/raid1/www/Hosts/bankrupt/TCR_Public/210323.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Tuesday, March 23, 2021, Vol. 25, No. 81

                            Headlines

1005 LLC: Court Confirms Plan, as Amended
203 W 107 STREET: Hearing on Disclosures Adjourned to April 7, 2021
4YL DEVELOPMENT: Seeks to Hire Miranda & Maldonado as Counsel
5707 HAYES: Seeks Court Approval to Hire Bankruptcy Counsel
950 MEAT & GROCERY: Seeks July 21 Plan Exclusivity Extension

ADVANCED SLEEP: Seeks Approval to Tap Special Corporate Counsel
AGILE THERAPEUTICS: Signs Deal to Sell $50M Worth of Common Shares
AIT WORLDWIDE: S&P Assigns 'B' ICR on Acquisition by the Jordan Co
ALIXPARTNERS LLP: Moody's Hikes CFR to B1, Outlook Stable
ANDRE J. CORMIER, SR.: Filing of Notice of Sale Due on March 25

ANDRE J. CORMIER, SR: Cormier & Sons Buying 3 Properties for $132K
AREU STUDIOS: Wins Confirmation of Plan
ARS REI USA: Unsecureds Owed $2.58M to be Paid in Full
ASP CHROMAFLO: S&P Alters Outlook to Positive, Affirms 'B-' ICR
CAMBER ENERGY: Has 35.4M Outstanding Common Shares as of March 18

CAPITAL TRUCK: $130K Sale of Mack Truck 4987 to Nextran Approved
CARVANA CO: Unit Amends Floor Plan Facility to Reduce Interest Rate
CDT DE SAN SEBASTIAN: Plan & Disclosures Due March 24
CE ELECTRICAL: Seeks Approval to Hire Boatman Law as Local Counsel
CE ELECTRICAL: Seeks to Hire Fox Law as Bankruptcy Counsel

CHEETAH RENTALS: To Seek Confirmation of Plan on April 23
CLEMENTON AMUSEMENT: CRG To Auction NJ Amusement Park on March 23
CLYDE J. SUTTON, JR.: $55K Sale of Shelbyville Property Approved
CMC II: Seeks to Hire Chipman Brown Cicero & Cole as Counsel
CMC II: Seeks to Hire Evans Senior Investments as Broker

CONFIDENCE TRUCKING: Seeks Cash Collateral Access
CONVERGEONE HOLDINGS: Moody's Completes Review, Retains B3 CFR
CRED INC: Seeks to Extend Plan Exclusivity Until May 24
DANNYLAND LLC: $320K Sale of Paducah Property to AAKA Approved
DAVID MICHAEL PETWAY: $145K Sale of Lithonia Property to SFR Okayed

DAVIS SAND: West Michigan Buying 1992 Case W11B Loader for $9K
DEERFIELD DAKOTA: Incremental Loan No Impact on Moody's B3 CFR
DESARROLLADORA VILLAS: To Seek Plan Confirmation April 22
DIAMONDBACK ENERGY: Moody's Alters Outlook on Ba1 CFR to Positive
DIOCESE OF CAMDEN: Committee Says Disclosure Inadequate

DR. PROCTOR: Unsecured Claims to Recover 100% in Plan
DYNATRACE LLC: Moody's Raises CFR to Ba3 on Debt Repayment
EADS LLC: Expects Sale of $6M Property to Pay Claims in Full
EDGEMERE: Fitch Assigns CC Issuer Default Rating
EDWARD HUGHES: Selling Approx. 153 Acres of Land for $6K/Acre

EMERALD GRANDE: April 9 Auction of 1.7-Acre Kanawha Property
EYECARE PARTNERS: Moody's Hikes CFR to B3, Outlook Stable
FADYRO DISTRIBUTORS: Court OKs Deal on Cash Collateral Use
FIGUEROA MOUNTAIN: Court OKs Cash Collateral Deal Thru June 20
FIRST BRANDS: S&P Alters Outlook to Stable, Affirms 'B' ICR

FIRSTENERGY TRANSMISSION: Fitch Rates Sr. Unsecured Notes 'BB+'
FLOYD SQUIRES: March 24 Hearing on Agent's Sale of Eureka Property
FORD MOTOR: Moody's Rates $2BB Sr. Unsecured Notes 'Ba2'
FREEDOM CAPITAL: Allowed Unsecured Claims to Recover 100%
FRICTIONLESS WORLD: April 20 Hearing on Creditors' Plan

FULTON WAREHOUSE: Court Confirms Reorganization Plan, as Modified
FUTURUM COMMUNICATIONS: Case Summary & 20 Top Unsecured Creditors
GARRISON SHORTSTOP: Gets Cash Collateral Access Thru June 18
GERASIMOS ALIVIZATOS: Response to $535K Property Sale Shortened
GETTY IMAGES: S&P Alters Outlook to Stable, Affirms 'B-' ICR

GL BRANDS: Sets Bidding Procedures for Sale of Equity Interests
GLOBAL ACQUISITIONS: Toorak Says Plan Patently Unconfirmable
GLOBAL FOODS: Case Summary & 20 Largest Unsecured Creditors
GLOW HOSPITALITY: Case Summary & 13 Unsecured Creditors
GOOD DEED 317: Court Confirms Plan; Areau to Get Ownership

GORDON BROTHERS: Creditors to Be Paid 100% Over Time
GORHAM PAPER: Plan Exclusivity Period Extended Until June 2
GRACE DENTAL: Gets Cash Collateral Access Thru April 8
GREEN VALLEY: Court OKs Cash Collateral Deal Thru April 2
H & R PROPERTY: Auction of All Business Assets Set for April 14

HANJIN INT'L: Moody's Hikes CFR to B2 & Alters Outlook to Stable
HANKEY O'ROURKE: Gets Cash Collateral Access Thru April 15
HARRAH WHITES: Unsecured Creditors Will be Paid 100% Under Plan
HERC HOLDINGS: Moody's Upgrades CFR to Ba3, Outlook Stable
HESPERUS PEAK: April 21 Combined Hearing on Plans Set

HOLLEY PURCHASER: Empower Merger No Impact on Moody's B3 CFR
HUDBAY MINERALS: Fitch Alters Outlook on 'B+' IDR to Positive
INTERNATIONAL GAME: Moody's Rates New $500MM Secured Notes 'Ba3'
IT'SUGAR FL: Court Extends Plan Exclusivity Thru April 23
JAMES EDWARD HALL: Trustee's Online Auction of Assets Approved

L.S.R. INC: Court Confirms Plan of Liquidation
LEWISBERRY PARTNERS: Gets Cash Collateral Access Thru April 21
MAGNOLIA LANE: Wins Approval of Plan; Unsecureds Get 15%
MAGNUS INDUSTRIES: Court Confirms Amended Plan
MEG ENERGY: Fitch Raises IDR to 'B+', Outlook Stable

MGM GROWTH PROPERTIES: Fitch Affirms 'BB+' LongTerm IDR
MOHELA: Fitch Affirms B Rating on 3 Loan Trusts
MORGAN STANLEY 2011-C3: Moody's Lowers Class F Certs to B3
NATIONS INSURANCE: A.M. Best Withdraws B (Fair) FS Rating
NESCO HOLDINGS II: Moody's Assigns B2 CFR, Outlook Stable

NEW JERSEY ECONOMIC: S&P Lowers Revenue Bonds Rating to 'BB+'
NINE POINT: March 23 Deadline Set for Panel Questionnaires
NMG HOLDING: S&P Assigns 'CCC+' Rating on New Senior Secured Notes
ORION ADVISOR: $100M Term Loan Add-on No Impact on Moody's B3 CFR
PACHECO BROTHERS: Plan Order Amended to Correct Name Mistake

PAR PACIFIC: Equity Offering No Impact on Moody's B1 CFR
PBS BRAND: Unsecured Creditors to Recover 3% to 6% in Plan
PEAKS HOLDINGS: Voluntary Chapter 11 Case Summary
PEZZANO CONTRACTING: Seeks Cash Collateral Access
PRECIPIO INC: To Hold Q4-2020, Year-End Update Call on March 31

PRECISION DRILLING: Fitch Alters Outlook on 'B+' LT IDR to Stable
R.R. DONNELLEY: S&P Affirms 'B' ICR on Improving Adjusted Leverage
RAHMANIA PROPERTIES: Creditors Amend Plan to Address Objection
RED INTERMEDIATECO: Moody's Assigns First Time B3 CFR
RENOVATE AMERICA: Finance of America Wins Auction for Benji

ROBERT J. AMBRUSTER: Appointment of Equity Committee Sought
ROCKPORT DEV'T: $2.6M Sale of South Pasadena Properties to KEM OK'd
RUBY PIPELINE: Fitch Lowers LongTerm IDR to 'CCC+'
SB STARLIGHT: U.S. Trustee Unable to Appoint Committee
SHD LLC: To Seek Plan Confirmation on April 6

SHEA HOMES: S&P Alters Outlook to Stable, Affirms 'B+' ICR
STEVEN FELLER: Wins May 17 Plan Exclusivity Extension
STV GROUP: S&P Cuts ICR to 'B' on Weaker Than Anticipated Revenue
SUMMIT MIDSTREAM: S&P Downgrades ICR to 'CC', Outlook Negative
SUMMIT VIEW: Court Confirms Amended Plan

SUNOPTA INC: S&P Alters Outlook to Positive, Affirms 'B-' ICR
T-MOBILE USA: Moody's Assigns Ba3 Rating to New Sr. Unsecured Notes
TALK VENTURE: Unsecureds Will Recover 3.32% Under 2nd Amended Plan
TAYLOR BUILDING: $23.5K Sale of GMC Sierra 3500 Flatbed Truck OK'd
TEA OLIVE: $1.75M Sale of All Remaining Assets to R.P. Approved

TENEO HOLDINGS: Deloitte Deal No Impact on Moody's B2 Rating
TEREX CORP: Moody's Affirms B1 CFR & Alters Outlook to Stable
TEREX CORP: S&P Rates Proposed $600MM Senior Unsecured Notes 'BB-'
TIDAL POWER: Moody's Rates $405MM Secured Credit Facilities 'Ba2'
TRADE WEST: Court OKs Cash Collateral Deal Thru April 5

TTF HOLDINGS: Moody's Assigns First Time B2 Corp Family Rating
VANTAGE DRILLING: Swings to $276.7 Million Net Loss in 2020
VICI PROPERTIES: Fitch Alters Outlook on 'BB' LT IDR to Stable
VICTOR MAIA: $67.5K Sale of Philly Property Sale to S&Z Approved
VICTOR MAIA: $79K Sale of Philly Property Sale to Indigo Approved

WEX INC: Moody's Affirms Ba2 CFR & Alters Outlook to Stable
YOGAWORKS INC: Unsecured  Creditors Will Recover 2% in Plan
YUM! BRANDS: Moody's Rates New $1.05BB Sr. Unsecured Notes 'Ba3'
ZAANA-17 LLC: $625K Sale of Pelham Property to Bunlong Heng Okayed
[^] Large Companies with Insolvent Balance Sheet


                            *********

1005 LLC: Court Confirms Plan, as Amended
-----------------------------------------
Judge Janice D. Loyd has entered an order (i) confirming 1005 LLC's
Plan filed on Dec. 22, 2020, and each of its provisions, as amended
by the Amendments, and (ii) approving, on a final basis, the
Disclosure Statement, as amended by the Amendments.

All objections are overruled in their entirety.

In order to resolve certain informal objections, and as provided by
the Plan, Debtor announced on the record certain non-material
amendments to the Disclosure Statement and Plan as follows
("Amendments"):

   I. Disclosure Statement:

      a. The First four grammatical paragraphs and the first and
the first and last sentences of the fifth grammatical paragraph on
page 5 of the Disclosure Statement are stricken.

      b. The last sentence of paragraph 3 "Priority Tax Claims" on
page 7 of the Disclosure Statement is amended to read "Other that a
small estimated claim by the Internal Revenue Service, there are no
priority tax claims in this case."

  II. Plan:

      a. Paragraph 3.01 of the Plan is amended to include 507(a)(8)
claims in the list of Class 1 Claims.

      b. Paragraph 4.01 of the Plan is amended to read as follows:


         4.01. Class 1 Claims. There are no known claims in Class
1, except for the estimated claim of the Internal Revenue Service,
but to the extent any are filed, each holder of a Class 1 Claim
shall be paid in respect of such Class 1 Claim in full on the
Distribution Date, to the extent funds are available after payment
of prior claims. If the amount of the Internal Revenue Service
claim is not finally determined by the Distribution Date, then
$15,000.00 shall be held in escrow by the Debtor until such claim
can be determined and paid.

       c. Paragraph 4.02(a) of the Plan is amended to read as
follows:

          4.02. Class 2 Claims. Class 2 Claims shall not be
impaired by the Plan.  Any adequate protection payments ordered by
the Court to be paid to holders of Class 2 Claims shall continue
through the Distribution Date. The Plan shall not alter any legal,
equitable or contractual rights to which each Class 2 Claim
entitles the holder thereof, including all rights provided by 11
U.S.C. Sec. 363(k).  Each holder of a Class 2 Claim shall be paid
in respect of such Class 2 Claim upon the Distribution Date:

          a. Any Allowed Claim owing by Debtor to such holder under
the terms of such Class 2 Claim at contract rates, including
default rates as contractually applicable, (or any documents
evidencing such Class 2 Claim) as of the Distribution Date in full.


          b. A new Paragraph 10.04 shall be added to the Plan as
follows:

10.04. Lease Deposits. The Debtor has accepted deposits from
tenants in a total amount of $30,274.92, which includes a deposit
from Classen Urgent Care Clinic in the amount of $18,735.00. Any
sale of the Property will be subject to an assumption by the
purchaser of the liability for such deposits. Such assumption may
be funded by a reduction in the purchase price. If the Net Sales
Price is less than the Reserve Price, the deposits shall be treated
as general unsecured claims.

                          About 1005, LLC

1005, LLC, an Oklahoma limited liability company, owns and operates
a commercial office building in Moore, Oklahoma.  It has been in
this business since June 2015.  The principal and sole owner of the
company is Amir Farzaneh.

1005, LLC, filed a Chapter 11 petition (Bankr. W.D. Okla. Case No.
20-12631) on Aug. 7, 2020.  In the petition signed by Amir M.
Farzaneh, owner and manager, the Debtor was estimated to have $1
million to $10 million in both assets and liabilities.  Hall Estill
Hardwick Gable Golden & Nelson, P.C., serves as bankruptcy counsel
to the Debtor.


203 W 107 STREET: Hearing on Disclosures Adjourned to April 7, 2021
-------------------------------------------------------------------
In the Chapter 11 cases of 203 W 107 Street LLC, et al., the status
conference and the hearing on the application of the Debtors to
approve their disclosure statement has been adjourned to April 7,
2021, at 10:00 a.m., before the Honorable Lisa G. Beckerman, United
States Bankruptcy Judge, to be conducted telephonically, and that
participants may register to appear at
http://www.court-solutions.com/

                       About the Debtors

203 W 107 Street LLC and 10 other entities affiliated with Emerald
Equity Group sought Chapter 11 protection (Bankr. S.D.N.Y. Lead
Case No. 20-12960) on Dec. 28, 2020.

The Debtors are Single Asset Real Estate entities that each owns a
residential-building property in Manhattan.  They own multi-family
residential buildings on 107th Street and 117th Streets in
Manhattan.  203 W 107 Street LLC, 210 W 107 Street LLC, 220 W 107
Street LLC, and 230 W 107 Street LLC -- collectively, the "107th
Street Debtors" -- own the properties at 107th Street, New York.
124-136 East 117 LLC, 215 East 117 LLC, 231 East 117 LLC, 235 East
117 LLC, 244 East 117 LLC, East 117 Realty LLC, and 1661 PA Realty
LLC -- collectively, the "117 Street Debtors" -- own the properties
at 117th Street.  Currently, there are several hundred tenants
residing in the Properties.

203 W 107 Street disclosed total assets of $7,044,031 against
$102,929,476 in liabilities.  210 W 107 Street disclosed total
assets of $13,607,479 against liabilities of $103,053,340.  220 W
107th Street disclosed total assets of $15,413,641 against debt of
$103,046,384.

The petitions were signed by Ephraim Diamond, chief restructuring
officer.

Emerald retained Arbel Capital Advisors LLC and Ephraim Diamond,
its managing member, to assist Emerald and the Debtors in complying
with their obligations under the Restructuring Support Agreement
with LoanCore.

BACKENROTH FRANKEL & KRINSKY, LLP, led by Mark Frankel, Esq., is
serving as counsel to the Debtors.


4YL DEVELOPMENT: Seeks to Hire Miranda & Maldonado as Counsel
-------------------------------------------------------------
4YL Development, Inc. seeks approval from the U.S. Bankruptcy Court
for the Western District of Texas to hire Miranda & Maldonado, P.
C. as its legal counsel.

The firm's services include:

     a) advising the Debtor with respect to its powers and duties
and the continued operation and management of its business;

     b) attending the initial debtor conference and "Section 41"
meeting of creditors;

     c) preparing legal papers necessary in furtherance of the
Debtor's reorganization;

     d) reviewing pre-bankruptcy executory contracts and unexpired
leases entered into by the Debtor and determining which should be
assumed or rejected;

     e) assisting the Debtor in the preparation of a disclosure
statement, the negotiation of a plan of reorganization with
creditors, and seeking confirmation of the plan;

     f) other legal services necessary to effectuate a
reorganization of the bankruptcy estate.

Miranda & Maldonado will be paid at these rates:

     Carlos A. Miranda, Esq.     $300 per hour
     Carlos G. Maldonado, Esq.   $250 per hour
     Legal Assistant             $125 per hour

The firm received a pre-bankruptcy retainer in the amount of
$10,000.

Miranda & Maldonado does not represent interests adverse to the
Debtor or to the estate in matters upon which it is to be engaged,
according to court papers filed by the firm.

The firm can be reached through:

     Carlos Miranda, Esq.
     Miranda & Maldonado, PC
     2915 Silver Springs Bldg. 7
     El Paso, TX 79912
     Tel: (915) 587-5000
     Email: cmiranda@eptxlawyers.com

                       About 4YL Development

4YL Development, Inc. sought Chapter 11 protection (Bankr W.D.
Texas Case No. 21-30157) on March 1, 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 H. Christopher Mott oversees the case.

Miranda & Maldonaldo, PC, led by Carlos Miranda, Esq., is the
Debtor's legal counsel.


5707 HAYES: Seeks Court Approval to Hire Bankruptcy Counsel
-----------------------------------------------------------
5707 Hayes Street, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Mark Roher,
Esq., an attorney at The Law Office of Mark S. Roher, PA, as its
legal counsel.

Mr. Roher will render these legal services:

     (a) advise the Debtor regarding its powers and duties in the
continued management of its business operations;

     (b) advise the Debtor regarding its responsibilities in
complying with the U.S. trustee's operating guidelines and
reporting requirements and with the court's rules;

     (c) prepare legal documents;

     (d) protect the Debtor's interest 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.

The firm has agreed to represent the Debtor on a pro bono basis and
will not charge any attorney's fees.  The Debtor will only be
responsible for the payment of all costs incurred.

Mr. Roher disclosed in a court filing that he and his firm are
"disinterested persons" as that term is defined in section 101(14)
of the Bankruptcy Code.

The attorney can be reached at:

     Mark S. Roher, Esq.
     Law Office of Mark S. Roher, PA
     1806 N. Flamingo Road, Suite 300
     Pembroke Pines, FL 33028
     Telephone: (954) 353-2200
     Email: mroher@markroherlaw.com

                      About 5707 Hayes Street

5707 Hayes Street, LLC filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
21-12448) on March 15, 2021, listing under $1 million in both
assets and liabilities. Joyce Williams, managing member, signed the
petition.  

Judge Scott M. Grossman oversees the case.  

Mark S. Roher, Esq., at The Law Office of Mark S. Roher, PA serves
as the Debtor's counsel.


950 MEAT & GROCERY: Seeks July 21 Plan Exclusivity Extension
------------------------------------------------------------
Debtor 950 Meat & Grocery Inc. requests the U.S. Bankruptcy Court
for the Southern District of New York to extend the exclusive
periods during which the Debtor may file a plan of reorganization
and to solicit acceptances to and including July 21, 2021, and
September 21, 2021, respectively.

The Debtor leases the Premises under a sublease effective as of
July 20, 2012, with GLC Market Street LLC as sublandlord. The
Debtor filed this bankruptcy case to preserve its most significant
asset, its leasehold interest (the "Sublease"). The Sublease is
necessary for the Debtor's reorganization. As the Court is aware
from prior filings made in this case, GLC initiated a
landlord/tenant action against the Debtor in the Superior Court of
New Jersey, Passaic County under Docket No. PAS-L-1701- 18 (the "NJ
Action"), alleging that the Debtor has committed several different
defaults under the Sublease.

The Debtor disputes and refutes each of GLC's alleged defaults, and
the issue(s) of whether the Sublease is in effect and/or whether
there were defaults that may be cured with monetary payments, is
being heavily contested by the Debtor. As the automatic stay has
been modified to allow the NJ Action to proceed, the parties are
awaiting the trial date which is currently scheduled for June 1,
2021.

Furthermore, on August 31, 2020, the Debtor filed a Motion Seeking
the Assumption of the Sublease (the "Assumption Motion"). The
Debtor, GLC, and General Trading have submitted supplemental
memorandums of law in support of their respective positions. The
Assumption Motion which has been adjourned by the Court sine die,
as many of the issues raised by the parties, may be decided by the
NJ State Court as part of the NJ Action. These issues must be
determined prior to the Debtor being able to confirm a plan of
reorganization.

The Notice of the Application will be given to the Office of the
United States Trustee, counsel for GLC and General Trading, the
Debtor's secured creditors, the top twenty unsecured creditors, and
those parties who have filed notices of appearances in this case. A
prior application for the relief requested herein has previously
been sought.

Accordingly, the Debtor believes that cause exists for an extension
of the Exclusive Periods.

A copy of the Debtor's Motion to extend is available at
https://bit.ly/3d0hnMR from PacerMonitor.com.

                           About 950 Meat & Grocery

950 Meat & Grocery Inc. operates a retail supermarket business at
its place of business located at 946-956 Market Street, Patterson,
New Jersey 07513-1131.

950 Meat & Grocery Inc., based in Paterson, N.J., filed a Chapter
11 petition (Bankr. S.D.N.Y. Case No. 20-10616) on February 27,
2020. In the petition signed by Kent Tavera, president, the Debtor
was estimated to have $1 million to $10 million in both assets and
liabilities.

Previously, the Honorable Stuart M. Bernstein oversees the case.
Now Judge David S. Jones presides over the case. Clifford A. Katz,
Esq., at Platzer Swergold Levine Goldberg Katz & Jaslow, LLP,
serves as bankruptcy counsel to the Debtor.


ADVANCED SLEEP: Seeks Approval to Tap Special Corporate Counsel
---------------------------------------------------------------
Advanced Sleep Medicine Services, Inc. seeks approval from the U.S.
Bankruptcy Court for the Central District of California to employ
Baer, Negrin & Troff LLP as its special corporate counsel.

The Debtor needs the assistance of a special corporate counsel to
negotiate with its primary lender, FirstBank, and with the
landlords whose leases the Debtor is seeking to assume.

Baer, Negrin & Troff will be paid $50,000 as advance retainer.

The discounted hourly rates of the attorneys primarily responsible
for this representation are as follows:

     Sherry Davaie          $495
     Jim Baer               $545
     Amy Gershoony          $375
     Other Attorneys $295 - $595

In addition, the firm will be reimbursed for out-of-pocket expenses
incurred.

James Baer, Esq., a partner at Baer, Negrin & Troff, 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:

     James K. Baer, Esq.
     Baer, Negrin & Troff, LLP
     12400 Wilshire Boulevard, Suite 1180
     Los Angeles, CA 90025
     Telephone: (310) 802-4200
     Email: jim@btllp.com

              About Advanced Sleep Medicine Services

Advanced Sleep Medicine Services, Inc. -- https://www.sleepdr.com
-- has helped patients and physicians across California diagnose
and treat sleep disorders including sleep apnea. Advanced Sleep
Medicine Services is a provider of in-center and in-home (HST)
sleep studies, PAP therapeutic devices and replacement PAP
supplies.

Advanced Sleep Medicine Services filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal.
Case No. 21-10396) on Mar. 9, 2021. Kermit Newman, chief executive
officer, signed the petition. At the time of the filing, the Debtor
disclosed $1 million to $10 million in both assets and liabilities.
Judge Victoria Kaufman oversees the case. The Debtor tapped Salvato
Boufadel LLP as legal counsel and Baer, Negrin & Troff, LLP as
special corporate counsel.


AGILE THERAPEUTICS: Signs Deal to Sell $50M Worth of Common Shares
------------------------------------------------------------------
Agile Therapeutics, Inc. entered into a common stock sales
agreement with H.C. Wainwright & Co., LLC with respect to an at the
market offering program, under which the Company may, from time to
time in its sole discretion, issue and sell through or to
Wainwright, acting as agent or principal, up to $50.0 million of
shares of the Company's common stock, par value $0.0001 per share.
The issuance and sale, if any, of the Placement Shares by the
Company under the Sales Agreement will be made pursuant to a
prospectus supplement to the Company's registration statement on
Form S-3, originally filed with the Securities and Exchange
Commission on Oct. 2, 2020, and declared effective by the SEC on
Oct. 14, 2020.

Pursuant to the Sales Agreement, Wainwright may sell the Placement
Shares by any method permitted by law deemed to be an "at the
market offering" as defined in Rule 415 of the Securities Act of
1933, as amended.  Wainwright will use commercially reasonable
efforts consistent with its normal trading and sales practices to
sell the Placement Shares from time to time, based upon
instructions from the Company (including any price or size limits
or other customary parameters or conditions the Company may
impose).

The Company will pay Wainwright a commission of up to 3.0% of the
gross sales proceeds of any Placement Shares sold through
Wainwright, acting as agent, under the Sales Agreement.  In
addition, pursuant to the terms of the Sales Agreement, the Company
has agreed to reimburse Wainwright for the documented fees and
costs of its legal counsel reasonably incurred in connection with
(i) entering into the transactions contemplated by the Sales
Agreement in an amount not to exceed $50,000 in the aggregate and
(ii) Wainwright's ongoing diligence, drafting and other filing
requirements arising from the transactions contemplated by the
Sales Agreement in an amount not to exceed $15,000 in the aggregate
per calendar quarter.

The Company is not obligated to make any sales of Placement Shares
under the Sales Agreement.  The offering of Placement Shares
pursuant to the Sales Agreement will terminate upon the earlier to
occur of (i) the issuance and sale, through Wainwright, of all
Placement Shares subject to the Sales Agreement and (ii)
termination of the Sales Agreement in accordance with its terms.

The Sales Agreement contains representations, warranties and
covenants that are customary for transactions of this type.  In
addition, the Company has agreed to indemnify Wainwright against
certain liabilities, including liabilities under the Securities Act
and the Securities Exchange Act of 1934, as amended.

                           About Agile

Agile Therapeutics, Inc. is a forward-looking women's healthcare
company dedicated to fulfilling the unmet health needs of today's
women.  The Company's product and product candidates are designed
to provide women with contraceptive options that offer freedom from
taking a daily pill, without committing to a longer-acting method.
Our initial product, Twirla, (levonorgestrel and ethinyl
estradiol), a transdermal system, is a non-daily prescription
contraceptive.

Agile reported a net loss of $51.85 million for the year ended Dec.
31, 2020, compared to a net loss of $18.61 million for the year
ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company had $73.06
million in total assets, $23.73 million in total liabilities, and
$49.33 million in total stockholders' equity.

Iselin, New Jersey-based Ernst & Young LLP issued a "going concern"
qualification in its report dated March 1, 2021, on the
consolidated financial statements for the year ended Dec. 31, 2020,
citing that the Company has generated losses since inception, used
substantial cash in operations, anticipates it will continue to
incur net losses for the foreseeable future and requires additional
capital to fund its operating needs beyond 2021.


AIT WORLDWIDE: S&P Assigns 'B' ICR on Acquisition by the Jordan Co
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to AIT
Worldwide Logistics Holdings Inc. S&P also assigned its 'B'
issue-level and '3' recovery ratings (rounded estimate: 55%) to the
proposed first-lien credit facility.

The Jordan Co. (TJC) announced it has entered into an agreement to
acquire AIT Worldwide Logistics Holdings Inc. from Quad-C
Management.

AIT will finance the acquisition with a $495 million first-lien
credit facility comprising an $80 million revolving credit facility
due 2026 and a $415 million first-lien term loan due 2028, as well
as a $125 million second-lien term loan (unrated) and an equity
contribution from TJC.

S&P said, "The stable outlook reflects our expectation that despite
uncertainty regarding the coronavirus pandemic and its impact on
demand for freight transportation, credit metrics will improve
modestly over the next year, with debt to EBITDA decreasing to the
6x area in 2022 from about 6.5x in 2021.

"The stable outlook reflects our expectation that despite
uncertainty regarding the coronavirus pandemic and its impact on
demand for freight transportation, credit metrics will improve
modestly over the next year, with debt to EBITDA decreasing to the
6x area in 2022 from about 6.5x in 2021.

"We assess AIT as a relatively small participant in the fragmented
global third-party logistics industry.  AIT primarily provides
freight brokerage services including ground, ocean, and air
transportation. Rather than owning equipment and providing
transportation directly, freight brokers find a carrier that will
execute the shipment, pay the carrier, and then charge the shipper
for the cost of transportation plus a premium. AIT also provides
ancillary services, such as customs brokerage, and arranges for
last-mile delivery of big and bulky items such as appliances and
furniture. In addition to competing against asset-intensive
transportation providers like container lines and cargo airlines,
AIT competes against a large number of participants in the
third-party logistics industry, including other freight brokers and
larger logistics firms with a wider variety of service offerings,
as well as more recent market entrants from the technology
industry. We believe larger participants could more easily source
capacity or subsidize rates given their larger volumes and
financial resources. Nonetheless, we note that AIT provides
services to a large number of small- and mid-size businesses, as
well as its long-standing relationships with many of its top
customers."

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."

S&P asid, "Our outlook on AIT is stable. We believe the company
will benefit in the near term from strong demand for freight
transportation, as well as capacity constraints across the modes of
transportation that AIT arranges. We expect the company's results
will also benefit from full contribution of recent acquisitions and
lower-transaction-related expenses. Therefore, we forecast AIT's
debt to EBITDA ratio will decline modestly in 2022 to around 6x
from the mid-6x area in 2021. We also expect the company's funds
from operations (FFO) to debt will remain in the
high-single-digit-percent area over the same period.

"We could lower our ratings over the next 12 months if the
company's debt to EBITDA remains above 6.5x or FFO to debt
increases to the mid-single-digit-percent area on a sustained
basis." This could occur if:

-- Purchased transportation pricing declines in line with historic
levels faster than S&P's currently anticipate, causing gross
revenues to decline significantly;

-- Freight volumes fall on weaker demand or from increased
competition; or

-- The company pursues a debt-financed acquisition or dividend.

S&P said, "We believe the company's limited scale and sponsor
ownership limits ratings upside. However, we could raise ratings
over the next 12 months if debt to EBITDA declines below 5x and FFO
to debt increases above 12%. We would also need to expect credit
metrics to remain at these levels on a sustained basis." This could
occur if:

-- Freight volumes increase above our current expectations;

-- Purchased transportation pricing remains high; or

-- The company uses free cash flow to repay debt.


ALIXPARTNERS LLP: Moody's Hikes CFR to B1, Outlook Stable
---------------------------------------------------------
Moody's Investors Service upgraded AlixPartners, LLP's Corporate
Family Rating to B1 from B2 and the Probability of Default Rating
to B1-PD from B2-PD. Moody's also upgraded the company's senior
secured first lien credit facilities ratings to B1. The stable
outlook remains unchanged.

AlixPartners' upgrade was based on the increasing scale and
earnings base of the company that is supported by a balanced
business profile that enables the company to generate revenue
through the cycle and by a history of organic revenue growth that
speaks to the company's position as one of the leading consulting
firms in the industry. The upgrade also reflects a stated financial
policy that limits leverage and is largely governed by an agreement
among the major investors in the firm. In addition, the upgrade
considers the expectation for strong levels of free cash flow in
excess of $100 million annually and maintenance of strong interest
coverage with EBITA/ interest expense of around 4.0x.

Upgrades:

Issuer: AlixPartners, LLP

Corporate Family Rating, Upgraded to B1 from B2

Probability of Default Rating, Upgraded to B1-PD from B2-PD

Senior Secured Bank Credit Facility, Upgraded to B1 (LGD3) from B2
(LGD3)

Outlook Actions:

Issuer: AlixPartners, LLP

Outlook, Remains Stable

RATINGS RATIONALE

AlixPartners' credit profile is constrained by the aggressive
financial policies reflected in its frequent sizeable debt funded
shareholder distributions. The company's recent $361 million
shareholder distribution in January followed distributions of $380
million in May 2019, $185 million in April 2018, $260 million in
April 2017 and several distributions prior to 2017, which have all
been accomplished through leveraging transactions. The company has
been able to de-lever through earnings growth after each
distribution. AlixPartners free-cash-flow to debt at the end of
2020 was 9% and has been strong historically. The company has thus
preferred to use the cash flow generated to pay distributions.
Moody's expects these special distributions will continue on an
opportunistic basis and expects the company to be prudent with
financial policy during times of economic recessions. The company
has a stated leverage ceiling and Moody's does not expect leverage
to rise above that level. Leverage at the end of 2020 was 5.0x
(Moody's adjusted) and is projected to increase to 5.2x at the end
of 2021 as a result of $280 million of incremental debt that was
issued in January of this year.

The company's rating is supported by its balanced business profile
and strong name recognition. AlixPartners' provides a portfolio of
consulting services that operate in varying economic cycles. The
consulting practice advises its clients on top line growth
initiatives, integration of acquisitions, execution of digital
strategies and profit optimization in a growing economy. In times
of counter cyclical economic periods such as recessions or industry
specific downturns, the company's restructuring services helps
clients by focusing on the balance sheet, cash flow improvement,
debt restructuring, asset rationalization, and improving operating
performance. Its less cycle financial advisory services advice
companies when faced with regulatory, risk management, fraud, and
litigation related needs. The revenue mix over the last 10 years is
more exposed to pro-cyclical businesses, but provides sufficient
balance to mitigate downside risk when the global economy slows.
AlixPartners' solid performance track record has been demonstrated
by its organic growth. During the last downturn, the company's
revenues declined only in one year. Since the last recession, the
company has delivered revenue growth that ranges from the high
single digits to teens. The company also benefits from its presence
in various geographies and the diversity of service offerings
across its business segments.

AlixPartners' credit profile is also supported by its relatively
strong employee retention, which is a key factor in the revenue
earning ability of the firm. Key employee turnover is generally a
major concern for consulting firms because the industry is highly
relationship driven and the loss of a significant number of key
employees could materially affect the company's service delivery
and profitability. Over the recent years, AlixPartners' voluntary
employee attrition rates have remained relatively stable and
consistent with the long term trends, reflecting high compensation
packages and the attractiveness of working at a growing company. As
long as the employment and macro-economic environment in the United
States continues to be favorable, employee turnover risks persist.
However, continued high levels of cash compensation and significant
equity participation by managing directors subject to a long-term
vesting schedules partially mitigates this risk.

The stable outlook reflects our expectation that demand for
AlixPartners' services will continue to grow and that the company
will be able to maintain good relationships with its clients that
ensures a pipeline of projects. The stable outlook also
incorporates the view that company's business profile is well
balanced between cyclical, counter-cyclical and less-cyclical
revenue sources and engagements. Given the recognition among the
company's clients and potential clients Moody's expect that
utilization of the workforce will remain strong through the
economic cycle. Leverage, in the absence of any special dividends,
is projected to be 5.2x at the end of 2021 and can decline to 4.8x
by the end of 2022.

Moody's expects that AlixPartners will maintain very good liquidity
supported by its cash balance of $190 million in excess of accrued
bonuses as of the end of 2020, access to the new $170 million
revolving credit facility maturing in 2026 that was put in place in
February of this year and free cash flow generation of at least
$100 million over the next 12 months after taking into account
distributions.

Moody's views AlixPartners' governance risk as high due to its
ownership by management and private equity firms. Financial policy
has been aggressive over the recent years due to frequent debt
funded distributions. AlixPartners' board of directors includes
representatives of the major investors in the firm and members of
the management team. Financial disclosures are also more limited
than for public companies. Environmental considerations are not
material credit factors. There is some social risk in that the
company is privy to confidential and private information regarding
its clients and any information breach would have a material credit
impact on the company. The corona virus is also a social
consideration given that consulting businesses are very people
driven and depend on the ability to travel and maintain client
relationships. Human capital could be another source of social risk
impacting the company's credit profile. Since personnel is the
largest cost for the company, if there is less demand for
consulting services or if clients need to pull back on spending on
hiring consultants, one of the levers that AlixPartners may need to
pull to control costs is reducing headcount, which could
potentially lead to lawsuits.

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

Although unlikely in the near term, the ratings could be upgraded
if the company demonstrates a commitment to more conservative
financial policies, if the scale of the company increases as a
result of continued earnings growth, if Moody's adjusted
debt-to-EBITDA approaches 4.0x and free-cash-flow to debt is
sustained above 10%.

The ratings could be downgraded if the company experiences
declining revenues and operating margins or high employee turnover
rates. The ratings could also be downgraded if the company exhibits
financial policies whereby it does debt-financed dividends or
acquisitions causing adjusted debt-to-EBITDA to be sustained above
5.5x and EBITA to interest approaches 3.0x. A rating downgrade
could also occur if there is a change in the ownership structure
that leads to more aggressive financial policies or weaker credit
metrics. Material weakening in liquidity could also pressure the
ratings.

AlixPartners, LLP is a global provider of a broad range of
consulting services, including Enterprise Improvement, Financial
Advisory, Digital, and Turnaround & Restructuring. The company
operates 24 offices located in the Americas, Europe, the Middle
East and Asia. Since January 2017, AlixPartners' owners include the
company's founder Jay Alix, a group of investors composed of CDPQ,
PSP Investments, and Investcorp, and its existing Managing
Directors. For the LTM period ended December 31, 2020, AlixPartners
generated total revenues of approximately $1.56 billion.

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


ANDRE J. CORMIER, SR.: Filing of Notice of Sale Due on March 25
---------------------------------------------------------------
Judge Elizabeth D. Katz of the U.S. Bankruptcy Court for the
District of Massachusetts has issued an order regarding the
deficient filing by Andre J. Cormier, Sr., and Fay H. Cormier of
their proposed sale of approximately 4 acres of undeveloped land
over three adjoining acres owned by the Debtors with addresses of
Lot 14E -102 Turtle Cove Lane, Lot 13E - 104 Turtle Cove Lane, and
Lot 5E - 111 Rice Road, all in East Brookfield, Massachusetts, to
Cormier & Sons Construction and Home Building LLC or its assignee,
for a combined total of $132,000, free and clear of all liens,
claims, interests, and encumbrances.

The Court finds that the recent filing of the Debtors' Motion for
Sale of Property on March 15, 2021, with the Court was deficient
and/or defective due to missing Notice of Sale.

The Debtors are ordered to file the missing Notice of Sale by March
25, 2021, at the Clerk's Office.  Failure to comply will result in
Court action but limited to denial or dismissal without further
notice.

Andre J. Cormier, Sr. and Fay H. Cormier sought Chapter 11
protection (Bankr. D. Mass. Case No. 19-41785) on Nov. 13, 2019.
The Debtors tapped James P. Ehrhard, Esq., at Ehrhard & Associates,
P.C. as counsel.



ANDRE J. CORMIER, SR: Cormier & Sons Buying 3 Properties for $132K
------------------------------------------------------------------
Andre J. Cormier, Sr., and Fay H. Cormier ask the U.S. Bankruptcy
Court for the District of Massachusetts to authorize the sale of
approximately 4.0 acres of undeveloped land over three adjoining
acres owned by the Debtors with addresses of Lot 14E -102 Turtle
Cove Lane, Lot 13E - 104 Turtle Cove Lane, and Lot 5E - 111 Rice
Road, all in East Brookfield, Massachusetts, to Cormier & Sons
Construction and Home Building LLC or its assignee, for a combined
total of $132,000, free and clear of all liens, claims, interests,
and encumbrances.

The Property is currently zoned for agricultural and residential
use.   

The Debtors believe that the Property is subject to the following
liens and encumbrances: (a) real estate taxes and municipal charges
to the town of East Brookfield in the approximate amount of $3,000
and (b) a first priority mortgage held by Country Bank with a
balance of approximately $$1,263,683.87 as of the Petition Date.

All proceeds from the sale of the Property would go to Country Bank
after payment of any municipal liens and closing costs.

The essential terms of the sale are as follows:

      (a) The purchase price for all three lots is $132,000;

      (b) Payment of the $132,000 will occur upon closing of the
sale which will be within 30 days of the Court's Order to sell;

      (c) The Property is being sold "as is"; and

      (d) There is no financing contingency.  Cormier & Sons
already has purchasers who want to build houses on Lots 14E and 5E.
They are purchasing those two lots to allow construction to
immediately begin on the houses.

There is no broker's fee being paid in connection with the sale of
the Property.

Cormier & Sons is wholly owned by two of the sons of the Debtors.

Upon receipt of a hearing notice from the Court, the Debtors will
cause to be served the Motion and the Notice of Intended Sale upon
all the Sale Notice Parties.  The Debtors will also cause to be
served the Sale Notice only on all other known creditors and all
equity security holders.

A copy of the Agreements is available at
https://tinyurl.com/hsn26k9t from PacerMonitor.com free of charge.

Andre J. Cormier, Sr. and Fay H. Cormier sought Chapter 11
protection (Bankr. D. Mass. Case No. 19-41785) on Nov. 13, 2019.
The Debtors tapped James P. Ehrhard, Esq., at Ehrhard & Associates,
P.C. as counsel.



AREU STUDIOS: Wins Confirmation of Plan
---------------------------------------
Judge Paul Baisier has entered an order confirming Areu Studios,
LLC's Plan and approving, on a final basis, the Debtor's Disclosure
Statement.

At the Confirmation Hearing, the following oral amendments were
made to the Plan: the Debtor will continue to timely pay United
States Trustee fees as the same become due, as to Class 3, the
Cinelease, Inc. contract is assumed as amended and extended
pursuant to that certain extension agreement dated March 1, 2021,
which extended the term of the contract through and including May
12, 2021, and as to Class 8, the payments to holders of the
membership interests in Debtor will be made within thirty days of
entry of the Confirmation Order.

As evidenced by the Ballot Report and submissions at the
Confirmation Hearing, five impaired classes of claims (determined
without including any acceptance by an insider of Debtor) voted to
accept the Plan. Specifically, Class 3 - the claim of Cinelease,
Inc., Class 5 – the Secured Claim of LV Atlanta, LLC, Class 6 –
the General Unsecured Claims, and Class 7 – the Unsecured
Convenience Class voted to accept the Plan. Not all classes of the
Plan voted to accept the Plan. Therefore, the Debtor was required
to establish, and the Court so finds, that Debtor's Plan satisfies
the requirements of 11 U.S.C 1129(b) with respect to such
non-accepting classes.

On the Effective Date, the Reorganized Debtor shall issue or
reserve for issuance all of the Equity Interests in the Reorganized
Debtor to Greenberg Georgia Film and Studio Holdings, LLC ("GFSH").
The GFSH Equity Interests shall represent 100% of the Equity
Interests in Reorganized Debtor as of the Effective Date and shall
be duly authorized, validly issued, fully paid and non-assessable.

                       About Areu Studios

Areu Studios, LLC, which owns and operates a movie studio in
Atlanta, Ga., sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ga. Case No. 20-71228) on Oct. 29, 2020.  The
petition was signed by Ozzie Areu, the company's manager.  At the
time of the filing, the Debtor had estimated assets of less than
$50,000 and liabilities of between $1 million and $10 million.

Judge Paul Baisier oversees the case.

Jones & Walden, LLC is the Debtor's legal counsel.


ARS REI USA: Unsecureds Owed $2.58M to be Paid in Full
------------------------------------------------------
ARS REI USA Corp., d/b/a UNOde50, filed a Plan and a Disclosure
Statement.

The Plan provides for a reorganization of the Debtor's financial
affairs. Under the Plan, all Statutory Fees, Administrative Claims,
Secured Claims, Priority Tax Claims and General Unsecured Claims
will be fully paid.  ARS REI S.L. shall retain its Interests (i.e.,
equity) in the Debtor/Post-Confirmation Debtor. The Plan will be
implemented through, and the Distributions contemplated to be made
under the Plan will be funded by, revenue generated from Debtor's
operations.

By way of the Schedules, as of the Petition Date, the Debtor listed
total assets in the amount of approximately $4,248,641.

The primary vehicle for the implementation of the Plan is the
post-petition income of the Debtor through its continued
operations.

Payment to all Class 2 allowed general unsecured claim holders in
the total amount of $2,581,839 shall be paid in full.  Payments to
Class 2 shall be made in quarterly installments in the amount of
$656,000 commencing on the start of the next full fascial quarter
immediately following confirmation of the Plan and continuing for
one (1) year thereafter or until all creditors are paid in full.
Class 2 allowed claims shall bear interest at the rate of 3% per
annum. As is set forth in the Debtor cash flow projection, it is
anticipated that payments to Class 2 creditors will commence in the
year 2021 and continue through the year 2022. The Debtor expressly
reserves the right to accelerate payments to Class 2 claim
holders.

Counsel to the Debtor:

     Reich, Reich & Reich, P.C.
     235 Main Street, Suite 450
     White Plains, New York 10601
     Tel: (914) 949-2126

A copy of the Disclosure Statement is available at
https://bit.ly/30XPrUd from PacerMonitor.com.

                   About ARS REI USA Corp.

ARS REI USA Corp. is in the business of selling handcrafted jewelry
manufactured in Madrid, Spain by ARS REI S.L., exclusively in the
United States.

ARS REI USA Corp. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
20-11937) on Aug. 19, 2020, In the petition signed by Jason McNary,
CEO, the Debtor disclosed $4,248,640 in assets and $3,904,607 in
liabilities.  Judge Martin Glenn presides over the case.  Jeffrey
A. Reich, Esq. at REICH REICH & REICH, P.C., is the Debtor's
counsel, and Raich Ende Malter & Co. LLP is its accountant.


ASP CHROMAFLO: S&P Alters Outlook to Positive, Affirms 'B-' ICR
---------------------------------------------------------------
S&P Global Ratings revised the outlook to positive from negative
and affirmed its 'B-' issuer credit rating on ASP Chromaflo
Holdings LP. S&P also affirmed all its issue-level ratings on
Chromaflo. The recovery ratings are unchanged.

S&P said, "The positive outlook reflects that we could upgrade
Chromaflo if we believe a reduction in debt levels and an
improvement in earnings are sustained over the next several months
to a year.

"The outlook revision reflects Chromaflo's better-than-anticipated
performance and our view that its credit metrics have the potential
to strengthen over the next year or two if debt levels do not
increase substantially from current levels. A decline in debt over
the past year has contributed to our view that credit measures will
be at the high end of our expectations at the current rating over
the next 12 months. We now anticipate the ratio of funds from
operations (FFO) to total debt will be at or slightly above 10%
over the next two years on a weighted-average basis, compared with
previous expectations of below 10%. We expect combined earnings
from its three major geographic regions--the Americas; Europe,
Middle East, and Africa (EMEA); and Asia-Pacific (APAC)--will
continue to recover and grow by mid-single-digit percents in 2021.

"We view the financial policy of Chromaflo as aggressive due to the
possibility of financial sponsor American Securities' engaging in a
leveraging transaction and adding additional debt to the company.

"The company maintains a small scale and narrow focus in the
cyclical architectural, industrial coating, and thermoset plastics
markets. Our assessment of Chromaflo's business risk reflects a
number of constraining factors, including its size and market
focus, and the competitive pressures it faces in the fragmented
coatings market. The company's healthy EBITDA margins and customer
and geographic diversity partly offset these weaknesses.

"The positive outlook on Chromaflo reflects our expectations for
stable debt levels, earnings improvement, and stable to
strengthening credit metrics over the next year. We project
Chromaflo's metrics such as weighted-average FFO to debt to be at
or above 10% and total debt to EBITDA to be below 6x. Our base-case
scenario does not consider any increases in debt for shareholder
rewards or acquisitions. We assume the company will be able to
maintain high EBITDA margins for a chemical company while slowly
expanding EBITDA. We base these assumptions on our belief that
demand in key end markets will recover faster than our previous
expectations in the U.S., EMEA, and APAC. Furthermore, the company
fully paid down its second-lien term loan in 2020. However, we need
to believe the owners and management are committed to maintaining
leverage at these improved levels. We view the financial policy as
aggressive due to financial sponsor American Securities' history of
releveraging the company. We expect the company to make small
tuck-in acquisitions to supplement organic growth and increase
global penetration of its products, but do not factor in any large
debt-funded acquisitions.

"We could revise our outlook to stable on Chromaflo over the next
year if we expected the weighted-average FFO-to-debt ratio to drop
back into the high-single-digit percents. This could occur if
earnings do not rebound as quickly as we anticipated as a result of
the disruptive effect and fallout of the coronavirus situation, or
if debt increases from year-end 2020 levels. We could also lower
ratings if debt to EBITDA approaches 6.5x, likely driven by EBITDA
margins dropping 300 basis points and revenue falling by 3% more
than expected.

"We could consider raising our ratings on Chromaflo over the next
year if the company continues to deliver earnings in line with our
projections. The company needs to maintain leverage such that total
adjusted debt to EBITDA is consistently below 6x (pro forma for
acquisitions) on a weighted-average basis. In addition, liquidity
sources would need to exceed uses by at least 1.2x. In both cases,
we need to believe the owners and management are committed to
maintaining leverage at these improved levels."


CAMBER ENERGY: Has 35.4M Outstanding Common Shares as of March 18
-----------------------------------------------------------------
Camber Energy, Inc. had outstanding approximately 35,395,139 shares
of common stock as of March 18, 2021.  Since Feb. 23, 2021,
approximately 9,705,045 shares were issued to an institutional
investor in connection with conversions of Series C Convertible
Preferred Stock held by such investor pursuant to the exemption
from registration provided by Section 3(a)(9) of the Securities Act
of 1933, as amended, and Rule 144 promulgated thereunder.

                         About Camber Energy

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

Camber Energy reported a net loss of $3.86 million for the year
ended March 31, 2020, compared to net income of $16.64 million for
the year ended March 31, 2019.  As of Sept. 30, 2020, the Company
had $11.79 million in total assets, $1.61 million in total
liabilities, $6 million in preferred stock (series C), and $4.18
million in total stockholders' equity.

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


CAPITAL TRUCK: $130K Sale of Mack Truck 4987 to Nextran Approved
----------------------------------------------------------------
Judge Karen K. Specie of the U.S. Bankruptcy Court for the Northern
District of Florida authorized Capital Truck, Inc.'s sale of all of
its Mack Truck with VIN 1M2GR2GC5KM004987 to Nextran Corp. for
$130,000, pursuant to the Bill of Sale.

The sale is free and clear of all liens, claims, encumbrances, and
interests.

The Debtor has made sufficient allegations and a request in the
Motion to waive the 14-day stay requirement of Bankruptcy Rule
6004(h).  No objections being raised, the 14-day stay requirement
of Rule 6004(h) is lifted immediately upon execution of the Order.


The Debtor is authorized to execute and deliver such documents and
perform all things necessary to effectuate the sale.  

The sale will not be subject to avoidance under Section 363(n) of
the Bankruptcy Code.

                      About Capital Truck

Capital Truck, Inc., based in Tallahassee, FL, filed a Chapter 11
petition (Bankr. N.D. Fla. Case No. 20-40287) on July 14, 2020.
In the petition signed by Mark Thomas, president, the Debtor was
estimated to have $1 million to $10 million in both assets and
liabilities.  BRUNER WRIGHT, P.A., serves as bankruptcy counsel to
the Debtor.



CARVANA CO: Unit Amends Floor Plan Facility to Reduce Interest Rate
-------------------------------------------------------------------
A subsidiary of Carvana Co., Ally Bank, and Ally Financial amended
the Second Amended and Restated Inventory Financing and Security
Agreement (the "Floor Plan Facility") to reduce the interest rate
from one-month LIBOR plus 3.15% to one-month LIBOR plus 2.65%,
effective as of March 1, 2021.

A full-text copy of the Amended Credit Facility is available for
free at:

https://www.sec.gov/Archives/edgar/data/1690820/000169082021000086/exhibit101318218k.htm

                          About Carvana

Founded in 2012 and based in Tempe, Arizona, Carvana Co. --
http://www.carvana.com-- is a holding company that was formed as a
Delaware corporation on Nov. 29, 2016.  Carvana is an e-commerce
platform for buying and selling used cars.  The Company owns and
operates Carvana.com, which enables consumers to quickly and easily
shop vehicles, finance, trade-in or sell the ir current vehicle to
Carvana, sign contracts, and schedule as-soon-as-next-day delivery
or pickup at one of Carvana's patented, automated Car Vending
Machines.

Carvana reported a net loss attributable to the Company of $171.14
million for the year ended Dec. 31, 2020, compared to a net loss
attributable to the Company of $114.66 million for the year ended
Dec. 31, 2019.  As of Dec. 31, 2020, the Company had $3.03 billion
in total assets, $2.23 billion in total liabilities, and $801.50
million in total stockholders' equity.

                             *   *   *

As reported by the TCR on May 24, 2019, S&P Global Ratings affirmed
its 'CCC+' issuer credit rating on Carvana Co. to reflect the
company's improved liquidity after it raised $480 million by
issuing about $230 million of common stock and a $250 million
add-on to its existing senior unsecured notes due 2023.


CDT DE SAN SEBASTIAN: Plan & Disclosures Due March 24
-----------------------------------------------------
Judge Edward A. Godoy on March 17, 2021, entered an order granting
the motion filed by CDT De San Sebastian Inc dba Centro De Medicina
& Cirugia Ambulatoria De San Sebastian, for an extension of 30 days
of its deadline to file the disclosure statement and plan.

In seeking a 30-day extension of its Feb. 22 deadline, the Debtor
explained that the parties are close to finalizing the terms of
payment to the Banco Popular, who is the largest creditor in this
case.

                 About CDT De San Sebastian

CDT De San Sebastian Inc., a tax-exempt entity that operates an
outpatient care center in San Sebastian, P.R., sought Chapter 11
protection (Bankr. D.P.R. Case No. 19-06636) on Nov. 13, 2019.  At
the time of the filing, Debtor disclosed assets of between $1
million and $10 million and liabilities of the same range.  Judge
Brian K. Tester oversees the case.  The Debtor has tapped Jose
Ramon Cintron, Esq., as its legal counsel, and JE&MA CPA Consulting
Solutions LLC, as its accountant.


CE ELECTRICAL: Seeks Approval to Hire Boatman Law as Local Counsel
------------------------------------------------------------------
CE Electrical Contractors, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Connecticut to employ Boatman
Law LLC as its local bankruptcy counsel.

Boatman Law will render these legal services:

     (a) advise the Debtor regarding its powers, duties and
operation of the business;

     (b) take all steps to protect and preserve the Debtor's
bankruptcy estate;

     (c) appear on behalf of the Debtor in the bankruptcy court;

     (d) prepare legal papers;

     (e) assist in the formulation and confirmation of a Chapter 11
plan and disclosure statement for the Debtor;

     (f) consult with the U.S. trustee, any statutory committee and
all other creditors and parties-in-interest concerning the
administration of the Debtor's bankruptcy case;

     (g) assist with electronic filing and provide notice to all
creditors and interested parties in the Debtor's Chapter 11 case;
and

     (h) provide representation and all other legal services
required by the Debtor in this case.

