reflects an increasing proportion of stable
contracted cash flows and debt to EBITDA of about 4x.

Keyera intends to use the net proceeds of this offering to fund
capital expenditures, repay some of the borrowings under the
company's credit facilities, and for general corporate purposes.
S&P classifies the notes as having intermediate equity content
because of their subordination, permanence, and optional
deferability features, in line with its hybrid capital criteria. As
a result, the proposed notes will receive 50% equity treatment for
the calculation of credit metrics.

Although the subordinated notes are due in 60 years, the interest
margins will increase by 25 basis points (bps) in 2031 (year 10)
and a further 75 bps (total of 100 bps from initial spread) in 2051
(year 30). S&P said, "We consider this cumulative 100-bps increase
as a material step-up, which, in our opinion, could provide an
incentive for Keyera to redeem the instruments on that call date.
Therefore, we consider 2051 as the effective maturity date for the
notes."

S&P said, "In line with our criteria, the notes will receive
minimal equity content after the first call date in 2031 because
the remaining period until their effective maturity will be less
than 20 years.

"The stable outlook reflects our view that Keyera will maintain a
high proportion of stable fee-based or take-or-pay type contracts
and any new projects will be contracted similarly. In our base-case
scenario, we expect debt to EBITDA will be about 4x during our
forecast period.

"We could lower the rating if debt to EBITDA were to increase to
above 4.5x consistently. This could result from a material
reduction in throughput at the company's gathering systems or
declining oil sands production, which results in reduced condensate
demand or low spreads and opportunities in the marketing business,
or projects not proceeding on time and on budget. We could also
consider a negative rating action if cash flows decline, in
particular with a decrease in take-or-pay cash flows.

"We could consider a positive rating action if debt to EBITDA
remains below 3.5x consistently. This could result from EBITDA
being higher than we forecast due to higher volumes on Keyera's
gathering systems or increased oil sands production that results in
more condensate demand and high utilization of Keyera liquids
infrastructure."



KLAUSNER LUMBER ONE: Hires CBIZ Accounting as Tax Accountant
------------------------------------------------------------
Klausner Lumber One, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to hire CBIZ Accounting, Tax and
Advisory of New York, LLC and CBIZ Accounting, Tax and Advisory of
San Diego, LLC as its tax accountants.

The firm will render the following services:

     a) provide tax consulting advisory and compliance services
including but not limited to (i) review of historical tax
information, (ii) assist in preparation of financial statements and
or financial information for use in tax issues and compliance,
(iii) assist and advise on resolution of tax notices as requested,
(iv) assist with the resolution of tax claims as requested.

     b) provide other tax related services as may be requested by
the Debtor or by Debtor's counsel.

The firm will be paid as follows:

     Directors and Managing Directors   $475-800 per hour
     Managers and Senior Managers       $345-445 per hour
     Senior Associates and Staff        $195-345 per hour

CBIZ NY is a "disinterested person" as that term is defined in 11
U.S.C. Sec. 101(14), according to court filings.

The firm can be reached through:

     Charles M. Berk, Esq.
     CBIZ Accounting, Tax and Advisory of New York, LLC
     1065 Avenue of the Americas, 11th Floor
     New York, NY 10018
     Phone:  212-790-5883
     Email: cberk@cbiz.com

                      About Klausner Lumber One

Klausner Lumber One, LLC is a privately-held company in the lumber
and plywood products manufacturing industry.  It is 100% owned by
non-debtor Klausner Holding USA, Inc.

Klausner Lumber One sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 20-11033) on April 30,
2020. At the time of the filing, Debtor disclosed assets of between
$100 million and $500 million and liabilities of the same range.

Debtor has tapped Westerman Ball Ederer Miller Zucker & Sharfstein,
LLP as its bankruptcy counsel, Morris, Nichols, Arsht & Tunnell,
LLP as local counsel, Asgaard Capital, LLC as restructuring
advisor, and Cypress Holdings, LLC as investment banker.

The Office of the U.S. Trustee appointed a committee to represent
unsecured creditors in Debtor's Chapter 11 case.  The committee is
represented by Foley & Lardner LLP.


KLAUSNER LUMBER TWO: Hires CBIZ Accounting as Tax Accountant
------------------------------------------------------------
Klausner Lumber Two, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to hire CBIZ Accounting, Tax and
Advisory of New York, LLC and CBIZ Accounting, Tax and Advisory of
San Diego, LLC as its tax accountants.

The firm will render the following services:

     a) provide tax consulting advisory and compliance services
including but not limited to (i) review of historical tax
information, (ii) assist in preparation of financial statements and
or financial information for use in tax issues and compliance,
(iii) assist and advise on resolution of tax notices as requested,
(iv) assist with the resolution of tax claims as requested.

     b) provide other tax related services as may be requested by
the Debtor or by Debtor's counsel.

The firm will be paid as follows:

     Directors and Managing Directors   $475-800 per hour
     Managers and Senior Managers       $345-445 per hour
     Senior Associates and Staff        $195-345 per hour

CBIZ Accounting is a "disinterested person" as that term is defined
in 11 U.S.C. Sec. 101(14), according to court filings.

The firm can be reached through:

     Charles M. Berk, Esq.
     CBIZ Accounting, Tax and Advisory of New York, LLC
     1065 Avenue of the Americas, 11th Floor
     New York, NY 10018
     Phone:  212-790-5883
     Email: cberk@cbiz.com

                     About Klausner Lumber Two

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

Judge Karen B. Owens oversees the case.

The Debtor has tapped Westerman Ball Ederer Miller Zucker &
Sharfstein, LLP and Morris, Nichols, Arsht & Tunnell, LLP as its
bankruptcy counsel, Asgaard Capital LLC as restructuring advisor,
and Cypress Holdings LLC as investment banker.

The U.S. Trustee for the District of Delaware appointed a committee
of unsecured creditors in the Debtor's Chapter 11 case on June 25,
2020.  Armstrong Teasdale, LLP and EisnerAmper, LLP serve as the
committee's legal counsel and financial advisor, respectively.


KNOTEL INC: Seeks Shortened Notice on Proposed All Assets Sale
--------------------------------------------------------------
Knotel, Inc., and its affiliates, together with Stalking Horse
Bidder and DIP Lender, Digiatech, LLC, ask the U.S. Bankruptcy
Court for the District of Delaware to shorten notice of their
request for entry of an order (I) approving the Compromise and
Settlement Term Sheet among the Debtors, the Official Committee of
Unsecured Creditors, and Digiatech; (II) amending the Bidding
Procedures Order; and (III) authorizing amendments to the Stalking
Horse Agreement, to the sale of substantially all assets to
Digiatech or its designee for $70 million, subject to overbid.

On Feb. 22, 2021, the Court entered an order approving certain
procedures authorizing the Debtors to enter into and perform under
the Stalking Horse Agreement, and proposed bidding procedures in
connection with a proposed sale of substantially all of the
Debtors' assets.  

As set forth in the Motion, the Parties, after significant
negotiation, have crafted an agreement that will provide
significant value to the Debtors' estates, preserve the Debtors'
business, and save a significant number of jobs.  Specifically, the
proposed settlement set forth in the Term Sheet will allow the
Debtors to avoid costly litigation while expediting a sale of their
assets and providing more than $6.2 million of value to be
distributed to holders of allowed general unsecured claims.  

In addition to the $6.2 million fund dedicated to unsecured
creditors, the Parties have agreed that Digiatech, in furtherance
of its continued efforts to preserve value for the Debtors'
estates, as Stalking Horse Bidder, will, inter alia, (i) relinquish
its entitlement to distributions on any deficiency claim remaining
after its credit bid, (ii) transfer its right to actions against
the Debtors’ directors and officers to the Liquidating Trustee,
(iii) increase funding for wind-down operations from $100,000 to
$500,000, and (iv) guarantee offers of employment to a significant
number of the Debtors' current employees.  

In exchange, the Committee will withdraw the costly litigation
efforts that recently began and agree not to challenge Digiatech's
right to credit bid the full amount of its secured claims to
purchase the Debtors' assets through a substantially uncontested
sale.

It remains critical that the sale process proceed efficiently in
order to conserve the Debtors' limited resources and preserve value
of the Debtors' estates.  The settlement is designed to provide
substantial value to the Debtors' estates and creditors, and
provide significant job security for their employees.

The Debtors and Digiatech respectfully submit that cause exists and
shortened notice is appropriate under the circumstances of these
chapter 11 cases.   As the Court is well aware, the Debtors' weekly
burn rate exceeds $3 million in the midst of a global pandemic.
Each week that the case continues drags the Debtors closer to an
uncontrolled liquidation.  The settlement, therefore, is in the
best interests of the Debtors' estates by (i) ensuring that the GUC
Fund reserves over $6 million for unsecured creditors, (ii) taking
out all of the Debtors' secured debt and (iii) providing a larger
budget for wind-down proceedings.

                         About Knotel Inc.

Knotel -- http://www.Knotel.com/-- is a flexible workspace
platform that matches, tailors, and manages space for customers.
New York-based Knotel offers workspace properties such as desks,
open, and private spaces on rent for companies in 20 global
markets.  In the U.S., Knotel primarily serves in the New York
City
and San Francisco areas.

Knotel, founded in 2015, raised hundreds of millions of dollars
from investors. It expanded rapidly for years and was one of the
more aggressive competitors in the co-working and flexible office
space sector, becoming one of WeWork's fiercest rival.

As the COVID-19 pandemic upended the co-working industry, Knotel,
Inc., and its U.S. subsidiaries sought Chapter 11 protection
(Bankr. D. Del. Case No. 21-10146) on Jan. 30, 2021, to pursue a
sale of the assets to Newmark Group.

Knotel estimated $1 billion to $10 billion in assets and
liabilities as of the bankruptcy filing.

Morris, Nichols, Arsht & Tunnell LLP is serving as the Company's
counsel.  Moelis & Company is the investment banker.  Omni Agent
Solutions is the claims agent.



KORN FERRY: Moody's Completes Review, Retains Ba2 CFR
-----------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Korn Ferry and other ratings that are associated with
the same analytical unit. The review was conducted through a
portfolio review discussion held on March 2, 2021 in which Moody's
reassessed the appropriateness of the ratings in the context of the
relevant principal methodology(ies), recent developments, and a
comparison of the financial and operating profile to similarly
rated peers. The review did not involve a rating committee. Since
January 1, 2019, Moody's practice has been to issue a press release
following each periodic review to announce its completion.

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

Key rating considerations

Korn Ferry's Ba2 Corporate Family Rating is supported by strong
liquidity, with good free cash flow generation capacity and a
sizeable cash position. The company's ability to cut cost and
manage liquidity is a strong mitigant against its cyclical exposure
as a provider of human capital services. The rating also reflects
Korn Ferry's strong market position and well-established brand, as
well as its moderate financial policies. The rating is constrained
by the highly cyclical and competitive nature of the talent search
services industry.

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


KRATOS DEFENSE: S&P Alters Outlook to Stable, Affirms 'B+' ICR
--------------------------------------------------------------
S&P Global Ratings affirmed its ratings on Kratos Defense &
Security Solutions Inc., including the 'B+' issuer credit rating,
and revised the outlook to stable from negative.

Proceeds from stock issuance lessens the need for the company to
rely on operating cash flows to fund investments.  By tapping the
equity market, the company netted over $240 million cash that was
added to the balance sheet. S&P said, "We expect the company to use
this cash for increased capital spending and other investments
needed to win and start new programs in its unmanned systems and
satellite segments. Given the significant cash balance, we believe
the company will maintain adequate liquidity over the forecast
period, even if free cash flow is negative in the near term during
this high investment period."

The stable outlook reflects S&P's expectation that earnings will
continue to grow as new programs are added, and the recent equity
issuance will be sufficient to fund necessary investments,
resulting in debt to EBITDA of 4x-4.4x in 2021.

S&P could lower its ratings on Kratos in the next 12 months if debt
to EBITDA increases above 5x and it doesn't expect it to improve.
This could occur if:

-- Program costs or working capital outflows are higher than
expected, exceeding available cash and requiring additional debt
funding;

-- Kratos is not successful in winning new programs that it is
investing in;

-- Performance on new programs is weaker than we expect; or

-- The company pursues a large, debt-financed acquisition,
although S&P doesn't view this as likely.

S&P could raise its ratings on Kratos in the next 12 months if debt
to EBITDA decreases below 4x and S&P expects it to remain there for
a sustained period. This could occur if:

-- Kratos is successful in pursuing several new programs; and

-- The company performs well on new programs; while

-- The company avoids large debt-financed acquisitions, dividends,
or share repurchases.



LAKE CECILE: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Lake Cecile Resort Inc.
         d/b/a Palm Lakefront Resort & Hostel
               Lake Cecile Inn & Suites
               Star Motel at Lakeside
               Star Lakefront Inn & Suites
               Seville Plaza
               Point of View
               Vietnamese Center
         8010 Firenze Blvd
         Orlando, FL 32836

Business Description: Lake Cecile Resort Inc. is primarily engaged
                      in renting and leasing real estate
                      properties.

Chapter 11 Petition Date: March 12, 2021

Court: United States Bankruptcy Court
       Middle District of Florida

Case No.: 21-01060

Debtor's Counsel: David R. McFarlin, Esq.
                  FISHER RUSHNER, P.A.
                  390 North Orange Avenue
                  Suite 2200
                  Orlando, FL 32801-1642
                  Tel: 407-843-2111
                  Email: dmcfarlin@fisherlawfirm.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Mary T. Nguyen, president.

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

https://www.pacermonitor.com/view/DP2ZS4I/Lake_Cecile_Resort_Inc__flmbke-21-01060__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Bank of America                   Credit Card            $7,464
Attn: Managing or
Gen. Agent
PO Box 982238
El Paso, TX 79998-2238

2. Best Meridian Insurance Co.          Motel           $2,227,590
Attn: Managing or Gen. Agent
8950 SW 74 Court,
24th Floor
Miami, FL 33156

3. Best Meridian Insurance Co           Motel           $1,715,558
Attn: Managing or Gen. Agent
8950 SW 74 Court,
24th Floor
Miami, FL 33156

4. Best Meridian Insurance Co       Retail Strip        $1,650,574
Attn: Managing or Gen. Agent           Center
8950 SW 74 Court, 24th Floor
Miami, FL 33156

5. Best Meridian Insurance Co         2-storey            $101,032
Attn: Managing or Gen. Agent      Retail Building
8950 SW 74 Court, 24th Floor
Miami, FL 33156

6. Best Meridian Int'l Ins Co           Motel           $1,497,648
Attn: Managing or Gen. Agent
8950 SW 74 Court, 24th Floor
Miami, FL 33156

7. Cao Hung Doan                        Loan              $130,000
c/o John A. Morey, Esq.
250 N Orange Ave,
Ste 1220
Orlando, FL 32801

8. Colonial Real Estate Group       Sale Contract               $0
c/o Samuel B. Weissman, Esq
Weissman Paul, PLLC
999 Douglas Ave,
Ste 3320
Altamonte Springs, FL 32714

9. Florida Dept. of                     Motel               $2,416
Revenue Bankruptcy Unit
PO Box 6668
Tallahassee, FL 32314-6668

10. Florida Dept. of                    Motel               $1,396
Revenue Bankruptcy Unit
PO Box 6668
Tallahassee, FL 32314-6668

11. Florida Dept. of Revenue        Retail Strip            $1,147
Bankruptcy Unit                        Center
PO Box 6668
Tallahassee, FL 32314-6668

12. Florida Dept. of                    Motel               $3,401
Revenue Bankruptcy Unit
PO Box 6668
Tallahassee, FL 32314-6668

13. Goodman-Gable-Gould            Commission Fees         $40,000
Adjusters International
Attn: Managing or Gen. Agent
6767 N Wickham Road, Ste 501
Melbourne, FL 32940

14. Kissimmee Utility Authority        Utility              $8,477
Attn: Brian Horton, Pres.
1701 W Carroll Street
Kissimmee, FL 34741

15. Nardella & Nardella, PLLC           Legal              $25,260
Attn: Managing or Gen. Agent
135 W Central Blvd, Ste 300O
rlando, FL 32801

16. Premier Elevator Company Inc.       Motel               $2,002
Attn: Philip Reid, VP
230 Andrew Drive
Stockbridge, GA 30281

17. Sunbelt Rentals Inc.                Motel              $31,084
Attn: Managing or Gen. Agent
2015 Directors Row
Orlando, FL 32809

18. The Sherwin-Williams Co           Trade Debt           $11,756
Attn: Managing or Gen. Agent
2800 Century Pkwy NE
Suite 1000
Atlanta, GA 30345

19. Tohopekaliga Water                 Utility              $9,553
Authority
Attn: Managing or Gen. Agent
951 MLK Jr Blvd
Kissimmee, FL 34741

20. Tohopekaliga Water Authority        Motel              $85,150
Attn: Managing or Gen. Agent
951 MLK Jr Blvd
Kissimmee, FL 34741


LATAM AIRLINES: Seeks Expansion as Ch. 11 Restructuring Continues
-----------------------------------------------------------------
Lewis Harper of Flight Global reports that LATAM Airlines Group
sees opportunities to refocus its attention and resources towards
the Colombian market, following the collapse of its Argentinian
unit last 2020.

Describing the closure of LATAM Airlines Argentina in June 2020 as
a "very hard decision," LATAM Airlines Group chief executive
Roberto Alvo told a CAPA Live event on 10 March that "a problem
always brings an opportunity, and now we can refocus our resources
where we believe we have a better chance of succeeding."

That means the group – most of which is restructuring under US
Chapter 11 protection – is "looking into the Colombian market,
which is the second-largest market in the region".

Having already positioned itself "as clearly the second operator in
Colombia," LATAM Airlines still has a "great opportunity" in the
country, Alvo states.

Helpfully, the operator has "come to a very, very solid cost
position" at its Bogota base, he says.

And expansion in Colombia -- where flag carrier Avianca is also
reorganising under Chapter 11 protection -- would complement the
group's Lima hub in neighbouring Peru, Alvo notes.

"I think that the complement of our Lima hub with our operation in
the northern part of the subcontinent is very clear," he says,
adding that "the geography Colombia has with respect to the rest of
the network of LATAM is just perfect."

Indeed, Alvo believes that "the combination of [the hubs] we have
today in Sao Paolo, Lima and Santiago, which allows us to connect
South America with almost everywhere in the best of ways, is a huge
benefit to any large deployment or operation that we could have in
the northern part of the South American sub-continent".

LATAM Airlines Argentina's flights to and from 12 domestic
destinations ceased in June 2020.

While Argentina "has huge potential" and is "very underdeveloped"
in airline connectivity terms, "we just couldn't find the set of
circumstances where we could believe that we could have a
sustainable operation," Alvo says.

His comments came the day after LATAM Airlines Group announced a
full-year net loss of US$4.55 billion for 2020, on an operating
loss of $1.67 billion.

Revenue was $4.33 billion, a decline of 58.4% year on year, on a
62% drop in passengers carried and a 13% fall in tonnes of cargo
transported.

Operating expenses were 38% lower at $5.99 billion.

LATAM ended 2020 with $1.7 billion in cash and $1.3 billion in a
fully committed and undrawn debtor-in-possession financing
facility.

It had gained bankruptcy-court approval for its DIP financing
proposal in September 2020, receiving shortly afterwards the first
instalment from its loan of up to $2.45 billion.

With LATAM Airlines Group's reorganisation under the Chapter 11
process still under way and expected to be finalised mid-year, Alvo
says he has "no doubt that when the crisis passes, LATAM will
operate as a strengthened group", despite expectations that the
region will be relatively slow to emerge from the pandemic.

                     About LATAM Airlines

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise.   

LATAM Airlines Group S.A. is the largest passenger airline in South
America. Before the onset of the COVID-19 pandemic, LATAM offered
passenger transport services to 145 different destinations in 26
countries, including domestic flights in Argentina, Brazil, Chile,
Colombia, Ecuador and Peru, and international services within Latin
America as well as to Europe, the United States, the Caribbean,
Oceania, Asia and Africa.

LATAM Airlines Group S.A. and its 28 affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25,
2020. Affiliates in Chile, Peru, Colombia, Ecuador and the United
States are part of the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as general
bankruptcy counsel; FTI Consulting as restructuring advisor; and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel. Lee Brock Camargo Advogados, is the Debtors' local
Brazilian litigation counsel to the Debtors. Prime Clerk LLC is the
claims agent.

The Official Committee of Unsecured Creditors formed in the case
tapped Dechert LLP as its lead counsel, UBS Securities LLC, as
investment banker, and Conway MacKenzie, LLC.  Klestadt Winters
Jureller Southard & Stevens, LLP is the conflicts counsel.  Ferro
Castro Neves Daltro & Gomide Advogados, is the Committee's
Brazilian counsel.

The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as
counsel.


LEGENDS GOLF: March 16 Hearing on Trustee's Sale of Assets for $2M
------------------------------------------------------------------
Jason A. Burgess, Subchapter V Trustee for Legends Golf Orlando
LLC, filed with the U.S. Bankruptcy Court for the Middle District
of Florida a notice of his sale of all the assets, real and
personal property, described in Exhibit A and Schedule A, to The
City of Winter Garden for $2 million, cash.

A hearing on the Motion is set for March 16, 2021, at 2:00 p.m.
Any party opposing the relief sought at the hearing must appear at
the hearing or any objections or defenses may be deemed waived.

Effective March 16, 2020 and continuing until further notice,
Judges in all Divisions will conduct all hearings by telephone.

For Judges Delano, Funk, Jackson, Jennemann, McEwen, and Vaughan,
parties should arrange a telephonic appearance through Court Call
((866) 582-6878).  For Judges Colton and Williamson, parties should
arrange a telephonic appearance through Court Solutions
(www.court-solutions.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.



LEGENDS GOLF: Trustee Selling Assets to Winter Garden for $2M Cash
------------------------------------------------------------------
Jason A. Burgess, Subchapter V Trustee for Legends Golf Orlando
LLC, asks approval from the U.S. Bankruptcy Court for the Middle
District of Florida to sell all the assets, real and personal
property, described in Exhibit A and Schedule A, to The City of
Winter Garden for $2 million, cash.

The Debtor owns various parcels of real estate in connection with
the Stoneybrook West Golf & Country Club.  In addition to the real
estate it owned, the Debtor also owns various personal property as
outlined in the filed Schedules.  This list as clarified by entry
of the Order Granting Subchapter V Trustee's Motion to Confirm
Absence of the Automatic Stay and for Authority to Allow Turnover
of Certain Personal Property.

After trial on Dec. 16, 2020, the Court ruled that the Debtor will
be immediately removed, and the Trustee will take-over.  

The Trustee and creditor constituents originally believed the only
way to salvage any value to the estate is to conduct an auction of
the assets of the Debtor.  Based upon the above, he filed an
Emergency Motion to Approve Sale and Bid Procedures for Auction,
which was subsequently approved by entry of the Order Granting
Subchapter V Trustee's Emergency Motion to Approve Sale and Bid
Procedures for Auction.

The Order set a public auction for March 12, 2021 to begin at 11:00
a.m. via online format.  The registration deadline for the online
auction is March 10, 2021 and through the filing of the Motion,
there are only three parties signed up to bid, the City of Winter
Garden who is subject to the Motion, the Secured Lender,
Stoneybrook, and one additional party.

On the Petition Date, Secured Creditor Stoneybrook was owed
$1,251,423.08, and as of today that number is believed to be
approximately $1,472,465.94.  

The Orange County Tax Collector also has a lien on the Property in
the amount of $92,466.82 regarding outstanding real property taxes
for 2019 and 2020.

Additionally, the City of Winter Garden filed various secured proof
of claims in the approximate amount of $858,000 for various liens
and violations.  

On the Petition Date, there was a potential secured claim by virtue
of a recorded Final Judgment held by LGCC Holdings, LLC, David T.
Nameniuk, and Lorelle Moechel that was recorded in the Orange
County public records at document number 20200302569, which was
voided by entry of the Corrective Final Judgment for Plaintiff in
the affiliated adversary proceeding with case number
6:20-ap-00090-LVV.  See Attached Corrective Final Judgment for
Plaintiff.

Per a title search of the properties at issue there are no other
lienholders that are known to be secured on the Property.

It is hard to determine the exact value of the properties at issue
given the unique nature of the property along with the restrictions
on the property.  The Orange County Tax Collector and Property
Appraiser lists the value of the property at $2,637,322.  However,
there is only one outside bidder signed up to take part in the
currently scheduled online auction and the deadline to register is
today.  There are secured lienholders against the assets of
approximately $2,373,705.36 as of the filing of the Motion.

The offer from the City of Winter Garden is in the amount of $2
million in cash but importantly includes a lien waiver of the
$858,000.00 owed to the City of Winter Garden, making the total
value of at least $2.858 million.  Based upon the lien waiver by
the City of Winter Garden, Stoneybrook and the Orange County Tax
Collector would be paid in full from the $2 million.

The remaining funds would be used to pay Fisher Auction for their
fee in the amount of $10,000 plus $7,500 in marketing costs,
outstanding Trustee fees and costs of approximately $15,292.33,
plus various other closing costs of approximately $25,000 which
includes approximately $15,000 for documentary stamps.  After
payment of the secured liens and the necessary closing costs as
stated, the estate would have approximately $412,274.91 remaining
for distribution to the remaining creditors.

As of the filing of the Motion there are approximately $21,413.59
in other allowed proof of claims that have been filed and
approximately $50,669.88 in scheduled claims that were not marked
as disputed, contingent, or unliquidated.   

Based upon this low creditor amount, the Trustee could easily work
with the Debtor to finalize a Chapter 11 Plan shortly after the
sale to pay all outstanding creditors in full, including the
Debtor's counsel and the Debtor's accountant and to have money that
would likely be returned to the Debtor.

Given that the City of Winter Garden offer pays off all creditors,
it is in the best interest of the estate for it to be approved and
is well inside the sound business judgment of the Trustee.

A copy of the Contract, Exhibit A, and Schedule A is available at
https://tinyurl.com/2tb5mk2r from PacerMonitor.com free of charge.

                     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: S&P Affirms 'BB-' Ratings on Strong 2020 Performance
---------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from stable and
affirmed its 'BB-' ratings on LGI Homes (LGIH) and its ratings on
the company's senior unsecured notes.

The positive outlook indicates the possibility that S&P will raise
its rating on the company during the next year if it can maintain
debt to EBITDA below 2x.

S&P said, "Credit ratios will likely be better than our upgrade
thresholds in 2021, but the potential for higher mortgage rates
slowing demand is a downside risk. We are forecasting revenue will
rise about 10% to nearly $2.6 billion in 2021. With higher sales,
general, and administrative (SG&A) expenses driven by a higher
community count, we expect EBITDA margins in the 16% area,
resulting in approximately $425 million of EBITDA in 2021. This
would result in adjusted net debt to EBITDA remaining below 2x this
year, with EBITDA-to-interest coverage of about 14x. Adjusted net
debt to capital would also be below 35% in this scenario. These
ratios are strong for the 'BB-' rating but demand could slow down
if mortgage rates continue to climb as LGIH's first-time,
entry-level home buyers are typically more sensitive to increases
in mortgage rates. While we don't expect rates to climb above 5%
this year, higher sustained rates could have a negative impact on
demand, resulting in slower growth rates and consequently lower
EBITDA."

LGIH has a smaller size and market share related to most of its
rated peers. LGIH's unique business model focuses on offering
entry-level homebuyers homes at affordable prices. While LGIH is
the 10th-largest homebuilder based on closings, it is still smaller
than both Meritage Homes (BB+/Stable/--) and KB Homes
(BB/Stable/--), two homebuilders that have majority entry-level
product. These two homebuilders also generated homebuilder revenues
above $4 billion each in 2020 as LGIH generated homebuilder
revenues in the $2.4 billion area. LGIH's lower sales generation is
partly due to its lower average selling price (ASP) relative to its
peers, as it focuses mostly on entry-level homes with more than 95%
of its products in this category, which tend to have lower prices
than other product types. Still, LGIH has a top 10 market share in
10 of the largest 50 markets. However, it does not have a leading
share in any of those markets with its highest share being fourth
in the nation's 18th-largest market of Seattle.

Its geographic diversity is limited. S&P believes LGIH has taken
significant efforts to diversify as closings in its central region
account for nearly 40% in 2020. This is down slightly from more
than 50% from 2013 when closings were 84%. However, currently the
southeast, excluding Florida, and central regions account for
almost 65% of its regional exposure. S&P believes any change in
market conditions in these two markets will have a significant
impact on LGIH's operating performance.

More aggressive financial policy could lead to higher leverage.
LGIH historically generated negative free cash flows until last
year as it generated close to $200 million in free operating cash
flows (FOCF). S&P said, "We expect it to generate about $85 million
in FOCF over the next two years after increasing its budget for
land acquisitions and development. We expect LGIH to increase its
shareholder returns in the form of share buybacks. We don't expect
the company to issue additional public debt to finance the
buybacks, but we believe the company would increase its revolver
balance to do so, resulting in higher gross debt balances. We
believe the company could do a small bolt-on acquisition in lieu of
share buybacks if the right opportunity presented itself, but we do
not believe there are any acquisitions imminent and are not
forecasting any acquisitions within the next 12 months."

S&P said, "The outlook is positive based on our view that LGIH will
maintain debt to EBITDA below 2x. This scenario contemplates a
continued economic recovery and sustained low mortgage rates over
the next 12 months. This scenario also assumes LGIH will continue
to increase top line growth while maintaining gross margin in the
25% area."

S&P could return its outlook to stable within the next 12 months if
debt to EBITDA began trending above 2x or debt to capital trends
above 35%. This could occur amid either one of the following
scenarios:

-- A sharp decline in demand caused EBITDA to decline to less than
$305 million, or about a 30% drop compared to our 2021 forecast of
about $425 million; or

-- Debt-financed shareholder returns increased adjusted debt above
$850 million compared to our forecast of about $610 million.

S&P would upgrade LGIH during the next year if leverage remains
below 2x EBITDA and debt to capital also remains below 35%. This
could occur in the likely event:

-- Homebuilding revenues exceed $2.6 billion; and

-- EBITDA margins stay higher than 12%.


LIGHTHOUSE RESOURCES: Court Approves Wind-Down Plan
---------------------------------------------------
Alex Wolf of Bloomberg Law reports that Lighthouse Resources Inc.
won bankruptcy court approval to wind down its operating assets and
establish a trust to fulfill removal and environmental cleanup
obligations.

The Salt Lake City-based coal miner's Chapter 11 plan, approved by
Judge John T. Dorsey of the U.S. Bankruptcy Court for the District
of Delaware Wednesday, March 10, 2021, comes after it resolved all
objections raised by creditors and government regulators.

Lighthouse received nearly unanimous creditor support in favor of
its plan to place assets from coal-related subsidiaries in a trust
for reclaiming its Decker coal mine in Montana and ensuring funding
to reclaim another mine in Wyoming.

                  About Lighthouse Resources

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

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

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

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


LIQUIDMETAL TECHNOLOGIES: Incurs $2.64 Million Net Loss in 2020
---------------------------------------------------------------
Liquidmetal Technologies, Inc. filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing a net
loss of $2.64 million on $989,000 of total revenue for the year
ended Dec. 31, 2020, compared to a net loss of $7.43 million on
$1.37 million of total revenue for the year ended Dec. 31, 2019.

As of Dec. 31, 2020, the Company had $38.81 million in total
assets, $1.42 million in total liabilities, and $37.39 million in
total shareholders' equity.

Cash used in operating activities totaled $2,230,000 for the year
ended Dec. 31, 2020 and $3,872,000 for the year ended Dec. 31,
2019. The cash was primarily used to fund operating expenses
related to its business and product development efforts.

Cash used in investing activities totaled $15,799,000 for the year
ended Dec. 31, 2020 and $11,835,000 for the year ended Dec. 31,
2019.  Cash used in investing activities primarily consist of
purchases of debt securities in line with its investment strategy.

Cash provided by financing activities totaled $0 for the year ended
Dec. 31, 2020 and $21,000 for the year ended Dec. 31, 2019.  Annual
amounts primarily consist of proceeds received from the exercise of
stock options.

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

https://www.sec.gov/Archives/edgar/data/1141240/000143774921005422/lqmt20201231_10k.htm

                     About Liquidmetal Technologies

Lake Forest, California-based Liquidmetal Technologies, Inc. --
http://www.liquidmetal.com-- is a materials technology company
that develops and commercializes products made from amorphous
alloys.  The Company's family of alloys consists of a variety of
bulk alloys and composites that utilize the advantages offered by
amorphous alloys technology.  The Company designs, develops and
sells products and custom parts from bulk amorphous alloys to
customers in a wide range of industries.  The Company also partners
with third-party manufacturers and licensees to develop and
commercialize Liquidmetal alloy products.


MADDOX FOUNDRY: Seeks to Hire ICS Asset as Appraiser
----------------------------------------------------
Maddox Foundry & Machine Works, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Florida to employ
Dawn Moesser, ASA, of ICS Asset Management Services, Inc. as its
appraiser.

The firm will facilitate the marketing of Debtor's property.

The firm will be compensated in the form of a flat fee of $8,500.

Dawn Moesser, president of ICS Asset, assures the court that the
firm does not hold or represent an interest adverse to the Debtor
or its estate.

The firm can be reached through:

     Dawn Moesser, ASA
     ICS Asset Management Services, Inc.
     12460 Crabapple Road, Suite 202-415
     Alpharetta, GA 30004
     Phone: 800-536-7376
     Fax: 770-518-9500

              About Maddox Foundry & Machine Works

Maddox Foundry & Machine Works, LLC, a company that operates a
foundry machine shop, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Fla. Case No. 20-10211) on Oct. 7,
2020.  At the time of the filing, the Debtor disclosed assets of
$500,000 and liabilities of $4.495 million.

Judge Karen K. Specie oversees the case.

Seldon J. Childers, Esq., at ChildersLaw, LLC, serves as the
Debtor's legal counsel.


MALLINCKRODT PLC: Arnold & Porter Accused of Conflict of Interest
-----------------------------------------------------------------
Law360 reports that parties with antitrust claims against bankrupt
drugmaker Mallinckrodt PLC and mail order pharmacy Express Scripts
are asking a Delaware district court to remove Arnold & Porter as
special counsel in the Mallinckrodt Chapter 11 case for alleged
conflicts of interest.

In papers filed Wednesday, March 10, 2021, in their appeal of a
bankruptcy court decision to allow Mallinckrodt to retain Arnold &
Porter, the plaintiffs in the antitrust case said they intend to
argue the law firm is simultaneously representing Express Scripts,
creating an "irreconcilable conflict of interest.

                     About Mallinckrodt PLC

Mallinckrodt is a global business consisting of multiple
wholly-owned subsidiaries that develop, manufacture, market and
distribute specialty pharmaceutical products and therapies. The
company's Specialty Brands reportable segment's areas of focus
include autoimmune and rare diseases in specialty areas like
neurology, rheumatology, nephrology, pulmonology and ophthalmology;
immunotherapy and neonatal respiratory critical care therapies;
analgesics; and gastrointestinal products. Its Specialty Generics
reportable segment includes specialty generic drugs and active
pharmaceutical ingredients.  On the Web:
http://www.mallinckrodt.com/     

On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware in the U.S. (Bankr. D.
Del. Lead Case No. 20-12522) to seek approval of a restructuring
that would reduce total debt by $1.3 billion and resolve
opioid-related claims against them.

Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of Sept. 25, 2020.

Judge John T. Dorsey oversees the cases.

The Debtors tapped Latham & Watkins LLP and Richards, Layton &
Finger P.A. as their bankruptcy counsel; Arthur Cox and Wachtell,
Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray
LLP as litigation counsel; Torys LLP as CCAA counsel; Guggenheim
Securities LLC as investment banker; and AlixPartners LLP as
restructuring advisor. Prime Clerk, LLC is the claims agent.

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

On Oct. 27, 2020, the U.S. Trustee for Region 3 appointed an
official committee of opioid related claimants.  The OCC tapped
Akin Gump Strauss Hauer & Feld LLP as its lead counsel, Cole Schotz
as Delaware co-counsel, Province Inc. as financial advisor, and
Jefferies LLC as investment banker.


MALLINCKRODT PLC: Cousins, Jones Update on Diameter Master
----------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Jones Day and Cousins Law LLC submiited an amended
verified statement to disclose an updated list of Client that they
are representing in the Chapter 11 cases of Mallinckrodt PLC, et
al.

On October 18, 2020, Jones Day and Cousins Law LLC filed their
Verified Statement Pursuant To Federal Rule of Bankruptcy Procedure
2019 [ECF 319] regarding representation of the Clients. This
Amended Statement amends and replaces the prior Statement.

As of March 12, 2021, the Client and its disclosable economic
interests are:

Diameter Master Fund LP
c/o Diameter Capital Partners LP
24 West 40th Street, 5th Floor
New York, NY 10018

* Revolving Loans: $108,000,000

Jones Day and Cousins Law LLC do not represent or purport to
represent any other person or entity other than the Clients with
respect to these chapter 11 cases. Jones Day and Cousins Law LLC do
not represent the Clients as a "committee" and do not undertake to
represent the interests of, and are not a fiduciary for, any other
creditor, party in interest, or other entity. In addition, no
Client represents or purports to represent any other entity in
connection with these chapter 11 cases.

