/raid1/www/Hosts/bankrupt/TCR_Public/210322.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 22, 2021, Vol. 25, No. 80

                            Headlines

1069 RESTAURANT: Court Confirms Reorganization Plan
1A SMART START: Moody's Completes Review, Retains B2 Rating
232 SEIGEL: Development Has 100% Plan; Parent Case to Be Dismissed
2374 VILLAGE COMMON: April 9 Hearing on Disclosure Statement Set
2374 VILLAGE COMMON: Kramer Buying Two Erie Properties for $3.15M

2374 VILLAGE COMMON: Sets Bidding Procedures for 2 Erie Properties
2374 VILLAGE: March 25 Hearing on Bidding Procedures for Properties
2374 VILLAGE: Seeks Expedited Hearing on Bid Procedures for Assets
2999TC LP: Says Counterclaims Against Hodges Group Remain Active
4-S RANCH: Needs to Pay Sandton by March 31 to Avoid Stay Relief

53 STANHOPE: Unsec. Creditors to Recover 100% in Brooklyn Plan
ADT SECURITY: Moody's Completes Review, Retains B1 CFR
ADVAXIS INC: Incurs $4 Million Net Loss in First Quarter
ADVENTURA HOTEL: Seeks Chapter 11 to Stop Foreclosure
ALAMO DRAFTHOUSE: Polsinelli Represent Franchisees

ALERT 360 OPCO: Moody's Completes Review, Retains B3 CFR
ALLEGHENY SHORES: Seeks to Hire Campbell & Levine as Counsel
AMC ENTERTAINMENT: Reopens Nearly All US Theaters
AMERICAN BUILDERS: Moody's Raises CFR to Ba2, Outlook Stable
ANDREW JOSEPH BLANCHARD: Selling Interest in Bayou for $12K

APG SUBS: Sub Krazy Buying Store No. 2106 Assets for $25K
APX GROUP: Moody's Completes Review, Retains B3 Credit Rating
ARAMARK CORP: S&P Affirms 'BB-' ICR, Outlook Stable
ARMATA PHARMACEUTICALS: Incurs $22.2 Million Net Loss in 2020
ASPEN JERSEY: S&P Alters Outlook to Stable, Affirms 'B-' ICR

AUTOKINITON US: S&P Assigns 'B' Rating on New $810MM Term Loan B
AVERY COMMERCIAL: Seeks to Hire Carl M. Barto as Bankruptcy Counsel
BLACKBOARD INC: Moody's Completes Review, Retains B3 Rating
BLACKJEWEL LLC: Court Approves Chapter 11 Liquidation Plan
BLACKJEWEL LLC: Gets Court Nod to Abandon 32 Coal Mines

BLADE GLOBAL: Seeks to Hire Berliner Cohen as Special Counsel
BLITZ USA: Fred's Store Faces Gas-Can Burn Suits Despite Bankruptcy
BLUCORA INCORPORATED: Egan-Jones Keeps B Senior Unsecured Ratings
BORNT & SONS: Seeks to Hire Faegre Drinker as Legal Counsel
BRAZOS ELECTRIC: Goldman Sachs Sells Its $53 Million Utility Claims

BRIDGEMARK CORP: Proposes Sale of Substantially All Non-Cash Assets
BRITT TRUCKING: Seeks Approval to Hire Bankruptcy Attorney
BRITT TRUCKING: Seeks to Hire Craig Terrill as Special Counsel
CALIFORNIA RESOURCES: To Remake E&P Operations After Bankruptcy
CARBONLITE HOLDINGS: Force 10 Partners Tapped for Restructuring

CARBONYX INC: Van Shaw, Sunshine Recycling Propose Plan
CAROLINA INTEGRATIVE: Unsecureds to Get 10%; To Settle Objections
CEDAR FAIR: Egan-Jones Keeps CCC Senior Unsecured Ratings
CENTURY 21: Unsec. Creditors to Get 30% to 40% in Liquidating Plan
CENTURY ALUMINUM: Egan-Jones Keeps CCC Senior Unsecured Ratings

CF INDUSTRIES: Egan-Jones Keeps BB Senior Unsecured Ratings
CHANGE HEALTHCARE: Moody's Completes Review, Retains B2 CFR
CHART INDUSTRIES: Egan-Jones Keeps BB+ Senior Unsecured Ratings
CHEETAH RENTALS: Slated to Seek Plan Confirmation on April 23
CHOICE HOTELS: Egan-Jones Keeps BB Senior Unsecured Ratings

CINCINNATI BELL: Egan-Jones Keeps B- Senior Unsecured Ratings
CMC II: Sets Bidding Procedures for Substantially All Assets Sale
COCRYSTAL PHARMA: Incurs $9.6 Million Net Loss in 2020
COLLAB9 LLC: Case Summary & 16 Unsecured Creditors
COMMERCIAL VEHICLE: S&P Alters Outlook to Stable, Affirms 'B' ICR

COMMUNITY CARE: Moody's Completes Review, Retains B2 CFR
COMMUNITY HEALTH: Egan-Jones Hikes Sr. Unsecured Ratings to CCC+
COUNTRY FRESH: Has Court OK to Access Loan; Vendors Can Opt Out
COUNTRY FRESH: Overcomes Suppliers' Challenge to Bankruptcy Loan
CPI CARD: S&P Upgrades Rating to 'B-' on Completed Refinancing

CRE SIMPLE: Startup Pursues Chapter 7 Liquidation
CRED INC: Combined Liquidating Plan & Disclosure Confirmed by Judge
CTI BIOPHARMA: Incurs $52.5 Million Net Loss in 2020
CYTODYN INC: Appoints New Chief Operating Officer
DAEC HOME: Seeks to Hire John F. Sommerstein as Legal Counsel

DANA INCORPORATED: Egan-Jones Keeps B- Senior Unsecured Ratings
DAYCO LLC: S&P Affirms 'CCC+' ICR on Improved Liquidity Position
DCG ACQUISITION: Moody's Rates $90M Term Loan Add-on 'B2'
DESTINATION HOPE: Newtek Agrees to Offer Unsecureds $50K Carveout
DIAMONDHEAD CASINO: Incurs $1.3 Million Net Loss in 2019

DIFFUSION PHARMACEUTICALS: Incurs $14.2 Million Net Loss in 2020
DILLARD'S INC: S&P Alters Outlook to Stable, Affirms 'BB-' ICR
DISH NETWORK: Egan-Jones Hikes Senior Unsecured Ratings to BB-
DONNELLEY FINANCIAL: S&P Hikes ICR to 'BB-' on Leverage Reduction
DUPONT STREET: Seeks Chapter 11 Bankruptcy Protection

DURR MECHANICAL: Says Damages Claim Reduced to $68 Million
EARTH ENERGY: Trustee Selling All Assets to Ara EER for $15 Million
EARTH ENERGY: Trustee Taps CohnReznick Capital as Investment Banker
EARTHWORX & SALES: Seeks to Hire Calaiaro Valencik as Legal Counsel
ECL ENTERTAINMENT: S&P Assigns 'B-' ICR, Outlook Positive

EMPORIA PROPERTY: Creditors to Get Proceeds From Liquidation
ENSEMBLE RCM: Moody's Completes Review, Retains B2 CFR
ENSIGN DRILLING: S&P Cuts ICR to SD on Below-Par Debt Repurchases
EQT CORPORATION: Egan-Jones Keeps B- Senior Unsecured Ratings
ETC SUNOCO: Egan-Jones Keeps BB- Senior Unsecured Ratings

FERRELLGAS LP: Moody's Rates $1.4BB Unsecured Notes 'B3'
FIELDWOOD ENERGY: Unsec. Creditors to Get 0.2% to 8.7% Under Plan
FIRSTENERGY TRANSMISSION: S&P Rates New Senior Unsecured Notes 'BB'
FORD MOTOR: Fitch Assigns BB+ Rating on Proposed 2026 Notes
FORD MOTOR: S&P Rates New $2BB Sr. Unsec. Convertible Notes 'BB+'

FRICTIONLESS WORLD: Court Approves Disclosure Statement
FRONTERA HOLDINGS: Gets Court Okay to Seek Bankruptcy Plan Votes
FUELCELL ENERGY: Incurs $46 Million Net Loss in First Quarter
FXI HOLDINGS: S&P Upgrades ICR to 'B-', Outlook Stable
GAP INC: S&P Alters Outlook to Positive, Affirms 'BB-' ICR

GENESIS HEALTHCARE: Sen. Warren's Accusations on Bonuses Unfair
GIOVANNI & SONS: Unsec. Creditors to Receive $7,900 over 5 Years
GRIDDY ENERGY: Files Wind Down Plan; Customers Offered Releases
GRIDDY ENERGY: Seeks Use of Macquarie Cash Collateral
GRIDDY ENERGY: Working to Forgive Customers' Debt

GTT COMMUNICATIONS: Delays Filing of 2020 Annual Report
GUITAMMER CO: Goes Private, Files Chapter 11 Reorganization
HAYWARD INDUSTRIES: Moody's Hikes CFR to B2 Following Debt Paydown
HERBALIFE NUTRITION: Egan-Jones Keeps BB- Senior Unsecured Ratings
HERTZ CORP: Hearing on Adequate Protection Set for May 4

HIGHPOINT OPERATING: Moody's Cuts Prob. of Default Rating to D-PD
HIGHPOINT RESOURCES: Court OKs Chapter 11 Plan for Bonanza Merger
HIGHPOINT RESOURCES: S&P Lowers ICR to 'D' on Chapter 11 Filing
HIGHPOINT RESOURCES: Unsecureds Unimpaired in Bonanza Merger Plan
HILTON WORLDWIDE: Egan-Jones Keeps B Senior Unsecured Ratings

HORIZON THERAPEUTICS: S&P Affirms 'BB' LT Issuer Credit Rating
HOST HOTELS: Egan-Jones Keeps BB Senior Unsecured Ratings
HOST HOTELS: S&P Lowers 'BB+' Issuer Credit Rating, Outlook Neg.
HUDSON PACIFIC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
INTELSAT SA: Foley, Kirby Represent Equity Holders

INTERNATIONAL GAME: Moody's Alters Outlook on Ba3 CFR to Stable
JACK IN THE BOX: Egan-Jones Keeps B- Senior Unsecured Ratings
JOSEPH M. THOMAS: March 25 Hearing on Bid Procedures for Properties
JOSEPH M. THOMAS: Seeks Expedited Hearing on Assets Bid Procedures
JOSEPH MARTIN THOMAS: Kramer Buying 2 Erie Properties for $3.15M

JOSEPH MARTIN THOMAS: Sets Bidding Procedures for 2 Erie Properties
JOSIAH'S TRUCKING: Trustee Taps Locke Lord as Special Counsel
K&W CAFETERIAS: Asks Court to Extend Plan Exclusivity Thru July 1
KAISER AND ASSOCIATES: Deadline to File Plan Extended to April 16
KENAN ADVANTAGE: Moody's Raises CFR to B3 on Stronger Cash Flow

KITE REALTY: Egan-Jones Keeps BB Senior Unsecured Ratings
KNOT WORLDWIDE: Moody's Completes Review, Retains B3 CFR
KNOTEL INC: Court Amends Order on $70M All Assets Sale to Digiatech
KNOTEL INC: Gets Court Okay for $70-Mil. Sale to Creditor Newmark
KNOTEL INC: Term Sheet on Sale of All Assets to Digiatech Approved

KORE WIRELESS: S&P Places 'B-' Issuer Credit Rating on Watch Pos.
KUEHG CORP: S&P Alters Outlook to Stable, Affirms 'CCC+' ICR
LARADA SCIENCES: Case Summary & 20 Largest Unsecured Creditors
LAREDO PETROLEUM: S&P Alters Outlook to Stable, Affirms 'B-' ICR
LATTICE SEMICONDUCTOR: Egan-Jones Keeps BB+ Sr. Unsecured Ratings

LE JEUNE VILLAS: Voluntary Chapter 11 Case Summary
LEED CORPORATION: Seeks Court Approval to Hire Real Estate Agent
LI GROUP: Moody's Completes Review, Retains B2 CFR
LKQ CORPORATION: Egan-Jones Keeps BB- Senior Unsecured Ratings
LONGHORN JUNCTION: Unsecureds Get 100% With Interest in Chapter 22

MALLINCKRODT PLC: Investors Cannot Call Meeting to Replace Board
MANSIONS APARTMENT: Trustee Seeks to Hire Bonds Ellis as Counsel
MARLEY STATION: Seeks to Hire TGG Resources as Manager
MARRIOTT INTERNATIONAL: Egan-Jones Keeps BB+ Sr. Unsecured Ratings
MATCH GROUP: S&P Alters Outlook to Stable, Affirms 'BB' ICR

MCIVOR HOLDINGS: Seeks to Hire Florida Bankruptcy as Legal Counsel
MEDLEY LLC: Seeks to Hire Kurtzman Carson as Administrative Advisor
MENUCHA ENTERPRISE: Seeks to Hire Kevin S. Neiman as Legal Counsel
MICHAEL STORES: Egan-Jones Keeps B Senior Unsecured Ratings
MICRON DEVICES: Trustee Gets OK to Hire Furr Cohen as Counsel

MOBITV INC: Seeks to Hire FTI Consulting as Financial Advisor
MOBITV INC: Seeks to Hire Pachulski Stang as Legal Counsel
MOHEGAN TRIBAL: CEO Mario Kontomerkos to Step Down
MOLSON COORS: Egan-Jones Cuts Senior Unsecured Ratings to BB+
MONITRONICS INT'L: Moody's Completes Review

MOUNTAIN RIDGE: Case Summary & 6 Unsecured Creditors
NATIONAL CINEMEDIA: S&P Rates Sr. Sec. Incremental Term Loan 'CCC+'
NCR CORPORATION: Egan-Jones Keeps B- Senior Unsecured Ratings
NEIMAN MARCUS: Has Junk-Bond Sale to Refinance Bankruptcy Exit Debt
NEWPARK RESOURCES: Egan-Jones Lowers Senior Unsecured Ratings to C

NIELSEN MV: Egan-Jones Hikes Senior Unsecured Ratings to B-
NRG ENERGY: S&P Places 'BB+' ICR on CreditWatch Negative
NUVERRA ENVIRONMENTAL: Incurs $44.1 Million Net Loss in 2020
O-I GLASS: S&P Alters Outlook to Stable, Affirms 'B+' ICR
OIL STATES: Egan-Jones Keeps CCC+ Senior Unsecured Ratings

OPTION CARE: Closes Underwritten Offering of 12 Million Shares
OPTION CARE: S&P Upgrades ICR to 'B', Outlook Positive
OREXIGEN THERAPEUTICS: 3rd Circuit Won't to Cut McKesson's $7M Debt
ORION ADVISOR: S&P Affirms 'B' Rating on Senior Secured Facility
OSPREA LOGISTICS: Gets Cash Collateral Access Thru March 23

OWENS CORNING: Egan-Jones Keeps BB+ Senior Unsecured Ratings
PBF ENERGY: Egan-Jones Lowers Senior Unsecured Ratings to CCC
PEAKS FITNESS: Voluntary Chapter 11 Case Summary
PELICAN FAMILY: Files Emergency Bid to Use Cash Collateral
PEORIA DAY SURGERY: Center for Health Buying All Assets for $900K

PHILADELPHIA SCHOOL: Wins June 10 Plan Exclusivity Extension
PHILIRON INC: Hyperion Buying 4 Port Chester Properties for $4M
POINT LOOKOUT: Trustee Seeks to Hire Schlossberg Mastro as Counsel
PURDUE PHARMA: Sackler Act to Ban Release of Nondebtor Gov't Claims
RED INTERMEDIATECO: S&P Assigns B- ICR on Dividend Recapitalization

REVINT INTERMEDIATE II: Moody's Completes Review, Retains B3 Rating
REVLON INC: Citi's Error Spurs Creation of Botched Payment Rules
REVLON INC: Mistaken Payments of Citi's Will Get Expedited Appeal
ROYAL COACHMAN: Gets Two Offers for Royal City Mobile Home Park
SABLE PERMIAN: Bid to Extend Exclusive Periods Deemed as Moot

SCHOOL DISTRICT: Case Summary & 12 Unsecured Creditors
SIGNAL PARENT: Moody's Assigns B2 CFR Following Acquisition
SIGNIFY HEALTH: Moody's Completes Review, Retains B2 CFR
SIMPLE SITEWORK: To Seek Plan Confirmation on April 27
SIMPLY INC: Secures $2M Loan Under SBA Paycheck Protection Program

SINCLAIR TELEVISION: S&P Rates New $1.1BB Secured Term Loan 'BB-'
SIRGOLD INC: Unsecureds to Recover 15% to 20% in Trustee Plan
SKLAR EXPLORATION: Court Extends Plan Exclusivity Until April 19
SM ENERGY: Egan-Jones Keeps CCC- Senior Unsecured Ratings
SOLERA PARENT: S&P Alters Outlook to Stable, Affirms 'B-' ICR

SOLOMON EDUCATION: Case Summary & 4 Unsecured Creditors
SONIC AUTOMOTIVE: Egan-Jones Keeps B- Senior Unsecured Ratings
SOPHIA LP: Moody's Completes Review, Retains B3 Ratings
SPIRIT AIRLINES: Egan-Jones Cuts Senior Unsecured Ratings to CCC+
STANLEY C. CHESTNUT: Allen Buying Princeton Parcel for $215K

STONEMORE INC: Schedules Annual Meeting for July 27
SUNDANCE ENERGY: $50MM DIP Loan, Cash Collateral Use OK'd
SUNDANCE ENERGY: Gets OK to Hire Prime Clerk as Claims Agent
SUNPOWER CORPORATION: Egan-Jones Hikes Sr. Unsecured Ratings to B+
SYMPLR SOFTWARE: Moody's Completes Review, Retains B3 CFR

SYNCHRONOSS TECHNOLOGIES: Incurs $48.7 Million Net Loss in 2020
SYRACUSE INDUSTRIAL: Fitch Cuts Rating on $198MM Bonds to 'B'
T-MOBILE USA: Fitch Assigns BB+ Rating on $3 Billion Unsec. Notes
T-MOBILE USA: S&P Assigns 'BB' rating on New $3BB Senior Notes
TELEPHONE AND DATA: Egan-Jones Keeps B+ Senior Unsecured Ratings

TIOGA ISD: Moody's Assigns Ba3 Issuer Rating, Outlook Negative
TM HEALTHCARE: Bid to Use Cash Collateral Denied
TRANSACT HOLDINGS: Moody's Completes Review, Retains Caa1 Rating
TRIDENT BRANDS: Incurs $5.4 Million Net Loss in 2020
TRIMAS CORP: Moody's Rates New $350MM Unsec. Notes 'Ba3'

TRINSEO MATERIALS: Moody's Rates New $450MM Unsecured Notes 'B2'
TRITON WATER: Moody's Rates New $750MM First Lien Notes 'B1'
TRONOX LIMITED: Egan-Jones Keeps CCC Senior Unsecured Ratings
TTF HOLDINGS: S&P Assigns B+ Issuer Credit Rating, Outlook Stable
TUTOR PERINI: S&P Ups ICR to 'B+' on Better Operating Performance

TWITTER INC: Egan-Jones Keeps B+ Senior Unsecured Ratings
UBIOME INC: Founders Indicted in Fraud Case
URBAN COMMONS: Seeks to Hire G&B Law as Bankruptcy Counsel
VAIL RESORTS: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable
VALARIS PLC: Gets Court Approval of Reorganization Plan

VERMILION ENERGY: Fitch Affirms 'BB-' LongTerm IDR
VERSCEND HOLDING: Moody's Completes Review, Retains B3 CFR
VM CONSOLIDATED: Moody's Affirms B2 CFR on Proposed Refinancing
VORNADO REALITY: Egan-Jones Keeps BB+ Senior Unsecured Ratings
WALKER RADIO: Gets OK to Hire Koerner & Olender as Special Counsel

WARDMAN HOTEL: Marriott Hotel Wants More Time to Examine Records
WASHINGTON PRIME: S&P Lowers ICR to 'D' on Missed Interest Payment
WASHINGTON PRIME: Swings to $261.8 Million Net Loss in 2020
WESCO INTERNATIONAL: Egan-Jones Lowers Sr. Unsecured Ratings to B
WESTERN HERITAGE: Unsecureds to Get Paid 10 Days After Confirmation

WHITE RAIN LAUNDRY: Gets OK to Hire James E. Brown as Legal Counsel
WILDWOOD VILLAGES: March 23 Hearing on Sale of Parcels G069 & G070
WILDWOOD VILLAGES: Villages Buying Parcels G069 & G070 for $794K
WINDSOR MILLS: Gets OK to Hire MacConaghy & Barnier as Counsel
WPX ENERGY: Debt Debacle Prompts Investors to Call Tighter Terms

WW INTERNATIONAL: Moody's Completes Review, Retains Ba3 CFR
YIELD10 BIOSCIENCE: Incurs $10.2 Million Net Loss in 2020
YUM! BRANDS: S&P Rates New $1.05BB Senior Unsecured Notes 'BB-'
[*] U.S. Congress Enacts COVID-Related Temporary Bankruptcy Relief
[*] U.S. Corporate Bankruptcy Tally Grows by 31 in Early March 2021

[^] BOND PRICING: For the Week from March 15 to 19, 2021

                            *********

1069 RESTAURANT: Court Confirms Reorganization Plan
---------------------------------------------------
Judge Lori V. Vaughan has entered an order confirming 1069
Restaurant Group, LLC, et al.'s PLan of Reorganization, subject to
modifications.  The judge also approved the Disclosure Statement.

A status conference is scheduled for April 20, 2021, at 3:30 P.M.
at the United States Bankruptcy Court, 400 W. Washington Street,
6th Floor, Courtroom 6C, Orlando, Florida 32801.

Pursuant to Local Rule 3020-1, the filed Modifications to the Plan
are as follows:

    * Article I, Definition 52, shall be amended, and the terms
specified therein shall be modified to read as follows:

      52. Liquidating Creditors Trust shall mean the 1069
Liquidating Creditors Trust created to prosecute Causes of Action
as to Insiders (to the extent such exist) in the event of a
triggering event described more fully in the Plan. The form of the
Liquidating Creditors Trust Agreement is set forth in Exhibit "A"
attached hereto.

    * Article II, Section B, shall be amended, and the terms
specified therein shall be modified to read as follows:

      B. Secured Claims.

      Class 37 – Secured Claim of MetroAir & Refrigeration, Inc.
– Class 37 consists of the Allowed Secured Claim of MetroAir &
Refrigeration, Inc. Class 37 is Impaired.

    * Article IV, Section A, shall be amended, and the terms
specified therein shall be modified to read as follows:

      There are (17) Classes of Claims that are Impaired, twelve
(12) Classes of Claims that are Unimpaired, and eight (8) Classes
of Interests that are Unimpaired. Treatment for these classes is as
follows:

      A. Secured Claims.

      13. Class 13-20 – Regions Bank, as Administrative Agent-
Subparagraph 10, Release and Waiver of Claims, of Classes 13-20 is
modified as follows: Each Reaffirming Party (as defined in the
Reaffirmation, Release, Waiver of Automatic Stay Abatement of
Prepetition Litigation Agreement, to be executed by the parties at
closing) hereby forever unconditionally releases, waives, and
forever discharges and releases the Administrative Agent, each
Lender, the Administrative Agent (as defined in that certain
Amended and Restated Credit Agreement dated as of August 8, 2014,
by and among Debtor Metro Corral Partners, LLC, Regions, as
administrative agent, and the lenders from time to time party
thereto, as amended from time to time prior to the Petition Date,
the "Prepetition Credit Agreement"), each Arranger (as defined in
the Prepetition Credit Agreement), the L/C Issuer (as defined in
the Prepetition Credit Agreement), each Lender (as defined in the
Prepetition Credit Agreement), each other holder of an Obligation
(as defined in the Prepetition Credit Agreement) and their
respective their predecessors, affiliates, parents, successors,
assigns, subsidiaries, partners, officers, directors, employees,
agents, advisors and attorneys (each a "Releasee" and collectively,
the "Releasees") from any and all claims, defenses, counterclaims,
demands, damages, obligations, liabilities and causes of action of
any kind or nature, whether arising at law or in equity, including,
without limitation, all claims and causes of action for
contribution and indemnity, fraud, duress, mistake, tortuous
interference or usury, which any Reaffirming Party has or may have,
whether presently held or acquired in the future, whether known or
unknown, whether liability be direct or indirect, whether presently
accrued or to accrue hereafter, or whether or not heretofore
asserted, arising from or as a result of any act, omission,
communication, occurrence, promise, breach of contract, fraud,
violation of any statute or law, or any other matter whatsoever or
thing done or omitted by any Releasee, which has occurred in whole
or in part, or was initiated at any time, up to and through the
Effective Date.

      14. Class 37 – Secured Claim of MetroAir & Refrigeration
Service, Inc. MCP LLC) – Class 37 consists of the Allowed Secured
Claim of MetroAir & Refrigeration Service, Inc. In full
satisfaction of the Allowed Class 37 Claim, MetroAir &
Refrigeration Service, Inc. shall be paid $12,421.20 (70% of its
filed claim) on the Effective Date. The Allowed Secured Claim shall
be paid from the Debtors' funds available and operational revenue.
Class 37 is Impaired.

   * Article VI, Section E, shall be amended, and the terms
specified therein shall be modified to read as follows:

     E. Liquidating Creditors Trust.

     In the event the Reorganized Debtor defaults, after notice and
cure as described herein, in its Monthly Distribution obligation
within thirty-nine (39) months after the Effective Date, any Holder
of an Allowed Claim in Classes 22 through 28 shall be authorized to
seek reopening the Bankruptcy Case to request that the Bankruptcy
Court confirm a default by the Reorganized Debtor and to effectuate
the formation of a Liquidating Creditors Trust as set forth in
Exhibit "A." On the Effective Date, Reorganized Debtor shall
transfer $1,000 into the Court's Registry or into the trust account
of Shuker & Dorris, P.A. for purposes of funding the fee required
from the Bankruptcy Court for a motion to reopen. In the fortieth
(40th) month after the Effective Date, if such funds have not been
used to fund a motion to reopen, such funds shall be returnable to
the Reorganized Debtor within two business days of a request by the
Reorganized Debtor for the return of the funds. If a Holder of an
Allowed Claim in Classes 22 through 28 alleges a default, it shall
provide notice of default to Debtors' counsel at
rshuker@shukerdorris.com and Debtors' at eholm@metrocorral.com and
allow ten (10) days from such notice to cure the alleged default.
No motion to reopen shall be filed absent the notice and
opportunity to cure.

                   About 1069 Restaurant Group

1069 Restaurant Group, LLC is an operator of franchised buffet
restaurants.  The group is the largest Golden Corral franchisee,
with 33 restaurants in Florida and Georgia.

1069 Restaurant Group and its affiliates concurrently filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Lead Case No. 20-05582) on Oct. 5, 2020.
Eric A. Holm, manager, signed the petitions.  The Hon. Lori V.
Vaughan is the case judge.    

1069 Restaurant Group was estimated to have assets of $10 million
to $50 million and liabilities of $50 million to $100 million.  

The Debtors tapped Shuker & Dorris, P.A., led by R. Scott Shuker,
as their counsel, and Rosenfield and Company, PLLC, as their
financial advisor.

The U.S. Trustee for Region 21 appointed a committee to represent
unsecured creditors in the Debtors' Chapter 11 cases on Nov. 3,
2020.  The committee is represented by Brinkman Law Group PC.


1A SMART START: Moody's Completes Review, Retains B2 Rating
-----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of 1A Smart Start LLC 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.

Smart Start's B2 rating is constrained by a very small revenue
base, private equity ownership, moderately high debt leverage, and
initially negative free cash flow generation due to product
development for new contract wins. These challenges are offset by
excellent profitability and a strong competitive position as one of
the world's largest providers of ignition interlock devices
("IIDs"), vehicle breathalyzers that prevent impaired driving.
Demand for IIDs should remain strong given society's need and
interest to curtail drunk driving and minimize deaths from it.
Moody's expects leverage to moderate steadily, and healthy revenue
growth driven by international markets and by the resumption of
case volume that has been slowed by COVID-19-related court
closures.

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


232 SEIGEL: Development Has 100% Plan; Parent Case to Be Dismissed
------------------------------------------------------------------
232 Seigel Development LLC and 232 Seigel Development LLC and
parent 232 Seigel Acquisition LLC filed an Amended Joint Disclosure
Statement in connection with their Joint Plan of Reorganization.

Seigel Acquisition owns the real property at 232 Seigel Street,
Brooklyn, New York (the "Property") valued at $18,000,000 based on
the Feb. 26, 2020, purchase and sale agreement with 232 Seigel
Property.  Since the Sale Contract could not close due to Covid,
neither Acquisition nor Development could pay creditors as
planned.

The Property is subject to a mortgage held by DB Seigel LLC
("Mortgagee").  The Mortgagee's proof of claims asserts an
outstanding amount of $6,378,750 ("Mortgage Loan").  DB 232 Seigel
Mezz LLC ("Mezz Lender"), an affiliate of the Mortgagee, asserts a
$3,825,520 claim against Development secured by Development's
membership interests ("Membership Interests") in Acquisition (the
"Mezz Loan").

Development has an equity investor prepared to assume the market
risk and the burden of dealing with the Mortgagee by funding a Plan
that will pay Development’s creditors in full in exchange for a
preferred equity position in Development, subject to dismissal of
the Acquisition bankruptcy.

Thus, Development's creditors would be paid in full, in cash on the
Effective Date from a new capital contribution to be made by a new
investor who will be entitled to a preferred equity position in the
reorganized debtor.  Acquisition's case would be dismissed and the
Debtors anticipate that Acquisition's creditors would be paid when
the real estate market rebounds and the Property can be sold or
refinanced.  At this point in time, the Debtors submit that this is
the best result, because a sale of the property will turn away the
investor, resulting in an ultimate lower payoff to all creditors as
the current market value of a hotel development site is very low
and barely enough to cover the first mortgage, and will surely not
cover the mezzanine, liens, taxes and all other debts and fees.
While Recapitalization is a certain outcome, the Sale Option is far
from certain and by pursuing that path, is it is far from certain
that the investor will remain interested and available if the Sale
Option fails.  It is certain at this time that the demand for land
approved to build a hotel is very weak due to the severely
restricted availability of financing for ground up construction for
a hotel in the current economic situation in NY.

A copy of the Disclosure Statement dated March 12, 2021, is
available at https://bit.ly/3vW214C

                   About 232 Seigel Acquisition

232 Seigel Acquisition classifies its business as Single Asset Real
Estate (as defined in 11 U.S.C. Section 101(51B)). 232 Seigel
Acquisition is the owner of a fee simple title to certain real
property in Brooklyn, New York, having a comparable sale value of
$18 million.

232 Seigel Development LLC and 232 Seigel Acquisition LLC sought
Chapter 11 protection (Bankr. S.D.N.Y. Case No. 20-22844 to
20-22845) on July 14, 2020. 232 Seigel Acquisition disclosed total
assets of $18,000,000 and total liabilities of $7,112,316.  The
Honorable Robert D. Drain is the case judge.  The Debtors tapped
Mark Frankel, Esq., at BACKENROTH FRANKEL & KRINSKY, LLP, as
counsel.


2374 VILLAGE COMMON: April 9 Hearing on Disclosure Statement Set
----------------------------------------------------------------
2374 Village Common Drive LLC filed a Disclosure Statement, Plan
Summary and Plan on March 5, 2021.

On March 12, 2021, Judge Thomas P. Agresti ordered that:

   * April 2, 2021, is the last day for filing and serving
Objections to the Disclosure Statement.

   * On April 9, 2021, at 10:00 a.m., the hearing to consider the
approval of the Disclosure Statement at which time the parties
and/or their counsel shall appear via the Zoom Video Conference
Application and must comply with Judge Agresti's Amended Notice of
Temporary Modification of Appearance Procedures, dated and
effective June 10, 2020, which can be found on the Court’s
website at
https://www.pawb.uscourts.gov/sites/default/files/pdfs/tpa-proc-appearances.pdf.


To participate in and join the Zoom hearing please initiate and use
the following link at least 15 minutes prior to the scheduled
hearing time: https://www.zoomgov.com/j/16021303488, or
alternatively, you may use the following: Meeting ID: 160 2130
3488.

For questions regarding the connection contact Judge Agresti’s
Staff Lawyer, Atty. Courtney Helbling, at 814 464-9781.

                 About 2374 Village Common Drive

2374 Village Common Drive, LLC, is a Pennsylvania Limited Liability
Company having a primary business address located at 2374 Village
Common Drive, Erie, PA 16505.

It sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. W.D. Pa. Case No. 21-10118) on March 5, 2021.  In the
petition signed by Joseph Martin Thomas, sole member, the Debtor
disclosed up to $10 million in both assets and liabilities.

The Debtor is a Single Asset Real Estate entity under 11 USC Sec.
101(51B).  The Debtor owns the medical facility at which Tri-State
Pain Institute, LLC and Greater Erie Surgery Center, Inc. conduct
business. Tri State has filed an associated bankruptcy case, Case
No. 20-10049-TPA.

The Debtor's sole member is Joseph Martin Thomas, M.D., who has
also filed an associated bankruptcy case, Case No. 20-10334-TPA.
The Debtor's filing is a result of, inter alia, efforts to
liquidate assets free and clear for the benefit of creditors.

Judge Thomas P. Agresti oversees the case.

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


2374 VILLAGE COMMON: Kramer Buying Two Erie Properties for $3.15M
-----------------------------------------------------------------
2374 Village Common Drive, LLC, and Joseph Martin Thomas, M.D,
jointly ask the U.S. Bankruptcy Court for the Western District of
Pennsylvania to authorize the sale to Joseph C. Kramer for $3.15
million, cash, subject to higher and better offers of the
following:

      (a) Real estate and improvements located at 2374 Village
Common Drive, in Erie, Pennsylvania 16506, owned by 2374 Village
Common Drive, LLC, Tax Index No. 33-123-418.0-034.00; and,

      (b) Real estate located at Lot 15 (2368) Village Common
Drive, in Erie, Pennsylvania 16506, Tax Index No.
33-123-418.0-034.01 owned by Dr. Thomas.

The Respondent, Wells Fargo Bank, National Association, is a
banking institution with a place of business located at 4101
Wiseman Blvd., Building 307, San Antonio, Texas 78251 and Wells
Fargo Bank, N.A., c/of Steven Treadway, 1620 Roseville Parkway, 1st
Floor Suite 100, MAC A1792-018, Roseville, California 95661.  Wells
Fargo is represented by Salene Mazur Kraemer, Esquire,
Bernstein-Burkley PC, 707 Grant Street, Suite 2200, Gulf Tower,
Pittsburgh, Pennsylvania 15219.  Wells Fargo is the holder of a
Mortgage on Lot 15 Village Common Drive dated Dec.22, 2016 and
recorded on Dec. 22, 2016 at Erie County Instrument No. 2016-027942
in the face amount of $1,208,000.  Wells Fargo is also a party to
an Assignment of Rents dated Dec. 22, 2016 and recorded on Dec. 22,
2016 at Erie County Instrument No. 2016-027945. It is believed that
the payoff on this Mortgage is approximately $439,660.  

Wells Fargo is also the holder of a Mortgage on 2374 Village Common
Drive dated Dec. 30, 2016 and recorded Jan. 3, 2017 at Erie County
Instrument No. 2017-000129 in the face amount of $3,895,000, an
Assignment of Rents dated Dec. 30, 2016 and recorded on Jan. 3,
2017 at Erie County Instrument No. 2017-000130 and a Subordination
Agreement – Lease dated Dec. 30, 2016 and recorded Jan. 3, 2017
at Erie County Instrument No. 2017-000133.   It is believed that
the payoff on this Mortgage is approximately $3,650.023.  Well
Fargo also entered into a Third-Party Lender Agreement with Empire
State Certified Development Corp. dated Dec. 30, 2016 and recorded
on Jan. 12, 2017 at Erie County Instrument No. 2017-000848 in
regard to the second mortgage.

The real estate located at 2374 Village Common Drive, Erie,
Pennsylvania is also subject to an unsatisfied Assignment of Rents
in favor of Wells Fargo dated Dec. 30, 2016 and recorded on Jan. 3,
2017 at Erie County Instrument No. 2017-000132.  It is believed
this Assignment of Rents relates to a Mortgage in favor of Wells
Fargo in the face amount of $2,726,500 dated Dec. 30, 2016 and
recorded on Jan. 3, 2017 at Erie County Instrument No. 2017-000131.
This Mortgage was satisfied by Satisfaction Piece dated March 30,
2017 and recorded on April 7, 2017 at Erie County Instrument No.
2017-007128.

The Respondent, United States of America, Small Business
Administration is an agency of the government of the United States
with a mailing address of 660 American Avenue, Suite 301, King of
Prussia, Pennsylvania 19406.  It is believed that the SBA is
represented by Anthony K. Arroyo, Esquire, District Counsel, Small
Business Administration, 660 American Avenue, Suite 301, King of
Prussia, Pennsylvania 19406.  Empire State Certified Development
Corporation and VCD entered into an Open-End Mortgage and Security
Agreement in the face amount of $2,788,000 dated Dec. 30, 2016 and
recorded Jan. 12, 2017 at Erie County Instrument No. 2017-000846
with regard to 2374 Village Common Drive, Erie, Pennsylvania.  Said
Mortgage was subsequently assigned to the U.S. Small Business
Administration by Assignment dated Dec. 30, 2016 and recorded on
Jan. 12, 2017 at Erie County Instrument No. 2017-000847.  It is
believed the balance due on this obligation is approximately
$2,433,584.

The Respondent, Erie County Tax Claim Bureau, has a mailing address
of 140 West Sixth Street, Room 110, Erie, Pennsylvania 16501.  The
Erie County Tax Claim Bureau has a statutory lien on the real
estate located at 2374 Village Common Drive, Erie, Pennsylvania
with regard to the real estate taxes for the years 2018, 2019, and
2020 in the approximate amount of $588,881.94.  In addition, the
Tax Claim Bureau has a statutory lien on the real estate located at
Lot 15, Village Common Drive, Erie, Pennsylvania with regard to the
real estate taxes for the year 2020 in the approximate amount of
$4,917.22.  

Respondent Millcreek Township Tax Collector is an agency of
Millcreek Township, Pennsylvania with a place of business at 3608
West 26th Street, Erie, Pennsylvania 16506.  The Millcreek Township
Tax Collector is tasked with collecting the 2021 real estate taxes
on behalf of the County of Erie, Millcreek Township, and the
Millcreek Township School District.  These real estate taxes act as
a statutory lien on the real estate.  The 2021 real estate taxes
will be prorated at closing in accordance with the terms of the
Asset Purchase Agreement.   

The Respondent, United States of America, Internal Revenue Service,
an agency of the United States government is believed to be
represented by Jill L. Locnikar, Esquire U.S. Attorney's Office,
700 Grant Street, Suite 4000, Pittsburgh, PA 15219.  The IRS is the
holder of the federal tax liens entered of record against Dr.
Thomas in the Court of Common Pleas of Erie County, Pennsylvania.
Dr. Thomas has been making payments on the tax obligations that are
included in the tax liens and it is believed that the current
balance due to the IRS is approximately $275,976.77.

The Respondent, Commonwealth of Pennsylvania, Department of
Revenue, a governmental agency, is represented by Lauren A.
Michaels, Deputy Attorney General, Pennsylvania Office of Attorney
General, 1251 Waterfront Place, Mezzanine Level, Pittsburgh, PA
15222.  The DOR is the holder of tax liens entered against Dr.
Thomas in the Court of Common Pleas of Erie County, Pennsylvania.
Dr. Thomas has been making payments on the tax obligations that are
included in the tax liens and it is believed that the current
balance due to the DOR is approximately $24,464.91.

The Respondent, TIAA Commercial Finance, Inc., is a lending
institution with a mailing address of 390 S. Woods Mill Road, Suite
300, Chesterfield, Missouri 63017.   TIAA is represented by Michael
F.J. Romano, Esquire, Ramano, Garubo, & Argentieri, P.O. Box 456,
52 Newton Avenue, Woodbury, New Jersey 08096.  TIAA is being named
a Respondent as it alleges a disputed right of replevin on certain
fixtures attached to the structure at 2374 Village Common Drive,
Erie, Pennsylvania.  

The Respondent, Northwest Savings Bank, now Northwest Bank, is a
banking institution with a place of business located at 100 Liberty
Street, Drawer 128, Warren, Pennsylvania 16365-0128.  It is being
named as a Respondent out of an abundance of caution, as it was the
holder of a Mortgage on Lot 15, Village Common Drive dated Feb. 23,
2012 and recorded on Feb. 24, 2012 at Erie County Instrument No.
2012-004767 in the face amount of $2.2 million.  This Mortgage
remained unsatisfied at the time of Dr. Thomas' bankruptcy filing;
however, it has since been satisfied by Mortgage Satisfaction Piece
dated May 28, 2020 and recorded on June 9, 2020 at Erie County
Instrument No. 2020-010195.  

he Respondent, Core Erie MOB, L.P., is an Ohio limited partnership,
with a place of business located at 1515 Lake Shore Drive, Suite
225, Columbus, Ohio 43204.  It is being named as a Respondent out
of an abundance of caution, as it was a party to a Memorandum of
Option effective on Dec. 1, 2011 and recorded on Dec. 8, 2011 at
Erie County Instrument No. 2011-029476.  This Option Agreement was
rejected by Dr. Thomas and terminated by Order of the Court at
Document No. 113, the same of which was recorded on July 20, 2020
at the Office of the Recorder of Deeds of Erie County, Pennsylvania
at Instrument No. 2020-013465.  

The Respondent Mr. Joseph C. Kramer is an adult individual with a
mailing address of PO Box 8263, Erie, Pennsylvania 16505.  He is
being named as a Respondent because he is the prospective purchaser
of the subject property.  Mr. Kramer’s realtor is Ms. Sherry
Bauer, 1315 Peninsula Drive, Suite 2, Erie, PA 16505.

15. Exhibits A and B provide detailed summaries in regard to
mortgages, judgments, and liens on each of the parcels the Debtors
are proposing to sell.

Dr. Thomas is the sole member of both VCD and Tri-State Pain
Institute LLC.

On March 5, 2021, the Debtors entered into an Asset Purchase
Agreement with the Buyer.  The Agreement provides that Mr. Kramer
will purchase the Property for consideration in the amount of $3.15
million in immediately available funds, subject to higher bids at
the time of the sale confirmation hearing.  The Agreement also
provides for a $100,000 deposit, which has been received.  The
balance of the purchase price will be paid in cash at closing.
There is no financing contingency.  The proposed allocation of the
purchase price among the parcels of real estate to be sold is
specified in the Asset Purchase Agreement.  

In connection with the proposed sale, the Debtors also filed a
separate Motion to Approve Bidding Procedures.  In the Bid
Procedures Motion, the Debtors ask approval of bidding procedures
and qualifications to ensure that the procedures encourage
competitive bidding and are fair to all parties.  The proposed bid
procedures provide for the Property to be sold to the Qualified
Bidder with the highest and best offer at the sale confirmation
hearing.  These procedures represent the best method to maximize
the value of the Debtors' Property for the benefit of creditors and
interested parties.   

The Debtors will ask to schedule the Bid Procedures Motion for a
hearing to be held at least two weeks prior to the sale
confirmation hearing to allow time for competing bidders to qualify
under procedures and qualifications approved by the Court.  The
Buyer has provided assistance to the Debtors in preserving the
value of the bankruptcy estates by virtue of signing the APA,
paying the deposit, and serving as the stalking horse bidder.

The Debtors ask that the Court authorizes sale of the Property free
and clear of the Respondents' liens, claims or encumbrances, with
any enforceable liens, claims or encumbrances to be divested from
the Property and transferred to the proceeds of sale, subject to
the Debtors' rights and defenses with respect thereto.
Additionally, the sale is being proposed pursuant to Dr. Thomas'
Plan of Reorganization and VCD's Plan of Orderly Liquidation and,
as such, will be exempt from all realty transfer taxes pursuant to
Section 1146(a).

A copy of the Agreement is available at
https://tinyurl.com/4aucx2d8 from PacerMonitor.com free of charge.


The Purchaser:

          Joseph C. Kramer
          P.O. Box 8263
          Erie, PA 16505

                 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.



2374 VILLAGE COMMON: Sets Bidding Procedures for 2 Erie Properties
------------------------------------------------------------------
Joseph Martin Thomas, M.D, and 2374 Village Common Drive, LLC,
jointly ask the U.S. Bankruptcy Court for the Western District of
Pennsylvania to authorize bidding procedures in connection with the
sale to Joseph C. Kramer for $3.15 million, subject to higher and
better offers of the following:

      (a) Real estate and improvements located at 2374 Village
Common Drive, in Erie, Pennsylvania 16506, owned by 2374 Village
Common Drive, LLC, Tax Index No. 33-123-418.0-034.00; and,

      (b) Real estate located at Lot 15 (2368) Village Common
Drive, in Erie, Pennsylvania 16506, Tax Index No.
33-123-418.0-034.01 owned by Dr. Thomas.

On March 5, 2021, the Debtors entered into an Asset Purchase
Agreement with the Buyer.  The Agreement provides that Mr. Kramer
will purchase certain of the Debtors' real estate interests more
fully described in the Agreement, for consideration in the amount
of $3.15 million in immediately available funds, subject to higher
bids at the time of the sale confirmation hearing.  The Debtors are
concurrently filing with the Motion a separate joint motion for
Court approval of the sale.

At the time of the sale confirmation hearing on the Sale Motion,
the Debtors anticipate that there will be competitive bidding.
They believe that pre-approved bidding procedures will encourage
the highest bids and will enable the Court and all parties to
quickly analyze the competing bids at the time of the sale
confirmation hearing.  They desire to have the bidding procedures
approved in advance of the sale confirmation hearing.  If the
proposed bidding procedures are not approved by the Court, Mr.
Kramer may have the right to withdraw its offer.   

The proposed bidding procedures are as follows:

      (a) Bidders will register with counsel for the Unsecured
Creditors' Committee (Guy C. Fustine, Esquire, Knox McLaughlin
Gornall & Sennett, P.C., 120 West Tenth Street, Erie, Pennsylvania
16501, telephone number (814) 459-2800, fax number (814) 453-4530,
email address gfustine@kmgslaw.com) at least three calendar days
prior to the sale hearing.

      (b) In order to be eligible to bid at the sale hearing, i.e.
be a "Qualified Bidder," prospective bidders will provide Mr.
Fustine with the following:

            (i) A refundable, good faith deposit in the amount of
$100,000 by wire transfer, certified check or cashier's check made
payable to Knox McLaughlin Gornall & Sennett, P.C., Escrow Agent;

            (ii) An executed escrow agreement in a form
satisfactory to the Escrow Agent, including a term that the Escrow
Agent will return the deposit within two business days if the
Qualified Bidder making the deposit is not the high bidder at the
sale
confirmation hearing;  

            (iii) The name, address, contact person, telephone
number, fax number, email address, and other relevant information
of the person making the bid (and counsel) or the owner of the
entity making the bid, as the case may be, and the same information
for the person who will be attending the sale confirmation hearing
and submitting the bid or bids; and,  

            (iv) Sufficient evidence that the prospective bidder
has immediately available cash to close the transaction, without
any financing contingency, in the event that it/he/she is the high
bidder.   

      (c) All bids at the sale confirmation hearing must be made,
and can only be made, by a Qualified Bidder.   

      (d) Except as provided in Subparagraph (i) below, all bids
will conform in substance and procedure with the Agreement between
the Debtors and Mr. Kramer.  Only bids which conform with the
Agreement between the Debtors and Joseph C. Kramer will be allowed
at the sale confirmation hearing.  For example, bids including a
financing contingency or requiring additional time for due
diligence will not be allowed at the sale confirmation hearing.   

      (e) The first higher bid at the sale confirmation hearing
must be at least $50,000 more in total consideration to be paid at
closing than is provided for in the Agreement, i.e. $3.2 million
would be the minimum first higher bid at the sale confirmation
hearing ($3.15 million + $50,000 = $3.2 million), and each
incremental bid thereafter must be at least $10,000 more than the
previous bid.   

      (f) If such a higher bid is made by a Qualified Bidder at the
sale confirmation hearing, the Bankruptcy Court will deny the
Debtors’ motion to approve the proposed sale to Joseph C. Kramer
and hold a public auction there and then.   

      (g) Mr. Kramer will have the opportunity to raise his offer
in response to any higher bid at the sale confirmation hearing.  

      (h) If the high bidder at the sale confirmation hearing does
not close, the Debtors will have the right, but not the obligation,
to close the sale with the second highest bidder at the sale
confirmation hearing.   

      (i) If there are bidders who are interested in only one of
the parcels for sale and not the Property as a whole, the Court may
take separate bids for each parcel and then decide whether the
total of the separate bids or the package bid is the best value for
the estate.  Mr. Kramer will have the opportunity to participate in
such an auction.  

The Debtors pray that the Court approves the foregoing bidding
procedures and that they have such other and further relief as is
reasonable and just.   

The Purchaser:

          Joseph C. Kramer
          P.O. Box 8263
          Erie, PA 16505

                 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.



2374 VILLAGE: March 25 Hearing on Bidding Procedures for Properties
-------------------------------------------------------------------
Judge Thomas P. Agresti of the U.S. Bankruptcy Court for the
Western District of Pennsylvania will convene a Zoom video
conference hearing on March 25, 2021, at 10:00 a.m., to consider
the bidding procedures proposed by 2374 Village Common Drive, LLC,
and Joseph Martin Thomas, M.D, in connection with the sale to
Joseph C. Kramer for $3.15 million, cash, subject to higher and
better offers of the following:

      (a) Real estate and improvements located at 2374 Village
Common Drive, in Erie, Pennsylvania 16506, owned by 2374 Village
Common Drive, LLC, Tax Index No. 33-123-418.0-034.00; and,

      (b) Real estate located at Lot 15 (2368) Village Common
Drive, in Erie, Pennsylvania 16506, Tax Index No.
33-123-418.0-034.01 owned by Dr. Thomas.

To participate in and join a Zoom Hearing, parties can initiate and
use the following link at least 15 minutes prior to the scheduled
Zoom Hearing time: https://www.zoomgov.com/j/16021303488, or
alternatively, they may use the following: Meeting ID: 160 2130
3488.  For questions regarding the connection, parties contact
Judge Agresti's Staff Lawyer, Attorney Courtney Neer, at (814)
464-9781.  All attorneys and Parties may only appear by Zoom and
must comply with Judge Agresti's Amended Notice ofTemporary
Modification of Appearance Procedures, dated and effective June 10,
2020, which can be found on the Court's Website at
https://www.nawb.uscourts.gov/sites/default/files/pdfs/tpa-proc-appearances.pdf.


The Objection Deadline is March 24, 2021, at Noon.

The Movant will serve a copy of the completed Scheduling Order and
the Motion on the Respondent(s), the Trustee, the Debtor, the
Debtor's Counsel, all the secured creditors whose interests may be
affected by the relief requested, the U.S. Trustee and the counsel
for any committee.  In the absence of a committee, the Movant will
serve the 20 largest unsecured creditors.  The Movant will
immediately file a certificate of service indicating such service.

                 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.



2374 VILLAGE: Seeks Expedited Hearing on Bid Procedures for Assets
------------------------------------------------------------------
2374 Village Common Drive, LLC, and Joseph Martin Thomas, M.D,
jointly ask the U.S. Bankruptcy Court for the Western District of
Pennsylvania to expedite hearing on proposed bidding procedures in
connection with the sale to Joseph C. Kramer for $3.15 million,
cash, subject to higher and better offers of the following:

      (a) Real estate and improvements located at 2374 Village
Common Drive, in Erie, Pennsylvania 16506, owned by 2374 Village
Common Drive, LLC, Tax Index No. 33-123-418.0-034.00; and,

      (b) Real estate located at Lot 15 (2368) Village Common
Drive, in Erie, Pennsylvania 16506, Tax Index No.
33-123-418.0-034.01 owned by Dr. Thomas.

The Debtors have filed a Joint Motion for Order Approving Bidding
Procedures and a Joint Motion for Order Approving Sale of Real
Estate Free and Divested of Liens.  

They respectfully ask that the Court schedules an expedited hearing
on the Joint Motion for Order Approving Bidding Procedures at the
Court's earliest convenience, with an appropriate objection
deadline.  In accordance with Local Rule 9013-2, they respectfully
submit that just cause exists to hear the matter on an expedited
basis because of the time sensitive nature of the sale process.   

Additionally, after entry of an Order with respect to the Joint
Motion for Order Approving Bidding Procedures, the Debtors ask that
the Court schedules an Auction and Sale hearing on the Joint Motion
for Order Approving Sale of Real Estate Free and Divested of Liens
for not later than April 29, 2021, with an appropriate objection
deadline.  The proposed Auction and Sale date will allow sufficient
time after the entry of a Bid Procedure Order for all appropriate
advertising in accordance with the Local Rules of Court.  

The need for an expedited hearing has not been caused by lack of
due diligence on the part of the Debtor or counsel/proposed counsel
but has been brought about solely by the circumstances surrounding
the time sensitive nature of the sale process, including the
execution of an Asset Purchase Agreement only as recently as March
5, 2021.  

                 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.



2999TC LP: Says Counterclaims Against Hodges Group Remain Active
----------------------------------------------------------------
2999TC LP, LLC, filed a First Amended Plan of Reorganization and a
Disclosure Statement on March 16, 2021.

The Hodges Group consists of the largest claimants in this Case,
although the Debtor disputes the validity of these claims in full.
Despite dismissing their claim in the Lawsuit against the Debtor in
their effort to remand the Lawsuit back to the state court, Tejas
Group, Ltd.; LAH III Family Specific Interest, Ltd. and Blackfoot
Interest, Ltd. filed their proof of claim for $3,740,184.76, the
amount it seeks under the Lawsuit, on March 11, 2021 and the Estate
of Leland A. Hodges, Jr. filed a claim for $1,350,184.76.

The Debtor contends that dismissal of their claims and subsequent
filing of a proof of claim are conflicting and evidence bad faith
of the Hodges Group. While the Hodges Group has voluntarily
dismissed the Debtor from its claims in the Lawsuit, the Debtor has
appealed this ruling and the Debtor's counterclaims against the
Hodges Group remain active, including a counterclaim seeking a
declaratory judgment that the alleged promissory notes held by the
Hodges Group are void, voidable, or unenforceable.

At this time, the dismissal of the Hodges Group's claims against
the Debtor are subject to the Appeal, and such claims are listed as
disputed claims in unknown amounts in the Debtor's schedules. The
Debtor asserts that, to the extent any claims held by the Hodges
Group are upheld on Appeal, they will be objected to for the
purpose of confirmation. The Debtor contends that since the Hodges
Group filed proofs of claim totaling $5,090,369.52 then they have
submitted themselves to the jurisdiction of the Court and the
Debtor believes its counterclaims will be resolved in the adversary
proceeding rather than in State Court. The Hodges Group disagrees
with the contention. The Debtor intends to object to the Hodges
Group's Claims.

The Hodges Group alleges that the Debtor's Plan violates the
Absolute Priority Rule and the Best Interest of Creditors' Test.
Debtors disagree as the Plan proposes to pay all creditors 100%
with interest. To the extent the Hodges Group holds any Allowed
Claims, the Claims will be treated as set forth in Class 2 and paid
at 100% of the Allowed Claim amount with interest.

As of the Petition Date, the Debtor owned the aforementioned
membership interest in 2999TC JMJ MGR, LLC, with a capital account
valued at $4,000,000.00. The $4,000,000 value of the membership
interest in the capital account of 2999TC JMJ MGR, LLC, is the
Debtor's opinion of value based on the initial contribution of
$4,000,000.00 to the capital account and the appreciated value of
the land. The current value of the land is around $50M. The
Debtor's interest in the membership interests in 2999TC JMJ MGR is
19.75% based on the proportion of its $4M capital contribution to
the total $20.25M capital contribution.

Class 3 shall consist of Allowed Unsecured Claims other than the
Claims in Classes 2 and 4. Class 3 Claims shall be paid in full,
over five years in equal monthly installments commencing on June 1,
2021 and continuing on the first day of each succeeding month with
a final lump sum payment of the full remaining balance due on June
1, 2026. Interest at the rate of 1% per annum shall begin to accrue
on the Effective Date. This Class is Impaired and any holder of a
Claim in this Class is entitled to vote to accept or reject the
Plan.

A full-text copy of the First Amended Disclosure Statement dated
March 16, 2021, is available at https://bit.ly/3tEA3IG from
PacerMonitor.com at no charge.

Attorneys for the Debtor:

         Joyce W. Lindauer
         Joyce W. Lindauer Attorney, PLLC
         1412 Main St., Suite 500
         Dallas, TX 75202
         Telephone: (972) 503-4033
         E-mail: joyce@joycelindauer.com
                 paul@joycelindauer.com

                     About 2999TC LP LLC

2999TC LP, LLC, filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 20
43204) on Oct. 16, 2020.  2999TC President Tim Barton signed the
petition.  At the time of the filing, the Debtor was estimated to
have $1 million to $10 million in both assets and liabilities.
Judge Mark X. Mullin oversees the case.  Joyce W. Lindauer Attorney
PLLC serves as the Debtor's counsel.


4-S RANCH: Needs to Pay Sandton by March 31 to Avoid Stay Relief
----------------------------------------------------------------
4-S Ranch Partners, LLC, submitted a Third Amended Plan of
Reorganization and a corresponding Disclosure Statement.

4-S's principal asset is real property commonly known as known as
Merced County Assessor's Parcel Numbers: 049-200-005; 049-200-020;
049-200-022; 049-200-019; 049-200-023; 049-200-017; 049-200-021;
049-200-024; 049-220-018; 049-200-025; 049-220-019; 049-220-016;
049-220-020; 049-240-017; 065-030-004; 049-220-015; and
049-240-016, located on the at the north and south sides of Green
House Road, ± 1.5 miles west of Dan McNamara Road, southwest of
Atwater, Merced County, California (the "Property"). The Plan
centers upon the disposition of the Property for the benefit
creditors, other parties in interest, 4-S, and others that may
benefit from certain dispositions of the Property.  The Plan
requires 4-S to secure new capital or new financing, or to sell the
Property, all subject to the approval of the United States
Bankruptcy Court for the Eastern District of California.

4-S is pursuing new capital or new financing in a multipronged
approach the includes selling interest in the Property and/or
signing long term water contracts before refinancing the secured
claim on the Property. If 4-S can secure new capital or new
financing to satisfy the claims of holders of claims in Class 1,
Class 2, and Class 3 (as directed by holders for Class 3) within
one year of the effective date of the plan, then 4-S need not sell
part or all of the Property.

Through one of those means, i.e., new capital, new financing, or a
sale of the Property, the Plan provides for the payments to the
following class of claims:

   * Class 1: The Allowed Secured Claim of Merced County Tax
Collector, which is secured by a tax lien encumbering the
Property.

   * Class 2: The Allowed Secured Claim of Sandton Credit Solutions
Master Fund IV, LP.

   * Class 3: The Claims of general unsecured creditors of the
Debtor, to the extent
they may be Allowed, which are not otherwise classified herein.

   * Class 4: The Equity Interests of Shareholder of the Debtor.

On the first anniversary of the Plan's Effective Date, 4-S shall
fund all payments required to be made on the Effective Date through
new capital, new financing, or the proceeds of a sale of the
Property, all of which are subject to approval of the Bankruptcy
Court (the "Liquidity Event"). Notwithstanding the Liquidity Event,
if the 4-S does not fund all payments required to pay the Class 2
creditor by 5 p.m. Pacific Time on March 31, 2021, Sandton shall be
provided with relief from the automatic stay as to the Property
with a waiver of the 14-day stay provided under Federal Rules of
Bankruptcy Procedure ("FRBP") Rule 4001(a)(3) on April 1, 2021
without any further order of the Bankruptcy Court in accordance
with the Stipulation Regarding Motions for Relief from Stay.

A copy of the Third Amended Disclosure Statement is available at
https://bit.ly/3txBrwt from PacerMonitor.com.

                     About 4-S Ranch Partners

4-S Ranch Partners, LLC is a single asset real estate debtor (as
defined in 11 U.S.C. Section 101(51B)).

4-S Ranch Partners filed its voluntary petition under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Cal. Case No. 20-10800) on March
2, 2020.  Stephen W. Sloan, Debtor's managing member, signed the
petition.  At the time of filing, the Debtor was estimated to have
$500 million to $1 billion in assets and $50 million to $100
million in liabilities.  

Judge Rene Lastreto II oversees the case.

Macdonald Fernandez LLP and Klein, DeNatale, Goldner, Cooper,
Rosenlieb & Kimball, LLP serve as the Debtor's bankruptcy counsel
and special counsel, respectively.  The Debtor tapped McGinley &
Associates, Inc. as hydrogeological rebuttal expert witness and
hydrogeological consultant.


53 STANHOPE: Unsec. Creditors to Recover 100% in Brooklyn Plan
--------------------------------------------------------------
Brooklyn Lender LLC filed a Chapter 11 Plan of Liquidation and a
Disclosure Statement for debtor 53 Stanhope LLC.

The Debtors previously filed their own plan of reorganization.  But
at a hearing in August 2020, the Bankruptcy Court found, inter
alia, that Debtors failed to demonstrate that the Debtors' Amended
Plan was feasible under Section 1129(a)(11) of the Bankruptcy Code,
and denied confirmation of the Debtors' Amended Plan.  

Brooklyn Lender LLC, a secured creditor, filed a Plan to effectuate
the sale of the Debtors' Properties and all related rights and
interest thereto, pursuant to sale, bid and Auction procedures set
forth in the Plan Supplement and approved by the Confirmation Order
that, among other things, will establish procedures for the Auction
and the terms and conditions related to the Sale of the Assets
under the Plan.  On the date that the consummation of the Sale to
the Purchaser takes place, the Assets shall vest in the Purchaser
free and clear of all Liens, Claims and encumbrances and any other
Liens, Claims and encumbrances that have not been expressly
preserved under the Plan shall attach to the Sale Proceeds as of
such date.  

The Plan will be funded through the Sale Proceeds, Cash held by the
Debtors, in addition to the Brooklyn Lender Cash Contribution,
which is comprised of two components (a) the pledge by Brooklyn
Lender to contribute Cash to the Debtors, as applicable, in an
amount sufficient to guarantee the payment of all Administrative
Expense Claims in full to the extent that the Plan Funds are
insufficient to pay Administrative Expense Claims in full (the
"Administrative Expense Claim Backstop"), and (b) a voluntary
contribution agreed to by Brooklyn Lender to the Disbursing Agent
for the purpose of enhancing the distribution of Cash in excess of
Available Cash from Plan Funds to Holders of Allowed Other Secured
Claims, Allowed Priority Claims, and Allowed General Unsecured
Claims, to ensure that such Holders of such Claims are paid in full
in cash (the "Claim Distribution Enhancement").  Such amounts shall
will be sufficient to satisfy on the Effective Date (a) all Allowed
Administrative Expense Claims, (b) all United States Trustee Fees,
(c) all Allowed Professional Fee Claims, (d) all Allowed Priority
Tax Claims, and (e) all Allowed Other Senior Secured Claims.
Remaining proceeds will be paid next to (a) the Brooklyn Lender
Secured Claim; (b) Other Priority claims Pro Rata, (c) General
Unsecured Claims Pro Rata, (d) Subordinated Claims Pro Rata, and
(e) Interests Pro Rata.

Under the Brooklyn Lender Plan, Brooklyn Lender's secured claim in
Class 2 totaling $54.06 million will recover 75% to 95%.   Unsec.
creditors in Class 4 owed $300,000 will recover 100%.

A copy of Brooklyn Lender's Disclosure Statement dated March 12,
2021,
https://bit.ly/2PaCjs4

Brooklyn Lender's counsel:

        Jennifer S. Recine
        David S. Rosner
        Matthew B. Stein  
        KASOWITZ BENSON TORRES LLP
        1633 Broadway
        New York, New York 10019
        Telephone: (212) 506-1700
        Facsimile: (212) 506-1800

                      About 53 Stanhope LLC

53 Stanhope LLC and 17 affiliates are primarily engaged in renting
and leasing real estate properties.

53 Stanhope LLC and its affiliates filed voluntary petitions
seeking relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 19-23013) on May 20, 2019.  The petitions
were signed by David Goldwasser, authorized signatory of GC Realty
Advisors.

Mark A. Frankel, Esq., at Backenroth Frankel & Krinsky, LLP,
represents the Debtors.

Each of the Debtors is an affiliate of 73 Empire Development LLC,
which sought bankruptcy protection (Bankr. S.D.N.Y. Case No.
19-22285) on Feb. 21, 2019.  Its case is not jointly administered
with those of the Debtors.  

Backenroth Frankel also serves as counsel to 73 Empire Development.


ADT SECURITY: Moody's Completes Review, Retains B1 CFR
------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of The ADT Security 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.

Credit support for ADT stems from its clear leadership position in
the US residential alarm-monitoring services market, a growing
presence in the commercial market, and from improvements in
performance metrics, including revenue diversification and modest
anticipated revenue acceleration. Ongoing efforts to delever
combined with relatively robust operating growth will help the
company maintain leverage levels that are strong for the B1 CFR.
However, private-equity sponsor Apollo's large-majority ownership
in the company points to the importance of maintaining conservative
financial policies for ratings support.

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


ADVAXIS INC: Incurs $4 Million Net Loss in First Quarter
--------------------------------------------------------
Advaxis, Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss of $3.98
million on $1.61 million of revenue for the three months ended Jan.
31, 2021, compared to a net loss of $7.85 million on $3,000 of
revenue for the three months ended Jan. 31, 2020.

As of Jan. 31, 2021, the Company had $45.95 million in total
assets, $8.37 million in total liabilities, and $37.57 million in
total stockholders' equity.

Research and development expenses for the first quarter of fiscal
year 2021 were $2.6 million, compared with $4.9 for the first
quarter of fiscal year 2020.  The reduction of $2.3 was primarily
attributable to the substantial reduction in costs associated with
the winding down of clinical studies that have been discontinued.

General and administrative expenses for the three months ended Jan.
31, 2021 were approximately unchanged at $3 million, compared to $3
million in the same three-month period in 2020.

As of Jan. 31, 2021, the Company had approximately $33.3 million in
cash and cash equivalents.  The Company believes this is sufficient
capital to fund its obligations, as they become due, in the
ordinary course of business until May 2022.

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

https://www.sec.gov/Archives/edgar/data/1100397/000149315221006062/form10-q.htm

                          About Advaxis Inc.

Advaxis, Inc. -- http://www.advaxis.com-- is a clinical-stage
biotechnology company focused on the development and
commercialization of proprietary Lm-based antigen delivery
products. These immunotherapies are based on a platform technology
that utilizes live attenuated Listeria monocytogenes (Lm)
bioengineered to secrete antigen/adjuvant fusion proteins.  These
Lm-based strains are believed to be a significant advancement in
immunotherapy as they integrate multiple functions into a single
immunotherapy and are designed to access and direct antigen
presenting cells to stimulate anti-tumor T cell immunity, activate
the immune system with the equivalent of multiple adjuvants, and
simultaneously reduce tumor protection in the tumor
microenvironment to enable T cells to eliminate tumors.

Advaxis reported a net loss of $26.47 million for the year ended
Oct. 31, 2020, a net loss of $16.61 million for the year ended Oct.
31, 2019, and a net loss of $66.51 million for the year ended Oct.
31, 2018.


ADVENTURA HOTEL: Seeks Chapter 11 to Stop Foreclosure
-----------------------------------------------------
Brian Bandell of the South Florida Business Journal reports that
the owner of a Miami hotel development site, Adventura Hotel
Properties LLC, filed for Chapter 11 bankruptcy.

According to the report, the owner of a Midtown Miami property that
was approved for a Triptych hotel development filed for Chapter 11
reorganization to halt a foreclosure lawsuit.

Aventura Hotel Properties LLC, along with parent company Triptych
Miami Holdings LLC, filed Chapter 11 in U.S. Bankruptcy Court in
Miami on March 12. The petitions were signed by HES Group CEO
Francisco Arocha as manager of the companies.

Aventura Hotel Properties owns the 1.03-acre site at 3601, 3610,
3630, 3651 and 3701 N. Miami Ave., plus 17 and 25 N.E. 36th St. The
site was approved for a 475,000-square-foot building, with 297
Triptych-branded hotel rooms, 40,000 square feet of retail, 60,000
square feet of offices and 400 parking spaces.

In September 2020, LV Midtown LLC filed a $15 million foreclosure
lawsuit against Aventura Hotel Properties over the site.  The
lawsuit also named R Triptych LLC over an $8.2 million second
mortgage.

The foreclosure lawsuit was pending at the time of the Chapter 11
filing.

"Bankruptcy is a great tool for cases like this one with a property
that has a tremendous amount of equity," said Genovese Joblove &
Battista attorney Jesus M. Suarez, who represents the debtor. "It's
a wonderful project in the middle of Miami's hottest neighborhood.
We are looking forward to having a successful Chapter 11 and moving
forward with the project."

The case summary says CBRE appraised the property at $42 million in
December 2019. A few months later, the Covid-19 pandemic caused a
dramatic decline in travel and hotel occupancy.

In a declaration, Arocha stated his firm's plans to break ground on
the project were derailed by the pandemic, but he still wants to
move forward.

"AHP anticipated obtaining constructing financing and breaking
ground on construction of the Triptych Project in October of 2020,"
Arocha stated. "The Covid-19 pandemic, however, frustrated its
ability to close on a construction loan and has affected the
development of the Triptych Project in almost every respect."

In his declaration, Arocha said they will seek financing to
recapitalize the project and continue development. Alternatively,
they could sell the property.

The two mortgages were the biggest sources of secured debt listed
by Aventura Hotel Properties. Its biggest unsecured debtors were
architecture firm Barmello Ajamil & Partners ($426,557), county
property taxes ($442,592) and OHL Building ($290,892).

The property was acquired for $12.25 million in 2014.

With the wider availability of Covid-19 vaccines, travel is
rebounding and Miami hotel occupancy rates are improving, but they
remain far below normal levels. The question is how soon lenders
will be ready to make construction loans for hotels in Miami.

                 About Adventura Hotel Properties

Adventura Hotel Properties LLC is the owner of the hotel
development site in Miami, Florida.   Its principal asset is
located at 3601, 3610, 3630, 3651
and 3701, N. Miami Avenue 17 & 25 NE 36 Street Miami, FL 33137.

Adventura Hotel Properties, along with parent firm Triptych Miami
Holdings LLC, filed Chapter 11 bankruptcy protection (Bankr. S.D.
Fla. Case No. 21-12374) on March 12, 2021.  The petitions were
signed by HES Group CEO Francisco Arocha as manager of the
companies.

The Hon. Jay A. Cristol is the case judge.

GENOVESE JOBLOVE & BATTISTA, P.A., led by Jesus M. Suarez, is the
Debtor's bankruptcy counsel.  The Debtor estimated assets and debt
of $10 million to $50 million.


ALAMO DRAFTHOUSE: Polsinelli Represent Franchisees
--------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Polsinelli PC submitted a verified statement to
disclose that it is representing the Franchisees in the Chapter 11
cases of Alamo Drafthouse Cinemas Holdings, LLC, et al.

As of March 18, 2021, each Franchisees and their disclosable
economic interests are:

ADC Franchisee Association, Inc.
2500 Summer Street, Suite 1210
Houston, Texas 77077

* Franchise Association for Alamo Franchises

Triple Tap Ventures LLC
2500 Summer Street, Suite 1210
Houston, Texas 77077

* Claims related to franchise relationship with Debtor

Triple Tap Alamo Lubbock LLC
2500 Summer Street, Suite 1210
Houston, Texas 77077

* Claims related to franchise relationship with Debtor

El Paso Texas Alamo Operations, LLC
2500 Summer Street, Suite 1210
Houston, Texas 77077

* Claims related to franchise relationship with Debtor

Triple Tap Alamo Sugar Land LLC
2500 Summer Street, Suite 1210
Houston, Texas 77077

* Claims related to franchise relationship with Debtor

Triple Tap Alamo LaCenterra LLC
2500 Summer Street, Suite 1210
Houston, Texas 77077

* Claims related to franchise relationship with Debtor

Triple Tap Alamo League City- Operations LLC
2500 Summer Street, Suite 1210
Houston, Texas 77077

* Claims related to franchise relationship with Debtor

Alamo Monteverde Operations, LLC
2500 Summer Street, Suite 1210
Houston, Texas 77077

* Claims related to franchise relationship with Debtor

Iced Tea with Lemon, LLC
320 W Las Colinas Blvd
Irving, TX 75039

* Claims related to franchise relationship with Debtor

Two Is One, One Is None, LLC
320 W Las Colinas Blvd
Irving, TX 75039

* Claims related to franchise relationship with Debtor

Dos Peliculas, LLC
320 W Las Colinas Blvd
Irving, TX 75039

* Claims related to franchise relationship with Debtor

Tres Peliculas, LLC
320 W Las Colinas Blvd
Irving, TX 75039

* Claims related to franchise relationship with Debtor

Cinco Peliculas, LLC
320 W Las Colinas Blvd
Irving, TX 75039

* Claims related to franchise relationship with Debtor

Seis Peliculas, LLC
320 W Las Colinas Blvd
Irving, TX 75039

* Claims related to franchise relationship with Debtor

Woodbury Alamo, LLC
320 W Las Colinas Blvd
Irving, TX 75039

* Claims related to franchise relationship with Debtor

North Richland Hills Alamo, LLC
320 W Las Colinas Blvd
Irving, TX 75039

* Claims related to franchise relationship with Debtor

Cojeaux Cinemas, LLC
Attn: Joseph Edwards
20575 Easthampton Plaza
Ashburn, VA 20147

* Claims related to franchise relationship with Debtor

Alamo Drafthouse Cinema Charlottesville LLC
Attn: Joseph Edwards
20575 Easthampton Plaza
Ashburn, VA 20147

* Claims related to franchise relationship with Debtor

ADC Woodbridge, LLC
* Claims related to franchise relationship with Debtor

Cojeaux Cinemas, LLC
Attn: Joseph Edwards
20575 Easthampton Plaza
Ashburn, VA 20147

* Claims related to franchise relationship with Debtor

Alamo Drafthouse D.C., LLC
Attn: Joseph Edwards
20575 Easthampton Plaza
Ashburn, VA 20147

* Claims related to franchise relationship with Debtor

Alamo One Loudoun, LLC
Attn: Joseph Edwards
20575 Easthampton Plaza
Ashburn, VA 20147

* Claims related to franchise relationship with Debtor

ADC Crystal City, LLC
Attn: Joseph Edwards
20575 Easthampton Plaza
Ashburn, VA 20147

* Claims related to franchise relationship with Debtor

NL Entertainment, LLC
177 Kernstown Commons Blvd
Winchester, VA 22602

* Claims related to franchise relationship with Debtor

Springboard Ventures, LLC
2603 Berenson Lane
Austin, TX 78746

* Claims related to franchise relationship with Debtor

BACH Management, LLC
132 Old San Antonio Road
Boerne, TX 78006

* Claims related to franchise relationship with Debtor

Reel Dinner Partners – Laredo, LLC
132 Old San Antonio Road
Boerne, TX 78006

* Claims related to franchise relationship with Debtor

Reel Dinner Partners – Corpus Christi LLC
132 Old San Antonio Road
Boerne, TX 78006

* Claims related to franchise relationship with Debtor

Entertainment Management Co., LLC
12750 Westport Pkwy
La Vista, NE 68138

* Claims related to franchise relationship with Debtor

Midtown Alamo LLC
12750 Westport Pkwy
La Vista, NE 68138

* Claims related to franchise relationship with Debtor

Counsel to ADC Franchisee Association, Inc., et al. can be reached
at:

        POLSINELLI PC
        Shanti M. Katona, Esq.
        222 Delaware Ave, Suite 1101
        Wilmington, DE 19801
        Telephone: (302) 252-0920
        Facsimile: (302) 252-0921
        E-mail: skatona@polsinelli.com

           - and -

        Andrew J. Nazar, Esq.
        900 West 48th Place, Suite 900
        Kansas City, MO 64112
        Telephone: (816) 753-1000
        Facsimile: (816) 753-1536
        E-mail: anazar@polsinelli.com

A copy of the Rule 2019 filing is available at
https://bit.ly/3ttdCWK at no extra charge.

               About Alamo Drafthouse Cinemas Holdings

Founded in 1997, Alamo Drafthouse Cinemas Holdings, LLC --
https://drafthouse.com -- operates and franchises movie theaters.
In addition to its movie theaters, the company operates "Mondo," an
online and print editorial business and a merchandising business.
It also hosts "Fantastic Fest," an annual film festival held in
Austin, Texas.

Alamo Drafthouse Cinemas Holdings and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Lead Case No. 21-10474) on March 3, 2021. In the petitions signed
by CFO Matthew Vonderahe, the Debtors disclosed assets of between
$100 million and $500 million and liabilities of the same range.

Judge Mary F. Walrath oversees the cases.

The Debtors tapped Young Conaway Stargatt & Taylor LLP as their
bankruptcy counsel, Portage Point Partners as financial advisor,
and Houlihan Lokey Capital Inc. as investment banker.  Epiq
Corporate Restructuring, LLC is the claims and noticing agent.


ALERT 360 OPCO: Moody's Completes Review, Retains B3 CFR
--------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Alert 360 Opco, 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.

Alert 360's credit profile reflects the residential alarm monitor's
significantly improved leverage and expected free cash flow
following its late-2020 restructuring. The B3 CFR also reflects
industry-leading attrition rates, counterbalanced by the company's
small revenue base, whose growth will be kept in check by
restrictive terms under a governing restructuring support
agreement. Subscriber contracts allow for recurring, predictable
revenue and operating cash flow. However, due to subscriber
acquisition costs, Alert 360 has historically had negative
GAAP-based free cash flow. It will remain a small-scale competitor
in a fragmented market.

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


ALLEGHENY SHORES: Seeks to Hire Campbell & Levine as Counsel
------------------------------------------------------------
Allegheny Shores, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Pennsylvania to hire Campbell & Levine,
LLC as its legal counsel.

The firm will render these services:

     a. give legal advice with respect to the Debtor's duties in
its Chapter 11 case and the management of assets;

     b. prosecute actions on behalf of the Debtor, defend actions
commenced against the Debtor, negotiate concerning all litigation
in which the Debtor is involved, object to claims filed against the
Debtor's estate, and take all necessary actions to protect and
preserve the estate;

     c. prepare legal papers;

     d. assist the Debtor in the formulation and implementation of
a plan of reorganization;

     e. assist the Debtor in the preparation and filing of a plan
of reorganization at the earliest possible date; and

     f. perform other legal services.

The firm will be paid at these rates:

     Attorneys:
     Douglas A. Campbell      $700 per hour
     Stanley E. Levine        $700 per hour
     David B. Salzman         $650 per hour
     Philip E. Milch          $625 per hour
     Mark S. Frank            $440 per hour
     Paul J. Cordaro          $440 per hour
     Jonathan G. Babyak       $440 per hour
     Shannon M. Clougherty    $385 per hour
     Frederick D. Rapone, Jr. $385 per hour
     Kathryn L. Harrison      $300 per hour
     Adam M. Levine           $240 per hour

     Paralegals:
     Heather Penn            $130 per hour
     Theresa M. Matiasic     $120 per hour
     Judy M. Boyle           $110 per hour

Campbell & Levine will also be reimbursed for out-of-pocket
expenses incurred.

David Salzman, Esq., a member of Campbell & Levine, 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 and does not
represent any interest adverse to the Debtors and their estates.

Campbell & Levine can be reached at:

     David B. Salzman, Esq.
     Campbell & Levine, LLC
     310 Grant Street, Suite 1700
     Pittsburgh, PA 15219
     Tel: (412) 261-0310
     Fax: 412-261-5066
     Email: dbs@camlev.com

                       About Allegheny Shores

Allegheny Shores LLC, a Pittsburgh, Pa.-based company engaged in
activities related to real estate, filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Court (Bankr. W.D. Penn.
Case No. 21-20386) on Feb. 25, 2021. Fabian Friedland, managing
member, signed the petition.  In the petition, the Debtor disclosed
assets of between $1 million and $10 million and liabilities of the
same range.

Jonathan G. Babyak, Esq., at Campbell & Levine, LLC, represents the
Debtor as legal counsel.


AMC ENTERTAINMENT: Reopens Nearly All US Theaters
-------------------------------------------------
Kelly Gilblom of Bloomberg News reported that AMC Entertainment
Holdings Inc. plans to have nearly all of its U.S. theaters open by
Friday, March 19, 2021, marking a symbolic milestone for a chain
that skirted bankruptcy during the depths of the pandemic.

The last remaining theaters it has left to reopen are mostly in
Southern California, where a surge in cases prevented health
officials from recommending cinemas resume work.  With those
screens coming back, 98% of AMC’s U.S. theaters will be operating
by March 19, with 99% online by the following week, AMC said in a
statement Wednesday, March 17, 2021.

                 About AMC Entertainment Holdings

AMC Entertainment Holdings, Inc., is engaged in the theatrical
exhibition business. It operates through theatrical exhibition
operations segment. It licenses first-run motion pictures from
distributors owned by film production companies and from
independent distributors.  The Company also offers a range of food
and beverage items, which include popcorn; soft drinks; candy; hot
dogs; specialty drinks, including beers, wine and mixed drinks, and
made to order hot foods, including menu choices, such as curly
fries, chicken tenders and mozzarella sticks.

AMC operates over 900 theatres with 10,000 screens globally,
including over 661 theatres with 8,200 screens in the United States
and over 244 theatres with approximately 2,200 screens in Europe.
The Company's subsidiary also includes Carmike Cinemas, Inc.

AMC was forced to shutter its theaters when the Covid-19 pandemic
struck in March 2020.  It has reopened its theaters but admissions
have been substantially low.

The world's biggest theater chain said in an October 2020 filing
that liquidity will be largely depleted by the end of 2020 or early
2021 if attendance doesn't pick up, and it's exploring actions that
include asset sales and joint ventures.


AMERICAN BUILDERS: Moody's Raises CFR to Ba2, Outlook Stable
------------------------------------------------------------
Moody's Investors Service upgraded American Builders & Contractors
Supply Co. dba ABC Supply Co., Inc.'s Corporate Family Rating to
Ba2 from B1 and Probability of Default Rating to Ba2-PD from B1-PD.
Moody's also upgraded the ratings on ABC's senior secured debt to
Ba2 from B1 and its senior unsecured notes to B1 from B3. The
outlook is stable.

The upgrade of ABC's CFR to Ba2 from B1 reflects Moody's
expectation that ABC will follow conservative financial policies,
maintain adjusted debt-to-LTM EBITDA below 3.0x over the next two
years, and benefit from end market dynamics that support growth.

The following ratings are affected by the action:

Upgrades:

Issuer: American Builders & Contractors Supply Co.

Corporate Family Rating, Upgraded to Ba2 from B1

Probability of Default Rating, Upgraded to Ba2-PD from B1-PD

Senior Secured Bank Credit Facility, Upgraded to Ba2 (LGD4) from
B1 (LGD4)

Senior Secured Regular Bond/Debenture, Upgraded to Ba2 (LGD4) from
B1 (LGD4)

Senior Unsecured Regular Bond/Debenture, Upgraded to B1 (LGD6)
from B3 (LGD6)

Outlook Actions:

Issuer: American Builders & Contractors Supply Co.

Outlook, Remains Stable

RATINGS RATIONALE

ABC's Ba2 CFR reflects Moody's expectation that the company will
benefit from ongoing demand for residential roofing repair, the
main driver of ABC's revenue. Moody's projects that ABC will
maintain solid credit metrics such as interest coverage, measured
as EBITA-to-interest-expense, will be about 6.0x by late 2022.
Moody's also forecasts good operating performance with adjusted
EBITDA margin sustained in the range of 10% - 12.5%. However, the
company may distribute materially large dividends in the future or
pursue a sizeable debt financed acquisition, which will remain
significant credit constraints. Also, ABC faces strong competition
in all of its markets from other roofing distributors and its
product mix is reliant on commodity-like products. These factors
make it difficult for ABC to expand margins beyond our projected
range and to significantly grow market share.

The stable outlook reflects Moody's expectation that ABC will
maintain conservative financial policies, such as preserving very
good liquidity and keeping leverage below 3.0x.

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

Factors that could lead to an upgrade:

- Debt-to-LTM EBITDA is sustained near 2.5x

- Preservation of very good liquidity

- Maintain conservative financial policies

Factors that could lead to a downgrade:

- Debt-to-LTM EBITDA is maintained above 3.5x

- The company's liquidity profile deteriorates

- Aggressive acquisition or dividend initiatives

ABC Supply Co., Inc., headquartered in Beloit, Wisconsin, is one of
the largest wholesale distributors of building materials in the US.
Ms. Diane M. Hendricks through Diane M. Hendricks Enterprises, Inc.
(DMHE) controls all the shares of the company.

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


ANDREW JOSEPH BLANCHARD: Selling Interest in Bayou for $12K
-----------------------------------------------------------
Andrew Joseph Blanchard and Christine Laurent Blanchard, and Lewey
Taylor, a party in interest in the proceeding, ask the U.S.
Bankruptcy Court for the Eastern District of Louisiana to authorize
their private sale of their 49% membership interest in Bayou Blue
Hemp, LLC ("Company") to Mr. Taylor for $12,000, free and clear of
all liens, claims, privileges, encumbrances and interests.

During the course of the Debtors' Chapter 11 proceeding, the
Company was formed and organized by Mr. Taylor and Mr. Blanchard,
via Articles of Organization filed with the Louisiana Secretary of
State on April 24, 2020.  The only other member of the Company is
Mr. Taylor, who holds a majority of the membership interests in
said limited liability company.

Pursuant to the Minutes of the First Official Meeting of the
Members and Prospective Members of Bayou Blue Hemp, LLC, 100 units
were authorized and granted by the Company, which units were
distributed to the only two  members of the said Company as
follows: (i) Mr. Taylor will own fifty-one units, at a value of
$100.00, for said 51% membership interest, represented by
Certificate number one; and  (ii) Andrew Blanchard will own
forty-nine units, at a value of $100.00, for said 49% membership
interest, represented by Certificate number two.  The Company's
operations consisted of the sale of hemp derived products, and said
company does not own nor did it ever acquire any real property.

Pursuant to the provisions of the Operating Agreement of Bayou Blue
Hemp, LLC, made effective as of April 24, 2020, the managers
thereof will not receive any salary, fee, or draw for services
rendered to or on behalf of the Company, nor will the managers be
reimbursed for any expenses incurred by such manager on behalf of
the Company, save and except that (i) the managers will receive a
salary, if any is determined by the members owning 51% of the
voting membership/equity ownership in the Company; and (ii) the
managers will be reimbursed for all out-of-pocket expenses for
company business.

Under the further terms and provisions of the Operating Agreement,
and as a requirement of membership, Mr. Blanchard and Mr. Taylor
agreed that each will actively work for the benefit of the company
for at least 40 hours per month and that, during this term, Mr.
Blanchard must manage and perform the sale and distribution of
Company products and associated logistics, marketing of Company
products and the management of the sales staff.

Under the further terms and provisions of the Operating Agreement,
if either member will breach the requirement to actively and in
good faith perform the tasks assigned thereto, and if there is a
breach due to the failure of the member to work for the benefit of
the Company, after receiving notice of such breach, the breaching
member has 30 days to cure the alleged breach.  Absent the
breaching member's timely cure of his breach, the Company will have
the right to collect or purchase all of his membership interest in
the Company and the breaching member will be required to relinquish
all of his membership interest upon and at a price and in a manner
and form as determined in accordance with the applicable provisions
of that agreement.

On April 29, 2020, the Debtors amended their Voluntary Petition and
elected to proceed under The Small Business Reorganization Act
("SBRA") in the Chapter 11 proceeding.  On Dec. 16, 2020, a
Notification of Breach was issued to Mr. Blanchard by the Company,
therein notifying Mr. Blanchard of his breach of the requirement to
work in accordance with section 13.6 of the Company's Operating
Agreement.

On Jan. 26, 2021, the Debtors filed a First Modified Plan of
Reorganization for Small Business Debtors Dated Jan. 27, 2021,
under the provisions of which the Plan is to be funded as follows:


     (1) By the debtor Christine Blanchard withdrawing her
retirement proceeds from Merrill Lynch with a current value of
$50,665, for deposit into the DIP bank account, which amount is
earmarked, along with the existing DIP bank account balance of
$19,346.27 to fund the $28,177 "Lump Sum Payment," to Class 9
creditors and to pay the Allowed Administrative claims.

     (2) By the Debtors devoting 50% of any Adversary Proceeding
Net Proceeds (if any) as an additional distribution to Class 9
Unsecured Creditors.  

     (3) By the Debtors paying Administrative Claims from the DIP
Bank Account after court approval. If there are insufficient funds
in account to fund the Approved Administrative Fees, less a $5,000
cushion to be maintained in the DIP Bank Account (or whatever bank
account that the Debtors will maintain on a post-confirmation basis
in order to make Plan Payments), the Debtors will make a second
withdrawal from the Retirement Account in order to fund the
shortfall.  

     (4) By the Debtors' utilizing their ongoing monthly income to
pay the secured claims of Shell Point Mortgage, SPS Mortgage, WBL
and Ford Credit.

Prior thereto, more than 30 days had elapsed since the mailing of
the Notification of Breach to Andrew Blanchard by Bayou Blue Hemp,
LLC and said debtor failed to cure or satisfy his breach of the
Company's Operating Agreement.

On Feb. 4, 2021, the Court entered an Order Confirming Debtors
Chapter 11 Subchapter V Plan of Reorganization (P-224), under the
provisions of which, pursuant to Section 1141(b) of the Bankruptcy
Code, and unless as otherwise provided in the Plan or in the
Confirmation Order, all property of the estate vested in the
Debtors.

At present, the working arrangement and/or relationship by and
between the Mr. Blanchard and Mr. Taylor, with respect to the work
requirements under the Operating Agreement, have become strained
and simply unworkable.