As of the petition date, Boatman Law holds a retainer in the amount
of $12,443.39.

The hourly rates of Boatman Law's counsel and staff are as
follows:

     Jenna N. Sternberg          $300
     Patrick W. Boatman          $400
     Erin E. Boatman Solis       $225
     Paralegals            $80 - $100

Boatman Law and its attorneys are "disinterested persons" within
the meaning of Section 101(14) of the Bankruptcy Code, according to
court papers filed by the firm.

The firm can be reached through:

     Jenna N. Sternberg, Esq.
     Boatman Law LLC
     155 Sycamore Street
     Glastonbury, CT 06033
     Telephone: (860) 291-9061
     Facsimile: (860) 291-9073
     Email: jsternberg@boatmanlaw.com

               About CE Electrical Contractors

CE Electrical Contractors LLC filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No.
21-20211) on Mar. 5, 2021. Paul Calafiore, the managing member,
signed the petition.  In the petition, the Debtor disclosed total
assets of $1,625,485 and total liabilities of $8,648,831.

Judge James J. Tancredi oversees the case.

The Debtor tapped The Fox Law Corporation, Inc. as lead bankruptcy
counsel and Boatman Law LLC as local bankruptcy counsel.


CE ELECTRICAL: Seeks to Hire Fox Law as Bankruptcy Counsel
----------------------------------------------------------
CE Electrical Contractors, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Connecticut to employ The Fox
Law Corporation, Inc. as its lead bankruptcy counsel.

Fox Law will render these legal services:

     (a) advise the Debtor regarding its powers and duties in the
continued management of the property of the estate;

     (b) negotiate, formulate, draft, and confirm a plan of
reorganization and attend court hearings;

     (c) examine claims filed to determine their nature, extent,
validity, and priority;

     (d) advise the Debtor regarding the collection, refinancing or
sale of assets and assist in the implementation of a Chapter 11
plan;

     (e) take actions as may be necessary to protect the properties
of the estate from seizure or other proceedings;

     (f) advise the Debtor regarding the rejection or affirmation
of executory contracts;

     (g) advise the Debtor in fulfilling its obligations as
fiduciaries of the estate;

     (h) prepare all pleadings in the Debtor's Chapter 11 case;

     (i) prepare necessary applications and reports; and

     (j) render all other legal services to assist the Debtor in
its bankruptcy case.

The hourly rates of Fox Law's counsel and staff are as follows:

     Steven R. Fox    $500
     Janis Abrams     $450
     Howard J. Fox    $400
     Barry R. Wegman  $400
     Paralegal        $150

In addition, Fox Law will be reimbursed for out-of-pocket expenses
incurred.

Fox Law received $100,000 as retainer from the Debtor's principal,
Paul Calafiore, prior to the bankruptcy filing.

Fox Law and its attorneys are "disinterested persons" within the
meaning of Section 101(14) of the Bankruptcy Code, according to
court papers filed by the firm.

The firm can be reached through:

     Steven R. Fox, Esq.
     The Fox Law Corporation, Inc.
     17835 Ventura Blvd. Suite 306
     Encino, CA 91316
     Telephone: (818) 774-3545
     Facsimile: (818) 774-3707
     Email: srfox@foxlaw.com

               About CE Electrical Contractors

CE Electrical Contractors LLC filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No.
21-20211) on Mar. 5, 2021. Paul Calafiore, the managing member,
signed the petition.  In the petition, the Debtor disclosed total
assets of $1,625,485 and total liabilities of $8,648,831.

Judge James J. Tancredi oversees the case.

The Debtor tapped The Fox Law Corporation, Inc. as lead bankruptcy
counsel and Boatman Law LLC as local bankruptcy counsel.


CHEETAH RENTALS: To Seek Confirmation of Plan on April 23
---------------------------------------------------------
Cheetah Rentals, LLC, filed an Amended Plan of Reorganization and a
Disclosure Statement.

Judge David R. Jones, on March 12, 2021, 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 pursuant to FED. R. BANKR. P. 3020(b)(1) or final
approval of the Disclosure Statement.  Any objections must be filed
with the Clerk of the Court and must be served by facsimile or hand
delivery on or before such date on counsel for the Debtor.

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 on April 23, 2021, at 11:00 a.m.
(prevailing Central Time).

                     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.
20-50061) 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.


CLEMENTON AMUSEMENT: CRG To Auction NJ Amusement Park on March 23
-----------------------------------------------------------------
Capital Recovery Group LLC will hold an online auction on March 23,
2021, at 10:00 a.m., of the amusement park, including valuable real
estate of Clementon Amusement Park/Splash World, 114 Berlin Road in
Clementon, New Jersey, to the highest and best bidders.

The firm noted a low rate financing up to $350,000 is available
through its partners at CIT Bank.

CRG can be reached at:

   CRG Auction Group LLC
   1654 King Street
   Enfield, CT 06082
   Tel: 800-300-6852
   Email: info@crgllc.com

Clementon Amusement Park and Splash World aka Clementon Lake Park
is a mid-sized combination theme park and water park in Clementon,
Camden County, New Jersey.


CLYDE J. SUTTON, JR.: $55K Sale of Shelbyville Property Approved
----------------------------------------------------------------
Judge Nicholas W. Whittenburg of the U.S. Bankruptcy Court for the
Eastern District of Tennessee authorized Clyde James Sutton, Jr.,
and Alice Carolyn Sutton of the real property located at 0 El
Bethel Road, in Shelbyville, Tennessee, to Joseph and Rebecca
Townsend for $55,000, cash.

The Debtors are authorized to execute the documents to effectuate
the transfer to the Purchasers.

The closing agent is authorized to distribute funds to satisfy any
and all taxes payable to Bedford County, to pay the Sellers'
applicable closing and recording costs, to pay the Purchasers' real
estate commission, and to pay the remainder of the funds to
Heritage South Community Credit Union.

Clyde James Sutton, Jr. and Alice Carolyn Sutton sought Chapter 11
protection (Bankr. E.D. Tenn. Case No. 20-10332) on Jan. 28, 2020.
The Debtors tapped Paul Jennings, Esq., as counsel.



CMC II: Seeks to Hire Chipman Brown Cicero & Cole as Counsel
------------------------------------------------------------
CMC II, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Chipman
Brown Cicero & Cole, LLP as their counsel.

The firm will render these legal services:

     (a) advise the Debtors with respect to their powers and duties
in the continued operation of their businesses and management of
their properties;

     (b) negotiate, draft, and pursue all documentation necessary
in these Chapter 11 cases;

     (c) prepare legal papers;

     (d) appear in court and protect the interests of the Debtors
before the court;

     (e) assist with any disposition of the Debtors' assets, by
sale or otherwise;

     (f) negotiate and take all necessary or appropriate actions in
connection with a plan or plans of reorganization;

     (g) attend all meetings and negotiate with representatives of
creditors, the United States Trustee, and other
parties-in-interest;

     (h) provide legal advice regarding bankruptcy law, corporate
law, corporate governance, transactional, litigation and other
issues in connection with the Debtors' ongoing business operations;
and

     (i) perform all other legal services for, and provide all
other necessary legal advice to, the Debtors.

The hourly rates of the firm's attorneys and staff are as follows:

     William E. Chipman, Jr.      $650
     Robert A. Weber              $650
     Mark Desgrosseilliers        $650
     Mark D. Olivere              $500
     Renae M. Fusco               $250
     Partners              $450 - $650
     Associates            $250 - $300
     Paralegals                   $250

In addition, the firm will seek reimbursement for out-of-pocket
expenses incurred.

As of the petition date, there is no balance of the retainer being
held by the firm.

Chipman Brown Cicero & Cole, LLP (CBCC) also provided the following
in response to the request for additional information set forth in
paragraph D.1. of the Appendix B Guidelines.

  Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?

  Response: CBCC did not agree to any variations from, or
alternatives to, its standard or customary billing arrangements for
this engagement.

  Question: Do any of the professionals included in this engagement
vary their rate based on the geographic location of the bankruptcy
case?

  Response: None of CBCC's professionals included in this
engagement have varied their rate based on the geographic location
for these Chapter 11 cases.

  Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.

  Response: CBCC has represented the Debtors since September 18,
2020 in connection with restructuring advice. The billing rates and
material financial terms of CBCC's engagement have not changed
post-petition from the prepetition arrangement.

  Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?

  Response: CBCC, in conjunction with the Debtors' financial
Advisor, has worked closely with the Debtors on developing an
estimated budget and staffing plan for approximately the first six
months of these proceedings.
     
William Chipman, Jr., Esq., a partner at Chipman Brown Cicero &
Cole, disclosed in court filings that the firm is a "disinterested
person" as that term is defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     William E. Chipman, Jr., Esq.
     Chipman Brown Cicero & Cole, LLP
     Hercules Plaza
     1313 North Market Street, Suite 5400
     Wilmington, DE 19801
     Telephone: (302) 295-0191
     Facsimile: (302) 295-0199
     Email: Chipman@ChipmanBrown.com
     
                       About CMC II LLC

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;
Alvarez & Marsal North America, LLC as restructuring advisor; and
Evans Senior Investments as broker. Stretto is the claims agent.


CMC II: Seeks to Hire Evans Senior Investments as Broker
--------------------------------------------------------
CMC II, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ JS Evans
LLC, doing business as Evans Senior Investments, as their broker.

The broker will render these services:

     (a) prepare a confidential document outlining the going
concern market value of the Debtors;

     (b) prepare a sale announcement and marketing package;

     (c) market the Debtors and their assets to prospective
purchasers;

     (d) assist the Debtors in validating prospective purchaser
information;

     (e) obtain an executed confidentiality agreement from all
interested purchasers;

     (f) advise on strategies for selecting a final purchasers for
the Debtors or their assets, as well as accepting, rejecting, and
negotiating the final purchase and sale agreement.

     (g) submit the names of the final prospective purchasers and
backup purchasers, if any, to the Debtors and their counsel for
approval;

     (h) assist in the closing of the sale of the acquisition, in
accordance with the purchase and sale agreement;

     (i) provide the Debtors and their counsel systematic status
updates or marketing efforts, as well as ongoing support and
updates related to terms and conditions of ongoing sale activity;
and

     (h) maintain records of the delivery of any materials
associated with the sale to prospective purchasers.

Evans Senior Investments will be compensated as follows:

     (a) Valuation fee of $30,000.

     (b) Financing fee of $50,000.

     (c) Restructuring fee of 0.9 percent of the value of the
reorganized Debtors.
     
Jason Stroiman, the founder and president of Evans Senior
Investments, 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:

     Jason Stroiman
     Evans Senior Investments
     1017 West Washington Boulevard, Unit 4F
     Chicago, IL 60607
     Telephone: (312) 896-0123
     Email: jason.stroiman@evanssenior.com
     
                       About CMC II LLC

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;
Alvarez & Marsal North America, LLC as restructuring advisor; and
Evans Senior Investments as broker. Stretto is the claims agent.


CONFIDENCE TRUCKING: Seeks Cash Collateral Access
-------------------------------------------------
Confidence Trucking W/C LLC asks the U.S. Bankruptcy Court for the
Middle District of Florida, Tampa Division, for authority to use
cash collateral on an interim basis.

The Debtor seeks the Court's authority to utilize its cash
collateral in the regular course of business to pay expenses so
that it may continue to operate as a going concern.

The Debtor is unable to operate its business without the ability to
use cash receipts from its receivables, which constitute cash
collateral. The Debtor has cash on deposit of approximately
$12,000. The Debtor anticipates that future and existing contracts
will result in additional revenue that is also subject to secured
creditors' liens.

The Debtor says these creditors appear to have liens on the cash
collateral:

     (a) The Debtor is indebted to Commercial Credit Group, Inc. in
the amount of approximately $585,000 in connection with a business
loan and security agreement. It appears that Commercial Credit has
a lien on all the Debtor's personal property by virtue of UCC-l
financing statements recorded on November 27, 2019 and August 11,
2020 in the Florida Secured Transactions Registry. It appears that
Commercial Credit has a first position lien on the Debtor's
personal property.

     (b) The Debtor is indebted to Commercial Funding, Inc. in the
amount of approximately $10,000 in connection with a factoring
arrangement and security agreement. It appears that Commercial
Funding has a lien on all the Debtor's personal property by virtue
of UCC-l financing statements recorded on December 5, 2019 in the
Florida Secured Transactions Registry. The Debtor believes that
Commercial Funding and Commercial Credit are related and may be
affiliates or under common ownership or control. It appears that
Commercial Funding has a second position lien on the Debtor's
personal property and is likely wholly unsecured.

     (c) The Debtor is indebted to the U.S. Small Business
Administration in the amount of approximately $8,600 in connection
with a business loan and security agreement. It appears that the
SBA, if it is secured, has a third position lien on the Debtor's
personal property.

     (d) The Debtor is indebted to Knight Capital Funding in the
amount of approximately $30,163.87 in connection with an
arrangement and security agreement dated November 18, 2020. The
Debtor believes that Knight may claim a lien on the Debtor's
property, but it cannot determine if Knight recorded a UCC-l
financing statement in the Florida Secured Transactions Registry.
The Debtor believes that Knight is wholly unsecured.

     (e) The Debtor is indebted to Small Business Financial
Solutions in the amount of approximately $37,000 in connection with
an arrangement and security agreement dated August 31, 2020. The
Debtor believes that SBFS may claim a lien on the Debtor's
property, but it cannot determine if SBFS recorded a UCC-l
financing statement in the Florida Secured Transactions Registry.
The Debtor believes that SBFS is wholly unsecured.

     (f) A review of the Florida Secured Transactions Registry
reveals that the UCC-1 financing statements have been recorded by
entities that may be agents of lenders:

         -- Corporation Service Company, as representative;
            UCC-1 Financing Statement recorded March 9, 2020;

         -- First Corporate Solutions, as representative UCC-1
            Financing Statement recorded March 4, 2020;

         -- CT Corporation System, as representative UCC-1
            Financing Statement recorded April 16, 2018.

Centennial Bank claims a lien on all the Debtor's personal property
by virtue of UCC-l financing statement recorded on January 22, 2020
in the Florida Secured Transactions Registry. There is no agreement
between the Debtor and Centennial. Centennial claims that the
Debtor acquired assets from Florida Dirt Source, LLC that were
subject to a loan and security agreement made by Centennial
disclosed in UCC-l financing statements recorded on October 3, 2014
and June 24, 2019 in the Florida Secured Transactions Registry
covering all accounts.

The Debtor did not consent to Centennial's filing the UCC-1
financing statement. Apparently, Centennial has taken the position
that its recorded UCC-l financing statements against the accounts
of Florida Dirt Source, LLC permits it to unilaterally file a UCC-1
financing statement against the Debtor, claiming a blanket lien on
all the Debtor's assets.

On April 17, 2020, Centennial filed a complaint against the Debtor,
Florida Dirt Source, LLC; and other parties for replevin, breach of
contract and related causes of action in the Circuit Court for
Hernando County, Case No. 2020-CA-000368. Centennial's Second
Amended Complaint was filed on October 8, 2020 and is pending as of
petition date.

The Debtor's continued operations will produce required revenue for
the Debtor and is one of the funding mechanisms for the Debtor's
reorganization efforts and for the Debtor to pay its debt service
payments and other monthly obligations. The revenue will constitute
"cash collateral." On average the Debtor generates approximately
$75,000 in gross revenue per month.

The Debtor's additional Collateral consists of:

     (a) Cash in the bank accounts is approximately $12,000,

     (b) Accounts receivable of approximately $10,000, and

     (c) Fixed Assets including furniture, equipment, vehicles, and
computer equipment of approximately $700,000.

As adequate protection, the Debtor will provide Secured Creditors
based upon their prepetition priority:

     (a) a post-petition replacement lien equal in validity and
dignity as it existed pre-petition; and

     (b) proof of insurance upon request of same.

The Debtor will ensure it will continue to operate as a going
concern, generate new receivables which will support the
post-petition replacement lien provided to the Secured Creditor.

A copy of the motion and the Debtor's monthly budget for
March-April is available at https://bit.ly/2NEqbz7 from
PacerMonitor.com. The budget projects $75,833.33 in monthly
receipts and $8,008.93 in net cash flows.

                 About Confidence Trucking W/C LLC

Confidence Trucking W/C LLC owns and operates a trucking company in
Brooksville, Florida, Hernando County. The Company sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
M.D. Fla. Case No. 21-01266) on March 18, 2021. In the petition
signed by Daymis Rodriguez, managing member, the Debtor disclosed
up to $1 million in assets and up to $10 million in liabilities.

Herbert R. Donica, Esq. at DONICA LAW FIRM, PA is the Debtor's
counsel.



CONVERGEONE HOLDINGS: Moody's Completes Review, Retains B3 CFR
--------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of ConvergeOne 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.

ConvergeOne Holdings, Inc.'s B3 corporate family rating is
principally constrained by the company's elevated debt/EBITDA
levels, revenue reliance on key vendors, exposure to fluctuating IT
spending budgets, and corporate governance concerns. The credit
rating is supported by ConvergeOne's solid market position,
established long-term client relationships, and modest capital
expenditure requirements that support the company's free cash flow
generation prospects.

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


CRED INC: Seeks to Extend Plan Exclusivity Until May 24
-------------------------------------------------------
Cred Inc. and its affiliates request the U.S. Bankruptcy Court for
the District of Delaware to extend the exclusive periods during
which the Debtors may file a Chapter 11 plan May 24, 2021, and to
solicit acceptances to July 20, 2021. This is the Debtors' first
request for an extension of the Exclusive Periods.

In light of the numerous claimants in these cases, as well as the
turnover of the Debtors' management during the course of these
cases, the Debtors have moved as expeditiously as possible to
negotiate the Combined Plan and Disclosure Statement and provide
adequate information.

At the same time, the Debtors have also addressed numerous motions
from the U.S. Trustee, individual creditors, and former directors
requesting dismissal of the Debtors' cases, relief from the
automatic stay, and other similar relief. Responding to these
motions has required significant effort and often involved
protracted litigation. Moreover, the Debtors and their
professionals have worked closely with Robert J. Stark, the
Examiner appointed by the U.S. Trustee, so he can timely complete
his investigation.

The Debtors believe the Court will soon confirm their Combined Plan
and Disclosure Statement with the support of a substantial majority
of their creditors, which demonstrates good faith progress towards
a plan. The Debtors are in an excellent cash position and are
paying their bills as they come due. The Debtors have already filed
their proposed Combined Plan and Disclosure Statement, which was
set for hearing on March 9, 2021, and has the support of a
substantial majority of their creditors, indicating that there are
better than reasonable prospects for a viable plan.

The Debtors have been negotiating in good faith with the Committee,
the Ad Hoc Committee of Bitcoin Lenders, and other case
constituents, and have made substantial progress towards confirming
the Combined Plan and Disclosure Statement.

To preserve the Debtors' substantial progress in these chapter 11
cases and ensure there are no unnecessary disruptions, the Debtors
seek an extension of the Bankruptcy Code's exclusive periods for
filing and soliciting the Combined Plan and Disclosure Statement.
The Debtors are not seeking to extend the Exclusivity Periods to
pressure creditors to accept the Debtors' demands.

A copy of the Debtors' Motion to extend is available at
https://bit.ly/3eT4Ygf from donlinrecano.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 November 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.

Judge John T. Dorsey oversees the cases. 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 December 3,
2020.  The committee tapped McDermott Will & Emery LLLP as counsel
and Dundon Advisers LLC as financial advisor.

Robert Stark is the examiner appointed in the Debtors' cases. Ashby
& Geddes, P.A., and Ankura Consulting Group, LLC serve as the
examiner's legal counsel and financial advisor, respectively.


DANNYLAND LLC: $320K Sale of Paducah Property to AAKA Approved
--------------------------------------------------------------
Judge Alan C. Stout of the U.S. Bankruptcy Court for the Western
District of Kentucky authorized Dannyland, LLC's private sale of
the real property located at 120, 130, 140, 155 Limerick Drive, in
Paducah, Kentucky, further described in Deed Book 1119, Page 184,
McCracken County, to AAKA Holdings, LLC, Frank Long, MMBR, for
$320,000.

There will be no required assumption of any obligation of the
Seller and no liens will survive closing.

SL Capital will be paid $203,221.68, from the proceeds of the sale,
pursuant to its original Proof of Claim filed on Sept. 17, 2020.   


Charity Bird will be paid the entirety of her administrative claim,
representing attorney fees and costs from the proceeds of the sale
in her capacity as Sub-Chapter V Trustee.    

The counsel for the Debtor will hold the remaining $29,148.25 in a
Farmer & Wright trust account until such time as the pending
objection to the Amended Proof of Claim, filed by SL Capital, has
been resolved.   

The sale is free and clear of all encumbrances except as provided
in the Sale Order, with any such encumbrances to attach to the net
proceeds of the Sale.

As provided by Rule 6004(h) of the Federal Rules of Bankruptcy
Procedure, the Order will not be stayed for 14 days after the entry
of the Order and will be effective immediately upon entry.  The
automatic stay provisions of 11 U.S.C. Section 362 are vacated and
modified to the extent necessary to implement the terms and
conditions of the Asset Purchase Agreement and the provisions of
this Sale Order, and the Sale Order will not be stayed for 14 days
under Rule 4001(a)(3) of the Federal Rules of Bankruptcy Procedure
but will be effective immediately upon entry.

The provisions of Bankruptcy Rule 7062 are not applicable to the
proceeding.

                       About Dannyland LLC

Based in Paducah, Kentucky, Dannyland, LLC, sought protection
under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ky. Case No.
20-50336) on June 26, 2020, listing under $1 million in both
assets and liabilities.  Judge Alan C. Stout oversees the case.
Samuel J. Wright, Esq. at Farmer & Wright, PLLC, is the Debtor's
counsel.



DAVID MICHAEL PETWAY: $145K Sale of Lithonia Property to SFR Okayed
-------------------------------------------------------------------
Judge Henry A. Callaway of the U.S. Bankruptcy Court for the
Southern District of Alabama authorized David Michael Petway and
Annease Leslie Petway to sell their real property located at 7928
Union Grove Road, in Lithonia, Georgia, to SFR XII ATL Owner 1, LP,
for $145,000.

The Debtors own the subject property.  The subject property is not
the homestead of the Debtors and is not necessary for an effective
reorganization in Chapter 11.  It is free and clear of any liens.

The Debtors are ordered to file a copy of the closing statement
from the sale and to deposit all net funds due to the Seller into
the Debtor's DIP bank account.

The bankruptcy case is In re: David Michael Petway and Annease
Leslie Petway, (Bankr. S.D. Ala. Case No. 20-10507).



DAVIS SAND: West Michigan Buying 1992 Case W11B Loader for $9K
--------------------------------------------------------------
Davis Sand & Gravel Inc. asks the U.S. Bankruptcy Court for the
Central District of Illinois to authorize the sale of its a 1992
Case W11B loader, outside the ordinary course of business, to West
Michigan Tractor Sales for $9,000.

The Debtor operates a sand/gravel sales and transportation business
at its Canton, Illinois location.  Due to a contraction of the
construction market due to COVID-19 and other factors, it some
surplus equipment no longer used in its operations.

The Debtor believes that all such equipment is subject to the
lien(s) of MidAmerica National Bank, through a pre-petition pledge
and security agreement.

The Debtor has located a potential buyer for the Loader that it no
longer uses.  The Buyer has offered the sum of $9,000 for the
Loader, which the Debtor believes to be a fair and market value
price.   

MidAmerica has consented to the sale of the Loader, and for the
Debtor to use the sale proceeds for its operations in the case.

The Debtor believes that the sale of the Loader is in the best
interests of the bankruptcy estate.

                    About Davis Sand & Gravel

Davis Sand & Gravel, Inc. sought protection under Chapter 11 of
the
Bankruptcy Code (Bankr. C.D. Ill. Case No. 21-80023) on Jan. 12,
2021.  At the time of the filing, the Debtor had estimated assets
of between $1 million and $10 million and estimated liabilities of
less than $1 million.  Judge Thomas L. Perkins oversees the case.
Rafool & Bourne, P.C., is the Debtor's legal counsel.



DEERFIELD DAKOTA: Incremental Loan No Impact on Moody's B3 CFR
--------------------------------------------------------------
Moody's Investors Service said that Deerfield Dakota Holding, LLC's
(holding company for "Kroll", formerly "Duff & Phelps") $225
million term loan issuance does not affect the ratings. The
incremental term loan is an add-on to the company's existing $2.2
billion senior secured first lien term loan due 2027 and will be
used, along with cash on the balance sheet, to 1) fund the
acquisition of a cyber technology provider of detection and
response services; and 2) repay senior secured second-lien debt.
While the transaction is slightly leveraging, with pro forma
Moody's adjusted debt/EBITDA above 8.5x as of December 2020, the
second-lien debt paydown will benefit cash flow by modestly
reducing pro forma interest expense. Ratings remain unchanged at
this time. However, a continued reduction of the loss absorbance
provided by the second lien term loan to the first lien instruments
will result in a downgrade of the B2 first lien rating. The second
lien debt provides a loss cushion that would drive a higher
recovery for first lien debt holders in an event of default. A
shrinking proportion of second lien debt versus first lien
diminishes the loss absorption benefits and will lead to a
downgrade of the B2 first lien rating towards the B3 corporate
family rating.

The acquisition will complement Kroll's cyber security practice,
reducing reliance on external vendors for the analysis of malicious
cyber activity and adding a new source of subscription-based
revenue to Kroll's technology offerings. While the acquisition does
not contribute to EBITDA on a standalone basis and is slightly
leveraging, Kroll expects to extract synergies by bringing these
cyber detection services in-house and eliminating mark-up costs
associated with external providers. The target will contribute to
Kroll's increasing non-cyclical revenue stream with
subscription-based contracts that typically span 2-3 years with
automatic renewals.

The B3 corporate family rating reflects Kroll's highly leveraged
capital structure with pro forma debt/EBITDA above 8.5x as of
December 2020 (Moody's adjusted, pro forma for the $225 million
first lien add-on issuance and anticipated second lien repayment).
Intense competition, weak free cash flow to debt and the
expectation for aggressive financial policies and debt-funded M&A
also weigh on the credit. The firm's appetite for debt has resulted
in periods of very high debt/EBITDA after acquisitions. However,
Kroll's track record over the years of successfully integrating
acquisitions and reducing leverage below 7.0x after very high
closing levels is a strong mitigant. Historically, Kroll has
focused on advisory and consulting targets with similar business
profiles and human capital characteristics as the company's legacy
business. Recent acquisitions have been centered around the
Governance, Risk, Investigations & Disputes (GRID) and Business
Services segments to further diversify revenue sources and offer a
wider suite of technology-enabled and digital services. The
contemplated acquisition will enhance end-to-end services within
the cyber security practice in the GRID segment.

Kroll's ratings benefit from an established franchise as a provider
of a broad range of financial advisory, valuation and other
business services to a diversified client base. A well-known brand
and entrenched network of customer relationships provide revenue
stability. While most client fees are not contractually recurring,
a large proportion of existing assignments require periodic
reviews, resulting in predictable contributions to revenue. In
addition, Kroll has expanded its tech-enabled business services
offerings in recent years through M&A (such as the proposed
acquisition), which tend to have recurring subscription-based
characteristics and also mitigate cyclical concerns.

Deerfield Dakota Holding, LLC is the holding company of Kroll
(formerly Duff & Phelps), a global consulting and business services
firm. Kroll operates in four main business segments: valuation
advisory; governance, risk, investigations and disputes; corporate
finance; and business services. The company generated approximately
$1.3 billion of revenue in 2020. The company was acquired in April
2020 by private equity sponsors Stone Point Capital (majority
owner) and Further Global. Former owner Permira also maintained a
minority stake.


DESARROLLADORA VILLAS: To Seek Plan Confirmation April 22
---------------------------------------------------------
Judge Edward A. Godoy has entered an order approving the Disclosure
Statement of Desarrolladora Villas De San Blas Se.

A hearing for the consideration of confirmation of the Plan and of
such objections as may be made to the confirmation of the Plan will
be held on April 22, 2021 at 1:30 p.m. via Microsoft Teams Video &
Audio Conferencing and/or Telephonic Hearings.

Objections to claims must be filed prior to the hearing on
confirmation.

Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on/or before 14 days prior to the date of
the hearing on confirmation of the Plan.

Any objection to confirmation of the Plan shall be filed on/or
before 14 days prior to the date of the hearing on confirmation of
the Plan.

                  About Desarrolladora Villas

Desarrolladora Villas De San Blas, S.E., is a Special Partnership
organized pursuant the laws of the Commonwealth of Puerto Rico and
was chartered on May 8, 1998.  Its principal asset is a parcel of
land of little over 41 cuerdas which are undeveloped and located at
Carr. 702, Km. 1.4, Bo. Palmarejo de Coamo, Coamo, Puerto Rico.

Desarrolladora Villas De San Blas filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 20-00087) on Jan. 14, 2020.  The
Debtor is represented by Alexis A. Betancourt Vincenty, Esq. of
Lugo Mender Group, LLC.


DIAMONDBACK ENERGY: Moody's Alters Outlook on Ba1 CFR to Positive
-----------------------------------------------------------------
Moody's Investors Service changed Diamondback Energy, Inc.'s rating
outlook to positive from stable. Moody's concurrently affirmed
Diamondback's Ba1 Corporate Family Rating, Ba1-PD Probability of
Default Rating, and Ba1 senior unsecured notes. The SGL-1
Speculative Grade Liquidity Rating was unchanged. These actions
follow Diamondback's announcement on March 17, 2021 that it
completed the acquisition of QEP Resources, Inc. (QEP, B2 Ratings
Under Review for Upgrade).

"The positive outlook reflects our belief that Diamondback's credit
profile will continue to strengthen following the acquisitions of
QEP and Guidon Operating LLC (Guidon, unrated) that will
significantly increase its free cash flow generation capacity by
boosting overall production, reserves and drilling inventory by
more than 30 percent," said Sajjad Alam, Moody's Senior Analyst.
"The company will likely look to further reduce debt and optimize
its maturity profile using free cash flow and proceeds from any
potential sale of the acquired QEP Williston Basin assets."

Affirmations:

Issuer: Diamondback Energy, Inc.

Probability of Default Rating, Affirmed Ba1-PD

Corporate Family Rating, Affirmed Ba1

Senior Unsecured Notes, Affirmed Ba1 (LGD4) from (LGD3)

Outlook Actions:

Issuer: Diamondback Energy, Inc.

Outlook, Changed To Positive From Stable

RATINGS RATIONALE

Diamondback's Ba1 CFR is supported by its high-quality production
and reserves in the Permian Basin; low cost and oil-weighted assets
that generate peer leading cash margins; high-graded and expanded
drilling inventory from recent acquisitions that will increase
portfolio durability and the ability to deliver organic growth; low
financial leverage; and a history of conservative financial
policies, including significant equity issuances for acquisitions.
The CFR is restrained by Diamondback's singular geographic focus in
the Permian Basin and significant undeveloped acreage and the
associated high future capital requirements. The rating also
considers Diamondback's organizational complexity and acquisitive
history as well as its controlling ownership interest in the
publicly traded Viper Energy Partners LP (Viper, Ba3 stable) and
Rattler Midstream LP (Rattler, Ba2 stable) that have a combined
market capitalization of over $4 billion and could be a source of
alternative liquidity, if needed.

Diamondback's senior unsecured notes are rated Ba1, the same as Ba1
CFR, given the company's unsecured capital structure, including its
$2 billion committed revolving credit facility, which ranks pari
passu with the unsecured notes. Diamondback initiated a contingent
cash tender offer on March 4, 2021 to acquire any and all of QEP's
outstanding notes to simplify the capital structure, push out
near-dated maturities and lower interest costs. In conjunction with
the tender offer, Diamondback is also soliciting consents from QEP
noteholders to amend certain covenants in the QEP notes indenture,
which requires consent from a simple majority to take effect. The
tender offer is due to expire on March 31, 2021.

Diamondback should have very good liquidity through 2022, which is
reflected in the SGL-1 rating. The company has downside price
protection for roughly 50% of its projected production for 2021
that will help generate over $1 billion in free cash flow even if
crude price declines modestly from today's levels. Diamondback had
$104 million in cash and a largely undrawn revolver with $1.98
billion in available borrowing capacity under a $2 billion
committed revolving credit facility as of December 31, 2020. The
revolver is set to mature in November 2022, which will get extended
in the near future. Diamondback has ample cushion under the 65% net
debt to capitalization financial covenant in its credit agreement.

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

The CFR could be upgraded if the company can maintain its strong
capital efficiency, consistently generate free cash flow, and
achieve its contemplated debt reduction goal. Specifically, if the
company can sustain the leveraged full-cycle ratio (LFCR) above 2x,
debt/PD reserves near $6/boe, and the RCF/debt ratio above 50%, an
upgrade could be considered. The CFR could be downgraded if
Diamondback significantly outspends operating cash flow,
experiences a sharp decline in capital productivity, or debt funds
dividends or share repurchases. More specifically, if the RCF/debt
ratio falls below 35% or the LFCR falls below 1.5x, a downgrade
could occur.

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

Diamondback Energy, Inc. is a Midland, Texas based publicly traded
independent exploration and production company with operations in
the Permian Basin in West Texas.


DIOCESE OF CAMDEN: Committee Says Disclosure Inadequate
-------------------------------------------------------
The Official Committee of Tort Claimant Creditors of The Diocese of
Camden, New Jersey, objects to the adequacy of the proposed First
Amended Disclosure Statement.

The Committee points out that  the Debtor's Amended Disclosure
Statement and Solicitation Motion may not be approved at this time
because they are fatally flawed:

   * The Debtor violates the due process rights of Survivor
Claimants classified in Class 4 of the Amended Plan by seeking to
require these claimants to vote on the Amended Plan and requesting
a confirmation hearing before the Bar Date expires.  Thus, Survivor
Claimants will effectively be denied the right to vote (because
they will not yet be identified) and deprived of an opportunity to
be heard at the confirmation hearing.

   * The Debtor also violates the due process rights of unknown and
unknowable Survivor Claimants who will manifest injury after the
Bar Date – classified in Class 5 of the Amended Plan – by
seeking to bind them to the Amended Plan without providing any
mechanism through which their rights to notice or an opportunity to
be heard can be protected.

   * The Debtor does not yet know the total number or value of
Survivor Claims classified in Class 4 that will be filed, and
therefore cannot inform holders of Class 4 Claims, the largest
creditor constituency in this chapter 11 case and the reason for
the Debtor's chapter 11 filing, of the amount they are projected to
receive.

   * The Debtor has made no effort to protect the rights of holders
of Survivor Claims which will arise after the Bar Date by
conducting any analysis of the number of claims which may be filed
or the value of same, thereby providing no information from which
to determine if the $250,000 set aside for future claimants'
benefit is fair and equitable.

The Committee further points out that despite considerable input
from the Committee, the Trade Committee and the Insurers on what is
needed to provide adequate information, the Debtor has failed to
make sufficient disclosure of information that it has in hand in
the Amended Disclosure Statement, including the following:

   * The Amended Disclosure Statement does not provide enough
information to permit claimants to determine whether the Amended
Plan is feasible, an analysis critical to a claimant's decision on
how to vote on the Amended Plan. Here, where the Debtor proposes
that it, the Released Parties and the Covered Parties will fund
payments to creditors over the next 10 to 20 years, the need for
creditors to assess the risks to distributions under the Amended
Plan is particularly acute.

   * The Amended Disclosure Statement does not adequately disclose
the extent of the Debtor's assets, including potential claims and
causes of action that could be brought for the benefit of creditors
to recover more than $200 million in cash that it allegedly holds
in trust for certain of the Covered and Released Parties, or the
value of the real property owned by the Diocese.

   * The Debtor provides conflicting and otherwise inadequate
information about its analysis of potential Survivor Claims. For
example, the Amended Disclosure Statement assumes that only 100
Survivor Claims will be filed despite the Debtor's prior projection
that around 193 Survivor Claims would be filed.

   * The Debtor provides creditors with no information from which
to determine whether the approximately $1.5 million being
contributed by its affiliated entities, Catholic Charities, Diocese
of Camden, Inc. ("Catholic Charities"), The Diocesan Housing
Services Corporation of the Diocese of Camden, Inc. ("Housing
Services") and the Covered Parties, in exchange for a release is
fair and equitable.

According to the Committee, compounding the problems presented by
the Amended Disclosure Statement is the fact that the Amended Plan,
which the Amended Disclosure Statement explains, was filed at 8:15
p.m. on March 16th, making it virtually impossible for parties in
interest to assess whether the Amended Disclosure Statement
adequately describes the Amended Plan in advance of the March 17th
deadline for objecting to the Amended Disclosure Statement.

Based on the record here, where (i) every significant stakeholder
is urging this Court to slow down the breakneck speed at which the
Debtor is running, (ii) the Amended Disclosure Statement still
fails to tell creditors what they can expect to receive and when
they can expect to receive it, (iii) an Amended Plan was filed on
the eve of the objection deadline to the Amended Disclosure
Statement, and (iv) the Debtor only recently, in the face of a
pending motion to compel discovery, provided a substantive response
to the Committee's discovery demands necessary to permit an
investigation into the scope of the Debtor's assets and potential
claim and causes of action, the Committee requests that this Court
place this case on a more logical trajectory by using the Bar Date
as this Court contemplated: "the bar date may be one of the
determining steps for moving this case forward" and "will be one of
the gatekeepers in allowing the diocese to move forward, and
necessary to the formulation of the feasible plan."

Counsel to the Official Committee of Tort Claimant Creditors:

     Jeffrey D. Prol, Esq.
     Michael A. Kaplan, Esq.
     Brent Weisenberg, Esq.
     LOWENSTEIN SANDLER LLP
     One Lowenstein Drive
     Roseland, NJ 07068
     Telephone: (973) 597-2500
     E-mail: jprol@lowenstein.com
     E-mail: mkaplan@lowenstein.com
     E-mail: bweisenberg@lowenstein.com

                About The Diocese of Camden, NJ

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

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


DR. PROCTOR: Unsecured Claims to Recover 100% in Plan
-----------------------------------------------------
Dr. Proctor and Associates submitted a Second Amended Chapter 11,
Subchapter V Plan.

The value of the property to be distributed under the Plan during
the term of the Plan is not less than the Debtor's projected
disposable income for that same period.  Unsecured creditors
holding allowed claims will receive distributions, which the Debtor
projects, subject to administration by the Trustee, at
approximately 100 cents on the dollar.  The Plan also provides for
the payment of secured, administrative, and priority claims in
accordance with the Bankruptcy Code.

After payment of the secured claims, sums received by the Trustee
shall be paid, on a pro-rata basis, to allowed general unsecured
claims.

The Debtor will begin making plan payments to the Subchapter V
Trustee on the effective date of the Plan and every 30 days
thereafter for the duration of the 9-month plan.

$500.00 x 9 months =  $4,500
$390.00 x 1 month  =    $390
                     -------
                      $4,890

The sources and value of funds and assets for distributions include
the following:

* Revenue from the Operation of "Special Needs" services generating
monthly revenue of $11,500.

* Contributions from Church Operations are anticipated to increase.
The debtor anticipates the donation from the parishioners shall
increase upon the relaxation of restrictions due to the pandemic.

Attorney for Debtor-In-Possession:

     William C. Johnson, Jr.
     The Johnson Law Group, LLC
     Fed. Bar No. 15651
     6305 Ivy Lane
     Suite 630
     Greenbelt, Maryland 20770
     William@JohnsonLG.Law
     (301) 477-3450

A copy of the Second Amended Chapter 11, Subchapter V Plan is
available at https://bit.ly/3vCVwTY from PacerMonitor.com.

                About Dr. Proctor & Associates

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

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


DYNATRACE LLC: Moody's Raises CFR to Ba3 on Debt Repayment
----------------------------------------------------------
Moody's Investors Service upgraded Dynatrace LLC's Corporate Family
Rating to Ba3 from B1 and Probability of Default Rating to Ba3-PD
from B1-PD. Concurrently, Moody's upgraded the company's senior
secured first lien bank credit facilities to Ba3. The SGL-1
Speculative Grade Liquidity rating is unchanged. The outlook
remains stable.

The rating upgrade reflects the continued reduction in debt
leverage driven by solid operating performance and debt repayment
from strong free cash flow generation. Moody's adjusted debt
leverage is expected to decline toward 2x over the next 12 to 18
months from organic revenue growth and EBITDA growth which will be
supported by further improvements in operating leverage.
Additionally, Dynatrace's moderate financial policy is considered
in credit profile as evidenced by its voluntary debt repayment,
independent board of directors and declining concentration of
ownership by private equity sponsor Thoma Bravo.

Upgrades:

Issuer: Dynatrace LLC

Corporate Family Rating, Upgraded to Ba3 from B1

Probability of Default Rating, Upgraded to Ba3-PD from B1-PD

Senior Secured 1st Lien Bank Credit Facility, Upgraded to Ba3
(LGD3) from B1 (LGD3)

Outlook Actions:

Issuer: Dynatrace LLC

Outlook, Remains Stable

RATINGS RATIONALE

Dynatrace's Ba3 CFR reflects the company's modest financial
leverage, with Moody's adjusted debt/EBITDA of 3.2x as of the LTM
period December 31, 2020. The ratings also reflect the company's
growing scale driven by a strong product offering of application
performance monitoring (APM) and observability across enterprise
customer's IT systems. Dynatrace's base of recurring revenue and
solid EBITDA margins allow it to generate consistent free cash
flow, with Moody's expectation of free cash flow near $200 million
over the next year. Dynatrace's leading position and strong
reputation as a leading provider of APM and observability software
also supports the ratings. The credit profile is constrained by the
competitive nature of the APM and observability market from legacy
providers such as International Business Machines (IBM) and New
Relic, but more importantly from newer entrants such as Splunk and
Datadog.

The stable outlook reflects Moody's expectation that Dynatrace will
grow EBITDA in the low double-digit percent range over the next
12-18 months, driven by growth in the overall APM observability
market, as well as higher usage rates and upselling of additional
functionality to its installed customer base.

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

The ratings could face downward pressure if competitive pressures
or market deterioration lead to organic revenue declines, or if
additional debt is issued such that cash adjusted debt leverage
metrics exceed 3.5x on a cash adjusted basis.

Ratings could be upgraded if the company achieves materially
greater revenue scale, improved product diversity, and cash
adjusted debt leverage sustained around or below 2x.

Dynatrace's liquidity is considered very good and its SGL-1
Speculative Grade Liquidity rating is supported by robust cash
balances of $300 million (as of December 31, 2020), strong free
cash flow generation, and an undrawn $60 million revolving credit
facility. Moody's expects annualized free cash flow approaching
$200 million over the next 12 to 18 months. The company is subject
to a springing net first lien leverage covenant on the revolver
which will be tested at the end of each quarter when the facility
is 35% or more drawn.

Dynatrace LLC (NYSE: DT) is a leader in enterprise application
performance monitoring (APM) software, providing an observability
platform combining AI, automation and observability at scale.
Headquartered in Waltham, MA, the company reported revenues of
approximately $658 million as of the LTM period ended December 31,
2020.

The principal methodology used in these ratings was Software
Industry published in August 2018.


EADS LLC: Expects Sale of $6M Property to Pay Claims in Full
------------------------------------------------------------
EADS, LLC, filed a Chapter 11 Plan of Reorganization and a
Disclosure Statement on March 17, 2021.

The Debtor owns a single parcel of real property and the various
improvements thereupon, located at 5320 8thStreet, NW, Washington,
DC 20011.  The Debtor has valued the Real Estate Asset at
$6,000,000.  The Real Estate Asset has a tax assessed value of
$3,848,050.  The Debtor's valuation of this asset, in excess of the
tax assessed value, is based upon informal, non-binding offers of
interest that have been expressed by putative potential buyers of
the Real Estate Asset.

The Debtor holds only de minimis cash and cash equivalents.

The Debtor has rights in a contemplated insurance settlement, which
is presently pending judicial approval, that will yield a payment
of $90,000. It is reasonably anticipated the Debtor will have to
share part of that recovery with one or more other parties,
including counsel pursuing the underlying litigation.

The Debtor has accounts receivable of approximately $311,000, many
of which are appreciably aged.  It is not presently known if these
receivables are collectible in nature and, if so, the extent to
which they are collectible.

The Plan provides for the Real Estate Asset to be sold at auction
within forty days and, if such a sale is unsuccessful for any
reason, for the Real Estate Asset to then be marketed and sold
through a traditional brokerage arrangement.  Should both of these
efforts fail, the Plan contemplates permitting the Debtor's secured
creditor to seek relief against the Real Estate Asset in conformity
with non-bankruptcy law.

It is believed a sale of the Real Estate Asset will yield funds
sufficient to pay all allowed claims in this case.  However, if
such a sale does not, in fact, satisfy all allowed claims, the Plan
contemplates permitting creditors to pursue litigation rights, vel
non, held by the Debtor, against its own insiders, and the
liquidation of said rights.

Class 4 – Remaining Unsecured Claims will be paid in full from
the proceeds of the sale of the Property.  Class 4 is impaired.

Class 5 – Equity will be paid all monies remaining in the
Debtor's estate after the retirement of all allowed claims herein,
with such payment prorated amongst the Debtor's equity interest
pari passu to their respective membership interests. Class 5 is
impaired.

The Plan is strictly liquidating in nature and is thusly feasible.

Within forty days of the entry of the Confirmation Order, an
auction for the Real Estate Asset of the Debtor will be conducted
in accord and conformity with such bidding procedures as may be
first authorized by the Bankruptcy Court.

Counsel for EADS, LLC:

     Maurice B. VerStandig, Esq.
     Bar No. MD18071
     The VerStandig Law Firm, LLC
     1452 W. Horizon Ridge Pkwy, #665
     Henderson, Nevada 89012
     Phone: (301) 444-4600
     Facsimile: (301) 444-4600
     mac@mbvesq.com

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

                        About EADS LLC

EADS, LLC classifies its business as Single Asset Real Estate (as
defined in 11 U.S.C. Section 101(51B)).

EADS filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D.D.C. Case No. 20-00480) on Dec. 17, 2020.
Delores Johnson, manager, signed the petition.  At the time of the
filing, the Debtor disclosed $1 million to $10 million in both
assets and liabilities. Judge Elizabeth L. Gunn oversees the case.
The Stewart Law Firm, PLLC serves as the Debtor's legal counsel.


EDGEMERE: Fitch Assigns CC Issuer Default Rating
------------------------------------------------
Fitch Ratings has downgraded approximately $109 million of series
2015A , 2015B and 2017 senior living revenue bonds issued by
Tarrant County Cultural Education Facilities Finance Corporation on
behalf of Edgemere to 'CC' from 'B+'. Fitch has also assigned a
'CC' Issuer Default Rating (IDR) to Edgemere.

SECURITY

The bonds are secured by a pledge of gross revenues, a lien on the
leasehold interest in Edgemere's property and a debt service
reserve fund (DSRF).

ANALYTICAL CONCLUSION

The 'CC' rating primarily reflects Fitch's belief that default,
including debt restructuring is probable over the outlook period.
Edgemere is negotiating a forbearance agreement with its
bondholders. As a result of the second annual debt service coverage
ratio (DSCR) covenant violation, bondholders have the right to
accelerate principal payments. For fiscal 2020 (Dec. 30 YE) DSCR
was .3x. For 2019, DSCR was negative .1x compared to the annual
1.2x requirement. High cash burn, weak occupancy, increased
competition and high leverage have contributed to Edgemere's
precarious financial condition.

KEY RATING DRIVERS

Revenue Defensibility: 'b'

Weak Revenue Defensibility

Edgemere's revenue defensibility is weak, which primarily reflects
low demand indicators across Edgemere's continuum of care. Much of
the declining occupancy trend over the past several years shows
significant local competition. However, coronavirus pressures
likely exacerbated Edgemere's already weakening occupancy in 2020.
Lifespace, Edgemere's parent and management company, has
implemented an improved marketing program to attract new residents.
However, it is unlikely occupancy will materially improve over the
outlook period.

Operating Risk: 'b'

Weak Profitability, Manageable Capital Investment Needs

Fitch's assessment of Edgemere's operating risk is based on its
several year history of weak profitability ratios, its
predominantly type A contract mix and the campus' good physical
condition. Over the past five years, Edgemere's average operating
ratio was 109.8%, net operating margin (NOM) was negative 4.5%, and
NOM-adjusted was 1.6%. These are all in line with or below the 'b'
operating risk subfactor. The average age of plant is mid-range
indicating Edgemere has adequately invested in capital
improvements. Favorably, budgeted capital investment plans include
only routine expenses and a limited renovation project for three
independent living units (ILUs). Edgemere's persistent cash burn
and weak liquidity preclude major capital improvements.

Financial Profile: 'b'

Weak and Deteriorating Financial Profile

In the context of its weak revenue defensibility and operating risk
assessments, Edgemere's financial profile is weak and expected to
further deteriorate over the outlook period. Debt restructuring,
invasion of the DSRF and monetary default are a real possibility.

ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS

As of FYE 2020, Edgemere had less than 200 days cash on hand (DCOH)
constituting an asymmetric risk consideration. Fitch has
incorporated concerns about Edgemere's weak and declining liquidity
position into the 'CC' rating.

RATING SENSITIVITIES

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

-- Use of the debt service reserve fund to make all or a portion
    of future principal and interest payments.

-- Higher than expected resident attrition that erodes current
    census levels or required Edgemere to pay out a large portion
    of its refundable entrance fees in a short time period.

-- Any failure to make a timely payment of principal and/or
    interest or a bankruptcy filing would result in a downgrade to
    'D'.

-- Any agreement that impairs the economic interests of the
    bondholders would be considered a restricted default under
    Fitch criteria.

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

-- Material improvement in core operations such that cash flow is
    positive.

-- Resolution of negotiations with bondholders that provide
    improved financial flexibility to Edgemere.

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.

CREDIT PROFILE

Edgemere (Northwest Senior Living Corporation, dba Edgemere),
located in the Preston Hollow neighborhood of Dallas, provides a
complete continuum of care with 304 ILUs, 68 assisted living units
(ALU), 45 memory support units and 87 skilled nursing facility beds
(SNF). The property is leased through a long-term ground lease that
runs through 2054. Total operating revenues were approximately $39
million in 2020 based on unaudited figures.

Edgemere offers type-A life care resident agreements for its ILUs.
Most of its contracts are 90% refundable. Entrance fee refunds are
subject to Edgemere receiving sufficient re-sale proceeds after
re-occupancy of the vacated ILU. However, Edgemere uses a specific
unit system for entrance fee refunds, which provides refunds in a
timely manner but places some challenges on cash flow and liquidity
management. Edgemere has recently introduced a rental contract to
help with occupancy.

Lifespace Communities, Inc. (Lifespace) is the parent company, sole
corporate member and operator of Edgemere after completing an
affiliation in June 2019 with the previous parent company/sole
corporate member, SQLC. Lifespace owns and operates three LPCs in
Texas and twelve LPCs outside of Texas. Lifespace was ranked as the
11th largest LPC system in the 2019 LeadingAge Ziegler 200.

REVENUE DEFENSIBILITY

IL occupancy has steadily declined from 93% in 2017 and 2018. As of
Dec. 31, 2020, occupancy was 80% in the ILUs, 78% in the ALUs, 60%
in the memory care units (MCUs) and 55% in the SNF. In its other
service lines, occupancy has fluctuated with the most significant
decrease in 2020 when external SNF admissions were prohibited.
Fitch does not expect healthcare occupancy to substantially
increase over the outlook period even after the abatement of
COVID-related constraints on marketing and admissions.

Edgemere's local market is highly competitive. While there are a
multitude of various types of LPCs in the Dallas area, Edgemere
competes directly with three other high-end communities for a
limited pool of potential residents. Two of these communities have
newly constructed campuses. Edgemere's community is attractive and
Dallas is a strong market with demographics and trends that compare
favorably to national averages. However, Edgemere's position in the
local market is precarious as evidenced by flagging demand.

As a high-end LPC, Edgemere's entrance fees and monthly fees are
among the most expensive in the area. Typical home values in Dallas
per Zillow, are nearly half of the average entrance fee for a
one-bedroom ILU in Edgemere ($244,000 vs. $447,000). Entrance fees
at Edgemere range from $447,000 to $1,350,000. Home values in
Edgemere's Preston Hollow neighborhood are higher than the typical
home values in the rest of Dallas, supporting Edgemere's pricing.
Average monthly fees are somewhat higher at Edgemere than at
Edgemere's closest competition including the newer communities.
Fitch believes these pricing characteristics afford very limited
price flexibility moving forward which is consistent with
Edgemere's weak revenue defensibility assessment.

OPERATING RISK

Edgemere sells predominantly type A contracts. Fitch views this as
the least favorable contract type in terms of operating risk. Under
this contract, the LPC bears the healthcare liability risk rather
than the resident. Residents pay a fixed rate regardless of the
level of healthcare they require.

Edgemere has a history of cost overruns with an average monthly
cash burn near $1 million in 2020. Despite pandemic pressures, core
operating performance in 2020 remained consistent, albeit weak with
an operating ratio of 109.1%, and NOM of negative 2.1% which
includes recognition of $1.1 million in CARES Act funding. Fitch
attributes historically weak operations to several factors
including heavy local competition, loans to former affiliates and
weak cost management. While more recent performance remains weak,
Edgemere has benefited from improved cost containment measures
implemented by its new parent, Lifespace.

From 2016 through 2018 Edgemere's capex averaged about 310.3% of
depreciation. After Lifespace assumed management of Edgemere, capex
dropped to 75.0% in 2019 and 12.4% of depreciation in 2020.
Management is budgeting for minimal capex in 2021 as well. Aside
from routine maintenance, Lifespace plans to renovate three ILUs
with a more open floor plan and higher-end finishes. If these units
resell quickly, other units will follow, funded primarily with the
net entrance fee proceeds from the refurbished units. Given
Edgemere's persistently weak profitability, Fitch views
management's efforts to minimize capex favorably.

Edgemere's capital-related metrics are critically weak, with
revenue-only maximum annual debt service (MADS) coverage of .2x and
debt-to-net available of negative 56.1x in 2020. Five-year averages
or similarly weak with negative 1.1x revenue-only MADS coverage and
negative 35.6x debt-to-net available.

FINANCIAL PROFILE

Through Fitch's new baseline scenario, of Fitch's best estimate of
the most likely scenario of financial performance over the next
five years given current economic expectations, Fitch expects that
Edgemere will see liquidity steadily decrease and fully deplete
within two years. Fitch's baseline scenario assumes both a
significant economic stress (to reflect equity volatility) and a
business cycle stress (to reflect pressure on net entrance fees
during the coronavirus pandemic) in year one. The continued
downward trajectory reflects Fitch expectation that occupancy will
remain pressured. Fitch does not expect DSCR to return to covenant
required levels over the next several years.

ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS

Debt Profile: Edgemere's only bond debt outstanding includes $109
million of series 2015 and 2017 bonds. The bonds are fixed-rate and
have a MADS of $7.6 million. Edgemere has no exposure to a defined
benefit pension liability, derivative instruments or a future
service liability.

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.