Upon information and belief formed after due inquiry, each of Jones
Day and Cousins Law LLC represents for itself, and not for the
other, that it does not hold any disclosable economic interest, as
defined in Bankruptcy Rule 2019(1)(1), in relation to the Debtors.

The undersigned verify that the foregoing is true and correct to
the best of their knowledge, as of the date of this Statement.

Nothing contained in this Statement is intended or shall be
construed to constitute: (a) a waiver or release of the rights of
any Client to have any final order entered by, or other exercise of
the judicial power of the United States performed by, an Article
III court; (b) a waiver or release of the rights of any Client to
have any and all final orders in any and all non-core matters
entered only after de novo review by a United States District
Judge; (c) consent to the jurisdiction of the Court over any
matter; (d) an election of remedy; (e) a waiver or release of any
rights any Client may have to a jury trial; (f) a waiver or release
of the right to move to withdraw the reference with respect to any
matter or proceeding that may be commenced in the chapter 11 cases;
or (g) a waiver or release of any other rights, claims, actions,
defenses, setoffs or recoupments to which any Client is or may be
entitled, in law or in equity, under any agreement or otherwise,
with all such rights, claims, actions, defenses, setoffs or
recoupments being expressly reserved.

Jones Day and Cousins Law LLC reserve the right to amend or
supplement this Statement in accordance with the requirements of
Bankruptcy Rule 2019 with any additional information that may
become available.

Counsel for the Clients identified on Exhibit A can be reached at:

          Scott D. Cousins, Esq.
          COUSINS LAW LLC
          Brandywine Plaza West
          1521 West Concord Pike,
          Suite 301
          Wilmington, DE 19803
          Tel: (302) 824-7081
          Fax: (302) 295-0331
          E-mail: scott.cousins@cousins-law.com

          Bruce S. Bennett, Esq.
          Joshua M. Mester, Esq.
          James O. Johnston, Esq.
          JONES DAY
          555 South Flower Street
          Fiftieth Floor
          Los Angeles, CA 90071
          Tel: (213) 489-3939
          Fax: (213) 243-2539
          E-mail: bbennett@jonesday.com
                  jmester@jonesday.com
                  jjohnston@jonesday.com

             - and -

          Chane Buck, Esq.
          JONES DAY
          4655 Executive Drive, Suite 1500
          San Diego, CA 92121
          Tel: (858) 314-1200
          Fax: (844) 345-3178
          E-mail: cbuck@jonesday.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/2Q20NUT

                    About Mallinckdrodt

Mallinckrodt -- http://www.mallinckrodt.com/-- is a global  
business consisting of multiple wholly owned subsidiaries that
develop, manufacture, market and distribute specialty
pharmaceutical products and therapies.  The company's Specialty
Brands reportable segment's areas of focus include autoimmune and
rare diseases in specialty areas like neurology, rheumatology,
nephrology,  pulmonology and ophthalmology; immunotherapy and
neonatal respiratory critical care therapies; analgesics and
gastrointestinal products. Its Specialty Generics reportable
segment includes specialty generic drugs and active pharmaceutical
ingredients.

As of March 27, 2020, the Company had $10.17 billion in total
assets, $8.27 billion in total liabilities, and $1.89 billion in
total shareholders' equity.

On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware in the U.S. (Bankr. D.
Del. Lead Case No. 20-12522) to seek approval of a restructuring
that would reduce total debt by $1.3 billion and resolve
opioid-related claims against the Company.

Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of Sept. 25, 2020.

Latham & Watkins LLP, Ropes & Gray LLP and Wachtell, Lipton, Rosen
& Katz are serving as counsel to the Company, Guggenheim
Securities, LLC is serving as investment banker and AlixPartners
LLP is serving as restructuring advisor to Mallinckrodt.  Hogan
Lovells is serving as counsel with respect to the Acthar Gel
matter.  Prime Clerk LLC is the claims agent.


MALLINCKRODT PLC: Revolver Lenders Contest Term Loan Settlement
---------------------------------------------------------------
Jeremy Hill of Bloomberg News reports that some lenders holding a
high-ranking Mallinckrodt credit facility are opposing a
just-announced settlement between the drugmaker and its first-lien
term lenders.

A group of first-lien term lenders holding some $1.3 billion of
debt has agreed to support Mallinckrodt's proposed restructuring
plan in exchange for longer-dated loans and an exit fee, or
repayment of its claims in full, according to a Wednesday, March
10, 2021, statement.

Mallinckrodt bonds rallied on the news. But a unit of Deutsche
Bank, the administrative agent for and a lender under a $900m
revolving loan, is "not on board with the settlement" and wasn't
involved in the negotiations.

                     About Mallinckrodt PLC

Mallinckrodt is a global business consisting of multiple
wholly-owned subsidiaries that develop, manufacture, market and
distribute specialty pharmaceutical products and therapies. The
company's Specialty Brands reportable segment's areas of focus
include autoimmune and rare diseases in specialty areas like
neurology, rheumatology, nephrology, pulmonology and ophthalmology;
immunotherapy and neonatal respiratory critical care therapies;
analgesics; and gastrointestinal products. Its Specialty Generics
reportable segment includes specialty generic drugs and active
pharmaceutical ingredients.  On the Web:
http://www.mallinckrodt.com/     

On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware in the U.S. (Bankr. D.
Del. Lead Case No. 20-12522) to seek approval of a restructuring
that would reduce total debt by $1.3 billion and resolve
opioid-related claims against them.

Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of Sept. 25, 2020.

Judge John T. Dorsey oversees the cases.

The Debtors tapped Latham & Watkins LLP and Richards, Layton &
Finger P.A. as their bankruptcy counsel; Arthur Cox and Wachtell,
Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray
LLP as litigation counsel; Torys LLP as CCAA counsel; Guggenheim
Securities LLC as investment banker; and AlixPartners LLP as
restructuring advisor. Prime Clerk, LLC is the claims agent.

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

On Oct. 27, 2020, the U.S. Trustee for Region 3 appointed an
official committee of opioid related claimants.  The OCC tapped
Akin Gump Strauss Hauer & Feld LLP as its lead counsel, Cole Schotz
as Delaware co-counsel, Province Inc. as financial advisor, and
Jefferies LLC as investment banker.


MATTEL INC: S&P Assigns 'BB' Rating to $1.2BB Sr. Unsecured Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating (the same
as its long-term issuer credit rating) and '3' recovery rating to
Mattel Inc.'s proposed aggregate $1.2 billion senior unsecured
notes with subsidiary guarantees due 2026 and 2029.

Mattel plans to use the proceeds in addition to cash from the
balance sheet to redeem $1.225 billion of its outstanding 6.75%
senior unsecured guaranteed notes due 2025, as well as to pay the
related redemption premium fees and expenses. Because this is
largely a refinancing transaction, it does not affect recovery
prospects for unsecured noteholders with subsidiary guarantees. S&P
said, "Therefore, our issue-level rating assigned to the proposed
unsecured notes is 'BB', the same as the 'BB' rating on the
company's existing senior unsecured notes with subsidiary
guarantees. The '3' recovery rating reflects our expectation of
meaningful (50%-70%; rounded estimate: 65%) recovery for senior
unsecured lenders in the event of a payment default. The assumed
residual value after priority claims that would be available to
these unsecured noteholders with subsidiary guarantees would
otherwise indicate higher recovery prospects, but we cap recovery
ratings at '3' on unsecured debt when the issuer credit rating is
in the 'BB' category." This is to account for the risk that
recovery prospects could be impaired by the issuance of additional
secured or pari passu debt before our hypothetical assumed default
date. At the same time, the company intends to amend and extend the
maturity of its unrated asset-backed lending facility to 2024 from
2022, and to reduce the size of the facility to $1.4 billion from
$1.6 billion.

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P assumes the $1.4 billion asset-based loan (ABL) revolver is
60% drawn in our simulated default scenario.

-- S&P's simulated default scenario assumes a default occurring in
2026 due to a substantial decline in cash flows stemming from a
prolonged economic downturn, management missteps, or significantly
reduced demand for the company's products.

-- S&P believes that if the company were to default it would
continue to have a viable business model and that lenders would
achieve greater recovery through a reorganization than through a
liquidation of the business. Therefore, it assumes that Mattel
would reorganize following a default and use an emergence EBITDA
multiple of 6.5x to value the company.

Simplified waterfall

-- EBITDA at emergence: $477 million

-- EBITDA multiple: 6.5x

-- Net enterprise value (after administrative expenses of 5%):
$2.9 billion

-- Collateral value available to priority debt (includes the ABL
revolver): $2.9 billion

-- Total priority debt claims (ABL revolver): $859 million

--Residual collateral value available to senior unsecured debt
with subsidiary guarantees: $2.1 billion

-- Total senior unsecured debt claims with subsidiary guarantees
(high-yield notes): $2.1 billion

    --Recovery expectations: 50%-70% (rounded estimate: 65%
[capped])

-- Residual collateral value available to senior unsecured debt
without subsidiary guarantees: $0 million

-- Total senior unsecured debt claims without subsidiary
guarantees: $820 million

    --Recovery expectations: 0%-10% (rounded estimate: 0%)

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



MEDASSETS SOFTWARE: Moody's Completes Review, Retains B3 CFR
------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of MedAssets Software Inter Hldg, Inc. and other ratings
that are associated with the same analytical unit. The review was
conducted through a portfolio review discussion held on March 2,
2021 in which Moody's reassessed the appropriateness of the ratings
in the context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

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

Key rating considerations

MedAssets Software Intermediate Holdings, Inc.'s B3 Corporate
Family Rating is constrained by the company's small scale and very
high financial leverage. Profitability and free cash flow are
burdened by high product development costs, hindering the company's
ability to reduce leverage. MedAssets' benefits from a highly
recurring revenue profile, its use of fixed-fee subscriptions to
reduce revenue volatility relative to revenue cycle management
peers, and Moody's expectation for free cash flow generation to
improve as one-time transaction expenses roll off and product
development expenses are rationalized.

The principal methodology used for this review was Software
Industry published in August 2018.


MERCY HOSPITAL: Local Group Urges Illinois to Take Over Company
---------------------------------------------------------------
Shruti Date Singh of Bloomberg News reports that a group of elected
officials and community organizers said during a press conference
Thursday, March 11, 2021, that the state of Illinois should
temporarily take over bankrupt Mercy Hospital & Medical Center
until the community that it serves on the South Side of Chicago has
time to vet potential buyers

"We are here today to call on the governor and others to help
provide the best path forward for Mercy, not the most expedient,"
said Chicago Alderman Sophia King, whose ward includes the
hospital
The group of state, city and county elected officials along with
community organizers is proposing the state purchase Mercy
Hospital.

                     About Mercy Hospital

Mercy Hospital and Medical Center -- http://www.mercy-chicago.org/
-- operates a general acute care hospital located at 2525 South
Michigan
Ave., Chicago. The hospital offers inpatient and outpatient
services. Mercy Health System of Chicago, an Illinois
not-for-profit corporation, is the sole member of Mercy Hospital.
The health care facilities are part of Trinity Health's network of
health care providers.   

Mercy Hospital and Mercy Health System of Chicago sought Chapter 11
protection (Bankr. N.D. Ill. Lead Case No. 21-01805) on Feb. 10,
2021. Mercy Hospital estimated $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.

Judge Timothy A. Barnes oversees the cases.

Foley Lardner LLP, led by Matthew J. Stockl, is the Debtors' legal
counsel. Epiq Corporate Restructuring, LLC is the claims, noticing,
solicitation and administrative agent.

The U.S. Trustee for Region 11 appointed an official committee of
unsecured creditors in the Debtors' cases on March 3, 2021. The
committee is represented by Perkins Coie, LLP.


MILLER BRANGUS: Hearing on Sale of Assets Set for March 24
----------------------------------------------------------
Judge Charles M. Walker of the U.S. Bankruptcy Court for the Middle
District of Tennessee will conduct a hearing on March 24, 2021, at
11:00 a.m., to consider Brangus LLC's expedited request, filed on
March 8, 2021, for entry of interim and final orders (i)
authorizing it to use cash collateral, (ii) approving the sale of
assets, (iii) granting adequate protection, and (iv) scheduling the
final hearing.

The hearing will be by audio conference as follows: AT&T conference
line number 1-888-363-4749, access code 7250422#.   

The Debtor will serve a copy of the Order as set forth in Paragraph
3 of the Motion.

                    About Miller Brangus LLC

Headquartered in Franklin, Tennessee, Miller Brangus LLC filed for
Chapter 11 bankruptcy protection (Bankr. M.D. Tenn. Case No.:
20-05282) on Dec. 2, 2020.  The petition was signed by David Doyle
Miller, member.  The Debtor estimated $4,579,945 in assets and
$3,304,162 in liabilities.

Judge Marian F. Harrison presides over the case. Griffin S.
Dunham,
Esq. at DUNHAM HILDEBRAND, PLLC serves as the Debtor's counsel.



MITCHELL INTERNATIONAL: Moody's Completes Review, Retains B3 CFR
----------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Mitchell International, Inc. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on March 2, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

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

Key rating considerations

Mitchell International's B3 Corporate Family Rating is constrained
by the company's very high financial leverage, as well as
integration risks following the acquisition of Coventry from
CVS/Aetna in 3Q 2020. Weak free cash flow relative to its debt
burden and historically aggressive financial policies, highlighted
by debt financed acquisitions, also weigh on the credit. The
company's credit profile is supported by its increasing revenue
scale, broadening capabilities and good top line visibility driven
by a stable revenue base. Mitchell's leadership positions in the
casualty, clinical and auto physical damage segments it serves are
also credit positive in an industry with high switching costs.

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


ML COUNTRY CLUB: Seeks to Hire McDowel Law as Counsel
-----------------------------------------------------
ML Country Club, LLC, seeks approval from the U.S. Bankruptcy Court
for the District of New Jersey to employ McDowel Law, PC as counsel
to handle its Chapter 11 case.

The firm will be paid based upon its normal and usual hourly
billing rates and will be reimbursed for reasonable out-of-pocket
expenses incurred.

The firm will be paid a retainer in the amount of $8,500, and
$1,738 filing fee.

Robert N. Braverman, Esq., a partner at McDowell Law, PC, 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:

          Robert N. Braverman, Esq.
          McDowell Law, PC
          46 W. Main Street
          Maple Shade, NJ 08052
          Telephone: (856) 482-5544
          Facsimile: (856) 482-5511

              About ML Country Club, LLC

ML Country Club, LLC --https://www.mayslandinggolf.com --operates a
private golf club in Hamilton, New Jersey.

ML Country Club, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 21-11745) on March 3, 2021.
The petition was signed by Louis Sacco, managing member.

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

MCDOWELL LAW, PC, is the Debtor's legal counsel.


MMZ HOLDINGS: Seeks to Hire Michael Jay Berger as Counsel
---------------------------------------------------------
MMZ Holdings, LLC, seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ the Law Offices of
Michael Jay Berger as counsel.

The firm will provide all legal services reasonably required to
represent the Debtor in the Chapter 11 case.

The firm will be paid at these rates:

     Attorneys              $225 to $495 per hour
     Paralegals                 $200 per hour

The firm will be paid a retainer in the amount of $20,000.

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

Michael Jay Berger, Esq., a partner at Law Offices of Michael Jay
Berger, 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 may be reached at:

     Michael Jay Berger, Esq.
     Law Offices of Michael Jay Berger
     9454 Wilshire Boulevard, 6th Floor
     Beverly Hills, CA 90212-2929
     Tel: (310) 271-6223
     Fax: (310) 271-9805
     E-mail: michael.berger@bankruptcypower.com

              About MMZ Holdings, LLC

MMZ Holdings, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 21-11230) on February
16, 2020. The petition was signed by Michael Itaev, its managing
member.  In the petition, the Debtor disclosed assets of between $1
million and $10 million and liabilities of the same range.

Judge Julia W. Brand oversees the case.

The Law Offices of Michael Jay Berger is the Debtor's legal
counsel.


MOBILE FUNDS: Seeks to Hire Barry A. Friedman as Legal Counsel
--------------------------------------------------------------
Mobile Funds, LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of Alabama to hire Barry A. Friedman &
Associates, PC as its legal counsel.

The firm will provide these services:

     1. take appropriate action with respect to secured and
priority creditors;

     2. take appropriate action with respect to voidable
preferences and transfers;

     3. prepare legal papers;

     4. investigate the accounts of the Debtor and the financial
transactions related thereto; and

     5. perform all other legal services for the Debtor in
connection with its Chapter 11 case.

The firm will be paid at an hourly rate of $250 and will be
reimbursed for expenses incurred.

Barry A. Friedman does not represent any interest adverse to the
Debtor or its estate, according to court papers filed by the firm.

The firm can be reached through:

     Barry A Friedman, Esq.
     Barry A. Friedman & Associates, PC
     P.O. Box 2394
     Mobile, AL 36652-6652
     Tel: 251-439-7400
     Fax: 251-432-2665
     Email: bky@bafmobile.com

                        About Mobile Funds

Mobile Funds, LLC is the owner of fee simple title to a property
located at 1520 Matzenger Drive, Mobile, Ala., valued at $1.2
million.

Mobile Funds filed its voluntary petition for relief under Chapter
11 of the Bankurptcy Code (Bankr. S.D. Ala. Case No. 21-10394) on
March 1, 2021. Eldad Cohen, member, signed the petition.  In the
petition, the Debtor disclosed $1,340,701 in assets and $1,133,600
in liabilities.  

Barry A. Friedman, Esq., at Barry A. Friedman & Associates, PC
represents the Debtor as counsel.


MOBITV INC: Sets Bid Procedures for Substantially All Assets
------------------------------------------------------------
MobiTV Inc. asks the U.S. Bankruptcy Court for the District of
Delaware to authorize the bidding procedures in connection with the
auction sale of substantially all assets or proposals to sponsor a
plan of reorganization.

A hearing on the Motion is set for March 30, 2021, at 2:00 p.m.
(ET).  The Objection Deadline is March 23, 2021, at 4:00 p.m.
(ET).

Despite growing revenue and increasing subscriber and customer
bases, the Debtors have been incurring substantial operating losses
-- the Debtors generated a net operating loss of approximately $34
million in calendar year 2020.  As a result, they had limited
liquidity and were at risk of defaults under their various debt
agreements.  Accordingly, the Debtors ultimately concluded that due
to the significant challenges in achieving positive free cash flows
in the near term, the business likely would not be viable on a
standalone basis absent a strategic transaction.

In July 2020, the Debtors engaged FTI Capital Advisors, LLC to
assist them in their evaluation of strategic alternatives.  The
Debtors, with FTICA's assistance, evaluated various avenues to
improve the Debtors' liquidity and financial position, including a
structured marketing effort to secure new debt or equity capital
partners to provide for a refinancing of the Debtors' existing
secured indebtedness ("Prepetition Loan Facility") to Ally Bank,
the Debtors' sole prepetition secured lender, as well as to provide
operating liquidity to fully bridge their business plan to provide
positive cash flow in 2022.

Prior to the Petition Date, the Debtors engaged in extensive
negotiations with the Prepetition Lender and one of the Debtors'
most vital, cornerstone customers, T-Mobile USA, Inc., regarding,
among other. things, a potential auction sale process in the
context of a chapter 11 case.  Ultimately, the Debtors, the
Prepetition Lender, and T-Mobile mutually determined that, among
the strategic alternatives to be considered, the Debtors should
prepare for a potential sale process that could be implemented
through the filing of the Chapter 11 Cases to maximize the value of
their estates.

In connection with the potential chapter 11 sale process, an
affiliate of T-Mobile, TVN Ventures, LLC ("DIP Lender"), agreed to
provide the Debtors with postpetition financing on a subordinated
basis to the Prepetition Loan Facility.  ursuant to the terms of
the DIP Facility, the Debtors are required to (i) obtain entry of
the Bidding Procedures Order no later than March 31, 2021, or such
later date as may be consented to by the DIP Lender, (ii) enter
into an asset purchase agreement (or agreements), which satisfy the
Debtors' obligations under the Prepetition Loan Facility and the
DIP Facility no later than April 30, 2021, and (iii) obtain entry
of an order approving the Sale, no later than May 14, 2021.  In
addition, the terms of the DIP Facility require that the closing on
the Sale to occur no later than 81 days after the Petition Date, or
such later date as may be consented to by the DIP Lender in its
sole discretion.

With the assistance of their proposed advisors, the Debtors intend
to continue their prepetition marketing efforts postpetition to
structure a recapitalization of the company through a plan or sale.
In this regard, the Debtors, with the assistance of their proposed
financial advisor, FTI Consulting, Inc., continue to actively
market the Assets.

By the Motion, the Debtors ask approval of bidding procedures that
will facilitate FTI's efforts to identify a purchaser or plan
sponsor to complete the restructuring.  Concurrent with the sale
process, the Debtors intend to operate their business in the
ordinary course of business and maximize the value of their assets
in accordance with the terms of an agreed budget with the Secured
Lenders.

By the Motion, the Debtors ask the entry of the Bidding Procedures
Order: (i) approving the Bidding Procedures; (ii) approving various
forms and the manner of notice thereof; (iii) establishing the
Assumption and Assignment Procedures; (iv) authorizing the Debtors
to designate a stalking horse bidder with the consent of the
Secured Lenders and in consultation with the Consultation Parties,
and provide the Bid Protections in connection therewith; (v)
approving the Bid Protections; and (iv) scheduling the Auction and
a Sale Hearing.  Additionally, they further ask that, at the Sale
Hearing, the Court enters an order approving the sale of the
Assets.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: April 23, 2021, at 4:00 p.m. (ET)

     b. Initial Bid: The first overbid at the Auction will be in an
amount not less than (i) the amount of the Baseline Bid plus (ii)
the Bid Protections (if any) plus (iii) $500,000.

     c. Deposit: 10% of the aggregate cash and non-cash Purchase
Price of the Bid

     d. Auction: The Auction will take place on Apri129, 2021 at
10:00 a.m. (ET) via videoconference, or such later date and time;
and by such other means, as selected by the Debtors in consultation
with the Consultation Parties.  The Auction will be conducted in a
timely fashion according to the Bidding Procedures.

     e. Bid Increments: $250,000

     f. Sale Hearing: May 12, 2021

     g. Sale Objection Deadline: May 6, 2021, at 4:00 p.m. (ET)

     h. Bid Protections: (a) a break-up fee of up to an aggregate
of 3% of the Purchase Price of the Stalking Horse Bid and (b)
reimbursement for the reasonable out of pocket expenses of the
Stalking Horse Bidder in connection with its bid, not to exceed
$150,000

     i. Any Secured Creditor will have the right to credit bid all
or a portion of such Secured Creditor's secured claims.

In addition, the Debtors ask the authority, subject to the terms of
the Bidding Procedures Order, to accept a stalking horse bid from a
Potential Bidder and enter into a purchase agreement with such
Potential Bidder, in the event that one is appointed.  The deadline
to designate a Stalking Horse Bidder is April 12, 2021.

To the extent the Debtors designate a Stalking Horse Bidder, they
shall, within one calendar day thereof, file a notice of such
determination with the Court.

The Debtors are asking approval of the Assumption and Assignment
Procedures for notifying counterparties to executory contracts and
unexpired leases of proposed Cure Amounts with respect to the
Transferred Contracts.  As soon as reasonably practicable after
entry of the Bidding Procedures Order, the Debtors will file the
ssumption and Assignment Notice, and serve such notice on the
Contract Counterparties.  The Cure Objection Deadline is April lb,
2021 at 4:00 p.m. (ET).  The Assignment Objection Deadline is May
6, 2021, at 4:00 p.m. (ET).

Within four calendar days of the entry of the Bidding Procedures
Order, or as soon thereafter as practicable, the Debtors will cause
to be served the Sale Notice.

To ensure the Debtors are in compliance with the terms of the DIP
Facility, and in light of the Debtors' limited liquidity, the
Debtors ask that the Court sets the Sale Hearing for a date that is
not later than Apri1 29, 2021.

To preserve the value of the Debtors' estates and limit the costs
of administering and preserving the Assets, it is critical that
they close the Sale of the Assets as soon as possible after all
closing conditions have been met or waived. Accordingly, the
Debtors ask that the Court waives the 14-day stay periods under
Bankruptcy Rules 6004(h) and 6006(d).

A copy of the Bid Procedures is available at
https://tinyurl.com/7bhtf6y4 from PacerMonitor.com free of charge.

                          About MobiTV, Inc.

Founded in 2000, MobiTV is the first company to bring live and
on-demand television to mobile devices and is a leader in
application-based television and video delivery solutions.  MobiTV
provides end-to-end internet protocol streaming television
services
("IPTV") via a proprietary cloud-based, white-label application.

On March 1, 2021, MobiTV Inc. and MobiTV Service Corporation filed
for Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-10457).

MobiTV Inc. estimated at least $10 million in assets and $50
million to $100 million in liabilities as of the filing.

FTI Consulting, Inc. and FTI Capital Advisors LLC have been
retained as the Company's financial advisor and investment banker
to assist in negotiation of strategic options.  Pachulski Stang
Ziehl & Jones LLP and Fenwick & West LLP are serving as the
Company's legal advisors.  Stretto is the claims agent,
maintaining
the page https://cases.stretto.com/MobiTV.



MONROE SUBWAYS: Seeks to Hire David Jennis as Legal Counsel
------------------------------------------------------------
Monroe Subways The Beach, Inc. seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to hire David
Jennis, P.A. as its legal counsel.

The firm will render these services:

     (a) take all necessary action to protect and preserve the
estate of the Debtor, including the prosecution of actions on its
behalf, the defense of any actions commenced against the Debtor,
negotiations concerning any litigation in which the Debtor may be
involved, and objections, when appropriate, to claims filed against
the estate;

     (b) prepare legal papers;

     (c) advise the Debtor with regard to its rights and
obligations under the Bankruptcy Code;

     (d) prepare and file schedules of assets and liabilities;

     (e) prepare and file a Chapter 11 plan and corresponding
disclosure statement, if required; and

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

The firm will be paid as follows:

     Attorneys      $275 - $500 per hour
     Paralegals     $120 - $160 per hour

The firm can be reached through:

     David S. Jennis, Esq.
     Daniel E. Etlinger, Esq.
     Jennis Morse Etlinger
     606 East Madison Street
     Tampa, FL 33602
     Tel: (813) 229-2800
     Fax: (813) 405-4046
     Email: detlinger@jennislaw.com
            ecf@jennislaw.com

                  About Monroe Subways The Beach

Monroe Subways The Beach, Inc. is a Florida corporation that
operates a subway franchise restaurant serving fresh subs,
sandwiches and salads.

Monroe Subways sought protection under Chapter 11 of the U.S.
Bankruptcy Court (Bankr. M.D. Fla. Case No. 21-01068) on March 5,
2021.  The petition was signed by Monroe Subways President Ryan
Monroe.  

At the time of the filing, the Debtor had estimated assets of less
than $50,000 and liabilities of between $100,001 and $500,000.  

Daniel Etlinger, Esq., at David Jennis, PA, represents the Debtor
as counsel.


MOTIF DIAMOND: April 15 Plan & Disclosure Hearing Set
-----------------------------------------------------
On March 5, 2021, Debtor Motif Diamond Designs, Inc., filed with
the U.S. Bankruptcy Court for the Eastern District of Michigan,
Southern Division, an Amended Subchapter V Plan of Reorganization
and Amended Disclosure Statement.

On March 9, 2021, Judge Maria L. Oxholm granted the amended
disclosure statement preliminary approval and ordered that:

     * April 5, 2021, is the deadline to return ballots on the
plan, as well as to file objections to final approval of the
amended disclosure statement and objections to confirmation of the
plan.

     * April 12, 2021, is the deadline for the Debtor to file a
verified summary of the ballot count.

     * April 15, 2021, at 11:00 a.m. in Room 1875, 211 W. Fort
Street, Detroit, Michigan is the hearing on objections to final
approval of the disclosure statement and confirmation of the plan.

A full-text copy of the order dated March 9, 2021, is available at
https://bit.ly/3cq3SFP from PacerMonitor.com at no charge.  

Attorneys for Motif Diamond:

         OSIPOV BIGELMAN P.C.
         Anthony J. Miller
         20700 Civic Center Drive, Suite 420
         Southfield, MI 48076
         Tel: (248) 663-1804
         Fax: (248) 663-1801
         E-mail: am@osbig.com

                About Motif Diamond Designs

Motif Diamond Designs, Inc., is a jewelry store based in Taylor,
Michigan. The Company filed a Chapter 11 petition (Bankr. E.D.
Mich. Case No. 20-40285) on Jan. 8, 2020.  The petition was signed
by Toros Chopjian, its vice president.  At the time of the filing,
the Debtor was estimated to have assets of up to $50,000 and
liabilities of $1 million to $10 million.

Judge Phillip J. Shefferly oversees the case.

The Debtor hired Yuliy Osipov, Esq., at Osipov Bigelman, P.C., as
its bankruptcy counsel and Al-Hassan, Howell, Sadaps CPA &
Associates, P.C., as its accountants.


MOUTHPEACE DENTAL: Proposes Private Sale of All Assets for $150K
----------------------------------------------------------------
Debtor Mouthpeace Dental, LLC, asks the U.S. Bankruptcy Court for
the Northern District of Georgia to authorize the private sale of
substantially all assets to Brian A. Bain, DDS, IV, PC.

In exchange for the Purchased Assets, the Purchaser has agreed to
provide the following:

      a. $150,000 cash (less any amounts previously paid as a
deposit); plus

      b. payment for the Seller's accounts receivable as of the
Closing Date computed as the sum of: 95% of the collective amount
of accounts receivable which have been outstanding 30 days or less;
70% for accounts receivable outstanding between 31 and 60 days; 50%
for accounts receivable outstanding between 61 and 90 days, and
zero for accounts receivable outstanding over 90 days; plus

      c. payment of all costs to cure any Assigned Contracts.

The Debtor is a dental practice that provides holistic personalized
dental care in a peaceful and eco-friendly environment.  The
Practice has operated successfully since 2015.

In March 2020 when the global pandemic hit, the Debtor followed the
advice of the American Dental Association and the Georgia
Department of Health and closed its doors for the safety of its
employees and patients.  The Practice remained essentially closed
from March 13, 2020 through June 1, 2020, during which time the
Debtor fell behind on its monthly payment obligations to creditors.


The Debtor has now reopened but unfortunately was not able to come
to an agreement to catch up delinquent payments with its landlord,
the lender on its equipment loan, or with Bank of America.  Due to
the Debtor's inability to work out payment arrangements with its
lenders, it was forced to file for relief under chapter 11 of the
Bankruptcy Code.  

Given the Debtor's operational stability, it was determined that is
was in the best interests of the Debtor and its stakeholders is to
file for chapter 11 protection and to pursue a sale of its assets
that would enable a buyer to continue operations, save jobs,
preserve relationships, and offer a better return for creditors
than would result from a shutdown and liquidation.  

After negotiation between representatives of the Debtor and the
Purchaser, the parties entered into an Asset Purchase Agreement
dated as of March 9, 2021.  The Asset Purchase Agreement
establishes the terms and conditions for the sale of substantially
all assets of the Debtor to the Purchaser.  

In exchange for the Purchased Assets, the Purchaser has agreed to
provide the Purchase Price.  The Purchased Assets include
substantially all assets.

To the extent necessary, the Debtor asks permission to abandon any
assets that it deems burdensome to its estate, in its sole
discretion.  

Other than the Assigned Contracts, the Purchaser has not agreed to
pay and will not be required to assume and take assignment of any
executory contract or lease and will not have any liability or
obligation, direct or indirect, absolute or contingent, for the
liabilities of the Debtor or any other person or entity, including,
but not limited to, any obligation to pay income, payroll,
sales, or other taxes, or any or other claim in connection with the
Debtor’s business relating to any period prior to the date of
Closing. All liabilities and obligations with respect to the
Purchased Assets will be retained by the Debtor and will remain
liabilities and obligations of the estate.  

Notwithstanding the foregoing, the Purchaser will be responsible
for payment of cure costs, if any, associated with the Assigned
Contracts and will be responsible for all costs associated with
providing adequate assurances of future performance to the
counterparties of such contracts.

The Asset Purchase Agreement contains a liquidated damages
provision in Section 13 thereof, which provides that if the Sale
does not close due to circumstances beyond the control of the
Purchaser, the Purchaser will be entitled to liquidated damages in
the amount of $10,000 ("Breakup Fee").   The Debtor believes the
Breakup Fee is reasonable and seeks approval thereof as an
administrative priority expense if another buyer ultimately
purchases its assets, if the Asset Purchase Agreement is not
approved by the Court, of if the Debtor breaches the Asset Purchase
Agreement.

The Debtor believes that the sale to the Purchaser represents the
highest and best offer for the sale of the Purchased Assets and
will create the most value for the estate.  

The Debtor's representatives are in discussions with creditors and
are hopeful that Section 363(f)(2) will be satisfied by obtaining
the consent of any parties with a lien on or security interest in
the Purchased Assets.

The Debtor asks the Court to approve the Asset Purchase Agreement
as a private sale pursuant to Rule 6004(e) of the Bankruptcy Rules.
Given the exigencies of time and its questionable ability to sell
the Purchased Assets to another bidder, the Debtor believes that a
private sale is prudent.

A copy of the Agreement is available at
https://tinyurl.com/z63442zr from PacerMonitor.com free of charge.

The Purchaser:

          BRIAN A. BAIN, DDS, IV, PC
          c/o Brian A. Bain, DDS
          429 Mitchell Avenue
          Bowdon, GA 30108

The Purchaser is represented by:

          Andrew P. Kaiser, Esq.
          STOUT KAISER LLC
          4675 N. Shallowford Road, Suite 200  
          Atlanta, GA 30338

                     About Mouthpeace Dental

Mouthpeace Dental, LLC filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
20-72289) on December 3, 2020. The petition was signed by Syretta
Wells, the sole shareholder.

At the time of the filing, the Debtor had estimated assets of less
than $50,000 and liabilities of between $500,001 and $1 million.

Judge Barbara Ellis-Monro is the case judge. Rountree Leitman &
Klein, LLC serves as the Debtor's counsel.



MRC GLOBAL: Moody's Affirms B2 CFR & Alters Outlook to Stable
-------------------------------------------------------------
Moody's Investors Service changed MRC Global (US) Inc.'s outlook to
stable from negative. At the same time, Moody's affirmed all of
MRC's ratings including its B2 corporate family rating, B2-PD
probability of default rating and the B3 rating on its senior
secured term loan. Moody's also maintained the speculative grade
liquidity rating of SGL-2.

"The change in MRC's outlook to stable reflects its aggressive cost
cutting and liquidity strengthening initiatives along with its
focus on diversifying its business away from a reliance on the oil
& gas sector. These actions have enabled it to weather the severe
oil & gas sector downturn while maintaining a good liquidity
profile and credit metrics that are commensurate with its B2
corporate family rating," said Michael Corelli, Moody's Senior Vice
President and the lead analyst for MRC Global (US) Inc.

Affirmations:

Issuer: MRC Global (US) Inc.

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Secured Bank Credit Facility, Affirmed B3 (LGD5)

Outlook Actions:

Issuer: MRC Global (US) Inc.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

MRC Global (US) Inc.'s B2 corporate family rating reflects its
inconsistent free cash flow generation, volatile operating results,
history of periodic debt financed acquisitions and shareholder
returns, exposure to highly competitive and cyclical end markets,
and modest profit margins. The rating is supported by the company's
solid scale and global position in certain sectors of the energy
industry, its focus on reducing its reliance on the oil & gas
sector and its cost cutting and liquidity raising initiatives
during industry downturns. The rating also considers its modest
capital spending requirements and the countercyclical nature of its
working capital investment, which provides the ability to
substantially reduce debt with free cash flow during industry
downturns.

MRC's operating performance began to materially deteriorate in 4Q19
as customers exhibited capital discipline due to concerns about
excess oil supplies and potential weakening of worldwide economic
growth. These trends were magnified in 2020 as oil prices plunged
due to weaker oil consumption related to the coronavirus outbreak
along with increased supply due to the temporary market share
battle between Saudi Arabia and Russia. The two countries along
with the rest of OPEC and others subsequently pledged to reduce
production, but oil prices remained weak throughout 2020.
Materially lower oil prices affected most of MRC's segments since
it led to significant budget cuts by its major customers.

MRC aggressively reduced its fixed costs in the face of
substantially weaker demand by closing 27 branch locations and
reducing its headcount by almost 600 people, and it continued to
strengthen its position as a supplier to gas utilities and shifting
its mix of sales towards higher margin value-added valve products
and away from lower margin line pipe. This enabled the company to
generate $143 million of adjusted EBITDA (excluding $5 million gain
on sale leaseback) in 2020, which was down significantly from $230
million in 2019, but was substantially stronger than adjusted
EBITDA of $122 million in 2016 during the last oil & gas sector
downturn when revenues were almost $500 million higher. The company
also generated $226 million of free cash flow due to a $220 million
reduction in working capital investments and received $29 million
of proceeds from the sale and leaseback of four branch locations,
which enabled it to pay down $168 million of debt and raise its
cash balance to $119 million from $32 million. As a result, its
credit metrics only moderately deteriorated and continue to support
its B2 corporate family rating, with its adjusted leverage ratio
(Debt/EBITDA) rising to 4.1x from 3.3x in December 2019 and its
interest coverage ratio (EBITA/Interest) weakening to 2.4x from
3.3x.