As a result of the foregoing, Mr. Taylor has made an offer to Mr.
Blanchard to purchase the Debtors' 49% membership interest in Bayou
Blue Hemp, LLC for the price and sum of $12,000, free and clear of
all liens, claims, privileges, encumbrances and interests, all as
more fully reflected in the Assignment of Membership Interest.
Under the terms and provisions of the Assignment of Membership
Interest, the Debtors are to receive the sum of $12,000 for their
49% membership interest in the Company.  Further, Mr. Blanchard
will no longer be burdened with any of the terms and/or liabilities
of the Operating Agreement from the date of the sale of his
interest going forward, and any and all claims and/or causes of
action of the Debtors as to the Company and/or Mr. Taylor, and any
and all claims and/or causes of action of Mr. Taylor as to Mr.
Blanchard are resolved and released as part of the acquisition.

There are no known liens, claims or privileges with respect to the
Debtors' membership interest in the Company, and the sale of that
membership interest will assist in the implementation of their Plan
previously confirmed in the within Chapter 11 proceeding.

Pursuant to the Motion and sections 363(b)(1) and/or (f) of the
Bankruptcy Code, the Debtors ask the entry of an order authorizing
them to sell their 49% membership interest in the Company to Mr.
Taylor for the sum of $12,000 free and clear of all liens, claims,
privileges, encumbrances and interests.

A copy of the Agreement is available at
https://tinyurl.com/ej2r8fsk from PacerMonitor.com free of charge.

Andrew Joseph Blanchard and Christine Laurent Blanchard sought
Chapter 11 protection (Bankr. E.D. La. Case No. 19-12440) on Sept.
10, 2019.  The Debtors tapped Robin R. DeLeo, Esq., as counsel.



APG SUBS: Sub Krazy Buying Store No. 2106 Assets for $25K
---------------------------------------------------------
APG Subs, Inc., asks the U.S. Bankruptcy Court for the District of
Maryland to authorize the private sale of its equipment, inventory,
goodwill, and other assets located at Store No. 2106 at 303
Fallston Blvd., in Fallston, Maryland, to Sub Krazy, LLC for
$25,000, free and clear of all liens and encumbrances.

Linkus Investments, LLC, assignee of Xenith Bank, a Division of
Atlantic Union Bank, Respondent, is a limited liability corporation
organized under and doing business within the State of Maryland.

The Debtor operates a Subway® restaurant at the Store.  Linkus, as
assignee of Xenith Bank, holds security interests in all of the
assets, tangible and intangible, located at the Store pursuant to a
Promissory Note and certain Commercial Security Agreements each
dated Feb. 16, 2017, duly perfected by the recordation of financing
statements which lien has been extended post-petition and
determined to be in the initial principal amount of $205,000
pursuant to the terms and conditions of a Consent Cash Collateral
Order entered on Oct. 7, 2019 on which restructured secured debt
post-petition payments have been made to Linkus.  Linkus consents
to the sale of the Debtor's assets free and clear of its lien, with
its lien attaching to the proceeds to be paid to Linkus at
settlement and thereafter from the promissory note.

APG received an offer for the purchase of its assets at the Store.
The offer from the Buyer was set forth in a Contract of Sale dated
March 5, 2021, for the purchase price of $25,000 payable through a
down payment of $10,000 of which an initial $5,000 deposit has been
paid to the buyer's attorneys as escrow agent, and the debtor
taking back promissory note in the original principal amount of
$15,000 payable at 5% per annum over a term of one year, for the
Debtor's Assets located at the Store.

The Debtor has been operating the Store for several years.  The
Store is the lowest volume business operated by the debtor and is
the lowest volume business operated by any of the
jointly-administered debtors.  Subway® corporate has required
renovations to the business premises, the cost of which renovations
are to be reimbursed to the Debtor by the Buyer.  Subway®
corporate has also required that the debtor extend the operating
hours of the Store which will increase operating costs and
significantly decrease any profitability.

The Contract of Sale contains a contingency for the approval of the
Court and for the assignment to the buyer of ta Sub-Sublease for
the business premises.  The franchise for the Store is held by Mr.
Harry Middlebrooks, not by the Debtor.  The Buyer is a Subway®
franchisee and the Debtor anticipates approval of the transfer of
the Subway® franchise to the Buyer.

The Contract of Sale also contains a contingency for the assignment
of the Sub-Sublease to the Buyer.  The Debtor avers that the
Sub-Sublease for the Store is not owned by APG; the Sub-Sublease
for the Store is in also held by Mr. Harry Middlebrooks.  It also
avers that the $25,000 proceeds of the Contract of Sale will be
paid to Linkus pursuant to its lien against the assets to be sold
under the Contract of Sale.

The Debtor believes and therefore avers that the purchase price
under the Contract of Sale is fair and reasonable in light of its
scheduled value of $15,000 for its equipment.  Itavers that the
remaining proceeds of sale of $10,000 is attributable to Goodwill,
an intangible asset against which Linkus also holds a perfected
security interest as set forth in the Cash Collateral Order.

The Debtor believes and therefore avers that the proposed sale free
and clear of all liens and encumbrances with Linkus' lien attaching
to the proceeds of sale to be paid to Linkus at settlement and from
the proceeds of the Promissory Note to be executed by the Buyer at
settlement would be in the best interest of its bankruptcy estate
in that it reduces the secured debt due under the Cash Collateral
Order which, in turn, would generate greater funds ultimately to be
distributed to other creditors, including priority taxing
authorities.

A copy of the Contract is available at https://tinyurl.com/33dy47f5
from PacerMonitor.com free of charge.

The Purchaser:

           SUB KRAZY, LLC
           c/o Jeffrey J Kappus
           717 Tobacco Run Drive
           Bel Air, MD 21015

The Purchaser is represented by:

           Gregory A. Szoka, Esq.
           STARK & KEENAN, P.A.
           30 Office Street
           Bel Air, MD 21014

                       About APG Subs Inc.

APG Subs, Inc., based in Edgewood, MD, and its affiliates sought
Chapter 11 protection (Bankr. M.D. Lead Case No. 19-18315) on June
19, 2019.  In the petition signed by Raymond Burrows, III,
president, the Debtor APG Subs. disclosed total assets of $28,177,
and estimated total liabilities of $1,268,112 in both assets and
liabilities.  The Hon. David E. Rice oversees the case.  Marc R.
Kivitz, Esq., at the Law Office of Marc R. Kivitz, serves as
bankruptcy counsel to the Debtors.



APX GROUP: Moody's Completes Review, Retains B3 Credit Rating
-------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of APX Group, 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.

Vivint's B3 credit rating is constrained by its persistently high
leverage due to incremental debt issuances to support top-line
growth, as well as historically negative free cash flows due to
subscriber acquisition expenses related to this growth strategy.
Moody's anticipates Vivint will maintain high leverage levels.
Operational performance through the COVID-19 has proven
surprisingly resilient. In an effort to reduce cash spending in
response to the weakened operating caused by the pandemic, Vivint
is cutting back on its normally aggressive subscriber acquisition
efforts. These steps, plus unanticipated revenue strength, have
enabled the company to generate positive GAAP-based free cash flow.
Vivint's rating is supported by improved leverage and liquidity
following an early-2020 SPAC transaction, the generally recurring
and predictable nature of its subscriber contracts, and an
impressive track record of product innovation that has led to
market-leading ARPU levels.

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


ARAMARK CORP: S&P Affirms 'BB-' ICR, Outlook Stable
---------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer credit rating on the
food, facilities, and uniform services provider, U.S.-based Aramark
Corporation. Its issue-level ratings are not affected.

S&P said, "The stable outlook reflects our expectation that demand
for Aramark's services will begin to recovery this spring,
meaningfully improving profit and credit metrics. We expect
adjusted leverage as of Sept. 30, 2021, to fall below 9x (including
around 7.5x annualized leverage in the second half) with further
improvement to about 5x by Sept. 30, 2022."

Improving coronavirus conditions bode well for a gradual return to
near normalcy, which should benefit many of Aramark's socially
related services. Since the start of the COVID-19 pandemic about a
year ago, more people have been exposed to the virus and thus may
have at least temporary immunity. In addition, vaccines are now
available in the U.S. S&P said, "We believe over the next few
months most people in the U.S. should be able to get vaccinated. We
also believe coronavirus-related statistics are improving and that
governments will continue to gradually loosen restrictions, subject
to no unexpected materially negative virus developments." This
should allow more people to gradually return closer to pre-COVID-19
social and spending habits.

S&P said, "In our opinion, demand will improve for its business and
industry (B&I, 19% of sales), education (23%, the majority of which
is higher education), and sports and leisure (12%) segments, though
these verticals face an extended road to recovery. We assume the
B&I sector--which caters to both less affected blue-collar and more
affected white color employees--will remain about 50% below
pre-COVID-19 sales in 2021 before strengthening to 80%-85% in 2022.
We assume the education sector, which serves both higher education
and K-12 clients (the latter of which has been less affected due to
government-supported meal programs), is expected to reach 65% of
pre-COVID-19 sales in 2021 before bouncing back to over 90% in
2022. Sports and leisure, which includes concession services at
professional and collegiate athletic facilities as well as
entertainment and recreational facilities such as national parks,
should reach 60% of pre-COVID-19 sales in 2021 and over 90% in
2022. We view positively the National Football League season, which
was completed without missed games and some fans in attendance, and
the beginning of Major League Baseball with limited fan attendance
expected on opening day."

S&P expects less affected sectors, including health care (9%),
corrections (around 5%), facilities (16%, including cleaning and
maintenance), and uniforms (16%) to perform reasonably well, though
facilities and uniforms are somewhat cyclical.

Credit ratios will be restored commensurate with the rating,
although not until 2022. S&P said, "Aramark's adjusted
leverage—which we estimate was close to 15x as of Jan. 1,
2021--is well above our prior expectations because of weaker than
expected profitability, including in the quarter ended Jan 1, 2021,
which was negatively impacted by an unexpected return to lockdowns.
We expect further moderate deterioration for the quarter ending
March 30, 2021. Nevertheless, we believe credit metric improvement
has only been deferred, and the path to recovery is about to
commence, with adjusted EBITDA for the second half of 2021 reaching
60% of pre-COVID-19 levels and 90% in fiscal 2022. Improving virus
conditions are the critical factor." In addition, Aramark should
catch the expected industry tailwinds because of its high client
retention rates through the pandemic, its ability to work with
customers to limit loses by temporarily adjusting certain
profit-and-loss (P&L) contracts to fee-based structures (which
should shift back to more profitable P&L structures after reaching
volume thresholds), potentially increased self-operator
conversions, and strong liquidity.

S&P said, "Pandemic risks remain, though the probability has
diminished. COVID-19 virus variants could derail our expected path
to recovery, especially if they prove significantly more lethal,
damaging to health, contagious, or vaccine-resistant than the
original strain. Our base-case forecast does not assume such events
materialize. We also believe the economy will stay on a path to
recovery, however, it's possible small businesses and certain
consumers have been financially damaged by the pandemic,
potentially reducing private sector spending.

"The stable outlook reflects our expectation that demand for
Aramark's services will begin to recover this spring, meaningfully
improving profit and credit metrics thereafter. We expect adjusted
leverage as of Sept. 30, 2021, to fall below 9x (including around
7.5x annualized leverage in the second half of the year) with
further improvement to about 5x by Sept. 30, 2022.

"We could lower our rating at any point over the next year if
demand for Aramark's services remains well below our base-case
forecast, which could result in a forecast revision indicating
adjusted leverage sustained above 6x as of Sept. 30, 2022.
Potential catalysts include an unexpected resurgence of the
pandemic, possibly due to vaccine-resistant variants or vaccines
that prove to be less effective than expected, sustained depressed
demand for food away from home (such as coronavirus-induced
hesitancy, substantially increased work-from-home employment
policies, or a material reduction in higher education enrollment or
onsite learning), substantial food cost volatility, an inability to
effectively manage the workforce, or a meaningful economic
downturn. We could also lower our rating if liquidity--a credit
strength--declines materially.

"While unlikely over the next year, we could raise the rating if
demand for Aramark's services returns close to pre-COVID-19 levels,
resulting in adjusted leverage sustained below 5x. This could occur
if there are no significant pandemic-induced or economic headwinds,
and people return close to pre-COVID-19 social and spending habits.
We would also need to reassess Aramark's financial policies,
including the potential to use its balance sheet for debt-financed
acquisitions or share buybacks."


ARMATA PHARMACEUTICALS: Incurs $22.2 Million Net Loss in 2020
-------------------------------------------------------------
Armata Pharmaceuticals, Inc., filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing a net
loss of $22.18 million on $823,000 of grant revenue for the year
ended Dec. 31, 2020, compared to a net loss of $19.48 million on $0
of grant revenue for the year ended Dec. 31, 2019.

As of Dec. 31, 2020, the Company had $39.52 million in total
assets, $20.66 million in total liabilities, and $18.86 million in
total stockholders' equity.

San Diego, California- based Ernst & Young LLP, the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated March 18, 2021, citing that the Company has suffered
recurring losses and negative cash flows from operations and has
stated that substantial doubt exists about the Company's ability to
continue as a going concern.

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

https://www.sec.gov/Archives/edgar/data/921114/000155837021003202/armp-20201231x10k.htm

                   About Armata Pharmaceuticals

Armata Pharmaceuticals, Inc., f/k/a AmpliPhi Biosciences
Corporation -- http://www.armatapharma.com/-- is a clinical-stage
biotechnology company focused on the development of precisely
targeted bacteriophage therapeutics for the treatment of
antibiotic-resistant infections using its proprietary
bacteriophage-based technology.  Armata is developing and advancing
a broad pipeline of natural and synthetic phage candidates,
including clinical candidates for Pseudomonas aeruginosa,
Staphylococcus aureus, and other pathogens.  In addition, in
collaboration with Merck, known as MSD outside of the United States
and Canada, Armata is developing proprietary synthetic phage
candidates to target an undisclosed infectious disease agent.
Armata is committed to advancing phage with drug development
expertise that spans bench to clinic including in-house phage
specific GMP manufacturing.


ASPEN JERSEY: S&P Alters Outlook to Stable, Affirms 'B-' ICR
------------------------------------------------------------
S&P Global Ratings affirmed its ratings on Aspen Jersey Topco Ltd.
(doing business as Aptos), including the 'B-' issuer credit rating,
and revised the outlook to stable from negative.

The stable outlook reflects that Aptos, under more favorable
macroeconomic conditions and contributions from its Revionics and
LS Retail acquisitions, will grow revenue about 50%, generate free
operating cash flow of at least $15 million, and maintain leverage
below 8x over the next 12 months.

The company's recent performance was better than expected. Knock-on
effects from the COVID-19 pandemic did create operating headwinds,
as demand was significantly depressed in the second and third
quarters of its fiscal year 2020. While this fueled an overall
sales contraction of 15% for the year and hurt operating leverage,
much of it was felt in the company's short-cycle revenue stream,
such as PS and hardware, which carry below-corporate average
margin. Moreover, addressing its cost structure and cash
collections helped it sustain EBITDA margins, cash flow generation,
and credit metrics at levels better than we initially expected.
Specifically, the company generated $20 million of cash flow from
the Goldman leveraged buyout's closing (March 2020) to Dec. 31,
2020, and its S&P Global Ratings-adjusted leverage was around
7.8x.

Stabilizing demand will likely support organic revenue growth  
Although revenue declined overall in fiscal 2020, Aptos experienced
solid sequential growth in its fourth-quarter revenues. S&P said,
"We believe this was because the economy reopened and preferences
shifted to e-commerce which, compared to a brick-and-mortar
business model, requires the omnichannel software offerings
companies like Aptos provide. Considering that e-commerce should
continue to grow coming out of the pandemic and ongoing
macroeconomic uncertainty is now subsiding, we expect Aptos'
organic revenue to modestly increase over the next 12 months in
line with the expected pick-up in the broader economy."

Incremental debt will weaken credit metrics.   Aptos disclosed that
it recently issued $125 million of privately placed senior secured
notes to help fund the purchase of LS Retail. S&P said, "We
estimate that with this incremental debt, Aptos' S&P Global
Ratings-adjusted leverage for the 12 months ending Dec. 31, 2020
would be about 10.5x. That said this does not factor the expected
earnings contributions from LS Retail and Revionics and on a
proforma basis we estimate that leverage would be closer to 9x. We
also anticipate that contributions LS Retail and Revionics,
alongside better operating leverage and ongoing productivity
improvement initiatives, should enable the company's debt leverage
to drop below 8.5x by the end of 2021."

LS Retail and Revionics provide scale, diversification, and growth
opportunities.  Under the new owner Goldman, Aptos has completed
two acquisitions, LS Retail (February 2021), a leading commerce
software provider serving blue-chip and mid-market customers across
140 countries through its network of 370 channel partners in the
retail and hospitality businesses, and Revionics (September 2020),
a leading pricing optimization software provider to grocery, drug,
and convenience retail verticals. S&P said, "In our view, if
successfully integrated, these acquisitions should expand Aptos'
scale and presence across retail end markets. They should also
increase revenue streams, provide additional revenue stability, and
broaden product capabilities, which we think could reinforce its
existing Tier 1 retailer relationships and provide attractive
cross-selling and cost-saving opportunities. That said, even with
these benefits, Aptos will still have a narrow end-market focus,
and its scale and profitability will remain weaker than many of its
software peers we rate."

Further acquisition activity could preclude future deleveraging.
New owner Goldman has completed two acquisitions since taking
ownership of Aptos: Revionics, funded entirely with additional
equity, and LS Retail, mainly financed with incremental debt. S&P
said, "Given the need to integrate and extract synergies from these
transactions, we are not forecasting any acquisitions within the
next 12 months. That said, if these integrations are successful and
operating performance is in line with our forecast, we think
leverage could drop below 6x in fiscal 2022. At these levels,
though, considering our view that growth is a key aspect of
Goldman's investment strategy, there could be a willingness to add
additional leverage for additional acquisitions. We also believe
that there could also be potential for a dividend recapitalization
of the company, given Goldman's follow-on equity contributions to
the business. As such, we are uncertain if its credit metrics will
remain below 6.5x over the next 12-24 months."

S&P said, "The stable outlook reflects our expectation for Aptos,
under more favorable macroeconomic conditions and contributions
from its Revtronics and LS Retail acquisitions, to grow revenue
about 50%, generate free operating cash flow (FOCF) generation of
at least $15 million, and maintain leverage below 8.5x over the
next 12 months."

S&P could lower the rating if:

-- Prolonged business disruptions or a continued decline in
earnings increase leverage toward the 10x area; or

-- FOCF turns negative, with limited prospects for improvement.

Although unlikely over the next 12 months, S&P could raise the
rating if it expects leverage to improve to and remain below 6.5x.
For this to occur, Aspen Jersey:

-- Would need to significantly increase profitability and FOCF;
and

-- Demonstrate a financial policy that prioritizes debt repayment
over shareholder returns and acquisitions.


AUTOKINITON US: S&P Assigns 'B' Rating on New $810MM Term Loan B
----------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '3'
recovery rating to Autokiniton US Holdings Inc.'s (AGG) new $810
million term loan B maturing in March 2028. The '3' recovery rating
indicates our expectation for average (50%-70%; rounded estimate:
50%) recovery for lenders in a default scenario.

The company plans to use the proceeds from this term loan to redeem
its existing $100 million term loan A, $439 million first-lien term
loan B-1, and $250 million first-lien term loan B-2.

S&P said, "Our 'B' issuer credit rating on AGG is unchanged because
we consider this to be a roughly leverage-neutral transaction.

"Our positive outlook on AGG reflects that there is at least a
one-in-three chance we will raise our rating in 2021 if the
recovery of light-vehicle demand in the U.S. supports a sustained
improvement in its credit metrics."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P's simulated default scenario contemplates a payment default
occurring in 2024, likely due to the loss of key original equipment
manufacturer (OEM) contracts and lower auto production, which lead
to excess capacity and plant inefficiencies. Due to these factors,
its cash flow deteriorates to the point that it cannot cover its
fixed charges.

-- S&P believes AGG would remain a viable business given the
continued demand for its products and its established OEM
relationships. Therefore, S&P believes it would reorganize rather
than liquidate following a payment default.

-- S&P values the company on a going-concern basis using a 5x
multiple of its projected emergence EBITDA. This is consistent with
its treatment of its auto supplier peers.

-- Tower became a wholly-owned domestic subsidiary of AGG, the
borrower of the revolver and first-lien term loan, on Sept. 30,
2019. All of AGG's wholly-owned U.S. subsidiaries, which account
for more than 95% of the combined entity's EBITDA, will guarantee
the secured debt.

Simulated default assumptions

-- Simulated year of default: 2024
-- Emergence EBITDA: $124 million
-- EBITDA multiple: 5x

Simplified waterfall

-- Gross emergence value: $618 million

-- Valuation split (obligors/nonobligors): 98%/2%

-- Net recovery value after 5% administrative costs: $588 million

-- Priority (asset-based lending [ABL] revolver) claims at
obligors: $153 million

-- Value available to first-lien claims: $431 million

-- Secured first-lien claims: $820 million

   --Recovery expectations: 50%-70% (rounded estimate: 50%)


AVERY COMMERCIAL: Seeks to Hire Carl M. Barto as Bankruptcy Counsel
-------------------------------------------------------------------
Avery Commercial Small C, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire the Law
Office of Carl M. Barto as its bankruptcy counsel.

The firm will render these services:

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

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

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

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

     e. prepare and file proofs of claims, analyze claims and, when
appropriate, object to claims filed on behalf of creditors;

     f. represent the Debtor at court hearings and other
proceedings;

     g. review and analyze legal papers filed with the court and
advise the Debtor as to their propriety;

     h. assist the Debtor in preparing legal papers, including
motions to sell assets;

     i. draft, file and serve the Debtor's disclosure statement and
plan of reorganization;

     j. solicit ballots and prove up the elements for confirmation
of the Debtor's plan; and

     k. perform other legal services.

The Law Office of Carl M. Barto will be paid at these rates:

     Attorney             $350 per hour
     Paralegals            $90 per hour

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

Carl Barto, Esq., a partner at the Law Office of Carl M. Barto,
disclosed in a court filing 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 at:

     Carl M. Barto, Esq.
     Law Office of Carl M. Barto
     817 Guadalupe St.
     Laredo, TX 78040
     Tel: (956) 725-7500
     Fax: (956) 722-6739
     Email: cmblaw@netscorp.net

                    About Avery Commercial Small C

Avery Commercial Small C, LLC sought protection under Chapter 11 of
the Bankruptcy Code on Feb. 22, 2021 (Bankr. S.D. Texas Case No.
21-50020).  Brian T. Moreno, the Debtor's vice president and chief
operating officer, signed the petition.  In the petition, the
Debtor disclosed total assets of $4,985,519 and total liabilities
of $3,398,302.  

The Debtor is represented by Carl M. Barto, Esq., at the Law
Offices of Carl M. Barto.


BLACKBOARD INC: Moody's Completes Review, Retains B3 Rating
-----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Blackboard, 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.

Blackboard's ratings are pressured by ongoing challenges from the
business-model transition to a SaaS-delivery platform, challenges
that may be exacerbated by the COVID-19 pandemic's potentially
negative impact on college enrollment and, in turn, subscription
renewals. Ratings are also pressured by weak top line growth,
offset somewhat by Blackboard's continued focus on operating and
cost-saving initiatives, which will enable the company to generate
only slightly positive free cash flow. Adequate liquidity supports
the ratings, and highly seasonal liquidity needs, corresponding
with an academic year, require heavy borrowing under Blackboard's
ample revolver. While Blackboard's debt leverage is high, it is not
excessive for a B3-rated LMS provider with highly recurring
revenues from a diversified customer base.

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


BLACKJEWEL LLC: Court Approves Chapter 11 Liquidation Plan
----------------------------------------------------------
Alex Wolf of Bloomberg Law reports that Blackjewel LLC overcame
objections from former CEO Jeffery Hoops to win approval of a
Chapter 11 liquidation plan that preserves litigation against him
for allegedly transferring money from the company to enrich his own
family.

The Plan approved Friday, March 19, 2021, impairs creditors holding
secured and unsecured claims, including those with administrative
priority.  It also contemplates a settlement worth up to $17.3
million with former employees who sued for being terminated without
sufficient notice.

Unsecured creditors are projected to recover up to 15% on claims
totaling between $292 million and $364 million, according to court
filings.

                      About Blackjewel LLC

Blackjewel L.L.C.'s core business is mining and processing
metallurgical, thermal and other specialty and industrial coals.
Blackjewel operates 32 properties, including surface and
underground coal mines, preparation or wash plants, and loadouts or
tipples. Combined, Blackjewel and its affiliates hold more than 500
mining permits. Operations are located in the Central Appalachian
Basin in Virginia, Kentucky and West Virginia and the Powder River
Basin in Wyoming.

Blackjewel L.L.C. and four affiliates filed voluntary petitions
seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
W.Va. Lead Case No. 19-30289) on July 1, 2019. Blackjewel was
estimated to have $100 million to $500 million in assets and $500
million to $1 billion in liabilities as of the bankruptcy filing.

The Hon. Frank W. Volk is the case judge.

The Debtors tapped Squire Patton Boggs (US) LLP as bankruptcy
counsel; Supple Law Office, PLLC as local bankruptcy counsel; FTI
Consulting Inc. as financial advisor; Jefferies LLC as investment
banker; and Prime Clerk LLC as the claims agent.

The Office of the U.S. Trustee on July 3, 2019, appointed five
creditors to serve on the official committee of unsecured creditors
in the Chapter 11 case of Blackjewel LLC. Whiteford Taylor &
Preston LLP is the Committee's counsel.


BLACKJEWEL LLC: Gets Court Nod to Abandon 32 Coal Mines
-------------------------------------------------------
Law360 reports that a federal bankruptcy judge on Friday, March 19,
2021, gave coal miner Blackjewel LLC the go-ahead to abandon
cleanup obligations at 33 coal mines it formerly ran in Kentucky,
which environmental groups called a potentially precedent-setting
ruling amid declining demand for thermal coal.

U.S. Bankruptcy Judge Benjamin A. Khan gave the abandonment
approval after days of hearings in the case, which began in 2019
when the coal mine company declared Chapter 11 in West Virginia
bankruptcy court amid liquidity issues. The judge's order, in
addition to giving Blackjewel a pass on its obligations at the 33
coal mines.

                      About Blackjewel LLC

Blackjewel L.L.C.'s core business is mining and processing
metallurgical, thermal and other specialty and industrial coals.
Blackjewel operates 32 properties, including surface and
underground coal mines, preparation or wash plants, and loadouts or
tipples.  Combined, Blackjewel and its affiliates hold more than
500 mining permits. Operations are located in the Central
Appalachian Basin in Virginia, Kentucky and West Virginia and the
Powder River Basin in Wyoming.

Blackjewel L.L.C. and four affiliates filed voluntary petitions
seeking relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
W.Va. Lead Case No. 19-30289) on July 1, 2019. Blackjewel was
estimated to have $100 million to $500 million in assets and $500
million to $1 billion in liabilities as of the bankruptcy filing.

The Hon. Frank W. Volk is the case judge.

The Debtors tapped Squire Patton Boggs (US) LLP as bankruptcy
counsel; Supple Law Office, PLLC as local bankruptcy counsel; FTI
Consulting Inc. as financial advisor; Jefferies LLC as investment
banker; and Prime Clerk LLC as the claims agent.

The Office of the U.S. Trustee on July 3, 2019, appointed five
creditors to serve on the official committee of unsecured creditors
in the Chapter 11 case of Blackjewel LLC. Whiteford Taylor &
Preston LLP is the Committee's counsel.


BLADE GLOBAL: Seeks to Hire Berliner Cohen as Special Counsel
-------------------------------------------------------------
Blade Global Corporation seeks approval from the U.S. Bankruptcy
Code for the District of Northern District of California to hire
Berliner Cohen, LLP as its special corporate counsel.

The Debtor needs the firm's legal assistance in connection with
Jezby Ventures, Inc.'s offer to purchase the assets of the Debtor
and Blade SAS.

The firm will be paid at these rates:

     James F. Landrum, Jr.   $645 per hour
     Legal Assistants        $150 to $295 per hour

Berliner Cohen is a disinterested person as that term is defined in
Section 101(14) of the Bankruptcy Code, according to court papers
filed by the firm.

The firm can be reached through:

     James F. Landrum, Jr., Esq.
     Berliner Cohen, LLP
     10 S Almaden Blvd #1100
     San Jose, CA 95113
     Phone: +1 408-286-5800
     Email: jay.landrum@berliner.com

                         About Blade Global                

Blade Global Corporation, a company that provides data processing,
hosting and related services, filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Calif.
Case No. 21-50275) on March 1, 2021.  Perry Michael Fischer, sole
director, signed the petition.  At the time of filing, the Debtor
estimated $50 million to $100 million in assets and $10 million to
$50 million in liabilities.

Judge M. Elaine Hammond oversees the case.

Binder & Malter, LLP and Berliner Cohen, LLP serve as the Debtor's
bankruptcy counsel and special corporate counsel, respectively.


BLITZ USA: Fred's Store Faces Gas-Can Burn Suits Despite Bankruptcy
-------------------------------------------------------------------
Martina Barash of Bloomberg Law reports that an internally
inconsistent court order from gasoline can maker Blitz USA Inc.'s
bankruptcy doesn't protect a unit of retailer Fred's Inc. from a
pair of suits over a boy's severe burn injuries, the South Carolina
Supreme Court ruled.

Fred's Stores of Tennessee Inc. didn't contribute to a trust fund
for injury claims, and thus wasn't intended to be released from
lawsuits, the state high court said Wednesday, March 17, 2021.

Fred's Inc. itself filed for bankruptcy in September 2019 and got
its liquidation plan approved in June 2020.

                        About Blitz U.S.A.

Blitz U.S.A. Inc., is a Miami, Oklahoma-based manufacturer of
plastic gasoline cans. The company, controlled by Kinderhook
Capital Fund II LP, filed for bankruptcy protection to stanch a
hemorrhage resulting from 36 product-liability lawsuits.

Parent Blitz Acquisition Holdings, Inc., and its affiliates filed
for Chapter 11 protection (Bankr. D. Del. Case Nos. 11-13602 thru
11-13607) on Nov. 9, 2011. The Hon. Peter J. Walsh presides over
the case.

Blitz USA disclosed $36,194,434 in assets and $41,428,577 in
liabilities in its schedules.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
represents the Debtors in their restructuring efforts.  Young
Conaway Stargatt & Taylor LLP represents Debtors LAM 2011 Holdings,
LLC and Blitz Holdings, Inc.  The Debtors tapped Zolfo Cooper, LLC,
as restructuring advisor; and Kurtzman Carson Consultants LLC
serves as notice and claims agent. SSG Capital Advisors LLC serves
as investment banker.

Lowenstein Sandler PC from Roseland, New Jersey, as well as Womble
Carlyle Sandridge & Rice, LLP, of Wilmington, Delaware, represent
the Official Committee of Unsecured Creditors.

The Chapter 11 case is financed with a $5 million secured loan from
Bank of Oklahoma. Bank of Oklahoma, as DIP agent, is represented by
Samuel S. Ory, Esq., at Frederic Dorwart Lawyers in Tulsa.

In April 2012, Hopkins Manufacturing Corp. acquired the assets of
Blitz USA's unit, F3 Brands LLC, a major manufacturer of oil
drains, drain pans, lifting aids and automotive ramps.  Blitz USA
said in court documents the sale netted the Debtors $14.6 million,
which was applied against secured debt.

Blitz announced in June 2012 it would abandon its efforts to
reorganize and instead to shut down operations by the end of July.
In September that year, the Troubled Company Reporter, citing
Sheila Stogsdill at Tulsa World, reported that the Bankruptcy Court
approved a $9.5 million offer from Toronto, Canada-based Scepter
Corporation to purchase Blitz USA, according to Philip Monckton,
Scepter's vice president of sales and marketing. Scepter bought
land, equipment and other assets. Scepter supplies about 20% of the
USA market with gas cans. The report said the sale was to become
final on Sept. 28, 2012.

Blitz U.S.A., Inc., et al., notified the U.S. Bankruptcy Court for
the District of Delaware that the Effective Date of the First
Amended Joint Plan of Liquidation, which was co-proposed with the
Official Committee of Unsecured Creditors, occurred on March 20,
2014.  On Jan. 30, the Plan Proponents confirmed their Plan dated
Dec. 18, 2013.


BLUCORA INCORPORATED: Egan-Jones Keeps B Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 9, 2021, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Blucora, Inc. EJR also maintained its 'B' rating on
commercial paper issued by the Company.

Headquartered in Irving, Texas, Blucora, Inc. provides online
solutions for consumers and business partners.



BORNT & SONS: Seeks to Hire Faegre Drinker as Legal Counsel
-----------------------------------------------------------
Bornt & Sons Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of California to hire
Faegre Drinker Biddle & Reath, LLP as their legal counsel.

The firm's services include:

     a. advising the Debtors with respect to their powers and
duties in the continued management and operation of their
businesses and properties;

     b. advising and consulting on the conduct of the Debtors'
Chapter 11 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. taking all necessary actions 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 they are involved, including objections to claims filed
against the estates;

     e. preparing pleadings;

     f. representing the Debtors in connection with obtaining
authority to continue using cash collateral and post-petition
financing;

     g. advising the Debtors in connection with any potential sale
of assets;

     h. appearing before the bankruptcy court and any appellate
courts to represent the interests of the Debtors' estates;

      i. taking any necessary action to negotiate, prepare, and
obtain confirmation of a Chapter 11 plan and related documents;
and

     j. performing all other necessary legal services for the
Debtors in connection with the prosecution of their cases.

The firm will be paid at these rates:

     Partner      $1,125 per hour
     Associates   $460 - $585 per hour
     Paralegals   $450 per hour

Scott Gautier, Esq., a partner at Faegre Drinker, disclosed in a
court filing that the firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Scott F. Gautier, Esq.
     Maria J. Cho, Esq.
     Faegre Drinker Biddle & Reath, LLP
     1800 Century Park East, Suite 1500
     Los Angeles, CA 90067
     Tel: 310 203 4000
     Fax: 310 229 1285
     Email: scott.gautier@faegredrinker.com
            maria.cho@faegredrinker.com

                  About Bornt & Sons

Bornt & Sons Inc., Bornt Equipment Leasing, LLC and Mara Capital,
LLC, operated farms that include the wholesale distribution of
fresh fruits and vegetables.  The Debtors are headquartered in
Holtville, Calif.

Bornt & Sons and its affiliates filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Calif.
Lead Case No. 20-06119) on Dec. 23, 2020.  Bornt & Sons President
Alan Bornt signed the petitions.  In the petition, Bornt & Sons
disclosed assets of between $1 million and $10 million and
liabilities of the same range.

Judge Louise Decarl Adler oversees the cases.

Maria J. Cho, Esq., at Robins Kaplan, LLP, serves as the Debtors'
legal counsel.


BRAZOS ELECTRIC: Goldman Sachs Sells Its $53 Million Utility Claims
-------------------------------------------------------------------
Davide Scigliuzzo, Allison McNeely, and Katia Porzecanski of
Bloomberg News report that Goldman Sachs Group Inc. auctioned off
around $53 million of claims it held against a bankrupt Texas power
cooperative as distressed debt traders bet the government will foot
the bill for the state's energy crisis, according to people with
knowledge of the matter.

Goldman sold its claim on Brazos Electric Power Cooperative Inc. at
80 to 85 cents on the dollar, said the people, who asked not to be
identified because details of the auction are private.

The bank is one of Brazos's largest unsecured creditors.  It's owed
the money for interest rate swaps and other power derivatives.

            About Brazos Electric Power Cooperative

Brazos Electric Power Cooperative Inc. is a 3,994-megawatt
transmission and generation cooperative which members' service
territory covers 68 counties from the Texas Panhandle to Houston.
It was organized in 1941 and the first cooperative formed in the
Lone Star state with the primary intent of generating and supplying
electrical power.  At present, Brazos Electric is the largest
generation and transmission cooperative in the state and is the
wholesale power supplier for its 16 member-owner distribution
cooperatives and one municipal system.

Brazos Electric filed a voluntary petition for relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No.
21-30725) on March 1, 2021. At the time of the filing, the Debtor
disclosed assets of between $1 billion and $10 billion and
liabilities of the same range.

Judge David R. Jones oversees the case.

Brazos Electric hired Norton Rose Fulbright and Dallas partner
Louis Strubeck, to lead its restructuring effort.  Lawyers say that
Foley & Lardner LLP bankruptcy partner Holland O'Neil is also
advising Brazos Electric.  Stretto is the claims and noticing
agent.


BRIDGEMARK CORP: Proposes Sale of Substantially All Non-Cash Assets
-------------------------------------------------------------------
Bridgemark Corp. asks the U.S. Bankruptcy Court for the Central
District of California to authorize the sale of substantially all
non-cash assets to California Natural Resources Group Orange
County, LLC, Realm California, LLC, and Alatex, LLC.

The aggregate consideration for the Purchased Assets will be (i)
the assumption of the Assumed Obligations by the Buyers at Closing,
(ii) the mutual promises and releases contained in the Asset
Purchase Agreement and in the Settlement Agreement, and (iii) other
good and valuable consideration.

A hearing on the Motion is set for March 31, 2021, at 10:00 a.m.,
via ZoomGov (Meeting URL: https://cacb.zoomgov.com/j/1616297986,
Meeting ID: 161 629 7986, Password: 626055, Telephone: 1 (669)
254-5252 or 1 (646) 828-7666)).  The Objection Deadline is March
24, 2021.

The Court is well aware of the longstanding dispute between
Bridgemark and Placentia Development Co., LLC ("PDC").  The dispute
concerned Bridgemark's failure to plug and abandon oil wells on the
PDC Parcel, as the state court ultimately determined that
Bridgemark was legally obligated to do, such that PDC could develop
the residential homes on the PDC Parcel.  PDC obtained an
approximately $42 million judgment, which it duly recorded and thus
created a lien on all of Bridgemark’s real property, and further
filed creditors' suits against Bridgemark's oil buyers that created
further liens on Bridgemark's payment streams.

Bridgemark filed for bankruptcy in January 2020.  Following a
flurry of litigation in the Court, the Court expressed significant
doubt over whether Bridgemark could ever propose a feasible
non-consensual plan of reorganization, but gave Bridgemark a brief
window to assemble such a plan.  During that window, Bridgemark,
PDC, and Robert J. Hall engaged in extensive settlement
negotiations and ultimately entered into a term sheet on April 15,
2020, which the Court approved by order entered on June 26, 2020.

The Term Sheet contemplated, among other things, that the parties
would exchange full mutual releases and that Bridgemark would make
its entire enterprise value available to PDC or its designee, with
the details of such transaction to be set forth in subsequent
"Definitive Documentation" subject to the Court's approval.  It
further contemplated that the Definitive Documentation would
ultimately bind Hall and also certain related persons and entities
(the Hall-Related Parties).  

After months of good faith, arms'-length bargaining, the parties
have reached agreement on the terms of several interrelated and
intertwined Agreements that collectively comprise the "Definitive
Documentation" contemplated by the Term Sheet.  The Motion asks
approval of those Agreements and the transactions contemplated
therein.

In broad strokes- and subject entirely to the specific terms of the
actual Agreements -- the transactions contemplated by the
Agreements will result in essentially all of Bridgemark's non-cash
assets that are not located on the PDC Parcel being transferred to
the third-party Buyers, free and clear of PDC's liens, and the
Buyers will also assume certain liabilities of Bridgemark.

The Buyers will transfer to PDC certain monetary consideration in
exchange for PDC's designation of Buyer as the acquirer of the
purchased assets, and PDC in turn will transfer the Remainder Tract
to the Buyers.  Finally, the settlement between PDC, Bridgemark,
Hall, and the Hall-Related Parties will go into effect.  All of
this will happen on a date to occur shortly following the entry of
the Order.

Following the Closing Date, Bridgemark will be left with only
minimal non-cash assets -- primarily the wells on the PDC Parcel.
Bridgemark will immediately stop pumping from those wells.  Hall
and his affiliates will resign from all positions and titles held
at Bridgemark.  Bridgemark, under the direction and control of a
Chief Wind-Down Officer already employed as an estate professional,
will pursue confirmation of a chapter 11 plan of liquidation that
will leave all claims unimpaired and pay all allowed non-PDC claims
in full and in cash on the Plan effective date.  

The primary purpose of the plan will be the creation of a
liquidation trust tasked with plugging and abandoning the remaining
wells on the PDC Parcel so that PDC can finally develop residential
homes thereon -- and thus finally remedy the breach that gave rise
to the bankruptcy.  In short, the relief requested in the Motion
will finally put an end to the longstanding dispute between
Bridgemark and PDC and pave a clear path for the orderly wind-down
of the estate, the ultimate payment in full of all allowed claims
under a liquidating plan, and the ultimate plugging and abandonment
by a liquidation trust of the wells on the PDC Parcel such that PDC
can build residential homes.  It is an outstanding result for
Bridgemark, the estate, creditors, and all other parties in
interest.

The material terms of the Settlement Agreement are:

     a. Parties: The parties to the Settlement Agreement are
Bridgemark, PDC, and Hall, both individually and for the other
"Hall-Related Parties" described.

     b. Releases: On the Closing Date, the parties to the
Settlement Agreement will exchange full global releases.  

     c. Resignation of Hall and Hall-Related Parties: Drom and
after the Closing Date, Hall and all Hall-Related Parties will be
deemed to have resigned from any position or title held at
Bridgemark or the Non-Debtor Subsidiaries and will waive their
rights to receive distributions or exercise control on account of
their equity interests in Bridgemark.  

     d. Appointment of Chief Wind-Down Officer: On the Closing
Date, John Harris of Numeric Solutions will be appointed Chief
Wind-Down Officer and will be responsible for directing and
overseeing the affairs of Bridgemark until the effective date of
the Plan.  The Settlement Agreement provides for the execution of a
shareholder consent that, among other things, amends Bridgemark's
bylaws to designate the Chief Wind-Down Officer as the chairperson,
president, secretary, and chief financial officer of Bridgemark.

     e. Cessation of Oil Extraction: Upon entry of the Order,
Bridgemark will cease all active extraction of oil from the PDC
Parcel.

     f. Dismissal of Litigation: On the Closing Date, the Judgment
Enforcement Litigation and the Adversary Proceeding will all be
dismissed with prejudice.  The Appeal will remain open but stayed
until a satisfaction of judgment has been filed with respect to the
PDC Judgment as provided for in the Plan Term Sheet.

     g. Certain Payments to PDC: On the Closing Date, the Hall Cash
Contribution and the funds held in the Customer DIP Account will be
paid to PDC.

     h. Filing of Liquidating Chapter 11 Plan: after the Closing
Date, Bridgemark will file and prosecute confirmation of a
liquidating chapter 11 plan that is consistent with the Plan Term
Sheet.  The Plan will, among other things, provide for (i) payment
in full in cash on the Plan effective date of all allowed claims;
(ii) cancellation of all equity interests in Bridgemark; (iii)
creation of a Liquidation Trust, with the Chief Wind-Down Officer
to be appointed as the Trustee, that will be vested with
Bridgemark's then-remaining assets and be responsible for plugging
and abandoning all wells on the PDC Parcel.  The Plan will leave
all creditors unimpaired.

     i. Bridgemark's Compliance With Other Agreements: Rhe
Settlement Agreement provides that Bridgemark will comply fully
with all directions from PDC in connection with effectuating the
Transaction Agreement and Surface Use Agreement.  

The material terms of the Asset Purchase Agreement are:

     a. Parties: The parties to the Asset Purchase Agreement are
Bridgemark and the Non-Debtor Subsidiaries, as sellers, and CalNRG
OC, Real, and Alatex, as the Buyers.

     b. Purchased Assets: The Purchased Assets include
substantially all assets of Bridgemark, excluding the Excluded
Assets.

     c. Assumed Obligations: The Buyers are assuming certain
Assumed Obligations in connection with the sale, including,
responsibility for performance under the Assigned Contracts and
responsibility for payment of all royalties, overriding royalties,
production payments, and certain other payments to which the
Purchased Assets are subject, to the extent attributable to the
period from and after the Effective Date.

     d. Assumption of Contracts: The Asset Purchase Agreement
provides for the assignment of the Assigned Contracts, as well as
the assignment of certain contracts of the Non-Debtor Subsidiaries.


     e. Consideration: The aggregate consideration for the
Purchased Assets will be (i) the assumption of the Assumed
Obligations by Buyer at Closing, (ii) the mutual promises and
releases contained in the Asset Purchase Agreement and in the
Settlement Agreement, and (iii) other good and valuable
consideration.  The Buyers will make a cash payment to PDC in
consideration for, inter alia, PDC naming the Buyers as its
designee of its rights under the Term Sheet to acquire all or a
portion of the enterprise value of Bridgemark.

     f. No Auction: in light of the Court’s order approving the
Term Sheet, which provides that the enterprise value of Bridgemark
will be made available to PDC, the Asset Purchase Agreement does
not provide for the sale of the Purchased Assets to be subject to a
bidding process.

     g. Break-Up Fee: $200,000

     h. Allocation of Purchased Assets: The allocation of the
Purchased Assets among CalNRG OC, Realm, and Alatex is set forth in
Exhibit A-10 to the Asset Purchase Agreement.

     i. Closing Date: The Closing will occur on the first date that
is two business days after satisfaction or waiver of the conditions
to Closing set forth in Article 9 of the Asset Purchase Agreement.
It is anticipated that the Closing will occur approximately two
business days after entry of the Order.

The material terms of the Transaction Agreement are:

     a. Parties: The parties to the Transaction Agreement are PDC
and CalNRG OC.

     b. Purchase Price and Consideration: CalNRG OC agrees to pay
to PDC $6.5 million contemporaneously with the Closing.  As
consideration for such payment, (a) PDC designates CalNRG OC to
enter into the Asset Purchase Agreement as "Buyer" thereunder in
accordance with PDC’s rights under the Settlement Agreement, and
(b) PDC will convey the Remainder Tract to Realm.

     c. Deposit: On Sept. 15, 2020, an affiliate of CalNRG OC
deposited $100,000 into escrow in connection with the transactions
contemplated by the Asset Purchase Agreement.  The Transaction
Agreement provides for an additional deposit of $400,000 upon the
filing of the Motion, which will be refundable to CalNRG’s
affiliate only if (i) CalNRG OC validly terminates the Asset
Purchase Agreement due to the Court not entering the Order,
including pursuant to Section 10.1(f) of the Asset Purchase
Agreement, or (ii) the Asset Purchase Agreement is terminated
pursuant to Section 10.1(i) of the Asset Purchase Agreement.

     d. Releases: PDC and CalNRG will exchange general releases of,
inter alia, claims relating to the transactions contemplated by the
Asset Purchase Agreement.

The salient terms of the Surface Use Agreement are:

     a. Parties: The parties to the Surface Use Agreement are PDC,
CalNRG, and Realm.

     b. Cooperation Regarding Residential Development of PDC
Parcel: The Surface Use Agreement generally sets out the terms and
conditions on which PDC, Realm, and CalNRG OC agree to cooperate in
the future such that PDC can develop residential homes on the PDC
Parcel.  

     c. Restrictive Covenant: The covenants and agreements of the
parties under the Surface Use Agreement constitute restrictive
covenants that burden the Remainder Tract and the PDC Parcel such
that the parties and any of their successors in title to all or any
portion of the Remainder Tract and the PDC Parcel will be subject
to the terms and provisions of the Surface Use Agreement.

Bridgemark is aware of only four creditors who assert liens in the
Purchased Assets.   The first is PDC, who consents to the sale.
The other three creditors are automobile lenders who assert
security interests in the following vehicles owned by Bridgemark:
(i) Citizens Business Bank - 2019 Ford F150, VIN:
1FTMF1CBOKKC54723; (ii) Watsonville Ford Lincoln - 2019 Ford F150,
VIN: 1FTMF1CB9KKC54722; and (iii) Watsonville Chrysler Dodge Jeep8
- 2019 Ford F150, VIN: 1FTMF1CBKKD33749.

Bridgemark is current on all monthly payments to the Auto Lenders.
Pursuant to the Asset Purchase Agreement, the Buyers will pay the
outstanding loan balance owed to each of the Auto Lenders in full
in cash on the Closing Date, which will extinguish the Auto
Lenders' security interests.  Accordingly, the automobiles may be
sold to the Buyers free and clear of the Auto Lenders' liens.

By the Motion, Bridgemark asks the entry of an order, (i) approving
the Agreements; (ii) authorizing the sale of the Purchased Assets
to Buyer free and clear of all liens, claims, and interests; (iii)
authorizing the assignment (or, as applicable, the assumption and
assignment) of the Assigned Contracts; (iv) modifying the Numeric
Solutions Employment to the extent set forth; and (v) granting
related relief.

A copy of the Agreements is available at
https://tinyurl.com/4v47brna from PacerMonitor.com free of charge.

                   About Bridgemark Corporation

Bridgemark Corporation, an oil and gas exploration and production
company, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No.
20-10143) on Jan. 14, 2020. At the time of the filing, Debtor
disclosed assets of between $10 million and $50 million and
liabilities of the same range. The petition was signed by Robert
Hall, its president and chief executive officer.

Judge Theodor Albert oversees the case.

Debtor hired Pachulski Stang Ziehl & Jones LLP as bankruptcy
counsel; Locke Lord, LLP and Greines, Martin, Stein & Richland LLP
as special litigation and appellate counsel; and McGee &
Associates
as special corporate counsel. GlassRatner Advisory & Capital Group
LLC serves as its financial advisor.



BRITT TRUCKING: Seeks Approval to Hire Bankruptcy Attorney
----------------------------------------------------------
Britt Trucking Company seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to hire R. Byrn Bass, Jr.,
Esq., an attorney practicing in Lubbock, Texas, to handle its
Chapter 11 case.

Mr. Bass' services include:

     a. giving legal advice with regard to the Debtor's powers,
duties and responsibilities;

     b. prosecuting all claims in bankruptcy court;

     c. preparing bankruptcy schedules and statement of financial
affairs;

     d. preparing a Chapter 11 plan;

     e. filing adversary proceedings;

     f. working with the Debtor to ensure its compliance with the
administrative requirements of the Office of the U.S. Trustee; and

     g. performing all other legal services necessary to administer
the case.

The attorney will be compensated at the rate of $300 an hour.  He
received a retainer in the amount of $27,338.

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

The firm can be reached at:

     R. Byrn Bass, Jr., Esq.
     R. BYRN BASS, JR.
     Wells Fargo Center
     1500 Broadway, Suite 505
     Lubbock, TX 79401
     Tel: (806) 785-1250
     Email: bbass@bbasslaw.com

                       About Britt Trucking

Britt Trucking Company is a Lamesa, Texas-based company that
operates in the general freight trucking industry.

Britt Trucking Company filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No.
21-50031) on March 3, 2021.  Larry Price, president, signed the
petition.  In the petition, the Debtor disclosed assets of between
$1 million and $10 million and liabilities of the same range.

Judge Robert L. Jones oversees the case.

R. Byrn Bass, Jr., Esq., and Craig, Terrill, Hale & Grantham,
L.L.P. serve as the Debtor's bankruptcy counsel and special
counsel, respectively.


BRITT TRUCKING: Seeks to Hire Craig Terrill as Special Counsel
--------------------------------------------------------------
Britt Trucking Company seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to hire Craig, Terrill,
Hale & Grantham, LLP as its special counsel.

The firm will render these services:

     a. defend multiple lawsuits against the Debtor;

     b. advise the Debtor on corporate and business transactions in
the operation of its business and sale of assets;

     c. investigate debts and claims that may necessitate filing
other lawsuits against third parties; and

     d. represent the Debtor in normal business or litigation in
conducting its business and assist the Debtor's bankruptcy
counsel.

The firm received a retainer in the amount of $2,377.75.

Craig Terrill will be paid at these rates:

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

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

The firm can be reached through:

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

                       About Britt Trucking

Britt Trucking Company is a Lamesa, Texas-based company that
operates in the general freight trucking industry.

Britt Trucking Company filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No.
21-50031) on March 3, 2021.  Larry Price, president, signed the
petition.  In the petition, the Debtor disclosed assets of between
$1 million and $10 million and liabilities of the same range.

Judge Robert L. Jones oversees the case.

R. Byrn Bass, Jr., Esq., and Craig, Terrill, Hale & Grantham,
L.L.P. serve as the Debtor's bankruptcy counsel and special
counsel, respectively.


CALIFORNIA RESOURCES: To Remake E&P Operations After Bankruptcy
---------------------------------------------------------------
Rich Nemec of Natural Gas Intelligence reports that California
Resources Corp. wants to remake its core E&P Operations after
bankruptcy in 2020.  After working through a restructuring last
2020, California Resources Corp. (CRC) is looking to concentrate on
reservoir management in core fields across the state, the CEO said
Thursday, March 18, 2021.

                          CRC production

California' largest exploration and production (E&P) company had a
self-described soft landing after completing a Chapter 11
restructuring last year.  Like most of the industry, last 2020's
results reflected the pandemic's assault on energy demand and
prices.

During a webinar to discuss strategy, interim CEO Mac McFarland
talked about a "bright future" for the reorganized E&P.

"We've got great low-decline assets, conventional in nature," he
said, "and a background of drilling workover inventory that we will
be accessing this 2021 at relatively low breakeven prices and for
10 years to come."

CRC reduced its overall general and administrative costs last year
by $38 million to $252 million, in part by reducing the workforce
to 1,100. CFO Francisco Leon said CRC is targeting $95 million in
added savings this year with a break-even point for cash flow at
$35/bbl Brent oil or $32-33/bbl West Texas Intermediate.

If a $60/bbl Brent price strip holds, CRC should be able to provide
free cash flow sustained at $1.5 billion over the next five years,
from 2021 to 2026, McFarland said.

Because it is a conventional producer that does not rely on
unconventional drilling techniques, McFarland said CRC has "no
exposure to high-pressure steam or hydraulic fracturing…We’re
going to concentrate on reservoir management in our core fields."

Fields not considered core to operations are set to be modified or
sold off, McFarland added. Work would be complemented by increased
environmental, social and corporate governance projects, such as
carbon storage and in-front and behind-the-meter renewable
projects.

"CRC is uniquely positioned here in California to take advantage of
carbon capture/storage because we have the best reservoirs in the
state, ideal for carbon capture," said Executive Vice President
Shawn Kerns, who oversees operations and engineering. "They've been
reviewed by third-parties, and they are adjacent to our core
facilities."

Production averaged 102,000 boe/d in 4Q2020, including 63,000 b/d
oil. CRC operated no rigs in the quarter. Realized production was
74,000 boe/d in the San Joaquin Basin, with production of 29,000
boe/d collectively in other fields. Realized crude oil prices,
including hedges, decreased year/year by nearly $26/bbl to $44.39.

After reducing capital investments to $140 million in 2020, CRC
forecasts spending in 2021 of $200-225 million. "Current plans
anticipate CRC to gradually raise quarterly investment throughout
the year if the commodity environment continues to strengthen,"
said spokesperson Richard Venn.

During 4Q2020 because of the bankruptcy, CRC did not report results
for October 2021. The net loss in November and December combined
was $123 million, with no comparison for the same period in 2019.
Net income during the first 10 months of 2020 was $1.8 billion (42
cents/share) with no comparable results for 2019.

                About California Resources Corp.

California Resources Corporation is an oil and natural gas
exploration and production company headquartered in Los Angeles.
The company operates its resource base exclusively within
California, applying complementary and integrated infrastructure to
gather, process and market its production. Visit
http://www.crc.com/for more information.

On July 15, 2020, California Resources and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Tex. Lead Case No. 20-33568). At the time of the filing, California
Resources estimated assets of between $1 billion and $10 billion
and liabilities of the same range.

Judge David R. Jones oversaw the cases.

The Debtors tapped Sullivan & Cromwell, LLP and Vinson & Elkins LLP
as their bankruptcy counsel, Perella Weinberg Partners as
investment banker, Alvarez & Marsal North America, LLC as
restructuring advisor, and Epiq Corporate Restructuring, LLC, as
claims agent.

                          *     *    *

California Resources Corporation in October 2020 emerged from the
bankruptcy process after cutting $5.91 billion in debt to $725
million.  CRC's Joint Plan of Reorganization in its Chapter 11 case
cancelled pre-existing debt, consolidated CRC's ownership in the
Elk Hills power plant and cryogenic gas plant, and provided for the
payment in full of all valid and undisputed trade and contingent
claims in the ordinary course of business.


CARBONLITE HOLDINGS: Force 10 Partners Tapped for Restructuring
---------------------------------------------------------------
CarbonLite Holdings, LLC, has retained Force 10 Partners to lead
its restructuring effort, following its voluntary bankruptcy filing
on March 8, 2021.  Force 10 Co-founder Brian Weiss is serving as
chief restructuring officer.  The Force 10 team is focusing on the
post-bankruptcy emergence of CarbonLite, one of the world's largest
suppliers of post-consumer recycled polyethylene terephthalate
(rPET), which is then used to produce high-quality food-grade
recycled rPET material sold to the world's largest beverage
companies for packaging.

Force 10 was initially retained during the fourth quarter of 2020
to navigate underperformance and insolvency issues surrounding its
complicated capital structure, with over $380 million of
indebtedness including $240 million of secured indebtedness across
three publicly-traded municipal bonds, a term loan, an ABL facility
and capital lease obligations.  Force 10 is leading CarbonLite's
restructuring efforts through a combination of Section 363 asset
sales, a recapitalization of certain business units, and insolvency
strategies.  Force 10 has also negotiated $60 million of debtor in
possession financing to assist with the continuity of business
operations.

"Working with management, Force 10's evaluation of the critical
business drivers, operating infrastructure, and competitive
landscape are leading to increasing profitability and value," said
Weiss.

Also advising CarbonLite are Pachulski Stang Ziehl & Jones LLP as
bankruptcy counsel and Jefferies Financial Group as investment
banker. All the company's professionals are pending customary
court-ordered employment.

                        About CarbonLite

CarbonLite is engaged in the processing of post-consumer recycled
polyethylene terephthalate ("rPET") plastic products and producing
rPET and polyethylene terephthalate ("PET") beverage and food
packaging products through its two business segments, the Recycling
Business and PinnPack.

CarbonLite Holdings LLC and 10 of its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 21-10527) on March 8,
2021.

CarbonLite P, LLC, estimated assets of $100 million to $500 million
and debt of $50 million to $100 million.

The Hon. John T. Dorsey is the case judge.

Pachulski Stang Ziehl & Jones LLP is the Debtors' counsel. Reed
Smith LLP is the corporate counsel.  STRETTO is the claims agent.

                  About Force Ten Partners

Force Ten Partners, LLC, is an advisory firm with deep domain
knowledge in financial and operational corporate restructuring,
valuation, forensic accounting, and complex litigation support.
Force 10 serves middle-market companies as well as their creditors,
stakeholders, and professionals by providing turnaround-management
services (CRO), financial advisory services, expert witness
support, and investment banking and M&A advisory services.


CARBONYX INC: Van Shaw, Sunshine Recycling Propose Plan
-------------------------------------------------------
A Combined Plan of Reorganization and Disclosure Statement for
debtor Carbonyx, Inc., has been proposed by unsecured creditor Law
Office of Van Shaw and investor Sunshine Recycling, Inc.

The Plan proposes that Sunshine Recycling, Inc., will become the
new equity owner of the Debtor.  The Reorganized Debtor ("Carbonyx
II") will own and operate a new scrap metal recycling plant
adjacent to the former premises of the Debtor in Oklahoma, using
some or all of the Debtor's machinery and equipment. This new scrap
metal business will generate the revenue to fund the Plan.

The Debtor's CRO has testified that according to a professional
appraisal obtained by the Debtor the machinery and equipment has a
gross salvage value of $590,000.  The Debtor scheduled the other
non-cash assets with a fair market value of $8,000.  

In contrast the Plan provides for the payment of over $990,000 to
the holders of Allowed Claims.

Under the Plan, the Class 1 secured claim of Wells Fargo Bank,
N.A., will be satisfied in full by the sale of the equipment
securing such claims with the proceeds from such sale paid over to
the  Claimant within 60 days of the Effective Date.  If the sale of
the equipment securing this claim is not accomplished within 60
days of the Effective Date the Reorganized Debtor will pay this
claim in cash and in full.  Interest shall accrue at the rate of 4%
per annum commencing on the Confirmation Date and continuing until
the turnover of proceeds from sale of the equipment or payment of
this Claim in cash.

Class 7 Allowed General Unsecured Claims will be paid pro-rata out
of $1,500 per month for a period of 60 months.

Class 8 Allowed Equity Interests are deemed cancelled as of the
Effective Date and holders shall receive nothing under the Plan.

The Proponents believe the Plan is feasible because Sunshine is an
experienced and successful operator of scrap metal plants and will
lend its expertise to Carbonyx II and ensure Carbonyx II will
receive at least $25,000 per month in revenue, which is more than
adequate to fund the Plan payments.

Attorneys for the The Law Office of Van Shaw, and Sunshine
Recycling:

     Joyce W. Lindauer
     Kerry S. Alleyne
     Guy H. Holman
     Joyce W. Lindauer Attorney, PLLC
     1412 Main St. Suite 500
     Dallas, Texas 75202
     Telephone: (972) 503-4033
     Facsimile: (972) 503-4034

A copy of the Combined Plan of Reorganization and Disclosure
Statement is available at https://bit.ly/2QlvswJ from
PacerMonitor.com.

                         About Carbonyx Inc.

Plano, Texas-based Carbonyx, Inc. filed a Chapter 11 petition
Bankr. E.D. Tex. Case No. 20-40494) on Feb. 18, 2020.  In the
petition signed by Hasmukh Patel, authorized agent, the Debtor was
estimated to have up to $50,000 in assets and $10 million to $50
million in liabilities.  

Judge Brenda T. Rhoades oversees the case.  Eric A. Liepins, P.C.
serves as the Debtor's bankruptcy counsel.

On Nov. 10, 2020, Linda Payne was appointed as Chapter 11 trustee
in the Debtor's case.  The trustee is represented by the Law
Offices of Bill F. Payne, PC.


CAROLINA INTEGRATIVE: Unsecureds to Get 10%; To Settle Objections
-----------------------------------------------------------------
Carolina Integrative Medicine, P.A., submitted an Amended
Disclosure Statement on March 16, 2021.

The debtor proposes the same treatment for each creditor as in the
January 29 Disclosure Statement and continues to attempt to settle
the objections filed to the original Disclosure Statement by Wells
Fargo and the Office of the United States Trustee. The Debtor files
the Amended Disclosure Statement in an effort to resolve issues
with a major creditor, Wells Fargo Bank and the Office of the
United States Trustee, the two entities that filed objections to
the original Disclosure Statement.

Additionally, the Disclosure Statement addresses the status of the
Debtor's Adversarial Proceeding against the Internal Revenue
Service regarding an overpayment of income taxes on the part of the
Debtor, and the Debtor's demand for the return of that overpayment.
Further, the Disclosure Statement addresses an updated summary of
operating reports, and itemizes post-petition debts paid by the
Debtor with funds from the EIDL loan the Debtor obtained as part of
the CARES legislation passed by Congress to assist small businesses
adversely impacted by the COVID-19 pandemic.

The average gross income received by the Debtor since the filing of
the chapter 11 case equals $73,633.10 per month with the average
gross expenditures of the Debtor averaging $86,309.68. This equals
a $12,676.58 per month deficit for the 12 month period. However,
the Debtor had inadvertently overpaid $135,000 in taxes to the IRS,
which equals $11,250.00 per month. In essence, this means the
Debtor's budget was only $1,426.58 per month in the deficit.
Moreover, once the Debtor pays off Wells Fargo, which is expected
to be within the next 90 to 120 days, it will reduce its expenses
by $3,965.48. That balance equate to a $2,538.90 surplus per month,
since it had begun making the Wells Fargo payments in June, 2020.

Like in the prior iteration of the Plan, Wells Fargo would be
entitled to its $96,000 claim in full, Banker's HealthCare Group,
LLC will receive its full claim value in the amount of $86,342, and
proposes payments to unsecured creditors in the amount of 10%.

A full-text copy of the Amended Disclosure Statement dated March
16, 2021, is available at https://bit.ly/3lCLjlR from
PacerMonitor.com at no charge.

Attorney for the Debtor:

     Robert H Cooper
     The Cooper Law Firm
     150 Milestone Way, Suite B
     Greenville, SC 29615
     Tel: 864-271-9911 phone
     E-mail: rhcooper@thecooperlawfirm.com

              About Carolina Integrative Medicine

Carolina Integrative Medicine, P.A., filed a Chapter 11 bankruptcy
petition (Bankr. D.S.C. Case No. 20-01227) on March 6, 2020,
listing under $1 million in both assets and liabilities.  Judge
Helen E. Burris oversees the case.  The Debtor is represented by
Robert H. Cooper, Esq., at The Cooper Law Firm.


CEDAR FAIR: Egan-Jones Keeps CCC Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on March 10, 2021 maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by Cedar Fair, L.P. EJR also maintained its 'C' rating
on commercial paper issued by the Company.

Headquartered in Sandusky, Ohio, Cedar Fair, L.P. owns and operates
amusement parks.



CENTURY 21: Unsec. Creditors to Get 30% to 40% in Liquidating Plan
------------------------------------------------------------------
Century 21 Department Stores, LLC, et al., filed an Amended
Disclosure Statement to explain their First Amended Plan of
Liquidation.

If the Plan is confirmed, all assets and liabilities of the Debtors
will be treated as though they were merged into a single economic
unit, and every Claim that is timelyFiled or to be filed in the
Chapter 11 Cases of any of the Debtors shall be deemed Filed
against the consolidated Estates and shall be one Claim against,
and one obligation of, the Estates, irrespective of whether any
particular claim is against one Debtor that, prior to substantive
consolidation, may have had more assets available for
distribution.

As of the Petition Date, the Debtors were jointly and severally
indebted and liable to the Prepetition Secured Parties under the
Prepetition Credit Documents in principal amounts not less than (a)
$56,241,128 (inclusive of not less than $18,190,769 of then
outstanding letters of credit) plus (b) all interest accrued and
accruing thereon, together with all costs, fees, expenses(including
attorneys' fees and legal expenses) and all other Obligations (as
defined in the Prepetition Credit Agreement) accrued, accruing or
chargeable in respect thereof or in addition thereto,
(collectively, the "Prepetition Secured Obligations").

As of the Petition Date, unsecured creditors had claims against the
Debtors in excess of$200 million.

The lenders and the Debtors worked together leading up to the
decision to liquidate, with the lenders providing funding, support,
and forbearance while the Debtors pursued third-party investors and
other sources of capital to support a going concern.  Ultimately,
the Debtors' efforts did not yield any viable strategic transaction
counterparty and the Debtors commenced the Chapter 11 Cases to
expeditiously resolve the Insurance Action, effectuate an orderly
liquidation of their assets and maximize the value of their estates
for the benefit of their stakeholders.  The Debtors determined that
filing for chapter 11 protection, utilizing cash collateral (with
the consent and support of their secured lenders), and pursuing the
Insurance Action in an expedited fashion, while also commencing an
orderly liquidation of their assets was their best available
option.

The Plan contemplates a distribution of proceeds of the
SaleTransactions and a Wind-Down of the Debtors’ remaining
affairs, and this Disclosure Statement is being submitted to
provide information about the Wind-Down and related information
concerning the Debtors, all in accordance with the requirements of
the Bankruptcy Code.

Unsecured creditors are projected to recover 30% to 40% under the
Plan.

The U.S. Trustee has informed the Debtors of his intent to object
to confirmability of the Plan based on, among other things, that
the Plan's opt-out procedure relating to the Third-PartyReleases is
not sufficient to demonstrate consent to the Third-Party Releases
contained in the Plan.  The Debtors disagree and believe that
applicable case law and the Bankruptcy Code permit the Plan's
releases, that they are a necessary part of the Plan and that they
are justified under the facts and circumstances of these Chapter 11
Cases.  The Debtors will meet their burden on the releases at
Confirmation.

The hearing to consider confirmation of the Plan is scheduled for
April 26, 2021, at 11:00 a.m.  Objections to confirmation are due
April 15.  The voting deadline is April 15.

A redlined copy of the Amended Disclosure Statement filed March 23,
2021, is available at https://bit.ly/391tic5


                About Century 21 Department Stores

Century 21 Department Stores LLC -http://www.c21stores.com/-- and
its affiliates are pioneers in off-price retail offering access to
designer brands at amazing prices.  The companies opened their
iconic flagship location in downtown Manhattan in 1961.  As of the
petition date, the Debtors have 13 stores across New York, New
Jersey, Pennsylvania, and Florida and an online retail presence,
operate seasonal pop-ups and employ other innovative retail
concepts.

Century 21 Department Stores and its affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20 12097 on Sept. 10,
2020).

Century 21 was estimated to have $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.

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

The Debtors tapped Proskauer Rose LLP as their legal counsel,
Berkeley Research Group LLC as a financial advisor, Hilco Merchant
Resources LLC as liquidation consultant, and Deloitte Tax LLP as a
tax advisor.  Stretto is the Debtors' claims agent.

On Sept. 16, 2020, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors.  The committee is
represented by Lowenstein Sandler, LLP.


CENTURY ALUMINUM: Egan-Jones Keeps CCC Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 11, 2021, maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by Century Aluminum Company. EJR also maintained its
'C' rating on commercial paper issued by the Company.

Headquartered in Chicago, Illinois, Century Aluminum Company
produces primary aluminum, in both molten and ingot form, through
facilities located in the United States.



CF INDUSTRIES: Egan-Jones Keeps BB Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on March 9, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by CF Industries Holdings, Inc.

Headquartered in Deerfield, Illinois, CF Industries Holdings, Inc.
manufactures and distributes nitrogen and phosphate fertilizer
products globally.




CHANGE HEALTHCARE: Moody's Completes Review, Retains B2 CFR
-----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Change Healthcare Holdings LLC 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.

Change Healthcare has market-leading revenue scale with good,
stable operating margins, while its debt leverage has been
sustained for a prolonged period at levels that are weak for the B2
CFR. Highly recurring revenues from both healthcare providers and
healthcare payors, as well as end-to-end payment-cycle and
clinical-information-exchange services, are advantages in a highly
competitive operating environment marked by downward pricing
pressures. A very large undrawn revolver and Moody's expectations
for improving free cash flow support the company's good liquidity.

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


CHART INDUSTRIES: Egan-Jones Keeps BB+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 10, 2021, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Chart Industries, Inc.

Headquartered in Ball Ground, Georgia, Chart Industries, Inc.
operates as a global manufacturer of equipment used in the
production, storage, and end-use of hydrocarbon and industrial
gases.



CHEETAH RENTALS: Slated to Seek Plan Confirmation on April 23
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas has
considered the Amended Disclosure Statement filed by Cheetah Rental
LLC in support of its proposed Plan of Reorganization.

On March 12, 2021, the Court conditionally approved the Disclosure
Statement and authorized the Debtor to solicit votes with respect
to the Plan.

April 16, 2021, at 12:00 noon (prevailing Central Time), is the
deadline for filing ballots accepting or rejecting the Plan.  All
ballots must be served by fax, mail, or hand delivery to the
counsel for the Debtor prior to the foregoing deadline in order to
be counted.

April 16, 2021, at 12:00 noon (prevailing Central Time), is the
deadline for filing and serving written objections to confirmation
of the Plan or final approval of the Disclosure Statement.

On April 23, 2021, at 11:00 a.m. (prevailing Central Time), the
Court will conduct an evidentiary hearing in the Bankruptcy
Courtroom, United States Courthouse, 1300 Victoria Street, Laredo,
Texas to consider final approval of the Disclosure Statement and
confirmation of the Plan.

                      About Cheetah Rentals

Cheetah Rentals, LLC filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No.
0-50061) on June 1, 2020.  At the time of the filing, the Debtor
disclosed total assets of $100,236 and total liabilities of
$1,500,000.  Judge David R. Jones oversees the case.  James S.
Wilkins, P.C., serves as the Debtor's counsel.


CHOICE HOTELS: Egan-Jones Keeps BB Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on March 10, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Choice Hotels International.

Headquartered in Rockville, Maryland, Choice Hotels International,
Inc. franchises hotel properties.



CINCINNATI BELL: Egan-Jones Keeps B- Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 12, 2021, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Cincinnati Bell Incorporated. EJR also maintained
its 'B' rating on commercial paper issued by the Company.

Headquartered in Cincinnati, Ohio, Cincinnati Bell Inc. is a local
exchange and wireless provider serving residential and business
customers.



CMC II: Sets Bidding Procedures for Substantially All Assets Sale
-----------------------------------------------------------------
CMC II, LLC, asks the U.S. Bankrupt Court for the District of
Delaware to authorize the bidding procedures in connection with the
sale, subject to overbids, of the following:

       (i) substantially all of the assets of the skilled nursing
facilities ("SNF Assets") operated by Debtors 207 Marshall Drive
Operations LLC, and 803 Oak Street Operations LLC ("Operator
Debtors") to Assisted 4 Living, Inc., for the aggregate
consideration consisting of the following: (i) a credit bid of $3
million of obligations owed by the Company arising under the DIP
Documents; and (ii) assumption of the Assumed Liabilities,
including the payment of cure costs associated with the Assumed
Contracts; and

       (ii) substantially all assets of Debtor CMC II, along with
certain potential claims and causes of action of the Debtors
("Manager and Remaining Assets) to CPSTN Operations, LLC
("Capstone") for a credit bid of $3 million of the outstanding
balance of the DIP Loan.

A hearing on the Motion is set for April 1, 2021, at 11:00 a.m.
(ET).  The Objection Deadline is March 25, 2021, at 4:00 p.m.
(ET).

The Debtors commenced these Chapter 11 Cases in response to the
recent entry of adverse money judgments in a long-running qui tam
action -- judgments that dwarf the Debtors' ability to pay and pose
risks to their ongoing operations.   The Debtors determined, with
the guidance of their independent fiduciaries and advisors, to
commence these Chapter 11 Cases in order to expeditiously sell
their operating businesses as going concerns, to preserve their
ability to care for residents, maximize the value of their assets,
and save as many jobs as possible.  To enable that process, the
Debtors sought financing for these Chapter 11 Cases and began an
extensive prepetition marketing process.  

After a thorough canvassing of the market for potential lenders,
the Debtors obtained DIP financing from the only willing and
available source -- an affiliate, CPSTN Operations, LLC.  In
connection with obtaining the DIP Loan, the Debtors have agreed to
certain milestones that provide for their sale of substantially all
of their assets within certain deadlines.  The proposed Bidding
Procedures are designed to comply with those Milestones.

Prior to the Petition Date, the Debtors engaged Evans Senior
Investments ("ESI") to act as their broker for purposes of
procuring a buyer or buyers for a potential sale of their Assets.
With assistance from ESI, the Debtors, through their Independent
Manager and Chief Restructuring Officer, conducted a thorough
market analysis in connection with the potential sale of the
Debtors' Assets.

The Debtors' robust prepetition marketing process yielded term
sheets for two separate transactions: First, a sale of the SNF
Assets to a third party, Assisted 4 Living, and second, a separate
sale of the Manager and Remaining Assets to Capstone.   The key
terms of the proposed transactions are set forth in an asset
purchase agreement with the SNF Stalking Horse and a signed term
sheet with Capstone, that will be filed with the Court upon
completion.  The terms of the Stalking Horse APAs are subject to
higher and better offers in accordance with the Bidding Procedures.
  

To obtain the highest and best prices for the Assets, the Bidding
Procedures are designed to be transparent and competitive.  The
Debtors believe that the Bidding Procedures, in connection with the
Stalking Horse APAs, will provide the best opportunity for
value-maximizing transactions that preserve as many jobs as
possible while ensuring that the Debtors are able to continue
operating their businesses and continue to provide for the
uninterrupted care, welfare and safety of their residents.   

Through the Motion, the Debtors ask, among other things, entry of
the following:

      A. The Bidding Procedures Order: (i) authorizing and
approving the Bidding Procedures in connection with the sales of
the Assets; (ii) scheduling an auction for the Assets to be held,
if necessary, on May 10, 2021 beginning at 10:00 a.m. (ET); (iii)
scheduling a Sale Hearing for May 13, 2021 to consider final
approval of each Sale; (iv) approving the Assumption Procedures in
respect of the Designated Contracts and approving the form and
manner of service of the Contract Assumption Notice; (v) approving
the form and manner of service of the Sale Notices; and (vi)
granting related relief.

      B. Following the Sale Hearing, entry of the Sale Order or
Orders: (i) if the Auction is conducted for either or both of the
SNF Assets or the Manager and Remaining Assets, authorizing and
approving the sale of the SNF Assets and the Manager and Remaining
Assets to the Qualified Bidder or Qualified Bidders, as applicable,
that the Debtors determine, after consultation with the
Consultation Parties, with the highest and best Qualified Bid or
Qualified Bids for such Assets (or, if such Successful Bidder or
Successful Bidders do not consummate the Sale, to the Backup
Bidder), free and clear of all liens, claims, encumbrances, and
other interests; (ii) if the Auction is not conducted for either or
both of the SNF Assets or the Manager and Remaining Assets,
authorizing and approving the sale, as appropriate, of the SNF
Assets and Manager and Remaining Assets to the applicable Stalking
Horse Bidder or Stalking Horse Bidders, free and clear of all
liens, claims, encumbrances, and other interests; (iii) authorizing
and approving the assumption and assignment of the Designated
Contracts; and (iv) granting related relief.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: May 5, 2021, at 5:00 p.m. (ET)

     b. Initial Bid: Provide for a Purchase Price equal to or
greater than the Purchase Price set forth in the applicable
Stalking Horse Agreement, plus the minimum overbid amount of
$100,000.

     c. Deposit: 10% of the aggregate value of the cash
consideration of the Bid

     d. Auction: The Auction will take place on May 10, 2021 at
10:00 a.m. (ET) by videoconference from the offices of Chipman,
Brown Cicero & Cole, LLP, or such later date and time as selected
by the Debtors.  The Auction will be conducted in a timely fashion
according to the Bidding Procedures.

     e. Bid Increments: $100,000

     f. Sale Hearing: May 13, 2021, at 2:00 p.m. (ET)

     g. Sale Objection Deadline: April 30, 2021, at 5:00 p.m. (ET)

     h. Closing: May 31, 2021

     i. Credit Bidding: Capstone, the Stalking Horse Bidder under
the Manager and Remaining Assets APA, is the DIP Lender, and as
such, will have the right to credit bid on a dollar-for-dollar
basis all or a portion of the outstanding DIP Obligations in
accordance with section 363(k) of the Bankruptcy Code and
applicable law.

The salient terms of the SNF APA are:

     a. Operator Debtors/Debtors: 207 Marshall Drive Operations LLC
and 803 Oak Street Operations LLC

     b. Purchaser: Assisted 4 Living, Inc., a Nevada corporation,
or its designee as permitted pursuant to the Stalking Horse SNF
APA, or the Successful Bidder

     c. Purchased Assets: Substantially all of the assets of the
selling Debtors' business as a going concern, other than accounts
receivable for periods prior to the closing, Avoidance Actions, or
other claims and causes of action.

     d. Sale Hearing: The Sale Hearing is proposed to take place on
May 13, 2021, at 2:00 p.m. (ET)

     e. Deadline for Closing: No later than two business days after
conditions to closing are satisfied or waived.

     f. Use of Proceeds: Any cash proceeds of the Sale shall: (a)
be used to satisfy the DIP Loan; and (b) otherwise be paid over to
the Debtors for distribution in accordance with the priorities set
forth in the Bankruptcy Code.

     g. Relief from Bankruptcy Rule 6004(h): The Debtors are
requesting relief from the 14-day stay imposed by Rules 6004(h) and

6006(d).

The salient terms of the Manager and Remaining Assets APA are:

     a. Operator Debtors/Debtors: CMC II, LLC (all assets); other
Debtors (as to certain potential claims and causes of action)

     b. Purchaser: Capstone or its designee, as permitted pursuant
to the Stalking Horse APA, or the Successful Bidder

     c. Purchased Assets: The Manager and Remaining Assets, which
will include (i) substantially all of the assets of CMC II, LLC,
and (ii) certain claims and causes of action of the Debtors and
their estates set forth in the Manager and Remaining Assets Term
Sheet and APA.  Manager and Remaining Assets will not include
accounts receivable of 207 Marshall Drive Operations LLC and 803
Oak Street Operations LLC (defined as the SNF Accounts Receivable
in the Manager and Remaining Assets Term Sheet) prior to the
closing of the Sale of assets of those two entities.

     d. Sale Hearing: The Sale Hearing is proposed to take place on
May 13, 2021, at 2:00 p.m. (ET)

     e. Deadline for Closing: No later than three business days
after conditions to closing are satisfied or waived.

     f. Use of Proceeds: Capstone's Stalking Horse APA for the
Manager and Remaining Assets provides for a credit bid of $3
million of the outstanding balance of the DIP Loan.  Should
Capstone not be the Successful Bidder for the Manager and Remaining
Assets, any cash proceeds of the Sale of the Manager and Remaining
Assets shall: (a) be used to satisfy the DIP Loan; and (b)
otherwise be paid over to the Debtors for distribution in
accordance with the priorities set forth in the Bankruptcy Code.

     g. Relief from Bankruptcy Rule 6004(h): The Debtors are
requesting relief from the 14-day stay imposed by Rules 6004(h) and
6006(d).

     i. Sale to an Insider: Capstone is a non-debtor affiliate and
"insider" of the Debtors.

The Debtors are also asking approval of the Assumption Procedures
to facilitate the fair and orderly assumption and assignment of
certain executory contracts and/or unexpired leases in connection
with the Transaction.  No later than the Assumption and Assignment
Service Deadline, the Debtors will serve a Contract Assumption
Notice on all the counterparties to all contracts expected to be
Designated Contracts.  The Contract Assumption Objection Deadline
is April 30, 2021, at 5:00 p.m. (ET).

Within two business days after entry of the Bidding Procedures
Order, or as soon thereafter as practicable, the Debtors (or their
agents) will serve the Bidding Procedures Order, together with the
Bidding Procedures, upon all interested parties.  In addition, by
the Service Date or as soon as reasonably practicable thereafter,
the Debtors will serve the Sale Notice upon all the Sale Notice
Parties.

Finally, the Debtors ask that the Court waives the 14-day stay
period under Bankruptcy Rules 6004(h) and 6006(d).

A copy of the Agreements and Bid Procedures is available at
https://tinyurl.com/5zwtk3bm from PacerMonitor.com free of charge.

The SNF Assets Purchaser:

           ASSISTED 4 LIVING, INC.
           6801 Energy Court, Suite 201
           Sarasota, FL 34240
           Attn: Louis Collier
           E-mail: Loucoljr@outlook.com

The SNF Assets Purchaser is represented by:

           ASSISTED 4 LIVING, INC.
           131 NE 1st Avenue, Suite 100
           Boca Raton, FL 33432
           Attn:  Jeffery Bahnsen, Esq.
           E-mail: jeff@bahnsenlaw.com

                    About CMC II, et al.

CMC II, LLC, 207 Marshall Drive Operations LLC, 803 Oak Street
Operations LLC and three inactive affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 21-10461) on March 1,
2021.

CMC II, LLC, et al., are part of a group of Consulate Health care
corporate affiliates that manage and operate 140 skilled nursing
facilities.  CMC II provides management and support services to
approximately 140 SNFs, each of which is operated by an affiliate
of the Debtors under the common ownership of non-Debtor LaVie Care
Centers, LLC, doing business as Consulate Health Care.  207
Marshall Drive Operations LLC operates Marshall Health and
Rehabilitation Center, a 120-bed SNF located in Perry, Florida.
803 Oak Street Operations LLC operates Governor's Creek Health and
Rehabilitation, a 120-bed SNF located in Green Cove Springs,
Florida.

CMC II estimated assets and debt of $100 million to $500 million
as
of the bankruptcy filing.

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Chipman Brown Cicero & Cole, LLP, as counsel;
and Alvarez & Marsal North America, LLC as restructuring advisor.
Evans Senior Investments is the Debtors' broker.  Stretto is the
claims agent.



COCRYSTAL PHARMA: Incurs $9.6 Million Net Loss in 2020
------------------------------------------------------
Cocrystal Pharma, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$9.65 million on $2.01 million of revenues for the year ended Dec.
31, 2020, compared to a net loss of $48.17 million on $6.56 million
of revenues for the year ended Dec. 31, 2019.

As of Dec. 31, 2020, the Company had $54.24 million in total
assets, $1.74 million in total liabilities, and $52.50 million in
total stockholders' equity.

For the year ended Dec. 31, 2020, net cash used in operating
activities was $9,830,000, compared to net cash used in operating
activities of $1,563,000 for the year ended Dec. 31, 2019.  The
increase in cash used in operating activities in 2020 as compared
to 2019 was attributable to the reduction of revenue flow from its
influenza A/B Collaboration Agreement with Merck by $4,550,000.

For the year ended Dec. 31, 2020, net cash used in investing
activities netted to $240,000, which consisted of capital
expenditures for lab equipment, software, and networking for its
Lab located in Bothell, Washington.  For the year ended Dec. 31,
2019, its net cash used in investing activities consisted of
$145,000.

For the year ended Dec. 31, 2020, net cash provided by financing
activities was $35,662,000, compared to net cash provided by
financing activities of $6,424,000 for the year ended Dec. 31,
2019. Net cash generated by financing activities in 2020 and 2019
was the result of issuance common stock, net of finance lease
payments.

The Company had approximately $33.5 million cash on hand on March
15, 2021.  The Company expects that this cash balance will be
sufficient to support the Company's working capital needs for at
least the next 21 months.

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

https://www.sec.gov/Archives/edgar/data/1412486/000149315221006211/form10-k.htm

                       About Cocrystal Pharma

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


COLLAB9 LLC: Case Summary & 16 Unsecured Creditors
--------------------------------------------------
Debtor: Collab9, LLC, a Delaware limited liability company
        21515 Hawthorne Blvd., Suite 200
        Torrance, CA 90503

Business Description: Collab9, LLC -- https://www.collab9.com/ --
                      is a cloud communications platform that
                      caters to the public sector marketplace with
                      FedRAMP Authorized Unified Communications as

                      a Service.  The platform integrates voice,
                      video, messaging, mobility, presence,
                      conferencing, and customer care in one
                      predictable, user-based subscription model.

Chapter 11 Petition Date: March 19, 2021

Court: United States Bankruptcy Court
       Central District of California

Case No.: 21-12222

Judge: Hon. Ernest M. Robles

Debtor's Counsel: Victor A. Sahn, Esq.
                  SULMEYERKUPETZ, A PROFESSIONAL CORPORATION
                  333 South Grand Avenue
                  Suite 3400
                  Los Angeles, CA 90071
                  Tel: 213-626-2311
                  Fax: 213-629-4520
                  E-mail: vsahn@sulmeyerlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Kevin Schatzle, chief executive
officer.

A copy of the petition containing, among other items, a list of the
Debtor's 16 unsecured creditors is available for free  at
PacerMonitor.com at:

https://www.pacermonitor.com/view/E3FBWJQ/Collab9_LLC_a_Delaware_limited__cacbke-21-12222__0001.0.pdf?mcid=tGE4TAMA


COMMERCIAL VEHICLE: S&P Alters Outlook to Stable, Affirms 'B' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
affirmed its 'B' issuer credit rating on New Albany, Ohio-based
commercial vehicle supplier Commercial Vehicle Group Inc. (CVG). At
the same time, S&P affirmed its 'B' issue-level rating on the
company's term loan. The '3' recovery rating indicates its
expectation for meaningful (50%-70%; rounded estimate: 50%)
recovery in the event of a payment default.

S&P said, "Our stable outlook reflects our belief that the
company's leverage will decrease below 4x on an S&P Global
Ratings-adjusted basis in 2021 as demand further improves. We
expect the company's free operating cash flow (FOCF) will remain
positive in 2021.

"CVG's margins have recovered sequentially in the last two
quarters, and we expect credit metrics to improve in 2021. Stronger
sales driven by an ongoing recovery in the commercial vehicle
market, as well as efforts to add customers in existing and new
business segments, have helped the company to improve its credit
metrics. We anticipate moderate S&P Global Ratings-adjusted EBITDA
margin growth driven by higher revenue in legacy market segments
and continued revenue expansion in the company's electric vehicle
and warehouse automation business segments."

While industry volume recovery and the improved business mix should
allow the company to sustain higher margins in 2021, the company
still faces risks from the ongoing COVID-19 pandemic that could
include higher commodity costs, supply chain disruptions, and
possible labor fluctuations. In spite of this, S&P expects S&P
Global Ratings-adjusted debt to EBITDA to decline below 4x in
2021.

S&P said, "Our stable outlook on CVG reflects our belief that
recent improved operating performance will continue, and that
leverage will remain below 4x on an S&P Global Ratings-adjusted
basis in 2021. We expect leverage to further decline below 3x in
2022 and that the company's FOCF will remain positive in 2021 and
further improve in 2022."

S&P could lower its ratings on CVG over the next year if:

-- The company's liquidity worsened due to some adverse effect,

-- A second wave of the COVID-19 pandemic caused prolonged
shutdowns or there were a material downturn in the global
commercial vehicle market,

-- EBITDA margins declined due to adverse operational performance,
and

-- Leverage exceeded 5x or FOCF were negative for a sustained
period.

S&P could raise its ratings on CVG over the next year if:

-- The company sustained its adjusted debt leverage at less than
4x through a cyclical downturn;

-- The company sustained positive cash flow generation, including
an FOCF-to-debt ratio of more than 10%; and

-- CVG significantly expanded the size and scope of its business.


COMMUNITY CARE: Moody's Completes Review, Retains B2 CFR
--------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Community Care Health Network, LLC (dba Matrix) 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.

Matrix's customer concentration among Medicare Advantage health
plans and sustained elevated leverage position the company weakly
in the B2 CFR. Matrix has been able to repurpose large parts of
both its staff of nurse practitioners ("NPs") and its mobile
comprehensive health assessment ("CHA") business in response to the
COVID-19 pandemic, which hampered NPs' ability to conduct
face-to-face CHAs. As the country reopens with the easing of the
pandemic, Moody's expects volumes of CHAs, which generate 45% of
Matrix's revenue, to rebound, supporting a return to stable
revenue. The company's new clinical solutions segment got off to a
strong start in late 2020. Longer-term demand for Matrix's services
is supported indirectly by legislation such as the Affordable Care
Act, which mandates that annual in-home wellness visits be
performed for all Medicare beneficiaries and recommends that a CHA
be included in those visits. Healthy cash balances and minimal
revolver drawings, even through the pandemic, support Matrix's good
liquidity.