EDWARD HUGHES: Selling Approx. 153 Acres of Land for $6K/Acre
-------------------------------------------------------------
Edward Hughes filed with the U.S. Bankruptcy Court for the District
of South Carolina to authorize a notice of his private sale to
Lowcountry Land Finance, Inc., or its assigns for $6,000 per acre
or approximately $900,000, of interest in approximately 153 acres
from the following properties:

     a. 29.3 +/- acres of the 69.33 acres (TMS 130-00-00-098) to be
determined by agreed survey;

     b. 87.4 +/- acres (TMS 130-00-00-114);

     c. 4.10 +/- acres (TMS 130-00-00-153); and

     d. 32.2 +/- acres (TMS 130-00-00-056).

A hearing on the Motion is set for April 21, 2021, at 10:30 a.m.,
which may be held telephonically pursuant to Amended Operating
Order 20-03 (April 1, 2020) and Operating Order 20-05 (March 20,
2020).  If these Operating Orders are rescinded, an in-person
hearing would be held at the Court, 145 King Street, Room 225,
Charleston, South Carolina.

Objections, if any, must be filed within 21 days of service of the
Notice.

It being the intent that the Seller will retain his house and
approximately 40 acres of land on tract 130-00-00-098.

No formal appraisal of these parcels has been performed, but the
Debtor believes that the price per acre is fair and reasonable.

The sale will take place as soon as possible following the entry of
the Order Approving the Sale by the Court at a date, place and time
to be agreed upon by the parties.

James Robert Waddell of National Land Realty, LLC, 669 Marine
Drive, Suite B4, Charleston, SC 29492 and whose telephone number is
(843) 749-0618, pursuant to Application filed on May 12, 2020 as
subsequently approved by the Court.  There is no sales agent as to
sales of parcels b, c and d.  The Agent will be paid $10,548 or
approximately 6% of the contract sales prices.  

The sale is free and clear of all liens, encumbrances and
judgments.  It is subject to any easements, covenants or
restrictions of record.  

There is a valid first mortgage lien held against parcela by Bank
of the Lowcountry in the approximate amount of $758,532.11.   The
creditor will release its lien upon the payment of the net
pro-rated sale proceeds from the sale.

There is a judgment lien held by Rhodes Oil Co. (2012-CP-15-00670)
against parcels b, c and d in the original amount of $16,005.33.
It is believed that the creditor is owed approximately $30,000.  A
written pay-off of this judgment will be obtained prior to closing.
The judicial lien will be paid in full at closing.  There is also
a judgment lien held by the Bank of the Lowcountry
(2016-CP-15-00445) in the original amount of $142,853.07.  It is
believed that as of Dec. 16,2020, thes creditor was owed
approximately $146,856.74.  A written pay-off of this judgment will
be obtained prior to closing.  This judicial lien will be paid in
full at closing.

Colleton County delinquent and current real property taxes may be
owed on these parcels of real property in an unknown amount.  These
taxes will be paid current at closing.

The Debtor believes that capital gains taxes of approximately
$75,000 will be owing to the applicable taxing authorities.  That
portion of the sale proceeds attributable to capital gains taxes
will be held pending preparation and filing of the appropriate tax
returns.

The Debtor is not aware of any other liens, judgments, or other
encumbrances.  To the extent they may exist, they are disputed and
they will attach to the estate's interest in the net sale of
proceeds pursuant to 11 U.S.C. Sections 363(f)(4).

A certified copy of the Order approving the sale may be filed with
the appropriate clerk and/or recorded with the recorder to cancel
any liens and other encumbrances of record as provided for in the
Notice.

The proceeds to be paid to the estate is estimated to be $450,000,
after normal closing costs, including applicable survey costs of
the Seller, and other fees, costs, and lien releases provided.  The
amount will be held pending further order of the Court.

The Applicant is informed and believes that it would be in the best
interest of the estate to sell said property by private sale.  He
also believes that the funds to be recovered for the estate from
the sale of said property justify its sale and the filing of the
application.

The Court may consider additional offers at any hearing held on the
Notice and application for sale.  It may order at any hearing that
the property be sold to another party on equivalent or more
favorable terms.  The Debtor, as applicable, may seek appropriate
sanctions or other similar relief against any party filing a
spurious objection to the Notice and application.

Edward Hughes sought Chapter 11 protection (Bankr. D.S.C. Case No.
20-00125) on Jan. 7, 2020.



EMERALD GRANDE: April 9 Auction of 1.7-Acre Kanawha Property
------------------------------------------------------------
Judge Paul M. Black of the U.S. Bankruptcy Court for the Northern
District of West Virginia authorized the sales procedures proposed
by Emerald Grande, LLC, in connection with the sale of the 1.758
acres of unimproved real property in the Kanawha Landing
Development, adjacent to the Lowes Hardware Store in Charleston,
Kanawha City, West Virginia, to Wild Partners, doing business as
Ultimate Shine Car Wash, for $575,000, subject to higher and better
offers.

The form of the APA is approved in all respects.

The Sale Objection Deadline is April 8, 2021, at 4:00 p.mm (ET).

The Sale Hearing is set for April 9, 2021, at 2:30 p.m. (ET) via
Zoom for Government, at the following link:
https://vawb-uscourts-gov.zoomgov.com/j/16106051116.  The Meeting
ID is: 161 0605 1116 and the Password is: 0922.

The Debtor is authorized to take any and all actions necessary or
appropriate to implement the Sale Procedures and the Sale
Procedures Order.

The Sale Procedures will be as follows:

     (a) Form of Objections: Objections, if any, to the Sale
contemplated by the APA, must: (a) be in writing; (b) comply with
the Bankruptcy Rules and the Local Rules of the United States
Bankruptcy Court for the Northern District of West Virginia; (c) be
filed with the clerk of the United States Bankruptcy Court for the
Northern District of West Virginia at U.S. Bankruptcy Court, P.O.
Box 70, Wheeling, West Virginia 26003 (or filed electronically via
CM/ECF) by the Sale Objection Deadline; and (d) be served upon (i)
counsel to the Debtor, Kay Casto & Chaney, PLLC, Attn: Steven L.
Thomas, P.O. Box 2031, Charleston, West Virginia 25327
(sthomas@kaycasto.com); (ii) counsel to the Purchaser, Travis
Eckley, Esq. Spilman Thomas Battle PLLC, 300 Kanawha Blvd E.
Charleston, WV 25301, and (iii) the Office of the United States
Trustee, U.S. Department of Justice, Attn: Shari L. Collias, 300
Virginia Street East, Room 2025, Charleston WV 25301
(shari.collias@usdoj.gov) ("Notice Parties"), in each case, so as
to be actually received no later than the Sale Objection Deadline;


     (b) Determination Period: If, on or before the Sale Objection
Deadline, the Debtor receives a competing offer for the Property
that satisfies the criteria set forth, then the Debtor will
promptly consult with Realcorp regarding the Qualified Competing
Offer. The Debtor will determine, in consultation with Realcorp,
whether the Qualified Competing Offer is a higher and better offer
for the sale of the Property and will provide notice thereof to the
Purchaser and the prospective purchaser submitting the Qualified
Competing Offer.

     (c) Criteria for a Qualified Competing Offer: The Qualified
Competing Offer must be made on the same terms and in the same form
as the APA, and include a deposit of $25,000 to be applied against
the purchase price.  Without limiting the generality of the
foregoing, the Qualified Competing Offer must provide satisfactory
proof of funds from a bank or other appropriate financial
institution, demonstrating an ability to close within thirty (30)
days of approval by the Bankruptcy Court; and; the purchase price
under the Qualified Competing Offer must be no less than $600,000.


     (d) If the Debtor receives a Qualified Competing Offer, it
will notify the Purchase and the successful Overbidder that an
auction will take place on April 9, 2021, commencing at 1:30 p.m.
via Zoom for Government.  A link for the auction will be provided
to the Purchaser and successful Overbidder(s) in advance of the
auction.   

     (e) Biding at auction will begin at no less than $610,000, and
successive bids must be for at least $10,000 more that the
preceding bid.  Bidders will have 10 minutes from receipt of each
bid by counsel for the Debtor, to submit a qualifying higher bid
according to the criteria described, or to withdraw from the
auction.   

     (f) Expiration of Deadline: Any party failing to file and
serve a Sale Objection or Qualified Competing Offer on or before
the Sale Objection Deadline will be forever barred from objecting
thereto and will be deemed to have consented to the Sale, including
the transfer of the Debtor's right, title, and interest in, to, and
under the Property free and clear of all liens, claims,
encumbrances, and other interests in accordance with the APA or any
other definitive agreement for the Sale, as applicable.  If no
Qualified Competing Offer is received by the Sale Objection
Deadline, the Court may enter an order canceling the Sale Hearing
and granting the Sale Motion, without further notice.

The Sale Notice is approved.

The stays provided for in Bankruptcy Rules 6004(h) and 6006(d) are
waived and the Sale Procedures Order will be effective immediately
upon its entry.  

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

The Debtor is authorized to take all actions necessary to
effectuate the relief granted pursuant to this Sales Procedure
Order in accordance with the Motion.

                About Emerald Grande, LLC

Emerald Grande, LLC, owns and operates two hotel properties, the
La
Quinta Inn and Suites adjacent to the Elkview Crossings Shopping
Mall, in Elkview, West Virginia; and the La Quinta Inn and Suitest
adjacent to the Merchants Walk Shopping Mall, in Summersville,
West
Virginia. It also owns a real estate development in Charleston
(Kanawha City), West Virginia.

Emerald Grande filed a Chapter 11 petition (Bankr. N.D. W.Va. Case
No. 17-00021) on Jan. 11, 2017. The petition was signed by William
A. Abruzzino, managing member. The case is assigned to Judge
Patrick M. Flatley.

The Debtor estimated assets and liabilities at $10 million to $50
million at the time of the filing. The Debtor is represented by
Steven L. Thomas, Esq., at Kay, Casto & Chaney PLLC. The Debtor
employs Woomer, Nistendirk & Associates PLLC as accountant; and
Realcorp, LLC, as broker, with Jon Cavendish serving as the
listing
agent, to market and sell its property in Kanawha County, West
Virginia.

No official committee of unsecured creditors has been appointed.



EYECARE PARTNERS: Moody's Hikes CFR to B3, Outlook Stable
---------------------------------------------------------
Moody's Investors Service upgraded EyeCare Partners, LLC's ("ECP")
Corporate Family Rating to B3 from Caa1, the Probability of Default
Rating to B3-PD from Caa1-PD, the first lien senior secured bank
credit facility to B2 from B3, and the second lien senior secured
bank credit facility to Caa2 from Caa3. The outlook is stable.

The upgrade reflects ECP's improved operating performance and
liquidity over the last few months as it has mostly returned to
pre-pandemic patient volumes. The upgrade also reflects Moody's
view that some of ECP's cost reductions and process improvements
will be a permanent benefit and that margins should improve as ECP
expands in scale through both acquisitions and organic growth.
Lastly, ECP will be opening a new ambulatory surgery center (ASC)
later this year, which will further contribute to margin expansion
and reduce overall leverage. As a result, Moody's expects that
debt/EBITDA will improve to under 7.0x within the next 12-18
months.

The stable outlook reflects Moody's expectation that the company's
volumes will continue to improve and that ECP will return to
generating positive same store sales growth. The stable outlook
also reflects Moody's favorable view of the longer-term prospects
for vision care.

Upgrades:

Issuer: EyeCare Partners, LLC

Probability of Default Rating, to B3-PD, from Caa1-PD

Corporate Family Rating, to B3, from Caa1

First Lien Senior Secured Bank Credit Facility, to B2 (LGD3), from
B3 (LGD3)

Second Lien Senior Secured Bank Credit Facility, to Caa2 (LGD6),
from Caa3 (LGD6)

Outlook Actions:

Issuer: EyeCare Partners, LLC

Outlook Stable

RATINGS RATIONALE

ECP's B3 Corporate Family Rating reflects its high pro forma
adjusted leverage of 8.7x debt/EBITDA (adjusted for acquisitions
made in 2020). The rating also reflects the risks associated with
the company's rapid expansion strategy as it grows, predominantly
through acquisitions. Further, there remains some integration risk
as ECP has been aggressive in growth through acquisitions. The B3
also reflects moderate geographic concentration, with around 41% of
revenue generated in two states, Michigan and Missouri, which would
make ECP more susceptible to an economic downturn or additional
impact from the coronavirus. In addition, while e-commerce
penetration in the optical sector is likely to remain moderate,
Moody's expects that, over time, traditional optical retailers will
face margin and market share pressure from growing online
competition.

The rating benefits from the industry's favorable long-term growth
prospects, including growing demand for optometrist and
ophthalmological services and eyewear products. This is due to
aging demographics and the growing prevalence of myopia and
cataracts. Further, ECP's vertical integration allows it to provide
services to patients that cover all their eyecare needs, including
optometry, ophthalmology and retail. ECP also owns ambulatory
surgery centers, which will benefit from growing demand as patients
and payors generally prefer the outpatient environment (primarily
due to lower cost and better outcomes) for certain specialty
procedures, including cataract surgeries.

Moody's expects the company's liquidity to be adequate over the
next 12-18 months. Free cash flow will be negative in 2021 as ECP
will need to repay about $30 million of accelerated payments
related to CAREs funds and Moody's expects some negative working
capital impact. That being said, ECP had a cash balance of $100
million and an undrawn $110 million revolver, which Moody's
believes is sufficient to cover any anticipated cash outflows in
2021. In 2022 and beyond, Moody's anticipates that ECP will
generate positive free cash flow.

Moody's considers coronavirus to be a social risk given the risk to
human health and safety. Aside from coronavirus, ECP faces other
social risks, such as the rising concerns around the access and
affordability of healthcare services. However, Moody's does not
consider the eye care providers and ASCs to face the same level of
social risk as hospitals as ASCs are viewed as an affordable
alternative to hospitals for elective procedures. From a governance
perspective, Moody's expects financial policies to remain
aggressive given private equity ownership.

The outlook is stable reflecting Moody's expectation that the
company will return to generating positive same store sales growth
and will effectively integrate the recently acquired eyecare
practices.

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

The ratings could be downgraded if ECP's revenue or profitability
weakens or if the company fails to effectively manage its rapid
growth. A downgrade could also occur if the company's liquidity
weakens or if the company's financial policies become more
aggressive or if adjusted debt/EBITDA is sustained over 7.5 times.

The ratings could be upgraded if ECP demonstrates stable organic
growth while effectively executing its expansion strategy. An
upgrade would be supported by sustained, stable free cash flow and
debt to EBITDA that is expected to be maintained below 6.5 times.

EyeCare Partners, LLC ("ECP"), headquartered in St. Louis,
Missouri, is the largest medically-focused eye care services
provider. ECP is vertically integrated, providing optometry,
ophthalmology and retail products. The company supports 587
locations across 18 states including 19 ASCs and generated about
$700 million of revenue during the last twelve months ended
September 30, 2020. ECP is owned by Partners Group.

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


FADYRO DISTRIBUTORS: Court OKs Deal on Cash Collateral Use
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
approved the Stipulation for Interim use of Cash Collateral and
Adequate Protection filed by Fadyro Distributors Inc. and Oriental
Bank, formerly Scotiabank de Puerto Rico.

As previously reported by the Troubled Company Reporter, the
parties have advised the court they have reached an agreement
regarding Fadyro's use of cash collateral.

Prior to the Petition Date, the Debtor and OB entered into a credit
relationship pursuant to which the Debtor provided estate assets
including, among others, its inventory and account receivables and
the proceeds thereof as collateral to OB.

A foreclosure judgment was entered on the estate assets prior to
the Petition Date.

The parties met through their respective counsels and reached an
agreement in which OB will allow the Debtor to temporarily use cash
collateral until July 12, 2021, solely under and in reliance upon,
the terms and conditions and adequate protection set forth the
Stipulation.

The Debtor will pay consecutive monthly installments of $4,500
directly to OB as adequate protection for the use of OB's cash
collateral from the petition date until July 12, 2021, or the
effective date of a confirmed plan, in which payments under such
confirmed plan to OB will commence, whichever occurs first.

In addition, the Debtor will continue at all times to insure the
real property which comprises OB's collateral as to claim #5, for
its replacement cost in the amount of $1,100,000 and with a loss
payee endorsement in favor of OB as mortgage creditor.  The Debtor
will also timely pay all applicable post-petition real property
taxes of said realty.

A copy of the Court's order is available for free at
https://bit.ly/3vDqGuB from PacerMonitor.com.

                  About Fadyro Distributors, Inc.

Fadyro Distributors, Inc. filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No.
21-00029) on Jan. 5, 2021.  At the time of filing, the Debtor
disclosed between $1 million and $10 million in both assets and
liabilities.

Judge Mildred Caban Flores oversees the case.

The Debtor tapped Landrau Rivera & Assoc. as its legal counsel and
Joel Rodriguez Fernandez, an accountant practicing in San Lorenzo,
P.R.



FIGUEROA MOUNTAIN: Court OKs Cash Collateral Deal Thru June 20
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Northern Division, has approved the Eighth Stipulation filed by
Figueroa Mountain Brewing, LLC, White Winston Select Asset Funds,
LLC, and Montecito Bank & Trust regarding Figueroa's use of cash
collateral.

The Debtor is authorized to use cash collateral on an interim basis
through June 20, 2021 or the date on which the Debtor's cash on
hand falls below $750,000.

The Debtor may use Cash Collateral to pay the expenses set forth in
the budget with authority to deviate from the expense line items
contained in the Budget by no more than 25% on a line item basis,
so long as the aggregate expense deviation is no more than 15%,
with any unused portions to carried over into the following
week(s), and to pay expenses owing to the Clerk of the Bankruptcy
Court and fees owing the Office of the United States Trustee. White
Winston reserves its rights regarding the Budget, and in particular
the Budget's treatment of and reference to the Debtor and
Non-Debtor tap rooms and the assumption, with respect to the Santa
Maria Tap Room that the "Debtor is attempting to exit this location
via a licensing agreement with a third party, but not likely within
this projection period." For the avoidance of doubt, White
Winston's consent to the use of cash collateral pursuant to the
Eighth Stipulation will not be deemed to be an approval of the
Budget except for the expenditures contained therein, and will not
be deemed to be consent to the Debtor's treatment of or proposed
transactions regarding the Tap Rooms.

During the cash collateral use period, the Debtor will file these
reports for each Budget week of such period:

    a. Flash Reports. "Flash Reports" for each Reporting Week,
together with the supporting weekly accounts receivable, inventory,
and detailed aged payable reports.

     b. Budget to Actual Reports. Budget-to-Actual reports for each
Reporting Week.

     c. Physical Inventory. If the Debtor's cash on hand falls
below $750,000, then John Carpenter of Openso Consulting will be
permitted to perform a physical inventory and inspection of the
Debtor's premises at his earliest availability during regular
business hours, with all Openso fees for such services and its
incurred travel and other expenses, if any, paid by the Debtor. The
Debtor is authorized to use Cash Collateral to pay the fees and
expenses.

White Winston and MBT will continue to receive, as adequate
protection, replacement liens in post-petition collateral for any
diminution in their collateral as of the Petition Date arising from
the Debtor's use of such collateral but only to the same extent,
applicability and validity as the prepetition liens held by White
Winston and MBT.

A copy of the order is available at https://bit.ly/3cLvTHR from
PacerMonitor.com.

               About Figueroa Mountain Brewing LLC

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

Figueroa Mountain Brewing sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-11208) on Oct. 5,
2020.

Jaime Dietenhofer, the company's manager, signed the petition.

At the time of the, the Debtor disclosed between $1 million and $10
million in both assets and liabilities.

Judge Martin R. Barash oversees the case.

Lesnick Prince & Pappas LLP is the Debtor's legal counsel.



FIRST BRANDS: S&P Alters Outlook to Stable, Affirms 'B' ICR
-----------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on First
Brands Group LLC and assigned its 'B' rating (recovery rating '3';
rounded estimate: 65%) to the first-lien term loan and 'CCC+'
rating on the second-lien term loan.

First Brands plans to refinance its capital structure with new
senior secured debt, including a $1.425 billion first-lien term
loan and a $540 million second-lien term loan.

S&P revised its outlook to stable from negative to reflect our
expectation of a steady recovery in First Brands' aftermarket
revenue and earnings over the next 12 months to above 2019 levels,
along with reduced interest expenses, which will likely support
free operating cash flow (FOCF) to debt of well over 5%.

First Brands' operating results should improve in 2021 and 2022 due
to better demand visibility as volumes recover toward 2019 levels.
S&P sees less uncertainty around demand in 2021-2022 as aftermarket
revenue across all First Brands businesses (86% of pro forma
revenue) will likely recover toward 2019 levels, including weekly
unit volumes at retail customer points of sale. The management team
has executed well on recent acquisitions and identified additional
cost-saving initiatives, including procurement savings, headcount
reductions, and facility consolidations.

The company has leveraged its increased scale to profitably expand
its product offerings through numerous acquisitions since 2018.  
Recent acquisitions have increased the company's diversification,
both product-wise (water pumps, filters, brake parts, and spark
plugs) and geographically (through Airtex and ASC's European
exposure). In addition, the company has reduced exposure to the
volatility associated with automotive production to 12% from 30% in
2018. The company has leveraged its increased size to win added
programs and customers, as well as increase its bargaining power
with Chinese suppliers. The company continues to grow through
acquisitions, and while the increased scale should improve its
bargaining power with suppliers, there still remains integration
risks and some cash outflows mostly related to plant consolidations
and relocations, facility closure costs, and employee severance to
achieve the expected synergies.

Pro forma for the transaction, cash flow adequacy metrics are
likely to remain within our thresholds for the current rating.
Given S&P's expectations for modest improvement in margins and
reduced interest expenses pro forma for the transaction, it expects
debt to EBITDA to remain well below 5x and FOCF to debt to improve
toward the 5%-10% range. Cash costs to achieve synergies over the
next 18 months, as well as reduced debt amortization on its new
first-lien debt, are likely to limit any material improvement in
cash flow adequacy metrics toward our thresholds for a higher
rating.

S&P said, "The stable outlook reflects our expectation of a steady
recovery in First Brands' aftermarket revenue and earnings over the
next 12 months to above 2019 levels, along with reduced interest
expenses, which will likely support FOCF to debt of well over 5%.

"We could raise our rating during the next 12 months if EBITDA
margins improve beyond our expectations as a result of higher
volumes, successful acquisition integration and achievement of
planned synergies. An upgrade could also occur if debt to EBITDA
appears likely to approach 4x with FOCF to debt of at or above 10%
on a sustained basis.

"We could lower the ratings if debt to EBITDA appears likely to
remain well over 5x with FOCF approaching breakeven. This could
occur if cost savings or organic growth do not materialize as
expected, if there are missteps in integration of recent
acquisitions, or if the company pursues large debt-financed
acquisitions that are dilutive to cash flow."



FIRSTENERGY TRANSMISSION: Fitch Rates Sr. Unsecured Notes 'BB+'
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' instrument rating to FirstEnergy
Transmission LLC's (FET) senior unsecured debt issuance. The notes
are FET's senior unsecured obligations and rank equally with FET's
outstanding unsecured and unsubordinated debt. Proceeds from the
transaction will be used to maintain FET's capital structure,
finance capital improvements, repay short-term borrowings
outstanding under FET's revolving credit facility and for general
corporate purposes, including funding working capital needs and
day-to-day operations. FET's Long-Term IDR is 'BB+'/Negative.

FET is an intermediate holding company subsidiary of FE. Fitch
downgraded FET's IDR in October 2020 to 'BBB-'and again in November
2020 to 'BB+'. The rating actions and Rating Outlook Negative
reflect rating linkage with FE and credit concerns regarding
potential illicit activity at FE in connection with an ongoing
federal bribery/racketeering investigation.

KEY RATING DRIVERS

Criminal Investigation: Concerns regarding potential illicit
activity at FE emerged in July 2020 with the indictment of Ohio
Assembly Speaker Larry Householder; four associates; and a
nonprofit organization, Generation Now, in connection with a
continuing Department of Justice (DOJ) investigation. The complaint
alleges Householder and his associates engaged in bribery and other
illegal actions designed to ensure House Bill (H.B.) 6 would be
enacted and remain in effect in light of a referendum effort to
repeal the legislation.

The indictment does not explicitly name FE or its affiliates.
However, pseudonyms referred to in the affidavit are widely
believed to refer to FE; its corporate services subsidiary,
FirstEnergy Service Company and former subsidiary, Energy Harbor.
FE received subpoenas and is cooperating with the DOJ
investigation. Former FE subsidiary FirstEnergy Solutions emerged
from bankruptcy as a separate entity in February 2020 and was
renamed Energy Harbor.

While FE and its subsidiaries have not been named in the DOJ
investigation, Fitch believes future criminal charges against FE
cannot be ruled out in light of pay-to-play allegations contained
in the affidavit.

If FE becomes a target of the criminal investigation and is
ultimately convicted, it could be subject to fines and penalties,
civil litigation and resulting financial pressure, reputational
risk, regulatory, political and liquidity challenges, higher cost
of capital, and erosion of confidence in management and the
effectiveness of its corporate governance and internal controls.

The SEC also initiated investigations of FE and an ongoing audit is
being conducted by FERC's (Federal Energy Regulatory Commission)
Division of Audits and Accounting, including activities related to
lobbying and governmental affairs activities concerning H.B.6.

Liquidity Challenges: In November 2020, FE disclosed a $4.3 million
payment to an individual who at the time of the disclosure was a
government official involved in regulating FE's Ohio-based utility
distribution subsidiaries. The payment was discovered during an
ongoing internal investigation initiated by the company as the
result of the DOJ investigation and materially worsened, in Fitch's
view, regulatory, political, legal and liquidity risks already
heightened by investigations underway at the DOJ and SEC.

As a result of the disclosure, FE and FET were out of compliance
with representations and warranties contained in the companies'
credit facilities, specifically Section 4.01 (m) Anti-Corruption
Laws and Sanctions. FE, FET and its bank group subsequently entered
into a waiver agreement and amendments that restored FE's and FET's
ability to draw on the credit facilities.

A central concern from a credit perspective remains the inability
to rule out discovery of corrupt activity in the course of ongoing
investigations that could similarly block borrowings under the
company's credit facilities. In November 2020, FET and its
regulated subsidiary, American Transmission Systems Inc. (IDR:
BBB-/Negative) borrowed the entire $1 billion available under FET's
revolving credit agreement to enhance financial flexibility.

Parent and Subsidiary Rating Linkage: FET is an intermediate
holding company for FE's transmission business, with moderate to
strong rating linkage with its corporate parent reflecting close
strategic, operational and financial ties and a centralized
management structure, including a centralized treasury function.
FET participates in FE's unregulated companies' money pool. As a
result, FET's ratings are impacted by linkage with its corporate
parent under Fitch criteria.

Coronavirus Impact Manageable: Fitch does not expect the impact of
the coronavirus pandemic on FET as a FERC-regulated transmission
entity to be significant as revenue is not volume dependent under
FERC's tariff structure.

Supportive Credit Metrics: Factors supporting FET's ratings include
projected credit metrics and business risk profile consistent with
its current rating category. While FFO leverage is expected to
weaken due to drawdown of FET's $1 billion revolver in 4Q20 and
elevated capex, Fitch expects leverage to remain below Fitch's 6.0x
downgrade trigger in 2022 and 2023.

Constructive Rate Regulation: FET's ratings reflect constructive
rate regulation for its three operating transmission utilities.
FERC regulation is balanced, in Fitch's opinion, and includes
forward-looking test years, formula-based rates with annual
true-ups and relatively attractive ROEs. These factors mitigate
risk associated with regulatory lag and FET's large investment
program. While pending challenges to ROE determinations by FERC is
a somewhat negative development, Fitch expects returns for FET's
transmission utilities to remain competitive.

Large Capex Program: FE is targeting 2021-2023 transmission capex
of $3.6 billion-$4.1 billion, of which Fitch expects approximately
65% to be focused on transmission investment in Ohio and
Pennsylvania through FET operating subsidiaries ATSI and MAIT. The
transmission buildout is designed to improve FE's system
reliability and customer service and consist of a large number of
relatively small projects. Targeted transmission investment is
expected to drive compound annual rate base growth of up to 8%.

DERIVATION SUMMARY

FET is an intermediate holding company for FE's transmission
business with moderate-to-strong rating linkage with FE. FET's
transmission business benefits from a relatively low operating risk
profile and constructive FERC economic regulation. FET's ratings
are well-positioned relative to higher-rated peer AEP Transmission
Company, LLC (A-/Stable).

Fitch's base rating case estimates FET's debt/EBITDA at just below
5.0x in 2021, which compares with AEP Transmission's 5.0x in 2021.
Credit concerns regarding FET's relatively high leverage are
mitigated by the transmission utility's relatively low-risk
business model and relatively predictable earnings and cash flows.

KEY ASSUMPTIONS

-- Investment of $3.6 billion to $4.1 billion during 2021-2023;

-- Continued balanced FERC regulation;

-- Rate base growth of up to 8% on a compound annual basis.

RATING SENSITIVITIES

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

-- An upgrade at FE along with FFO leverage sustaining at 5.0x or
    lower;

-- Continued balanced FERC rate regulation.

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

-- An adverse rating actions at FE;

-- FFO leverage sustaining at 6.0x or higher due to deterioration
    in regulatory oversight or other factors;

-- An unexpected catastrophic outage or event.

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

While FET's liquidity position is generally solid in Fitch's
opinion, recent disclosure of the FE's and FET's lack of compliance
with covenants contained in the Representations and Warranties
section of its credit agreements injects a measure of uncertainty
with regard to liquidity. If further lapses emerge unrelated to the
waiver provided by FE's and FET's bank group regarding the $4.3
million payment discussed above, FE and FET could again be unable
to comply with their Representation and Warranties regarding
corrupt activity and be required to seek another waiver. In this
scenario, FE's and FET's access to their revolvers would be
restricted until such a waiver is granted by the companies' bank
group, underscoring contagion risk for FET from FE.

In November 2020, FET and operating subsidiary ATSI borrowed all $1
billion available under FET's credit facility resulting in no
remaining availability. FET proactively drew down its revolving
credit facility as a preemptive measure to increase its cash
position and preserve financial flexibility. FET and FE have credit
agreements with borrowing capacity of $1 billion and $2.5 billion,
respectively. Both facilities mature December 2022.

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.


FLOYD SQUIRES: March 24 Hearing on Agent's Sale of Eureka Property
------------------------------------------------------------------
Judge William J. Lafferty, III, of the U.S. Bankruptcy Court for
the Northern District of California will convene a hearing March
24, 2021, at 10:30 a.m., to consider the proposed sale by Janina M.
Hoskins, the Liquidating Agent of the estate of the Floyd E.
Squires III and Betty J. Squires, of the Debtors' partial interest
in the real property located at 1606 Koster Street, in Eureka,
California, an improved parcel, to Rory A. Hanson and Jo Ann Hanson
Trustees of the Rory and Jo Ann Hanson 2020 Revocable Trust, dated
April 21, 2020, or its designee, for $187,500, all cash.

Due to the shelter in place requirements caused by the COVID-19
pandemic, all appearances will be by telephone, or, in the Court's
sole discretion, by video conference.  Instructions on how to file
opposition, if any, and how to appear by phone are contained
provided at the following link on the Court's website:
https://www.canb.uscourts.gov/content/page/court-operations-during-covid-19-outbreak
and further detailed in the Court's Sixth Amended General Order 38,
effective March 5, 2021.

                        About the Squires

Floyd E. Squires, III, and Betty J. Squires filed for chapter 11
protection (Bankr. N.D. Cal. Case No. 16-10828) on Nov. 8, 2017,
and are represented by David N. Chandler, Esq. of the Law Offices
of David N. Chandler.

Janina M. Hoskins was appointed as examiner of the Debtors on
April
23, 2018.  DENTONS US LLP, led by Michael A. Isaacs, is the
examiner's counsel.



FORD MOTOR: Moody's Rates $2BB Sr. Unsecured Notes 'Ba2'
--------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Ford Motor
Company's $2 billion of senior unsecured convertible notes. All
other ratings are unaffected, including Ba2 corporate family
rating, ratings of Ford's supported subsidiaries, and the SGL-1
speculative grade liquidity rating. The rating outlook is
negative.

Proceeds from the new offering will be used for general corporate
purposes including the potential repayment of debt.

The following rating action was taken:

Assignments:

Issuer: Ford Motor Company

Senior Unsecured Conv./Exch. Bond/Debenture, Assigned Ba2 (LGD4)

RATINGS RATIONALE

The ratings reflect Ford's competitive position in North American
that will be strengthened by a robust new product cadence that
includes the launch of the highly profitable F-150 truck. Ford is
implementing a Redesign restructuring program that Moody's expects
will help stem losses and restore profitability in the company's
European, South American and other international markets over time.
Progress is being made under the Redesign, but international
operations are still generating approximately $1.5 billion in
annual losses, and $2 billion in additional restructuring
expenditures could be incurred. Ford must also restore its position
in China, where it once generated $1.5 billion in dividend
receipts, but is now generating $500 million in losses.

The pace of Ford's recovery will be slowed by the semiconductor
shortage, with the company estimating that its original 2021 EBIT
guidance of $8 billion to $9 billion (including Ford Credit and
before Redesign charges) could be reduced by $1.0 to $2.5 billion.
This could result in the company's automotive EBITA margin falling
to a range of 1.8% to 2.8% (reflecting Moody's estimates and
adjustments).

These restructuring and supply chain disruptions are occurring as
the company is attempting to implement a significant vehicle
electrification program.

Newly installed senior management and a robust $45 billion
liquidity position will be critical in Ford's ability to contend
with these challenges.

The negative outlook reflects the financial and operating stress
that could result as the company contends with the Redesign
initiative, the restoration of its China operations, the
dislocation from the semiconductor shortage, and the expansion of
its electrification initiative.

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

Ford's rating could be lowered if the company cannot establish a
clear trajectory for achieving (by 2022): automotive EBITA margin
exceeding 3%; EBITA/interest over 2x; and, solidly positive free
cash flow.

The rating could be upgraded if Ford's trajectory for 2022
performance reflects: EBITA margin above 5%; EBITA/interest
exceeding 3.5x; and free cash flow over $3 billion.

Ford maintains a strong liquidity position that at December 2020
consisted of $31 billion in cash and $16 billion in available
credit facilities.

Meeting future carbon emissions requirements in major regions
(North America, China and Europe) will pose financial and
technological challenges for Ford. Ford has been active in
addressing environmental risks, which will remain a top agenda item
in its forward planning. Nevertheless, Moody's expects that the
company's current product portfolio leaves it vulnerable to
potentially large emission penalties in 2021 and beyond.

Reflecting these vulnerabilities, the new product launch will
include a number of battery electric and full hybrid vehicles as
important contributors in Ford's ability to comply with
increasingly challenging emission regulations in the US and Europe.
However, customer acceptance of these vehicles and Ford's ability
to earn an economic return on them has yet to be demonstrated.

Moody's expects that Ford's long-term product and investment
strategy will not be materially impacted by either US compliance
with the Paris Accord or the possible reaffirmation/termination of
the California exemption from US federal emission standards.

Given the auto industry's importance to employment levels in the
countries in which it operates, labor relations and facility
location plans can have an impact on Ford's credit profile. Recent
negotiation with the UAW provide a framework that will not
materially alter Ford's competitive position or its ability to
pursue its electrification and Redesign plan. The company is also
taking adequate action to minimize disruptions relating to the
restructuring of its international operations.

The large family ownership structure in Ford provides the company
with an important degree of insulation from potential activist
shareholders. Activist intervention can be a disruptive factor in
the US auto sector.

The methodologies used in this rating were Automobile Manufacturer
Industry published in June 2017.

Ford Motor Company, headquartered in Dearborn, Michigan, is a
leading global automotive manufacturer with 2020 revenues of $116
billion.


FREEDOM CAPITAL: Allowed Unsecured Claims to Recover 100%
---------------------------------------------------------
Freedom Capital Ventures, LLC, submitted a Third Amended Plan of
Reorganization.

The Third Amended Plan's sole difference from the prior iteration
is the addition of this paragraph: The Debtor does not anticipate
any claims or claims from unsecured creditors.  In the event
unsecured claims are filed, the Debtor will pay the allowed claim
or claims in full subject to objection.

The secured claims will be paid in full with interest over time.

Jarrad Reddick, the Debtor's principal, is the only equity security
holder.  Reddick will retain his interest in the reorganized
debtor. Reddick shall contribute $3,000 per month of 12 months to
the Debtor as additional capital contribution.

The Plan provided that the Debtor will continue in possession of
its assets after confirmation.  The Debtor's source of income is
monthly rental payments received from its rental properties and
capital contributions from Debtor's principal.

Attorney for the Debtor:

     Ken Mitchell
     GIDDENS AND MITCHELL P.C
     3951 Snapfinger Parkway
     Suite 555
     Decatur, Georgia 30035
     770-987-7007
     Email: gmapclawl@gmail.com

A copy of the Third Amended Plan of Reorganization is available at
https://bit.ly/3cPypNl from PacerMonitor.com.

                About Freedom Capital Ventures

Freedom Capital Ventures LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Ga. Case No. 20-63430) on Feb. 27,
2020, listing under $1 million in both assets and liabilities.
Judge Paul Baisier oversees the case.  Kenneth Mitchell, Esq. at
Giddens, Mitchell & Associates P.C. serves as Debtor's counsel.


FRICTIONLESS WORLD: April 20 Hearing on Creditors' Plan
-------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in
Frictionless World LLC's case and the Arbitration Creditors, as
co-proponents, filed a First Amended Chapter 11 Plan and a
corresponding Disclosure Statement for Frictionless World.

The Arbitration Creditors are Frictionless, LLC, Changzhou Zhong
Lian Investment Co., Ltd., and Changzhou Inter Universal Machine &
Equipment Co., Ltd.

A hearing has been scheduled for Tuesday, April 20, 2021, at 9:30
a.m. prevailing Mountain Time before the Honorable Michael E.
Romero, United States Bankruptcy Court, 721 19th St., Denver, CO
80202, to determine whether the Bankruptcy Court will confirm the
Plan.

Any party that objects to confirmation of the Plan must file and
serve its objection and evidence in support thereof by April 14,
2021.

The Debtor's business operations have been closed by the Trustee.
On October 29, 2020, the Bankruptcy Court entered an order
authorizing the Trustee to take all actions necessary and
appropriate to terminate the Debtor's business operations,
including carrying out the sale of the Debtor's remaining inventory
at the Trustee's discretion by private sale.  As part of that
Order, the Trustee was permitted to terminate the employment of the
Debtor’s employees as of Oct. 30, 2020.  In the Trustee's Report
of Sale, dated Nov. 10, 2020, and Jan. 7, 2021, the Trustee
reported that his successful sale of a large portion of the
Debtor's inventory yielded sale proceeds of $420,799 and $160,895,
respectively.  The Trustee is in the process of further liquidating
the Debtor’s remaining assets for the benefit of the Estate.  The
Trustee has advised the Plan Proponents that there are no remaining
accounts receivable of the Debtor to be collected.  The Trustee has
further advised that all inventory of the Debtor has been
liquidated except the minimal remaining inventory.

The Creditors' Plan provides for the appointment of the Trustee as
the Liquidating Trustee, who is vested with the authority to
investigate and pursue all Litigation Claims, including, but not
limited to, Litigation Claims against Banjo and several other
Persons, including without limitation the Scheduled Defendants,
except any Litigation Claims which are expressly released by the
Plan.

The Liquidating Trust will be established under a Liquidating Trust
Agreement and presided over and administered by the Liquidating
Trustee, and shall be supervised by the Creditors Oversight
Committee pursuant to the terms of the Plan Documents.

To facilitate a prompt and efficient resolution of this Bankruptcy
Case, the Arbitration Creditors and the Committee have agreed to a
division of the Estate Assets that includes a partial subordination
of the Arbitration Creditor Claims to only the Trade Creditor
Claims, and only as a payment subordination for purposes of
receiving distributions hereunder and not as a subordination of
claims to any extent or for any purpose, solely in accordance with
the terms of the Plan.

Class 3: Allowed General Unsecured Claims will be treated as
follows:

   * Each holder of an Allowed Arbitration Creditor Claim shall
receive its Pro Rata Share of the Arbitration Creditor
Distributable Assets and the Beneficial Interest in the Liquidating
Trust in accordance with the Liquidating Trust Agreement. The
Arbitration Creditor Distributable Assets shall consist of 50% of
Net Cash in the Estate on the Effective Date, 50% of the proceeds
from the post-Effective Date liquidation of the Other Assets, 90%
of the Net Litigation Proceeds and any and all Excess Proceeds.

   * Each holder of an Allowed Trade Creditor Claim, including any
Trade Creditor Claim which becomes an Allowed General Unsecured
Claim thereafter, shall receive its Pro Rata Share of the Trade
Creditor Distributable Assets and the Beneficial Interest in the
Liquidating Trust in accordance with the Liquidating Trust
Agreement. The Trade Creditor Distributable Assets shall consist of
50% of Net Cash in the Estate on the Effective Date, 50% of the
proceeds from the post- Effective Date liquidation of the Other
Assets and 10% of the Net Litigation Proceeds.

   * Arbitration Creditor Claims, which were the subject of certain
objections, have been settled with the Trustee, and approved by the
Arbitration Settlement Order under Bankruptcy Rule 9019, as
follows:  (i) the Trustee has agreed that Frictionless, LLC's Claim
shall be allowed in the amount of $7,000,000; (ii) the Trustee has
agreed that CIU's Claim shall be allowed in the amount of $369,444;
(iii) the Trustee has agreed that Z.L. Investment's Claim shall be
allowed in the amount of $5,000; and (iv) the Trustee shall grant
the Arbitration Creditors a worldwide, perpetual, nonexclusive,
royalty-free license, with the right to sublicense, in and to any
assets of the Estate comprised of intellectual property rights in
the form of patents, trademarks, copyrights, or trade secrets of
the Debtor.  

Counsel for the Official Committee of Unsecured Creditors:

     ARCHER & GREINER, P.C.
     Three Logan Square
     1717 Arch Street, Suite 3500
     Philadelphia, PA 19103
     Telephone: (215) 963-3300

          - and -

     HOLLAND & HART LLP
     555 17th Street, Suite 3200
     Denver, CO 80202
     Telephone: (303) 295-8000

Counsel for Frictionless, LLC, Changzhou Zhong Lian Investment Co.,
Ltd., and Changzhou Inter Universal Machine & Equipment Co., Ltd.:

     SHERMAN & HOWARD L.L.C.
     633 Seventeenth Street, Suite 3000
     Denver, CO 80202
     Telephone: (303) 297-2900

          - and -

     K&L GATES LLP
     Brian D. Koosed
     1601 K Street, NW
     Washington, D.C. 20006
     Telephone: (202) 778-9200
     E-mail: brian.koosed@lkgates.com

A copy of the First Amended Disclosure Statement is available at
https://bit.ly/3cVan3P from PacerMonitor.com.

                      About Frictionless World

Frictionless World, LLC -- https://www.frictionlessworld.com/ --
provides professional-grade outdoor power equipment, replacement
parts for tractors, hitches and agricultural implements, gate and
fence equipment, lithium ion powered tools, and ice fishing
equipment. It offers brands such as Dirty Hand Tools, RanchEx,
Redback, Trophy Strike and Vinsetta Tools.

Frictionless World sought Chapter 11 protection (Banks. D. Col.
Case No. 19-18459) on Sept. 30, 2019.  The Hon. Michael E. Romero
is the case judge. In the petition signed by CEO Daniel Banjo, the
Debtor disclosed total assets of $14,600,503 and total liabilities
of $17,364,542.

The Debtor tapped Wadsworth Garber Warner Conrardy P.C. as
bankruptcy counsel; Thomas P. Howard, LLC as special counsel; r2
Advisors, LLC as financial advisor; and Three Twenty-One Capital
Partners, LLC, as investment banker.

The Office of the U.S. Trustee appointed creditors to serve on the
official committee of unsecured creditors on Nov. 20, 2019.  JW
Infinity Consulting LLC is the financial advisor to the Committee.

Tom Connolly was appointed as Chapter 11 trustee effective as of
October 1, 2020.  The Trustee is represented by Faegre Drinker
Biddle & Reath, LLP.


FULTON WAREHOUSE: Court Confirms Reorganization Plan, as Modified
-----------------------------------------------------------------
Judge James R. Sacca has entered an order approving the Disclosure
Statement of Fulton Warehouse and Distribution, LLC and confirming
the Debtor's Plan of Reorganization, as modified.

Class 2 appearing in Article V, page 5 of the Plan of
Reorganization is hereby deleted in its entirety and the following
is hereby substituted in lieu thereof:

     Class 2 – Claim of Anthony Foster. Impaired. Anthony Foster
shall have an Allowed Claim in the amount of $50,000.00 in
connection with a pre-Petition workers' compensation claim for
which the Debtor did not then have insurance. The parties have
filed a no-liability stipulation and agreement as required by
O.C.G.A. § 34-9-15(b) with the Georgia State Board of Workers'
Compensation. The Debtor will pay the $50,000.00 Allowed Claim, in
payment and satisfaction of Anthony Foster's claims against the
Debtor and Todd Williamson, in 15 monthly installments as part of
the Plan. The Debtor will pay $3,333.33 for months one through
fourteen and will make a final payment of $3,333.38 in the
fifteenth month. When making payments, 75% of the monthly payment
will be made payable to Anthony Foster and 25% of the monthly
payment will be made payable to Anthony Foster's attorneys Bader
and Scott. The first monthly payment will be due within 20 days
from the date the State Board approves the no-liability stipulation
and agreement as required by O.C.G.A. § 34-9-15(b). Subsequent
monthly payments are due every 30 days starting from the date of
the first payment. A 20% late payment penalty under O.C.G.A. §
34-9-15(b) will not be owed for months 2 through 15 if the monthly
payment is made within 20 days of its due date. Anthony Foster will
receive $37,500.00 and his attorney will receive $12,500.00
($12,500.00 as attorney's fees and $0.00 as expenses). All medical
expenses will be the responsibility of the employee.

                    About Fulton Warehouse

Fulton Warehouse and Distribution LLC, a warehouse based in
Atlanta, Georgia, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 20-64902) on March 23,
2020. The petition was signed by Todd David Williamson, its
president. At the time of the filing, the Debtor was estimated to
have assets of between $100,001 and $500,000 and liabilities of the
same range.  The Debtor hired Paul Reece Marr, P.C. as its counsel.


FUTURUM COMMUNICATIONS: Case Summary & 20 Top Unsecured Creditors
-----------------------------------------------------------------
Debtor: Futurum Communications Corporation
        2347 Curtis St.
        Denver, CO 80205

Business Description: Futurum Communications Corporation
                      -- https://forethought.net --
                      is an independent locally owned internet,
                      cloud and communications service provider
                      with offices in Denver, Grand Junction and
                      Durango, offering a portfolio of enterprise-
                      level cloud hosting, colocation, Internet,
                      voice and data solutions.

Chapter 11 Petition Date: March 21, 2021

Court: United States Bankruptcy Court
       District of Colorado

Case No.: 21-11331

Judge: Hon. Kimberley H. Tyson

Debtor's Counsel: Jessica Hoff, Esq.
                  HOFF LAW OFFICES, P.C.
                  6400 S Fiddlers Green Cir Ste 250
                  Greenwood Vlg, CO 80111-5075
                  Tel: (720) 739-3599
                  E-mail: jhoff@hofflawoffices.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Jawaid Bazyar, president.

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

https://www.pacermonitor.com/view/DD7PICA/Futurum_Communications_Corporation__cobke-21-11331__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. American Express                                        $52,049
PO Box 650448
Dallas, TX 75265-0448
Tel: 800-492-3344

2. Calix                                                   $25,380
PO Box 843163
Dallas, TX 75284-3163
Tel: 408-601-4074

3. CenturyLink                                            $540,000
CenturyLink - Access Billing
CABS 2 Tower South
Monroe, LA 71211-4648
Tel: 800.335.5672 Ext 5290

4. Centurylink 5-YBSMFPDM-A                                $25,844
CenturyLink - Access Billing
CABS 2 Tower South
Monroe, LA 71211-4648
Tel: 800.335.5672 Ext 5290

5. Colorado West Broadcasting                              $25,536
3230-B South Glen Ave
Glennwood Springs, CO 81601

6. Comcast Technology Solutions-DIA                        $48,529
13431 Collections Center Drive
Chicago, IL 60693

7. Commissions -BS -eTech                                  $34,928
Broadband, LLC
Ken Olson
Norwood, CO 81423
Tel: (970) 708-1109

8. Commissions-Rocky Mountain Tech                         $31,322
Team
2525 Arapahoe Ave Unit E-4-184
Boulder, CO 80302
Tel: 303-775-3680

9. DB Tech Inc.                                            $80,511
Suite E
Bloomfield, NM 87413
Tel: (505) 330-9612

10. ExteNet Systems Inc.                                   $82,817
3030 Warrenville Rd Ste 340
Lisle, IL 60532
Tel: 630-505-3800

11. FastTrack Communications                               $32,839
Ste 200
Durango, CO 81301
Tel: (970) 828-1004

12. Inteliquent                                            $36,792
9081 Paysphere Circle
Chicago, IL 60674-0090
Tel: 312-384-8078

13. LEAF 002                                               $40,000
PO Box 5066
Hartford, CT 06102-5066
Tel: 866-219-7924

14. LEAF 003                                               $75,000
PO Box 5066
Hartford, CT 06102-5066
Tel: 866-219-7924

15. Merle Jo Crandall                                     $180,000
PO Box 99
Pinedale, WY 82941
Tel: 307-367-2623

16. Metaswitch Networks                                    $42,454
11600 Sunrise Valley Drive
Suite 380
Reston, VA 20191
Tel: 703.480.0500

17. Town of Eagle                                          $46,000
200 Broadway
PO Box 609
Eagle, CO 81631

18. Transaction Network Services Inc                       $32,580
15847 Collection Center Drive
Chicago, IL 60696
Tel: (866) 421-6984

19. Wells Fargo LOC (Auto)                                 $48,435
PO Box 29482
Phoenix, AZ 85038-8650
Tel: 800-225-5935

20. Zayo 4566                                             $175,641
PO Box 952136
Dallas, TX 75395-2136
Tel: (800) 390-6094


GARRISON SHORTSTOP: Gets Cash Collateral Access Thru June 18
------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Kentucky,
Ashland Division, has authorized Garrison Shortstop, LLC to
continue using cash collateral under the same budget, conditions
and terms set forth in the original Cash Collateral Order for a
period up to and including June 18, 2021.

As previously reported by the Troubled Company Reporter, the Debtor
asked the Court for entry of an order extending the term of its
authorization to use cash collateral through June 18, 2021.  On
December 3, 2020, the Court entered an Order approving the Debtor's
use of cash collateral on an interim basis. On January 13, 2021,
the Court entered an Order extending the terms of the Cash
Collateral Order through March 24, 2021.

The Debtor sought to extend the term of the Cash Collateral Order
under the same terms and conditions set forth in the original Cash
Collateral Order. The Debtor said no material changes have occurred
since the granting of interim relief of the original Cash
Collateral Order which would deem any party-in-interest no longer
adequately protected.

A copy of the order is available for free at https://bit.ly/314C5p5
from PacerMonitor.com.

                  About Garrison Shortstop, LLC

Garrison Shortstop, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Ky. Case No. 20-10262 on December
1, 2020. In the petition signed by Lucinda Applegate, member, the
Debtor disclosed up to $500,000 in assets and up to $10 million in
liabilities.

Judge Tracey N. Wise oversees the case.

Michael B. Baker, Esq. at The Baker Firm, PLLC is the Debtor's
counsel.



GERASIMOS ALIVIZATOS: Response to $535K Property Sale Shortened
---------------------------------------------------------------
Judge Thomas J. Catliota of the U.S. Bankruptcy Court for the
District of Maryland granted the request of Gerasimos Alivizatos
and his lienholders, Calvin B. Taylor Banking Company of Berlin
Maryland and The Estate of Russell B. Ruggerio, to shorten time to
five days in which to respond to the Debtor's expedited sale of the
real property located at 103 Caroline St., in Ocean City, Maryland,
to Home 4 Life, LLC, for $535,000.

Any objections/responses to the Consent Motion was due on March 22,
2021, at 5:00 p.m.

Gerasimos Alivizatos sought Chapter 11 protection (Bankr. D. Md.
Case No. 20-15354) on May 19, 2020.  The Debtor tapped George
Roles, Esq., as counsel.  On June 11, 2020, the Court appointed
Nicholas Preziosi at Pen Fed Reality as Realtor.



GETTY IMAGES: S&P Alters Outlook to Stable, Affirms 'B-' ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on Getty Images Inc. to
stable from negative and affirmed all ratings, including its 'B-'
issuer credit rating.

S&P said, "The stable outlook reflects our expectation that
improving macroeconomic conditions and subsiding COVID-19
pandemic-related disruption will support revenue and EBITDA growth
and sufficient liquidity.

"The outlook revision reflects our view that positive operating
trends will continue over the next 12 months as the economy
recovers with increased advertising spending and the return of
postponed sports and entertainment events.   While we forecast a
low-single-digit percent revenue decrease for 2020, adjusted EBITDA
is forecasted to increase modestly at 2% because of cost reductions
in response to the pandemic. We expect Getty's revenue and EBITDA
to increase this year even with a reinstatement of certain costs
deferred in 2020 and higher business investments to remain
competitive. We believe the company will continue to benefit from
several strategic changes implemented over the past year, including
shifting its marketing mix, moving to a regional sales structure,
altering certain functions, and simplifying products to increase
customer service and create flexibility to move quickly with market
needs. In our view, high investments in product development and
marketing at Getty's competitors, some of which have greater
financial resources and technology development expertise, will
continue to intensify competition. Although Getty has a leading
market position in creative and editorial still imagery,
long-standing relationships with photographers and associations,
and an extensive royalty-free image collection, competition in the
mid-stock segment from Shutterstock and Adobe Stock remains
intense."

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."

Management execution risks remain for the capital structure. Recent
performance is encouraging that management's strategic initiatives
are paying off. However, execution risk remains given Getty's
capital structure and high accrual rate on the preferred stock.
Getty will need to meaningfully increase sustained EBITDA and cash
flow faster than the preferred stock to deleverage its balance
sheet, which could be challenging given the competitive market and
the need for higher investment and marketing spending. S&P said,
"In our view, Getty had a highly leveraged capital structure with
roughly $2.4 billion of debt (including preferred stock) as of
Sept. 30, 2020. Adjusted debt to EBITDA was estimated at about 9x
at year-end 2020. We assume the company will continue to elect the
payment-in-kind (PIK) interest feature on the preferred stock over
the next two years and use the cash flow for business reinvestments
and debt reduction."

S&P said, "We expect leverage improvement on EBITDA growth, debt
reduction with free cash flow, and for Getty to maintain adequate
liquidity. Based on our expectations for EBITDA and cash flow
growth, we expect Getty to maintain a high cash balance over the
next 12 months. The company reduced debt $18.8 million during the
first nine months of 2020, and we expect this to continue as
management focuses on reducing leverage. Getty had $157.8 million
cash on hand, and its $80 million revolving credit facility was
undrawn as of Sept. 30, 2020. The company has no substantial debt
maturities until 2026, when the term loans are due. The revolver
has a springing maximum 6.5x total first-lien leverage financial
maintenance covenant that goes into effect when more than 35% of
the facility is outstanding. We do not expect the company to
trigger the covenant over the next 12 months. We expect the
facility will remain undrawn as performance continues to improve on
an economic recovery.

"The stable outlook reflects our expectation that Getty will
generate revenue and EBITDA growth over the next 12 months, with
FOCF of at least $70 million supporting good liquidity and the
potential for further debt prepayment."