Moody's expects MRC's operating performance to bottom out in the
first half of 2021 and to gradually improve over next 12-18 months
along with oil & gas sector fundamentals. Therefore, Moody's
anticipate the company will produce relatively flat adjusted EBITDA
in 2021 and for its operating performance to strengthen in 2022.
MRC should continue to generate free cash flow due to continued
working capital reductions and limited capital spending
requirements. Its credit metrics could strengthen further if it
uses its free cash flow to pay down debt. The company is required
to pay down $105 million of term loan borrowings under the
requirements of the excess cash flow sweep, but is considering
negotiating an amendment with its lenders to reduce or eliminate
this payment to maintain a strong liquidity profile during this
uncertain period.

MRC's SGL-2 speculative grade liquidity rating reflects its good
liquidity profile. The company had total liquidity of $551 million
as of December 31, 2020, including $119 million of cash and
availability of approximately $432 million on its $800 million
global ABL facility that matures in September 2022. The facility
had no outstanding borrowings, but the borrowing base was limited
by MRC's historically low level of inventory and receivables.
Moody's expect MRC to again benefit from working capital reductions
in 2021 and to generate free cash flow and maintain a good
liquidity profile even if it is required to pay down $105 million
of term loan debt.

MRC is exposed to carbon transition risks due to its reliance on
the oil & gas sector. Efforts by many nations to mitigate the
impacts of climate change through tax and regulatory policies that
are intended to shift global demand towards other sources of energy
or conservation are an emerging threat to oil and gas companies'
profitability, cash flow and capital spending. Any reduction in
capital spending by the oil & gas sector will negatively impact
MRC.

MRC's stable outlook reflects Moody's expectation that its
operating performance will be relatively stable in 2021 and its
credit metrics will remain commensurate with its rating.

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

A ratings upgrade could be considered if the company's operating
performance strengthens and its operating margin is sustained above
4.0% and its return on invested capital above 6.0%.

A downgrade could occur if MRC fails to maintain a strong liquidity
profile and its operating results and credit metrics weaken and its
leverage ratio is sustained above 6.0x, its interest coverage ratio
below 1.5x or its return on invested capital below 4.0%.

MRC Global (US) Inc. is a global distributor of pipes, valves, and
fittings (PVF) and related products and provides other services to
the energy industry and other sectors. Its reporting segments
include gas utilities (storage and distribution of natural gas),
downstream and industrial (crude oil refining, petrochemical and
chemical processing, general industrial), upstream products
(exploration, production and extraction of underground oil & gas),
midstream pipeline (gathering, processing and transmission of oil &
gas). The company operates out of approximately 230 service
locations including regional distribution centers, branches,
corporate offices and third-party pipe yards, located in the
principal industrial, hydrocarbon producing and refining areas of
the United States, western Canada, Europe, Asia, Australasia, the
Middle East and the Caspian region. The company is headquartered in
Houston, Texas and generated revenues of about $2.6 billion for the
12-month period ended December 31, 2020.

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


MUSCLEGEN RESEARCH: Files Chapter 7 as Founder Faces Prison Time
----------------------------------------------------------------
Lauren Ohnesorge of the Triangle Business Journal reports that an
award-winning Apex fitness startup, MuscleGen Research, has filed
for bankruptcy liquidation just weeks after its founder was
sentenced to prison for what the feds describe as a scheme
involving illegal nutritional supplements.

MuscleGen Research, which won a Triangle Business Journal Life
Sciences Award in 2015, claims in a Chapter 7 liquidation filing to
have zero dollars worth of assets. That's as its debts – from
attorneys fees to loans – add up to $930,000.

The firm was led by Brian Michael Parks of Apex, who pleaded guilty
to federal charges last 2020.

In an email, bankruptcy attorney Philip Sasser said that
“MuscleGen's chapter 7 case is part of a greater effort to
wind-down and liquidate certain problematic entities so that Mr.
Parks can concentrate on his successful (and legal) business
ventures with a minimal amount of confusion between which is
which.”

According to the North Carolina Secretary of State, Parks has
created several companies, including some that are currently
active, such as Genepro Protein Inc. and Anonymous Supps.

But it's the firm he created called MedFitRX that attracted a
federal investigation.

Parks pleaded guilty last November 2020 to a felony count of
distributing unapproved new drugs "with the intent to mislead and
defraud the Food and Drug Administration." Court documents accused
Parks of incorporating MedFitRX entirely "for the purpose of
illegally distributing drugs."

According to the criminal information filing for the case, Parks
imported unapproved drug ingredients from China to North Carolina.
And he tried to hide what he was doing by mislabeling the
ingredients as "biscuit mix powder" and "bread mix powder."

In court filings, Parks' attorneys called his conduct "out of
character," describing Parks as a "devoted family man and father."

"He is genuinely remorseful, and poses little risk of recidivism,"
Parks' attorney wrote in a memo ahead of sentencing. "He is
critical to the survival of a business that employs seven full-time
employees, including several disabled veterans."

In the memo, Parks' offense is attributed to his being "arrogant"
about the supplements – and susceptible to the information on
them "floating through the weight-lifting and body-building
eco-chamber he was part of." He believed, according to his
attorney, that the supplements were "the next big thing in the
weight-lifting community," and chose to emphasize the positive
things he was reading about the them.

"Brian realizes that he conveniently rationalized breaking the law
for profit, and he accepts full responsibility from the
irresponsible mindset and actions that brought him before the
court," the memo reads.

In February 2021, Parks was sentenced to a year in prison and
ordered to forfeit $350,000.

Shortly thereafter, Parks filed an emergency motion asking a judge
to swap out prison time with home confinement, claiming that being
incarcerated during the pandemic posed risks, as Parks suffers from
asthma, obstructive sleep apnea and spinal degeneration.

"Given the resurgence of Covid-19 – particularly within the
federal prison system – the Court should find that compassionate
release is warranted here," a motion from February 2021 says. The
government must file its response to his request in the next few
weeks. As it stands now, Parks reports later this 2021.

Debts in the bankruptcy filing include $480,000 in a payroll loan
and $300,000 in attorney fees.

According to the Chapter 7 filing, the firm reported nearly $3.9
million in revenue in 2019. Then in 2020, when federal charges
descended on its owner, revenue shrank to $662,000. Zero dollars
were reported for 2021.

Parks continued to take a salary, however, reporting $195,250 in
compensation from March of 2020 through February of 2021, according
to the filing. The firm's co-owner, Darria Parks, was paid $172,007
in compensation for the same time period, according to the filing.

                    About MuscleGen Research

MuscleGen Research is an award-winning fitness and performance
nutrition company founded by Michael Brian Parks.

Apex, North Carolina-based MucleGen Research, Inc., filed a Chapter
7 petition (Bankr. E.D.N.C. Case No. 21-00534) on March 10, 2021.
The Hon. David M. Warren is the case judge.

The Debtor's counsel:

       Travis Sasser
       Tel: 919-319-7400
       E-mail: travis@sasserbankruptcy.com

Muclegen Research filed for Chapter 7 bankruptcy liquidation just
weeks after its founder was sentenced to prison.  The Chapter 7
case is part of a greater effort to wind-down and liquidate certain
problematic entities.  


MY FL MANAGEMENT: Gets OK to Hire Edelboim Lieberman as Counsel
---------------------------------------------------------------
My FL Management, LLC, received approval from the U.S. Bankruptcy
Court for the Southern District of Florida to hire Edelboim
Lieberman Revah Oshinsky, PLLC as its legal counsel.

The firm's services will include:

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

     (b) attending meetings and negotiating with creditors and
other parties-in-interest and advising the Debtor on the conduct of
the Debtor's Chapter 11 case, including all of the legal and
administrative requirements of operating in Chapter 11;

     (c) advising the Debtor in connection with post-petition
financing arrangements and drafting documents relating thereto;

     (d) taking all necessary actions to protect and preserve the
Debtor's estate, including the prosecution of actions on its
behalf, the defense of any actions commenced against the estate,
negotiations concerning all litigation in which the Debtor may be
involved and objections to claims filed against the estate;

     (e) preparing legal papers;

     (f) negotiating and preparing a plan of reorganization,
disclosure statement and all related agreements or documents, and
taking any necessary action to obtain confirmation of such plan;

     (g) attending meetings with third parties and participating in
negotiations;

     (h) appearing before the bankruptcy court, any appellate
courts and the U.S. trustee; and

     (i) other legal services necessary to administer the Debtor's
Chapter 11 case.

Brett Lieberman, Esq., the firm's attorney who will be principally
working on the case, will charge $450 per hour.  The hourly rates
for the other attorneys at Edelboim range from $275 to $550.  The
rate for the legal assistants and paralegals begins at $160 per
hour.

The retainer fee is $75,000.

Mr. Lieberman disclosed in a court filing that his firm is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.

Edelboim can be reached through:

     Brett Lieberman, Esq.
     Edelboim Lieberman Revah Oshinsky, PLLC
     20200 W. Dixie Highway, Suite 905
     Miami, FL 33180
     Telephone: (305) 768-9909
     Facsimile: (305) 928-1114
     Email: brett@elrolaw.com

                   About My FL Management

MY FL Management LLC, owns Royal Beach Palace, a hotel located in
the residential Lauderdale-by-the-Sea, about a 10-minute walk to
the beach.

Fort Lauderdale, Florida-based MY FL Management LLC sought Chapter
11 protection (Bankr. S.D. Fla. Case No. 21-11028) on Feb. 2, 2021.
Yuri Gnesin, manager, signed the petition.  The Debtor estimated
assets and debt of $1 million to $10 million as of the bankruptcy
filing.

The Debtor tapped Edelboim Lieberman Revah Oshinsky, PLLC as its
legal counsel and Karlinsky & Golub CPAs, PLLC as its accountant.


MY2011 GRAND: Seeks to Hire Akerman as Special Litigation Counsel
-----------------------------------------------------------------
MY 2011 Grand LLC and S&B Monsey LLC seek approval from the U.S.
Bankruptcy Court for the Southern District of New York to hire
Akerman LLP as its special litigation and corporate counsel.

The firm will represent the Debtors in certain pre-litigation
actions, provide litigation advice related to those actions, and
other litigation matters, effectuate the merger of the company with
and into GL Merger Partner, LLC,
prosecute claims objections critical to confirmation of a plan, and
represent the Debtors in an adversary proceeding to determine the
propriety of the merger and the appropriate merger consideration.

The firm will be paid as follows:

     Partners and Of Counsels    $550 - $1200 per hour
     Associates Between          $345 - $675 per hour
     Paralegals Between          $290 - $395 per hour
    
Mark S. Lichtenstein, Esq., a partner with Akerman, attests that
the firm is a "disinterested person" as that term is defined in
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Mark S. Lichtenstein, Esq.
     Akerman LLP
     520 Madison Avenue, 20th Floor
     New York, NY 10022
     Tel: +1 212 880 3800
     Fax: +1 212 880 8965

               About MY 2011 Grand LLC

MY2011 Grand has an equitable interest in Grand Living LLC II, the
Mezz owner of Grand Living LLC, the owner of the property located
at 227 Grand Street Brooklyn, NY 11211.  The current value of the
Debtor's interest is $12.80 million.

S & B Monsey has an equitable interest in Grand Living LLC II, the
Mezz owner of Grand Living LLC, the owner of the property located
at 227 Grand Street Brooklyn, NY 11211.  The current value of the
Debtor's interest is $13.2 million.

MY 2011 Grand LLC and S & B Monsey filed voluntary petitions under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23957) on Nov. 6, 2019. The petitions were signed by David
Goldwasser, authorized signatory of GC Realty Advisors.

At the time of filing, MY2011 Grand and S & B Monsey each estimated
$10 million to $50 million in assets and $1 million to $10 million
in liabilities.

The Debtors are represented by Mark A. Frankel, Esq. at Backenroth
Frankel & Krinsky, LLP, as counsel.


NAVEX TOPCO: Moody's Completes Review, Retains B3 CFR
-----------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of NAVEX TopCo, Inc. and other ratings that are associated
with the same analytical unit. The review was conducted through a
portfolio review discussion held on March 2, 2021 in which Moody's
reassessed the appropriateness of the ratings in the context of the
relevant principal methodology(ies), recent developments, and a
comparison of the financial and operating profile to similarly
rated peers. The review did not involve a rating committee. Since
January 1, 2019, Moody's practice has been to issue a press release
following each periodic review to announce its completion.

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

Key rating considerations

Navex's B3 Corporate Family Rating is constrained by aggressive
financial policies, including debt-funded acquisitions, leading to
very high levels of financial leverage. The company's small scale
compared to other peers in the rating category, as well as a narrow
product scope, are also credit negative. Navex benefits from stable
subscription-based revenue with high renewal rates, as well as high
EBITDA margins and low capital expenditure requirements, which
results in stable cash flows. The company is expected to have a
strong long-term growth profile as a result of favorable regulatory
dynamics that generate demand for ethics and compliance solutions
globally.

The principal methodology used for this review was Software
Industry published in August 2018.


NAVIENT CORP: Fitch Alters Outlook on 'BB-' LT IDR to Stable
------------------------------------------------------------
Fitch Ratings has affirmed Navient Corporation's (Navient)
Long-Term Issuer Default Rating (IDR) and senior unsecured debt
rating at 'BB-' and Short-Term IDR at 'B'. The Rating Outlook has
been revised to Stable from Negative.

KEY RATING DRIVERS

The revision of Navient's Outlook to Stable reflects the
stabilization in key macroeconomic indicators and Navient's solid
credit performance and improved leverage ratios over the past few
quarters following the emergence of the coronavirus pandemic last
year. The Outlook revision also reflects increased confidence in a
U.S. economic recovery beginning in the second half of 2021,
reducing the likelihood that the downside scenario contemplated at
the time of Fitch's Negative Outlook assignment (April 2020) will
materialize in terms of asset quality and leverage ratio
degradation.

Specifically, Fitch's economists' forecasts for U.S. unemployment
and GDP growth, according to the latest 'Global Economic Outlook'
(GEO) published in December 2020 improved meaningfully from the GEO
published in March 2020, reflecting the Food and Drug
Administration's (FDA) approval of highly effective vaccines, the
passage of additional fiscal stimulus, and the likelihood that the
Federal Reserve will maintain an accommodative monetary policy for
the foreseeable future. Furthermore, the nature of the pandemic has
had a more severe negative impact on occupations that do not
require a college degree, which should favor Navient, which has a
seasoned portfolio with borrowers that have largely graduated and
hold advanced degrees.

Although Navient's loan forbearance rates rose sharply in the early
stages of the pandemic, Navient's earnings benefitted in 2020 from
net interest margin (NIM) expansion and better than expected credit
performance on its private education loans. Specifically, the NIM
on Navient's FFELP portfolio expanded to 99 bps in 2020 from 83 bps
in 2019 as floor income increased, while the charge-off rate on
Navient's private education loan portfolio was effectively halved
relative to 2019. As a result, Navient was able to increase its
adjusted leverage ratio to 5% at YE20 from 3.2% at the end of
1Q20.

The rating affirmation reflects Navient's scale position as one of
the largest non-government owners and servicers of student loan
assets, a demonstrated track record (including as part of its
predecessor organization) in the student loan servicing/collection
space, the low credit risk and predictable cash flow nature of its
FFELP loan assets, adequate liquidity and seasoned management
team.

Rating constraints include Navient's concentrated business model,
reliance on wholesale funding sources, high level of asset
encumbrance, long-term strategic uncertainty related to its growth
initiatives, and heightened regulatory, legislative and litigation
risk.

Navient's $80.7 billion loan portfolio (gross) at YE20 declined
8.1% from YE19 and consisted of $58.6 billion of FFELP loans, and
$22.2 billion of private education loans. While Navient has
supplemented the run-off FFELP and legacy private education loan
portfolios with a number of portfolio acquisitions and refinance
(refi) loan originations from the acquired Earnest platform, the
loan portfolio has been steadily declining since the company's
split with SLM Corporation (SLM) in 2014.

The company continues to expand its student loan refi product,
originating $4.6 billion of refinance loans in 2020, down slightly
from $4.9 billion in 2019 despite significantly slowing
originations in 2Q20 as a result of the significant market
uncertainty caused by the pandemic. The typical refi loans
originated by Navient are made to seasoned borrowers that have been
in the workforce for several years, have six figure incomes, and an
average FICO score in the mid-to-high 700s. Navient's life of loan
loss expectations for these loans are 1.25%, compared with 6% for
in-school private education loan originations. However, the average
balance of refi loans is considerably larger at over $70,000 on
average, which adds to concerns of higher loss severity through the
cycle, and prepayments tend to be higher, which reduces the life of
loan profitability. Further, the profit margins on refinance loans
are relatively thin, which provides less loss absorption capacity
during periods of economic stress.

The company began originating private education loans through the
school channel in 2019 following the expiration of its non-compete
agreement with SLM. While loan originations in this channel were in
line with management's expectations in 2020, the amount remains
modest in relation to Navient's portfolio. While in-school loan
originations, coupled with new refi loan originations, should help
mitigate the impact of legacy portfolio run-off, the loans will
require additional capital and liquidity. Management is targeting
low-to-mid-teen ROEs on refi loans and mid-to-high-teen ROEs on
in-school loans.

Asset quality was solid in 2020 as the unprecedented amount of
government stimulus and monetary easing coupled with widespread
loan forbearance programs and a contraction in consumer
discretionary spending helped to counter the rise in unemployment.
Although the forbearance rate rose to 3.9% at YE20 from 2.7% at
YE19 on the private education loan portfolio, it was down sharply
from 8.4% at the end of 2Q20. The 30+ delinquency rate declined to
2.6% from 4.6% a year ago, while the net charge-off rate was 0.9%
in 2020, nearly half of the 1.7% posted in 2019.

Reserve coverage on private education loans increased sharply in
2020 to 7.5% of loans in repayment at 4Q20, compared to 4.9% a year
ago. The increase was driven by both the deterioration in the
macroeconomic outlook as a result of the pandemic and the
implementation of the current expected credit loss (CECL)
accounting standard, which reflects life of loan loss expectations
rather than incurred losses, at the beginning of the year.
Management expects the charge-off rate to increase to between 1.5%
and 2% in 2021, which would be consistent with pre-pandemic levels
and reflects a delay in loss recognition from the various actions
to mitigate the impact of the pandemic.

Navient's "core" earnings and profitability, which primarily
adjusts GAAP results for mark-to-market gains/losses on derivatives
and goodwill/intangible asset amortization, have steadily declined
since its split with SLM, driven primarily by its declining loan
portfolio. However, core earnings grew in both 2019 and 2020.
Despite the operational challenges caused by the pandemic, core
earnings grew 3.8% in 2020 relative to 2019, driven by FFELP NIM
expansion, a lower loan loss provision as credit performance
improved, double digit revenue growth in its Business Processing
(BPS) segment, and lower operating expenses, partially offset by
the decline in loans.

Net interest income on the FFELP and private education loan
portfolios continues to account for the vast majority of Navient's
earnings. However, management was able to effectively pivot its BPS
service offerings that were severely impacted by the pandemic
toward processing services that grew as a result of the pandemic,
such as unemployment insurance processing and contact tracing. As a
result, BPS revenue grew 18% in 2020 while the EBITDA margin was
maintained at 19%. While Fitch believes the pandemic-driven
services are unsustainable longer term, Navient's ability to
provide these additional services and perform at a high level could
help drive future business with those municipalities. Fitch views
the increased revenue diversification from BPS favorably, although
the pre-tax earnings contribution remains relatively small, at 6%
of core pre-tax earnings in 2020.

The current servicing contract with the U.S. Department of
Education (ED) runs through June 2021, with an additional six-month
extension available. In addition, the Consolidated Appropriations
Act, 2021 enacted in December 2020, enables the ED to extend the
contract for an additional two years through the end of 2023. With
a new administration taking office, the timing and pricing of the
servicing contract renewal remain uncertain. While the net income
directly attributable to the ED servicing contract is modest, the
scale benefits to Navient's servicing business are meaningful and
so additional fixed costs may need to be addressed if the ED
contract is not extended/renewed.

On Jan. 18, 2017, after conducting a review of the servicing
practices of student loans that included an investigation of
Navient over the prior three years, the Consumer Financial
Protection Bureau (CFPB) announced a lawsuit (enforcement action)
against Navient. The CFPB seeks injunctive relief, restitution to
borrowers, refunds, damages and civil money penalties. The state
attorneys general in California, Illinois, Mississippi, Washington,
Pennsylvania, and New Jersey have also filed lawsuits against
Navient.

Fitch believes the enforcement action against Navient creates an
additional layer of uncertainty, including not only the potential
monetary restitution to borrowers and fines, but the potential
reputational risk an adverse judgement could have on current and
future client relationships, particularly government contracts. The
legal process has exited the discovery stage, but a trial date has
yet to be set. Although Fitch believes a resolution of the CFPB
litigation could occur over the Outlook horizon the exact timing of
a decision and potential financial impact of an adverse judgement
are impossible to predict.

Fitch has historically considered capitalization and leverage to be
a low influence factor for Navient's ratings because of its high
proportion of FFELP loans, which carry an explicit federal
government guarantee against credit losses. However, with the loan
mix shifting toward private education loans as the FFELP portfolio
continues to run off, capitalization and leverage was revised to a
higher influence factor for Navient's overall ratings last year.
Excluding debt associated with FFELP assets, against which Navient
holds 50 basis points of capital because of the federal guarantee,
Fitch estimates Navient's debt to tangible equity on its other
businesses was 16.1x at Dec. 31, 2020 compared with 9.9x at Dec.
31, 2019. Management's primary measure of leverage, the adjusted
tangible equity (ATE) ratio, which is essentially the inverse of
Fitch's debt to tangible equity ratio, ended the year at 5%
compared to its targeted level of at least 6%.

Navient's leverage was further complicated in 2020 by (1) the
implementation of CECL, which reduced common equity significantly
($620 million) on Jan. 1, 2020; and (2) the negative mark to market
($616 million at 4Q20) on its floor income hedge that increased
meaningfully due to the sharp decline in short-term rates in 1Q20.
Fitch believes both of these factors result in an overstatement of
Navient's leverage due to accounting timing differences that do not
have an economic impact on the company's financial performance. If
Fitch excludes these two factors, the debt to tangible equity ratio
would have declined to 8.6x at YE20. The company reported its ATE
ratio would have been 7.1% at YE20 excluding the effect of the
negative mark to market of its floor income hedge, down from 7.6% a
year ago, with the decline largely driven by the impact of CECL.

Fitch views Navient's leverage as high relative to the risk profile
of private education loans, and was the primary driver of Fitch's
downgrade of Navient's IDR in April 2020. While the higher level of
leverage is mitigated to some extent by a highly seasoned
portfolio, Navient's refi loan originations, which are less
seasoned, have climbed to represent 37% of the company's private
education loan portfolio and are expected to grow above 50% over
the Outlook horizon. Although Navient's reported leverage is
expected to decline in 2021 as the mark to market on the hedge
amortizes and earnings remain strong in relation to asset growth,
Fitch believes leverage may continue to trend higher over time,
which will depend on the relative growth of the refi loan and
in-school portfolios relative the runoff of legacy portfolio.

Navient has continued to make progress strengthening its liquidity
position over the past few years, which has enabled it to address
elevated unsecured debt maturities in the 2018-2020 period. Navient
issued $700 million of unsecured debt in 2020 and redeemed $1.8
billion of unsecured debt in 2020, including $800 million of bonds
maturing in 2021, reducing total unsecured debt outstanding to $8.4
billion at YE20. In January 2021, Navient completed a $500 million
seven-year unsecured debt issuance which, along with existing cash,
could be used toward $700 million of unsecured debt maturing later
this year. To the extent the company uses operating cash flows
rather than secured financings to further pay down unsecured debt,
Fitch would view this favorably.

Fitch believes Navient's available liquidity and operating cash
flows will be sufficient to service unsecured debt maturities of
$700 million in 2021 and $1.8 billion in 2022. Navient had $1.2
billion in unrestricted cash at Dec. 31, 2020 and projected cash
flows (before operating expenses, taxes, and shareholder
distributions) from its FFELP and private education loans of $2.3
billion and $2.0 billion in 2021 and 2022, respectively. Assuming
capital markets remain stable, Navient can also generate
incremental cash flow by financing overcollateralization (OC) from
its student loan ABS trusts ($6 billion available at YE20) through
repurchase facilities, securitizing unencumbered loans, issuing
additional unsecured notes and/or reducing shareholder
distributions.

The percentage of Navient's funding coming from unsecured debt
declined to 10% at Dec. 31, 2020 versus 10.5% a year ago. An
unsecured debt to total debt ratio of below 10% is within Fitch's
'b' category quantitative benchmark range for funding, liquidity,
and coverage. However, when the FFELP portfolio is excluded from
the calculation, as it is in assessing Navient's leverage, Fitch
estimates the ratio at 27%, which is consistent with the 'bb'
category range. Still, Fitch expects this ratio to decline over
time as the refi loan portfolio, which is funded entirely with
secured debt, continues to grow as a percentage of the total
private education loan portfolio.

The senior unsecured debt rating is equalized with Navient's IDR.
The equalization reflects average recovery prospects under a stress
scenario given the availability of unencumbered assets.

RATING SENSITIVITIES

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

-- An increase in Navient's debt to tangible equity ratio
    (excluding FFELP and the mark to market on floor income
    hedges) to over 12x for several quarters and/or a sustained
    increase in secured funding as a percentage of Navient's
    overall funding mix, such that unsecured debt represents less
    than 10% of the company's funding (excluding debt allocated to
    the FFELP portfolio).

-- Negative rating momentum could also occur from sustained core
    operating losses, an increase in shareholder distributions
    above Navient's core earnings, an inability to access the
    capital markets on economic terms, significant deterioration
    in credit performance, and/or an adverse outcome in the
    pending CFPB/state attorneys general legal actions against the
    company that significantly impairs its market position,
    liquidity and/or future profitability.

Positive ratings momentum is unlikely in the near term but factors
that could, individually or collectively, lead to positive rating
action over time include:

-- Meaningful improvements in core fee-business growth and
    operating performance, a demonstrated ability to successfully
    grow new businesses that enhance Navient's earnings capacity
    and a moderation in shareholder distributions. A sustained
    period of better than expected credit performance on the
    private education loan refi portfolio and/or a meaningful
    reduction in leverage could also drive positive momentum.

The senior unsecured debt ratings are primarily sensitive to
changes in the Long-Term IDR of Navient and the availability of
unencumbered assets.

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

Navient has an ESG Relevance Score of '4' for Exposure to Social
Impacts due to its exposure to shift in social or consumer
preferences as a result of an institution's social positions, or
social and/or political disapproval of core activities, which has a
negative impact on the credit profile and is relevant to the rating
in conjunction with other factors.

Navient has an ESG Relevance Score of '4' for Customer Welfare -
Fair Messaging, Privacy, and Data Security due to its exposure to
compliance risks including fair lending practices, debt collection
practices and consumer data protection, which 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.


NCR CORP: Moody's Completes Review, Retains B2 CFR
--------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of NCR Corporation and other ratings that are associated
with the same analytical unit. The review was conducted through a
portfolio review discussion held on March 4, 2021 in which Moody's
reassessed the appropriateness of the ratings in the context of the
relevant principal methodology(ies), recent developments, and a
comparison of the financial and operating profile to similarly
rated peers. The review did not involve a rating committee. Since
January 1, 2019, Moody's practice has been to issue a press release
following each periodic review to announce its completion.

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

Key rating considerations

NCR's B2 corporate family rating reflects elevated Moody's adjusted
total leverage pro forma for the announced acquisition of
Cardtronics of about 6x. The rating also reflects the company's
business portfolio's relatively low growth profile, though Moody's
expects growth to improve in 2021 following the cyclical decline in
2020 driven by the pandemic. The Cardtronics acquisition presents a
strong strategic fit and synergy opportunities. NCR benefits from
good liquidity and solid free cash flow generation. The company
stated an intention to suspend share repurchases and apply cash
flow to debt reduction until it reaches a net leverage target of
3.5x (as defined by the company) by the end of 2022.

The principal methodology used for this review was Diversified
Technology published in August 2018.


NEENAH INC: S&P Downgrades ICR to 'BB-' on Debt-Funded Acquisition
------------------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on Alpharetta,
Ga.-based Neenah Inc. to 'BB-' from 'BB'. At the same time, S&P
assigned its 'BB-' issue-level ratings and '3' recovery rating to
the proposed term loan.

The stable outlook reflects S&P's expectation that S&P Global
Ratings' adjusted leverage will be near 4x--compared with 3.1x at
the end of 2020--at the end of 2021.

The transaction will almost double Neenah's adjusted debt from $300
million at the end of 2020 to approximately $550 million (including
approximately $100 million of lease liabilities and pension
obligations).  Neenah will use the proceeds from the proposed $450
million term loan to fund its EUR205 million acquisition of ITASA
as well as refinance its $200 million term loan inked in 2020. The
more than doubling of the term loan will push S&P Global Ratings'
adjusted leverage to 5.7x at close, significantly outside the band
for a 'BB' rating. S&P said, "In turn, we estimate pro forma
leverage of 4.7x if we assume the acquisition was completed on Jan.
1, 2021. Though we expect the company to delever to near 4x by
year-end 2021, any prospect of reducing leverage to 3x or below
will be pushed well beyond then."

The acquisition will provide Neenah release-liner capabilities, a
fast-growing industry. Growth in the release-liner market outpaces
GDP growth, driven by an increase in applications, expanded usage
in consumer products and a growing need in emerging economies.
Comparatively, Neenah's existing business exhibits revenue growth
in the low-single digits. Applications include food and beverage
labels, adhesive tapes, roofing material applications, process
liners in cellphone manufacturing, wound care, and process liners
for resin impregnation and carbon fiber manufacturing. S&P believes
the ITASA acquisition will enable Neenah to garner greater
wallet-share from customers while growing the business in the
mid-single digits.

Neenah will continue to generate positive free cash.  Neenah Inc.'s
free operating cash flow continues to remain positive at more than
$70 million in 2020, approximately twice as much as its dividend
and share repurchase spend in the year ($32 million and $5 million,
respectively.) S&P expects higher capital spending in 2021 to
reduce operating cash flow to nearly $65 million; it also expects
similar dividend and share repurchase levels in 2021 as in 2020.

S&P said, "The stable outlook reflects our view that Neenah's
leverage will be in the 3x-4x range 12 months from the proposed
transaction's close. We believe leverage will improve toward
pre-transaction levels--and specifically toward 3x--over the
subsequent 12-month period.

"We could lower the rating on Neenah if leverage were to remain
above 4x with no clear path of deleveraging past that point.
Sustained levels of free operating cash flow (FOCF) to debt of
below 10% and/or discretionary cash flow (DCF) to debt of less than
5%, resulting in FOCF and DCF below $55 million and $26 million,
respectively, would also be indicators that could lead us to lower
the rating.

"We could upgrade Neenah over the next 12 months if revenue growth
and profitability--likely from its technical products
segment--exceeds our current expectations, offsetting secular
decline experienced in the commercial print business. Specifically,
such a scenario would have to result in sustained leverage of less
than 3x, an unlikely event that would require EBITDA generation in
excess of $165 million in 2021."


NESCO HOLDINGS: Incurs $21.28 Million Net Loss in 2020
------------------------------------------------------
Nesco Holdings, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$21.28 million on $302.74 million of total revenues for the year
ended Dec. 31, 2020, compared to a net loss of $27.05 million on
$264.03 million of total revenues for the year ended Dec. 31,
2019.

As of Dec. 31, 2020, the Company had $768.40 million in total
assets, $71.35 million in total current liabilities, $728.12
million in total long-term liabilities, and a total stockholders'
deficit of $31.06 million.

The Company reported a net loss of $7.3 million for the fourth
quarter compared to net income of $3.1 million in the fourth
quarter of 2019.  The Company recognized a one-time income tax
benefit in the third quarter of $23.7 million related to a
reduction of the deferred income tax valuation allowance.

"Our positive momentum in the latter part of the third quarter and
throughout the fourth quarter helped us achieve record quarterly
revenue in both our ERS and PTA segments," Lee Jacobson, chief
executive officer of Nesco, said.  "The recovery continues to build
in 2021 as new project releases gained pace in the second half of
January and carried into February.  We believe a bright future lies
ahead for Nesco, with strong, multi-year tailwinds in our end
markets and countless new opportunities from our strategic
combination with Custom Truck."

"During the fourth quarter, we continued to capitalize on improving
demand across all of our end markets, maintaining disciplined cost
control and capital investments, and driving free cash flow," Josh
Boone, chief financial officer of Nesco, said.  "We were successful
on all these fronts in the fourth quarter, generating positive free
cash flow for the third consecutive quarter and the full year,
while improving our liquidity position, to nearly $94 million at
year-end."

                    Acquisition of Custom Truck

As previously announced, on Dec. 3, 2020, Nesco entered into a
definitive agreement to acquire Custom Truck One Source, LP.  The
combination will create a leading, one-stop shop for specialty
rental equipment serving highly attractive and growing
infrastructure end markets, including transmission and
distribution, telecom, rail and other national infrastructure
initiatives.  Due to complementary business lines, customer bases
and capabilities, the combined specialty equipment platform is
expected to yield significant benefits from increased scale,
broader product and service offerings and expanded geographic
coverage with a combined fleet of 8,800 specialty equipment rental
units and more than $1.3 billion original equipment cost.

The transaction has been approved by Nesco Holdings' shareholders
and is on track to close in the first quarter of 2021.

                        Liquidity and Cash Flow

The Company had cash of $3.4 million and availability of $90.2
million under its asset-based credit facility, for total liquidity
of $93.6 million as of Dec. 31, 2020, a $24.6 million sequential
quarterly improvement.  Net debt outstanding, including capital
leases, was $735.5 million as of Dec. 31, 2020, a decrease of $29.3
million compared to the end of the third quarter.

For the full year 2020, Nesco reported positive cash flow from
operating activities of $42.8 million, an increase of $24.0 million
compared to 2019.  Net cash outflow from investing activities of
$29.3 million in 2020 improved from $129.7 million when compared to
2019 as Nesco curtailed capital expenditures and increased sales of
rental equipment.  Free cash flow increased to $13.3 million in
2020 from negative free cash flow of $62.5 million in 2019.

Total net capital expenditures in 2020 were $29.5 million.  Gross
capital expenditures, which include purchases of rental fleet and
property and equipment, were $68.4 million.  The Company received
$38.9 million from the sale of rental equipment and parts, as well
as insurance proceeds from damaged equipment.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1709682/000170968221000009/nsco-20201231.htm

                             About Nesco

Nesco -- https://investors.nescospecialty.com -- is a provider of
specialty equipment, parts, tools, accessories and services to the
electric utility transmission and distribution, telecommunications
and rail markets.  Nesco offers its specialized equipment to a
diverse customer base for the maintenance, repair, upgrade and
installation of critical infrastructure assets including electric
lines, telecommunications networks and rail systems. Nesco's
coast-to-coast rental fleet of over 4,500 units includes aerial
devices, boom trucks, cranes, digger derricks, pressure drills,
stringing gear, hi-rail equipment, repair parts, tools, and
accessories.

                           *   *   *

As reported by the TCR on Dec. 11, 2020, S&P Global Ratings placed
all of its ratings on NESCO Holdings Inc., including its 'CCC+'
issuer credit ratings on the company and its subsidiary Capitol
Investment Merger Sub 2 LLC, on CreditWatch with positive
implications.


NETSMART INC: Moody's Completes Review, Retains B3 CFR
------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Netsmart, Inc. and other ratings that are associated
with the same analytical unit. The review was conducted through a
portfolio review discussion held on March 2, 2021 in which Moody's
reassessed the appropriateness of the ratings in the context of the
relevant principal methodology(ies), recent developments, and a
comparison of the financial and operating profile to similarly
rated peers. The review did not involve a rating committee. Since
January 1, 2019, Moody's practice has been to issue a press release
following each periodic review to announce its completion.

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

Key rating considerations

Netsmart's B3 Corporate Family Rating reflects the company's high
leverage, as well as the expectation for sustained aggressive
financial policies. The ratings are constrained by Netsmart's
debt-funded acquisition appetite, integration risks and relatively
modest scale. The company benefits from a sticky and stable
recurring revenue base, derived from its leadership position as a
software provider in the niche healthcare markets it serves. High
customer retention rates and long-term tailwinds in the healthcare
industry, as regulation promotes usage of electronic records, are
also credit positive.

The principal methodology used for this review was Software
Industry published in August 2018.


NICK MAVRAKIS: Selling Bainbridge Residential Property for $110K
----------------------------------------------------------------
Nick Mavrakis asks the U.S. Bankruptcy Court for the Eastern
District of New York to authorize the sale of the residential
property located at and known as 168-174 County Road 38, in
Bainbridge, New York, to Bernadette Heikkila and Michael H. Blevins
for $110,000.

In the Schedule B originally filed by the Debtor, it was disclosed
that he owns the Property, which has a market value of $75,000.

On March 4, 2021, the Debtor received an offer from the Buyers with
the purchase price $110,000, pursuant to the Residential Property
Purchase Agreement.  The Debtor, along with counsel, has determined
that the proposed purchase price constitutes fair market value
based on the size and condition of the Property.