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


COMMUNITY HEALTH: Egan-Jones Hikes Sr. Unsecured Ratings to CCC+
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 10, 2021, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Community Health Systems Inc. to CCC+ from CCC. EJR also
maintained its 'C' rating on commercial paper issued by the
Company.

Headquartered in Franklin, Tennessee, Community Health Systems Inc.
owns, leases, and operates hospitals.



COUNTRY FRESH: Has Court OK to Access Loan; Vendors Can Opt Out
---------------------------------------------------------------
Law360 reports that a Texas bankruptcy judge Thursday, March 18,
2021, gave fresh-cut fruit and vegetable seller Country Fresh
permission to tap into bankruptcy financing as it heads for a
Chapter 11 asset auction, after allowing produce vendors opposed to
the financing agreement to opt out.

After a three-hour virtual hearing in which Country Fresh produce
suppliers argued their legal right to priority payment under the
Perishable Agricultural Commodities Act was endangered by the
debtor-in-possession financing order, U.S. Bankruptcy Judge Marvin
Isgur said he would allow them to opt out of both the obligations
and benefits of the DIP and future sale motion.

                    About Country Fresh Holding

Country Fresh Holdings, LLC, operates as a holding company. The
Company, through its subsidiaries, provides fresh-cut fruits and
vegetables, snacking products, and home meal replacement solutions.
Country Fresh Holdings serves customers in the United States and
Canada.

Country Fresh Holding Company Inc. and its affiliates sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 21-30574) on
Feb. 15, 2021.

The Hon. David R. Jones is the case judge.

The Debtors tapped FOLEY & LARDNER, LLP, as counsel; and ANKURA
CONSULTING GROUP, LLC, is the management and restructuring services
provider. EPIQ CORPORATE RESTRUCTURING is the claims agent.


COUNTRY FRESH: Overcomes Suppliers' Challenge to Bankruptcy Loan
----------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that a judge ruled that Country
Fresh Holding Co. can tap the remainder of a $13.4 million
bankruptcy loan to continue operating and proceed to a planned sale
of its fresh food distribution business.

A group of food growers challenged Thursday, March 18, 2021, the
company's request to fully tap the loan, concerned they may not be
fully repaid.  But Country Fresh's planned sale of its business
will raise enough funds to pay them back, Judge Marvin Isgur said
during a telephonic hearing Thursday, March 18, 2021.

Country Fresh's food suppliers said the loan agreement improperly
allows the company to pay other creditors first.

                    About Country Fresh Holding

Country Fresh Holdings, LLC, operates as a holding company. The
Company, through its subsidiaries, provides fresh-cut fruits and
vegetables, snacking products, and home meal replacement solutions.
Country Fresh Holdings serves customers in the United States and
Canada.

Country Fresh Holding Company Inc. and its affiliates sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 21-30574) on
Feb. 15, 2021.

The Hon. David R. Jones is the case judge.

The Debtors tapped FOLEY & LARDNER, LLP, as counsel; and ANKURA
CONSULTING GROUP, LLC, is the management and restructuring services
provider.  EPIQ CORPORATE RESTRUCTURING is the claims agent.


CPI CARD: S&P Upgrades Rating to 'B-' on Completed Refinancing
--------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating and '3'
recovery rating to CPI's $310 million senior secured notes due in
2026. The '3' recovery rating indicates its expectation for average
(50%-70%; rounded estimate: 50%) recovery for lenders in the event
of a payment default.

S&P said, "The stable outlook reflects our expectation that CPI's
operating performance will benefit from normal credit and debit
card renewal cycles and the ongoing transition to contactless
cards, while generating at least $10 million FOCF to comfortably
sustain its fixed charges, including debt service costs over the
next 12 months.

"The upgrade reflects our view of the materially lower refinancing
risk and improved operational performance over the last 12 months.
The company's refinanced capital structure will alleviate near-term
liquidity concerns and improve its debt maturity profile."
Furthermore, the debt structure is covenant-lite, reducing the
likelihood of near-term financial covenant breaches that could
affect liquidity.

CPI's operating performance in 2020 improved leverage and cash flow
metrics, with the company generating about $15 million in FOCF as
of Dec 31, 2020. S&P expects it to maintain FOCF between $12
million and $14 million over the next 12 months.

The completed refinancing improves CPI's maturity profile, lowers
net debt, and reduces covenant risk. The company used the proceeds,
along with balance sheet cash, to repay all existing debt and
reduce its total debt balance by about $17.5 million. The senior
secured notes will mature on March 15, 2026 and the ABL facility
will mature on the earlier of March 15, 2026 or 90 days prior to
the maturity of the notes. The transaction eliminates refinancing
risks associated with its prior debt structure, which was scheduled
to mature between May and August 2022. Furthermore, the new debt
structure is covenant-lite, which reduces the likelihood of a
covenant breach over the next 12 months and alleviates potential
liquidity concerns.

The natural credit and debit card renewal cycles, ongoing
transition to contactless cards and increased uptake of
higher-priced new products will support the company's revenue
growth and improve its EBITDA and cash flows. S&P said, "CPI's
fiscal-year 2020 operating performance exceeded our expectations.
Card replacement demand and the ongoing transition to new
dual-interface contactless cards helped the company increase
revenue while improving adjusted EBITDA margins to the high-teen
percent area amid the highly unusual conditions stemming from the
coronavirus pandemic. We expect a steady card renewal cycle and
increased penetration of higher-priced products, such as
dual-interface contactless cards and other more sustainable
offerings such as cards made from recovered ocean-bound plastic.
This will help the company improve revenue by the low-single-digit
percent area and sustain adjusted EBITDA margins of 17.5%-18%. We
forecast these factors will increase CPI's absolute EBITDA and cash
flow generation and support overall improved credit metrics over
the next two years."

Despite the negative economic impact from the COVID-19 pandemic,
CPI benefited from increased volume and higher-priced product sales
in 2020, mainly within its debit and credit segments. A larger
volume of higher-priced dual-interface card sales drove growth due
to increased demand from new client wins and CPI Card Group's
client base. S&P said, "We believe increased health care
precautions also increased demand for contactless point-of-sale
transactions, which further improved sales of dual-interface cards.
The COVID-19 pandemic and related shutdowns increased online
shopping, which further fueled demand for new cards, driving volume
for the year. The company also benefited from one-off government
disbursement work that we don't expect to recur in 2021."

There is still runway for growth in dual-interface cards as
contactless transactions increase. S&P said, "However, we expect
the financial payment card industry to face secular pressures.
Contactless payments continue to rise, which supports CPI's
dual-interface card growth trajectory, particularly in the U.S.,
where these cards recently became more widespread. We expect the
new dual-interface card issuance cycles to trickle down from large
banking groups in 2020 to smaller and regional banks that will
support CPI Card's revenue growth in 2021 and 2022."

S&P said, "The stable outlook reflects our expectation that CPI's
operating performance will benefit from normal credit and debit
card renewal cycles and the ongoing transition to contactless
cards, and generate at least $10 million FOCF to comfortably
sustain its fixed charges, including debt service costs over the
next 12 months.

"We could lower our ratings on CPI if operating performance
deteriorates due to slower renewal cycles and reduced uptake of
higher-priced products, or intense competition impairing pricing
and volume." This could result in:

-- FOCF generation below 3% FOCF to debt ($10 million) on a
sustained basis; and

-- Liquidity constraints, including access to its ABL if its asset
base deteriorates significantly. This could result in the company's
inability to meet its fixed charges.

S&P could raise its rating on CPI if it drives revenue and EBITDA
growth consistently through materially increased sales of
higher-priced products, including the recovered ocean-bound plastic
cards and contactless cards and/or expands services revenue through
in-branch printers and service offerings. Under such a scenario,
S&P could raise its ratings if:

-- FOCF to debt rises to and stays consistently above 5%; and
-- Adjusted leverage declines to and remains in the low-5x area.



CRE SIMPLE: Startup Pursues Chapter 7 Liquidation
-------------------------------------------------
Alex Barreira of San Francisco Business Times reports that CRE
Simple Inc., a venture-backed Oakland commercial real estate
technology startup, filed for Chapter 7 bankruptcy March 11, 2021,
just over three months after a separate lawsuit revealed internal
strife between the husband-and-wife co-founders.

CRE Simple Inc., founded by Brian Thompson and Laura Millichap,
listed liabilities of $1.58 million in its Chapter 7 petition,
filed in U.S. Bankruptcy Court for the Northern District of
California.

The company now hopes to find a buyer, according to Millichap and
Jack Cohen, one of its venture backers. Both sit on CRE Simple's
board.

The company was close to an agreement to sell to an unnamed buyer
last summer but the deal fell through, Millichap said in an
interview. She attributed the deal's collapse to "execution issues,
delays and leadership challenges" but declined to be more
specific.

Cohen, CEO of Darkknight Ventures, said in an email that Thompson,
CRE Simple's CEO, couldn't close the deal.

"The tech is solid and the failure was unnecessary given customers
in place," Cohen said.

Thompson, the company's CEO, declined to comment when reached by
phone on Tuesday.

The bankruptcy comes amid personal conflict between the couple;
they began divorce proceedings in February 2020, according to
Alameda County court records.

Thompson and Millichap, whose father co-founded publicly traded
commercial real estate brokerage Marcus & Millichap, founded CRE
Simple in 2016 and later announced three rounds of venture capital,
all undisclosed amounts.

It debuted its proprietary SaaS platform for commercial real estate
brokers and lenders, OneSource, in July 2020 after more than four
years of product development. In October 2020, the company
announced in a press release that its platform was already in use
by more than 80 commercial real estate companies and had processed
over $1 billion in transactions.

But Millichap called the press release misleading, saying the
company had depleted nearly all of its cash reserves by October
2020 and had furloughed virtually all employees. She said she had
not been briefed on the release and hadn't been expecting one.

"I thought there were broad liberties with the data," Millichap
told me. "I did not believe we should have put out a press release
with furloughed employees given our financial position."

In December 2020, Millichap sued Thompson in Alameda County
Superior Court, alleging he withheld records and internal documents
related to finances, insurance, employment contracts and founder's
notes she said she should have been allowed to access as a board
member under California law.

In a response filed last February 2020 to Millichap's complaint,
Thompson said he had been terminated by CRE Simple's board and was
not responsible for providing access to those documents because he
was no longer an employee. He maintained, however, that he was
still a nonemployee officer of CRE Simple and member of its board,
according to his response.

A trial date for the civil suit has been set for April 12, 2021.

Thompson is listed as a creditor in the Chapter 7 filing, with
multiple claims for disputed unpaid wages between Jan. 1, 2020, and
Feb. 28 this year totaling $138,000, according to the bankruptcy
filing.

As of March 2021, CRE Simple's board comprised Millichap, Thompson
and Cohen, according to the bankruptcy filing. Another board
member, Tim Streit, co-founder and general partner at Grand
Ventures, resigned from the board last December, the filing shows.
Streit did not respond to requests for comment.

Another CRE Simple creditor, 2013 Thompson-Millichap Trust, claimed
$1.21 million in promissory notes, the Chapter 7 filing shows.

Thirty-six other entities are described as investors or
shareholders, each with unsecured claims listed as “unknown.”
Some of the creditors appear to be affiliates of CRE Simple's
investors, including Sandalphon Ventures, Reach Ventures, Grand
Ventures, Fin Venture Capital and Duke University (through its
alumni angel investment arm). None responded to requests for
comment.

The William & Sherrie Millichap Family Trust is listed as a
creditor as well. William, Millichap's father and longtime
co-chairman at Marcus & Millichap, died last summer after a battle
with cancer at 76 years old.

"With my father passing away this last 2020, I'd like to see this
technology that he and my mother helped get off the ground along
with our institutional investors find the right home," Millichap
said in an email. "The thing that matters most to me is the
platform I envisioned having the opportunity to benefit the
commercial real estate community."

Millichap told me the platform was, and still is, an "incredible
technology" that could "give the commercial real estate community
25% of their day back" through securely and efficiently managing
documents, deal terms, financing and communications across a given
transaction's often dozens of stakeholders. The tool is "perfect
for remote collaboration," she said.

Nearly all of CRE Simple's reported assets of $3.12 million are
intellectual property, including pitch decks, workflow documents
and the source code for CRE’s platform, according to the Chapter
7 filing.

Millichap said the technology has the potential to someday be a
$100 million business. She said there are five or six bidders for
the company already.

Cohen said he would try to remain involved with the company and has
brought some potential acquirers to the table. Ideally, he said,
CRE Simple would merge into a tech-enabled commercial real estate
company with expertise in another product, such as one focused on
equity or investment sales.

"Tech needs to be inside a real estate services company," Cohen
said in his email. "It needs a commercial real estate vision. It
needs a skilled operator to run the business of delivering SaaS."

"Lastly, it can't be run with a Silicon Valley ego," he added.
"The successful commercial real estate tech companies carry
commercial real estate culture and DNA."

                        About CRE Simple

Oakland, California-based CRE Simple Inc. is a venture-backed
commercial real estate technology startup founded by
husband-and-wife co-founders, Brian Thompson and Laura Millichap.

CRE Simple filed for Chapter 7 bankruptcy (Bankr. N.D. Cal. Case
No. 21-40334) on March 11, 2021.  It listed assets of $3.119
million against liabilities of $1.44 million.

The Debtor's counsel:

       Eric A. Nyberg
       Kornfield Nyberg Bendes Kuhner & Little
       E-mail: e.nyberg@kornfieldlaw.com


CRED INC: Combined Liquidating Plan & Disclosure Confirmed by Judge
-------------------------------------------------------------------
Judge John T. Dorsey has entered findings of fact, conclusions of
law and order confirming the First Amended Combined Plan of
Liquidation and Disclosure Statement of Cred Inc. and its
debtor-affiliates.

Pursuant to Section 1123 of the Bankruptcy Code and Bankruptcy Rule
9019, the Combined Plan and Disclosure Statement incorporates a
global compromise and settlement, (the "Global Settlement"), of
numerous inter-Debtor, Debtor-Creditor, and inter-Creditor issues
designed to achieve an economic settlement of Claims against the
Debtors and an efficient resolution of the Chapter 11 Cases.

The Combined Plan and Disclosure Statement establishes a
Liquidation Trust and the Amended PSA provide for the orderly
liquidation of all of the Estates' Assets and the distribution of
the proceeds thereof to Holders of Allowed Class 4 General
Unsecured Claims. Accordingly, the Combined Plan and Disclosure
Statement is consistent with Bankruptcy Code section 1123(b)(4).

The Combined Plan and Disclosure Statement accomplishes
maximization of the value of the Debtors' estates and equitable
distribution of the Debtors' through the establishment of the
Liquidation Trust and the Class 5 Convenience Class to make
distributions to the holders of Allowed General Unsecured Claims
and Allowed Convenience Claims. The Committee supports the Combined
Plan and Disclosure Statement.

Co-Counsel to the Debtors:

     James T. Grogan
     Mack Wilson
     PAUL HASTINGS LLP
     600 Travis Street, Fifty-Eighth Floor
     Houston, Texas 77002
     Telephone: (713) 860-7300
     Facsimile: (713) 353-3100
     Email: jamesgrogan@paulhastings.com
            mackwilson@paulhastings.com

             - and -

     G. Alexander Bongartz
     Derek Cash
     PAUL HASTINGS LLP
     200 Park Avenue
     New York, New York 10166
     Telephone: (212) 318-6000
     Facsimile: (212) 319-4090
     Email: alexbongartz@paulhastings.com
            derekcash@paulhastings.com

     Scott D. Cousins (No. 3079)
     COUSINS LAW LLC
     Brandywine Plaza West 1521 Concord Pike, Suite 301
     Wilmington, Delaware 19803
     Telephone: (302) 824-7081
     Facsimile: (302) 295-0331
     E-mail: scott.cousins@cousins-law.com

                        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.


CTI BIOPHARMA: Incurs $52.5 Million Net Loss in 2020
----------------------------------------------------
CTI Biopharma Corp. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$52.45 million on zero license and contract revenues for the year
ended Dec. 31, 2020, compared to a net loss of $40.02 million on
$3.34 million of license and contract revenues for the year ended
Dec. 31, 2019.

As of Dec. 31, 2020, the Company had $58.24 million in total
assets, $18.21 million in total liabilities, and $40.03 million in
total stockholders' equity.

Seattle, Washington-based Ernst & Young LLP, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 17, 2021, citing that the Company has suffered losses
from operations and has stated that substantial doubt exists about
the Company's ability to continue as a going concern.

                    Fourth Quarter Financial Results

Operating loss was $14.8 million and $47.8 million for the three
months and year ended Dec. 31, 2020, respectively, as compared to
an operating loss of $9.5 million and $40.7 million for the
respective periods in 2019.  The increase in operating loss for the
three months ended Dec. 31, 2020, as compared to the comparable
period in 2019, resulted primarily from more extensive research and
development activities.  The increase in operating loss for the
year ended Dec. 31, 2020, as compared to the comparable period in
2019, resulted primarily from the recording of a full allowance
against certain VAT receivables due to a reduced certainty of their
collectability.

No revenues were recognized for the three months and year ended
Dec. 31, 2020 or for the three months ended Dec. 31, 2019, as
compared to revenues of $3.3 million recognized for the year ended
Dec. 31, 2019.  License and contract revenues in 2019 resulted from
royalty and other payments received from Les Laboratoires Servier
and Institut de Recherches Internationales Servier and were related
to the asset purchase agreement and transition period activities
pursuant to the terms of the Termination and Transfer Agreement
with Servier.

Net loss for the three months ended Dec. 31, 2020 was $15.0
million, or $0.20 for basic and diluted loss per share, as compared
to a net loss of $8.2 million, or $0.14 for basic and diluted loss
per share, for the same period in 2019.

As of Dec. 31, 2020, cash, cash equivalents and short-term
investments totaled $52.5 million, as compared to $33.7 million as
of Dec. 31, 2019.  The Company expects its current cash, cash
equivalents and short-term investments will enable the Company to
fund its operations into the second quarter of 2021.

"This past quarter, CTI has executed on the critical clinical,
regulatory and commercial activities that will allow for the
potential U.S. approval and commercial launch of pacritinib in
2021," said Adam R. Craig, M.D., Ph.D., president and chief
executive officer of CTI Biopharma.  "We continue to work
diligently on our rolling New Drug Application (NDA) submission to
the U.S. Food and Drug Administration (FDA) for pacritinib, for use
in myelofibrosis patients with severe thrombocytopenia, and are on
track to complete the submission before the end of this month.
Pending priority review and approval by the FDA, we are planning to
launch pacritinib in the United States by the end of the year.
Over the last quarter, we have focused on the key pre-commercial
activities that will enable a successful launch, including the
recruitment of key leadership roles in marketing and sales, and the
initiation of our disease awareness, market access, and field force
strategies.  We look forward to being able to provide pacritinib to
myelofibrosis patients who are underserved by existing therapies."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/891293/000089129321000008/ctic-20201231.htm

                       About CTI BioPharma

Headquartered in Seattle, Washington, CTI BioPharma Corp. is a
biopharmaceutical company focused on the acquisition, development
and commercialization of novel targeted therapies for blood-related
cancers that offer a unique benefit to patients and their
healthcare providers.  The Company concentrates its efforts on
treatments that target blood-related cancers where there is an
unmet medical need.  In particular, the Company is focused on
evaluating pacritinib, its sole product candidate currently in
active development, for the treatment of adult patients with
myelofibrosis.  In addition, the Company has recently started
developing pacritinib for use in hospitalized patients with severe
COVID-19, in response to the COVID-19 pandemic.


CYTODYN INC: Appoints New Chief Operating Officer
-------------------------------------------------
CytoDyn Inc. has appointed Christopher P. Recknor, M.D. as chief
operating officer.  

As COO, Dr. Recknor will assist the senior management team to
define and implement the overall business strategy and clinical
development priorities, along with the requisite timelines.

Dr. Recknor joined CytoDyn in August 2020 as vice president,
clinical development.  Before joining CytoDyn, Dr. Recknor served
as a principal investigator in over 100 clinical trials for
numerous global pharmaceutical companies, including Amgen,
AstraZeneca, Eli Lilly, Glaxo SmithKline, Merck, Novartis and
Pfizer.  He has a deep background in clinical research with over 40
published research studies and co-authored several research
abstracts.  

Dr. Recknor holds a B.A. from Furman University and received his
M.D. from the Medical University of South Carolina.  He completed
his residency in internal medicine at the Medical University of
South Carolina.  He is a former Diplomate of the American Board of
Internal Medicine.

"We are very pleased Dr. Recknor is joining our executive team.
Dr. Recknor has demonstrated exemplary clinical trial management
skills coupled with strong business acumen.  With his broad
experience in clinical operations, Dr. Recknor will effectively
accelerate the evaluation of several indications in our pipeline,"
Nader Pourhassan, Ph.D., president and chief executive officer of
CytoDyn, said.

The Company has entered into an employment agreement with Dr.
Recknor under which he will be employed at an at-will basis.  Under
the employment agreement, Dr. Recknor will receive an annual base
salary of $400,000.  Moreover, he is eligible to participate in the
Company's short- and long-term incentive plans in which other
executive officers may participate, with a short term target annual
bonus equal to 50% of his base salary, and other customary benefits
for which he is qualified as an executive officer of the Company.

                         About CytoDyn Inc.

Headquartered in Vancouver, Washington, CytoDyn Inc. --
http://www.cytodyn.com-- is a late-stage biotechnology company
focused on the clinical development and potential commercialization
of leronlimab (PRO 140), a CCR5 antagonist to treat HIV infection,
with the potential for multiple therapeutic indications.

CytoDyn reported a net loss of $124.40 million for the year ended
May 31, 2020, compared to a net loss of $56.19 million for the year
ended May 31, 2019.  As of Nov. 30, 2020, the Company had $143.76
million in total assets, $150.29 million in total liabilities, and
a total stockholders' deficit of $6.53 million.

Warren Averett, LLC, in Birmingham, Alabama, the Company's auditor
since 2007, issued a "going concern" qualification in its report
dated Aug. 14, 2020, citing that the Company incurred a net loss
for the year ended May 31, 2020 and has an accumulated deficit of
approximately $354,711,000 through May 31, 2020, which raises
substantial doubt about its ability to continue as a going concern.


DAEC HOME: Seeks to Hire John F. Sommerstein as Legal Counsel
-------------------------------------------------------------
DAEC Home Improvement, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Massachusetts to hire The Law Offices of
John F. Sommerstein as its legal counsel.

The firm will advise the Debtor regarding its duties under the
Bankruptcy Code and will provide other legal services related to
its Chapter 11 case.

The firm charges an hourly fee of $375.  The firm received $2,000
for pre-bankruptcy services and a $15,000 retainer.

John Sommerstein, Esq., disclosed that the firm is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.

Mr. Sommerstein maintains an office at:

     John F. Sommerstein, Esq.
     The Law Offices of John F. Sommerstein
     98 North Washington Street
     Boston, MA 02114
     Phone: 617-523-7474
     Email: jfsommer@aol.com

                    About DAEC Home Improvement

DAEC Home Improvement, LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No.
21-40160) on March 3, 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 Christopher J. Panos oversees the case.

John F. Sommerstein, Esq., at The Law Offices of John F.
Sommerstein, represents the Debtor as legal counsel.


DANA INCORPORATED: Egan-Jones Keeps B- Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 11, 2021 maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Dana Incorporated. EJR also maintained its 'B'
rating on commercial paper issued by the Company.

Headquartered in Maumee, Ohio, Dana Incorporated engineers,
manufactures, and distributes components and systems for worldwide
automotive, heavy truck, off-highway, engine, and industrial
markets.




DAYCO LLC: S&P Affirms 'CCC+' ICR on Improved Liquidity Position
----------------------------------------------------------------
S&P Global Ratings revised its ratings outlook to positive from
negative and affirmed its 'CCC+' issuer-credit rating on Dayco
LLC.

S&P said, "The 'CCC+' ratings reflect our view that Dayco faces
refinancing risk over the longer term due to its relatively high
leverage and upcoming maturities over the next couple years.

"The positive outlook indicates that we could raise the ratings on
Dayco if the company can sustain the recent higher margins,
maintain liquidity near current levels, and generate at least
breakeven free cash flow. We would also expect the company to
sustainably reduce its leverage below 6.5x and make progress in
addressing upcoming debt maturities."

The outlook revision and ratings affirmation reflect Dayco's
improved liquidity position, higher margins, and positive free cash
flow.  Dayco increased its cash position to $147 million at Nov.
30, 2020, the end of the third quarter from $73.8 million at the
end of their fiscal 2020 (ended Feb. 29, 2020), primarily by
reducing working capital. S&P said, "While we expect part of these
working capital gains to reverse in the fourth quarter and during
2021 as volumes recover, Dayco is in a better liquidity position to
absorb small uses of cash in the next 12 months. We think that will
provide a cushion against unanticipated short-term negative market
or operational events over the next 12 months without a liquidity
crisis."

The positive outlook reflects improved liquidity and refinancing
prospects given the company's recently stronger margins and a
recovery in automotive industry volumes.

S&P said, "We could revise the outlook to stable or negative if
free cash flow is more negative than expected, eroding Dayco's
liquidity cushion. We could also revise the outlook if we expect
auto demand to contract or if Dayco continues to lose share in the
automotive aftermarket."

S&P could raise the rating over the next 12 months on Dayco if:

-- Recent higher margins are sustained;
-- Liquidity is maintained near current levels;
-- Free cash flow generated is at least breakeven

-- Leverage is on a path to be sustainably reduced below 6.5x; or

-- Dayco makes progress addressing their upcoming debt
maturities.

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."



DCG ACQUISITION: Moody's Rates $90M Term Loan Add-on 'B2'
---------------------------------------------------------
Moody's Investors Service assigned a B2 rating to DCG Acquisition
Corp.'s (dba DuBois Chemicals, Inc.) $90 million proposed
non-fungible term loan add-on. The incremental term loan proceeds
will be used to redeem the company's privately placed first lien
secured notes, repay outstanding borrowings on the revolving credit
facility, add cash to the balance sheet and pay make-whole costs on
the note redemption. The B3 Corporate Family Rating, B3-PD
Probability of Default Rating, B2 first lien senior secured credit
facility and Caa2 second lien term loan are unchanged. The outlook
is negative.

"The incremental term loan does not materially increase debt and
allows the company to redeem the higher interest rate notes and
improve liquidity," said Domenick R. Fumai, Vice President and lead
analyst for DCG Acquisition Corp.

Assignments:

Issuer: DCG Acquisition Corp.

Senior Secured Bank Credit Facility, Assigned B2 (LGD3)

RATINGS RATIONALE

DCG Acquisition Corp. is issuing a $90 million incremental first
lien term loan to redeem the $40 million privately placed first
lien note, repay $30 million on the revolving credit facility, add
$18 million in cash to the balance sheet and pay about $2 million
in make-whole costs associated with redeeming the notes. The
proposed add-on modestly increases gross debt; however, this is
offset by slightly lower interest expense and improved liquidity.

The B3 rating is constrained by elevated leverage because of an
acquisitive growth strategy that has resulted in a substantial
increase in absolute debt. Since the acquisition by Altas Partners
in late 2019, total gross debt, including Moody's standard
adjustments, has increased by over $150 million to $823 million at
September 30, 2020.

DuBois Chemicals' financial performance has demonstrated a lack of
organic revenue and EBITDA growth versus previous expectations.
Through the first nine months of 2020, DuBois Chemicals' underlying
organic revenue has decreased 6.5% compared to the same period a
year ago. Moreover, although EBITDA has grown and margins have
expanded during the same time frame as several acquisitions,
including Cimcool, have been accretive, the additional debt has
largely mitigated the improvements resulting in credit metrics that
have only moderately improved sequentially. Demand is recovering in
most end markets, except metalworking, which represents the
company's largest segment. As global economic conditions further
recover and DuBois Chemicals begins to realize the additional
revenue and incremental EBITDA contribution from recent
acquisitions, financial performance should improve in 2021. As a
result, Moody's now estimates that adjusted leverage in FY 2021
will be between 7.5x-8.0x, which is below the prior expectation of
8.3x. Nonetheless, credit metrics remain stretched for the current
B3 rating. DuBois Chemicals' rating is further tempered by its
small scale and significant dependence on North America for revenue
and earnings. Private equity ownership as reflected by the
acquisitive growth strategy is another consideration limiting the
rating.

The rating is supported by exposure to a wide range of end markets,
including metalworking, industrial lubricants, water treatment,
transportation and pulp and paper. Dubois Chemicals' rating further
benefits from extensive product offerings serving a diverse
customer base in niche, middle market applications, and long-term
customer and supplier relationships. DuBois Chemicals' credit
profile further reflects the importance of many of its products to
their customers, which on average represent a small portion of
overall costs, and are typically more resilient to economic
downturns.

DuBois Chemicals is expected to have good liquidity due to the
additional cash from the incremental term loan and an undrawn $90
million revolving credit facility. The credit agreement governing
the revolving credit facility contains only a springing net first
lien leverage covenant when the revolver is drawn more than 35%,
which is not expected to be triggered over the next 12 months.

Pro forma for the transaction, debt capital is comprised of an
undrawn $90 million first lien senior secured revolving credit
facility, $602 million first lien term, $110 million delayed draw
term loan and a $145 million second lien term loan. The B2 rating
on the first lien senior secured credit facilities, one notch above
the B3 CFR, reflects a first lien position on substantially all
assets. The Caa2 rating on the second lien term loan, two notches
below the B3 CFR, reflects effective subordination to the larger
first lien credit facilities and limited recovery prospects in a
default scenario.

The negative outlook reflects elevated leverage that is a result of
the company's acquisitive strategy and substantial debt compared to
its asset base. Moody's could revise the outlook to stable if
adjusted Debt/EBITDA is sustained less than 7.0x, the liquidity
profile is maintained, and the company experiences organic growth.

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

Moody's would consider upgrading the ratings if the company
achieves sustained adjusted financial leverage below 6.5x
(Debt/EBITDA) and retained cash flow-to-debt (RCF/Debt) sustained
above 10%. Moody's would likely consider a downgrade of the ratings
if liquidity remains below $70 million for an extended time, or
free cash flow remains materially negative for an extended period.
Ratings could also be downgraded if there is a further significant
increase in gross debt as a result of acquisitions or dividend
payment to the sponsor.

ESG CONSIDERATIONS

Moody's also considers environmental, social and governance risks
in the rating. Although there are inherent environmental risks
associated with being a chemical company, DuBois Chemicals'
environmental risk is viewed as low compared to other companies in
the chemical industry. DuBois states that it does not have any
ongoing environmental investigations or remediation at any of its
facilities. Moreover, the Water Treatment Services segment sells
products that minimize water, energy and chemical usage allowing
companies to reach their wastewater discharge requirements and
helps promote sustainability. Governance risk is above-average due
to private equity ownership, which does not require a majority of
independent directors on the board, limited financial disclosure
requirements compared to public companies and an aggressive
financial policy that has completed four largely debt-financed
acquisitions since the new owners acquired the company.

The principal methodology used in this rating was Chemical Industry
published in March 2019.

DuBois Chemicals, Inc., headquartered in Sharonville, Ohio,
provides consumable, value-added specialty cleaning chemical
solutions and services for manufacturing industrial processes. The
company's extensive range of products include metalworking fluids,
industrial lubricants, rust inhibitors, water treatment solutions,
food and beverage sanitation, as well as performance improving
chemistries for the paper and pulp industries. The company also
serves the consumer car wash and fleet transportation wash markets.
DuBois Chemicals was acquired by private equity sponsor, Altas
Partners, in September 2019 and generated revenue of $482 million
for the last twelve months ended September 30, 2020.


DESTINATION HOPE: Newtek Agrees to Offer Unsecureds $50K Carveout
-----------------------------------------------------------------
SWBG, Inc. f/k/a Destination Hope, Inc., filed with the U.S.
Bankruptcy Court for the Southern District of Florida a Plan of
Liquidation and a corresponding Disclosure Statement on March 11,
2021.

Prior to the Petition Date, the Debtor was defending a lease
default lawsuit filed against it by Hewlett Packard Financial
Services; a breach of financing agreement lawsuit filed against it
by Bankers Healthcare Group, LLC; a breach of contract case filed
against it by Professional Revenue Recovery Solutions, Inc.; and a
breach of a commercial lease agreement lawsuit filed against it by
Eastgroup Properties, L.P. All of the lawsuits were still pending
as of the Petition Date.

The Debtor filed for chapter 11 protection purely for reasons of
restructuring its debts, and not because of declining patient
revenues or allegations of improper patient care.

On Oct. 20, 2020, the Debtor filed a motion to sell substantially
all of its assets free and clear of all liens, claims,
encumbrances, and interests, subject to higher and better offers,
with liens, claims, and encumbrances to attach to the proceeds (the
"Sale Motion").  The assets included in the sale included the Main
Location and the Tamarac Location, and the personal property
located at the Main Location and the Tamarac Location as listed on
the Debtor's schedules except those assets excluded from the sale.

The only qualified bid received by the Debtor was submitted by the
stalking horse, Regard Recovery, LLC (the "Purchaser") in the
amount of $4,800,000; consequently, on Dec. 9, 2020, the Debtor
filed its Notice of Acceptance of Stalking Horse Bid.  The Auction
was conducted on Dec. 10, 2020 with Purchaser as the only bidder.
The Order approving the sale of substantially all of the Debtor's
Assets was entered on Dec. 14, 2020.  The closing of the Sale
occurred on Jan. 14, 2021 (the "Closing") for a total purchase
price of $4,800,000, with $1,100,000 allocated to the Camelot
Cottages and $3,700,000 allocated to the Debtor, plus $200,000 in
assumed liabilities, which included employee wages and PTO.

As per the APA, the Debtor was required to change its name, and
subsequently changed its name with the Florida Secretary of State
to "SWBG, Inc." and received Court approval for same on February
17, 2021.

Class 1 consists of the Allowed Secured Claim of Newtek. Newtek
received $1,084,375 from the Sale Proceeds and then on or around
January 25, 2021, an additional $500,000, for a total amount of
$1,584,375.  Newtek has also agreed to provide a carveout of
$50,000 to unsecured creditors.  Therefore, as of this filing,
Newtek is owed $1,256,802.

Class 4 consists of the Allowed Claims of the general unsecured
creditors of the Debtor.  The Debtor estimates the aggregate amount
of Class 4 general unsecured claims totals approximately
$9,984,565.  Each holder of an Allowed Unsecured Claim against the
Debtor's Estate shall receive Distributions on a pro rata basis
with the Holders of all Allowed Claims in this Class 4 from (A) a
carve-out of $50,000 provided by Newtek for the sole purpose of
distributions to unsecured creditors, and (B) available cash on
deposit from time to time with the Debtor and/or the Liquidating
Trustee, up to the full amount of each Allowed Claim, from: (i) the
remaining Sale Proceeds, and Litigation Claims Proceeds, after the
payment in full of all Allowed Administrative Claims, all Allowed
Secured Claims and all Allowed Priority Claims, following the
complete administration of the Case.

Class 5 consists of the Debtor's Equity Interests in Assets of the
Estate, which are retained under the Plan On the Effective Date,
all Equity Interests shall remain unchanged; i.e., Mr. Brafman
shall remain as the only equity holder, for the sole purpose of
winding up and dissolving the Debtor.

The Debtor believes that there is no risk to creditors as to the
completion of the Plan, as the Plan is a liquidating plan which
will establish a liquidating trust (the "Liquidating Trust") and
distribute proceeds accordingly. The Plan will be funded primarily
by the Debtor's Cash on Hand, the Sale Proceeds, and Litigation
Claims Proceeds, if any.  

A full-text copy of the Disclosure Statement dated March 11, 2021,
is available at https://bit.ly/2NuZ3T6 from PacerMonitor.com at no
charge.

The Debtor is represented by:

     Aaron A. Wernick, Esq.
     Wernick Law, PLLC
     2255 Glades Road, Suite 324A
     Boca Raton, Florida 33431
     Telephone: (561) 961-0922
     Facsimile: (561) 431-2474
     Email: awernick@wernicklaw.com

                     About Destination Hope

Based in Fort Lauderdale, Fla., Destination Hope, Inc. --
https://destinationhope.com/ -- offers comprehensive drug rehab and
mental health programs, with a special focus on dual diagnosis
while providing clients with the knowledge and tools to overcome
their addiction.

Destination Hope sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-19402) on Aug. 28,
2020.  The petition was signed by Benjamin Brafman, the company's
president.  At the time of the filing, the Debtor had estimated
assets of between $500,000 and $1 million and liabilities of
between $10 million and $50 million.  Judge Peter D. Russin
oversees the case.  Wernick Law, PLLC is Debtor's legal counsel.


DIAMONDHEAD CASINO: Incurs $1.3 Million Net Loss in 2019
--------------------------------------------------------
Diamondhead Casino Corporation filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing a net
loss of $1.27 million for the year ended Dec. 31, 2019, compared to
a net loss of $1.28 million for the year ended Dec. 31, 2018.

As of Dec. 31, 2019, the Company had $5.48 million in total assets,
$12.67 million in total liabilities, and a total stockholders'
deficit of $7.19 million.

Marlton, New Jersey-based Friedman LLP issued a "going concern"
qualification in its report dated March 16, 2021, citing that the
Company has incurred significant recurring net losses over the past
several years.  In addition, the Company has no operations.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.  The Company's continued existence is
dependent upon its ability to raise the necessary capital with
which to satisfy liabilities, fund future costs and expenses and
develop the Diamondhead, Mississippi property.

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

https://www.sec.gov/Archives/edgar/data/844887/000149315221006085/ex99-1.htm

                        About Diamondhead Casino

Alexandria, Virginia-based Diamondhead Casino's intent is and has
been to construct a casino resort and other amenities on the
Property unilaterally or, in conjunction with one or more joint
venture partners.  However, the Company has been unable to date, to
obtain financing to move the project forward and/or enter into a
joint venture partnership.  Now, due to its lack of financial
resources, the Company has been forced to explore other
alternatives, including a sale of part or all of the Property.  The
Company's preference is to sell only part of the Property inasmuch
as this would appear to be in the best interest of the stockholders
of the Company.  However, there can be no assurance the Company
will be able to sell only part of the Property.  The Company
intends to continue to pursue a joint venture partnership and/or
other financing while seeking a viable purchaser for part or all of
the Property.  Thus, on March 25, 2019, Mississippi Gaming
Corporation, a wholly owned subsidiary of the Company, entered into
a brokerage agreement with an unrelated third party to seek a buyer
for all or part of the Property or, alternatively, to seek a joint
venture partner for the project.  This contract has now expired,
but the Company continues to work with the brokerage firm.


DIFFUSION PHARMACEUTICALS: Incurs $14.2 Million Net Loss in 2020
----------------------------------------------------------------
Diffusion Pharmaceuticals Inc. filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing a net
loss of $14.18 million for the year ended Dec. 31, 2020, compared
to a net loss of $11.80 million for the year ended Dec. 31, 2019.

As of Dec. 31, 2020, the Company had $27.73 million in total
assets, $2.91 million in total liabilities, and $24.81 million in
total stockholders' equity.

As of Dec. 31, 2020, Diffusion had cash and cash equivalents of
$18.5 million as compared to $14.2 million as of Dec. 31, 2019.
Net cash used in operating activities during 2020 was $13.6
million, compared to $9.9 million used during 2019.  During 2020,
the Company raised $12.0 million in gross proceeds through its May
2020 offering of common stock and an additional $8.0 million in
gross proceeds through the exercise of certain previously
outstanding warrants.

An additional $36.7 million in aggregate gross proceeds have been
received by the company thus far during the first quarter of 2021,
through its common stock offering in February 2021 and the exercise
of certain previously outstanding warrants.  As of March 16, 2021,
the Company believes it has adequate cash resources to continue
operations through 2023, including expenditures related to the
three Oxygenation Trials and its planned Phase 2 trial in a
hypoxia-related indication.

Research and development expenses were $9.4 million for 2020,
compared to $6.6 million for 2019.  The increase was primarily
attributable to the company's clinical trial evaluating TSC in
hospitalized COVID-19 patients, which resulted in a $1.1 million
uptick in manufacturing costs and a $2.2 million increase in
clinical trial and other R&D related expenses.

General and administrative expenses were $6.4 million for 2020,
compared to $4.8 million for 2019.  The increase was largely driven
by a $0.7 million increase in professional fees and a $0.9 million
increase in salaries, wages, and stock-based compensation,
including certain non-recurring expenses related to the retirement
and separation of Diffusion's former executives during 2020.

"There is no doubt that 2020 was a challenging year, but it was
also a transformational year for Diffusion.  We formed a new
executive team, initiated and advanced our Phase 1b study of TSC in
hospitalized COVID-19 patients, and concurrently redefined the
clinical development pathway for TSC in an effort to maximize the
probability of clinical and regulatory success," said Robert
Cobuzzi, president and chief executive officer of Diffusion.  "The
momentum we gained exiting 2020 has continued into 2021.  We have
completed the study of TSC in hospitalized COVID-19 patients,
designed a series of three clinical trials to be conducted during
2021 to evaluate the effects of TSC on oxygenation, and secured the
company's financial position by completing our $34.5 million equity
raise."

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

https://www.sec.gov/Archives/edgar/data/1053691/000143774921006236/dffn20201231_10k.htm

                   About Diffusion Pharmaceuticals

Diffusion Pharmaceuticals Inc. is an innovative biotechnology
company developing new treatments that improve the body's ability
to bring oxygen to the areas where it is needed most, offering new
hope for the treatment of life-threatening medical conditions.
Diffusion's lead drug TSC was originally developed in conjunction
with the Office of Naval Research, which was seeking a way to treat
hemorrhagic shock caused by massive blood loss on the battlefield.


DILLARD'S INC: S&P Alters Outlook to Stable, Affirms 'BB-' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.-based regional
department store retailer Dillard's Inc. to stable from negative
and affirmed all of its ratings on the company, including its 'BB-'
issuer credit rating.

S&P said, "The stable outlook reflects our view that the company's
limited balance sheet debt, good free cash flow generation, and
leverage in the mid-2x area will provide financial flexibility as
it continues to face sustained headwinds in the department store
industry.

"Dillard's performance sequentially improved over the past three
quarters after being hit by the COVID-19 pandemic and we now
believe it will be able to maintain credit measures commensurate
with the rating. While Dillard's operating performance was severely
pressured in fiscal year 2020 (ended Jan. 30, 2021) because of the
pandemic, declines in same-store sale in the fourth quarter
sequentially improved to the mid-teens percentage range (versus
negative 24% the previous quarter) and the company generated
moderate positive free operating cash flow (FOCF) for the year.
While we previously anticipated negative FOCF in 2020, the company
reported higher earnings than expected as it offset some sales
deleveraging through reduced selling, general, and administrative
(SG&A) costs and effective inventory management (i.e., inventory
was down 26% in the fourth quarter).

"The company had no outstanding debt under its revolving credit
facility at year-end with leverage at 5.5x for the year. While we
expect margins to rebound to less than historical levels in fiscal
2022, we expect the company to continue generating significant FOCF
and leverage remaining in the mid- to high-2.0x range on a
sustained basis. Due to the expected leverage reduction and cash
flow improvements, we are revising our financial risk profile
assessment to intermediate from significant.

"Post pandemic, we continue to see Dillard's as more exposed to
disruptive sector trends. We believe secular weakness for
brick-and-mortar department stores will continue even after
pandemic fears subside as more apparel market share is migrating to
off-price and online retailers. Prior to the pandemic, store
traffic had declined steadily as consumers gradually migrated their
purchasing activity toward online channels.

"This trend accelerated in 2020 as health and safety concerns made
more customers switch to online shopping. We believe customers will
be slow to return to in-store shopping even after vaccines have
been broadly distributed and we believe omnichannel capability will
become an increasingly important competitive factor amongst
retailers given customers' continued rapid adoption of e-commerce.
In our view, Dillard's has lower online sales penetration and
omnichannel capabilities relative to national peers, as a primarily
regional mall-based player. Dillard's has experienced a significant
deterioration in profitability with adjusted EBITDA margins of less
than 7% pre-pandemic, declining by nearly half in the last five
years. We expect margins to remain weak over the next years as
Dillard's contends with negative mall traffic trends, investments
needed to expand omnichannel capabilities, intense competition,
increasing price transparency, and an uneven economic backdrop. In
addition, margins were pressured in the past few years partly due
to merchandise missteps, which we believe Dillard's remains exposed
to and could further pressure profitability. Therefore, we apply a
negative comparable rating modifier as we believe it captures
Dillard's holistic standing in relation to its 'BB' rated peers and
given the sustaining headwinds in the industry.

"We believe the company's limited level of funded debt and good
free cash flow generation should help somewhat offset the
short-term headwinds the company faces. We expect the company to
maintain an adequate liquidity with FOCF generation of
approximately $150 million per year on a sustained basis. The
company owns the real estate for about 90% of its stores, which has
a book value of over $1 billion. We view the company's substantial
asset ownership as strategic and believe this provides Dillard's
with operating and financial flexibility. Under its current
management and family control, we expect the company to maintain
its real estate ownership and a conservative approach to debt.

"The stable outlook reflects our view that the company's limited
balance sheet debt, good free cash flow generation, and leverage in
the mid- to high-2x area will provide financial flexibility as the
company continues to face sustained headwinds in the department
store industry."

S&P could raise the rating on Dillard's if:

-- S&P sees a clear path to sustainable sales, market share and
profit growth indicating Dillard's relative competitive position is
improving; and

-- S&P expects Dillard's to maintain leverage in the mid- to
high-2x area.

S&P could lower the rating on Dillard's if:

-- Operational performance significantly weakens compared with our
expectations because of protracted decline in the economy and
consumer spending, indicating a deterioration in its competitive
standing. For instance if EBITDA margins fall by about 200 basis
points relative to our projections; or

-- S&P expects leverage approaching 4x as a result of a more
aggressive financial policy.


DISH NETWORK: Egan-Jones Hikes Senior Unsecured Ratings to BB-
--------------------------------------------------------------
Egan-Jones Ratings Company, on March 8, 2021, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by DISH Network Corporation to BB- from B+.

Headquartered in Englewood, Colorado, DISH Network Corporation
provides a direct broadcast satellite subscription television,
audio programming, and interactive television services to
commercial and residential subscribers in the United States.




DONNELLEY FINANCIAL: S&P Hikes ICR to 'BB-' on Leverage Reduction
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Chicago-based
financial compliance company Donnelley Financial Solutions Inc.
(DFIN) to 'BB-' from 'B+' reflecting that healthy capital markets
activity and good subscription-based SaaS and recurring revenues,
along with cost initiatives in 2021, should allow the company to
maintain adjusted leverage below 3x.

S&P said, "At the same time, we are raising our issue-level ratings
on the company's senior secured revolving credit facility to 'BB+'
from 'BB' and senior secured notes to 'B+' from 'B'. The recovery
ratings remain unchanged.

"The stable outlook reflects our expectation that S&P Global
Ratings-adjusted leverage will remain in the mid- to high-2x range
over the next 12 months as it operates in a healthy, albeit
somewhat uncertain, capital markets environment, continues building
out its software solutions offerings, and decreases the percentage
of revenue it generates from print and distribution."

Higher capital markets transaction volumes have improved the
company's credit metrics. DFIN experienced significantly
higher-than-expected capital markets transactional activity in
fourth-quarter 2020 that drove revenue growth of 11% and 2% in the
quarter and the year, respectively, compared to the prior year.
Despite the COVID-19-induced recession posing challenges in 2020,
the financial markets remained strong due, in part, to a supportive
monetary policy. DFIN's Capital Markets segments (Software
Solutions and Compliance & Communications Management) benefitted
from increased debt-related transactional activity in the first
half of the year, followed by a surge in IPO and mergers and
acquisitions activity in the second half of the year. S&P said, "As
such, DFIN's adjusted leverage as of Dec. 31, 2020, improved to
2.8x, well below our upside leverage threshold of 3.75x largely due
to high incremental margins from the capital markets segments and
$67 million of debt repayment in March 2020. Going forward, we
expect DFIN's adjusted leverage will remain in the mid- to high-2x
range over the next 12 months as moderation in capital markets
transactional activity is offset by high-single-digit revenue
growth in its software solutions revenues."

S&P said, "The stable outlook reflects our expectation that S&P
Global Ratings-adjusted leverage will remain in the mid- to high-2x
range over the next 12 months as it operates in a healthy, albeit
somewhat uncertain, capital markets environment, continues building
out its software solutions offerings, and decreases the percentage
of revenue it generates from print and distribution."

S&P could lower its issuer credit rating if DFIN's debt leverage
increases above 3.75x for a prolonged period, likely due to:

-- Operating challenges stemming from a decline in capital markets
transactional activity;

-- Changes in financial policy prioritizing share buybacks; or

-- The company pursuing a large debt-funded acquisition.

For an upgrade, S&P would look for DFIN to:

-- Materially improve its scale and diversity of revenue sources
and increase subscription revenues; and

-- Lower and maintain its adjusted leverage below 2.5x.



DUPONT STREET: Seeks Chapter 11 Bankruptcy Protection
-----------------------------------------------------
Allison McNeely of Bloomberg News reports that Dupont Street
Developers LLC, the owner of a residential development in the
Greenpoint neighborhood of Brooklyn, filed for bankruptcy amid
ongoing challenges for New York real estate.

The company listed $57.1 million of assets and $58.9 million of
liabilities in a Chapter 11 petition filed in the Eastern District
of New York.

Dupont Street was developing an old plastics factory in Greenpoint,
which had been beset with environmental challenges, into
apartments, according to news reports.

The developer was also listed as a co-defendant with All Year
Management on a lawsuit for breach of contract related to the
project.

                   About Dupont Street Developers

Dupont Street Developers is engaged in activities related to real
estate. The Company owns premises at 49-55 Dupont Street, Brooklyn,
NY having a current value of $57.12 million (value subject to
appraisal by a Court of competent jurisdiction, based upon current
contract of sale).

The company filed for Chapter 11 protection (Bankr. E.D.N.Y. Case
No. 21-40664) on March 17, 2021.  The petition was signed by Bo Jin
Zhu, manager. It listed assets amounting to $57,125,000 and
liabilities of $58,925,731 as of the bankruptcy filing.

The case is handled by Honorable Judge Elizabeth S. Stong.

ROBINSON BROG LEINWAND GREENE GENOVESE & GLUCK P.C., led by
Mitchell A. Greene, is the Debtor's counsel.


DURR MECHANICAL: Says Damages Claim Reduced to $68 Million
----------------------------------------------------------
Durr Mechanical Construction, Inc., on March 11, 2021, submitted a
Second Amended Plan of Liquidation and a corresponding Disclosure
Statement.

On Jan. 29, 2021, the Court issued a decision favorable to the
Debtor by dismissing only two causes of action, while keeping the
remaining causes of action in the litigation.  The effect of the
motion to dismiss reduced the Debtor's damages claim from $93
million to $68 million, plus interest.  The Court also issued an
order directing the parties to produce discovery documents on a
rolling basis.

The Debtor anticipates affirmatively recovering on this Affirmative
Claim against PSEG via the continued litigation.  Damages sought by
the Debtor from PSEG, for the benefit of the Debtor's estate and
creditors, exceed $68 million, plus interest (which continues to
accrue).

The Second Amended Plan provides:

     * Class 2 Claims consist of the Allowed Secured Claims, in
accordance with their respective lien priorities and to the extent
of the value of the subject collateral. Class 2 Claims as filed and
based upon reconciliation to date are in the approximate aggregate
sum of $33.4 million. Each Holder of an Allowed Class 2 Claim shall
receive payment on account of such Allowed Class 2 Claim, in
accordance with the lien priorities under the Bankruptcy Code and
applicable non-bankruptcy law, and to the extent of the value of
such Holder's collateral, after payment in full of Allowed Class 1
Claims, subordinate and subject to approved carve outs, reserves
and/or operating funds including for (i) U.S. Trustee fees and (ii)
the Liquidating Trustee for fees and expenses in connection with
the Liquidating Trust.

     * Class 3 Claims consist of the Allowed Priority Claims17 of
various unions relating to claims for employee benefits.  Class 3
Claims as filed are in the approximate aggregate sum of $850,000.
Each Holder of an Allowed Class 3 Claim, as has been agreed with
each such creditor, shall receive payment, including applicable
interest, on account of such Allowed Class 3 Claim, in accordance
with the priorities under the Bankruptcy Code, after payment in
full of Allowed Class 1 Claims, Allowed Class 2 Claims, and Allowed
Administrative Expense Claims, except as otherwise agreed with the
Holder of such Claims.

     * Class 4 Claims consist of Allowed General Unsecured Claims.
General unsecured pre-petition claims as filed against the Debtor's
estate are in the approximate aggregate sum of $133 million. Each
Holder of an Allowed Class 4 Claim shall receive payment on account
of its Allowed General Unsecured Claim in the amount of its Pro
Rata share of Available Funds, after payment in full of Allowed
Class 1 Claims, Allowed Class 2 Claims, Allowed Administrative
Expense Claims, Allowed Class 3 Claims, and Allowed Priority Tax
Claims, except as otherwise agreed with the Holder of such Claims,
and subordinate and subject to approved carve outs, reserves and/or
operating funds, including for the U.S. Trustee fees and the
Liquidating Trustee for fees and expenses in connection with the
Liquidating Trust.

As reflected in the Second Stipulation and Order Amending and
Modifying Cash Collateral Stipulation and Final Order, and the
successive extensions of the Debtor's use of cash collateral the
authorized by the Secured Parties in accordance with approved
budgets, the Debtor presently has use of funds for continued
operations and litigation claim support through October 2021.

A full-text copy of the Second Amended Disclosure Statement dated
March 11, 2021, is available at https://bit.ly/3qVmOkY from
PacerMonitor.com at no charge.

Attorneys for the Chapter 11 Debtor:

     Adam P. Wofse
     Gary F. Herbst
     LAMONICA HERBST & MANISCALCO, LLP
     3305 Jerusalem Avenue, Suite 201
     Wantagh, New York 11793
     Tel: (516) 826-6500

                    About Durr Mechanical

Durr Mechanical Construction, Inc. -- http://www.durrmech.com/--
is a mechanical contracting company headquartered in New York.  It
offers commercial HVAC, scheduling and cost control, BIM drafting,
erecting and setting equipment, process piping, power piping, and
emergency services.

Durr Mechanical Construction filed a voluntary petition for
reorganization under Chapter 11 of Title 11 of the United States
Code (Bankr. S.D.N.Y. Case No. 18-13968) on Dec. 7, 2018.  In the
petition signed by Kenneth A. Durr, president, the Debtor was
estimated to have $100 million to $500 million in assets and $50
million to $100 million in liabilities.  LaMonica Herbst &
Maniscalco, LLP, led by Michael Thomas Rozea, and Adam P. Wofse,
serves as counsel to the Debtor.


EARTH ENERGY: Trustee Selling All Assets to Ara EER for $15 Million
-------------------------------------------------------------------
Eric Terry, the Chapter 11 Subchapter V Trustee for Earth Energy
Renewables, LLC, asks the U.S. Bankruptcy Court for the Western
District of Texas to authorize the bidding procedures in connection
with the sale of substantially all of the Debtor's assets to Ara
EER Holdings, LLC, for $15 million, free and clear of interests,
subject to overbid.

The Debtor produces no revenue.  The estate has avoided
administrative insolvency by borrowing approximately $2,730,026
from Ara via multiple postpetition loans.  On Feb. 18, 2021, the
Court entered the Final DIP Order.  Interest continues to accrue on
both the prepetition and postpetition indebtedness to Ara.  The
Final DIP Order granted Ara a right of first refusal and right of
last offer for serving as a stalking horse bidder in a sales
process.

Prior to the Petition Date, Ara made a loan to the Debtor in the
original principal amount of $2,967,491 ("Secured Loan").  The
Debtor's obligations under the Secured Loan are secured pursuant to
a UCC financing statement and security agreement in the Debtor's
intellectual property.  As of the Petition Date, approximately
$3,105,466.12 of pre-petition indebtedness was outstanding under
the Secured Loan.  Combined with the postpetition loan, the total
secured indebtedness owed to Ara is approximately $5.7 million.

The Trustee, in his business judgment and in consultation with his
professionals, believes a sale process is in the best interest of
the estate.  He has repeatedly requested alternative proposals from
other stakeholders, but has received no other viable proposals.

The Debtor's current cash balance necessitates completing the sale
of the assets as soon as possible while balancing the need to
adequately market the assets.  Its primary assets are intellectual
property.  Its operations are not yet generating revenue and are
not expected to for the foreseeable future.

The Trustee proposes to sell the Debtor's Assets through a court
ordered sale pursuant to Section 363.  Furthermore, he proposes, as
part of such Sale, to assign any executory contracts and unexpired
leases to the extent any purchaser wishes to assume those leases.
In connection with the foregoing, the Trustee has requested, or
will request by separate motion, that the Court approves the
Debtor's assumption of its leases pursuant to Section 365.  The
Trustee has, subject to court approval, retained CohnReznick
Capital Market Securities, LLC to assist in marketing and selling
the Debtor's Assets and has filed an application to employ relating
to the same.

Subject to the Court's approval, the Trustee seeks entry of the
Bidding Procedures Order, (a) authorizing and approving the Bidding
Procedures by which the Trustee will conduct a sale of the Debtor's
Assets; (b) approving the Bid Protections to be provided to Ara as
stalking horse bidder for the Assets in connection with the Sale
Transaction; (c) establishing procedures for the assumption and
assignment of executory contracts and unexpired leases, including
notice of proposed cure amounts to the Bidding Procedure Order; (d)
scheduling an auction in connection with the Sale Transaction to
take place on May 11, 2021 at 10:00 a.m. (CT), in which
instructions to participate via video or telephone will be provided
to Qualified Bidders prior to the Auction; (e) scheduling a hearing
on May 17, 2021, at a time convenient to the Court for approval of
the Sale Transaction; and (f) approving the form and manner of
notice of the Auction and Sale Transaction to the Bidding
Procedures Order, along with related relief.

The Trustee asks that the Bidding Procedures Order establishes
certain dates and deadlines, subject to extension and other
modifications made by the Trustee, as set forth in the Bidding
Procedures.  In his business judgment, a six-week diligence period
that allows for closing at the end of May is appropriate given the
bankruptcy estate's cash position.

Additionally, following the conclusion of the sale hearing, the
Trustee will ask entry of a sale order, the proposed form of which
will be filed on the docket no later than May 5, 2021, authorizing
(i) the sale of Assets free and clear of all liens, claims,
interests, and encumbrances, other than those expressly assumed;
(ii) the assumption and assignment of any executory contracts and
unexpired leases; and (iii) granting related relief.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: May 6, 2021 at 4:00 p.m. (CT)

     b. Initial Bid: Each Bid must have a cash Purchase Price that
has a closing date, non-contingent monetary value equal or greater
than the aggregate Stalking Horse Purchase Price set forth in the
Stalking Horse Purchase Agreement, plus (i) an amount equal to the
Stalking Horse Bid Protections, including the 3% ($450,000)
break-up fee in cash in lieu of expenses the Purchaser spent on
assisting with the auction process and its own purchase process;
and (ii) a closing date cash or cash equivalent payment of $50,000
or more over the Stalking Horse Purchase Price set forth in the
Stalking Horse Purchase Agreement.

     c. Deposit: 5% of the aggregate cash Purchase Price of the
Bid

     d. Auction: The Auction, if one is necessary, will commence on
May 11, 2021, at 10:00 a.m. (CT).  Instructions to participate via
video or telephone in the Auction will be provided to Qualified
Bidders prior to the Auction.

     e. Bid Increments: $200,000

     f. Sale Hearing: May 17, 2021

     g. Sale Objection Deadline: May 14, 2021

     h. Closing: No later than two days after the Auction

     i. Stalking Horse Bid Protections: A break-up fee equal to 3%
of the Stalking Horse Purchase Price ($450,000) and the right to
match the successful bidder as well as a right of first refusal and
right of last offer.

     j. A Secured Creditor, including the Stalking Horse Bidder,
will have the right to credit bid all or a portion of the value of
such Secured Creditor's claims.

The Trustee also asks that the Court approves the form of Cure
Notice.  He proposes the Assumption and Assignment Procedures for
notifying the counterparties to any executory contract or unexpired
lease to which the Debtor is a party of proposed cure amounts in
the event the Trustee decides to assume and assign such contracts
or leases in connection with the Sale.

On April 19, 2021, the Trustee will file the Cure Notice with the
Court and serve the Cure Notice on the Contract Counterparties, and
will include the Assigned Contracts Schedule.  The Assigned
Contract Objection Deadline is May 4, 2021.

Finally, the Trustee asks that, upon entry of the Bidding
Procedures Order, the Court waives the 14-day stay requirements of
Bankruptcy Rules 6004(h) and 6006(d) to the extent they may be
applicable to the Bidding Procedures Order.

A copy of the Agreement and the Bidding Procedures is available at
https://tinyurl.com/y3s3uar2 from PacerMonitor.com free of charge.

                   About Earth Energy Renewables

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

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

At the time of the filing, the Debtor had estimated assets of
between $10 million and $50 million and liabilities of between $1
million and $10 million.

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

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



EARTH ENERGY: Trustee Taps CohnReznick Capital as Investment Banker
-------------------------------------------------------------------
Eric Terry, the Chapter 11 Subchapter V trustee for Earth Energy
Renewables, LLC, seeks approval from the U.S. Bankruptcy Court for
the Western District of Texas to hire CohnReznick Capital Market
Securities, LLC, as his investment banker.

The firm's services include:

     a. evaluating the business, operations and financial position
of the Debtor;

     b. analyzing the business, operations and financial position
of the Debtor and preparing it for an expedited marketing process
as part of a sale transaction, and recommending strategic
alternatives with respect to the transaction;

     c. assisting in the preparation of materials, including
business and financial information and collateral marketing
materials to be provided to potential bidders as part of the sale,
preparing the Debtor and the trustee for the marketing process, and
contacting prospective bidders;

     d. assisting the trustee in establishing criteria for
potential bidders, identifying and screening prospective bidders,
and evaluating proposals received from bidders;

     e. advising the trustee and its advisors on negotiations with
potential bidders, including potential stalking horse candidates,
designing bid procedures, and running an auction, if implemented;

     f. coordinating due diligence;

     g. providing timely reporting to the trustee;

     h. assisting the trustee and his advisors through the closing
of the sale transaction; and

     i. advising the trustee on other matters.

Upon the closing of a sale transaction, CohnReznick will receive a
transaction fee equal to $75,000, plus 10 percent of consideration
in excess of the original stalking horse bid approved by the court.
In the event a sales transaction occurs without a stalking horse
bid, the firm will receive a transaction fee equal to $150,000 plus
4 percent of the consideration.

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

CohnReznick and its professionals are disinterested persons under
Section 101(14) of the Bankruptcy Code, according to court
filings.

The firm can be reached through:

     Jeffrey R. Manning, CTP
     CohnReznick Capital Market Securities, LLC
     500 East Pratt Street, ste. 200
     Baltimore, MD 21202
     Email: jeff.manning@cohnreznickcapital.com

                   About Earth Energy Renewables

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

Earth Energy Renewables sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Texas Case No. 20-51780) on Oct. 20,
2020.  Jeff Wooley, manager, signed the petition.  In the petition,
the Debtor had estimated assets of between $10 million and $50
million and liabilities of between $1 million and $10 million.

Judge Ronald B. King oversees the case.  

The Law Offices of Frank B. Lyon is the Debtor's legal counsel.

Eric Terry, Chapter 11 trustee, tapped Chamberlain Hrdlicka White
Williams & Aughtry, P.C. as his legal counsel, William G. West P.C.
CPA as accountant, and Macco Restructuring Group LLC as financial
advisor.  Mr. McManigle, managing director at Macco, serves as
chief restructuring officer.


EARTHWORX & SALES: Seeks to Hire Calaiaro Valencik as Legal Counsel
-------------------------------------------------------------------
Earthworx & Sales, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Pennsylvania to hire Calaiaro
Valencik as its legal counsel.

The firm will render these services:

     a) attendance at the first meeting of creditors;

     b) advising the Debtor with regard to its rights and
obligations during the Chapter 11 reorganization;

     c) representing the Debtor in any motions to convert or
dismiss the Chapter 11;

     d) representing the Debtor in relation to any motions for
relief from stay filed by creditors;

     e) preparing a plan of reorganization and disclosure
statement;

     f) preparing any objections to claims;

     g) otherwise, representing the Debtor in general.

The firm's attorneys and paralegals will be paid at hourly rates as
follows:

     Donald R. Calaiaro         $395
     David Z. Valencik          $350
     Mark B. Peduto             $300
     Andrew K. Pratt            $250
     Paralegals                 $100

Calaiaro Valencik received a retainer in the amount of $5,000 from
Debtor for its pre-bankruptcy services.

Donald Calaiaro, Esq., at Calaiaro Valencik, disclosed in a court
filing that he and his firm do not represent any interest adverse
to the Debtor's bankruptcy estate.

The firm can be reached through:
   
     Donald R. Calaiaro, Esq.
     Calaiaro Valencik
     938 Penn Avenue, Suite 501
     Pittsburgh, PA 15222-3708
     Tel: (412) 232-0930
     Email: dcalaiaro@c-vlaw.com

                      About Earthworx & Sales

Earthworx & Sales, LLC filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Penn. Case No.
21-20534) on March 11, 2021.  At the time of the filing, the Debtor
estimated $500,001 to $1 million in assets and $100,001 to $500,000
in liabilities.

Donald R. Calaiaro, Esq., at Calaiaro Valencik, represents the
Debtor as legal counsel.


ECL ENTERTAINMENT: S&P Assigns 'B-' ICR, Outlook Positive
---------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '1+'
recovery rating to Kentucky-based gaming operator ECL Entertainment
LLC's proposed priority revolver, and its 'B-' issuer credit rating
and '3' recovery rating to ECL's proposed credit facility.

S&P said, "The positive outlook reflects our expectation for debt
to EBITDA to improve to under 6.5x in 2022 once all expansion
projects are completed, from about 8x in 2021, and for EBITDA
coverage of interest to improve to about 2x.

"The 'B-' rating reflects our forecast for high debt to EBITDA in
2021 of about 8x and ECL's relatively small scale, concentration in
a single market, vulnerability to EBITDA volatility from event
risks, and execution risks associated with the opening of three
additional facilities over the next two years.

"Notwithstanding these risks, we anticipate ECL will maintain
adequate liquidity through the completion of its expansion projects
next year. This is because as part of the proposed transaction, ECL
will be funding an interest reserve account, sufficient to cover
one year of interest expense under the proposed term loan, and a
construction disbursement account, sufficient to fund the expected
construction costs. Further, ECL's liquidity will be supported by
ongoing cash flow generation at its existing Mint at Kentucky Downs
property.

"We expect 2021 debt to EBITDA to be very high but improve in 2022
as expansions and new facilities open and generate cash flow. ECL
is planning to use proceeds from the proposed term loan to fund
about $130 million on three development projects. We expect
leverage to remain high in 2021 given the incremental debt ECL
expects to incur to fund the developments, which we do not
anticipate will open and generate cash flow until 2022." ECL's
expansion plans include:

-- A new historical horse racing (HHR) facility with about 500 HHR
terminals and some food and beverage (F&B) amenities, closer to
Bowling Green, Ky., which S&P expects to be completed in the first
quarter of 2022;

-- The development of convention space, additional F&B amenities,
a new hotel, and a new R.V. park at ECL's existing Mint at Kentucky
Downs facility. S&P expects this development to be completed in the
third quarter of 2022; and

-- A new racetrack with about 50 to 100 HHR terminals, and a new
HHR facility with about 500 HHR terminals and some F&B offerings,
both located in eastern Kentucky. These facilities will be branded
Cumberland Run and Cumberland Run Mint, respectively. S&P expects
the Cumberland Run facilities to be completed in the third quarter
of 2022.

S&P said, "We believe the development projects will generate
incremental EBITDA beginning in 2022. We expect the expansion at
the Mint at Kentucky Downs will drive modest incremental EBITDA
since there are currently only a few amenities at the property, and
the additional amenities may increase customer visitation and their
length of stay on property. We believe the new facility in Bowling
Green may cannibalize some visitation to the Kentucky Downs
property, given Bowling Green is about 25 miles north of Kentucky
Downs and Kentucky Downs caters largely to customers within about
30 miles. However, the majority of Kentucky Downs' customers come
from Tennessee to the south, while the new Bowling Green property
will likely attract more customers from Kentucky. Further, we
believe the Bowling Green property will increase ECL's EBITDA
since, aside from Kentucky Downs and Oak Grove (located about 65
miles to the southwest of Bowling Green, and which largely targets
customers in Nashville, Tenn.), the closest gaming options for
customers in the Bowling Green area are at least 100 miles to the
northwest and northeast. Therefore, we believe ECL's Bowling Green
facility will capture a large part of the potential customer base
in its surrounding area. Similarly, we believe the Cumberland
properties will add modest EBITDA since they will target customers
in Knoxville, Tenn., which has a good population base as
Tennessee's third-largest city." Currently, the closest casino to
Knoxville is about 100 miles away, whereas ECL's Cumberland Run
Mint facility will be about 70 miles from Knoxville and easily
accessible via a well-traveled highway.

Notwithstanding our belief that ECL's developments will drive some
incremental EBITDA starting in 2022 and lead to improved debt to
EBITDA and EBITDA coverage of interest measures, execution risks
are high because these three projects will be running concurrently.
S&P said, "In addition, we believe ECL faces the risk of potential
construction delays, in part because of COVID-19 and the
possibility ECL may need to temporarily suspend construction or
reduce working hours or the number of crew onsite if there are
positive cases. We believe the use of experienced general
contractors, construction contracts, and contingencies will
mitigate some of these development risks."

New properties will diversify ECL's cash flow base, but The Mint at
Kentucky Downs will remain the largest contributor, rendering ECL
vulnerable to EBITDA volatility. S&P said, "We expect that in 2023,
once all development projects are open, The Mint at Kentucky Downs
will represent about two-thirds of ECL's revenue and EBITDA. This
exposes ECL to EBITDA volatility from adverse events--regional
economic weakness, weather, changes in competition, or increased
health-related capacity restrictions that affect the Nashville
market, the Mint at Kentucky Downs' primary source market. We
believe the biggest long-term risk to ECL's cash flow would be if
Tennessee were to legalize casino gaming. However, this would
require a change to Tennessee's constitution, which we understand
would likely be a long process involving multiple votes in the
legislature and requiring voter approval in a gubernatorial
election."

S&P said, "We have a favorable view of ECL's position within its
primary operating market. Notwithstanding our view that ECL is
vulnerable to EBITDA volatility, we believe it has a good position
in the southern Kentucky and northern Tennessee market, due largely
to limited competition in the area. ECL's primary competitor in the
Nashville market is the Oak Grove Racino and Hotel, which opened in
September 2020 and offers a hotel and a greater number of F&B
amenities than ECL's facility. Further, Oak Grove is owned and
operated by Churchill Downs Inc., an experienced operator in the
Kentucky market. Nevertheless, The Mint at Kentucky Downs is about
20 miles closer to Nashville, and we believe the population base of
the Nashville market is large enough to support continued good
demand at both The Mint and Oak Grove. We believe Oak Grove has
expanded the overall market, rather than taking share from The Mint
at Kentucky Downs, as evidenced by relatively stable to growing HHR
revenue after Oak Grove opened and adjusting for COVID-19 operating
restrictions. Further, we believe ECL's future Cumberland
facilities will face minimal competition for convenience players in
the Knoxville market given the Cumberland facilities will be closer
to Knoxville than larger casino options. The facility will have
about an hour's drive time advantage over Harrah's Cherokee Casino
Resort in North Carolina.

"The positive outlook reflects our expectation for debt to EBITDA
to improve to under 6.5x and EBITDA coverage of interest to improve
to about 2x in 2022, once all expansion projects are completed.

"We could raise the rating by one notch once all projects are fully
open and we believed ECL could sustain debt to EBITDA under 6.5x
and EBITDA coverage of interest expense of at least 2x.

"We would consider an outlook revision to stable if we no longer
anticipated debt to EBITDA would improve below 6.5x or EBITDA
coverage of interest to about 2x in 2022. This would likely occur
if EBITDA generation at ECL's existing property weakened or if the
expansion and development projects ran modestly over budget or were
delayed in opening by a month or two. We may consider lower ratings
if we do not expect ECL to improve debt to EBITDA below 8x in 2022
or if we anticipate any strain to ECL's liquidity position."


EMPORIA PROPERTY: Creditors to Get Proceeds From Liquidation
------------------------------------------------------------
Emporia Property Group, LLC, and the Official Committee of
Unsecured Creditors filed with the U.S. Bankruptcy Court for the
District of Kansas a Joint Chapter 11 Plan of Liquidation and a
Disclosure Statement on March 11, 2021.

The Debtor was formed to purchase and renovate a hotel in Emporia,
Kansas. The Debtor's business was funded with debt and equity
financing, but the property failed to provide sufficient cash flow
to meet day-to-day obligations. The Debtor filed the bankruptcy on
Oct. 18, 2019 with the goal of an orderly liquidation.

On or about Oct. 1, 2020, the sale of substantially all of Debtor's
real and personal property was sold to Braun Equities.  Pursuant to
the Sale Order entered on July 1, 2020, Braun Equities eventually
purchased the assets as set forth in the Sale Motion.  On Oct. 13,
2020, the Debtor filed its Motion to Disburse Funds from Sale
Proceeds.  On Nov. 16, 2020, the Court issues the Orde Granting
Debtor's Motion to Disburse Funds from Sale Proceeds.

Class 2 consists of all alleged Secured Claims and are Impaired.
The Debtor's assets have been liquidated and distributed pursuant
to the Order Granting Debtor's Motion to Disburse Funds from Sale
Proceeds.  Any such remaining unpaid Secured Claims will be treated
as Class 3 General Unsecured Claims and paid accordingly.

General Unsecured Claims in Class 3 total approximately $3,400,000,
based upon the Schedules and Statements and the proofs of claim
filed.

The primary objectives of the Plan are to transfer the Trust Assets
to the Liquidating Trust, which will be charged with liquidating
them, reconciling Claims, prosecuting Avoidance Actions and other
Remaining Actions for the benefit of Creditors and making
distributions to Creditors; and maximize value to all Creditor
groups on a fair and equitable basis under the priorities
established by the Bankruptcy Code and applicable law.

On the effective date, the Trust Assets will be transferred to and
vest in the Liquidating Trust and be deemed contributed, subject to
the terms of the Plan and Confirmation Order. All property held in
the Liquidating Trust for distribution pursuant to the Plan will be
held solely in trust for the holders of creditors and will not be
deemed property of Debtor.

A full-text copy of the Disclosure Statement dated March 11, 2021,
is available at https://bit.ly/2OMVloA from PacerMonitor.com at no
charge.

Attorneys for the Debtor:

     Colin N. Gotham
     Evans & Mullinix, P.A.
     7225 Renner Road, Suite 200
     Shawnee, KS 66217
     Tel: 913-962-8700
     Fax: 913-962-8701
     E-mail: cgotham@emlawkc.com

                    About Emporia Property

Emporia Property Group LLC owns in fee simple a hotel property
located at 2700 W. 18th Avenue, Emporia, KS 66091 having an
appraised value of $3.05 million.  The Clarion Inn & Conference
Center hotel -- https://www.emporiaclarion.com/ -- is 100%
non-smoking and pet-friendly hotel located nearby Emporia State
University, and businesses that include Tyson, Emporia Energy
Center Westar, and Hostess Brands.

Emporia Property Group LLC filed a Chapter 11 petition (Bankr. D.
Kan. Case No. 19-22155) on October 8, 2019. In the petition signed
by Lee Jones, authorized signer for Emporia Property Group, LLC,
the Debtor estimated $3,236,648 in assets and $6,406,053 in
liabilities.

The case is assigned to Judge Dale L. Somers.

Colin N. Gotham, Esq. at EVANS & MULLINIX, P.A., represents the
Debtor.


ENSEMBLE RCM: Moody's Completes Review, Retains B2 CFR
------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Ensemble RCM, LLC 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.

Rapid top-line growth and Moody's expectations for deleveraging
support Ensemble's B2 CFR, which is pressured by private equity
ownership and pronounced, albeit improving customer concentration
with Bon Secours Mercy Hospital ("BSMH"), its biggest customer and
large-minority owner. Ratings are supported by Moody's expectations
for double-digit revenue growth, despite a Covid-19-induced
slowdown in net patient revenue. The need to establish financial
flexibility in the face of high debt leverage constrains Ensemble's
ratings. The healthcare revenue cycle management environment is
highly competitive and consolidating, although Ensemble's
end-to-end, single vendor outsourcing model has shown traction
among customers. The ratings are supported by good liquidity, as
reflected in healthy cash balances and free cash-generation
capability that, absent PE-friendly activities, is strong for the
CFR.

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


ENSIGN DRILLING: S&P Cuts ICR to SD on Below-Par Debt Repurchases
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Canada-based
drilling company Ensign Drilling Inc. to 'SD' (selective default)
from 'CCC+'. At the same time, S&P Global Ratings lowered its
issue-level rating on the company's senior unsecured notes due 2024
to 'D' from 'CCC+', reflecting its view that the repurchase
transaction constitutes a debt restructuring.

As long as the company continues repurchasing its senior unsecured
debt at prices below par, S&P will keep the issue rating at 'D';
however, it expects to reassess our issuer credit rating on Ensign
in the near term.

The downgrade reflects Ensign's below-par debt repurchases, which
cumulatively over the past several quarters represent a meaningful
proportion of the original principal. In 2020, the company
repurchased US$198.7 million of its 9.25% unsecured notes due 2024
for approximately 39% of par, on average. This represents about 28%
of the original US$700 million notes and 16% of Ensign's overall
year-end 2019 long-term debt.

In addition, the credit quality of Ensign and many of its drilling
peers deteriorated in 2020 due to weak crude oil and natural gas
prices. The weak credit profile primarily reflects the company's
heavy debt load, high leverage, and constrained liquidity. S&P
said, "In light of these factors, we view the debt repurchases as a
distressed transaction and default because investors received less
than par on the originally promised principal repayment of the
debt. As a result, we have lowered our rating on these notes to
'D'."

S&P said, "Because the default affected only the senior unsecured
notes due 2024, we lowered our issuer credit rating on Ensign to
'SD' (selective default). We plan to reevaluate the issuer credit
rating in the near term based on our conventional assessment of
default risk. Our review will focus on the long-term viability of
the company's capital structure and liquidity position amid
challenging industry conditions for drilling activity. We will
likely keep the unsecured notes rating at 'D' until we believe the
likelihood of further repurchases is remote."


EQT CORPORATION: Egan-Jones Keeps B- Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 10, 2021 maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by EQT Corporation. EJR also maintained its 'B' rating
on commercial paper issued by the Company.

Headquartered in Pittsburgh, Pennsylvania, EQT Corporation is an
integrated energy company with emphasis on Appalachian area
natural-gas supply, transmission, and distribution.




ETC SUNOCO: Egan-Jones Keeps BB- Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on March 10, 2021 maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by ETC Sunoco Holdings LLC.

Headquartered in Philadelphia, Pennsylvania, ETC Sunoco Holdings
LLC distributes gasoline products.





FERRELLGAS LP: Moody's Rates $1.4BB Unsecured Notes 'B3'
--------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Ferrellgas,
L.P.'s proposed $1,475 million senior unsecured notes due 2026 and
2029. Concurrently, Moody's placed its Caa3 Corporate Family Rating
and Caa3-PD Probability of Default Rating on review for upgrade.
There are no rating actions on the company's existing B3 senior
secured notes and Ca senior unsecured notes, which are expected to
be withdrawn upon close of the transaction. The outlook was revised
to ratings under review from stable.

The review of Ferrellgas' ratings follows the announcement of a
debt refinancing intended to issue $1,475 million of senior
unsecured notes due 2026 and 2029, establish a new $350 million
senior secured ABL revolving credit facility due April 2025, and
raise $700 million of new preferred equity. The proceeds from the
proposed transaction along with cash on hand, will be used to
refinance virtually all Ferrellgas' existing debt, and cover
transaction-related expenses.

"The proposed notes and additional transactions will address
refinancing risk and reduce debt for Ferrellgas." said Arvinder
Saluja, Moody's Vice President. "In addition, the proposed
transaction will enhance liquidity, while positioning Ferrellgas to
further focus on its operations."

On Review for Upgrade:

Issuer: Ferrellgas, L.P.

Probability of Default Rating, Placed on Review for Upgrade,
currently Caa3-PD

Corporate Family Rating, Placed on Review for Upgrade, currently
Caa3

Assignments:

Issuer: Ferrellgas, L.P.

Senior Unsecured Notes, Assigned B3 (LGD4)

Outlook Actions:

Issuer: Ferrellgas, L.P.

Outlook, Changed To Rating Under Review From Stable

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

The review for upgrade of Ferrellgas' existing credit ratings will
focus on the company's successful execution of the refinancing and
on the final terms and conditions following completion of the
transactions.

To the extent the proposed refinancing is completed in a timely
manner and is consistent with the proposed terms, and absent any
other material changes to the credit profile, Moody's could upgrade
the CFR to B2 from Caa3, and the PDR to B2-PD from Caa3-PD. At the
same time, Moody's could upgrade the Speculative Grade Liquidity
(SGL) rating to SGL-3 from SGL-4.

The potential upgrade of the ratings takes into account that the
proposed transaction addresses refinancing risk, which has very
negatively impacted the rating, addresses liquidity by putting in
place a $350 million ABL revolver and, excluding preferred equity,
reduces debt levels and financial leverage. The elimination of debt
at its parent company, Ferrellgas Partners, L.P., through the
latter's bankruptcy filing also reduced the consolidated leverage
for the company. Additionally, the action reflects the company's
improved operating profile, stemming from cost reduction and
improved efficiency, and better than expected credit metrics.

Ferrellgas' proposed senior unsecured notes due 2026 and 2029 are
rated B3, one notch below the company's expected B2 CFR following
conclusion of the review. The pro forma capital structure will be
comprised of the senior unsecured notes, which will make up the
majority of debt in the liability structure, and an ABL secured
revolving credit facility (unrated). The company's revolver will
benefit from first priority claim over the company's assets,
subordinating the senior notes to the claims under the facility.

From a fundamental perspective, Ferrellgas is greatly exposed to
the seasonal nature of propane sales with significant dependency on
cold weather months and the associated volatility in cash flows.
Its credit profile benefits from the company's substantial scale
and geographic diversification that facilitate cost efficiencies in
the fragmented propane distribution industry, its utility-like
services that provide a base level of revenue, and a propane tank
exchange business which generates complementary cash flows during
summer months.

Ferrellgas' liquidity is currently weak through 2021 mainly due to
modest free cash flow generation and its approaching maturities of
$500 million in May 2021, and $475 million in January 2022. The
liquidity profile will benefit from the proposed refinancing that
extends the maturity profile and introduces external liquidity.
Based on the proposed transactions, Ferrellgas' SGL could be
upgraded to SGL-3 from SGL-4 at the close of the transaction. Pro
forma for the transaction, over $200 million will be available
under the revolver, net of letters of credit. Moody's expects the
company's cash on hand to stand over $150 million in 2021. The
company's working capital needs are highly seasonal, with peak
borrowings during the winter season that can fluctuate
significantly with volatile propane prices. Moody's expects modest
free cash flow given the lower interest expense expected after
refinancing and some improvement in earnings.

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

Ferrellgas, L.P. (Ferrellgas), is an operating subsidiary of
Ferrellgas Partners L.P., owns and operates propane distribution
businesses based in Overland Park, Kansas.


FIELDWOOD ENERGY: Unsec. Creditors to Get 0.2% to 8.7% Under Plan
-----------------------------------------------------------------
Fieldwood Energy LLC, et al., filed an Amended Joint Chapter 11
Plan and a corresponding Disclosure Statement.

Subject to the terms and provisions of that certain Restructuring
Support Agreementdated as of August 4, 2020 (as may be modified,
amended, or supplemented from time to time, and together with all
exhibits and schedules thereto, the "RSA"), the following parties
have agreed to vote in favor of or otherwise support the Plan:

   * holders of approximately 84.11% in aggregate principal amount
of Claims under the Debtors' Prepetition FLTL Credit Agreement;

   * holders of approximately 30.42 % in aggregate principal amount
of Claims under theDebtors' Prepetition SLTL Credit Agreement (as
defined herein); and

   * Apache Corporation.

In addition, the Debtors' Plan is supported by [the Prepetition
FLFO Lenders holding 100% of the FLFO Claims and] the Official
Committee of Unsecured Creditors appointed in these Chapter 11
Cases (the "Creditors' Committee").  The Creditors' Committee
strongly recommends that all holders of General Unsecured Claims
vote to accept the Plan, and that all holders of Unsecured Trade
Claims elect for their claims to be treated as Unsecured Trade
Claims, execute Trade Agreements, and vote to accept the Plan.

The Plan provides for a comprehensive set of restructuring
transactions, including consummation of the Credit Bid Transaction
and the Apache Transactions, which are collectively designed to

    (i) recapitalize and preserve the going concern value of
specified Debtors' Deepwater Assets and Shelf Assets and the jobs
of over 1,000 employees and contractors,

   (ii) maximize recoveries to the Debtors' stakeholders, and

  (iii) ensure that all plugging and abandonment and
decommissioning obligations (the "P&A Obligations") are addressed
in a methodical and safe manner by responsible parties, as
determined by Bureau of Safety and Environmental Enforcement
("BSEE").  

The restructuring contemplated by the Plan is a significant
achievement for the Debtors, developed in the midst of an
unprecedented and challenging operating environment.  The Debtors
strongly believe that the Plan is in the best interests of their
creditors, equity holders and estates, and represents the best
available alternative at this time.

Consistent with the RSA, the Plan provides for, among other things,
the following transactions to occur on the Effective Date for the
below categories of assets and related liabilities:

   * Specified Deepwater Assets and Shelf Assets: The Debtors will
consummate the sale of certain of their assets, including specified
Deepwater Assets and Shelf Assets, (collectively, the "Purchased
Oil & Gas Lease Interests") to a new entity ("Credit Bid
Purchaser") formed at the direction of the Consenting FLTL Lenders
for aggregate consideration of approximately $1.03 billion,
consisting of (i) a credit bid of the Allowed FLTL Claims up to the
FLTL Claims Allowed Amount, (ii) cash in the amount up to
approximately $105million5, (iii) the GUC Warrants, and (iv) the
assumption of certain liabilities set forth in the Credit Bid
Purchase Agreement, including the assumption of the Allowed FLFO
Claims remaining following distribution of the FLFO Distribution
Amount (approximately $139 million of the FLFO Claims Allowed
Amount lessthe approximately $119 million of the principal amount
of the First Lien ExitFacility) (the "Credit Bid Transaction").  

   * Legacy Apache Properties: After the consummation of the Credit
Bid Transaction, FWE will implement a divisive merger pursuant to
which FWE will be divided into Fieldwood Energy I LLC ("FWE I") and
Fieldwood Energy III LLC ("FWE III").  Through the divisive merger,
FWE I will be allocated and vested with certain assets FWE acquired
from Apache (the "Legacy Apache Properties") and related
liabilities and obligations.  FWE I will, among other things, own,
operate, plug and abandon, and decommission the Legacy Apache
Properties.

   * FWE III Properties: Through the divisive merger, FWE III will
be allocated and vested with all of FWE's assets other than the
Purchased Oil & Gas Lease Interests, Legacy Apache Properties and
Abandoned Properties (defined below) (the "FWE III Properties").
FWE III will, among other things, own, operate, plug and abandon,
and decommission the FWE III Properties and related assets and
liabilities.  

   * Abandoned Properties: Immediately upon the occurrence of the
Effective Date, certain of the Debtors' assets (the "Abandoned
Properties") will be abandoned pursuant to sections 105(a) and
554(a) of the Bankruptcy Code.  The Debtors anticipate that BSEE
will issue orders compelling either all or certain entities who are
in the chain of title (collectively, the "Predecessors") and/or
current co-working interest owners (collectively, the "CIOs") for
each of the Abandoned Properties to perform the P&A Obligations for
each respective property.

The Debtors have taken several steps to facilitate the safe and
orderly operational transfer of the Abandoned Properties currently
operated by the Debtors and are working to reach long-term
commercial agreements similar to the FWE I structure with
interested Predecessors for assuming operational control for
Abandoned Properties operated by the Debtors.  The Debtors (i) have
dedicated approximately $6 million, in addition to amounts spent in
the ordinary course, on safety related repairs and improvements on
the Abandoned Properties and (ii) have provided Predecessors
detailed operational information on the Abandoned Properties.  
Additionally, for any Predecessor with whom a consensual
arrangement has not yet been agreed to, Credit Bid Purchaser will
offer a 90-day transition period post-Effective Date during which
Credit Bid Purchaser will offer to manage at the requesting
Predecessor's cost and on its behalf any of the Abandoned
Properties.

                      Treatment of Claims

The Plan provides for the resolution, satisfaction, settlement and
discharge of claims against and interests in the Debtors and their
estates.

All holders of Allowed Administrative Expense Claims, Allowed DIP
Claims, Allowed Postpetition Hedge Claims, Allowed Priority Tax
Claims, Allowed Priority Non-Tax Claims, and Allowed Other Secured
Claims will have their claims satisfied in full, either through
payment in Cash or other treatment as specified in the Plan.

All holders of Allowed FLFO Claims will receive their Pro Rata
Share of approximately $20 million in Cash raised from the Equity
Rights Offering and all remaining Allowed FLFO Claims will be
assumed by the NewCo Entities, as modified to the extent set forth
in the First Lien Exit Facility Documents.

All holders of Allowed FLTL Claims will receive their Pro Rata
Share of (i) 100% of the equity in NewCo (subject to dilution as
set forth in section 4.4 of the Plan) and (ii) the Subscription
Rights.  