S&P could lower its rating if:

-- S&P believes the company cannot increase EBITDA sufficiently
over the next 12-24 months, keeping leverage elevated and
increasing the risk that the capital structure becomes
unsustainable; or

-- FOCF falls below $40 million or liquidity weakens. This could
result from a prolonged economic downturn, or competitive pressures
causing Getty to make higher-than-anticipated marketing investments
or lower prices.

Although unlikely over the next 12 months, S&P could raise the
rating if:

-- The company exhibits consistent revenue and EBITDA growth that
enables FOCF growth at a faster pace than the PIK debt; or

-- It reduces leverage toward 6x to allow a favorable refinancing
of its PIK debt over the next three years.


GL BRANDS: Sets Bidding Procedures for Sale of Equity Interests
---------------------------------------------------------------
GL Brands, Inc., and affiliates ask the U.S. Bankruptcy Court for
the Northern District of Texas to authorize the bidding procedures
in connection with the sale of their equity interests to Merida
Capital Holdings, subject to overbid.

The purchase price consists of: (a) a credit bid in the amount of
the DIP Loan and the Pre-Petition Secured Debt; (b) a cash payment
in the estimated amount of $75,000 for the satisfaction of
administrative claims not already paid under the DIP Loan; (c) a
cash payment of $100,000 for distribution to the holders of GUC;
and (d) the subordination of approximately $6 million in general
unsecured claims held by Merida affiliates in connection with the
Merida bid.

Since the Debtors were short of cash and losing money when the
Chapter 11 cases were filed, they required DIP financing to
continue operations.  Merida, in its capacity as DIP Lender, agreed
to lend the Debtors up to $750,000 under the DIP Loan.  By the
anticipated date of the Confirmation Hearing, the Debtors expect to
owe the DIP Lender at least $750,000 and probably $784,676, with
all accrued interest.  The DIP Loan is secured by an automatically
perfected first lien on all of the Debtors' assets and a
superiority administrative claim. Under the Debtors' Final DIP
Financing Order, the DIP Loan matures on March 31, 2021 unless the
Debtors file a plan of reorganization by that date.

Under the Debtors' Court-approved DIP Financing Agreement with the
DIP Lender (i.e. Merida in that capacity), the plan must provide
that the DIP Obligations will be repaid in full in cash or
otherwise acceptable to Merida.  Otherwise, the DIP Loan will
become full due and payable.  The Debtors do not have the resources
to pay off the DIP Loan at this time.  Their operations are not yet
cash flow positive, and the Debtors have no prospect of finding an
alternative DIP Lender in the immediate future.  Finally, the
Debtors' need for financing will likely exceed the existing limit
of the existing DIP Loan before the end of May.  

Merida has delivered a terms sheet for a proposed Stalking Horse
Bid for the Debtors' equity, through the Auction and the Plan of
Reorganization that the Debtors will shortly file.  Under that
proposal, Merida would be the Stalking Horse Bidder.  The Debtors
and Merida have worked constructively to reach agreement on the
terms of the proposed Auction, to occur in April 2021.

The Debtors consider the Merida Bid Proposal to be acceptable in
that it would satisfy the DIP Loan, the Pre-Existing Secured Debt,
administrative claims, estimated to be about $75,000, and return
$100,000 to the Debtors' unsecured creditors, with Merida's own
unsecured claims subordinated.  The Merida Bid Proposal includes a
$25,000 break-up fee for the Stalking Horse Bidder, and minimum bid
increment of $50,000, both of which the Debtor considers to be
reasonable and customary.   The estimated value of the Merida Bid
Proposal is $1,334,019, not including the subordination of the
Merida affiliated unsecured claim.

However, both the Debtors and Merida would prefer a higher and
better bid from another party.  The Debtors are willing to accept
Stalking Horse Bids from another potential buyer, and they are
willing to provide the same Bid Protections to another Stalking
Horse Bidder, i.e. one other than Merida.  The Debtors file the
Motion to get the process underway.  The Debtors' DIP Loan matures
on March 31, 2021 unless a Plan of Reorganization filed.  Thus,
time is critical.

The Debtors ask that the Bidding Procedures Order establish the
following dates and deadlines, subject to extension and other
modifications by the Debtors:

     (i) Deadline to Name Stalking Horse: March 31, 2021

     (ii) Bid Deadline: April 9, 2021, at 5:00 p.m. (CT)

     (iii) Auction: April 14, 2021 at 10:00 a.m. (CT), as the date
and time of the Auction, if one becomes necessary, which will be
held at the offices of the counsel for the Debtors, Whitaker Chalk
Swindle & Schwartz. PLLC, 301 Commerce Street, Suite 3500, Fort
Worth, Texas 76102, telephonically, or by video via Zoom.  A small
number of Bidders or creditors would be permitted to attend in
person, in limited numbers, consistent with Whitaker Chalk's
COVID-19 protocols;

     (iv) Sale Objection Deadline: April 20, 2021, at 5:00 p.m.
(CT)

     (v) Reply Deadline: April 27, 2021, at 5:00 p.m. (CT)

     (vi) Hearing to Consider Solicitation Motion for Combined Plan
and Disclosure Statement: March 31, 2021

     (vii) Confirmation Hearing: May 1, 2021

     (viii) The forgoing deadlines may be extended by the Court
after notice and hearing.

Other salient terms of the Bidding Procedures are:

     (i) Minimum Overbid: 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 Minimum
Purchase Price, plus (b) the Break-Up Fee, plus (c) the minimum Bid
increment of $50,000.  Thus, the first overbid must exceed the
Minimum Purchase Price by $75,000.  The Stalking Fee will be earned
only once.  Subsequent overbids must exceed the prior bid by
$50,000.  The Break-Up Fee and the Minimum Overbid will constitute
the "Bid Protections" for the Stalking Horse Bidder.

     (ii) Bid Deposit: Qualified Bidders must, three business days
before the Auction (April 9, 2021), post a good-faith deposit of
$125,000 to be held in the trust account of Debtors' counsel.

     (iii) The sale will be free and clear of all liens, claims,
encumbrances and other interests.

The Debtors will request a hearing before the Court to consider
confirmation of the Debtors' Plan of reorganization, including the
approval of the Successful Bid or Successful Bids no later than May
1, 2021.

Time is short due to the impending expiration of the Debtors' DIP
Loan and the Debtors' cash burn.  To implement the foregoing
successfully, the Debtors seek a waiver of the notice requirements
under Bankruptcy Rule 6004(a) and the 14-day stay of an order
authorizing the use, sale, or lease of property under Bankruptcy
Rule 6004(h).

A copy of the Bidding Procedures is available at
https://tinyurl.com/yy8mk6zb from PacerMonitor.com free of charge.

                         About GL Brands

GL Brands -- https://www.glbrands.com/ -- formerly d/b/a Freedom
Leaf, is a global hemp consumer packaged goods company engaged in
the development and sale of cannabis-derived wellness products.
Through its premier brands Green Lotus and Irie CBD, GL Brands
delivers a full portfolio of hemp-derived CBD products, including
tinctures, soft gels, gummies, sparkling beverages, vapes, flower
and topical segments to promote greater wellness and balance, in
the U.S. and throughout the world.

On Dec. 17, 2020, GL Brands, Inc. et al sought Chapter 11
protection (Bankr. N.D. Tex. Lead Case No. 20-43800).  GL Brands
disclosed total assets of $100,000 to $500,000 and total
liabilities of $10 million to $50 million.  The petition was
signed
by CEO Carlos Frias.

Judge Edward L. Morris oversees the case.

The Debtors tapped Robert A. Simon, Esq., at Whitaker Chalk
Swindle
and Schwartz, as bankruptcy counsel.



GLOBAL ACQUISITIONS: Toorak Says Plan Patently Unconfirmable
------------------------------------------------------------
Toorak Capital Partners, LLC, objects to Global Acquisitions
Holding Group, Inc.'s Disclosure Statement describing Plan of
Reorganization.

Toorak Capital Partners points out that the court should not
approve the disclosure statement because it lacks adequate
information:

   * Inaccurate Classification of Claim and Erroneous Description
of Movant's Claims: The Debtor's Disclosure Statement contains
inaccurate information regarding Class 1 secured claims. Per the
Disclosure Statement, Class 1(a) and Class 1(b) are comprised of
alleged "superpriority lien[s] over the 1st lienholder," totaling
$127,388.81 (the "Energy Efficient Equity Loans"). Superpriority
status for an unsecured loan can only be obtained with court
approval after notice and opportunity for hearing. 11 U.S.C. §
364. To date, Debtor has not sought approval of superpriority
status for the Energy Efficient Equity Loans; no motion to
authorize such a superpriority claim has been filed and there has
been no notice or hearing for the same.

   * Insufficient Information Supporting Plan Feasibility: The
Disclosure Statement fails to provide adequate information
supporting the feasibility of the Plan. The entirety of Debtor's
Plan hinges on an alleged "new value contribution…of $870,000 on
the effective date of the plan" to be made by third-party Asiel
Luna, the son of Debtor's principal, Zeferino Luna Jr. (the "New
Value Contribution"). In support of this purported funding, Debtor
submits the "Declaration of Asiel Luna" (the "A. Luna Declaration")
which merely states that Mr. Luna has the income to make this
one-time contribution. The Disclosure Statement provides no
additional information or evidence supporting the feasibility or
availability of the New Value Contribution.

   * Inconsistent Valuation of Assets: The Debtor has cited
inconsistent valuations of its sole asset in its Disclosure
Statement and its subsequent filings.  Initially, the Petition
scheduled the value of the Property as $700,000.  As Debtor
acknowledges in the Disclosure Statement, the Court, upon Debtor's
request by the Valuation Motion, entered an order valuing the
Property at $880,000. Debtor's Disclosure Statement now attempts to
revisit the Court's Valuation Order, stating that it "will be
filing a motion to modify the court's ruling based on updated
appraisal report and the secured creditor's valuation of
$700,000.".  Per the Disclosure Statement, the Debtor now believes
that the "current value of the property is approximately
$700,000.". Of note, no new appraisal is attached to support this
new valuation.

   * Insufficient Detail on the Future Events of the Debtor: There
is no information or factual evidence provided to support the
feasibility of this plan. The Debtor fails to properly disclose the
current condition of the Property and does not address the
extent of construction necessary to complete the Property, let
alone the cost to do so. There is no indication of any kind that
Debtor has resolved or will be able to resolve the very issues that
led it into chapter 11, including approval of its construction
plans, especially given that "Debtor currently has no income, and
any future income is dependent on the completion of the
construction project."

   * Other Key Missing Information: The Disclosure Statement's
failure to include other key, relevant elements renders it
deficient. For instance, the Disclosure Statement lacks any detail
on the professionals who have provided information and expertise to
the Disclosure Statement as well as the accounting methods used to
calculate the provided information.

Toorak Capital Partners further points out that the court should
not approve the disclosure statement because the plan is not
confirmable.

   * The Plan is patently unconfirmable because no impaired class
will vote to accept the plan: Toorak intends to vote to reject the
Plan as both the sole holder of its Class 1(c) claim and the
controlling holder of the Class 2 claim.2 Accordingly, there is no
Impaired Class that will vote to accept the Plan.  The Debtor will
be unable to achieve a consensual confirmation of the Plan.

   * The Plan is patently unconfirmable because it fails to satisfy
the "fair and equitable" test: Pursuant to the Plan, (i) Toorak
will not retain a lien on the Property and receive deferred
payments until paid in full, (ii) Toorak will not have a lien
attach to the sale proceeds, and (iii) Toorak is not being provided
with the "indubitable equivalent" of the secured portion of its
claim. Accordingly, the Plan violates the "fair and equitable" test
of Section 1129(b)(2)(A), and cannot be confirmed.

   * The Plan is patently unconfirmable because the plan is likely
to lead to further financial reorganization or liquidation: The
Debtor's current Plan does not set forth a reasonable possibility
of successful reorganization: there is no indication that the
Debtor has or can resolve the construction issues and delays that
forced it into chapter 11. Further, under the Plan, the minimal
amount of the proposed New Value Contribution will only partially
reimburse existing creditors and pay administrative claims. There
will be no funds left to continue, let alone complete, construction
on the Property and successfully prepare it for a sale.
Confirmation of the Plan will almost certainly be followed by
Debtor's need for further financial reorganization or liquidation.

Attorneys for Toorak Capital Partners, LLC:

     Randye B. Soref
     Tanya Behnam
     POLSINELLI LLP
     2049 Century Park East, Suite 2900
     Los Angeles, CA 90067
     Telephone: (310) 556-1801
     Facsimile: (310) 556-1802
     E-mail: rsoref@polsinelli.com
     E-mail: tbehnam@polsinelli.com

                   About Global Acquisitions

Global Acquisitions Holding Group, Inc., is a single asset real
estate (as defined in 11 U.S.C. Section 101(51)).  It is the owner
of a fee simple title to a property located at 15816 La Pena Ave.,
La Mirada, Calif., having an appraised value of $700,000.

Global Acquisitions Holding Group sought protection under Chapter
11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-18910) on
Sept. 30, 2020.  Global Acquisitions President Zeferino Luna, Jr.
signed the petition.  At the time of the filing, the Debtor had
total assets of $700,000 and total liabilities of $1,220,295. Judge
Sheri Bluebond oversees the case.  Anyama Law Firm, A Professional
Corporation, is the Debtor's legal counsel.


GLOBAL FOODS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Global Foods Group, Inc.
        245 Quality Drive
        Clinton, AR 72031

Business Description: Global Foods Group, Inc. is the fee simple
                      owner of a property located at 245 Quality
                      Drive, Clinton, AR 72031, valued at
                      $2.9 million.

Chapter 11 Petition Date: March 20, 2021

Court: United States Bankruptcy Court
       Eastern District of Arkansas

Case No.: 21-10758

Judge: Hon. Ben T. Barry

Debtor's Counsel: Charles T. Coleman, Esq.
                  WRIGHT, LINDSEY & JENNINGS LLP
                  200 West Capitol Avenue
                  Suite 2300
                  Little Rock, AR 72201-3615
                  Tel: 501-371-0808
                  E-mail: ccoleman@wlj.com

Total Assets: $7,103,607

Total Liabilities: $6,964,186

The petition was signed by Robble Brown, president.

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/33YK3XI/Global_Foods_Group_Inc__arebke-21-10758__0001.0.pdf?mcid=tGE4TAMA


GLOW HOSPITALITY: Case Summary & 13 Unsecured Creditors
-------------------------------------------------------
Debtor: Glow Hospitality, LLC
           DBA Hotel Bemidji
        2422 Ridgeway Avenue Northwest
        Bemidji, MN 56601

Business Description: Glow Hospitality operates in the traveler
                      accommodation industry.

Chapter 11 Petition Date: March 22, 2021

Court: United States Bankruptcy Court
       District of Minnesota

Case No.: 21-60102

Judge: Hon. Michael E. Ridgway

Debtor's Counsel: Thomas J. Flynn, Esq.
                  LARKIN HOFFMAN DALY & LINDGREN LTD.
                  8300 Norman Center Dr.
                  Suite 1000
                  Minneapolis, MN 55437-1060
                  Tel: 952-835-3800
                  E-mail: tflynn@larkinhoffman.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Baljinder Sandhu, president and
controlling member.

A copy of the petition containing, among other items, a list of the
Debtor's 13 unsecured creditors is available for free at
PacerMonitor.com at:

https://www.pacermonitor.com/view/UCORZZY/Glow_Hospitality_LLC__mnbke-21-60102__0001.0.pdf?mcid=tGE4TAMA


GOOD DEED 317: Court Confirms Plan; Areau to Get Ownership
----------------------------------------------------------
Judge Paul Baisier has entered an order confirming Good Deed 317,
LLC's Plan and approving the Debtor's Disclosure Statement on a
final basis.

At the Confirmation Hearing, the Debtor announced that the
Cinelease, Inc. contract with Areu Studios, LLC, is assumed as
amended and extended pursuant to that certain extension agreement
dated March 1, 2021, which extended the term of the contract
through and including May 12, 2021.

As evidenced by the Ballot Report and submissions at the
Confirmation Hearing, two impaired classes of claims (determined
without including any acceptance by an insider of Debtor) voted to
accept the Plan. Specifically, Class 5 – the Secured Claim of LV
Atlanta, LLC, Class 6 – the Secured Claim of TP Krog, LLC voted
to accept the Plan.  Not all classes of the Plan voted to accept
the Plan.  Therefore, the Debtor was required to establish, and the
Court so finds, that Debtor's Plan satisfies the requirements of 11
U.S.C Sec. 1129(b) with respect to such non-accepting classes.

On the Effective Date, the Reorganized Debtor shall issue or
reserve for issuance all of the Equity Interests in the Reorganized
Debtor to Areu Studios,LLC.  The Areu Studios Equity Interests
shall represent 100% of the Equity Interests in Reorganized Debtor
as of the Effective Date and shall be duly authorized, validly
issued, fully paid and non-assessable.

Counsel for Debtor:

     Cameron M. McCord
     JONES & WALDEN LLC
     Georgia Bar No.143065
     699 Piedmont Avenue, NE
     Atlanta, Georgia 30308
     Tel: (404) 564-9300

                      About Good Deed 317

Atlanta-based Good Deed 317, LLC, is a single asset real estate
debtor (as defined in 11 U.S.C. Section 101(51B)).

On Oct. 29, 2020, Good Deed 317 sought protection under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 20-71227).  Ozzie
Areu, manager, signed the petition.  At the time of the filing, the
Debtor estimated assets of between $10 million and $50 million and
liabilities of the same range.  Judge Paul Baisier oversees the
case.  Jones & Walden, LLC, is the Debtor's legal counsel.


GORDON BROTHERS: Creditors to Be Paid 100% Over Time
----------------------------------------------------
Gordon Brothers Cellars, Inc., and Kamiak Vineyards, Inc., along
with Jeff & Vicki Gordon, filed a First Amended Plan of
Reorganization on March 12, 2021.

The Plan proposes to pay creditors of each of the Debtors 100%
percent of the principal amount of their claims plus interest.  The
Debtors will pay claims according to the priorities dictated by the
United States Bankruptcy Code.

The Debtors' joint plan proposes to pay all creditors in full, with
interest, over the course of the Plan.  In order to pay all
creditors in full during the course of the Plan, the Debtors intend
to restructure their operations, attempt to sell certain non-farm
assets and attempt to sell and/or refinance their existing
operations.   

Unsecured claims against Kamiak total $221,185, unsecured claims
gainst Gordon Brothers total $827,752, and unsecured claims against
Individuals total $25,986.

While the Budgets largely continue the Debtors' prepetition
operational model there are some important differences:

  * GBC does not intend to purchase 2021 grapes from Kamiak (or any
other third party).   There are grape purchases in the GBC 2021
Budget of approximately $521,000, which represent payment to Kamiak
for the 2018/2019 grape crop (as well as a minor amount of other
grape purchases).  Payment to Kamiak of the sums due for the 2020
grape crop is not provided for in the Plan.  While Kamiak is not
waiving its right to receive payment at some future date, it has
agreed to subordinate any claims that it may have to all other
creditors under the Plan.  The result of not purchasing the 2021
grape crop from Kamiak is that GBC's grape purchase costs in 2022
are substantially reduced.  The Plan does contemplate GBC's
purchase of a substantial portion of the 2022-2025 grape crops from
Kamiak.

   * GBC believes it largely has sufficient inventory in order to
service its customers during 2021 & 2022 without producing a
significant amount of new wine.   The Debtors approach during the
early years of the Plan is on selling existing inventory rather
than on creating new inventory.  The cost savings from reducing
bottling in 2021 and 2022 are significant.

   * GBC projects that 2021 will be mixed in terms of sales.  The
Budgets take into account what is expected to be lower than
historical sales during the first six months of 2021, with sales
projected to increase fairly rapidly once restaurants have
re-opened.   In addition to the sales efforts of Jeff Gordon, GBC
utilizes a number of brokers to sell wine throughout a large part
of the country.  GBC believes based upon its conversations with
numerous brokers and other participants in the wine industry that
its sales projections, as contained in the Budgets, are
achievable.

    * I-Max is the owner of approximately nine development lots (of
approximately 5 acres each) overlooking the Snake River
("Development Property").  The Development Property is not
necessary for the Debtors' current farming or winery operations,
however, it provides a significant source of collateral for the
BOEW debt.  Over the past year, I-Max has explored developing the
existing lots (by adding roads, utilities and other amenities) and
selling them and/or selling the lots as a single unit to another
developer who would ultimately develop and sell the lots.    I-Max
has been working with John L. Scott Realty to put together and
implement a development plan for the Development Property.
Progress has been made with Franklin County in terms of the work
necessary to create the nine lots, although progress has been
slowed by COVID-19.  John L. Scott is putting together a
development plan for the Development Property that outlines the
steps that must be taken to put the property in a condition where
individual lots can be sold.   The Debtors & I-Max believe that
once developed the nine lots would sell in the $250,000/lot range
based upon current market conditions.    The Debtors intend to seek
approval of the employment of John L. Scott to assist with the
development and ultimate sale of the Development Property –
whether in a developed or undeveloped state.  

   * Under the Plan, the Individuals shall be responsible for
making payments to Class 6 (Secured claim of Quicken Loans) and
Class 9 (Unsecured Claims against Kamiak & Gordon Brothers) but
shall not otherwise be required or obligated to make further
payments under the Plan.  The payments made by the Individuals will
be made from salary paid to the Individuals from the Debtors
pursuant to the Budgets or from other sources of income held by the
Individuals.

A copy of the First Amended Chapter 11 Plan of Reorganization dated
March 12, 2021, is available at https://bit.ly/3c8RISX

                  About Gordon Brothers Cellars

Gordon Brothers Cellars, Inc., owns and operates a wine business.
Gordon Brothers Cellars sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 20-02003) on Nov.
6, 2020.  In the petition signed by Jeffrey J. Gordon, president,
the Debtor disclosed $447,844 in assets and $2,148,304 in
liabilities.

Gordon Brothers Cellars' case is jointly administered with the
Chapter 11 case of Kamiak Vineyards Inc., which sought bankruptcy
protection (Bankr. E.D. Wash. Case No. 20-02038) on Nov. 17, 2020.
Gordon Brothers Cellars' is the lead case.

Judge Whitman L. Holt oversees the cases.

Roger W. Bailey, Esq. at Bailey & Busey PLLC is the Debtor's
counsel.  Kevin O'Rourke is the Chapter 11 Subchapter V Trustee.

Jason Ayres, Esq., and Todd Reuter, Esq., at Foster Garvey P.C.,
represent Bank of Eastern Washington.

Michael Paukert, Esq., at Paukert & Troppmann, PLLC, represents
Equitable Financial Life Insurance Company.


GORHAM PAPER: Plan Exclusivity Period Extended Until June 2
-----------------------------------------------------------
At the behest of the Gorham Paper and Tissue, LLC and its
affiliates, Judge Karen B. Owens of the U.S. Bankruptcy Court for
the District of Delaware extended the period in which the Debtors
may file a Chapter 11 plan through and including June 2, 2021, and
to solicit acceptances through and including August 2, 2021.

The Debtors now have additional time to continue executing their
chapter 11 strategy without interference from a competing plan.

A copy of the Court's Extension Order is available at
https://bit.ly/3tIgKxU from donlinrecano.com.

                        About Gorham Paper and Tissue

Founded in 2011, Gorham Paper and Tissue LLC --
http://www.gorhampt.com/-- operates a paper mill and manufactures
customized tissues, towels, and specialty packaging.

Gorham Paper and Tissue and affiliate White Mountain Tissue, LLC
sought Chapter 11 protection (Bankr. D.N.H. Lead Case No. 20 12814
and 20-12815) on November 4, 2020. Gorham Paper was estimated to
have assets of $1 million to $10 million and liabilities of $50
million to $100 million.

The Honorable Karen B. Owens is the case judge. The Debtors tapped
Bernstein, Shur, Sawyer & Nelson, P.A. as their bankruptcy counsel,
Polsinelli PC as local counsel, and B. Riley Securities as an
investment banker. Donlin Recano & Company, Inc. is the claims and
noticing agent.

On November 10, 2020, The U.S. Trustee for Regions 3 and 9
appointed an official committee of unsecured creditors. Reed Smith
is the committee's legal counsel.


GRACE DENTAL: Gets Cash Collateral Access Thru April 8
------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Georgia,
Orlando Division, has authorized Grace Dental, P.A. to use cash
collateral on an interim basis through April 8, 2021.

The Debtor is authorized to use cash collateral to pay: (a) amounts
expressly authorized by the Court; (b) the current and necessary
expenses set forth in the budget; and (c) additional amounts as may
be expressly approved in writing by East West Bank within 48 hours
of the Debtor's request. The Debtor will be entitled to prompt
court hearings on any disputed proposed expenditures.

The Debtor is directed to timely perform all obligations of a
debtor-in-possession required by the Bankruptcy Code, Federal Rules
of Bankruptcy Procedure, and the Orders of the Court.

East West Bank will have a perfected post-petition lien against
cash collateral to the same extent and with the same validity and
priority as the pre-petition lien, without the need to file or
execute any documents as may otherwise be required under applicable
non-bankruptcy law.

The Debtor is also required to maintain insurance coverage for its
property in accordance with the obligations under the loan and
security documents with Creditor.

A continued hearing on the matter is scheduled for April 8 at 11:45
a.m.

A copy of the order and the Debtor's budget through August 2021 is
available for free at https://bit.ly/3r36puV from
PacerMonitor.com.

The Debtor projects total operating costs for these months:

                     Total Operating Cost
                     --------------------
     March 2021           $69,923
     April 2021           $73,052
     May 2021             $73,052
     June 2021            $73,052
     July 2021            $73,052
     August 2021          $73,052

                   About Grace Dental, P.A.

Grace Dental, P.A. operates a general dentistry practice that
specializes in oral health, prevention, diagnosis, and treatment
with issues of teeth, gums, and mouth. Grace Dental encompasses all
areas of oral surgery, cosmetic, pediatric, periodontal,
orthodontics, endodontics, TMJ/TMD, geriatrics.

Grace Dental sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:21-bk-00895) on March
1, 2021. In the petition signed by Gabriel Sangalang, director, the
Debtor disclosed up to $500,000 in assets and up to $10 million in
liabilities.

Judge Karen S. Jennemann oversees the case.

Jeffrey S. Ainsworth, Esq., at Branson Law, PLLC and L. Todd
Budgen, Esq., at Budgen Law represent the Debtor as counsel.



GREEN VALLEY: Court OKs Cash Collateral Deal Thru April 2
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey has
approved the Stipulation and Interim Order Authorizing Use of Cash
Collateral and Providing Adequate Protection filed by Green Valley
at ML Country Club, LLC and ML County Club, LLC and Wilmington
Savings Fund Society, FSC, successor-by-merger to Beneficial Bank.

The parties agree that prior to the commencement of the bankruptcy
proceeding, the Bank made two commercial loans to the Debtors
evidenced by, among other things, these documents, instruments, and
agreements:

     -- A term loan made in March 2016, evidenced by, among other
things, a promissory note dated March 17, 2016, in the original
principal amount of $2,100,000, executed and delivered by ML
Country Club, as borrower, and related instruments, documents and
agreements; and

     -- A line of credit made in February 2017, evidenced by, among
other things, a promissory note dated February 24, 2017, in the
maximum principal amount of $175,000, executed and delivered by the
Debtors, as borrowers, and related instruments, documents and
agreements.

The Debtors' obligations to the Bank pursuant to the Pre-Petition
Loan Documents are secured by a first priority perfected security
interest in and to all of the Debtor's personal property including,
without limitation, all accounts, chattel paper, inventory,
fixtures, general intangibles, goods, equipment, and intellectual
property, and recorded mortgages and assignments of rents with
respect to the real estate owned by ML Country Club, and leased by
Green Valley, at 1855 Gates Road, Mays Landing, New Jersey.

The Debtors are liable to the Bank for Pre-Petition Indebtedness in
a principal amount of not less than $1,990,830.08 (as to Debtor ML
Country Club, with respect to the 2016 Loan), and $174,791.56 (as
to both Debtors jointly and severally, with respect to the 2017
Loan), plus accrued interest, late charges, expenses and attorneys'
fees incurred by the Bank as of the Petition Date, and, to the
extent allowable pursuant to Section 506(b) the Bankruptcy Code,
such other interest accruing from and after the Petition Date under
the Pre-Petition Loan Documents, and all fees, costs, expenses, and
cost of collection.

The Debtors are authorized to use the Bank's Cash Collateral solely
to pay their respective ordinary and necessary business expenses
and only as set forth in the Budget through April 2, 2021. Each
Debtor warrants and represents that the Budget (i) includes all
reasonable, necessary, and foreseeable expenses to be incurred in
connection with these Chapter 11 cases and the operation of the
Debtors' business for the period set forth in the Budget; (ii) will
be adequate to pay all administrative expenses due and payable
during the period set forth in the Budget, including statutory fees
pursuant to 28 U.S.C. Sec. 1930(a)(6); and (iii) does not provide
for any payment of pre-petition debt, liability or obligation of
any kind.

As adequate protection, the Bank is granted a first priority
security interest to the extent of any Diminution in the value of
the Bank's Collateral, including cash and non-cash Collateral, in
all of each Debtor's now owned or hereafter acquired post-petition
assets, including, but not limited to, accounts, inventory,
equipment, general intangibles, and goods, motor vehicles, real
estate, and leasehold interest as well as all proceeds, products,
rents and profits thereof.

The Debtors will maintain all necessary insurance for their real
and personal property in accordance with the terms of the
Pre-Petition Loan Documents, and will timely pay all post-petition
real estate taxes on the mortgaged property.

As further adequate protection for the use of Cash Collateral, the
Debtors will make periodic payments to the Bank.

The hearing on the Cash Collateral Motion has been continued to
April 1 at 11 a.m.

A copy of the Order and the Debtors' combined projected cash flow
through the week of April 2 is available for free
https://bit.ly/3s0V3Zz from PacerMonitor.com.

           About Green Valley at ML Country Club, LLC

Green Valley LLC at ML Country Club, LLC sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No.
21-11747) on March 3, 2021. In the petition signed by Louis Sacco,
managing member, the Debtor disclosed up to $50,000 in assets and
$1 million in liabilities.

Judge Jerrold N. Poslusny, Jr. oversees the case.

Robert N. Braverman, Esq. at McDowell Law P.C. is the Debtor's
counsel.

Wilmington Savings Fund Society, FSB, as Lender, is represented by
Ballard Sphar, LLP.



H & R PROPERTY: Auction of All Business Assets Set for April 14
---------------------------------------------------------------
Judge Thomas J. Tucker of the U.S. Bankruptcy Court for the Eastern
District of Michigan authorized H & R Property, LLC's bidding
procedures in connection with sale of substantially all assets used
or useful in its businesses at auction.

The Court held a hearing on the Motion on March 17, 2021.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: April 9, 2021

     b. Initial Bid: $1 million

     c. Deposit: $50,000

     d. Auction:  If one or more Qualified Bids is received (in
addition to the possible Stalking Horse Bid) by the Qualified Bid
Deadline the Auction will be conducted at the office of Raymond N.
Mashni, or such other place as may be designated by the Debtor, on
April 14, 2021, commencing at 10:00 a.m. (ET).  Qualified Bidders
may attend the Auction via remote video connection, provided that
they contact the attorney for the Debtor by email at
raymashni@gmail.com at least three days prior to the auction to
make arrangements for remote appearance.   

     e. Bid Increments: $25,000

     f. Sale Objection Deadline: April 19, 2021

     g. Sale Hearing: The Sale Hearing will be held on May 12,
2021, at 11:00 a.m. (EDT), and will be held by telephone.  At least
five minutes before the scheduled time for hearing, counsel and
parties should call (888) 684-8852 and use Access Code 2388650.
Landline connections are much preferred, but cell phone or other
telephone services are allowed.  Counsel and parties should place
their phone on mute and wait until their case is called before
unmuting their phone and participating.   

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

The Amended Bidding Procedures filed on March 18, 2021, are
approved, and will apply to the sale of the Assets.  

The Amended Notice of Auction and Sale filed on March 18, 2021, is
approved.  

The amended notice of rejection of executory contracts and leases
filed on March 18, 2021 is approved, and deemed sufficient for all
purposes, and no further notice will be required.  The contracts
listed in that notice are deemed rejected, effective upon the entry
of the Order.

The Debtor must provide notification under Section 2 of the Bidding
Procedures.

The Debtor must retain a broker to assist with the sale of the
Debtor's Assets.  Creditor 9999 Middlebelt, LLC may file a motion
seeking an order requiring the Debtor to employ a broker different
from, and/or on terms different from, those requested by the Debtor
in the Debtor's application.  If 9999 timely files such a motion,
the Court intends to notice such motion, and the Debtor's
application, for a telephonic hearing to be held on March 24, 2021
at 2:00 p.m.


                       About H & R Property

H & R Property, LLC filed for Chapter 11 bankruptcy protection
(Bankr. E.D. Mich. Case No. 20-52081) on Dec. 4, 2020.  Hassan
Ouza, member of H & R Property, signed the petition.  

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

Judge Thomas J. Tucker presides over the case.  The Debtor is
represented by Raymond N. Mashni, PLC.



HANJIN INT'L: Moody's Hikes CFR to B2 & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service has upgraded Hanjin International
Corporation's (HIC) corporate family rating to B2 from B3. At the
same time, it has upgraded to Ba3 from B1 the backed senior secured
rating on the company's term loan due December 2022, which is
guaranteed by HIC's parent, Korean Air Lines Co., Ltd. (KAL).

Moody's has also revised the outlook on HIC to stable from rating
under review.

This rating action concludes the review for downgrade initiated on
November 19, 2020.

"The upgrade reflects KAL's improving liquidity and capital
structure following its large rights offering, the proceeds of
which will sufficiently address the cost of KAL's acquisition of
Asiana Airline Inc. and the risks related to the latter's weak debt
leverage," says Sean Hwang, a Moody's Assistant Vice President and
Analyst.

"The improvement in KAL's credit quality will in turn benefit HIC's
credit quality, given the very high likelihood that KAL will
provide financial support to HIC when needed," adds Hwang.

RATINGS RATIONALE

KAL announced on 12 March 2021 that it had completed its KRW3.3
trillion rights offering [1]. The company plans to use the proceeds
from the offering to fund its KRW1.5 trillion purchase of Asiana
Airlines Inc.'s new shares and to use the remainder to repay its
debts. Asiana will in turn likely use the KRW1.5 trillion from KAL
to repay its maturing debt.

The successful rights offering brings KAL closer to its aim to
acquire a majority stake in Asiana by mid-2021 and to merge with
Asiana in 2022. Once completed, the acquisition and integration
will meaningfully enhance KAL's competitive position and strategic
importance to the Korean economy, because it will have a proforma
41% market share of the international passenger business and a 72%
market share of the cargo business, based on H1 2020 volumes.

That said, there remain uncertainties and execution risks relating
to regulatory approvals, the integration of the two airlines and
the enhancement of operating efficiency.

In terms of debt leverage, Moody's believes that the negative
impact of consolidating Asiana, given its high debt leverage
(adjusted debt/EBITDA of around 13x in 2020), will be offset by
lowered debt brought by its recent equity raisings and asset sales.
KAL raised around KRW4.4 trillion in equity and about KRW800
billion through asset sales over the past year, and plans to
generate an additional KRW700 billion by the end of 2021 through
further non-core asset sales.

Additionally, KAL's and Asiana's relatively resilient operating
performance during the pandemic mitigates their high debt levels.
Both companies generated positive standalone operating profit and
operating cash flow during 2Q-4Q 2020, with their robust cargo
business and cost reductions offsetting the weak passenger
business. This situation substantially minimized cash burn at both
companies.

Consequently, Moody's expects the combined airline will have an
adjusted debt/EBITDA of around 7x-8x in 2021-22, which is largely
similar to KAL's leverage in 2017-20. The combined entity's
adjusted debt/EBITDA should improve meaningfully in 2023, assuming
a gradual recovery of the passenger airline business and some
realization of synergies stemming from route optimization and
reduced competition.

Liquidity remains weak at both KAL and Asiana because of the
companies' large near-term maturities. However, KAL's improved
liquidity position (with around KRW2.7 trillion in unrestricted
cash as of the end of 2020, pro forma for the equity proceeds and
acquisition-related outlays), the continued rollover of bank
borrowings and the high possibility of liquidity support from the
Korean government, given the airline's increasing importance to
Korea's economy, mitigate the risks related to its weak liquidity.


HIC's credit quality is closely linked to that of KAL, given
Moody's assessment of a strong likelihood of support from the
parent company, which results in a three-notch uplift to HIC's CFR
from its standalone credit quality. This assessment considers KAL's
100% ownership of HIC and KAL's guarantee and provision of parent
loans/credit lines for 100% of HIC's external debt.

HIC's persistently high leverage, weak cash flow and the small
scale of its single-location operations weaken its credit quality,
although the prime location and competitive profile of its
mixed-use building, the Wilshire Grand Center (WGC) in Los Angeles,
mitigate the latter risk.

In terms of environmental, social and governance (ESG)
considerations, Moody's regards the coronavirus outbreak as a
social risk, given the substantial implications for public health
and safety. The airline sector has been among the sectors most
significantly affected by the shock, given its sensitivity to
travel restrictions. While recovery of the overall economy and
travel demand is underway, it remains tenuous and uncertain because
it is closely tied to successful containment of the virus.

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

The stable outlook mainly reflects Moody's expectation that KAL's
credit profile will remain largely stable over the next 12-18
months, and that it will continue to extend support to HIC, thereby
mitigating the latter's weak liquidity and cash flow.

Upward pressure on the ratings could arise over time if KAL's
credit quality improves meaningfully through (1) an improvement in
liquidity; and (2) a successful integration with Asiana, resulting
in an improvement in its operating efficiency and profitability,
while adjusted debt/EBITDA remains at 6.0x-7.0x or lower.

Downward pressure on the ratings could emerge if (1) KAL's
financial leverage or liquidity weakens materially; or (2) the
likelihood of governmental support weakens.

Moody's will also review the ratings in the event of significant
adverse changes in HIC's relationship with KAL.

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

Hanjin International Corp. (HIC), a wholly owned subsidiary of
Korean Air Lines Co., Ltd. (KAL), owns the Wilshire Grand Center
(WGC), a 73-story Class A mixed-use building in Los Angeles in the
US.

Established in 1962, KAL is a leading airline company based in
Korea. It owns a fleet of 137 passenger aircraft and 23 cargo
aircraft, serving 120 destinations across 43 countries as of
February 2021. KAL is also engaged in the aerospace and catering
businesses, as well as the hotel business in the US through HIC.


HANKEY O'ROURKE: Gets Cash Collateral Access Thru April 15
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts has
authorized Hankey O'Rourke Enterprises, LLC to use cash collateral
under the same terms and conditions as the Court's prior order
through April 15, 2021.

A telephonic hearing on the matter is continued to April 15 at
12:30 p.m.

A copy of the order is available for free at https://bit.ly/2OHlJjP
from PacerMonitor.com.

                      About Hankey O'Rourke

Hankey O'Rourke Enterprises LLC, a privately held company in Great
Barrington, Mass., filed a voluntary petition under Chapter 11 of
the Bankruptcy Code (Bankr. D. Mass. Case No. 19-30500) on June 21,
2019.  In the petition signed by Juanita O'Rourke, manager, the
Debtor was estimated to have $1 million to $10 million in both
assets and liabilities.  The case is assigned to Judge Elizabeth D.
Katz.  Shatz, Schwartz & Fentin, P.C. is the Debtor's counsel.



HARRAH WHITES: Unsecured Creditors Will be Paid 100% Under Plan
---------------------------------------------------------------
Harrah Whites Meadows Nursing, LLC, filed a Second Amended Plan and
a corresponding Disclosure Statement.

The Debtor has obtained Court authorization to maintain its
pre-petition operating accounts to ensure the uninterrupted
collection of accounts receivable, and the use of cash collateral
necessary for payment of payroll and other critical operating
expenses. The Debtor has negotiated a plan for repayment of its
outstanding obligations to the Internal Revenue Service, and the
State of Oklahoma; and proposes payment of 100% of obligations due
to unsecured creditors.

The Debtor's assets are as follows:

   * Accounts Receivable as of Oct. 17, 2019 total approximately
$364,111;
   * Moveable equipment with an estimated value of $189,557;
   * Building improvements with an estimated value of $117,059;
   * Computer equipment with an estimated value of $10,955.00; and
   * Intercompany notes receivables with an estimated value of
$2,356,644.
   * Cash on hand from operations- $1,038,002.00 including PPP and
SBA Stimulus loan proceeds as of Jan. 31, 2021.

Class 2B General Unsecured Claims total $1,592,197.  All Allowed
Unsecured Claims not separately classified shall be paid 100% of
each Allowed Claim with regular quarterly payments beginning the
first Business Day of the month, 30 days following the Effective
Date.

Payments and distributions under the Plan will be funded by the
following:

   -- Funding on the Effective Date. All payments under the Plan
which are due on the Effective Date will be funded from the Cash on
hand, and operating revenues.

   -- Funding after the Effective Date. The funds necessary to
ensure continuing performance under the Plan after the Effective
Date will be (or may be) obtained from:

       * any and all remaining Cash retained by the Reorganized
Debtor after the Effective Date; and

       * cash generated from the post-Effective Date operations of
the Reorganized Debtor; and

       * any other contributions or financing (if any) which the
Reorganized Debtor
may obtain on or after the Effective Date.

Attorneys for Harrah Whites Meadows Nursing, LLC:

     Theodore N. Stapleton
     Suite 100-B
     2802 Paces Ferry Road
     Atlanta, Georgia, 30339
     Telephone: (770) 436-3334
     E-mail: tstaple@tstaple.com

A copy of the Disclosure Statement is available at
https://bit.ly/2OFjaid from PacerMonitor.com.

                About Harrah Whites Meadows Nursing

Harrah Whites Meadows Nursing LLC owns and operates a skilled
nursing facility in Harrah, Okla.

Harrah Whites Meadows Nursing LLC filed its voluntary petition
initiating this Chapter 11 case (Bankr. N.D. Ga. Case No. 19-65376)
on Sept. 27, 2019. In the petition signed by Chistopher F. Brogdon,
manager, the Debtor estimated $100,000 to $500,000 in assets and $1
million to $10 million in liabilities.  

The case has been assigned to Judge Barbara Ellis-Monro.  

Nancy J. Gargula, U.S. trustee for Region 21, appointed Tony
Fullbright to serve as patient care ombudsman in the Debtor's
case.

The Debtor tapped Theodore N. Stapleton P.C. as its bankruptcy
counsel and Gungoll, Jackson, Box & Devoll, P.C. as its special
counsel.


HERC HOLDINGS: Moody's Upgrades CFR to Ba3, Outlook Stable
----------------------------------------------------------
Moody's Investors Service upgraded Herc Holdings Inc.'s ("Herc" dba
Herc Rentals) ratings including the corporate family rating to Ba3
from B1, probability of default rating to Ba3-PD from B1-PD, and
senior unsecured to B1 from B3. The company's speculative grade
liquidity rating was unchanged at SGL-3. The rating outlook remains
stable.

"Herc's ratings upgrade reflects expectations for the company to
build on its deleveraging and margin expansion over the last few
years, and performance during the 2020 pandemic. But, Herc is
likely to ramp up its spending with economic expansion and higher
equipment utilization levels, which will significantly reduce free
cash flow available for debt repayment," said Brian Silver, a
Moody's Vice-President and lead analyst for Herc Holdings.

RATINGS RATIONALE

Herc's ratings, including the Ba3 CFR, reflect the company's
position as the third largest equipment rental company in the
highly fragmented North American equipment rental industry. Herc
has healthy end-market and customer diversification, albeit with
high exposure to construction, with no customer accounting for more
than 3% of equipment rental revenue. The average age of the
company's rental equipment fleet was roughly 46 months at year end
2020, which enables the company to defer capital spending and age
the fleet to conserve liquidity if necessary. Herc cut spending in
2020 with the lowered demand, and generated considerable free cash
flow as expected.

Herc also has moderate financial leverage of 3 times debt-to-EBITDA
that Moody's anticipates will improve to about 2.5 times for 2021
(all ratios are Moody's adjusted unless otherwise stated). This is
within the company's recently reduced financial leverage target to
2-3 times reported debt-to-EBITDA, down from 2.5-3.5 times.

However, Herc's credit profile also considers our expectation that
pricing pressure in certain regions will remain owing to
competitive factors and an overall decline in industry utilization
rates in 2020. Herc also faces potential volatility in revenue and
profitability from exposure to cyclical construction and
infrastructure investment spending. Although Herc's margins are
below larger peers United Rentals and Ashtead, Herc has narrowed
the gap considerably over the last year. Finally, there is an
ongoing need for continued investment in rental equipment fleet to
remain competitive over time.

Herc's SGL-3 speculative grade liquidity rating reflects the
company's adequate liquidity, largely supported by $1.47 billion of
availability on a $1.75 billion ABL facility maturing 2024.
However, Herc is expected to maintain cash of only $20 million.
There are no significant debt maturities until the ABL expires in
2024.

Herc generated $410 million of free cash flow in 2020, including
proceeds from sale of rental equipment. Moody's expects free cash
flow to decline in 2021, and there is a good chance it will be
negative, as higher funds from operations are more than offset by
increased capital spending on rental equipment. However, proceeds
from the sale of used equipment could pick up in 2021 as pricing at
auctions and other secondary sources of equipment strengthens in
concert with the economy.

The two notch upgrade of the senior unsecured reflects the better
recovery prospects of the senior unsecured class, and the amount of
senior unsecured claims within the Herc's liability structure.

The stable outlook reflects Moody's expectation that Herc's topline
will grow in the low single digits in 2021 together with profit
margin improvement, and debt-to-EBITDA will approach 2.5 times in
late 2021 or early 2022.

Moody's believes Herc has relatively low environmental risk, but
the company must adhere to a number of regulations around the
disposal of hazardous waste and wastewater from equipment washing.
Moody's also believes the company has relatively low social risk
associated with its operations, and views Herc's governance risk to
be relatively low as well. The company has publicly traded on the
NYSE and must adhere to their listing requirements.

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

The ratings could be upgraded if Herc is able to increases its
scale such that annual revenue exceeds $3 billion, debt-to-EBITDA
is sustained below 2.5 times, and EBITDA margin is sustained in the
low-to-mid 40% range.

The ratings could be downgraded if Herc's debt-to-EBITDA is
sustained above 3.5 times, EBITDA margin declines to the mid-30%
range, or the company engages in debt-funded acquisitions that
significantly alter the company's strategy or capital structure.
Also, if there is a meaningful deterioration in liquidity for any
reason the ratings could be downgraded.

Upgrades:

Issuer: Herc Holdings Inc.

Corporate Family Rating, Upgraded to Ba3 from B1

Probability of Default Rating, Upgraded to Ba3-PD from B1-PD

Senior Unsecured Regular Bond/Debenture, Upgraded to B1 (LGD5)
from B3 (LGD5)

Outlook Actions:

Issuer: Herc Holdings Inc.

Outlook, Remains Stable

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.

Headquartered in Bonita Springs, Florida, Herc Holdings Inc.
("Holdings") is the parent company of Herc Rentals Inc. ("Herc"
NYSE: HRI). Herc is an equipment rental company with approximately
275 branches in North America. The company's basic fleet includes
aerial work platforms, earthmoving and material handling equipment,
trucks and trailers, air compressors, compaction and lighting.
Herc's specialty fleet includes its ProContractor professional
grade tools and ProSolutions offerings, which consists of power
generation, climate control, remediation and restoration, and
studio and production equipment. Herc was separated from The Hertz
Corporation in 2016. Herc generated revenue of $1.78 billion for
the twelve months ended December 31, 2020.


HESPERUS PEAK: April 21 Combined Hearing on Plans Set
-----------------------------------------------------
Honorable Janet S. Baer will convene a combined hearing to consider
approval of the Disclosure Statements and confirmation of the Plans
of Hesperus Peak, Inc., and Bleu'Spa, Inc., on April 21, 2021, at
1:30 p.m. (CST).

All votes to accept or reject the Plans must be actually received
by the Debtors' counsel by no later than April 7, 2021.

April 14, 2021, is fixed as the last day for filing and serving
written objections to the adequacy of the Disclosure Statements and
confirmation of the Plans.

Bleu'Spa, Inc. and Hesperus each filed a Second Amended Chapter 11
Small Business Plan and a corresponding Disclosure Statement on
March 3, 2021.

Each Plan provides that to the extent of any surplus Net Proceeds
of Sale after payment of secured and administrative and priority
claims, the Debtor shall pay each holder of a Class 4 Unsecured
Claim 100% of the amount of the Allowed Unsecured Claim, or to the
extent of a deficiency in Net Proceeds of Sale a Ratable Proportion
of such proceeds and any undistributed Cash.

Copies of the Second Amended Disclosure Statements are available
at

      https://bit.ly/3kPMXjR
      https://bit.ly/3c5ETIO

                          About the Debtors

Since 2003, Hesperus Peak has been in the business of operating an
upscale salon and spa. The Debtor operates its business at the
shopping center commonly known as the Arboretum of South
Barrington, which is located at 100 W. Higgins, F-80 in South
Barrington, Illinois.

Hesperus Peak, Inc., and affiliate Bleu'Spa, Inc., sought Chapter
11 protection (Bankr. N.D. Ill. Case Nos. 20-11616 and 20-11617) on
May 28, 2020.  Hesperus estimated less than $500,000 in assets and
less than $1 million in liabilities as of the bankruptcy filing.


HOLLEY PURCHASER: Empower Merger No Impact on Moody's B3 CFR
------------------------------------------------------------
Moody's Investors Service said that Holley Purchaser Inc.'s merger
with the special purpose acquisition company Empower Ltd. is credit
positive with the potential for debt reduction as part of the
transaction. The company's existing ratings, including its B2
senior secured rating and B3 corporate family rating, are unchanged
at this time. The rating outlook remains stable.

Holley Purchaser, Inc. (Holley), headquartered in Bowling Green,
KY, designs and manufactures performance engine products for the
enthusiast focused automotive aftermarket. The company's product
offerings include electronic fuel injection and tuner systems,
ignition controls, carburetors, superchargers, exhaust systems and
other products designed to enhance the performance of the car. The
company is majority owned by Sentinel Capital Partners and
generated revenue of about $580 million for the 12 months ended
December 31, 2020.



HUDBAY MINERALS: Fitch Alters Outlook on 'B+' IDR to Positive
-------------------------------------------------------------
Fitch has affirmed the IDRs of Hudbay Minerals Inc. and Hudbay Peru
S.A.C. at 'B+' and revised the Outlook to Positive from Stable. The
Positive Outlook reflects the significant increase in gold
production beginning in 2021 and expectations for lower capex,
following a period of growth capex associated with improving the
production profile, in addition to the improved copper price
environment, which results in Fitch's expectation for significantly
improved FCF generation. The Outlook could be revised to Stable if
total debt/EBITDA is expected to be sustained between 3.0x and
4.0x.

Fitch also has affirmed the first-lien senior secured revolving
credit facilities at 'BB+'/'RR1' and affirmed the unsecured notes
at 'B+'/'RR4'.

KEY RATING DRIVERS

Low-Cost Position: Hudbay's key mines have a first- or
second-quartile cost position and are located in low-risk
mining-friendly jurisdictions in Canada and Peru. The mine plan for
Constancia (Peru) supports a 17-year mine life including a
four-year contribution from higher grade Pampacancha, Lalor
(Canada) supports an initial 10-year mine life and the 777 mine
(Canada) is expected to be depleted in 2022. Hudbay has since
conducted exploration drilling and advanced engineering studies on
regional deposits in the Snow Lake region, which resulted in the
mine life of Snow Lake operations now expecting to support
operations at the New Britania mill until 2037.

Hudbay has an extensive track record of operating copper mines from
exploration to production and has a number of projects in the
exploration and development phases. Fitch expects annual copper
production to generally average between 100,000 tonnes and 120,000
tonnes in the next few years.

Exposure to Copper: Fitch believes Hudbay has meaningful commodity
diversification through its gold and zinc production. However, the
company has a longer-term focus on copper, which accounted for 53%
of consolidated revenues in 2020. Hudbay estimated, as of YE 2020,
a $0.30/lb change in the price of copper from the company's 2021
base case of $3.00/lb would change operating cash flow before
working capital changes by $63 million in 2021. Hudbay's average
realized copper price was $2.86/lb in 2020, compared with $2.73/lb
in 2019. Current spot prices are around $4.10/lb, which compares
with Fitch's assumptions of $3.27/lb in 2021 and $3.04/lb
thereafter.

Improving FCF Generation: The combination of lower copper
production and elevated growth capital spending results in Fitch's
expectation for relatively neutral FCF in 2021. The New Britannia
mill refurbishment costs are expected to total approximately $128
million in 2020 and 2021. In 2Q20, Hudbay announced it entered into
a gold forward sale and pre-pay, in which it received $115 million
for delivery of approximately 80,000 ounces of gold in 2022 and
2023. This transaction bolstered liquidity and pre-funded the
entire capital budget for the New Britannia mill refurbishment.

Fitch expects significantly higher FCF generation, averaging around
$290 million in 2022 and 2023, following a period of elevated
capital spend, driven by higher copper and gold production and
reduced growth capital spending.

High-Grade Pampacancha Deposit: Production of copper in Peru
declined by approximately 36% in 2020 compared with 2019, primarily
due to planned lower copper grades at Constancia and
coronavirus-related suspension of mining activities. Hudbay
received approval in February 2020 of a surface rights agreement
for the Pampacancha deposit and expects to begin mining ore in
early 2021. The addition of Pampacancha, a higher grade deposit,
helps offset lower grade Constancia production and results in total
expected copper production in Peru increasing by roughly 18% from
2020 to 2022 in addition to a substantial increase in gold
production.

Significant Gold Production: The New Britannia mill restart is
expected to be completed in mid-2021, in concert with higher grade
gold production at Lalor beginning in 2022. The combination results
in significantly higher gold production, which Fitch expects to
account for roughly 20% of sales in 2022 and 2023, given Fitch's
price assumptions.

Once the New Britannia mill is commissioned, annual gold production
from Snow Lake, Manitoba, is expected to be over 150,000 ounces
during the first eight years at a sustaining cash cost, net of
by-product credits, of approximately $655/ounce of gold. Hudbay
expects 2021 gold production to increase roughly 62% compared with
2020, and for a further increase in 2022. Fitch believes the higher
gold production will diversify Hudbay's commodity exposure and
benefit FCF generation.

Rosemont Development Delayed: Rosemont is a $1.9 billion project in
Arizona expected to average 112,000 tonnes of copper over the
19-year life-of-mine plan at cash costs of $1.29/lb. The USFS
approved the Mine Plan of Operations for Rosemont in March 2019.
The U.S. District Court issued a ruling on July 31, 2019, where it
vacated the USFS's issuance of the FROD, suspending construction
work at Rosemont. Hudbay appealed the decision to the U.S. 9th
District Court of Appeals, and the company is expecting a decision
by YE 2021.

Fitch has not included Rosemont production or spending over the
rating horizon in its rating case, given the uncertainty in timing
of completion of the court process. Fitch views Hudbay's
exploration success, organic growth pipeline and its ability to
offer operational expertise in a potential partnership, as
providing optionality if the Rosemont project is delayed beyond
expectations.