Subject to the Court's approval, the Debtor asks approval to sell
the Residential Property to the Buyers on the following terms and
conditions:

     a) Seller: Nick Mavrakis, also known as Nikolaos E Mavrakis

     b) Buyers: Bernadette Heikkila and Michael H. Blevins

     c) Purchase Price: $110,000

     d) Initial Deposit: $1,000

     e) Balance: $109,000

     f) Property Address: 168-174 County Road 38, Bainbridge, New
York, 13733

     g) Property type: Single Family

     h) Closing Date: The closing date will take place on and about
April 12, 2021.

The Debtor asks the Court's approval of the sale of the Property
free and clear of all liens, claims and encumbrances to the Buyers.
All of the sale proceeds will be received by the Debtor, with all
liens, claims and encumbrances to attach to the proceeds.

Finally, the Debtor asks that the Court, in its discretion, waives
the 14-day stay imposed by Rule 6004(h).

A copy of the Agreement is available at
https://tinyurl.com/av4sm4pd from PacerMonitor.com free of charge.

The Purchasers:

          Bernadette Heikkila and Michael H. Blevins
          3224 Linden Drive  
          Sarasota, FL 34232
          Telephone: (941) 447-5535
          E-mail: bernie1957@protonmail.com

Nick Mavrakis sought Chapter 11 protection (Bankr. E.D.N.Y. Case
No. 20-41456) on March 10, 2020.  The Debtor tapped Alla Kachan,
Esq., as counsel.



NIELSEN HOLDINGS: S&P Affirms 'BB' ICR, Outlook Stable
------------------------------------------------------
S&P Global Ratings affirmed all its ratings on Nielsen Holdings
PLC, including its 'BB' issuer credit rating, and removed the
ratings from CreditWatch, where S&P placed them with negative
implications on Nov. 7, 2019.

The stable outlook reflects S&P's expectation that Nielsen will
maintain S&P adjusted leverage in the mid-4x area over the next
year while maintaining its leading position in audience measurement
and analytics.

The outlook revision to stable reflects the lower pro forma S&P
Global Ratings-adjusted leverage, 4.7x as of Dec. 31, 2020,
resulting from the sale of the Nielsen Connect business and the use
of about $2 billion of the proceeds to repay debt.

S&P said, "The ratings affirmation also reflects our view that the
sale of the Nielsen Connect business does not materially change our
assessment of the strength of Nielsen's business risk profile due
to its leading competitive position in audience measurement and
analytics in the media ecosystem."

The sale of Nielsen Connect has improved Nielsen's leverage
profile. Nielsen's pro forma S&P adjusted leverage at the end of
2020 is 4.7 compared to 6x prior to the sale and repayment of about
$2 billion of debt with the proceeds. S&P Global Ratings-adjusted
EBITDA calculation now considers capitalized software development
costs as an operating expense as opposed to a capital expenditure.
Based on our expectation for modest revenue growth, steady to
improving margins, and healthy discretionary cash flow (DCF)
generation, S&P expects the company to reduce leverage further over
the next two years toward the low-4x area as the company continues
to prioritize deleveraging over shareholder returns.

Nielsen benefits from its strong market position. The company
remains the leading global provider of media audience measurement
and analytics and is the industry standard in the U.S. Its position
as the accepted third-party independent arbitrator of audience
measurement is unlikely to be displaced over our forecast horizon.
While the sale of the Nielsen Connect business reduces product and
geographic diversification, it does not materially change Nielsen's
overall competitive position in the audience measurement and
analytics business. Additionally, the pro forma operating metrics
are stronger as the remaining business has materially higher S&P
adjusted margins (mid-30% versus mid-20%), more recurring revenue
(80% versus 70%) and faster organic growth rates.

Nielsen must adapt to an evolving business landscape. Television
consumption is experiencing audience fragmentation as viewership
turns toward digital platforms and time-shifted viewing. These
shifts require enhanced audience measurement capabilities that
unify measurement of linear and digital viewership toward a common
platform allowing for greater standardization in ad buying across
distribution mediums. In our opinion, the environment in which
Nielsen operates has evolved faster than the company's response to
the changes so far. On the media side, the company hasn't been able
to establish itself as the de facto standard for measuring
audiences on digital platforms, though no other company has either.
The company continues to invest heavily in Nielsen One, which aims
to unify its media measurement across linear and digital platforms
into a single cross-media measurement platform. If the company
fails to adapt and compete effectively in the evolving media
landscape, S&P would expect that Nielsen would likely lose share to
emerging competitors and face earnings headwinds as cord cutting
will continue to pressure the share of linear TV and advertising
spending.

S&P said, "The stable outlook reflects our expectation that Nielsen
will maintain S&P adjusted leverage in the mid-4x area over the
next year before declining to the low-4x area in 2022. The outlook
also incorporates our view that Nielsen will maintain its leading
position in audience measurement and analytics and remain a key
part of the media ecosystem even as it evolves from linear to
streaming.

"We could lower our issuer credit rating on Nielsen if its S&P
adjusted leverage increases above 5x on a sustained basis. We could
also change our rating or tighten leverage thresholds if our view
of the business weakens."

This could happen in the following scenarios:

-- Increasing competition or operational weakness result in slower
growth, declining margins and weaker cash flow generation.
-- Nielsen's inability to develop its cross-media platform
reducing its relevance in audience measurement.

-- A more aggressive financial policy with respect to acquisitions
or shareholder returns.

While unlikely in S&P views over the next 12 months, it could raise
the rating if S&P adjusted leverage declines below 4x on a
sustained basis. This would entail the company successfully growing
its cross platform capabilities, generating
mid-to-high-single-digit percent growth, double-digit EBITDA
growth, and significant discretionary cash flow generation directed
toward further debt reduction.


NUCLEAR IMAGING: Taxpayers' Exceptions Overruled
------------------------------------------------
Judge Anne E. Covey of the Commonwealth Court of Pennsylvania
overruled the exceptions filed by Jeffrey M. Mandler, Nuclear
Imaging Systems, Inc. and Cardiovascular Concepts, P.C. to the
Court's March 2, 2020 Opinion and Order.

Jeffrey M. Mandler owned NIS and CVC, which are Pennsylvania
corporations with principal places of business in Malvern,
Pennsylvania.  The Taxpayers were employers responsible for
withholding their employees' payroll taxes in trust for the
Commonwealth.  On August 4, 2000, NIS and CVC commenced voluntary
reorganization bankruptcy proceedings in the Bankruptcy Court,
pursuant to Chapter 11 of the Bankruptcy Code.  On September 18,
2000, the Bankruptcy Court ordered the joint administration of
NIS's and CVC's bankruptcy actions.  On October 6, 2000, Revenue
filed proofs of claim with the Bankruptcy Court seeking, among
other taxes, NIS's and CVC's Pennsylvania employer withholding
taxes.

From October 29, 2000 to September 1, 2001, Revenue issued 10
assessment notices to NIS and Mr. Mandler (individually, and in his
capacity as NIS's president) for their Taxes for consecutive tax
periods from January 1, 1999 to June 30, 2001, plus interest and
penalties, in the total amount of $110,331.60.  Between October 29,
2000 and June 3, 2001, Revenue issued nine assessment notices to
CVC and Mr. Mandler (individually, and in his capacity as CVC's
president) for their Taxes for consecutive tax periods from January
1, 1999 to March 31, 2001, plus interest and penalties, in the
total amount of $70,486.89.

On April 17, 2001, Taxpayers entered into an Amended Stipulation of
Settlement and Order (Settlement Order) to resolve certain creditor
claims, and to allow the sale of NIS's and CVC's assets to Integral
Nuclear Associates, LLC pursuant to an April 11, 2001 Asset
Purchase Agreement, which would facilitate reorganization.  Under
the Asset Purchase Agreement, Integral agreed to purchase certain
of NIS's and CVC's assets out of bankruptcy, and to issue a
"promissory note made payable to [Taxpayers] to fund payments to
state taxing authorities."  On May 1, 2001, Integral's counsel sent
United Savings Bank, $66,215.49 to be held in an interest-bearing
state tax escrow account.

On June 8, 2001, Taxpayers filed a proposed Second Amended Joint
Plan of Reorganization (Proposed Plan), in which they suggested in
Section 4.2.B: "[Taxpayers] shall distribute $66,000[.00] to state
taxing authorities.  These claims are estimated at $300,000[.00]. .
. . Mandler shall make monthly payments to [Taxpayers] to pay any
deficiency."  Revenue objected to the Proposed Plan.

On August 20, 2001, the Bankruptcy Court converted NIS's and CVC's
bankruptcy actions to Chapter 7 liquidation proceedings.
Thereafter, Revenue filed amended proofs of claim — on September
14, 2001, against CVC and on November 15, 2001, against NIS —
seeking the Taxes.

On January 7, 2002, Integral's counsel instructed United Savings
Bank to close out the state tax escrow account and forward the
proceeds thereof (which was then $67,113.00) to Bankruptcy Trustee
Christine Shubert (Trustee).  Revenue did not receive any of the
escrowed funds.

During 2002 and 2005, Revenue filed liens against Taxpayers in the
Chester County Common Pleas Court.  On May 18, 2005, Trustee issued
her amended Chapter 7 Proposed Distribution of Property, pursuant
to which the Trustee, on August 3, 2005, paid Revenue $1,043.29
relative to claims against CVC and $755.49 for claims against NIS.
Those payments were not made in satisfaction of the Taxes or
Taxpayers' other state tax debts.  On April 13, 2006, Trustee
certified that the estate was fully administered — all bankruptcy
estate money had been distributed to creditors and the bankruptcy
estate accounts had zero balances.

By July 30, 2013 letter, Revenue notified Taxpayers' counsel that
Taxpayers' lien payoff figure was $180,168.46.  Taxpayers remitted
$180,168.46 to Revenue on July 31, 2013.  On August 20, 2013,
Revenue asked the Chester County Common Pleas Court to mark
Taxpayers' liens as satisfied.  However, on November 13, 2013,
Taxpayers filed the Refund Petitions with Revenue's Board of
Appeals (BOA) seeking return of their $180,168.46, arguing that the
Taxes had already been paid from the escrow account.  On January
23, 2014, the BOA denied the Refund Petitions.  On April 4, 2014,
Taxpayers appealed to the Board.

On August 27, 2014, the Board denied the Refund Petitions.  On
September 24, 2014, Taxpayers appealed to the Commonwealth Court,
which affirmed the Board's orders on March 2, 2020.  On April 1,
2020, the Commonwealth filed an Application to Redesignate the
Court's Unreported Memorandum Opinion as a Reported Opinion
(Application), to which no response was filed.  Taxpayers timely
filed the Exceptions seeking to reverse the Court's March 2, 2020
Opinion and grant their refund request.  The Commonwealth filed a
brief in opposition to Taxpayers' Exceptions.

In their Exceptions, Taxpayers claim that:

     (a) they satisfied their burden of proving their entitlement
to the $180,168.46 refund;

     (b) the Bankruptcy Court set aside the funds necessary for
Taxpayers to satisfy their payroll tax obligations and the
Commonwealth was on notice that those funds were available; and

     (c) they are entitled to prevail under the doctrine of
estoppel by laches or collateral estoppel.

"Here, as they did in their initial appeal, Taxpayers claim that
they satisfied their burden of proving their entitlement to the
$180,168.46 refund.  In concluding that the Code required Taxpayers
to withhold employee payroll taxes and hold them in trust for the
Commonwealth, and further authorized Revenue to enforce liens
against Taxpayers for the withheld monies... this Court concluded
that Taxpayers did not satisfy their burden of proving entitlement
to the $180,168.46 refund.  After review, this Court discerns no
error in its March 2, 2020 conclusion," Judge Covey said.

"Taxpayers also argue that the Bankruptcy Court set aside the funds
necessary for Taxpayers to satisfy their payroll tax obligations
and the Commonwealth was on notice that those funds were available.
Taxpayers made an identical argument in their initial appeal.
Therein, this Court concluded that the Board properly denied
Taxpayers relief because employer-withheld income taxes were trust
fund taxes which were not dischargeable in bankruptcy... After
review, this Court discerns no error in its March 2, 2020
conclusion," Judge Covey said further.

Judge Covey found that "Taxpayers claim that the doctrine of
estoppel barred Revenue from collecting the Taxes in 2013 because
it failed to claim them during the bankruptcy proceedings.  As
alleged in their initial appeal, Taxpayers specifically contend
that Revenue is estopped by laches. This Court declared that
argument to be without merit... After reciting collateral estoppel
principles in their brief in support of Exceptions, Taxpayers
offered no specific argument on that issue beyond their
declaration: '[Taxpayers] have clearly met the requirements for
applying collateral estoppel to this case and the application of
collateral estoppel to this case precludes the Commonwealth from
denying that these funds were not set aside for them and they
should have claimed them'... However, it is clear from the
stipulated facts that the parties and the issues presented here
differ from those litigated in the bankruptcy proceeding and, since
Revenue's liens for the Taxes were not satisfied in the bankruptcy
proceeding, the bankruptcy proceeding did not represent a final
judgment as to the Taxes.  Accordingly, Taxpayers have failed to
establish their claim that collateral estoppel barred Revenue from
collecting the Taxes in 2013 because it failed to claim them during
the bankruptcy proceedings."

The case is Jeffrey M. Mandler and Nuclear Imaging Systems, Inc.,
Petitioners, v. Commonwealth of Pennsylvania, Respondent. Jeffrey
M. Mandler and Cardiovascular Concepts, P.C., Petitioners, v.
Commonwealth of Pennsylvania, Respondent, Case Nos. 483 F.R. 2014,
484 F.R. 2014 (Pa. Cmmw.).  A full-text copy of the Opinion, dated
March 3, 2021, is available at https://tinyurl.com/txswju4x from
Leagle.com.

                    About Nuclear Imaging Systems

Nuclear Imaging Systems, Inc. and Cardiovascular Concepts, P.C.
filed for chapter 11 bankruptcy protection (Bankr. E.D. Pa. Case
Nos. 00-19698 and 00-19697) on August 4, 2000. On August 20, 2001,
the Bankruptcy Court converted the cases to chapter 7 liquidation.



OLYMPUS DEVELOPMENT: Withdraws Proposed Sale of Nashville Property
------------------------------------------------------------------
Olympus Development Group, LLC, filed with the U.S. Bankruptcy
Court for the Middle District of Tennessee its notice of withdrawal
of its proposed sale of the real property located at 5731 Knob
Road, in Nashville, Tennessee, free and clear of liens, claims, and
encumbrances.

The prospective purchasers have elected to terminate the Agreement
based on an inspection report procured in connection with and
pursuant to the Agreement.

The counsel for the Debtor has conferred with the Subchapter V
trustee prior to filing this notice and has further provided the
Subchapter V trustee with a copy of the inspection report relied
upon to terminate the Agreement.

         About Olympus Development Group, LLC

Olympus Development Group, LLC is the fee simple owner of three
residential properties in Nashville, Tennessee having a total
current value of $1.61 million.

Olympus Development Group, LLC sought Chapter 11 protection (Bankr.
M.D. Tenn. Case No. 21-00459) on Feb. 17, 2021.  The case is
assigned to Randal S. Mashburn.

The Debtor's total assets are valued at $1,665,967 and $1,685,896
in total debt.
       
The Debtor tapped Griffin S. Dunham, Esq., at Dunham Hildebrand,
PLLC as counsel.

The petition was signed by Josephine Saffert, manager.



ONATAH FARMS: Hires Re/Max Farm as Real Estate Broker
-----------------------------------------------------
Onatah Farms LLC, and its affiliates, seek approval from the U.S.
Bankruptcy Court for the Northern District of Indiana to employ
Re/Max Farm & Home as real estate broker.

The Debtor requires the firm to market and sell the Debtor's real
property located at Mountain Grove, Missouri.

The firm will be paid 6% of the gross sales price.

Julie A. Thompson, a partner at Re/Max Farm & Home, 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:

          Julie A. Thompson
          Re/Max Farm & Home
          911 N Main St.
          Mountain Grove, MO 65711
          Tel: (417) 349-0213

              About Onatah Farms LLC

Onatah Farms LLC and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Ind. Lead Case No. 21-10091)
on Feb. 3, 2021. Douglas Morrow, member, signed the petitions.

At the time of filing, the Debtor disclosed assets of between $1
million and $10 million and liabilities of between $10 million and
$50 million.

Overturf Fowler LLP and Steeplechase Advisors, LLC serve as the
Debtors' legal counsel and financial advisor, respectively.


OSPREA LOGISTICS: Seeks to Hire Moon Wright as Counsel
------------------------------------------------------
Osprea Logistics USA, LLC, seeks approval from the U.S. Bankruptcy
Court for the Western District of North Carolina to employ Moon
Wright & Houston, PLLC as counsel.

The firm will provide these services:

   a. provide legal advice with respect to its powers and duties as
debtors-in-possession in the continued operation of its business
and management of its properties;

   b. negotiate, prepare, and pursue confirmation of a chapter 11
plan and approval of a disclosure statement, and all related
reorganization agreements and documents;

   c. prepare on behalf of the Debtor necessary applications,
motions, answers, orders, reports, and other legal papers;

   d. represent the Debtor in all adversary proceedings related to
the base case;

   e. represent the Debtor in all litigation arising from or
relating to causes of action owned by the estate or defending
causes of action brought against the estate, in any forum;

   f. appear in Court to protect the interests of the Debtor; and

   g. perform all other legal services for the Debtor that may be
necessary and proper in the chapter 11 proceeding.

The firm will be paid at these rates:

     Richard S. Wright                $550 per hour
     Andrew T. Houston                $525 per hour
     Caleb Brown                      $325 per hour
     Shannon L. Myers, Paralegal      $180 per hour
     Amy Murray, Paralegal            $150 per hour

The Debtor paid the firm a retainer in the amount of $21,738.

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

Richard S. Wright, Esq., a partner at Moon Wright & Houston, PLLC,
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:

          Richard S. Wright, Esq.
          Caleb Brown, Esq.
          Moon Wright & Houston, PLLC
          121 W. Trade Street, Suite 1950
          Charlotte, NC 28202
          Telephone: (704) 944-6560
          Facsimile: (704) 944-0380
          E-mail: rwright@mwhattorneys.com
                  cbrown@mwhattorneys.com

              About Osprea Logistics USA, LLC

Osprea Logistics USA LLC manufactures transportation equipment. It
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. W.D. N.C. Case No. 21-30087) on February 17, 2021. In the
petition signed by Nicholas F. Brandt, manager, the Debtor
disclosed up to $50 million in assets and up to $10 million in
liabilities.

Judge Craig J. Whitley oversees the case.

Richard S. Wright, Esq. at MOON WRIGHT & HOUSTON, PLLC is the
Debtor's counsel.


PARK SEVEN: April 20 Plan & Disclosure Hearing Set
--------------------------------------------------
On March 2, 2021, debtor Park Seven Holdings, LLC, filed with the
U.S. Bankruptcy Court for the District of Arizona a Disclosure
Statement describing Plan of Reorganization.

On March 7, 2021, Judge Brenda K. Martin conditionally approved the
Disclosure Statement and ordered that:

     * April 20, 2021 is the Combined Hearing to consider final
approval of the Disclosure Statement and confirmation of the Plan.

     *  April 13, 2021 is fixed as the last day for any party
desiring to object to final approval of the Disclosure Statement or
confirmation of the Plan to file a written objection with the
Court.

     * April 13, 2021 is fixed as the last day for any creditor
desiring to vote for or against confirmation of the Plan to
complete and sign a Ballot.

A full-text copy of the order dated March 7, 2021, is available at
https://bit.ly/3bFlSwK from PacerMonitor.com at no charge.

Attorneys for the Debtor:

     Hilary L. Barnes, Esq.
     Allen Barnes & Jones, PLC
     1850 N. Central Avenue, Suite 1150
     Phoenix, AZ 85004
     Tel: 602-256-6000
     Email: hbarnes@allenbarneslaw.com

                      About Park Seven Holdings

Park Seven Holdings, LLC filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
20-13014) on Dec. 2, 2020.  The petition was signed by Jean
Gonzvar, managing member of Jema Capital, LLC, manager.  At the
time of the filing, the Debtor estimated $1 million to $10 million
in both assets and liabilities.  Hilary L. Barnes, Esq., at Allen
Barnes & Jones, PLC, represents the Debtor.


PARKLAND CORP: S&P Rates C$500MM Senior Unsecured Notes 'BB'
------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level and '4' recovery
ratings to Parkland Corp.'s proposed C$500 million senior unsecured
notes due 2029. The '4' recovery rating reflects its expectation of
average (30%-50%; rounded estimate: 40%) recovery in a default
scenario.

S&P said, "The company plans to use the proceeds to repay C$300
million of unsecured debt due 2024 and about C$200 million of
unsecured debt due 2025; as a result, we view the transaction as
leverage neutral while extending the company's debt maturities. We
expect Parkland's increased focus on merchandise and building key
strategic infrastructure across operating markets (to support the
company's logistics and nonrefining supply business), should lead
to a low-single-digit organic EBITDA growth over the next 12
months. Furthermore, the full-year benefit of refinery operations
and increased customer mobility will lead to volume recovery, thus
supporting the company's ability to expand adjusted EBITDA to about
C$1.3 billion-C$1.4 billion in 2021 from about C$1.1 billion-C$1.2
billion in 2020. We forecast adjusted debt to EBITDA will improve
to about 3.5x in 2021 while free operating cash flow (FOCF) will be
C$100 million-C$200 million over the next 12 months. We anticipate
the company will use its FOCF for cash dividends and acquisitions.
At the same time, we believe the company will follow a prudent
financial strategy by balancing its growth initiatives and
shareholder remuneration, such that normalized leverage measures
will remain at 3.0x-3.5x, commensurate with the current rating."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P assumes a default in 2026 stemming from a significant
decline in fuel volumes and margins, which could result from a
protracted recession that reduces fuel demand.

-- In addition, intensifying competition and lower-than-expected
refinery utilization could further pressure cash flows to the point
that the company is no longer able to operate absent filing for
creditor protection.

-- S&P said, "To value Parkland's Burnaby, B.C. refinery asset, we
apply about a US$3,000 multiple to the refinery's 55,000 barrels
per day crude slate throughput capacity. Our valuation reflects the
favorable market dynamics, access to cost-advantaged sources of
crude through the Trans Mountain Pipeline System, low-complexity
refinery, and good product slate because more than 90% of the
refinery output is high-value products."

-- S&P said, "We also assume that Parkland owns 100% of SOL
Investments Inc. at time of default and has financed the
acquisition through its bank borrowings; therefore, we assume a
100% draw on the revolver, compared with an 85% default assumption
in our recovery criteria."

-- S&P values the rest of Parkland's assets, including 100% of
SOL, using an EBITDA multiple approach--the fuel retail assets are
valued at a 5x multiple on default-year EBITDA of about C$610
million.

-- Parkland's secured debtholders (credit facilities) would expect
very high (90%-100%; rounded estimate: 95%) recovery in the event
of default.

-- The remaining value of about C$1.2 billion after servicing the
senior secured claims will be available to the senior unsecured
noteholders, leading to average (30%-50%; rounded estimate: 40%)
recovery in the event of default and an issue-level rating of
'BB'.

Simulated default assumptions

-- Valuation of refinery: About C$215 million

-- Emergence EBITDA of retail assets: C$610 million

-- Multiple: 5.0x

-- Gross enterprise value (including the valuation for the Burnaby
refinery): about C$3.26 billion

-- Net recovery value for waterfall after administrative expenses
(5%): about C$3.10 billion

Simplified waterfall

-- Estimated priority claims: about C$6.8 million
-- Remaining recovery value: about C$3.09 billion
-- Estimated senior secured claim: about C$1.8 billion
-- Value available for senior secured claim: about C$3.09 billion
    --Recovery range: 90%-100% (rounded estimate: 95%)
-- Estimated senior unsecured claims: about C$2.9 billion
-- Value available for unsecured claim: about C$1.2 billion
    --Recovery range: 30%-50% (rounded estimate: 40%)



PENNGOOD LLC: Seeks to Hire Nelson & Pelura as Accountant
---------------------------------------------------------
Penngood, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Columbia to hire Nelson & Pelura, LLC as its
accountant.

The firm will advise the Debtor regarding tax matters and the
preparation of forms and returns to be submitted to various taxing
authorities, including the federal and local tax returns for the
year ending Dec. 31, 2020.

The firm will charge $200 per hour for its services.

Nelson & Pelura is a "disinterested person" within the meaning of
Section l0l(l4) of the Bankruptcy Code, according to court papers
filed by the firm.

The firm can be reached through:

     Anthony J. Pelura, MSF, CVA, EA
     Nelson & Pelura, LLC
     251 Najoles Road, Suite G
     Millersville, MD 21108
     Phone: (410) 975-5565
     Fax: (410) 975-5567
     Email: tpelura@npcpa.net

                        About Penngood LLC

Penngood LLC -- https://www.penngood.com/ -- is a strategic
communications firm specializing in total health.

Penngood sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D.D.C. Case No. 20-00230) on May 19, 2020.  At the time of
the filing, the Debtor disclosed assets of between $1 million and
$10 million and liabilities of the same range.  

Judge Martin S. Teel, Jr. oversees the case.  

The Debtor tapped Richard G. Hall, Esq., as its legal counsel, and
King, King & Associates, PA and Nelson & Pelura, LLC as its
accountants.


PLASKOLITE PPC: S&P Upgrades ICR to 'B' ICR on High Demand
----------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S.-based
acrylic and polycarbonate plastic sheet manufacturer Plaskolite PPC
Intermediate II LLC to 'B' from 'B-'. The outlook is stable. S&P
also raised its issue-level rating on Plaskolite's $660 million
first-lien term loan B due in 2025 to 'B' from 'B-'.

S&P said, "The stable outlook reflects our view that adjusted
leverage will be 5.5x-6x over the next 12 months as the company
continues to benefit from residual PPE demand during the ongoing
but potentially waning pandemic as well as increased demand for its
traditional products.

"We expect Plaskolite to continue to benefit from demand for PPE,
although declining, and for its product mix to benefit from a shift
toward higher-margin traditional products. We expect residual PPE
demand over the next 12 months which could decline significantly
from high levels in 2020. We anticipate total revenues declining
about 15% and earnings 20%. This compares to a 25% increase in
revenues and an over 100% increase in earnings in 2020. However, we
expect EBITDA margins will decline but remain above 20% given that
it introduced PPE and related safety products in 2020. They are
lower-margin, using cheaper barrier sheet materials. Plaskolite's
traditional products are historically higher-margin. The company
sets itself apart from its competitors with its ability to meet
customized product specifications and deliver made-to-order
products, which results in higher margins than more standardized
products from most of its industry peers.

"We expect leverage to be 5x-6x in 2021 and 2022, well below that
of 2019. We expect adjusted debt to EBITDA of about 5x in 2020 and
about 5.5x-6x in 2021, both down from above 9x in 2019. Leverage
was previously above 9x because of increased debt to fund four
acquisitions and a dividend by the company's previous financial
sponsor. In February 2021, Plaskolite repaid $45 million of its
$190 million second-lien notes due in in December 2026. In
addition, the company repriced these notes at a slightly lower
interest rate, which reduces interest expense and boosts interest
coverage ratios. We acknowledge the significant improvement in
performance is still evolving as demand for PPE-related products
could progressively decline in 2021 and 2022. We expect the company
to generate moderate free cash flow (cash from operations minus
capital spending) over the next 12 months to about $20 million. We
also expect Plaskolite to remain acquisitive, but that acquisitions
will be bolt-on and funded through internally generated cash. While
the company's owner, PPC Investment Partners, does not have a
history of seeking debt-financed dividends from its portfolio
companies, we generally expect financial sponsor-owned companies to
have more aggressive financial policies and likely pursue
debt-financed acquisitions or dividend distributions.'

Plaskolite's competitive position is driven by a good position in
niche markets, but is tempered by its cyclical, competitive, and
commoditized end markets. Plaskolite is exposed to volatile input
costs, which we expect to increase in 2021 after declining in 2020
due to recessionary pressures. The company is less diverse and
smaller than other rated building material companies, with about
$730 million of revenues in 2020, and has significant supplier
concentration with several key raw material inputs that have only
one or two suppliers each. However, Plaskolite's No. 1 market share
in the niche North American acrylic (40%) and polycarbonate sheet
(45%) markets supports its credit quality. The company also has a
loyal and long-standing customer base supported by its large
manufacturing footprint. It participates in loosely correlated end
markets that have steady demand, which will help produce stable
EBITDA margins of about 21%-23% over the next 12 months.

S&P said, "The stable outlook reflects our view that adjusted
leverage will be 5.5x-6x over the next 12 months as the company
continues to benefit from residual demand for PPE during the
ongoing but potentially waning pandemic and increased demand for
its traditional products."

S&P could lower its ratings on Plaskolite over the next 12 months
if adjusted debt to EBITDA increases above 7x or EBITDA interest
coverage declines below 2x. This could occur if:

-- Demand for PPE declines and is not replaced by higher demand
for the company's traditional higher-margin products, reducing
EBITDA about 18%-19% from our base-case forecast; or

-- PPC Investment Partners pursues debt-financed acquisitions or
dividends that notably weaken credit metrics.

Although unlikely, S&P could consider raising its rating over the
next 12 months if Plaskolite diversifies beyond its niche market
positions and S&P believes the company can sustain adjusted
leverage below 4x. It would also require its financial sponsor to
commit to maintain that. This could occur if:

-- Plaskolite's earnings are higher than our base-case scenario
because of lower than anticipated input costs or higher demand for
PPE closer to that of 2020; or

-- The company continues to use excess cash flows toward debt
reduction.


PODS LLC: S&P Cuts ICR to 'B' on Dividend Recapitalization
----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on portable
storage lessor PODS LLC to 'B' from 'B+'. S&P also assigned its 'B'
issue-level and '4' recovery ratings (35% rounded estimate) to the
company's proposed senior secured credit facility.

S&P said, "We believe the proposed dividend recapitalization
transaction indicates a more aggressive financial policy than we
had previously expected.   PODS has a history of undertaking
dividend recapitalization transactions, having issued additional
debt in late 2017 to finance a $147 million dividend to OTPP.
However, the currently proposed $437 million dividend is
significantly larger than (about three times) the previous payout.
The transaction will result in weaker credit metrics for PODS, with
debt to capital increasing to above 100% in 2021 from an estimated
75% in 2020 and funds from operations (FFO) to debt declining to
the low-teens percent area in 2021 from around 20% in 2020. We
forecast EBIT interest coverage of about 1x in 2021 (not directly
comparable to 2020 levels since we expect EBIT in 2020 to be
affected by significant noncash stock compensation expenses).

"We now view PODS' financial policy as more aggressive than we
previously expected, given the large size of the proposed dividend
and the transaction's impact on the company's credit metrics. While
we expect them to improve gradually through 2022, supported by
strong cash flow generation, we believe PODS will continue to
periodically undertake dividend payouts to its private equity
sponsors when the opportunity arises. We are therefore revising our
financial policy assessment score to FS-6 from FS-5.

"The stable outlook on PODS reflects our expectation that its
credit metrics will remain commensurate with the current rating,
supported by relatively strong demand conditions through much of
2021. We forecast FFO to debt to decline to the low-teens percent
area in 2021 from about 20% in 2020 due to higher debt levels,
before improving modestly to the mid-teens percent area in 2022. We
forecast EBIT interest coverage of about 1x in 2021, improving to
the mid-1x area in 2022. We expect debt to capital to remain above
90% through the forecast period.

"We could lower our ratings on PODS over the next year if its
financial profile weakens such that its EBIT interest coverage
declines to well below 1x and FFO to debt declines to the
mid-single-digit percent area on a sustained basis." This could
occur if:

-- Revenue growth in its key markets is weaker than expected;

-- It faces higher-than-anticipated labor or freight cost
pressures; or

-- It pursues another debt-financed dividend.

Although unlikely over the next 12 months, S&P could consider
raising its rating on PODS if:

-- Debt to capital improves to below 90% and EBIT interest
coverage remains above 1.1x; and

-- S&P expects that the company's sponsor will remain supportive
of these credit metrics.

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."


PRIORITY HOLDINGS: S&P Places 'CCC+' ICR on CreditWatch Positive
----------------------------------------------------------------
S&P Global Ratings placed its 'CCC+' issuer credit rating and all
issue-level ratings on Priority Holdings LLC on CreditWatch with
positive implications.

S&P said, "The CreditWatch placement reflects our view that while
expected leverage and free cash flow remain uncertain, external
liquidity availability will improve through higher revolver access,
more advantageous financial covenants, and the combined business
will have better scale and higher profitability.

"We based the CreditWatch placement on our view that Priority's
debt restructuring will strengthen its balance sheet and liquidity
position. The new debt structure will consist of $590 million in
term loan and $250 million in preferred equity, adding about $450
million to the current capital structure. As such, even though
expected pro forma leverage is uncertain, we estimate that it will
remain elevated at above 8x-9x (inclusive of the preferred equity).
We previously projected Priority to generate break-even cash flows
in 2020 and about $20 million in 2021 on standalone basis. We now
estimate that free cash flows will improve due to the reduction of
the interest rate burden and the addition of Finxera's business.

"The transaction will result in the successful refinancing of the
upcoming debt maturities of the company's revolver and term loan.
The revolver will be upsized from the current $25 million to $40
million, which will provide additional liquidity. We also
anticipate the transaction to be structured such that Priority
would maintain ample headroom under its financial covenants.
Moreover, the transaction will reduce the mandatory accelerated
amortization of Priority's term loan by about $40 million over the
next two years as we expect the required loan amortization on the
new term loan to be at 1%.

"We believe that the acquisition will lead to the enhancement of
the company's technological capabilities and expansion to a wider
customer base. We also anticipate the acquisition to lead to
improved scale and higher profitability. Finxera will provide at
least $70 million in annual revenues and is expected to contribute
to Priority's topline growth trajectory and cash flow generation
ability.

"We plan to review the company's prospective controlling ownership
structure and governance, financial policy, business strategy, and
outlook more deeply over the coming days. We expect to resolve our
CreditWatch placement as soon as possible and no later than the
close of this transaction, which will likely occur in the third
quarter of this year."


PURDUE PHARMA: To Get Add'l $1.2 Billion From Sacklers for Plan
---------------------------------------------------------------
Jef Feeley and Jeremy Hill of Bloomberg News report that Purdue
Pharma said that it will include additional $1.2 billion from
Sacklers for its bankruptcy settlement plan.

The billionaire Sackler family members who own Purdue Pharma LP are
proposing to contribute another $1.2 billion to the opioid maker's
bankruptcy settlement plan, part of a deal to wipe out lawsuits
targeting the company, according people familiar with the deal.

The Sacklers' offer brings the total cash they'd contribute to
Purdue's Chapter 11 plan to more than $4.2 billion, up from $3
billion, the people said.  The compromise came after state
attorneys general involved in mediation talks demanded an increase
of more than $2 billion, according to the people, who asked not to
be identified because the information is private.

The deal calls for the family members involved in Purdue to pay out
their contribution to the bankruptcy plan over nine years,
according to a person familiar with the agreement with the majority
of states.

The development may clear the way for Purdue's settlement proposal
to be approved as part of the drugmaker's bankruptcy plan, which is
slated to be filed March 15, 2021. It will call for the maker of
the opioid-based painkiller OxyContin to be handed over to states,
cities and counties seeking to recoup billions in tax dollars spent
dealing with the fallout from the highly addictive medicine.

"The Sacklers' decision to throw in more money provides both
practical and emotional benefits," Chuck Tatelbaum, a veteran
bankruptcy attorney, said in an interview.  "Not only does it
provide a significant bump in their contribution, but it also
appeals to those attorneys general who want to show they were tough
on the Sacklers over their role in the opioid epidemic," said
Tatelbaum, who isn't representing anyone in the case.

Negotiators are still trying to resolve governments' objections to
Purdue's reorganization plan, which would help states, counties and
local municipalities pay for damage caused by OxyContin and other
opioid-based drugs blamed for more than 400,000 deaths.  Twenty-six
states have signed off on the deal, according to the people.

Representatives for New York's and Massachusetts' attorneys general
-- who the people said were leading the mediation for the objecting
states -- declined to comment. Representatives for the Mortimer and
Raymond Sackler wings of the family also declined to comment.

One brother, Arthur Sackler, sold his shares in the company before
OxyContin's introduction.

The increased contribution to the bankruptcy plan brings the amount
the Sacklers agreed to pay to resolve suits over Purdue's OxyContin
marketing to $4.5 billion. Family members agreed last 2020 to a
$225 million accord to resolve the U.S. government’s civil claims
over the painkiller's sales tactics.

Those involved in the court-ordered mediation include the company,
creditors groups other than the state attorneys general and
representatives of cities and counties suing Purdue over its
OxyContin marketing.

Restructuring Plan

The Sacklers are counting on the bankruptcy plan to be the backbone
of a settlement of all opioid suits against the family and Purdue.
In return for the added cash, they are demanding releases from
current and future opioid suits as part of the approved plan, the
people said. U.S. Bankruptcy Judge Robert Drain will decide if the
Chapter 11 proposal passes muster.

Purdue Pharma has been deliberating over how, precisely, to resolve
the thousands of opioid lawsuits that sent it into bankruptcy. The
company sought Chapter 11 protection in late 2019. As of the first
week of March 202, the drugmaker still didn't know whether it would
be able to garner total creditor support for its sweeping
restructuring plan before the March 15, 2021 deadline.