Holders of Unsecured Trade Claims that have executed Trade
Agreements  will receive in the aggregate Cash in the amount of the
lesser of (i) $8 million and (ii) 14% of the aggregate amount of
Allowed Unsecured Trade Claims.  

The holders of Allowed General Unsecured Claims will receive their
Pro Rata Share of the GUC Warrants and any residual distributable
value of the Post-Effective Date Debtors and FWE I after
satisfaction of (i) Allowed Administrative Expense Claims, Allowed
DIP Claims, Allowed Postpetition Hedge Claims, Allowed Priority Tax
Claims, Allowed Priority Non-Tax Claims, Allowed Other Secured
Claims, Allowed Unsecured Trade Claims, all Cure Amounts and (ii)
all fees, expenses, costs and other amounts pursuant to the Plan
and incurred by the Post-Effective Date Debtors in connection with
post-Effective Date operations and wind-down.  

All holders of other claims against the Debtors or existing equity
interests in FWE Parent will not receive a recovery under the Plan.


"GUC Warrants" means 5-year warrants for 3.5% of the New Equity
Interests, with a strike price set at an equity value at which
Prepetition FLTL Lenders would receive a recovery equal to par plus
accrued and unpaid interest as of the Petition Date in respect of
the Prepetition FLTL Loans, the terms of which shall be set forth
in the GUC Warrant Agreement.

Class 5A (Unsecured Trade Claims) estimated to total $43.2 million
to $51.9 million will recover 14 percent under the Plan.  Class 5B
(General Unsecured Claims) estimated to total $1.481 billion to
$1.656 billion will recover 0.2% to 8.7% under the Plan.

A copy of the Disclosure Statement is available at
https://bit.ly/3lCfsSh from Prime Clerk, the claims agent.

                     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.



FIRSTENERGY TRANSMISSION: S&P Rates New Senior Unsecured Notes 'BB'
-------------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating and '3'
recovery rating to FirstEnergy Transmission LLC's (FET's) proposed
senior unsecured notes. The '3' recovery rating indicates
meaningful (50%-70%; rounded estimate: 65%) recovery in the event
of a payment default. S&P also placed the ratings on CreditWatch
with negative implications.

S&P's recovery rating on this debt is capped at '3', consistent
with its approach for assigning recovery ratings to unsecured debt
issued by 'BB' category corporate entities because recovery
prospects are highly vulnerable to impairment before default by
additional debt issuance.

The notes from the debt offering will rank pari passu with FET's
existing senior unsecured debt. S&P expects FET to use the proceeds
from the notes to repay the outstanding balance on its revolving
credit facility and for capital expenditures at its transmission
subsidiaries.

S&P said, "All of our other ratings on the companies are unchanged,
including our 'BB' issuer credit rating on FET's parent,
FirstEnergy Corp. (FE), and those on all subsidiaries. We assess
the companies' liquidity as adequate to cover their needs over the
next 12 months, and we expect sources will exceed uses by at least
1.1x.

"We expect to resolve the CreditWatch placement on parent FE and
its subsidiaries in the coming months, pending the outcomes of
multiple investigations, criminal allegations, and civil lawsuits
at FE. Business risk could increase, and financial measures could
materially weaken as a result of penalties, fines, financial
settlements, and a potential weakening of FE's ability to manage
its regulatory risk effectively, or if FE borrows the remainder of
its credit facility. Any of the above would likely result in us
downgrading FE, which would affect our ratings at the subsidiary
level.

"Although less likely, we could remove the ratings from CreditWatch
and affirm the ratings if the violations are limited to the three
identified FE executives, management takes material steps to
strengthen internal controls, criminal complaints are not brought
against FE, the company has consistent access to the capital
markets, and it manages the shareholder lawsuits in a manner that
preserves credit quality."

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P said, "We rate FET's senior unsecured debt 'BB' based on
our '3' recovery rating, which indicates our expectation for
meaningful (50%-70%; rounded estimate: 65%) recovery in the event
of a payment default. We cap our recovery rating on this debt at
'3', which is consistent with our approach for assigning recovery
ratings to unsecured debt issued by regulated utilities we rate in
the 'BB' category because their recovery prospects are somewhat
vulnerable to impairment before default by additional debt
issuance."

-- A default could stem from sudden liquidity pressure in an
unpredictable weather, cost, or market event outside the company's
control, consistent with past utility defaults. Further, it could
reflect significant future litigation exposure, pending the
outcomes of multiple investigations, criminal allegations, and
civil lawsuits at FE.

-- S&P said, "We expect FET to continue to operate and reorganize
after default, given the essential nature of its services. We also
assume the value of the utility's assets will be preserved. We use
the net value of its regulated fixed assets as a proxy for its
enterprise value. FE's regulated asset value is about $33 billion."


FORD MOTOR: Fitch Assigns BB+ Rating on Proposed 2026 Notes
-----------------------------------------------------------
Fitch Ratings has assigned a rating of 'BB+'/'RR4' to Ford Motor
Company's (Ford) proposed issuance of senior unsecured convertible
notes due 2026. Proceeds from the $2.0 billion of notes (plus an
additional $300 million over-allotment option) will be used for
general corporate purposes, including the potential repayment of
debt.

Ford's Long-Term Issuer Default Rating (IDR) is 'BB+', and its
Rating Outlook is Negative.

KEY RATING DRIVERS

Proposed Notes: Fitch expects the issuance of the proposed
convertible notes to provide Ford with incremental liquidity in the
near term, while potentially providing the company with an option
to repay higher cost debt over the longer term. With the
convertible option, Fitch expects cash interest costs on the
proposed notes to be meaningfully lower than most of Ford's other
senior unsecured debt, especially the notes that the company issued
in 2020.

Rating Rationale Overview: Ford's ratings incorporate both the
lingering effects of the coronavirus pandemic on the company's
credit profile, as well as issues that predated the pandemic.
Pre-pandemic concerns included an elevated cost structure that
resulted in lower margins than most of the company's global peers
and relatively weak FCF generation, even after excluding cash costs
associated with the company's global redesign activities. The
ratings also consider the substantial investments that Ford is
making to electrify its global vehicle fleet, ongoing investments
in automated vehicle technology and risks associated with the
global redesign activities.

The Negative Outlook largely considers the uneven recovery expected
in the global auto market in the near term, including the effects
of the semiconductor shortage, as well as ongoing concerns about
the coronavirus pandemic. Fitch could consider revising the Rating
Outlook to Stable if it becomes clearer that a combination of an
improving macro backdrop and Ford's own profit improvement
initiatives will make a further downgrade in the ratings unlikely.

FCF Pressure to Lessen: Fitch expects Ford's automotive FCF to
remain under pressure over the next couple of years as the company
continues to work through its global restructuring, with outflows
potentially peaking in 2021 as the company exits manufacturing in
Brazil. Excluding the redesign initiatives, Fitch expects FCF will
improve on a more benign market backdrop, although the
semiconductor shortage is a concern. Offsetting some of the
baseline improvement will be higher investments in electrification
and autonomous vehicles.

Actual FCF in 2020, according to Fitch's calculations, was ($248)
million, or positive $255 million when excluding $503 million in
cash costs for the redesign. The FCF margin was -0.2%, or 0.2% when
excluding the redesign costs. FCF in 2020 was supported by
lower-than-expected capex and a much better-than-expected working
capital performance for the full year.

Leverage to Remain Elevated: Fitch expects Ford's leverage to
remain elevated compared with pre-pandemic levels, largely due to
$8.0 billion in senior unsecured notes that the company issued in
2020. On a positive note, Ford was able to generate enough cash in
2020 so that prior to YE, it repaid all of the revolver borrowings
it had drawn in March 2020. However, a portion of the cash used to
repay the revolver borrowings ultimately came from proceeds from
the 2020 notes issuance.

Actual leverage in 2020 spiked, both on a funds from operations
(FFO) and EBITDA basis, as a result of the pandemic-driven decline
in profitability, as well as the higher level of outstanding debt.
Fitch expects both measures to moderate in 2021 and beyond, but as
with FCF, the pace of improvement will depend on a combination of
macro factors and the company's own success in achieving improved
margins.

DERIVATION SUMMARY

Ford's business profile is similar to other large global volume
auto manufacturers. From an automotive revenue perspective, it is
larger than General Motors Company (GM) but smaller than Stellantis
N.V. (STLA). Compared with GM, Ford's operations are more globally
diversified, with significant operations in most major auto
markets. However, from a brand perspective, Ford is less
diversified than Volkswagen AG (VW), STLA or GM, focusing primarily
on its global Ford brand and, to a much lesser extent, its Lincoln
luxury brand, which is only available in North America and China.
However, the company sells a wide range of vehicles under the Ford
brand globally, ranging from small economy passenger cars to heavy
trucks in certain global markets. Ford has a particularly strong
market share in the highly profitable North American pickup and
European light commercial vehicle segments.

Ford's credit profile has recently been weaker than that of global
auto manufacturers in the 'BBB' category, such as GM, STLA and VW.
Ford's operating and FCF margins have been lower and gross leverage
has been higher than similarly rated global auto manufacturers.
However, Ford has one of the global industry's strongest liquidity
positions, providing it with significant financial flexibility.

KEY ASSUMPTIONS

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

-- Global auto production rises by 6% in 2021, including an 8%
    increase in U.S.;

-- Capex runs at $6.5 billion and remains near that level until
    operations begin to normalize;

-- Automotive FCF, excluding redesign initiatives, nears
    breakeven in 2021, with positive FCF in later years;

-- The company continues with its global redesign initiatives;

-- Ford Credit caps its assets at $155 billion, allowing it to
    make substantial distributions to Ford over the next several
    years.

RATING SENSITIVITIES

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

-- Fitch does not expect Ford's ratings to be considered for an
    upgrade until the global macro environment has normalized;

-- Sustained North American automotive EBIT margin of 6.0%;

-- Sustained global automotive EBIT margin near 3.0%;

-- Sustained FCF margin near 1.5%, excluding restructuring costs;

-- Sustained FFO leverage near 2.0x, excluding restructuring
    costs.

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

-- During the operational slowdown, and following the drawdown of
    the revolvers, an extended decline in cash below $15 billion;

-- Sustained global automotive EBIT margin near 1.5% in a more
    normalized operating environment;

-- Sustained negative FCF, excluding restructuring costs, in a
    more normalized operating environment;

-- Sustained FFO leverage near 3.0x, excluding restructuring
    costs, in a more normalized operating environment.

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

Strong Liquidity Position: Ford had about $31 billion in automotive
cash and marketable securities as of Dec. 31, 2020 (excluding
Fitch's adjustments for not readily available cash). In addition to
its cash and marketable securities, as of Dec. 31, 2020, Ford also
had nearly full availability on its $13.5 billion primary revolver
(after accounting for $27 million in LOC) and full availability on
its $2.0 billion supplemental revolver. It also had a total of
about $700 million available on various local credit facilities
around the world. About $400 million of the primary revolver
commitments mature in 2022, $3.0 billion matures in 2023 and the
remainder matures in 2024. For the supplemental revolver, about
$200 million of the commitments mature in 2022, with the remaining
$1.8 billion maturing in 2023.

According to Fitch's Corporate Rating Criteria, when analyzing a
corporate issuer with a captive finance subsidiary, Fitch
calculates an appropriate target debt-to-equity ratio for the
finance subsidiary based on its asset quality, funding and
liquidity. If the finance subsidiary's target debt-to-equity ratio,
based on Fitch's calculations, is lower than the actual ratio,
Fitch assumes that the parent injects additional equity into the
finance subsidiary to bring the debt-to-equity ratio down to the
appropriate target level. Fitch then considers the effect of this
equity injection in its analysis of the parent's credit profile.
Fitch has calculated a target debt-to-equity ratio of 4.0x for Ford
Credit. As a result of its most recent analysis, Fitch has assumed
that Ford makes a $16.5 billion equity injection into Ford Credit,
funded with available cash, to bring Ford Credit's debt-to-equity
ratio down to the 4.0x target. The resulting adjustment reduces
Fitch's calculation of Ford's readily available automotive cash,
but the company's metrics remain supportive of its 'BB+' Long-Term
IDR.

In addition to the captive-finance adjustment, according to its
criteria, Fitch has treated an additional $800 million of Ford's
automotive cash as "not readily available" for purposes of
calculating net metrics. This is based on Fitch's estimate of the
amount of cash needed to cover typical seasonality in Ford's
automotive business. However, even after excluding the amounts
noted above from its liquidity calculations, Fitch views Ford's
automotive liquidity position as strong.

Debt Structure: Ford's automotive debt structure consists primarily
of nearly $19 billion in senior unsecured notes, $1.5 billion in
delayed draw term loan borrowings and $1.2 billion in remaining
borrowings outstanding under the U.S. Department of Energy's
Advanced Technology Vehicles Manufacturing incentive program, along
with various other long- and short-term borrowings.

ESG CONSIDERATIONS

Ford has an ESG Relevance Score of 4 for Management Strategy due to
the complexity and costs of the company's global redesign strategy,
which has a negative impact on the credit profile, and is relevant
to the ratings 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.


FORD MOTOR: S&P Rates New $2BB Sr. Unsec. Convertible Notes 'BB+'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating to Ford
Motor Co.'s proposed $2 billion convertible senior notes due 2026.
The '3' recovery rating indicates its expectation for meaningful
recovery (50%-70%; rounded estimate: 65%) in a hypothetical default
scenario. The company could upsize the transaction by up to $300
million to cover over-allotments, if any, though this would not
affect its issue-level or recovery ratings on the proposed
convertible notes.

S&P said, "We expect the company to use proceeds from the issuance
for general corporate purposes including the potential repayment of
debt. The issuance has no material impact on the company's cash
flow adequacy metrics and there is potential for cash interest
savings if higher-cost debt is repaid in the future.

"The negative outlook reflects the at least one-in-three chance we
will downgrade Ford to 'BB' in 2021. This reflects the downside
risks to our current volume recovery assumptions across regions, as
well as the company's higher costs, weaker-than-expected
performance in China, and the potential for significantly weaker
free cash flow in upcoming quarters stemming from ongoing
production shutdowns related to the semiconductor chip shortage. If
we believe the company's metrics will remain in line with our
updated base-case scenario, we could revise our outlook to stable
in the second half of the year."



FRICTIONLESS WORLD: Court Approves Disclosure Statement
-------------------------------------------------------
Judge Michael E. Romero has entered an order that the Disclosure
Statement of Frictionless World, LLC is approved.

Ballots accepting or rejecting the Plan must be submitted by the
holders of all claims or interests on or before 5:00 p.m. on April
14, 2021.

On or before April 14, 2021, any objection to confirmation of the
Plan shall be filed with the Court and a copy served on the
Debtor's counsel.

A hearing for consideration of confirmation of the Plan and such
objections is set for Tuesday, April 20, 2021, at 9:30 a.m. via
Zoom videoconference.

                    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.


FRONTERA HOLDINGS: Gets Court Okay to Seek Bankruptcy Plan Votes
----------------------------------------------------------------
Daniel Gill of Bloomberg News reports that Frontera Holdings LLC,
the bankrupt owner of the only U.S.-based power plant that sells
energy exclusively to Mexico, won court approval to solicit votes
for its Chapter 11 reorganization plan.

Frontera's proposed plan would swap about $799 million of debt for
equity, the company's disclosure statement said.  The company's
pre-bankruptcy lenders, which also provided post-bankruptcy
debtor-in-possession loans, would receive most of that equity,
according to the disclosures approved Friday, March 19, 2021, by
Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern
District of Texas.

Current shareholders would lose their interests, and unsecured
creditors holding a total of about $14.5 million.

                     About Frontera Holdings

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.


FUELCELL ENERGY: Incurs $46 Million Net Loss in First Quarter
-------------------------------------------------------------
FuelCell Energy, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $45.96 million on $14.87 million of total revenues for the three
months ended Jan. 31, 2021, compared to a net loss of $40.15
million on $16.26 million of total revenue for the three months
ended Jan. 31, 2020.

Both periods were significantly impacted by an increase in the net
loss due to charges associated with a change in the fair value of
the liability associated with the warrants issued to the lenders
under its now extinguished credit agreement with Orion Energy
Partners Investment Agent, LLC and its affiliated lenders.
Additionally, the first fiscal quarter of 2021 included a loss on
extinguishment of debt and a loss on extinguishment of preferred
stock obligation of subsidiary totaling $(12.1) million, partially
offset by lower interest expense.

As of Jan. 31, 2021, the Company had $552.39 million in total
assets, $165.03 million in total liabilities, $59.85 million in
redeemable series B preferred stock, and $327.51 million in total
stockholders' equity.

"During the first quarter, we strengthened our balance sheet by
raising capital, paying down debt and executing against our core
business backlog," said Mr. Jason Few, president and CEO.  "We are
excited to announce that we made tangible progress in our
decarbonization development efforts by producing hydrogen with our
solid oxide electrolysis platform at our headquarters in
Connecticut.  Additionally, we continued to advance our joint
research with ExxonMobil Research and Engineering Company ("EMRE")
on fuel cell carbon capture solutions."

"Recent weather events in Texas along with electric grid
reliability challenges experienced in other locations such as
California, Greece, the UK, and around the world, highlight the
benefits and capabilities of our platform," continued Mr. Few.
"Fuel cells provide reliability and always on power platforms, and
we have a number of installations that serve as the backbone of
micro-grid applications.  Our fuel cells help stabilize the power
grid, ensuring that electricity is available through challenging
weather and natural disaster events, while avoiding costly
disruptions to installations where continuous energy supply is
critical to operate."

Mr. Few continued, "Under our Powerhouse business strategy, we have
an improved financial foundation allowing us to focus on driving
commercial availability of our Advanced Technologies solutions
including distributed hydrogen, electrolysis and hydrogen
production and long duration energy storage and to focus on
expanding our geographic markets.  We believe our proprietary
technologies will continue to contribute to the decarbonization of
the grid and generate revenue growth in the future by addressing
the promising market opportunities in the global energy transition
that is currently underway."

First quarter revenue of $14.9 million represents a decrease of 9%
from the prior-year quarter, which included $4.0 million in license
revenues associated with the Company's Joint Development Agreement
with EMRE.  Additionally, generation revenues and advanced
technologies contract revenues declined.

   * Service agreements and license revenues decreased 12% to $4.9

     million from $5.6 million.  Revenue recognized in the first
     quarter primarily includes revenue recorded for module
     replacements and routine maintenance activities, whereas
     revenue recognized in the first quarter of fiscal 2020
included
     license revenues of $4.0 million associated with its JDA with

     EMRE and $1.6 million associated with routine monitoring and
     maintenance activities for projects under service agreements.

   * Generation revenues decreased 10% to $4.9 million from $5.4
     million due to a temporary shut-down of several of the
     Bridgeport Fuel Cell Project plants for scheduled module
     exchanges.

   * Advanced Technologies contract revenues decreased 3% to $5.1
     million from $5.2 million.  Compared to the first fiscal
     quarter of 2020, Advanced Technologies contract revenues
     recognized under the Joint Development Agreement with EMRE
were
     approximately $0.3 million higher during the first fiscal
     quarter of 2021, reflecting continued advancement of its
joint
     research with EMRE on fuel cell carbon capture solutions
during
     the quarter.  However, the increased revenues under the Joint
     Development Agreement with EMRE were offset by $0.4 million
     less revenue recognized under government contracts during the

     first fiscal quarter of 2021 than during the first fiscal
     quarter of 2020.

Gross loss for the first fiscal quarter of 2021 totaled $(3.6)
million, compared to a gross profit of $3.3 million in the
comparable prior-year quarter.  Results for the first fiscal
quarter of 2021 reflected the lack of license revenues under the
JDA with EMRE during the quarter, as well as the temporary
shut-down of several of the Bridgeport Fuel Cell Project plants for
module exchanges during the quarter and higher manufacturing
variances and service-related costs compared to the comparable
prior year period.

Operating expenses for the first fiscal quarter of 2021 increased
to $10.8 million from $6.4 million in the first fiscal quarter of
2020. Administrative and selling expenses in the first fiscal
quarter of 2021 included additional stock compensation expense of
$0.8 million due to the grants made in August 2020 and November
2020 and an increase in the value of a deferred director
compensation liability due to an increase in the Company's share
price.  The first fiscal quarter of 2020 included a legal
settlement of $2.2 million which was recorded as an offset to
Administrative and selling expenses. Research and development
expenses of $1.8 million during the quarter reflect increased
spending on the Company's hydrogen commercialization initiatives.

Adjusted EBITDA totaled $(7.4) million in the first fiscal quarter
of 2021, compared to Adjusted EBITDA of $(0.2) million in the first
fiscal quarter of 2020.

The net loss per share attributable to common stockholders in the
first fiscal quarter of 2021 was $(0.15), compared to $(0.20) in
the first fiscal quarter of 2020.  The lower net loss per common
share, despite a higher net loss attributable to common
stockholders, is due to the higher weighted average shares
outstanding due to share issuances since Jan. 31, 2020.  The net
loss per share in the first quarter of fiscal 2021 includes the
change in the fair value of the liability associated with the
warrants issued to the lenders under our now extinguished credit
agreement with Orion Energy Partners Investment Agent, LLC and its
affiliated lenders of $16.0 million, accounting for approximately a
$(0.05) per share impact on the reported net loss per share,
compared to $34.2 million, or $(0.17) in the comparable prior year
period.  The net loss per share attributable to common stockholders
in the quarter ended January 31, 2021 also included a loss on
extinguishment of debt and a loss on extinguishment of preferred
stock obligation of subsidiary totaling $(12.1) million, or $(0.04)
per share.

"In order to fund our strategic initiatives and growth plans, over
the past year we have improved our balance sheet through a series
of strategic capital raises, which have also allowed us to retire
high-cost debt and reduce our cost of capital," added Mr. Few.  "As
future distributed generation projects become operational, we
expect to execute long-term financing at an efficient cost of
capital, recycling cash back to the Company to redeploy into other
projects and development that will further facilitate growth."

Cash and cash equivalents and restricted cash and cash equivalents
totaled $209.6 million as of Jan. 31, 2021 compared to $192.1
million as of Oct. 31, 2020.  As of Jan. 31, 2021, restricted cash
and cash equivalents was $31.0 million, of which $12.2 million was
classified as current and $18.8 million was classified as
non-current, compared to $42.2 million of restricted cash and cash
equivalents as of Oct. 31, 2020, of which $9.2 million was
classified as current and $33.0 million was classified as
non-current.

Net cash provided by financing activities was $52.4 million during
the three months ended Jan. 31, 2021, resulting from the receipt of
net proceeds of $156.4 million from the equity capital raise
completed in the quarter and proceeds of $0.7 million from warrant
exercises, partially offset by the repayment of $82.3 million of
debt obligations under our now extinguished credit facility with
Orion Energy Partners Investment Agent, LLC and its affiliated
lenders, the payment of $21.5 million to satisfy its obligations
under the terms of the Series 1 Preferred Shares of its subsidiary,
and the payment of preferred dividends and return of capital of
$0.8 million.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/886128/000156459021013322/fcel-10q_20210131.htm

                      About FuelCell Energy

Headquartered in Danbury, Connecticut, FuelCell Energy, Inc. --
http://www.fuelcellenergy.com-- is a global developer of
environmentally responsible distributed baseload power solutions
through its proprietary fuel cell technology.  The Company targets
large-scale power users with its megawatt-class installations
globally, and currently offer sub-megawatt solutions for smaller
power consumers in Europe.  The Company develops turn-key
distributed power generation solutions and operate and provide
comprehensive service for the life of the power plant.

FuelCell Energy reported a net loss attributable to common
stockholders of $92.44 million for the year ended Oct. 31, 2020, a
net loss attributable to common stockholders of $100.24 million for
the year ended Oct. 31, 2019, and a net loss attributable to common
stockholders of $62.17 million for the year ended Oct. 31, 2018.


FXI HOLDINGS: S&P Upgrades ICR to 'B-', Outlook Stable
------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on FXI Holdings
Inc. to 'B-' from 'CCC+' and its issue-level ratings on all of its
debt by one notch. S&P's recovery ratings on its debt are
unchanged.

The stable outlook on FXI reflects S&P's expectation for a moderate
improvement in its demand in 2021 as the global economy and the
conditions in its key markets, such as bedding and transportation,
recover and support improved credit metrics and an adequate
liquidity position.

Despite the challenging operating environment, FXI has improved its
adjusted EBITDA margins and credit metrics.  The company
experienced a sharp decline in the demand from its key end markets
that were most affected by the coronavirus pandemic in the second
quarter, such as bedding, transportation, and autos. Since then,
the demand in all of its segments except autos, which is facing an
extended turnaround, has strongly recovered. This led to a
reduction in its organic top line, though FXI's acquisition of
Comfort Holdings in February 2020 more than offset this decline.
The company quickly implemented cost controls at the start of the
pandemic and benefitted from lower raw material prices. This, in
tandem with the synergies from the acquisition, will lead to an
expansion in its margin. S&P said, "We believe FXI is well on its
way to achieving its targeted synergies from the acquisition, thus
we believe its integration risk related to the transformational
transaction has diminished. We now expect the company's S&P Global
Ratings-adjusted EBITDA margins to be in the mid-teens percent
range. In addition, we anticipate its weighted average debt to
EBITDA will between 6.5x and 7.5x, which compares with our previous
expectation of over 8.0x."

S&P said, "The stable outlook reflects our view that FXI 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 that its weighted average debt to EBITDA will between 6.5x
and 7.5x.

"We continue to assess FXI's business risk as weak.  Our ratings
reflect the company's limited geographic diversity, customer
concentration, and exposure to cyclical end markets. Its strong
market position and increased profitability from the synergies
related to its Comfort acquisition and cost-reduction initiatives
somewhat offset these risks.

"The stable outlook on FXI reflects our expectation that its credit
metrics will remain consistent with the current rating over the
next 12 months. We anticipate the company will continue to
experience rising demand in 2021 as the global economy recovers,
which will support an improvement in its credit metrics and
liquidity. In our base-case forecast, we assume a material increase
in its revenue in 2021 due to the recovery of the macroeconomic
environment in the U.S. We expect FXI to continue to expand its
margin as it achieves the targeted synergies from its Comfort
acquisition and realizes the benefits from its cost cuts. We also
expect the company to remain highly leveraged with weighted-average
debt to EBITDA in the 6.5x-7.5x range. We have not incorporated any
significant debt-funded acquisitions or shareholder rewards in our
base case.

"We could lower our rating on FXI over the next 12 months if it
experiences a weaker-than-expected recovery in its end-market
demand due to the lingering effects of the global recession such
that its total pro forma leverage increases and its debt to EBITDA
approaches 10x on a sustained basis. In such a scenario, we would
expect the company's EBITDA margins to fall by 200 basis points
(bps) relative to our expectations. Additionally, we could lower
ratings if we no longer believe management is committed to
maintaining its current leverage levels or we expect that its
owners would force it to issue dividends. We could also lower
ratings if we expect FXI will no longer maintain adequate liquidity
such that we believe its sources of funds will fall below 1.2x its
uses. Finally, we could lower our rating if we forecast the
company's compliance with its covenants will be pressured.

"Although unlikely at this time, we could raise our rating on FXI
in the next 12 months if its operating performance is stronger than
we expect such that its pro forma debt leverage remains below 6.5x
on a sustained basis due to a 200 bps improvement in its EBITDA
margins relative to our expectations. This could occur if there is
a stronger-than-expected macroeconomic recovery and it realizes a
greater-than-anticipated level of synergies from its Comfort
acquisition. We would also need clarity that the company's
financial policies would support maintaining its credit measures at
these levels, after factoring in its growth initiatives, before we
would raise our rating."


GAP INC: S&P Alters Outlook to Positive, Affirms 'BB-' ICR
----------------------------------------------------------
S&P Global Ratings revised its outlook on San Francisco-based
specialty apparel retailer The Gap Inc. to positive from negative
and affirmed its ratings on the company, including the 'BB-' issuer
credit rating.

The positive outlook reflects the potential for a higher rating if
the company strengthens operating performance through successful
expansion of its higher-growth brands and improves profitability at
its mature brands leading to restored credit protection metrics.

The positive outlook reflects the potential for an upgrade over the
next 12 months if the company demonstrates progress in executing
its Power Plan strategy, such that it sustains improvements in
operating performance and credit metrics. Net sales declined
approximately 16% in 2020, better than our expectations and
outperforming the broader apparel industry which experienced a 30%
year-over-year drop. Market share gains at Old Navy and continued
solid momentum at Athleta, which exceeded $1 billion in annual net
sales, helped offset weakness at the Gap and Banana Republic
brands. Nevertheless, the company generated a net operating loss of
$862 million as the effects of the pandemic weighed heavily on
results. S&P said, "This year, we forecast sales growth in the
high-teens percentage area, reflecting rebounding sales at Old
Navy, improvements at Gap, and continued double-digit expansion at
Athleta. We expect higher sales volumes, improved merchandise
margins, and lower occupancy expenses to lead to a substantial
recovery in adjusted EBITDA, albeit below 2019 levels, contributing
to stronger credit metrics. Still, the operating environment
remains uncertain and the company continues to balance a wide range
of initiatives. Key risks to our forecast include a
lower-than-anticipated recovery in apparel spending, inventory and
supply chain challenges, execution issues in the turnaround of its
mature brands, and heightened competition."

Strategic initiatives to amplify the company's growth brands,
stabilizing performance at its mature brands, and leveraging scale
can enhance its competitive strength if fully executed. S&P said,
"We believe Gap Inc.'s investments in Old Navy and Athleta, its
fastest-growing and most profitable brands, will fuel its recovery.
The company aims to have these two brands contribute approximately
70% of the group's revenue in 2023, up from 55% in 2019. In our
view, Old Navy's predominantly off-mall store base and casual,
value-oriented merchandise combined with Athleta's active wear
focus align with consumer demand trends. Gap Inc. has set 2023
sales targets of $10 billion and $2 billion for Old Navy and
Athleta, respectively. While achievable in our view--largely
through digital growth, new store openings and category
expansion--fashion misses which have hampered performance in the
past and heightened competition could pose challenges."

Gap Inc.'s store rationalization efforts within its Gap and Banana
Republic brands is progressing. The company closed 189 locations in
North America during fiscal 2020 and plans to close an additional
75 in 2021. This will place the company at 75% of its total target
of closing 350 Gap and Banana Republic stores across North America
by the end of 2023. S&P said, "We believe a healthier store base
and renegotiated lease terms will contribute to rent and occupancy
efficiencies this year. Reduced mall exposure is an important step
in improving financial performance but restoring brand health and
relevance will be a longer-term endeavor in our view. We expect
operating performance at Banana Republic to remain challenged as
consumer demand for traditional workwear remains depressed.
Further, we believe significant execution risks come with the
brand's repositioning." At Gap, sharper merchandising, new
partnerships, and brand licensing could reignite growth at a brand
that has shrunk to $3.4 billion in fiscal 2020 from $6.4 billion in
sales in fiscal 2013. Stabilizing performance and increasing demand
for this merchandise will be important elements to rebuilding
profitability at these mature brands.

Online sales grew 54% year-over-year, accounting for approximately
45% of total sales, placing the company on target to reach its goal
of generating 50% of sales digitally by 2023. The company is
accelerating investments in digital and its fulfilment network to
enhance its omnichannel capabilities. S&P said, "In our view,
reducing fixed costs and achieving higher product margins will be
key to offsetting the structural cost pressures associated with the
sales channel shift to online. Gap Inc. started this fiscal year
with elevated inventory levels, up 14% year-over-year, because of
pack-and-hold inventory held back at the onset of the pandemic,
higher in-transit inventory due to delays stemming from U.S. port
congestion, and COVID-related safety products. We do not anticipate
material markdowns as last year's inventory is introduced, but if
consumer response to this merchandise is tepid, discounting and
promotional activity could delay expected improvements in operating
results."

Elevated cash balances and projected S&P Global Ratings-adjusted
EBITDA above $2 billion this year support our expectation for
stronger credit protection metrics. Prior to the pandemic, Gap Inc.
consistently generated operating cash flow in excess of $1 billion.
S&P said, "We project the company will return to these levels in
2021 and believe it will generate positive free operating cash flow
around $300 million this year, significantly better than the $155
million burned during fiscal 2020 due to COVID-19-related store
closures but below fiscal 2019 levels. The company is accelerating
its capital spending plan in fiscal 2021, targeting $800 million in
investments that it will largely direct toward digital, technology,
and supply chain. While at the high end of its 4%-5% targeted
range, the shift away from lower-yielding store and international
investments is strategically sound in our view given the rapid
growth in online sales. Elevated restructuring costs associated
with store closures and a higher interest burden from the secured
note facilities issued during the pandemic will also crimp cash
conversion. Although we expect the majority of free operating cash
flow (FOCF) this year to be returned to shareholders, we project
the company will maintain its net cash position."

The positive outlook reflects S&P's expectation for accelerating
improvement in operating results throughout 2021 as recovering
sales volumes at Old Navy and solid momentum at Athleta lead to
EBITDA growth supporting stronger credit protection metrics.

S&P could raise its rating if:

-- The company demonstrates progress in stabilizing performance
across its brand portfolio;

-- Revenue is on track to approach 2019 levels and adjusted EBITDA
is on track to exceed $2 billion by the end of fiscal 2021; and

-- S&P believes the company will be able to sustain adjusted
leverage around 3x or less even through periods of stress.

S&P could revise the outlook to stable if:

-- Performance recovery momentum is slower than S&P anticipates,
potentially due to increased competition, inventory challenges, or
execution issues.

-- The company shifts to a more aggressive financial policy
resulting in adjusted leverage being maintained above 3x.


GENESIS HEALTHCARE: Sen. Warren's Accusations on Bonuses Unfair
---------------------------------------------------------------
Tony Pugh of Bloomberg Law reports that Genesis Healthcare Inc., a
struggling Pennsylvania nursing home company, says it did nothing
wrong in providing a multi-million dollar severance package for its
former CEO, even as it pondered bankruptcy protection and more than
2,800 of its residents were dying from Covid-19.

In a Wednesday statement released at the start of a Senate Finance
Committee hearing about the nursing home industry's pandemic
response, Genesis HealthCare said its compensation for company
executives -- including a $5.2 million retention bonus to former
CEO George V. Hager -- was "contractual, fair and appropriate."

Responding to an angry inquiry from Sen. Elizabeth Warren,
(D-Mass.), the company also denied any improper use of more than
$300 million in state and federal Coronavirus Aid, Relief, and
Economic Security (CARES) Act funding. Genesis, which is undergoing
a massive corporate restructuring due to heavy losses caused by
Covid-19, drew the ire of Warren for its corporate compensation
packages, which Warren claimed were padded with federal pandemic
relief funds.

Warren responded, "Genesis" response underscores how obscene these
CEO payouts were.  Nearly 3,000 of their residents died from
COVID-19 and their CEO left the company near bankruptcy just weeks
before it was handed over to private equity.  This kind of failure
calls for consequences, not rewards."

In January 2021, Senator Warren wrote to company chairman and CEO
Robert Fish, "CARES Act funding should not be used to line the
pockets of company executives who fail to address the public health
threats from the pandemic, and your company should not be seeking
additional public funds while giving departing executives
multimillion dollar bonuses."

But in Wednesday's, March 17, 2021, statement, the company said all
CARES Act funding "will be allocated to expenses and lost revenue
related to the coronavirus in accordance with the dictates of the
law, and such expenses cannot and will not include executive
compensation costs. Moreover, at no time did Genesis ever limit or
reduce spending on measures to protect residents, patients and
staff in order to fund executive compensation."

The company said it paid more than $100 million in "hero dollars"
to nearly 30,000 employees and contract staff working in its
centers and caring for residents and patients during the pandemic.

Senator Warren's suggestion that the Company's efforts to retain
personnel, as it faced unprecedented public health and financial
circumstances, somehow compromised its commitment to patient safety
is deeply unfair, as is the claim that it used CARES Act funds to
pay executive bonuses, which it did not. The record is clear that
Genesis devoted enormous resources to its ongoing battle with
COVID-19, and that the ongoing efforts of its frontline workers and
executives alike helped save lives."

The nation's largest publicly traded nursing home operator, Genesis
is a holding company with subsidiaries that provides services to
more than 325 nursing homes and assisted living communities in 24
states.

Genesis also disputes media reports about the Covid-19 infection
and death rate at its facilities.  The company said its 62% staff
vaccination rate far exceeds the nation's average of 37%.  The
company said 86% of residents have been vaccinated.

                     Corporate Restructuring

The company is undergoing a corporate restructuring to improve its
liquidity and capital structure.  It's agreed to terminate lease
agreements on 51 facilities in nine states leased from Welltower
Inc.  In return, Genesis will receive approximately $86 million and
another $170 million if certain other conditions are met.  The
moves will shave $256 million off their current $423 million debt
to Welltower, the company reported.

The company has also announced plans to voluntarily delist its
Class A common stock from the New York Stock Exchange and
deregister its stock common stock under the Securities Exchange Act
of 1934.

Through the third-quarter of 2020, Genesis had lost $145 million in
revenue -- $71 million in the third quarter alone -- because of low
occupancy caused by the pandemic.

The company is scheduled to begin repaying at least $157 million in
Medicare loans in April, and by the end of this year, it must pay
back half of $65 million in deferred payroll taxes.  The rest is
due by the end of 2022.

After Hager was paid the $5.2 million "retention bonus" in October
2020, he announced his retirement in January 2021.  Security and
Exchange Commission filings showed Hager will also receive an
additional $650,000 bonus and a $300,000 consulting contract,
Warren's letter said.

                        'Good Reason'

Genesis said it entered into retention agreements and amended
employment agreements with Mr. Hager and other executives "deemed
by the Board as essential to the Company's restructuring efforts
and operational turnaround."

"At the time, the Board expected and needed Mr. Hager to remain as
CEO, and his retention agreement contemplated that he would remain
through the end of 2021," the statement said.  "However, the Board
made governance changes, placed more reliance on outside advisors
and entered into challenging negotiations with creditors, all of
which reduced Mr. Hager's role. As a result, Mr. Hager and the
Board mutually agreed that the time was right for his departure,
for what is known as 'good reason,' and negotiated a separation
agreement. Mr. Hager's departure for 'good reason' entitled him to
a severance payment, per his employment agreement."

The company said Hager kept his retention payment, "which was
credited against, and not duplicative of, this severance payment."

"Mr. Hager's separation payment reflected his strong leadership and
tireless commitment to protecting the Company's residents, patients
and staff while simultaneously navigating Genesis through
challenging financial pressures. It also recognized his 28 years of
service at Genesis during which he led the Company through
tremendous growth, multiple ownership changes and monumental
regulatory changes."

                    About Genesis Healthcare

Genesis Healthcare Inc. is a provider of short-term post-acute,
rehabilitation, skilled nursing and long-term care services.  As of
January 2017, Genesis operates approximately 500 skilled nursing
centers and
assisted/senior living residences in 34 states across the United
States.


GIOVANNI & SONS: Unsec. Creditors to Receive $7,900 over 5 Years
----------------------------------------------------------------
Giovanni & Sons High-Tech, Inc., filed with the U.S. Bankruptcy
Court for the Southern District of Florida, Miami Division, a Plan
of Reorganization and a Disclosure Statement on March 16, 2021.

The Debtor's primary business function is metal works, metal
erection and furniture manufacturing.  The Debtor filed bankruptcy
because the Debtor has an overwhelming amount of debt and liability
that is affecting business operations.  The Debtor was forced to
file this bankruptcy to reorganize its debts and restructure
itself.

The Debtor has undertaken to restructure its business affairs by
seeking methods to reduce expenses and improve revenues. The Debtor
has undertaken negotiations with its secured creditor to obtain an
agreeable plan treatment while restructuring its business model to
provide for a more streamlined system and profitable enterprise.

Class 7 consists of General Unsecured Claims.  Payment in the total
amount of $7,928.60 shall be made upon allowed unsecured creditor
claims. This amount shall be paid with equal monthly payments for
60 months of $132.14 per month following the entry of a
confirmation Order, on a pro-rata basis.  General unsecured
creditors who file a valid proof of claim will receive payment on a
pro-rata basis.   The Debtor can prepay any amount due to this
class without penalty.

Shareholder Gian Carlo Visciglia will retain his equity in the
Debtor based on the contribution of new value to the bankruptcy
estate through relinquishing their general unsecured claims,
continuing to operate the Debtor and continuing to be employed with
the Debtor at a reduced salary. Based on the liquidation test, the
Debtor has a $0 value after a hypothetical liquidation.

After the effective date of the order confirming the Plan, the
directors, officers, and voting trustees of the Debtor, any
affiliate of the Debtor participating in a joint Plan with the
Debtor, or successor of the Debtor under the Plan will be Gian
Carlo Visciglia.

Payments and distributions under the Plan will be funded by the New
Value paid in by the shareholder and director of the Debtor.

A full-text copy of the Disclosure Statement dated March 16, 2021,
is available at https://bit.ly/3lx6PIR from PacerMonitor.com at no
charge.

The Debtor is represented by:

     Richard R. Robles, Esq.
     Rafael Quintero, Esq.
     LAW OFFICES OF RICHARD R. ROBLES, P.A.
     905 Brickell Bay Drive, Suite 228
     Miami, FL 33131
     Tel: (305) 755-9200
     E-mail. rrobles@roblespa.com
             lmartinez@roblespa.com

                About Giovanni & Sons High-Tech

Giovanni & Sons High-Tech, Inc., a Medley, Fla.-based contractor,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Fla. Case No. 20-20484) on Sept. 28, 2020. At the time of the
filing, Debtor had total assets of $267,346 and total liabilities
of $1,892,134.

Judge Robert A. Mark oversees the case.

The Law Offices of Richard R. Robles, P.A., is the Debtor's legal
counsel.


GRIDDY ENERGY: Files Wind Down Plan; Customers Offered Releases
---------------------------------------------------------------
Griddy Energy LLC submitted a Plan and a Disclosure Statement.

Griddy is a retail electricity provider ("REP") in Texas which
provided its customers the ability to purchase wholesale
electricity with no mark-up.  Prior to the events that precipitated
this chapter 11 case, Griddy had approximately 29,000 customers in
Texas and 30 employees. As a result of the forced transitioning of
customers to a Provider of Last Resort ("POLR") commencing on Feb.
26, 2021, by the Electricity Reliability Council of Texas
("ERCOT"), Griddy currently has no customers and, as of the
Petition Date, has reduced its employee headcount to approximately
15.  The Debtor has filed this case to pursue a chapter 11 plan of
liquidation and implement a wind-down of its business.

The liquidation and orderly winddown provided for in the Plan will
result in the distribution of the Debtor's assets to its creditors
consistent with the priorities set forth in the Bankruptcy Code.
The Plan provides, among other things that:

    * The Debtor's secured lender will, for the benefit of the
Debtor's estate: (a) forego receipt of 40% of the remaining
aggregate principal amount outstanding under the Debtor's
prepetition credit agreement (i.e., consensually agree to "give up"
$600,000 of the amount owed to it by the Debtor in favor of other
creditors in accordance with the terms of the Plan) and (b) receive
interest at the non-default contract rate (rather than seeking to
collect default interest from the Petition Date to the Effective
Date).

   * Holders of Customer Claims (i.e., former customers of the
Debtors) will have the opportunity to receive releases from the
Debtor and the other Released Parties for all claims, including,
for unpaid amounts owed by such former customer for unpaid amounts
owed for the electricity and related fees, taxes, expenses and
other costs due as a result of Winter Storm Uri in exchange for
such former customers giving the Released Parties a release of all
claims the customer may have against the Released Parties.  Any
former customer that does not wish to exchange releases and that
timely and properly files an unsecured nonpriority claim against
the Debtor by the Bar Date in accordance with the Bar Date Order
will be treated as Other General Unsecured Creditors.  Any former
customer that does not wish to exchange releases and does not file
timely and properly file a proof of claim against the Debtor shall
not have any Class 4 Claims (Other General Unsecured Creditors) or
Class 5 Claims (Customer Claims) against the Debtor.

   * Other General Unsecured Creditors will receive the Available
Cash of the Debtor.

   * The Debtor will appoint a plan administrator (the "Plan
Administrator") and, upon the Effective Date, the Liquidating
Debtor will enter into a Plan Administrator Agreement with the Plan
Administrator and the sole interest in the Liquidating Debtor will
vest in the Plan Administrator.  The Plan Administrator will act as
a fiduciary and will have full authority to administer the
liquidation and wind down of the Debtor under the provisions of the
Plan, including to: (i) make Distributions to holders of Claims set
forth in the Plan; (ii) object to, dispute, compromise or settle
the amount, validity, priority, treatment or Allowance of any
Claim; (iii) sell, abandon or dispose of any remaining property of
the Debtor; and (iv) pursue any Causes of Action consistent with
the provisions of the Plan.

Counsel for the Debtor:

     David Eastlake
     BAKER BOTTS L.L.P.
     910 Louisiana Street
     Houston, Texas 77002
     Telephone: (713) 229.1234
     Facsimile: (713) 229.1522
     E-mail: david.eastlake@bakerbotts.com

     Robin Spigel
     Chris Newcomb
     BAKER BOTTS L.L.P.
     30 Rockefeller Plaza
     New York, New York 10112-4498
     Telephone: (212) 408-2500
     Facsimile: (212) 408-2501
     E-mail: robin.spigel@bakerbotts.com
             chris.newcomb@bakerbotts.com

A copy of the Disclosure Statement is available at
https://bit.ly/3s598p6 from PacerMonitor.com.

                       About Griddy Energy

California startup Griddy Energy is an American power retailer that
formerly sold energy to people in the state of Texas at wholesale
prices for a $9.99 monthly membership fee and had approximately
29,000 members.  Griddy was a feature of Texas' unusual,
deregulated system for electric power.  The vast majority of Texans
-- and Americans -- pay a fixed rate for electric power and get
predictable monthly bills.  However, Griddy works by connecting
customers to the wholesale market for electricity, which can change
by the minute and is more volatile, for a monthly fee of $9.99.

During February 2021's winter storm in Texas, power generators
failed and demand for heating shot up.  In response, ERCOT raised
the price of electricity to the legal limit of $9 per kilowatt-hour
and kept it there for several days.  Griddy customers who didn't
lose power were hit with massive electric bills that were
auto-debited from their bank accounts.

State grid operator ERCOT at the end of February 2020 cut off the
Griddy's access to customers for unpaid bills following the Texas
freeze.  The Texas attorney general also said it is suing Griddy,
saying it engaged in deceptive trade practices by issuing excessive
bills.

Griddy Energy filed a chapter 11 bankruptcy petition (Bankr. S.D.
Tex. Case No. 21-30923) on March 15, 2021.

Griddy estimated $1 million to $10 million in assets and $10
million to $50 million in liabilities as of the bankruptcy filing.

Griddy is represented by Baker Botts LLP as legal counsel.  Griddy
is represented by Crestline Solutions, LLC and Scott Pllc as public
affairs advisors.  Stretto is the claims agent.


GRIDDY ENERGY: Seeks Use of Macquarie Cash Collateral
-----------------------------------------------------
Griddy Energy LLC asks the U.S. Bankruptcy Court for the Southern
District of Texas, Houston Division, for authority to, among other
things, use cash collateral and provide adequate protection.

The Debtor requires the use of its cash on hand to fund an
efficient and orderly wind down of its business and the Chapter 11
Case. The Debtor says its prepetition secured creditors have a
first-priority security interest in all the Debtor's cash, which is
perfected through an account control agreement on each of the
Debtor's bank accounts. The amount of cash in the Debtor's bank
accounts exceeds the balance of the Debtor's obligations to the
Prepetition Secured Creditors under the Prepetition Credit
Facility.

The Debtor and Macquarie Investments US Inc. are parties to a
Borrowing Base Facility Agreement, dated as of December 4, 2020,
pursuant to which MIUS and Macquarie Energy LLC provided Credit
Extensions.  As of the Petition Date, the Debtor's Obligations
totaled not less than $1,448,937.58, plus the obligation to provide
to Macquarie cash or credit support in the form of letters of
credit acceptable to Macquarie in its sole discretion in an amount
not less than $307,500 as collateralization for 102.5% of the full
undrawn amount of all outstanding Letters of Credit, reimbursement
obligations, indemnification obligations, contingent obligations,
and other charges of whatever nature, whether or not contingent,
whenever arising, due, or owing, and all other Obligations.

In connection with the Prepetition Credit Facility, the Debtor
entered into a Pledge and Security Agreement, dated as of December
4, 2020 by and among the Debtor, Griddy Holdings LLC, as Pledgor,
Griddy Technologies LLC and Griddy Pro LLC, as Grantors, and
Macquarie Energy, as Collateral Agent.

The Debtor holds cash in three accounts with JPMorgan Chase Bank:
(i) an operating account ending in 0139, (ii) a segregated account
ending in 0675, and (iii) a revenue account ending in 2375. All the
Debtor's cash as of the Petition Date constitutes Cash Collateral
of the Prepetition Secured Creditors.

In exchange for the Prepetition Secured Creditors consenting to the
Debtor's use of Cash Collateral and to avoid unnecessary litigation
and the incurrence of administrative costs associated therewith,
the Debtor has agreed to provide the Prepetition Secured Creditors
with these modest adequate protections: (a) granting of replacement
liens on the Collateral, solely to the extent of any diminution in
the value, to the same extent, validity and priority of the liens
and security interests pursuant to the Prepetition Transaction
Documents, including the Security Agreement; (b) granting an
allowed superiority administrative expense claim, as and to the
extent provided by section 503(b) and 507(b) of the Bankruptcy
Code, to the extent the replacement liens do not adequately protect
against the diminution in value of the Collateral; and (c)
continuing to make monthly interest payments at the per annum rate
equal to the non-default contract interest rate under the
Prepetition Credit Agreement.

In addition, the Debtor will pay all reasonable and documented fees
and expenses of counsel for the Prepetition Secured Creditors,
subject to prior notice to certain parties and an opportunity to
object.

The proposed adequate protection is subject to the Carve-Out.
Without the Carve-Out, the Debtor and other parties in interest may
be deprived of certain rights and powers because the services for
which professionals may be paid in the Chapter 11 Case would be
restricted.

The Carve-Out are all fees required to be paid to the Clerk of the
Court and to the U.S. Trustee pursuant to section 1930(a) of title
28 of the United States Code, plus interest at the statutory rate
and allowed fees and expenses of estate professionals, and
following the Termination Declaration Date, estate professionals'
allowed fees and expenses in an aggregate amount not to exceed
$250,000.

A copy of the motion is available for free at
https://bit.ly/3bVqgYB from PacerMonitor.com.

                      About Griddy Energy LLC

Griddy Energy LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 21-30923) on March 15,
2021. In the petition signed by Roop Bhullar, chief financial
officer, the Debtor disclosed up to $10 million in assets and up to
$50 million in liabilities.

David R. Eastlake, Esq. at Baker Botts L.L.P. is the Debtor's
counsel.



GRIDDY ENERGY: Working to Forgive Customers' Debt
-------------------------------------------------
Law360 reports that the lawyers for bankrupt Texas power supplier
Griddy Energy told a bankruptcy judge Friday, March 19, 2021, that
it is addressing notice issues with state regulators as it pursues
a Chapter 11 plan to absolve customers of high electricity bills
following a February 2021 winter storm.

During a virtual case status conference, debtor attorney Robin
Spigel of Baker Botts LLP said Griddy is looking to forgive debts
owed by customers whose bills were unusually high after a rare
winter storm blanketed Texas last February 2021, and is negotiating
with the Texas attorney general on how to adequately notify those
customers of their rights in the bankruptcy case.

                       About Griddy Energy

California startup Griddy Energy is an American power retailer that
formerly sold energy to people in the state of Texas at wholesale
prices for a $9.99 monthly membership fee and had approximately
29,000 members.  Griddy was a feature of Texas' unusual,
deregulated system for electric power.  The vast majority of Texans
-- and Americans -- pay a fixed rate for electric power and get
predictable monthly bills. However, Griddy works by connecting
customers to the wholesale market for electricity, which can change
by the minute and is more volatile, for a monthly fee of $9.99.

During February 2021's winter storm in Texas, power generators
failed and demand for heating shot up.  In response, ERCOT raised
the price of electricity to the legal limit of $9 per kilowatt-hour
and kept it there for several days. Griddy customers who didn't
lose power were hit with massive electric bills that were
auto-debited from their bank accounts.

State grid operator ERCOT at the end of February 2020 cut off the
Griddy's access to customers for unpaid bills following the Texas
freeze. The Texas attorney general also said it is suing Griddy,
saying it engaged in deceptive trade practices by issuing excessive
bills.

Griddy Energy filed a chapter 11 bankruptcy petition (Bankr. S.D.
Tex. Case No. 21-30923) on March 15, 2021.

Griddy estimated $1 million to $10 million in assets and $10
million to $50 million in liabilities as of the bankruptcy filing.

Griddy is represented by Baker Botts LLP as legal counsel.  Griddy
is represented by Crestline Solutions, LLC and Scott Pllc as public
affairs advisors.  Stretto is the claims agent.


GTT COMMUNICATIONS: Delays Filing of 2020 Annual Report
-------------------------------------------------------
GTT Communications, Inc. said it is unable to file its Annual
Report on Form 10-K for the year ended Dec. 31, 2020 within the
prescribed time period without unreasonable effort or expense.

As reported by the Company in its prior filings with the Securities
and Exchange Commission, the Company was unable to file on a timely
basis its Quarterly Reports on Form 10-Q for the quarters ended
June 30, 2020 and Sept. 30, 2020.  In addition, in connection with
the Company's previously disclosed review of certain accounting
issues, the Company's Board of Directors concluded that the
Company's previously issued consolidated financial statements for
the years ended Dec. 31, 2019, 2018 and 2017, each of the quarters
during the years ended Dec. 31, 2019 and 2018 and the quarter ended
March 31, 2020 and certain related disclosures should no longer be
relied upon.  The Company is preparing restated financial
statements relating to the Non-Reliance Periods, which Restated
Financial Statements will be needed to produce the Q2 Form 10-Q,
the Q3 Form 10-Q and the 2020 Form 10-K.

The Review has identified a number of errors in connection with the
Company's previously issued financial statements that the Company
expects to correct in the Restated Financial Statements, including:
(1) errors in accounting for Cost of Telecommunications Services
during the years ended Dec. 31, 2019, 2018 and 2017, and the
quarter ended March 31, 2020 including (a) errors resulting from
the Company's failure to utilize a comprehensive process to record
and account for Cost of Telecommunications Services in the proper
periods; (b) adjustments made without adequate support during the
year ended Dec. 31, 2019 and the quarter ended March 31, 2020 that
had the effect of removing expenses from the Company's consolidated
statement of operations at quarter-end and then recognizing certain
of those expenses as Cost of Telecommunications Services in
subsequent quarters; and (c) failures during the years ended Dec.
31, 2018 and 2017 to recognize certain expenses as Cost of
Telecommunications Services on the Company's consolidated statement
of operations by recording such expenses to goodwill and thereby
attributing such expenses to pre-acquisition accruals, without
adequate support, for companies that had been acquired; (2)
failures to recognize sufficient bad debt expense during the year
ended Dec. 31, 2019, and the overstatement of bad debt expense for
the quarter ended March 31, 2020; and (3) overstatement of the
reserve for credits to be issued to customers as of Dec. 31, 2017
and understatements of the reserve for credits to be issued to
customers as of Dec. 31, 2019 and 2018, and March 31, 2020, which
affected the timing of reductions to Revenue.

In the Non-Reliance Form 8-K, the Company provided preliminary
estimates of the approximate ranges of aggregate decreases in
Operating Income (and equivalent increases in Loss Before Income
Taxes) due to the errors described above for certain fiscal
periods. The Company is continuing to finalize its quantification
of the impact of errors identified by the Review on financial
results for the Non-Reliance Periods.

                              About GTT

Headquartered in McLean, Virginia, GTT Communications, Inc. --
www.gtt.net -- owns and operates a global Tier 1 internet network
and provides a comprehensive suite of cloud networking services.

                              *   *   *

As reported by the TCR on March 1, 2021, S&P Global Ratings lowered
all of its ratings on U.S.-based internet protocol network operator
GTT Communications Inc. by one notch, including its issuer credit
rating, to 'CCC-' from 'CCC', to reflect the increased likelihood
of a default or distressed exchange over the next six months.  

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


GUITAMMER CO: Goes Private, Files Chapter 11 Reorganization
-----------------------------------------------------------
Carrie Ghose of Columbus Business First reports that majority
shareholders of the long-struggling maker of ButtKicker audio
equipment are taking the company private and seeking to reorganize
debt after a year in which the coronavirus pandemic shuttered
target customers such as movie theaters and music venues.

Guitammer Co. filed for bankruptcy protection under a new provision
of Chapter 11 created by last year's Cares Act to speed the
re-emergence of a small business after restructuring.

The company will operate as normal throughout the proceedings,
according to a release, and expects to exit "better able to serve
its customers and partners."

A group including previous financial backers and CEO Mark Luden --
together they own 56% of shares -- are buying out remaining
stockholders in a merger plan approved at the end of February 2021,
for a total of $99,713.

The 21-year-old Westerville company designs and markets the
ButtKicker, a bass transducer that converts low-frequency sounds to
vibrations. Attached to seating, it allows a listener to feel the
bass, augmenting the experience of film, music, gaming or race
simulation.

Sales of $2.7 million in 2020 had increased by one-third from the
prior year, driven mostly by sales for home video game systems,
according to bankruptcy documents.

But margins on those systems were much lower than for theaters, and
its deficit of working capital widened to more than $3 million,
Luden said in a statement filed with U.S. Bankruptcy Court. He
declined an interview request.

The company anticipates it will take years for sales to the
entertainment industry to recover – and those had represented
half of gross margin.

Guitammer was seeking investment or acquisition from the gaming
industry before the pandemic, but that was put on hold, he said. In
the fall, ButtKicker's manufacturing joint venture let an inventory
financing agreement expire and stopped making the systems.

"From October 2020 through January of 2021, (Guitammer) contacted
more than 30 private equity, venture capital, investment bankers,
financial firms and potential strategic partners seeking to raise
capital, license its technology or sell itself," Luden's statement
said. "No offers were received."

Unless Guitammer restructures debt, it will be forced to liquidate,
he said. Secured creditors are owed $1.2 million and unsecured
claims total $3.3 million, against assets of $1.2 million.

"The company has never been able to generate enough sales to
adequately service and pay down its debt," Luden's statement said.

Each fundraising or new loan was only enough "to stay in business a
little longer," never to stabilize the balance sheet, he said.

Struggles piled up: A growing sales channel through a furniture
chain ended because the stores liquidated in the 2009 recession.
Going public as a penny stock in 2011 didn't raise enough. In 2018,
although still public, it terminated its securities registration
because it couldn't afford to produce SEC reports. There were
stretches of 2019 when employees took pay cuts or weren't paid.

Luden owns 27.5% of CJG Acquisitions Corp., the company formed to
acquire Guitammer. Marvin Clamme, director of research, owns 5%.
They are inventors in the ButtKicker patents.

Owners of 22.5% each are George Anasis, principal in the
manufacturer; Christopher Doyle, of an angel investing firm that
has invested and loaned money to the company; and John Gialamas,
president of a Cleveland packaging maker.

                      About Guitammer Company

The Guitammer Company manufactures audio and video equipment.

Guitammer Company filed a Chapter 11 petition (Bankr. S.D. Ohio
Case No. 21-50832) on March 16, 2021.  The petition was signed by
Mark A. Luden, president.  It listed total assets amounting to
$1,240,945 and total liabilities of $4,559,936.  Frederic P.
Schwieg, Esq., in Rocky River, Ohio, is the Debtor's counsel.


HAYWARD INDUSTRIES: Moody's Hikes CFR to B2 Following Debt Paydown
------------------------------------------------------------------
Moody's Investors Service upgraded Hayward Industries, Inc.'s
Corporate Family Rating to B2 from B3, and its Probability of
Default Rating to B2-PD from B3-PD. At the same time, Moody's
confirmed the ratings on Hayward's first lien term loan credit
facilities at B3, and assigned a SGL-2 Speculative Grade Liquidity
rating. The outlook is positive. The Caa2 rating on the company's
existing $205 million second lien term loan is unchanged, and will
be withdrawn concurrent with the anticipated repayment of this debt
obligation. This concludes the review commenced on February 22,
2021.

Hayward Holdings, Inc., the parent company of Hayward, priced its
initial public offering (IPO) of approximately 40.3 million shares
(22.2 million new common shares by the company, and the rest from
existing shareholders) at a price of $17 per share, resulting in
gross proceeds of about $377.4 million. The company intends to use
anticipated net proceeds of around $350 million to fully repay its
existing $205 million second lien term loan due 2025, and the rest
to repay first lien term loans on a pro rata basis.

The ratings upgrade reflects Hayward's meaningful reduction of
financial leverage and enhanced liquidity following the reduction
in funded debt, as well as its transition to a public company.
Moody's estimates Hayward's debt/EBITDA leverage at 4.7x as of
fiscal year end December 31, 2020 and pro-forma for the IPO
transaction, down from 6.5x pre-IPO as of the same period. In
addition, the anticipated debt reduction will benefit Hayward's
liquidity with over $25 million reduction in interest expense. The
company remains majority owned and controlled by its existing
private equity investors with a combined shared ownership of 78.7%.
However, the ratings upgrade is also supported by Moody's
expectations that as a publicly traded company with a stronger
balance sheet, Hayward will maintain more moderate financial
policy.

The ratings confirmation of the company's first lien term loan
credit facilities at B3, one notch below the B2 CFR, reflects the
elimination of subordinated debt in the capital structure because
of the full repayment of the $205 million second lien term loan,
providing less loss absorption to the first lien debt under Moody's
loss given default model. The term loan has weaker collateral
coverage than the asset based revolver.

Upgrades:

Issuer: Hayward Industries, Inc.

Corporate Family Rating, Upgraded to B2 from B3

Probability of Default Rating, Upgraded to B2-PD from B3-PD

Confirmations:

Issuer: Hayward Industries, Inc.

Senior Secured Bank Credit Facility, Confirmed at B3 (LGD4)

Assignments:

Issuer: Hayward Industries, Inc.

Speculative Grade Liquidity Rating, Assigned SGL-2

Outlook Actions:

Issuer: Hayward Industries, Inc.

Outlook, Changed To Positive From Rating Under Review

RATINGS RATIONALE

Hayward's B2 CFR broadly reflects its strong market position and
good brand awareness in the North American pool equipment industry,
and its growing presence internationally. The company benefits from
the relatively stable revenue base from its repair and replacement
business, which represents about 75% of revenue, and its good
EBITDA margin supported by its large aftermarket sales mix and
pricing stability. Demand for the company's products was very
strong in 2020 as consumers are spending more time at home
resulting in increased pool utilization. Moody's expects good
consumer demand to continue into the first half of calendar 2021,
supported by a solid US housing market, and continued focus on
stay-at-home, social distancing, and outdoor activities.

Hayward's credit profile also reflects its relatively small scale
with revenue of $875.4 million, and its moderately high financial
leverage with debt/EBITDA at 4.7x for the fiscal year ending
December 31, 2020 and pro forma for the IPO transaction. Moody's
projects Hayward's debt/EBITDA will decline to below 4.0x by end of
fiscal 2021, primarily by earnings growth and to a lesser extent
from debt repayment using free cash flow. As a manufacturer of pool
equipment, Hayward is somewhat exposed to cyclical downturns, has
highly seasonal cash flows, and has high customer concentration
with its top customer, Pool Corporation, accounting for
approximately 30% of net sales in fiscal year 2020.

Governance considerations include the company's going public
transaction via an initial public offering and its use of proceeds
to reduce funded debt resulting in lower financial leverage. The
company remains majority owned and controlled by its existing
private equity sponsors. Facilitating the continued reduction of
the private equity ownership could lead to a leveraging
transaction, and Moody's also expects the company to pursue
acquisitions to continue to expand its scale, product portfolio and
international presence. The transition to a public company will
improve transparency beyond that typically expected from privately
held companies.

Hayward's SGL-2 Speculative Grade Liquidity rating reflects its
good liquidity supported by its relatively healthy cash balance of
approximately $115 million and access to an undrawn $250 million
revolver expiring in August 2022 as of December 31, 2020, which
provides financial flexibility to fund business and working capital
seasonality. Moody's expectations for free cash flow in the
$90-$100 million range over the next 12-18 months also supports the
company's liquidity. The first lien term loans have no maintenance
financial covenants. The $250 revolver has a springing minimum
fixed charge coverage financial covenant of at least 1.0x, tested
when availability is less than 10%. Moody's does not expect the
covenant test to be triggered and anticipates the company will
maintain good cushion within the covenant over the next 12 months.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
Hayward from the current weak US economic activity and a gradual
recovery for the coming months. Although an economic recovery is
underway, it is tenuous, and its continuation will be closely tied
to containment of the virus. As a result, the degree of uncertainty
around Moody's forecasts is unusually high. Moody's regards the
coronavirus outbreak as a social risk under Moody's ESG framework,
given the substantial implications for public health and safety.
The consumer durables industry is one of the sectors most
meaningfully affected by the coronavirus because of exposure to
discretionary spending.

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

The positive outlook reflects Moody's expectations that Hayward's
credit metrics will continue to strengthen from solid revenue
growth and good free cash flow generation over the next 12-18
months. As a result, Moody's expects Hayward's debt/EBITDA leverage
will gradually decline below 4.0x by the end of fiscal 2021. The
positive outlook also reflects Moody's expectations that the
company will maintain a more moderate financial policy following
the IPO and that there will be no significantly leveraging
acquisitions or share repurchases over the next year.

Ratings could be upgraded if the company continues to profitably
increase its revenue scale, maintains debt/EBITDA below 4.0x and
free cash flow/debt above 5%. A ratings upgrade would also require
the company maintaining at least good liquidity, and Moody's
expectations of balanced financial policies that support credit
metrics at those levels.

Ratings could be downgraded if revenue or the profit margin
deteriorates, debt/EBITDA is sustained above 5.0x, or
EBITA/interest expense is below 2.0x. Ratings could also be
downgraded if liquidity deteriorates highlighted by negative to
modest free cash flow generation on an annual basis, or increased
reliance on the revolver facility.

Hayward Industries, Inc. is a manufacturer of swimming pool
equipment including pumps, heaters, sanitizers, filters, cleaners,
liners and more. Hayward also manufactures equipment that controls
the flow of fluids for various industrial end markets. The
company's largest market is the U.S. (over two thirds of sales).
Revenue for fiscal year December 31, 2020 was $875.4 million.
Following the March 2021 initial public offering, private equity
firms CCMP Capital Advisors, L.P. and MSD Partners, L.P. own
approximately 78.7% of Hayward's shares.

The principal methodology used in these ratings was Consumer
Durables Industry published in April 2017.


HERBALIFE NUTRITION: Egan-Jones Keeps BB- Senior Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 10, 2021, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Herbalife Nutrition Ltd.

Headquartered in Los Angeles, California, Herbalife Nutrition Ltd.
operates as a nutrition company.




HERTZ CORP: Hearing on Adequate Protection Set for May 4
--------------------------------------------------------
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District
of Delaware approved the Stipulation and Agreed Order with Respect
to Certain Dates on Cash Collateral and Adequate Protection Issues
submitted by The Hertz Corporation and its affiliated Debtors, and
the Prepetition Secured Creditors.

The Prepetition Secured Parties are required to file with the
Court, no later than 4:00 p.m. on March 24, 2021, (i) the proposed
form of Adequate Protection Order and (ii) one or motions pursuant
to Section 363(e) of the Bankruptcy Code and Bankruptcy Rule
4001(b) and provide proper notice of each of the foregoing to the
requisite parties in interest.

Further Hearing to consider any Adequate Protection Motion is
scheduled for May 3, 2021 at 10:30 a.m.

The Debtors and any other parties in interest are required to file
any responses or objections to the Prepetition Secured Parties'
Adequate Protection Motions by April 19, 2021 at 4:00 p.m.  The
Prepetition Secured Parties have until April 26, 2021 at 4:00 p.m.
to file any replies to the Adequate Protection Responses.

Judge Walrath held that that Second Adequate Protection Period will
be extended through the later of May 4, 201 and the date set forth
in the order entered by the Court following Further Hearing.

The adequate protection pursuant to paragraph 3 of the Third
Interim RAC Order will continue through the end of the Second
Adequate Protection Period as extended by the First Agreed Order,
the Second Agreed Order, and the Stipulation and Agreed Order.

The reporting requirement set forth in clause (B) of Exhibit A to
the Third Interim RAC Order shall be superseded by the following
clause: "On the tenth (10th) business day of each month, the
Debtors shall deliver an updated 13-week Cash Flow Forecast
(containing updated projections) in form and substance reasonably
acceptable to the Prepetition Agents, the Ad Hoc Groups, Committee
and Ad Hoc Noteholder Group with the first forecast week being the
week that the updated 13-week Cash Flow Forecast is scheduled to be
delivered."  

The reporting requirement set forth in clause (D) of Exhibit A to
the Third Interim RAC Order will be superseded by the following
clause: "(i) On the second Wednesday following the Friday of the
week of delivery of the updated 13-week Cash Flow Forecast, and
(ii) on the second Wednesday thereafter, the Debtors will provide a
complete variance report that will include a reconciliation of
actual receipts and disbursements, cash balance and loan balance
against such figures set forth in the 13-week Cash Flow Forecast
for such two week period ending two Fridays prior to the reporting
date, with written explanations of any material line-item that
varies by more than 20% for such line-item, in each case, for such
2-week period."

A full-text copy of the Order, dated March 9, 2021, is available
for free at https://tinyurl.com/sf276uaj from primeclerk.com.

                    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.



HIGHPOINT OPERATING: Moody's Cuts Prob. of Default Rating to D-PD
-----------------------------------------------------------------
Moody's Investors Service downgraded HighPoint Operating
Corporation's Probability of Default Rating to D-PD from C-PD. High
Point's Corporate Family Rating was affirmed at Ca and senior
unsecured notes ratings at C. The Speculative Grade Liquidity
rating is unchanged at SGL-4. The outlook remains negative.

Downgrades:

Issuer: HighPoint Operating Corporation

Probability of Default Rating, Downgraded to D-PD from C-PD

Affirmations:

Issuer: HighPoint Operating Corporation

Corporate Family Rating, Affirmed Ca

Senior Unsecured Notes, Affirmed C (LGD5)

Outlook Actions:

Issuer: HighPoint Operating Corporation

Outlook, Remains Negative

RATINGS RATIONALE

HighPoint announced that it filed for bankruptcy under Chapter 11
on March 14, 2021, which has resulted in the downgrade of its PDR
to D-PD.[1] The affirmations of HighPoint's Ca CFR and C senior
unsecured notes ratings reflect Moody's view on expected
recoveries. Shortly following this rating action, Moody's will
withdraw all of HighPoint's ratings.

HighPoint Operating Corporation is a subsidiary of HighPoint
Resources Corporation, headquartered in Denver, Colorado, an
independent exploration and production company operating in the DJ
Basin in Colorado.

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


HIGHPOINT RESOURCES: Court OKs Chapter 11 Plan for Bonanza Merger
-----------------------------------------------------------------
Daniel Gill of Bloomberg Law reports that HighPoint Resources Corp.
overcame government objections to get its Chapter 11 plan approved
in just four days, paving the way for Bonanza Creek Energy Inc. to
acquire the bankrupt oil and gas company.

HighPoint solicited creditor votes for its proposed plan and
received more than 99% approval before filing its bankruptcy
petition March 14, 2021. No parties raised objections to confirming
the plan at a hearing Thursday in the U.S. Bankruptcy Court for the
District of Delaware.

The Denver-based company resolved earlier objections from the
Justice Department's U.S. Trustee, the Internal Revenue Service,
the Interior Department, and the Internal Revenue Service.

                    About HighPoint Resources

HighPoint Resources Corporation (NYSE: HPR) is a Denver,
Colorado-based company focused on the development of oil and
natural gas assets located in the Denver-Julesburg Basin of
Colorado.  Additional information about HighPoint may be found on
its website at http://www.hpres.com/  

On March 14, 2021, HighPoint Resources Corporation and two
affiliated companies filed petitions under chapter 11 of the United
States Bankruptcy Code (Bankr. D. Del. Lead Case No. 21-10565) to
seek confirmation of a prepackaged plan that would provide for a
merger with  Bonanza Creek Energy, Inc.

Kirkland & Ellis LLP is serving as legal advisor, Tudor, Pickering,
Holt & Co. / Perella Weinberg Partners are serving as financial
advisor, and AlixPartners, LLP, is serving as restructuring advisor
to HighPoint.  Epiq Corporate Restructuring is the claims agent.

Evercore is serving as financial advisor and Vinson & Elkins LLP is
serving as legal advisor to Bonanza Creek.

Akin Gump LLP is serving as legal advisor to an informal group of
HighPoint noteholders that have signed the TSA.  J.P. Morgan
Securities LLC also served as an advisor to HighPoint.


HIGHPOINT RESOURCES: S&P Lowers ICR to 'D' on Chapter 11 Filing
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
oil and gas exploration and production (E&P) company HighPoint
Resources Corp. to 'D' from 'CC'. At the same time, S&P lowered all
of its issue-level ratings on the company's debt to 'D'.

HighPoint Energy Corp. announced that it has commenced voluntary
Chapter 11 bankruptcy proceedings with the U.S. Bankruptcy Court
for the District of Delaware. Therefore, S&P lowered its issuer
credit and issue-level ratings on the company to 'D'.

S&P expects to withdraw all of our ratings on HighPoint after 30
days.



HIGHPOINT RESOURCES: Unsecureds Unimpaired in Bonanza Merger Plan
-----------------------------------------------------------------
HighPoint Resources Corporation, HighPoint Operating Corporation,
and Fifth Pocket Production LLC submitted a Joint Prepackaged Plan
of Reorganization on March 14, 2021.

The primary purpose of the Plan is to implement the proposed merger
with Boron Merger Sub Inc., a subsidiary of Bonanza Creek Energy,
Inc., equitize approximately $625 million of HighPoint's
outstanding notes, issue approximately $100 million of new notes,
and implement an exit facility for the combined company.  

The Plan implements a comprehensive restructuring and certain
recapitalization transactions, whereby, among other things, Boron
Merger Sub Inc. ("Merger Sub"), a wholly-owned affiliate of Bonanza
Creek Energy, Inc. ("BCEI"), will merge with and into HighPoint
Resources Corporation as contemplated under the Agreement and Plan
of Merger, dated as of Nov. 9, 2020.   After giving effect to the
Merger and the restructuring transactions, Holders of Allowed Notes
Claims will own approximately 30.4 percent in the aggregate, and
Holders of Allowed  Existing HPR  Interests will own approximately
1.6 percent in the aggregate, of BCEI on a fully-diluted basis, in
each case based on the number of shares of BCEI Common Stock
outstanding as of Nov. 9, 2020.  Holders of Allowed Notes Claims
will also receive their Pro Rata share of $100 million of New Take
Back Notes.  Substantially all other creditors will be unimpaired.


Holders of approximately 86% of Notes Claims (the "Consenting
Noteholders"), and Holders of approximately 46.5% of Existing HPR
Interests (the "Consenting Shareholders") are party to the TSA and
support the Merger and the Plan.  

                         Treatment of Claims

Class 4 consists of Notes Claims.  On the Effective Date, Notes
Claims will be deemed allowed in the full amount outstanding under
the Indentures, including the aggregate outstanding principal
amount of Notes of not less than $625,000,000 plus accrued and
unpaid interest at the non-default contract rate as of the Petition
Date.  Each Holder of an Allowed Notes Claim shall receive, in full
and final satisfaction of its Notes Claims, its Pro Rata share of
the 9,314,214 shares of BCEI Common Stock, which will constitute
approximately 30.4 percent of the fully diluted aggregate
outstanding shares of BCEI Common Stock after giving effect to the
Merger, in accordance with and subject to dilution to the extent
expressly permitted pursuant to the terms in the Merger Agreement
and the Plan; and $100 million in principal amount of the New Take
Back Notes.

Class 5 consists of all General Unsecured Claims. Each Holder of
such General Unsecured Claim shall (i) be paid in Full in Cash in
the ordinary course of business, (ii) be Reinstated, or (iii)
receive such other treatment as agreed to by the Debtors, BCEI, the
Required Consenting Noteholders, and the Holder of an Allowed
General Unsecured Claim. Class 5 is Unimpaired under the Plan.

Class 8 consists of all Existing HPR Interests in the Debtors. Each
Holder of an Allowed Existing HPR Interest will receive its Pro
Rata share of 490,221 shares of BCEI Common Stock, which will
constitute approximately 1.6 percent of the fully diluted aggregate
outstanding shares of BCEI Common Stock after giving effect to the
Merger, in accordance with and subject to dilution to the extent
expressly permitted pursuant to the terms in the Merger Agreement
and the Plan.

On the Effective Date, the New BCEI Board shall be reconstituted,
consistent with the Merger Agreement, and each Reorganized Debtor
shall adopt its New Organizational Documents. The Reorganized
Debtors shall be authorized to adopt any other agreements,
documents, and instruments and to take any other actions
contemplated under the Plan as necessary to consummate the Plan.

On the Effective Date, BCEI and the Reorganized Debtors party
thereto as guarantors shall enter into the Exit RBL Facility, the
terms of which will be set forth in the Exit RBL Documents and
subject to the consent rights in the TSA and the Merger Agreement.
Confirmation of the Plan shall be deemed approval of the Exit RBL
Facility and the Exit RBL Documents, and all transactions
contemplated thereby, and all actions to be taken, undertakings to
be made, and obligations to be incurred by the Reorganized Debtors
in connection therewith, including the payment of all fees,
indemnities, expenses, and other payments provided for therein and
authorization of the Reorganized Debtors to, as applicable, enter
into and execute the Exit RBL Documents, and such other documents
as may be required to effectuate the treatment afforded by the Exit
RBL Facility.

On the Effective Date, the applicable Reorganized Debtor, BCEI,
and/or their respective designee(s), which may include the
Disbursing Agent, shall issue and distribute BCEI Common Stock to
the Holders of Allowed Notes Claims in Class 4, and to Holders of
Allowed Interests in Class 8 pursuant to the Plan and in accordance
with the Merger Agreement. On the Effective Date, the Reorganized
Debtor and/or BCEI, as applicable, shall issue all securities,
notes, instruments, certificates, and other documents required to
be issued pursuant to the Plan and the Merger Agreement.

Proposed Co-Counsel to the Debtors:

        Joshua A. Sussberg, P.C.
        KIRKLAND & ELLIS LLP
        KIRKLAND & ELLIS INTERNATIONAL LLP
        601 Lexington Avenue
        New York, New York 10022
        Tel: (212) 446-4800
        Fax: (212) 446-4900
        E-mail: joshua.sussberg@kirkland.com

                 - and -

        W. Benjamin Winger, Esq.
        300 North LaSalle Street
        Chicago, Illinois 60654
        Tel: (312) 862-2000
        Fax: (312) 862-2200
        E-mail: benjamin.winger@kirkland.com

        Domenic E. Pacitti, Esq.
        Michael W. Yurkewicz, Esq.
        KLEHR HARRISON HARVEY BRANZBURG LLP
        919 North Market Street, Suite 1000
        Wilmington, Delaware 19801
        Tel: (302) 426-1189
        Fax: (302) 426-9193
        E-mail: dpacitti@klehr.com

                 - and -

        Morton R. Branzburg, Esq.
        1835 Market Street, Suite 1400
        Philadelphia, Pennsylvania 19103
        Tel: (215) 569-3007
        Fax: (215) 568-6603
        E-mail: mbranzburg@klehr.com

                      About HighPoint Resources

HighPoint Resources Corporation (NYSE: HPR) is a Denver,
Colorado-based company focused on the development of oil and
natural gas assets located in the Denver-Julesburg Basin of
Colorado.  Additional information about HighPoint may be found on
its website at http://www.hpres.com/  

On March 14, 2021, HighPoint Resources Corporation and two
affiliated companies filed petitions under chapter 11 of the United
States Bankruptcy Code (Bankr. D. Del. Lead Case No. 21-10565) to
seek confirmation of a prepackaged plan that would provide for a
merger with  Bonanza Creek Energy, Inc.

Kirkland & Ellis LLP is serving as legal advisor, Tudor, Pickering,
Holt & Co. / Perella Weinberg Partners are serving as financial
advisor, and AlixPartners, LLP, is serving as restructuring advisor
to HighPoint.  Epiq Corporate Restructuring is the claims agent.

Evercore is serving as financial advisor and Vinson & Elkins LLP is
serving as legal advisor to Bonanza Creek.

Akin Gump LLP is serving as legal advisor to an informal group of
HighPoint noteholders that have signed the TSA.  J.P. Morgan
Securities LLC also served as an advisor to HighPoint.


HILTON WORLDWIDE: Egan-Jones Keeps B Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 10, 2021, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Hilton Worldwide Holdings Inc. EJR also maintained
its 'B' rating on commercial paper issued by the Company to B from
B.

Headquartered in McLean, Virginia, Hilton Worldwide Holdings Inc.
operates as a holding company.




HORIZON THERAPEUTICS: S&P Affirms 'BB' LT Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer rating on
biopharmaceutical company Horizon Therapeutics PLC.

S&P said, "We assigned a 'BB+' rating to the $1.6 billion senior
secured term loan (upsized by $300 million) and a '2' recovery
rating. The '2' recovery rating indicates our expectation that
lenders would receive substantial (70%-90%; rounded estimate: 70%)
recovery in the event of a payment default.

"At the same time, we lowered our issue-level ratings on the
outstanding secured debt to 'BB+' from 'BBB-'. The recovery rating
on this debt is '2'. We lowered the rating on the outstanding
unsecured debt to 'B+' from 'BB-'. The recovery rating on this debt
is '6'. We removed the issue-level ratings from CreditWatch, where
we placed them with negative implications on Feb. 8, 2021. The
stable outlook reflects our expectation for adjusted debt to EBITDA
of 2x-3x from EBITDA growth from TEPEZZA, KRYSTEXXA, and UPLIZNA,
and likely additional acquisitions.

"We believe Horizon's acquisition of Viela Bio will significantly
strengthen its R&D capabilities and broadens its pipeline. We view
Viela as a good fit for Horizon's growing experience in biologic
treatments for autoimmune and inflammatory rare diseases. The
acquisition adds a commercialized product in UPLIZNA that could
provide modest diversification in three to five years, but the
Viela acquisition also brings nine current development projects
that will help support longer-term sustainability. Viela
strengthens Horizon's in-house research and development (R&D)
capabilities, creating a platform to advance earlier-stage products
and manage a growing pipeline (we now expect R&D expense of 13%-15%
of revenue)."

UPLIZNA is a treatment for Neuromyeltis Optica Spectrum Disorder
(NMOSD), a chronic autoimmune condition that can lead to blindness
and physical disability. UPLIZNA competes with three other
treatments (off-label rituximab, SOLIRIS, and ENSPRYNG), but S&P
believes UPLIZNA will carve out a patient base because some
treatments work better or are more convenient than others for
certain individuals. UPLIZNA also has favorable six-month infusion
dosing schedule compared to more frequent dosing for competitors,
although ENSPRYNG has the convenience of being administered at home
via subcutaneous injection (every two weeks).

S&P said, "We expect adjusted net debt to EBITDA of 2x-3x despite
the incremental $1.6 billion of senior secured loans and the
potential for acquisitions.  We believe Horizon will maintain
relatively conservative credit metrics helped by TEPEZZA's strong
performance, which combined with KRYSTEXXA and UPLIZNA, will
provide sustained revenue and EBITDA growth for three to five years
or more.

"Our expectation for about $830 million of adjusted EBITDA in 2021,
about $2.6 billion of debt outstanding, and the company's
substantial cash balance (estimated around $900 million, at the
close of the acquisition) result in leverage around 2x, and
capacity for about $1.25 billion in acquisitions while maintaining
leverage of 2x-3x 2021.

"We expect Horizon will focus on integrating Viela and advancing
its pipeline rather than pursuing another large multi-asset
acquisition. Over the next 12 months, we think the company will
likely opt for smaller (less than $500 million) acquisitions using
balance sheet cash and partnerships with modest upfront commitments
and longer-dated contingencies."

Revenue concentration in TEPEZZA and KRYSTEXXA (expected 60% of
revenue in 2021) will continue to increase.  TEPEZZA sales have
grown rapidly, and TEPEZZA and KRYSTEXXA will account for an
increasing percentage of Horizon's sales (likely about 70% in
2022). S&P said, "We believe Horizon's high product concentration
exacerbates the risk of unexpected operational disruptions (e.g.,
the product stock-out) and competition. TEPEZZA could face branded
competition from Viridian Therapeutics as soon as 2024 because the
company is developing a treatment that could enter phase 2 trials
in the second half of 2021 and potentially phase 3 trials in 2022.
That said, Horizon likely has over 10 years of good cash flow
generation to support R&D and business development because we think
TEPEZZA will not face biosimilar competition until 2032, although
KRYSTEXXA could face biosimilar competition anywhere from 2023 to
2030 depending on the strength of its patents. We think novel,
effective treatments for serious rare diseases will continue to
garner very high prices and reimbursement because of the high
societal cost of undertreatment and the need to cover costs of
development by relatively few patients."

Although Viela adds four molecules with nine indications in
development, S&P believes Horizon needs to further grow its drug
development pipeline to sustain the business.  Beyond the assets
from Viela, Horizon is currently developing a limited number of
molecules including a next-generation gout treatment to succeed
KRYSTEXXA and a recently acquired development-stage drug HZN-825 to
potentially treat rare autoimmune diseases--diffuse cutaneous
systemic sclerosis and interstitial lung disease. Horizon is
exposed to the risk of regulatory failure inherit in drug
development that could raise the impetus for larger-than-expected
acquisitions.

S&P said, "The stable outlook reflects our expectation for adjusted
debt to EBITDA of 2x-3x based on double-digit revenue growth over
the next 12 months and a significant contraction of EBITDA margins
from investment in the UPLIZNA launch and R&D. We also expect
additional modest-sized acquisitions and partnerships.

"We could consider a lower rating if we expect adjusted debt to
EBITDA to remain above 3x, likely due to a subsequent large
debt-funded acquisition in the next 12 months that exceeds $1.5
billion-$2 billion. In this scenario, we would be less certain of
the company's commitment to its public gross leverage target of
2x."

S&P does not expect to raise the rating in the next 12 months, but
it could consider an upgrade if:

-- Horizon develops a more balanced portfolio, adding additional
commercialized products that lower its concentration in TEPEZZA and
KRYSTEXXA. In this scenario, S&P expects Horizon's pipeline could
sustain current revenue levels and grow the business in the longer
term (five to 10 years).

-- S&P expects adjusted debt to EBITDA would remain below 2x. S&P
believes this is less likely given the company's leverage target
and the likelihood of additional acquisitions.


HOST HOTELS: Egan-Jones Keeps BB Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on March 11, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Host Hotels & Resorts Inc.

Headquartered in Maryland, Host Hotels & Resorts Inc. is a real
estate trust.




HOST HOTELS: S&P Lowers 'BB+' Issuer Credit Rating, Outlook Neg.
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Host Hotels
& Resorts Inc. to 'BB+' from 'BBB-'. The outlook is negative.

S&P said, "We are affirming our 'BBB-' unsecured debt rating (one
notch higher than the 'BB+' issuer credit rating) on Host because
of substantial asset coverage in Host's currently unencumbered
high-quality hotel portfolio and restrictive covenants common in
REIT debt agreements that we assume would limit incremental future
secured and pari passu debt in Host's capital structure in our
recovery analysis under our hypothetical default scenario. We are
also assigning our '2' recovery rating to the unsecured debt
because of the speculative-grade issuer credit rating, reflecting
substantial (70%-90%; rounded estimate: 85%) recovery for lenders
in a default scenario.

"The negative outlook reflects significant risks from the ongoing
pandemic and economic recovery and the possibility of another
downgrade if widespread immunization to COVID-19 is not achieved in
a manner that enables business and group travel and hotel demand to
recover sufficiently for Host to be on path by the end of 2021 to
reduce our measure of lease-adjusted net debt to EBITDA below 4x in
2022. We could also lower the rating if Host increased its leverage
by financing hotel acquisitions largely with cash on hand without
generating sufficient asset sale or equity proceeds to make
acquisitions at least leverage neutral.

"We lowered the issuer credit rating to 'BB+' because we believe
Host's upper upscale full-service hotels, with heavy business
transient and group hotel demand exposure, will recover more slowly
than we thought a few months ago, and the company may use its cash
balances for hotel acquisitions in a manner that could be
leveraging on a net debt basis for a period of time, even if the
company ultimately generates hotel sale or equity proceeds to
partly offset hotel acquisition spending. U.S. upper upscale and
luxury hotels continued to experience a 60%-70% year-over-year
decline in RevPAR in January and February 2021 because of depressed
business and group travel, and Host believes its RevPAR for the
first quarter of 2021 and operating performance could be similar to
the fourth quarter of 2020, and the company could burn $49
million-$54 million monthly after debt service and corporate
general and administrative expense. In addition, the company has
stated it is currently unable to predict when in the second half of
2021 that it could achieve a break-even level of hotel EBITDA. We
believe the anticipated travel recovery will be slow over the next
several months, placing a greater reliance on a faster recovery in
business and group travel and hotel demand later in 2021 and in
2022 to enable Host to begin to improve margin and credit
measures."

Host also stated that there is solid recent evidence its
high-quality hotels are outperforming the competition in some
markets--Washington D.C. hotels during the inauguration and Hawaii
and Sunbelt leisure resorts, for example. Host also said that it
has reduced property level wage and benefits and will incur more
variable payments for hotel services provided by its hotel managers
than in the past, such that total expenses will be lower as a
percentage of revenue (compared with previous cyclical recoveries)
as the portfolio's occupancy gradually recovers. S&P said, "Still,
even if Host takes share during the recovery in some markets and
succeeds in its cost efficiency efforts, we believe the prolonged
recovery may cause the company to struggle to generate positive
EBITDA in 2021. We have assumed a full year of recovery in busines
and group hotel demand in 2022 that will be robust enough, combined
with sustained hotel expense reductions, for the company to achieve
EBITDA margin above 20% for the full year and to reduce our measure
of lease-adjusted debt to EBTIDA to below 4x in 2022, despite
another year of cash burn in 2021 due to depressed operations and
capital spending. Host indicated it intends to use its cash as a
strategic advantage to potentially make moderate-sized hotel
acquisitions outside of the top 25 U.S. hotel markets with higher
anticipated EBITDA growth during the recovery. Our base case
leverage assumption incorporates a moderate amount of cash used for
hotel acquisitions through 2022 but does not include large or
multiple hotel acquisitions without substantial asset sale or
equity proceeds. Still, we believe even moderate acquisitions could
be leveraging on a net debt basis for a period of time if the
company uses a portion of cash balances or if purchase prices are
based on pre-COVID-19 EBITDA levels."