Declining Leverage Profile: Given Fitch's commodity price
assumptions, Fitch expects total debt/EBITDA to have peaked in 2020
and to trend lower beginning in 2021, driven by higher copper and
gold production. Rosemont spending, not included in Fitch's
forecast, will require substantial capital. Fitch believes Hudbay
will likely pursue a partnership for Rosemont and any other
considerably large capital spending projects in order to de-risk
projects and protect its balance sheet.

DERIVATION SUMMARY

Hudbay compares favorably in size, in terms of EBITDA, and in
commodity diversification with Eldorado Gold (B/Stable). Hudbay is
smaller than copper producer First Quantum Minerals Ltd.
(B-/Stable). However, First Quantum has significant exposure to
higher risk jurisdictions and less favorable leverage metrics.
Hudbay is larger, more diversified, more profitable and has
favorable leverage metrics compared with copper producer Taseko
Mines Ltd. (B-/Stable). Hudbay is larger and more diversified by
commodity, has less-concentrated operations and a favorable reserve
life compared with Gran Columbia Gold Corp. (B+/Stable). However,
Gran Columbia has favorable leverage metrics.

KEY ASSUMPTIONS

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

-- Production generally in line with the life of mine plan;

-- Copper prices of $7,200/tonne in 2021 and $6,700/tonne in
    2022, 2023 and 2024;

-- Zinc prices of $2,500/tonne in 2021, $2,200/tonne in 2022 and
    $2,100/tonne in 2023 and 2024;

-- Gold prices of $1,600/ounce in 2021, $1,400/ounce in 2022 and
    $1,200/ounce in 2023 and 2024;

-- New Britannia mill refurbishment is completed in 2021;

-- Dividends remain at current levels;

-- Significant Rosemont capital spending is delayed beyond the
    ratings horizon.

RATING SENSITIVITIES

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

-- Improved copper price environment and/or higher metal
    recoveries leading to total debt/EBITDA sustained below 3.0x;

-- FFO net leverage sustained below 3.0x;

-- Reduced completion risks and funding strategy which mitigates
    risk associated with the Rosemont project.

-- Improved size and scale.

-- The Outlook could be Stabilized if total debt/EBITDA is
    expected to remain between 3.0x-4.0x.

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

-- Total debt/EBITDA sustained above 4.0x;

-- FFO net leverage sustained above 4.0x;

-- Sustained negative FCF beyond 2021 excluding Rosemont
    development capital;

-- Material delays in completion of the New Britannia mill
    refurbishment beyond 2021 which drives a material shift in
    expected production and commodity mix;

-- Shift in financial policy resulting in shareholder returns
    being prioritized in combination with the average mine life
    depleting materially.

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

Solid Liquidity: Cash and cash equivalents were $439 million as of
Dec. 31, 2020, and $285 million was available under the $400
million, in aggregate, revolving credit facilities after
utilization for LOC. The Hudbay Minerals Inc. revolver and the
Hudbay Peru S.A.C. revolver both mature on July 14, 2022. Debt
maturities are modest before the new notes due April 2026.

Fitch believes Hudbay will be able to successfully extend its
credit facility maturities.

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.


INTERNATIONAL GAME: Moody's Rates New $500MM Secured Notes 'Ba3'
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to International
Game Technology PLC's ("IGT") proposed $500 million senior secured
notes offering due 2026. The company's Ba3 Corporate Family Rating,
Ba3-PD Probability of Default Rating, and existing Ba3 rated senior
secured notes are unchanged. The company's Speculative Grade
Liquidity rating remains SGL-3 and the outlook is stable.

Proceeds from the proposed $500 million senior secured notes
offering, which will be pari passu with the company's existing
senior secured debt, along with a draw on the company's revolving
credit facility, will be used to redeem, in whole or in part, the
company's 6.25% notes due 2022, as well as pay related fees,
expenses, premiums and accrued interest.

The company's liquidity profile is aided by the credit positive
attributes of the bond transaction, including the extension of
IGT's maturity profile. The transaction modestly improves overall
financial flexibility, providing funds to facilitate the partial
refinancing of a significant 2022 maturity, while maintaining
adequate liquidity as the company continues to recover from
disruption in casino visitation, gaming machine use, and lottery
operations resulting from efforts to contain the spread of the
coronavirus both in the US and in Italy.

Assignments:

Issuer: International Game Technology PLC

Senior Secured Regular Bond/Debenture, Assigned Ba3 (LGD3)

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; IGT also 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.
Approximately $276 million is expected to be drawn on the revolver
to repay its 6.25% notes due 2022. Moody's estimates the company
could maintain sufficient internal cash sources after maintenance
capital expenditures to meet required annual term loan 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 Moody's 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 Moody's forecasts is unusually high. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
The gaming 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 its
Italian B2C gaming business to repay 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 RATING

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
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. Debt-to-EBITDA 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 December 31, 2020 was approximately $3.1 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 this rating was Business and
Consumer Service Industry published in October 2016 .


IT'SUGAR FL: Court Extends Plan Exclusivity Thru April 23
---------------------------------------------------------
At the behest of It'Sugar FL I LLC and its affiliates, Judge Robert
A. Mark of the U.S. Bankruptcy Court for the Southern District of
Florida, Miami Division extended the period in which the Debtors
may file and solicit acceptances of a chapter 11 plan through and
including April 23, 2021, and June 21, 2021, respectively. This is
the Debtors' second request for an extension of the exclusive
periods.

The Debtors have made good-faith progress towards their
reorganization. The Debtors are in meaningful discussions and
negotiations with the Committee, and with many landlords regarding
lease modifications which will greatly enhance the Debtors'
reorganization efforts. Thus, the Debtors need additional time to
continue and finalize these negotiations as part of the plan
process.

The Debtors have behaved in a manner consistent with their
fiduciary obligations to their creditor constituencies, evidencing
proper motive in seeking extensions of the Exclusivity Period and
the Acceptance Period. Instead of prejudicing any party in
interest, the extension will afford the Debtors an opportunity to
propose a realistic and viable chapter 11 plan.

The Debtors submit that they are paying their post-petition
obligations in a timely fashion. The Debtors have been managing
their business effectively and preserving the value of their assets
for the benefit of all creditors.

The Debtors are not seeking to extend the Exclusivity Period and
the Acceptance Period in order to pressure their creditors into
accepting a plan that they may find unacceptable. The extensions
granted by the Order are without prejudice to the Debtors' right to
seek further extensions from the Court.

A copy of the Debtors' Motion to extend is available at
https://bit.ly/3qVgCtn from PacerMonitor.com.

A copy of the Court's Extension Order is available at
https://bit.ly/2OE17Jj from PacerMonitor.com.

                               About It'Sugar FL I

It'Sugar FL I LLC -- https://itsugar.com -- is a specialty candy
retailer with 100 locations across the United States and abroad,
whose products include bulk candy, candy in giant packaging, and
licensed and novelty items.

It'Sugar sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Fla. Case No. 20-20259) on September 22, 2020.
The Debtor has up to $50,000 in assets and liabilities.

Judge Robert A. Mark oversees the case. Michael S. Budwick, Esq.,
at Meland Budwick, P.A., serves as the Debtor's legal counsel and
Daszkal Bolton, LLP as the Debtor's accountant.

On October 20, 2020, the U.S. Trustee appointed an official
committee of unsecured creditors in these Chapter 11 cases. The
committee has tapped Pachulski Stang Ziehl & Jones, LLP, and Fox
Rothschild, LLP as its legal counsel. The Law Firm of Kopelowitz
Ostrow, P.A., is serving as special counsel.


JAMES EDWARD HALL: Trustee's Online Auction of Assets Approved
--------------------------------------------------------------
Judge Charles M. Walker of the U.S. Bankruptcy Court for the Middle
District of Tennessee authorized the online auction proposed by
John C. McLemore, the Trustee of James Edward Hall, of the
following:

      a. 2017 Cadillac Escalade;

      b. CAT D5JK2Dozer;

      c. CAT D5k2 XL 6 Way Blade;

      d. John Deere Tractor 6110M MFWD w/ 620 Loader;

      e. John Deere Tractor 6120M MFWD w/ 620 Loader;

      f. Kubota RTV 1100C;

      g. Glock 27 .40 Cal Handgun; and

      h. Miscellaneous Livestock Equipment.

A hearing on the Motion was held on March 11, 2021.

The bidding will open March 16, 2021 and will close beginning at
10:00 a.m. (CDST) on March 30, 2021.  If during the final five
minutes of the sale, the high bid is upset, the closing time will
be extended by five minutes to allow the upset bidder or any other
bidder to counter.  This process will continue until bidding
stops.

Because the sale will not be at public outcry but instead on the
Internet, the sale site will be every bidder's personal computer.
The auction company conducting the sale will be Tays Realty &
Auction, 620 Maxwell Street, Cookeville, TN 38501 (Auction Sale
Site: www.taysauctions.com).

The photographs of the property and directions to the property will
be available at www.taysauctions.com.  Anyone wanting to view the
property with an auctioneer may make an appointment by calling
(931) 526-2307.

The Trustee is authorized to proceed with the sale of the Property,
free and clear of all liens and encumbrances, with the liens that
may exist attaching to the proceeds of the sale.

The Trustee will not sell the collateral pledged as security to
John Deere Financial unless the aggregate sale price of all of
Deere's collateral is sufficient to satisfy Deere's secured claim
in full.

The 14-day stay of the effectiveness of the Order provided for in
Federal Rule of Bankruptcy Procedure 6004(h) is waived, and the
Order will be effective immediately.

The Trustee will file a report of sale as required by Federal Rule
of Bankruptcy Procedure 6004(f).

James Edward Hall sought Chapter 11 protection (Bankr. M.D. Tenn.
Case No. 20-03735) on Aug. 11, 2020.



L.S.R. INC: Court Confirms Plan of Liquidation
----------------------------------------------
Judge Paul M. Black has entered an order that the Plan of
Liquidation dated August 21, 2020, modified by a Notice of
Non-material Modification dated October 6, 2020, filed by L.S.R.
Inc. is confirmed.

Sheriff of Mingo County shall receive a total of $5,704.52 and West
Virginia State Tax Department shall receive a total of $7,881.32.

As reported in the Troubled Company Reporter, L.S.R., Inc., filed a
First Amended Disclosure Statement describing its Plan of
Liquidation on August 21, 2020.  Each unsecured creditor will
receive their pro rata share of the sale proceeds from the
Brickstreet sale after payment of all Administrative Expenses and
creditors and interest holders. The Debtor's officers in their sole
discretion will then determine if legal action is merited against
Housing Authority of Mingo County (HAMC) which funds if any would
then be likewise distributed.  Equity security holders will receive
no payment for their interest.

A full-text copy of the Amended Disclosure Statement dated Aug. 21,
2020, is available at https://tinyurl.com/y4sdbbqj from
PacerMonitor.com at no charge.

                        About L.S.R. Inc.

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

The Debtor is represented by:

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


LEWISBERRY PARTNERS: Gets Cash Collateral Access Thru April 21
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Pennsylvania
has authorized Lewisberry Partners, LLC to use cash collateral in
which Loan Funder LLC asserts an interest on an interim basis in
accordance with the budget through April 21, 2021, with a 10%
variance.

The Debtor requires the immediate authority to use Cash Collateral
in order to continue its business operations without interruption
toward the objective of formulating an effective plan of
reorganization.

The Debtor may use Cash Collateral to meet its ordinary cash needs
for the payment of actual expenses necessary to (a) maintain and
preserve their assets, (b) continue operation of its businesses,
including the payment of expenses as reflected in the Budget, and
(c) pay United States Trustee fees.

The Debtor's banks are authorized and directed to receive, process,
honor, and pay upon any draft drawn on Loan Funder or any
assignee's collateral for purposes of making the payments
authorized under the Cash Collateral Order.

As adequate protection for use of Loan Funder or any assignee's
Cash Collateral from the Petition Date forward, Loan Funder or any
assignee is granted Replacement Liens to the same extent and
priority existing on the Petition Date.

A further hearing on the matter is scheduled for April 14 at 11
a.m.

A copy of the order and the Debtor's 30-day projected cash budget
is available at https://bit.ly/2NxF1Y8 from PacerMonitor.com.  The
Debtor projects total expenses/debits of $39,760.

                  About Lewisberry Partners, LLC

Lewisberry Partners, LLC is primarily engaged in renting and
leasing real estate properties. It sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 21-10327)
on February 9, 2021. In the petition signed by Richard J. Puleo,
managing member, the Debtor disclosed up to $10 million in both
assets and liabilities.

Judge Eric L. Frank oversees the case.

Edmond M. George, Esq., at Obermayer Rebmann Maxwell & Hippel LLP
is the Debtor's counsel.


MAGNOLIA LANE: Wins Approval of Plan; Unsecureds Get 15%
--------------------------------------------------------
Judge Laurel M. Isicoff on March 12, 2021, entered an order
confirming the Plan of Reorganization of Magnolia Lane Condominium
Association, Inc.

The confirmation hearing was conducted on March 4, 2021.

Any objections to confirmation were announced to be settled or were
resolved at the Confirmation Hearing.

Pursuant to a settlement reached following mediation, secured
creditor Balerdi Group Corporation's claim will be deemed an
allowed claim in the amount of $3.213 million, and Association
Fianancial Services Inc. will have an allowed secured claim in the
amount of $1.213 million.  As a result of the settlement achieved
by the Stipulation, Balerdi and AFS have agreed to cast a ballot in
favor of the Plan provided that the terms of the Stipulation are
approved by the Bankruptcy Court.

Additionally, unsecured creditors in Class 3 (Security and Fire
Systems, Cuevas, Garcia and Torres, and Miami Dade County Credit
and Collections) have been increased from 10% to 15% paid over 60
months, and have agreed to vote for the plan on that basis
   
A copy of the Settlement signed Feb. 22, 2021, is available at
https://bit.ly/3sdWnIH

A copy of the Plan Confirmation Order entered March 12, 2021, is
available https://bit.ly/2QnCW1X

           About Magnolia Lane Condominium Association

Magnolia Lane Condominium Association, Inc., is a condominium
association and the corporate entity responsible for the
maintenance and operation of real property in which condominium
unit owners have use rights.


The property is in West Kendall, Miami, Florida.  The Association
consists of 208 units owned by separate owners.  The average
current sales price of the condominium units is between $115,000
and $125,000.

Magnolia Lane Condominium Association filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 19-24437) on Oct. 28, 2019.  In the
petition signed by Mercedes Rodriguez, vice president, the Debtor
estimated $100,000 to $500,000 in assets and $1 million to $10
million in liabilities.  

Judge Laurel M. Isicoff oversees the case.

The Debtor tapped John Paul Arcia, P.A., as its bankruptcy counsel;
Florida Property Management Solutions, Inc., as its property
manager; and Preferred Accounting Services and Kapila Mukamal, LLP
as its accountants.



MAGNUS INDUSTRIES: Court Confirms Amended Plan
----------------------------------------------
Judge Janice D. Lloyd has entered an order confirming the Amended
Plan filed by Magnus Industries, LLC, d/b/a Economy Drilling
Solutions.

No timely objections to the Plan or the Amended Plan were filed.

The Court determined after notice and a hearing that the
requirements for confirmation for the Plan under 11 U.S.C. Sec.
1191(a) and 1129(a)(1)-(14) have been satisfied.

Magnus Industries, LLC, d/b/a Economy Drilling Solutions, submitted
a Plan of Reorganization.

The Debtor's financial projections show that the Debtor will have
projected disposable income for the period described in Sec.
1191(c)(2) of $2,625,269.  The final Plan payment is expected to be
paid at the 60th month following the Effective Date or earlier if
the Debtor elects to pre-pay creditor claims.  Non-priority
unsecured creditors holding allowed claims will receive
distributions, which the proponent of this Plan has valued at
approximately 100 cents on the dollar.  Jeff McLaughlin will
continue as manager of the Debtor and will continue overseeing the
day-to-day operations of the Debtor.

Attorney for the Debtor:

     Stephen J. Moriarty
     FELLERS, SNIDER, BLANKENSHIP, BAILEY & TIPPENS, P.C.
     100 N. Broadway, Suite 1700
     Oklahoma City, OK 73102
     Telephone: (405) 232-0621
     Facsimile: (405) 232-9659
     E-mail: smoriarty@fellerssnider.com

A copy of the Order is available at https://bit.ly/3tBufzr from
PacerMonitor.com.

A copy of the Plan of Reorganization is available at
https://bit.ly/3s6P4CK from PacerMonitor.com.

                      About Magnus Industries

Magnus Industries, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Okla. Case No. 20-13301) on Oct. 6,
2020, listing under $1 million in both assets and liabilities.
Stephen J. Moriarty, Esq., at Fellers, Snider, Blankenship, Bailey
& Tippens, P.C., serves as the Debtor's legal counsel.


MEG ENERGY: Fitch Raises IDR to 'B+', Outlook Stable
----------------------------------------------------
Fitch Ratings has upgraded MEG Energy Corporation's (MEG) Issuer
Default Rating (IDR) to 'B+' from 'B'. In addition, Fitch has
affirmed the rating on MEG's second-lien notes at 'BB'/'RR2' and
has upgraded the senior unsecured notes to 'BB-'/'RR3' from
'B+'/'RR3'. The Rating Outlook is Stable.

MEG's ratings reflect improving credit metrics, below average
refinancing risk, no major bond maturities until 2025, abundant
liquidity, the expectation that the company will generate positive
FCF over the forecast period, improved transport logistics that
should lead to higher realized prices, and an improving cost
structure. This is offset by significant exposure to potentially
wide and volatile West Texas Intermediate (WTI) and Western
Canadian Select (WCS) spreads, lack of diversification, and
exposure to a challenging regulatory environment managed by the
Alberta and federal governments.

The Stable Outlook reflects MEG's conservative financial profile,
ability to access debt capital markets and its solid liquidity
profile.

KEY RATING DRIVERS

Strengthening Credit Metrics: Although credit metrics were elevated
in 2020 due to the pandemic, Fitch expects material improvement in
2021 due to higher oil prices, tighter differentials and debt
reduction. MEG is emerging from the pandemic relatively unscathed
and generated C$127 million in FCF and reduced debt by C$132
million in 2020. The next maturity is the second-lien notes in
2025. Fitch believes that the company has the capacity to continue
to reduce debt. MEG has an undrawn C$800 million revolver and the
company is expected to generate positive FCF over the forecast
period.

FCF Improvement: Historically, MEG generated large FCF deficits to
fund its growth objectives while also being subject to discounts to
WTI pricing. Fitch expects MEG to generate substantial FCF at
current Strip prices. MEG's continued focus on shifting sales to
the U.S. Gulf Coast, cost reduction efforts, opportunistic hedging
program, and relatively low cost (approximately C$7-8/bbl) to
sustain production levels should allow the company to fund its
capital program with operating cash flow.

Improving Macro Outlook: Oil prices have improved substantially
with WTI now trading in the low-$60s compared with an average of
$39 in 2020. In addition, light-heavy oil differentials have
narrowed and are expected to remain narrow in the short term due to
increased takeaway capacity and the lack of heavy oil supply from
Latin America, which is in strong demand by U.S. refiners with
complex refining capacity.

Growing Exposure to USGC: Fitch anticipates MEG will sell an
increasing portion of its production into the more valuable U.S.
Gulf Coast (USGC) and move away from the Western Canada market. MEG
currently has 100,000 barrels of oil per day (bbl/d) of committed
capacity on the Flanagan South/Seaway pipeline that transports
crude to the Gulf Coast. The commitment is not contingent on the
Enbridge Line 3 replacement project being placed into service or
Enbridge's current contract discussions. MEG's apportionment is
estimated to be 35% for 2021, eventually trending lower through the
forecast period, which means the company can utilize more of its
total commitment at that time. This should result in increasing
Gulf Coast sales to over 50% of production in 2021 from 27% in 2018
through the pipeline, which should allow for a higher realized
price for MEG's products. The USGC market has an approximate
$2.00-$3.00 per barrel premium to the Western Canadian market after
taking into account transportation costs in the current pricing
environment.

Pipeline Political Risk: There has been substantial timing risk
around major pipeline projects in Canada, which have experienced
numerous delays due to entrenched social and environmental
opposition. Enbridge's Line 3 replacement (over 370,000bbl/d in
incremental shipping capacity) is expected late-2021 and the Trans
Mountain Pipeline (over 590,000bbl/d) in 2022. The Keystone XL
pipeline (over 830,000bbl/d) is unlikely to be built. Pipeline
delays were a key factor in the collapse in WCS differentials in
the fall of 2018, which led to the need for quotas. As stated
above, additional delays in new capacity could prolong the quota,
create additional project deferrals, and increase reliance on rail
to move product.

Opportunistic Hedging Program: MEG uses its hedging plan to address
particular issues, such as protecting its capital spending plans.
Fitch estimates that only 50% of 2021 expected bitumen production
is hedged, although the company also hedges WTI/WCS differentials.

DERIVATION SUMMARY

Baytex Energy (B/Negative) is a predominately Canadian producer
with production of 70,475bbl/d in 4Q20 (82% liquids), which is less
than MEG's production of 91,030bbl/d (100% liquids). Fitch expects
MEG's production to grow to the 87,000-90,000bbl/d range during the
forecast period. MEG has a larger proved reserve base and a higher
oil cut. In addition, MEG has no near-term financing risk, is not
expected to borrow from its CAD800 million revolver in the near
term, and has a covenant-lite revolver that is not subject to a
borrowing base redetermination. Baytex's next bond maturity is June
2024 and approximately 64% of its credit facility is drawn.

Offsetting considerations include low diversification, given that
MEG is essentially a single-play oil sands producer, and
significant exposure to volatile WTI-WCS price differentials, given
the lack of integration, particularly in relation to larger
Canadian oil sands operators such as Cenovus, Suncor Energy, and
Canadian Natural Resources Limited. Despite its lack of
diversification, MEG has substantial proved and probable reserves
and has the ability to greatly expand capacity if industry
conditions are favorable.

KEY ASSUMPTIONS

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

-- Base case WTI oil prices reference the Fitch Price deck and
    Strip pricing as of March 8, 2021;

-- Base case Henry Hub natural gas price of USD2.45over the
    forecast period;

-- Production growth in the low single digits over forecast
    period;

-- Increase in blended sales through Gulf Coast pipeline visa
    Edmonton pipeline sales;

-- Capex of C$260 million in 2021 and C$351 million in 2022;

-- No share repurchases, equity issuance, acquisitions, or
    divestitures.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that MEG Energy would be reorganized
as a going concern (GC) in bankruptcy rather than liquidated.

Fitch has assumed a 10% administrative claim.

Going-Concern (GC) Approach

MEG's GC EBITDA assumption reflects Fitch's projections under a
stressed case price deck, which assumes WTI oil prices of $32.00 in
2021, $37.00 in 2022, and $42.00 in 2023 and a long-term price of
$45.

The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch bases the
enterprise valuation (EV). The GC EBITDA assumption uses 2024
EBITDA, which reflects the decline from current pricing levels to
stressed levels and then a partial recovery coming out of a
troughed pricing environment.

The model was adjusted for reduced production and varying
differentials given the material decline in prices from the
previous price deck.

An EV multiple of 5.0x EBITDA is applied to the GC EBITDA to
calculate a post-reorganization enterprise value, resulting in a
valuation of C$3.15 billion. The choice of this multiple considered
the following factors:

The historical bankruptcy case study exit multiples for peer
companies ranged from 2.8x-7.0x, with an average of 5.6x and a
median of 6.1x;

There were very few recent Canadian M&A transactions and multiple
detail was either unavailable or not relatable;

Fitch uses a multiple of 5x to estimate a value for MEG to reflect
the relatively higher proved reserves that reduces resource and
volumetric risks and provides for longer-term cash flow support
despite shorter-term market impacts.

Liquidation Approach

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

Despite the lack of Canadian exploration and production peer
companies, the announced transaction in which Devon Energy is
selling its Canadian assets to Canadian Natural Resources is a very
strong comparison given the facility's location, size and similar
operations. That asset was sold for C$2.8 billion during a
difficult M&A environment, which makes the transaction a good proxy
for a distressed sale. The value per production (boe) was C$22,000,
which implies a valuation for MEG at C$2.7 billion. After including
accounts receivable and inventory and adjusting for foreign
exchange rates, the liquidation value was C$3.0 billion, less than
the going concern value.

Fitch uses the higher of the going concern and liquidation
approach, which is the going concern value in this case. The value
is allocated to investors according to the relative seniority of
their claims.

The revolver is assumed to be fully drawn upon default. The
revolver is a first lien and senior in the waterfall. The
second-lien notes are assigned a recovery corresponding to 'RR2' to
reflect expressed subordination to the first-lien notes. The senior
unsecured notes have an 'RR3' recovery.

RATING SENSITIVITIES

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

-- Improved netbacks through lower and sustainable operating and
    interest costs;

-- Improved outlook on realized prices and differentials;

-- Paydown of second-lien notes while maintaining mid-cycle
    debt/EBITDA below 2.5x.

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

-- Change in financial policy that weakens expected credit
    metrics;

-- Mid-cycle debt/EBITDA above 3.5x;

-- Prolonged dislocation in WTI-WCS spreads.

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: MEG has C$114 million of cash on hand as
of Dec. 31, 2020. The credit facility consists of a C$800 million
revolver and a C$500 million letter of credit facility that matures
on July 30, 2024. There is no financial maintenance covenant unless
the revolver is drawn in excess of 50%, which would trigger a
first-lien net debt/EBITDA covenant of 3.5x or less. The next
maturity is in 2025 when the 6.5% senior secured second-lien notes
are due.

ESG CONSIDERATIONS

MEG Energy has an ESG Relevance Score of '4' for Exposure to Social
Impacts, due to high exposure to pipeline and logistics takeaway
capacity, which has been delayed multiple times due to social
resistance to pipelines in Canada. This has widened the Canadian
oil price differential to record levels, which has a negative
impact on the credit profile and is relevant to the rating in
conjunction with other factors.

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


MGM GROWTH PROPERTIES: Fitch Affirms 'BB+' LongTerm IDR
-------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of MGM Growth Properties LLC (MGP) and MGM Growth Properties
Operating Partnership LP (MGPOP; collectively MGP) at 'BB+'. In
addition, Fitch has affirmed MGP's senior secured debt at
'BBB-'/'RR1' and unsecured debt at 'BB+'/'RR4'. The Rating Outlook
is Negative.

MGP's Negative Rating Outlook reflects the coronavirus-driven
pressures faced by MGP's sole tenant, MGM, and the near-term
uncertainty surrounding the recovery. Fitch projects that Las Vegas
Strip revenues return to 90% of pre-COVID levels by 2023.The
Negative Rating Outlook also reflects MGM's 'BB-' IDR/Negative
Outlook. There is a weak-to-moderate rating linkage between MGM and
MGP, and Fitch has previously stated that MGP is unlikely to be
rated more than two notches above MGM, which has a controlling
stake in MGP.

MGP's 'BB+' IDR continues to reflect the company's stable triple
net lease (NNN) cash flows, good geographic asset diversification
and conservative financial policy. Negatively, MGP's wholly owned
assets, except the real estate assets associated with MGM National
Harbor and Empire City, are encumbered by its senior secured
revolver. MGP has high tenant concentration, potential conflicts of
interest vis-a-vis control by MGM (although there are mechanisms in
place to help mitigate this risk), and lower contingent liquidity
relative to more traditional REIT asset classes such as
multi-family housing.

KEY RATING DRIVERS

Strong Cash Flow Stability: MGP generates 100% of its rent revenue
under a master lease with MGM (excluding the rent paid to a JV
50.1% owned by MGP). The master lease has a long initial term and
is 91% fixed with 2% escalators, providing stability and visibility
to MGP's cash flows. Roughly half of the rent is attributed to
assets on the more cyclical Las Vegas Strip, but MGP's regional
assets are diversified and help insulate the company from
individual market-level underperformance.

MGM's pro forma coverage of its master lease using 2019 EBITDAR was
strong at 1.9x. Starting 2020, MGM no longer breaks out assets
specific EBITDAR making it more difficult to calculate master lease
level rent coverage. However, Fitch has sufficient information to
estimate coverage with decent precision. MGP's 50.1% owned JV's
rent coverage is about 1.8x using 2019 EBITDAR.

MGP's master lease assets account for roughly 60% of MGM's
wholly-owned EBITDAR and are critical to MGM operationally
comprising almost all of MGM's regional assets and all of MGM's
mid-tier Las Vegas assets. MGP's master lease structure should
protect against adverse lease selection in a bankruptcy scenario of
MGM. Although not anticipated, Fitch views rent concessions as a
greater cash flow risk for triple-net lease REITs with master
leases, rather than tenant rejections in bankruptcy.

MGM's controlling ownership stake in MGP is a concern as it relates
to potential rent resets in a stress scenario. However, Fitch
believes MGP has adequate corporate governance policies in place to
address potential conflicts of interest. MGP's independent
conflicts committee would be required to approve any rent resets.
MGM's meaningful economic interest in MGP OP (both from an equity
value and cash flow distributions perspective) gives Fitch added
comfort that negotiating a rent reset would not be the most
advantageous or easiest lever to pull.

Tenant Concentration: MGM is MGP's sole tenant, but this tenant
concentration is partially offset by the diversification of assets
within the lease (roughly 50/50 Las Vegas/regional EBITDAR split),
the high-quality assets, the mission-critical nature of the master
lease to the tenant and the healthy rent coverage.

Improving Liquidity Profile: MGP's liquidity and liability
management characteristics relative to investment-grade U.S. equity
REITs has improved and is expected to improve further. MGP repaid
its senior secured term loan in early 2020 and its wholly-owned
recourse debt is mostly unsecured now except for a $1.35 billion
senior secured revolver, which had $10 million outstanding as of
Dec. 31, 2020.

Below-Average Contingent Liquidity: MGP's contingent liquidity in
the form of mortgage debt or asset sales is not as robust as that
of the more traditional REIT asset classes. Gaming properties are a
specialty property type that appeals to a smaller universe of
institutional real estate investors and lenders than core
commercial property sectors, such as office, industrial, retail and
multifamily properties. There are examples of gaming companies
accessing debt secured by specific assets in a time of stress, as
well as gaming assets in CMBS transactions.

MGP has been reducing its senior secured mix becoming more similar
to its non-gaming REIT peers, where fully unencumbered capital
structures are more common.

Conservative Financial Policy: MGP's net leverage target of
5.0x‒5.5x is conservative for its IDR and consistent with other
gaming REITs including GLPI. MGP's ratings have some tolerance for
net leverage to temporarily exceed 5.5x for larger acquisitions.
Fitch projects MGP's net leverage to be at 5.6x net at YE 2021
following its use of cash to fund the recently completed MGM OP
redemption. Net leverage will decline to 5.5x at YE 2022.

Linkage with MGM Resorts: MGP's ring-fencing and separation
provisions result in weak-to-moderate linkage with MGM, which Fitch
considers a weaker parent. The two-notch higher IDR relative to MGM
reflects MGP's stand-alone credit profile as a gaming REIT. MGP is
42% owned and effectively controlled by MGM through its class B
ownership. However, a measure of separation is warranted by MGP's
restricted payment covenants (capped at 95% of cumulative FFO per
the bond indenture) and a conflicts committee that must approve all
transactions with related parties over $25 million. These
provisions result in a degree of separation between the IDRs of MGM
and MGP.

MGM's IDR was downgraded to 'BB-' from 'BB' and its Outlook revised
to Negative in March 2020. The negative rating actions took into
account COVID-19-related pressures as well as MGM's sale of its
remaining large gaming assets on the Las Vegas Strip. MGM's
liquidity is adequate to withstand the pandemic pressures and
Fitch's forecasts see MGM returning to within its 'BB-' downgrade
gross lease adjusted leverage sensitivity of 6.0x by 2023. MGM's
Negative Outlook continues to reflect the uncertainty related to
the recovery trajectory following the pandemic, particularly as it
relates to the Las Vegas group business.

The explicit rating linkage with MGM may fall away once MGM's
ownership in MGP OP units is reduced to below 30%, at which point
its 100% control provision will no longer be in effect. However,
given the concentrated tenant relationship and some remaining
influence by MGM on MGP, MGM's credit profile will remain a rating
consideration.

DERIVATION SUMMARY

MGP's main peers are gaming REITs including Gaming and Leisure
Properties Inc. (GLPI; BBB-) and VICI Properties, Inc. (VICI; BB).
All three REITs have comparable credit metrics and share a leverage
target range of 5.0x-5.5x. GLPI's higher IDR reflects its all
unsecured capital structure and more diversified tenant/asset base
relative to MGP. VICI's wholly-owned assets, except one, are also
encumbered by its senior secured credit facility and its leases
with Caesars have been underwritten with lower initial asset-level
rent coverage relative to MGP and GLPI.

KEY ASSUMPTIONS

-- Annual master lease rent of $839 million in 2021. Fitch
    assumes annual 2% escalators occur in 2021 and 2023. In April
    2022, due to the pandemic impact on MGM's revenues and the
    rent coverage test, the 2% escalator on fixed rent does not go
    into effect and first variable rent reset results in a $14
    million reduction in rent. Variable rent resets occur every
    five years. JV master lease rent increases 2% per year.

-- Parent dividend payout of 80% of wholly owned AFFO.

-- Beyond MGP's March 2021 equity issuance and MGM's OP units
    redemption, no other acquisitions or financial transactions
    assumed.

-- General and administrative expense of around $14 million - $15
    million.

RATING SENSITIVITIES

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

-- Diversification of the tenant base;

-- An improvement in MGP's liquidity through moving towards a
    more unsecured capital structure and greater staggering of the
    maturity schedule.

-- A financial policy with a net leverage target of less than 5x
    may offset the lack of progress with respect to the above
    sensitivities.

-- Any positive rating pressure would be weighed against the
    considerations relating to MGM's credit profile and Fitch's
    view on the linkage between MGM and MGP. Based on MGP's weak
    to-moderate linkage to MGM, Fitch is unlikely to rate MGP more
    than two notches above MGM's IDR.

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

-- Net leverage sustaining above 5.5x. Fitch has tolerance for
    leverage to exceed 5.5x for larger acquisitions provided MGP
    deleverages below 5.5x within 12-24 months.

-- A downgrade of MGM's IDR may have negative rating pressure on
    MGP. Based on MGP's weak-to-moderate linkage to MGM, Fitch is
    unlikely to rate MGP more than two notches above MGM's IDR.

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

MGP's liquidity and liability management characteristics relative
to investment-grade U.S. equity REITs has and is expected to
improve further. MGP repaid its senior secured term loan in early
2020 and its wholly owned recourse debt is mostly unsecured now
except for a $1.35 billion senior secured revolver, which had $10
million outstanding as of Dec. 31, 2020.

MGP has been a regular equity issuer. MGP executed a number of
secondary equity offerings since its 2016 IPO with roughly $3.4
billion raised through Dec. 31, 2020. In April 2019, MGP entered
into an "at-the-market-offering" (ATM) program. MGP upsized its
revolver to $1.35 billion from $600 million in 2018 - sized
appropriately larger than any single unsecured maturity. MGP's
maturity schedule is also improved but remains somewhat high
relative to REIT peers with about 18% of its total wholly owned
debt maturing in 2024 ($1.05 billion unsecured notes).

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.


MOHELA: Fitch Affirms B Rating on 3 Loan Trusts
-----------------------------------------------
Fitch affirms four and downgrades one FFELP student loan trusts
from Higher Education Loan Authority of the State of Missouri
(MOHELA). The ratings assigned to outstanding classes of MOHELA
2010-3, 2012-1 and 2013-1 are affirmed and Rating Outlooks remain
Stable. The rating assigned to the outstanding senior class of
MOHELA 2009-1 is also affirmed and Rating Outlook remains Negative
reflective of the Negative Outlook on the U.S. sovereign rating.
The rating assigned to MOHELA 2011-1 is downgraded to "AAsf" and
the Rating Outlook remains Negative.

     DEBT               RATING            PRIOR
     ----               ------            -----
Higher Education Loan Authority of the State of Missouri Series
2011-1

A-1 606072KZ8     LT  AAsf   Downgrade     AAAsf

Higher Education Loan Authority of the State of Missouri Series
2009-1

A-2 606072KN5     LT  AAAsf  Affirmed      AAAsf

Higher Education Loan Authority of the State of Missouri Series
2013-1

A 606072LB0       LT  Bsf    Affirmed      Bsf

Higher Education Loan Authority of the State of Missouri Series
2010-3

A-1 606072KV7     LT  Bsf    Affirmed      Bsf

Higher Education Loan Authority of the State of Missouri Series
2012-1

A 606072LA2       LT  Bsf    Affirmed      Bsf

TRANSACTION SUMMARY

The affirmation of MOHELA 2009-1 is supported by the transaction
passing Fitch's stressed credit and maturity stresses equivalent to
the 'AAAsf' rating of the notes. The outstanding class A-2 notes'
legal final maturity date is Feb. 25, 2036. Fitch views notes with
legal final maturities beyond 2035 as posing low maturity risk,
because income-based repayment loans are expected to be forgiven
starting at that time. The Rating Outlooks for the senior notes
were revised to Negative from Stable on Aug. 6, 2020, following
Fitch's affirmation of the U.S. sovereign's 'AAA' Issuer Default
Rating (IDR) and revision of its Outlook to Negative from Stable.

The downgrade of MOHELA 2011-1 class A-1 is driven primarily by
deterioration of the transaction's maturity profile under Fitch's
stress cashflow analysis. The transaction's weighted average loan
term increased to 169 months from 163 months over the last twelve
months, highlighting the negative trends. The Negative Rating
Outlook on the A-1 class reflects that negative rating pressure may
increase in the next one to two years if the maturity risk profile
of the transaction does not improve.

For MOHELA 2010-3, 2012-1, and 2013-1, the single senior class
outstanding fails Fitch's base case maturity stress scenario in
cashflow modelling due to missing the legal final maturity date.
However, because the legal final maturity dates of the notes are at
least 5 years away and MOHELA, as the sponsor, has received consent
to call the notes early, Fitch believes there is a limited margin
of safety that supports the affirmation of the notes at 'Bsf'.

KEY RATING DRIVERS

U.S. Sovereign Risk: The trusts' collateral comprises 100% Federal
Family Education Loan Program (FFELP) loans with guaranties
provided by eligible guarantors and reinsurance provided by the
U.S. Department of Education (ED) for at least 97% of principal and
accrued interest. The U.S. sovereign rating is currently
'AAA'/Negative.

Collateral Performance:

MOHELA 2009-1: As of January 2021, the maturity profile is
worsening; weighted average remaining loan term increased three
months in the past year. Fitch assumed a base case default rate of
25% and 75% under the 'AAA' credit stress scenario. The sustainable
constant default rate (sCDR) assumption of 4.0% was used in
cashflow modelling. Fitch applies the standard default timing curve
in its credit stress cash flow analysis. The claim reject rate is
assumed to be 0.50% in the base case and 3.0% in the 'AAA' case.
The trailing twelve month (TTM) levels of deferment, forbearance
and income-based repayment (IBR) are 2.9%, 14.8%, and 28.6%
respectively, and are used as the starting point in cash flow
modelling. The sustainable constant prepayment rate (sCPR;
including voluntary and involuntary prepayment) was assumed to be
10.0%. The borrower benefit is assumed to be approximately 0.1%,
based on information provided by the sponsor. Any subsequent
declines or increases in the assumptions above are modelled as per
criteria.

MOHELA 2010-3: As of January 2021, the maturity profile is
worsening; weighted average remaining loan term increased seven
months in the past year. Fitch assumes a base case default rate of
46% and 100% under the 'AAA' credit stress scenario. The
sustainable constant default rate (sCDR) assumption of 5.0% was
used in cashflow modelling. Fitch applies the standard default
timing curve in its credit stress cash flow analysis. The claim
reject rate is assumed to be 0.50% in the base case and 3.0% in the
'AAA' case. The trailing twelve month (TTM) levels of deferment,
forbearance and income-based repayment are 6.4%, 18.3%, and 41.0%
respectively, and are used as the starting point in cash flow
modelling. The sustainable constant prepayment rate (sCPR;
including voluntary and involuntary) is assumed to be 8.0%. The
borrower benefit is assumed to be approximately 0.2%, based on
information provided by the sponsor. Any subsequent declines or
increases in the assumptions above are modelled as per criteria.

MOHELA 2011-1: As of November 2020, the maturity profile is
worsening; weighted average remaining loan term increased six
months in the past year. Fitch assumes a base case default rate of
42.3% and 100% under the 'AAA' credit stress scenario. The
sustainable constant default rate (sCDR) assumption of 5.0% was
used in cashflow modelling. Fitch applies the standard default
timing curve in its credit stress cash flow analysis. The claim
reject rate is assumed to be 0.50% in the base case and 3.0% in the
'AAA' case. The trailing twelve month (TTM) levels of deferment,
forbearance and income-based repayment are 5.9%, 18.7%, and 39.9%
respectively, and are used as the starting point in cash flow
modelling. The sustainable constant prepayment rate (sCPR;
including voluntary and involuntary) is assumed to be 9.0%. The
borrower benefit is assumed to be approximately 0.1%, based on
information provided by the sponsor. Any subsequent declines or
increases in the assumptions above are modelled as per criteria.

MOHELA 2012-1: As of January 2021, the maturity profile is
worsening; weighted average remaining loan term increased eleven
months in the past year. Fitch assumes a base case default rate of
46.5% and 100% under the 'AAA' credit stress scenario. The
sustainable constant default rate (sCDR) assumption of 5.0% was
used in cashflow modelling. Fitch applies the standard default
timing curve in its credit stress cash flow analysis. The claim
reject rate is assumed to be 0.50% in the base case and 3.0% in the
'AAA' case. The trailing twelve month (TTM) levels of deferment,
forbearance and income-based repayment are 6.8%, 20.2%, and 43.0%
respectively, and are used as the starting point in cash flow
modelling. The sustainable constant prepayment rate (sCPR;
including voluntary and involuntary) is assumed to be 9.0%. The
borrower benefit is assumed to be approximately 0.1%, based on
information provided by the sponsor. Any subsequent declines or
increases in the assumptions above are modelled as per criteria.

MOHELA 2013-1: As of January 2021, the maturity profile is
worsening; weighted average remaining loan term increased five
months in the past year. Fitch assumes a base case default rate of
49.8% and 100% under the 'AAA' credit stress scenario. The
sustainable constant default rate (sCDR) assumption of 5.0% was
used in cashflow modelling. Fitch applies the standard default
timing curve in its credit stress cash flow analysis. The claim
reject rate is assumed to be 0.50% in the base case and 3.0% in the
'AAA' case. The trailing twelve month (TTM) levels of deferment,
forbearance and income-based repayment are 5.1%, 17.1%, and 38.8%
respectively, and are used as the starting point in cash flow
modelling. The sustainable constant prepayment rate (sCPR;
including voluntary and involuntary) is assumed to be 6.0%. The
borrower benefit is assumed to be approximately 0.1%, based on
information provided by the sponsor. Any subsequent declines or
increases in the assumptions above are modelled as per criteria.

Basis and Interest Rate Risk:

MOHELA 2009-1: Basis risk for this transaction arises from any rate
and reset frequency mismatch between interest rate indices for
Special Allowance Payments (SAP) and the securities. As of January
2021, 99.93% of the principal balance is indexed to one-month LIBOR
with the rest indexed to 91 day T-Bills. All notes are indexed to
three-month LIBOR.

MOHELA 2010-3: Basis risk for this transaction arises from any rate
and reset frequency mismatch between interest rate indices for
Special Allowance Payments (SAP) and the securities. As of January
2021, 96.71% of the principal balance is indexed to one-month LIBOR
with the rest indexed to 91 day T-Bills. All notes are indexed to
three-month LIBOR.

MOHELA 2011-1: Basis risk for this transaction arises from any rate
and reset frequency mismatch between interest rate indices for
Special Allowance Payments (SAP) and the securities. As of November
2020, 97.84% of the principal balance is indexed to one-month LIBOR
with the rest indexed to 91 day T-Bills. All notes are indexed to
three-month LIBOR.

MOHELA 2012-1: Basis risk for this transaction arises from any rate
and reset frequency mismatch between interest rate indices for
Special Allowance Payments (SAP) and the securities. As of January
2021, 98.50% of the principal balance is indexed to one-month LIBOR
with the rest indexed to 91 day T-Bills. All notes are indexed to
one-month LIBOR.

MOHELA 2013-1: Basis risk for this transaction arises from any rate
and reset frequency mismatch between interest rate indices for
Special Allowance Payments (SAP) and the securities. As of January
2021, 95.53% of the principal balance is indexed to one-month LIBOR
with the rest indexed to 91 day T-Bills. All notes are indexed to
one-month LIBOR.

Payment Structure:

MOHELA 2009-1: Credit enhancement (CE) is provided by
overcollateralization (OC) and excess spread. As of January 2021,
parity was at 137.9%. Liquidity support is provided by a specified
reserve account sized at the greater of 0.25% of the pool balance
or $290,060. The reserve account is currently at its floor of
$290,060. The transaction will not release cash until the notes are
paid in full.

MOHELA 2010-3: Credit enhancement (CE) is provided by
overcollateralization (OC) and excess spread. As of January 2021,
parity was at 125.2%. Liquidity support is provided by a specified
reserve account sized at the greater of 0.25% of the pool balance
or $765,485. The reserve account is currently at its floor of $
765,485. The transaction will not release cash until all bonds pay
in full.

MOHELA 2011-1: Credit enhancement (CE) is provided by
overcollateralization (OC) and excess spread. As of November 2020,
parity was at 116.1%. Liquidity support is provided by a specified
reserve account sized at the greater of 0.25% of the pool balance
or $874,963. The reserve account is currently at its floor of $
874,963. The transaction will not release cash until all bonds pay
in full.

MOHELA 2012-1: Credit enhancement (CE) is provided by
overcollateralization (OC) and excess spread. As of January 2021,
parity was at 120.6%. Liquidity support is provided by a specified
reserve account sized at the greater of 0.25% of the pool balance
or $383,468. The reserve account is currently at its floor of
$383,468. The transaction will not release cash until all bonds pay
in full.

MOHELA 2013-1: Credit enhancement (CE) is provided by
overcollateralization (OC) and excess spread. As of January 2021,
parity was at 110.0%. Liquidity support is provided by a specified
reserve account sized at the greater of 0.25% of the pool balance
or $1,449,864. The reserve account is currently at its floor of
$1,449,864. The transaction is currently releasing cash and will
continue to do so as long as it maintains its target
overcollateralization of 9.09%.

Operational Capabilities: Day-to-day servicing is provided by
MOHELA with Pennsylvania Higher Education Assistance Agency (PHEAA)
acting as the backup servicer. Fitch believes both entities to be
acceptable servicers, due to their extensive track record of
servicing FFELP loans.

Coronavirus Impact: Fitch has made assumptions about the economic
impact of the coronavirus pandemic and related containment
measures. Fitch maintained the sCPR fo 2009-1 and 2010-3 and
revised the sCPR for 2011-1, 2012-1, and 2013-1.

As a downside (sensitivity) scenario provided in the Rating
Sensitivity section, Fitch considers a more severe and prolonged
period of stress. Under this downside scenario, Fitch ran
sensitivities by increasing the default rate, IBR and remaining
term assumptions by 50%. Additional downside sensitivity was not
run for 2010-3, 2012-1, and 2013-1 as the model-implied ratings are
already failing the base case scenarios.

RATING SENSITIVITIES

'AAAsf' rated tranches of most FFELP securitizations will likely
move in tandem with the U.S. sovereign rating, given the strong
linkage to the U.S. sovereign, by nature of the reinsurance
provided by the Department of Education. Aside from the U.S.
sovereign rating, default, basis risk and loan extension risk
account for the majority of the risk embedded in FFELP student loan
transactions.

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. Fitch conducts credit and maturity stress
sensitivity analysis by increasing or decreasing key assumptions by
25% and 50% over the base case. The credit stress sensitivity is
viewed by stressing both the base case default rate and the basis
spread. The maturity stress sensitivity is viewed by stressing
remaining term, IBR usage and prepayments. The results below should
only be considered as one potential outcome, as the transaction is
exposed to multiple dynamic risk factors. It should not be used as
an indicator of possible future performance.

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

MOHELA 2009-1:

-- No upgrade sensitivity was conducted since all outstanding
    notes are at their highest achievable rating.

MOHELA 2010-3:

Credit Stress Rating Sensitivity

-- Defaults decrease 25%: class A 'CCCsf';

-- Basis spreads decrease 0.25%: class A 'CCCsf'.

Maturity Stress Rating Sensitivity

-- CPR increases 25%: class A 'CCCsf';

-- IBR usage decreases 25%: Class A 'CCCsf';

-- Remaining term decreases 25%: Class A 'CCCsf'.

MOHELA 2011-1:

Credit Stress Rating Sensitivity

-- Defaults decrease 25%: class A 'AAAsf';

-- Basis spreads decrease 0.25%: class A 'AAAsf'.

Maturity Stress Rating Sensitivity

-- CPR increases 25%: class A 'AAsf';

-- IBR usage decreases 25%: Class A 'AAsf';

-- Remaining term decreases 25%: Class A 'AAAsf'.

MOHELA 2012-1:

Credit Stress Rating Sensitivity

-- Defaults decrease 25%: class A 'CCCsf';

-- Basis spreads decrease 0.25%: class A 'CCCsf'.

Maturity Stress Rating Sensitivity

-- CPR increases 25%: class A 'CCCsf';

-- IBR usage decreases 25%: Class A 'CCCsf';

-- Remaining term decreases 25%: Class A 'CCCsf'.

MOHELA 2013-1:

Credit Stress Rating Sensitivity

-- Defaults decrease 25%: class A 'CCCsf';

-- Basis spreads decrease 0.25%: class A 'CCCsf'.

Maturity Stress Rating Sensitivity

-- CPR increases 25%: class A 'CCCsf';

-- IBR usage decreases 25%: Class A 'CCCsf';

-- Remaining term decreases 25%: Class A 'CCCsf'.

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

MOHELA 2009-1, Current Rating: Class A 'AAAsf'

Credit Stress Rating Sensitivity

-- Default increase 25%: class A 'AAAsf';

-- Default increase 50%: class A 'AAAsf';

-- Basis spread increase 0.25%: class A 'AAAsf';

-- Basis spread increase 0.5%: class A 'AAAsf'.

Maturity Stress Rating Sensitivity

-- CPR decrease 25%: class A 'AAAsf';

-- CPR decrease 50%: class A 'AAAsf';

-- IBR usage increase 25%: class A 'AAAsf';

-- IBR usage increase 50%: class A 'AAAsf';

-- Remaining term increase 25%: class A 'AAAsf';

-- Remaining term increase 50%: class A 'AAAsf'.

As a sensitivity under Fitch's coronavirus downside scenario, Fitch
assumed a 50% increase in defaults, IBR and remaining term for the
credit and maturity stresses, respectively. Under this scenario,
the model-implied rating was 'AAAsf'for the credit stress. The
model-implied rating was 'AAAsf' for the maturity stress under
increased IBR and 'AAAsf' under increased remaining term.

MOHELA 2010-3, 2012-1, 2013-1, Current Rating: Class A 'Bsf'

The transactions currently do not pass Fitch's base case stresses
and so the model-implied ratings for the outstanding classes of
these transactions are 'CCCsf'. Therefore, Fitch did not perform
additional model-implied downside sensitivities. A downgrade to
'CCCsf' could occur if there continues to be material loan term
extension, slowdown in prepayment speeds and/or the maturity date
of the bonds are within two years.

MOHELA 2011-1, Current Rating: Class A 'Asf'

Credit Stress Rating Sensitivity

-- Default increase 25%: class A 'AAAsf';

-- Default increase 50%: class A 'AAAsf';

-- Basis spread increase 0.25%: class A 'AAsf';

-- Basis spread increase 0.5%: class A 'Asf'.

Maturity Stress Rating Sensitivity

-- CPR decrease 25%: class A 'BBsf';

-- CPR decrease 50%: class A 'CCCsf';

-- IBR usage increase 25%: class A 'BBBsf';

-- IBR usage increase 50%: class A 'BBsf'.

-- Remaining term increase 25%: class A 'BBBsf';

-- Remaining term increase 50%: class A 'BBsf'.

As a sensitivity under Fitch's coronavirus downside scenario, Fitch
assumed a 50% increase in defaults, IBR and remaining term for the
credit and maturity stresses, respectively. Under this scenario,
the model-implied rating was 'AAAsf' for the credit stress. The
model-implied rating was 'BBsf' for the maturity stress under
increased IBR and 'BBsf' under increased remaining term.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.


MORGAN STANLEY 2011-C3: Moody's Lowers Class F Certs to B3
----------------------------------------------------------
Moody's Investors Service has affirmed the ratings on four classes,
downgraded the ratings on three classes and placed the ratings on
five classes under review for possible downgrade in Morgan Stanley
Capital I Trust 2011-C3, Commercial Mortgage Pass-Through
Certificates, Series 2011-C3 as follows:

Cl. A-4, Affirmed Aaa (sf); previously on Jun 27, 2019 Affirmed Aaa
(sf)

Cl. A-J, Affirmed Aaa (sf); previously on Jun 27, 2019 Affirmed Aaa
(sf)

Cl. B, Affirmed Aa1 (sf); previously on Jun 27, 2019 Affirmed Aa1
(sf)

Cl. C, A1 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 27, 2019 Affirmed A1 (sf)

Cl. D, A3 (sf) Placed Under Review for Possible Downgrade;
previously on Jun 27, 2019 Affirmed A3 (sf)

Cl. E, Downgraded to Ba1 (sf) and Placed Under Review for Possible
Downgrade; previously on Jun 27, 2019 Affirmed Baa3 (sf)

Cl. F, Downgraded to B3 (sf) and Placed Under Review for Possible
Downgrade; previously on Jun 27, 2019 Affirmed Ba2 (sf)

Cl. G, Downgraded to Caa3 (sf) and Placed Under Review for Possible
Downgrade; previously on Jun 27, 2019 Affirmed B2 (sf)

Cl. X-A*, Affirmed Aaa (sf); previously on Jun 27, 2019 Affirmed
Aaa (sf)

* Reflects interest-only classes

RATINGS RATIONALE

The ratings on three P&I classes were affirmed due to the credit
support and because the transaction's key metrics, including
Moody's loan-to-value (LTV) ratio, Moody's stressed debt service
coverage ratio (DSCR) and the transaction's Herfindahl Index
(Herf), are within acceptable ranges.

The rating on the IO class was affirmed based on the credit quality
of its referenced classes.

The ratings on three P&I classes were downgraded due to a decline
in pool performance driven primarily by higher anticipated losses
from specially serviced loans. The largest specially serviced loan
is secured by the Westfield Belden Village (15.2% of the pool), a
regional mall that has experienced declining performance prior to
2020 and has been further impacted by the coronavirus pandemic. The
other specially serviced loan is the Park Place Tower loan (3.7% of
the pool) secured by an office property that has recently had a
significant decline in occupancy.

The ratings on five P&I classes were placed on review for possible
downgrade resulting from uncertainty regarding the upcoming
maturity risk due to the significant exposure to retail and
regional mall loans, as well as office loans with recent declines
in occupancy. Non-defeased loans secured by retail properties
represent 44% of the pool, of which two loans (28% of the pool) are
secured by regional malls. Nearly all the remaining loans in the
pool mature by September 2021.

The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of commercial real estate from a gradual and unbalanced
recovery in US economic activity. Stress on commercial real estate
properties will be most directly stemming from declines in hotel
occupancies (particularly related to conference or other group
attendance) and declines in foot traffic and sales for
non-essential items at retail properties.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Moody's rating action reflects a base expected loss of
14.6% of the current pooled balance, compared to 2.3% at Moody's
last review. Moody's base expected loss plus realized losses is now
6.0% of the original pooled balance, compared to 1.2% at the last
review. Moody's provides a current list of base expected losses for
conduit and fusion CMBS transactions on moodys.com at
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255.