"There will be a plan filed March 15, and we hope it is one that
embodies a global settlement," Marshall Huebner of the law firm
Davis Polk & Wardwell told Judge Drain in a March 1, 2021 hearing.

The company, its owners and those suing it have been at odds over
how much money the Sackler family members should contribute to the
deal and the degree to which they will be protected from future
legal jeopardy, Bloomberg reported in January 2021. A contested
restructuring plan would likely lead to more lengthy, expensive
court battles.

In addition, some states continue to object to the idea of being
forced to operate a drugmaker to generate funds for treatment and
policing budgets from OxyContin sales, the people said. Purdue
officials noted in court filings a trust designed to benefit state
and local governments will run Purdue after the handover and
government officials won’t be involved in the drugmaker's
day-to-day operations.

Previous Settlements

In 2019, the company paid $270 million to settle Oklahoma's claims
that illegal OxyContin marketing led to devastation of local
communities. Purdue sought bankruptcy protection from creditors
that same year to put other suits on hold.

Purdue also agreed last year to an $8.3 billion settlement with the
U.S. in which the drugmaker pleaded guilty to three felonies over
its OxyContin marketing. It was the second time in 13 years the
company pleaded guilty on charges tied to opioid sales.

Family members last year agreed to resolve U.S. claims that some of
them who served on Purdue's board in 2012 pressured executives to
pump up OxyContin sales even though the legitimate market for the
painkiller had shrunk. The family members denied doing anything
improper.

                     About Purdue Pharma LP

Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.

Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.

Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers.  More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.

OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.

On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation. The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities.

U.S. Bankruptcy Judge Robert Drain oversees the cases.  

The Debtors tapped Davis Polk & Wardwell LLP and Dechert LLP as
legal counsel; PJT Partners as investment banker; AlixPartners as
financial advisor; and Prime Clerk LLC as claims agent.

Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the
official committee of unsecured creditors appointed in Debtors'
bankruptcy cases.

David M. Klauder, Esq., was appointed as fee examiner.  The fee
examiner is represented by Bielli & Klauder, LLC.


RAMI B. AJAM: April 6 Hearing on $900K Sale of Assets to Brother
----------------------------------------------------------------
Rami B. Ajam and A&R Development, Inc. filed with the U.S.
Bankruptcy Court for the Western District of Louisiana a notice of
their proposed the sale to Robert Ajam for $900,000, subject to
overbid, of the following properties:

      a. Improvements and/or assets located on or at 3111 Hwy. 90
E., in Broussard, Louisiana, which are collateral of Gulf Coast
Bank;

      b. Immovable property and improvements located at 5101 Decon
Road, in Youngsville, Louisiana, which forms collateral of Gulf
Coast Bank;

      c. All leases or subleases held by the Seller; and

      d. The property and improvements located at and on 106
Farmington Drive, in Lafayette, Lafayette Parish, Louisiana, which
is the collateral of Gulf Coast Bank.

No litigious rights are included in the Sale.

A hearing on the Motion is set for April 6, 2021, at 2:30 p.m.
Objections, if any, must be filed no later than seven days prior to
the hearing.

The sale will be free and clear of liens, claims, and encumbrances.
The secured lender's right to credit bid is recognized.

Rami B. Ajam sought Chapter 11 protection (Bankr. W.D. La. Case No.
20-50895) on Dec. 4, 2020.  The Debtor tapped Tom St. Germain,
Esq., at Weinstein & St. Germain as counsel.



RAMI B. AJAM: Brother Buying Four Assets in Louisiana for $900K
---------------------------------------------------------------
Rami B. Ajam and A&R Development, Inc., ask the U.S. Bankruptcy
Court for the Western District of Louisiana to authorize the sale
to Robert Ajam for $900,000, subject to overbid, of the following
properties:

      a. Improvements and/or assets located on or at 3111 Hwy. 90
E., in Broussard, Louisiana, which are collateral of Gulf Coast
Bank;

      b. Immovable property and improvements located at 5101 Decon
Road, in Youngsville, Louisiana, which forms collateral of Gulf
Coast Bank;

      c. All leases or subleases held by the Seller; and

      d. The property and improvements located at and on 106
Farmington Drive, in Lafayette, Lafayette Parish, Louisiana, which
is the collateral of Gulf Coast Bank.

No litigious rights are included in the Sale.

The Youngsville Property, the Broussard Property and the Home
(together with certain movables at the Youngsville and Broussard
locations) are encumbered by senior mortgages and/or security
interests in favor of Gulf Coast Bank.  The Bank's security
interests in the Broussard Property includes a first priority
mortgage in the Debtor's leasehold interest in the Youngsville
Property and the Broussard Property.

The Broussard Property is leased from the owner of that property
and Subleased to a tenant of A&R which is Rudral LLC.  The
Youngsville Property is leased to S&A Group LLC.  The Home is cross
collateralized as to the debt of A&R to the Bank.

The Buyer, Rami Ajam's brother, has offered to purchase the
Youngsville Property subject to and including the leasehold
interest of A&R, the Broussard Property (lease hold interests), and
the Home together with all non-exempt movable assets of the Movers
at the Youngsville and Broussard locations, and the leasehold
interests of A&R in the Youngsville and Broussard properties ("Sale
Assets") for a total, lump sum price of $900,000.  The Buyer has
executed an irrevocable purchase agreement, conditioned only
approval of the sale by the Court and being the winning bidder.
Additionally, any Inferior Liens could be compelled to take
whatever could be obtained in money at a state law foreclosure
sale, if any, and therefore such privileges or liens are subject to
section 363(i).

The Movers have presented the Motion to the Bank, and the Bank has
indicated that it does not intend to object to the sale
contemplated, conditioned on the ongoing cooperation of the Movers
with the Bank and the timely payment by the Movers of adequate
protection to the Bank through the date of the sale and reserving
the right to the Bank to obj ect to the Motion up until the hearing
on the Motion.  The April adequate protection payments due the Bank
will be due and payable before the hearing on the Motion.

Any higher bid must be for cash accompanied by a deposit in the
amount of 10% of the amount offered.  Any higher bid and deposit
must be received by 4:00 p.m. (PT), seven days prior to the hearing
date upon the Motion is first set for hearing.

The proceeds of the sale of the three properties, which is
$900,000, will be paid to Gulf Coast Bank at closing.  The minimum
to be received by Gulf Coast Bank is $900,000.

In addition, the sale includes the collateral held by Merchants
Bank Equipment Finance.  The Purchaser may elect to purchase either
the equipment securing the Merchants' loan or the equipment
securing the TCF loan or both.  The amount of the purchase price as
to Merchants is $9,750 and $13,000 as to TCF, which amounts will be
in excess of the minimum bid of $900,000.  The purchase price,
however, may be increased or decreased by the Court and therefore
the purchase price will be in the amounts stated unless altered by
a ruling of the Court or by the agreement of Merchants, TCF, and
the Stalking Horse Bidder or Successful Bidder.

The Stalking Horse Bidder, or Successful Bidder in the event it is
not the Stalking Horse, along with A&R, may elect to surrender the
pumps and other related collateral of Merchants and/or TCF to
either Merchants or TCF, as the case may be, in lieu of purchasing
the collateral.  If the collateral is surrendered to either
Merchants or TCF, A&R will be entitled to a dollar-for-dollar
credit against the claim of the creditor whose collateral is
surrendered.  Once the claim of a given creditor is reduced by the
value of its collateral, any remaining balance will be deemed an
unsecured claim.

To be clear, the Purchaser of the Movers' property is not obligated
to purchase the collateral of either Merchants or TCF and may, at
its option, 1) either purchase the collateral for the additional
amounts stated, any amount fixed by the Court, or any amount agreed
upon between the creditor and the Purchaser, or 2) the Purchaser
along with A&R may surrender the collateral to the creditor holding
a security interest therein.

The Movants are asking authority to sell the immovable property of
the Debtor described to the highest bidder free and clear of any
privileges, liens, claims, judgments, and encumbrances.

The Movers believe that an opportunity for competitive bidding will
allow for assets to be purchased for the highest and best offer.
Additionally, they believe exposure to the market is not an option.
Accordingly, if a bid of at least $20,000 higher than the Stalking
Horse Bid is received and such bid is accompanied by the required
deposit and proof of ability to close satisfactory to the Movers
and others as is provided and as stated, then the Movers intend to
conduct the Auction on April 6, 2021, immediately after the hearing
on the Motion (PT).  Further, Movers suggest that any higher offers
must be made in increments of $20,000.

Any prospective bidder, must qualify no later than 4:00 p.m. (PT)
on March 30, 2021.  In order to bid on the ale Assets, the
prospective bidder must tender to either the Movers' counsel or the
Trustee Armstead Long between the hours of 9:00 a.m. and 4:00 p.m.
(either CDST or CST as applicable) no later than seven days before
the hearing on the Motion, the funds as noted for the bidder's
initial competing bid and provide sufficient proof, as determined
by the Movers, Gulf Coast Bank, and the Trustee, of financial
ability to close.  

The Stalking Horse bidder will be entitled to a breakup fee in the
amount of $30,000 in the event a higher bid is accepted and the
higher bidder actually closes the transfer of the property being
sold.  Additionally, in the event any successful bidder fails to
close within the time frame set out in this Motion or the related
Order, the bidder who fails to close will pay to each Mover, in
addition to the forfeiture of any deposit, the sum of $15,000 (a
total of $30,000) which will be used by each Mover to pay
administrative costs in each Mover's respective chapter 11 case;
however, in no event will the break—up fee or other amounts
contemplated educe the minimum payment to the Bank of $900,000.

The Bank is deemed to be a qualified bidder and will be allowed to
credit bid (except for payments that may be required to TCF and/or
Merchants as contemplated) and will not be required to pay any
break-up fee, deposits or any other out of pocket amounts.

Any funds received in excess of amounts due thereunder to the Bank,
TCF, and/or Merchants will be held in the trust account of H. Kent
Aguillard, counsel for A&R, pending further order of the court and
directing and authorizing release of such funds.

The successful bidder/purchaser will pay all usual and customary
costs of closing.

Finally, the Movers ask the Court to waive and abrogate the 14-day
stay imposed by Bankruptcy Rules 6004 and 6006.

Rami B. Ajam sought Chapter 11 protection (Bankr. W.D. La. Case No.
20-50895) on Dec. 4, 2020.  The Debtor tapped Tom St. Germain,
Esq., at Weinstein & St. Germain as counsel.



RANGE RESOURCES: S&P Alters Outlook to Positive, Affirms 'B' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.-based oil and gas
exploration and production (E&P) company Range Resources Corp. to
positive from negative and affirmed its 'B' issuer credit rating.
At the same time, S&P affirmed its 'B+' issue-level rating on the
company's unsecured notes. S&P's '2' recovery rating remains
unchanged.

S&P said, "The positive outlook on Range reflects our increased
commodity price assumptions, which lead us to anticipate that it
will improve its profitability and credit measures and potentially
generate material free cash flow. Specifically, we could raise our
rating on the company if it uses excess cash flow to reduce its
absolute debt while improving its funds from operations (FFO) to
debt comfortably above 20% for a sustained period.

"The outlook revision primarily reflects our expectation for an
improvement in the company's credit measures and the potential for
material free cash flow generation.  Based on our revised oil price
assumptions, we now expect Range to realize higher prices for its
natural gas liquids (NGLs), which represent about 27% of its total
equivalent production. Therefore, we project the company's FFO to
debt will rise to the low- to mid-20% range in 2021 and 2022 while
its debt to EBITDA decreases to about 3.0x, which compares with our
previous expectations of about 11% and 5.9x, respectively. At the
same time, we now expect Range to generate material positive
discretionary cash flow over the next year."

The outlook revision also reflects Range's successful near-term
debt issuance and last year's bond tenders, which have materially
improved its maturity profile. In January the company issued $600
million of 8.25% notes due 2029, which it used the proceeds from to
reduce the outstanding balance on its revolver. This transaction
provided evidence of Range's improved access to the capital
markets, which had been limited throughout 2020. The company also
successfully tendered $1.0 billion of near-term debt last year
using the proceeds from its new 9.25% senior notes due 2026 and
proceeds from the North Louisiana asset sale. Pro forma for these
transactions, the company currently has $45 million of debt due in
2021, $228 million of debt due in 2022, and $540 million of debt
due in 2023, with nearly $2.0 billion of liquidity available under
its reserve-based lending (RBL) facility due in April 2023.

Range has low all-in costs relative to those of its peers supported
by the high productivity of its Appalachian wells.  S&P said, "The
company's operating costs (including lease operating expense,
transportation, production taxes, and cash general and
administrative costs) in 2020 were $1.68 per thousand cubic feet
equivalent (mcfe), which we view as competitive with those of its
gas-focused peers. After temporarily rising, Range's transportation
costs declined materially last year due to improved pipeline
utilization while its revenue benefited from its ability to carry
gas out of Appalachia to regions with more favorable supply-demand
dynamics. The company's all-in three-year average finding and
development (F&D) costs were just $0.36 per mcfe in 2020, which is
among the lowest in its peer group, due to the high productivity of
its wells. We believe Range's low all-in costs would likely enable
it to remain profitable if commodity prices fall or its Appalachian
basis differentials widen by more than we currently anticipate."

S&P said, "The positive outlook on Range reflects our improved
crude oil and NGL price assumptions, which lead us to forecast
stronger credit measures and potentially material free cash flow
generation. Additionally, it reflects the stronger capital market
environment and the company's improved maturity schedule. We expect
Range's FFO to debt to be in the low- to mid-20% range while it
generates discretionary cash flow of approximately $240
million-$280 million over the next year.

"We could raise our rating on Range if it uses excess cash flow to
reduce its absolute debt while improving its FFO to debt
comfortably above 20% for a sustained period. This would most
likely occur if the company is able to maintain its production
while keeping its capital expenditure well within its internally
generated cash flow.

"We could lower our rating on Range if its FFO to debt falls below
12% on a sustained basis with no immediate prospects for
improvement. This would most likely occur if natural gas or NGL
prices weaken beyond our expectations and the company doesn't
reduce its capital spending."



REMEDY DINER: Hits Chapter 7 Bankruptcy After Location Closes
-------------------------------------------------------------
Erika Wells of Triangle Business Journal reports that shuttered
Raleigh restaurant, Remedy Diner, has filed for Chapter 7
bankruptcy after closing its location on W. Morgan Street earlier
this 2021. The business has $7,000 in assets and $441,702 worth of
debt, according to the bankruptcy petition.

Attempts to reach the owner and manager, Angela Holder, were
unsuccessful.

Attorney Philip Sasser with Sasser Law Firm, who is handling the
case, said the restaurant could not recover from the pandemic's
blow to the industry.

The restaurant temporarily ceased operations last March amid the
stay-at-home order, Sasser said. It reopened in October 2020 for
takeout only, he said, but it saw its midday work crowds dwindle or
disappear, like several businesses in the area.

"They shut down last spring but when they reopened, there was an
absence of foot traffic," Sasser said. "The number of diners
downtown has shrunk so much. A lunch place like The Remedy never
stood a chance."

In 2020, the restaurant made $100,000 in gross revenue, according
to the bankruptcy filing.  In 2019, its gross revenue was
$1,258,157, meaning revenues fell 92 percent year over year. Data
from the U.S. Small Business Administration shows the diner was
approved for a $127,900 loan from the Paycheck Protection Program
last April.

The locally-owned diner was formally located in the building at 133
E. Hargett St. until November 2017 when it moved to the location on
Morgan Street.  It'd been at the Hargett Street spot since 2008.

                      About Remedy Diner

Remedy Diner is an alternative diner serving a vegetarian- &
vegan-friendly comfort-food menu, plus local craft beers in
Raleigh, North Carolina.

The Remedy Diner, Inc., filed a Chapter 7 bankruptcy petition
(Bankr. E.D.N.C. Case No. 21-00520) on March 9, 2021.  The
Hon. Stephani W Humrickhouse is the case judge.

The Debtor's counsel:

       Travis Sasser
       Tel: 919-319-7400
       E-mail: travis@sasserbankruptcy.com


REVLON INC: Citi Helps Rework Debt Despite Payment Error
--------------------------------------------------------
Katherine Doherty of Bloomberg News reports that Citigroup Inc. is
helping Revlon Inc. rework its debt despite a $900 million payment
error to Revlon lenders.  The makeup company worked with Citigroup
recently to close an amendment to its revolving credit line, Revlon
said in fourth-quarter results Thursday.  That's after Citigroup
made the infamous payment error in August and recently stepped in
as a Revlon creditor, forcing the bank to revise its results last
month after it wrote down a portion of Revlon's loan.

                        About Revlon Inc.

Headquartered in New York, New York, Revlon, Inc. conducts its
business exclusively through its direct wholly-owned operating
subsidiary, Revlon Consumer Products Corporation and its
subsidiaries.  Revlon is an indirect majority-owned subsidiary of
MacAndrews & Forbes Incorporated, a corporation beneficially owned
by Ronald O. Perelman. Mr. Perelman is Chairman of Revlon's and
Products Corporation's Board of Directors.

                          *    *    *

In July 2020, S&P Global Ratings lowered issuer credit rating on
Revlon Inc. to 'CC' from 'CCC-'. Concurrently, S&P lowered its
issue-level rating on the company's $880 million Brandco first lien
term loan to 'CCC-' from 'CCC' and maintain '2' recovery rating. In
addition, S&P lowered its issue-level rating on the remaining
tranches of secured debt to 'C' from 'CC' and maintained '5'
recovery rating. Lastly, S&P affirmed its 'C' issue-level rating on
the company's two tranches of unsecured notes, the '6' recovery
ratings remain unchanged.

The negative outlook reflects S&P's expectation that it will lower
its issuer credit rating on Revlon to 'SD' (selective default) and
its issue-level rating on its February 2021 notes to 'D' after the
transaction closes.

The downgrade follows Revlon's announcement that it commenced an
offer to exchange any and all of its outstanding amounts of 5.75%
notes due February 2021 for a combination of new 5.75% notes due
February 2024 and an early tender/consent fee.  The existing
noteholders will receive $750 principal amount of new notes for
every $1,000 of existing notes tender and $50 of cash as an early
tender/consent fee. Holders who tender their existing notes after
the early tender deadline (Aug. 7, 2020) will receive only $750
principal amount of new notes for every $1,000 principal amount of
existing notes tendered.




RHINO BARE: Hires Russ August as Special Counsel
------------------------------------------------
Rhino Bare Projects, LLC, seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ Russ August
& Kabat as special counsel.

The Debtor needs the firm's legal assistance in connection with a
case (Case No. BC514908) filed in the Los Angeles Superior Court.

The firm will be paid at the rates of $550 to $1,275 and will be
reimbursed for reasonable out-of-pocket expenses incurred.

The firm will be paid a retainer in the amount of $25,000.

Nathan Meyer, Esq., a partner at Russ August & Kabat, 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:

          Nathan Meyer, Esq.
          Russ August & Kabat
          12424 Wilshire Boulevard, 12th Floor
          Los Angeles, CA 90025
          Tel: (310) 826-7474

              About Rhino Bare Projects, LLC

Rhino Bare Projects LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
20-16889) on July 30, 2020. In the petition signed by Victor Galam,
managing member, the Debtor estimated $10 million to $50 million in
both assets and liabilities. Judge Sheri Bluebond presides over the
case. Leslie Cohen, Esq. at LESLIE COHEN LAW PC, represents the
Debtor.


RING CONTAINER: S&P Alters Outlook to Positive, Affirms 'B-' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Ring Container
Technologies Group LLC to positive from negative and affirmed all
ratings, including its 'B-' issuer credit rating.

The positive outlook reflects the one-in-three chance of an upgrade
if end markets related to food service and restaurants recover back
to pre-COVID levels, with risk of another downturn becoming remote.
An upgrade would also incorporate positive free cash flow
generation, debt leverage remaining below 6.5x, while maintaining
adequate liquidity.

S&P said, "The positive outlook reflects our expectation for
continued sequential improvement in the company's end markets. We
expect continued strong demand for Ring Container's core products
(particularly its 35-pound edible oil containers, which account for
approximately 50% of consolidated sales), supported by a rebound in
foodservice and restaurant sectors, as well as general
macroeconomic improvement. During the six months ended June 2020,
Ring Container's consolidated revenues declined by roughly 12%
because of government-mandated business closures and
social-distancing measures, which led to a significant decline in
overall restaurant traffic. However, it has recently reported a
recovery in revenues due to a sequential improvement in end
markets. Furthermore, as the economy starts to reopen, we expect
the company's sales to return to pre-COVID levels by 2022.

"Improving margins should enable the company to reduce leverage
below 5x. We believe the company will benefit from strong organic
growth and favorable pricing. We expect Ring Container to continue
to improve its margins and could reduce its debt leverage below 5x
by fiscal 2021. However, the company's financial-sponsor ownership
remains a key rating constraint and could limit further improvement
of its financial risk profile.

"We expect Ring Container will generate modest positive free cash
flow and maintain adequate liquidity throughout the forecast
period. As of Sept. 30, 2020, the company had $90 million of cash
on its balance sheet and full availability under its $65 million
cash revolving credit facility. In our opinion, the company has
managed its costs well during the COVID-19-related global economic
downturn and we anticipate it will continue to generate positive
S&P Global Ratings-adjusted free operating cash flow (FOCF) in the
$50 million-$55 million range over the next 12 months."

The positive outlook reflects the one-in-three chance of an upgrade
if end markets related to foodservice and restaurants recover back
to pre-COVID levels with risk of another downturn becoming remote.
An upgrade would also incorporate positive free cash flow
generation, debt leverage remaining below 6.5x, while maintaining
adequate liquidity.

S&P said, "We could revise our outlook to stable if EBITDA
unexpectedly contracts significantly, causing its FOCF to turn
negative for multiple quarters such that it affects liquidity, or
if debt leverage worsens to above 6.5x with no prospects for
recovery or if aggressive financial policies stretch the debt
leverage to above 6.5x on a permanent basis.

"We would upgrade the company if there is sustained recovery of its
foodservice, restaurants, and hospitality end markets to pre-COVID
levels and the risk of another downturn or shutdown becomes remote.
Under this scenario, we would also expect meaningful positive free
cash flow generation, debt leverage is sustainably below 6.5x and
liquidity remaining adequate with financial covenant concerns are
remote."


SCOTTS MIRACLE-GRO: S&P Rates New $500MM Senior Unsec. Notes 'B+'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level and '6' recovery
ratings to The Scotts Miracle-Gro Co.'s proposed $500 million
senior unsecured notes due 2031. The '6' recovery rating reflects
our expectation for negligible (0%-10%; rounded estimate: 0%)
recovery in the event of a payment default. The company will use
the net proceeds from the proposed notes issuance to reduce the
outstanding balance on the asset-based loan due 2023. The
transaction is leverage neutral. Total debt outstanding pro forma
for this transaction is about $2.2 billion.

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

S&P said, "Our rating on Scotts incorporates the company's strong
market positions in lawn care categories such as weed control,
insect control, gardening landscape, animal repellant, and grass
seeds. The company has strong brand equity in a focused portfolio
with its Scotts, Miracle-Gro, Ortho, and Roundup brands. Scotts is
narrowly focused in the mature, low-growth U.S. lawn and garden
care products sector. The company faces private-label competition,
particularly in fertilizers, but it still has substantially higher
market shares. Scotts also has some private-label business in the
lawn and garden category for retailers such as Walmart Inc. It also
faces solid competition from Spectrum Brands Inc. and Bayer AG
(both in pest and weed controls), Central Garden & Pet Co. (in
grass seeds), and numerous regional competitors in growing media,
in which barriers to entry are low. The company has significant
customer concentration, but it has long-term relationships with
financially solid retailers. Scotts' core business is highly
seasonal and can be hurt by adverse weather conditions. There are
actual and perceived health and environmental risks associated with
many of the company's products, which we assume Scotts will
successfully manage. We project leverage in the mid-2x area by the
end of fiscal 2021 and funds from operations to debt of about 30%
by the end of fiscal 2021."


SEARS METHODIST: TMF Seeks Confirmation of Abilene Property Sale
----------------------------------------------------------------
Texas Methodist Foundation ("TMF"), asks the U.S. Bankruptcy Court
for the Northern District of Texas to enter supplemental order
confirming the sale by Harold Kessler, the Liquidating Trustee for
Sears Methodist Retirement System, Inc., of an undeveloped property
located in Abilene, Texas, to TMF for $760,000.

The Plan of Reorganization Confirmation Order set up a process for
the sale of the Abilene Property: Transfer of Undeveloped
Properties to Liquidating Trust. On the Effective Date, the
Undeveloped Properties located in Waco and Abilene, Texas will be
transferred to the Liquidating Trust, subject to the existing Liens
and interests of TMF and the Obligated Group Bond Trustee, to be
sold or otherwise disposed of with the consent of TMF and the
Obligated Group Bond Trustee."

On March 19, 2015, TMF and Wells Fargo Bank, N.A., as Trustee,
jointly filed the Notice of Agreed Undeveloped Properties Sales
Procedures.  Pursuant to the Sale Procedures, the Abilene Property
was marketed by Senter Realtors.  Two Qualified Bids were received
prior to the Bid Deadline -- one from RSF Partners and the other by
TMF.

On July 31, 2015, an auction for the Abilene Property was held by
the Liquidating Trustee.  The prevailing bid at the Auction
Proceeding was a credit bid made by TMF in the total amount of
$760,000.

Pursuant to the Sales Procedures, the Liquidating Trustee presented
the prevailing bid for the Abilene Property to the Court as the
successful bidder.  On Sept. 14, 2015, the Court entered the Order
Confirming Sale of Abilene Property.

TMF now seeks to sell the Abilene Property.  The title company
selected by the purchaser has requested entry of a supplemental
order to confirm that the transfer of the Abilene Property to TMF
is free and clear of certain deeds of trust -- the deeds of trust
in favor of Wells Fargo Bank, N.A. and Life Care Services, LLC.

Accordingly, TMF asks that the Court enters a supplemental order to
provide the title company comfort that the Abilene Property was
transferred to TMF free and clear of the deeds of trust in favor of
Wells Fargo Bank, N.A. and Life Care Services, LLC.

                      About Sears Methodist

Sears Methodist Retirement System Inc. provides luxurious
residency
to seniors.  The system includes: (i) eight senior living
communities located in Abilene, Amarillo, Lubbock, Odessa and
Tyler, Texas; (ii) three veterans homes located in El Paso,
McAllen and Big Spring, Texas, managed by Senior Dimensions, Inc.,
pursuant to contracts between SDI and the Veterans Land Board of
Texas; and (iii) Texas Senior Management, Inc. ("TSM"), Senior
Living Assurance, Inc. ("SLA") and Southwest Assurance Company,
Ltd. ("SWAC"), which provide, as applicable, management and
insurance services to the System.  Sears Methodist Senior Housing,
LLC, is the general partner of, and controls .01% of the interests
in, Canyons Senior Living, L.P. ("CSL").

Sears Methodist and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No.
14-32821) on June 10, 2014.  The cases are assigned to Judge Stacey
G.
Jernigan.

The Debtors' counsel is Vincent P. Slusher, Esq., and Andrew
Zollinger, Esq., at DLA Piper LLP (US), in Dallas, Texas; and
Thomas R. Califano, Esq., Gabriella L. Zborovsky, Esq., and Jacob
S. Frumkin, Esq., at DLA Piper LLP (US), in New York.  The
Debtors' financial advisor is Alvarez & Marsal Healthcare Industry
Group,
LLC, while the Debtors' investment banker is Cain Brothers &
Company, LLC.  The Debtors' notice, claims and solicitation agent
is GCG Inc.

The Debtors have sought and obtained an order authorizing joint
administration of their Chapter 11 cases.

The Official Committee of Unsecured Creditors is represented by
Clifton R. Jessup, Jr., Esq., and Bryan L. Elwood, Esq., at
Greenberg Traurig, LLP, in Dallas, Texas.

On March 5, 2015, the Court confirmed the Plan Debtors' Second
Amended Joint Plan of Reorganization.



SHAMROCK FINANCE: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Shamrock Finance LLC
        9 Turnpike Road
        Ipswich, MA 01938

Business Description: Shamrock Finance LLC --
                      https://www.shamrockfinance.com -- is an
                      auto sales finance company.

Chapter 11 Petition Date: March 12, 2021

Court: United States Bankruptcy Court
       District of Massachusetts

Case No.: 21-10315

Debtor's Counsel: Jeffrey D. Sternklar, Esq.
                  JEFFREY D. STERNKLAR LLC
                  19th Floor
                  100 Federal Street
                  Boston, MA 02110
                  Tel: 617-207-7800
                  Fax: 617-507-6530
                  E-mail: jeffrey@sternklarlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Kevin Devaney, manager.

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

https://www.pacermonitor.com/view/VYHTQIA/Shamrock_Finance_LLC__mabke-21-10315__0001.0.pdf?mcid=tGE4TAMA


SHOLAND LLC: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Sholand, LLC
          fka Shoney's, LLC; fka Shoney's, Inc.
        6060 Azle Ave #700-124
        Lake Worth, TX 76135-2607

Business Description: Sholand, LLC

Chapter 11 Petition Date: March 12, 2021

Court: United States Bankruptcy Court
       Northern District of Texas

Case No.: 21-40521

Debtor's Counsel: Howard Marc Spector, Esq.
                  SPECTOR & COX, PLLC
                  12770 Coit Road
                  Suite 1100
                  Dallas, TX 75251
                  Tel: (214) 365-5377
                  E-mail: hms7@cornell.edu

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Robert Stetson, manager.

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

https://www.pacermonitor.com/view/KZKBMRA/Sholand_LLC__txnbke-21-40521__0001.0.pdf?mcid=tGE4TAMA


SIMPLE SITEWORK: Unsecureds Will Get 20% of Claims Over 5 Years
---------------------------------------------------------------
Simple Sitework, Inc., submitted an Amended Disclosure Statement
describing Plan of Reorganization on March 9, 2021.

The Amended Disclosure Statement has made minor alterations to
secured creditors:

     * Class 3(b) consists of the secured claims filed by Third
Coast Bank, SSB. It filed a claim for a commercial loan in the
amount of $2,559,532.13, a PPP loan in the amount of $391,000.00
and a truck loan on a 2018 Ford F150 in the amount of $29,397.53.
Third Coast Bank, SSB has a blanket lien against all tangibles and
intangibles as of November 24, 2017, the date the UCC's were filed
with the Secretary of State.

     * Class 3(c) consists of the secured claims filed by Wells
Fargo Equipment Finance, Inc. and Del Lage Landen Financial
Services, Inc. Wells Fargo filed a claim in the amount of
$114,983.40 for a Sakai Model SV544T Pad Foot Roller, although the
Debtor believes that only $102,983.00 was due on the petition date.
The Debtor intends to reaffirm the debt on Del Lage on the 2019
Ford F750 and surrender the 2018 Hyundai R35Z-9, S/N 0641 and the
2018 Hyundai R35Z-9 S/N 0642. Wells Fargo and Del Lage have
purchase money security interest in the equipment, and also have a
UCC on file with the Secretary of State regarding the equipment.

     * Class 3(d) consists of the secured claim filed by
Caterpillar Financial Services Corporation in the amount of
$792,982.80 for leases. Caterpillar has UCC's on file with the
Secretary of State regarding the equipment being leased.

     * Class 3(e) consists of the secured claim filed by the U.S.
Small Business Administration in the amount of $151,309.93 for an
EIDL loan. The SBA filed a UCC as a blanket lien against all
tangibles and intangibles of the Debtor on June 28, 2020.

    * Class 4 consists of General Unsecured Claims which are not
secured by property of the estate and are not entitled to priority.
Third Coast Bank and the SBA have blanket liens against all
tangible and intangible assets. The equipment lenders have purchase
money security interests in the equipment they are financing, and
Caterpillar owns the equipment being leased to the Debtor. There
are no unencumbered assets.

The allowed general unsecured creditors will each be paid 20% of
their claims over 60 months. The payments will be monthly and the
first payment is due and payable on the 15th day of the first full
month following the effective date of the plan.

Payments and distributions under the Plan will be funded by through
future income from the operations of the company.

A full-text copy of the Amended Disclosure Statement dated March 9,
2021, is available at https://bit.ly/38BbBji from PacerMonitor.com
at no charge.

                   About Simple Sitework

Simple Sitework, Inc., is a locally owned and operated company
providing residential and commercial site-work throughout Southeast
Texas.

Simple Sitework filed a voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 20-34508) on
Sept. 11, 2020.  Judge Jeffrey P. Norman oversees the case.
Margaret M. McClure, Esq., is the Debtor's bankruptcy counsel.


SITEONE LANDSCAPE: S&P Upgrades ICR to 'BB' on Debt Reduction
-------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on SiteOne
Landscape Supply Inc. to 'BB' from 'BB-'. Concurrent with this, S&P
raised its rating on the company's first-lien term loan to 'BB+'
from 'BB'.

The stable outlook indicates S&P's view that it expects adjusted
leverage to be in the 2x-3x range, backed by the company's ability
to grow revenues while maintaining EBITDA margins of 10%-11%

Debt reduction shows the company's commitment to operate at lower
leverage levels, which supports credit quality.

SiteOne Landscape Supply Inc.'s adjusted leverage improved to 1.6x
at year-end 2020 from 3x a year ago. This was primarily driven by
the use of equity offering proceeds toward debt reduction. S&P
believes this demonstrates the company's credit-supportive
financial policy and its commitment to operating within lower
target leverage thresholds.

The company has repaid about $170 million of its $440 million term
loan and the entire $92 million outstanding balance under the $375
million asset-backed lending (ABL) facility (unrated). As a result,
its reported long-term debt is now $264 million compared with $525
million in 2019. While the company may utilize the ABL facility in
the future to fund working capital and acquisitions, S&P expects it
to operate at materially lower debt levels compared to prior
years.

SiteOne now has additional flexibility to fund both organic and
inorganic growth, while maintaining adjusted leverage between 2x
and 3x.  We believe growth via acquisitions remains an important
part of the company's strategy and it may continue to use cash
flows and/or ABL borrowings to finance them. However, even if the
ABL is drawn for funding seasonal working capital and acquisitions,
we still expect leverage to remain between 2x and 3x, a turn below
the prior thresholds of 3x-4x. Historically the company has funded
acquisitions throughout the year under its ABL and used free cash
flows from the seasonal cash collection cycles to pay off most of
the drawdown. Therefore, the adjusted leverage pushed closer to 4x
during the peak cycle improving toward 3x by year-end. However,
strong earnings and cash flows during 2020 funded the acquisition
spending, thereby reducing the company's reliance on the ABL.

S&P said, "Based on our earnings and cash flow forecasts for the
next 12-24 months, we expect free cash flows to cover most
acquisition spending. We expect the company to use its free cash
flow in a balanced manner such that adjusted leverage remains
between 2x and 3x.

"Nonetheless we view the company's niche product focus
(predominantly landscape supplies), its relatively small size
compared to other building material peers and the susceptibility to
adverse weather conditions to be some of the key underlying risks.

"Organic revenue growth, from residential end markets will likely
support flat to modest earnings growth over the next 12-24 months.
We believe the heightened pace of repair and maintenance
activities, since the second half of 2020, to continue through at
least the next two to three quarters. The diversion of consumer
spending toward home improvements and trend of increased outdoor
living investments underpin our expectations. However, we expect
demand to begin moderating toward the end of 2021 into 2022 as
increased vaccinations and easing restrictions normalize economic
activities and consumer spending returns to other sectors such as
travel and leisure. We expect the company's organic revenue growth
to be mid-high-single digits for 2021, moderating to low-mid-single
digits in 2022.

"Furthermore, we expect adjusted EBITDA in the $325 million-$335
million in 2021-2022 indicating flat to modest growth on a
year-over-year basis. However, these level remain modest compared
with some of the larger building material distributors. We expect
higher revenues to offset the impact from some margin erosion due
to input cost inflation. Also, we believe the company's cash flow
generation will remain healthy such that it continues to generate
free operating cash in excess of $100 million, in each of the next
two years.

"The stable outlook on SiteOne indicates our belief that the
company's adjusted leverage will be 2x-3x and adjusted operating
cash flow to debt will be 25%-35%, for the next 12 months. We
expect these credit measures to be maintained backed by the
company's ability to grow revenues while sustaining EBITDA margins
of 10%-11%."

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

-- Adjusted EBITDA declines by more than 30% causing adjusted
leverage to be above 3x or operating cash flow to debt to fall
below 25%. Such a scenario could materialize if demand conditions
turn unfavorable or cost inflation depletes margins to be under
10%; or

-- SiteOne pursues large debt-funded acquisitions or shareholder
friendly actions such as dividend payouts or share repurchases,
such that adjusted leverage rises back to the 3x-4x range

-- S&P views an upgrade as unlikely within the next 12 months.

However, S&P could raise the rating if:

-- The company significantly increased its scale and diversified
its business; and

-- Maintains debt to EBITDA notably under 2x and operating cash
flow to debt above 35% and we believe it can sustain these level in
most market conditions.



SOLERA LLC: Moody's Completes Review, Retains B2 CFR
----------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Solera, LLC and other ratings that are associated with
the same analytical unit. The review was conducted through a
portfolio review discussion held on March 2, 2021 in which Moody's
reassessed the appropriateness of the ratings in the context of the
relevant principal methodology(ies), recent developments, and a
comparison of the financial and operating profile to similarly
rated peers. The review did not involve a rating committee. Since
January 1, 2019, Moody's practice has been to issue a press release
following each periodic review to announce its completion.