S&P said, "We affirmed the 'BBB-' issue-level rating on Host's
unsecured debt because of substantial asset coverage in its
high-quality unencumbered hotel portfolio and strong customary REIT
covenants in its debt agreements limiting additional debt issuance
over time.  Even under a typical set of recovery analysis
assumptions for hotel net operating income (NOI) and a
capitalization rate that are distressed, there is ample asset
coverage of well over 100% of Host's current unsecured debt. In
addition, Host's REIT covenants include limits on total debt to
assets to less than 65%, secured debt to total assets to a maximum
of 40%, and unencumbered assets of at least 150% of total debt.
Host's measures of these covenants as of December 2020 were
significantly better than the thresholds required, and we expect
them to remain so for the foreseeable future. In addition, it is
the presence of these customary REIT covenants that strengthens our
assumption that Host will not likely be able to incur enough future
incremental debt in our recovery analysis to materially weaken
recovery prospects for its unsecured lenders. As a result, we rate
Host's unsecured debt 'BBB-', one notch above the 'BB+' issuer
credit rating. Still, despite our expectation for over 100%
coverage, given the company's debt is currently unsecured, under
our methodology we cap our recovery rating at '2' (70%-90%),
limiting the upward notching to one notch above the issuer credit
rating."

Host's quality hotel portfolio will survive the pandemic and is
positioned to eventually recover, and the financial flexibility of
its unencumbered asset base supports the current rating. Host has
strong relationships with successful hotel brands including those
owned by Marriott, Hyatt, and Accor, which typically reliably drive
guests to the company's hotels, resulting in high occupancy levels
during a normal economy. The company's focus on high-quality assets
in highly desirable city-center locations has enabled it to command
a premium in pricing, which is reflected in its relatively higher
average daily rate. This may resume once business and group travel
recovers sufficiently. Host has suggested in its public statements
that certain aspects of the economy may contribute to its ultimate
recovery and that unemployment is concentrated in lower-income
sectors and may support faster rate recovery in its upper-upscale
and luxury segments. In addition, supply deceleration in its top-20
markets may be greater than past cycles, according to CBRE Hotels
Research. S&P said, "We believe both claims are plausible and could
support recovery, as long as there is not a more severe reduction
in business and group travel volumes than we are currently assuming
in our updated base case forecast. Another important strength is
that the asset base is currently unencumbered, which materially
adds to the company's financial flexibility."

S&P said, "Still, we believe the pandemic will alter various
corporate business models and likely have lasting effects on
business and group traveler dynamics, the extent to which is
currently unknown. While group and business travel does not
necessarily need to return to pre-pandemic levels for Host to
maintain credit measures in line with the 'BB+' rating, our
longer-term view of Host's business strength could be negatively
affected if these higher-margin segments do not fully recover."

Slow recovery places a significant burden on cost and liquidity
management, and adds incremental net debt to finance the recent and
anticipated cash burn.  Given Host's concentration in upper upscale
full service hotel markets, and the very slow recovery pace so far
of business and group hotel demand, Host has used a phased approach
to opening rooms and amenities. Host has significant room counts in
major gateway cities and resort locations still experiencing severe
RevPAR declines, including San Francisco, Maui, Washington D.C.,
and New York. As a result, Host has significantly reduced hotel
level expenses and its managers have reduced above-property expense
in a manner that has enabled the company to limit its monthly cash
burn rate, estimated between $49 million and $54 million in the
first quarter of 2021. This level of cash burn is based on fourth
quarter 2020 performance and assumes the first quarter does not
significantly improve in terms of RevPAR and total RevPAR. This
compares to the company's strong $2.35 billion in current
liquidity, comprising unrestricted cash balances after drawing
fully under its revolver in September 2020. S&P said, "Under our
current base case, we assume Host adds approximately $600 million
in incremental net debt in 2021 (assuming hotel acquisitions are
moderate and offset by hotel sales proceeds), which will materially
contribute to the slow restoration of credit measures."

Host still has various policy levers that could partially mitigate
further credit deterioration resulting from opportunistic
acquisitions.   At the top of the last cycle, we consistently
recognized the risk that Host might temporarily raise leverage to
acquire hotels within its 2.5x-3x policy range at the beginning of
a lodging downturn, but it did not do so before the pandemic and
recession. As a result, it started the crisis with our measure of
adjusted leverage at about 2x at the end of 2019. While we now
expect Host to have some cushion against our 4x downgrade threshold
by 2022, the company also has other sources of flexibility that we
have not factored into our base case. For example, Host has
significant flexibility to sell high-quality hotels in its
currently unencumbered hotel portfolio, and raise equity to reduce
debt, even if the timing would not be advantageous. Finally, we
believe that if Host pursues large opportunistic hotel
acquisitions, it will do so using a material amount of equity in a
manner that will reduce leverage.

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

-- Health and safety

The negative outlook reflects significant risks from the ongoing
pandemic and economic recovery and the likelihood of another
downgrade if widespread immunization to COVID-19 is not achieved in
a manner that enables business and group travel and hotel demand to
recover sufficiently for Host to be on path by the end of 2021 to
reduce our measure of lease-adjusted net debt to EBITDA below 4x in
2022.

S&P said, "We could lower the rating if we lose confidence Host's
revenue and EBITDA could recovery and enable the company to reduce
our measure of lease-adjusted debt to EBITDA below 4x in 2022.
Given that Host only has a moderate cushion against our 4x
threshold in 2022 under our revised base case, there is limited
flexibility for underperformance relative to similarly rated peers.
As a result, we could lower the rating if hotel demand does not
recover as we assumed or widespread immunization does not translate
into a meaningful enough recovery in business and group travel, if
there were a substantial new wave of cases that impairs the hotel
sector recovery in the U.S., or if Host burns more cash and incurs
more incremental debt and leverage than assumed in our base case.
We could also lower the rating if Host increases its leverage by
financing hotel acquisitions largely with cash on hand without
generating sufficient asset sale or equity proceeds to make
acquisitions at least leverage neutral on a net debt basis.

"Given significant uncertainties regarding the path of the
coronavirus pandemic and recovery in hotel demand, it is highly
unlikely we will revise the outlook to stable until we are sure
business and group travel can start to recover in 2021 in line with
our current base case assumptions. However, provided this recovery
is underway, we could revise the outlook to stable once we believe
Host can achieve a run-rate level of EBITDA that enables it to
reduce leverage under 4x in 2022. We could also revise the outlook
to stable if Host engages in equity financed transactions or hotel
sales that reduce leverage sooner than we currently assume, but
only if the business and group travel recovery were underway."


HUDSON PACIFIC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 11, 2021 maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Hudson Pacific Properties, Inc.

Headquartered in Los Angeles, California, Hudson Pacific
Properties, Inc. operates as a real estate company.




INTELSAT SA: Foley, Kirby Represent Equity Holders
--------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Kirby McInerney LLP and Foley & Lardner LLP
submitted a verified statement to disclose that they are
representing the Ad Hoc Group of Equity Holders of Intelsat S.A. in
the Chapter 11 cases of Intelsat S.A., et al.

Since the last week of February 2021, members of the Ad Hoc Group
have retained Kirby McInerney LLP and Foley & Lardner LLP as
co-counsel, to represent them in connection with the
above-captioned chapter 11 cases.

Counsel represents only the members of the Ad Hoc Group listed on
Exhibit A attached hereto, in their respective capacities as such,
and does not represent or purport to represent any other entities
with respect to these chapter 11 cases. Counsel does not represent
the Ad Hoc Group as a "committee" and does not undertake to
represent the interests of, and is not a fiduciary for, any
creditor, party in interest, or entity other than the Ad Hoc Group.
In addition, the Ad Hoc Group and its individual members do not
purport to act, represent, or speak on behalf of any other entity
in connection with these chapter 11 cases and have not assumed any
fiduciary or other duties to any other creditor or person.

As of March 17, 2021, members of the Ad Hoc Group and their
disclosable economic interests are:

Nirmala Basappa
147 Palmdale Dr
Williamsville NY 14221

* Intelsat S.A. Shares: 888

David J. Benz
2363 Bridgewater Way
Medford, OR 97501

* Intelsat S.A. Shares: 20,000

Darryl and Amy Boyd
521 N. Prospect Ave.
Redondo Beach, CA 90277

* Intelsat S.A. Shares: 26,000

Kostiantyn Chemerys
1607 Signal Flag Way
Lawrenceville, GA 30043

* Intelsat S.A. Shares: 24,820

Richard Bertram Coons
13501 Treasure Cove Circle
North Palm Beach, FL 33408

* Intelsat S.A. Shares: 106,000

Lisla Cowles
195 Pearl Ridge Lane
Lexington, VA 24450

* Intelsat S.A. Shares: 138

Kevin and Beth Cummings
1304 Dahlia Lane
Wantagh, NY 11793-2508

* Intelsat S.A. Shares: 7,180

Melanie Cummings
1304 Dahlia Lane
Wantagh, NY 11793-2508

* Intelsat S.A. Shares: 1,090

Chelsea Cummings
1304 Dahlia Lane
Wantagh, NY 11793-2508

* Intelsat S.A. Shares: 1,090

Victor Fteha
1958 East 13th Street
Brooklyn, NY 11229

* Intelsat S.A. Shares: 496

Pradeep Gowdra
147 Palmdale Dr
Williamsville NY 14221

* Intelsat S.A. Shares: 49,376

Harry Kent
4 March Lane
Port Washington, NY 11050

* Intelsat S.A. Shares: 100,003

Markus Mühlthaler
Bayerstraße 24
80335 Munich, Germany

* Intelsat S.A. Shares: 740

Joel and Barbara Packer
531 Main St., Apt. 1306
New York, NY 10044

* Intelsat S.A. Shares: 225,001

Michael Pittman
2909 Oakey Trail
Hudson Oaks, TX 76087

* Intelsat S.A. Shares: 2,500

Minesh Poudel
3 Ostermeyerstraße
22607 Hamburg, Germany

* Intelsat S.A. Shares: 26,522

Daniel Rivera
34 Canter Drive
Basking Ridge, NJ 07920

* Intelsat S.A. Shares: 45,600.46

Robert Sbarra
33 Clearbrook Lane
Flemington, NJ 08822

* Intelsat S.A. Shares: 12,590

Gregory Sinacori
3526 Carrollton Avenue
Wantagh, NY 11793

* Intelsat S.A. Shares: 27,945

Emilio III Barretto Suarez and
Michelline Espir Suarez
148 Sarangani St.
Ayala Alabang Village
Muntinlupa, 1780
Philippines

* Intelsat S.A. Shares: 1,861,000
* Other Economic Interests: $6,720 Intelsat S.A. common stock
                            calls expiring 1/21/2022

                            $87,348 Intelsat Luxembourg S.A. bonds
                            at 8.125% due 6/1/2023

Manuel Crespo Vaquero
Molina de Aragon 1 2H
28805 Alcala de Henares, Spain

* Intelsat S.A. Shares: 137,135

Counsel for Ad Hoc Group of Equity Holders of Intelsat S.A. can be
reached at:

          FOLEY & LARDNER LLP
          Erika L. Morabito, Esq.
          Brittany J. Nelson, Esq.
          3000 K Street, N.W., Suite 600
          Washington, D.C. 20007-5109
          Telephone: (202) 295-4791
          Facsimile: (202) 672-5399
          E-mail: emorabito@foley.com
                  bnelson@foley.com

             - and -

          KIRBY McINERNEY LLP
          David E. Kovel, Esq.
          250 Park Avenue, Suite 820
          New York, NY 10177
          Telephone: (212) 371-6600
          E-mail: dkovel@kmllp.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3bX9pVk and https://bit.ly/3vIqzha

                      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.


INTERNATIONAL GAME: Moody's Alters Outlook on Ba3 CFR to Stable
---------------------------------------------------------------
Moody's Investors Service affirmed International Game Technology
PLC's ("IGT") Ba3 Corporate Family Rating, Ba3-PD Probability of
Default Rating, and existing Ba3 rated senior secured notes. The
company's Speculative Grade Liquidity rating remains SGL-3 and the
outlook was changed to stable from negative.

The change in outlook to stable from negative reflects the recovery
in the company's gaming operations as the number of gaming
facilities open has favorably increased revenue and operating
income for the company, following the Q2 2020 closures. While
sequential improvement has been displayed, Moody's anticipates
gaming activity levels will remain below pre-pandemic levels until
at least 2022 while lottery is likely to continue to be more
resilient. Moody's projects that earnings growth will reduce IGT's
debt-to-EBITDA leverage to a 5x range over the next year. The
outlook change also reflects that the company's good cost
discipline and dividend suspension are sustaining positive free
cash flow.

Affirmations:

Issuer: International Game Technology

Senior Secured Regular Bond/Debenture , Affirmed Ba3 (LGD3)

Issuer: International Game Technology PLC

Probability of Default Rating, Affirmed Ba3-PD

Corporate Family Rating, Affirmed Ba3

Senior Secured Regular Bond/Debenture, Affirmed Ba3 (LGD3)

Outlook Actions:

Issuer: International Game Technology

Outlook, Changed To Stable From Negative

Issuer: International Game Technology PLC

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

International Game Technology PLC's Ba3 CFR reflects the meaningful
revenue and earnings decline from efforts to contain the
coronavirus and the potential for a slow recovery as customer
facilities have largely re-opened and gaming conditions improve.
Revenues are largely tied to the volume of gaming machine play and
lotteries. Gaming is cyclical and dependent on discretionary
consumer spending while lottery is more resilient. The company can
reduce spending on game development and capital expenditures when
revenue weakens, but the need to retain a skilled workforce to
maintain competitive technology contributes to high operating
leverage. The credit profile benefits from IGT's large and
relatively stable revenue base during normal operating periods,
with more than 80% achieved on a recurring basis, and high barriers
to entry. Further support is provided by the company's vast
gaming-related software library and multiple delivery platforms, as
well as potential growth opportunities in IGT's digital, mobile
gaming, sports betting, and lottery products. IGT, through its
joint venture with minority partners, is concessionaire of the
world's largest instant ticket lottery (Italy) and Italy's draw
based lottery and holds facility management contracts with some of
the largest lotteries in the US. IGT is constrained by its material
exposure to soft slot replacement demand trends in the US as well
as significant revenue concentration coming from its Italian
operations.

The company's speculative-grade liquidity rating of SGL-3 signifies
adequate liquidity. As of the year ended December 31, 2020, IGT had
cash of approximately $907 million, with undrawn capacity of $1.75
billion on its revolving credit facility that expires in July 2024.
Moody's estimates the company could maintain sufficient internal
cash sources after maintenance capital expenditures to meet
required annual amortization and interest requirements assuming a
sizeable decline in annual EBITDA. The company amended its
financial covenants and is now subject to a minimum liquidity
covenant of $500 million (cash and undrawn committed revolver)
through June 2021. Beginning with the quarter ended September 2021,
the company will be subject to a 6.25x net leverage covenant which
we expect the company to comply with.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
IGT from the current weak US economic activity and a gradual
recovery for the coming year. Although an economic recovery is
underway, it is tenuous, and its continuation will be closely tied
to containment of the virus. As a result, the degree of uncertainty
around our forecasts is unusually high. Moody's regards the
coronavirus outbreak as a social risk under Moody's ESG framework,
given the substantial implications for public health and safety.
The gaming and related sectors have been one of the sectors most
significantly affected by the shock given its sensitivity to
consumer demand and sentiment. More specifically, the weaknesses in
IGT's credit profile, including its exposure to travel disruptions
and discretionary consumer spending have left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions and IGT remains vulnerable to the outbreak continuing to
spread. From a governance and financial policy perspective, Moody's
anticipates that the company will look to manage leverage down from
the current 6.39x net level (company calculation) to the
pre-pandemic level of the low 4x range on a net basis, over time.
Moody's expects the company to use proceeds from the sale of the
Italian B2C gaming business to reduce debt. The company's common
dividend is also suspended until at least Q4 2021.

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

The stable outlook considers the partial recovery in the company's
business exhibited in Q3 and Q4 2020, and the expectation for
continued sequential improvement in 2021, notably in the gaming
segment. The stable outlook also incorporates the good liquidity
profile and the expectation for leverage to continue to come down
from current elevated levels as the gaming business recovers and
debt is reduced. IGT remains vulnerable to travel disruptions and
unfavorable sudden shifts in discretionary consumer spending and
the uncertainty regarding the pace at which consumer spending at
reopened gaming properties will recover.

Ratings could be downgraded if liquidity deteriorates or if Moody's
anticipates IGT's earnings declines to be deeper or more prolonged
because of actions to contain the spread of the virus or reductions
in discretionary consumer spending. Leverage sustained over 5.5x
could result in a downgrade.

The ratings could be upgraded if customer facilities remain open
and earnings recover such that positive free cash flow and
reinvestment flexibility is restored and debt-to-EBITDA is
sustained below 4.5x. Consistent and meaningfully positive FCF
while maintaining good reinvestment levels would also be required
for an upgrade.

International Game Technology PLC is a global leader in gaming,
from Gaming Machines and Lotteries to Interactive Gaming and Sports
Betting. The publicly traded company operates under two business
segments: Global Lottery and Global Gaming. The company is publicly
traded and consolidated revenue for the last twelve-month period
ended September 30, 2020 was approximately $3.8 billion.
International Game Technology has corporate headquarters in London,
and operating headquarters in Rome, Italy; Providence, Rhode
Island; and Las Vegas, Nevada.

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


JACK IN THE BOX: Egan-Jones Keeps B- Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 9, 2021, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Jack in the Box Inc. EJR also maintained its 'B'
rating on commercial paper issued by the Company.

Headquartered in San Diego, California, Jack in the Box Inc.
operates and franchises restaurants.



JOSEPH M. THOMAS: March 25 Hearing on Bid Procedures for Properties
-------------------------------------------------------------------
Judge Thomas P. Agresti of the U.S. Bankruptcy Court for the
Western District of Pennsylvania will convene a Zoom video
conference hearing on March 25, 2021 at 10:00 a.m. to consider the
bidding procedures proposed by Joseph Martin Thomas, M.D, and 2374
Village Common Drive, LLC, in connection with the sale to Joseph C.
Kramer for $3.15 million, cash, subject to higher and better
offers, of the following:

      (a) Real estate and improvements located at 2374 Village
Common Drive, in Erie, Pennsylvania 16506, owned by 2374 Village
Common Drive, LLC, Tax Index No. 33-123-418.0-034.00; and,

      (b) Real estate located at Lot 15 (2368) Village Common
Drive, in Erie, Pennsylvania 16506, Tax Index No.
33-123-418.0-034.01 owned by Dr. Thomas.

To participate in and join a Zoom Hearing, parties can initiate and
use the following link at least 15 minutes prior to the scheduled
Zoom Hearing time: https://www.zoomgov.com/j/16021303488, or
alternatively, they may use the following: Meeting ID: 160 2130
3488.  For questions regarding the connection, parties contact
Judge Agresti's Staff Lawyer, Attorney Courtney Neer, at (814)
464-9781.  All attorneys and Parties may only appear by Zoom and
must comply with Judge Agresti's Amended Notice ofTemporary
Modification of Appearance Procedures, dated and effective June 10,
2020, which can be found on the Court's Website at
https://www.nawb.uscourts.gov/sites/default/files/pdfs/tpa-proc-appearances.pdf.


The Objection Deadline is March 24, 2021, at noon.

The Movant will serve a copy of the completed Scheduling Order and
the Motion on the Respondent(s), the Trustee, the Debtor, the
Debtor's Counsel, all the secured creditors whose interests may be
affected by the relief requested, the U.S. Trustee and the counsel
for any committee.  In the absence of a committee, the Movant will
serve the 20 largest unsecured creditors.  The Movant will
immediately file a certificate of service indicating such service.

Joseph Martin Thomas sought Chapter 11 protection (Bankr. W.D. Pa.
Case No. 20-10334) on May 6, 2020.  The Debtor tapped Michael P.
Kruszewski, Esq., at The Quinn Law Firm as counsel.



JOSEPH M. THOMAS: Seeks Expedited Hearing on Assets Bid Procedures
------------------------------------------------------------------
Joseph Martin Thomas, M.D, and 2374 Village Common Drive, LLC,
jointly ask the U.S. Bankruptcy Court for the Western District of
Pennsylvania to expedite hearing on their proposed bidding
procedures in connection with the sale to Joseph C. Kramer for
$3.15 million, cash, subject to higher and better offers, of the
following:

      (a) Real estate and improvements located at 2374 Village
Common Drive, in Erie, Pennsylvania 16506, owned by 2374 Village
Common Drive, LLC, Tax Index No. 33-123-418.0-034.00; and,

      (b) Real estate located at Lot 15 (2368) Village Common
Drive, in Erie, Pennsylvania 16506, Tax Index No.
33-123-418.0-034.01 owned by Dr. Thomas.

The Debtors have filed a Joint Motion for Order Approving Bidding
Procedures and a Joint Motion for Order Approving Sale of Real
Estate Free and Divested of Liens.  

They respectfully ask that the Court schedules an expedited hearing
on the Joint Motion for Order Approving Bidding Procedures at the
Court's earliest convenience, with an appropriate objection
deadline.  In accordance with Local Rule 9013-2, they respectfully
submit that just cause exists to hear the matter on an expedited
basis because of the time sensitive nature of the sale process.   

Additionally, after entry of an Order with respect to the Joint
Motion for Order Approving Bidding Procedures, the Debtors ask that
the Court schedules an Auction and Sale hearing on the Joint Motion
for Order Approving Sale of Real Estate Free and Divested of Liens
for not later than April 29, 2021, with an appropriate objection
deadline.  The proposed Auction and Sale date will allow sufficient
time after the entry of a Bid Procedure Order for all appropriate
advertising in accordance with the Local Rules of Court.  

The need for an expedited hearing has not been caused by lack of
due diligence on the part of the Debtor or counsel/proposed counsel
but has been brought about solely by the circumstances surrounding
the time sensitive nature of the sale process, including the
execution of an Asset Purchase Agreement only as recently as March
5, 2021.  

Joseph Martin Thomas sought Chapter 11 protection (Bankr. W.D. Pa.
Case No. 20-10334) on May 6, 2020.  The Debtor tapped Michael P.
Kruszewski, Esq., at The Quinn Law Firm as counsel.



JOSEPH MARTIN THOMAS: Kramer Buying 2 Erie Properties for $3.15M
----------------------------------------------------------------
Joseph Martin Thomas, M.D, and 2374 Village Common Drive, LLC,
jointly ask the U.S. Bankruptcy Court for the Western District of
Pennsylvania to authorize the sale to Joseph C. Kramer for $3.15
million, cash, subject to higher and better offers, of the
following:

      (a) Real estate and improvements located at 2374 Village
Common Drive, in Erie, Pennsylvania 16506, owned by 2374 Village
Common Drive, LLC, Tax Index No. 33-123-418.0-034.00; and,

      (b) Real estate located at Lot 15 (2368) Village Common
Drive, in Erie, Pennsylvania 16506, Tax Index No.
33-123-418.0-034.01 owned by Dr. Thomas.

The Respondent, Wells Fargo Bank, National Association, is a
banking institution with a place of business located at 4101
Wiseman Blvd., Building 307, San Antonio, Texas 78251, and Wells
Fargo Bank, N.A., c/of Steven Treadway, 1620 Roseville Parkway, 1st
Floor Suite 100, MAC A1792-018, Roseville, California 95661.  Wells
Fargo is represented by Salene Mazur Kraemer, Esquire,
Bernstein-Burkley PC, 707 Grant Street, Suite 2200, Gulf Tower,
Pittsburgh, Pennsylvania 15219.  Wells Fargo is the holder of a
Mortgage on Lot 15 Village Common Drive dated Dec.22, 2016 and
recorded on Dec. 22, 2016 at Erie County Instrument No. 2016-027942
in the face amount of $1,208,000.  Wells Fargo is also a party to
an Assignment of Rents dated Dec. 22, 2016 and recorded on Dec. 22,
2016 at Erie County Instrument No. 2016-027945. It is believed that
the payoff on this Mortgage is approximately $439,660.  

Wells Fargo is also the holder of a Mortgage on 2374 Village Common
Drive dated Dec. 30, 2016 and recorded Jan. 3, 2017 at Erie County
Instrument No. 2017-000129 in the face amount of $3,895,000, an
Assignment of Rents dated Dec. 30, 2016 and recorded on Jan. 3,
2017 at Erie County Instrument No. 2017-000130 and a Subordination
Agreement – Lease dated Dec. 30, 2016 and recorded Jan. 3, 2017
at Erie County Instrument No. 2017-000133.   It is believed that
the payoff on this Mortgage is approximately $3,650.023.  Well
Fargo also entered into a Third-Party Lender Agreement with Empire
State Certified Development Corp. dated Dec. 30, 2016 and recorded
on Jan. 12, 2017 at Erie County Instrument No. 2017-000848 in
regard to the second mortgage.

The real estate located at 2374 Village Common Drive, in Erie,
Pennsylvania, is also subject to an unsatisfied Assignment of Rents
in favor of Wells Fargo dated Dec. 30, 2016 and recorded on Jan. 3,
2017 at Erie County Instrument No. 2017-000132.  It is believed
this Assignment of Rents relates to a Mortgage in favor of Wells
Fargo in the face amount of $2,726,500 dated Dec. 30, 2016 and
recorded on Jan. 3, 2017 at Erie County Instrument No. 2017-000131.
This Mortgage was satisfied by Satisfaction Piece dated March 30,
2017 and recorded on April 7, 2017 at Erie County Instrument No.
2017-007128.

The Respondent, United States of America, Small Business
Administration is an agency of the government of the United States
with a mailing address of 660 American Avenue, Suite 301, King of
Prussia, Pennsylvania 19406.  It is believed that the SBA is
represented by Anthony K. Arroyo, Esquire, District Counsel, Small
Business Administration, 660 American Avenue, Suite 301, King of
Prussia, Pennsylvania 19406.  Empire State Certified Development
Corporation and VCD entered into an Open-End Mortgage and Security
Agreement in the face amount of $2,788,000 dated Dec. 30, 2016 and
recorded Jan. 12, 2017 at Erie County Instrument No. 2017-000846
with regard to 2374 Village Common Drive, Erie, Pennsylvania.  Said
Mortgage was subsequently assigned to the U.S. Small Business
Administration by Assignment dated Dec. 30, 2016 and recorded on
Jan. 12, 2017 at Erie County Instrument No. 2017-000847.  It is
believed the balance due on this obligation is approximately
$2,433,584.

The Respondent, Erie County Tax Claim Bureau, has a mailing address
of 140 West Sixth Street, Room 110, Erie, Pennsylvania 16501.  The
Erie County Tax Claim Bureau has a statutory lien on the real
estate located at 2374 Village Common Drive, Erie, Pennsylvania
with regard to the real estate taxes for the years 2018, 2019, and
2020 in the approximate amount of $588,881.94.  In addition, the
Tax Claim Bureau has a statutory lien on the real estate located at
Lot 15, Village Common Drive, Erie, Pennsylvania with regard to the
real estate taxes for the year 2020 in the approximate amount of
$4,917.22.  

Respondent Millcreek Township Tax Collector is an agency of
Millcreek Township, Pennsylvania with a place of business at 3608
West 26th Street, Erie, Pennsylvania 16506.  The Millcreek Township
Tax Collector is tasked with collecting the 2021 real estate taxes
on behalf of the County of Erie, Millcreek Township, and the
Millcreek Township School District.  These real estate taxes act as
a statutory lien on the real estate.  The 2021 real estate taxes
will be prorated at closing in accordance with the terms of the
Asset Purchase Agreement.   

The Respondent, United States of America, Internal Revenue Service,
an agency of the United States government is believed to be
represented by Jill L. Locnikar, Esquire U.S. Attorney's Office,
700 Grant Street, Suite 4000, Pittsburgh, PA 15219.  The IRS is the
holder of the federal tax liens entered of record against Dr.
Thomas in the Court of Common Pleas of Erie County, Pennsylvania.
Dr. Thomas has been making payments on the tax obligations that are
included in the tax liens and it is believed that the current
balance due to the IRS is approximately $275,976.77.

The Respondent, Commonwealth of Pennsylvania, Department of
Revenue, a governmental agency, is represented by Lauren A.
Michaels, Deputy Attorney General, Pennsylvania Office of Attorney
General, 1251 Waterfront Place, Mezzanine Level, Pittsburgh, PA
15222.  The DOR is the holder of tax liens entered against Dr.
Thomas in the Court of Common Pleas of Erie County, Pennsylvania.
Dr. Thomas has been making payments on the tax obligations that are
included in the tax liens and it is believed that the current
balance due to the DOR is approximately $24,464.91.

The Respondent, TIAA Commercial Finance, Inc., is a lending
institution with a mailing address of 390 S. Woods Mill Road, Suite
300, Chesterfield, Missouri 63017.   TIAA is represented by Michael
F.J. Romano, Esquire, Ramano, Garubo, & Argentieri, P.O. Box 456,
52 Newton Avenue, Woodbury, New Jersey 08096.  TIAA is being named
a Respondent as it alleges a disputed right of replevin on certain
fixtures attached to the structure at 2374 Village Common Drive,
Erie, Pennsylvania.  

The Respondent, Northwest Savings Bank, now Northwest Bank, is a
banking institution with a place of business located at 100 Liberty
Street, Drawer 128, Warren, Pennsylvania 16365-0128.  It is being
named as a Respondent out of an abundance of caution, as it was the
holder of a Mortgage on Lot 15, Village Common Drive dated Feb. 23,
2012 and recorded on Feb. 24, 2012 at Erie County Instrument No.
2012-004767 in the face amount of $2.2 million.  This Mortgage
remained unsatisfied at the time of Dr. Thomas' bankruptcy filing;
however, it has since been satisfied by Mortgage Satisfaction Piece
dated May 28, 2020 and recorded on June 9, 2020 at Erie County
Instrument No. 2020-010195.  

he Respondent, Core Erie MOB, L.P., is an Ohio limited partnership,
with a place of business located at 1515 Lake Shore Drive, Suite
225, Columbus, Ohio 43204.  It is being named as a Respondent out
of an abundance of caution, as it was a party to a Memorandum of
Option effective on Dec. 1, 2011 and recorded on Dec. 8, 2011 at
Erie County Instrument No. 2011-029476.  This Option Agreement was
rejected by Dr. Thomas and terminated by Order of the Court at
Document No. 113, the same of which was recorded on July 20, 2020
at the Office of the Recorder of Deeds of Erie County, Pennsylvania
at Instrument No. 2020-013465.  

The Respondent Mr. Joseph C. Kramer is an adult individual with a
mailing address of PO Box 8263, Erie, Pennsylvania 16505.  He is
being named as a Respondent because he is the prospective purchaser
of the subject property.  Mr. Kramer’s realtor is Ms. Sherry
Bauer, 1315 Peninsula Drive, Suite 2, Erie, PA 16505.

Exhibits A and B provide detailed summaries in regard to mortgages,
judgments, and liens on each of the parcels the Debtors are
proposing to sell.

Dr. Thomas is the sole member of both VCD and Tri-State Pain
Institute LLC.

On March 5, 2021, the Debtors entered into an Asset Purchase
Agreement with the Buyer.  The Agreement provides that Mr. Kramer
will purchase the Property for consideration in the amount of $3.15
million in immediately available funds, subject to higher bids at
the time of the sale confirmation hearing.  The Agreement also
provides for a $100,000 deposit, which has been received.  The
balance of the purchase price will be paid in cash at closing.
There is no financing contingency.  The proposed allocation of the
purchase price among the parcels of real estate to be sold is
specified in the Asset Purchase Agreement.  

In connection with the proposed sale, the Debtors also filed a
separate Motion to Approve Bidding Procedures.  In the Bid
Procedures Motion, the Debtors ask approval of bidding procedures
and qualifications to ensure that the procedures encourage
competitive bidding and are fair to all parties.  The proposed bid
procedures provide for the Property to be sold to the Qualified
Bidder with the highest and best offer at the sale confirmation
hearing.  These procedures represent the best method to maximize
the value of the Debtors' Property for the benefit of creditors and
interested parties.   

The Debtors will ask to schedule the Bid Procedures Motion for a
hearing to be held at least two weeks prior to the sale
confirmation hearing to allow time for competing bidders to qualify
under procedures and qualifications approved by the Court.  The
Buyer has provided assistance to the Debtors in preserving the
value of the bankruptcy estates by virtue of signing the APA,
paying the deposit, and serving as the stalking horse bidder.

The Debtors ask that the Court authorizes sale of the Property free
and clear of the Respondents' liens, claims or encumbrances, with
any enforceable liens, claims or encumbrances to be divested from
the Property and transferred to the proceeds of sale, subject to
the Debtors' rights and defenses with respect thereto.
Additionally, the sale is being proposed pursuant to Dr. Thomas'
Plan of Reorganization and VCD's Plan of Orderly Liquidation and,
as such, will be exempt from all realty transfer taxes pursuant to
Section 1146(a).

A copy of the Agreement and the Exhibits is available at
https://tinyurl.com/u564h2j from PacerMonitor.com free of charge.  


The Purchaser:

          Joseph C. Kramer
          P.O. Box 8263
          Erie, PA 16505

Joseph Martin Thomas sought Chapter 11 protection (Bankr. W.D. Pa.
Case No. 20-10334) on May 6, 2020.  The Debtor tapped Michael P.
Kruszewski, Esq., at The Quinn Law Firm as counsel.



JOSEPH MARTIN THOMAS: Sets Bidding Procedures for 2 Erie Properties
-------------------------------------------------------------------
Joseph Martin Thomas, M.D, and 2374 Village Common Drive, LLC,
jointly ask the U.S. Bankruptcy Court for the Western District of
Pennsylvania to authorize bidding procedures in connection with the
sale to Joseph C. Kramer for $3.15 million, subject to higher and
better offers of the following:

      (a) Real estate and improvements located at 2374 Village
Common Drive, in Erie, Pennsylvania 16506, owned by 2374 Village
Common Drive, LLC, Tax Index No. 33-123-418.0-034.00; and,

      (b) Real estate located at Lot 15 (2368) Village Common
Drive, in Erie, Pennsylvania 16506, Tax Index No.
33-123-418.0-034.01 owned by Dr. Thomas.

On March 5, 2021, the Debtors entered into an Asset Purchase
Agreement with the Buyer.  The Agreement provides that Mr. Kramer
will purchase certain of the Debtors' real estate interests more
fully described in the Agreement, for consideration in the amount
of $3.15 million in immediately available funds, subject to higher
bids at the time of the sale confirmation hearing.  The Debtors are
concurrently filing with the Motion a separate joint motion for
Court approval of the sale.

At the time of the sale confirmation hearing on the Sale Motion,
the Debtors anticipate that there will be competitive bidding.
They believe that pre-approved bidding procedures will encourage
the highest bids and will enable the Court and all parties to
quickly analyze the competing bids at the time of the sale
confirmation hearing.  They desire to have the bidding procedures
approved in advance of the sale confirmation hearing.  If the
proposed bidding procedures are not approved by the Court, Mr.
Kramer may have the right to withdraw its offer.   

The proposed bidding procedures are as follows:

      (a) Bidders will register with counsel for the Unsecured
Creditors' Committee (Guy C. Fustine, Esquire, Knox McLaughlin
Gornall & Sennett, P.C., 120 West Tenth Street, Erie, Pennsylvania
16501, telephone number (814) 459-2800, fax number (814) 453-4530,
email address gfustine@kmgslaw.com) at least three calendar days
prior to the sale hearing.

      (b) In order to be eligible to bid at the sale hearing, i.e.
be a "Qualified Bidder," prospective bidders will provide Mr.
Fustine with the following:

            (i) A refundable, good faith deposit in the amount of
$100,000 by wire transfer, certified check or cashier's check made
payable to Knox McLaughlin Gornall & Sennett, P.C., Escrow Agent;

            (ii) An executed escrow agreement in a form
satisfactory to the Escrow Agent, including a term that the Escrow
Agent will return the deposit within two business days if the
Qualified Bidder making the deposit is not the high bidder at the
sale
confirmation hearing;  

            (iii) The name, address, contact person, telephone
number, fax number, email address, and other relevant information
of the person making the bid (and counsel) or the owner of the
entity making the bid, as the case may be, and the same information
for the person who will be attending the sale confirmation hearing
and submitting the bid or bids; and,  

            (iv) Sufficient evidence that the prospective bidder
has immediately available cash to close the transaction, without
any financing contingency, in the event that it/he/she is the high
bidder.   

      (c) All bids at the sale confirmation hearing must be made,
and can only be made, by a Qualified Bidder.   

      (d) Except as provided in Subparagraph (i) below, all bids
will conform in substance and procedure with the Agreement between
the Debtors and Mr. Kramer.  Only bids which conform with the
Agreement between the Debtors and Joseph C. Kramer will be allowed
at the sale confirmation hearing.  For example, bids including a
financing contingency or requiring additional time for due
diligence will not be allowed at the sale confirmation hearing.   

      (e) The first higher bid at the sale confirmation hearing
must be at least $50,000 more in total consideration to be paid at
closing than is provided for in the Agreement, i.e. $3.2 million
would be the minimum first higher bid at the sale confirmation
hearing ($3.15 million + $50,000 = $3.2 million), and each
incremental bid thereafter must be at least $10,000 more than the
previous bid.   

      (f) If such a higher bid is made by a Qualified Bidder at the
sale confirmation hearing, the Bankruptcy Court will deny the
Debtors’ motion to approve the proposed sale to Joseph C. Kramer
and hold a public auction there and then.   

      (g) Mr. Kramer will have the opportunity to raise his offer
in response to any higher bid at the sale confirmation hearing.  

      (h) If the high bidder at the sale confirmation hearing does
not close, the Debtors will have the right, but not the obligation,
to close the sale with the second highest bidder at the sale
confirmation hearing.   

      (i) If there are bidders who are interested in only one of
the parcels for sale and not the Property as a whole, the Court may
take separate bids for each parcel and then decide whether the
total of the separate bids or the package bid is the best value for
the estate.  Mr. Kramer will have the opportunity to participate in
such an auction.  

The Debtors pray that the Court approves the foregoing bidding
procedures and that they have such other and further relief as is
reasonable and just.   

The Purchaser:

          Joseph C. Kramer
          P.O. Box 8263
          Erie, PA 16505

Joseph Martin Thomas sought Chapter 11 protection (Bankr. W.D. Pa.
Case No. 20-10334) on May 6, 2020.  The Debtor tapped Michael P.
Kruszewski, Esq., at The Quinn Law Firm as counsel.



JOSIAH'S TRUCKING: Trustee Taps Locke Lord as Special Counsel
-------------------------------------------------------------
Catherine Stone Curtis, Chapter 11 trustee for Josiah's Trucking,
LLC, seeks approval from the U.S. Bankruptcy Court for the Southern
District of Texas to retain Locke Lord, LLP as her special
litigation counsel.

The trustee requires legal assistance to prosecute the adversary
case styled Catherine Stone Curtis, Trustee v. Law Office of
Rogelio Solis, PLLC, et al. (Adversary No. 21-07002) and other
claims of the bankruptcy estate that stemmed from an accident that
occurred in December 2020 and those related to the Debtor's
insurance policy issued by Brooklyn Specialty Insurance
Company RRG, Inc.

The firm will be paid at these rates:

     Simon R. Mayer      $497.70 per hour
     Elizabeth M. Guffy  $570.15 per hour
     Eric Boylan         $324.34 per hour

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

The firm can be reached through:

     Simon R. Mayer, Esq.
     Locke Lord, LLP
     600 Travis, Suite 2800
     Houston, TX 77002
     Tel: 713-226-1200 / 713-226-1507
     Fax: 713-223-3717
     Email: simon.mayer@lockelord.com

                      About Josiah's Trucking

A group of creditors represented by Shelby A. Jordan, Esq., filed a
Chapter 7 involuntary petition against Josiah's Trucking, LLC on
Jan. 26, 2021.

Judge Eduardo V. Rodriguez converted the Chapter 7 case into one
under Chapter 11 (Bankr. S.D. Texas Case No. 21-70009) on Feb. 25,
2021, and approved the appointment of Catherine Curtis as
bankruptcy trustee in the Debtor's Chapter 11 case on March 10,
2021.


K&W CAFETERIAS: Asks Court to Extend Plan Exclusivity Thru July 1
-----------------------------------------------------------------
Debtor K&W Cafeterias, Inc. requests the U.S. Bankruptcy Court for
the Middle District of New York to extend the exclusive periods
during which the Debtor may file a plan of reorganization and
disclosure statement and to obtain confirmation of a plan, through
and including July 1, 2021, and September 1, 2021, respectively.

On March 1, 2021, the Debtor filed a proposed plan and disclosure
statement. A hearing to consider the adequacy of the information
contained in the Disclosure Statement is scheduled for April 6,
2021. If the Disclosure Statement is approved, the Debtor
anticipates a hearing to consider confirmation of the Plan in May
or June 2021, and if the Plan is confirmed the Debtor anticipates
an Effective Date for the Plan of July 1, 2021. However, it is
possible that delays may occur and objections to the Plan or
Disclosure Statement may necessitate the filing of one or more
amended plans or disclosure statements.

The requested extension is without prejudice to the ability of the
Debtor to seek further extensions upon notice and hearing and is
well within the maximum period permitted by Section 1121(d) of the
Bankruptcy Code.

A copy of the Debtor's Motion to extend is available at
https://bit.ly/3c0R0Hj from PacerMonitor.com.

                             About K&W Cafeterias

K&W Cafeterias, Inc., a company based in Winston Salem, N.C., filed
a Chapter 11 petition (Bankr. M.D.N.C. Case No. 20-50674) on
September 2, 2020. In the petition signed by Dax C. Allred,
president, the Debtor disclosed $30,085,274 in assets and
$22,189,229 in liabilities.

Judge Benjamin A. Kahn presides over the case. The Debtor tapped
Northen Blue, LLP as its bankruptcy counsel, Bell Davis & Pitt P.A.
and Constangy Brooks Smith & Prophete LLP as its special counsel,
and Leonard, Call at Kingston Inc. as its broker.

William Miller, a U.S. bankruptcy administrator, appointed a
committee to represent unsecured creditors in Debtor's Chapter 11
case. The committee is represented by Waldrep Wall Babcock &
Bailey, PLLC.


KAISER AND ASSOCIATES: Deadline to File Plan Extended to April 16
-----------------------------------------------------------------
Judge David M. Warren has entered an order extending the deadline
for the Kaiser and Associates, DDS, P.A.'s trustee to file a Plan
of Reorganization from March 16, 2021, to April 16, 2021.  It was
the first extension sought by Trustee William Kroll.

                   About Kaiser and Associates

Kaiser and Associates, DDS, P.A., sought protection for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No.
21-00072) on Dec. 16, 2020, listing under $1 million in both assets
and liabilities.  

Judge David M. Warren oversees the case.

William H. Kroll, Esq. at Everett Gaskins Hancock LLP, is the
Debtor's legal counsel.

John G. Rhyne is the Chapter 11 trustee appointed in the Debtor's
case.  The trustee is assisted by his own firm, John G. Rhyne,
Attorney at Law.


KENAN ADVANTAGE: Moody's Raises CFR to B3 on Stronger Cash Flow
---------------------------------------------------------------
Moody's Investors Service upgraded Kenan Advantage Group, Inc.'s
Corporate Family Rating to B3 from Caa1, Probability of Default
Rating to B3-PD from Caa1-PD and senior unsecured to Caa2 from
Caa3, and changed the outlook to stable from ratings under review.
The rating on the existing B3 senior secured credit facilities is
not affected as the rating is expected to be withdrawn upon close
of the refinancing. Also, the B2 rating on the senior secured
credit facilities due 2026 was unaffected.

This rating action concludes the rating review for upgrade
initiated on March 3, 2021, when Kenan announced it would seek a
maturity extension on its first lien senior secured credit
facilities to 2026 from 2022, consisting of a $1 billion senior
secured term loan and an upsized senior secured revolving credit
facility of $150 million.

The upgrade of the ratings reflects that the refinancing addresses
refinancing risk and liquidity by putting in place a larger
revolving credit facility, which weighed heavily on the ratings.
Furthermore, the action considers the company's improved operating
profile, based on stronger cash flow generation, stemming from cost
reductions, improved efficiency, and better than expected credit
metrics.

The stable outlook takes into account Moody's expectation that
Kenan will grow its revenues as demand for fuel increases in 2021
and the company's high-growth logistics business continues in its
upward trajectory. The outlook also reflects Kenan's recent cost
actions, which should sustain margins above historical levels.

RATINGS RATIONALE

The ratings consider Kenan's position as a leading provider of
liquid bulk transportation services in North America with a broad
presence across the United States and Canada, which facilitates
strong customer relationships and a reliable dedicated contract
carriage model. The company recently achieved meaningful
administrative cost reductions by consolidating certain operations
and utilizing technology to gain efficiencies. Those efforts,
together with significant investments in the truck fleet over the
past years that have yielded cost savings, enabled Kenan to expand
margins and bolster cash flow generation in 2020. Moody's expects
some margin contraction in 2021 as some costs return and the
company spends money on recruiting and training drivers as volumes
recover, after being pressured by the economic impact of COVID-19
in 2020.

Moody's expects debt-to-EBITDA (inclusive of Moody's standard
adjustments) to remain below 6 times in 2021 in the absence of
debt-funded acquisitions. Although leverage is elevated, it has
decreased from prior years and is expected to continue to improve
in the near term. Moody's expects Kenan's EBITA margin to
approximate the mid-6% levels in 2021, slightly below 2020 margins
due to headwinds from costs required to ramp up the business to
meet expected rising demand, especially in the fuel delivery
business. These margins represent an improvement from prior years.

As an operator of heavy-duty trucks with diesel engines, Kenan is
exposed to the environmental risk that emission regulations will
become more stringent, which could result in higher engine costs.
Furthermore, the company faces corporate governance risks given
private equity ownership and its acquisitive nature, which could
further constrain the metrics if acquisitions are funded with
debt.

Liquidity is adequate. Moody's expects positive free cash flow
(cash flow from operations minus capital expenditures minus
dividends) in 2021, albeit more moderate than in 2020 due to the
return to more normal levels of capital expenditures after capital
investments were substantially reduced to shore up liquidity amidst
the pandemic. The liquidity profile benefits from the extension of
maturities on the term loan and revolving credit facility out to
2026, as well as from the upsized revolver. Availability under the
revolver approximates $80 million, net of letters of credit.
Moody's expects the company's cash balance to stand close to $90
million in 2021, in the absence of acquisitions.

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

The ratings could be upgraded with sustained earnings growth that
results in stronger credit metrics, including Moody's expectation
of debt-to-EBITDA to remain below 5.5x. Upwards rating pressure
could also result from a prudent acquisition strategy and financial
policies that take into account the impact on credit metrics,
greater stability in the company's end markets, and sustained
positive free cash flow generation with free cash flow-to-debt of
at least low single-digits.

The ratings could be downgraded with deterioration of the company's
liquidity profile, including expectations of negative free cash
flow or inability to generate enough cash to cover debt
amortization and capital lease payments. A deterioration in
business conditions and earnings declines, such that leverage is
expected to be sustained above 6.5x could also drive downwards
rating pressure. Acquisitions or shareholder returns that increase
debt leverage could also result in a downgrade.

The following rating actions were taken:

Upgrades:

Issuer: Kenan Advantage Group, Inc.

Corporate Family Rating, Upgraded to B3 from Caa1

Probability of Default Rating, Upgraded to B3-PD from Caa1-PD

Senior Unsecured Regular Bond/Debenture, Upgraded to Caa2 (LGD5)
from Caa3 (LGD5)

Outlook Actions:

Issuer: Kenan Advantage Group, Inc.

Outlook, Changed to Stable from Ratings Under Review

Kenan is a provider of liquid bulk transportation and logistics
services to the fuels, chemicals, liquid food and merchant gas
markets. Kenan offers transportation services throughout the U.S.
and in Canada using primarily a dedicated contract carriage model.
Revenues were approximately $1.6 billion for year ended December
31, 2020. Kenan is owned by OMERS Private Equity, a manager of the
private equity investments of Canadian pension fund, Ontario
Municipal Employees Retirement System (OMERS).

The principal methodology used in these ratings was Surface
Transportation and Logistics published in May 2019.


KITE REALTY: Egan-Jones Keeps BB Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on March 8, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Kite Realty Group Trust.

Headquartered in Indianapolis, Indiana, Kite Realty Group Trust is
a full-service, vertically integrated real estate company focused
primarily on the development, construction, acquisition, ownership,
and operation of neighborhood and community shopping centers.



KNOT WORLDWIDE: Moody's Completes Review, Retains B3 CFR
--------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of The Knot 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 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.

The Knot Worldwide Inc.'s (fka WeddingWire) weakened credit profile
reflects delays to wedding planning activities due to uncertainty
regarding the severity and duration of the coronavirus crisis.
While revenue will suffer over the intermediate term, margins will
decline less due to aggressive cost-cutting. Moody's expects debt
leverage will rise to levels that, while high, are appropriate for
the B3 CFR. The Knot has adequate liquidity in the form of cash on
hand and revolver capacity. Moody's believes that as the health
crisis abates, the company's revenue will recover. The Knot's
ratings are supported by the company's clear leadership position in
the online wedding services marketplace, and a subscription-driven
revenue model that, in a normal operating environment, provides a
stable baseline of sales.

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


KNOTEL INC: Court Amends Order on $70M All Assets Sale to Digiatech
-------------------------------------------------------------------
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District
of Delaware has issued an amended order authorizing the bidding
procedures proposed by Knotel, Inc., and its affiliates in
connection with the sale of substantially all assets to Digiatech,
LLC or its designee for $70 million, subject to overbid.

The Bidding Procedures Hearing was held on Feb. 18, 2021.

Upon the Joint Motion of the Debtors and Digiatech, LLC pursuant to
section 105 of the Bankruptcy Code and Bankruptcy Rule 9019 for
Entry of an Order (I) Approving Compromise and Settlement Term
Sheet among the Debtors, the Official Committee of Unsecured
Creditors, Digiatech, LLC, and Newmark Partners, L.P.; (II)
Amending Bidding Procedures Order; (III) Authorizing Amendments to
the Stalking Horse Agreement; and (IV) Granting Related Relief
("Settlement Motion") and, following the hearing before the Court
to consider the Settlement Motion on March 11, 2021 at 10:00 a.m.
(ET), the Court issued the order approving the Settlement Motion.
It further authorized the amendment of the Original Bidding
Procedures Order by and through the entry of its Amended Bidding
Procedures Order.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: March 12, 2021, at 10:00 a.m. (ET)

     b. Initial Bid: The value of each Bid for all or substantially
all of the Debtors' Assets, as determined by the Debtors in their
business judgment, must exceed (a) the purchase price set forth in
the Stalking Horse Agreement, plus (b) the maximum amount of Bid
Protections payable to the Stalking Horse Bidder under the Stalking
Horse Agreement in the form of a Termination Fee in the amount of
$2.1 million (i.e., 3% of $70 million) and Expense Reimbursement of
up to $500,000, plus (0) the minimum Bid increment of $500,000 (or
such other amount as the Debtors may determine, which amount may be
less than $500,000, including with respect to a Bid for less than
all Assets). The Debtors and their advisors will determine, in
their reasonable business judgment, the value of any assumed
liabilities that differ from those included in the Stalking Horse
Bid.

     c. Deposit: 7.5% of the aggregate value of the cash and
non-cash consideration of the Bid

     d. Auction: If one or more Qualified Bids is received by the
Bid Deadline, the Debtors will conduct the Auction with respect to
the Debtors’ Assets.  The Auction will commence on March 12,
2021, at 2:00 p.m. (ET) by video via Zoom or other similar
conferencing service, or such later time or other place as the
Debtors will timely notify all other Qualified Bidders.  

     e. Bid Increments: $500,000

     f. Sale Hearing: March 18, 2021, at 2:00 p.m. (ET)

     g. Sale Objection Deadline: March 16, 2021 at 12:00 p.m. (ET)

     h. Expense Reimbursement: $500,000

     i. Termination Fee: $2.1 million (i.e., 3% of $70 million)

Notwithstanding anything in the Order to the contrary, unless Cigna
and the Debtors agree otherwise, the Debtors shall, not later than
4:00 p.m. two business days prior to the Sale Hearing provide to
Cigna, through its counsel of record: (i) written notice of the
Debtor's irrevocable (subject to closing of the Sale) decision as
to whether it proposes to assume and assign the Cigna Agreements to
the Successful Bidder as part of the Sale, or reject the Cigna
Agreements as of the Closing Date; (ii) the identity of the
Successful Bidder; and (iii) adequate assurance information for the
Successful Bidder, including a good faith estimate as to the number
of employees of the Debtors who will become employees of the
Successful Bidder.

The Debtors are authorized to select Digiatech, together with any
designated affiliate thereof, as the Stalking Horse Bidder.  The
Stalking Horse Agreement, as amended by the Amendment to the
Stalking Horse Agreement, is authorized and approved.

The Termination Fee and Expense Reimbursement are approved in their
entirety, with the Expense Reimbursement limited to documented and
reasonable expenses relating to the Sale, and subject to review by
the Office of the United States Trustee and the Committee.

Any deposit provided by a Qualified Bidder will be held in a
segregated account by the Debtors or their agent in accordance with
the Amended Bidding Procedures, and will not become property of the
Debtors' bankruptcy estates unless and until released to the
Debtors pursuant to the terms of the purchase agreement with such
Qualified Bidder or order of the Court.

The Sale Notice is approved.  As soon as reasonably practicable
following the entry of the Order, the Debtors will cause the
Bidding Procedures, the Sale Notice, and the Assumption Notice to
be served upon the Notice Parites, and their respective counsel, if
known.

The Assumption Procedures are approved.  The Debtors' deadline to
file with the Court and serve Assumption Notice was Feb. 22, 2021.
The Debtors may amend or modify the Assumption Notice by March 8,
2021, (10 days prior to the Sale Hearing).  The Cure Objection
Deadline was March 12, 2021, at 5:00 p.m. (ET).

The Assumption Notice and the Notice of Successful Bidder are
approved.  As soon as practicable after the Auction and in no event
less than 12 hours after the Auction, the Debtors will file with
the Court and serve on all Counterparties the Notice of Successful
Bidder.

The Committee agrees not to object to or challenge the prepetition
payment of $1 million to Newmark & Company Real Estate, Inc. for
real estate advisory services.  Notwithstanding any provision of
the DIP Credit Agreement to the contrary, the Debtors are
authorized to use the approximate $6 million received from the
settlement of a litigation claim shortly before the Petition Date.


The Stalking Horse Agreement will be deemed amended to clarify that
section 2.01 will not include deposits in connection with rejected
executory contracts and unexpired leases as Purchased Assets.   

As provided in section 2.03(f) of the Stalking Horse Agreement, the
Stalking Horse Bidder is obligated to fund costs of administration
of these Chapter 11 Cases until the Closing Date.

Notwithstanding Bankruptcy Rule 6004(h), the terms and conditions
of the Order are immediately effective and enforceable upon its
entry.

A copy of the Amended Bidding Procedures is available at
https://tinyurl.com/38de7d6v from PacerMonitor.com free of charge.

                         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.



KNOTEL INC: Gets Court Okay for $70-Mil. Sale to Creditor Newmark
-----------------------------------------------------------------
Law360 reports that bankrupt office space provider Knotel Inc.
secured a Delaware bankruptcy judge's go-ahead Thursday, March 18,
2021, for a $70 million debt-takeback sale to a creditor-affiliate
of Newmark Group Inc., with a closing expected as early as next
week.

U.S. Bankruptcy Judge Mary F. Walrath approved the deal while also
allowing some talks to continue into next week on assumption of
unsettled contracts with Newmark affiliate and stalking horse
bidder Digiatech LLC.  Knotel, which entered Chapter 11 on Jan. 31,
2021, lugging more than $1 billion in liabilities, never attracted
a competitor to Digiatech's offer to strike $70 million of its
claims.

                         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.


KNOTEL INC: Term Sheet on Sale of All Assets to Digiatech Approved
------------------------------------------------------------------
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District
of Delaware has issued an order (i) authorizing the Compromise and
Settlement Term Sheet by and among the Knotel, Inc. and its
affiliates; the Committee; and DIP Lender Digiatech, LLC; (ii) in
connection therewith, amending the Bidding Procedures Order; and
(iii) authorizing the Debtors and Digiatech to amend the Stalking
Horse Agreement in conformity with the proposed settlement.

The Court has previously approved the bidding procedures proposed
by the Debtors in connection with the sale of substantially all
assets to Digiatech, LLC or its designee for $70 million, subject
to overbid.

Pursuant to section 105 of the Bankruptcy Code and Bankruptcy Rule
9019, the settlement evinced by the Term Sheet is approved in all
respects.

The Bidding Procedures Order is amended to provide that the
Termination Fee in the amount of $2.1 million is approved as set
forth in the Stalking Horse Agreement.

The Debtors and Digiatech are authorized to enter into such
amendments to the Stalking Horse Agreement as necessary to reflect
the terms and conditions of the settlement set forth in the Term
Sheet with the consent of the Committee, which consent will not be
unreasonably withheld.  

Notice of the Motion as provided therein will be deemed good and
sufficient notice of such Motion and the requirements of Bankruptcy
Rule 6004(a) and the Local Rules are satisfied by such notice.

Notwithstanding Bankruptcy Rule 6004(h), the terms and conditions
of the Order are immediately effective and enforceable upon its
entry.

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

The Court will retain jurisdiction to hear and determine all
matters arising from or related to the implementation,
interpretation, and/or enforcement of the Term Sheet, subsequent
settlement agreement, and the Order.  

A copy of the Term Sheet is available at
https://tinyurl.com/5a62fkpv from PacerMonitor.com free of charge.

                         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.



KORE WIRELESS: S&P Places 'B-' Issuer Credit Rating on Watch Pos.
-----------------------------------------------------------------
S&P Global Ratings placed its 'B-' issuer credit rating on
Atlanta-based provider of machine-to-machine (M2M) managed data
communication services and internet of things (IoT) solutions KORE
Wireless Group Inc. and its 'B' issue-level rating on its senior
secured debt on CreditWatch with positive implications.

S&P said, "The CreditWatch placement reflects our expectation of
stronger credit metrics for KORE as a result of this transaction,
including adjusted leverage falling to about 5x. We expect to
resolve the CreditWatch listing once KORE completes the merger and
finalizes the repayment of its debt, likely in the third quarter of
2021.

"As proposed, the merger would lower our expectations of adjusted
leverage at the end of this year to about 5x from closer to 10x. On
March 12, 2021, KORE outlined its expectation for funding sources
of about $484 million, consisting of about $259 million in cash
from CTAC held in a trust account, and the proceeds from a $225
million private investment in public entity (PIPE) transaction. The
PIPE includes investments from affiliates of Koch Investment Group
and BlackRock. KORE intends to use proceeds to repay about $262
million of its existing preferred shares (which we treat as debt in
our adjusted leverage calculations) and $50 million of its $315
million senior secured term loan due 2025." Remaining proceeds
(about $172 million) would be used to cover estimated fees and add
cash to its balance sheet.

Financial policy taking into account the new ownership group will
be a key factor in assessing the new company. ABRY Partners and the
company's other existing shareholders are expected to roll over
their equity stakes and will own 38.3% of the combined business
after the transaction, with the prospective PIPE investors holding
24.9%, and the remaining to be held by shareholders of the SPAC.
Details about KORE's sponsor control and financial policies as a
public company are important considerations as we assess the
likelihood that it will maintain this lower level of adjusted
leverage. S&P will also consider the level of ownership and
influence that its financial sponsor will retain following the
transaction, the final amount of its debt repayment, and growth
strategy.

CreditWatch

S&P said, "The CreditWatch with positive implications indicates
that there is a one in two chance that we could raise the rating on
KORE within the next 90 days. We expect to resolve the CreditWatch
listing once KORE completes the merger and finalizes the repayment
of its debt, likely in the third quarter of 2021."


KUEHG CORP: S&P Alters Outlook to Stable, Affirms 'CCC+' ICR
------------------------------------------------------------
S&P Global Ratings affirmed the 'CCC+' issuer rating and revised
the outlook on KUEHG Corp to stable from negative. At the same
time, S&P affirmed the 'CCC+' ratings on the first-lien revolver
and term loan and affirmed the 'CCC-' rating on the second-lien
term loan. The recovery ratings are unchanged.

The stable outlook reflects S&P's expectation that the company will
maintain adequate liquidity and that operating performance will
continue to improve as utilization rates return to pre-pandemic
levels over the next 12 months.

Revenue will remain below pre-COVID levels in 2021 despite
reopening of centers as enrollment levels continue to recover. The
company's fiscal 2020 operating performance declined significantly
due to temporary center closures and reduced demand for out-of-home
childcare services. S&P said, "As enrollments continue to recover,
we expect revenue in fiscal 2021 to remain below pre-pandemic
levels, in the $1.6 billion range, as occupancy rates return to
pre-pandemic levels in the latter half of 2021 and the Champions
segment returns after the summer season. We forecast revenue
growing above $1.8 billion in 2022 as the company cycles past the
weak quarters of fiscal 2021. As with peer company Learning Care
Group (CCC+/Stable/--), we believe the trough occupancy levels of
below 30% are not likely to reoccur in 2021 and beyond due to
higher levels of households returning to work."

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 uses these assumptions about vaccine timing
in assessing the economic and credit implications associated with
the pandemic.

Credit metrics will strengthen in 2021, as cost offsets and
governmental support are expected to quicken recovery across the
industry. While the company reduced staffing costs as well as other
variable components of the cost structure and received several
COVID-19-related grants, the fixed-cost base limited EBITDA
generation in fiscal 2020. The company received offsetting grants
of around $60 million in 2020, mostly in the last quarter of the
year. S&P forecasts similar cost offsetting programs and additional
grant-related revenue growth in 2021 amidst gradual opening and
re-ramp period of centers as enrollment levels and utilization
continue to recover and reach pre-pandemic levels in the latter
half of the year. The Biden administration's expansion of the
Childcare Development Block Grant and the creation of the Childcare
Stabilization Fund are expected to at least maintain existing
levels of support, although the timing and amount are difficult to
predict. S&P expects this to translate into further EBITDA
expansion and negligible reported free operating cash flow
(FOCF)generation in fiscal 2021 and result in S&P Global
Ratings-adjusted leverage declining to the high-7x area by the end
of the year.

Liquidity position improved from sponsor recapitalization and
offsetting of pandemic-related expenses from governmental support.
KUEHG's tandem action with its sponsor, Partners Group, helped
improve liquidity by issuing $50 million in secured notes and $50
million in preferred stock during the outset of the pandemic. S&P
said, "While we treat the preferred equity as debt, we believe the
company's liquidity has materially improved with the additional
cash as well as the lack of cash burn brought about by higher than
expected governmental assistance. We expect the company will
maintain its improved liquidity position and will open new centers
and make several small tuck-in acquisitions during the next 12
months."

The stable outlook on KUEHG reflects S&P's expectation that the
company's liquidity will remain adequate and operating performance
will continue to improve on rising occupancy rates and governmental
support for the childcare industry.

S&P could lower the rating on KUEHG if we expect a specific default
scenario is likely over the next 12 months, including a covenant
violation or liquidity shortfall. This could occur if:

-- Revenue and EBITDA recovery takes longer than anticipated due
to new COVID-19 variants or negative trends in infection rates;

-- Expected levels of governmental support fail to materialize and
the company's liquidity significantly declines.

S&P could raise its rating on KUEHG if;

-- The company sustains historical levels of center occupancy.

-- KUEHG can generate pre-pandemic levels of reported free
operating cash flow and reduce adjusted leverage to under 7x on a
sustained basis.



LARADA SCIENCES: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Larada Sciences, Inc.
           DBA Lice Clinics of America
        154 East Myrtle Avenue
        Suite 101
        Murray, UT 84107

Business Description: Larada Sciences, Inc. --
                      https://www.liceclinicsofamerica.com --
                      is a Utah-based company that owns and
                      operates clinics dedicated to head lice
                      prevention and treatment.

Chapter 11 Petition Date: March 19, 2021

Court: United States Bankruptcy Court
       Central District of California

Case No.: 21-10269

Judge: Hon. Deborah J. Saltzman

Debtor's Counsel: Derrick Talerico, Esq.
                  ZOLKIN TALERICO LLP
                  12121 Wilshire Blvd., Suite 1120
                  Los Angeles, CA 90025
                  Tel: 424-500-8552
                  E-mail: dtalerico@ztlegal.com

                    - and -

                  COHNE KINGHORN, P.C.

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Claire Roberts, CEO.

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/PXJ4PYA/Larada_Sciences_Inc__cacbke-21-10269__0001.0.pdf?mcid=tGE4TAMA


LAREDO PETROLEUM: S&P Alters Outlook to Stable, Affirms 'B-' ICR
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on
Oklahoma-based exploration and production (E&P) company Laredo
Petroleum and revised the outlook to stable from negative.

S&P said, "We are raising our issue-level rating on the company's
senior unsecured notes to 'B' from 'B-' and revising our recovery
rating on the notes to '2' from '3'.

"The stable outlook reflects our expectation that Laredo will
maintain credit measures appropriate for the rating over the next
12 months, including average funds from operations (FFO) to debt of
about 30%, supported by robust hedging.

"We expect Laredo's credit measures to improve under our revised
oil price assumptions.  We have revised our price assumptions for
WTI crude oil for 2021 and 2022 to $55/bbl, which is a $10/bbl
increase from our previous assumptions, and we maintained our
longer-term $50/bbl crude oil price assumption for 2023 and beyond.
We did not change our natural gas price assumptions. As a result,
we expect Laredo to generate better cash flows and improved credit
measures; however the company's hedges limit the overall impact of
higher prices. Laredo has hedged about 75% of its 2021 oil
production at about $49/bbl and 65% of its gas production at $2.60
per thousand cubic feet. We project free operating cash flow (FOCF)
to be about break-even in 2021, before the company begins
generating positive FOCF in 2022.

"Laredo's lack of inventory remains a limiting factor on our
ratings.  Laredo's activity in 2021 is focused on its
recently-acquired Howard County properties, which have a higher oil
content than the company's legacy assets. The company plans to run
two rigs this year and drill about 55 wells. However, at its
current drilling pace, we believe Laredo has only two to three
years of drilling inventory remaining in its core acreage in Howard
and Glasscock counties. We believe the company will rely on
additional bolt-on acquisitions to bolster its future drilling
activity and to improve its longer-term ability to generate
positive FOCF and repay debt. Laredo refinanced its debt in January
2020 ahead of the oil price collapse, which pushed out its nearest
debt maturity to 2025, and alleviated some nearer-term pressure on
the company.

"Our stable outlook on Laredo reflects our expectation that the
company will maintain a modest drilling program in 2021, which will
keep cash flows and capital spending largely aligned and maintain
credit measures appropriate for the rating. We anticipate average
FFO to debt of about 30% and essentially neutral FOCF over the next
12-24 months.

"We could lower the rating on Laredo if leverage deteriorated such
that we considered it to be unsustainable, or if liquidity
weakened. This would most likely occur if commodity prices fell
well below our current assumptions of $55/bbl for WTI in 2021 and
2022, which would hurt the company's EBITDA and cash flow
performance. Liquidity could be affected by a material reduction in
the company's reserve-based lending (RBL) facility size or if
capital spending were materially higher than anticipated with no
offsetting improvement in cash flow.

"We could upgrade the company if Laredo expanded its future
drilling inventory and generated sustainable positive FOCF, while
maintaining adequate liquidity and FFO debt above 30%."


LATTICE SEMICONDUCTOR: Egan-Jones Keeps BB+ Sr. Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 9, 2021, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Lattice Semiconductor Corporation.

Headquartered in Hillsboro, Oregon, Lattice Semiconductor
Corporation designs, develops, and market programmable logic
devices.




LE JEUNE VILLAS: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Le Jeune Villas Development, LLC
        18495 South Dixie Highway
        Suite 406
        Miami, FL 33157        

Business Description: Le Jeune Villas Development, LLC is engaged
                      in activities related to real estate.

Chapter 11 Petition Date: March 19, 2021

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 21-12632

Debtor's Counsel: Christina Vilaboa-Abel, Esq.
                  CAVA LAW, LLC
                  1390 S Dixie Hwy
                  Ste. 1107
                  Coral Gables, FL 33146-2936
                  Tel: (786) 675-6830
                  E-mail: christina@cavalegal.com

Estimated Assets: $1 billion to $10 billion

Estimated Liabilities: $100,000 to $500,000

The petition was signed by James Goosby, II, principal.

The Debtor indicated that 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/YWD576Y/Le_Jeune_Villas_Development_LLC__flsbke-21-12632__0001.0.pdf?mcid=tGE4TAMA


LEED CORPORATION: Seeks Court Approval to Hire Real Estate Agent
----------------------------------------------------------------
The Leed Corporation seeks approval from the U.S. Bankruptcy Court
for the District of Idaho to hire Craig Hadden, a real estate agent
at Hadden Realty.

The Debtor requires the services of a real estate agent to market
and sell its property, and provide other real estate services.

Mr. Hadden will be paid at the standard hourly rate of 6 percent
based upon the type of services required.

In court papers, Mr. Hadden disclosed that he is a disinterested
person within the meaning of Section 101(14) of the Bankruptcy
Code.

Mr. Hadden can be reached through:

     Craig Hadden
     Hadden Realty
     101 N Greenwood St
     Shoshone, ID 83352
     Phone: +1 208-886-2289

                    About The Leed Corporation

The Leed Corporation, a company that provides landscape services,
filed its voluntary petition under Chapter 11 of the Bankruptcy
Code (Bankr. D. Idaho Case No. 20-40984) on Dec. 31, 2020.  Leed
Corporation President Lon Montgomery, signed the petition.  In the
petition, the Debtor disclosed assets of between $1 million and $10
million and liabilities of the same range.

Judge Jim D. Pappas oversees the case.

The Debtor tapped Aaron Tolson, Esq., at Tolson & Wayment PLLC, as
its legal counsel, and Jason L. Peterson, CPA as its accountant.


LI GROUP: Moody's Completes Review, Retains B2 CFR
--------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of LI Group 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.

High debt leverage and a small revenue base relative to issuers
with a similar rating constrain Liaison's credit profile, whose
offsetting strengths include a clear market-leading position as a
provider of centralized application services ("CASs") for graduate
education programs, strong cash flow, and good growth prospects.
Moody's anticipate steady, growth- and profitability-driven
deleveraging, and  Moody's expect free cash flow as a percentage of
adjusted debt, an alternative leverage measurement, to be strong
for the B2 CFR. Even during a challenging, COVID-19-affected
operating environment, Liaison has seen strong volumes of
application submissions from its CAS customers, highlighting its
markets' countercyclical attributes. A diversifying revenue base,
very good liquidity, and a financial sponsor that Moody's view as
relatively conservative, also support the ratings.

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


LKQ CORPORATION: Egan-Jones Keeps BB- Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company, on March 12, 2020, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by LKQ Corporation.

Headquartered in Chicago, Illinois, LKQ Corporation offers
automotive products and services.




LONGHORN JUNCTION: Unsecureds Get 100% With Interest in Chapter 22
------------------------------------------------------------------
In their second Chapter 11 cases in less than two years, Longhorn
Junction Land and Cattle Company, LLC and SC Williams, LLC, filed a
Modified Chapter 11 Plan and a corresponding Disclosure Statement
on March 12, 2021.

At a hearing on March 10, 2021, the Court conditionally approved
the Disclosure Statement,  with modifications.  A hearing to
consider confirmation of the Modified Plan is slated for April 7,
2021, at 1:00 p.m.

Since the recent Chapter 11 filing, Longhorn Junction has entered
into contracts for over $26.6 million, as a result of Hilco's
sustained sales efforts.  Longhorn Junction has entered into a
contract to sell 70.6 acres (Tract #5) to Provident Realty Advisors
for $16,145,514.5  The buyer intends to construct two or more Class
A industrial warehouse, distribution and logistics buildings,
ranging in size from 100,000 - 250,000 square feet, which is
consistent with the City of Georgetown's favored uses.  The sale is
scheduled to close on Aug. 30, 2021.

Longhorn Junction has entered into a contract to sell Hilco 43.4092
acres (Tract #6) to Molto Development, LLC for approximately
$10,495,887.  The buyer intends to construct two or more Class A
industrial warehouse, distribution and logistics buildings, ranging
in size from  100,000 – 250,000 square feet, which is consistent
with the City of Georgetown's favored uses.  The sale is scheduled
to close on July 15, 2021.

The Debtor intends to go forward with these contracts under its
Plan.

These contracts are in addition to the existing contract with
Shakeel Badarpura to acquire approximately 5 acres of property
(Tract #3) for $1,580,000, the approval of which the Court denied
citing Romspen's objection to the sale. Under the Debtor's Plan,
Romspen will be paid $19,599,456 from the pending sales and, after
the closing of the pending sales, the Debtors will still own a
combined 92.95 acres with an appraised value of over $20,000,000.
The  Debtors have received additional offers of over $2,500,000 and
continue to explore deals with potential purchasers and with
sources of refinancing to pay creditors in full under their Plan.
The Debtors believe that, once the pending sales close and
development on the tracts begin, the marketability and value of
Longhorn Junction will increase and the momentum for sales and
development will increase.

The deadline for filing Proofs of Claim has not yet occurred but,
the best of Debtor's knowledge, the amount of unsecured claims
against Longhorn Junction exceeds $46,000.  Each of holder of an
Allowed Claim in Class 6 Claims will be paid in full with 5%
interest accruing from sales of the Longhorn Junction Property
after Romspen has been paid in full and from sales of Sun City
Property after the holder of Allowed Claims against SC Williams
have been paid but, in no event, in more than 24 months from the
Effective Date of the Plan.

The deadline for filing Proofs of Claim has not yet occurred but,
the best of Debtor's knowledge, the following parties have
unsecured claims against SC Williams in excess of $336,000.  Each
of holder of an Allowed Claim in Class 7 Claims will be paid in
full with 5% interest accruing from sales of the Sun City Property
after Romspen has been paid in full and from sales of Longhorn
Junction Property after the holder of Allowed Claims against
Longhorn Junction have been paid but, in no event, in more than 24
months from the Effective Date of the Plan.

The Debtors do not believe there would be any distribution to
holders of unsecured claims if Romspen were to sell the Debtors'
real property at a foreclosure sale.

A copy of the Modified Disclosure Statement filed March 12, 2021,
is available at https://bit.ly/3lBOomr

                     About Longhorn Junction

SC Williams, LLC owns approximately 4.2 acres of land at 5331
Williams Drive at the entrance to the Sun City senior living
development in the City of Georgetown, Williamson County,  Texas.
Longhorn Junction Land and Cattle Company, LLC owns approximately
204.6 acres on the southeast intersection of SE Inner Loop an
Interstate 35 (with additional acreage along Blue Springs Blvd and
FM 1460) in City of Georgetown Williamson County, Texas.

Longhorn Junction and SC Williams previously sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Lead Case
No. 19-10883) on July 2, 2019.  The Court on March 19, 2020,
confirmed the Debtors' Plan.  The Debtors' Confirmed Plan came
during the initial days of the COVID-19 pandemic.  The Debtors did
not make the second quarterly payment due to secured creditor
Romspen Mortgage Limited Partnership on Nov. 30, 2020, and
defaulted on the payment terms of the Confirmed Plan.

Longhorn Junction and SC Williams again sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Lead Case No.
21-10003) on Jan. 4, 2021.   At the time of the filing, Longhorn
Junction disclosed assets of between $10 million and $50 million
and liabilities of the same range.  SC Williams had estimated
assets of between $1 million and $10 million and liabilities of
between $10 million and $50 million.  Judge Tony M. Davis oversees
the cases.

In the recent cases, the Debtors tapped Hayward PLLC and Hilco Real
Estate Auctions, LLC as their legal counsel and real estate
advisor, respectively.


MALLINCKRODT PLC: Investors Cannot Call Meeting to Replace Board
----------------------------------------------------------------
Law360 reports that a Delaware bankruptcy judge Friday, March 19,
2021, granted drugmaker Mallinckrodt PLC's request for a temporary
restraining order to prevent a dissenting investor from calling a
shareholder meeting that the company said would seriously disrupt
its Chapter 11 case.

At a virtual hearing, U.S. Bankruptcy Judge John T. Dorsey said
while he appreciated investor Anthony Parker's "impassioned"
arguments that Mallinckrodt's shareholders should vote out its
management and change course in its Chapter 11, this would cause
"immediate and irreparable harm" to the bankruptcy estate. "I
cannot imagine anything that would destroy the debtor's efforts
more," he said.

                       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.


MANSIONS APARTMENT: Trustee Seeks to Hire Bonds Ellis as Counsel
----------------------------------------------------------------
Robert Yaquinto, Jr., the Chapter 11 trustee for Mansions Apartment
Homes at Marine Creek, LLC, seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to hire Bonds Ellis Eppich
Schafer Jones, LLP as his bankruptcy counsel.

The firm's services include:

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

     b) assisting the trustee in his ongoing investigation of the
acts, conduct, assets, liabilities and financial condition of the
Debtors, the operation of the Debtors' business, and other matters
relevant to the case;

     c) perform other legal services necessary to administer the
estate.

John Bonds, Esq., at Bonds Ellis, disclosed in a court filing that
he and his firm are "disinterested" within the meaning of Section
101(14) of the Bankruptcy Code.

Bonds Ellis can be reached through:

     John Y. Bonds, Esq.
     Bonds Ellis Eppich Schafer Jones, LLP  
     420 Throckmorton Street, Suite 1000
     Fort Worth, TX 76102
     Direct: (817) 405-6903
     Office: (817) 405-6900
     Fax: (817) 405-6902
     Email: john.bonds@bondsellis.com

                  About Mansions Apartment Homes
                          at Marine Creek

Mansions Apartment Homes at Marine Creek, LLC filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
N.D. Tex. Case No. 20-43643) on Nov. 30, 2020.  Tim Barton,
president of Mansions Apartment, signed the petition.  In the
petition, the Debtor disclosed assets of between $1 million and $10
million and liabilities of the same range.

Judge Edward L. Morris oversees the case.  

Joyce W. Lindauer Attorney, PLLC serves as the Debtor's legal
counsel.

On Feb. 3, 2021, the court appointed Robert Yaquinto, Jr. as
Chapter 11 trustee.  Bonds Ellis Eppich Schafer Jones LLP serves as
the trustee's legal counsel.


MARLEY STATION: Seeks to Hire TGG Resources as Manager
------------------------------------------------------
Marley Station Redemption, LLC seeks authority from the U.S.
Bankruptcy Court for the Northern District of Texas to employ TGG
Resources, LLC as manager and bookkeeper for Marley Station Mall.

In addition to managing the Marley Station Mall, the firm will
perform forensic bookkeeping  and prepare monthly operating
reports.

The firm will be paid as follows:

     Partner       $200 per hour
     Senior/Staff  $125 per hour
     Admin         $80 per hour

TGG Resources is disinterested within the meaning of Section 327(a)
of the Bankruptcy Code, according to court filings.

The firm can be reached through:

     Chris Gummer
     TGG Resources, LLC
     5710 Lyndon B. Johnson Freeway, Suite 450
     Dallas, TX 75240
     Phone: (936) 422-9216

                  About Marley Station Redemption

Fort Worth, Texas-based Marley Station Redemption, LLC is a single
asset real estate (as defined in 11 U.S.C. Section 101(51B)).

Marley Station filed a Chapter 11 petition (Bankr. N.D. Texas Case
No. 20-43726) on Dec. 10, 2020.  Buck Harris, manager, signed the
petition.  In its petition, the Debtor disclosed assets of between
$10 million and $50 million and liabilities of the same range.

Judge Mark X. Mullin oversees the case.

The Vida Law Firm, PLLC, serves as the Debtor's bankruptcy counsel.


MARRIOTT INTERNATIONAL: Egan-Jones Keeps BB+ Sr. Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 12, 2020, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Marriott International Incorporated.

Headquartered in Bethesda, Maryland, Marriott International Inc. of
Maryland is a worldwide operator and franchisor of hotels.



MATCH GROUP: S&P Alters Outlook to Stable, Affirms 'BB' ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative, and
affirmed all of its ratings on the company, including its 'BB'
issuer credit rating, its 'BBB-' issue-level and '1' recovery
ratings on Match's secured term loan, and its 'BB' issue-level and
'3' recovery ratings on the company's senior unsecured notes.

The stable outlook reflects S&P's expectation that despite ongoing
uncertainties about the pace of economic recovery from the COVID-19
pandemic, Match's credit metrics will remain strong in 2021 and
2022.

S&P said, "The outlook revision to stable and rating affirmations
reflect our expectation that despite the pandemic's modest effect
on new subscriber growth and a la carte revenue, demand for the
company's services was higher than expected and evident in the
company's ability to add 1.1 million subscribers and grow revenue
and EBITDA by 17% and 15%, respectively, in 2020." More
importantly, non-Tinder brands made substantial improvement by
adding 300,000 subscribers. Growth in non-Tinder subscribers
strengthens Match's credit profile because of the increase in
revenue diversity.

Over the past 12 months, Match helped people meet, form
connections, and reduce the loneliness some felt as a result of the
pandemic. S&P said, "During the onset of the pandemic, we thought
Match's performance could suffer, given that stay-at-home
restrictions prevented its users from meeting in person. However,
users continued to use the apps to meet or discover new people and
relationships as bars, restaurants, and schools were closed. The
company experienced an inverse relationship with subscriber growth
and areas severely affected by the pandemic, but Match diverted
marketing budgets toward less-affected countries, which helped
subscriber growth. In 2021, we expect Match will add more than 1
million subscribers despite a possible slow start to the year. We
expect demand for online dating apps will likely increase as social
distancing practices and lockdown orders phase out."

S&P said, "Although uncertainty about the pace of macroeconomic
recovery remains, we expect solid free cash flow generation and
EBITDA growth will enable Match to keep its debt to EBITDA below
4x. We expect that the company's performance will remain strong,
and leverage will remain below our 4x threshold despite the
recently announced purchase of Hyperconnect. Match has announced
that it plans to finance the transaction with cash on hand and the
issuance of new equity. We expect leverage will increase slightly
at the end of the second quarter to 3.9x from 3.6x because of the
cash payment, but leverage will stay below 4x and remain there
during 2021. Match has a history of generating steady free cash
flow because of its high EBITDA margin and low working capital and
capital expenditure (capex) needs. We expect that in 2021, the
company's performance will remain healthy, and free operating cash
flow (FOCF) generation will exceed $750 million, facilitating cash
reserve to support the committed acquisition to support growth.

"We believe Match will maintain a prudent financial policy. We view
the 2020 spin-off of Match by IAC as a decisive factor for Match's
financial policy. Management is committed to lowering leverage by
prioritizing debt repayment ahead of dividends and share
repurchases over the next 12 months. Match used most of its FOCF
for share repurchases, cash distributions, investments, and
acquisitions. While we expect investments and acquisitions will
remain part of the company's future capital allocation, we expect
cash distribution and share repurchases will be minimal until Match
approaches its leverage target of about 3x. We also expect that
future acquisitions would be funded primarily with cash and
equity.

"The stable outlook reflects our expectation that Match will
maintain its net leverage below 4x over the next 12 months because
of steady subscriber growth at Tinder and non-Tinder brands, both
domestically and internationally. Despite ongoing uncertainties
related to economic recovery from the pandemic, we believe steady
revenue and EBITDA growth and cash flow generation will allow Match
to meet its financial commitments over the next 12 months with cash
and equity--including the Hyperconnect acquisition--while
maintaining net leverage of less than 4x.

"We could lower the rating if leverage exceeds 4x over the next 12
months because of lower demand from a change in consumer
preferences or weak post-pandemic economy and intensifying
competition. In addition, we could also downgrade Match if,
contrary to our expectations, the company prioritizes a more
aggressive financial policy and pursues significant debt-funded
acquisitions or share repurchases rather than debt reduction.

"We could raise the rating if Match reduces its net leverage and
commits to maintaining it below 3x. Additionally, an update would
require continued strong performance of Tinder, revenue and EBITDA
growth at non-Tinder brands, and integration of its announced
social discovery acquisition. An upgrade would also require
refinancing of the company's 2022 convertible bonds."


MCIVOR HOLDINGS: Seeks to Hire Florida Bankruptcy as Legal Counsel
------------------------------------------------------------------
McIvor Holdings, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to hire Florida Bankruptcy
Group, LLC as its legal counsel.

The firm's services include:

     a. advising the Debtor of its powers and duties and the
continued management of its business;

     b. advising the Debtor of its responsibilities in complying
with the U.S. trustee's operating guidelines and reporting
requirements and with the rules of the court;

     c. prepare legal documents;

     d. protect the interest of the Debtor in all matters pending
before the court; and

     e. represent the Debtor in negotiation with its creditors in
the preparation of a Chapter 11 plan.

Kevin Gleason, Esq., the firm's attorney who will be handling the
case, disclosed in a court filing that the firm is disinterested as
required by Section 327(a) of the Bankruptcy Code.

Mr. Gleason can be reached at:

     Kevin C Gleason, Esq.
     Florida Bankruptcy Group, LLC
     4121 N 31st Avenue
     Hollywood, Fl 33021-2011
     Phone: 954-893-7670
     Fax: 954-252-2540 Fax
     Email: BankruptcyLawyer@aol.com

                      About McIvor Holdings

McIvor Holdings, LLC, a Key West, Fla.-based company that owns
commercial real estate properties, sought protection under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-11284) on
Feb. 10, 2021.  At the time of the filing, the Debtor disclosed
assets of between $1 million and $10 million and liabilities of the
same range.

Judge Laurel M. Isicoff presides oversees the case.

Kevin Christopher Gleason, Esq., at Florida Bankruptcy Group, LLC,
represents the Debtor as counsel.


MEDLEY LLC: Seeks to Hire Kurtzman Carson as Administrative Advisor
-------------------------------------------------------------------
Medley LLC seeks approval from the U.S. Bankruptcy Court for the
District of Delaware to hire Kurtzman Carson Consultants LLC as its
administrative advisor.

The firm's services include:

     (a) assisting with, among other things, the preparation of the
Debtor's schedules of assets and liabilities, schedules of
executory contracts and unexpired leases, and statements of
financial affairs;

    (b) assisting with, among other things, solicitation,
balloting, tabulation and calculation of votes, as well as
preparing any appropriate reports required in furtherance of
confirmation of any Chapter 11 plan;

     (c) generating an official ballot certification and
testifying, if necessary, in support of the ballot tabulation
results for any Chapter 11 plan in the Chapter 11 case; and

     (d) generating, providing and assisting with claims
objections, exhibits, claims reconciliation, and related matters.

Kurtzman Carson will be paid at hourly rates as follows:

     Securities Director/Solicitation Lead     $182.75
     Solicitation Consultant                   $174.25
     Consultant/Senior Consultant              $55.25 - $165.75
     Technology Consultant                     $29.75 - $80.75
     Analyst                                   $25.50 - $42.50

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

The retainer fee is $30,000.

Evan Gershbein, executive vice president of Kurtzman Carson,
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.
Kurtzman Carson can be reached at:

     Evan Gershbein
     Kurtzman Carson Consultants LLC
     222 N. Pacific Coast Highway, 3rd Floor
     El Segundo, CA 90245
     Phone: 310-823-9000
   
                         About Medley LLC

Medley LLC, through its direct and indirect subsidiaries, including
Medley Capital LLC, is an alternative asset management firm
offering yield solutions to retail and institutional investors.  It
provides investment management services to a permanent capital
vehicle, long-dated private funds, and separately managed accounts,
and serves as the general partner to the private funds.  Medley is
headquartered in New York City and incorporated in Delaware.

As of Sept. 30, 2020, Medley had $3.4 billion of assets under
management in two business development companies, Medley Capital
Corporation (NYSE: MCC) and Sierra Income Corporation, and several
private investment vehicles.  Over the past 18 years, Medley has
provided capital to over 400 companies across 35 industries in
North America.

Medley filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case
No. 21-10526) on March 7, 2021.  The Debtor disclosed $5,422,369 in
assets and $140,752,116 in liabilities as of March 2, 2021.

The Debtor tapped Lowenstein Sandler LLP as its bankruptcy counsel,
Morris James LLP as local Delaware counsel, Eversheds Sutherland
(US) LLP as special counsel, and B. Riley Securities Inc. as
investment banker.  Kurtzman Carson Consultants, LLC is the claims
agent, maintaining the page https://www.kccllc.net/medley


MENUCHA ENTERPRISE: Seeks to Hire Kevin S. Neiman as Legal Counsel
------------------------------------------------------------------
Menucha Enterprise, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Colorado to hire the Law Offices of Kevin
S. Neiman, PC as its bankruptcy counsel.

The firm's services include:

     a. providing legal advice to the Debtor with respect to its
powers and duties;

     b. advising the Debtor with respect to its responsibilities in
complying with the U.S. trustee's operating guidelines and
reporting requirements and with the rules of the court;

     c. preparing legal documents;

     d. protecting the interests of the Debtor in all matters
pending before the court; and

     e. representing the Debtor in negotiating with its creditors
to prepare a plan of reorganization or other exit plan.

Kevin Neiman, Esq., the firm's attorney expected to represent the
Debtor, will charge an hourly fee of $350.  Paralegals will charge
$100 per hour.

Mr. Neiman disclosed in a court filing that his firm will not
represent any other entity in connection with the Debtor's
bankruptcy case.

The firm can be reached through:

     Kevin S. Neiman, Esq.
     Law Offices of Kevin S. Neiman, PC
     999 18th Street, Suite 1230 S
     Denver, CO 80202
     Tel: (303) 996-8637
     Fax: (877) 611-6839
     Email: kevin@ksnpc.com

                      About Menucha Enterprise

Menucha Enterprise LLC is a Denver-based company primarily engaged
in renting and leasing real estate properties.