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

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or weaker
than Moody's had previously expected.

Factors that could lead to an upgrade of the ratings include a
significant amount of loan paydowns or amortization, an increase in
the pool's share of defeasance or an improvement in pool
performance.

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the pool, loan concentration, an
increase in realized and expected losses from specially serviced
and troubled loans or interest shortfalls.

METHODOLOGY UNDERLYING THE RATING ACTION

The methodologies used in rating all classes except interest-only
classes were "Approach to Rating US and Canadian Conduit/Fusion
CMBS" published in September 2020.

DEAL PERFORMANCE

As of the February 2021 distribution date, the transaction's
aggregate certificate balance has decreased by 59% to $611 million
from $1.5 billion at securitization. The certificates are
collateralized by 37 mortgage loans ranging in size from less than
1% to 15% of the pool, with the top ten loans (excluding
defeasance) constituting 68% of the pool. Eleven loans,
constituting 19% of the pool, have defeased and are secured by US
government securities. Nearly all the remaining loans, 98% of the
pool, have loan maturity dates on or prior to September 2021.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of ten, compared to 12 at Moody's last review.

As of the February 2021 remittance report, loans representing 85%
were current or within their grace period on their debt service
payments and 15% were 90+ days delinquent.

Eight loans, constituting 21% of the pool, are on the master
servicer's watchlist, of which two loans, representing 8.6% of the
pool, indicate the borrower has requested relief in relation to
coronavirus impact on the property. The watchlist includes loans
that meet certain portfolio review guidelines established as part
of the CRE Finance Council (CREFC) monthly reporting package. As
part of Moody's ongoing monitoring of a transaction, the agency
reviews the watchlist to assess which loans have material issues
that could affect performance.

Two loans, constituting 19% of the pool, are currently in special
servicing. Both of the specially serviced loans transferred to
special servicing since May 2020.

The largest specially serviced loan is the Belden Village loan ($93
million -- 15% of the pool), which is secured by a 419,000 SF
portion of an 818,000 SF regional mall located 18 miles south of
Akron in Canton, Ohio. The non-collateral anchors are Dillard's,
Dick's Sporting Goods and Dave & Busters. Sears vacated in January
2020 and the space was redeveloped into a Dick's Sporting Goods /
Golf Galaxy and Dave & Busters. As of September 2020, the inline
space was 94% leased and the total mall collateral was 72% leased.
Starwood Capital ("Starwood") purchased the mall from Westfield in
2013. However, in the first quarter of 2020, Starwood defaulted on
approximately $250 million in Israeli bond loans that were used to
finance the Belden Village purchase along with other malls.
Subsequently, the loan transferred to special servicing in May 2020
due to imminent monetary default. The property's net operating
income (NOI) has declined since 2016 due to lower rental revenues
and performance has been further impacted by the pandemic. The
group that is representing the new borrower has provided a
modification proposal that is being reviewed by the special
servicer. The loan has a current maturity date in July 2021 and is
last paid through its May 2020 payment date.

The second specially serviced loan is the Park Place Tower loan
($22.7 million -- 3.7% of the pool), which is secured by a 15-story
multi-tenant office property located in the CBD of Birmingham,
Alabama. The loan transferred to special servicing in June 2020 due
to imminent default. Property performance had declined in recent
years due to declines in occupancy and lower rental revenue. As of
February 28, 2021, the property was 65% leased with 22% of the NRA
expiring within the next 12 months. The loan remains current and
has a loan maturity date in July 2021. The special servicer
indicated they have finalized a discounted payoff (DPO) with the
borrower.

Moody's has also assumed a high default probability for one poorly
performing loan, constituting 6.5% of the pool. The troubled loan
is the Washington Tower loan ($40.0 million -- 6.5% of the pool),
which is secured by a 170,000 SF office building located in
Arlington, VA adjacent to the Fashion Centre at Pentagon City.
Property performance has recently declined and the property was
only 75% leased in September 2020 after the departure of a large
tenant, compared to 100% in year-end 2018. The loan matures in July
2021 and due to the property's occupancy and declining cash flow in
2020 may be at heighted refinance risk.

Moody's has estimated an aggregate loss of $69 million (a 45%
expected loss on average) from these specially serviced and
troubled loans

The credit risk of loans is determined primarily by two factors: 1)
Moody's assessment of the probability of default, which is largely
driven by each loan's DSCR, and 2) Moody's assessment of the
severity of loss upon a default, which is largely driven by each
loan's loan-to-value ratio, referred to as the Moody's LTV or MLTV.
As described in the CMBS methodology used to rate this transaction,
Moody's make various adjustments to the MLTV. Moody's adjust the
MLTV for each loan using a value that reflects capitalization (cap)
rates that are between our sustainable cap rates and market cap
rates. Moody's also use an adjusted loan balance that reflects each
loan's amortization profile. The MLTV reported in this publication
reflects the MLTV before the adjustments described in the
methodology.

Moody's received full year 2019 operating results for 100% of the
pool, and full or partial year 2020 operating results for 86% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 99%, compared to 90% at Moody's
last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 21% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 9.4%.

Moody's actual and stressed conduit DSCRs are 1.24X and 1.11X,
respectively, compared to1.52X and 1.22X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three conduit loans represent 28% of the pool balance. The
largest loan is the Oxmoor Center Loan ($80 million -- 13% of the
pool), which is secured by a leasehold interest in a 941,000 SF
super-regional mall in Louisville, Kentucky. The center is
currently anchored by Macy's, Von Maur, and Dick's Sporting Goods.
A portion of the space formerly occupied by Sears is being
developed by Topgolf and three additional restaurants. All anchors
own the improvements with the exception of Dick's Sporting Goods.
As of September 2020, the inline space was 87% leased and the total
mall collateral was 81% leased. The property is located in an
affluent suburb of Louisville and benefits from an Apple store
presence, with the next closest Apple store over 60 miles away.
Through 2016, the property performance consistently improved from
securitization, however, since this peak property performance has
declined annually due to lower rental revenues. The year to date
September 2020 NOI DSCR was 1.29X, compared to 1.42X in 2019 and
1.63X in 2018. The loan has amortized 16% since securitization and
matures in June 2021. The loan remains current, however, it may
face increased refinance risk due its recent declines in
performance the overall retail environment. Moody's LTV and
stressed DSCR are 118% and 0.89X, respectively, compared to 84% and
1.19X at the last review.

The second largest conduit loan is the Royal Ridge Loan ($46
million -- 7.5% of the pool), which is secured by four, Class A
office buildings located in the Las Colinas submarket of Irving,
Texas, approximately 15 miles from the Dallas CBD. As of December
2020, the collateral was 91% leased with less than 15% of the
portfolio's NRA having lease expiration dates prior to December
2023. The loan has amortized 15% since securitization and has an
upcoming maturity date in August 2021. Moody's LTV and stressed
DSCR are 124% and 0.85X, respectively, compared to 129% and 0.82X
at the last review.

The third largest conduit loan is the Founders Portfolio Loan ($43
million -- 7% of the pool), which is secured by two single tenant
properties: Nissan Parts Redistribution and Export Center, a
distribution center located in Mount Juliet, TN and US Bank at
Deercreek Commons, a Class A office building located in Overland
Park, KS. The US Bank office building was constructed in 2006 and
the single tenant lease to US Bank expires in November 2025. The
distribution center building was built in 2010 and the single
tenant lease with Nissan North America expires in March 2026. The
loan has amortized 15% since securitization and has an upcoming
maturity date in September 2021. Moody's LTV and stressed DSCR are
70% and 1.42X, respectively, compared to 71% and 1.36X at the last
review.


NATIONS INSURANCE: A.M. Best Withdraws B (Fair) FS Rating
---------------------------------------------------------
AM Best has affirmed the Financial Strength Rating of B (Fair) and
the Long-Term Issuer Credit Rating (Long-Term ICR) of "bb+" of
Nations Insurance Company (NIC) (Cerritos, CA). The outlook of
these Credit Ratings (ratings) is stable. Concurrently, AM Best has
withdrawn the ratings as the company has requested to no longer
participate in AM Best's interactive rating process.

The ratings reflect NIC's balance sheet strength, which AM Best
assesses as adequate, as well as its adequate operating
performance, limited business profile, and marginal enterprise risk
management.

The affirmation of the Long-Term ICR is based on NIC's improved
balance sheet strength in recent years, driven by its risk-adjusted
capitalization, reduced underwriting leverage and stabilizing loss
reserve development trends. Furthermore, NIC has implemented a
number of initiatives, such as rate increases in recent years,
which have improved its underwriting performance, coupled with a
change in investment allocation to long-term bonds, which has
improved its investment income, both leading to improved surplus
growth.



NESCO HOLDINGS II: Moody's Assigns B2 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service assigned ratings to Nesco Holdings II,
Inc., including a B2 corporate family rating, a B2-PD probability
of default rating, and a B3 rating to its proposed $920 million
second lien senior secured notes. Moody's also assigned an SGL-3
speculative grade liquidity rating. The rating outlook is stable.

Proceeds from the second lien notes, equity contributions, and up
to $400 million of borrowings from Nesco's new unrated $750 million
ABL expiring 2026, will be used to finance the $1.475 billion
acquisition of CTOS, LLC (dba Custom Truck One Source, "CTOS"),
repay Nesco's existing debt, and fund prepayment penalties and
other transaction related fees and expenses. Moody's plans to
withdraw all of the ratings from the legacy Nesco (the borrowing
entity being Capitol Investment Merger Sub 2, LLC) and CTOS
entities after the retirement of their respective debt instrument
obligations.

The combination of Nesco and CTOS creates one of the largest
providers in the US of bucket trucks, digger derricks, and other
specialty equipment. Their equipment is experiencing high demand
from utility contractors that service the aging US electrical grid
and telecom companies performing 5G installations. However, Moody's
adjusted pro forma financial leverage is elevated at roughly 5
times debt-to-EBITDA excluding management anticipated synergies at
the outset of the transaction.

"Nesco's specialty equipment utilization rates are trending
favorably since troughing in mid-2020, and we anticipate a
significant increase in capital spending to grow its rental fleet,
which will constrain free cash flow generation," said Brian Silver,
a Moody's Vice-President and lead analyst for Nesco.

RATINGS RATIONALE

Nesco's ratings reflect what will be a leading North American
provider of specialty rental equipment, a position considerably
strengthened by merging with the much larger CTOS. The new Nesco
will have reasonable scale with approximately $1.3 billion of
annual revenue, with CTOS and legacy Nesco accounting for roughly
$1 billion and nearly $300 million, respectively. This segment of
specialty rental is fragmented and with Nesco's bigger scale and
broader product offering, the company will be able to compete more
effectively with Altec (privately held).

Nesco will benefit from favorable long-term demand for its
specialty vehicles owing to continued maintenance and upgrade needs
within electric utility transmission and distribution (T&D), rail,
telecom, and infrastructure. The new Nesco has a substantial rental
fleet (over $1.3 billion at original equipment cost), with an
average age of roughly 3.5 years (average useful life over 15
years), enabling the company the ability to defer capital spending
to conserve liquidity.

Pro forma leverage is elevated at about 5 times debt-to-EBITDA for
2020 excluding management anticipated synergies, but Moody's
expects a decline to about 4.5 times at the end of 2021 (all ratios
are after Moody's standard adjustments). The company will be
majority owned by private equity, although the minority position is
publicly traded, increasing the potential for more aggressive
financial policy over time.

Moody's expects Nesco's annual free cash flow to be positive, but
constrained by investment for rental equipment fleet growth. Nesco
is exposed to cyclical end markets including utility/telecom,
building supply and infrastructure, and some end market
concentration as roughly 60% of pro forma revenue is from T&D. A
significant portion of CTOS revenue is from equipment sales, both
new (after light assembly) and used, and demand could be negatively
impacted by changes in capital allocation decisions by utility
contractors or other end users.

Nesco's liquidity is adequate, reflected in the company's SGL-3
speculative grade liquidity rating, largely supported by Moody's
expectation of $300 million available under the new $750 million
ABL due 2026. Nesco is expected to operate with limited cash. As a
result, the company will need to generate positive free cash flow
to fund its operations and capital investment, or increase its
reliance on the ABL.

The stable outlook reflects Moody's expectation that end market
demand will remain strong, and that Nesco will use a some of its
free cash flow to reduce ABL borrowings while also balancing its
need for fleet expansion and acquisitions.

Moody's believes Nesco has relatively low environmental risk as the
company is a rental company as opposed to a manufacturer. Nesco
also has a non-union work force and has relatively low social risk.
Moody's believes the company has low governance risk as well, but
majority ownership is a private equity firm, which could lead to an
increasingly aggressive financial policy over time. That said, the
company is held to the requirements of being publicly traded on the
New York Stock Exchange and does not currently pay a dividend.

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

The ratings could be downgraded if there is a large decline in
equipment utilization rates or if Nesco encounters material
integration issues with CTOS. In addition, if debt-to-EBITDA
approaches 5.5 times, EBITA margins are sustained below 9%,
FFO-to-debt is sustained below 12%, or there is a material
deterioration in liquidity for any reason, the ratings could be
downgraded.

The ratings could be upgraded if debt-to-EBITDA is sustained below
4 times, EBITA margins are sustained above 12.5%, and FFO-to-debt
sustained above 20%. In addition, the ratings could be upgraded if
the company is able to reduce its ABL reliance over time.

Assignments:

Issuer: Nesco Holdings II, Inc.

Corporate Family Rating, Assigned B2

Probability of Default Rating, Assigned B2-PD

Speculative Grade Liquidity Rating, Assigned SGL-3

Senior Secured Regular Bond/Debenture, Assigned B3 (LGD5)

Outlook Actions:

Issuer: Nesco Holdings II, Inc.

Outlook, Assigned Stable

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.

Nesco Holdings II, Inc. (Nesco) is a wholly-owned subsidiary of
publicly listed Nesco Holdings, Inc. (NYSE: NSCO). The company
primarily rents, but also sells, a range of new and used specialty
rental equipment to electric utilities, telecoms, railroads and
related contractors for critical maintenance, repair, upgrade and
installation work of electric lines, telecommunications networks
and rail systems. Nesco is in the process of acquiring Custom Truck
One Source) CTOS for $1.475 billion. Nesco will be majority owned
by private equity firm Platinum Equity LLC following the close of
the transaction. Pro forma revenue for the combined Nesco and CTOS
entities for the twelve months ended December 31, 2020 were
approximately $1.3 billion.


NEW JERSEY ECONOMIC: S&P Lowers Revenue Bonds Rating to 'BB+'
-------------------------------------------------------------
S&P Global Ratings lowered its rating on the New Jersey Economic
Development Authority's second-lien motor vehicle surcharge revenue
bonds to 'BB+' from 'BBB' and affirmed its 'BBB' rating on the
authority's first-lien motor vehicle surcharge revenue bonds. The
outlook on both ratings is stable.

Securing the state motor vehicle surcharge revenue bonds is a lien
on state dedicated motor vehicle surcharge revenues, subject to
annual appropriation by the New Jersey Legislature, under a
contract between the authority and the state treasurer. A second
lien on motor vehicle surcharge revenues, after payment of the
first-lien bonds, secures the series 2017A and 2017B subordinate
bonds. The dedicated motor vehicle surcharge revenues consist of
unsafe driving surcharges and department of motor vehicle (DMV)
surcharges. Unsafe driving surcharges are assessed on drivers for
convictions for unsafe driving violations and collected by the
courts. DMV surcharges are imposed on drivers convicted of driving
while intoxicated or refusing to take a breathalyzer test; drivers
who accumulate six motor vehicle points during the preceding
three-year period, or those driving without a license, with a
suspended license; or driving an uninsured vehicle.

"The downgrade on the subordinate bonds reflects our view of
declining pledged revenues and weak debt service coverage," said
S&P Global Ratings credit analyst David Hitchcock.

New Jersey recently disclosed that it expects there will not be
sufficient amounts of dedicated motor vehicle surcharge revenues
collected in the fiscal year ending June 30, 2021, to pay, in full,
the debt service due on the subordinate bonds on July 1, 2021. As a
consequence, the governor's executive budget proposal for fiscal
2022 includes a request for an additional appropriation from the
state's general fund, if necessary, to pay annual vehicle surcharge
debt service in fiscal 2022, to the extent pledged revenue falls
short. A state appropriation would be necessary to avoid a default
in the event of a revenue shortfall because the second-lien bonds
do not have a debt service reserve. S&P said, "We believe that the
current decline in pledged revenues might continue for some time
even post-pandemic because of the lack of full enforcement of drunk
driver court fees that support the pledged revenues and a backlog
of enforcement actions. While we believe that the state will likely
continue to make up shortfalls in debt service, if necessary, New
Jersey has no obligation to do so, and no formal structure or
notice is in place to identify debt service shortfalls or formally
request make-up appropriations in a specified time period."

S&P could lower the rating on the first-lien bonds should it either
lowers the state general obligation (GO) rating or dedicated
revenues materially decline. The second-lien bonds could be further
downgraded should dedicated revenue fail to cover subordinate-lien
debt service, or we lower the state GO rating or New Jersey no
longer appears to be fully committed to appropriating general fund
money for the payment of debt service shortfalls.

A higher rating on the first-lien bonds would require upward rating
movement on the New Jersey GO rating, due to the linkage with the
state rating as a result of the need to annually appropriate
dedicated revenues for debt service. An upward rating action on the
second-lien bonds would require demonstration that dedicated
revenues could sustainably cover debt service over the long term.


NINE POINT: March 23 Deadline Set for Panel Questionnaires
----------------------------------------------------------
The United States Trustee is soliciting members for an unsecured
creditors committee in the bankruptcy cases of Nine Point Energy,
et al.

If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a Questionnaire
available at https://bit.ly/3cSeoWF and return it to
John.Schanne@usdoj.gov a the Office of the United States Trustee so
that it is received no later than 4:00 p.m., on March 23, 2021.

If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.

                          About Nine Point

Nine Point Energy is an independent oil and gas exploration and
production ("E&P") company focused on the safe, efficient
development of unconventional shale oil and natural gas resources
in the Williston Basin of North Dakota and Montana.  It holds
interests in, and operates, approximately 198 wells in the
Williston Basin, where Nine Point has operated since 2011.  Its
holdings cover approximately 54,917 net acres, which interests are
primarily located in McKenzie and Williams Counties, North Dakota.

Nine Point also focuses on the strategic acquisitions of oil and
natural gas resources.  The Debtors' headquarters are located in
Denver, Colorado, with a field office in Alexander, North Dakota.

On March 15, 2021, Nine Point Energy Holdings Inc. and its 3
affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 21-10570).

Nine Point Energy estimated more than $100 million in both assets
and liabilities as of the bankruptcy filing.

Latham & Watkins LLP and Young Conaway Stargatt & Taylor, LLP, are
serving as the Debtors' bankruptcy counsel.  AlixPartners, LLP, is
the financial advisor, and Perella Weinberg Partners LP is the
Debtors' investment banker.  Lyons, Benenson & Company Inc. is the
compensation consultant.  Stretto is the claims agent.


NMG HOLDING: S&P Assigns 'CCC+' Rating on New Senior Secured Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'CCC+' issue-level rating and '3'
recovery rating to Dallas-based luxury department store and
omnichannel retailer NMG Holding Co. Inc.'s (Neiman Marcus)
proposed $1 billion senior secured notes due 2026. The '3' recovery
rating indicates its expectation for meaningful (50%-70%; rounded
estimate: 55%) recovery in the event of a payment default. S&P's
'CCC+' issuer credit rating and negative outlook on the company are
unaffected by this transaction.

Neiman will use the proceeds from the issuance to pay down the $125
million first-in, last-out facility due 2024 (unrated) and repay
the approximately $748 million exit term loan and notes due 2025.
The refinancing will result in a modest reduction to interest
expense and shift a portion of the capital structure to a later
maturity.

S&P continues to view Neiman's capital structure as unsustainable
based on its expectation for pressured performance through fiscal
2021 (ending August 2021), with the path and timing for recovery of
sales and EBITDA from the impacts of the pandemic remaining
uncertain.

ISSUE RATINGS – RECOVERY ANALYSIS

Key analytical factors

S&P said, "Our simulated default scenario assumes department stores
continue to face increased competition and negative impacts from
shifts in consumer preferences, which along with a weakened
macroeconomic environment leads to negative same-store sales,
declines in e-commerce revenue, and a drastic decline in EBITDA.

"Our analysis assumes lender recoveries would be maximized if the
company emerges from the hypothetical bankruptcy event as a going
concern, and we have applied a 5x multiple to our projected
emergence-level EBITDA."

Simulated default assumptions

-- Simulated year of default: 2022
-- Implied EV multiple: 5x
-- Estimated gross going-concern value at emergence: about $1.3
billion

Simplified waterfall

-- Net enterprise valuation after 5% administrative costs and
assumed pension claims: $1.1 billion

-- Priority claims, including an estimated 60% draw on the ABL
facility at default minus assumed outstanding letters of credit:

-- About $560 million

-- First Lien claims: About $1.05 billion*

    --Recovery expectations: 50%-70%; rounded estimate: 55%

*All debt amounts include six months of prepetition interest.



ORION ADVISOR: $100M Term Loan Add-on No Impact on Moody's B3 CFR
-----------------------------------------------------------------
Moody's Investors Service said Orion Advisor Solutions, Inc's
announced plan to fund the acquisition of a cloud-based research
and analytics platform for wealth and asset management clients with
a $100 million add-on to its first lien term loan has negative
credit implications. Despite the strategic benefits of the asset
purchase, which bolsters Orion's product capabilities in its
Technology Segment (43% of pro forma revenues), the incremental
debt issuance will result in a 0.7x increase in the company's 2020
debt leverage (Moody's adjusted) to over 9.5x. EBITDA growth driven
by moderate revenue expansion and the realization of cost savings
in 2021 should fuel a contraction in debt leverage to just below
8x, but the acquisition, which marks the second sizable purchase
for Orion (from a total cost perspective) in the last 8 months,
leaves the company weakly positioned within the B3 rating category
with highly limited capacity from incremental debt at current
ratings levels.

However, Orion's B3 corporate family rating and stable outlook are
not affected. All other ratings, including the B3-PD probability of
default rating and the B2 rating on Orion's first lien bank debt
also remain unchanged.

Orion (formerly GT Polaris, Inc.), owned principally by Genstar
Capital ("Genstar") and TA Associates ("TA"), provides end-to-end
technology solutions and other services to wealth/asset managers in
the U.S. market.


PACHECO BROTHERS: Plan Order Amended to Correct Name Mistake
------------------------------------------------------------
Reorganized debtor Pacheco Brothers Gardening, Inc., won an order
amending the plan confirmation order to change the name "Pacheco
Landscape Company" to "Pacheco Landscape & Construction, Inc."

In filing the Motion, the Debtor explained that pursuant to an
Amended Combined Plan of Reorganization and Disclosure Statement
Dated July  31, 2017, the shares of stock of the Debtor were
transferred to entities controlled by Tom  Del Conte and the Debtor
is no longer operating its previous business.  One of the assets of
the Debtor subject to the Amended Plan is a skid steer unit which
the Debtor owned and financed through Caterpillar Financial
Services Corporation.  This claim of CAT Financial was placed in
Class 7 of the Amended Plan.  CAT Financial objected to the Amended
Plan and in order to resolve that objection, the Debtor entered
into a stipulation with CAT Financial which is reflected in the
Confirmation Order.  Specifically, the Confirmation Order provided
that the debt owed on the skid steer unit would be assumed and paid
by an entity called Pacheco Landscape Company ("PLC"), a company
intended to be owned by one of the Debtor's principals, Gary
Pacheco.  The Confirmation Order lists the entity as Pacheco
Landscape Company.  This is a mistake and the company's real name
is  Pacheco Landscape & Construction, Inc.  Pacheco  Landscape &
Construction, Inc., has made all the payments under the Loan
Agreement with CAT Financial.  Pursuant to the Confirmation Order,
once the loan is paid in full, the skid steer unit will be
transferred to Mr.  Pacheco's new company incorrectly identified as
PLC.  

According to the Debtor, PLC is incorrectly named as the entity to
receive the skid steer unit and CAT Financial will not transfer the
skid steer unit to Pacheco Landscape & Construction, Inc., unless
the Confirmation Order is amended to reflect the correct entity
name.

The Reorganized Debtor's attorney:

      Chris D. Kuhner, Esq.
      KORNFIELD, NYBERG, BENDES, KUHNER & LITTLE P.C.
      1970 Broadway, Suite 600
      Oakland, California 94612
      Telephone: (510) 763-1000
      Facsimile: (510) 273-8669
      E-mail: c.kuhner@kornfieldlaw.com

                 About Pacheco Brothers Gardening

Pacheco Brothers Gardening Inc. provides commercial landscape
maintenance, landscape installation, turf renovation, and
irrigation projects.  It has been in business for over 35 years.

The majority of the Company's business involves a wide variety of
services ranging from mowing and trimming to irrigation repairs and
troubleshooting.  It has a number of East Bay municipal and public
agency accounts as well as a mix of the homeowner association,
commercial accounts, and school district accounts.  

Pacheco Brothers Gardening filed for Chapter 11 bankruptcy
protection (Bankr. N.D. Cal. Case No. 17-40403) due to financial
pressure brought on by several factors, including litigation cost
relating to Tom Del Conte and TDDC Ventures LLC v. Pacheco Brothers
Gardening, Inc., et al., Case No. HG15797608, currently pending in
Alameda County Superior Court, unpaid vendors and operational
difficulty due to its debt structure.

At the time of the petition filing, the Debtor disclosed $1.36
million in assets and $2.78 million in liabilities.  The petition
was signed by Lynn Pacheco, secretary.  The case is assigned to
Judge William J. Lafferty.


PAR PACIFIC: Equity Offering No Impact on Moody's B1 CFR
--------------------------------------------------------
Moody's Investors Service commented that Par Pacific Holdings,
Inc.'s (the parent company of Par Petroleum, LLC) equity offering
is credit positive but does not affect ratings or the negative
outlook, including Par Petroleum, LLC's (Par) B1 Corporate Family
Rating and B1 senior secured debt ratings. The company is offering
5 million shares of common stock (about $96 million based on
Monday's closing price) and have granted the underwriters an option
to purchase an additional 750,000 shares from the company. Net
proceeds are slated for general corporate purposes, including
repaying debt, capital expenditures, and working capital. This
transaction further improves Par's liquidity following several
other steps recently that enhanced liquidity and enabled debt
repayment.

On February 11, Par announced a sale-leaseback transaction of 22
Hawaii retail convenience store/fuel station properties for $116
million. The company used about $53 million of the proceeds to
repay debt and associated obligations related to certain of the
properties. On the same day, Par also announced the extension to
the end of March 2022 of one of its inventory financing agreements
(specifically, the one that supports the Washington refinery). Par
has another inventory financing agreement that expires in May 2021
that supports the company's Hawaii refineries. The company expects
to address this facility prior to expiration. The company's next
debt maturity is that of its $49 million convertible senior notes
due June 2021. On March 10, the company gave notice to settle all
conversions with the delivery of common stock for all conversion
occurring on or after March 15.

Par's credit metrics weakened considerably in 2020 on negative
EBITDA as the company contended with reduced demand for refined
products and lower crack spreads. Moody's expects Par's EBITDA will
turnaround in 2021 resulting in improving credit metrics as refined
products demand continues to return, crack spreads normalize and
the company retains its lower cost structure.

Par Petroleum, LLC (Par), headquartered in Houston, Texas, is a
wholly owned subsidiary of Par Pacific Holdings, Inc., a publicly
traded energy company with refining, retail and logistics
operations across several states including Hawaii, Washington and
Wyoming.


PBS BRAND: Unsecured Creditors to Recover 3% to 6% in Plan
----------------------------------------------------------
PBS Brand Co., LLC, et al., submitted a First Amended Combined
Disclosure Statement dated March 17, 2021.

This Combined Plan and Disclosure Statement contemplates the
fulfillment and consummation of a number of transactions and
commitments evidenced in part by a Restructuring Support Agreement
by and among the Debtors, the Committee, and the Prepetition
Secured Lender and DIP Lender, a copy of which was filed with the
Court on January 25, 2021, pursuant to which, among other things,
the Prepetition Secured Lender will (i) remit payment of Allowed
administrative and priority claims, and (ii) fund a trust for the
liquidation of the Estates' remaining assets, including pursuing
certain Causes of Action.  Further, the GUC Trust will review
certain General Unsecured Claims, and make Distributions on account
of Allowed General Unsecured Claims.  The Plan also contemplates
the appointment of a Plan Administrator to, among other things,
finalize the wind-down of the Debtors' affairs, liquidate certain
of the remaining assets of the Debtors, resolve Disputed Claims
(other than Disputed General Unsecured Claims), implement the terms
of the Plan and make Distributions to holders of Allowed Claims
other than holders of Allowed General Unsecured Claims.

"GUC Trust Distributable Cash" shall mean cash from the Supporting
Lender in the amount of $500,000, which will be funded to the GUC
Trust on the Effective Date and shall be part of the GUC Trust
Assets.

"GUC Trust Participation Funding" shall mean cash from the
Supporting Lender in the amount of $500,000 for GUC Trust
administration and litigation funding, which will be funded to the
GUC Trust on the Effective Date and shall be part of the GUC Trust
Assets.

The RSA also created the structure for a Plan process for the
Debtors' emergence from Chapter 11, including the establishment and
funding of the GUC Trust with the GUC Trust Assets. The RSA was
intended by the Debtors, CrowdOut, and the Committee to set a floor
by and through which unsecured creditors are guaranteed a recovery
on account of their claims. Such funding includes the following,
which are defined as the GUC Trust Assets:

   * The GUC Trust Distributable Cash , which shall be escrowed by
the GUC Trustee and used solely for distributions to unsecured
creditors. CrowdOut agreed that the GUC Trust Distributable Cash
shall be a carve-out of the Supporting Lender's secured claim;

   * The GUC Trust Participation Funding. CrowdOut agreed that the
GUC Trust Participation Funding shall be a carve-out of the
CrowdOut's secured claim;

   * The Ongoing Trade Claim Surplus;

   * The Liquor License Funding, to the extent applicable;

   * The Rejected Leases Funding, to the extent applicable; and

   * The GUC Trust Litigation Claims.

In exchange for the funding of the GUC Trust Assets, if CrowdOut
(or its designee), is the successful bidder for the Debtors'
assets, it will participate with the trustee of the GUC Trust in
recoveries from GUC Trust Litigation Claims (but not any other
recoveries) made by the GUC Trustee as follows: 50% of the first
$500,000 in net recoveries to CrowdOut, 20% of the net recoveries
between $500,000 and $1.5 million, and 25% of all recoveries in
excess of $1.5 million.  Notwithstanding the above, except to the
extent that CrowdOut makes a Rejected Lease Deposit, the 25%
sharing arrangement shall cease upon the CrowdOut receiving from
the GUC Trustee on account of recoveries on GUC Trust Litigation
Claims, a sum total of $1 million (the "Supporting Lender Sharing
Cap").

Among other things, and as more fully set forth in the Asset
Purchase Agreement and in furtherance of the RSA, the Purchaser
agreed to total consideration including (i) $21,194,462 (from which
$1,000,000 for the GUC Trust was carved out from the Supporting
Lender's secured Claim), representing Buyer's estimate of
Prepetition Obligations under the Loan Agreement as of March 19,
2021 (as an assumed Closing Date), (ii) assumption of $11,212,000
under the DIP Obligations as of April 30, 2021, (iii) the Ongoing
Trade Claim Surplus; (iv) the Liquor License Funding, to the extent
applicable; (v) the Rejected Leases Funding, to the extent
applicable; and (vi) the assumption of certain liabilities.

Consistent with the Sale Procedures Order, on Feb. 19, 2021, the
Debtors filed and served upon each counterparty to an executory
contract or lease a notice, including the cure amounts due in
connection with executory contracts or leases (the "Cure Notice").
Additionally, between March 3, and March 9, 2021, the Debtors filed
a series of notices with respect to assumed contracts, and
contracts to be designated for potential assumption and assignment
to CrowdOut or its designee prior to April 20, 2021.  As more fully
set forth in the Third Amended Notice of Executory Contracts and
Leases to be Assumed and Assigned or Designated to the Successful
Bidder (the "Third Notice"), thirteen executory contracts or
leases, including six of the Debtors' leases of real property, were
to be assumed and assigned at closing with an aggregate cure amount
of over $724,000.  Further, the Third Notice included executory
contracts and leases with an aggregate cure amount of over
$5,200,000, including all of Debtors' other leases of real property
that were designated to be assumed and assigned on or prior to
April 20, 2021. The Debtors anticipate that all of the Debtors'
leases, and a significant portion of the designated executory
contracts will be assumed and assigned to the Purchaser on or prior
to April 20, 2021.  Prior to the hearing to consider the sale of
substantially all of the Debtors' assets to CrowdOut or its
designee, the Debtors received a number of formal and informal
comments, and on or prior to March 3, 2021, the Debtors received
five objections to the cure amounts by nondebtor parties to
executory contracts or leases. Additionally, the Debtors received
informal comments from a party claiming a contractor or
materialman's lien on one of the Debtors' locations, and a limited
objection from Sortis (the "Sortis Limited Objection"), asserting
that it is entitled to a secured claim from the proceeds of the
sale of the Debtors' assets.

Class 5: General Unsecured Claims totaling 14,500,000 will recover
3% to 6% of their claims.

Class 6: Convenience Class of Unsecured Claims totaling $381,653
will recover 5% of their claims.

On the Effective Date or as soon as reasonably practicable
thereafter, one new share of BrandCo. (or such other Debtor
selected as Reorganized Debtor by CrowdOut and the Committee)
common stock will be issued to the Plan Administrator to hold in
its capacity as Plan Administrator and as the sole shareholder of
BrandCo. (or such other Debtor selected as Reorganized Debtor by
CrowdOut and the Committee). No intercompany Equity Interests shall
be cancelled pursuant to the Plan, and all intercompany Equity
Interests shall be unaffected by the Plan and continue in place
following the Effective Date, for the administrative convenience of
maintaining the Debtors' existing corporate structure.

Counsel to the Debtors:

     Jeffrey R. Waxman
     Eric J. Monzo
     Brya M. Keilson
     Sarah M. Ennis
     Morris James LLP
     500 Delaware Avenue, Suite 1500
     Wilmington, DE 19801
     Telephone: (302) 651-7700
     E-mail: jwaxman@morrisjames.com
     E-mail: emonzo@morrisjames.com
     E-mail: bkeilson@morrisjames.com
     E-mail: sennis@morrisjames.com

A copy of the First Amended Disclosure Statement is available at
https://bit.ly/38X2DwS from Omniagentsolutions, the claims agent.

                       About PBS Brand Co.

Denver-based PBS Brand Co. LLC and its affiliates own and operate
"Punch Bowl" restaurants and bars across the United States.

PBS Brand Co. and its affiliates concurrently filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Lead Case No. 20-13157) on Dec. 21, 2020. Stacy
Johnson Galligan, authorized representative, signed the petitions.
In its petition, PBS Brand disclosed assets of between $10 million
and $50 million and liabilities of the same range.

Judge John T. Dorsey oversees the cases.

The Debtors tapped Morris James LLP as their legal counsel; SSG
Advisors, LLC as investment banker; Omni Agent Solutions as the
claims, noticing and balloting agent; and Gavin/Solmonese LLC and
B. Riley Advisory Services as restructuring advisors.  Edward Gavin
of Gavin/Solmonese and Mark Shapiro of B. Riley both serve as chief
restructuring officers.

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors on Jan. 6, 2021.  Porzio, Bromberg & Newman,
P.C., and Province, LLC serve as the committee's legal counsel and
financial advisor, respectively.


PEAKS HOLDINGS: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Peaks Holdings, LLC
          FDBA Peaks Fitness Holding Company LLC
        12545 N. Saguaro Blvd.
        Fountain Hills, AZ 85268

Chapter 11 Petition Date: March 19, 2021

Court: United States Bankruptcy Court
       District of Arizona

Case No.: 21-01972

Judge: Hon. Paul Sala

Debtor's Counsel: Randy Nussbaum, Esq.
                  Philip R. Rudd, Esq.
                  Sierra M. Minder, Esq.
                  SACKS TIERNEY P.A.
                  4250 N Drinkwater Blvd.
                  4th Floor
                  Scottsdale, AZ 85251-3693
                  Tel: 480-425-2600
                  Fax: 480-970-4610
                  E-mail: Randy.Nussbaum@SacksTierney.com
                          Philip.Rudd@SacksTierney.com
                          Sierra.Minder@SacksTierney.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Ross Zuozzi, 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/KFIVAPA/PEAKS_HOLDINGS_LLC__azbke-21-01972__0001.0.pdf?mcid=tGE4TAMA


PEZZANO CONTRACTING: Seeks Cash Collateral Access
-------------------------------------------------
Pezzano Contracting and Development, LLC asks the U.S. Bankruptcy
Court for the Middle District of Florida, Fort Myers Division, for
authority to use cash collateral.

The Debtor requires the use of the Cash Collateral to fund all
necessary operating expenses of the business.

The Debtor requests authority to use the Cash Collateral
immediately to pay the expenses set forth in the Proposed Budget,
as payment of the expenses is necessary to (i) maintain its
business; (ii) maximize the return on its assets; and (iii)
otherwise avoid irreparable harm and injury to its estate.

The Debtor borrowed money from the U.S. Small Business
Administration. To secure repayment, the SBA sought and obtained a
valid and properly perfected security interest in substantially all
the Debtor's assets, including money in which the Debtor has an
interest.

The SBA possesses a valid and properly perfected security interest
in the Cash Collateral. The amount of Cash Collateral which may be
claimed is $150,000 with a UCC-1 filing date of May 15, 2020.

As adequate protection for the Cash Collateral, the Debtor offers
the SBA these protections:

     a. A post-petition replacement lien to the same extent,
validity and priority as existed pre-petition;

     b. The right, upon providing the Debtor five days' notice, to
inspect the Cash Collateral, provided that said inspection does not
interfere with the operations of the Debtor; and

     c. Copies of monthly financial documents generated in the
ordinary course of business and other information as the SBA
reasonably request with respect to the Debtor's operations.

To ensure the Debtor operates effectively throughout the course of
the Case, the Debtor also requests permission to:

     a. exceed any line item on the Budget by an amount equal to
10% of each such line item; or

     b. exceed any line item by more than 10% so long as the total
of all amounts in excess of all line items for the Budget do not
exceed 10% in the aggregate of the total Budget.

A copy of the motion is available for free at
https://bit.ly/2QovDqR from PacerMonitor.com.

          About Pezzano Contracting and Development, LLC

Pezzano Contracting and Development, LLC sought Chapter 11
protection (Bankr. M.D. Fla. Case No. 21-00242) on Feb. 24, 2021.
At the time of filing, the Debtor disclosed up to $500,000 in
assets and up to $1 million in liabilities.  Dal Lago Law serves as
the Debtor's counsel.



PRECIPIO INC: To Hold Q4-2020, Year-End Update Call on March 31
---------------------------------------------------------------
Precipio, Inc. will be hosting its Q4-2020 and year end corporate
update call on Wednesday, March 31st at 5:00 p.m. ET.  The call
will include updates on all of the Company's current core
businesses.

The conference call may be accessed by calling 844-695-5519
(international callers dial 1-412-902-6760).  All callers should
ask for the Precipio Inc. conference call.  Participants may also
pre-register for the conference call to
https://dpregister.com/sreg/10153405/e539a716b4 and will receive a
calendar invite and a direct dial-in number, bypassing the
operator.

Listeners interested in submitting questions in advance should
email their questions to investors@precipiodx.com and management
will do its best to address those questions during the call.

A replay of the call will be available approximately 24 hours after
the call and may be accessed via the Investors page on Precipio's
website, http://www.precipiodx.com/investors.html.

                           About Precipio

Omaha, Nebraska-based Precipio, formerly known as Transgenomic,
Inc. -- http://www.precipiodx.com-- is a cancer diagnostics
company providing diagnostic products and services to the oncology
market.  The Company has developed a platform designed to eradicate
misdiagnoses by harnessing the intellect, expertise and technology
developed within academic institutions and delivering quality
diagnostic information to physicians and their patients worldwide.
Precipio operates a cancer diagnostic laboratory located in New
Haven, Connecticut and has partnered with the Yale School of
Medicine.

Precipio, Inc., reported a net loss of $13.24 million for the year
ended Dec. 31, 2019, compared to a net loss of $15.69 million for
the year ended Dec. 31, 2018.  As of Sept. 30, 2020, the Company
had $20.72 million in total assets, $6.85 million in total
liabilities, and $13.86 million in total stockholders' equity.

Marcum LLP, in Hartford, CT, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated March
27, 2020 citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


PRECISION DRILLING: Fitch Alters Outlook on 'B+' LT IDR to Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Precision Drilling Corporation's (NYSE:
PDS/TSE: PD) Long-Term Issuer Default Rating (IDR) at 'B+'. In
addition, Fitch has affirmed the rating on Precision's senior
secured revolver at 'BB+'/'RR1' and the senior unsecured ratings at
'B+'/'RR4'. The Rating Outlook has been revised to Stable from
Negative.

The Outlook revision to Stable reflects the company's execution on
debt reduction initiatives, sufficient liquidity profile and
expectation of continued FCF generation with proceeds allocated
toward debt repayment that should help maintain credit metrics
within rating tolerances. Fitch believes activity levels have
likely bottomed and expects modest rig count improvements in 2021.
However, Fitch believes pricing, especially in the U.S., could
remain muted in the near term and weaken overall margins.

KEY RATING DRIVERS

Maintenance-Focused Capital Program; Positive FCF: Management has
guided toward a maintenance-focused capital program of
approximately CAD54 million in 2021, (CAD38 million of maintenance
and CAD16 million for upgrade and expansion spending) down from
CAD62 million in 2020, with a focus on FCF generation. Fitch's base
case forecasts approximately CAD100 million and CAD130 million of
FCF in 2021 and 2022, respectively, assuming modest improvements in
rig counts from 4Q20, albeit weaker margins.

Continued Debt Reduction; Sufficient Liquidity: Fitch expects
Precision's liquidity profile will remain sufficient throughout the
rating horizon and believes management's CAD100 million-CAD125
million debt reduction target in 2021 is achievable given the
forecast FCF generation. Gross debt reduction totaled CAD171
million in 2020, despite historically weak rig counts and pricing
pressures, and the company has repaid approximately CAD550 million
under its CAD800 million gross debt reduction plan (2018-2022).
Liquidity has also remained solid with approximately USD75 million
of revolver borrowings outstanding under the USD500 million credit
facility at 4Q20 with over CAD100 million cash on hand.

Improving Leverage; Clear Maturity Profile: Fitch's base case
forecasts leverage at 5.1x in 2021, which improves thereafter
through a combination of expected gross debt reduction and modest
increases in pricing and activity levels. The maturity profile also
remains muted with no significant maturities until December 2023.
Fitch expects debt repayment will largely be aimed at the credit
facility and then potentially at the 2023 notes since they are
redeemable at par in December 2021.

Leading Canadian Share: Precision has a leading market share in
Canada, with approximately 33% of active rigs in key Canadian
basins. The company's current Canadian fleet consists of 109
drilling rigs and 188 well service rigs. Fitch anticipates drilling
activity will modestly improve from 2020 lows and believes
Precision will continue to maintain market share given its success
and growth in digital leadership through its Alpha Technology
services, which are not exposed to pricing competition and help
improve overall utilization rates.

Volatile U.S. Operations; Competitive Pricing: U.S. operations are
historically more volatile than Canadian operations, although both
regions saw pandemic-linked volatility in 2020. Fitch estimates
Precision has the fourth-largest market share at approximately 8%,
an improvement from approximately 6% in 2015. Fitch expects
improved activity levels in the U.S. for 2021, similar to Canada,
but believes pricing will be more competitive in the U.S. given
recent weakness in spot market rates and a more competitive labor
market.

DERIVATION SUMMARY

Precision's primary peer is Nabors Industries (CCC+), which is also
an onshore driller with exposure to the U.S. and Canadian markets.
Nabors is estimated to have the third-largest market share in the
U.S. at approximately 12%, versus Precision at 8%. Nabors' gross
margins in the U.S. are higher than Precision's, but are helped by
their offshore and Alaskan rig fleet, which operate at
significantly higher margins. Precision has the highest market
share in Canada at approximately 33%, while Nabors has a smaller
position. However, Nabors has a significant international presence,
which typically means longer-term contracts that partially negate
the volatility of the U.S. market.

Precision has stronger leverage metrics than Nabors, and, following
Nabors' debt exchange, both companies have similar maturity
profiles. Nabors has more liquidity than Precision due to its
larger revolver and higher availability, but both companies are
expected to generate FCF through their respective forecast periods
and utilize the cash to reduce debt.

KEY ASSUMPTIONS

-- WTI oil price of $55/bbl in 2021 and $50/bbl in 2022 and
    thereafter;

-- Henry Hub natural gas price of $2.75/mcf in 2021 and $2.45/mcf
    thereafter;

-- Revenues decline by approximately 3% in 2021 due to reduction
    in E&P capital spending and weaker margins with modest
    increases thereafter as activity resumes;

-- Capex of CAD54 million in 2021 and CAD60 million in the long
    term to maintain equipment given the view that there are no
    upgrades or expansions until utilization increases;

-- FCF is expected to remain positive with the expectation that
    proceeds will be used to reduce debt.

KEY RECOVERY RATING ASSUMPTIONS

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

Fitch has assumed a 10% administrative claim.

Going-Concern (GC) Approach

Precision's GC EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which Fitch
bases the enterprise valuation.

-- The GC EBITDA assumption for commodity sensitive issuer at a
    cyclical peak reflects the industry's move from top of the
    cycle commodity prices to mid-cycle conditions and
    intensifying competitive dynamics.

-- The GC EBITDA assumption is relatively in-line with 2023
    forecast EBITDA, which represents the emergence from a
    prolonged commodity price decline. Fitch assumes a WTI oil
    price of USD55 in 2021m and USD50 in 2022 and for the long
    term.

-- The GC EBITDA assumption reflects loss of customers and lower
    margins, as E&P companies pressure oil service firms to reduce
    operating costs.

-- The assumption also reflects corrective measures taken in the
    reorganization to offset the adverse conditions that triggered
    default such as cost cutting and optimal deployment of assets.

-- An EV multiple of 5x EBITDA is applied to the GC EBITDA to
    calculate a post-reorganization enterprise value. The choice
    of this multiple considered the following factors:

-- The historical bankruptcy case study exit multiples for peer
    energy companies have a wide range with a median of 6.1x. The
    oilfield service subsector ranges from 2.2x to 42.5x due to
    the more volatile nature of EBITDA swings in a downturn. The
    median is 8.0x.

-- Seventy Seven Energy Inc., a strong comparison, emerged from
    bankruptcy in August 2016 with a midpoint EV of USD800 million
    resulting in a post-emergence EBITDA multiple of 5.6x based on
    2017 forecasted EBITDA of USD144 million. The company was
    subsequently acquired by Patterson-UTI for USD1.76 billion,
    resulting in a 12x multiple based on 2017 forecasted EBITDA.

-- Fitch uses a multiple of 5.0x to estimate a value for
    Precision because of its high mix of Canadian rigs, weaker
    competitive position in the US, and relative mix of non-Super
    Spec rigs.

Liquidation Approach

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

-- Fitch assigns a liquidation value to each rig based on
    management discussions, comparable market transaction values,
    and upgrade and newbuild cost estimates.

-- Different values were applied to top of the line Super Spec
    rigs, lower value Super Spec rigs, non-Super Spec rigs, and
    higher value International rigs.

-- The GC value was estimated at approximately CAD1.1 billion, or
    approximately CAD4 million per rig.

Fitch assumes the secured credit facility will be fully drawn upon
default and is super senior in the waterfall. The value allocation
in the liability waterfall results in a recovery corresponding to
'RR1' for the secured credit facility (CAD665 million) which
receives a three-notch uplift from the IDR and a recovery
corresponding to 'RR4' for the senior unsecured guaranteed notes
(CAD1.141 billion).

RATING SENSITIVITIES

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

-- Demonstrated management commitment to lower gross debt levels;

-- Ability to maintain a competitive asset base in a credit
    conscious manner;

-- Improved liquidity and financial flexibility outlook;

-- Midcycle gross debt/EBITDA below 3.5x on a sustained basis.

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

-- Failure to manage FCF that negatively affects liquidity and
    debt reduction capacity;

-- Deteriorating bank relationships that result in increasing
    covenant pressure or reduced liquidity;

-- Structural deterioration in rig fundamentals that results in
    weaker than expected financial flexibility;

-- Midcycle gross debt/EBITDA above 4.5x on a sustained basis.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Precision had CAD109 million of cash on hand
as of Dec. 31, 2020, and USD75 million drawn on its USD500 million
revolver. There are no significant maturities due until December
2023, and Fitch anticipates the company will continue to be FCF
positive over the forecast given the reduction in capital spend.

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.


R.R. DONNELLEY: S&P Affirms 'B' ICR on Improving Adjusted Leverage
------------------------------------------------------------------
S&P Global Ratings revised its outlook on R.R. Donnelley & Sons Co.
to stable from negative. At the same time, S&P affirmed all its
ratings, including its 'B' issuer credit rating on the company.

S&P said, "The outlook revision reflects our expectation that the
company's adjusted leverage will decline below 5x and its FOCF to
debt will remain above 5% on a sustained basis--both of which are
key thresholds set for the current rating. The company used asset
sales and operating cash flow to pursue material deleveraging in
2020, paying down approximately $315 million of total debt in the
year. The company's cost-saving measures also helped stabilize its
EBITDA margins in the year and partially offset the steep revenue
declines experienced during the year due to the economic fallout of
the COVID-19 pandemic.

"While we are forecasting some operating performance improvement in
2021 due to easier comparisons to the weak 2020 performance, we
expect deleveraging over the next 12 months will mainly be driven
by materially lower one-time restructuring costs, offsetting
continued secular pressures on revenue and EBITDA."

R.R. Donnelley participates in a competitive industry in secular
decline. Consumers shifting their media consumption from print to
digital formats has accelerated as a result of the COVID-19
pandemic, and S&P expects the print industry to continue to suffer
from lower volumes, overcapacity, and pricing competition as the
global economy recovers from the pandemic. In addition, the
economic contraction from the pandemic could continue to intensify
the competition in the sector as large peers such as Quad/Graphics
Inc. compete in key print categories such as commercial printing
products and services, which are increasingly price sensitive.
Although supply chain management, packaging, and business process
outsourcing service offerings provide the company with some
diversification away from commercial printing, S&P doesn't believe
growth and EBITDA generation in these nonprint-related services
will sufficiently offset the decline in the company's traditional
print products.

Secular pressures would largely offset revenue growth from the
post-COVID-19 economic recovery, but cost-saving measures should
support margin expansion in 2021. R.R. Donnelley's revenue declined
9% (excluding the recent business dispositions) in 2020 due to a
decrease in orders from its clients in the sectors like airlines,
nonessential retailers, restaurants, and hotels, which were most
affected by the COVID-19 pandemic. Though the company benefited
from incremental revenue from new pandemic-related products
including labels, product packaging, signage, test kit assembly,
and protective gear, these were insufficient to offset the
reduction in sales from the economic contraction.

S&P said, "We expect organic revenue to be flat or grow slightly in
2021 due to easier year over year comparisons, but expect the
secular pressures will mostly offset revenue benefits from an
improving economic environment. We also expect an improvement in
S&P Global Ratings-adjusted EBITDA margins in 2021, which we expect
will grow by 100-140 basis points (bps) primarily due to a
reduction in restructuring costs in 2021 in addition to the
company's divestiture of some of its lower-margin businesses and
cost-saving measures in response to the pandemic. The company
undertook multiple cost-reduction measures, including layoffs and
furloughs during the shutdowns amid the COVID-19 pandemic. We
expect some of the cost savings to remain permanent. Nevertheless,
due to secular pressures, we believe the company will need to
continue to manage its substantial fixed-cost base of printing
plants and warehouses to match volume declines and pricing
pressures.

"We expect R.R. Donnelley's debt reduction to keep pace with EBITDA
contraction. The company benefits from a balanced debt maturity
profile. It reduced its near-term maturities and improved its debt
maturity profile through multiple debt exchange and repurchase
transactions. The company also pursued asset sales and has used the
proceeds to reduce debt--including the borrowings under its
asset-based lending (ABL) facility. In addition, we expect the
company to use net proceeds from its asset sale in China primarily
for debt repayment once it receives the proceeds between 2021 and
2023.

"We expect the company will continue to prioritize free operating
cash flow and proceeds of future asset sales to reduce debt,
keeping adjusted leverage stable despite our expectations that
secular pressures in the industry will lead to EBITDA contraction
over time.

"The stable outlook reflects our expectation that adjusted leverage
will decline below 5x while FOCF to debt will remain above 5% on a
consistent basis within the next 12 months and the company will see
improving operating performance due to a recovering economy and
lower restructuring costs despite the secular headwinds faced by
the commercial printing sector. Our outlook also reflects our view
that the company will continue to prioritize debt paydowns
supported by its free cash flows and proceeds from asset sales."

S&P could lower its ratings on the company if the expected adjusted
leverage to stay above 5x or FOCF to debt to decline below 5% on a
sustained basis over the next 12 months. This could potentially
occur under the following situations:

-- Secular pressures in the print industry leading to a
faster-than-expected pace of revenue declines, offsetting the
cost-saving measures undertaken;

-- Restructuring costs in response to secular pressures remain
elevated at about the $35 million area in 2021; or

-- The company prioritizes debt-financed acquisitions or
shareholder distributions over debt paydowns.

An upgrade is unlikely over the next 12 months and would require:

-- Alleviation of secular pressures such that revenue grows in the
low- to mid-single-digit percentage area on a consistent basis, and
EBITDA margins show improving trends;

-- The company pursues material voluntary debt repayments; and

-- Adjusted leverage improves to below 4x while FOCF to debt
increases above 10% on a sustained basis.



RAHMANIA PROPERTIES: Creditors Amend Plan to Address Objection
--------------------------------------------------------------
Creditors 74th Street Funding Inc. and Mohammed M. Rahman filed
their Amended Plan of Reorganization of Rahmania Properties, LLC,
dated March 16, 2021, with the United States Bankruptcy Court for
the Eastern District of New York.

The Amended Plan was amended on March 16, 2021, in response to an
objection that was filed.

According to the Amended Disclosure Statement, the Amended Plan
contemplates two paths to consummation.  First, the Reorganizing
Debtor has until April 30, 2021, time being of the essence to cause
the Refinance Closing to occur.  If the Refinance Closing occurs
and the Amended Plan is substantially consummated by making all
required Amended Plan payments, the Amended Plan contemplates a
discharge of any and all of the debts of the Reorganizing Debtor.
If the Refinance Closing does not occur on or before April 30,
2021, the Amended Plan contemplates the orderly liquidation by the
Plan Administrator of all property of the Debtor's estate and as
such, under the liquidation alternative, the Amended Plan does not
entitle the Debtor to a discharge.  All Claims against the Debtor
are paid in whole or in part pursuant hereto.