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

Key rating considerations

Solera's B2 Corporate Family Rating is constrained by the company's
very high financial leverage and the expectation for sustained
aggressive financial policies. The majority of Solera's revenue is
generated by subscription-based or flat fee solutions, but the
company has some exposure to cyclical auto claim volumes and has
seen revenue declines in calendar year 2020, as the COVID-19 shock
caused a reduction in miles driven. The rating is supported by the
company's strong margin profile, its diverse global footprint and
growing product suite, as well as a recurring revenue base with
high retention rates.

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


STA TRAVEL: Seeks to Hire Cozen O'Connor as Counsel
---------------------------------------------------
STA Travel, Inc., seeks approval from the U.S. Bankruptcy Court for
the District of Delaware to employ Cozen O'Connor as counsel.

The firm's services include:

   a. giving the Debtor legal advice with respect to its rights,
powers and duties as debtor in possession in connection with the
administration of its estate, the operation of its businesses and
interactions with the subchapter V trustee;

   b. advising the Debtor with respect to asset dispositions,
including sales, abandonments, and assumptions or rejections of
executory contracts and unexpired leases, and taking such actions
as may be necessary to effectuate such dispositions;

   c. assisting the Debtor in the negotiation, formulation, and
drafting of a chapter 11 plan;

   d. take such actions as may be necessary with respect to claims
that may be asserted against the Debtor and property of its
estate;

   e. prepare applications, motions, complaints, orders, and other
legal documents as may be necessary in connection with the
appropriate administration of the Case;

   f. represent the Debtor with respect to inquiries of and
negotiations with creditors concerning property of the Debtor's
estate;

   g. initiating, defending, or otherwise participating in, on
behalf of the Debtor, all proceedings before this Court or any
other court of competent jurisdiction, consistent with the terms of
the firm's engagement letter; and

   h. performing any and all other legal services on behalf of the
Debtor that may be required to aid in the proper administration of
this Case and are consistent with the terms of the firm's
engagement letter.

The firm will be paid at these rates:

     Attorneys                $435 to $660 per hour
     Paralegals                  $350 per hour

The Debtor paid the firm a retainer in the amount of $50,000.

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

Thomas M. Horan, Esq., a partner at Cozen O'Connor
, 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:

     Thomas M. Horan, Esq.
     Cozen O'Connor
     1201 N. Market Street, Suite 1001
     Wilmington, DE 19801
     Tel: (302) 295-2000
     Fax: (302) 295-2013
     E-mail: thoran@cozen.com

              About STA Travel, Inc.

STA Travel Inc., the U.S. unit of Switzerland-based STA Travel
Holding AG, operates as a travel company. It operated a storefront
location at 722 Broadway, New York, NY.

On March 3, 2021, STA Travel filed a bankruptcy petition under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Case No. 21-10511).  STA Travel estimated $1 million to $10 million
in assets and liabilities as of the bankruptcy filing.

Cozen O'Connor, led by Thomas M. Horan, is the Debtor's counsel.
CBRE, Inc., is the real estate advisor. Omni Agent Solutions is the
claims agent.


STARFISH HOLDCO: S&P Affirms 'B-' ICR on Sale to Sponsors
---------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on
Starfish Holdco LLC, parent of data integrity software provider
Precisely.

S&P said, "We are assigning our 'B-' issue-level and '3' recovery
ratings to Starfish's proposed $200 million revolving credit
facility and $1.645 billion first-lien term loan. We are also
assigning our 'CCC' issue-level and '6' recovery ratings to its
proposed $445 million second-lien term loan.

"While Starfish (doing business as Precisely) is adding more than
$500 million of new debt because of the sponsor sale, we believe
the company can sustainably operate at this new capital structure.
We believe Precisely's S&P Global Ratings-adjusted starting
leverage for the transaction will be in the mid-8x area because of
one-time EBITDA add-backs related to the Pitney Bowes acquisition
and restructuring costs. While we will not be adding back anymore
acquisition, restructuring, or cost-savings plan costs to EBITDA,
we believe Precisely will generate above-average EBITDA margins
compared with those of other technology software companies on
achieved synergies and mid-single-digit revenue growth, which
should help it decrease leverage to the low-8x area by 2021."

Precisely had large restructuring costs related to the
transformative acquisition of the Pitney Bowes S&D division that
weighed on unadjusted FOCF in 2020. Even with the new debt burden,
Precisely should still be able to generate positive FOCF in 2021.
S&P said, "While net debt will increase, we believe the company
will have better pricing on its new entire credit facility: the
increase in debt will be offset by the decrease in debt pricing,
such that interest expense will remain in the same area. We believe
most of those Pitney Bowes acquisition and restructuring costs are
one-time in nature and will roll off to help boost Precisely's free
cash flow generation. The company should keep the same capital
expenditure (capex) spending in the low-$20 million area such that
it generates more than $75 million of unadjusted FOCF with the new
capital structure in 2021. We also note that its liquidity at
transaction close of more than $125 million in cash on balance
sheet and its new $200 million revolving credit facility will help
provide ample cushion for debt service over these periods of high
leverage.

"We believe most of the headwinds to Precisely's business
operations will subside in 2021.  Precisely was able to keep
business operations stable while it faced many headwinds in 2020.
It had to integrate a large acquisition of the Pitney Bowes
Software & Data (S&D) business segment, execute a large
cost-savings plan, and rebrand itself from Syncsort to Precisely,
all while dealing with the macroeconomic effects of the COVID-19
pandemic. Even with these large headwinds, Precisely maintained
stable business operations such that revenue was flat in 2020. We
believe most of those headwinds are now gone, and we project
Precisely will grow revenue in 2021."

Precisely has grown its recurring revenue base on strong demand on
its subscription revenue such that is should have high-80%
recurring revenue by year-end 2021. Precisely offers an end-to-end
data integrity suite focused on data integrity, data quality, data
enrichment, and location intelligence. S&P said, "We believe data
solutions will continue to be important as more companies use data
as the primary driver to make business decisions. We also believe
that given Precisely has had the Pitney Bowes business for over a
year now, it better understands how to cross-sell and upsell all
its solutions into the entire customer base. More than half of its
customer base has just one product with Precisely, which we believe
shows good opportunity to expand cross-selling opportunities. We
project the company can generate organic revenue growth in the
mid-single-digit area in 2021 on strong demand for its recurring
revenue."

S&P said, "Even though we believe the data integrity market is
highly fragmented and competitive, we believe Precisely's solutions
can compete in this market.   The data integrity has many large and
niche competitors such as International Business Machines Corp.,
SAP SE, Informatica LLC, Talend, Esri, and CoreLogic Inc. operating
in this space. However, we believe Precisely can compete in this
market." Precisely's solutions are seen as mission-critical; they
have a mid-90% retention rate to go along with the mid-80%
recurring revenue rate. Precisely's solutions are also
well-received; they are ranked as leaders by Gartner and Forrester
in many of the data solution segments they operate in. Precisely
should continue to see good growth prospects on its data integrity
solutions in 2021 and beyond.

S&P said, "The stable outlook reflects our expectation that while
leverage will increase because of the added new debt in the capital
structure, strong demand on subscription revenue will help keep
business operations stable such that Precisely can generate
sufficient unadjusted FOCF to satisfy its debt requirements.

"We could consider a downgrade within the next 12 months if
Precisely cannot generate positive FOCF after debt service,
inclusive of integration and restructuring costs. In this case, we
would question the sustainability of its capital structure. This
could occur if Precisely experiences disruptions to the business
because of its additional cost-savings plan or waning demand on its
subscription or software-as-a-service (SaaS) solutions.

"While unlikely over the next 12 months, we could consider an
upgrade if Precisely sustains leverage below 7x--inclusive of
debt-funded acquisitions and shareholder returns--and generates
FOCF to debt of above 5%. This could happen if Precisely increases
organic growth on its subscription and SaaS revenue and achieves
its additional cost savings without disruptions to the business."



STEIN MART: Chapter 11 Liquidation Plan Hits Snag
-------------------------------------------------
Leslie A. Pappas of Bloomberg Law reports that Stein Mart Inc. hit
a snag in getting its Chapter 11 liquidation plan confirmed after
both the SEC and the Justice Department's bankruptcy watchdog
objected to the scope of its third-party liability releases.  

The provision "contains so much verbal surplusage it is difficult
to know who, exactly, the release applies to," according to the
U.S. Trustee's Office within the DOJ.

The Securities and Exchange Commission objected that the release
improperly would block all legal actions over third parties'
wrongdoing that might have occurred before the retailer filed for
bankruptcy in August 2020.

                     About Stein Mart Inc.

Stein Mart, Inc. -- http://www.SteinMart.com/-- was a national
specialty omni off-price retailer offering designer and name-brand
fashion apparel, home decor, accessories, and shoes at everyday
discount prices. The company operated 281 stores across 30 states.

Stein Mart Inc. and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. M.D. Fla. Case Nos. 20-02387 to
20-02389) on Aug. 12, 2020.  As of May 2, 2020, the Debtors had
total assets of $757.6 million and total liabilities of $791.2
million.  Judge Jerry A. Funk oversees the cases.  The Debtors
tapped Foley & Lardner LLP as their legal counsel, Clear Thinking
Group LLC as a financial advisor, and Stretto as claims and
noticing agent.


STONEMOR INC: To Release Q4, Full Year Results on March 23
----------------------------------------------------------
StoneMor Inc. expects to release full 2020 fourth quarter and full
year financial results on Tuesday, March 23, 2021 after the market
closes.  In connection with this announcement, StoneMor plans to
hold a conference call to discuss its results later that day at
4:30 p.m. eastern time.

This conference call can be accessed by calling (877) 308-6987.  No
reservation number is necessary; however, due to the on-going
pandemic, it is advised that interested parties access the call-in
number 5 to 10 minutes prior to the scheduled start time to avoid
delays.  StoneMor will also host a live webcast of this conference
call.  Investors may access the live webcast via the Investors page
of the StoneMor website www.stonemor.com under Events &
Presentations.

Joe Redling, StoneMor's president and chief executive officer said,
"Fourth quarter 2020 proved to be another strong quarter that
capped an exceptional year for StoneMor.  I'm very proud of the way
our team has weathered the pandemic and the large disruptions to
our business brought about by Covid-19.  These coronavirus related
aberrations began in the first quarter where a strong start to the
year was overshadowed by sudden and immediate lockdowns.  Since
April, our team has regrouped and recalibrated, pulling together
some of the best performance in Company history."

"It's important to note that all of this happened while we were
initiating and executing on multiple turnaround initiatives and
strategic objectives.  Some select examples include divesting most
of our west coast operations (with the handful remaining expected
to be completed in 2021), executing large corporate overhead cost
reduction initiatives and outsourcing most of our maintenance
operations.  Through the aforementioned examples (plus many more
not listed), we were able to delever our balance sheet, increase
sales, and materially decrease costs.  We now have a sustainable
and strong foundation that is built to last and will provide a
platform for StoneMor to build upon in the years to come."

"During the fourth quarter, we experienced double digit
year-over-year growth in cemetery sales production, marking a full
year of consecutive quarterly cemetery sales production growth
versus the prior year, and we see that momentum continuing into the
first quarter of 2021.  We look forward to sharing more financial
information in a few weeks when we release our fourth quarter and
full 2020 financial results."

Jeff DiGiovanni, StoneMor's senior vice president and chief
financial officer, said, "With the continued strong performance on
both sales production and our cost reduction initiatives, along
with the current capital market conditions, we have begun exploring
refinancing options that would make sense for the Company and its
future.".  "We expect that any refinancing would reduce interest
rates, while providing capital, financial flexibility and
opportunities for the growth phase of our transformation process."

                          About StoneMor Inc.

StoneMor Inc. (http://www.stonemor.com),headquartered in Bensalem,
Pennsylvania, is an owner and operator of cemeteries and funeral
homes in the United States, with 318 cemeteries and 88 funeral
homes in 27 states and Puerto Rico.  StoneMor's cemetery products
and services, which are sold on both a pre-need (before death) and
at-need (at death) basis, include: burial lots, lawn and mausoleum
crypts, burial vaults, caskets, memorials, and all services which
provide for the installation of this merchandise.

The Company reported a net loss of $151.94 million for the year
ended Dec. 31, 2019, compared to a net loss of $72.70 million for
the year ended Dec. 31, 2018.  As of Sept. 30, 2020, the Company
had $1.62 billion in total assets, $1.71 billion in total
liabilities, and a total owners' equity of ($87.21 million).


SUNDIVE COMMODITY: Committee Taps Snow & Green as Legal Counsel
---------------------------------------------------------------
The official committee of unsecured creditors of Sundive Commodity
Group, LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to employ Snow & Green LLP as its legal
counsel.

The firm's services include:

     a. representing the Committee in its consultations with the
Debtor regarding the administration of this case;

     b. representing the Committee in analyzing the Debtor's assets
and liabilities, including investigating the extent and validity of
liens and participating in and reviewing any proposed asset sales,
any asset dispositions, financing arrangements, cash collateral
stipulations or related proceedings;

     c. representing the Committee in reviewing and determining the
Debtor's rights and obligations under leases and other executory
contracts;

     d. representing the Committee in investigating the acts,
conduct, assets, liabilities, and financial condition of the
Debtor, the Debtor's operations and the desirability of the
continuance of any portion of those operations, and any other
matters relevant to these cases or to the formulation of a plan;

     e. representing the Committee in its participation in the
negotiation, formulation, and drafting of a plan of liquidation or
reorganization;

     f. advising the Committee on the issues concerning the
appointment of a trustee or examiner under section 1104 of the
Bankruptcy Code;

      g. representing the Committee in understanding its powers and
its duties under the Bankruptcy Code and the Bankruptcy Rules and
in performing other services as are in the interests of those
represented by the Committee;

     h. representing the Committee in the analysis and evaluation
of claims; and
  
     i. providing such other services to the Committee as may be
necessary or appropriate in these cases.

Snow & Green's hourly rates are as follows:

     Phil Snow          $650 per hour
     Kenneth Green      $600 per hour
     Aaron Guerrero     $450 per hour
     Blake Hamm         $450 per hour
     Holly Hamm         $450 per hour
     Carolyn Carollo    $325 per hour
     Bryan Prentice     $325 per hour
     Paraprofessionals  $125 per hour

Holly Hamm, Esq., a shareholder of Snow & Green, disclosed in court
filings that the firm neither holds nor represents any interest
adverse to the Debtor's estate.

The counsel can be reached through:

     Holly C. Hamm, Esq.
     Snow & Green LLP
     P.O. Box 549
     Hockley, TX 77447
     Tel: 713-335-4808
     Email: holly@snow-green.com

                 About Sundive Commodity Group

Sundive Commodity Group, a Cypress, Texas-based merchant wholesaler
of petroleum and petroleum products, filed a Chapter 11 petition
(Bankr. S.D. Texas Case No. 21-30163) on Jan. 20, 2021.  In its
petition, the Debtor estimated $1 million to $10 million in assets
and $10 million to $50 million in liabilities.  Sundive President
Christopher Barton signed the petition.

Judge Eduardo V. Rodriguez presides over the case.

Hoffman & Saweris, P.C. and The Claro Group, LLC serve as the
Debtor's bankruptcy counsel and financial advisor, respectively.

On Feb. 18, 2021, the Office of the United States Trustee appointed
the Committee pursuant to section 1102 of the Bankruptcy Code. The
Committee selected Snow & Green LLP as its counsel.


SYNIVERSE HOLDINGS: Twilio Deal No Impact on Moody's Caa1 Rating
----------------------------------------------------------------
Moody's Investors Service says that Syniverse Holdings, Inc.'s
(Syniverse, Caa1 negative) announcement that it had entered a
partnership agreement with Twilio Inc. (Twilio, Ba3 stable) is
credit positive.

Under the terms of the agreement, Twilio will acquire a minority
stake in Syniverse for up to $750 million in cash. The companies
also entered into a wholesale agreement whereby Syniverse will
route Application-to-Person (A2P) messaging originating and/or
terminating between Twilio's customers and mobile network
operators. Both Syniverse and Twilio will pursue further potential
financing transactions that may be in the form of a public market
transaction or an additional equity investment. The deal, which is
expected to close before the end of 2021, is conditional upon
Syniverse refinancing its capital structure. Neither the specific
terms of the refinancing that would satisfy this conditionality,
nor the timing, or specific structure of the refinancing are
disclosed currently.

Moody's views the announcement favorably because it would provide
additional liquidity to Syniverse, boost the company's revenue by
driving up the A2P volumes and enable balance sheet delevering, if
and when successfully completed. While Syniverse did not disclose
the intended capital structure or how much debt will be repaid, the
company stated that the proceeds from the aforementioned financing
transactions, including the Twilio investment, will be mainly used
to pay down debt. Twilio's investment of up to $750 million is
significant in size, given approximately $2 billion in Syniverse's
outstanding debt as of November 30, 2020. Without specifying the
longer-term leverage targets, the company's management expects that
leverage could be reduced by several turns.

An expectation by Moody's that the closing of the Twilio investment
and refinancing is likely could lead to positive rating pressure or
a change in the outlook particularly if accompanied by improving
performance trends given the potential for significantly improved
credit metrics and liquidity. However, the Caa1 CFR and negative
outlook remain unchanged at this time because the closing of the
transaction is conditional on Syniverse's ability to refinance its
capital structure, which is market dependent and the company has
had weak operating and financial performance. Syniverse's revenues
have declined in five of the past six years, free cash flows were
thin and turned negative in 2020 and leverage remains very high.
The company's operating performance, which was already weak
entering 2020, deteriorated further hurt by the pandemic.
Syniverse's revenue for twelve months ending 11/30/2020 declined
13.3% and EBITDA by 17.5% from twelve months ending 11/30/2019, and
quarterly trends have not yet shown a rebound. Moody's does not
expect the company's top line to return to the 2019 pre-COVID level
until 2022. Given the anticipated 2021-year-end Twilio transaction
closing, the planned partnership will not materially impact
Syniverse's current year earnings.

The transaction is expected to close by the end of 2021 and does
not immediately alleviate the pressure on Syniverse's very tight
liquidity. The company's ability to meet its maintenance covenant
requirements under the revolving credit facility over the next four
quarters is uncertain. The revolver is subject to a maximum net
secured leverage ratio of 6.25x that springs when the revolver is
drawn. The $85.6 million revolver has been fully drawn at the end
of each quarter starting on March 31, 2020, and the cash balance as
of December 31, 2020 was $88.5 million.

The company's headroom over the covenant requirement remains
razor-thin with a 1.4% and 2.2% cushion for the fourth and third
quarter of 2020, respectively. Absent a significant and rapid
recovery in the operating performance, covenant relief may be
needed to remain compliant with the covenant, possibly as soon as
Q2 2021. Without any availability on the revolver, Syniverse's cash
has declined from $129 million in Q1 2020 to $88.5 million in Q4
2020 despite a $30 million cash inflow from working capital. Adding
to the liquidity pressure is Syniverse's upcoming debt maturities:
$85.6 million revolver maturity in December 2022 and $1.7 billion
first lien term loan maturity in March 2023.

Headquartered in Tampa, Florida, Syniverse is a leading provider of
mission-critical mobile and wireless technology services to mobile
network operators and enterprises globally.


TD HOLDINGS: To Issue 808,891 Shares of Common Stock
----------------------------------------------------
TD Holdings, Inc. announced a waiver and warrant exercise agreement
by the Company and several accredited investors, pursuant to which
certain accredited investors agreed to cashlessly exercise all the
outstanding warrants to purchase up to an aggregate of 100,000
shares of common stock issued by the Company on May 23, 2019 and
the warrants to purchase up to an aggregate of 1,530,000 shares of
common stock issued by the Company on April 15, 2019, and the
Company agreed to waive the obligation of such investors to pay
certain portion of the exercise price of the warrants.

In accordance with the waiver and warrant exercise agreement,
Company will waive $0.37 per share for each of the May Warrants,
and waive $1.03 per share for each of the April Warrants.  The
investors will cashlessly exercise all the outstanding warrants, as
a result, the Company will not receive any proceeds from such
warrant exercise.

Upon the exercise of all the Original Warrants, the Company will
issue a total of 808,891 shares of Common Shares to the Holders.

The shares of common stock issuable upon exercise of these warrants
are registered pursuant to a registration statement on Form S-3
(File No. 333-239757) which became effective by the Securities and
Exchange Commission on Aug. 4, 2020.

                        About TD Holdings

Headquartered in Beijing, People's Republic of China, TD Holdings,
Inc., (formerly known as Bat Group, Inc.) is a service provider
currently engaging in commodity trading business and supply chain
service business in China.  Its commodities trading business
primarily involves purchasing non-ferrous metal product from
upstream metal and mineral suppliers and then selling to downstream
customers.  Its supply chain service business primarily has served
as a one-stop commodity supply chain service and digital
intelligence supply chain platform integrating upstream and
downstream enterprises, warehouses, logistics, information, and
futures trading.

For the year ended Dec. 31, 2019, the Company incurred net loss
from continuing operations of approximately $6.94 million, and
reported cash outflows of approximately $2.17 million from
operating activities.  The Company said these factors caused
concern as to its liquidity as of Dec. 31, 2019.


TEMPUR SEALY: S&P Alters Outlook to Positive, Affirms 'BB' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook to positive and affirmed its
'BB' issuer credit rating on U.S.-based Tempur Sealy International
Inc.

S&P said, "At the same time, we are assigning a 'BB' issue-level
rating on the company's proposed $800 million senior unsecured
debt. The recovery rating is '3' indicating our expectation for a
meaningful recovery (50%-70%; rounded recovery: 65%). The company
will use proceeds to refinance its existing 2026 notes and for
general corporate purposes.

"The positive outlook reflects the possibility that we could raise
the ratings over the next year if the company maintains improved
credit metrics with support from better earnings and more
conservative financial policies.  The company's adjusted leverage
declined to 2.1x for fiscal-year 2020 from 3.4x for fiscal-year
2019 because of increased earnings as a result of stronger sales
performance and net debt reduction of about $180 million. Sales
grew 18.4% in fiscal 2020 over fiscal 2019, driven by an increase
in demand as consumers allocated more spending toward home goods
amid the pandemic, market share gains from new and existing
customers, and growth of its original equipment manufacturing
(OEM)/private-label business. Stronger sales volumes resulted in
greater operating leverage and increased premiumization raised
average selling prices, resulting in adjusted EBITDA margins
expanding to 22.1% in fiscal 2020 from 16.9% in fiscal 2019. In
2021, we forecast the company will further expand distribution and
outgrow the industry, resulting in more than 15% revenue growth,
EBITDA growth of around 13% to about $900 million adjusted, and
maintain adjusted leverage around 2x, even after shareholder
returns.

"We are assigning a 'BB' issue-level rating to the company's
proposed $800 million senior unsecured notes due 2029.  The company
is issuing the proposed $800 million senior unsecured notes due
2029 to repay debt on the revolver and refinance its existing 2026
note in two steps. Upon issuance of the proposed 2029 notes, the
company will repay its revolver, accounts receivables
securitization facility, transaction fees, and retain remaining
cash on balance sheet for future debt repayment. The company will
then call its $600 million 5.5% senior notes due 2026 on or before
June 15, 2021, funded by drawing on the revolving credit facilities
and cash on hand. The transactions will be leverage neutral, though
we expect the new 2029 notes will have a lower interest rate and
the maturity date will extend by three years, which will enhance
the company's credit profile. In our recovery analysis we assume
the company will pay its existing 5.5% $600 million unsecured notes
at issuance of the proposed new notes. However, we will retain the
ratings on the existing 5.5% $600 million notes due 2026 until
actual repayment, at which point we will withdraw the ratings.

"We forecast consumer demand could slow down, but increased
distribution and a robust product portfolio should help expand
earnings. Tempur Sealy's sales grew 18.4% in 2020, which we expect
to be far above the domestic mattress industry, which grew about 4%
from 2018 to 2019. We expect Tempur Sealy to continue taking market
share and sales growth above the industry in 2021, primarily
weighted in the first half, because of weaker performance in the
first half of 2020 during pandemic-related lockdowns. We also
expect continued distribution gains through direct-to- consumer
(DTC) and international channels. We forecast higher OEM sales
could drive an incremental $450 million in sales over the next five
years. We expect comparable EBITDA margins of around 21%-22% in
2021, compared with 22.1% in 2020. This would be the result of
brand mix headwinds as Sealy supply constraints ease and offset by
better operating leverage as a result of OEM volume increases and
normalized Sealy production in the back half of 2021. After wide
distribution of the vaccine in the back half of 2021, we expect
sales volumes will moderate as consumers reallocate spending to the
travel and leisure sectors and spend less time at home. As demans
slows down, we expect sales growth to taper to the mid-single
digits in 2022.

"We expect the company will manage to keep longer term leverage at
the lower end of its stated range in the longer term at around 2x.
We expect leverage to remain around 2x for fiscal 2021 despite our
expectation of increased share repurchases. The company upsized its
share repurchase program authorization to $400 million from $300
million, and we forecast the company will use substantially all
cash generated after mandatory debt payments (in excess of $400
million) for share repurchases, which would reduce leverage
cushion. If the company makes a larger one-time acquisition, we
believe it could raise leverage to the higher end of its stated
range and would seek to deleverage quickly thereafter. We have not
modeled such a scenario in our base case. While the additional
share repurchases will reduce financial flexibility, we believe the
company would halt share repurchases if leverage drifted beyond its
targeted range, as it had done during the initial exit from
Mattress Firm in 2017 and at the onset of the COVID-19 pandemic in
2020. Additionally, though consumer spending in the home durables
category has proved resilient through the pandemic, we believe a
drop in consumer discretionary spending because of macroeconomic
weakness coupled with a reallocation of spending away from home
durables could result in consumers trading down or delaying
purchases, leading to potential EBITDA deterioration."

The positive outlook reflects our expectation that the company
could be upgraded over the next 12 months.

S&P could raise the ratings if leverage is sustained below 2.5x,
which it believes could occur if:

-- Revenues continue growing in at least the single digits and
EBITDA remains at least around 2020 levels, with support from
retained market share gains; and

-- S&P believes the company will continue to demonstrate financial
policies consistent with managing leverage at the lower end of its
stated leverage target.

S&P could revise the outlook back to stable if leverage remains
higher than above 2.5x as a result of:

-- A decline in gross margin against our forecast of about 300
basis points (bps) in 2021, which could result in leverage rising
back to 2.5x, inclusive of our share repurchase assumptions;

-- Consumer demand tapers off more than we expect due to stronger
reallocation of spending away from mattresses;

-- Macroeconomic weakness causes consumers to trade down or delay
mattress purchases; or

-- The company adopts a more aggressive debt-funded share
repurchase plan or acquisition strategy.


TERRAFORM GLOBAL: S&P Affirms 'BB-' ICR, Outlook Stable
-------------------------------------------------------
On March 10, 2021, S&P Global Ratings affirmed its 'BB-' issuer
credit rating on TerraForm Global Inc. (GLBL) and its 'BB-' rating
on the senior unsecured debt issued by TerraForm Global Operating
LLC. The recovery rating is unchanged at '3'.

S&P said, "We now assess our ratings on GLBL under our corporate
methodology.  We previously rated GLBL under the project developer
methodology, which incorporated the weighted-average quality of
distributions from its subsidiaries. We define a project developer
(or a developer) as a corporate entity, typically structured as a
holding company (holdco) that owns, develops, and operates assets
in the energy and infrastructure sectors." Among other
characteristics, a developer generally finances its operating
subsidiaries with nonrecourse debt and relies on distributions from
these subsidiaries to service their debt and other expenses.

Since the beginning of 2019, GLBL has sold 218 megawatts (MW) of
its generation capacity in non-core markets (Malaysia, South
Africa, and Thailand). This has resulted in materially reduced
project-level debt, which accounted for only 3% of GLBL's
consolidated capital structure as of Sept. 30, 2020. This
percentage includes debt from projects in Malaysia (12.4 MW) that
are also earmarked for sale. Excluding this debt as well,
nonrecourse debt from continuing operations represents about 2% of
GLBL's entire capital structure. With the advancement of asset
sales and subsequent reduction in nonrecourse project-level debt,
GLBL's capital structure now resembles that of a corporate
borrower, where debt primarily resides at the holdco level. S&P
said, "We also believe that GLBL will likely operate with this type
of financing mix until at least March 1, 2023, when a make-whole
provision on the $400 million senior unsecured holdco notes
expires. After the end of the make-whole period, GLBL could move
financing closer to the assets and utilize the proceeds to repay
holdco debt. Because we anticipate GLBL's consolidated capital
structure will be largely composed of holdco debt throughout our
outlook period, we have changed our approach toward rating the
company, by applying the corporate methodology versus project
developer criteria that was used previously." There is no change to
our assessment of the company's business risk or financial risk as
a result of this change, which remain at fair and aggressive,
respectively.

The portfolio is largely insulated from market risks because of its
contracted nature.  GLBL has stable cash flow-generating
capability, as its generation is primarily sold under contractual
prices as per the power purchase agreements (PPAs). Counterparties
under the PPAs are mostly investment-grade or state-owned
offtakers, and the weighted-average remaining life of these
contracts is about 14 years. The company's assets, however, are in
the emerging markets of Brazil, China, and India, which S&P views
as having relatively higher country risk relative to developed
markets; as well as having limited track records in honoring
long-term offtake contracts, especially under stressful conditions.
That said, despite the significant impact of the COVID-19 pandemic
in the company's operating markets (Brazil and India are among the
top three countries in terms of total reported cases to date),
GLBL's cash flows under its contracts remained intact with limited
disruption. Finally, GLBL has exposure to foreign currency-related
risks, as its cash flows denominated in the Brazilian real and the
Indian rupee are not hedged. These currencies represent a material
portion of the company's cash flow profile, and their weakening
against the U.S. dollar adds volatility to the company's cash
generation, and to some degree offsets the stability provided by
the offtake agreements.

S&P said, "GLBL's generation mix is dominated by wind assets, which
we consider relatively riskier in terms of resource availability
and volatility. A significant portion of GLBL's cash flows and
installed base is composed of wind assets (70% of generation
capacity), which we consider as having relatively higher resource
risk compared with that of other forms of renewable energy, such as
solar or hydro." The company's assets in Brazil, which are
exclusively wind-based, were negatively affected during 2020
because of below-average resource conditions. However, GLBL's
portfolio is fairly diversified from a geographical standpoint
(Brazil: 38%, India: 38%, China: 21%, Uruguay: 3%), which should
help mitigate the overall variability in its generation because of
resource availability.

S&P said, "The stable outlook reflects our view that GLBL will
continue to produce stable and predictable cash flows supported by
long-term contracts with creditworthy counterparties. We expect
that any growth projects will be funded in a credit-supportive
manner and will be backed by commercial underpinnings that are
consistent with the company's existing contract profile. In our
base-case scenario, we expect debt to EBITDA of about 4x-4.5x and
FFO to debt of 15%-16% throughout the forecast period.

"We would likely lower the rating if debt to EBITDA rises and stays
above 5x with no immediate likelihood of it falling. This could
result from a range of outcomes such as weak operational or
financial performance, financing of acquisitions or growth projects
with substantially higher levels of debt, or a material change in
the portfolio's contractual profile.

"Although unlikely during our outlook period, we could raise the
rating if we anticipate debt to EBITDA will stay below 3.5x on a
sustained basis. This could result from better-than-expected cash
flow generation, deleveraging, and growth projects or acquisitions
being financed largely with equity. In addition, growth in size and
scale, and improvement in the contractual profile of the portfolio
could also result in a positive rating action."



TERVITA CORP: S&P Places 'CCC+' ICR on CreditWatch Positive
-----------------------------------------------------------
S&P Global Ratings placed its ratings on Calgary, Alta.-based
integrated environmental services company Tervita Corp., including
its 'CCC+' issuer credit rating, on CreditWatch with positive
implications.

Tervita Corp. announced a merger with Secure Energy Services Inc.
in an all-share transaction.

S&P said, "We believe the combined entity will benefit from
increased scale and Secure's midstream services offering and we
expect EBITDA to increase from improved operating efficiency and
cost savings. We also believe the combined entity's pro forma
leverage metrics to be stronger than those of Tervita.

"The CreditWatch placement reflects our view that this merger
transaction would be credit positive for Tervita. The merged
entity's business will benefit from increased scale and leading
market share position in environmental solutions services in
Canada. In addition, we expect the consolidated entity would
benefit from the stable and predictable cash flow generation
derived from Secure's midstream services. The combined entity's
targeted cost savings through operational efficiency and corporate
head count reduction should support meaningful improvement in
margins. On closing, current Secure shareholders will own 52% of
the company and current Tervita shareholders will own the remaining
48%.

"We believe that, following the transaction's completion, the
combined entity's EBITDA should expand from cost synergies and
overall credit metrics will benefit from Secure's relatively
stronger leverage profile. On a pro forma basis, we estimate the
combined entity's adjusted FFO-to-debt in the 15%-20% range.
Considering the relatively moderate capital spending plan of the
combined entity, we expect the company will generate sizable
positive free operating cash flows, which could be used for debt
repayment."

The successful close of transaction is subject to shareholder and
bondholder approval and other customary closing conditions,
including receipt of regulatory approval.

S&P said, "We intend to resolve the CreditWatch placement once the
transaction closes. We believe that increased scale and improved
credit metrics could support an issuer credit rating that is two
notches higher than our current rating on Tervita. If the
transaction does not close, we will reassess Tervita's credit
profile."



THOR INDUSTRIES: S&P Upgrades ICR to 'BB' on Strong RV Demand
-------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Thor
Industries Inc. to 'BB' from 'BB-'. At the same time, S&P assigned
its 'BB+' issue-level rating and '2' recovery rating to the
proposed and repriced senior secured term loan, which incorporates
the pledge of value from the recently acquired Tiffin Group and
recent debt prepayment.

The upgrade reflects the robust retail demand for RVs, which will
likely support strong wholesale shipment levels for Thor at least
in fiscal year 2021 and possibly into fiscal year 2022, and enable
Thor to maintain adjusted debt to EBITDA of well below 3.25x over
this period.  The perception that RVs are a safe travel option
during the COVID-19 pandemic will likely support continued robust
revenue and EBITDA generation at Thor through fiscal year 2021 and
probably for a good portion of fiscal year 2022. S&P said, "Our
updated forecast is that total lease-adjusted net debt to EBITDA
will be in the 1x area in fiscal years 2021 and 2022. Our forecast
also incorporates the likelihood that the demand for RVs will not
subside until well into fiscal year 2022 (starting August 2021)
because Thor's current backlog reflects retail demand as well as
the need to eventually replenish very tight dealership inventory
levels. We believe the company's adjusted EBITDA margin could
expand in fiscal year 2021 due to anticipated higher shipment
volumes and the resulting positive operating leverage. In addition,
we preliminarily assume Thor's EBITDA margin will contract somewhat
in fiscal year 2022 as its demand cools."

The RV Industry Association, a trade organization that represents
RV original equipment manufacturers (OEMs), published that North
American industry shipments will increase by almost 24% in calendar
year 2021 based on the midpoint of its shipments guidance. The
demand is particularly strong for towables at entry-level price
points, for which we believe Thor is well-positioned. The surge in
demand for RVs is reflected in the company's results, including its
reported North American backlog of $10.8 billion (including Tiffin)
as of the second fiscal quarter ended Jan. 31, 2021, which is
sequentially higher than the previous record backlog in the first
fiscal quarter ended Oct. 31, 2020. Thor's European backlog also
increased between Oct. 31, 2020 and Jan. 31, 2021. S&P said, "The
backlog increases our confidence about our revenue forecast even
though backlogs can be an imperfect indicator because the orders
are subject to cancellation by dealers without penalty. We believe
Thor's strong backlog reflects dealers' lack of inventory--which we
forecast may not be fully replenished until at least the second
half of 2022--and the good consumer sentiment for RV purchases
given the perception that RV travel provides a safe leisure option
during the COVID-19 pandemic."

S&P said, "The upgrade also reflects our increasing confidence
about Thor's ability to manage financial and operational risks even
if its revenue becomes volatile in the future.  Thor has developed
a track record of debt repayment since its acquisition of Erwin
Hymer Group in February 2019 because it repaid $275 million of
acquisition-related term loan debt during fiscal year 2020 and an
additional EUR50 million on the term loan's euro tranche during
fiscal year 2021. In addition, after borrowing $165 million from
its asset-based lending (ABL) facility to acquire Tiffin, Thor has
started to repay the outstanding balance and plans to fully repay
it in fiscal year 2021. In our view, a material level of debt
repayment is a significant means of risk reduction and an
indication that Thor seeks to reduce its leverage over the near
term. The company has also demonstrated an ability to cut costs
quickly when revenue declines, including in the fiscal quarter
ended April 2020 when pandemic-related restrictions on daily
activities were the most stringent. During this period, Thor's
total revenue fell by about 33% and the company was able to limit
the decline in its adjusted EBITDA to about 51%.

"Thor's acquisitive appetite constrains further rating upside.  We
believe Thor has a maximum leverage tolerance near 2.2x net debt to
EBITDA based on the company's calculation, which is close to our
measure of leverage. Thor plans to reduce leverage to the 0.5x-1.0x
range through debt repayment over time. Continued debt repayment
could result in leverage well below our 2x upgrade threshold for
the current rating. However, Thor's low anticipated leverage may
not be sufficient for us to raise our rating because of the RV
industry's volatility over the economic cycle as well as the
company's recent track record of debt-financed acquisitions. We
believe Thor may increase its leverage to near its maximum
tolerance level from time to time if suitable acquisition targets,
which could result in worsened credit metrics if future
acquisitions are completed before a period of soft RV demand."