Menucha Enterprise filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No.
21-11106) on March 9, 2021.  Aharon Sirota, managing member, signed
the petition.  In the petition, the Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range.

Judge Thomas B. McNamara oversees the case.

The Law Offices of Kevin S. Neiman, PC represents the Debtor as
legal counsel.


MICHAEL STORES: Egan-Jones Keeps B Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on March 11, 2021 maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Michaels Stores Inc. EJR also maintained its 'B'
rating on commercial paper issued by the Company.

Headquartered in Irving, Texas, Michaels Stores Inc. retails
specialty arts and crafts products.




MICRON DEVICES: Trustee Gets OK to Hire Furr Cohen as Counsel
-------------------------------------------------------------
Tarek Kirk Kiem, Subchapter V Chapter 11 trustee for Micron
Devices, LLC, received approval from the U.S. Bankruptcy Court for
the Southern District of Florida to employ Furr Cohen, P.A. as its
legal counsel.

The firm's services will include:

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

     (b) advising the Debtor with respect to its responsibilities
in complying with the U.S. trustee's operating guidelines and
reporting requirements and with the rules of the court;

     (c) preparing legal documents;

     (d) protecting the interest of the Debtor in all matters
pending before the court; and

     (e) representing the Debtor in negotiation with its creditors
in the preparation of a Chapter 11 plan.

Furr Cohen will be paid at these rates:

      Robert C. Furr        $675 per hour
      Charles I. Cohen      $575 per hour
      Alvin S. Goldstein    $575 per hour
      Alan R. Crane         $525 per hour
      Marc P. Barmat        $525 per hour
      Jason S. Rigoli       $375 per hour
      Paralegals            $175 per hour

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

Marc Barmat, Esq., a partner at Furr Cohen, 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.

Furr Cohen can be reached at:

     Marc P. Barmat, Esq.
     Furr Cohen, P.A.
     2255 Glades Road, Suite 301E
     Boca Raton, FL 33431
     Tel: (561) 395-0500
     Fax: (561) 338-7532
     Email: awernick@furrcohen.com

                       About Micron Devices

Micron Devices, LLC, a Miami Beach, Fla.-based company that
manufactures medical equipment and supplies, filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Fla. Case No. 20-23359) on Dec. 7, 2020.  Laura Perryman,
manager, signed the petition.  In the petition, the Debtor
disclosed total assets of $2,520,764 and total liabilities of
$6,254,656.

Judge Laurel M. Isicoff oversees the case.

Michael Gulisano, Esq., at Gulisano Law, PLLC serves as the
Debtor's legal counsel.

Tarek Kirk Kiem is the Subchapter V trustee appointed in the
Debtor's Chapter 11 case.  The trustee is represented by Furr
Cohen, P.A.


MOBITV INC: Seeks to Hire FTI Consulting as Financial Advisor
-------------------------------------------------------------
MobiTV, Inc. and MobiTV Service Corporation seek approval from the
U.S. Bankruptcy Court for the District of Delaware to employ FTI
Consulting, Inc. as their financial advisor and investment banker.

The firm has agreed to provide these services:

(1) Bankruptcy Services

  -- assisting with negotiation, evaluation, and review of
strategic alternatives;

  -- assisting with the development of a business plan financial,
and liquidity projections;

  -- assisting with documentation and analyses relating to
strategic alternatives;

  -- assisting with cash management and preparation, updating, and
variance reporting of a 13-week cash flow forecast in support of
cash collateral negotiations and for any required
debtor-in-possession financing;

  -- assisting with valuation and market analysis relating to
strategic alternatives;

  -- assisting in preparing required motions throughout the
Debtors' Chapter 11 cases;

  -- responding to creditor groups and vendors throughout the
cases;

  -- assisting with developing and implementing external and
internal communications strategies and plans;

  -- assisting in the preparation of plan and disclosure statement
documents and supporting materials;

  -- assisting in the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs;

  -- assisting in claim reconciliation and objections;

  -- providing testimony and other litigation support as the
circumstances warrant;

  -- other financial advisory services that the Debtors may direct
the firm to perform;

Transaction Advisory Services

  -- assisting in the preparation of materials, including business,
financial information, and descriptive memoranda, to be provided to
potentially interested parties to a transaction and contacting such
parties;

  -- assisting the Debtors in establishing criteria to identify
interested parties, identifying, screening and assessing the merits
of such parties, and evaluating any proposals received regarding a
potential transaction;

  -- assisting the Debtors with negotiations in connection with any
proposals received;

  -- directing and coordinating the due diligence process;

  -- providing timely reporting to the Debtors; and

  -- assisting the Debtors and its advisors on each potential
transaction through closing.

The firm will be paid as follows:

Bankruptcy Services Hourly Rates

     Senior Managing Directors                     $950 - $1,29
     Directors/Senior Directors/Managing Directors $715 - $935
     Consultants/Senior Consultants                $385 - $680
     Administrative/Paraprofessionals              $155 - $290

Transaction Advisory Service Fees

  -- The Debtors will pay FTI a monthly, non-refundable monthly fee
of $135,000, earned and due on the first day of each month.

  -- For each and every transaction completed by FTI, regardless of
whether the party or parties were identified by the firm, the
Debtors will pay in cash at each closing a fee of 3.5 percent of
the aggregate value of each transaction, subject to a minimum
aggregate fee of $500,000.

  -- If at any time during the one year period following FTI's
engagement the Debtors complete a transaction and the transaction
involves a party identified during this period, the Debtors will
pay FTI 3.5 percent of the aggregate value of each transaction,
subject to a minimum aggregate fee of $500,000.

  -- FTI will bill the Debtors for its expenses.

Christopher LeWand, senior managing director at FTI, 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.

FTI can be reached at:

     Christopher R. LeWand
     FTI Consulting, Inc.
     999 17th Street, Suite 700
     Denver, CO, 80202
     Tel: +1 303 689 8839
     Fax: +1 303 689 8803
     Email: chris.lewand@fticonsulting.com

                         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 Debtors' 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 Debtors'
legal counsel.  Stretto is the claims agent, maintaining the page
https://cases.stretto.com/MobiTV.


MOBITV INC: Seeks to Hire Pachulski Stang as Legal Counsel
----------------------------------------------------------
MobiTV, Inc. and MobiTV Service Corporation seek approval from the
U.S. Bankruptcy Court for the District of Delaware to employ
Pachulski Stang Ziehl & Jones, LLP as their legal counsel.

The firm's services include:

     a. providing legal advice with respect to the Debtors' powers
and duties in the continued operation of their business and
management of their property;

     b. preparing legal papers and appearing in court on behalf of
the Debtors; and

     d. performing other legal services necessary to administer the
Debtors' Chapter 11 cases.

The firm will be paid at these rates:

     Partners           $845 to $1,695 per hour
     Of Counsel         $695 to $1,275 per hour
     Associates         $695 to $750 per hour
     Paraprofessionals  $375 to $475 per hour

Jason Rosell, Esq., a partner at Pachulski Stang, 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:

     Jason H. Rosell, Esq.
     Pachulski Stang Ziehl & Jones LLP
     150 California Street, 15th Floor
     San Francisco, CA 94111-4500
     Tel: 415-263-7000
     Fax: 415-263-7010
     Email: rpachulski@pszjlaw.com

                         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 Debtors' 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 Debtors'
legal counsel.  Stretto is the claims agent, maintaining the page
https://cases.stretto.com/MobiTV.


MOHEGAN TRIBAL: CEO Mario Kontomerkos to Step Down
--------------------------------------------------
President and Chief Executive Officer Mario Kontomerkos will step
down effective March 31, 2021.  Chief Operating Officer Ray
Pineault will act as interim chief executive officer subject to
necessary regulatory filings or approvals.  

"During his tenure with the organization, first as Chief Financial
Officer and more recently as CEO, Mario played a critical role in
the growth and success of the organization," said James Gessner,
Jr., Chairman of Mohegan Gaming & Entertainment.  "We thank Mario
for his many years of service to the Tribe and MGE, more recently
navigating the company successfully through the ongoing global
pandemic as well as a major refinancing earlier this year.  We wish
Mario all the best in his future endeavors and opportunities."

Gessner added that, "While we conduct a search for a new CEO, we
are thankful for Tribal member and MGE COO Ray Pineault, who will
assist as Interim CEO.  Ray has served his Tribe for over two
decades in various roles and capacities, and we look forward to his
continued guidance and experience as we search for a new corporate
leader."

Pineault has over 20 years of experience with MGE, most recently as
chief operating officer since July 2020.  He also served as
regional president at MGE and president and general manager of the
brand's flagship property, Mohegan Sun in Connecticut.

MGE also announced that Carol Anderson will assume the role of
chief financial officer bringing extensive knowledge and expertise
to her new role helping to guide MGE through this period of
strategic development and growth.

"Carol's experience will be key in continuing to promote MGE as a
worldwide industry leader in integrated resort entertainment and
assisting to steer the organization through this next chapter of
development and growth," Gessner said.  "We are thrilled to have
Carol join the MGE team to further support our efforts throughout
the U.S. and abroad."

Anderson brings a wealth of financial and legal experience to the
role where she will provide strategic leadership in global capital
markets, financial planning and analysis, and the development and
implementation of global integrated financial and accounting
practices, systems, and programs.  Focusing on corporate finance
and accounting, treasury operations and cash management, capital
markets transactions, SEC reporting, controls, governance, and
procurement, Anderson will work closely with leaders throughout the
enterprise globally to create a strong foundation that supports
organizational alignment, productivity, effectiveness, and
efficiency.

Anderson comes to MGE from Scientific Games Corporation in Las
Vegas, where she served most recently as senior vice president -
Treasury, Capital Markets and associate general counsel.  Prior to
joining Scientific Games, Carol worked as a project manager for
Williams and Associates, PC; an Associate, Business Transactions
and Gaming Groups at Lewis Roca Rothgerber Christie LLP; an
Associate, Capital Markets Department at Latham & Watkins LLP; and
a Vice President, Investment Banking Division (Leveraged Finance)
at Lehman Brothers.  She began her career as an Associate with
Weil, Gotshal & Manges LLP.

In connection with her appointment as chief financial officer of
the Company, Ms. Anderson entered into an employment agreement,
effective March 15, 2021.  The agreement provides for a base annual
salary of $600,000 and a sign-on payment in the amount of $175,000,
and Ms. Anderson will be entitled to participate in the Company's
incentive compensation program, payable at the discretion of the
Management Board of the Company.  The agreement is subject to
automatic renewals for additional one-year terms unless either
party provides notice, at least six months prior to the end of the
initial three-year term or any renewal terms, of an intention not
to renew or otherwise terminate the agreement.  The agreement
provides that if Ms. Anderson is terminated for cause, as defined
under her agreement, or if Ms. Anderson voluntarily terminates her
employment, she will not be entitled to any further compensation
from and after the termination date.  If Ms. Anderson is terminated
other than for cause, she will be entitled, among other things, to
receive her base annual salary from the termination date through 12
months from the termination date.

                        About Mohegan Tribal

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

Mohegan Tribal reported a net loss of $162.02 million for the
fiscal year ended Sept. 30, 2020, compared to a net loss of $2.38
million for the fiscal year ended Sept. 30, 2019.  As of Dec. 31,
2020, the Company had $2.77 billion in total assets, $2.87 billion
in total liabilities, and a total capital of $93.60 million.

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

                          *    *    *

As reported by the TCR on Feb. 4, 2021, Moody's Investors Service
upgraded Mohegan Tribal Gaming Authority's ("MTGA") Corporate
Family Rating to Caa1 from Caa2.  The upgrade considers that on
January 26, MTGA closed on a refinancing that had a meaningful
positive impact on the company's liquidity.


MOLSON COORS: Egan-Jones Cuts Senior Unsecured Ratings to BB+
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 2, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Molson Coors Beverage Company to BB+ from BBB-.

Headquartered in Chicago, Illinois, Molson Coors Beverage Company
operates as a brewing company.




MONITRONICS INT'L: Moody's Completes Review
-------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Monitronics 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 4,
021 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.

Monitronics' Caa1 CFR reflects execution risks the company faces in
managing weak steady-state free cash flow and an evolving strategy
of increasing reliance on a direct sales force and less reliance on
a dealer sales model. Ongoing high unit attrition can lead to
subscriber-base declines and, in turn, continuing revenue declines.
Monitronics' liquidity is only adequate, and the company may have
to rely on its revolver for sustaining its subscriber base. Ratings
are supported by a considerably lower debt burden after a 2019
recapitalization and the company's position as one of the country's
largest residential alarm monitors.

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


MOUNTAIN RIDGE: Case Summary & 6 Unsecured Creditors
----------------------------------------------------
Debtor: Mountain Ridge Golf Club, LLC
          d/b/a Cumberland Cove Golf Course
        16941 Highway 70N
        Monterey, TN 38574

Business Description: Mountain Ridge Golf Club, LLC operates a
                      golf club in Tennessee.

Chapter 11 Petition Date: March 18, 2021

Court: United States Bankruptcy Court
       Middle District of Tennesse

Case No.: 21-00793

Judge: Hon. Randal S. Mashburn

Debtor's Counsel: Griffin S. Dunham, Esq.
                  DUNHAM HILDEBRAND, PLLC
                  2416 21st Ave S, Ste 303
                  Nashville, TN 37212
                  Tel: 615-933-5850
                  Fax: 615-777-3765
                  E-mail: griffin@dhnashville.com
               
Total Assets: $546,619

Total Liabilities: $1,082,598

The petition was signed by Martin Foutch, managing member.

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

https://www.pacermonitor.com/view/PZUNI2Q/Mountain_Ridge_Golf_Club_LLC__tnmbke-21-00793__0001.0.pdf?mcid=tGE4TAMA


NATIONAL CINEMEDIA: S&P Rates Sr. Sec. Incremental Term Loan 'CCC+'
-------------------------------------------------------------------
S&P Global Ratings assigned its 'CCC+' issue-level rating and '3'
recovery rating to the $50 million senior secured incremental term
loan maturing in 2024 issued by National CineMedia Inc.'s
subsidiary National CineMedia LLC (NCM). The '3' recovery rating
indicates its expectation for meaningful (50%-70%; rounded
estimate: 55%) recovery for lenders in the event of a payment
default.

Including the proceeds from the debt issuance, the company now has
about $147 million of cash at the operating subsidiary and $6
million of remaining accounts receivable that it can collect.
Because of this, S&P now believes NCM has sufficient liquidity to
withstand a low-attendance environment for at least the next 12
months. The proceeds from the incremental term loan will help the
company fund its monthly cash burn of roughly $12 million
(including debt service) until theater attendance materially
improves. Additionally, it will help NCM fund its working capital
requirements as theater attendance recovers because it will begin
to increase its revenue and face related costs before it is able to
collect the receivables from its advertisers.

NCM also amended its credit agreement to alleviate potential
covenant pressure through mid-2022. The amendment waives its
financial covenants through the second quarter of 2022 and loosens
its 4.5x net senior secured leverage covenant and 6.25x total net
leverage covenant in the third quarter of 2022 to 5.5x and 6.75x,
respectively. As part of the amendment, NCM LLC will need to
maintain at least $55 million of liquidity (including a combination
of restricted cash and availability under its revolving credit
facility) through the third quarter of 2022. It will also not be
able to distribute any of its cash flow to the parent company or
its founding members (including Cinemark and Cineworld) until it
delivers a compliance certificate for the third quarter of 2022,
its senior secured leverage is below 4x, and the outstanding
borrowings under its revolving credit facility decline below $39
million.

S&P said, "Our 'CCC+' issuer credit rating and negative outlook on
NCM are unchanged. While the debt issuance and covenant amendment
will improve the company's liquidity runway, we believe there is
still considerable risk related to the timing and magnitude of the
recovery in theater attendance, which it depends on because it is
paid by advertisers based on the number of impressions it can
deliver. We currently anticipate that U.S. cinema attendance will
begin to recover in mid-2021 based on our belief that widespread
immunization is achievable by the end of the third quarter.
Furthermore, we believe the recently announced reopening of
theaters in Los Angeles and New York makes it more likely that
large releases will stick to their targeted release dates. However,
the recovery in theater attendance could be negatively affected if
there are vaccination delays or resurgences of the coronavirus,
particularly given the spread of new variants, which could affect
local government-mandated social distancing measures as well as
customer health and safety concerns. We expect NCM's leverage to
remain elevated in the double-digit percent area in 2021 and do not
anticipate it will decline back below 5x until its revenue returns
to roughly 85%-90% of 2019 levels. We do not expect this to happen
in 2021 and believe there is considerable risk that its revenue
will not recover to this level by 2022 if audiences do not fully
recover or advertisers are unwilling to pay pre-pandemic rates for
in-theater advertising."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- NCM's capital structure comprises a $175 million senior secured
revolving credit facility maturing in 2023, a $270 million senior
secured term loan maturing in 2025 ($263.3 million outstanding), a
$50 million incremental senior secured term loan maturing in 2024,
$400 million of senior secured notes due in 2028, and $230 million
of senior unsecured notes due in 2026. NCM LLC is the borrower of
the debt and owns substantially all of the company's assets.

-- National CineMedia Inc. is not a guarantor to any of the debt
and S&P does not expect the debtholders to have any claim on its
cash or assets.

-- The senior secured credit facility and senior secured notes
rank pari passu and are secured by substantially all of NCM LLC's
material assets. The unsecured debt is subordinated to the secured
debt in terms of the collateral.

Simulated default assumptions

-- S&P's simulated default scenario contemplates a payment default
occurring in 2022 because of reduced cinema advertisement spending
and declining attendance, either due to a streak of unappealing
films or audiences favoring entertainment alternatives.

-- Other default assumptions include a 100% draw on the revolving
credit facility, LIBOR is 2.5%, the spread on the revolving credit
facility and term loan rise to 5% as covenant amendments are
obtained, and all debt includes six months of prepetition
interest.

-- S&P expects NCM would reorganize in the event of a default,
given its good market position, limited competition, and key
relationships with leading U.S. cinema exhibitors.

Simplified waterfall

-- EBITDA at emergence: $90 million

-- EBITDA multiple: 6x

-- Net enterprise value (after 5% administrative costs): $515
million

-- Estimated senior secured debt claims: $920 million

    --Recovery expectations: 50%-70% (rounded estimate: 55%)

-- Estimated senior unsecured debt claims: $235 million

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



NCR CORPORATION: Egan-Jones Keeps B- Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 9, 2021, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Ncr Corporation. EJR also maintained its 'B' rating
on commercial paper issued by the Company.

Headquartered in Atlanta, Georgia, NCR Corporation, previously
known as National Cash Register, is an American software, managed
and professional services, consulting and technology company that
also makes self-service kiosks, point-of-sale terminals, automated
teller machines, check processing systems, and barcode scanners.



NEIMAN MARCUS: Has Junk-Bond Sale to Refinance Bankruptcy Exit Debt
-------------------------------------------------------------------
Paula Seligson of Bloomberg News reports that Neiman Marcus Holding
Company Inc. launched a junk-bond sale on Thursday, March 18, 2021,
to refinance debt taken out to emerge from bankruptcy, marking the
retailer's return to the capital markets just six months after
exiting from Chapter 11.

The troubled upscale department store is marketing a $1 billion
five-year first-lien bond.  An investor call is scheduled for 11
a.m. New York time, with pricing expected on Friday, March 19,
2021.

Proceeds will pay down the $125 million first-in, last-out facility
and repay the roughly $748 million exit term loan and notes due
2025, resulting in a "modest" reduction in interest expenses.

                    About Neiman Marcus Group

Neiman Marcus Group LTD, LLC -- https://www.neimanmarcus.com/ -- is
a luxury omni-channel retailer conducting store and online
operations principally under the Neiman Marcus, Bergdorf Goodman,
and Last Call brand names.  It also operates the Horchow e-commerce
website offering luxury home furnishings and accessories. Since
opening in 1907 with just one store in Dallas, Neiman Marcus and
its affiliates have strategically grown to 67 stores across the
United States.

Weeks after being forced to temporarily shutter stores due to the
coronavirus pandemic, Neiman Marcus Group and 23 affiliates sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-32519) on
May 7, 2020, after reaching an agreement with a significant
majority of our creditors to undergo a financial restructuring that
will substantially reduce the Company's debt load, and provide
access to considerable financing to ensure business continuity.

Kirkland & Ellis LLP is serving as legal counsel to the Company,
Lazard Ltd. is serving as the Company's investment banker, and
Berkeley Research Group is serving as the Company's financial
advisor. Stretto is the claims agent, maintaining the page
https://cases.stretto.com/NMG

Judge David R. Jones oversees the cases.

The Extended Term Loan Lenders are represented by Wachtell, Lipton,
Rosen & Katz as legal counsel, and Ducera Partners LLC as
investment banker.

The Noteholders are represented by Paul, Weiss, Rifkind, Wharton &
Garrison LLP as legal counsel and Houlihan Lokey as investment
banker.


NEWPARK RESOURCES: Egan-Jones Lowers Senior Unsecured Ratings to C
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 8, 2021, downgraded the
foreign commercial paper and local commercial paper ratings on debt
issued by Newpark Resources, Inc. to C from B.

Headquartered in The Woodlands, Texas, Newpark Resources, Inc.
provides environmental services to the oil and gas exploration and
production industry, primarily in the Gulf Coast market.




NIELSEN MV: Egan-Jones Hikes Senior Unsecured Ratings to B-
-----------------------------------------------------------
Egan-Jones Ratings Company, on March 8, 2021, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Nielsen N.V. to B- from CCC+. EJR also upgraded the rating on
commercial paper issued by the Company to B from C.

Headquartered in New York, New York, Nielsen N.V. is a global
information and measurement company.




NRG ENERGY: S&P Places 'BB+' ICR on CreditWatch Negative
--------------------------------------------------------
S&P Global Ratings placed its 'BB+' issuer credit rating on NRG
Energy Inc. on CreditWatch with negative implications.

S&P will update its views as it incorporates new information and
could resolve the CreditWatch listing over the next several weeks
to two months.

On March 17, 2021, S&P Global Ratings placed its 'BB+' issuer
credit rating on independent power producer NRG Energy Inc. on
CreditWatch with negative implications. The CreditWatch placement
follows NRG's announcement that it is withdrawing its financial
guidance for the year and expects to incur costs of up to $750
million from the winter storm in Texas that will adversely affect
its cash flows. NRG is not a meaningful taxpayer.

The revised financial effect on NRG is from a combination of
factors, including:

-- Resettlements for unaccounted-for energy: While generation
volumes are known on production, load data arrives as meters are
read and subsequently charges allocated. The company's guidance was
based on initial settlements based on estimated load data.

-- Miscellaneous ancillary and regulatory charges, including
uplift costs to load.

-- Higher costs of ERCOT socialized uplift payments as shortfalls
have grown to $3.1 billion.

S&P said, "We had earlier anticipated a financial impact in the
$250 million-$300 million range. ERCOT shortfalls that would be
socialized and energy allocations to load have since increased. NRG
estimated its residential, and commercial & industrial (C&I) load
based on ERCOT's initial settlement statements, which has turned
out lower than actual meter readings. Some of these costs were
harder to estimate as customer load data is trued up over days to
weeks, particularly for the C&I segment. During the first week of
March, ERCOT expedited the load measurements and issued
resettlement statements. These ongoing resettlements are resulting
in financial impacts that have raised the storm costs. However,
settlements can take up to 55 days, thus are not fully completed.
Our estimates do not account for indexed products, which could
result in some mitigation as costs would be passed on to industrial
end users.

"In the short term, we are monitoring the potential for any
incremental losses from storm-related costs. We think there can be
variability around the margins associated with ongoing
resettlements and the level of ERCOT shortfalls." The repricing of
contested scarcity hours, that the House declined to bring to a
vote late yesterday, is a potential risk in other forms. If it is
implemented, the form it takes could be favorable, or unfavorable,
for NRG but is difficult to assess without details.

The winter storm caused significant swings in the liquidity
positions of all independent power producers (IPPs), including NRG.
The company currently has about $3.2 billion of availability in
cash and under its credit lines, which S&P is monitoring weekly.

NRG has a large exposure to ERCOT among the IPPs. ERCOT will likely
require market reforms and spending on its electric/gas
infrastructure to remedy the issues exposed by the winter storm.
S&P will assess the company's business risk profile in the context
of market reforms that will be implemented and the lingering
effects of the storm into 2022.

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

-- Natural conditions

S&P said, "Based on information currently available, we think much
of the financial impacts are now baked into storm-related loss
estimates. However, the company was in the midst of a planned $1.1
billion deleveraging and that effort will fall short. Still, the
company was deleveraging in the pursuit of higher ratings.

"Our downgrade triggers are net debt to EBITDA of above 4x and
funds from operations to debt falling below 22.5% and NRG's
financial ratios will be below these levels in 2021. We believe we
could resolve the CreditWatch listing at the rated level but there
are uncertainties, the effect of which we cannot yet fully
ascertain. These uncertainties could increase the costs for the
company and delay a restart on its deleveraging campaign. Even if
there is an eventual downgrade, we expect it will not be more than
a notch. We note that NRG's senior secured debt is rated up to two
notches higher than its issuer credit rating.

"As this is an evolving credit situation, we will update the
CreditWatch listing as new material information is available. We
expect to resolve it over the next several weeks to two months."


NUVERRA ENVIRONMENTAL: Incurs $44.1 Million Net Loss in 2020
------------------------------------------------------------
Nuverra Environmental Solutions, Inc. filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing a net
loss of $44.14 million on $110.28 million of total revenue for the
year ended Dec. 31, 2020, compared to a net loss of $54.94 million
on $168.24 million of total revenue for the year ended Dec. 31,
2019.

As of Dec. 31, 2020, the Company had $191.07 million in total
assets, $58.78 million in total liabilities, and $132.28 million in
total shareholders' equity.

SUMMARY OF FINANCIAL RESULTS

   * Revenue for the fourth quarter of 2020 was $24.1 million
     compared to $37.3 million for the fourth quarter of 2019.

   * Net loss for the fourth quarter of 2020 was $7.2 million
     compared to a net loss of $37.5 million in the fourth quarter

     of 2019.

   * Adjusted EBITDA for the fourth quarter of 2020 was $1.4
million
     compared to $3.1 million in the fourth quarter of 2019.

   * Adjusted EBITDA for the full year ended 2020 was $7.3 million

     compared to $17.4 million for the full year ended 2019.

   * For the full year ended 2020, the Company generated net cash
     provided by operating activities of $13.2 million.

   * Total liquidity available as of Dec. 31, 2020 was $17.9
     million including $5.0 million available under the Company's
     undrawn operating line of credit.

   * The Company refinanced its debt, repaying outstanding loan   

     obligations of $20.9 million with proceeds from new debt of
     $23.0 million during the fourth quarter of 2020.  In addition
     under the operating line of credit there was availability of
     $5.0 million.

   * The Southern division was shutdown for several days during the

     first quarter of 2021 due to unprecedented winter weather.

"Based on all measures 2020 was an extremely challenging year and
business activity for the last three quarters of the year was
depressed, with our oil-focused Bakken region hurt the most.  We
saw pressure on both pricing and volumes to varying degrees across
all our businesses in all three regions.  We managed to reduce
costs across the board and generated cash as the balance sheet
decreased as a function of lower sales.  In addition we refinanced
all of our term debt and ended the year in a healthy liquidity
position.  While commodity prices have recovered over recent
months, our customers have been maintaining strict capital spending
discipline and, as a result, we thus far have seen limited
improvement in activity or pricing.  We are reviewing our strategic
and geographic positioning and are committed to making any
adjustments to continue serving the customers that are important to
our franchise," said Charlie Thompson, chief executive officer.

                        CASH FLOW AND LIQUIDITY

Net cash provided by operating activities for 2020 was $13.2
million, mainly attributable to a decline in sales, which
contributed to a decrease of $11.2 million in accounts receivable,
while capital expenditures net of asset sales consumed cash of $0.2
million.  Asset sales were related to unused or under-utilized
assets.  Gross capital expenditures for 2020 of $3.4 million
primarily included the purchase of property, plant and equipment as
well as expenditures to extend the useful life and productivity of
its fleet, equipment and disposal wells.

Total liquidity available as of Dec. 31, 2020 was $17.9 million.
This consisted of $12.9 million of cash and $5.0 million available
under the Company's operating line of credit.  As of Dec. 31, 2020,
total debt outstanding was $35.0 million, consisting of $13.0
million under its equipment term loan, $9.9 million under its real
estate loan, $4.0 million under its Paycheck protection Program
loan, $0.4 million under its vehicle term loan, $0.2 million under
its equipment finance loan, and $7.6 million of finance leases for
vehicle financings and real property leases.

On Nov. 24, 2020, the Company closed on a multi-faceted debt
refinancing with First International Bank and Trust based in
Watford City, North Dakota.  The Company executed a $13.0 million
equipment term loan financed under the Main Street Priority Lending
program, a $10.0 million real estate loan, a $5.0 million operating
line of credit and a $4.839 million letter of credit facility.
Proceeds from the real estate loan and the equipment term loan
financing repaid all outstanding obligations owed under its First
Lien Credit Agreement (which included the outstanding letters of
credit) and all outstanding obligations under its Second Lien Term
Loan Credit Agreement.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1403853/000140385321000014/nes-20201231.htm

                         About Nuverra

Nuverra Environmental Solutions, Inc. provides water logistics and
oilfield services to customers focused on the development and
ongoing production of oil and natural gas from shale formations in
the United States.  Its services include the delivery, collection,
and disposal of solid and liquid materials that are used in and
generated by the drilling, completion, and ongoing production of
shale oil and natural gas.  The Company provides a suite of
solutions to customers who demand safety, environmental compliance
and accountability from their service providers.


O-I GLASS: S&P Alters Outlook to Stable, Affirms 'B+' ICR
---------------------------------------------------------
S&P Global Ratings affirmed the 'B+' issuer credit rating on
Perrysburg, Ohio-based O-I Glass Inc. and revised the outlook to
stable from negative.

The ratings on its debt remain unchanged, including the 'B+' rating
on OI European Group B.V.'s unsecured debt and the 'B' rating on
Owens-Brockway Glass Container Inc.'s unsecured debt. The stable
outlook reflects O-I's progress in controlling costs through the
pandemic and deleveraging achieved through asset sales, which
positions the company to further improve its credit measures in
2021, specifically maintaining its adjusted debt leverage well
below 7x by year-end.

S&P said, "O-I's adjusted debt to EBITDA increased to about 6.8x at
year-end 2020, but we expect the company has passed its operational
low point caused by the pandemic and will improve credit measures
this year. Like many of its peers, O-I felt the impact from the
pandemic in the second quarter of 2020 as revenues fell almost 20%
and adjusted EBITDA margins fell over 600 basis points
year-over-year, resulting from the broad closure of parts of the
global economy. Since the height of the pandemic, O-I's business
has improved sequentially as regions began to reopen. The increased
off-premise consumption of beverages helped offset the decline in
on-premise retail consumptions as supply chains adapted to the
shifting channel, and the company experienced continued strong
demand in certain regions, particularly in the U.S. In addition,
the company managed its volume declines by curtailing production
lines and accelerated restructuring and cost initiatives, which
should provide some added benefit going forward.

"In our view, O-I should also see tailwinds from broader reopenings
of retail establishments that will come with the continued success
of the vaccine rollout and increased consumer confidence. Expected
higher volumes will benefit operating leverage and EBITDA margins,
which we expect to return to the 16% area in 2021 after falling to
14.7% in 2020. Still, the recovery will likely be uneven, and the
supply chain disruption in the second quarter of 2020 will continue
to be felt during the recovery. We expect O-I to improve its S&P
Global Ratings' adjusted debt leverage to the low-6x area by the
end of the year."

O-I's tactical divestiture program will help support a stronger
balance sheet and capital allocation priorities. The company
successfully divested of its Australia and New Zealand assets last
year, which resulted in proceeds of $677 million. The company has
identified an additional $200 to $300 million in tactical
divestitures that could occur this year, which could add to our
expected cash flows of over $200 million for 2021 and help reduce
debt further beyond our base case. S&P said, "We believe the future
growth for O-I will be tied to its ability to sell the
sustainability story of glass and improve its economic
competitiveness against other substrates. To this end, we expect
O-I will continue to optimize its operations and invest in its
MAGMA technology, which is expected to provide manufacturing
flexibility and incremental capacity to meet growing demand in
specific locations." In addition, cash outflows with respect to its
asbestos obligations are still suspended pending the bankruptcy of
Paddock, further supporting cash flow for debt repayment or future
growth investments.

The stable outlook on O-I Glass reflects the progress the company
has made in controlling costs through the pandemic and deleveraging
achieve through asset sales, positioning the company to improve its
credit measures in 2021. Specifically, S&P anticipates the company
to improve its adjusted debt leverage well below 7x by year-end.

S&P said, "We could downgrade the rating over the next 12 months if
the company sustains adjusted leverage above 7x, which could occur
if there is a material delay in an economic recovery beyond our
base case, resulting in further decay in operating leverage and
EBITDA margins, if larger investments in MAGMA do not yield in the
expected returns, or if the final settlement of its asbestos
liabilities are materially larger than anticipated.

"We could upgrade the rating if the company's adjusted leverage
approaches 5x and we expect continued improvement, which could
occur if the company's cost initiatives prove to be resilient and
the company expands its revenues through its updated business
model."


OIL STATES: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company, on March 10, 2021, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Oil States International, Inc. EJR also
maintained its 'C' rating on commercial paper issued by the
Company.

Headquartered in Houston, Texas, Oil States International, Inc.
provides specialty products and services to oil and gas drilling
and production companies.




OPTION CARE: Closes Underwritten Offering of 12 Million Shares
--------------------------------------------------------------
Option Care Health, Inc. entered into an underwriting agreement
with Goldman Sachs & Co. LLC and HC Group Holdings I, LLC, relating
to an underwritten public offering of 12,000,000 shares of the
Company's common stock, par value $0.0001 per share, sold by HC
Group at a price to the public of $20.00 per share.  Under the
terms of the Underwriting Agreement, HC Group granted Goldman Sachs
an option to purchase up to an additional 1,800,000 shares of
Common Stock at the public offering price within 30 days from the
date of the Underwriting Agreement.  The Offering closed on March
17, 2021.

The Securities were sold pursuant to a registration statement on
Form S-3 (File No. 333-239504) that was filed by the Company with
the Securities and Exchange Commission on June 26, 2020 and became
effective on July 8, 2020, a prospectus included in the
Registration Statement and a prospectus supplement, dated March 15,
2021 and filed with the Commission on March 17, 2021.

The Company will not receive any of the proceeds from the sale of
the Securities by the Selling Stockholder.

The Underwriting Agreement contains customary representations,
warranties, covenants and indemnification obligations of the
Company, the Selling Stockholder and the Underwriter, including for
liabilities under the Securities Act of 1933, as amended, and other
obligations of the parties.

In addition, pursuant to the terms of the Underwriting Agreement,
(i) the Company's executive officers and certain of the Company's
directors affiliated with HC Group have entered into "lock-up"
agreements with Goldman Sachs, which generally prohibit the sale,
transfer or other disposition of securities of the Company for a
60-day period, subject to certain exceptions, and (ii) HC Group has
entered into substantially the same "lock-up" agreement with
Goldman Sachs, which generally prohibits the sale, transfer or
other disposition of securities for a 60-day period, subject to
certain exceptions.

                     About Option Care Health

Option Care Health, together with its wholly-owned subsidiaries,
provides infusion therapy and other ancillary health care services
through a national network of 145 locations around the United
States.  The Company contracts with managed care organizations,
third-party payers, hospitals, physicians, and other referral
sources to provide pharmaceuticals and complex compounded solutions
to patients for intravenous delivery in the patients' homes or
other nonhospital settings.  Its services are provided in
coordination with, and under the direction of, the patient's
physician.  Its multidisciplinary team of clinicians, including
pharmacists, nurses, dietitians and respiratory therapists, work
with the physician to develop a plan of care suited to each
patient's specific needs.

Option Care reported a net loss of $8.07 million for the year ended
Dec. 31, 2020, compared to a net loss of $75.92 million for the
year ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company had
$2.64 billion in total assets, $1.63 billion in total liabilities,
and $1.01 billion in total stockholders' equity.


OPTION CARE: S&P Upgrades ICR to 'B', Outlook Positive
------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S.-based
home- and alternate-site-based infusion services provider Option
Care Health Inc. to 'B' from 'B-'.

S&P said, "Our positive outlook reflects the likelihood that we
could upgrade the company to 'B+' within the next 12 months should
we gain conviction that adjusted debt to EBITDA will be sustained
below 5x.

"Our upgrade primarily reflects Option Care Health Inc.'s improved
credit metrics and reduced debt, resulting in expected adjusted
debt to EBITDA of 4.5x-5x in 2021.   The company has materially
reduced its adjusted leverage following voluntary debt reduction in
2020 and through modest EBITDA expansion, despite an adverse shift
in service mix toward the lower-margin chronic care business and
increased spending on personal protective equipment. As the
pandemic subsides and hospitals see increased patient volumes
return, we expect demand for services in the company's acute care
business to recover from 2020 lows and contribute to margin
expansion in 2021. We also expect earnings growth in the chronic
care segment to outpace the acute care services, at least through
2021."

Accelerated synergies and increased scale should drive earnings
growth over the next few years. Despite operating disruptions from
the pandemic, Option Care Health increased its scale and
established a technology platform that has enabled the company to
convert referrals to revenues more efficiently. As the company
continues to invest in its operations, S&P expects modest EBITDA
margin expansion, resulting in free operating cash flow generation
of at least $85 million.

The company's commitment to deleveraging increases the likelihood
of another upgrade, reflected in our positive outlook. The company
remains controlled by private equity (S&P treats sponsor ownership
of at least 40% of common equity, as effectively control), which
S&P views unfavorably because private equity owners tend to follow
aggressive financial strategies in using debt and debt-like
instruments to maximize shareholder returns, creating some doubt
that the company will sustain adjusted debt to EBITDA below 5x.
That said, Option Care Health's financial sponsor has reduced its
ownership stake materially, to about 54% (expected to reduce to
around 46%-47% following the completion of its most recent offering
in March 2021) from about 80% in August 2019. S&P expects the
sponsor will likely continue to reduce its ownership interest in
the company over the coming quarters.

S&P said, "Our expectation for further deleveraging is consistent
with Option Care Health's public commitment to reducing net
leverage of below 4x by the end of 2021. If this deleveraging,
which we estimate should stem from positive organic growth and
steady EBITDA margins, is combined with further reduction in the
private equity ownership interest in the company, we are likely to
upgrade the company another notch within the next 12 months.

"The positive outlook primarily reflects our expectation for
adjusted debt to EBITDA to improve to below 5x over the next 12
months supported by mid-single-digit-percent organic revenue
growth, modest EBITDA margin expansion, and significant free
operating cash flow generation of at least $85 million that should
facilitate debt reduction. The positive outlook also reflects our
view that the private equity ownership stake in the company is
likely to reduce and could alleviate the financial policy risk we
incorporate in the rating.

"We could upgrade Option Care Health within the next 12 months if
we gain more conviction it will sustain adjusted debt to EBITDA
below 5x. In this scenario, we would likely expect modest EBITDA
expansion from mid-single-digit-percent revenue growth and for the
financial sponsor to reduce its controlling stake in the company to
below 40%.

"We could revise our outlook to stable within the next 12 months if
adjusted debt to EBITDA remains at or about 5x or our view of the
company's financial policies leads us to believe that leverage is
less likely to be sustained below 5x. This could occur if the
company's financial performance weakens, the sponsor owner
maintains ownership control, or if the company reverses on its
commitment to deleveraging."


OREXIGEN THERAPEUTICS: 3rd Circuit Won't to Cut McKesson's $7M Debt
-------------------------------------------------------------------
Law360 reports that the Third Circuit on Friday, March 19, 2021,
refused to erase McKesson Corp.'s $7 million obligation to former
obesity drugmaker Orexigen Therapeutics Inc., ruling in a
precedential decision that bankruptcy law precluded the use of a
debt setoff provision in the companies' distribution agreement.

A three-judge panel rejected McKesson's bid to offset the $7
million by a $9 million debt Orexigen in turn owed to a McKesson
subsidiary, reasoning that McKesson and the subsidiary — both
creditors in the drugmaker's Chapter 11 case — were two different
entities and therefore didn't have a mutual stake in the money.

                     About Orexigen Therapeutics

Based in La Jolla, California, Orexigen Therapeutics, Inc. --
http://www.orexigen.com/-- is a biopharmaceutical company focused
on the treatment of weight loss and obesity. It is a publicly
traded company with its shares listed on The NASDAQ Global Select
Market under the ticker symbol "OREX".  The company has 111
employees in the U.S.
                  
Orexigen Therapeutics sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 18-10518) on March 12,
2018.  In its petition signed by Michael A. Narachi, president and
CEO, the Debtor disclosed $265.1 million in assets and $226.4
million in liabilities.

Judge Kevin Gross presides over the cases.

The Debtor tapped Hogan Lovells US LLP as bankruptcy counsel;
Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel; Ernst &
Young LLP as financial advisor; Perella Weinberg Partners as
investment banker; and Kurtzman Carson Consultants LLC as claims
and noticing agent.

Andrew R. Vara, Acting U.S. Trustee for Region 3, appointed three
creditors to serve on the official committee of unsecured
creditors.


ORION ADVISOR: S&P Affirms 'B' Rating on Senior Secured Facility
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issue-level rating on Orion
Advisor Solutions Inc.'s senior secured facility following the
company's proposed $100 million incremental add-on. The '2'
recovery rating remains unchanged, indicating its expectation for
substantial (70%-90%; rounded estimate: 70%) recovery for lenders
in the event of a payment default. The incremental add-on will be
fungible with the existing $750 million first-lien term loan
maturing in September 2027. The company also expects to reprice the
senior-secured facility without changing any other terms.

Orion plans to use the proceeds from the add-on to fund its $100
million acquisition of Atlanta-based HiddenLevers, which is a
scenario-based risk modelling technology provider serving the
wealth management industry. S&P said, "We believe the acquisition
will enhance its intelligence capabilities, which are increasingly
important for investment advisors and wealth technology companies
to acquire and retain customers. Despite the expected improvement
in its technology capabilities and market access, we view the
acquisition as high priced and believe it increases the company's
execution risk as it integrates Brinker Capital Inc. and implements
its restructuring program."

S&P said, "Pro forma for the acquisition, we expect Orion's
adjusted leverage (S&P Global Ratings basis) to rise to the low 8x
area by year-end 2021, which compares with our prior forecast for
the mid 7x area. The company's good liquidity position--including
the full availability under its $80 million revolving credit
facility and operating cash flow of about $30 million-$50 million
over the next 12 months--supports our rating. Our ratings also
reflect Orion's small scale, the earnings volatility from its
exposure to fees from assets under management, and its highly
competitive marketplace, where its competes with larger financial
custodians. These risks are partially offset by the company's
software-as-a-service (SaaS)-based solution offering (which
accounted for about 40% of its 2020 revenue), the favorable
industry tailwinds for independent registered investment advisors
(RIAs), and the increased adoption of technology."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- Following the transaction, Orion Advisor Solutions Inc. will be
the borrower of an undrawn $80 million revolving credit facility
due 2025, a $850 million covenant-lite first-lien term loan due
2027, and a $230 million covenant-lite second lien term loan due
2028 (unrated).

-- 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).

Simulated default assumptions

-- S&P's recovery analysis assumes a payment default occurring in
2023 due to steep equity market declines that lead to lower
asset-based fees, increased competition from banks, a significant
loss of customers, or unfavorable shifts in the regulatory
environment. A combination of these factors could reduce the
company's revenue and cash flow. Because of this, Orion may have to
fund its cash flow shortfalls with available cash and borrowings
from its revolver.

-- Other default assumptions include an 85% draw on the revolving
credit facility, LIBOR is 2.5%, and all debt includes six months of
prepetition interest.

-- Jurisdiction: U.S.

Simplified waterfall

-- EBITDA at emergence: $110 million

-- EBITDA multiple: 6.5x

-- Gross recovery value: $715 million

-- Net recovery value for waterfall after administrative expenses
(5%): $680 million

-- Value available for senior secured first-lien debt claims: $680
million

-- Estimated senior secured first-lien debt claims: $926 million

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



OSPREA LOGISTICS: Gets Cash Collateral Access Thru March 23
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of North
Carolina, Charlotte Division, has authorized Osprea Logistics USA,
LLC to use cash collateral on an interim basis through March 23,
2021 in accordance with the budget.

The Debtor is authorized to use cash collateral only for ordinary
and necessary business expenses consistent with the specific items
and amounts contained in the attached budget; provided, however,
that the Debtor may vary from the Budget by 10% per line item on a
cumulative basis.

First Horizon Bank may have an interest in cash collateral within
the meaning of 11 U.S.C. section 363, which may be used by the
Debtor in accordance with the Interim Order. On a preliminary
basis, it appears FHB is oversecured. Regardless, FHB will be
granted additional adequate protection during the term of the
Interim Order.

Specifically, FHB is granted a continuing post-petition lien and
security interest in the Debtor's inventory, equipment, and
accounts receivable of the same priority that FHB held as of the
Petition Date, and the proceeds thereof. The validity,
enforceability, and perfection of the Post-Petition Lien on the
Post-Petition Collateral will not depend upon filing, recordation,
or any other act required under applicable state or federal law.

Osprea will remit all net proceeds from the sale of the Three
In-Stock Vehicles to FHB to be applied to the Loan. Further, to the
extent that Egypt authorizes Bank ABC to reduce the face amount of
the Advance Payment L/C, making immediate funds available to the
Debtor, the Debtor will remit the same to FHB, also to be applied
to the Loan.

The Debtor will provide information to FHB, the Subchapter V
trustee, and the Bankruptcy Administrator upon reasonable request:

     (a) information regarding the shipping and transit  of the
Vehicles from Charlotte to Egypt, including the VINs of the shipped
Vehicles;

     (b) a pre-shipment itemization of the gross sales price to be
paid by Egypt for the Vehicles and all estimated expenses;

     (c) a post-sale itemization of the gross sales price paid by
Egypt for the shipped Vehicles, all actual expenses, and the net
proceeds to the Debtor;

     (d) a complete itemization of all proceeds and expenses
related to the Egypt contract; and

     (e) complete copies of (i) the Egypt contract, (ii) any
separate contract between the Debtor and Middle East for
Industries, Inc., (iii) all documents related to the Egypt L/C and
any amendments thereto; and (iv) all documents related to the
Debtor's contractual relationship with Bank ABC, including, but not
limited to, the Advance Payment L/C and the cash collateral deposit
account.

A final hearing on the matter is scheduled for March 23 at 2 p.m.

A copy of the order and the Debtor's budget is available for free
at https://bit.ly/3tzXcfh from PacerMonitor.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.



OWENS CORNING: Egan-Jones Keeps BB+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on March 11, 2021 maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Owens Corning.

Headquartered in Toledo, Ohio, Owens Corning produces residential
and commercial building materials, glass-fiber reinforcements, and
engineered materials for composite systems.




PBF ENERGY: Egan-Jones Lowers Senior Unsecured Ratings to CCC
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 3, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by PBF Energy Inc. to CCC from B. EJR also downgraded
the rating on commercial paper issued by the Company to C from B.

Headquartered in Parsippany-Troy Hills, New Jersey, PBF Energy Inc.
operates as an independent petroleum refiner and supplier.



PEAKS FITNESS: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Peaks Fitness, LLC
           d/b/a Peaks Athletic Club
        12545 N. Saguaro Blvd
        Fountain Hills, AZ 85268

Business Description: Peaks Fitness, LLC is a health, wellness
                      and fitness company based in Arizona.

Chapter 11 Petition Date: March 19, 2021

Court: United States Bankruptcy Court
       District of Arizona

Case No.: 21-01971

Judge: Hon. Daniel P. Collins

Debtor's Counsel: Randy Nussbaum, Esq.
                  SACKS TIERNEY P.A.
                  4250 N Drinkwater Blvd.
                  4th Floor
                  Scottsdale, AZ 85251-3693
                  Tel: 480-425-2600
                  E-mail: Randy.Nussbaum@SacksTierney.com

Estimated Assets: $50,000 to $100,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Ross Suozzi, the managing member.

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/EU35DUI/PEAKS_FITNESS_LLC__azbke-21-01971__0001.0.pdf?mcid=tGE4TAMA


PELICAN FAMILY: Files Emergency Bid to Use Cash Collateral
----------------------------------------------------------
Pelican Family Medicine, P.A. asks the U.S. Bankruptcy Court for
the Eastern District of North Carolina, Wilmington Division, for
authority to continue using cash collateral on an emergency basis
in accordance with the proposed budget.

The Debtor's income is derived from the provision of medical
services to its patients and the collection of accounts receivable
generated by the same. In order to maintain its existing business
operations, the Debtor will be required to incur certain operating
expenses, including but not limited to those for rent, insurance,
utilities, medical supplies, payroll, communication and internet
service, and professional fees.

As of the Petition Date, the Debtor had accounts receivable with an
estimated collectible value of $159,582.

These creditors may assert a security interest in the Debtor's cash
collateral:

                                  Scheduled Amount
   Creditor                       Owing to Creditor
   --------                       -----------------
First Citizens Bank                  $207,208.95
Banker's Healthcare Group, LLC        $86,259.56
Green Capital Funding, LLC               $67,425
U.S. Small Business Administration      $150,000
Business Capital Providers, Inc.         $14,844

As the value of the Collateral securing the Debtor's obligation to
First Citizens Bank and the other apparently junior Creditors is
approximately $159,582.67, which is substantially less than the
amount owing to First Citizens Bank, pursuant to 11 U.S.C. section
506(a)(1), it appears that the Creditors other than First Citizens
Bank are wholly unsecured such that they have no valuable interest
in the Collateral.

As adequate protection for the Debtor's use of cash collateral, the
Debtor proposes to provide the Creditors with post-petition
replacement liens on future accounts receivable generated by the
Debtor in the course of running its business, in the same extent,
validity, and priority as any such pre-petition lien of the
Creditors and limited in amount to the amount of the Petition Date
value of the Collateral.

A copy of the motion and the Debtor's budget is available for free
at https://bit.ly/3c2XKEB from PacerMonitor.com.

The Debtor projects $184,603 in total expenses and $189,086 in
gross revenues in a 30-day period.

               About Pelican Family Medicine, P.A.

Pelican Family Medicine, P.A. is a family practice physician in
Wilmington, North Carolina. It sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 21-00582) on
March 15, 2021. In the petition signed by Mark Thomas Armitage,
president, the Debtor disclosed $242,677 in assets and $1,545,287
in liabilities.

Algernon L. Butler, III, Esq. at BUTLER & BUTLER, LLP is the
Debtor's counsel.



PEORIA DAY SURGERY: Center for Health Buying All Assets for $900K
-----------------------------------------------------------------
Peoria Day Surgery Center, Ltd., asks the U.S. Bankruptcy Court for
the Central District of Illinois to authorize the bidding
procedures in connection with the sale of substantially all assets
to Center for Health Ambulatory Surgery Center, LLC, for $900,000,
cash, subject to overbid.

The Debtor has actively solicited potential purchasers for all or a
portion of its assets and business operations since the Petition
Date.  It also, with bankruptcy court approval, retained a business
broker to assist with the marketing efforts.

In late 2020, the Debtor and the Lead Bidder accelerated and
finalized negotiations which resulted in the Letter of Intent.  The
Debtor believes that the sale proposed by the Lead Bidder, which
excludes accounts receivables but includes substantially all of the
Debtor's other property, provides a meaningful benefit to the
bankruptcy estate and its various interested parties.  The Debtor
is further confident that the Lead Bidder is capable of closing on
the sale.

Due to the existence of potential competing bidders, some of whom
have continued to express interest in the Debtor's business, the
Debtor believes that an auction with competitive bidding by parties
that demonstrate the financial ability to close on the sale would
be more beneficial to the bankruptcy estate than a one party,
private sale.

In order to incentivize the Lead Bidder to act as the opening
"stalking horse" bidder in the sale, due to the fact the Lead
Bidder will be spending substantial amounts in legal fees and other
costs to prepare the initial Asset Purchase Agreement and other
documents incidental to a health care business acquisition, and as
a condition of its Letter of Intent, the Debtor and the Lead Bidder
request Court approval of: 1) a "Break-Up" fee in the amount of
$50,000 in the event that a higher and better offer for the Assets
is obtained by the Debtor at the proposed sale and a closing
occurs; and 2) "Overbid Protection" in that any competing offer for
the Assets must exceed the opening bid of the Lead Bidder by at
least $100,000 and any subsequent bids must be in $50,000
increments.

By the Motion, the Debtor asks authority to sell, subject to
Auction and Bid Procedures, the Assets, free and clear of all
liens, claims and interests, and respectfully requests that the
Court enters an order granting the following relief: (i)
authorizing, subject to proposed Auction and Bid Procedures, the
sale of Assets free and clear of all liens, claims, and interests:
(ii) approving the "Auction and Bid Procedures"; (iii) setting an
auction date and time and the date and time for a sale approval
hearing; and (iv) approving Break-Up Fee and Overbid Protection for
the Lead Bidder.     

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: April 9, 2021, at 5:00 p.m. (CST)

     b. Initial Bid: Each Competing Bid must (i) be in writing and
be duly authorized; (ii) be for consideration in an amount equal to
or greater than $1 million; (iii) for all of the Assets as defined
in the Agreement; (iv) identify the bidder and the members of its
investor group, as applicable (the "Competing Bidder"); (v) provide
information to demonstrate the financial wherewithal of the bidder
to consummate the proposed transaction satisfactory to the Seller;
(vi) include a copy of the Agreement signed by the Competing Bidder
(with any changes from the Agreement with the Lead Bidder marked
electronically); and (vii) be accompanied with a deposit in the
amount of $100,000.

     c. Deposit: $100,000

     d. Auction: If one or more Competing Bids have been received
prior to the Competing Bid Deadline, then at 10:00 a.m. (CST) on
Friday, April 16, 2021, the Seller will conduct an auction of the
Assets at the offices of Rafool & Bourne P.C., 411 Hamilton Blvd.,
Suite 1600, Peoria, Illinois 61602 [Telephone (309) 673-5535].

     e. Bid Increments: $50,000

A copy of the Letter of Intent and the Bidding Procedures is
available at https://tinyurl.com/34rv68e3 from PacerMonitor.com
free of charge.

                  About Peoria Day Surgery Center

Peoria Day Surgery Center, Ltd. --
http://www.peoriadaysurgerycenter.com/-- is a surgery center in
Peoria, Illinois, serving patients who require surgical treatment.
PDSC uses the same surgical, anesthesia, and recovery room
procedures that are found in a hospital.  But unlike most hospital
procedures, the patient is usually allowed to return home after
surgery, making recovery easier and more comfortable.  PDSC was
founded in 1978.  PDSC is licensed with the state of Illinois,
certified by Medicare and IDPH, and participates in Caterpillar,
United Healthcare, BC/BS, Health Alliance/Cat, PHCS and many other
insurance plans.  PDSC is accredited with the AAAHC.

Peoria Day Surgery Center, formerly known as Peoria Day Surgery
Center, S.C., filed a Chapter 11 petition (Bankr. C.D. Ill. Case
No. 18-81615) on Oct. 29, 2018.  In the petition signed by Justin
R. Ahlman, president, the Debtor estimated $500,000 to $1 million
in total assets and $1 million to $10 million in total debt.  The
case is assigned to Judge Thomas L. Perkins.  The Debtor is
represented by Sumner Bourne, Esq., of Rafool, Bourne & Shelby,
P.C.



PHILADELPHIA SCHOOL: Wins June 10 Plan Exclusivity Extension
------------------------------------------------------------
Judge Eric L. Frank of the U.S. Bankruptcy Court for the Eastern
District of Pennsylvania extended the periods within which
Philadelphia School of Massage and Bodywork, Inc. has the exclusive
right to file a plan of reorganization through and including June
10, 2021.

The Debtor will now have the additional time to have better clarity
on its business going forward.  

A copy of the Court's Extension Order is available at
https://bit.ly/3cK21fg from PacerMonitor.com.

               About Philadelphia School of Massage and Bodywork

Philadelphia School of Massage and Bodywork, Inc. filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Pa. Case no. 20-13642) on September 10, 2020.

Judge Eric L. Frank oversees the case. Danek Law Firm, LLC serves
as the Debtor's legal counsel.


PHILIRON INC: Hyperion Buying 4 Port Chester Properties for $4M
---------------------------------------------------------------
Philiron, Inc., asks the U.S. Bankruptcy Court for the Southern
District of New York to authorize the private sale of the real
properties located at 2, 4, 6 and 8 South Main Street, in Port
Chester, New York, to Hyperion Group, LLC ,for $4 million, subject
to higher and better offers.

A hearing on the Motion is set for May 4, 2021, at 10:00 a.m.

The Debtor's principals were Huguette Sinis and her son Pierre
Sinis.  Following the death of Pierre, the Debtor began to
experience financial reverses.  It decided to sell the Properties
and retained Marcus Millichap, an established commercial real
estate broker to market them together with two other nearby
properties owned by Huguette and other family members ("Non-Debtor
Properties").

Due to the age, condition and location of the Properties, the
Debtor understood that interested buyers would most likely be real
estate developers. As such, the Debtor was advised against entering
into long term leases. As a result, there are significant vacancies
which caused the Debtor to fall even further behind with its
obligations.  There are significant real property taxes due
estimated to total $300,000.  Virtually all tenants are small "mom
and pop" business.

Due to the diminished rent roll, the Debtor's financial situation
became even more precarious.  It filed for bankruptcy relief on the
eve of a foreclosure by the mortgage holder PC Mortgage Funding
Associates which acquired the lien by assignment.  PC Mortgage has
represented that $3.550 million is the outstanding balance
duealthough no formal "pay off" has been provided to the Debtor.  

Since its bankruptcy filing, the Debtor has been collecting rent
and maintaining the Properties. Insurance is in place and the
Debtor has been paying post-petition real property taxes.  The
Debtor has been making adequate protection payments to PC Mortgage
in the amount of $2,000 per month.

After extensive negotiations, in March 2021, the Debtor and the
Buyer agreed to the terms of the Contract and the sale of the
Properties.  The Buyer has committed to purchasing the Non-Debtor
Properties which will be the subject of a separate agreement.  The
Contract is not contingent on the sale of the Non-Debtor
Properties.  The sale of the Non-Debtor Properties is subject to
various contingencies, permits and due diligence requirements.  The
purchase price has not been finalized but, upon information and
belief, it is comparable to the Contract price.

The salient terms of the Contract are:

     a. The assets transferred consist of the Property.

     b. The purchase price is $4 million.

     c. The down payment -- $50,000 initial earnest money within
two business days of the Effective Date and $150,000 in additional
earnest money within 10 days of after the expiration of a 60-day
"due diligence" period.

     d. The Buyer may cancel the Contract during the "due
diligence" period.

     e. The sale is "as is" and there is no financing contingency
except that any building violations must be cleared by the Debtor
prior to closing or the Buyer will receive a credit for the cure.

     f. The Debtor will assign the Leases to the Buyer.

     g. The sale is subject to higher and better offers.

     h. The Property will be transferred free and clear of all
liens, claims and encumbrances, which will attach to the proceeds.

By the Motion, the Debtor asks an order from the Court (i)
approving the sale of its right, title and interest in the
Property, with any and all liens to attach to proceeds; (ii)
approving the assignment of the Leases; (iii) approving the
distribution of proceeds; and (iv) granting such other and further
related relief as is just and proper.

The proposed form of an order approving the Sale seeks a waiver of
the 14-day stay imposed under Bankruptcy Rule 6004(h).  The Debtor
submits that an expeditious sale of the Properties is appropriate
because it continues to incur costs in order to insure and maintain
the Properties and satisfy real property taxes as they become due.
Although the Debtor is able to collect rent, the rent roll is
barely sufficient to cover these costs.

The Debtor asks to use the proceeds of the sale of the Properties
to pay PC Mortgage and real property taxes.  To the extent that the
proceeds are insufficient, it asks a reserve for administrative
expenses associated with the transaction under 11 U.S.C. Section
506(0).

A copy of the Contract is available at https://tinyurl.com/9y4pxf4u
from PacerMonitor.com free of charge.

The Purchaser:

          HYPERION GROUP, LLC
          9 West 57th Street, 46th Floor
          New York, NY 10019
          Attn: Robert Vecsler
          Telephone: (917) 880-5100
          E-mail: rvecsler@hypdev.com

The Purchaser is represented by:

          CUDDY & FEDER LLP
          445 Hamilton Avenue, 14th Floor
          White Plains, NY 10601
          Attn: Michael L. Katz, Esq.
          Telephone. (914) 761-1300
          E-mail: mkatz@cuddyfeder.com
    
                          About Philiron

Philiron, Inc. is a domestic business corporation that owns a
property at 2, 4, 6, and 8 Main St., Port Chester, N.Y.

Philiron filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y.
Case No. 20-22114) on Jan. 23, 2020, disclosing under $1 million
in
both assets and liabilities.  Judge Robert D. Drain oversees the
case.  

Debtor is represented by Anne Penachio, Esq., at Penachio Malara,
LLP.

On July 28, 2020, the Court appointed Michael Rackenberg of
Houlihan Lawrence Commercial Real Estate Group as broker.



POINT LOOKOUT: Trustee Seeks to Hire Schlossberg Mastro as Counsel
------------------------------------------------------------------
Gary Rosen, the Chapter 11 trustee for Point Lookout Marine
Properties, Inc., seeks approval from the U.S. Bankruptcy Court for
the District of Columbia to employ Schlossberg Mastro & Scanlan as
his legal counsel.

Schlossberg Mastro will help the trustee investigate possible
conflicts of interest between the Debtor and its principals
especially in light of the interlocking business relationships
between multiple business entities controlled by those principals.
The firm will also represent the trustee in coordinating the
employment of personnel to operate the Debtor's business.

The firm will be paid at these rates:

     Roger Schlossberg        $575 per hour
     Alfred L. Scanlan, Jr.   $500 per hour
     Frank J. Mastro          $475 per hour
     Paralegal Staff          $125 - $150 per hour

Roger Schlossberg, Esq., a principal at Schlossberg Mastro,
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:

     Roger Schlossberg, Esq.
     Schlossberg Mastro & Scanlan
     18421 Henson Boulevard, Suite 201
     Hagerstown, MD 21742
     Phone: 301-739-8610
     Fax: 301-791-6302

              About Point Lookout Marine Properties

Point Lookout Marine Properties, Inc. is the owner of fee simple
title to real property and improvements located at 16244 Whitaker
Court St. Inigoes, Md., having a current value of $1.7 million.

Point Lookout Marine Properties filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case
No. 20-20986) on Dec. 24, 2020. Joseph N. Salvo, president of Point
Lookout, signed the petition.

At the time of the filing, the Debtor disclosed total assets of
$1,700,000 and total liabilities of $1,993,421.

Cohen Baldinger & Greenfeld, LLC and the Law Office of Joann M.
Wood, LLC serve as the Debtor's bankruptcy counsel and special
counsel, respectively.

Gary A. Rosen is the Chapter 11 trustee appointed in the Debtor's
case.  The trustee is represented by Schlossberg Mastro & Scanlan.


PURDUE PHARMA: Sackler Act to Ban Release of Nondebtor Gov't Claims
-------------------------------------------------------------------
Law360 reports that the Democratic members of U.S. Congress floated
a new bill on Friday, March 19, 2021, that would bar the release of
government claims against nondebtor parties in bankruptcy cases,
taking aim at the owners of Purdue Pharma and its proposed Chapter
11 plan that would absolve the Sackler family of any liability
related to the opioid crisis.

The proposed bill -- dubbed the Stop shielding Assets from
Corporate Known Liability by Eliminating nondebtor Releases Act, or
Sackler Act -- was introduced by Reps. Carolyn B. Maloney, D-N. Y.
, and Mark DeSaulnier, D-Calif. , as a means to prevent individuals
from taking advantage of the corporate bankruptcy code.

                            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.


RED INTERMEDIATECO: S&P Assigns B- ICR on Dividend Recapitalization
-------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to Red
IntermediateCo LLC (doing business as Virgin Pulse Inc.), the
holdco of Virgin Pulse Inc. Virgin will be the borrower.

S&P said, "At the same time, we assigned our 'B-' issue-level and
'3' recovery ratings to the $570 million first-lien credit
facility, consisting of a $65 million revolving credit facility due
2026, and a $505 million first-lien term loan due 2028. We also
assigned our 'CCC' issue-level and '6' recovery ratings to its $185
million second-lien term loan due 2029."

The stable outlook reflects Virgin's strong net retention rates and
stable S&P Global Ratings-adjusted EBITDA margins in the mid-20%
area, which should enable continued revenue growth and good FOCF
levels.

S&P's rating on Virgin reflects its high leverage, small scale, and
discretionary nature of the product, offset by its high net
retention rates (over 100%) and 87% recurring revenues under
multiyear contracts, which provided good visibility and enabled
good free operating cash flow (FOCF) in the low-$30 million area in
2020. Additionally, Virgin has low customer concentration, with its
top 10 customers representing around 17% of subscription annualized
recurring revenue (ARR), and low exposure to industries hit hard by
COVID-19 (less than 1% to hospitality and 3% to
engineering/construction/transport)

Virgin's subscription revenue, comprising its software platform and
live services solutions, grew 9% in 2020 with similar growth
expected in 2021. Virgin counts about 25% of the Fortune 500 among
its customer base, with its customers generally being at the
enterprise level. As measured by subscription ARR, the company is
also well diversified by industry (health care: 24%; manufacturing:
17%; technology: 12%; financial services: 11%; insurance: 8%;
government/nonprofit: 10%). The scale of its customer base and low
exposure to "at risk" industries during the pandemic have likely
allowed retention rates to be relatively unaffected, despite our
view of Virgin's products being discretionary spending items.

Total revenue declined 1% in 2020, however this is attributed to
its screening segment being heavily affected by the pandemic.
Demand for these biometric screenings, which typically occur at its
customer locations, declined due to the resulting shift to remote
working for many of its users. Excluding this segment, revenue grew
around 4% in 2020, and we expect 7% growth in 2021. Screenings'
gross margins are significantly less than its other segments, with
the impact on EBITDA from the lower revenue somewhat immaterial.
S&P said, "We expect this segment to grow in 2021, though with many
offices still not fully reopened there will still be some
COVID-19-related headwinds in the first half of 2021. Once offices
have fully reopened, despite potential permanent work-from-home
options, we believe users will come in to have these screenings
performed when offered, with normal activity resuming in 2022."

Demand for digital health and well-being solutions is expected to
continue as employers look to benefit from a healthier workforce.
The potential for increased employee productivity via lower
employee turnover and higher engagement levels at work continues to
generate interest for these solutions. In addition, with many large
organizations being self-insured, a healthier workforce can lead to
lower insurance costs. Being considered a discretionary spending
item, Virgin's customers will likely look to a return on investment
(ROI) metric to provide some justification for ongoing investment
in these products, though it's unclear how much emphasis companies
will place on this when deciding whether to renew. These products
likely represent a relatively small cost to Virgin's customers, and
S&P's believe it unlikely companies will eliminate this employee
benefit even if the ROI is deemed insufficient.

S&P Global Ratings-adjusted leverage will be around mid-9x at
fiscal year-end 2021. Despite total revenue declining 1% in 2020,
S&P Global Ratings-adjusted EBITDA grew $16 million compared to
2019. S&P said, "We attribute this mainly to a favorable revenue
mix, with a larger percentage of revenue coming from its
higher-margin digital products. We expect EBITDA margins to improve
in 2021 as various one-time expenses incurred in 2020 roll off,
along with the realization of costs savings implemented over the
past 12 months. Combined with organic revenue growth generating
additional EBITDA, this should enable leverage to improve to around
9x in 2022. Funded debt is increasing to $690 million from $382
million, with annual cash interest expected to increase around $8
million. We expect reported FOCF of around $35 million in 2021 and
2022."

Virgin has been acquisitive since being acquired by its current
sponsors in May 2018, acquiring Simply Well Inc. (November 2018),
Yaro LLC (January 2020), Blue Mesa Health Inc. (January 2020), and
Advanced Plan for Health (March 2021). S&P said, "We expect the
current sponsor to continue being acquisitive, likely funding small
tuck-in acquisitions with a combination of incremental debt and
cash on hand. As such, we don't include any assumptions on debt
repayment exceeding the mandatory amortization, despite an excess
cash flow sweep in the credit agreement."

The stable outlook reflects Virgin's strong net retention rates and
stable S&P Global Ratings-adjusted EBITDA margins in the mid-20%
area, which should enable continued revenue growth and good FOCF
levels.

S&P could raise the rating if:

-- Leverage improves to below 7x; and
-- FOCF to debt remains in the mid-single-digit-percent area.

While not expected over the next 12 months, S&P could lower the
rating if:

-- The products' daily average usage rates among Virgin's end
users decline substantially, whereby its customers no longer
realize the value proposition from the products, leading to
material revenue attrition and significantly weakening FOCF and
overall liquidity; or

-- Additional debt-funded dividends arise, or acquisitions
materially raise cash interest expense well over any acquired cash
flows from the target.


REVINT INTERMEDIATE II: Moody's Completes Review, Retains B3 Rating
-------------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Revint Intermediate II, LLC 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.

Revint's B3 rating reflects the company's modest revenue scale,
high debt leverage and moderate integration risk given Revint's
merger with a similarly sized healthcare revenue cycle management
peer. An active acquisition program points to the risks posed by
quality of earnings concerns. However, Revint is a long-standing
competitor in a fragmented market. It seeks to distinguish itself
by offering its healthcare-provider customers a full suite of
services, rather than point solutions, across the RCM spectrum.
Healthcare industry trends -- including increased healthcare
spending, higher patient volumes with lower margins, a rise in
costs attributed to waste and abuse, and greater, regulatory-driven
complexity in the billing process itself -- also support the
rating.

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


REVLON INC: Citi's Error Spurs Creation of Botched Payment Rules
----------------------------------------------------------------
Lisa Lee of Bloomberg News reports that a trade group for the U.S.
leveraged loan industry is stepping in to avert a repeat of the
legal fracas that ensued after Citigroup Inc. erroneously sent $900
million to Revlon Inc. lenders.

The Loan Syndication & Trade Association is drafting language to
insert into credit agreements that would address situations where
the administrative agent makes an accidental payment. The industry
group on Friday, March 19, 2021, sent out an advisory notifying its
members, which consists of both Wall Street banks that arrange and
sell leveraged loans and the investors and funds that buy them.

                         About Revlon Inc.

Revlon, Inc.,  together with its subsidiaries, 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. The Company operates in four brand-centric
reporting segments that are aligned with its organizational
structure based on four global brand teams: Revlon; Elizabeth
Arden; Portfolio; and Fragrances. The Company manufactures, markets
and sells an extensive array of beauty and personal care products
worldwide, including color cosmetics; fragrances; skin care; hair
color, hair care and hair treatments; beauty tools; men's grooming
products; anti-perspirant deodorants; and other beauty care
products.

                            *   *   *

As reported by the TCR on May 12, 2020, Moody's Investors Service
affirmed Revlon's Corporate Family Rating at Caa3. The affirmation
of the Caa3 CFR with a negative outlook reflects that the
transaction will meaningfully increase the company's cash interest
cost at a time when Revlon will continue to generate negative free
cash flow.


REVLON INC: Mistaken Payments of Citi's Will Get Expedited Appeal
-----------------------------------------------------------------
Bob Van Voris and Chris Dolmetsch of Bloomberg News report that
Citigroup Inc. will get an expedited appeal of its loss in a legal
battle to recover half a billion dollars it mistakenly sent Revlon
Inc. lenders.

The federal court of appeals in Manhattan Thursday agreed to a
schedule that would set up an oral argument for August or September
2021.

U.S. District Judge Jesse Furman ruled last month that 10 asset
managers for the lenders, including Brigade Capital Management, HPS
Investment Partners and Symphony Asset Management, don't have to
return $504 million that Citibank said it mistakenly transferred to
Revlon Inc.

                        About Revlon Inc.

Revlon, Inc.,  together with its subsidiaries, 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.  The Company operates in four brand-centric
reporting segments that are aligned with its organizational
structure based on four global brand teams: Revlon; Elizabeth
Arden; Portfolio; and Fragrances. The Company manufactures, markets
and sells an extensive array of beauty and personal care products
worldwide, including color cosmetics; fragrances; skin care; hair
color, hair care and hair treatments; beauty tools; men's grooming
products; anti-perspirant deodorants; and other beauty care
products.

                           *    *    *

As reported by the TCR on May 12, 2020, Moody's Investors Service
affirmed Revlon's Corporate Family Rating at Caa3.  The affirmation
of the Caa3 CFR with a negative outlook reflects that the
transaction will meaningfully increase the company's cash interest
cost at a time when Revlon will continue to generate negative free
cash flow.


ROYAL COACHMAN: Gets Two Offers for Royal City Mobile Home Park
---------------------------------------------------------------
Debtor Royal Coachman Mobile Home Park, LLC, and Shannon Burns,
jointly ask the U.S. Bankruptcy Court for the Eastern District of
Washington to authorize the private sale of the Royal Coachman
Mobile Home Park located at 133 Catalpa Avenue, NE, in Royal City,
Washington, (i) to Bexco Capital, LLC and/or assigns for $1.7
million, under the terms of the Real Estate Purchase and Sale
Agreement, or (ii) to Three Pillar Communities for $1.9 million
under the terms of the Letter of Intent.

The following summarizes the offer from Bexco, pursuant to the
Purchase and Sale Agreement:

      a. The Property: The Royal Coachman Mobile Home Park, located
at 133 Catalpa Avenue, NE, Royal City, WA 99858.  In addition, all
personal property of the Debtor located on-site and used in
connection with operating the Property will be transferred to the
Buyer.

      b. Seller: The Debtor

      c. Buyer: Bexco Capital, LLC and/or assigns

      d. Purchase Price: $1.7 million, all cash

      e. Earnest Money: $200,000

      f. Method of Sale: Private sale to the Buyer

      g. Broker's Commission: None

      h. Closing Date: March 31, 2021

      i. Representations and Warranties: Property to be acquired in
As-Is Condition

Bexco owns and operates a number of mobile home parks in Washington
and Texas.  Since 2018, it has acquired eight mobile home parks,
including the Westgate Manufactured Home Community which is also
located in Royal City, Washington.

The following summarizes the offer from Three Pillar, pursuant to
the Letter of Intent:

      a. The Property: The Royal Coachman Mobile Home Park, located
at 133 Catalpa Avenue, NE, Royal City, WA 99858.  In addition, all
personal property of the Debtor located on-site and used in
connection with operating the Property will be transferred to the
Buyer.

      b. Seller: The Debtor

      c. Buyer: Three Pillar Communities or assigns

      d. Purchase Price: $1.9 million, all cash

      e. Earnest Money: $100,000

      f. Method of Sale: Private sale to the Buyer

      g. Broker's Commission: Paid by the Buyer

      h. Closing Date: Thirty days after completion of due
diligence and inspection, with intent to close escrow by April 30,
2021

      i. Representations and Warranties: Property to be acquired in
As-Is Condition

Three Pillars owns and operates 33 mobile home communities located
in California, Idaho, Oregon, and Arizona.  As of March 8, 2021, it
had more than sufficient cash on hand to pay the purchase price.

Pursuant to Article X of the confirmed First Amended Plan of
Reorganization, the Debtor may sell its business subject to two
conditions: (1) The Debtor is reasonably profitable; and (2) the
Debtor in its sole discretion consents to the sale.  As set forth
in the post-confirmation disbursements reports filed by the Chapter
11 Trustee, the Debtor's cash balance has increased from $31,141.72
to $117,069.25 from March 31, 2020 to Sept. 30, 2020.  In addition,
the profit and loss statement attached to the third quarter
post-confirmation disbursement report shows net income of
$129,222.23 for the period of March 5 to Oct. 31, 2020.

It appears from these reports that the Debtor is reasonably
profitable.  The Debtor will consent to the sale.  The purchase
prices from Bexco Capital and Three Pillars exceed the revised
purchase price from Northwest Cooperative Development Center by
$100,000 and $300,000 respectively.  In addition, both are set to
close quickly.  Both potential buyers have been provided the rent
roll as of November 2020, the tenant list as of November d020, the
pre-confirmation monthly reports, the post-confirmation quarterly
reports, the 2016 tax return of Ms. Burns covering the income and
expenses of the Royal Coachman Mobile Home Park, LLC and the
unfiled 2017 tax return.

Based upon the First Amendment to the Real Property Purchase and
Sale Agreement and the Second Amendment to the Real Property
Purchase and Sale Agreement, either sale to Bexco or Three Pillars
Communities should close more quickly than the proposed sale to
Northwest Cooperative Development Center.

The proposed order granting the Motion provides for the following
relief:

       1. The Moving Parties are authorized to sell the Property
pursuant to the Plan.

       2. The Property is authorized to be sold free and clear of
all liens, with proceeds to be disbursed as set forth in the
proposed Order and the Plan.

       3. The Property is sold "AS-IS."

       4. The Order is effective immediately upon entry by the
Court, and the parties are authorized to consummate the sale
subject only to the conditions set forth in the Real Estate
Purchase and Sale Agreement.

       5. The Order requires all interested parties to cooperate in
executing any document or instrument or taking any action that is
reasonably necessary to effectuate the sale of the Property.

       6. The Debtor and the Buyer may amend the Real Estate
Purchase and Sale Agreement without further order of the Court so
long as the proceeds from the sale are sufficient to satisfy all
claims in this case.

       7. All liens and other interests in the Property will attach
to the proceeds of the sale, in the same priority as such liens or
interests are attached to the Property.

The Moving Parties request that the Court enters an order granting
the Motion and granting the relief sought.

                   About Royal Coachman

Royal Coachman Mobile Home Park, LLC, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wash. Case No.
16-03109) on Oct. 3, 2016.  The petition was signed by Shannon
Hunter Burns, authorized representative.  

The Debtor is represented by Dan O'Rourke, Esq., at Southwell &
O'Rourke, P.S.

At the time of the filing, the Debtor estimated assets of $1
million to $10 million and liabilities of less than $500,000.



SABLE PERMIAN: Bid to Extend Exclusive Periods Deemed as Moot
-------------------------------------------------------------
Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern
District of Texas, Houston Division deemed as moot the motion filed
by Sable Permian Resources, LLC and its affiliates, to extend the
period during which the Debtors have the exclusive right to file a
Chapter 11 plan and solicit acceptances through and including April
22, 2021, and June 21, 2021, respectively.

A copy of the Court's Extension Order is available at
https://bit.ly/3tzb7SN from primeclerk.com.

                        About Sable Permian Resources

Sable Permian Resources, LLC, is an oil and natural gas company
focused on the acquisition, exploration, development, and
production of unconventional oil, natural gas, and natural gas
liquid reserves in the Permian Basin of West Texas.

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

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

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


SCHOOL DISTRICT: Case Summary & 12 Unsecured Creditors
------------------------------------------------------
Debtor: School District Services, Inc.
        1535 McCaskill Ave
        Suite 4
        Tallahassee, FL 32310

Chapter 11 Petition Date: March 19, 2021

Court: United States Bankruptcy Court
       Northern District of Florida

Case No.: 21-40092

Debtor's Counsel: Byron W. Wright III, Esq.
                  BRUNER WRIGHT, P.A.
                  2810 Remington Green Circle
                  Tallahassee, FL 32308
                  Tel: (850) 385-0342
                  Fax: (850) 270-2441
                  E-mail: twright@brunerwright.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Ivery Luckey, CEO.

A copy of the petition containing, among other items, a list of the
Debtor's 12 unsecured creditors is available for free at
PacerMonitor.com at:

https://www.pacermonitor.com/view/WGPUTOY/School_District_Services_Inc__flnbke-21-40092__0001.0.pdf?mcid=tGE4TAMA


SIGNAL PARENT: Moody's Assigns B2 CFR Following Acquisition
-----------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating and
a B2-PD Probability of Default Rating to Signal Parent, Inc.
(Interior Logic Group (ILG)) in connection with the purchase of the
company by the Blackstone Group. Moody's also assigned a B1 rating
to ILG's proposed $550 million first lien term loan due 2028 and a
Caa1 rating to the proposed $300 million senior unsecured notes due
2029. The outlook is stable.

ILG is being acquired by the Blackstone Group from its previous
owners Littlejohn and Platinum Equity in a transaction valued at
$1.6 billion. The transaction will be funded by the proceeds of the
proposed term loan and unsecured notes along with $734 million of
equity from the sponsor and the management. As a result of the
proposed financing, the company's total debt and leverage increase
substantially, reflecting aggressive financial policies of the
sponsor. Moody's estimates ILG's pro forma debt to EBITDA would
have been 6.7x and EBITA to interest coverage would have been 2.6x
at December 31, 2020.

"The assignment of B2 Corporate Family Rating reflects our
expectation that within the next 12 months ILG will reduce debt to
EBITDA to below 6.0x and improve interest coverage toward 3.0x,"
says Natalia Gluschuk, Moody's Vice President - Senior Analyst.
"ILG will benefit from favorable trends in the homebuilding market
and cost cutting initiatives that will contribute to top line and
operating margin growth."

The following rating actions were taken:

Assignments:

Issuer: Signal Parent, Inc.

Corporate Family Rating, Assigned B2

Probability of Default Rating, Assigned B2-PD

Senior Secured 1st Lien Term Loan B, Assigned B1 (LGD3)

Senior Unsecured Regular Bond/Debenture, Assigned Caa1 (LGD5)

Outlook Actions:

Issuer: Signal Parent, Inc.

Outlook, Assigned Stable

RATINGS RATIONALE

ILG's B2 Corporate Family Rating is supported by the following key
factors: 1) meaningful size and scale, with revenue of $1.6 billion
and a national footprint; 2) a strong competitive position in a
fragmented market of installation and design studio services and
long-term customer relationships with homebuilders; 3) the ability
to execute an aggressive roll up strategy without integration
issues; 4) positive free cash flow and good liquidity; 5) an
expectation of favorable conditions in the homebuilding market over
the next 12 to 18 months that will drive improved results.

At the same time, the credit profile is constrained by: 1) the
company's high debt to EBITDA leverage; 2) a roll up acquisition
strategy that raises the likelihood of execution and integration
risks and increasing debt leverage; 3) the volatility and
cyclicality inherent to the residential end markets served; 4)
exposure to customer pricing pressures, changes in input costs and
the mix of products and services, which can impact operating
margins; and 5) risks related to private equity ownership,
including a financial policy that resulted in a significant
leveraging of the balance sheet in a buyout transaction and
potential shareholder friendly actions.

The stable outlook reflects Moody's expectation that ILG will
reduce leverage and improve key credit metrics over the next 12 to
18 months.

The B1 rating on the proposed $550 million first lien term loan,
one notch above the CFR, reflects the support provided by the
presence of the proposed senior unsecured notes in the capital
structure. The Caa1 rating on $300 million unsecured notes reflects
their junior position with respect to a $100 million ABL revolving
credit facility due 2026 and the term loan and the expectation of
loss absorption in a default scenario.

The proposed first lien term loan is not expected to contain
financial maintenance covenants, while the proposed revolving
credit facility will contain a springing minimum fixed charge
coverage ratio of 1.0x when revolver availability is less than the
greater of a) the lesser of 10% of the ABL borrowing base and the
ABL commitment, and b) $7.5 million. The proposed credit facilities
are expected to provide covenant flexibility that could adversely
impact creditors, including an uncommitted incremental first lien
term loan and revolving credit facility, in an aggregate amount not
to exceed the sum of 1) the greater of a) $140 million and b) 1.0x
of EBITDA at time of determination, plus 2) an unlimited amount as
long as consolidated first lien net leverage does not exceed 4.5x.
Alternatively, the ratio can be satisfied on a leverage neutral
basis in connection with a permitted acquisition or investment. The
credit facility includes a sublimit for debt up to the greater of
a) $140 million and b) 1.0x of EBITDA which can be incurred with an
earlier maturity than the term loans. Collateral leakage permitted
through the transfer of assets to unrestricted subsidiaries,
subject to carve-out capacity, with no additional explicit
"blocker" protection. Non-wholly-owned subsidiaries are not
required to act as subsidiary guarantors; dividends or transfers of
partial ownership interests could jeopardize guarantees with no
explicit protective provisions limiting such releases. The
company's obligation to prepay loans with net proceeds of asset
sales is reduced from 100% to 50% and 0% if consolidated first lien
net leverage is 4.0x or less, and 3.5x or less, respectively.

Moody's expects the company to maintain good liquidity over the
next 12 to 15 months, supported by positive free cash flow, access
to a $100 million ABL revolving credit facility, and the
flexibility under springing fixed charge coverage covenant.

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

The ratings could be upgraded if the company continues to improve
operating margin, reduces debt to EBITDA sustainably below 5.0x,
maintains conservative financial policies with respect to leverage,
shareholder friendly actions and acquisitions, and maintains good
liquidity and strong free cash flow.

The ratings could be downgraded if the company's debt to EBITDA
does not decline below 6.0x, liquidity weakens, free cash flow
turns negative, or market conditions deteriorate resulting in
revenue and operating margin declines.

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

Headquartered in Irvine, CA, Interior Logic Group is one of the
nation's leading providers of design center management and interior
installation services, operating through 110 design studios (64 of
which are homebuilder-branded), 109 warehousing and logistics
centers, and nine countertop fabrication facilities across the
United States. The company's customers include single-family
homebuilders (approximately 82% of revenue), multi-family, and
commercial builders as well as multi-family property owners and big
box retailers. Primary products that the company sources include
flooring, cabinets, countertops, and window treatments. The
Blackstone Group is the company's financial sponsor. In 2020, ILG
generated approximately $1.6 billion in revenue.


SIGNIFY HEALTH: Moody's Completes Review, Retains B2 CFR
--------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Signify Health, LLC 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.

Signify's rating is constrained by its narrow market focus and
legislative risk due to reliance on the government as an ultimate
payor. Ratings also reflect Moody's expectations for deleveraging
from levels that are already moderate for the B2 CFR. The company
has demonstrated operational resilience in the face of challenges
posed by the COVID-19 crisis, which temporarily limited its
clinicians' ability to conduct in-house health risk assessments
("HRAs"). Sustained revenues, margin support through cost cuts, and
the resumption of collections that had been delayed due to COVID
should enable Signify to generate positive free cash flow. Moody's
views Signify's liquidity as good, given our expectations for
positive free cash flow, healthy balance sheet cash levels and full
availability under its ample revolver.

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


SIMPLE SITEWORK: To Seek Plan Confirmation on April 27
------------------------------------------------------
On March 12, 2021, Judge Jeffrey P. Norman conditionally approved
Simple Sitework's Disclosure Statement.

Simple Sitework Inc. filed on March 9, 2021, filed an Amended
Disclosure Statement with respect to a Plan.

The Court conditionally approved the Amended Disclosure Statement
and ordered that:

      * April 16, 2021, is fixed as the last day for filing written
acceptances or rejections of the Plan.

      * April 22, 2021, is fixed as the last day for filing and
serving written objections to the Disclosure Statement and
confirmation of the Plan.

      * April 27, 2021, at 9:30 a.m. in Courtroom 403, United
States Courthouse, 515 Rusk Street, Houston, Texas is fixed for the
hearing on final approval of the Disclosure Statement (if a written
objection has been timely filed) and for confirmation of the Plan.


                      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.


SIMPLY INC: Secures $2M Loan Under SBA Paycheck Protection Program
------------------------------------------------------------------
Simply, Inc. entered into a promissory note for $2,000,000 with
City National Bank of Florida pursuant to the U.S. Small Business
Administration Paycheck Protection Program under Title I of the
Coronavirus Aid, Relief, and Economic Security Act passed by
Congress and signed into law on March 27, 2020.  

The Note is unsecured, bears interest at 1% per annum, and matures
in five years.  The principal is payable in equal monthly
installments, with interest, beginning on the 10th day of the first
month after the deferment period.  

Subject to compliance with applicable provisions of the CARES Act,
the Company may apply to City National Bank for forgiveness of the
principal amount of the Note in an amount equal to the sum of the
following costs incurred by the Company no earlier than the 8-week
period after the first disbursement of the Note, and no later than
the 24-week period after the first disbursement date: (i) payroll,
(ii) rent and (iii) utilities.  Not more than 40% of the amount
forgiven can be attributable to non-payroll costs.

Additionally, certain acts of the Company, including but not
limited to: (i) the failure to pay any taxes when due, (ii)
becoming the subject of a proceeding under any bankruptcy or
insolvency law, (iii) making an assignment for the benefit of
creditors, or (iv) reorganizing, merging, consolidating or
otherwise changing ownership or business structure without City
National Bank's prior written consent, are considered events of
default which grant the bank  the right to seek immediate payment
of all amounts owing under the Note.

                         About Simply, Inc.

Simply, Inc. (formerly known as Cool Holdings, Inc.) is a
Miami-based company that is the parent of Simply Mac, a chain of 41
retail stores operating in 17 states and an authorized reseller
under the Apple Premier Partner program of Apple products and other
high-profile consumer electronic brands.  Additional information
can be found on its website at www.coolholdings.com and
www.simplymac.com.

Cool Holdings reported a net loss of $21.02 million for the year
ended Dec. 31, 2019, compared to a net loss of $27.27 million for
the year ended Dec. 31, 2018.

Kaufman, Rossin & Co., P.A., in Miami, Florida, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated May 29, 2020, citing that the Company's significant
operating losses raise substantial doubt about its ability to
continue as a going concern.


SINCLAIR TELEVISION: S&P Rates New $1.1BB Secured Term Loan 'BB-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '2'
recovery rating to the proposed $1.1 billion senior secured term
loan maturing in 2028 issued by Sinclair Broadcast Group Inc.'s
(SBG) subsidiary Sinclair Television Group Inc. (STG). The '2'
recovery rating indicates its expectation for substantial (70%-90%;
rounded estimate: 80%) recovery for lenders in the event of a
payment default. STG plans to use the proceeds from the proposed
term loan to refinance its existing senior secured term loan B-1
tranche maturing in 2024 ($1.1 billion outstanding).