From the entry of the Confirmation Order until April 30, 2021, the
Reorganizing Debtor shall control and manage all of the
Post-Confirmation Assets. If by April 30, 2021, the Refinance
Closing has occurred, the Reorganizing Debtor shall continue to
shall control and manage all of the Post-Confirmation Assets and
continue after such date and in that case the Plan Administrator' s
authority over Post-Confirmation Assets shall never vest. If as of
12:01 AM on May 1, 2021, the Refinance Closing has not occurred, as
of that date and time, the Plan Administrator shall control and
manage for all purposes, pending entry of a Final Decree in this
case, all of the Debtor's property including the Property, and all
bank accounts of the Debtor and any other assets, and the Property
shall be operated and managed by the Plan Administrator (or its
designee) and such Property and funds shall be property of the
Post-Confirmation Estate. The Plan Administrator or any such
property manager that may be employed shall be authorized to
continue the usual and ordinary operations of the Property pending
the Auction Sale and Closing for the Property in accordance with
the terms hereof, and to spend funds of the Post-Confirmation
Estate as may be necessary to carry out the terms of this Amended
Plan. In the event that the Refinance Closing does not timely
occur, the Plan Administrator shall cause the Property to be sold
at a public Auction in accordance with the terms hereof, including
the Auction Sale Procedures.

The Amended Plan is centered around the settlement of the Removed
Litigation between Mohammed M. Rahman and the Debtor and affiliated
parties. The Removed Litigation Settlement Agreement resolved the
Removed Litigation by the Debtor agreeing, among other things, to
pay $800,000 to Mohammed M. Rahman on account of his Removed
Litigation Claim, which effectively resolves his disputes regarding
his alleged Claim and Interest in the Debtor. The Removed
Litigation Settlement Agreement also provides for the Debtor to
lease a commercial space to M. Rahman as well as the return of a
residential apartment from M. Rahman back to the Debtor.

In order to fund payment of the Removed Litigation Claim, the
Debtor has sought time to obtain exit financing in an amount
sufficient to satisfy the Removed Litigation Claim, the 74th Street
Secured Claim, Other Secured Claims, Administrative Claims,
Priority Claims and Unsecured Creditors.  As of this date, the
Debtor has been unable to obtain that exit financing.  Under the
proposed Amended Plan, M. Rahman will receive $800,000 as long as
the Debtor closes on a refinancing defined in the Amended Plan as
the Refinance Closing in an amount of no less than $5,600,000 on or
before April 30, 2021.  If the Debtor does not, then pursuant to
the Amended Plan, a Plan Administrator (the "PA") is immediately
appointed without further court order and the PA will take over all
control and management of all of the Debtor's assets as of 12 a.m.
on May 1, 2021, and the Property will be placed up for sale with a
stalking horse bid by M. Rahman for $5,600,000.  Upon the sale, M.
Rahman will receive $800,000 as a credit if he is the winning
bidder, in other words, if he is the winning bidder, M. Rahman will
not have to come up with $800,000 in cash to pay himself on his
claim. If M. Rahman is not the winning bidder, then there will be
enough cash to pay all Allowed Claims of all creditor classes in
full and, in that case, M. Rahman shall receive $800,000.00, plus
interest from July 1, 2020, and the sale is subject to the lease
between the Debtor and M. Rahman at rent of $4,300 per month for 10
years commencing July 1, 2021. Under no circumstances, would M.
Rahman's claim be paid ahead of an Allowed Claim of a senior class.
The Amended Plan Proponents assert that Amended Plan complies with
sections 1 129(a)

Attorneys for Mohammed M. Rahman:

     Marc A. Pergament, Esq.
     Weinberg, Gross & Pergament LLP
     400 Garden City Plaza, Suite 403
     Garden City, New York 11010

Attorneys for 74th Street Funding, Inc.:

     Gary O. Ravert, Esq.
     Ravert PLLC
     116 West 23 Street, Suite 500
     New York, NY 10011

A copy of the Disclosure Statement is available at
https://bit.ly/3vI3wmz from PacerMonitor.com.

                    About Rahmania Properties

Rahmania Properties LLC owns and operates a mixed-use property in
Queens, N.Y.  The Debtor filed a Chapter 11 petition (Bankr.
E.D.N.Y. Case No. 15-43971) on Aug. 28, 2015.  In the petition
signed by Mohammed A. Rahman, president, the Debtor disclosed $6.8
million in assets and $3.3 million in liabilities.


RED INTERMEDIATECO: Moody's Assigns First Time B3 CFR
-----------------------------------------------------
Moody's Investors Service assigned a first time B3 Corporate Family
Rating and a B3-PD Probability of Default Rating to Red
IntermediateCo LLC (dba Virgin Pulse). At the same time, Moody's
assigned B2 ratings to the proposed senior secured first lien
credit facilities and a Caa2 rating to the proposed senior secured
second lien credit facility, each issued by Virgin Pulse, Inc., a
wholly-owned indirect subsidiary of Red IntermediateCo LLC. The
outlook is stable.

Proceeds from the $690 million in new credit facilities will be
used to fund a $285 million dividend to the company's owner, Marlin
Equity Partners, refinance $392 million in existing debt, and pay
related fees and expenses.

Ratings assigned:

Issuer: Red IntermediateCo LLC

Corporate Family Rating, at B3

Probability of Default Rating, at B3-PD

Outlook Assigned Stable

Issuer: Virgin Pulse, Inc.

$65 million senior secured first lien revolver expiring 2026, at B2
(LGD3)

$505 million senior secured first lien term loan due 2028, at B2
(LGD3)

$185 million senior secured second lien term loan due 2029, at Caa2
(LGD5)

Outlook Assigned Stable

RATINGS RATIONALE

The B3 CFR reflects the company's high leverage at transaction
close, at over 9.0 times on a pro forma basis reflecting Moody's
adjustments and excluding actioned cost savings, management fees
and other expenses. The rating is also constrained by the company's
modest scale and narrow business focus in the nascent market for
digital enterprise health and wellbeing programs.

The rating is supported by the company's strong growth prospects,
highly recurring subscription revenues, strong retention rates, and
end user engagement. Moody's expects the company to continue
generating high EBITDA margins through the combination of its
corporate health and wellness applications and related services.
Moody's expects the company to generate free cash flow between
$30-$40 million per year.

Governance considerations are material to Virgin Pulse's credit
profile. The company's financial policies under private equity
ownership are aggressive, reflected in the high debt levels
following the proposed dividend recapitalization. Moody's believes
the company will continue to pursue an acquisitive growth strategy
and will favor shareholder return over debt reduction.

Moody's expects Virgin Pulse will maintain very good liquidity over
the next 12-18 months, with no near-term debt maturities. Liquidity
is supported by $22 million of cash at close of the
recapitalization. Moody's estimates that Virgin Pulse will generate
free cash flow between $30-$40 million annually. The liquidity
profile is also supported by a new 5-year revolving credit facility
that provides for borrowings of $65 million. This facility has a
springing First Lien Net Leverage Covenant that will be set with
40% headroom. Moody's expects the company to make limited draws on
this facility over the next 12 months. Alternative sources of
liquidity are limited as substantially all assets are pledged.
There is no financial covenant on the term loan.

The B2 rating on Virgin Pulse's proposed first lien senior secured
credit facilities reflects first lien claim on substantially all
assets of the borrower and guarantors. The Caa2 rating on the
proposed second-lien senior secured term loan reflects its junior
claim position relative to the first lien senior secured credit
facilities.

The stable outlook reflects Moody's expectation that Virgin Pulse
will reduce its currently high leverage towards 7.0 times over the
next 12-18 months.

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

Ratings could be downgraded if the company's operating performance
suffers due to failure to effectively manage its growth and
acquisition strategy. The ratings could also be downgraded if the
company's cash flow and liquidity position deteriorates.
Specifically, the ratings could be downgraded if adjusted debt to
EBITDA is sustained above 8.0 times.

Ratings could be upgraded if Virgin Pulse successfully builds scale
and expands its capabilities both organically and through
acquisitions, while maintaining a strong margin and cash flow
profile. An upgrade would also be supported by a demonstration of
conservative financial policies, including debt reduction.
Specifically, the ratings could be upgraded if adjusted debt to
EBITDA was sustained below 6.0 times.

Following are some of the preliminary credit agreement terms, which
remain subject to market acceptance.

As proposed, the new credit facility is expected to provide
covenant flexibility that if utilized, could negatively impact
creditors (subject to the definitions in the final credit
agreement). These include incremental first lien facility capacity
not to exceed the greater of $92 million and 100% of consolidated
EBITDA, on a trailing or pro-forma basis. In addition, incremental
debt facilities are allowed if pro forma first lien net leverage
ratio does not exceed 5.5x (if pari-passu first lien senior secured
debt is issued). Amounts up to the greater of $92 million and 100%
of consolidated EBITDA may be incurred with an earlier maturity
than the term loans. Additional flexibility stems from collateral
leakage permitted through the transfer of assets to unrestricted
subsidiaries, subject to carve-out capacity; there are no
additional blocker protections. A requirement that only wholly
owned subsidiaries act as subsidiary guarantors, raising the risk
that guarantees may be released following a partial change in
ownership with no explicit protective provisions limiting such
guarantee releases.

Virgin Pulse is a provider of subscription-based digital health and
wellbeing enterprise software and related service for employers and
payors. Revenues for fiscal 2020 were $250 million. The company is
owned by Marlin Equity Partners.

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


RENOVATE AMERICA: Finance of America Wins Auction for Benji
-----------------------------------------------------------
Finance of America Equity Capital LLC an end-to-end lending and
services platform, disclosed that its subsidiary, Finance of
America Mortgage LLC ("FAM"), has emerged as the winner in a
court-supervised sale process to acquire certain of the assets of
Renovate America, Inc., including its industry-leading home
financing product, Benji(R). The transaction is subject to
customary closing conditions and is expected to close at the end of
March.

The closing of the transaction will mark the launch of a new
vertical, Finance of America Home Improvement, which strongly
complements Finance of America's diversified consumer lending
platform consisting of mortgages, reverse mortgages, and commercial
loans offered across distributed retail, third-party brokers and
digital direct-to-consumer channels. Finance of America Home
Improvement will enable the company to capitalize on the $400
billion1 home renovation industry by offering a proprietary
technology platform that helps consumers improve their homes while
giving contractors the tools they need to grow their businesses.

"At Finance of America, we have a long track record of acquiring
companies and products with businesses and core competencies that
complement and bolster our own, and importantly, unlocking
synergies as we integrate these onto our platform," said Patricia
Cook, CEO of Finance of America. "This transaction allows us to
continue developing and growing Benji, Renovate America's
industry-leading home improvement financing product, and adds
another innovative home financing solution to our comprehensive
suite of consumer lending products. We look forward to welcoming
the Benji team to the Finance of America family."

In December, FAM entered into an asset purchase agreement with
Renovate America in conjunction with a Bankruptcy Court-supervised
auction. Renovate America voluntarily filed for Chapter 11
bankruptcy protection as part of a Section 363 sales process on the
same day. FAM's final cash offer of approximately $45 million
includes the acquisition of Renovate America's Benji home
improvement loan business, which includes a portfolio of loans
originated since the bankruptcy case started and financed through
the DIP facility provided by FAM.

Shawn Stone, Renovate America's CEO, added, "When we decided to
embark on this process, we identified Finance of America as the
ideal partner for our Benji business. We are very pleased that they
have emerged as the winner and look forward to many positive
developments for our contractors and employees in the future."

Hunton Andrews Kurth LLP is acting as Finance of America's legal
advisor for the transaction.

                About Finance of America Companies

Finance of America -- http://www.financeofamerica.com/-- is a
diversified, vertically integrated consumer lending platform.
Product offerings include mortgages, reverse mortgages, and loans
to residential real estate investors distributed across retail,
third party network, and digital channels. In addition, Finance of
America offers complementary lending services to enhance the
customer experience, as well as capital markets and portfolio
management capabilities to optimize distribution to investors. The
Company is headquartered in Irving, TX, and is a portfolio company
of the leading global asset manager, The Blackstone Group. On
October 13, 2020, Finance of America entered into a business
combination agreement with Replay Acquisition Corp. (NYSE: RPLA).
Upon the closing of the transaction, the combined company intends
to change its name to Finance of America Companies Inc. and trade
on the NYSE under the ticker symbol "FOA."

                  About Replay Acquisition Corp.

Founded by Edmond Safra, Gregorio Werthein and Gerardo Werthein,
Replay Acquisition Corp. -- http://www.replayacquisition.com-- is
a NYSE-listed blank check company incorporated as a Cayman Islands
exempted company and formed for the purpose of effecting a merger,
amalgamation, share exchange, asset acquisition, share purchase,
reorganization or similar business combination with one or more
businesses on industries that it believes have favorable prospects
and a high likelihood of generating strong risk-adjusted returns
for our shareholders. These industries include consumer,
telecommunications and technology, energy, infrastructure,
financial services and real estate, among others.

                     About Renovate America

Renovate America is one of the nation's preeminent providers of
home improvement financing through its industry-leading home
financing product, Benji. The Company offers a proprietary
technology platform that helps Americans improve their homes while
giving contractors the tools they need to grow their business. In
addition to offering intuitive financing options, Renovate America
offers industry-leading education, training and mentoring to
contractor teams in the field.  On the Web:
http://www.renovateamerica.com/

Renovate America, Inc., and two affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-13173) on Dec. 21,
2020.

Renovate America was estimated to have $50 million to $100 million
in assets and $100 million to $500 million in liabilities as of the
bankruptcy filing.

Bryan Cave Leighton Paisner LLP is acting as the Company's legal
counsel.  Stretto is the claims agent. Culhane Meadows, PLLC, is
the bankruptcy co-counsel.  Armanino LLP is the financial advisor.
GlassRatner Advisory & Capital Group, LLC, is the restructuring
advisor.  Stretto is the claims agent.


ROBERT J. AMBRUSTER: Appointment of Equity Committee Sought
-----------------------------------------------------------
A shareholder of Robert J. Ambruster, Inc. asked the U.S.
Bankruptcy Court for the Eastern District of Missouri to appoint an
official committee that will represent equity holders in the
company's Chapter 11 case.

"There is significant value here to equity holders and without
proper representation, the creditors and certain insiders are
trying to steal that value," Deborah Drace said in court papers.

Ms. Drace questioned the valuation analysis, saying the company and
its legal and financial advisors manipulated the process to arrive
at a valuation of $1.2 million for the company's real property.

"This valuation is intentionally aimed at promoting the improper
cramdown being pursued in the plan [of reorganization] to allow for
a quick sale of the property, eliminating protection to
shareholder," Ms. Drace said.

According to her, the real property was listed for $2.9 million and
was valued between $1.8 million and $2.7 million at the time of the
company's Chapter 11 filing.

"Shareholder is familiar with [Robert J. Ambruster's] assets and
operations and immediately understood the valuation analysis of
$1.2 million to be in bad faith," Ms. Drace further said.

Ms. Drace can be reached at:

     Deborah L. Drace
     7635 W. Shore Dr.
     Egg Harbor, WI 54209
     Phone: (920) 868-3333
     Email: ddshowmesports@gmail.com

                     About Robert J. Ambruster

Based in Saint Louis, Mo., Robert J. Ambruster, Inc. operates as
funeral home and has been in the funeral business for more than 100
years.

Robert J. Ambruster sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Mo. Case No. 20-44289) on Sept. 3,
2020.  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.

Judge Bonnie L. Clair oversees the case.  Angela Redden-Jansen is
the Debtor's legal counsel.


ROCKPORT DEV'T: $2.6M Sale of South Pasadena Properties to KEM OK'd
-------------------------------------------------------------------
Judge Scott C. Clarkson of the U.S. Bankruptcy Court for the
Central District of California authorized Rockport Development,
Inc.'s sale of the following real properties to KEM Realty or
Assignee for $2.6 million:

      a. Parcel 1: Located at and commonly known as 181 Monterey
Rd., South Pasadena, California, APN 5311-015-035;

      b. Parcel 2: Located at and commonly known as 185 Monterey
Rd., South Pasadena, California, APN 5311-010-001; and

      c. Parcel 3: Located at and commonly known as 187 Monterey
Rd., South Pasadena, California, 5311-010-002.

The Sale Hearing was held on March 11, 2021, at 11:00 a.m.

The proposed overbid procedures are approved.

The Purchase and Sale Agreement and Escrow Instructions, including
addendums attached to the VanderLey Declaration as Exhibit 7, is
approved.

The Debtor is authorized to sell the Property outside the ordinary
course of business and is further authorized to pay, pursuant to
demands submitted to escrow, all liens and encumbrances to the
extent provided in the Order.

The CRO is authorized to execute all documents necessary to
consummate the sale, including, but not limited to, the asset
purchase agreement, grant deed, and escrow instructions.

The sale of the Property will be "as-is" and "where-is" with all
faults and without warranty, representation, or recourse
whatsoever.

The Debtor is authorized to (i) pay the Agent 4% of the sales
price; (ii) instruct escrow to pay all customary costs of sale;
(iii) instruct escrow to pay all property taxes; (iv) instruct
escrow to pay to Southland pursuant to the terms of the Southland
Stipulation.

The Property is sold free and clear of all liens, claims, and
interests including the Serene Lien, the Southland Lien, and Lis
Pendens.  The Order approving the sale will constitute an order
releasing and extinguishing the Serene Lien and the Southland Lien
against the Property concurrently with the closing of escrow.   

Should the Buyer not timely complete the purchase of the Property
pursuant to the terms of the PSA, its deposit will be forfeited.

The 14-day stay period of the order provided by F.R.B.P. 6004 is
waived.

                    About Rockport Development

Rockport Development, Inc., a company based in Irvine, Calif.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
C.D. Cal. Case No. 20-11339) on May 7, 2020.  On June 11, 2020,
Rockport's affiliate Tiara Townhomes LLC filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 20-11683).

Judge Scott C. Clarkson oversees the cases, which are jointly
administered under Case No. 20-11339.    

At the time of the filing, Rockport was estimated to have $10
million to $50 million in both assets and liabilities. Tiara
Townhomes LLC disclosed assets of between $1 million and $10
million and liabilities of the same range.

Debtor has tapped Marshack Hays, LLP as its legal counsel, and
Michael VanderLey of Force Ten Partners, LLC as its chief
restructuring officer.

On Sept. 30, 2020, the Court appointed Glen Scher and Filip
Niculete of Marcus & Millichap as the Estate's real estate
agent.



RUBY PIPELINE: Fitch Lowers LongTerm IDR to 'CCC+'
--------------------------------------------------
Fitch Ratings has downgraded Ruby Pipeline, LLC's Long-Term Issuer
Default Rating (IDR) to 'CCC+' from 'BB' and the rating of its
senior unsecured debt to 'CCC+'/'RR4' from 'BB'/'RR4'. The rating
downgrade reflects expectations for a significant contraction of
cashflows due to a large contract cliff in mid-2021 and that Ruby
will be unable to repay or refinance the notes due April 2022. Post
2021-cliff, and for the next several years, Fitch expects new
contracts to provide immaterial profits for Ruby. The rating
actions reflect the lack of a plan by management to commit to
infuse equity or additional subordinated debt by April 2022. The
absence of a plan by Ruby's owners in a timely manner to address
future financing needs would result in additional rating
downgrades.

KEY RATING DRIVERS

Management Strategy Unclear: While Ruby's owners acknowledge the
need to reposition the balance sheet given current market
conditions, it remains unclear whether they will ultimately do so
without concessions from all relevant parties. Ruby's debt remains
non-recourse to its owners and as the asset remains challenged,
they may choose to walk away from the asset. In that event, Ruby is
facing default as it will be unable to repay its senior notes upon
maturity in 2022.

Expected Contraction in Cash Flows: Given challenging market
conditions and a looming contract cliff in July of 2021
approximating two-thirds of contracted capacity, Fitch expects a
significant contraction of cash flows. Given abundant supply/weak
demand dynamics at the Opal and Malin hubs, Fitch assumes any
future contracts signed with shippers will be at significantly
lower rates and volumes, which is projected to significantly erode
Ruby's profitability.

Significant Increase in Leverage Expected: Following the contract
roll off in mid-2021, Fitch projects leverage to increase to
approximately 6.6x in 2022 from 2.0x in 2020. At the same time,
Ruby's EBITDA is projected to decline precipitously to $57 million
in 2022 from $281 million in 2020. Fitch assumes that
re-contracting expired capacity will be difficult at current rates
and any resulting profits will be negligible. Absent equity support
from Ruby's owners future cash flows will not support repayment of
the maturing notes in 2022.

Depressed Supply/Demand Outlook: Ruby continues to be negatively
impacted by competitive pressure from low cost gas from Canada. A
collapsed basis differential and weak utilization trends
approximating 40% of total pipeline capacity underscores a
challenging operating environment for Ruby. These challenges are
further highlighted by recent impairments for the majority of the
pipeline's book value by Ruby's owners.

Significant Re-Contracting Risk: Re-contracting risk is high as
regional market conditions continue to remain challenged and Ruby
faces a looming contract cliff in July for the majority of its
contracted capacity. Approximately 65% of Ruby's contracted
capacity rolls off in July 2021, with the remaining contracted
capacity held by PG&E rolling off in 2026. PG&E is the anchor
shipper, accounting for 35% of the pipeline's contracted capacity.
Subsequent to the large contract cliff in mid-2021, Fitch expects
that existing contracts will not be renewed and that the contract
with PG&E will account for nearly all of the pipeline's future
earnings and cash flows.

Historically Supportive Ownership: Ruby has a $250 million note
purchase agreement in place with its owners, which Fitch views as a
credit positive. Loans under this agreement are used solely to pay
regularly scheduled principal amortization payments of the senior
term loan. The transaction effectively refinances senior unsecured
debt with a junior subordinate debt tranche held by Ruby's parent
companies. Although not rated, the junior notes qualify for 100%
equity credit which helps to support the balance sheet. Fitch views
potential purchases of additional subordinated debt by Ruby's
owners as being supportive of credit quality but recognizes that
would be at their discretion.

DERIVATION SUMMARY

At the present time, no borrower or issuer in Fitch's rated
coverage has such a weak liquidity profile as Ruby. Due to
challenging market conditions and a large contract cliff in July,
Ruby is facing default on its 2022 senior notes absent equity
support from its owners.

KEY ASSUMPTIONS

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

-- Contracts that are currently in effect provide revenue in
    accordance with their terms;

-- Assumes that less than half of expiring contracted capacity in
    2021 gets re-contracted at $0.05 Mdth/d;

-- Junior subordinated notes have been given 100% equity
    treatment;

-- For the recovery rating Fitch has assumed that Ruby would be
    reorganized as a going-concern in bankruptcy. Fitch's
    corporate recovery analysis assumes that Ruby will be unable
    to repay $475 million of maturing senior unsecured notes in
    April 2022 and that nearly all of the economic value of the
    pipeline will be derived from revenues received from its
    existing contract with PG&E that expires in October 2026.

-- For the recovery analysis, Fitch assigns a value of $250
    million to the time period encapsulating the remaining
    duration of Ruby's contract with PG&E (April 2022 maturity
    through the October 2026 contract expiry).

RATING SENSITIVITIES

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

-- Should Ruby's owners provide equity support there could be
    favorable rating actions including a multi-notch upgrade;

-- Under the normal course of business Fitch does not expect a
    positive credit action.

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

-- Lack of equity support by Ruby's owners to reposition the
    balance sheet during the typical natural gas industry
    contracting season of September to March;

-- FFO fixed charge coverage below 1.0x;

-- EBITDA leverage above 7.0x would warrant a rating downgrade;

-- Either of Ruby's owners take a dividend in fiscal 2021 or
    fiscal 2022.

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

Insufficient Liquidity: Ruby is approaching a liquidity crisis as
cash flows from operations will be insufficient to pay down $519
million of unsecured debt due April 2022. Following the contract
cliff in July, Fitch projects EBITDA to decline from $281 million
in 2020 to approximately $57 million in 2022, which will
significantly pressure leverage metrics. The lack of a dedicated
revolving credit facility, an expected decline in cash flows, and
minimal cash on hand constrains Ruby's financial flexibility to
meet liquidity and financing needs. As a relatively new pipeline
maintenance and operating costs are expected to remain low.

Ruby is required to comply in 2021 with a leverage ratio of no more
than 5.0x under its term loan and 5.5x under its senior notes.
Ruby's leverage ratio, as of Dec. 31, 2020, was 2.0x. The company
is currently in compliance with all of its financial covenants,
however, the company is expected to exceed its leverage covenants
in 2022 absent any deleveraging. Beginning in October 2017, the
company is required to redeem semi-annually $43.75 million in an
aggregate principal amount of its 8% notes due 2022, with the
remaining principal amount due on the maturity date of these notes.
Provided the owners do not take out dividends this year, Ruby's
liquidity will be enough to fund ongoing operations and debt
service until the 2022 maturity of the senior notes, at which time
it will default absent any equity support from its owners. Fitch
expects approximately $475 million of the senior unsecured notes
will remain outstanding upon maturity in April 2022.

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.


SB STARLIGHT: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of SB Starlight Property, LLC, according to court dockets.

                    About SB Starlight Property
  
SB Starlight Property, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-11473) on Feb.
16, 2021.  At the time of the filing, the Debtor disclosed assets
of between $100,001 and $500,000 and liabilities of the same
range.

Judge Robert A. Mark oversees the case.  Peter Spindel, Esq., is
the Debtor's legal counsel.


SHD LLC: To Seek Plan Confirmation on April 6
---------------------------------------------
SHD, LLC, filed a Chapter 11 Plan of Liquidation and a Disclosure
Statement.  On March 12, 2021, Judge Rebecca B. Connelly
conditionally approved the Disclosure Statement and ordered that:

    * April 5, 2021, is fixed as the last day for filing written
acceptances or rejections of the Plan;

    * April 5, 2021, is fixed as the last day for filing and
serving written objections to the Disclosure Statement and
confirmation of the Plan; and

    * April 6, 2021, is fixed for the hearing on final approval of
the Disclosure Statement (if a written objection has been timely
filed) and for hearing on confirmation of the Plan, which hearing
will be conducted by Zoom
(https://vawb.uscourts.gov.zoomgov/j/1611437087; Meeting ID 161 143
7087).

A copy of the Order is available at https://bit.ly/315RdTe

                         About SHD LLC

SHD, LLC filed a voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. W.D. Va. Case No. 20-50831) on Nov. 30,
2020.  Robert E. Ladd, the manager, signed the petition.  At the
time of the filing, the Debtor disclosed assets of between $1
million and $10 million and liabilities of the same range.  Woods
Rogers PLC and Elmore Hupp & Company, P.L.C., serve as the Debtor's
legal counsel and financial advisor, respectively.



SHEA HOMES: S&P Alters Outlook to Stable, Affirms 'B+' ICR
----------------------------------------------------------
S&P Global Ratings revised its outlook on Walnut, Calif.-based Shea
Homes L.P. to stable from negative. At the same time, S&P affirmed
the 'B+' issuer credit rating on the company and the 'BB-'
issue-level rating on its senior unsecured notes.

The stable outlook reflects S&P's expectation that debt to EBITDA
will decline to 3.5x in 2021, as the EBITDA margin climbs to 25%
with no change in its level of debt.

Shea's backlog at end of 2020 provides some visibility into higher
top-line growth in 2021. The company began 2021 with a backlog
that's increased 68% in value over the past year. These aggregated
home orders (with cash deposits) provide solid visibility into the
roughly 25% jump in annual revenues we forecast for 2021. S&P
expects borrowings to be largely unchanged and debt to EBITDA to
decline to about 3.5x this year, or by nearly a full turn compared
with 2020.

Size and scale act as near-term impediments to a higher rating.
Despite the solid growth we anticipate in 2021, the company has
fewer than one-fourth the closings of its only other 'B+'-rated
peer (i.e. Century Communities), and is less than half the size of
any builder it rates 'BB-' (e.g. M/I Homes, Tri Pointe Group).
Moreover, existing divisions within California are driving much of
the forecasted profit gains. Shea has reduced its dependence on the
golden state to about 52% of consolidated homebuilding revenues
from nearly 60% as recently as 2018, via deeper expansion into
Arizona and mountain states like Colorado and Nevada. Nonetheless,
with about half of consolidated 2020 revenues arising from
California—-where strict regulations help make land costly and
slow to develop—-the company's market concentration remains a key
risk factor.

Shea's evolving land strategies help reduce capital outlays and
should further limit downside potential. The company continues to
maintain joint venture (JV) relationships for a relatively
significant portion of its land and development pipeline. These
(nonrecourse) JVs along with option-based land contracts now
account for nearly 60% of its lots, compared with less than a third
of all homesites just five years ago. Both JVs and lot options act
to reduce Shea's direct exposure to key risks associated with
costly, long-lived land. S&P thinks this trend will continue,
though at a more moderate pace, for the foreseeable future.

S&P said, "The company's planned growth will require stepped-up
investments in land and development. To achieve the $2.0 billion in
total revenues we estimate in 2022, we think the company must
allocate an incremental $160 million to $175 million toward land
and development over these next two years. However, we think this
additional spending will be internally funded, through a
combination of operating cash flows and the $463 million cash
available to begin this year.

"Our stable outlook on Shea Homes reflects our forecast for EBITDA
to rise by about 25% in 2021, mostly because of volume-based
increases, and result in debt to EBITDA falling to about 3.5x.
Although continued land investment should keep free operating cash
flows in negative territory in 2021, cash on the balance sheet
should easily absorb the nearly $100 million estimated cash flow
deficit.

"We could lower the rating if debt to EBITDA rises above 5x in
2021. This scenario could happen if the company fails to deliver
its significantly improved backlog of homes with which it began the
year, and EBITDA margins decline to around 10%. This would cause
EBITDA to stagnate around the $150 million to $160 million we
estimate for 2020.

"Shea is less than half the size (based on consolidated closings)
of any builder we rate 'BB-'. Therefore, we would look for size and
scale of operations to approach those of BB- peers (such as M/I
Homes and Tri Pointe Group) before considering an upgrade. In
addition, the company would need to reduce debt to EBITDA below
3x."


STEVEN FELLER: Wins May 17 Plan Exclusivity Extension
-----------------------------------------------------
Judge Scott M. Grossman of the U.S. Bankruptcy Court for the
Southern District of Florida, Fort Lauderdale Division extended the
periods within which the Debtor Steven Feller PE PL has the
exclusive right to file a plan of reorganization through and
including May 17, 2021, and to solicit ballots on the Plan through
and including July 16, 2021.

The Debtor will use the additional time to focus its full attention
on stabilizing the business, resolving the claims through the
judicial settlement conference, and formulating an exit strategy to
this Chapter 11 case since the Debtor does not want to be concerned
with competing plans.

A copy of the Court's Extension Order is available at
https://bit.ly/3tFi84z from PacerMonitor.com.

                          About Steven Feller PE PL

Steven Feller PE, an engineering design services company, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Fla. Case No. 20-21341) on October 17, 2020. The petition was
signed by Steven Feller, authorized representative. At the time of
the filing, the Debtor had estimated assets of between $1 million
and $10 million and liabilities of between $500,000 and $1
million.

Judge Scott M. Grossman oversees the case. The Debtor tapped Behar,
Gutt & Glazer, P.A. as the Debtor's legal counsel, and Derrevere
Stevens Black & Cozad, as their special insurance counsel.


STV GROUP: S&P Cuts ICR to 'B' on Weaker Than Anticipated Revenue
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on STV Group
Inc. to 'B' from 'B+'. At the same time, S&P lowered its
issue-level rating on the company's credit facility to 'B' from
'B+'. The '3' recovery rating remains unchanged, indicating its
expectation for meaningful recovery (50%-70%; rounded estimate:
55%) in the event of a payment default.

S&P said, "The recovery in STV's revenue and EBITDA margins will be
slower than we previously anticipated due to delayed work in its
backlog and a reduced pace of new project awards.  The company's
operating performance was weaker than we anticipated in 2020. We
previously assumed STV's delayed projects would resume in the
latter part of 2020 and early 2021; however, the start dates for
some projects have been pushed out further. In addition, the
company's backlog of future projects has declined over the past
year because its clients have been slow to commit to new projects.
That said, public sector contracts account for the majority of
STV's current backlog, which will likely provide some stability to
its revenue as government entities continue to work on
rehabilitating aging U.S. infrastructure over the next several
years. Although the company's EBITDA margins have been pressured in
this environment, we expect its profitability to remain near 2020
levels in 2021 before improving thereafter as public-sector clients
initiate work on delayed projects. In addition, we expect STV's
margins to benefit from its relatively variable cost structure.
Based on these factors, we forecast the company's S&P-adjusted debt
to EBITDA, which includes the present value of operating leases as
debt, will remain above 6.5x in 2021 before beginning to improve.

"The stable outlook on STV reflects our expectation that although
its debt to EBITDA may remain elevated at about 6.5x over the next
year, its EBITDA margins should improve over time as it resumes
work on delayed projects and the demand for new projects
accelerates. We expect good free cash flow generation resulting in
FOCF-to-debt of about 5% in 2021.

"We could lower our rating on STV in the next 12 months if its
adjusted debt to EBITDA remains above 6.5x and its FOCF to debt
declines below 3%. This could occur if the demand for its services
on new projects rises at a slower-than-expected pace, which
materially reduces its revenue and margins relative to our
base-case assumptions.

"We could raise our rating on STV if we believe its adjusted debt
to EBITDA will decline and remain below 5x with FOCF to adjusted
debt above 5% on a sustained basis. This could occur if market
conditions improve substantially, increasing the demand for the
company's services and reducing the risk of work cancelations, such
that its margins rise by more than we currently forecast. We would
also need to believe that STV's owner would support these improved
metrics before raising our rating."



SUMMIT MIDSTREAM: S&P Downgrades ICR to 'CC', Outlook Negative
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Summit
Midstream Partners L.P. (SMLP) to 'CC' from 'CCC+' and its
issue-level rating on its series A preferred units to 'C' from
'CC'. S&P also affirmed its negative outlook.

The negative outlook reflects that S&P expects to lower its issuer
credit rating on SMLP to 'SD' (selective default) when the
transaction closes.

On March 10, 2021, SMLP announced that it had commenced an offer to
exchange a portion of its outstanding 9.50% series A preferred
units for newly issued common units. Under the terms of the offer,
the holders of its series A preferred units will receive 27 common
units for each preferred unit exchanged.

The downgrade of SMLP follows its announcement of an exchange for
its series A preferred units that S&P views as distressed. The
terms of the exchange provide the holders of its preferred units
the opportunity to move down the capital structure for a more
liquid security.

S&P said, "The negative outlook reflects that we expect to lower
our issuer credit rating on SMLP to 'SD' when the exchange
transaction closes.

"We expect to lower our issuer credit rating on SMLP when it
completes the distressed exchange for its series A preferred
units.

"Alternatively, we could raise our rating on SMLP if we do not
expect it to complete the distressed exchange for its series A
preferred units."



SUMMIT VIEW: Court Confirms Amended Plan
----------------------------------------
Judge Micheal G. Williamson has entered an order (i) approving the
Amended Disclosure Statement of Summit View, LLC, dated June 25,
2020, as modified by the First Supplement, and (ii) confirming the
Amended Plan, as modified by the First Supplement.

The Debtor's Motion for Cramdown is granted.

The Denlinger Objections and the FDC Objection are overruled as
moot given the Debtor's compromise with the Denlingers and Florida
Design Consultants, Inc.

The Debtor's Ore Tenus Motion to Approve the Late Filed Ballots of
Florida Design Consultants, Inc., Weaver Aggregate Transport, Inc.,
Lennar Homes, Stearns Weaver Miller Weissler Alhadeff & Sitterson,
PA, CWES II LLC, CWES III LLC, Douglas J. Weiland, and JES
Properties, Inc. is granted, and the ballots of the Creditors are
deemed timely filed as ballots accepting the Debtor's Plan, as
modified by the First Supplement.

The Court shall conduct a post-confirmation Status Conference on
April 21, 2021, at 10:30 a.m.

The Debtor's Plan proposes to pay creditors 100% of their allowed
claims from the Debtor's operations selling fill dirt and also
finalizing and delivering buildable lots pursuant to a contract
with DR Horton.  Further means to fund the Debtor's Plan may be
obtained form a construction loan or CDD financing either
exclusively or as a combination of multiple lending sources.  

The Plan term is 24 months from the Effective Date.  Ii is
anticipated that non-insider secured creditors will be paid in full
once the Valdez litigation is concluded.  The Debtor will pay 100%
of the allowed claims of the Class 6 Unsecured claimants by making
equal monthly payments of $7,203 per month with a balloon payment
in month 24, if necessary.

A full-text copy of the Amended Disclosure Statement dated June 25,
2020, is available at https://tinyurl.com/y7bryhna from
PacerMonitor.com at no charge.

A copy of the First Supplement filed Jan. 15, 2021, is available
at
https://bit.ly/3saUnAO

                        About Summit View

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

Summit View first sought Chapter 11 protection (Bankr. M.D. Fla.
Case No. 09-06495) on April 2, 2009.  It again filed a Chapter 11
petition (Bankr. M.D. Fla. Case No. 19-10111) on Oct. 24, 2019.  

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

Johnson, Pope, Bokor, Ruppel & Burns, LLP serves as the Debtor's
bankruptcy counsel.  The Debtor tapped Stearns Weaver Miller
Weissler Alhadeff & Sitterson P.A., Addison Law Office PA, and
Taitt Law, P.A. as its special counsel.


SUNOPTA INC: S&P Alters Outlook to Positive, Affirms 'B-' ICR
-------------------------------------------------------------
S&P Global Ratings revised the outlook on Mississauga, Ont.-based
food and beverage manufacturer SunOpta Inc. to positive from stable
and affirmed its 'B-' issuer credit rating on the company.

S&P said, "At the same time, S&P Global Ratings assigned its 'B+'
issue-level and '1' recovery ratings to the company's US$250
million asset-based lending (ABL) revolving credit facility. The
'1' recovery rating indicates our expectation of high (90%-100%;
rounded estimate: 95%) recovery in an event of default.

"The positive outlook reflects reduced financial risk following
significant debt paydown. On Dec. 30, 2020, SunOpta completed the
sale of its global ingredients segment to Amsterdam Commodities
N.V. for total proceeds of about US$374 million. Following the
transaction, SunOpta repaid a large portion of its revolver and
senior secured notes outstanding in full. This debt repayment was
almost US$85 million higher than our previous expectations. As a
result, debt to EBITDA as of year-end 2020 improved to 3.6x, which
is a meaningful improvement compared with our previous expectation
of about 6x. To support liquidity, SunOpta has entered into a new
ABL facility of US$250 million and a delayed-draw term loan (DDTL)
facility of US$75 million maturing in 2025, which will be used for
capacity expansion projects. We believe SunOpta can maintain debt
to EBITDA in the 3.5x-4.0x range through 2021; the EBITDA interest
coverage ratio has also improved to the high-single-digit area as a
result of meaningful interest cost reduction. In addition,
supporting the deleveraging is the Feb. 22, 2021, exchange of all
series A preferred shares (about US$88 million; owned by funds of
Oaktree) for SunOpta's common shares.

"We expect SunOpta's operating performance to remain favorable,
underpinned by strong demand for plant-based beverages. The
company's operating performance is benefiting from growing demand
for SunOpta's plant-based beverages made from oats, almond, and
soy, among others. Furthermore, the company has taken initiatives
to stabilize its frozen fruit business, which was severely
pressured in 2019. These initiatives include, but are not limited
to, expanding supplier relationships, successfully selling
prior-year inventory, passing cost increases on to customers,
optimizing footprint, and materially reducing direct labor costs.
As a result, the company's year-end 2020 revenue (pro forma for the
sale of global ingredients business) increased about 10% compared
with 2019 and year-end consolidated reported EBITDA rose more than
50%.

"We expect SunOpta to benefit from industry tailwinds as consumers'
preferences shift toward non-dairy beverage categories. With higher
at-home food consumption through the COVID-19 pandemic and the slow
recovery of the food service sector, we expect the company will
likely be closer to executing its stated target of achieving about
US$100 million incremental revenues in its plant-based foods and
beverages segment by 2022, leading to revenue growth in the
low-double-digit percentage area over the next 12 months. At the
same time, SunOpta will continue to rationalize its customers and
stock-keeping units in its fruit-based foods and beverages segment
and we estimate that the segment's revenues could decline in
mid-single-digit percentage area. As a result, we estimate
SunOpta's total revenues could increase in the low-to-mid
single-digit percentage area through 2021.

"Furthermore, due to a combination of higher revenues, higher plant
capacity utilization, an expectation of a normalized strawberry
crop, and meaningful cost control (particularly in the frozen fruit
operations), we expect SunOpta will maintain consolidated EBITDA
margins (on an S&P Global Ratings' adjusted basis) in the 8.5%-9.0%
range through 2021.

"The ongoing capacity expansion plan introduces execution risks and
constrains ratings. Given the robust demand for plant-based
beverages, SunOpta plans to continue to expand its manufacturing
lines in the near term. We anticipate that the company will use the
availability under its US$75 million DDTL facility to fund these
expansion projects. In addition, we expect the company to incur
higher working capital to support increased volumes in its
plant-based operations as well as for replenishment of fruit
inventories. As a result of these investments, we believe that the
company could be challenged to generate meaningful free operating
cash flow in the near term. Also, while we recognize that the
near-term opportunity for the plant-based foods and beverages
segment is favorable, the operations have yet to establish a
longer-term track record, while the fruit-based foods and beverages
segment could prove volatile as in recent years. Furthermore, our
ratings incorporate the risk that such heavy debt-funded capacity
expansion plans also introduce execution risks in the form of cost
overruns or lower-than-anticipated demand, which could weigh on the
company's operating performance and credit measures.

"The positive outlook indicates the possibility we could raise the
ratings in the next 12 months as the company successfully executes
on its revenue growth and capacity expansion strategy while
maintaining leverage in the low 4x area. Revenue growth should be
spurred by the higher volumes in core plant-based products, better
capacity utilization, and effective cost management. The outlook
also incorporates the company's significantly improved
debt-to-EBITDA ratio as a result of debt repayment from sale of its
global ingredients segment and improved operating performance.

"We could revise the outlook to stable if debt to EBITDA on an S&P
Global Ratings' adjusted basis weakened to 6x. This situation could
occur due to operational missteps or if aggressive capacity
expansion over the next 12 months drives cash burn higher than
forecast. We could also revise the outlook to stable if we believe
the company is unable to demonstrate revenue growth in its
plant-based foods and beverages segment, potentially due to
lower-than-anticipated demand.

"We could raise the ratings within the next 12 months if we viewed
the improvement in SunOpta's business as sustainable and the
company continues to exhibit revenue and EBITDA growth and margin
expansion without a material weakening of its leverage. The upgrade
would also be predicated on the company successfully executing its
capacity expansion projects."



T-MOBILE USA: Moody's Assigns Ba3 Rating to New Sr. Unsecured Notes
-------------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 to T-Mobile USA,
Inc.'s proposed senior unsecured notes. T-Mobile intends to use
$2.0 billion of the net proceeds from the sale of these new
unsecured notes, to be issued in three tranches, to acquire
spectrum licenses pursuant to the FCC's C-Band spectrum Auction
107, with any remainder to be used first to redeem T-Mobile's
6.500% Senior Notes due 2026 and then for refinancing existing
indebtedness on an ongoing basis. All other ratings including the
company's Ba2 corporate family rating and stable outlook are
unchanged.

Assignments:

Issuer: T-Mobile USA, Inc.

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

RATINGS RATIONALE

T-Mobile's Ba2 CFR reflects the company's large scale of
operations, extensive asset base and enhanced industry market
position post its April 1, 2020 merger with Sprint Corporation
(Sprint) which has resulted in the company exceeding AT&T Inc.
(Baa2 stable) on a wireless subscriber basis to become the second
largest nationwide wireless operator. T-Mobile is focused in the
long term on improving leverage to below 4x (Moody's adjusted). The
company's financial policy, which has historically focused on
network infrastructure investments to support market share growth
and incorporated a balanced and prudent approach to funding
operating cash flow deficits, remains an important driver of the
credit profile going forward. Moody's views network investments,
including spectrum investments, as supportive of the business
profile. T-Mobile's $10.5 billion all-in cost (including satellite
operator clearing and incentive payments due in stages through
2024) for 40 MHz of mid-band spectrum won in the FCC's recently
completed C-band auction will be debt-financed, but this is
manageable within the current credit profile. While the amount the
company invested in C-band spectrum trailed its nationwide wireless
peers, T-Mobile will continue to operate with a significant
capacity lead in the sub 6 GHz spectrum category for the next few
years, and a smaller but still meaningful lead when Verizon
Communications Inc. (Baa1 stable) is expected to receive the
majority of its C-band licenses acquired in the auction at year-end
2023. Achievement of synergies associated with the multi-year
integration of Sprint's wireless network into the legacy T-Mobile
wireless network, including the successful migration of most of
Sprint's customers to T-Mobile's network, is progressing ahead of
schedule and will now result in higher run rate cost efficiencies
than estimated at the time of the merger in April 2020; this
progress remains a key driver of improving cash flow. Since the
merger T-Mobile has continued to capture market share due to its
focus on customer service, simple and innovative products,
competitive price plans and enhancements to customer value.

Moody's expects that T-Mobile's debt leverage (Moody's adjusted)
will now peak in 2021, with the potential for declining closer to
4x by no later than year-end 2023 achievable under its current
strategic operating path. Moody's expects T-Mobile's organic growth
and progress on cost synergies will enable it to generate steady
and increasing positive free cash flow within the next two to three
years, which will likely be targeted to fund share buybacks.
Moody's believes that the combination of T-Mobile and Sprint
substantially improves the combined company's cost structure
enabling it to remain competitive and to adequately invest in the
combined network, including in future fiber and spectrum-based
capacity enhancements to deliver evolving 5G technology
applications while competing at discounted price points relative to
its nationwide wireless peers. Increased operating scale now
enables the company to better pursue opportunities in under-indexed
markets, including in more rural markets and in the enterprise end
market. In addition, T-Mobile could benefit from its affiliation
with its controlling shareholder Deutsche Telekom AG (DT, Baa1
negative), although Moody's does not impute any credit support to
the rating from DT.

Moody's expects T-Mobile to maintain committed liquidity sufficient
to address 12-18 months of total cash needs, including debt
maturities. The company's ongoing and extensive refinancing actions
post-merger demonstrate solid access to multiple segments of the
debt capital markets. Moody's believes T-Mobile's strategic
business plan is adequately funded for aggregated costs to achieve
synergies and effect full integration of networks and operations.
T-Mobile's liquidity is very good as reflected in the SGL-1
speculative grade liquidity rating and is supported by a currently
undrawn $5.5 billion revolving credit facility and about $4.5
billion of cash as of December 31, 2020, pro forma for the
company's $3 billion senior unsecured notes offering in January
2021 and net of its gross bid for C-band spectrum (before inclusion
of satellite operator clearing and incentive payments).

These strengths could be offset by a meaningful increase in
business risk and a near term deterioration in operating cash flow
as the costs to achieve synergies are incurred well ahead of the
benefits. Moody's believes that the process of integrating
T-Mobile's and Sprint's networks will remain the primary risk
factor over the next 12 to 18 months that could negate the
potential benefits of the business combination. If T-Mobile's
network integration results in a deterioration in service quality
as T-Mobile migrates Sprint customers to its network, churn would
increase and the company would suffer damage to its newly defined
brand and reputation operating as a combined company. The combined
effects of increased churn and lower share of gross adds could
pressure T-Mobile's revenue and cash flow. If sustained, a negative
subscriber trajectory would undermine the confidence of investors
and present future liquidity difficulties.

The instrument ratings reflect the probability of default of
T-Mobile, as reflected in the Ba2-PD probability of default rating,
an average expected family recovery rate of 50% at default, and the
loss given default (LGD) assessment of the debt instruments in the
capital structure based on a priority of claims. The company's
senior secured debt is rated Baa3 (LGD2) and has structural
seniority provided by guarantees on a secured basis by all
wholly-owned domestic restricted subsidiaries of T-Mobile and
Sprint (subject to customary exceptions including for Sprint
Spectrum special purpose vehicles), but the guarantees by Sprint,
Sprint Communications, Inc. (SCI) and Sprint Capital Corporation
(SCC) are unsecured due to secured debt restrictions in the Sprint
senior note documents. The Baa3 senior secured rating reflects
Moody's expectation that the mix of funded senior secured debt as a
percentage of T-Mobile's total of funded senior secured debt plus
funded senior unsecured debt will not exceed the mid-50% area for
any extended period of time.

T-Mobile's senior unsecured debt issued by T-Mobile entities is
rated Ba3 (LGD4), reflecting its junior position in the capital
structure and the proportion of senior secured debt in the capital
structure. Senior unsecured debt issued by Sprint entities is rated
B1 (LGD6). Senior unsecured debt issued by T-Mobile is guaranteed
on an unsecured basis by all wholly-owned domestic restricted
subsidiaries of T-Mobile and Sprint (subject to customary
exceptions), but Sprint Spectrum special purpose vehicles (SPV) are
designated as restricted non-guarantors. T-Mobile US, Inc.
(T-Mobile US), parent of T-Mobile, T-Mobile and T-Mobile's
wholly-owned domestic restricted subsidiaries (subject to customary
exceptions) guarantee Sprint spectrum lease payments, out of which
up to $3.5 billion is secured on a pari passu basis by the assets
of the same entities whose assets are pledged to secure the senior
secured debt held at T-Mobile. The senior unsecured notes at Sprint
and Sprint's wholly-owned subsidiaries, SCI and SCC, receive
downstream unsecured guarantees from T-Mobile US and T-Mobile. As
Sprint is a subsidiary of T-Mobile, the lower rating of the senior
unsecured notes issued by Sprint and its subsidiaries reflects the
fact that these senior unsecured notes have guarantees from
T-Mobile US and T-Mobile but not from their operating subsidiaries.
As a result, Moody's ranks these obligations below the senior
unsecured debt of T-Mobile in Moody's priority of claims
waterfall.

Moody's include the entire amount of spectrum-backed notes issued
by SPV in its waterfall analysis and Moody's rank the
spectrum-backed notes pari passu with T-Mobile's senior secured
debt. Though these spectrum-backed notes are bankruptcy remote from
T-Mobile, this treatment accounts for the diminished asset pool
available to the senior secured debt holders due to the prior claim
on spectrum assets.

The stable outlook reflects T-Mobile's market share gains and
meaningful margin expansion opportunities, which will benefit cash
flow.

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

T-Mobile's rating could be upgraded if leverage is on track to fall
below 4.0x and free cash flow were to improve to the high
single-digits percentage of total debt (all on a Moody's adjusted
basis).

Downward rating pressure could develop if T-Mobile's leverage is
sustained above 4.5x or if free cash flow or liquidity
deteriorates. This could occur if: (1) EBITDA margins come under
sustained pressure, (2) future debt-funded spectrum purchases
significantly exceed our expectations, (3) the company prioritizes
aggressive share repurchases over network investments, or (4) the
company's operating environment sustainably deteriorates due to
competitive or other factors. In addition, an increase in the
proportion of senior secured debt in the capital structure could
pressure the senior secured rating downward.

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

With headquarters in Bellevue, Washington, T-Mobile USA, Inc.
(T-Mobile) provides mobile communications services under the
T-Mobile and Metro by T-Mobile brands in the US, Puerto Rico and
the US Virgin Islands. Following the merger of its parent, T-Mobile
US, Inc., with Sprint Corporation on April 1, 2020, T-Mobile now
operates with 102.1 million subscribers as of December 31, 2020. DT
owns an approximate 43.4% stake in T-Mobile's parent, T-Mobile US,
Inc., but consolidates the T-Mobile parent and subsidiaries by
virtue of its voting control over approximately 52.3% of the
T-Mobile parent as of December 31, 2020.


TALK VENTURE: Unsecureds Will Recover 3.32% Under 2nd Amended Plan
------------------------------------------------------------------
Talk Venture Group, Inc., submitted a Second Amended Plan and a
Disclosure Statement.

This is a reorganizing plan that provides for payment to holders of
allowed claims over time.

CLASS 1(A) -Wells Fargo Bank, N.A. holds a claim secured by a UCC-1
Financing Statement, with a claim amount of $1,018,020 as of the
Petition Date.  Wells Fargo Loan shall have an allowed secured
claim in the amount of $1,013,356 as of February 11, 2021, with
interest thereon at the per diem of $158.28394 through and
including the date of entry of a confirmation order on Debtor's
Second Amended Plan, which shall be paid over 80 months at 0%
interest, with the first payment of $12,000 due on the Effective
Date, and 78 additional monthly payments of $12,000 each due on the
first day of each month thereafter, for a total of $948,000, and
the balance of the Secured Claim to be paid in one balloon payment
in month 80, in full satisfaction of the Secured Claim. This class
is impaired.

CLASS 1(E) - Aaron Knirr has a claim secured by UCC-1 Financing
Statement, with a claim amount of $206,250 as of the Petition date.
The Debtor proposes to pay Aaron Knirr $20,625 as a secured claim
at $343.75 per month for 60 months, with the first payment due on
the Effective Date. The remaining balance of $185,625.00 is treated
as a general unsecured claim in Class 2B. This class is impaired.

CLASS 1(F) - American Express, N.A. holds a claim secured by a
UCC-1 Financing Statement, with a claim amount of $211,975 as of
the Petition date. American Express, N.A. shall have an allowed
secured claim of $21,197.50 to be paid over 60 months, with the
first payment of $353.29 due on the Effective Date, and continuing
on the first day of each month thereafter for a period of 59 months
until the balance of the secured claim is paid in full. America
Express, N.A. agrees to be paid the $190,777.50 remainder due and
owing to it as an unsecured creditor under the Plan at the same
rate and pro-rata amounts as the other unsecured creditors
identified in Class 2B. This class is impaired.

Class 2 - General Unsecured Claims.  In the present case, the
Debtor estimates that there are approximately $4,109,886 in general
unsecured debts.  Class 2B includes various vendors, business loans
and the undersecured claims of secured UCC-lienholders, whose
claims are either bifurcated into partially secured and partially
unsecured claim or treated as a completely unsecured claim.
General unsecured claims classified in Class 2B will receive a
total of approximately 1% of their claims in monthly payments over
a five-year period of the Second Amended Plan, and approximately
2.32% with the proposed new value contribution.

Holders of General Unsecured Claims will receive their pro-rata
share of $757.04 per month for a total of $45,422 over the
five-year period of the Second Amended Plan.  The payments will
start on the first day of the first month following the month
within which the Effective Date occurs.  This class is impaired.

Class 3 - Interest Holders. The Debtor's interest holder is Paul Se
Won Kim who is the Debtor's President and 100% shareholder.  Mr.
Kim will retain his equity interest in the Debtor. The amount due
to Mr. Kim from the Debtor is $76,163.  Mr. Kim agrees to waive
collection of this entire amount from the Debtor.

The Debtor will fund the Second Amended Plan from the continued
operation of its online Amazon sales business.

A copy of the Second Amended Disclosure Statement is available at
https://bit.ly/31b41Y from PacerMonitor.com.

                    About Talk Venture Group

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

The Hon. Theodor Albert oversees the case.  

The Debtor is represented by Michael Jay Berger, Esq., at Law
Offices of Michael Jay Berger.


TAYLOR BUILDING: $23.5K Sale of GMC Sierra 3500 Flatbed Truck OK'd
------------------------------------------------------------------
Judge Jeffery A. Deller of the U.S. Bankruptcy Court for the
Western District of Pennsylvania authorized Taylor Building
Products, LLC's sale of its 2015 GMC Sierra 3500 Flatbed truck, VIN
1GD321C84FF628837, to Braddock Auto Group Partners LP for $23,500.