Thor's key risks include the uncertainty around the economic
recovery, the sustainability of current shipment trends, and the
potential for poor inventory management in the RV channel.  S&P
said, "Under our base-case forecast, we assume the company's
revenue will increase by 30%-40% in fiscal year. However, we also
recognize there is a significant risk RV demand will soften
following the current surge as customers return to other forms of
travel and after dealers replenish their inventory levels, possibly
in late fiscal year 2022. In addition, we believe the current
elevated level of RV demand might be artificially supported by
government stimulus payments, which have added to the discretionary
income of consumers that did not lose their jobs." The eventual
discontinuation of such stimulus payments could reduce demand. The
effects of this could also potentially be more than offset by the
rising demand from new buyers being introduced to RV travel.

Another source of potential volatility is that the RV industry can
periodically experience surges in demand that cause the highly
competitive OEMs to overbuild inventory, which recently contributed
to an industrywide inventory correction and caused wholesale
shipments to outpace retail demand for a prolonged period. The
result was significant shipment declines as recently as 2019. In
the current environment, OEMs may compete for market share when
consumer demand is perceived to be strong and temporary, which
could lead to inadvertent overproduction and excess inventory in
the channel. This could reintroduce the need to quickly reduce
inventory in the channel in the future (possibly in late fiscal
year 2022 [the first half of calendar year 2022]) and cause the
company's revenue and EBITDA margin to decline if the RV industry
does not align its production with retail demand. S&P believes a
potential indicator of such risk would be if OEMs expand
manufacturing capacity by constructing new factories.

Additional business considerations include:

-- S&P's rating reflects the company's substantial retail market
share of approximately 41.5% in the U.S. and Canadian travel
trailers and fifth-wheel markets in calendar year 2020; its
majority revenue exposure to the lower-priced and less volatile
towables RV segment, which it views favorably compared with the
motorized segment; and the geographic and product diversity
provided by Erwin Hymer, which principally produces RVs in European
markets. Thor has a diversified product portfolio in North America
representing different price points and RV categories, including
leading brands such as Airstream and Jayco.

-- S&P said, "We believe Thor's concentration in the towables
segment in North America is well-positioned for the current demand
because towables have lower average price points and are therefore
more accessible to entry-level buyers. We expect demographic trends
to be favorable for the RV industry and attract more entry-level
buyers. These trends include an aging baby boomer population,
increasing interest among younger consumers with families, and a
general consumer shift that places more value on travel and
experiences."

-- Erwin Hymer provides geographic and product diversity,
particularly in the Class B category in which Thor sees the
potential to complement its portfolio. European motorized RVs tend
to be more compact and technologically advanced, which are product
attributes that Thor could introduce to new and younger buyers in
North America. Erwin Hymer represented Thor's largest acquisition
to date and the footprint outside of North America could provide
the company with a platform for future opportunistic expansion.

-- Business risks also include very high anticipated profit
volatility over a typical economic cycle. RVs are big-ticket,
discretionary leisure items, the sales of which depend heavily on
consumer discretionary spending, consumer credit availability, and
the overall health of the economy.

-- Subsequent to the acquisitions of Erwin Hymer and Tiffin, Thor
has higher revenue exposure to motorized RVs and S&P believes this
could increase the consolidated company's cyclicality because
motorized RVs tend to be more cyclical than towables. Although
European consumers prefer motorized RVs to towables, which could
make the European motorized segment relatively less cyclical than
the North American motorized segment, S&P believes the net effect
on the consolidated company will be modestly higher cyclicality and
higher fixed costs as a percentage of its total costs.

S&P said, "The stable outlook reflects our forecast for low
leverage in the 1x area in fiscal years 2021 and 2022, which will
provide Thor with a substantial cushion relative to our 3.25x
downgrade threshold for the current rating. Despite anticipated low
leverage, rating upside is constrained by the potential variability
in the company's operating performance over the next 1-2 years if
the demand for RVs cools from the currently very strong levels, as
well as the possibility that Thor can use leverage to complete
large acquisitions from time to time given the company's track
record and maximum leverage tolerance for acquisitions.

"We could lower the issuer credit rating if we believe Thor would
sustain adjusted debt to EBITDA above 3.25x, which could becaused
by temporary spikes in its leverage to fund acquisitions and
volatility over the economic cycle. We estimate that a typical,
moderate economic recession could potentially cause a 1x or more
deterioration in leverage. Our base-case forecast for leverage in
fiscal year 2021 is in the 1x area, which represents good cushion
relative to our 3.25x downgrade threshold. If Thor's cushion
relative to this threshold declines significantly, we could revise
our outlook to negative.

"An upgrade is unlikely at this time because we believe Thor has a
maximum net leverage tolerance of 2.2x for potential acquisitions.
However, we could raise our issuer credit rating on the company if
we are confident Thor can sustain adjusted debt to EBITDA below 2x,
incorporating a cushion for potential leveraging acquisitions and
volatility over the economic cycle."


THOUGHTWORKS INC: S&P Upgrades ICR to 'B+' on Steady Performance
----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on information
technology consulting and software development services provider
ThoughtWorks Inc. to 'B+' from 'B', reflecting its continued
revenue and EBITDA growth despite the pandemic with leverage
remaining below 5x at close of the dividend recapitalization.

In addition, S&P is assigning its 'B+' issue-level rating, with a
recovery rating of '3', to the company's senior secured credit
facilities.

The stable outlook reflects S&P's expectation for the company to
resume revenue growth in the high-teens percentage area, in line
with pre-COVID-19 industry trends as companies continue in their
digital transformation strategies, while maintaining current
operating margins, such that leverage remains below 5x.

ThoughtWorks 2020 professional services revenue grew 4% despite
headwinds from COVID-19. ThoughtWorks June 2020 quarter
professional services revenue declined 11% sequentially, in line
with our expectations, as headwinds arose from customers pausing
projects. S&P said, "Although we had expected revenue to stay
relatively flat for the remainder of 2020, revenue grew in the low
single digits sequentially in both its September 2020 and December
2020 quarters. We believe its customers, which we estimate is
composed of around 90% enterprise-level companies, were able to
quickly resume projects they had temporarily suspended. The
pandemic has highlighted the importance of digital transformation
strategies, with numerous customers showing a willingness to spend
despite limited visibility into the disruption COVID-19 would have
on their operations in 2020. Based on ThoughtWorks second half 2020
performance, this would indicate it is on pace to resume historical
professional services revenue growth levels, which was around 20%
pre-COVID-19. With vaccines becoming more widely available, and
lockdown measures easing across many regions, we believe
ThoughtWorks will grow organic revenues in the high teens
percentage area in 2021."

S&P said, "We expect the company's leverage to be in the mid-4x
area upon close of the dividend recapitalization in first-quarter
2021. ThoughtWorks' resiliency and ability to grow revenue, EBITDA,
and free operating cash flow (FOCF) during the pandemic enabled
further deleveraging of about 1x in 2020 to 3x. Although
ThoughtWorks is adding $270 million of debt to fund the $329
million dividend, we expect leverage to remain below our 5x
leverage upgrade threshold. This is the second debt-funded dividend
under Apax's ownership, the first being a $189 dividend in its June
2019 quarter which used $185 million of incremental first-lien
debt. We note that leverage briefly rose to the high 5x area at
close of that transaction but improved to around 4x by the end of
2019 (primarily from 2018 retention payments rolling off), and has
remained below 5x since.

"ThoughtWorks recently received a $720 million minority investment
through the issuance of preferred shares (December 2020/January
2021) and used the proceeds to repurchase outstanding shares of
common stock. We treat the preferred shares as equity given there
are no dividends and do not have the ability to be redeemed for
cash. We believe the return of capital to Apax via the minority
investment, and the amount of debt being issued to fund the
proposed dividend, as indications that future capital returns via
debt issuances will be limited, and that Apax intends to manage
leverage levels below 5x going forward.

"The stable outlook reflects our expectation for the company to
resume revenue growth in the high-teens percentage area, in line
with pre-COVID-19 industry trends as companies continue in their
digital transformation strategies, while maintaining current
operating margins, such that leverage remains below 5x.

"We could consider a lower rating if material customer defections
and decreased utilization rates lead to weakness in revenue or
profitability, or if the company continues to pursue aggressive
leveraged dividends or acquisitions, resulting in adjusted debt to
EBITDA in excess of 5x on a sustained basis.

"Although we are unlikely to do so over the next 12 months, we
could raise the rating if ThoughtWorks is able to gain material
scale and grow its market share in the product engineering services
industry, while further diversifying its client base and industry
concentration. We may also raise the rating, through an improved
financial risk assessment, with adjusted debt to EBITDA below 4x on
a sustained basis, though this would likely need to coincide with
plans for its current sponsor to reduce its level of investment
over the intermediate term and no longer be considered sponsor
controlled."


TIDEWATER ESTATES: Selling 10-Acre Hancock County Property for $40K
-------------------------------------------------------------------
Tidewater Estates, Inc., asks the U.S. Bankruptcy Court for the
Southern District of Mississippi to authorize the sale of
approximately 10 acres real property located in Hancock County,
Mississippi, proximate to the City of Diamondhead, Mississippi, to
Gabriel L. Whitfield and Ronnie Price for $40,000 or $4,000 per
acre, free and clear of all liens.

At the time of the filing of the Petition, the Debtor was the owner
of the Property.  The Debtor entered into a Contract for the Sale
and Purchase of Real Estate dated March 4, 2021 as to the Property
-- 10 acres on the South end of Hancock County Tax Parcels No.
066-0-24-013.000 and 066-0-24-016.000 -- to sell to the Buyers.
The Property is lying South of the Kiln-Delisle Road and fronting
on the West side of Rotten Bayou Road, and identified on the 2020
Appraisal as part of Parcel No. 3/4 and Parcel No. 5.  

The Purchase Price is: $4,000 per acre for approximately 10 Acres,
depending on a survey for a total sale price of approximately
$40,000.  If approved by the Court, the sale of the property will
be closed by April 9, 2021, or as soon thereafter as an Order from
the Court approving sale is entered.  

As set forth in the Contract, the Debtor has agreed to pay the
following expenses only:

      a. A Real Estate Commission of 10% of the sale price to
Paulette Snyder and Re/Max Coast Delta Realty.  Such commission is
the usual commission in the instant real estate market for
unimproved land to be paid to a reputable broker and sales agent.  


      b. Taxes due for 2020 and prior years.

      c. Prorated taxes for 2021 to the date of closing.

The Purchaser has agreed to pay all closing costs and to pay for a
survey.

A real estate commission will become due on the sale to Paulette
Snyder and RE/Max Coast Delta Realty. Re/Max Coast Delta Realty and
Paulette Snyder have been approved by the Court to be retained and
compensated as real estate professionals for the Debtor.  

The sale contemplated by the Motion should release the Property
from all existing liens and transfer such liens to the proceeds of
sale.

Interested party and alleged creditor, Gregory E. Bertucci filed a
Lis Pendens Notice with the Chancery Clerk of Hancock County,
Mississippi on Dec. 30, 2015, recorded at Lis Pendens Book 2015,
Page 45, which, until cancelled in whole or in part, manifests an
alleged lien on all of the Debtors real property, including the
property proposed to be sold.

Gregory E. Bertucci has filed a claim, (Claim No. 1), in the case
for $364,378.02, to which the Debtor has objected as barred by the
applicable statutes of limitations, not supported by documentation
and improperly submitted (in part) on behalf of third parties, via
Adversary Proceeding No. 20-06032-KMS before the Court.  Said
Adversary Proceeding also seeks a Court determination of the
validity and extent of the alleged lien manifested by said lis
pendens notice, and a finding that the lis pendens is invalid and
should be cancelled in its entirety.

After the sale of the Property, the Debtor will have property of
adequate value to pay all of its obligations, and to protect the
claim of Gregory E. Bertucci in the event it is determined to be
valid.  The value of the remaining property will be, according to
the Sept. 1, 2020 Appraisal of Allen Purvis & Associates, jointly
commissioned by the Debtor and Gregory E. Bertucci, in excess of $1
million dollars.   

The subject property has been market tested via exposure to the
market over many months, and $4,000 per acre is a fair market price
as attested to by Paulette Snyder in a hearing on other sales of
similar property proximately located at a hearing before the Court
on
Feb. 26, 2021.

The Debtor has a business justification for selling the Property
and other real property outside of the ordinary course of business,
which is to partially retire a commercial loan from Gulf Coast Bank
& Trust CO., now assigned to Bryan J. Bertucci, which loan has
matured and before default interest at 21% per annum.  The Debtor's
board of directors has made a judgment that it would be in the best
interest of the Debtor to sell the subject property and reduce the
principal amount of the aforesaid high interest loan.

The Debtor prays that the Court will enter the Order authorizing
the sale of the Property, provided payment is made in the following
manner: (i) Proration of the County ad valorem taxes for 2021, (ii)
County Ad Valorem taxes for 2020 and unpaid Ad Valorem taxes for
prior years, if any, and (iii) a real estate commission of 10% of
the sale price to Paulette Snyder and Re/Max Coast Delta Realty and
Paulette Snyder.

It further asks that it be authorized to pay down the secured lien
not held by Dr. Bryan J. Bertucci in amount of up to 85% of the net
proceeds of sale (purchase price net of taxes and commissions).

A copy of the Contract is available at https://tinyurl.com/8hac4wp6
from PacerMonitor.com free of charge.

                     About Tidewater Estates, Inc.

Tidewater Estates, Inc. filed its voluntary petition for relief
under CHapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case
No.
20-50955) on June 9, 2020. In the petition signed by Emile A.
Bertucci, III, director, secretary/treasurer, the Debtor estimated
$1 million to $10 million in assets and $500,000 to $1 million in
liabilities. The Debtor is represented by Patrick Sheehan, Esq. at
SHEEHAN AND RAMSEY, PLLC.



TOWN SPORTS: Says Chapter 11 Injunction Voids Deal With NY AG
-------------------------------------------------------------
Law360 reports that the owner of the New York Sports Club chain
asked a Delaware bankruptcy judge late Wednesday, March 10, 2021,
to void a $250,000 settlement reached with the New York attorney
general over membership fee overcharges because the claims involved
were included in Chapter 11 plan releases.

In a motion asking the court to enforce the confirmed Chapter 11
plan's release and injunction provisions, Town Sports International
LLC and co-debtor Town Sports International Holdings Inc. said the
attorney general's office never opted out of those provisions, and
the actions included in a New York state court complaint were
released in the plan.

                      About Town Sports

Town Sports International, LLC and its subsidiaries are owners and
operators of fitness clubs in the United States, particularly in
the Northeast and Mid-Atlantic regions. As of Dec. 31, 2019, the
Company operated 186 fitness clubs under various brand names,
collectively serving approximately 605,000 members. Town Sports
owns and operates brands such as New York Sports Clubs, Boston
Sports Clubs, Philadelphia Sports Clubs, Washington Sports Clubs,
Lucille Roberts and Total Woman.

Town Sports and several of its affiliates filed for bankruptcy
protection (Bankr. D. Del. Lead Case No. 20-12168) on Sept. 14,
2020. The petitions were signed by Patrick Walsh, chief executive
officer.

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

The Hon. Christopher S. Sontchi presides over the cases.

Young Conaway Stargatt & Taylor, LLP, and Kirkland & Ellis LLP have
been tapped as bankruptcy counsel to the Debtors. Houlihan Lokey,
Inc. serves as financial advisor and investment banker to the
Debtors, and Epiq Corporate Restructuring LLC acts as claims and
noticing agent to the Debtors.


TRINSEO SA: S&P Alters Outlook to Stable, Affirms 'B' ICR
---------------------------------------------------------
S&P Global Ratings revised its outlook on Trinseo S.A. to stable
from negative and affirmed its 'B' issuer credit rating. S&P also
assigned Trinseo's B-2 term loan facility a 'BB-' issue-level
rating and a '1' (rounded estimate: 90%) recovery rating.

S&P is leaving unchanged the recovery rating on its existing senior
unsecured notes at '4' (rounded estimate: 30%) and the issue-level
rating at 'B'.

The stable outlook reflects S&P's expectation that Trinseo's credit
metrics will be better than previously expected and that it will
expand EBITDA and margins over the next two years.

Trinseo S.A. is acquiring Arkema S.A.'s polymethyl methacrylate
(PMMA) business for $1.364 billion. The company is using cash, a
$750 million B-2 term loan facility, and new senior unsecured notes
to fund the transaction.

The PMMA business acquisition will help improve Trinseo's credit
metrics. S&P said, "While we view Trinseo's acquisition of Arkema's
PMMA business as a slightly leveraging transaction, we believe this
addition, combined with Trinseo's strong existing operations, will
improve its EBITDA and margins over the next couple years. We
expect the global economic recovery, and recovery in Trinseo's key
end markets including the auto sector, will help strengthen the
company's credit measures to be appropriate for the 'B' rating,
including debt to EBITDA between 5x and 6x."

S&P said, "We believe the company's business risk profile is weak
due to its exposure to volatile raw material costs, cyclical key
end markets, and modest geographic concentration, particularly in
Europe (57% of net sales in 2020). However, we expect the company
to partially offset these factors with the PMMA acquisition, which
we believe will increase its EBITDA and margins and decrease
earnings volatility over the next couple years. Furthermore, the
company has favorable market shares in key niches and technological
strengths over its competitors. We expect Trinseo to continue to
benefit from high operating rates, as little new styrene capacity
is expected to come online over the near term. Moreover, we expect
a strong recovery in automotive sales in 2021, which are a key
demand driver for styrene products, including synthetic rubber in
tires and hard- and soft-touch plastics used in vehicle interiors.
The company's fourth-quarter 2020 earnings reflected some of these
improved operating conditions, with EBITA of nearly $150 million.

"The stable outlook on Trinseo reflects our expectation that its
credit metrics will remain consistent with the rating over the next
12 months. Our base-case scenario assumes a steady global recovery
from the coronavirus pandemic and a smooth integration of the PMMA
business. We forecast adjusted debt to EBITDA of 5x-6x and funds
from operations (FFO) to debt of 14.5% in 2021, which we consider
appropriate for the rating after adjusting for potential volatility
in the company's EBITDA and credit measures."

S&P could downgrade the company if:

-- Debt to EBITDA increases and approaches 7x or if FFO to debt
dropps to 8%-9% within the next 12 months. This could occur if
EBITDA margins drop significantly due to a stalled global economic
recovery, which caused volatility in styrene markets, or if the
company experiences issues integrating the PMMA business.

-- Liquidity weakens such that liquidity sources drop below 1.2x
uses or if S&P believes it will be difficult for the company comply
with covenants.

S&P could consider a one-notch upgrade over the next 12 months if:

-- The company expands EBITDA margins to the mid-to-high-teens
percent range, driven by favorable styrene market conditions;

-- Debt to EBITDA approaches 4x or FFO debt rises to around 20% on
a sustained basis; and

-- S&P's more certain that financial policies would support
maintaining these credit metrics.


TRIPLE J PARKING: Seeks to Hire Cohne Kinghorn as Legal Counsel
---------------------------------------------------------------
Triple J Parking, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Utah to hire Cohne Kinghorn, P.C. as its
bankruptcy counsel.

The firm's services include:

     a. preparing legal papers and representing the Debtor in court
proceedings or hearings;

     b. assisting the Debtor in analyzing and pursuing any proposed
dispositions of assets of its estate;

     c. reviewing, analyzing and advising the Debtor regarding
claims or causes of action to be pursued;

     e. assisting the Debtor in providing information to creditors
and parties in interest;

     f. reviewing, analyzing and advising the Debtor regarding any
fee applications or other issues involving professional
compensation;

     g. preparing a Chapter 11 plan for the Debtor;

     h. assisting the Debtor in negotiations with creditors
regarding the treatment, resolution and payment of their claims;

     i. reviewing and analyzing the validity of claims filed in the
Debtor's case and advising the Debtor as to the filing of
objections to claims, if necessary; and

     j. performing all other necessary legal services.

The firm will be paid at these rates:

     Shareholders                 $250 to $400 per hour
     Associates                   $180 to $235 per hour
     Paralegals                   $100 to $130 per hour

Cohne Kinghorn received a retainer in the amount of $49,000.

George Hofmann, Esq., a partner at Cohne Kinghorn, 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.

Cohne Kinghorn can be reached at:

     George Hofmann, Esq.
     Jeffrey Trousdale, Esq.
     Cohne Kinghorn, P.C.
     111 East Broadway, 11th Floor
     Salt Lake City, UT 84111
     Tel: (801) 363-4300
     Fax: (801) 363-4378
     Email: ghofmann@ck.law

                      About Triple J Parking

Triple J Parking, Inc. has served customers of the Salt Lake
International Airport with off-site parking services for more than
30 years.  It is a small, family-owned, customer-oriented business.
In addition, Triple J Parking offers services such as covered
parking spots, monthly parking programs, and car washing and
detailing services.

Triple J Parking sought protection under Chapter 11 of the U.S.
Bankruptcy Court (Bankr. D. Utah Case No. 21-20800) on March 5,
2021.  In the petition signed by Elizabeth Woods, president, the
Debtor disclosed up to $10 million in assets and up to $1 million
in liabilities.

Judge Joel T. Marker oversees the case.

George B. Hofmann, Esq., at Cohne Kinghorn, P.C. represents the
Debtor as counsel.


TRIPLE J: Seeks Court Approval to Retain CEO, Accountant
--------------------------------------------------------
Triple J Parking, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Utah to retain its chief executive
officer, Elizabeth Dalton Woods, and its accountant, Shirelle Erb,
in the ordinary course of its business.

Ms. Dalton receives an annual salary of $18,000.  Meanwhile, Ms.
Erb, who also serves on the Debtor's Board of Directors, is paid at
the rate of $250 per hour.

The professionals can be reached at:

     Elizabeth Dalton Woods
     Triple J Parking, Inc.
     2200 W North Temple
     Salt Lake City, UT 84116-2919

     Shirelle Erb, CPA
     Knighton, Erb & Company, LLC
     2180 S 1300 E
     Salt Lake City, UT 84106
     Phone: +1 801-596-9999

                      About Triple J Parking

Triple J Parking, Inc. has served customers of the Salt Lake
International Airport with off-site parking services for more than
30 years.  It is a small, family-owned, customer-oriented business.
In addition, Triple J Parking offers services such as covered
parking spots, monthly parking programs, and car washing and
detailing services.

Triple J Parking sought protection under Chapter 11 of the U.S.
Bankruptcy Court (Bankr. D. Utah Case No. 21-20800) on March 5,
2021.  In the petition signed by Elizabeth Woods, president, the
Debtor disclosed up to $10 million in assets and up to $1 million
in liabilities.

Judge Joel T. Marker oversees the case.

George B. Hofmann, Esq., at Cohne Kinghorn, P.C. represents the
Debtor as counsel.


TRIPTYCH MIAMI: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Triptych Miami Holdings, LLC
        1001 SW 2nd Ave.
        Suite 300
        Miami, FL 33130

Chapter 11 Petition Date: March 12, 2021

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 21-12375

Judge: Hon. Robert A. Mark

Debtor's Counsel: Jesus M. Suarez, Esq.
                  GENOVESE JOBLOVE & BATTISTA, P.A.
                  100 SE 2nd St.
                  44th Floor
                  Miami, FL 33131
                  Tel: 305-349-2300
                  E-mail: jsuarez@gjb-law.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Francisco Arocha, manager.

The Debtor stated it has no creditors holding unsecured claims.

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

https://www.pacermonitor.com/view/NWMEH6A/Triptych_Miami_Holdings_LLC__flsbke-21-12375__0001.0.pdf?mcid=tGE4TAMA


US CONSTRUCTION: Gets Cash Collateral Access Thru April 9
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Galveston Division, has authorized US Construction Services, LLC to
use cash collateral on an interim basis through April 9, 2021, in
accordance with the Budget, with a 5% variance.

The Debtor is authorized to pay from the Cash Collateral February
utilities for electricity, waste and telephone/internet services.

As adequate protection of the the interests of Veritex Community
Bank against the diminution in value of its interests in the Cash
Collateral, the Lender is granted a continuing valid, binding,
enforceable, and automatically perfected postpetition security
interest in, and replacement liens on the Debtor's assets, together
with the proceeds thereof.

The Lender's adequate protection liens on the collateral will have
the same validity and priority as the Lender's lien on the Debtor's
property as existed on the Petition Date.

The Debtor is also directed to make an adequate protection payment
in the amount of $2,000 no later than 2 p.m. on March 11 and
thereafter will make ab adequate protection payment in the amount
of $1,000 on or before March 30. Thereafter, the Debtor will make
monthly adequate protection payments in the amount of $2,000 on the
30th of each month during the term of the Cash Collateral Order.

A final hearing on the matter is scheduled for April 7 at 11 a.m.

A copy of the order is available for free at https://bit.ly/3cng2iF
from PacerMonitor.com.

               About US Construction Services, LLC

US Construction Services, LLC is a privately held company in the
residential building construction industry.  It sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No.
21-80029) on February 19, 2021.  The petition was signed by Whitney
Jones, the managing member.  As of petition date, US Construction
Services declared total assets at $2,400,000 and total liabilities
at $1,262,826.  

Judge Jeffrey P. Norman oversees the case.

The Debtor is represented by Gabe Perez, Esq., at Zendeh Del &
Associates, PLLC.



VERICAST CORP: S&P Affirms 'CCC+' Ratings on Senior Secured Debt
----------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' ratings on Vericast Corp's
existing senior secured debt and removed the CreditWatch positive
it placed on the existing term loan.

At the same time, S&P is withdrawing its ratings on the company's
proposed debt.

The negative outlook reflects the risk that Vericast will not be
able to refinance its capital structure ahead of its 2022 debt
maturities, leading to a liquidity event and an increased risk of a
distressed exchange or restructuring.

The company canceled its proposed refinancing, leaving it exposed
to its 2022 debt maturities. Without the extension of its debt
maturities under the recently canceled refinancing, the company is
exposed to the near-term debt maturities under its existing capital
structure. Specifically, its 8.375% senior secured notes are due in
August 2022. However, as outlined under its credit agreement, if
the company does not retire these 8.375% notes by May 16, 2022, the
maturity of the senior secured term loan ($1.464 billion
outstanding as of Dec. 31, 2020) will spring to May 16, 2022. Since
we do not believe the company will be able to service these 8.375%
notes through organic cash generation, we believe it will be
materially dependent on its access to capital markets to refinance
this obligation.

Vericast's leverage will remain elevated above 6x in 2021 due to
its limited EBITDA growth potential given the secular decline in
the print industry. Vericast's leverage will remain very high in
the low-6x area in 2021 before declining to the high-5x area in
2022. S&P said, "We expect the company's leverage to remain high
because, in our view, its ability to substantially increase its
EBITDA is limited due to the secular decline in the print industry.
Vericast derives 90% of its revenue from print-related products.
Although we believe some of its product groups, such as shared
mail, will report increased organic revenue during the anticipated
economic recovery in 2021, we expect the expansion in its
consolidated organic revenue to be limited to the low- to
mid-single-digit-percent area in 2021 and the
low-single-digit-percent area in 2022. We expect the company to
offset some of these pressures with more stringent cost-management
initiatives, which will allow it to increase its consolidated
adjusted EBITDA margins toward the 16%-17% range over the next two
years. Nevertheless, we expect the high fixed charges under
Vericast's existing capital structure will lead to thin excess cash
flow generation over the next two years. Specifically, we expect
about 4%-6% adjusted free operating cash flow (FOCF) to debt over
the next two years. This translates to $100 million adjusted FOCF
in 2021 and about $150 million FOCF in 2022, and the company will
need the majority of this cash flow to support its $100 million
annual mandatory debt amortization payments under its existing term
loan. As a result, we view the company as dependent on its access
to capital markets such that it can refinance its upcoming debt
maturities. Otherwise, we believe the company could suffer from a
distressed exchange or payment default over the next two years."

The negative outlook reflects the risk that Vericast will not be
able to refinance its capital structure ahead of its 2022 debt
maturities, leading to a liquidity event and an increased risk of a
distressed exchange or restructuring. These risks are exacerbated
by the secular declines in Vericast's key segments, its sustained
high leverage, and lack of significant sustained cash-flow
generation relative to its fixed charges.

S&P said, "We could lower our issuer credit rating on Vericast if
the company does not refinance its 8.375% senior secured notes 12
months ahead of the May 2022 springing debt maturity on the senior
secured term loan. We could also lower the rating if we anticipate
a payment default or distressed debt restructuring in the next 12
months.

"We could revise our outlook to stable if the company is able to
refinance its capital structure at favorable rates such that we
view a payment default or distressed exchange as unlikely over the
next 12 months. This scenario would also require the company to
demonstrate sustainable revenue growth, improving EBITDA margins,
and strong cash flow generation."



VI GROUP: Seeks Use of Cash Collateral
--------------------------------------
Vi Group Investment, LLC asks the U.S. Bankruptcy Court for the
Northern District of Georgia, Atlanta Division, for authority to
use cash collateral on an emergency basis in accordance with its
proposed budget.

The Debtor proposes to use Cash Collateral for general operational
and administrative expenses as set forth in the Budget.

The Debtor owns and operates a commercial building located at 127
Perimeter Center W. Atlanta, Georgia. The Debtor is wholly owned
and operated by Vi Bao To.

Separate from the Debtor, Vi Bao To owns and operates a chain of
nail salons throughout Atlanta. Vi Bao To selected the Property as
an ideal location to open another nail salon.

In December 2018, the Debtor purchased the Property and entered
into a loan agreement with Touchmark National Bank in connection
with the purchase. At the time of the purchase, the Property had a
single tenant, SprintCom, Inc. , and an additional vacant space. Vi
Bao To immediately began a construction and remodeling project in
the vacant space to open the new nail salon location.

Construction was completed sometime in June 2019, whereupon the
nail salon started operating. Through the remainder of 2019 and up
to March 2020, the Debtor received rental income from the nail
salon and Sprint.

The Covid-19 pandemic struck in March 2020 and the nail salon was
forced to shut down. The Debtor continued to collect rent from
Sprint, but it was unable to meet the obligations due on the
Mortgage without the additional rental income from the nail salon.

Nonetheless, the Debtor is nearing a return to normal operations.
After discontinuing operations for nearly a year, the nail salon is
set to reopen. Sprint agreed to renew its lease for the Property.
The Debtor expects that it will be able to satisfy its obligations
as they come due soon, but the debt accrued due to Covid-19 is a
significant hindrance.

Given the Debtor's debt obligations, including the Mortgage,
expenses associated with the Property, and insufficient rental
income, the Debtor was forced to file for chapter 11 protection to
prevent the Property's foreclosure, provide the Debtor some time to
catch up on accrued debt, and to either reorganize its balance
sheet to enable the Debtor to meet its obligations during the
pendency of the case and upon  emergence from chapter 11 or pursue
a sale of the Property.

To the extent that any interest that the Lender may have in the
Cash Collateral is diminished, the Debtor proposes to grant the
Lender a replacement lien in post-petition collateral of the same
kind, extent, and priority as the lien existing pre-petition except
that the Adequate Protection Lien will not extend to the proceeds
of any avoidance actions received by the Debtor or the estate
pursuant to chapter 5 of the Bankruptcy Code.

The Debtor further requests that the Court schedule a final hearing
on Cash Collateral use, and following such hearing, enter a final
order authorizing Cash Collateral use.

A copy of the motion is available at https://bit.ly/3taJMGu from
PacerMonitor.com.

                 About Vi Group Investment, LLC

Vi Group Investment, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 21-51722) on March 2,
2021. Vi Group Investment is a Single Asset Real Estate debtor.  In
the petition signed by Vi To, its sole member, the Debtor disclosed
up to $50,000 in assets and up to $10 million in liabilities.
Rountree, Leitman & Klein, LLC is the Debtor's counsel.



VILLA TAPIA: Seeks Court Approval to Hire Cititax Business
-----------------------------------------------------------
Villa Tapia Citi Fresh Supermarket Corp., seeks approval from the
U.S. Bankruptcy Court for the Eastern District of New York to
employ Cititax Business Management Inc.

The firm will assist the Debtor in drafting of corporation and
sales tax documents and whatever other tax-related documents that
might be required in the course of the Chapter 11 case.

The firm will be paid a fee of $2,500 for preparation of
corporation tax documents for 2019 and 2020, and sales tax
documents for periods ending on November 30, 2020, August 31, 2020,
May 30, 2020, February 29, 2020 and November 30, 2019.

Ruth Ynoquio, a partner at Cititax Business Management Inc.,
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:

          Ruth Ynoquio
          Cititax Business Management Inc.
          200 Wyckoff Avenue
          Brooklyn, NY 11237
          Tel: (718) 366-4120

              About Villa Tapia Citi
              Fresh Supermarket Corp.

Based in Brooklyn, N.Y., Villa Tapia Citi Fresh Supermarket Corp.
is a delicatessen located at 40 Nostrand Avenue, Brooklyn,
NY11205.

It fell behind on its debt obligations in mid-2019 after it lost
its W.I.C. license, which enabled it to sell certain nutritional
children's products to holders of W.I.C. (Women, Infants and
Children) food subsidy cards.

The Company subsequently fell behind on its rent payments to
landlord Nostrand Avenue Equities, and on its loan payments to
Eastern Funding LLC, which held a secured first lien on all the
Debtor's property, and to Resnick Supermarket Equipment Corporation
and General Trading Company, both of whom held junior liens.

Villa Tapia Citi Fresh Supermarket Corp. filed a voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y.
Case No. 20-40357) on Jan. 20, 2020, listing under $1 million in
both assets and liabilities.

Previously, Judge Elizabeth S. Stong oversees the case, now the
case is assigned to Judge Nancy Hershey Lord. Phillip Mahony, Esq.,
is the Debtor's bankruptcy counsel. The Debtor tapped Sgouras Law
Firm, PLLC as its legal counsel for non-bankruptcy matters, and
Marcum LLP as its accountant.



VISTRA CORP: Fitch Puts 'BB+' LongTerm IDR on Watch Negative
------------------------------------------------------------
Fitch Ratings has placed the 'BB+' Long-Term Issuer Default Rating
of Vistra Corp. and its indirect subsidiary, Vistra Operations
Company, LLC (Vistra Operations) on Rating Watch Negative.

The Negative Watch follows Vistra's announcement of a material
financial hit caused by the winter storm Uri. The magnitude of the
hit, which ranges between $0.9 billion to $1.3 billion, is a stark
reminder of the risk inherent in deregulated market structures,
which can undergo a system wide breakdown under extreme conditions.
The adverse financial impact also temporarily halts the significant
deleveraging progress that the company made in 2020. Fitch expects
Vistra's gross debt to EBITDA to increase to low 5.0x in 2021,
reflecting the one-time hit to EBITDA and issuance of incremental
debt to plug the cash shortfall, before declining to less than 3.0x
in 2022. In its calculations, Fitch has assumed the financial
impact from the winter storm at $1.3 billion, which is the top end
of the range provided by management.

There continues to be uncertainty regarding Vistra's ultimate
exposure as pricing and settlement data is still being finalized
and ERCOT is experiencing short pay to market participants of $1.7
billion. Fitch will resolve the Negative Watch after obtaining
clarity on Vistra's exposure and management's updated capital
allocation plan. Fitch will also assess Vistra's business risk
profile in the context of any changes to market design that the
Electric Reliability Council of Texas (ERCOT) may implement, which
will determine the trajectory of the ratings going forward.

KEY RATING DRIVERS

Storm Exposes Unfathomable Risks: Fitch had not expected Vistra to
suffer such a large financial impact from the unprecedented weather
event given its integrated generation - retail business model,
which has been delivering consistent results and had been
successfully tested during the throes of the coronavirus pandemic,
when both demand and power price collapsed in several of its
markets. Even though management appropriately positioned themselves
for the extreme load forecast in anticipation of the unprecedented
winter weather conditions, the non-delivery of contracted natural
gas due to low pressure on the gas pipelines, and lower output from
its coal-fired units as a result of frozen coal stockpile forced
the company to purchase prohibitively expensive natural gas in
order to generate power to meet its load obligations.

The severe winter storm has also exposed several flaws in ERCOT's
market structure, such as real-time electricity prices that at
times did not reflect the scarcity conditions, a high
administrative price cap of $9,000/MWH that was not designed for
prolonged periods of scarcity, interdependence of power and natural
gas infrastructure, lack of mandatory winterization protocols for
power generation equipment, and physical constraint of being an
island grid. The business risk associated with operating a
generation and retail business in Texas has gone up in Fitch's
assessment until appropriate reforms are undertaken to address
these shortcomings.

Uncertainty to Prevail: While management has provided preliminary
estimates of the financial impact to be in the range of $0.9
billion to $1.3 billion, pricing and settlement data is not yet
finalized. ERCOT has reported approximately $1.7 billion of short
pay to market participants, net of $800 million drawn from
Congestion Revenue Rights auction funds, as of March 2. In
addition, the independent market monitor for the Public Utility
Commission of Texas (PUCT) has recommended the Commission to direct
ERCOT to retroactively correct the real time energy prices for a
period of 32 hours over February 18-19, when ERCOT continued to
administratively set prices at the value of lost load long after it
ceased the firm load shed. This decision has resulted in $16
billion of additional costs to the load serving entities. Last
Friday, the PUCT declined to reverse these charges. Vistra's
exposure to these market uncertainties is not clear.