S&P said, "Our 'B+' issuer credit rating and negative outlook on
Sinclair are unchanged because the transaction is leverage neutral.
Our rating on STG is equal to that of parent SBG, which
consolidates the operations of STG (the owner of the television
broadcast stations) and Diamond Sports Group LLC (the owner of the
regional sports networks)."



SIRGOLD INC: Unsecureds to Recover 15% to 20% in Trustee Plan
-------------------------------------------------------------
Salvatore LaMonica, the Chapter 11 Trustee of the estate of
Sirgold, Inc., fine-tuned his proposed Plan of Liquidation and
Disclosure Statement for the Debtor.

Since his appointment in January 2017, the Trustee has been
liquidating the assets of the Debtor,  including its inventory of
diamonds, as well as certain real properties in New  York and  New
Jersey.  The inventory of diamonds was sold at auction for $21,500.
The real property located in New York was sold at auction for
$1,060,000.  The real property located in New Jersey was sold at
auction for $110,000.  

Additionally, the Trustee has commenced 37 causes of action against
third parties.  Of these, 19 have been settled and closed, 1 has
been settled with payment outstanding, 8 have been dismissed, 6
have default judgments with payment outstanding, and 3 are still
open. A total of $287,300 has been paid and the maximum recovery of
the remaining outstanding Causes of Action is $3,451,400.

Due to these efforts, the Trustee currently has $1,319,264
available for distribution to creditors.

Under the Plan, Class 1 General Unsecured Claims in the approximate
aggregate sum of $2.2 million will receive payment of available
funds after payment of administrative claims and allowed priority
claims.  Class 2 Interests Shareholders of the Debtor will receive
pro rata distributions under the Plan in the event all senior
classes have been paid in full.

Initial distributions made under the Plan and the Liquidating Trust
are expected to occur within three months of the Effective Date,
although this time may be extended by the Trustee or Liquidating
Trustee.  The distribution for Class 1 Claims is expected to be in
a range of 15% to 20%, presuming the Trustee and/or Liquidating
Trustee is successful with his claim objections.  There may be
additional recovery from the Causes of Action, which will be
pursued on a contingency fee basis, plus expenses.

A copy of the Disclosure Statement dated March 12, 2021, is
available at https://bit.ly/2QrgYvb

                        About Sirgold Inc.

An involuntary petition was filed on Oct. 21, 2016, against
Sirgold, Inc. by petitioning creditors, B.H.C. Diamonds (USA) Inc.,
Diacurve USA LLC, and JKS Diamond Inc. for relief under Chapter 7
of the Bankruptcy Code.

The case was converted to a Chapter 11 case (Bankr. S.D.N.Y. Case
No. 16-12963) on Nov. 17, 2016.

The case is assigned to Judge Shelley C. Chapman.

Gary M. Kushner, Esq. and Scott D. Simon, Esq., at Goetz
Fitzpatrick LLP, serve as bankruptcy counsel to the Debtor.

On Dec. 8, 2016, the Office of the U.S. Trustee formed an official
committee of unsecured creditors.  The committee is represented by
Pick & Zabicki, LLP.  Citrin Cooperman & Company LLP serves as its
accountant.

On Jan. 27, 2017, the U.S. Trustee appointed Salvatore LaMonica,
Esq. as the Chapter 11 Trustee.  The Trustee tapped his firm,
LaMonica Herbst & Maniscalco, LLP, as counsel in the case.


SKLAR EXPLORATION: Court Extends Plan Exclusivity Until April 19
----------------------------------------------------------------
At the behest of the Sklar Exploration Company, LLC and Sklarco,
LLC, Judge Elizabeth E. Brown of the U.S. Bankruptcy Court for the
District of Colorado extended the period in which the Debtors may
file a plan of reorganization and to gain acceptances to April 19,
2021.

The Court's Order is without prejudice to the Debtors to seek
additional extensions.

A copy of the Court's Extension Order is available at
https://bit.ly/3vDTSBD from epiq11.com.

                       About Sklar Exploration Company

Sklar Exploration Company, LLC -- https://sklarexploration.com/ --
is an independent exploration production company owned and managed
by Howard F. Sklar.  With offices in Boulder, Colo., Shreveport,
La., and Brewton, Ala., Sklar owns interests in oil and gas wells
located throughout the United States. Its exploration and
production activities have historically focused on the
hydrocarbon-rich Lower Gulf Coast basins and in the Interior Gulf
Coast basins of East Texas, North Louisiana, South Mississippi,
South Alabama, and the Florida Panhandle.

Sklar Exploration Company and Sklarco, LLC, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Lead Case No.
20-12377) on April 1, 2020.  At the time of the filing, Sklar
Exploration had estimated assets of between $1 million and $10
million and liabilities of between $10 million and $50 million.
Sklarco disclosed assets of between $10 million and $50 million and
liabilities of the same range.  

Judge Elizabeth E. Brown oversees the cases. The Debtors tapped
Kutner Brinen, P.C., as bankruptcy counsel, and Berg Hill Greenleaf
& Ruscitti, LLP and Armbrecht Jackson, LLP as special counsel.

The U.S. Trustee for Region 19 appointed a committee to represent
unsecured creditors in the Debtors' Chapter 11 cases. The Committee
is represented by Munsch Hardt Kopf & Harr, P.C.


SM ENERGY: Egan-Jones Keeps CCC- Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on March 11, 2021, maintained its
'CCC-' foreign currency and local currency senior unsecured ratings
on debt issued by SM Energy Company. EJR also maintained its  'C'
rating on commercial paper issued by the Company.

Headquartered in Denver, Colorado, SM Energy Company is an
independent energy company that explores for and produces natural
gas and crude oil.




SOLERA PARENT: S&P Alters Outlook to Stable, Affirms 'B-' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Solera Parent Holding LLC
to stable from negative and affirmed all its ratings on the
company, including its 'B-' issuer credit rating.

The stable outlook reflects S&P's view that improving macroeconomic
conditions and subsiding pandemic-related disruption will support a
recovery in auto claims activity for Solera over the next year,
ultimately leading to good FOCF generation and liquidity.

Cost restructuring drives material margin improvement. Solera's
management announced a global cost-restructuring plan in February
2020 to eliminate redundant processes in the organization and
better leverage selling, general, and administrative functions
globally. S&P said, "We expect total savings of approximately $270
million, of which the company had realized $104 million as of
year-end 2020. EBITDA margins have improved significantly year over
year, to the low-40% area from the low-30% area previously. We
believe the company can sustain margins in at least the low-40%
area as it operates more efficiently than in the past. Further
margin improvement toward the high-40% area may not be sustained as
one-time cost savings during the COVID-19 pandemic end and as the
company invests back into the business."

Revenues show an improving trend after initial disruption in the
first quarter of fiscal 2021. Solera's revenues from variable and
transaction-based sources are approximately a third of total
revenues and depend on auto claim activity. Revenues were most
impaired during March and April 2020 following a steep decline in
claim volumes. Since then, activity has improved each quarter
sequentially, but is still below pre-COVID peaks by about 15%-20%.

Solera's subscription revenues (mainly within its customer
relationship management, or CRM, and service, maintenance & repair,
or SMR, segments) have held up well during the pandemic. Despite
more than half the revenues being derived from small and
medium-size businesses with less financial flexibility than that of
large corporates (repair shops, independent assessors, and
servicers), revenue growth in the third quarter ending December
2020 for the CRM and SMR segments was in the 0%-1% range.

S&P said, "We expect the company to maintain sufficient liquidity.
Despite high adjusted leverage of about 9.5x currently (or about
7.5x excluding noncash interest-bearing preferred equity, which we
treat as debt), Solera's good liquidity position and FOCF to debt
in the 3%-5% range are partial offsets. On Dec. 31, 2020, it had
$370 million of cash and $282 million of revolver availability (net
of utilized letters of credit). We project Solera will generate at
least $200 million of free operating cash flow over the next year,
giving it good cash cushion in the case of missteps with its
restructuring plan or if there is a slower-than-expected economic
recovery in the U.S. and Europe. The company faces no debt
maturities until December 2022, when its revolver expires.

"The stable outlook on Solera reflects our expectations the company
will sustain much of the recent margin gains, stable end-market
dynamics will lead to predictable revenues, and sufficient
liquidity.

"We could lower our rating on Solera if a steeper-than-anticipated
decline in its transaction-based revenue causes
weaker-than-expected performance, leading to negative FOCF
generation, weakened liquidity, or leverage above 10x."

The company's elevated adjusted leverage and weakening FOCF would
likely lead us to believe its capital structure is unsustainable.
This scenario could occur due to:

-- Protracted economic weakness related to the pandemic; or

-- Key customer losses or business disruptions related to
management's global restructuring efforts.

While material deleveraging is unlikely given the payment-in-kind
nature of Solera's preferred equity (which we treat as debt), S&P
could raise the rating if:

-- The company sustains leverage under the mid-7x area with
consistent FOCF to debt in the 3%-5% range; and

-- Revenue expands as the company gains market share.



SOLOMON EDUCATION: Case Summary & 4 Unsecured Creditors
-------------------------------------------------------
Debtor: Solomon Education Group, LLC

           DBA Solomon International School
         10044 Marine View Drive
         Mukilteo, WA 98275

Case No.: 21-10539

Business Description: Solomon Education Group, LLC --
                      http://www.solomonschool.com-- is
                      is a private day and boarding school for
                      grades 7-12.

Chapter 11 Petition Date: March 18, 2021

Court: United States Bankruptcy Court
       Western District of Washington

Judge: Timothy W. Dore

Debtor's Counsel: Thomas D. Neeleman, Esq.
           NEELEMAN LAW GROUP, P.C.
                  1403 8th Street
                  Marysville, WA 98270
                  Tel: (425) 212-4800
                  Fax: (425) 212-4802
                  E-mail: courtmail@expresslaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Richard Lee, managing member.

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

https://www.pacermonitor.com/view/ZVFAU3I/Solomon_Education_Group_LLC__wawbke-21-10539__0001.0.pdf?mcid=tGE4TAMA


SONIC AUTOMOTIVE: Egan-Jones Keeps B- Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company, on March 10, 2021, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Sonic Automotive, Inc. EJR also maintained its 'C'
rating on commercial paper issued by the Company.

Headquartered in Charlotte, North Carolina, Sonic Automotive, Inc.
is an automotive retailer.



SOPHIA LP: Moody's Completes Review, Retains B3 Ratings
-------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Sophia, L.P. 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.

Sophia's credit profile reflects continued high and slowly
moderating debt leverage, mitigated by good scale and strong yet
highly seasonal cash flow generation. Revenue growth and modest
margin expansion, both driven by customers' gradual adoption of
premium SaaS offerings, will allow for deleveraging towards levels
more in keeping with the B3 ratings category. Ratings support stems
from Sophia's leading, defensible position as a niche provider of
software and services for the administrative and academic
functionality of higher education institutions. The recurring need
for core operating systems creates noteworthy stability in revenue
and customer retention rates.

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


SPIRIT AIRLINES: Egan-Jones Cuts Senior Unsecured Ratings to CCC+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 9, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Spirit Airlines, Inc. to CCC+ from B-. EJR also
downgraded the rating on commercial paper issued by the Company to
C from B.

Headquartered on Miramar, Florida, Spirit Airlines, Inc. owns and
operates airlines.



STANLEY C. CHESTNUT: Allen Buying Princeton Parcel for $215K
------------------------------------------------------------
Stanley Claxton Chestnut asks the U.S. Bankruptcy Court for the
Eastern District of North Carolina to authorize the private sale of
the fee simple one parcel of real estate described as 284 E. Evans
Road, Tract 6, in Princeton, North Carolina, NC PIN: 2661148193,
consisting of a mobile home on 20.3 acres, more or less, and being
more particularly described in that deed recorded Book 1126, Page
425, Wayne County Registry, to Donnie Gene Allen, doing business as
Allen Court Manor Mobile Home Park, LLC, for $215,000.

A hearing on the Motion is set for April 7, 2021, at 1:30 p.m., via
telephone conference (Dial-in No. 1-888-273-3658, and Access Code
3113071#).  Objections, if any, must be filed 21 days from the date
of the Notice.

The Debtor owns the Property.  His Plan provides for the sale of
the Property free and clear of all liens and interests, with such
liens and interests attaching to the proceeds of sale.  

The Buyer has tendered an offer to purchase the Property in cash
for $215,000.  The Debtor proposes to accept said offer subject to
the Court's approval.  

The private sale of the Property was negotiated and is being
proposed in good faith, is in the best interest of the Estate, and
is proposed for a sound business purpose.  The offer represents a
fair price for the Property based on current market conditions and
the condition of the Property.

Upon information and belief, these entities claim valid and
enforceable liens or encumbrances against the Property:   

     a. The Wayne County Tax Collector, by virtue of its statutory
ad valorem tax lien (Claim No. 28 in the amount of $8,540.21).

     b. Select Bank & Trust Company, by virtue of that Deed of
Trust recorded at Book 2921, Page 240, Wayne County Registry, on
April 10, 2012 (Claim No. 23 in the amount of $488,054.77).

     c. Internal Revenue Service, by virtue of its statutory
federal tax lien (Claim No. 5 in the amount of $395,326.56).  

The Debtor asks that the sale of the property be made free and
clear of any and all liens, encumbrances, claims, rights and other
interests, including but not limited to the following:

      a. Those liens and interests specifically identified;

      b. Any and all other property taxes due and owing to any
city, county or municipal corporation;

      c. Any and all remaining interests, liens, encumbrances,
rights and claims asserted against the property, which relate to or
arise as a result of a sale of the property, or which may be
asserted against the buyer of the property, including, but not
limited to, those liens, encumbrances, interests, rights and
claims, whether fixed and liquidated or contingent and
unliquidated, that have or may be asserted against the property or
the buyer of the property by the North Carolina Department of
Revenue, the Internal Revenue Service, the Employment Security
Commission, and any and all other taxing and government
authorities; and

      d. Any and all remaining interests, liens, encumbrances,
rights and claims asserted against the property by virtue of valid
and enforceable judgments entered against the Debtor or otherwise
attaching to the Property.

The liens, claims, and interests herein described will attach to
the Net Proceeds of sale which will be distributed according to the
relative priorities of record, the Bankruptcy Code, and further
orders of the Court.

The real estate agent employed by the Estate, Beth Hines,
recommends acceptance of the Buyer's offer.  The real estate agent,
employed by the Debtor post-confirmation, is entitled to a
commission on the sale in the amount of $10,750, which is 5% of the
gross sales proceeds.  The proposed compensation is reasonable and
the agent performed a necessary service which benefited the secured
creditors.  The compensation of the agent should be paid from the
gross sales proceeds at closing.

If any party claiming a lien on or interest in the Property does
not object within the time allowed, they should be deemed to have
consented to the sale of the Property free and clear of their liens
or interests, with said liens and interests attaching to the net
proceeds of the sale.   

Stanley Claxton Chestnut sought Chapter 11 protection (Bankr. E.D.
N.C. Case No. 19-00698) on Feb. 15, 2019.  The Debtor tapped David
F. Mills, Esq., as counsel.



STONEMORE INC: Schedules Annual Meeting for July 27
---------------------------------------------------
StoneMor Inc.'s 2021 Annual Meeting of Stockholders will be held on
Tuesday, July 27, 2021 at 4:00 p.m. EDT.  The record date for
stockholders entitled to notice of and to vote at the Annual
Meeting will be the close of business on Friday, June 4, 2021.  The
Annual Meeting will be held by remote communication, and
information regarding the manner in which stockholders will be able
to access, participate in and vote at the Annual Meeting will be
set forth in the Company's proxy statement.

Because the Annual Meeting date is more than 30 days earlier than
the date of the 2020 Annual Meeting, stockholders wishing to submit
proposals for inclusion in the proxy statement for the Annual
Meeting must ensure that such proposals are received by the Company
at 3331 Street Road, Suite 200, Bensalem, PA 19020 Attention:
Corporate Secretary, on or before April 28, 2021.

The Company's bylaws govern the submission of nominations for
director or other business proposals that a stockholder wishes to
bring before a meeting of stockholders.  Under those bylaws,
nominations for director or other business proposals to be brought
before the Annual Meeting may be made by a stockholder entitled to
vote who has delivered a notice to the Corporate Secretary at the
address set forth above no earlier than the close of business on
March 29, 2021 and no later than the close of business on April 28,
2021.  The notice must contain the information required by the
bylaws, and any other business proposal must be a proper matter for
stockholder action.

                       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).


SUNDANCE ENERGY: $50MM DIP Loan, Cash Collateral Use OK'd
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, has authorized Sundance Energy, Inc. and
affiliates to, among other things, use cash collateral and obtain
postpetition secured financing on an interim basis and provide
related relief.

The Debtors' need to use the Prepetition Collateral (including Cash
Collateral) and to obtain credit pursuant to the DIP Facility is
immediate and critical to avoid serious and irreparable harm to the
Debtors, their estates, their creditors, and other parties in
interest.

The Debtors also have an immediate need to obtain the DIP Loans and
other financial accommodations and to continue to use the
Prepetition Collateral (including Cash Collateral) in order to,
among other things: (i) avoid the liquidation of these estates;
(ii) permit the orderly continuation of the operation of their
businesses; (iii) maintain business relationships with customers,
vendors, and suppliers, including purchasing necessary materials
and services to maintain compliance with all applicable regulatory
and safety requirements; (iv) make payroll; (v) satisfy other
working capital, capital improvement and operational needs; (vi)
pay professional fees, expenses, and obligations; and (vii) pay
costs, fees, and expenses associated with or payable under the DIP
Facility, subject to the Approved Budget and otherwise in
accordance with the terms of the Interim Order and the DIP Loan
Documents.

Specifically, the Debtors sought to obtain postpetition financing
on a secured superpriority basis, consisting of a new money term
loan facility in an aggregate principal amount of up to $50 million
on these terms:

     -- a maximum aggregate principal amount of $10 million will be
available to Debtor Sundance Energy, Inc. upon entry of the interim
approval order;

     -- At any time following entry of the Interim Order, at the
determination of the DIP Lenders holding at least 70% of the
commitments under the DIP Facility, the DIP Lenders may make
available to the DIP Borrower an aggregate principal amount of up
to $5 million, as Case Extension Draws; and

     -- following entry of the Final Order and only on the
effective date of an Approved Plan, an additional amount of $35
million in commitments shall be available to the DIP Borrower.

Morgan Stanley Capital Administrators, Inc., serves as the
administrative and collateral agent for the DIP Facility.  Morgan
Stanley Capital Administrators, formerly Morgan Stanley Energy
Capital Inc., is also the administrative agent under the Debtors'
Prepetition Term Loan Agreement.

The DIP Motion is granted on an interim basis, and the Interim
Financing is authorized and approved, in each case, in accordance
with and subject to the terms and conditions of the Interim Order
and the DIP Loan Documents.

Each of the DIP Loan Parties are authorized to execute, enter into,
guarantee, and perform all obligations under the DIP Facility and
the DIP Loan Documents.

The DIP Borrower is authorized to incur, and the DIP Guarantors are
authorized to unconditionally guarantee, on a joint and several
basis, all of the DIP Obligations on account of such incurrence
under the DIP Facility, up to an aggregate principal amount of $10
million in new money DIP Loans on an interim basis, together with
applicable interest, protective advances, expenses, fees, and other
charges payable in  connection with the DIP Facility, plus an
aggregate principal amount of up to $5 million in the form of Case
Extension Draws as applicable, in each case.

The Prepetition RBL Secured Parties are entitled to adequate
protection of their interests in all Prepetition RBL Collateral,
including the Cash Collateral, in an amount equal to the aggregate
Diminution in Value of the Prepetition RBL Secured Parties'
interests in the Prepetition RBL Collateral (including Cash
Collateral) from and after the Petition Date:

     (1) RBL Adequate Protection Liens.  The Prepetition RBL Agent,
on behalf the Prepetition RBL Secured Parties, are granted a valid,
binding, enforceable and automatically perfected postpetition lien
on all Other DIP Collateral to the extent of any Diminution in
Value of the Prepetition RBL Secured Parties' interests in the
Prepetition Collateral.

     (2) RBL Adequate Protection Claims.  The Prepetition RBL
Agent, on behalf of the Prepetition RBL Secured Parties, is granted
an allowed superpriority administrative expense claim, to the
extent of any Diminution in Value of the Prepetition RBL Secured
Parties' interests in the Prepetition Collateral.

The Prepetition Term Loan Secured Parties are entitled to adequate
protection of their interests in all Prepetition Term Loan
Collateral, including Cash Collateral, in an amount equal to the
aggregate Diminution in Value of the Prepetition Term Loan Secured
Parties' interests in the Prepetition Term Loan Collateral
(including Cash Collateral) from and after the Petition Date:

     (1) The Prepetition Term Loan Agent, on behalf the Prepetition
Term Loan Secured Parties, is granted a valid, binding, enforceable
and automatically perfected postpetition lien on all DIP Collateral
to the extent of any Diminution in Value of the Prepetition Term
Loan Secured Parties' interests in the Prepetition Collateral.

     (2) The Prepetition Term Loan Agent, on behalf of the
Prepetition Term Loan Secured Parties, is granted an allowed
superpriority administrative expense claim, to the extent of any
Diminution in Value of the Prepetition Term Loan Secured Parties'
interests in the Prepetition Collateral (including Cash
Collateral).

The Hearing to consider final approval of the DIP Facility is
scheduled for April 19, 2021 at 9:30 a.m.

A full-text copy of the order is available at
https://bit.ly/3l9a34Y from PacerMonitor.com.

                      About Sundance Energy

Sundance Energy Inc. -- http://www.sundanceenergy.net/-- is an
independent energy exploration and production company located in
Denver, Colorado. The Company is focused on the acquisition and
development of large, repeatable oil and natural gas resource plays
in North America. Current activities are focused in the Eagle
Ford.

On March 9, 2021, Sundance Energy, Inc. and 3 affiliated debtors
each filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
21-30882).  The Honorable David R. Jones is the case judge.

Sundance is represented in this matter by Latham & Watkins LLP,
Hunton Andrews Kurth LLP, Miller Buckfire & Co., LLC, and FTI
Consulting Inc.  Prime Clerk LLC is the claims agent.

Haynes & Boone LLP, and Opportune LLP advise Toronto Dominion
(Texas) LLC, which currently serves as successor administrative
agent under the Prepetition RBL Facility.

K&L Gates LLP, is counsel to ABN AMRO Capital USA, LLC.  Luskin,
Stern & Eisler LLP, is counsel to Credit Agricole Corporate and
Investment Bank.

Morgan Stanley Capital Administrators, Inc., is advised by Simpson
Thacher & Bartlett LLP, Locke Lord LLP, and Houlihan Lokey Capital,
Inc.



SUNDANCE ENERGY: Gets OK to Hire Prime Clerk as Claims Agent
------------------------------------------------------------
Sundance Energy Inc. and its affiliates received approval from the
U.S. Bankruptcy Court for the Southern District of Texas to hire
Prime Clerk, LLC as their claims and noticing agent.

Prime Clerk will oversee the distribution of notices and will
assist in the maintenance, processing and docketing of proofs of
claim filed in the Debtors' Chapter 11 cases.

The firm will be paid at these rates:

     Claim and Noticing Rates

      Analyst                            $35 - $55 per hour
      Technology Consultant              $35 - $95 per hour
      Consultant/Senior Consultant       $70 - $170 per hour
      Director                           $175 - $195 per hour
      Chief Operating Officer and        No charge
       Executive Vice President
     
     Solicitation, Balloting and Tabulation Rates
     
      Solicitation Consultant            $195 per hour
      Director of Solicitation           $215 per hour

In addition, Prime Clerk will seek reimbursement for out-of-pocket
expenses.

Benjamin Steele, vice president of Prime Clerk, disclosed in court
filings that the firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:
   
     Benjamin J. Steele
     Prime Clerk LLC
     One Grand Central Place
     60 East 42nd Street, Suite 1440
     New York, NY 10165
     Tel: (212) 257-5490
     Email: bsteele@primeclerk.com

                     About Sundance Energy

Sundance Energy Inc. -- http://www.sundanceenergy.net/-- is an
independent energy exploration and production company located in
Denver, Colorado. The Company is focused on the acquisition and
development of large, repeatable oil and natural gas resource plays
in North America. Current activities are focused in the Eagle
Ford.

On March 9, 2021, Sundance Energy, Inc. and 3 affiliated debtors
each filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code (Bankr. S.D. Texas Lead Case No.
21-30882).  The Honorable David R. Jones is the case judge.

Sundance is represented in this matter by Latham & Watkins LLP,
Hunton Andrews Kurth LLP, Miller Buckfire & Co., LLC, and FTI
Consulting Inc.  Prime Clerk LLC is the claims agent.

Haynes & Boone LLP, and Opportune LLP advise Toronto Dominion
(Texas) LLC, which currently serves as successor administrative
agent under the Prepetition RBL Facility.

K&L Gates LLP, is counsel to ABN AMRO Capital USA, LLC.  Luskin,
Stern & Eisler LLP, is counsel to Credit Agricole Corporate and
Investment Bank.

Morgan Stanley Capital Administrators, Inc., is advised by Simpson
Thacher & Bartlett LLP, Locke Lord LLP, and Houlihan Lokey Capital,
Inc.

                          *     *     *

On March 10, 2021, the Debtors filed a joint prepackaged plan of
reorganization and a proposed disclosure statement.  A combined
hearing to consider, among other matters, the adequacy of the
Disclosure Statement and confirmation of the Plan will be held on
April 19, 2021 at 9:30 a.m., prevailing Central Time, before the
Honorable David R. Jones, United States Bankruptcy Court for the
Southern District of Texas, Courtroom 400, 4th Floor, 515 Rusk
Street, Houston, Texas 77002 via electronic means (audio and video)
only.


SUNPOWER CORPORATION: Egan-Jones Hikes Sr. Unsecured Ratings to B+
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 10, 2021, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by SunPower Corporation to B+ from B.

Headquartered in San Jose, California, SunPower Corporation is an
integrated solar products and services company.



SYMPLR SOFTWARE: Moody's Completes Review, Retains B3 CFR
---------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Symplr Software, 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.

Symplr's B3 CFR takes into account the company's small scale, very
high debt leverage, heavy addback adjustments to earnings, and
integration risks arising from an active acquisition program.
Although Moody's expects leverage will moderate through operating
growth and synergy realization, private equity ownership, a history
of acquisitions and an outsized revolver imply that Symplr's
financial strategy could be aggressive. Symplr has a strong market
position in providing security software to healthcare services,
including governance, risk and compliance ("GRC"), credentialing
and supply chain. Healthcare trends support the rating, and include
increased healthcare spending, regulatory-driven complexity, margin
pressures caused by the transition to value-based care, and the
need for an enterprise-wide solution to support the complexity of
GRC as hospitals consolidate. Additionally, the credentialing,
staffing, and scheduling services that Symplr's platforms
facilitate have become even more necessary to providers in response
to the COVID pandemic.

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


SYNCHRONOSS TECHNOLOGIES: Incurs $48.7 Million Net Loss in 2020
---------------------------------------------------------------
Synchronoss Technologies, Inc. filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing a net
loss attributable to the company of $48.68 million on $291.67
million of net revenues for the 12 months ended Dec. 31, 2020,
compared to a net loss attributable to the company of $136.73
million on $308.75 million of net revenues for the 12 months ended
Dec. 31, 2019.

As of Dec. 31, 2020, the Company had $482.25 million in total
assets, $125.12 million in total current liabilities, $1.87 million
in deferred tax liabilities, $12.57 million in non-current deferred
revenues, $44.27 million in non-current leases, $4.99 million in
other non-current liabilities, $12.5 million in redeemable
noncontrolling interest, $237.64 million in series A convertible
participating perpetual preferred stock, and $43.28 million in
total stockholders' equity.

As of Dec. 31, 2020, the Company's principal sources of liquidity
have been cash provided by operations.  Its cash and cash
equivalents balance was $33.7 million at Dec. 31, 2020.  The
Company anticipates that its principal uses of cash and cash
equivalents will be to fund its business, including technology
expansion and working capital.

At Dec. 31, 2020, the Company's non-U.S. subsidiaries held
approximately $6.2 million of cash and cash equivalents that are
available for use by all of its operations around the world.  At
this time, the Company believes the funds held by all non-U.S.
subsidiaries will be permanently reinvested outside of the U.S.
However, if these funds were repatriated to the U.S. or used for
U.S. operations, certain amounts could be subject to U.S. tax for
the incremental amount in excess of the foreign tax paid.  The
Company said that due to the timing and circumstances of
repatriation of these earnings, if any, it is not practical to
determine the unrecognized deferred tax liability related to the
amount.

Synchronoss stated, "We believe that our existing cash, cash
equivalents, credit facility, and our ability to manage working
capital and expected positive cash flows generated from operations
in combination with continued expense reductions will be sufficient
to fund our operations for the next twelve months from the date of
filing of this Annual Report on Form 10-K.  However, as the impact
of the COVID-19 pandemic on the economy and our operations evolves,
we will continue to assess our liquidity needs.  Given the economic
uncertainty as a result of the pandemic, we have taken actions to
improve our current liquidity position, including, reducing working
capital, reducing operating costs and substantially reducing
discretionary spending.  Even with these actions however, an
extended period of economic disruption as a result of COVID-19
could materially affect our business, results of operations,
ability to meet debt covenants, access to sources of liquidity and
financial condition."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1131554/000113155421000012/sncr-20201231.htm

                   About Synchronoss Technologies

Synchronoss -- http://www.synchronoss.com-- transforms the way
companies create new revenue, reduce costs and delight their
subscribers with cloud, messaging, digital and IoT products,
supporting hundreds of millions of subscribers across the globe.
Synchronoss' secure, scalable and groundbreaking new technologies,
trusted partnerships, and talented people change the way TMT
customers grow their businesses.

Synchronoss reported a attributable to the company of $243.75
million for the year ended Dec. 31, 2018, and a net loss
attributable to the company of $109.44 million for the year ended
Dec. 31, 2017.


SYRACUSE INDUSTRIAL: Fitch Cuts Rating on $198MM Bonds to 'B'
-------------------------------------------------------------
Fitch Ratings downgrades the rating on the following Syracuse
Industrial Development Agency, New York (SIDA) bonds to 'B' from
'BB':

-- Approximately $198.8 million Payments in Lieu of Taxes (PILOT)
    revenue refunding bonds, series 2016A (Carousel Center
    Project);

-- Approximately $10.6 million PILOT revenue refunding bonds,
    taxable series 2016B (Carousel Center Project);

-- Approximately $76.4 million PILOT revenue bonds, taxable
    series 2007B (Carousel Center Project).

Fitch has placed the ratings on Rating Watch Negative.

SECURITY

The bonds are secured by PILOTs on the original or 'legacy'
Carousel Center mall payable to SIDA by the Carousel Center Company
LP (the Carousel Owner) pursuant to a PILOT agreement, and interest
earnings on the debt service reserves. The debt service reserve
funds total 125% of average annual debt service or about $31
million.

ANALYTICAL CONCLUSION

The downgrade to 'B' reflects the dramatic decline in the reported
appraised value of the Carousel Center as well as the expansion
project, together known as Destiny USA. In Fitch's view, the
reduction in value to a level significantly below the PILOT debt
outstanding, which reflects reduced mall activity, diminishes the
property owner's incentive and ability to continue to make PILOT
payments sufficient to cover debt service. Fitch previously cited
as a rating sensitivity the potential for a significant erosion in
the Carousel Center's value, which was heightened by the mall's
closure and slow reopening over the past year. The Rating Watch
Negative reflects the risk that if sales volume and the appraised
value do not increase significantly as the mall reopens to full
capacity, the owner's incentive to make increasing annual PILOT
payments will erode further. Fitch expects to receive at least
quarterly information on sales, occupancy and rent rollovers. Lack
of this information may lead to withdrawal of the rating.

The role of the special servicer for the CMBS loans (Wells Fargo &
Co; IDR of A+/Negative) in advancing the payments and the strong
lien position of PILOT payments in the mall's debt structure remain
important rating considerations. The special servicer has
reportedly entered into a standstill agreement with the borrower
that grants a moratorium on CMBS loan payments and extension of the
loan through June 6, 2022. The loan was originally due June 2019.
Fitch believes the special servicer is incentivized to continue to
advance PILOT payments for the SIDA revenue bonds as long as the
loan is in place given their senior position. However, continued
weak appraised value could diminish this incentive.

KEY RATING DRIVERS

POTENTIAL LEVERAGE RATIO WEAKENING: The mall's nearly four-month
closure once the coronavirus pandemic arrived in the U.S. followed
indications of a weakening of the borrower's ability to repay the
CMBS loan. The recent appraised valuation, the first of which Fitch
is aware since 2016, has weakened considerably and indicates
combined PILOT and CMBS debt is about 3.5x the revised value.

WEAKENED BORROWER POSITION: The CMBS loans were turned over to the
special servicer in March 2019, after the borrower requested debt
service deferment. The owner had not been making its performance
targets under the CMBS loan agreement.

SERVICER PROVIDES LIQUIDITY: The mortgage servicer, required as
part of the securitization of the underlying commercial loan on the
Carousel Center, is responsible for providing needed liquidity to
cover any shortfalls in PILOT payments until mall operations
recover or the PILOT lien is foreclosed, regardless of the
property's value.

PILOT LIEN STATUS: PILOT payments are on parity with all
governmental fees and charges, all of which are senior to other
payment obligations. Repayment of the CMBS loans is subordinate to
the PILOTs.

SOLID PRIOR OPERATIONS AND MARKET POSITION: Destiny USA has limited
competition in the Syracuse, New York region. Mall occupancy rates
and sales had improved slightly prior to the pandemic-related
closure and sales per square foot were strong compared to national
norms.

NO ISSUER DEFAULT RATING (IDR): SIDA has no material exposure to
operating risk. As such, Fitch has not assigned an issuer default
rating and there is no related cap on the PILOT bond rating.

RATING SENSITIVITIES

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

-- Solid evidence that the mall's value will improve to a level
    at least modestly above the amount of PILOT debt as the mall
    continues to reopen.

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

-- Mall valuation remaining below the amount of PILOT debt as the
    revised June 2022 loan maturity approaches;

-- Indications that the borrower is unable or unwilling to
    continue making PILOT payments;

-- A weakening in the servicer's capacity to advance PILOT
    payments, or loan refinancing without a servicer role similar
    to the current CMBS loan.

-- Failure by the borrower to provide frequent updates on mall
    sales, occupancy and rent rollovers could result in withdrawal
    of the rating.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

CURRENT DEVELOPMENTS

The outbreak of coronavirus and related government containment
measures worldwide has created an uncertain global environment for
U.S. state and local governments and related entities. While the
initial phase of economic recovery has been faster than expected,
GDP in the U.S. is projected to remain below its 4Q19 level until
at least 3Q21. In its baseline scenario, Fitch anticipates a slower
recovery in early 2021 with vaccine rollout to the vulnerable, key
workers and older individuals in 1H21, but limited for most of the
population until late 2021.

Destiny USA is the dominant shopping center in the Syracuse area.
Mall revenues are supported by its dominant market position and the
broad geographic area from which customers are derived. Destiny USA
was closed from March 19 until July 10 due to the outbreak of the
coronavirus. It is currently operating at 50% capacity. As of Sept.
30, 2020, the Carousel Center was reported to be 59% leased and
Destiny USA 70% leased.

The servicer for the CMBS loans for the mall reported that the
recently appraised value of the Carousel Center was $118 million,
about 41% of the outstanding par amount of the PILOT bonds and 20%
of debt outstanding including the CMBS loan on the Carousel Center
portion of the mall. This portion of the mall was valued at $500
million in 2016. The combined appraised value of Destiny USA was
$203 million, or 28% of all PILOT bonds and CMBS loans
outstanding.

DEDICATED TAX CREDIT PROFILE

ADEQUATE LEGAL PROTECTIONS FOR BONDHOLDERS

The obligation of the Carousel Owner (Pyramid Company of Onondaga)
to pay the PILOTs is on par only with governmental charges and fees
including property taxes, all of which are senior to any other
payment obligations. The requirement of the Carousel Owner to make
PILOTs is evidenced by a PILOT note, payable to SIDA. A
non-impairment covenant by the city of Syracuse and New York State
prohibits the city and state from altering the rights of the issuer
to collect PILOTs.

The bonds are further secured by PILOT mortgages granted by SIDA
and the Carousel Owner, encumbering their interests in the Carousel
Center to the PILOT trustee. The PILOT mortgages do not extend to
the expansion property. They impose a lien analogous to liens
imposed by taxing authorities, and provide for similar remedies
including foreclosure of property. The senior obligation of the
PILOTs ensures that support funding and any proceeds from
foreclosure will be allocated first to the PILOTs before the excess
is utilized for underlying mortgage claims.

Mall tenants are contractually obligated to pay the Carousel Owner,
as additional rent, their pro rata portions of PILOTs, and payment
of the PILOTs by the Carousel Owner is absolute and unconditional,
notwithstanding the inability of the Carousel Owner to recover this
payment from its tenants. Tenant leases generally have five- to
10-year expirations.

The bonds have a cash-funded debt service reserve fund (DSRF) for
the benefit of bondholders equal to 125% of average annual debt
service of the PILOT bonds or $31 million in aggregate. The DSRF
cannot be used to cure a default by the borrower to make PILOT
payments. The remedy for such a default is for the PILOT trustee to
foreclose on the PILOT mortgage corresponding to the defaulted
PILOT note. Fitch does not believe the DSRF provides significant
default protection as it is uncertain whether the funds would be
used for that purpose if the bonds were in distress.

ASCENDING DEBT SERVICE

Annual debt service on PILOT bonds is structured on an ascending
basis, with $22.2 million (19% of the current Carousel Center
valuation) due in calendar 2021, increasing 4% annually to maximum
annual debt service (MADS) of $35.6 million in 2035 (30% of the
current valuation). Final maturity of the bonds is in 2036. The
annual escalation of PILOTs needed to service the debt heightens
the pressure on improvements to the mall's operations and
valuation. Parity debt can only be issued as refunding bonds.

PRESENCE OF MORTGAGE SERVICER AS A SOURCE OF LIQUIDITY

Fitch views the presence of a mortgage servicer pursuant to the
securitization of the underlying mortgage loans on the mall project
as a key credit factor. Under the pooling and servicing agreement,
the mortgage servicer is required to advance funds when necessary
to preserve the security of the mortgage loans. Given the
subordinate nature of the underlying mortgage loan to the PILOT
bonds, this includes funds to make PILOT payments. The obligation
to advance applies as long as the servicer (or special servicer) is
in place and determines that the advances will be repaid. Servicer
advances provide temporary cash flow support should pledged funds
prove insufficient to cover all PILOTS until such time that either
mall performance recovers or the property is foreclosed and sold to
another entity.

CHALLENGES EVIDENT PRIOR TO CLOSURE

The $300 million mortgage loan on the legacy Carousel Center
property along with a $130 million mortgage on the expansion
project have been securitized as commercial mortgage pass-through
certificates. Both loans are interest only and were originally due
in June 2019. Rather than being refinanced as expected, the loans
were transferred to a special servicer in March 2019 amid questions
about Pyramid's ability to repay or refinance the loans.

A loan modification was signed on May 31, 2019, providing a
conditional three-year extension. The special servicer and the
borrower subsequently entered into a standstill agreement, which
provides COVID-related relief including a seven-month moratorium on
monthly debt service payments and an extension of the loan until
June 6, 2022. Fitch is not aware of any default by the borrower on
the terms of the current agreement.

The Carousel owner is a wholly owned subsidiary of the Pyramid
Company of Onondaga, which is part of the Pyramid Companies. Based
in Syracuse, NY, Pyramid Companies was established in 1969 and has
developed malls across the northeast portion of the U.S.

CRITERIA VARIATION

The analysis supporting the 'B' PILOT revenue bonds rating includes
a variation from the U.S. Tax-Supported Rating Criteria. A
variation was made to the dedicated tax bond analysis by
incorporating an analysis of the transaction's overall leverage, or
loan-to-value (LTV) cushion, calculated by dividing the total
amount of debt by the value of the property. This evaluation is
supported by Fitch's U.S. Tax-Supported Rating Criteria, which
includes modifications to the analysis of the dedicated revenue
stream coverage cushions to address factors specific to a
transaction. The revenue volatility that would be produced through
the FAST States & Locals - Fitch Analytical Stress Test Model does
not anticipate this dedicated revenue source, which is derived from
the value of the property.

In addition to the sources of information identified in Fitch's
applicable criteria specified, this action was informed by
information from Lumesis.


T-MOBILE USA: Fitch Assigns BB+ Rating on $3 Billion Unsec. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned a 'BB+'/'RR3' rating to T-Mobile USA,
Inc.'s $3 billion multi-tranche senior unsecured notes issuance.
The company intends to use $2.0 billion of the net proceeds from
the offering to acquire spectrum licenses pursuant to the FCC's
C-Band spectrum Auction 107, with any remainder to be used first to
redeem the Issuer's 6.500% senior notes due 2026, and then for
refinancing existing indebtedness on an ongoing basis. The
Long-Term Issuer Default Rating (IDR) for T-Mobile US, Inc. and
T-Mobile USA, Inc. is 'BB+'. The Rating Outlook is Stable.

KEY RATING DRIVERS

Material Deleveraging Expected: Fitch expects material deleveraging
will occur over the forecast, supported by EBITDA growth driven by
substantial cost synergies and debt reduction due to FCF growth,
with excess cash used to repay maturing debt. Fitch projects
T-Mobile's adjusted core telecom leverage (adjusted debt/EBITDAR
based on Fitch adjustments) for 2021 will be around the mid 4x
range following the acquisition of $9.3 billion of spectrum in the
C-Band auction to further enhance its mid spectrum position. Fitch
currently projects T-Mobile's leverage in the low 4x range in 2022.
There could be upside to Fitch's EBITDA and leverage expectations
if T-Mobile continues good operating momentum and synergy
realization.

Merger Drives Scale Benefits: The combination of T-Mobile and
Sprint Corporation is expected to create significant scale, asset
and synergy benefits that should materially improve the combined
entities' long-term competitive position, particularly for
5G-network capabilities. Fitch expects T-Mobile to target new or
improved growth opportunities across multiple segments, including
broadband replacement, enterprise, rural, internet of things (IoT)
and over-the-top video.

The larger combined spectrum portfolio and selective
rationalization of Sprint's network should materially enhance and
further densify T-Mobile's existing network, resulting in greater
speed, capacity, capabilities and geographic reach. T-Mobile's
higher capacity 5G network that is supported by spectrum primarily
from Sprint's mid-band 2.5 GHz band portfolio, combined with
millimeter wave spectrum, covers 106 million people at the end of
2020. T-Mobile expects to increase coverage to approximately 200
million people by the end of 2021 and to more than 250 million
covered by the end of 2022.

Substantial Synergies: The combined company expects to realize
substantial synergies, with approximately $7.5 billion in expected
run-rate cost synergies now expected compared to $6 billion
previously. T-Mobile also expects to complete subscriber migration
and decommissioning of Sprint's network approximately one year
ahead of initially expectations. Fitch believes T-Mobile's current
progress on integration plans and good integration track record
following past acquisitions reduces execution risks.

Secured Debt Notching: The T-Mobile USA senior secured debt is
guaranteed on a senior secured basis by all wholly owned domestic
restricted subsidiaries of T-Mobile and Sprint subject to customary
exceptions. The guarantees at Sprint, Sprint Communications, Inc.
(SCI), and Sprint Capital Corp. are unsecured due to secured debt
restrictions in the Sprint senior notes' indentures. For rated
entities with IDRs of 'BB-' or above, Fitch does not perform a
bespoke analysis of recovery upon default for each issuance.
Instead, Fitch uses notching guidance whereby an issuer's secured
debt can be notched up to two rating levels, but notching is capped
at 'BBB-' for IDRs between 'BB+' and 'BB-'.

The senior secured debt -- credit facility and notes -- at T-Mobile
USA receives a one-notch uplift from the IDR. This would reflect
superior recovery prospects at the senior secured level of the pro
forma capital structure, incorporating the value of the combined
wireless network, subscriber base and spectrum portfolio.

Unsecured Debt Notching: T-Mobile USA's senior unsecured notes are
guaranteed on an unsecured basis by T-Mobile and its wholly owned
domestic restricted subsidiaries (including Sprint and its
subsidiaries), subject to customary exception. For the Sprint
senior unsecured notes at Sprint, SCI and Sprint Capital Corp.,
T-Mobile and T-Mobile USA provide downstream unsecured guarantees.
However, T-Mobile operating companies do not provide an upstream
guarantee.

Fitch views the T-Mobile USA senior unsecured notes as having a
structurally superior position regarding recovery value, compared
with the Sprint senior unsecured notes, due to the guarantee
structure. Sprint senior unsecured notes do not benefit from a
guarantee from T-Mobile operating subsidiaries, only from T-Mobile
USA and T-Mobile. Fitch consequently assigned an 'RR3' recovery to
the T-Mobile USA senior unsecured notes and an 'RR4' recovery to
the Sprint senior unsecured notes to denote the stronger underlying
asset value for the T-Mobile USA senior unsecured notes relative to
the Sprint senior unsecured notes.

With secured leverage materially less than 4.0x, Fitch does not
believe structural subordination is present to the point where
recovery prospects at the unsecured level are impaired below
'RR4'.

Parent Support: A moderate parent-subsidiary linkage exists for the
merged T-Mobile, resulting in a one-notch uplift to the standalone
IDR. The operational and strategic linkages are strong when
combined with material benefits derived from Deutsche Telekom AG
(DT; BBB+/Stable) ownership through combined global purchasing
scale, which provides significant benefits for network, handset and
general procurement. DT also consolidates T-Mobile's financials and
holds $4.8 billion of parent-issued debt with maturities ranging
from 2022 to 2028. Legal linkages with T-Mobile are weak given the
lack of parent guarantees or cross default to parent debt.

DERIVATION SUMMARY

On a consolidated basis, Fitch expects the combination of T-Mobile
and Sprint to have a materially improved business profile that
would enhance its competitive position relative to Verizon
Communications Inc. 'A-'/Stable and AT&T Inc. 'BBB+'/Stable. This
is because both standalone T-Mobile and Sprint lacked sufficient
scale and resources to compete across certain market segments. As
such, T-Mobile is building a more expansive national 5G network
that better leverages the 2.5 GHz spectrum portfolio acquired from
Sprint. It would also expand growth opportunities into other
subsegments, including video, broadband, enterprise, rural and
IoT.

T-Mobile generated strong operating momentum during the past
several years due to a well-executed challenger strategy. The
company took material market share from the other three national
operators and caused both AT&T and Verizon to more aggressively
adapt and respond to offerings, such as equipment installment and
unlimited data plans. T-Mobile's wireless business has roughly
similar wireless scale with more postpaid subscribers compared to
AT&T, but is materially smaller than Verizon. Given the strong
subscriber momentum underpinned by its Un-carrier branding
strategy, Fitch expects T-Mobile could continue to take greater
postpaid share than Verizon or AT&T.

Verizon's rating reflects the relatively strong wireless
competitive position, as demonstrated by its high EBITDA margins,
low churn, extensive national coverage and lower leverage. AT&T's
rating reflects its large-scale operations, diversified revenue
streams by customer and technology, and relatively strong operating
profitability.

The acquisition of Sprint's 2.5 GHz spectrum materially increased
T-Mobile's mid-band spectrum position to roughly 3x more than
Verizon or AT&T prior to the C-Band auction. On Feb. 24, 2021, the
Federal Communications Commission (FCC) announced the winning
bidders in the C-Band spectrum action. Verizon was the most
aggressive participant, winning licenses with a total value of
$45.5 billion out of just over $81 billion spent by operators in
the entire auction. Verizon will acquire nationwide spectrum with
an average depth of 161 MHz, more than doubling the company's
existing holdings of licenses for low- and mid-band spectrum.

AT&T won licenses with a total value of $23.4 billion. AT&T will
acquire spectrum totaling about 80 MHz nationwide, including 40 MHz
in the first phase. The first 40 MHz of spectrum is expected to
become available after December 2021 after an accelerated clearing
process, with the remainder available after December 2023. T-Mobile
won licenses with a total value of $9.3 billion totaling about 27
MHz nationwide.

Fitch expects near-term leverage for Verizon and AT&T will be
elevated following the C-band auction given spending levels. For
Verizon, Fitch anticipates the company's delevering path will
return gross core telecom leverage (based on Fitch adjustments) to
2.5x or below by the end of 2024 based on Verizon's commitment of
directing cash flow to delevering until it achieves its target
metrics. Fitch does not anticipate share repurchase activity during
its 2021-2024 forecast horizon.

For AT&T, Fitch expects debt reduction and a modest rebound in core
EBITDA during 2021-2023 that could lead to an improvement in AT&T's
credit profile, with gross core telecom leverage (based on Fitch
adjustments) reaching approximately 3.0x by the end of 2023.

T-Mobile has a moderately larger scale than Charter Communications
Operating, LLC's 'BB+'/Stable, with a relatively similar profile
for leverage when comparing T-Mobile's adjusted core telecom
leverage to Charter's gross leverage. T-Mobile has materially lower
secured leverage than Charter.

KEY ASSUMPTIONS

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

-- Revenues growing in the low single digits over the forecast to
    2023;

-- EBITDA (less leasing revenue) in the upper-teen range in 2021,
    growing over the forecast period to at least the mid $20
    billion range in 2023. There could be upside to Fitch's EBITDA
    expectations if T-Mobile continues good operating momentum and
    synergy realization;

-- FCF ramping over the forecast period to more than $10 billion
    in 2023;

-- Adjusted core telecom leverage in the mid-4x range in 2021 and
    low-4x by YE 2022.

RATING SENSITIVITIES

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

-- Strong execution and progress on Sprint integration plans
    while limiting disruption in the company's overall operations
    that materially reduces execution risk;

-- A strengthening operating profile as the company captures
    sustainable revenue and cash flow growth due to realized
    synergy cost savings, and continued strong operating momentum
    due to increased branded post-paid subscribers;

-- Reduction and maintenance of core telecom leverage (total
    debt/EBITDA based on Fitch adjustments) below 3x and lease
    adjusted core telecom leverage (total adjusted debt/EBITDAR
    based on Fitch adjustments) below 4.0x.

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

-- Additional leveraging transaction, or adoption of a more
    aggressive financial strategy that increases core telecom
    leverage beyond 4x and lease-adjusted core telecom leverage
    beyond 5x on a sustained basis in the absence of a credible
    deleveraging plan;

-- Weakening of parent support that results in Fitch assessing a
    moderate linkage no longer exists;

-- Perceived weakening of its competitive position; lack of
    execution on integration plans or failure of the current
    operating strategy to produce sustainable revenue,
    strengthening of operating margins and cash flow growth.

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

Strong Liquidity: Fitch views T-Mobile's liquidity position as
strong, with approximately $4.5 billion of pro forma cash at the
end of 2020 including adjustments for net proceeds from the January
2021 offering, additional payment of approximately $8.9 billion for
C-band spectrum, net proceeds from the proposed offering and the
redemption of the 6.5% senior notes due 2026. T-Mobile also
maintains an undrawn $5.5 billion five-year secured revolving
credit facility that supports the management of liquidity risks
throughout the merger integration period. The $2 billion proposed
issuance combined with balance sheet cash will be used by the
company to pay the $9.4 billion that was bid for spectrum in the
C-band auction.

T-Mobile has taken material steps to improve the maturity profile
and refinance higher-cost debt during the past 12 months. In June
2020, the company issued $4 billion senior in secured notes to
reduce a portion of the larger debt maturity towers within the
capital structure in 2021, 2024 and 2025. In early October 2020,
T-Mobile used proceeds from a $4 billion senior secured notes
issuance to fully repay the $4 billion secured term loan. At the
end of October 2020, T-Mobile issued an additional $4.75 billion
senior secured notes. Net proceeds from the issuance were used for
general corporate purposes including the refinancing of existing
indebtedness. Long-term debt maturities from 2021 to 2023 include
$4.3 billion, $5.6 billion and $6.4 billion, respectively.

Fitch expects FCF generation to increase materially, driven by the
realization of run-rate cost synergies and a moderation in capital
spending in the fourth year. Fitch's forecast assumes FCF ramping
over the forecast period to more than $10 billion in 2023.

SUMMARY OF FINANCIAL ADJUSTMENTS

To determine core telecom leverage of the pro forma company, Fitch
applied a 2-1 debt/equity ratio to the handset receivables (leasing
and EIP), after adding back off balance-sheet securitizations.
Operating EBITDA excludes leasing revenue.

Tower Obligations: Fitch's treatment typically capitalizes the
annual operating lease charge using a standard 8x multiple to
create a debt equivalent. The operating lease expense for
T-Mobile's tower obligation is included in the annual rent expense.
Therefore, Fitch excluded the tower obligations from the total debt
quantum, as the analysis incorporates the obligation in total
adjusted debt metrics that includes capitalized operating lease
expense.

Added back off-balance debt related to service receivables and EIP
receivables facilities at T-Mobile.

Added back proceeds from securitization of accounts receivable from
cash flow from investing to cash from operations.

When appropriate to the issuer's business model, Fitch may present
additional ratios to supplement the core approach. T-Mobile's
rental expense is high compared with its telecom peers given a
denser cell network deployment related to the deployment of higher
band spectrum. Consequently, Fitch supplements T-Mobile's core
unadjusted credit metrics with lease-adjusted metrics. As part of
these adjustments, Fitch re-categorized right of use asset
amortization and interest associated with finance leases.

ESG CONSIDERATIONS

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


T-MOBILE USA: S&P Assigns 'BB' rating on New $3BB Senior Notes
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level and '3' recovery
ratings to U.S. wireless provider T-Mobile USA Inc.'s proposed $3
billion of senior notes due 2026, 2029, and 2031. The '3' recovery
rating indicates its expectation for meaningful (50%-70%; rounded
estimate: 65%) recovery in the event of a payment default. T-Mobile
USA is a wholly-owned subsidiary of T-Mobile US Inc.

The company intends to use $2.0 billion of the net proceeds from
this offering to acquire spectrum licenses pursuant to the Federal
Communication Commission (FCC) C-Band spectrum auction, with any
remainder to be used first to redeem its 6.5% senior Notes due 2026
and then for refinancing existing indebtedness on an ongoing
basis.

Following the completion of the recent auction of licenses in the
3.7 gigahertz (GHz)-4.2 GHz band, T-Mobile announced that it will
spend $9.3 billion on an average of 27 megahertz (MHz) of
nationwide spectrum. The company will spend another $1.2 billion on
satellite incentive payments and relocation costs.

S&P said, "As a result, we expect T-Mobile's adjusted debt to
EBITDA to be in the mid-4x area in 2021, up from about 4x in 2020,
and for free operating cash flow (FOCF) to debt to be around 5%-6%.
We expect leverage to decline to the low-4x area in 2022 because of
the realization of cost synergies and service revenue growth, which
will be partially offset by one-time integration expense. We
believe T-Mobile has good prospects to reduce leverage to the
mid-3x area by 2023 as synergies ramp up and merger costs wind
down, coupled with service revenue growth.

"We could raise our rating on T-Mobile over the next year if the
company progresses on its integration of Sprint, which would be
evidenced by successful realization of about $2.7 billion-$3.0
billion of projected cost synergies in 2021 while maintaining
postpaid churn of about 1%. Any upgrade would also need to be
accompanied by adjusted leverage declining to below 4x on a
sustained basis and FOCF to debt trending toward 10%."


TELEPHONE AND DATA: Egan-Jones Keeps B+ Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 12, 2020, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Telephone and Data Systems Incorporated.

Headquartered in Chicago, Illinois, Telephone and Data Systems,
Inc. is a diversified telecommunications company.



TIOGA ISD: Moody's Assigns Ba3 Issuer Rating, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 issuer rating to Tioga
Independent School District, Texas. The issuer rating reflects the
district's ability to repay debt and debt-like obligations without
consideration of any pledge, security or structural features.
Concurrently, Moody's has confirmed the Ba3 underlying rating on
the district's general obligation unlimited tax (GOULT) bonds. The
outlook is negative. This action concludes a review for possible
downgrade initiated on January 26, 2021 in conjunction with the
release of the US K-12 Public School Districts Methodology. The
district has $3.4 million of rated GOULT bonds.

RATINGS RATIONALE

The Ba3 issuer rating incorporates substantial leverage and a very
weak financial position with minimal liquidity that has resulted in
the need for cashflow borrowing for the past two years. The rating
also incorporates a limited economy with average resident income
and wealth levels, and rapidly growing enrollment. The rating also
considers our assessment of governance as a key rating driver. The
district does not maintain formal or informal financial or debt
policies, and budgeting of state aid - the largest revenue source -
has been overly optimistic over the past few years resulting in
significant negative budget to actual variances.

The rating assigned to the district's general obligation unlimited
tax bonds is equivalent to the Ba3 issuer rating, based on the
district's unlimited property tax that is dedicated to debt
service.

RATING OUTLOOK

The negative outlook reflects the challenges the district will face
regarding the significant escalation of lease revenue debt service
paid out of the general fund while trying to materially improve
financial performance and reserves. Expenditures will continue to
increase because of growing enrollment, and the state aid
environment is uncertain for the next biennium (fiscal 2022 and
2023) given the economic slowdown caused by the pandemic. Further,
the district will likely need to address capacity issues at the
elementary/middle school by issuing debt. An increase in debt
service would put further financial pressure on the financial
position, especially if paid out of the general fund.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

Return to surplus operations that results in significant
improvement in fund balance and liquidity

Material decline in the long-term liabilities and fixed-costs
ratios

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

Unbalanced operations that lead to a further decline in fund
balance and/or continued reliance on cash flow borrowing

Increase in the long-term liabilities and fixed-costs ratios

LEGAL SECURITY

The district's GOULT debt is payable from an annual ad valorem tax
levied, without legal limit as to rate or amount, against all
taxable property located within the district.

PROFILE

Tioga ISD is in Grayson County (Aa2) about 60 miles north of the
City of Dallas (A1 stable). Current enrollment is approximately 750
and facilities consist of one elementary/middle school and one high
school.

METHODOLOGY

The principal methodology used in these ratings was US K-12 Public
School Districts Methodology published in January 2021.


TM HEALTHCARE: Bid to Use Cash Collateral Denied
------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida,
West Palm Beach Division, has issued an order denying the Motion
for Authority to Use Cash Collateral filed by TM Healthcare
Holdings, LLC and affiliates for the reasons stated on the record
at the evidentiary hearing.

A copy of the order is available for free at https://bit.ly/38Onl1J
from PacerMonitor.com.

                About TM Healthcare Holdings, LLC

TM Healthcare Holdings, LLC, a Stuart, Fla.-based company in the
health care business, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-20024) on September
17, 2020.  The petition was signed by CFO Paul Kamps.  At the time
of filing, the Debtor had estimated assets of less than $50,000 and
liabilities of between $50 million and $100 million.

Judge Erik P. Kimball oversees the case.  

Shraiberg Landau & Page P.A. is the Debtor's legal counsel.
Rinnovo Management LLC, acts as the Debtors' chief restructuring
officer, and Farlie Turner & Co., LLC, as the Debtors' investment
banker.

The Official Committee of Unsecured Creditors has retained Berger
Singerman, LLP as counsel.



TRANSACT HOLDINGS: Moody's Completes Review, Retains Caa1 Rating
----------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Transact 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.

Transact's credit profile reflects the company's small scale,
ongoing very high debt leverage, and Moody's expectations for weak
but improving free cash flow. Caa1-rated Transact, whose
subscription software and services facilitate tuition payments and
small commercial transactions on higher education campuses, is
relatively insulated from the effects of the COVID-19 crisis.
Moody's believes that the company's liquidity, supplemented by
preemptive drawings under its revolving credit facility, is
adequate to sustain operations through the pandemic. The credit
profile is supported by Transact's strong position in the growing
higher education technology space, very high customer and revenue
retention rates, and the largely recession-resistant nature of the
education end-market that the company serves. Moody's believes that
the company has solid growth fundamentals for tuition processing
and commercial transaction processing operations in a normalized
operating environment.

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


TRIDENT BRANDS: Incurs $5.4 Million Net Loss in 2020
----------------------------------------------------
Trident Brands Incorporated filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$5.39 million on $872,923 of net revenues for the 12 months ended
Nov. 30, 2020, compared to a net loss of $12.22 million on $2.15
million of net revenues for the 12 months ended Nov. 30, 2019.

As of Nov. 30, 2020, the Company had $1.93 million in total assets,
$30.34 million in total liabilities, and a total stockholders'
deficit of $28.42 million.

MaloneBailey, LLP, in Houston, Texas, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
March 16, 2021, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raises
substantial doubt about its ability to continue as a going
concern.

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

https://www.sec.gov/Archives/edgar/data/1421907/000147793221001463/tdnt_10k.htm

                        About Trident Brands

Based in Brookfield, Wisconsin, Trident Brands Incorporated, f/k/a
Sandfield Ventures Corp., was initially formed to engage in the
acquisition, exploration and development of natural resource
properties, but has since transitioned and is now focused on
branded consumer products and food ingredients.  The Company is in
the early growth stage and has commenced commercial activities
following a period of organization and development of its business
plan.


TRIMAS CORP: Moody's Rates New $350MM Unsec. Notes 'Ba3'
--------------------------------------------------------
Moody's Investors Service affirmed TriMas Corporation's ratings,
including its Corporate Family Rating and Probability of Default
Ratings at Ba2 and Ba2-PD, respectively. Concurrently, Moody's
assigned a Ba3 rating to the company's proposed $350 million senior
unsecured notes due 2029. Moody's affirmed the Ba3 rating on the
company's existing $300 million notes that the rating agency
expects to withdraw at closing of the proposed transaction. The
speculative grade liquidity rating remains SGL-1. The ratings
outlook is stable.

Moody's expects proceeds from the proposed $350 million senior
unsecured notes to be used to redeem the company's existing $300
million senior unsecured notes, pay transaction-related fees and
expenses, and for general corporate purposes.

RATINGS RATIONALE

The ratings affirmations reflect the leverage neutral nature of the
proposed transaction as well as Moody's expectation that TriMas
will maintain its conservative leverage profile with debt/EBITDA at
2.5x. Healthy annual free cash generation and the company's
demonstrated favorable operating performance, even amid the
coronavirus pandemic, are also supportive of the ratings
affirmations.

All ratings are subject to Moody's review of final documentation.

Assignments:

Issuer: TriMas Corporation

Senior unsecured notes due 2029, assigned Ba3 (LGD4)

Affirmations:

Issuer: TriMas Corporation

Corporate Family Rating, affirmed Ba2

Probability of Default Rating, affirmed Ba2-PD

Existing senior unsecured notes due 2025, affirmed Ba3 (LGD4) (to
be withdrawn at transaction close)

Outlook Actions:

Issuer: TriMas Corporation

Outlook, Remains Stable

TriMas' Ba2 CFR reflects its record of good annual free cash
generation as well as end-market diversity spanning its packaging
segment to its aerospace and specialty products businesses. The
company also possesses well-established brands and a good market
position. Moody's expects TriMas to benefit from certain favorable
longer-term industry dynamics in the company's packaging segment
which include ongoing global demand for personal care and hygiene
products as well as food & beverage. Further, the company benefits
from record performance in TriMas' packaging segment (largest
segment comprising over half of revenues).

At the same time, TriMas' approximate $800 million pro forma
revenue scale is modest compared to certain other large industrial
manufacturers in highly competitive end-markets. Uncertainty
regarding meaningful recovery from coronavirus-induced demand
headwinds in the company's commercial aerospace and industrial
businesses present credit constraints. Moody's expects demand in
the commercial aerospace business to continue to be meaningfully
below 2019 levels due to lower near-term aircraft demand and
related production for the duration of 2021 and into 2022. Moody's
also expects that the company will be able to contend with these
challenges through recent and continued cost reduction actions and
production efficiencies in both business segments.

Despite these pressures, Moody's expects that certain of the
factors underlying the positive momentum in the company's packaging
segment will be sustained. This is due to secular changes
supporting continued demand for cleaning products accentuated by
the coronavirus pandemic.

The stable outlook is based on Moody's expectation that the company
will fund share repurchases with excess cash rather than debt.
Moody's also expects that the pace of bolt-on acquisitions will
continue while maintaining its conservative financial leverage with
debt/EBITDA sustained below 3.0x. Moody's also expects that TriMas
will maintain a very good liquidity profile underscored by
continued healthy annual free cash flow.

ESG considerations include corporate governance reflecting a
historically conservative financial policy with strong credit
metrics and solid liquidity able to withstand the current downturn
caused by the coronavirus pandemic. Moody's also expects that the
company will take a measured approach to share repurchases with any
repurchases funded by excess cash flow rather than debt.

Social considerations include worker safety, as Moody's believes
that the company continues to take measures to ensure safety of its
employee base.

The company's speculative grade liquidity rating of SGL-1 denotes
Moody's expectation that the company will maintain very good
liquidity. This will be characterized by good availability under
the company's $300 million revolving credit facility, annual free
cash flow exceeding $50 million, and ample cash balances, while
maintaining good covenant headroom.

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

Moody's would consider a ratings upgrade if the company were to
profitably and meaningfully increase its revenue scale. Improved
end-market fundamentals in the company's aerospace and specialty
products businesses accompanied by organic revenue growth could
also exert upward ratings pressure. Additionally, Trimas would need
to maintain debt/EBITDA near 2.0x and free cash flow/debt
consistently above 10% before Moody's would consider an upgrade.

Ratings could be downgraded if Trimas' operating performance
weakens, or if it adopts a more aggressive financial policy
including debt-financed acquisitions or shareholder remunerations.
More specifically, Moody's would consider a downgrade if
debt-to-EBITDA is sustained above 3.5x or if free cash flow/debt
declines below 10%. A deterioration in liquidity could also result
in a downgrade.

Headquartered in Bloomfield Hills, Michigan, TriMas Corporation is
a diversified industrial manufacturer with operations in three
reporting segments: Packaging, Aerospace and Specialty Products.
Revenues are approximately $770 million.

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.


TRINSEO MATERIALS: Moody's Rates New $450MM Unsecured Notes 'B2'
----------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to the new $450
million senior unsecured notes of Trinseo Materials Operating
S.C.A. Trinseo Materials Operating S.C.A. is a subsidiary of public
company Trinseo S.A. Proceeds from the new notes will be used along
with additional debt and cash to fund the acquisition of the PMMA
business of Arkema for roughly $1.4 billion. Proceeds from the
notes will be held in escrow until the deal closes. The closing of
the transaction is expected to occur in mid-2021. Trinseo's outlook
is negative.

"The PMMA acquisition will roughly quadruple the sales of Trinseo's
Engineered Materials business, but the company's debt will double,"
stated John Rogers, Senior Vice President at Moody's and lead
analyst on Trinseo. "Trinseo intends to sell its synthetic rubber
business to accelerate the reduction in leverage, to the extent
that proceeds exceed management's expectations and significantly
reduce debt, Moody's could potentially return Trinseo's outlook
back to stable."

Assignments:

Issuer: Trinseo Materials Operating S.C.A.

Senior Unsecured Regular Bond/Debenture, Assigned B2 (LGD5)

RATINGS RATIONALE

The B2 rating on Trinseo's new senior unsecured notes reflects its
subordination to the first lien debt in the capital structure and
will be pari passu with Trinseo's existing 2025 Senior notes. The
company's debt is rated two notches below the Ba3 Corporate Family
Rating (CFR) at Trinseo S.A.

Trinseo's Ba3 CFR is supported by its size in terms of revenues and
assets, significant and sustainable market positions in each of its
segments, relatively stable profitability in its specialty
businesses and an experienced management team with a track record
of conservative financial management.

Management is taking significant actions to limit the negative
impact from a credit standpoint by slashing the dividend, halting
share repurchases and focusing on free cash flow generation to
accelerate debt reduction after the acquisition. Trinseo also
expects to generate $50 million of cost synergies over three years
and an additional $25 million in synergies from converting the
business to Trineso's ERP system. Trinseo's management expects to
significantly accelerate debt reduction with the sale of its
synthetic rubber business in 2021 and then use free cash flow to
reduce unadjusted net leverage back to the mid-2x range by 2023.

Trinseo is acquiring the polymethyl methacrylates ("PMMA") and
activated methyl methacrylates businesses from Arkema. PMMA is a
transparent plastic used in a wide range of applications, including
many that overlap with Trinseo's existing compounded resins
businesses (both product lines will become part of the Engineered
Material segment). The business is vertically back integrated into
the monomer MMA, via a production facility in Europe and a long
term cost-based contract in the US. While PMMA is normally
associated with acrylic sheet products, Arkema's PMMA business
generates the majority of its profitability from the sale of
compounded resins used in higher-value applications in auto,
lighting, medical and electronics markets. The Arkema business
suffers from relatively low growth in the US and Europe. Trinseo
expects to generate faster growth by expanding sales into Asia.

Trinseo's Speculative Grade Liquidity rating of SGL-1 reflects
excellent liquidity primarily supported by a cash balance, of
roughly $300 million subsequent to the acquisition and the
expectation that free cash flow will remain positive despite the
slow recovery in demand in Europe. Additionally, the company will
have access to a $375 million revolver maturing in 2026 and a $150
million A/R securitization that is expected to have no outstanding
borrowings and should not be limited by available collateral. The
facility will have a springing covenant in its revolver, which
requires the company to maintain a pro forma first lien net
leverage ratio at a level that has yet to be determined, if greater
than 30% is drawn. The company will likely have no difficulty in
meeting this covenant over the next 12-18 months due to its
elevated cash balance.

The negative outlook reflects the meaningful integration effort
required as Trinseo expands into a new product line and substantial
increase in the size of its Engineered Materials business.
Furthermore, it reflects the impact of increasing global capacity
in styrene and a roughly doubling of balance sheet debt due to the
transaction.

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

An upgrade to the rating is highly unlikely over the next 2-3 years
due to the additional debt incurred to fund the acquisition of the
PMMA business. However, the CFR could be upgraded if Trinseo's
businesses, excluding Polystyrene and Feedstocks, consistently
generates EBITDA of over $450 million, balance sheet debt falls to
roughly $1.5 billion and free cash flow remains above $150 million.
This would also imply that leverage during the next downturn would
not rise above 4x. The rating could be downgraded, if leverage
remains above 4.5x in 2023 or if the company fails to generate free
cash flow on a sustained basis.

ESG CONSIDERATIONS

Environmental, social and governance (ESG) factors are important
considerations in Trinseo's credit quality. The company is exposed
to environmental and social risks typical for a large, diversified
chemical company. The company has below average exposure to
environmental liabilities as they have an indemnification from Dow
(Baa2 stable) on all liabilities prior to the carve-out from Dow in
2010. However, Trinseo does have exposure to styrene, which is
"reasonably anticipated to be a human carcinogen" by the US
regulatory authorities. Given the size of the company's styrene
operations this is a modest credit negative and increases
environmental and social risk.

Moody's noted that many chemicals have received the same
designation or a more severe designation - known to be a human
carcinogen - with minimal impact on the chemical's use in
industrial applications. The concern for styrene, and most other
industrial chemicals, is that consumer behavior can be influenced
by partisan public relations campaigns and non-scientific studies.
In Moody's view, the largest end-use that could be at risk given
this designation would be for polystyrene used in food contact
applications - food packaging and disposable cups and cutlery.
However, this is a small portion of Trinseo's polystyrene business
(about 10%).

Recycling of plastics is a rising social risk causing many
packaging and consumer productions companies to reassess their
package designs and materials. Moody's believes that certain
plastics like polystyrene and PVC may be deselected in these
applications over time in order to lower the cost and increase the
quality of recycled plastics. While polystyrene is easy to recycle
on its own, it can significantly degrade the performance of
recycled plastic when comingled with polyethylene and
polypropylene.

Trinseo's governance-related risks are lower than average as it has
an independent board of directors, detailed reporting requirements,
management's a track record of support for a relative conservative
amount of balance sheet debt (1-2x leverage at the peak of the
cycle).

The principal methodology used in this rating was Chemical Industry
published in March 2019.

Trinseo S.A. is the world's largest producer of styrene butadiene
(SB) latex, the third largest global producer of polystyrene and a
leading producer of engineered polymer blends. Trinseo is also the
largest European producer of SSBR rubber (solution styrene
butadiene rubber) but this business is expected to be divested to
accelerate the reduction in balance sheet subsequent to the
acquisition of Arkema's PMMA business. Trinseo is expected to have
revenues of $3-4 billion depending on petrochemical feedstock
prices.


TRITON WATER: Moody's Rates New $750MM First Lien Notes 'B1'
------------------------------------------------------------
Moody's Investors Service assigned ratings to $1.42 billion of
notes being offered by Triton Water Holdings, Inc. in two tranches.
The notes offering is comprised of $750 million secured first-lien
notes rated B1 and $670 million unsecured notes rated Caa1.
Triton's other ratings, including its B2 Corporate Family Rating,
B2-PD Probability of Default Rating, and B1 senior secured
first-lien bank debt instrument ratings are unaffected. The outlook
is unchanged at stable.

Proceeds from the proposed notes along with proceeds from a $1.8
billion senior secured first-lien term loan that was launched on 8
March 2021 will be used to partially fund the $4.3 billion
acquisition of Nestle Waters North America from Nestle S.A. (Aa3
stable). Triton's owners, private equity firm One Rock Capital
Partners and Metropoulos & Co. will make equity contributions
totaling $1.3 billion in cash.

The following ratings/assessments are affected by the action:

New Assignments:

Issuer: Triton Water Holdings, Inc.

Senior Secured Global Notes, Assigned B1 (LGD3)

Senior Unsecured Global Notes, Assigned Caa1 (LGD5)

The proposed first-lien notes will be pari passu to the previously
launched $1.8 billion seven-year first-lien term loan. The company
is also arranging a $350 million five-year ABL revolving credit
facility (undrawn at close) that will not be rated by Moody's.

The $2.55 billion of first-lien debt instruments in the final
capital structure, including the proposed notes, are rated B1. This
is one notch higher than the B2 Corporate Family Rating, mainly
reflecting the loss absorption provided by the proposed $670
million unsecured notes. Correspondingly, the proposed $670 million
unsecured notes are rated Caa1, two notches below the Corporate
Family Rating, reflecting the effective subordination of the
unsecured notes relative to $2.9 billion of secured debt
instruments in the capital structure, including the unrated $350
million secured ABL facility.

RATINGS RATIONALE

Triton's B2 CFR rating reflects at closing its high financial
leverage, low product diversity, and high execution risk related to
its plans to transition the acquired carve-out business into a
stronger-performing standalone operation. The ratings are supported
by the acquired company's leading market position and leading
regional brands in the US retail bottled water category, which is
heavily price competitive, but also is a gradually growing,
on-trend consumer category.

The ReadyRefresh(R) home and office delivery service, about 25% of
sales, has weakened due to COVID-related commercial closures,
partially offset by strong growth in the residential business. The
office delivery business should recover over the next 18 to 24
months as people gradually return to their workplaces and office
demand normalizes. Finally, ESG is an important rating factor for
the bottled water sector due to growing sustainability concerns
related to the environmental and social impacts of water and land
usage, as well as plastic pollution. Positively, the steady shift
in consumer consumption away from carbonated soft beverages in
North America will continue to benefit the bottled water industry.

Triton will compete against much larger, more diversified and
financially stronger companies in the North America beverages
sector that have greater capacity to fund sustainability
investments and more negotiating leverage with retailers. Triton
also will face heavy price competition from retailer branded and
other private label bottled water.

ESG CONSIDERATIONS

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
consumer sectors from the current weak U.S. economic activity and a
gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous, and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around Moody' forecasts is unusually high. Moody's
regards the coronavirus outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safe1ty.

Governance risks are higher than average due to Triton's private
equity ownership. Moody's expects that financial policies will
remain aggressive with high leverage and the potential for debt
funded acquisitions and cash distributions. However, Moody's also
expects that Triton will benefit from One Rock's operational focus
and Metropoulos' strong track record with business
transformations.

Triton's closing financial leverage will be very high and will
remain high over the next 18 months. Moody's estimates that
debt/EBITDA will approximate 7.3x at closing, based on Moody's
analytic adjustments. The pace of deleveraging will be largely
dependent on Triton's ability to right-size and streamline
operations, and to return the company to sales growth, which will
require heavy cash outlays for restructuring and other investments
over the next 18 months. Moody's expects that free cash flow will
be somewhat constrained by this activity, but will remain
comfortably positive and will rise as transition costs normalize.

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

The stable outlook reflects Moody's expectation that the company
will successfully transition its business to a standalone
operation, which should allow the company to reduce debt/EBITDA
below 7x within 18 months and sustain EBITDA margin of at least 14%
with good liquidity.

Ratings could be upgraded if Triton successfully completes planned
restructuring activity, sustains debt/EBITDA below 6.0x, and
maintains good liquidity, including generating annual free cash
flow approaching $200 million.

Ratings could be downgraded if major operating challenges arise,
liquidity erodes, or if the company pursues a major debt-financed
acquisition. Quantitatively, if the company fails to reduce
debt/EBITDA below 7.0x and generate at least $50 million of free
cash flow annually, a downgrade could occur.

The principal methodology used in these ratings was Global Soft
Beverage Industry published in January 2017.

Headquartered in Stamford, Connecticut, Triton Water Holdings,
Inc., pro forma the acquisition, produces and sells regional spring
water and purified national water brands, through retail sales
channels and through its ReadyRefresh(R) direct-to-consumer and
office delivery services. Key retail brands include Arrowhead, Deer
Park, Ice Mountain, Ozarka, Poland Spring, Zephyrhills, Pure Life,
and Splash. Net sales in fiscal 2020 ended December 31, totaled
approximately $3.5 billion. Triton is owned by private equity firms
One Rock Capital Partners and Metropoulos & Co.


TRONOX LIMITED: Egan-Jones Keeps CCC Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 11, 2021 maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by Tronox Limited. EJR also maintained its 'C' rating
on commercial paper issued by the Company.

Headquartered in Stamford, Connecticut, Tronox Limited operates
mining and inorganic chemical businesses.




TTF HOLDINGS: S&P Assigns B+ Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issuer credit rating to TTF
Holdings LLC (doing business as Soliant Health). At the same time,
S&P assigned its 'B+' issue-level rating and '3' recovery rating to
its secured debt. The '3' recovery rating indicates its expectation
for meaningful (50%-70%; rounded estimate: 55%) recovery in the
event of a default.

S&P said, "The stable outlook reflects our expectation that the
company's organic revenue will rise by the mid-single-digit percent
area in 2021 while its EBITDA margin remains relatively flat in the
mid-teens percent range because of its increased internal
investment in its education and life sciences businesses. We expect
Soliant's adjusted debt leverage to be about 4.4x and forecast free
operating cash flow (FOCF) generation of about $20 million-$25
million in 2021."

Soliant Health has a limited track record since being carved out
from Adecco and modest scale, which are somewhat offset by its
broad business focus and diverse health care end markets.  The
company was carved out by Adecco in 2019 and bought by
private-equity firm Olympus Partners. S&P believes Soliant's
diverse offerings provide it with a modest competitive advantage,
though it does not have the ability to cross-sell its services like
some of its peers. The company's education segment, which accounts
for more than 50% of its EBITDA, places speech language
pathologists, psychologists, occupational therapists, special
education teachers, and other educational specialists on
assignments for a full school year. The company targets special
education directors at individual school districts that struggle to
meet the increasing level of demand and this business is supported
by the elevated federal and state regulation and funding for
special education. Soliant's health care segment, which accounts
for more than 30% of its EBITDA, places specialized high-bill-rate
nurses and allied health professionals in hospitals and other
health care settings, often in less-populated geographies. The
company's life sciences segment places specialized, high-bill-rate
pharmaceutical drug development professionals at small and midsize
biopharmaceutical companies.

The company's diversification played a critical role in enabling it
to avoid much of the disruption stemming from the coronavirus
pandemic that led to elevated volatility for its peers in 2020.
The drastic drop in the demand for roles tied to elective
procedures and the slowdown of life sciences development projects
due to the shift in resources toward addressing the COVID-19
pandemic were offset by a surge in demand for respiratory
therapists and the relative resilience of the education segment.
Many schools continued to pay for special education services even
when the service was provided remotely and a majority of Soliant's
candidates remained on assignment despite school closures. While
the company has not benefited as much from the COVID-19 related
surge pricing for nurses as its peers like AMN Healthcare have, it
has also avoided the negative disruptions experienced by its highly
concentrated competitors, such as Tradesmen International LLC and
Team Health.

S&P said, "The company's main education segment, which we expect it
will focus most of its investment on, benefits from the strong
governmental support for special education.  The U.S. Department of
Education's Individuals with Disabilities Education Act (IDEA)
ensures public education is made available to eligible children
with disabilities and that special education and related services
are provided to those children. More specifically, it governs how
states and public agencies provide early intervention, special
education, and related services to children with disabilities.
Soliant focuses on small and midsize districts that lack the
infrastructure to meet their hiring needs. Through its Blazerworks
managed service provider (MSP), the company also offers to manage
the full needs of a school or school district's special education
professionals. Finally, through VocoVision, its proprietary
teletherapy platform, Soliant offers specialized telehealth
services to schools. According to the American
Speech-Language-Hearing Association (ASHA), schools are currently
the most common setting in which telepractice services are
delivered due, in part, to the shortages of clinicians in some
districts and the distances between schools in rural areas.

"We project Soliant's leverage will remain near the 4x-5x range as
its expansion strategy, which focuses largely on securing new
education contracts, supports above-industry-average EBITDA
margins.  The company's strategy and services are differentiated by
its focus on highly specialized professionals with higher bill
rates that are often located in less-populated geographies than
those of its staffing peers. Because of its focus on niche
industries and geographies, Soliant realizes higher EBITDA margins
than many of its peers.

"The stable outlook reflects our expectation that Soliant's organic
revenue will rise by the mid-single-digit percent area in 2021
while its EBITDA margin remains relatively flat in the mid-teens
percent range because of its increased internal investment in its
education and life sciences businesses. We expect the company's
adjusted debt leverage to be about 4.4x and forecast FOCF of about
$20 million-$25 million in 2021.

"We could lower our rating on Soliant if its operating performance
deteriorates or it experiences issues related to its carve-out that
cause its EBITDA margins to materially underperform our base-case
assumptions, leading to FOCF to debt of less than 5%. Under this
scenario, we would expect the company to sustain leverage of more
than 5x. We could also lower our rating if Soliant pursues a more
aggressive acquisition strategy than we expect will cause its
adjusted leverage to remain above 5x.

"We do not expect to raise our rating on Soliant over the next 12
months. However, we could consider an upgrade if the company
materially scales its business operations and increases its
diversity while maintaining leverage of less than 5x and generating
a high level of free cash flow."


TUTOR PERINI: S&P Ups ICR to 'B+' on Better Operating Performance
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on engineering
and construction company Tutor Perini Corp. to 'B+' from 'B'. The
outlook is stable.

S&P said, "At the same time, we raised our issue-level rating on
the company's term loan to 'BB' from 'BB-'. The '1' recovery rating
indicates our expectation of very high (90%-100%; rounded estimate:
95%) recovery in the event of a payment default. We also raised our
rating on the company's unsecured notes to 'B-' from 'CCC+'. The
recovery rating remains '6', indicating our expectation of
negligible (0%-10%, rounded estimate 5%) recovery. The stable
outlook reflects our expectation for continued improved credit
measures, assuming stable operating performance and cash flows for
the full year 2021, with adjusted debt to EBITDA of about 3x.

"Following better than previously expected operating performance in
2020, we assume Tutor Perini maintains its improved credit measures
through 2021. Revenue in 2021 should benefit from Tutor Perini's
existing backlog of large civil infrastructure projects on the West
Coast and other projects in Guam. However, this will be offset by
certain large civil projects in the Northeast completing or nearing
completion in 2021. We anticipate earnings weighted more heavily in
the second half of 2021 due to the timing of large project
activities, as well as typical business seasonality, as in previous
years. We expect Tutor Perini to generate continued good free
operating cash flow (FOCF) in 2021, driven by profitability from
complex, large-scale civil projects in its backlog. Ongoing dispute
resolution efforts could further contribute to FOCF in 2021."

While the company benefitted from good operating performance in
2020 in spite of the pandemic, new revenue streams could be delayed
as a result. The majority of the company's projects, especially in
its civil segment, have been designated as essential business,
allowing the company to continue its work on those projects.
However, the COVID-19 pandemic has caused a lack of available
manpower, a reduction in field labor productivity, and delays in
project schedules, resulting in incremental costs, most of which
the company seeks to recover from its customers. The pandemic has
also led to delays in project bids and contract awards, which could
negatively affect future revenue and operating performance. Despite
this, the company's customer demand remains strong, based on
elevated prospective project levels.

S&P said, "In our view, Tutor Perini has a good market position in
the highly competitive and cyclical engineering and construction
sector. The company is one of the largest engineering and
construction firms in the U.S. Tutor Perini had a considerable
backlog of $8.3 billion as of Dec. 31, 2020, in its civil,
building, and specialty contractor segments, which provides some
revenue visibility because cancellation rates have historically
been low. However, we view the engineering and construction
industry as exhibiting significant risk because of cyclical end
markets, the potential for significant swings in earnings and cash
flow, and possible charges for cost overruns on fixed-price
contracts. For example, the company had a large charge and losses
in its specialty contractors segment in 2019.

"The stable outlook reflects our expectation for continued improved
credit measures, assuming stable operating performance and cash
flows for the full year 2021.

"We could raise our rating on Tutor Perini over the next 12 months
if the company established a track record, absent meaningful
project losses, and its operating performance remained good, due to
continued project execution in its higher-margin civil segment,
leading to an adjusted debt-to-EBITDA metric well below 3x and an
FOCF-to-adjusted-debt ratio above 15% on a sustained basis. This
would provide adequate cushion for underperformance in the event of
cost overruns, including unanticipated cost increases on fixed
price and guaranteed maximum price contracts, and lead to an
improved assessment of cash flow adequacy. We would also need to
believe that the company were committed to a financial policy of
maintaining these metrics.

"We could lower our rating over the next 12 months if, during a
period of stress, we came to expect that its adjusted
debt-to-EBITDA metric would deteriorate and increase above 5x or if
FOCF to adjusted debt fell below 5% on a sustained basis."


TWITTER INC: Egan-Jones Keeps B+ Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on March 9, 2021, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Twitter, Inc.

Headquartered in San Francisco, California, Twitter, Inc. provides
online social networking and microblogging service.





UBIOME INC: Founders Indicted in Fraud Case
-------------------------------------------
A federal grand jury handed down a 33-page indictment on March 18,
2021, charging Zachary Schulz Apte and Jessica Sunshine Richman
with multiple federal crimes including conspiracy to commit
securities fraud, conspiracy to commit health care fraud, money
laundering, and related offenses in connection with alleged schemes
to defraud health insurance providers and investors raise to
capital for now-bankrupt microbiome testing company uBiome.  

The announcement was made by Acting U.S. Attorney Stephanie M.
Hinds, Federal Bureau of Investigation Special Agent in Charge
Craig D. Fair, U.S. Postal Inspection Service (USPIS) Inspector in
Charge Rafael Nunez; U.S. Department of Health and Human Services
Office of the Inspector General (HHS-OIG) Special Agent in Charge
Steven J. Ryan; Defense Criminal Investigative Service (DCIS)
Western Field Office Special Agent in Charge Bryan D. Denny; U.S.
Department of Veterans Affairs, Office of Inspector General (VA
OIG) Special Agent in Charge is Jason P. Root; Amtrak Office of the
Inspector General Special Agent In Charge, Western Field Office,
Thomas M. Hopkins; Office of Personnel Management Office of
Inspector General (OPM-OIG) Deputy Inspector General Performing the
Duties of the Inspector General Norbert E. Vint.

According to the indictment, Apte, 36, and Richman, 46, both of
whom resided in San Francisco at relevant times, co-founded uBiome
in October 2012.  Initially, uBiome offered a direct-to-consumer
service, called "Gut Explorer," which allowed an individual to
submit a fecal sample that uBiome would analyze in its laboratory
and produce a report comparing the customer's microbiome to the
microbiomes of others who had submitted fecal samples to uBiome,
all for less than $100.  The indictment describes how the
defendants eventually expanded uBiome's business model to include
development and marketing of "clinical" tests regarding the gut and
vaginal microbiomes, which tests would ostensibly be used by
medical professionals to make medical decisions and as to which
uBiome would seek reimbursement from health insurance providers in
amounts up to nearly $3,000.  The indictment alleges that Apte's
and Richman's efforts to have uBiome develop clinical tests that
could be billed to insurance companies were intended to attract
large-scale venture capital investment.  By late 2015, shortly
before it raised millions of dollars in its "Series B" fundraising
round, uBiome began to market a "clinical" version of a test.
Thereafter, the indictment alleges that Apte and Richman caused
uBiome to employ various methods to secure health care provider
orders for its clinical gut test and clinical vaginal test,
including by having its Chief Medical Officer review test requests
from customers and endeavoring to build a network of health care
providers external to uBiome.

"The innovation that emerges from our Bay Area companies is
unparalleled," said Acting U.S. Attorney Hinds, "but all innovation
must exist within the boundaries of the law. T[he] indictment
alleges that in their efforts to move fast to drive business and
investment capital to their microbiome start up, defendants turned
a blind eye to compliance and pursued at all costs a path designed
to bring the greatest investment in their company. The indictment
alleges defendants bilked insurance providers with fraudulent
reimbursement requests, a practice that inevitably would result in
higher premiums for us all.  Further, defendants cashed out on the
investment that flowed into the company to benefit themselves.
T[he] indictment is a cautionary tale about the importance of
robust compliance programs rather than lip service, and the
importance of honesty with investors."

"This was the result of a very complex investigation conducted by
the FBI and our federal and state partners," said FBI Special Agent
in Charge Fair. "This indictment illustrates that the heavily
regulated healthcare industry does not lend itself to a 'move fast
and break things' approach, but rather to an approach of compliance
and accountability."

"The United States Postal Inspection Service has a long history of
successfully investigating complex fraud cases," said USPIS
Inspector in Charge Nunez.  "Anyone who engages in deceptive
practices should know they will not go undetected and will be held
accountable.  The collaborative investigative work on this case
conducted by Postal Inspectors, our law enforcement partners, and
the United States Attorney's Office illustrates our efforts to
protect American consumers and businesses."