Strong 2020 Results: Vistra delivered strong financial performance
in 2020 despite the pandemic. The 2020 adjusted EBITDA at $3.8
billion beat management's raised guidance range of $3.485
billion-$3.685 billion. The company generated $2.6 billion of FCF
before growth capex and return of capital to shareholders. The
progress on deleveraging was especially noteworthy as the company
paid down more than $1. 5 billion of debt and achieved its net debt
to EBITDA target of 2.5x.

Leverage Increases Before Normalizing: The hit to EBITDA and FFO
due to the winter storm will affect Vistra's leverage for 2021.
Fitch expects Vistra's gross debt to EBITDA to increase to low 5.0x
in 2021, reflecting the one-time hit to EBITDA and issuance of
incremental debt to plug the cash shortfall, before declining to
less than 3.0x in 2022. In its calculations, Fitch has assumed the
financial impact from the winter storm at $1.3 billion, which is
the top end of the range provided by management. Management plans
to provide an update of its capital allocation plans in its first
quarter earnings call.

ESG Considerations: Vistra has an ESG Relevance Score of '5',
revised from '3', for Exposure to Environmental Impacts due to the
effects of recent severe winter weather, which has had a negative
impact on Vistra's credit profile. The storm has exposed
deficiencies in ERCOT's market design and ability to keep the grid
functioning well in the face of an extreme weather event, which
increases the risk of owning power generation and retail
electricity businesses in the state. The financial hit to Vistra as
a consequence of the weather event will result in a jump in
near-term leverage.

DERIVATION SUMMARY

Vistra is well positioned relative to Calpine Corporation
(B+/Stable) and Exelon Generation Company, LLC (ExGen; BBB/Rating
Watch Negative) in terms of size, scale and geographic and fuel
diversity. Vistra is the largest independent power producer in the
country, with approximately 38.5GW of generation capacity compared
with Calpine's 26GW and ExGen's 33GW. Vistra's generation capacity
is well-diversified by fuel, compared with Calpine's natural
gas-heavy and ExGen's nuclear-heavy portfolio. Vistra's portfolio
is less diversified geographically, with 70% of its consolidated
EBITDA coming from operations in Texas, which is similar to the
Midwest-dominant portfolio of ExGen. Calpine's fleet is more
geographically diversified.

Both Vistra and ExGen benefit from their ownership of large retail
electricity businesses, which are typically countercyclical to
wholesale generation given the length and stickiness of customer
contracts. Vistra has a dominant position in the mass retail market
in Texas, which has generated stable EBITDA over 2012-2019 despite
power price volatility. A key benefit of acquiring Dynegy has been
the significant increase in share of natural gas-fired generation,
which lowered Vistra's EBITDA sensitivity to changes in natural gas
prices and heat rates. Fitch estimates that Vistra's EBITDA is less
sensitive to changes in natural gas prices than ExGen or Calpine.

Fitch projects Vistra's gross debt/EBITDA to increase to low 5.3x
in 2021 due to the February storm impact, but then decline to below
3.0x by 2022, which compares favorably with Calpine's projected
mid- to high-4.0x leverage by 2022. ExGen's expected leverage is
higher than recent historic periods reflecting the EBITDA impacts
of lower power prices and power plant closures.

KEY ASSUMPTIONS

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

-- Hedged generation in 2021 and 2022 per management's guidance;

-- Retail load of approximately 90TWH-100TWH annually;

-- Power price assumption based on Fitch's base deck for natural
    gas prices of $2.45/ MMBtu in 2021 and beyond, and current
    market heat rates;

-- Capacity revenues per past auction results, and no material
    upside in future auctions;

-- Maintenance capex of approximately $550 million annually;

-- EBITDA hit from Storm Uri of $1.3 billion.

RATING SENSITIVITIES

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

-- Clarity on Vistra's exposure to winter storm Uri;

-- Gross debt/EBITDA below 3.0x on a sustained basis;

-- Track record of stable EBITDA generation;

-- Measured approach to growth;

-- Balanced allocation of FCF that maintains balance sheet
    flexibility while maintaining leverage within the stated goal;

-- Changes in market design that mitigate exposure to tail events
    and ensures reliability of natural gas supply.

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

-- Weaker power demand and/or higher than expected supply
    depressing wholesale power prices and capacity auction
    outcomes in its core regions;

-- Unfavorable changes in regulatory constructs and market;

-- Rapid technological advancements and cost improvements in
    battery and renewable technologies that accelerate the shift
    in generation mix away from fossil fuels;

-- An aggressive growth strategy that diverts a significant
    proportion of FCF toward merchant generation assets and/or
    overpriced retail acquisitions;

-- Gross debt/EBITDA above 3.5x on a sustained basis.

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 views Vistra's liquidity as adequate. As
of Dec. 31, 2020, the company had $406 million in cash and $2.0
billion available under its $2.73 million revolving credit facility
due June 2023. The company also has bilateral facility of $250
million that expires December 2021 of which $245 million of LCs
were drawn as of Dec. 31, 2020.

Fitch believes that the company drew on its revolver to meet the
significant collateral demands during the February weather event.
Additionally, Fitch believes that the current availability under
the revolver is close to $2 billion; however, a portion of this
liquidity will be used to settle natural gas purchases that are due
before the end of March.

ESG Considerations

Vistra has an ESG Relevance Score of '5', revised from '3', for
Exposure to Environmental Impacts due to the effects of recent
severe winter weather, which has had a negative impact on Vistra's
credit profile. The storm has exposed deficiencies in ERCOT's
market design and ability to keep the grid functioning well in the
face of an extreme weather event, which increases the risk of
owning power generation and retail electricity businesses in the
state. The financial hit to Vistra as a consequence of the weather
event will result in a jump in near-term leverage.

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.


VITALIBIS INC: Seeks to Hire Andersen Law as Counsel
----------------------------------------------------
Vitalibis, Inc., seeks approval from the U.S. Bankruptcy Court for
the District of Nevada to employ Andersen Law Firm as counsel.

The firm will provide these services:

   a. advise the Debtor with respect to its powers and duties as a
debtor and debtors-in-possession in the continued management and
operation of its business and property;

   b. attend meetings and negotiate with representatives of
creditors and other parties in interest and advise and consult on
the conduct of the Chapter 11 case, including the legal and
administrative requirements of operating in Chapter 11;

   c. take all necessary action to protect and preserve the
bankruptcy estate, including the prosecution of actions on its
behalf, the defense of any actions commenced against the bankruptcy
estate, negotiations concerning all litigation in which the Debtor
may be involved, and objections to claims filed against the
bankruptcy estate;

   d. prepare on behalf of the Debtor all motions, applications,
answers, orders, reports, and papers necessary to the
administration of the estate;

   e. negotiate and prepare on the Debtor's behalf plans of
reorganization, disclosure statements, and all related agreements
and documents and take any necessary action on behalf of the Debtor
to obtain confirmation of such plans;

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

   g. appear before this Court, any appellate courts, and the U.S.
Trustee, and protect the interests of the bankruptcy estate before
such courts and the U.S. Trustee; and

   h. perform all other necessary legal services and provide all
other necessary legal advice to the Debtor in connection with its
Chapter 11 case.

The firm will be paid at these rates:

     Attorneys               $455 per hour
     Paralegals              $145 per hour

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

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

Ryan A. Andersen, Esq., a partner at Andersen Law Firm, LTD.,
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:

          Ryan A. Andersen, Esq.
          Andersen Law Firm, LTD.
          3199 E Warm Springs Rd, Ste 400
          Las Vegas, NV 89120
          Tel: (702) 522-1992
          Fax: (702) 825-2824
          E-mail: ryan@vegaslawfirm.legal

              About Vitalibis, Inc.

Vitalibis, Inc. -- https://www.vitalibis.com -- is in the business
of developing, selling and distributing hemp oil-based products
that contain naturally occurring cannabinoids, including
cannabidiol and other products containing CBD-rich hemp oil.

Vitalibis, Inc. filed its voluntary petition for relief under
chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
20-12865) on June 15, 2020, listing under $1 million in both assets
and liabilities. Matthew C. Zirzow, Esq. at LARSON & ZIRZOW, LLC,
represents the Debtor as counsel.


W RESOURCES: $175K Sale of 14-Acre Zachary Property to Wisham OK'd
------------------------------------------------------------------
Judge Douglas D. Dodd of the U.S. Bankruptcy Court for the Middle
District of Louisiana authorized W Resources, LLC's sale of a
13.996-acre tract of immovable property located in Zachary, East
Baton Rouge Parish, Louisiana, to Theodore Wisham for $175,000.

The Debtor is authorized under the Debtor's Third Amended Chapter
11 Plan of Liquidation with Final Immaterial Modifications as of
May 22, 2019, to transfer the Property to the Trust.   

The Trust is authorized to consummate the Purchase Agreement, and
to sell the Purchased Property to the Buyer free and clear of any
liens, claims, interests or other encumbrances, with all liens,
claims, interests or other encumbrances attaching the proceeds of
the Purchased Property.

From the sale proceeds, the ordinary and reasonable closing costs,
including without limitation, any unpaid property taxes and a
prorated portion of 2021 property taxes will be paid.

Following the sale of the Purchased Property to Purchaser as set
forth in the order, (a) the Recorder of Mortgages, Conveyances and
the Clerk of Court of East Baton Rouge Parish and any other public
officer or office, is authorized and directed to cancel and erase
from the records of his parish each of the mortgages, liens,
privileges and other items listed of record, including the
following:

      a. Notice of Lis Pendens revealing that Dan S. Collins CPL &
Associates, Inc. filed a Petition for Declaratory Judgment on or
about June 7, 2012, to resolve an issue of construction and
ownership of certain mineral interests arising under a Letter
Agreement executed between Dan S. Collins, CPL & Associates, Inc.
and Amelia Resources and Kirk A. Barrell, regarding Case No.
612749, Section 23 in the 19th Judicial District Court for the
Parish of East Baton Rouge, State of Louisiana, recorded June 7,
2012, in the East Baton Rouge Mortgage records at Original 122,
Bundle 12416 ("Lis Pendens"); and

      b. Judgment in favor of Callais Capital Management, LLC in
the amount of $3.84 million plus interests and costs, recorded
April 30, 2018, in the East Baton Rouge Parish Mortgage records at
Original 435, Bundle 12885.

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

The closing of the sale authorized to the Purchaser will be
concluded with the Purchaser by the Closing Date as provided in the
Purchase Agreement.

Nothing in the Order will affect any rights of the Estate, the
Debtor, the Trust, or the Purchaser except as specifically set
forth therein.

A copy of the Agreement is available at
https://tinyurl.com/k3kxkvzu from PacerMonitor.com free of charge.


                        About W Resources

W Resources, LLC, is a privately-owned company in Baton Rouge,
Louisiana, engaged in activities related to real estate.  It is a
holding company with a diverse set of raw and recreational land,
farming and hunting operations, an aircraft hangar, oil and gas
interests, and equity-based interests.

W Resources sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. La. Case No. 18-10798) on July 23, 2018.  In the
petition signed by Dwayne M. Murray, Chapter 11 trustee for
Michael
Worley, manager, the Debtor estimated assets and liabilities of
$50
million to $100 million each.

The Debtor hired Stewart Robbins & Brown, LLC, as its legal
counsel.  Horne LLP serves as accountant.



W. KEN TGANSKE: $275K Sale of Monona Property to Rasmussen Approved
-------------------------------------------------------------------
Judge Katherine Maloney Perhach of the U.S. Bankruptcy Court for
the Eastern District of Wisconsin authorized W. Kent Ganske and
Julie L. Ganske to sell the real property located at 5212 McKenna
Road, in Monona, Wisconsin, to Nathan C. Rasmussen for $275,000, on
the terms and conditions specified in the Motion to Sell, as
amended by the Motion to Amend.

The sale will be free and clear of all liens and encumbrances.  All
liens and encumbrances will attach to the net proceeds of the sale.


The proceeds of the sale will be first distributed to cover all
normal costs of sale and broker's fees.  The commission of Stark
Company Realtors is approved in the amount of 6%, and will be paid
immediately from the proceeds of the sale at closing.

The net proceeds of the sale, after normal costs of sale and
broker's fees, will be paid to United Cooperative as holder of a
properly perfected first position lien on the Property.

The Stay of Order contained in Fed. R. Bankr. P. 6004 is waived, in
order to allow the sale to proceed as scheduled.

W. Kent Ganske and Julie L. Ganske sought Chapter 11 protection
(Bankr. E.D. Wisc. Case No. 20-21042) on Feb. 11, 2020.



WC SOUTH CONGRESS: Lender Still Opposes Amended Disclosures
-----------------------------------------------------------
510 South Congress Lender LLC ("Lender") objects to the First
Amended Disclosure Statement for First Amended Plan of
Reorganization of debtor WC South Congress Square, LLC.

The Lender claims that the Amended Disclosure Statement includes
projections through October of 2021 which appear to identify a
projected receipt of a $510,085 payment relating to the "Former
Master Lease." There is inadequate information in the projections
and the Disclosure Statement in general regarding this sum.

The Lender points out that there is still no meaningful analysis
regarding the specific impact of COVID-19 regarding the Reorganized
Debtor's ability to perform under the Plan while the Amended
Disclosure Statement contains a reasonable summary of the existence
of COVID19 conditions.

The Lender asserts that the Amended Disclosure Statement fails to
meaningfully identify any possible retained causes of action. There
is no identification in the Amended Disclosure Statement of the
transfers that may give rise to claims under section 510, 544,
through 551, and 553.

The Lender further asserts that there remain significant issues
within the Amended Disclosure Statement regarding Natin Paul's
continued role as the President of World Class Holding VI, LLC, the
managing member of the Debtor.

A full-text copy of the Lender's objection dated March 7, 2021, is
available at https://bit.ly/38DEUSl from PacerMonitor.com at no
charge.

Counsel for the Lender:

     KELL C. MERCER, P.C.
     1602 E. Cesar Chavez Street
     Austin, Texas 78702
     (512) 627-3512
     (512) 597-0767 (fax)
     kell.mercer@mercer-law-pc.com
     Kell C. Mercer
     Texas State Bar No. 24007668

                 About WC South Congress Square

Based in Austin, Texas, WC South Congress Square LLC owns a multi
family apartment community with 115 rental units located at 500
South Congress Avenue in Austin, as well as two adjacent office
buildings with a total of over 70,000 square feet of office space.

The managing member of the Debtor is World Class Holdings VI, LLC,
which is controlled by Natin Paul, a real estate entrepreneur very
active in the Austin market.

WC South Congress Square sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Tex. Case No. 20-11107) on October 6,
2020. The petition was signed by Natin Paul, manager of general
partner.

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

Fishman Jackson Ronquillo PLLC is the Debtor's legal counsel.


WEST VIRGINIA: Dehn Buying Canaan Valley Property for $65K Cash
---------------------------------------------------------------
West Virginia Resorts, LLC, asks authority from the U.S. Bankruptcy
Court for the Northern District of West Virginia to sell a water
utility and a sewer utility, and all of the personal property and
equipment, which is a part of the facilities and situated in Canaan
Valley, Tucker County, West Virginia, to John Dehn for $65,000,
cash.

The Buyer previously purchased the motel restaurant facility owned
by the Debtor.  The motel restaurant premises are serviced by the
water and sewer systems and the Buyer is desirous of taking
ownership of the utilities to provide assurance of regular water
and proper treatment of the sewage.

The Debtor has considered other offers but believes that it is in
the best interest of the bankruptcy estate for the Buyer to make
the cash purchase.  Mr. Dehn also has the construction equipment to
make prompt repairs to the facilities which also service
approximately 30 residential lots.

The payment terms of the proposed sale provide for cash at closing.
The Debtor will convey the real property and personal property
free and clear of liens, encumbrances other than the real property
taxes, which will be pro-rated at closing.  

The Debtor has exercised its reasonable business judgment and
discretion in negotiating the sale.

The Debtor will allow upset bids from a qualified purchaser and the
Court will determine the best bid.

The Debtor also asks that any quarterly fees owed to the Office of
the U.S. Trustee be paid from the sale proceeds.  

Finally, it asks authorization to execute any and all documents
which are deemed reasonable and necessary to consummate the sale of
the real and personal property.

                 About West Virginia Resorts LLC

West Virginia Resorts LLC, a privately held company in Charleston,
W.Va., sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. W.Va. Case No. 19-00587) on July 18, 2019.  At the
time of the filing, the Debtor was estimated to have assets of
between $1 million and $10 million and liabilities of the same
range.  The case is assigned to Judge Patrick M. Flatley.  The
Debtor is represented by Caldwell & Riffee.



WILDWOOD VILLAGES: Hires Fisher Auction as Auctioneer
-----------------------------------------------------
Wildwood Villages, LLC, seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Fisher Auction
Company as auctioneer.

The firm will value, market and auction the real property of the
Debtor located at Sumter County, Florida.

The firm will be paid 6% buyer's premium.

Lamar Fisher, a partner at Fisher Auction Company, 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:

          Lamar Fisher
          Fisher Auction Company
          2112 East Atlantic Boulevard
          Pompano Beach, FL 33062-5208
          Tel: (954) 942-0917
          Fax: (954) 782-8143

              About Wildwood Villages, LLC

Wildwood Villages, LLC is engaged in activities related to real
estate.

Wildwood Villages, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
20-02569) on August 28, 2020. The petition was signed by Jonathan
Woods, manager. The Debtor disclosed $3,150,861 in assets and
$3,428,386 in liabilities. Matthew S. Kish, Esq., Esq. at SHAPIRO
BLASI WASSERMAN & HERMANN, PA represents the Debtor as counsel.


WILLIAM H. LLOYD, JR: Shore Buying Clermont Property for $1.9M
--------------------------------------------------------------
William J. Lloyd, Jr., asks the U.S. Bankruptcy Court for the
District of New Jersey to authorize the sale of a parcel of real
estate located at 1944 Route 9 Dennis Township, in Clermont, New
Jersey, to Shore Financial Advisors, LLC, for $1.9 million.

A hearing on the Motion is set for April 13, 2021, at 10:00 a.m.
Objections, if any, must be filed no later than seven days prior to
the hearing date.

The parties have executed their Contract for Sale of Real Property.
The sale will be free and clear of liens.  The good faith deposit
is $25,000.

A copy of the Contract is available at https://tinyurl.com/fxvm93mr
from PacerMonitor.com free of charge.

The Purchaser:

          SHORE FINANCIAL ADVISORS, LLC
          1523 McDaniel Drive
          West Chester, PA 19380

William J. Lloyd, Jr., sought Chapter 11 protection (Bankr. D.N.J.
Case No. 20-22059) on Oct. 27, 2020.  The Debtor tapped Robert
Loefflad, Esq., as counsel.



WILSON ORGANIC: Trustee Hires Country Boys as Auctioneer
--------------------------------------------------------
Joseph Z. Frost, Chapter 11 Subchapter V Trustee of Wilson Organic
Farm Services, Inc. seeks authority from the U.S.
Bankruptcy Court for the Eastern District of North Carolina to hire
Country Boys Auction & Realty Co., Inc. as its auctioneer and
liquidation agent.

The firm will assist in the sale of certain real property located
at 127 Pilot House Drive, Wallace, North Carolina 28466.

The firm shall receive the standard auctioneers' commission, which
is as follows:

     a. 10 percent of the next $25,000 of real property sold; and

     b. 4 percent of the remaining balance of real property sold.

Mike Gurkins, owner of Country Boys, assures the court that the
firm is a disinterested party that does not hold or represent an
interest adverse to the estate.

The firm can be reached through:

     Mike Gurkins
     Country Boys Auction & Realty Co., Inc.
     1211 W 5th St.
     Washington, NC 27889
     Phone: +1 252-946-6007

                About Wilson Organic Farm Services

Wilson Organic Farm Services, Inc. sought protection under Chapter
11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 20-01190) on
March 18, 2020.  At the time of the filing, the Debtor disclosed
assets of between $100,001 and $500,000 and liabilities of the same
range. Judge Joseph N. Callaway oversees the case.  The Debtor is
represented by The Lewis Law Firm, P.A.


WWEX UNI: S&P Alters Outlook to Stable, Affirms 'B-' ICR
--------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.-based logistics
provider WWEX UNI Intermediate Holdings LLC to stable from negative
and affirmed its 'B-' issuer credit rating.

S&P said, "At the same time, we are affirming our 'B-' issue-level
rating on the company's first-lien term loan and revolving line of
credit. The '3' recovery ratings remain unchanged, indicating our
expectation for meaningful recovery (50%-70%; rounded estimate:
55%) in the event of a payment default. We are also affirming our
'CCC' issue-level rating of '6' (0%-10%; rounded estimate: 0%) on
the company's second-lien term loan.

"The stable outlook reflects our expectation for continued good
operating performance in 2021, resulting in debt to EBITDA around
6x.

"We assume WWEX will sustain its improved profitability,
benefitting credit metrics in the near term.  The company
reinforced its strategic focus on its higher-margin-generating
small and mid-sized business (SMB) customers and reduced costs to
improve profitability in 2020, despite volume declines in all its
business segments when the COVID-19 pandemic began. Volumes have
continued to recover since second-quarter 2020. WWEX maintains a
strong market position in the niche small parcel space serving
SMBs, with limited competition, which supports its profitability
compared with the broader market. While we view the barriers to
entry in this segment as low, our forecast assumes the company
maintains its market position in its end-markets. We expect WWEX's
franchise acquisition strategy of converting franchise locations
into company-owned facilities to continue to incrementally increase
its scale over time and allow it to capture a larger portion of its
total systemwide revenue, versus receiving royalty streams. We
expect that its cost reduction initiatives will continue to benefit
the business through 2021. We forecast adjusted EBITDA margins in
the high-single-digit to low-double-digit percent area through
2022, in line with 2020 levels.

"The stable outlook on WWEX reflects our expectation for continued
good operating performance in 2021, resulting in debt to EBITDA
around 6x and FFO to debt around 8%."

S&P could raise its rating on WWEX in the next 12 months if:

-- Its FFO-to-debt ratio improves above 9%;

-- Its debt leverage remains comfortably below 6.5x for a
sustained period; and

-- S&P believes the company's financial sponsor will allow it to
maintain this improvement.

This could occur because of a stronger-than-expected level of
revenue and cash flow due to stronger-than-expected end-market
demand, that allows management to use free cash flow for debt
reduction.

S&P could lower its rating on WWEX in the next 12 months if:

-- Revenue and margins deteriorate substantially, resulting in
negative free operating cash flow or constrained liquidity;

-- If S&P views the capital structure as unsustainable; or

-- S&P believes the company is vulnerable and depends on favorable
business, financial, and economic conditions to meet its financial
commitments. Although not expected, this could occur if the
industry's competitive dynamics shift such that WWEX were unable to
renew its agreement with United Parcel Service Inc. (UPS).



YC ATLANTA HOTEL: Hires Buckhead Advisory as Appraiser
------------------------------------------------------
YC Atlanta Hotel LLC, seeks approval from the U.S. Bankruptcy Court
for the Northern District of Georgia to employ Buckhead Advisory
Group, Ltd. as appraiser.

The Debtor requires the firm to value its assets for cash
collateral, adequate protection, and plan confirmation purposes and
ultimately maximize the value of its estate.

The firm will be paid a flat fee of $6,500 for the appraisal
services, and $275 per hour for testimony.

J. Michael Smith, a partner at Buckhead Advisory Group, Ltd.,
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:

          J. Michael Smith
          Buckhead Advisory Group, Ltd.
          4651 Roswell Road, Suite D-309
          Atlanta, Ga 30342
          Tel: (404) 874-6888

              About YC Atlanta Hotel LLC

YC Atlanta Hotel, LLC, a hotel owner and operator in College Park,
Ga., sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Ga. Case No. 21-50964) on Feb. 3, 2021. Baldev Johal,
managing member, signed the petition.

At the time of the filing, the Debtor had estimated assets of
between $1,000,001 and $10,000,000 and liabilities of between
$10,000,001 and $50,000,000.

David L. Bury, Jr., Esq., at Stone & Baxer, LLP is the Debtor's
legal counsel.


YOUFIT HEALTH: April 22 Plan & Disclosure Hearing Set
-----------------------------------------------------
YouFit Health Clubs, LLC, et al., filed with the U.S. Bankruptcy
Court for the District of Delaware a motion for entry of an order
approving the Disclosure Statement on an interim basis.

On March 4, 2021, Judge Mary F. Walrath granted the motion and
ordered that:

     * The Disclosure Statement is approved on an interim basis.

     * April 12, 2021, is fixed as the last day to submit all
Ballots to be counted as votes to accept or reject the Plan.

     * April 19, 2021, at 4:00 p.m. is fixed as the last day for
the Debtors to cause the Balloting Report to be filed with the
Court.

     * April 22, 2021, at 10:30 a.m. is the hearing on final
approval of the Disclosure Statement and confirmation of the Plan.

     * April 12, 2021, is fixed as the last day to file objections
to final approval of the Disclosure Statement and/or confirmation
of the Plan.

     * April 19, 2021, at 4:00 p.m. is fixed as the last day for
the Debtors and any other party in interest to file a consolidated
reply to any such objections.

Counsel for the Debtors:

     Dennis A. Meloro
     GREENBERG TRAURIG, LLP
     The Nemours Building
     1007 North Orange Street, Suite 1200
     Wilmington, Delaware 19801
     Telephone: (302) 661-7000
     Facsimile: (302) 661-7360
     E-mail: melorod@gtlaw.com

            - and -

     Nancy A. Peterman
     Eric Howe
     Nicholas E. Ballen
     77 West Wacker Dr., Suite 3100
     Chicago, Illinois 60601
     Telephone: (312) 456-8400
     Facsimile: (312) 456-8435
     Emails: petermanN@gtlaw.com
             howeE@gtlaw.com
             ballenN@gtlaw.com

                     About YouFit Health Clubs

YouFit Health Clubs, LLC, and its affiliates own and operate 85
fitness clubs in the states of Alabama, Arizona, Florida, Georgia,
Louisiana, Maryland, Pennsylvania, Rhode Island, Texas, and
Virginia. Visit https://www.youfit.com/ for more information.

On Nov. 9, 2020, YouFit Health Clubs and its affiliates sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-12841).
YouFit was estimated to have $50 million to $100 million in assets
and $100 million to $500 million in liabilities as of the filing.

The Hon. Mary F. Walrath is the case judge.

The Debtors tapped Greenberg Traurig LLP as its bankruptcy counsel,
FocalPoint Securities LLC as investment banker, Red Banyan Group
LLC as communications consultant, and Hilco Real Estate LLC as real
estate advisor.  Donlin Recano & Company Inc. is the claims agent.

On Nov. 18, 2020, the U.S. Trustee for Region 3 appointed a
committee to represent unsecured creditors in the Debtors' Chapter
11 cases.  The committee tapped Berger Singerman LLP and Pachulski
Stang Ziehl & Jones LLP as its legal counsel, and Dundon Advisers
LLC as its financial advisor.


ZOTEC PARTNERS: Moody's Completes Review, Retains B2 CFR
--------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Zotec Partners, LLC and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on March 2, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

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

Key rating considerations

Zotec's B2 corporate family rating benefits from the expectation
for balanced financial policies and an improving long-term credit
profile, as the impact of delayed medical procedures caused by
COVID-19 wanes and new sizeable client wins are incorporated to the
revenue base. Sticky software solutions with long-term contracts,
along with solid profitability, are also credit positive. The
rating is constrained by Zotec's narrow product focus compared to
larger competitors, small scale, high leverage and client
concentration.

The principal methodology used for this review was Software
Industry published in August 2018.  


ZPOWER TEXAS: April 12 Plan Confirmation Hearing Set
----------------------------------------------------
On March 1, 2021, the U.S. Bankruptcy Court for the Northern
District of Texas conducted a hearing to consider the approval of
the Disclosure Statement In Support of the Joint Plan of
Liquidation filed by ZPower, LLC and ZPower Texas, LLC.  The Court
approved the Disclosure Statement and ordered that:

     * April 12, 2021, at 9:30 a.m. is the hearing to consider
confirmation of the Proposed Plan.

     * April 5, 2021, is the deadline to return votes on the
Proposed Plan.

     * April 7, 2021, is the deadline to file and serve any
objection to the Proposed Plan.

     * April 6, 2021, is the deadline for the Balloting Agent to
file with the Court a summary and tabulation of all ballots
received.

                      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.


[^] BOND PRICING: For the Week from March 8 to 12, 2021
-------------------------------------------------------

  Company                   Ticker   Coupon Bid Price    Maturity
  -------                   ------   ------ ---------    --------
BPZ Resources Inc           BPZR      6.500     3.017    3/1/2049
Basic Energy Services       BASX     10.750    19.250  10/15/2023
Basic Energy Services       BASX     10.750    20.347  10/15/2023
Briggs & Stratton Corp      BGG       6.875     8.500  12/15/2020
Buffalo Thunder
  Development Authority     BUFLO    11.000    50.000   12/9/2022
CBL & Associates LP         CBL       5.250    47.875   12/1/2023
Chinos Holdings Inc         CNOHLD    7.000     0.332        N/A
Chinos Holdings Inc         CNOHLD    7.000     0.332        N/A
Cigna Corp                  CI        3.750   107.288   7/15/2023
Cigna Corp                  CI        3.750   107.279   7/15/2023
Dean Foods Co               DF        6.500     2.000   3/15/2023
Dean Foods Co               DF        6.500     1.925   3/15/2023
Diamond Offshore Drilling   DOFSQ     7.875    17.000   8/15/2025
Diamond Offshore Drilling   DOFSQ     3.450    21.500   11/1/2023
ENSCO International Inc     VAL       7.200    10.088  11/15/2027
Energy Conversion Devices   ENER      3.000     7.875   6/15/2013
Energy Future Competitive
  Holdings Co LLC           TXU       0.990     0.072   1/30/2037
Exela Intermediate LLC /
  Exela Finance Inc         EXLINT   10.000    36.854   7/15/2023
Exela Intermediate LLC /
  Exela Finance Inc         EXLINT   10.000    37.588   7/15/2023
FMC Technologies Inc        FTI       3.450   102.360   10/1/2022
Fleetwood Enterprises Inc   FLTW     14.000     3.557  12/15/2011
Ford Motor Credit Co LLC    F         3.300    99.468   3/20/2021
Frontier Communications     FTR      10.500    67.750   9/15/2022
Frontier Communications     FTR       7.125    63.500   1/15/2023
Frontier Communications     FTR       8.750    61.000   4/15/2022
Frontier Communications     FTR       9.250    60.000    7/1/2021
Frontier Communications     FTR       6.250    61.000   9/15/2021
Frontier Communications     FTR      10.500    67.325   9/15/2022
Frontier Communications     FTR      10.500    67.325   9/15/2022
GNC Holdings Inc            GNC       1.500     1.250   8/15/2020
GTT Communications Inc      GTT       7.875    10.955  12/31/2024
GTT Communications Inc      GTT       7.875    27.750  12/31/2024
Global Eagle
  Entertainment Inc         GEENQ     2.750     1.114   2/15/2035
Goodman Networks Inc        GOODNT    8.000    22.500   5/11/2022
Hi-Crush Inc                HCR       9.500     0.680    8/1/2026
Hi-Crush Inc                HCR       9.500     0.680    8/1/2026
High Ridge Brands Co        HIRIDG    8.875     1.500   3/15/2025
High Ridge Brands Co        HIRIDG    8.875     1.135   3/15/2025
HighPoint Operating Corp    HPR       7.000    61.336  10/15/2022
J Crew Brand LLC /
  J Crew Brand Corp         JCREWB   13.000    53.892   9/15/2021
JCK Legacy Co               MNIQQ     6.875     0.143   3/15/2029
Jackson National Life
  Global Funding            JACLIF    0.529    99.822   3/16/2021
Keurig Dr Pepper Inc        KDP       2.530   101.395  11/15/2021
Keurig Dr Pepper Inc        KDP       4.057   107.577   5/25/2023
Keurig Dr Pepper Inc        KDP       4.057   107.511   5/25/2023
LSC Communications Inc      LKSD      8.750     8.250  10/15/2023
LSC Communications Inc      LKSD      8.750    12.875  10/15/2023
Liberty Media Corp          LMCA      2.250    46.903   9/30/2046
MAI Holdings Inc            MAIHLD    9.500    16.500    6/1/2023
MAI Holdings Inc            MAIHLD    9.500    16.500    6/1/2023
MAI Holdings Inc            MAIHLD    9.500    16.500    6/1/2023
MF Global Holdings Ltd      MF        6.750    15.625    8/8/2016
MF Global Holdings Ltd      MF        9.000    15.625   6/20/2038
Mashantucket Western
  Pequot Tribe              MASHTU    7.350    15.750    7/1/2026
Men's Wearhouse LLC/The     TLRD      7.000     1.384    7/1/2022
Men's Wearhouse LLC/The     TLRD      7.000     1.384    7/1/2022
Morgan Stanley              MS        3.175    99.506   3/15/2021
NWH Escrow Corp             HARDWD    7.500    28.994    8/1/2021
NWH Escrow Corp             HARDWD    7.500    28.994    8/1/2021
Navajo Transitional
  Energy Co LLC             NVJOTE    9.000    65.500  10/24/2024
Neiman Marcus
  Group LLC/The             NMG       7.125     4.345    6/1/2028
Neiman Marcus Group
  LTD LLC / Neiman
  Marcus Group
  LLC / Mariposa
  Borrower / NMG            NMG       8.000     4.842  10/25/2024
Neiman Marcus Group
  LTD LLC / Neiman
  Marcus Group
  LLC / Mariposa
  Borrower / NMG            NMG      14.000    27.250   4/25/2024
Neiman Marcus Group
  LTD LLC / Neiman
  Marcus Group
  LLC / Mariposa
  Borrower / NMG            NMG       8.750     4.842  10/25/2024
Neiman Marcus Group
  LTD LLC / Neiman
  Marcus Group
  LLC / Mariposa
  Borrower / NMG            NMG      14.000    27.250   4/25/2024
Neiman Marcus Group
  LTD LLC / Neiman
  Marcus Group
  LLC / Mariposa
  Borrower / NMG            NMG       8.000     4.842  10/25/2024
Neiman Marcus Group
  LTD LLC / Neiman
  Marcus Group
  LLC / Mariposa
  Borrower / NMG            NMG       8.750     4.842  10/25/2024
Nine Energy Service Inc     NINE      8.750    50.827   11/1/2023
Nine Energy Service Inc     NINE      8.750    50.749   11/1/2023
Nine Energy Service Inc     NINE      8.750    50.517   11/1/2023
Northrop Grumman Corp       NOC       2.550   103.569  10/15/2022
Northwest Hardwoods Inc     HARDWD    7.500    28.846    8/1/2021
Northwest Hardwoods Inc     HARDWD    7.500    28.846    8/1/2021
OMX Timber Finance
  Investments II LLC        OMX       5.540     1.630   1/29/2020
Optimas OE Solutions
  Holding LLC / Optimas
  OE Solutions Inc          OPTOES    8.625    90.000    6/1/2021
Optimas OE Solutions
  Holding LLC / Optimas
  OE Solutions Inc          OPTOES    8.625    90.000    6/1/2021
Pride International LLC     VAL       6.875     7.250   8/15/2020
Pride International LLC     VAL       7.875    10.858   8/15/2040
Renco Metals Inc            RENCO    11.500    24.875    7/1/2003
Revlon Consumer
  Products Corp             REV       6.250    31.602    8/1/2024
Rolta LLC                   RLTAIN   10.750     1.729   5/16/2018
SG Structured Products Inc  SOCGEN    3.362    99.082   3/18/2021
Sears Holdings Corp         SHLD      8.000     1.410  12/15/2019
Sears Holdings Corp         SHLD      6.625     6.110  10/15/2018
Sears Holdings Corp         SHLD      6.625     2.333  10/15/2018
Sears Roebuck Acceptance    SHLD      7.500     0.694  10/15/2027
Sears Roebuck Acceptance    SHLD      6.750     0.848   1/15/2028
Sears Roebuck Acceptance    SHLD      7.000     0.663    6/1/2032
Sears Roebuck Acceptance    SHLD      6.500     0.792   12/1/2028
Sempra Texas Holdings Corp  TXU       5.550    13.500  11/15/2014
Summit Midstream Partners   SMLP      9.500    47.000        N/A
TerraVia Holdings Inc       TVIA      5.000     4.644   10/1/2019
Transworld Systems Inc      TSIACQ    9.500    30.000   8/15/2021
ViacomCBS Inc               VIAC      2.900   104.575    6/1/2023
ViacomCBS Inc               VIAC      2.900   104.558    6/1/2023
Voyager Aviation Holdings
  LLC / Voyager Finance Co  VAHLLC    9.000    52.250   8/15/2021
Voyager Aviation Holdings
  LLC / Voyager Finance Co  VAHLLC    9.000    51.849   8/15/2021



                            *********

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
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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
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includes links to freely downloadable images of these small-dollar
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Monthly Operating Reports are summarized in every Saturday edition
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The Sunday TCR delivers securitization rating news from the week
then-ending.

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Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

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

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
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                   *** End of Transmission ***