"The announced indictment is a crucial step forward in holding
accountable those who, among other things, allegedly engaged in
fraudulent schemes against TRICARE, the Department of Defense's
healthcare system for military members and their families," said
DCIS Special Agent in Charge Denny. "DCIS will continue to work
with its law enforcement partners to see this matter through in
order to protect the best interests of the Department of Defense
and the American public."

"This indictment demonstrates the VA OIG's unwavering commitment to
safeguard the integrity of the programs that support our nation's
veterans and their families" said VA OIG Special Agent in Charge
Root.

"We are very proud of this well-coordinated, joint effort—a true
partnership between the U.S. Attorney's Office and multiple
investigative agencies like Amtrak's Office of Inspector General,"
said Amtrak OIG Special Agent in Charge Hopkins. "Because of this
joint effort and efforts like it, we continue to achieve success
across the country in bringing justice to those who target Amtrak's
health care plan, its employees and their dependents."

"The OPM OIG is committed to investigating unscrupulous providers
that take advantage of the system and defraud the American
taxpayer," said OPM OIG Deputy Inspector General Vint.

The indictment describes how the defendants ultimately adopted
several fraudulent practices with respect to its clinical tests.
Specifically, according to the indictment, the defendants
developed, implemented, and oversaw practices designed to deceive
approving health care providers and reimbursing insurance providers
regarding tests that were not validated and not medically
necessary.  Further, the indictment alleges the defendants
falsified documents and lied about and concealed material facts
when insurance providers asked questions to which truthful answers
would reveal the fraudulent nature of uBiome's billing model.  The
indictment alleges such practices included (1) fraudulently
submitting reimbursement claims for re-tests or re-sequencings of
archived samples (referred to internally at uBiome as "upgrades");
(2) utilizing a captive network of doctors and other health care
providers who fraudulently were given partial and misleading
information about the test requests they were reviewing; (3)
fraudulently submitting reimbursement claims with respect to tests
that had not been validated under applicable federal standards
and/or for which patient test results had not yet been released;
(4) manipulating dates of service to conceal uBiome's actual
testing and marketing practices from insurance providers, and to
maximize billings; (5) fraudulently not charging patients for
patient responsibility required by insurers, and instead, in some
cases, incentivizing them with gift cards, and then making false or
misleading statements about, or concealing, those practices from
insurance providers; and (6) falsifying documents, using the
identity of doctors and other health care providers without their
knowledge or authorization, and lying to insurance providers in
response to requests for information, overpayment notifications,
requests for recoupment of billings, denials of reimbursement
requests, or audits investigating uBiome's billing practices.  The
indictment alleges that, between 2015 and 2019, uBiome submitted
more than $300 million in reimbursement claims to private and
public health insurers.  Of these reimbursement claims, uBiome was
paid more than $35 million.

The indictment also includes allegations that defendants oversaw an
effort to deceive and mislead investors about various aspects of
uBiome's business during its Series B and Series C fundraising
rounds, which occurred primarily in 2016 and 2018, respectively.
Specifically, the indictment alleges defendant misled investors
about (1) the success of uBiome's business model in terms of
revenues and reimbursement rates; (2) the threats to future
revenues represented by uBiome's failure to collect patient
responsibility, marketing of upgrades, and reliance a captive group
of health care providers to generate orders; and (3) the lack of
clinical utility and acceptance in the medical community of
uBiome's tests.  The indictment alleges that the defendants failed
to disclose to investors, and otherwise concealed from investors,
that "not only were insurance providers' questions about and
responses to uBiome's billing practices calling uBiome's entire
business model into question, but [defendants] had had to falsify
documents and lie to insurance providers in order to attempt to
keep them at bay."  The indictment alleges that Apte and Richman
induced investors to invest more than $64 million in uBiome stock
during the Series B and Series C fundraising rounds and,
furthermore, that Apte and Richman together sold investors more
than $12 million of their personal uBiome during those rounds.

In addition to these charges, the indictment contains allegations
that defendants engaged in aggravated identity theft and engaging
in transactions with the proceeds of the specified unlawful
activities of wire fraud and securities fraud (i.e., money
laundering).  With respect to the identity theft charges, the
indictment provides examples of how defendants used the names and
personal information of various health care providers to create
documents for submission to health insurance companies  with
respect to certain uBiome customers during and in relation to the
conspiracy and scheme to defraud those insurers.  With respect to
money laundering, the indictment alleges Apte used more than
$10,000 of proceeds of the scheme to defraud investors to make a
$2,250,000 payment ostensibly to a law firm for a retainer and to
deposit $500,000 into a bank account.  Also with respect to money
laundering, the indictment alleges Richman used more than $10,000
of proceeds of the scheme to defraud investors to make payments
related to real property in Washington State and Florida, to
purchase an annuity from a life insurance company, to pay a law
firm $2,000,000 ostensibly for a legal retainer, and to transfer
funds in the amount of $900,000 intended as partial payment for the
purchase of a residence in south Florida.  

The court may order additional terms of supervised release, as well
as additional monetary penalties and restitution.  However, any
sentence following conviction would be imposed by the court only
after consideration of the U.S. Sentencing Guidelines and the
federal statute governing the imposition of a sentence, 18 U.S.C.
Sec. 3553.

An indictment merely alleges that crimes have been committed, and
defendants are presumed innocent until proven guilty beyond a
reasonable doubt.  

The defendants' initial federal court appearances have not yet been
scheduled.

The case is being prosecuted by the Special Prosecutions Section of
the U.S. Attorney's Office for the Northern District of California.
The prosecution is the result of an investigation by the FBI,
USPIS, HHS-OIG, DCIS, VA-OIG, Amtrak-OIG; OPM-OIG; and the U.S.
Department of Labor, Employee Benefits Security Administration,
with assistance from the California Department of Justice Division
of Medi-Cal Fraud & Elder Abuse and the California Department of
Insurance.  The U.S. Attorney's Office and all the federal law
enforcement agencies also thank the San Francisco Regional Office
of the Securities and Exchange Commission (SEC).  The SEC conducted
a parallel investigation.

                      About uBiome Inc.

uBiome, Inc. -- https://ubiome.com/ -- is a microbial genomics
company founded in 2012. uBiome combines its patented proprietary
precision sequencing with machine learning and artificial
intelligence to develop wellness products, clinical tests, and
therapeutic targets. uBiome has filed for over 250 patents on its
technology, which includes sample preparation, computational
analysis, molecular techniques, as well as diagnostic and
therapeutic applications.  uBiome and its non-debtor foreign
affiliates currently employ approximately 100 individuals, of which
35 are located in the United States, 37 in Chile, and 28 in
Argentina.

On Sept. 4, 2019, uBiome, Inc., sought Chapter 11 protection
(Bankr. D. Del. Case No. 19-11938).  The Debtor was estimated to
have assets of $50 million to $100 million and liabilities of $10
million to $50 million as of the bankruptcy filing.

The Hon. Laurie Selber Silverstein is the case judge.

The Debtor tapped Young, Conaway, Stargat & Taylor, LLP as counsel;
Goldin Associates, LLC, as restructuring advisor; and GLC Advisors
& Co., LLC and GCLA Securities LLC as investment banker.  Donlin
Recano & Company, Inc., is the claims agent.

In October 2019, the Bankruptcy Court converted the Chapter 11
bankruptcy case to a Chapter 7 liquidation.


URBAN COMMONS: Seeks to Hire G&B Law as Bankruptcy Counsel
----------------------------------------------------------
Urban Commons Gramercy, LLC seeks approval from the U.S. Bankruptcy
Court for the Central District of California to hire G&B Law, LLP
as its bankruptcy counsel.

The firm will provide these services:

  -- advise the Debtor as to its duties, rights and powers under
the Bankruptcy Code;

  -- represent the Debtor with respect to bankruptcy issues in the
context of its pending Chapter 11 case and represent the Debtor in
contested matters that would affect the administration of the case,
except to the extent that any such proceeding requires expertise in
areas of law outside of the firm's expertise;

  -- assist the Debtor in the negotiation, formulation and
confirmation of a plan of reorganization or a sale of its assets;

  -- render services for the purpose of prosecuting or settling
litigation;

  -- other legal services necessary to administer the bankruptcy
case.

G&B Law will be paid at these rates:

     Partners                $495 to $595 per hour
     Associates              $395 to $495 per hour
     Paralegals               $95 to $275 per hour

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

The firm received a total of $30,000 as a pre-bankruptcy retainer.


Yi Sun Kim, Esq., a partner at G&B Law, 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:

     Yi Sun Kim, Esq.
     James R. Felton, Esq.
     G&B Law, LLP
     16000 Ventura Boulevard, Suite 1000
     Encino, CA 91436
     Tel: (818) 382-6200
     Fax: (818) 986-6534
     Email: ykim@gblawllp.com
            jfelton@gblawllp.com

                   About Urban Commons Gramercy

Urban Commons Gramercy, LLC is a single asset real estate debtor
(as defined in 11 U.S.C. Section 101(51B)).  It owns a fee simple
title to a property located in Los Angeles, having a current value
of $13.50 million.

Urban Commons Gramercy filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case
No. 21-11234) on Feb. 16, 2021.  Howard Wu, authorized
representative, signed the petition.  In the petition, the Debtor
disclosed $13,500,000 in assets and $7,238,825 in liabilities.

Judge Ernest M. Robles oversees the case.

Yi Sun Kim, Esq. at G&B Law, LLP, serves as the Debtor's legal
counsel.


VAIL RESORTS: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable
-------------------------------------------------------------------
S&P Global Ratings affirmed all ratings on Vail Resorts Inc.,
including its 'BB' issuer credit rating, and removed them from
CreditWatch, where S&P placed them with negative implications on
Dec. 15, 2020.

S&P said, "The stable outlook reflects our expectation that Vail
will maintain leverage near our 4.25x downgrade threshold in fiscal
2021. Additionally, under our base-case assumptions we believe Vail
could sustain leverage below this downgrade threshold in fiscal
2022 even if dividends resume and with a moderate amount of
leveraging acquisitions, as well as a normal 2021/2022 ski season
with average snowfall."

Vail could improve leverage to below the 4.25x threshold in fiscal
2022 under normal snowfall conditions, even if it resumes its
shareholder dividend and completes a moderate amount of leveraging
acquisitions. S&P said, "We believe that while Vail's revenue
declined 26% year over year in its second-quarter fiscal 2021, it
could flex its cost structure downward because it could offer fewer
low-margin ancillary services, and it could hold margin
approximately flat compared to the same period in fiscal 2020. We
also believe that the company's third-quarter fiscal 2021 will be
an easy compare to third-quarter 2020 when it had to suddenly shut
down its mountain operations due to COVID-19, which resulted in a
sharp decline in revenue and EBITDA compared to fiscal 2019. We
expect that the company could increase revenue in the
mid-single-digits in fiscal 2021 compared to the prior year. We
also expect that the company's margin will improve in fiscal 2021
compared to 2020 as it anniversaries its third- and fourth-quarter
fiscal 2020, when margin was compressed compared to historic levels
due to sudden COVID-19 shutdowns across its resort portfolio. This
could result in full-year margin in fiscal 2021 higher than the
company's 25% EBITDA margin in fiscal 2020, but lower than its
typical average of slightly above 30%. We believe margin could
improve to historical levels of around 30% in fiscal 2022 under
average snowfall conditions and with operations unimpaired by the
COVID-19 pandemic."

S&P said, "Under these base-case assumptions, we expect the company
to generate Resort Reported EBITDA in the first three quarters of
fiscal 2021 in line with its guidance of $560 million-$600 million,
and we expect the company to maintain leverage in the low-4x area
in fiscal 2021, that leverage could improve further in fiscal 2022
even if the company undertook some leveraging acquisitions and
resumed its dividend in fiscal 2022, and that EBITDA coverage of
interest will be in the high-5x area in fiscal 2021 and higher in
fiscal 2022. However, we believe that much uncertainty remains
around our fiscal 2022 forecast because we believe the company's
revenue and EBITDA are relatively sensitive to snowfall conditions,
and that if winter 2021/2022 snow conditions are poorer than
average leverage could be higher than our base-case forecast. The
same could happen if we believe Vail will undertake a large
leveraging acquisition or pay out higher-than-expected dividends in
fiscal 2022.

"We believe that Vail's Epic Pass products and regional and
drive-to resorts may provide some revenue and EBITDA stability,
even in challenging years for the ski industry. While we expect a
significant impact on the company's ancillary revenue, categories
like food and beverage and ski school as a result of
COVID-19-driven capacity and service restrictions, we believe its
core lift ticket revenue will moderately decline in fiscal 2021.
The percentage of pass product visitation versus daily lift ticket
sales has also shifted to 71% in second-quarter fiscal 2021 from
59% in fiscal 2020. We believe that this mix shift is largely a
result of strong Epic Season and Day Pass sales for the winter
2020/2021 ski season. This could indicate substantial customer
affinity for the company's Epic Pass products, which could
significantly stabilize the company's lift ticket revenue in future
years and reduce revenue and EBITDA volatility going forward. We
also believe that the company's regional drive-to resorts,
including its acquisition of Peak Resorts in 2019, has helped it
moderate the impact of COVID-19-driven travel restrictions so far
in fiscal 2021, and that the transferability of its Epic Pass
products between regional and destination resorts could help it
stabilize revenue and EBITDA in future periods.

"Vail has not committed to or stated a leverage target, and we
believe that large acquisitions or a higher-than-expected dividend
could result in leverage higher than our 2022 forecast. We believe
that large cash balances at companies across the ski industry could
drive up asset prices and result in high acquisition multiples and
leveraging acquisitions. In response to the COVID-19 pandemic, all
of our rated North American ski operators have issued debt to
preserve liquidity in case of mandatory ski resort closures and
other disruptions to the winter 2020/2021 ski season. However, we
believe that these issuers may not have used significant portions
of this liquidity and could potentially use excess cash for
acquisitions. We believe that these large cash balances could
potentially result in competitive bidding for the very limited
supply of existing ski resorts, which could in turn result in high
acquisition multiples. If we believe that Vail will likely complete
leveraging acquisitions resulting in fiscal 2022 lease-adjusted
leverage near or above our 4.25x downgrade threshold, we could
revise our outlook to negative."

Key risks for Vail include its sensitivity to consumer
discretionary spending, fluctuating weather conditions, geographic
concentration in North American markets, and its high fixed-cost
structure under normal operations. S&P believes a large portion of
Vail's revenue comes from its Rocky Mountain and Western North
America resorts during the winter months, and its revenue somewhat
depends on regional seasonal snowfall. Additionally, Vail is
vulnerable to declines in consumer discretionary spending,
especially given that ticket prices and related costs represent
above-average daily leisure spending compared with more
value-oriented alternatives. This was evidenced during the Great
Recession, when revenue dropped approximately 25% peak-to-trough.

S&P said, "The stable outlook reflects our expectation that Vail
will maintain leverage near our 4.25x downgrade threshold in fiscal
2021. Additionally, under our base-case assumptions we believe Vail
could sustain leverage below our downgrade threshold in fiscal 2022
even assuming the dividend resumes, a moderate amount of leveraging
acquisitions in fiscal 2022, and a normal 2021/2022 ski season with
average snowfall.

"We could lower our rating or revise our outlook to negative if we
believed that lease-adjusted debt to EBITDA would remain above
4.25x for a sustained period." This would likely be the result of:

-- Significant leveraging acquisitions;

-- Severe adverse weather conditions during the 2021/2022 ski
season that keep skier visitation at the current depressed levels
of approximately 10%-15% below 2019 levels; and

-- Some margin compression as Vail brings ancillary service costs
back online.

S&P said, "We could raise our rating or revise our outlook to
positive if we had greater confidence that the company would
generate sufficient revenue, EBITDA, and cash flow to reduce
leverage below our 3.25x upgrade threshold, even after resuming
dividend payments and assuming some degree of leveraging
acquisitions."


VALARIS PLC: Gets Court Approval of Reorganization Plan
-------------------------------------------------------
On March 18, 2021, Valaris PLC announced that it has received
approval from the United States Bankruptcy Court for the Southern
District of Texas of its prearranged Plan of Reorganization (the
"Plan").  In addition to Bankruptcy Court confirmation, the Plan
received support from approximately 80% of the Company's unsecured
notes ("Noteholders") and bank lenders representing 100% of the
Company's credit facility claims. In addition, approximately 81% of
the Company's voting shareholders voted to accept the Plan.

"I am pleased that we have received strong support for the
Company's amended plan. This is an important milestone, as it
clears the path for Valaris to emerge from chapter 11 early in the
second quarter. The overwhelming support from our noteholders and
bank lenders shows their confidence in our go-forward strategy and
strength as a company," said Tom Burke, President and Chief
Executive Officer of Valaris. "This achievement would not have been
possible without the continued dedication and loyalty from our
employees, customers, vendors and other partners. We look forward
to emerging swiftly with our strengthened capital structure which,
combined with our high-quality rig fleet and personnel, positions
the company well in a still challenging offshore drilling market."

Upon emergence and implementation of the Plan, Valaris will
eliminate $7.1 billion of existing debt. Valaris will receive a
$520 million capital injection through the issuance of a $550
million secured note maturing in 2028. The note includes the option
of an 8.25% cash coupon, 10.25% half cash, half paid-in-kind coupon
or 12% paid-in-kind coupon, all at the Company's election.

Valaris has also reached an agreement with Daewoo Shipbuilding &
Marine Engineering Co., Ltd. to amend its two newbuild drillship
contracts to extend each delivery date to December 31, 2023, while
giving the company the option to take delivery early or terminate
the contracts on a non-recourse basis.  Final payments for the
VALARIS DS-13 and VALARIS DS-14 are estimated to be approximately
$119 million and $218 million, respectively.

                       About Valaris PLC

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


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

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

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


VERMILION ENERGY: Fitch Affirms 'BB-' LongTerm IDR
--------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of Vermilion Energy Inc. (VET) at 'BB-' and the company's
senior unsecured rating at 'BB-'/'RR4', but maintained the
company's Negative Outlook.

The main driver for the Negative Outlook is the company's high
secured credit facility balance (currently 74% drawn), which stands
out versus U.S. high-yield (HY) exploration and production (E&P)
peers. Balances are trending down (YE 2020: CAD1.555 billion versus
a highwater mark of CAD1.73 billion in Q2), but remain high on an
absolute basis, and a high revolver balance may keep refinancing
risk elevated if inadequately addressed through repayment or other
structural improvements. Headroom on key covenants has also
tightened given higher debt and weaker pandemic-linked results.
Planned revolver repayments to increase headroom are a potential
catalyst for the removal of the Negative Outlook.

VET's rating reflects its diversified international asset base;
above-average price realizations stemming from its exposure to
higher priced international oil and natural gas indices; reasonable
netbacks; moderate base decline rate; and track record of defending
its credit profile. Offsetting considerations include the company's
currently elevated revolver borrowings; limited headroom on
covenants, particularly total debt/EBITDA; moderate size; and lack
of scale in most plays outside North America. The company's
historically high dividend payout is also a consideration but has
been suspended in the current environment.

KEY RATING DRIVERS

Revolver Balance High, But Trending Down: The draw on VET's CAD2.1
billon revolver as of YE 2020 was CAD1.555 billion, $175 million
below its high of CAD1.73 billion in Q2 but still high on an
absolute basis (74%). VET has historically kept higher revolver
balances given its view of the revolver as a cheap funding source.
There are several mitigants to a high balance, including its lack
of a borrowing base, which eliminates the risk of redeterminations;
the lack of springing liens, and a supportive bank group. The
facility was also extended last year to March 2024. Nonetheless,
Fitch views a high revolver balance as a differentiating source of
risk versus peers.

Lower Covenant Headroom: The incorporation of weaker
pandemic-linked results has reduced headroom on key revolver
covenants. As of YE 2020, headroom under the company's tightest
covenant, total debt/EBITDA had shrunk, with leverage of 3.48x
versus a maximum of 4.00x. Fitch expects the metric may tighten
further in Q1 as weaker quarters are incorporated into the LTM
calculation, but should begin to decline relatively rapidly
thereafter as more robust 2021 quarters are included and planned
debt reductions take hold.

Managing for Debt Reduction: VET has announced that debt reduction
and maintaining liquidity is its first financial priority as it
exits the downturn, and to that end it both suspended its dividend,
and announced a capex budget of CAD300 million, which is 17% below
2020 levels. This combination should boost 2021 FCF for debt
repayment materially. The company maintains a long-term goal of net
debt to FFO of less than 1.5x.

Shift to International: While most of VET's 2021 capex budget is
still allocated to North America, the budget represents a shift
towards international, with a 35% increase in international
spending (CAD135 million vs CAD100 million in 2020) and a 37%
decrease in North America relative to 2020. Most 1H21 spending is
focused on gas fields in the Netherlands (1.5 net wells), with
smaller allocations to Croatia and Hungary (1.0 net well each), and
workover activity in France and Germany. North American activity is
focused on condensate-rich gas fields in Alberta (9.6 net wells
planned), Saskatchewan (22.1 net light oil wells), and Wyoming (4
light oil wells, with incremental expansion activity possible in
2H21 if market conditions remain constructive). VET's exploration
and development budget is fully funded at a WTI oil price of
approximately $37/bbl on an unhedged basis. Fitch notes that budget
is moderately below maintenance levels, and will result in an
expected production decline from around 95,190 barrels of oil
equivalent per day (boepd) to the 83-85,000boepd range.

Good Netbacks: VET has above-average cash netbacks among lower
rated E&P peers. As calculated by Fitch, at Sept. 30, 2020, VET's
cash netbacks were CAD12.74/boe, versus CAD5.33/boe for MEG Energy,
CAD11.12/boe for Baytex, and USD 0.29/boe for Southwestern Energy.
VET's netbacks benefit from Brent-linked premiums for international
oil, as well as higher international pricing for natural gas.
Higher margins remain a key credit protection in the current
low-priced environment.

Diversified Asset Base: Vermilion has a unique asset profile given
the high level of geographic diversification relative to its size.
VET's asset base is focused on three main regions: North America,
Europe and Australia, with production split among ten countries,
including Canada, France, the Netherlands, Ireland, Australia,
Germany and the U.S. as well as prospective inventory in Central
and Eastern Europe (Hungary, Croatia, Slovakia). This is linked to
the company's philosophy of seeking out the highest return projects
regardless of location. Geologically, many of the plays tend to be
shallow, lower cost conventional resource plays (France,
Netherlands) or lower cost fracking plays Williston Basin in
Southeast Saskatchewan).

Challenges in Scaling Up: The downside of Vermilion's heavily
diversified portfolio is a limited ability to scale up in most of
its plays outside properties in the U.S. and Canada. This contrasts
with most of the company's shale-centric North American peers,
which are focused on building returns by scaling up in individual
shale basins. VET's growth prospects for its international
portfolio vary significantly, ranging from regions in decline
(Corrib field in Ireland) to areas with good geology and well
prospectivity, but challenging permitting environments (Germany and
Netherlands) to those with good infill and brownfield expansion
opportunities (Australia).

Dividend Reduction: VET historically had a relatively large
dividend, which is unusual for an E&P its size but reflects its
legacy as an income trust. Following the collapse in oil and gas
prices, management cut the dividend by 91%, and then suspended it
entirely in April, conserving approximately CAD400 million per
year. Given this, remaining levers in the event of another downturn
are limited, and would likely include additional capex and
operating cost cuts. Fitch does not believe asset sales are a
viable option for VET given a limited buyer pool.

Refinery Conversion: In September, Total announced plans to convert
its 101,000 barrel per day (bpd) Grandpuits refinery into an
industrial center and discontinue oil refining operations there by
2024. The Grandpuits refinery processes half of VET's French crude
production. While VET has an arrangement to sell the oil to Total
to be used at other refineries, the change is expected to reduce
netbacks by about $5/barrel given higher incremental transportation
fees.

Hedging Program: VET maintains a reasonable hedging program. As of
the end of January, 2021 total volumes were about 30% hedged,
including a larger natural gas hedge (around 70% of European
natural gas and 50% of North American natural gas), but only around
20% of projected oil production. Oil hedges have been impacted by
the strong backwardation in the forward market, which limits
incentives to hedge volumes further out the curve.

DERIVATION SUMMARY

Vermilion's positioning against high-yield peers in the independent
E&P space is mixed. In terms of geographic diversification, VET is
peer-leading with a presence in three regions and ten countries.
However, scale is an issue given this variable approach, and the
company has scale in just one region currently: Canada (59,000boepd
in 2020).

In terms of size, VET is on the smaller end of the spectrum. At
95,500 boepd of production (Q320), it is smaller than peers Murphy
(BB+/Stable; 162,700boepd) and Southwestern Energy (BB/Stable;
400,200boepd), but larger than Baytex (B/Negative, 77,800boepd) and
MEG Energy (B/Stable, 71,500boepd). Production is set to drop
moderately in 2021 as the company lowers capex to maximize FCF for
debt reduction.

Growth prospects are also below average. However, price
realizations and unit economics are above average versus lower
rated peers. At Sept. 30, 2020, VET's cash netbacks were
CAD12.74/boe, versus CAD5.33/boe for MEG Energy, CAD11.12/boe for
Baytex, and USD0.29/boe for Southwestern Energy. VET's netbacks
benefit from Brent-linked premiums for international oil, as well
as higher international pricing for natural gas. Higher margins
remain a key credit protection in the current low price
environment. The company's dividend also sets its credit profile
apart from high-yield peers, although it has been suspended. No
Country Ceiling, parent/subsidiary or operating environment aspects
have an impact on the rating.

KEY ASSUMPTIONS

-- WTI oil price of $42 in 2021, $47 in 2022, and $50 in 2023 and
    2024;

-- Henry Hub natural gas prices of $2.45 per thousand cubic feet
    (/mcf) across the forecast;

-- Production declining from 95,190boepd in 2020 to 84,000boepd
    in 2021 and rising slightly over the remainder of the
    forecast;

-- Capex cut to below maintenance levels of CAD300 million in
    2021, rising to CAD390 million 2021 and CAD410 million
    thereafter;

-- FCF used to repay revolver debt over the life of the forecast;

-- Shareholder dividends suspended until 2024;

-- Fitch also tested the company's credit profile using a range
    of other price scenarios.

RATING SENSITIVITIES

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

To remove the Negative Outlook:

-- Continued trend of material reductions in revolver borrowings
    to increase availability and lower refinancing risk while
    maintaining the leverage profile within rating tolerances

To be upgraded to BB:

-- Production approaching 150mboepd;

-- Improved financial flexibility;

-- Increased scale in existing positions, with greater drilling
    inventory, a higher reserve life and the ability to develop
    new inventory while maintaining high margins;

-- Mid-cycle debt/EBITDA below 2.0x;

-- Mid-cycle FFO leverage below 2.2x.

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

-- Failure to re-establish borrowing headroom over the next
    several quarters through gross debt reduction

-- Impaired financial flexibility;

-- Mid-cycle debt/EBITDA above 3.0x;

-- Mid-cycle FFO leverage above 3.2x;

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

Limited Headroom: VET's current liquidity is tight, and headroom on
key covenants has tightened. Cash and equivalents at Dec. 31, 2020
were CAD7 million, which reflects the company's policy of relying
primarily on the revolver for liquidity needs. The draw on VET's
CAD2.1 billon revolver was still high at YE 2020 at CAD1.555
billion, but is trending in the right direction. Covenant headroom
on the revolver has tightened due to the inclusion of weaker Covid
quarters (total debt/EBITDA rose to 3.48x at YE 2020 vs. a maximum
of 4.0x). Headroom is expected to tighten further in Q1 before
trending downward as stronger post-Covid results are incorporated
into the covenant calculation.

The credit facility was also extended last year to March 2024.
Besides the revolver, the company has no maturities until its
5.625% 2025 notes come due.

ESG CONSIDERATIONS

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


VERSCEND HOLDING: Moody's Completes Review, Retains B3 CFR
----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Verscend Holding Corp. (dba Cotiviti) 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.

Cotiviti's B3 CFR reflects in part the company's growing scale and
track record of successful deleveraging after undertaking
strategic, largely-debt-financed acquisitions. Moody's expects
leverage and free cash flow as a percentage of debt to moderate to
levels more appropriate for the ratings. Revenue slowdowns during
the COVID-19 crisis, due to timing delays caused by pandemic
related cancellations of elective procedures, should reverse as
lock-up guidelines are eased and as telemedicine services are
increasingly employed. Ratings are supported by Cotiviti's
excellent profitability and leading revenue scale in prospective-
and retrospective medical-claims-accuracy solutions.

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


VM CONSOLIDATED: Moody's Affirms B2 CFR on Proposed Refinancing
---------------------------------------------------------------
Moody's Investors Service affirmed VM Consolidated, Inc.'s ("Verra
Mobility") corporate family rating and probability of default
rating at B2 and B2-PD, respectively. At the same time, Moody's
assigned a B1 rating to the company's proposed amended and extended
$650 million senior secured first lien term loan due 2028 and a
Caa1 rating to the proposed $350 million senior unsecured notes due
2029. The company's current $75 million asset based lending (ABL)
facility maturing 2023 will remain in place. Proceeds from the
transaction will be used to acquire Redflex Holdings Limited
("Redflex"), an Australian domiciled manufacturer and service
provider for traffic management products with a large US footprint,
for approximately $128 million, repay its $866 million existing
term loan due 2025, add $6 million of cash to the balance sheet,
and pay related fees & expenses. The company was also assigned a
SGL-1 speculative grade liquidity (SGL) rating. The rating outlook
is stable.

"We view Verra Mobility's acquisition of Redflex as financially
aggressive given modestly higher debt levels pro forma the
acquisition at a time where the company's credit metrics have
weakened following reduced demand for rental cars amid the
coronavirus pandemic," said Moody's AVP-Analyst Andrew MacDonald.
"The commercial services business is expected to remain pressured
until roughly 2023 when global air travel traffic returns to
pre-pandemic volumes; however, we believe Verra Mobility will
maintain good liquidity provisions and return to year-over-year
revenue growth by the second quarter of 2021. The addition of
Redflex also increases the company's size within its core market in
the US and provides opportunity for international growth longer
term."

Affirmations:

Issuer: VM Consolidated, Inc.

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Assignments:

Issuer: VM Consolidated, Inc.

Gtd Senior Secured 1st Lien Term Loan, Assigned B1 (LGD3)

Senior Unsecured Regular Bond/Debenture, Assigned Caa1 (LGD5)

Speculative Grade Liquidity Rating, Assigned SGL-1

Outlook Actions:

Issuer: VM Consolidated, Inc.

Outlook, Remains Stable

The assignment of ratings remain subject to Moody's review of the
final terms and conditions of the proposed financing transaction
that is expected to close around May 2021.

RATINGS RATIONALE

Verra Mobility's B2 CFR reflects the company's small revenue scale,
with about $474 million of revenue for the year ended December 31,
2020 (including the Redflex acquisition), high Moody's adjusted
debt-to-EBITDA leverage of 5.8x at pro forma at close that is
expected to improve to 5x by early 2022. The company will
experience ongoing structural weakness in the global travel
industry that will weigh on the company's earnings through at least
2022. The company has solid EBITDA margins of roughly 46% and high
free cash flow conversion which should generate about $100 million
of free cash flow in 2021. The company also has over $126 million
of cash as of 31 December 2020 pro forma for the transaction. If
cash is used towards profitable acquisitions, which Moody's expects
management will prioritize, leverage would decline. Moody's expects
leverage will modestly increase in the first quarter of 2021 due to
a difficult pre-pandemic comparable; however, it should improve
steadily thereafter driven by the gradual recovery in global travel
in 2021 from increased discretionary consumer spending.

All financial metrics cited reflect Moody's standard adjustments.
In addition, Moody's reclassifies Verra Mobility's capitalized
software costs of approximately $5 million in 2020 as an expense.

Verra Mobility is well positioned within its two niche markets,
tolling solutions and safety cameras, the latter of which will
increase with the addition of Redflex (approximately $80 million or
17% of total revenue). The company's competitive position benefits
from existing connectivity with over 50 tolling authorities that
cover a large portion of toll roads in the US and direct
integration with hundreds of ticket issuing authorities. The safety
segment is less susceptible to macroeconomic conditions, but is
subject to legislation changes in allowing for photo enforcement.
The company has high customer concentration with its top three
customers in the commercial services business representing 32.8% of
2020 revenue. Its top municipal and largest overall customer is the
City of New York Department of Transportation (NYCDOT) at 31.3%.
Verra Mobility has an open receivable of $98.9 million as of FY
2020 with NYCDOT across two contracts on which payment has been
delayed due to administrative and investigative overhang with the
City of New York. While Moody's does not currently expect the
conclusion of the investigation will materially impact the
business, the ability of Verra Mobility to maintain NYCDOT as a
client is a key underpinning of the rating. Customer concentration
is partially mitigated by multi-year contracts and the embedded
nature of its devices and services in the operations of its
customers.

Verra Mobility's SGL-1 rating reflects the company's very good
liquidity profile supported by its ample cash balance of $126
million pro forma for the transaction and expectations for a free
cash flow-to-debt rate in the high single digits. The company's $75
million ABL facility due 2023 is currently undrawn, although its
borrowing base capacity is $48.8 million net of $6.3 million
outstanding letters of credit due to ineligibility of certain
NYCDOT receivables. Moody's expects the company to generate free
cash flow of around $100 million during the next 12 months, which
combined with its existing cash balance should support ongoing
working capital needs, capital expenditures and mandatory term loam
amortization of 1% or $6.5 million. The sole financial covenant in
the credit facility is springing minimum fixed charge coverage
ratio of 1.0x, which is only tested if the availability under the
ABL facility falls below 10% ($7.5 million). The covenant is not
expected to be triggered over next 12 months and, if it was
triggered, the company would be able to comply with a reasonable
cushion.

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

The stable rating outlook reflects Moody's expectation for revenue
and EBITDA improvement by mid-2021 as global air travel volumes
gradually recover with debt-to-EBITDA approaching the low 5x range,
EBITA-to-interest at 3x, and free cash flow-to-debt rates sustained
in the high-single digits during the next 12 to 18 months.

Factors that could support an upgrade include debt-to-EBITDA
sustained below 4x, free cash flow to debt sustained in the high
single digits, successful integration of acquisitions, and further
customer diversification.

Factors that could result in a downgrade include debt-to-EBITDA
above 6x, EBITA-to-interest approaching 1.25x, loss of a
significant customer, deterioration in liquidity, or debt-funded
acquisitions or dividends.

Verra Mobility Corporation (Verra Mobility), headquartered in Mesa,
Arizona, is a technology-enabled services company providing toll,
violation management, and title and registration services for
rental car and fleet management companies and road safety cameras
for municipalities. Reported revenues were $394 million for the
year ended December 31, 2020.

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


VORNADO REALITY: Egan-Jones Keeps BB+ Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company, on March 9, 2021, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Vornado Realty L.P.

Headquartered in New York, New York, Vornado Realty L.P. operates
as a real estate investment trust.



WALKER RADIO: Gets OK to Hire Koerner & Olender as Special Counsel
------------------------------------------------------------------
Walker Radio Group, LLC received approval from the U.S. Bankruptcy
Court for the Northern District of Texas to employ Koerner &
Olender PC as its special counsel.

Walker Radio Group owns the FCC license for the FM radio frequency
of 105.7 and transmits from an antennae tower located in the
northeast Lubbock County, Texas. The station operates under the
moniker, "Red Dirt Rebel" and plays a Texas country format using
the letters KRBL.

The firm will assist Walker Radio Group to transfer control of the
KRBL license to the company, renew the license application and,
upon the sale of the station, prepare the assignment application.

Koerner & Olender will charge at the hourly rate of $350.  The firm
received a retainer in the amount of $10,000.

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

The firm can be reached through:

     James Koerner, Esq.
     Koerner & Olender, P.C.
     11913 Grey Hollow Ct
     North Bethesda, MD 20852
     Phone: +1 301-468-3336
     Email:

                      About Walker Radio Group

Walker Radio Group, LLC filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No.
20-50234) on Dec. 9, 2020.  At the time of the filing, the Debtor
had estimated assets of between $100,001 and $500,000 and
liabilities of between $500,001 and $1 million.  

Judge Robert L. Jones oversees the case.

The Debtor tapped Mullin Hoard & Brown, LLP as its legal counsel,
Koerner & Olender PC as special counsel, and Howard, Cunningham,
Houchin & Turner, LLP as accountant.


WARDMAN HOTEL: Marriott Hotel Wants More Time to Examine Records
----------------------------------------------------------------
Law360 reports that Marriott Hotel Services Friday, March 19, 2021,
asked a Delaware bankruptcy judge to let it examine records
connected to a bankrupt luxury Washington, D.C., hotel it
previously managed and for a deadline extension as it seeks to
challenge the terms of the hotel's bankruptcy financing.

In its motion Marriott claimed Wardman Hotel Owner LLC has not
cooperated with its request for documents and that it therefore
needs both the authority to demand production and another month to
challenge the liens asserted by Wardman and the legal waivers given
to Wardman equity owner Pacific Life under Wardman's
debtor-in-possession financing agreement.

                   About Wardman Hotel Owner

Wardman Hotel Owner, L.L.C., owns Marriott Wardman Park Hotel, a
convention hotel located at 2600 Woodley Road NW, in the Woodley
Park neighborhood of Washington, D.C.

Wardman Hotel Owner, L.L.C., filed a Chapter 11 bankruptcy petition
(Bankr. D. Del. Case No. 21-10023) on Jan. 11, 2021. In the
petition signed by James D. Decker, manager, the Debtor estimated
$100 million to $500 million in assets and liabilities. The Hon.
John T. Dorsey is the case judge.  PACHULSKI STANG ZIEHL & JONES
LLP, led by Laura Davis Jones, is the Debtor's counsel.




WASHINGTON PRIME: S&P Lowers ICR to 'D' on Missed Interest Payment
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Washington
Prime Group Inc. to 'D' from 'CC' and its issue-level ratings on
its unsecured debt and preferred stock to 'D' from 'C'.

Washington Prime Group Inc. has announced that it will not make the
$23.2 million interest payment due Feb. 15, 2021, on its 6.45%
senior notes in the 30-day grace period.

The downgrade reflects Washington Prime's announcement that it will
not make the $23.2 million interest payment due Feb. 15, 2021, on
its 6.45% senior notes in the 30-day grace period, which will lead
to an event of default on March 17, 2021. This could also trigger a
cross default under each of its corporate credit facilities, which
would allow the trustees or holders of at least 25% of the notes to
declare them payable immediately. Likewise, during an event of
default the amounts outstanding under the credit agreements can be
declared immediately due and payable.

While the owners of 67% of the principal amount of the company's
notes have signed a forbearance agreement, which stipulates that
they agree to forbear from exercising their rights related to the
event of default until March 31, 2021, at the latest, S&P
nevertheless views the non-payment of the interest on its senior
notes as a default.

According to Washington Prime, the company continues to engage in
discussions with its lenders. The company also noted that it may
need to restructure its business if it files for chapter 11
bankruptcy protection.

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

-- Health and safety


WASHINGTON PRIME: Swings to $261.8 Million Net Loss in 2020
-----------------------------------------------------------
Washington Prime Group, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$261.82 million on $524.42 million of total revenues for the year
ended Dec. 31, 2020, compared to net income of $2.76 million on
$661.48 million of total revenues for the year ended Dec. 31,
2019.

As of Dec. 31, 2020, the Company had $4.10 billion in total assets,
$3.50 billion in total liabilities, $3.26 million in redeemable
noncontrolling interests, and $601.20 million in total equity.

Ernst & Young LLP, in Indianapolis, Indiana, the Company's auditor
since 2013, issued a "going concern" qualification in its report
dated March 16, 2021, citing that the Company does not expect to
maintain compliance with certain of its current financial
covenants, which could cause the acceleration of principal amounts
due under various debt agreements, and the Company's sources of
liquidity would be insufficient to satisfy such accelerated
obligations if they became due within one year after the date of
issuance of its financial statements.  As a result, the Company has
stated that substantial doubt exists about the Company's ability to
continue as a going concern.

                    Fourth Quarter Financial Results

Net loss attributable to common shareholders for the fourth quarter
of 2020 was $111.4 million, or $(5.24) per diluted share, compared
to a net income of $17.1 million, or $0.81 per diluted share, a
year ago.  The year-over-year difference relates primarily to the
significant impacts of tenant lease modifications and increased bad
debt expense related to delinquent receivables during the fourth
quarter of 2020 due to the ongoing COVID-19 pandemic resulting in
lower YOY revenue of $20.7 million partially offset by lower
recoverable operating expenses of $5.0 million.  Results for the
fourth quarter of 2020 include a non-cash impairment loss of $109.0
million, which compares to $6.3 million of such charges in the same
quarter a year ago.  Other items contributing to the YOY change
include a reduction in gain on sales of outparcels of $9.2 million,
as well as a reduction in gain on extinguishment of debt of $24.7
million, from the same quarter a year ago.

Funds from Operations (FFO) for the fourth quarter of 2020 was
$42.3 million, or $1.69 per diluted share, which compares to $93.2
million, or $3.74 per diluted share, during the same quarter a year
ago.  The YOY decrease in FFO is primarily attributed to reductions
in comparable net operating income (NOI) of $17.7 million for the
portfolio primarily from the negative impact of COVID-19, a $23.1
million gain on debt extinguishment in 2019 (net of default
interest), as well as a decreases in non-cash straight-line income,
fee income and reductions in gains on sales of depreciable real
estate.  Included in FFO during the fourth quarter of 2019 is the
aforementioned net gain on extinguishment of debt of $23.1 million.
When adjusting for this gain, FFO, as adjusted, for the fourth
quarter of 2019 was $70.1 million, or $2.81 per diluted share.
There was no such gain during the fourth quarter of 2020.

Balance Sheet Update

As reported on Feb. 16, 2021, Washington Prime Group, L.P., the
operating partnership of the Company, elected to withhold the $23.2
million interest payment that was due on Feb. 15, 2021 with respect
to WPG L.P.'s Senior Notes due 2024 and, as provided for in the
indenture governing the Notes, to enter the 30-day grace period to
make such payment.  WPG L.P. does not expect to make the Interest
Payment on the last day of such 30-day grace period.  WPG L.P.'s
failure to make the Interest Payment will result in an "event of
default" on March 17, 2021 with respect to the Notes, which will
result in a cross default under each of its corporate credit
facilities.  While the event of default is continuing under the
indenture governing the Notes, the Trustee or the holders of at
least 25% in principal amount of the Notes may declare the Notes to
be due and payable immediately.  While the event of default is
continuing under each of the Credit Agreements, the applicable
administrative agent may, and shall upon the direction of the
requisite lenders, declare the loans thereunder to be immediately
due and payable.

On March 16, 2021, WPG L.P. entered into a forbearance agreement
with certain beneficial owners of more than 67% of the aggregate
principal amount of WPG L.P.'s Notes.  Pursuant to the Notes
Forbearance Agreement, among other things, the Forbearing
Noteholders have agreed to forbear from exercising any rights and
remedies under the indenture governing the Notes with respect to
the default or event of default resulting from the nonpayment of
the Interest Payment, including the failure to pay the Interest
Payment by the end of the 30-day grace period.  The forbearance
period under the Notes Forbearance Agreement ends on the earlier of
March 31, 2021 and the occurrence of any of the specified early
termination events described therein.

In addition, WPG L.P. and certain of its subsidiaries entered into
Forbearance Agreements with respect to the Credit Agreements.
Pursuant to the Bank Forbearance Agreements, among other things,
each of the forbearing lenders under the applicable Credit
Agreement has agreed to forbear from exercising any rights and
remedies under the applicable Credit Agreements with respect to the
Forbearance Defaults (in each case, as defined in the Bank
Forbearance Agreements), including the cross-default resulting from
the Interest Default.  The forbearance period under each of the
Bank Forbearance Agreements ends on the earlier of March 31, 2021
and the occurrence of any of the specified early termination events
as described therein.  WPG L.P. and certain of its subsidiaries
also agreed to additional restrictions in connection with the
Forbearance Agreements.

The Company is continuing to engage in negotiations and discussions
to restructure its capital structure.  The uncertainty associated
with the Company's ability to meet these obligations as they become
due raises substantial doubt about the Company's ability to
continue as a going concern as defined by generally accepted
accounting principles.

The Company said the aforementioned discussions have included
negotiations of the terms and conditions of a financial
restructuring of the existing debt of, existing equity interests
in, and certain other obligations of the Company and certain of its
direct and indirect subsidiaries.  The Restructuring may need to be
implemented in cases commenced under chapter 11 of the United
States Bankruptcy Code.  Although the Company continues to be open
to all discussions with the holders of the Notes and its other
stakeholders regarding a potential Restructuring, there can be no
assurance the Company will reach an agreement regarding a
Restructuring in a timely manner, on terms that are attractive to
the Company, or at all.  The Company expects to continue to provide
quality service to its customers without interruption and work with
its business partners as usual during the course of these
discussions and any potential transaction.

The Company's Board of Directors has made the decision to suspend
the first quarter dividends on its common shares and operating
partnership units as well as with respect to Series H preferred
shares of beneficial interest and Series I-1 preferred units of
Preferred Limited Partnership Interest.  The dividends will be
reviewed quarterly by the Board of Directors.

Due to the aforementioned actions, the Company is not providing
2021 guidance.  In addition, the Company will not host an earnings
conference call this quarter.

The Company ended 2020 with $111 million of cash and cash
equivalents including its share of unconsolidated properties.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1594686/000159468621000006/wpg-20201231.htm

                   About Washington Prime Group

Headquartered in Columbus Ohio, Washington Prime Group Inc. --
http://www.washingtonprime.com-- is a retail REIT and a recognized
company in the ownership, management, acquisition and development
of retail properties.  The Company combines a national real estate
portfolio with its expertise across the entire shopping center
sector to increase cash flow through rigorous management of assets
and provide new opportunities to retailers looking for growth
throughout the U.S. Washington Prime Group is a registered
trademark of the Company.

                          *   *   *

As reported by the TCR on Feb. 22, 2021, Fitch Ratings downgraded
the Long-Term Issuer Default Ratings (IDRs) of Washington Prime
Group, Inc. and Washington Prime Group, L.P. (collectively WPG) to
'C' from 'CC'.  Fitch expects WPG's operating performance to
deteriorate further in the near term.

As reported by the TCR on Nov. 17, 2020, S&P Global Ratings lowered
its issuer credit rating on Washington Prime Group Inc. (WPG) to
'CC' from 'CCC'.  The downgrade reflects the strong likelihood of a
technical default in the near term.

Moody's Investors Service also downgraded the senior unsecured debt
and corporate family ratings of Washington Prime Group, L.P. to
Caa3 from Caa1.  "WPG's Caa3 corporate family rating reflects its
large, geographically diversified portfolio of retail assets, which
includes a mix of enclosed malls (71% of Comp NOI) and open-air
centers (29%) across the US," Moody's said, according to a TCR
report dated June 1, 2020.


WESCO INTERNATIONAL: Egan-Jones Lowers Sr. Unsecured Ratings to B
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 3, 2021, downgraded the
foreign commercial paper and local commercial paper ratings on debt
issued by WESCO International, Inc. to B from A3.

Headquartered in Pittsburgh, Pennsylvania, WESCO International,
Inc. distributes electrical products and other industrial
maintenance, repair, and operating supplies.






WESTERN HERITAGE: Unsecureds to Get Paid 10 Days After Confirmation
-------------------------------------------------------------------
Western Heritage Investments, LLC, filed with the U.S. Bankruptcy
Court for the District of Idaho a Disclosure Statement explaining
its Chapter 11 Plan of Reorganization on March 16, 2021.

The secured lender, National Loan Acquisition Company (NLAC), had
filed a foreclosure action against the Debtor.  After negotiations,
a stay of that foreclosure was agreed to.  When the Debtor was
unable to meet the terms of the extension, the foreclosure was
again noticed for sale.  The Debtor then filed the Chapter 11
proceeding to stop the pending foreclosure and to reorganize.

The Debtor has no income at the present time.  Baljit Nanda, the
sole member and sole owner of the company is personally making
contributions to the company in order to finance ongoing
operations, including the payments called for in the Stipulation
for Adequate Protection.

Class 2 consists of the Secured Claim of Malheur County Property
Taxes. This creditor has pre-petition property taxes due in the
amount of $55,452. Debtor will make monthly payments of $1,000 per
month towards this balance. At the time of a refinance, an investor
making a capital investment in the Debtor or upon sale of the
property the amount owed will be paid in full. Debtor will continue
to make all Post Petition property tax payments as they come due.

Class 3 consists of the Secured Claim of the National Loan
Acquisition Company. This creditor is the major secured lender with
a lien against the subject properties with $671,194 Proof of Claim.
Debtor shall pay to this creditor the sum of $3,505.44 per month.
At the time of a refinance or an investor making a capital
investment in the Debtor, this creditor shall either: 1. Be brought
current pursuant to the loan documents entered into by and between
the Creditor and the Debtor. Or, 2. This creditor shall be paid in
full its remaining balance from the proceeds of the refinance or
infusion of investor capital.

Class 4 consists of Unsecured Claims which will be paid within 10
days after confirmation.

Baljit Nanda will be the manager of the Debtor post confirmation.
In the event he locates an investor the new investor may have a
role in the management of the Debtor, post confirmation.

The Plan Proponent believes that the Debtor will have enough cash
on hand on the effective date of the Plan to pay all the claims and
expenses that are entitled to be paid on that date. Such funds will
be contributions from Baljit Nanda.

A full-text copy of the Disclosure Statement dated March 16, 2021,
is available at https://bit.ly/3tClaGG from PacerMonitor.com at no
charge.

Attorney for the Debtor:

     MARTELLE, GORDON & ASSOCIATES
     Martin J. Martelle
     Luke Gordon
     5995 W. State St. Ste A
     Boise, ID 83703
     Telephone: (208)938-8500
     Facsimile: (208)938-8503
     Email: attorney@martellelaw.com

                About Western Heritage Investments

Western Heritage Investments, LLC is the owner of a fee simple
title to a property located in Vale, Ore., valued at $1.2 million.

Western Heritage Investments filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Idaho Case No.
20-01051) on Dec. 10, 2020.  Baljit Nanda, the managing member,
signed the petition.

At the time of the filing, the Debtor disclosed $1,200,000 in total
assets and $560,142 in total liabilities.

Judge Joseph M. Meier oversees the case.  Martelle, Gordon &
Associates, led by Martin J. Martelle, Esq., serves as the Debtor's
legal counsel.


WHITE RAIN LAUNDRY: Gets OK to Hire James E. Brown as Legal Counsel
-------------------------------------------------------------------
White Rain Laundry, LLC received approval from the U.S. Bankruptcy
Court for the District of Arizona to hire James E. Brown, P.C. as
its legal counsel.

The firm's services include:

     a. analysis of the Debtor's financial situation and
determining a course of action necessary to reorganize
effectively;

     b. preparation of and filing of the statement of affairs,
schedule of assets and liabilities, and plan of reorganization;

     c. representation of the Debtor at the meeting of creditors
and court hearings;

     d. representation of the Debtor in adversary or contested
matters and other court proceedings;

     e. negotiations with the Debtor's creditors and other
parties-in-interest;

     f. preparation of pleadings and documents related to, among
other things, real estate leases and sales of assets; and

     g . other representation as necessary, exclusive of
tax-related matters.

The firm will charge $375 per hour for James Brown, Esq., and $125
per hour for paralegals and other legal assistants.

James E. Brown does not represent interests adverse to the Debtor
and its bankruptcy estate, according to court papers filed by the
firm.

The firm can be reached through:

     James E. Brown, Esq.
     James E. Brown, P.C.
     111 E Highland Ave.
     Phoenix, AZ 85016
     Phone: +1 602-230-1266
     Email: jim@aztaxlaw.com

                     About White Rain Laundry

White Rain Laundry, LLC sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 21-01416) on
Feb. 26, 2021.  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.  

James E. Brown, P.C. serves as the Debtor's legal counsel.


WILDWOOD VILLAGES: March 23 Hearing on Sale of Parcels G069 & G070
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida will
convene a preliminary telephonic hearing on March 23, 2021, at 9:30
a.m., through CourtSolutions LLC to consider the bidding procedures
proposed by Wildwood Villages, LLC, in connection with the sale of
its two parcels of undeveloped agricultural and/or wetlands located
in Sumter County, Florida, consisting of: (a) the western portion
of Parcel ID # G16-069, consisting of approximately 6.24 acres of
vacant farmland ("Parcel G069"); and (b) the entirety of Parcel ID
# G16-070, consisting of approximately 6 acres of vacant farmland
("Parcel G070"), to The Villages Land Co., LLC for $794,032,
subject to overbid.

The hearing may be continued upon announcement made in open Court
without further notice.

The Debtor intends to sell free and clear of all liens, claims
and/or encumbrances.

A copy of the Agreement and the Bidding Procedures is available at
https://tinyurl.com/58dyh4bx from PacerMonitor.com free of charge.

                   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.



WILDWOOD VILLAGES: Villages Buying Parcels G069 & G070 for $794K
----------------------------------------------------------------
Wildwood Villages, LLC, asks the U.S. Bankruptcy Court for the
Middle District of Florida to authorize the bidding procedures in
connection with the sale of its two parcels of undeveloped
agricultural and/or wetlands located in Sumter County, Florida,
consisting of: (a) the western portion of Parcel ID # G16-069,
consisting of approximately 6.24 acres of vacant farmland ("Parcel
G069"); and (b) the entirety of Parcel ID # G16-070, consisting of
approximately 6 acres of vacant farmland ("Parcel G070"), to The
Villages Land Co., LLC, for $794,032, subject to overbid.

The Debtor had and/or does operate three "55 and over" mobile-home
subdivisions.  It also owns 18 parcels of real estate located both
inside and outside those Subdivisions.  Of the Debtor's property
located outside the Subdivisions, most are vacant agricultural
properties and/or wetlands which the Debtor has been unable to sell
or develop pre-petition primarily due to the existence of the Lis
Pendens.  That inability to sell and/or otherwise monetize such
properties has caused the Debtor significantly financial strain and
led, in large part, to the filing of the bankruptcy case.  

The Properties consists of approximately 12.24 acres of vacant and
unplatted agricultural and/or wetlands.  The Properties are
"landlocked" by the Subdivisions to one side, and by other land
already owned by the Stalking Horse Purchaser to the other side.
As such, the only way to access the Properties is through privately
owned lands.  The Properties were first purchased by the Debtor in
2003.  

The Properties are located outside the Subdivisions and are not
subject to any of the former or remaining Deed Restrictions by
which the Subdivisions were established.  Although the Properties
(amid several others) serve as collateral for secured loans
obtained in connection with the Debtor's operation of the
Subdivisions, neither Properties were purchased nor maintained
using any maintenance fees or loan proceeds.  The Properties do not
contain any recreational facilities or common areas used by
residents of the Subdivisions and is not otherwise associated with
the Class Plaintiffs, the Class Action Lawsuit, and/or the
Subdivisions.

The Debtor has reviewed all known actual and putative/disputed
liens, claims and encumbrances on, and other interests clouding
title to the Properties, and intends to sell free and clear of all.
According to public records, the following liens, claims and/or
encumbrances are greater, in the aggregate, than the total value of
the Properties:

     a. Parcel 069 and Parcel 070 are two of four properties that
are cross-collateralized by a duly recorded First Mortgage and
Security Agreement, Assignment of Leases, Rentals and Maintenance
Assessments, and a UCC-1 Financing Statement, dated May 22, 2017,
in favor of Citizens First Bank.  According to the Bank's Proof of
Claim, there was $770,333.73 remaining due on account of the Bank
Loan Documents as of the Petition Date.  The Debtor has also been
making adequate protection payments of $10,350 per month during
this case.  As the anticipated sale proceeds are above the
remaining amount due the Bank, the Debtor believes the Properties
may be undersecured.  The Debtor believes the Bank will consent to
the sale pursuant to Section 363(f)(2).  If not, the Debtor
believes the Properties may be sold free and clear pursuant to
Sections 363(f)(1) and/or (5).

     b. Title to the Properties is clouded by what the Debtor
contends is an unauthorized Notice of Lis Pendens recorded by the
Class Plaintiffs in connection with Class Action Lawsuit claims
"seeking declaratory relief, constructive trust, and imposition of
equitable lien against the Subject Property."  None of those claims
have been adjudicated.  The Lis Pendens was first recorded in 2014
and extended seven (7) times with no bond or conditions.  The Lis
Pendens was last extended on March 11, 2020 and may expire before
the expected closing date.  Regardless, in order to ensure clear
title, the Properties may still be sold free and clear of the
claims upon which the Lis Pendens is premised pursuant to Sections
363(f)(4) and (5).  

     c. Pursuant to a Memorandum of Operating Agreement of VCW
Development LLC, Parcel 069 is subject to a 10-year right of first
refusal ("ROFR") in favor of the Stalking Horse Purchaser.  The VCW
Memorandum was recorded on Dec. 18, 2017 at Book 3347, Page 625, of
the Official Records of Sumpter County, Florida.  The Stalking
Horse Purchaser owns a majority interest in VCW, and the Debtor
owns a 1.18% interest in VCW. Pursuant to the terms of the VCW
Operating Agreement, the Debtor was supposed to contribute Parcel
069 (and other properties) to VCW as its initial capital
contribution, in exchange for which it was supposed to receive a
6.39% interest in the company (and a proportional distribution of
net proceeds from the development and sale of said properties).  In
the event the Debtor was unable to transfer Parcel 069 to VCW with
clear title, its interest in VCW (and the resulting profits) were
reduced to 1.18% and the Stalking Horse Purchaser retained the
ROFR.  The Debtor was unable to transfer clear title to VCW due to
existence of the Lis Pendens, and the ROFR remains a bone fide
interest in and/or encumbrance on Parcel 069.  

     d. The Properties may also be subject to real property taxes,
pro-rated up through the closing date.  The Tax Claim, together
with any other charges comprised of normal and customary closing
costs involved in a commercial real estate transaction, would be
satisfied by the Debtor upon closing of the sale.  

The Debtor intends to sell the Properties pursuant to: (a) a Real
Estate Purchase Agreement, dated March 9, 2021, entered into by and
between the Debtor and the Stalking Horse Purchaser or (b) to the
Highest and Best Bidder at Auction through the sale process
proposed.

The primary material terms of the Purchase Agreement are:

      a. Seller: the Debtor;

      b. Buyer: Stalking Horse Purchaser (or the Highest and Best
Bidder);  

      c. Effective Date: March 9, 2021;

      d. Purchase Price: Total purchase price: $794,032
(projected), paid as follows:

            i. Base Price: $14,010.35 per acre (est. $171,482.40);


            ii. Parcel A Additional Purchase Price: Amount equal to
Stalking Horse Purchaser's "base price" for all lots that it will
build within Parcel G070, net of any sales discounts, the Base
Purchase Price, Stalking Horse Purchaser’s actual total
development costs, sales commissions, multiplied by 50%; and  
            
            iii. Parcel B Additional Purchase Price: Amount equal
to Stalking Horse Purchaser's "base price" for all lots that it
will build within Parcel G069, net of any sales discounts, the Base
Purchase Price, Stalking Horse Purchaser’s actual total
development costs, sales commissions, multiplied by 25%.  

      e. Good Faith Deposit: 20,000;

      f. Payment Terms: Base Price to be paid to the Debtor at
closing.  Additional Purchase Price payments to be paid after
Stalking Horse Purchaser has developed and recovered its actual
development costs (including the Base Purchase Price), at which
time Stalking Horse Purchaser will begin to make Additional
Purchase Price payments to Debtor, in monthly installments, until
paid in full. Additional Purchase Price Payments projected to begin
within 36 months after Closing;  

      g. Free and Clear: The Debtor will convey the Properties to
the Stalking Horse Purchaser free and clear of all liens, claims,
liabilities, encumbrances, and other interests, including, without
limitation, the Lis Pendens and/or underlying claims, which will
attach to the proceeds;

      h. "As-Is, Where-Is": The Properties will be sold in "as is,
where is" condition with all faults and defects, with no
representations, guarantees or warranties express or implied,
except as otherwise stated in the Purchase Agreement;  

      i. Material Non-Monetary Terms: Sale of the Properties is
expressly conditioned upon entry of a Sale Order by the Bankruptcy
Court containing terms acceptable to the underwriting department of
a title company of Stalking Horse Purchaser's choosing, sufficient
to ensure that title to the Properties is no longer clouded or
otherwise subject in any way to the Lis Pendens or the claims
asserted in the Class Action Lawsuit;  

      j. Right of First Refusal: Parcel 069 is subject to a right
of first refusal ("ROFR") in favor of the Stalking Horse Purchaser,
which has agreed to waive the ROFR if it is the successful
bidder/buyer.  

      k. Closing Date: Closing will occur not later than 10-day
following entry of an order by the Bankruptcy Court approving the
sale of the Properties to the Stalking Horse Purchaser pursuant to
the terms and conditions of the Purchase Agreement, unless the
Parties mutually agree to a different date in writing;

      l. Breakup Fee: If a higher and better offer is presented and
approved, the Stalking Horse Purchaser's will be entitled to
recover, on an administrative basis, a breakup fee of 100,000;  

      m. Commissions/Broker Fees: If the Properties are sold to the
Stalking Horse Purchaser pursuant to the Purchase Agreement, Fisher
Auction Co. and Trustee Realty, Inc. ("TRI") will be entitled to a
commission of $12,500, to paid by the Debtor within 20 calendar
days from the Auction date. If the Properties are sold to another
Qualified Bidder or to the Stalking Horse Purchaser pursuant to a
Bid above the current Purchase Price, Fisher Auction and TRI will
be entitled to receive a 6% buyer's premium, which will be added to
the final bid price and included in the total contract price; and

      n. Subject to higher and better offers: yes.

To ensure the estate can derive maximum value from the sale of the
Properties, the Debtor intends to market the Properties for sale
and auction through TIR and Fisher Auction.  Accordingly, it asks
entry of an order approving the form of the Purchase Agreement,
approving the proposed Bidding Procedures, as well as scheduling an
Auction.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: TBD

     b. Initial Bid: In order to qualify as a bid, such Bids must
ensure that the aggregate consideration proposed by the Qualifying
Bidder equal or exceed the total sum of the amount of (i) the
purchase price under the Stalking Horse Agreement, plus (ii) any
break-up fee, expense reimbursement, or other bid protection
provided under the Stalking Horse Agreement, (iii) the 6% buyer's
premium, which will be added to the final bid price and included in
the total contract price, plus (iv) any minimum Overbid Amount,
determined by the Debtor in consultation with Fisher and the
Consultation Parties.

     c. Deposit: $25,000

     d. Auction:  The Auction, if necessary under the Bidding
Procedures, will take place on (TBD) at 10:00 a.m. (ET) at the
offices of counsel for the Debtor, Shapiro, Blasi Wasserman &
Hermann, P.A., 7777 Glades Road, Suite 400, Boca Raton, Florida
33434, or such other place and time as the Debtor will notify all
Qualified Bidders, including, without limitation, the Stalking
Horse Purchaser, counsel for the Stalking Horse Purchaser, and
other invitees.

     e. Bid Increments: $25,000

     f. Sale Hearing: TBD

     g. Sale Objection Deadline: TBD

     h. Closing: Three business days following the entry of the
Final Sale Order

     i. Break-Up Fee: $150,000

The Debtor also asks approval of the Sale Notice.  Within three
business day of the entry of the Bidding Procedures Order, the
Debtor will serve the Sale Notice upon the Sale Notice Parties.

A copy of the Agreement and the Bidding Procedures is available at
https://tinyurl.com/58dyh4bx from PacerMonitor.com free of charge.

The Purchaser:

          THE VILLAGES LAND CO., LLC
          c/o Kelsea Manly
          3619 Kiessel Road
          The Villages, FL 32163

The Purchaser is represented by:

          THE VILLAGES LAND CO., LLC
          c/o Celeste Thacker, Esq.
          3619 Kiessel Road
          The Villages, FL 32163

                   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.



WINDSOR MILLS: Gets OK to Hire MacConaghy & Barnier as Counsel
--------------------------------------------------------------
Windsor Mill Community, LLC received approval from the U.S.
Bankruptcy Court for the Northern District of California to hire
MacConaghy & Barnier, PLC as its legal counsel.

The firm will render these services:

     (a) advise the Debtor regarding matters of bankruptcy law;

     (b) represent the Debtor in proceedings or hearings in the
bankruptcy court;

     (c) assist in the preparation of legal papers and prosecution
of adversary cases;

     (d) advise the Debtor concerning the requirements of the
Bankruptcy Code and Rules relating to the administration of the
Debtor's Chapter 11 case and the operation of its business;

     (e) assist in the negotiation, preparation, confirmation and
implementation of a plan of reorganization; and

     (f) perform all other legal services.

MacConaghy & Barnier will be paid at these rates:

      John H. MacConaghy, Esq.     $500 per hour
      Jean Barnier, Esq.           $450 per hour

The firm received a retainer in the amount of $50,000.

John MacConaghy, Esq., a principal at MacConaghy & Barnier,
disclosed in a court filing that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

MacConaghy & Barnier may be reached at:

      John H. MacConaghy, Esq.
      Jean Barnier, Esq.
      MacConaghy & Barnier, PLC
      645First St. West, Suite D
      Sonoma, CA 95476
      Telephone: (707)935-3205
      Facsimile: (707)935-7051
      Email: macclaw@macbarlaw.com

                   About Windsor Mill Community

Windsor Mill Community is a single asset real estate debtor (as
defined in 11 U.S.C. Section 101(51B)).  It owns a 45 acre
multi-family apartment development site in Windsor, Calif., which
has an appraised value of $45 million.

Windsor Mill Community filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Calif. Case
No. 21-10077) on Feb. 16, 2021.  Robert H. Bisno, authorized
signatory, signed the petition.  In the petition, the Debtor
estimated $45 million in assets and $36.04 million in liabilities.


Judge Roger L. Efremsky oversees the case.

John H. MacConaghy, Esq., at MacConaghy & Barnier, PLC, serves as
the Debtor's legal counsel.


WPX ENERGY: Debt Debacle Prompts Investors to Call Tighter Terms
----------------------------------------------------------------
Molly Smith of Bloomberg News reports that bondholders are calling
on each other to keep companies and their bankers accountable for
loosely written debt documents after they found themselves
defenseless against a redemption of WPX Energy securities at
below-market prices.

The Credit Roundtable, an industry group for bondholders, says that
covenants dictating when issuers are able to buy back debt after
staging an equity offering need to be strengthened, according to an
open letter Friday, March 19, 2021.   Holders take the language to
mean a company raises cash through a public or private share sale.

                       About WPX Energy

Tulsa, Oklahoma-based WPX Energy, Inc., operates in the exploration
and production segment of the oil and gas industry and its
operations are primarily located in Texas, North Dakota, New
Mexico, and Colorado. The Company specialize in development and
production from tight-sands and shale formations in the Delaware,
Williston and San Juan Basins.

Devon Energy Corp. closed its acquisition of WPX Energy Inc. in
January 2021.

WPX Energy, as a wholly-owned subsidiary of Devon Energy, on March
11, 2021, announced that it notified The Bank of New York Mellon
Trust Company, N.A., as trustee (the "Trustee") under that certain
Indenture, dated as of September 8, 2014, between WPX and the
Trustee, of its intention to redeem the aggregate principal amounts
set forth below with respect to $210,000,000 of the 5.250% Senior
Notes due 2027, $175,000,000 of the 5.875% Senior Notes due 2028,
and $315,000,000 of the 4.500% Senior Notes due 2030.  The
redemption price will equal (1) 105.250%, 105.875% and 104.500% of
the principal amount of the 2027 Notes, the 2028 Notes and 2030
Notes being redeemed, respectively, plus (2) accrued and unpaid
interest, if any, up to, but not including, the applicable
redemption date.  "With this redemption we will have executed on
nearly half of our $1.5 billion board authorized debt repurchase
program and we will continue to manage toward our stated leverage
target of 1 times net debt-to-EBITDA or less," WPX said.



WW INTERNATIONAL: Moody's Completes Review, Retains Ba3 CFR
-----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of WW 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 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.

Weight Watchers' Ba3 CFR reflects the company's market leading
scale and excellent brand recognition, but also its history of
subscriber volatility. Moody's believes that the coronavirus
pandemic is reinforcing the viability of the company's emphasis on
and acceleration of digital delivery of its services. Social
distancing restrictions and people's reluctance to gather in groups
have led to sharp reductions in studio subscribers, but have also
caused the company to accelerate its digital transition, which has
been ongoing for years. The ratings take into account leverage
volatility, the company's very good liquidity, and its conservative
leverage targets.

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


YIELD10 BIOSCIENCE: Incurs $10.2 Million Net Loss in 2020
---------------------------------------------------------
Yield10 Bioscience, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$10.21 million on $799,000 of total revenue for the year ended Dec.
31, 2020, compared to a net loss of $12.95 million on $806,000 of
total revenue for the year ended Dec. 31, 2019.

As of Dec. 31, 2020, the Company had $14.52 million in total
assets, $4.99 million in total liabilities, and $9.53 million in
total stockholders' equity.

"In 2020 we continued to execute our business plan, and
successfully achieved key milestones required to utilize Camelina
as a platform crop to produce fuel, food and PHA bioplastic," said
Oliver Peoples, Ph.D., president and chief executive officer of
Yield10 Bioscience. "Among our key accomplishments in 2020 was
securing the collaboration with Rothamsted Research for the
exclusive option to commercialize advanced omega-3 (DHA+EPA)
technology developed as a sustainable solution for the aquaculture
market.  This technology has high product revenue potential and
fills a critical gap in our portfolio between current Camelina seed
products and new products from our PHA bioplastic variety currently
in development.  In 2020, we also advanced E3902, a CRISPR
genome-edited high oil content trait, through two cycles of scale
up and demonstrated proof of concept for producing PHA bioplastic
in the seed of field grown Camelina."

"Permitting for our 2021 field tests is underway for sites in the
U.S. and Canada.  We plan to scale up our two best PHA Camelina
lines for pilot seed processing and product prototyping activities,
designed for use in water treatment and bioplastics.  In addition,
we plan to further scale up seed production of E3902 to enable
larger scale planting as early as 2022."

"Having secured an option on the omega-3 technology and achieved
proof of concept for PHA production in 2020, Yield10 now controls
two high value Camelina product technologies providing us with
strong market differentiation.  The plan going forward is to launch
these products sequentially.  For this reason, in 2021, we have
placed increased emphasis on the development of elite Camelina
winter and spring varieties incorporating key agronomic or input
traits including herbicide tolerance and disease resistance.  These
traits will have priority resourcing going forward as they will be
critical for enabling large acreage adoption of the crop.  We
believe that this elite germplasm will provide a robust commercial
foundation for our omega- 3 and PHA bioplastic traits."

"To create option value for our performance traits, we are
providing access to our novel trait discoveries through research
license agreements to leading seed companies, enabling them to
evaluate our traits in the major commercial crops.  Our GRAIN
platform continues to produce new insights into plant metabolism
and identifying new targets for improving crop content and
performance.  We will continue to engage our research licensees and
support their efforts evaluating traits identified using the GRAIN
platform.  In 2021, we will also support activities at Rothamsted
Research directed towards the ongoing development and evaluation of
omega-3 (DHA+EPA) Camelina lines.  Achieving our goal of making
omega-3 oils through a sustainable, land-based method could drive
demand in the aquaculture feed market."

"Our rigorous financial discipline and strategic deployment of cash
investment in our business in 2020, coupled with the addition of
new capital in early 2021, significantly strengthens our balance
sheet to drive forward and build value in our Camelina business
over the next two years," Peoples said.

                     COVID-19 Impact on Operations

"The Company has implemented business continuity plans to address
the COVID-19 pandemic and minimize disruptions to ongoing
operations.  To date, despite the pandemic, we have been able to
move forward with the operational steps required to execute our
2021 field trials in Canada and the United States.  It is possible,
however, that any potential future closures of our research
facilities, should they continue for an extended time period, could
adversely impact our anticipated time frames for evaluating and/or
reporting data from our field trials and other work we have planned
to accomplish during 2021 and beyond," Peoples said.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1121702/000112170221000010/yten-20201231.htm

                           About Yield10

Yield10 Bioscience, Inc. -- http://www.yield10bio.com-- is an
agricultural bioscience company that uses its "Trait Factory" and
the Camelina oilseed "Fast Field Testing" system to develop high
value seed traits for the agriculture and food industries.  Yield10
is headquartered in Woburn, Massachusetts and has an Oilseed Center
of Excellence in Saskatoon, Saskatchewan, Canada.


YUM! BRANDS: S&P Rates New $1.05BB Senior Unsecured Notes 'BB-'
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '5'
recovery rating to restaurant company Yum! Brand Inc.'s proposed
$1.05 billion senior unsecured notes due 2032. The '5' recovery
rating indicates its expectation for modest recovery to lenders
(10%-30%; rounded estimate: 10%) in the event of default. The
company will draw the offering from its shelf registration
statement filed last year.

The company will use the net proceeds and approximately $40 million
of cash on hand to redeem the outstanding 5.25% $1.05 billion
senior unsecured notes due 2026 issued by Yum's subsidiaries (KFC
Holding Co., Pizza Hut Holdings LLC, and Taco Bell of America LLC)
and pay related premiums, fees, and expenses. The redemption of
these notes, which rank ahead of the parent notes, will reduce the
amount of subsidiary notes outstanding to $750 million. As a
result, S&P revised its recovery rating on Yum's existing senior
unsecured debt to '5' from '6' because of the elimination of $1.05
billion in senior claims, and issue-level ratings were raised to
'BB-' from 'B+'. The ratings on Yum!'s operating subsidiaries'
debt, including the senior secured credit facilities and unsecured
notes, are unchanged.

S&P said, "Our 'BB' issuer credit rating on Yum! reflects our view
of the company's aggressive financial policy, with a stated
consolidated net leverage target of 5x. It also incorporates its
strong competitive position as the world's largest restaurant
company (by units) and highly franchised, asset-light business
model that generated over $50 billion in system sales and $1.1
billion in free operating cash flow during fiscal 2020. We expect
improving system sales volumes, particularly in international
markets, combined with new unit development to drive
high-single-digit percentage EBITDA growth in 2021."

ISSUE RATINGS – RECOVERY ANALYSIS

Key analytical factors

-- S&P's recovery analysis for Yum! Brands simulates a default in
2026 because of a steep decline in revenue and EBITDA, resulting
from a distressed economic environment and a contraction in
consumer discretionary income. This occurs along with a significant
increase in the competitive environment, decline in brand
perception for Yum!'s restaurants, and contraction in its franchise
base.

-- That said, S&P assumes the company would emerge from a
bankruptcy event, because of Yum! Brands' market position, globally
recognized brands and operating scale.

-- S&P values the company on a going-concern basis using a 6x
multiple applied to our projected emergence-level EBITDA, arriving
at an estimated emergence value of about $4.9 billion.

-- The 6x multiple is greater than the peer average multiple
applied to most restaurant peers because of Yum!'s significant
proportion of franchised operations.

-- The recovery and issue-level ratings primarily reflect the
value S&P estimates accrues to the secured credit facilities and
unsecured senior noteholders in our waterfall analysis.

-- Although recovery prospects for the subsidiary senior unsecured
notes are above 70% under our waterfall analysis, S&P applies an
unsecured debt rating cap as we assume that the size and ranking of
debt and nondebt claims will change before the hypothetical
default. The recovery rating is generally capped at '3' for the
'BB' rating category, as S&P assumes additional secured debt would
be added to the capital structure on the path to default.

-- S&P's recovery analysis excludes the securitization group.

Simulated default assumptions

-- Estimated gross enterprise value (EV) at emergence: $4.9
billion

-- Simulated year of emergence: 2026

-- EBITDA at emergence: $816 million

-- EBITDA multiple: 6x

Simplified waterfall

-- Net EV after 5% administrative costs: $4.7 billion

-- Secured debt facility claims: $3.2 billion

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

-- Estimated senior unsecured note claims: $768 million

    --Recovery expectations: 50%-70%; rounded estimate: 65%

-- Estimated subordinated claims: $4.9 billion

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


[*] U.S. Congress Enacts COVID-Related Temporary Bankruptcy Relief
------------------------------------------------------------------
Amy Simon Klug of Holland and Knight wrote an article on Mondaq
titled "United States: Congress Enacts Temporary Bankruptcy Relief
Related To COVID-19."

Congress passed new, temporary bankruptcy relief measures late last
2020 that impact certain commercial landlords and tenants. Among
other things, the new legislation, which was signed into law on
Dec. 27, 2020: 1) extends commercial rent forbearance for certain
small business tenants experiencing material financial hardship
related to the COVID-19 pandemic, 2) lengthens the time period for
commercial tenants to assume or reject a commercial lease, and 3)
establishes protections for certain commercial deferred rental
payment agreements.

               Extended Commercial Rent Forbearance

Description of Change: In general, a commercial tenant in
bankruptcy must pay its rental obligations as they become due
commencing on the date the tenant files for bankruptcy and
continuing through such time that the tenant accepts or rejects the
lease. The new law permits a commercial tenant experiencing
"material financial hardship" due directly or indirectly to
COVID-19 to forbear its obligations to pay rent until the earlier
of 1) 60 days after the date of the order for relief under the
Bankruptcy Code, a period that may be extended for an additional
period of 60 days if the bankruptcy court determines that the
commercial tenant is continuing to experience such material
financial hardship, or 2) the date that the lease is assumed or
rejected. Of note, "Material Financial Hardship" is not defined.

Applicability: The new changes to the bankruptcy code are limited
to cases involving "small business debtors" under Subchapter V of
Chapter 11 of the Bankruptcy Code, which is restricted to
commercial debtors having noncontingent, liquidated debts under
$7.5 million.

Sunset of Bankruptcy Relief: Dec. 27, 2022.

Effect: This change will afford a tenant who successfully
demonstrates to a bankruptcy court that it has experienced a
"material financial hardship" due to COVID-19 to forbear its
obligation to pay rent under its lease for a longer time than was
initially permitted by the bankruptcy code.

           Extended Period for Assumption or Rejection of Unexpired
Commercial Lease

Description of Change: The new law extends the initial time period
for a commercial tenant to assume or reject a lease from 120 days
to 210 days. The prior provisions that provide that the bankruptcy
court may order further extensions of this time period have not
been changed, with the effect that there is an increase of 90 days
within which such a lease may be assumed or rejected.

Applicability: Any Chapter 11 debtor.

Sunset of Bankruptcy Relief: Dec. 27, 2022.

Effect: The extension of time to assume or reject a lease will have
the effect of giving commercial landlords and tenants more time to
discuss whether the lease should be assumed or rejected. Of note,
this extension applies to all debtors, not simply those that are
experiencing financial hardship due to COVID-19.

           Protection for Certain Commercial Deferred Rental
Payment Agreements

Description of Change: Under bankruptcy law, certain payments made
by a tenant to its landlord within 90 days of the bankruptcy filing
are subject to being clawed back into the bankruptcy estate as
"preferential payments." Under the new law, a commercial tenant in
bankruptcy who makes a "covered rental arrearages" payment will be
excluded from preferential treatment in certain situations. A
"covered rental arrearages" payment is a rental payment that has
been deferred or postponed under a commercial lease based on an
amendment to such lease after March 13, 2020.

Applicability: Any Chapter 11 debtor.

Sunset of Bankruptcy Relief: Dec. 27, 2022.

Effect: This change will protect commercial landlords from having
deferred rent payments being clawed back into the bankruptcy estate
and thereby will encourage commercial landlords and tenants to
negotiate rent deferment arrangements to mitigate the impacts of
the COVID-19 pandemic.



[*] U.S. Corporate Bankruptcy Tally Grows by 31 in Early March 2021
-------------------------------------------------------------------
Michael O'Connor and Tayyeba Irum of S&P Global Market Intelligence
report that the pace of U.S. corporate bankruptcies quickened in
early March 2021 from February 2021, even as faster COVID-19
vaccine rollout and government stimulus is brightening the outlook
for many industries.

From March 1-14, 2021, 31 companies entered bankruptcy proceedings,
outpacing the 17 filings in the first two weeks of February 2021
and nearing the 35 bankruptcies recorded during that entire month,
according to S&P Global Market Intelligence data.

So far in 2021, the bankruptcy tally of 112 as of March 14 trails
the year-ago figure of 129. Filings in 2020 hit a 10-year high,
while the year-to-date total in 2021 trails the comparable figure
in all but three of the prior 10 years — 2014, 2015 and 2018.

The new round of filings comes alongside lower odds of default for
U.S. companies across industries, and higher expectations for an
economic recovery. The business models of consumer companies, in
particular, are expected to get a lift from a combination of the
economy reopening and the latest round of stimulus payments.

Social distancing measures have caused restaurant sales to plummet,
but food retail sales have increased, Diya Iyer, an S&P Global
Ratings credit analyst, said in a March 16, 2021 report. Some of
the pandemic-driven changes in consumer dining habits will persist
even as more people get vaccinated and lead to long-term market
share gains for food-at-home companies, Iyer said.

"We expect that most companies in this sector will post sales
increases again in 2021 despite the unusually strong 2020," Iyer
said.

Denver-based HighPoint Resources Corp., a public oil and gas
exploration and production company traded on the New York Stock
Exchange, was one of the largest filings during early March. The
company filed for Chapter 11 bankruptcy protection with a
prepackaged reorganization plan that implements a merger deal with
Bonanza Creek Energy Inc.

The merger and bankruptcy plans were announced in November 2020
with the deal valued at $376 million at the time. A spokesperson
for HighPoint declined to comment beyond previously released
statements. Bonanza did not respond to a request for comment.

The filing prompted S&P Global Ratings on March 16 to lower its
issuer credit rating on HighPoint to D from CC and downgrade all of
its issue-level ratings on HighPoint's debt to D. Ratings expects
to withdraw all of its ratings for HighPoint after 30 days.

HighPoint's bankruptcy is among five in the energy sector announced
in 2021 as of March 14. Companies within consumer discretionary
industries recorded 20 filings so far in 2021, the most of any
sector.

Filings in the consumer discretionary sector in early March 2021
include hotel operator FMT SJ LLC and textile importer and
distributor Matrix International Textile, Inc.

The pandemic hurt business for travel-related industries.
Meanwhile, Importers of all kinds are facing elevated global
container shipping rates following an initial spike in 2020,
according to a March 11 report by Panjiva, which is a business line
of S&P Global Market Intelligence, a division of S&P Global Inc.
Shipping rates rose March 5, 2021 to $4,570 per 40-foot equivalent,
or FEU, up from $1,040 per FEU June 1, 2020, according to a Panjiva
analysis of S&P Global Platts data.

The two weeks to March 14, 2021 also included the high-profile
Chapter 11 bankruptcy filing by Alamo Drafthouse Cinemas Holdings
LLC. The theater chain's founder Tim League on March 3, 2021 signed
an agreement with Altamont Capital Partners, LLC and Fortress
Investment Group LLC to purchase most of Alamo Drafthouse's assets.
Alamo Drafthouse, Altamont, Fortress and League did not respond to
requests for comment.


[^] BOND PRICING: For the Week from March 15 to 19, 2021
--------------------------------------------------------
  Company                     Ticker  Coupon Bid Price   Maturity
  -------                     ------  ------ ---------   --------
BPZ Resources Inc             BPZR      6.50      3.02   3/1/2049
Basic Energy Services Inc     BASX     10.75     19.25 10/15/2023
Basic Energy Services Inc     BASX     10.75     20.33 10/15/2023
Briggs & Stratton Corp        BGG       6.88      8.50 12/15/2020
Bristol-Myers Squibb Co       BMY       4.00    109.29  8/15/2023
Buffalo Thunder
  Development Authority       BUFLO    11.00     50.00  12/9/2022
Celgene Corp                  CELG      4.00    107.77  8/15/2023
Centennial Resource
  Production LLC              CENREP    8.00    101.00   6/1/2025
Centennial Resource
  Production LLC              CENREP    8.00    112.25   6/1/2025
Chinos Holdings Inc           CNOHLD    7.00      0.33       N/A
Chinos Holdings Inc           CNOHLD    7.00      0.33       N/A
Citigroup Global Markets      C         2.00     99.11  3/31/2025
Dean Foods Co                 DF        6.50      2.00  3/15/2023
Dean Foods Co                 DF        6.50      1.93  3/15/2023
Diamond Offshore Drilling     DOFSQ     7.88     24.75  8/15/2025
Diamond Offshore Drilling     DOFSQ     3.45     21.50  11/1/2023
ENSCO International Inc       VAL       7.20     10.09 11/15/2027
Energy Conversion Devices     ENER      3.00      7.88  6/15/2013
Energy Future Competitive
  Holdings Co LLC             TXU       1.00      0.07  1/30/2037
Exela Intermediate LLC /
  Exela Finance Inc           EXLINT   10.00     35.21  7/15/2023
Exela Intermediate LLC /
  Exela Finance Inc           EXLINT   10.00     36.08  7/15/2023
Fleetwood Enterprises Inc     FLTW     14.00      3.56 12/15/2011
Frontier Communications Corp  FTR      10.50     66.00  9/15/2022
Frontier Communications Corp  FTR       8.75     61.00  4/15/2022
Frontier Communications Corp  FTR       6.25     63.00  9/15/2021
Frontier Communications Corp  FTR       9.25     60.00   7/1/2021
Frontier Communications Corp  FTR      10.50     65.84  9/15/2022
Frontier Communications Corp  FTR      10.50     65.84  9/15/2022
GNC Holdings Inc              GNC       1.50      1.25  8/15/2020
GTT Communications Inc        GTT       7.88      7.44 12/31/2024
GTT Communications Inc        GTT       7.88     27.75 12/31/2024
Global Eagle Entertainment    GEENQ     2.75      1.11  2/15/2035
Goodman Networks Inc          GOODNT    8.00     22.50  5/11/2022
Hi-Crush Inc                  HCR       9.50      0.67   8/1/2026
Hi-Crush Inc                  HCR       9.50      0.67   8/1/2026
High Ridge Brands Co          HIRIDG    8.88      1.14  3/15/2025
High Ridge Brands Co          HIRIDG    8.88      1.14  3/15/2025
HighPoint Operating Corp      HPR       7.00     55.06 10/15/2022
J Crew Brand LLC /
  J Crew Brand Corp           JCREWB   13.00     54.74  9/15/2021
JCK Legacy Co                 MNIQQ     6.88      0.14  3/15/2029
Liberty Media Corp            LMCA      2.25     46.13  9/30/2046
MAI Holdings Inc              MAIHLD    9.50     16.50   6/1/2023
MAI Holdings Inc              MAIHLD    9.50     16.50   6/1/2023
MAI Holdings Inc              MAIHLD    9.50     16.50   6/1/2023
MF Global Holdings Ltd        MF        6.75     15.63   8/8/2016
MF Global Holdings Ltd        MF        9.00     15.63  6/20/2038
MTS Systems Corp              MTSC      5.75    108.83  8/15/2027
MTS Systems Corp              MTSC      5.75    109.56  8/15/2027
Masco Corp                    MAS       4.45    113.80   4/1/2025
Masco Corp                    MAS       5.95    104.58  3/15/2022
Masco Corp                    MAS       4.38    113.82   4/1/2026
Mashantucket Western
  Pequot Tribe                MASHTU    7.35     15.75   7/1/2026
Men's Wearhouse LLC/The       TLRD      7.00      1.21   7/1/2022
Men's Wearhouse LLC/The       TLRD      7.00      1.21   7/1/2022
Morgan Stanley                MS        3.36     99.24   4/1/2021
NOV Inc                       NOV       2.60    100.77  12/1/2022
NWH Escrow Corp               HARDWD    7.50     29.27   8/1/2021
NWH Escrow Corp               HARDWD    7.50     29.27   8/1/2021
Navajo Transitional
  Energy Co LLC               NVJOTE    9.00     65.50 10/24/2024
Neiman Marcus Group LLC/The   NMG       7.13      1.00   6/1/2028
Nine Energy Service Inc       NINE      8.75     50.47  11/1/2023
Nine Energy Service Inc       NINE      8.75     50.63  11/1/2023
Nine Energy Service Inc       NINE      8.75     50.58  11/1/2023
Northrop Grumman Corp         NOC       2.55    103.57 10/15/2022
Northwest Hardwoods Inc       HARDWD    7.50     29.22   8/1/2021
Northwest Hardwoods Inc       HARDWD    7.50     29.22   8/1/2021
OMX Timber Finance
  Investments II LLC          OMX       5.54      1.53  1/29/2020
Optimas OE Solutions
  Holding LLC / Optimas
  OE Solutions Inc            OPTOES    8.63     90.00   6/1/2021
Optimas OE Solutions
  Holding LLC / Optimas
  OE Solutions Inc            OPTOES    8.63     90.00   6/1/2021
Pride International LLC       VAL       6.88      7.25  8/15/2020
Pride International LLC       VAL       7.88     10.86  8/15/2040
Renco Metals Inc              RENCO    11.50     24.88   7/1/2003
Revlon Consumer Products      REV       6.25     34.72   8/1/2024
Rolta LLC                     RLTAIN   10.75      1.73  5/16/2018
Sears Holdings Corp           SHLD      8.00      1.41 12/15/2019
Sears Holdings Corp           SHLD      6.63      6.11 10/15/2018
Sears Holdings Corp           SHLD      6.63      2.33 10/15/2018
Sears Roebuck Acceptance      SHLD      7.50      0.90 10/15/2027
Sears Roebuck Acceptance      SHLD      6.75      0.85  1/15/2028
Sears Roebuck Acceptance      SHLD      7.00      0.66   6/1/2032
Sears Roebuck Acceptance      SHLD      6.50      0.79  12/1/2028
Sempra Texas Holdings Corp    TXU       5.55     13.50 11/15/2014
Summit Midstream Partners LP  SMLP      9.50     62.00       N/A
TerraVia Holdings Inc         TVIA      5.00      4.64  10/1/2019
Transworld Systems Inc        TSIACQ    9.50     30.00  8/15/2021
Voyager Aviation Holdings
  LLC / Voyager Finance Co    VAHLLC    9.00     52.25  8/15/2021
Voyager Aviation Holdings
  LLC / Voyager Finance Co    VAHLLC    9.00     50.72  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
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

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

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

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

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

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

                            *********

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

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

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

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

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

                   *** End of Transmission ***