A hearing on the Motion via Zoom was held on March 16, 2021, at
10:00 a.m.

The sale is free, clear and divested of said liens, claims and
interests.

The Buyer will be responsible for any and all sales tax associated
with the sale as well as all title transfer costs.  It will remit
payment to the counsel for the Debtor, Spence Custer, by certified
check or wire transfer.

The sale proceeds will be disbursed in accordance with the Motion.

The Movant will serve a copy of the Order on each Respondent (i.e.,
each party against whom relief is sought) and its attorney of
record, if any, upon any attorney or party who answered the motion
or appeared at the hearing, the attorney for the Debtor, the
purchaser, and the attorney for the Purchaser, if any, and file a
certificate of service.

The closing will occur within 30 days of the Order and the Movant
will file a report of sale within seven days following closing.

The Confirmation Order survives any dismissal or conversion of the
case.

                About Taylor Building Products

Taylor Building Products LLC, a privately held company that
provides concrete building products, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No.
19-70426) on July 15, 2019.  At the time of the filing, the Debtor
was estimated to have assets of between $1 million and $10 million
and liabilities of the same range.  Judge Jeffery A. Deller
oversees the case.  Spence, Custer, Saylor, Wolfe & Rose, LLC is
the Debtor's bankruptcy counsel.



TEA OLIVE: $1.75M Sale of All Remaining Assets to R.P. Approved
---------------------------------------------------------------
Judge William J. Fisher of the U.S. Bankruptcy Court for the
District of Minnesota authorized Tea Olive I, LLC's sale of
substantially all remaining assets used in its retail operations,
such as remaining furniture, fixtures, equipment, remaining
inventory, and intangibles, but excluding causes of action, and to
assume and assign related unexpired leases and executory contracts,
to R.P. Acquisition Corp. for $1.75 million, cash.

The sale is free and clear of all Liens, Claims, Encumbrances and
Interests.  All Liens, Claims, Encumbrances and Interests that are
released, terminated and discharged as to the Acquired Assets will
attach to the sale proceeds.

The APA and all ancillary documents are approved.

Pursuant to sections 105(a) and 365 of the Bankruptcy Code, and
subject to and conditioned upon the Closing of the Sale, the
Debtor's assumption and assignment to the Purchaser of the Assumed
Contracts is approved.

The Debtor's entry into and performance under the Transition
Services Agreement is approved.

The transfer of all personally identifiable information from the
Debtor to the Purchaser is approved.

The Official Committee of Unsecured Creditors reserves all
Challenge rights, as and to the extent provided in the Final Cash
Collateral Order, with respect to the validity, extent, priority,
or perfection of the security interests, and liens of the
Prepetition Secured Parties, as defined in the Final Cash
Collateral Order, in the titled vehicles that constitute Acquired
Assets and the proceeds thereof.

Any rejection of the Debtor's unexpired leases with STORE Master
Funding XV, LLC or STORE Master Funding XVI, LLC will not be
effective prior to March 31, 2021 absent further order.  Nothing
herein modifies STORE's right to file a proof of claim or the
Debtor's or any other party in interest’s right to object
thereto.

Notwithstanding Fed. R. Bankr. P. 6004(h) and 6006(d), the Sale
Approval Order will take effect immediately upon entry, and in the
absence of any entity obtaining a stay pending appeal, Debtor and
Purchaser are free to close under the APA at any time.   

                      About Tea Olive I, LLC

Tea Olive I, LLC -- https://www.stockandfield.com/ -- is a
Minnesota limited liability company formed in 2018 and
headquartered in Eagan, Minn.  It is a farm, home and outdoor
retailer currently operating 25 stores across Illinois, Indiana,
Ohio, Wisconsin and Michigan.  Tea Olive I conducts business under
the name Stock+Field.

Tea Olive I filed a Chapter 11 petition (Bankr. D. Minn. Case No.
21-30037) on Jan. 10, 2021.  The Hon. William J. Fisher is the
case
judge.

The Debtor estimated $50 million to $100 million in assets and
liabilities as of the bankruptcy filing.  As of the petition date,
the Debtor had $29,724,104 in secured debt under a credit
agreement
with Second Avenue Capital Partners, LLC, as the administrative
agent and collateral agent.  The Debtor also has $26,500,000 in
trade debt.  As of Jan. 8, 2021, the Debtor estimated it holds
consolidated inventory valued at $45,692,831.  The Debtor also
estimated it holds $734,000 in accounts receivable and prepaid
assets.

The Debtor tapped Fredrikson & Byron, P.A. as its counsel and
Steeplechase Advisors LLC as its investment banker.  Donlin,
Recano
& Company, Inc. is the claims agent.

The U.S. Trustee for Region 12 has appointed an Official Committee
of Unsecured Creditors.  Bassford Remele, P.A., is the Committee's
counsel.



TENEO HOLDINGS: Deloitte Deal No Impact on Moody's B2 Rating
------------------------------------------------------------
Moody's Investors Service said that Teneo Holdings LLC's planned
$279 million acquisition of Deloitte's UK restructuring services
business is a positive credit development but it does not affect
Teneo's ratings (B2 stable) at this time. Although ratings are
unchanged, Moody's views the acquisition favorably owing to the
material increase in Teneo's size, improved diversification of
service offerings, and reduction in the company's debt-to-EBITDA
leverage (Moody's adjusted) to 6.1x from 6.5x pro forma for the
acquisition. The addition of the restructuring business adds
corporate advisory, insolvency, and creditor advisory verticals in
the UK. Nonetheless, ratings remain unchanged because the company's
leverage remains high for the B2 rating. The transaction also poses
execution risk related to the carve out transition that will
require stand alone costs, but Moody's believes the company has
sufficient liquidity should there be cost overruns or disruptions
during the integration process including an undrawn $50 million
revolving credit facility due 2024 and $85 million of balance sheet
cash.

The proposed $150 million add-on to Teneo's first lien term loan
due 2025 along with $100 million in new equity from CVC Capital
Partners, $29 million of existing balance sheet cash and rolled
equity from management will be used to fund the acquisition and pay
related fees & expenses. Following the add on, the size of the
company's total first lien term loan due 2025 will increase to $605
million.

The acquisition of Deloitte's UK restructuring business materially
improves Teneo's size and scale increasing the company's revenue by
31% and adds a counter-cyclical service line. The separation of the
restructuring business from Deloitte will also allow Teneo to
target clients previously unavailable due to UK Financial Reporting
Council (FRC) and/or Deloitte's own internal risk assessment
restrictions.

The transaction will be modestly deleveraging for Teneo and
improves debt-to-EBITDA to 6.1x from 6.5x for the year ended 31
December 2020. Leverage has been elevated following a November 2020
$90 million add-on used to pre-fund bolt on acquisitions that has
so far included Ridgeway Partners, a talent advisory firm in the UK
and a minority investment in WestExec Advisors, a geopolitical risk
advisor. At close, the company will continue to have a good cash
balance at $85 million that is expected to go towards future
acquisitions. Moody's expects that leverage should improve to the
mid-5.5x range from organic revenue growth and additional future
acquisitions. Approximately $25 million of positive free cash flow
is expected on an annual basis, which provides good coverage of the
1% (or $6 million) of required debt amortization on the newly
upsized first lien term loan.

Teneo Holdings LLC, headquartered in New York, NY, is a provider of
strategic advisory services to CEOs and senior executives of
companies across the globe. The company has been majority owned by
the private equity firm CVC Capital Partners since 2019.


TEREX CORP: Moody's Affirms B1 CFR & Alters Outlook to Stable
-------------------------------------------------------------
Moody's Investors Service affirmed Terex Corporation's corporate
family rating at B1, probability of default rating at B1-PD, and
upgraded the senior unsecured rating to B2 from B3. Terex's
speculative grade liquidity rating is unchanged at SGL-2. Moody's
assigned the company's new bank credit facility a Ba2 senior
secured rating. The rating outlook is changed to stable from
negative.

The change to a stable outlook reflects Moody's view that Terex
will continue to deleverage from currently high levels as revenue
and profitability rebound from a challenging 2020. However, Moody's
view does not anticipate a rapid snap-back in demand for Terex's
specialized equipment, but rather gradual improvement as
construction activity picks up and equipment utilization rates at
equipment rental companies approach pre-recession levels. In the
meantime, Terex's liquidity is expected to be supported by over $1
billion of aggregate cash and revolver availability.

"The stabilization of Terex's outlook is prospective and
anticipates continued improvement in the credit profile, but credit
metrics are weak and the ratings will face pressure should the
economy or construction activity weaken again," said Moody's Vice
President and lead analyst for Terex, Brian Silver.

RATINGS RATIONALE

Terex's ratings reflect the company's exposure to cyclical
end-markets that can significantly reduce demand for Terex's Aerial
Work Platforms ("AWP") and Materials Processing ("MP") products for
a prolonged period of time. It also reflects Moody's expectation
that debt-to-EBITDA (after Moody's standard adjustments) will
approach 5 times in 2021, improving considerably from 7.5 times
debt-to-EBITDA for 2020 pro forma for the recent debt paydown and
the refinanced debt structure. Terex generates low margins in AWP
that Moody's expects will persist for the foreseeable future. In
addition, cash flow may be susceptible to very large working
capital swings from a build-up of inventories anticipating sales or
from inflationary pressure on input costs.

However, Terex benefits from having well established brands and
solid market position, including its namesake Terex, as well as
Genie, Powerscreen, and Fuchs among others. Terex also has good
scale, but revenue declined to $3.1 billion in 2020 as a result of
significantly lower pandemic influenced sales. Moody's expects
Terex to realize mid-single digit growth in 2021. It will be some
time however, for the company to achieve pre-pandemic revenue
levels, likely only once the equipment replacement cycle is well
underway.

The company also has healthy customer and geographic
diversification with a significant portion of its revenue generated
outside of North America. Moody's expects that the company will
manage inventories by aggressively keeping production in line with
demand, but will use considerable working capital once sales grow.
In addition, the AWP replacement cycle could begin as soon as the
second half of 2021, which could help spur growth.

The SGL-2 speculative grade liquidity rating reflects good
liquidity resulting from a healthy amount of balance sheet cash and
access to external liquidity. Terex had $660 million of cash at
December 31, 2020, but pro forma cash is about $555 million, as the
company used $100 million of cash and $100 million from the sale of
Terex Financial Services (TFS) receivables to repay debt in
February 2021. Moody's calculated free cash flow of slightly over
$250 million in 2020, driven partly by sales of finance company
receivables. In 2021, Moody's anticipates free cash flow to be
negative roughly $50 million as funds from operations will improve,
but they will be more than offset by an increase in working capital
and capital investment needs in concert with higher demand, and
fewer finance receivables sales.

Moody's believes that Terex has limited social risk, other than the
operational challenges in staffing its production facilities.
However, the company does have some environmental risk and, similar
to other heavy manufacturers, generates hazardous and non-hazardous
waste in the normal course operations and is subject to numerous
environmental laws and regulations. Moody's also believes that
Terex has limited governance risk, as the company is publicly
traded and adheres to typical listing standards and has a
well-defined board structure.

The secured debt rating of Ba2 takes into account the priority of
claim the secured holders have with their first lien position, as
well as the relative amount of unsecured claims which are in a
first loss position. The senior unsecured rating was upgraded to B2
to reflect the improved recovery prospects of the senior unsecured
class because of the lowered overall debt amount and the change in
composition of secured and unsecured claims with the new financing.
Moody's will withdraw the ratings on Terex's existing debt
obligations that are being refinanced at the close of the
transaction.

The stable outlook reflects Moody's expectation that Terex will
grow revenue in the mid-single digits, while EBITDA margin
increases from 2020 such that debt-to-EBITDA approaches 5 times at
year end 2021.

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

The ratings could be downgraded if debt-to-EBITDA does not steadily
reduce to approach 5x by the end of 2021 expected to be sustained
above 7 times or forward free cash flow is likely to turn negative.
Also, with a more aggressive financial policy with an increased
focus on acquisitions or shareholder returns, or a material
deterioration in liquidity, the ratings could be downgraded.

Although not anticipated in the near-term, the ratings could be
upgraded if debt-to-EBITDA is sustained below 4 times, free cash
flow-to-debt is sustained above 5%, and the company can improve and
sustain materially higher margins at AWP, in particular, and MP.

The following rating actions were taken:

Assignments:

Issuer: Terex Corporation

Senior Secured Multi-Currency Revolving Credit Facility, co-issued
by New Terex Holdings UK Limited, Terex International Financial
Services Company Unlimited Company and Terex Australia Pty Ltd,
Assigned Ba2 (LGD2)

Senior Secured Term Loan Bank Credit Facility, Assigned Ba2
(LGD2)

Senior Secured Revolving Credit Facility, Assigned Ba2 (LGD2)

Affirmations:

Issuer: Terex Corporation

Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

Upgrades:

Issuer: Terex Corporation

Senior Unsecured Regular Bond/Debenture, upgraded to B2 (LGD5)
from B3 (LGD5)

Outlook Actions:

Issuer: Terex Corporation

Outlook, Changed To Stable From Negative

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

Headquartered in Norwalk, CT, Terex Corporation (NYSE: TEX) is a
global manufacturer of lifting and material processing products and
services. The company reports in two business segments: Aerial Work
Platforms (AWP) and Materials Processing (MP). Terex generated
revenue of $3.1 billion for the year ended December 31, 2020.


TEREX CORP: S&P Rates Proposed $600MM Senior Unsecured Notes 'BB-'
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '4'
recovery rating to Terex Corp.'s proposed $600 million senior
unsecured notes maturing in 2029. The '4' recovery rating indicates
its expectation for average (30%-50%; rounded estimate: 30%)
recovery in the event of a payment default. S&P believes the
company will use the net proceeds from these notes to redeem its
existing 2025 notes.

S&P views this transaction as credit neutral. Therefore, the 'BB-'
issuer credit rating and stable outlook on Terex remain unchanged.




TIDAL POWER: Moody's Rates $405MM Secured Credit Facilities 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to Tidal Power
Holdings, LLC's proposed $360 million senior secured term loan due
2027 and $45 million senior secured revolving credit facility due
2025. The rating outlook is stable.

Tidal Power is a wholly-owned affiliate of I Squared Capital (I
Squared), an independent global infrastructure investment manager.
Proceeds from the term loan will be used to fund in part I
Squared's pending acquisition of Atlantic Power Corporation
(Atlantic Power: Ba3 Corporate Family Rating). The acquisition,
which was previously announced in January 2021, is subject to
various regulatory, securityholder and other approvals. Closing is
currently expected to occur in the second quarter.

Upon consummation of the transaction and the financing, Tidal
Power, along with an affiliated Canadian co-borrower, will pledge
their indirect ownership interest in fifteen operating natural gas
and solid fuel fired power plants in the United States and Canada
previously indirectly held by Atlantic Power.

RATINGS RATIONALE

The Ba2 rating reflects the high quality cash flow expected to be
generated by the portfolio over the near-term owing to a high
reliance on contractual arrangements. Excess annual cash flow, as
well as the proceeds under an executed agreement relating to the
sale of the Manchief peaking station in mid-2022, are required to
be used for debt reduction. Near-term debt reduction under all
sensitivities considered is significant and is a driver for the
rating outcome.

Tidal Power's cash flows are primarily derived under existing
contractual arrangements with a diverse group of creditworthy
counterparties. Most of the generating facilities, as well as their
respective contractual offtaker arrangements, have been in effect
for more than a decade with no meaningful operational problems or
contractual disputes. The rating, however, considers that many of
the contractual arrangements are at the later stages of their
contractual lives and that a meaningful drop off in contracted cash
flow relative to historic levels will begin in 2023. In light of
the advanced age, relatively small generating capacity and weak
competitive profile of the generating assets, Moody's assume that
most of the assets will be decommissioned upon contract
expiration.

The Portfolio

Tidal Power's portfolio securing the indebtedness includes full or
partial ownership interest in eight natural gas-fired facilities,
six biomass facilities and a minority interest in one coal-burning
asset. The combined net generating capacity is approximately 1,160
megawatts. The assets are geographically diverse, spread out within
nine states and two Canadian Provinces. Capacity and electric
production is contracted with sixteen individual offtakers,
predominantly creditworthy investor owned utilities, public utility
districts and provincial-owned electric generators.

The portfolio's weighted average contractual remaining life is less
than 4 years, a negative credit consideration. Six of Tidal Power's
assets with an aggregate net generating capacity of 578 megawatts
are facing contract maturities in 2021 and 2022. While Moody's base
case assumption is that these assets will be decommissioned, the
low heat rate profile of the 250 megawatt Fredrickson power station
(Tidal Power net ownership is 125 megawatts) located in Tacoma, WA
suggests the potential for the plant to operate profitably on a
merchant basis. The contractual arrangement between the Public
Service Company of Colorado (PSCO: A3, stable) and Manchief, a 300
MW simple-cycle peaking facility that will be 100% owned by Tidal
Power, expires in April 2022. The parties however have executed a
purchase and sale agreement for a price of $45.2 million, net
proceeds from which are to be used for Term Loan B debt reduction.

The last significant contract maturity scheduled during the term of
the debt offering occurs in December 2023 when an agreement between
Duke Energy Florida, LLC (A3, stable) and the Orlando Project
expires. The Orlando Project is a 129 MW natural gas-fired
combined-cycle cogeneration facility located in Orlando, FL that
will be 50% owned by Tidal Power. Historically, distributions from
the Orlando Project to Atlantic Power has been in excess of $30
million annually.

There is, however, a long-term aspect of the contractual
arrangements within the Tidal Power portfolio. Contracts at seven
assets with a net generating capacity of 410 megawatts expire
beyond the term of the term loan, which alleviates some concern
around refinancing. Maturity dates for the contracts of these
assets range from December 2027 to December 2034.

There is limited project-level debt within the portfolio, a
positive credit factor. Only two assets, Chambers Cogeneration Ltd.
Partnership (Tidal Power ownership: 40%), whose senior debt is
rated Baa3 with a stable outlook, and the Cadillac Biomass Facility
(Tidal Power ownership: 100%), are encumbered with project level
debt. The remaining assets are unencumbered and, as such, do not
have meaningful restrictions for project-level cash flows to be
available for Tidal Power. Historically, Chambers Cogeneration and
Cadillac have exceeded their respective restricted payments tests
that exist with the terms of their respective project level debt
and have provided distributions to their parent, a trend we expect
will continue.

Projected Financial Performance

Moody's base case financial forecast, which among other things
assumes an April 2021 closing and the decommissioning of the
projects upon the expiration of their respective offtaker
contracts, suggests aggregate cash flows available for debt service
at or in excess of $100 million in each of 2021 and 2022. These
distributions are to be used to pay Tidal Power's operating and
administrative costs, for interest payment and for quarterly term
loan repayment equal to 0.25% of the initial principal. Any
remaining cash flow is required to be used for term loan debt
reduction on a quarterly basis. As such, Moody's expect the term
loan to permanently reduce debt by $190 million by year-end 2022, a
more than 50% debt reduction, of which $145 million is expected
from internally generated cash flow and $45 million from the sale
of Manchief. Assuming Tidal Power meets these debt reduction
targets, its consolidated debt to EBITDA will decline to less than
2 times by year-end 2022.

Projected cash flows available for debt service are anticipated to
decline to less than $100 million in 2023 and to $50 million or
less thereafter. Assuming these target cash flows are met, our
forecast suggests that the term loan debt outstanding at year-end
2026 will be less than $50 million. Debt reduction remains strong
under various sensitivities considered, with remaining term debt
outstanding ranging from $50 million to $100 million depending on
the underlying assumptions incorporated in the scenario analysis.
The tenor of the remaining seven assets in the portfolio have
contract expiration dates that extend beyond the six year term of
the loan which provides a mitigant against refinancing risk should
Tidal Power's debt reduction occur at a slower pace.

Structural Features

Tidal Power and its affiliate APLP Holdings Limited Partnership
will be co-borrowers under the credit facilities on a joint and
several basis. The financing has been structured with fairly
conservative features that include a 6-month debt service reserve
(DSR) requirement supported by a sponsor-backed letter of credit
and a 100% excess cash flow sweep requirement. While asset sales
and contract monetization are permitted, 100% of the proceeds from
any such sale or monetization are required to be used for debt
repayment until a set of defined financial parameters are achieved,
after which 50% of the proceeds from any such sale ore monetization
are required to be used for debt repayment. The collateral package
will include a first priority lien in all of the assets of Tidal
Power, its co-borrower and their respective various wholly owned
subsidiaries, excluding subsidiaries owning certain other projects
excluded from the credit facilities.

Liquidity for the portfolio is adequate and consists of a $45
million senior secured revolving credit facility due in 2025 that
ranks on parity with the secured term loan B as well as the
six-month DSR that will be provided through a letter of credit from
the Sponsor.

RATING OUTLOOK

The stable outlook reflects an expectation for continued strong
operating performance and material debt reduction over the first
12-months of ownership.

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

Tidal Power's rating is unlikely to be upgraded in the near-term
owing to the anticipated leverage at financial close. Longer term,
the rating could come under positive pressure should greater than
anticipated debt reduction occur. This scenario would likely be
driven by asset sales or monetizations currently not considered.

Tidal Power's rating would likely face downward pressure should
aggregate distributions from the various projects fall short of
expectations owing to weak, reoccurring operating performance at
several of the projects resulting in lower than anticipated debt
reduction through 2022 and increased refinancing risk.

The principal methodology used in these ratings was Power
Generation Projects Methodology published in July 2020.


TRADE WEST: Court OKs Cash Collateral Deal Thru April 5
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of Hawaii has approved
the Stipulation and Agreed Sixth Interim Order Authorizing the Use
of Cash Collateral and Granting Adequate Protection and Related
Relief entered between Trade West, Inc. dba Nani Makana
Distributors and The Islander Group, Inc.

The Debtor is authorized to use cash collateral on an interim basis
through the date of the next hearing on the Sixth Interim Order
scheduled for April 5, 2021 at 2 p.m. or a date to which the
parties may agree. The Debtor is directed to pay only the ordinary
and reasonable expenses of liquidating its businesses which are
necessary to avoid immediate and irreparable harm.

An immediate need exists for the Debtor to have access to the Cash
Collateral in order to meet the expenses of an orderly liquidation
of its assets.

The Stipulation and prior interim orders authorizing the use of
cash collateral and granting adequate protection and related relief
have been operative through March 15, 2021.

On January 15, 2019, The Islander Group, Inc. as lender and the
Debtor as borrower entered into (a) a Term Loan Agreement, (b) a
Promissory Note in the original principal amount of $300,000, (c) a
Security Agreement, and (d) a Guaranty Agreement. The Debtor's
obligations to the Islander Group are secured by the UCC Financing
Statement recorded in the Bureau of Conveyances, State of Hawaii on
January 16, 2019 as Document No. A-69550713.

The Financing Statement and Lien Report issued by Title Guaranty of
Hawaii, Inc. (and dated October 14, 2019) states there is a
Financing Statement in favor of the Islander Group.

A Financing Statement covering all equipment, general intangibles,
and all modifications and attachments thereto and replacements
thereof now and hereafter covered by certain Lease Agreement dated
as of April 4, 2016 between Alliance Funding Group as Lessor and
Trade West, Inc. as Lessee.

The second Financing Statement covers all equipment and other
personal property, now or hereafter the subject of that certain
Lease Agreement, relating to Financial Pacific Leasing, Inc., dated
May 6, 2016.

There is a Funding Metrics UCC-1 dated October 29, 2019. The Debtor
claims that the Funding Metrics Financing Statement is an avoidable
preference, since it was recorded within 90 days of the Petition
Date, December 30, 2019.

As part of the adequate protection for the use of the Islander
Group cash collateral, the Debtor will pay the Islander Group
$4,500 payable on the 10th day of every month, starting with the
month of December 2020 until further Order of the Court.

As additional adequate protection, the Debtor's Responsible Person,
Thomas Matthews, and guarantor, will satisfy the balance due on the
Islander Promissory Note, with the sales proceeds from the sale of
the Matthews Properties' Warehouse located at the Iwilei Business
Center, 501 Sumner Street, Units 6H, 6I and 6J, Honolulu, Hawaii
96817, designated as TMK No. (1) 1-5-012-001, CPR Nos. 0019, 0020
and 0021. This warehouse is not property of the Estate and is owned
by non-debtor entity. The approximate amount of the balance due on
The Islander Group is $189,085, or an amount to be determined. In
addition to the adequate protection payment, as additional
collateral, TIG will receive an interest in the sales proceeds of
the warehouse unit owned by Matthews Properties, junior to the
existing mortgages and liens of Pacific Guardian Life and Hawaii
Central Federal Credit Union.

As additional adequate protection, TIG will receive an interest in
any sales proceeds from the personal residence of Mr. Thomas
Matthews at 2535 Pacific Heights Drive, Honolulu, Hawaii 96813,
designated as TMK No. (1) 2-2-023-020-0000. The TIG interest will
be junior to the existing mortgage of the Bank of Hawaii and any
other pre-existing recorded mortgage or encumbrance. Thomas
Matthews or Matthews Properties may seek a subrogated claim for the
amounts paid to TIG on the TIG's claim.

The Debtor grants, assigns and pledges to Islander Group's valid,
perfected and enforceable liens and security interests in all of
the Borrower Accounts created from and after the Petition Date and
all of the Debtor's right, title and interest in, to and under the
Pre-Petition Collateral, to the extent the same existed on the
Petition Date and the proceeds, products, offspring, rents and
profits of all of the foregoing, all as may otherwise be described
in the Secured Loan Agreement.

The Replacement Liens granted are valid, perfected and enforceable
against the Replacement Collateral as of the Petition Date without
further filing or recording of any document or instrument or the
taking of any further actions, and will not be subject to dispute,
avoidance or subordination as to the Interim Replacement Value.

A copy of the order is available for free at https://bit.ly/2Nzcx0k
from PacerMonitor.com.

                         About Trade West

Trade West, Inc., which conducts business under the name Nani
Makana -- http://www.tradewest.org/-- was founded in 1976 by
Thomas and Ellen Matthews.  Based in Honolulu, Hawaii, Trade West
designs, imports, manufactures and distributes authentic Hawaiian
flower artificial lei and hair accessories; two lines of Made in
Hawai'i personal care, bath and body products; a line of sunglasses
and accessories; and Hawaiian-themed gifts and souvenirs.  

Trade West filed for Chapter 11 bankruptcy protection (Bankr. D.
Hawaii Case No. 19-01658) on Dec. 30, 2019.  In its petition, the
Debtor estimated $1 million to $10 million in both assets and
liabilities.  The petition was signed by Thomas W. Matthews,
president.  

Judge Robert J. Faris oversees the case.

The Debtor is represented by Jerrold K. Guben, Esq., at O'Connor
Playdon Guben & Inouye LLP as counsel.



TTF HOLDINGS: Moody's Assigns First Time B2 Corp Family Rating
--------------------------------------------------------------
Moody's Investors Service assigned first time ratings to TTF
Holdings, LLC ("TTF", dba "Soliant"), including a B2 corporate
family rating, B2-PD probability of default rating and B2
instrument ratings to the first-lien senior secured credit
facilities, which include a new $30 million first-lien senior
secured revolving credit facility and a new $300 million first-lien
senior secured term loan. The outlook is stable.

Proceeds from the proposed first-lien term loan will be used to
refinance the existing $250 million outstanding term loan, pay a
$40 million dividend to private equity sponsor, Olympus Partners
("Olympus"), and pay transaction related fees and expenses.

Assignments:

Issuer: TTF Holdings, LLC

Corporate Family Rating, Assigned B2

Probability of Default Rating, Assigned B2-PD

Gtd Senior Secured Revolving Credit Facility, Assigned B2 (LGD3)

Gtd Senior Secured Term Loan, Assigned B2 (LGD3)

Outlook Actions:

Issuer: TTF Holdings, LLC

Outlook, Assigned Stable

RATINGS RATIONALE

The B2 corporate family rating reflects Soliant's high leverage at
4.7 times (Moody's adjusted pro forma for YE2020) and small scale
with annual revenue under $400 million, low compared to other peers
in the rating category. Growth and profitability could be pressured
if larger staffing companies with more resources entered Soliant's
niche markets. Moody's anticipates that the private equity sponsor,
Olympus, will employ shareholder-friendly financial policies that
will keep leverage high. The rating also reflects the company's
exposure to economic cycles, especially in the healthcare segment,
which generates roughly 40% of total revenue. Regulatory risks
associated with public school budgets and increasing healthcare
costs, along with potential margin pressure due to the scarcity of
Soliant's highly specialized contractors, also weigh on the
credit.

Soliant's ability to identify and invest in skilled staffing
segments that command high margins is credit positive. The company
benefits from a leading position within the niche special education
and healthcare end markets. Soliant's established customer
relationships and an extensive database of candidates create some
barriers to entry. Despite the inherently cyclical and short-term
nature of the staffing industry, Soliant's focus on highly
specialized (less volatile) end markets supports revenue stability.
A mostly variable cost structure also mitigates cyclical concerns.
Strong margins with minimal capex requirements result in healthy
cash flow generation.

The stable outlook reflects the expectation that Soliant will
reduce leverage towards 4.5x (Moody's adjusted) over the next 12
months, in the absence of leveraging transactions, supported by
revenue growth in the mid-single digit range or above. Margins are
expected to decline slightly in the next 12 months as the benefit
of pricing spikes caused by COVID-19 in the healthcare segment
wanes, and Soliant ramps up producer (recruiter) hiring to support
growth. Moody's expects healthy free cash flow over the next 12
months with FCF/debt in the 8%-10% range (excluding the expected
$40 million dividend distribution at closing).

Moody's views Soliant's liquidity as good, reflecting the company's
$10 million cash balance at close, an undrawn $30 million revolver
and our expectation that Soliant will continue to generate healthy
cash flow with Moody's adjusted FCF/debt in the 8%-10% range over
the next 12 months (excluding the expected $40 million dividend
distribution at closing). Moody's expects run-rate operating cash
flow generation over $30 million annually, well in excess of the
annual 1% term loan amortization requirement and capex needs. The
first lien revolver includes a 6.5x springing covenant when the
drawn amount exceeds 35%. Moody's expects Soliant will maintain an
ample cushion against the covenant test. Moody's anticipates the
$30 million revolver will cover any seasonal cash flow needs
stemming from the nine-month education calendar and associated
volatility in working capital.

Corporate governance policy presents risks through both the high
financial leverage employed and private equity ownership, which
typically places shareholder interests above those of creditors.
Moody's expects financial policies that will sustain high levels of
leverage, including debt-funded M&A transactions and other
shareholder-friendly policies.

The B2 ratings on Soliant's senior secured first lien credit
facilities reflect both the probability of default rating of B2-PD
and the loss given default assessment of LGD3. The senior secured
first lien credit facilities benefit from secured guarantees from
all existing and subsequently acquired wholly-owned domestic
subsidiaries. As there is no other meaningful debt in the capital
structure, the facilities are rated in line with the B2 CFR.

Preliminary terms in the first lien credit agreement contain
provisions for incremental first-lien debt capacity up to 1) the
greater of $70 million and 100% of pro forma consolidated EBITDA
for the trailing four quarters, plus 2) additional amounts subject
to pro forma first-lien net leverage of 4.25x (if pari passu
secured). Alternatively, the ratio test may be satisfied so long as
leverage does not increase on a pro forma basis if incurred in
connection with a permitted acquisition or investment. Incremental
amounts up to the greater of $35 million and 50% of consolidated
EBITDA may be incurred with an earlier maturity. Incremental debt
baskets are permitted for junior and unsecured instruments. Only
wholly owned restricted subsidiaries must provide guarantees;
partial dividend of ownership interest or subsidiaries deemed
unrestricted could jeopardize guarantees. The credit agreement
permits the transfer of assets to unrestricted subsidiaries,
subject to carve-out capacities, with no explicit assets subject to
"blocker" protections. The asset-sale proceeds prepayment
requirement has leverage-based step-downs to 50% and 0%, subject to
pro-forma first lien net leverage reaching 3.75x and 3.25x,
respectively.

The above are proposed terms and the final terms of the credit
agreement can be materially different.

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

The ratings could be upgraded if scale increases materially,
enhancing Soliant's competitive position and further diversifying
its revenue profile, and the company demonstrates a track record of
moderate financial policies. An upgrade would also require the
expectation that debt-to-EBITDA will remain under 4x (Moody's
adjusted), and the company will sustain good liquidity.

The ratings could be downgraded if revenue growth or profitability
diminish materially compared to historical levels, due to increased
competition, saturation in the niche segments Soliant serves, or
other factors impacting the business model. Ratings could also be
downgraded if the company pursues more aggressive financial
policies, such that Moody's expects debt-to-EBITDA will be
sustained above 6x. Diminished liquidity, including FCF/debt below
5% (all metrics Moody's adjusted), could also lead to a ratings
downgrade.

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

TTF Holdings, LLC, (dba Soliant) based in Atlanta, GA, is a
specialized staffing and outsourcing services provider. The company
sources and deploys skilled healthcare contractors to public
schools, hospitals and life sciences companies. Soliant operates
solely in the US and is owned by private equity sponsor Olympus
Partners, which purchased the company following the separation from
global staffing provider Adecco in 2019. Revenue for the year ended
December 31, 2020 was $392 million.


VANTAGE DRILLING: Swings to $276.7 Million Net Loss in 2020
-----------------------------------------------------------
Vantage Drilling International filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing a net
loss of $276.76 million on $126.86 million of total revenue for the
year ended Dec. 31, 2020, compared to net income of $456.47 million
on $760.85 million of total revenue for the year ended Dec. 31,
2019.

As of Dec. 31, 2020, the Company had $784.34 million in total
assets, $48.37 million in total current liabilities, $345.22
million in long-term debt, $15.01 million in other long-term
liabilities, and $375.74 million in total equity.

As of Dec. 31, 2020, Vantage had approximately $154.5 million in
cash, including $12.5 million of restricted cash, compared to
$242.9 million in cash, including $11.0 million of restricted cash
at
Dec. 31, 2019.  The Company used $85.3 million in cash from
operations in 2020 compared to $535.6 million generated, including
cash collected in the Petrobras settlement in 2019.

Ihab Toma, CEO, commented: "2020 was unlike any year that preceded
it.  The arrival of COVID-19 caused, and its spread continues to
cause, widespread illness and significant loss of life, leading
governments across the world to impose and maintain severely
stringent limitations on movement and human interaction -
essentially shutting down economies.  In this difficult
environment, it was inevitable that our industry would contract
just as it appeared that the previous downturn that began in 2014
finally was showing signs of easing.  Notwithstanding these
challenges, the Company recorded its safest year ever and operated
with high levels of efficiency, a true testament of the excellence
and commitment of the Vantage team."

Mr. Toma continued: "As 2021 further unfolds, crude prices have
improved and industry sentiment appears more hopeful.  Three of our
previously stacked rigs, the Topaz Driller, the Sapphire Driller
and the Aquamarine Driller, are expected to begin campaigns for
clients during the first half of the year. While, as previously
announced, the Platinum Explorer has secured a follow-on two-year
contract with ONGC that will begin later this year.  As has been
the case, our focus remains on putting our rigs back to work,
operating safely and efficiently, managing costs and conserving
cash while continuing to deliver high quality service to our
esteemed clients."

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

https://www.sec.gov/Archives/edgar/data/1465872/000156459021014207/vdi-10k_20201231.htm

                           About Vantage

Vantage, a Cayman Islands exempted company, is an offshore drilling
contractor, with a fleet of two ultra-deepwater drillships, and
five premium jackup drilling rigs.  Vantage's primary business is
to contract drilling units, related equipment and work crews
primarily on a dayrate basis to drill oil and natural gas wells
globally for major, national and independent oil and natural gas
companies. Vantage also provides construction supervision services
and preservation management services for, and will operate and
manage, drilling units owned by others.

                         *    *    *

As reported by the TCR on April 29, 2020, S&P Global Ratings
lowered its issuer credit rating on Vantage Drilling International
to 'CCC' from 'CCC+'.  S&P said, "The collapse in prices is likely
to sharply reduce offshore drilling activity.  Oil and gas
producers announced material reductions to capital spending and
drilling activity plans, which lowers demand for oilfield service
providers such as Vantage Drilling.  S&P expects offshore activity
will be materially affected, which is already evident in recent
news that active tenders are being cancelled or deferred."

In February 2021, Moody's Investors Service completed a periodic
review of the ratings of Vantage Drilling International and other
ratings that are associated with the same analytical unit.  Moody's
said Vantage Drilling International's Caa1 Corporate Family Rating
reflects the company's high financial leverage mainly due its weak
cash flow generation outlook as the recovery in the offshore sector
will be very slow and persistent oversupply of floating rigs will
keep dayrates weak.


VICI PROPERTIES: Fitch Alters Outlook on 'BB' LT IDR to Stable
--------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook to Stable from
Negative for VICI Properties Inc. (VICI) and its issuing
subsidiaries VICI Properties L.P.'s and VICI Properties 1 LLC's.
Fitch has affirmed the companies' Long-Term Issuer Default Ratings
(IDRs) at 'BB'. Fitch also affirmed the subsidiaries' debt
ratings.

The Stable Outlook reflects improving clarity about the impact of
COVID-19 on the U.S. gaming sector, including VICI's main tenant
Caesars Entertainment, Inc. (Caesars). The Outlook also reflects
VICI's tendency to manage towards the lower end of its 5.0x-5.5x
net leverage target range, its proactive pre-funding of
acquisitions, and its migration towards an all-unsecured capital
structure. Fitch views the announced Venetian acquisition
positively.

VICI's 'BB' IDR reflects its stable triple net lease (NNN) cash
flows, good geographic asset diversification and conservative
financial policy. Negatively, VICI's wholly-owned assets, except
Margaritaville Bossier City, are fully encumbered by its senior
secured credit facility.

KEY RATING DRIVERS

Stable NNN REIT Cash Flow: VICI benefits from a NNN lease structure
with its tenants. Caesars comprises about 70% of VICI's total rent
pro forma for the pending transaction. About two-thirds of Caesars'
rent is tied to one large regional gaming master lease, and the
balance is related to a master lease containing two Las Vegas Strip
assets, Harrah's and Caesars Palace. VICI's leases with Caesars are
guaranteed by the tenants' ultimate corporate parent. Caesars'
corporate-wide EBITDAR will cover its lease obligations, including
ones with Gaming and Leisure Properties, Inc. (GLPI), by over 2x in
2023, by which time Fitch expects a near complete recovery across
the gaming sector.

VICI diversified its tenant mix with a series of acquisitions since
its spin-off from Caesars introducing Penn National Gaming (Penn),
Hard Rock International, JACK Entertainment and Century Casinos
into the tenant mix. The Venetian, a pending acquisition, will be
operated and leased by affiliates of Apollo Global Management, Inc.
(Apollo). VICI's assets are geographically diverse throughout the
U.S. with about 58% of the rent coming from less cyclical regional
markets.

Fitch views VICI's rent stability less favorably, relative to
peers, given the lower asset/master lease level rent coverage
estimated by Fitch. Rent coverage could improve as Caesars realizes
synergies from the 2020 merger. However, there is a lack of
asset/master lease level coverage disclosure, reflecting limited
disclosure provided by its tenants. Therefore, assessing the
potential improvement in the coverage will be difficult.

Conservative Financial Policies: VICI has a conservative target
leverage range of 5.0x-5.5x net debt/EBITDA and has shown
willingness to issue equity to remain within the target range when
making acquisitions. VICI issued equity for net proceeds of $4.7
billion through year-end 2020 and has forward sale agreements for
up to additional $2.5 billion VICI may exercise to fund the
Venetian or other acquisitions. The forward agreements, which were
also used to acquire assets in 2020 relating to the
Caesars/Eldorado merger, help mitigate equity market risks. Fitch
estimates that VICI will be at 5.2x by year-end 2022, first full
year owning the Venetian.

Weaker Contingent Liquidity: VICI's capital structure is mostly
encumbered with all wholly-owned assets, except Margaritaville
Bossier City, being pledged to the senior secured credit facility.
VICI has expressed interest in migrating toward a fully unsecured
capital structure, which Fitch expects to occur over the next
several years. VICI's capital structure is 69% unsecured as of Dec.
31, 2020 with the unsecured mix likely getting closer to
three-quarters by year-end as VICI looks to raise debt for the
Venetian acquisition.

Gaming REIT's contingent liquidity in the form of mortgage debt or
asset sales is not as robust as more traditional REIT asset
classes. Gaming properties are a specialty property type that
appeals to a smaller universe of institutional real estate
investors and lenders than core commercial property sectors.

Some gaming companies have accessed debt secured by specific assets
in a time of stress. There are also gaming assets in some CMBS
transactions, but Fitch views the through-the-cycle availability of
capital from this avenue as weaker than secured mortgages from
balance sheet lenders, including life insurance companies, and, to
a lesser extent, banks.

Potentially Lower Asset-Level Rent Coverage: VICI was spun-out of
Caesars Entertainment Operating Company (CEOC) in late 2017. Fitch
estimates based on available disclosure at the time of the spin-off
the initial asset level rent coverage of all leases at around 1.7x.
This is less than the initial rent coverage levels set by VICI's
peers, MGM Growth Properties (MGP) and Gaming and Leisure
Properties (GLPI), who set their initial rents for their respective
major master leases at around 1.8x.

Estimating more current asset-level rent coverage is difficult
since Caesars does not disclose property level EBITDAR and there
are no rent escalator coverage tests. VICI's transactions with
Caesars last year, which increased rent on existing leased assets,
weakened the asset-level rent coverage of Caesars leases.
Additionally, certain asset future potential acquisitions from
Caesars by VICI are contemplated with the initial incremental
EBITDAR/rent being below 1.7x. Merger synergies realized by Caesars
could improve coverage.

Fitch believes that lower asset-level rent coverage increases the
probability that a lease may be renegotiated in a downturn. In
VICI's case, the leases are guaranteed by the tenants' respective
parent entities; however, the tenants generally have weaker credit
profiles relative to VICI with the exception of Seminole Hard Rock
International (BBB-/Negative). Therefore, Fitch puts more emphasis
on asset/lease level coverage.

Independent Governance: VICI's governance is independent from
Caesars following VICI's spin-off in 2017 with VICI's largest
shareholders being large institutional investors including
REIT-focused actively managed and index funds. VICI's board is
largely independent, with the only non-independent director being
its CEO, and is comprised of REIT, gaming, legal and investment
professionals. VICI's CEO is a REIT veteran with experience at
leisure and lodging REITs. VICI's management team includes one
former Caesars executive, John Payne (COO).

DERIVATION SUMMARY

VICI's main peers are gaming REITs including GLPI (BBB- IDR) and
MGP (BB+ IDR). All three REITs have comparable credit metrics and
share a leverage target range of 5.0x-5.5x. VICI is more
conservative with respect to issuing equity ahead of acquisitions
and remaining within its targeted leverage range. VICI's
wholly-owned assets, except one, are encumbered by its senior
secured credit facility and its leases with Caesars have been
underwritten with lower initial asset-level rent coverage.

KEY ASSUMPTIONS

-- Cash rent of $1.29 billion, $1.57 billion and $1.6 billion in
    2021, 2022 and 2023, respectively. Rent increases include the
    inclusion of the Venetian rent in 2022 (assume end of 2021
    closing) and rent escalators each year of the Caesars leases,
    which are not subject to rent coverage tests.

-- Interest income of $42 million and golf related EBITDA of $10
    million annually.

-- Cash based general and administrative expense of $25 million
    annually.

-- 90% dividend payout, which is higher than the company's
    guidance.

-- No transactions contemplated beyond the acquisition of the
    Venetian, which is funded with $1.7 billion of new debt, the
    recently priced equity issuance, and equity proceeds from the
    remaining 2020 equity forward agreements.

RATING SENSITIVITIES

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

-- Track record of acquisitions with asset level rent coverage
    being closer to 2.0x;

-- Improvement in Caesars' credit profile and our estimate of
    Caesars' lease coverage levels due to EBITDAR growth;

-- Greater disclosure on rent coverage at asset or master lease
    level;

-- Further migration toward increasing the unsecured debt mix;

-- Diversification in tenant base;

-- Greater staggering of the maturity schedule;

-- Net debt/EBITDA remaining within the 5.0x-5.5x range or,
    absent VICI making progress with respect to the above
    sensitivities, net debt/EBITDA target being set at below 5.0x.

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

-- Net debt/EBITDA sustaining above 5.5x;

-- Significant deterioration in Caesars' (or surviving entity
    following the ERI merger) credit quality;

-- Increased aggressiveness with respect to acquisition and lease
    underwriting, especially relating to transactions with
    Caesars.

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

VICI has solid liquidity with a $1 billion undrawn revolver
maturing in 2024 and $336 million of cash (including short-term
investments) as of Dec. 31, 2020. The nearest maturity is the term
loan B maturing in 2024. A negative liquidity consideration is
VICI's concentrated maturity profile with nearly one-third of the
debt maturing in 2024. This concentration will come down with the
funding of the pending transaction.

Approximately three-quarters of VICI's capital structure pro forma
for the pending transaction will be unsecured. Fitch expects VICI
to continue to migrate toward an unsecured debt structure over the
next several years and to rely on unsecured notes and equity for
future acquisitions.

VICI's senior secured credit facility is issued out VICI PropCo,
which sits below the operating partnership (OP) entity. The OP is
the issuer of the unsecured notes, which are guaranteed by VICI
PropCo.

The 'BBB-'/'RR1' rating on the senior secured credit facility
reflects the facility's strong overcollateralization and tight
covenants in the credit agreement and the notes indenture limiting
senior secured debt.

ESG CONSIDERATIONS

VICI has an ESG Relevance Score of '4' for Financial Transparency
due to lower transparency around rent coverage relative to industry
peers, which has a negative impact on the credit profile and is
relevant to the rating in conjunction with other factors.

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


VICTOR MAIA: $67.5K Sale of Philly Property Sale to S&Z Approved
----------------------------------------------------------------
Judge Ashely M. Chan of the U.S. Bankruptcy Court for the Eastern
District of Pennsylvania authorized Victor H. Maia's private sale
of the real property located at 1641 Fillmore Street, in
Philadelphia, Pennsylvania, Tax Parcel No. 232192000, to S&Z Real
Estate LLC or its assignee for $67,500.

The sale is free and clear of any and all liens, claims or
encumbrances, on an "as is, where is" basis.

The City of Philadelphia's statutory and judicial liens on the Real
Property, will be paid in full at closing.

The net proceeds of the Sale of the Real Property after payment of
all ordinary and necessary closing costs, including but not limited
all mortgages of record and as set forth, will be held in escrow
pending confirmation of a Plan of Reorganization and are intended
to fund the Plan.

Until further Order of the Court or as set forth in a confirmed
Plan, the Wrongful Death Creditors' lien on the Real Property, to
the extent such lien is valid and is not avoidable, will attach to
the funds in the escrow account to the extent and priority of the
Wrongful Death Creditors' valid lien against the Real Property,
automatically by operation of the Order, without the need for
further order of the Court and without the requirement of any act
to attach or perfect the liens.

The 14-day stay imposed by Fed. R. Bankr. P. 6004(h) is waived and
the Order is effective immediately upon its entry.  

Victor H. Maia sought Chapter 11 protection (Bankr. E.D. Pa. Case
No. 18-16907) on Oct. 17, 2018.  The Debtor tapped Edmond M.
George, Esq., at Obermayer Rebmann Maxwell & Hippel, LLP as
counsel.



VICTOR MAIA: $79K Sale of Philly Property Sale to Indigo Approved
-----------------------------------------------------------------
Judge Ashely M. Chan of the U.S. Bankruptcy Court for the Eastern
District of Pennsylvania authorized Victor H. Maia's private sale
of the real property located at 124 E. Albanus Street, in
Philadelphia, Pennsylvania, Tax Parcel No. 421142800, to Indigo
Homes, LLC, or its assignee for $79,000.

The sale is free and clear of any and all liens, claims or
encumbrances, on an "as is, where is" basis.

The City of Philadelphia's statutory and judicial liens on the Real
Property, will be paid in full at closing.

The net proceeds of the Sale of the Real Property after payment of
all ordinary and necessary closing costs, including but not limited
all mortgages of record and as set forth, will be held in escrow
pending confirmation of a Plan of Reorganization and are intended
to fund the Plan.

Until further Order of the Court or as set forth in a confirmed
Plan, the Wrongful Death Creditors' lien on the Real Property, to
the extent such lien is valid and is not avoidable, will attach to
the funds in the escrow account to the extent and priority of the
Wrongful Death Creditors' valid lien against the Real Property,
automatically by operation of the Order, without the need for
further order of the Court and without the requirement of any act
to attach or perfect the liens.

The 14-day stay imposed by Fed. R. Bankr. P. 6004(h) is waived and
the Order is effective immediately upon its entry.  

Victor H. Maia sought Chapter 11 protection (Bankr. E.D. Pa. Case
No. 18-16907) on Oct. 17, 2018.  The Debtor tapped Edmond M.
George, Esq., at Obermayer Rebmann Maxwell & Hippel, LLP as
counsel.



WEX INC: Moody's Affirms Ba2 CFR & Alters Outlook to Stable
-----------------------------------------------------------
Moody's Investors Service has affirmed WEX Inc.'s Ba2 long-term
Corporate Family Rating and senior secured bank credit facility
ratings. Moody's also changed the outlook to stable from negative,
reflecting the firm's resilient cash flows and liquidity during a
challenging year along with Moody's expectation of more favorable
operating conditions over the next 12-18 months. The rating action
also reflects WEX's recently announced term loan refinancing.

Affirmations:

Issuer: WEX Inc.

Corporate Family Rating, Affirmed Ba2

Senior Secured Bank Credit Facility, Affirmed Ba2

Outlook Actions:

Issuer: WEX Inc.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

The Ba2 CFR reflects WEX's ba2 standalone assessment, which is
driven by its solid historical operating performance derived from
its diversified payment processing and account servicing
businesses. WEX operates three primary segments: Fleet Solutions,
Travel and Corporate Solutions, and Health and Employee Benefits
Solutions. Revenues from the Fleet segment declined during the last
year due to a drop in average fuel prices and in fueling volumes
relative to 2019. Travel revenues dropped significantly from the
previous year as market-wide travel spend declined dramatically
amid the coronavirus pandemic as a result of stay-at-home orders
and a reticence of consumers to travel. Somewhat offsetting these
negative revenue trends, revenues from corporate payments volume
remained relatively stable year-over-year, while the Health and
Employee Benefits segment experienced solid growth. WEX's total
revenues declined by 10% in 2020, resulting in an adjusted EBITDA
decline of 16%, over the same period.

The rating actions also reflect the benefits to creditors from the
December 2020 acquisition of eNett International (Jersey) Limited
and Optal Limited (collectively eNett), two integrated European and
Asian travel payments processing businesses. The transaction was
announced in January 2020, but WEX subsequently contended that it
was not required to complete the acquisition because the businesses
had suffered a Material Adverse Effect (MAE) under the terms of the
January 2020 Purchase Agreement. WEX ultimately agreed to acquire
the businesses for a total cash consideration of $577.5 million,
about a third of the original $1.7 billion purchase price.

While Moody's expects eNett will continue to experience depressed
revenues, the resolution of the matter that resulted in WEX paying
a lower purchase price will allow it to continue to prudently
manage its leverage around its stated target of 2.5x-3.5x net debt
to EBITDA, absent an acquisition, while maintaining strong
liquidity.

The ratings also reflect improvements in the company's funding and
liquidity as a result of a planned debt transaction, which would
allow WEX to amend its bank facilities to, among other things,
extend the maturity of its term loan A and revolving credit
facility to 2026 and its term B loan to 2028. The transaction is
credit positive because it will extend the maturities' profile
further, ultimately reducing refinancing risk.

The change in outlook to stable from negative reflects the firm's
resilient cash flows and liquidity during the coronavirus pandemic
and Moody's expectation of more favorable operating conditions over
the next 12-18 months. Moody's expects this will allow the company
to improve its profitability and lower its leverage during this
period.

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

The ratings could be upgraded if WEX were to improve profitability
to a level whereby net income to assets exceeded 3% on a
sustainable basis. Increased business scale and diversification,
and consistent demonstration of conservative financial policies,
such as managing to a company-reported bank covenant net
debt/EBITDA to remain between 2.5x to 3.5x absent an acquisition,
would also be positive for the ratings.

The ratings could be downgraded if the company were to increase
materially its leverage, evidenced by the company-reported bank
covenant net debt / EBITDA above 5.0x that Moody's expect to
persist for four or more quarters, or if the company-reported bank
covenant net debt / EBITDA were to rise above 5.5x. In addition, a
rating downgrade could be prompted if the company took any actions
that would increase leverage or harm its liquidity.

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.


YOGAWORKS INC: Unsecured  Creditors Will Recover 2% in Plan
-----------------------------------------------------------
Yogaworks, Inc., et al., submitted a First Amended Plan and a
corresponding Disclosure Statement.

The Plan provides a means by which the proceeds from the Debtors'
assets already liquidated or to be liquidated over time to be
distributed to holders of Allowed Claims under Chapter 11 of the
Bankruptcy Code, and sets forth the treatment of all Claims against
the Debtors. As described in more detail below, the Debtors have
consummated the Court-approved sale of substantially all of their
assets by selling substantially all of the Debtors' operating
assets pursuant to that certain Asset Purchase Agreement dated as
of Dec. 22, 2020.  The Plan provides for the distribution to
creditors of the proceeds of the Sale Assets and the sale,
liquidation or other disposition of the Debtors' remaining assets.

Class 1 General Unsecured Claims will recover 2% of their claims.
All Holders of Allowed General Unsecured Claims will receive their
Pro Rata share of the GUC Cash; their Pro Rata share of the
proceeds or property derived from the Retained Assets; and if any
such Holder submits a Ballot and checks the opt-in box, such Holder
shall be deemed a Released Party. Class 2 is estimated to include
approximately $17 million in General Unsecured Claims.

Class 2 Convenience Class Claims will recover 3% of their claims.
All Holders of General Unsecured Claims against the Debtors that
are in an amount equal to or less than $26,000 or in an amount that
has been reduced to $26,000 pursuant to a Convenience Class
Election made by the Holder of such Claim will receive a
distribution of 3% of the amount of the Holder's Allowed General
Unsecured Claim no later than 45 days after the Effective Date.

Class 3 Equity Interests will be canceled, and holders of Equity
Interests will not receive or retain anything under the Plan on
account of such Equity Interests.

Counsel to the Debtors:

     Thomas J. Francella, Jr., Esq.
     Thomas M. Horan, Esq.
     COZEN O'CONNOR
     1201 North Market Street, Suite 1001
     Wilmington, DE 19801
     Telephone: (302) 295-2000
     Facsimile: (302) 250-4495
     E-mail: tfrancella@cozen.com
     E-mail: thoran@cozen.com

           - and -

     Alan J. Friedman, Esq.
     Melissa Davis Lowe, Esq.
     SHULMAN BASTIAN FRIEDMAN & BUI LLP
     100 Spectrum Center Drive; Suite 600
     Irvine, CA 92618
     Telephone: (949) 340-3400
     Facsimile: (949) 340-3000
     E-mail:afriedman@shulmanbastian.com
     E-mail: mlowe@shulmanbastian.com

Counsel to the Official Committee of Unsecured Creditors:

     Eric J. Monzo, Esq.
     Brya M. Keilson, Esq.
     MORRIS JAMES LLP
     500 Delaware Avenue, Suite 1500
     Wilmington, DE 19801
     Telephone: (302) 888-6800
     Facsimile: (302) 571-1750
     E-mail: emonzo@morrisjames.com
     E-mail: bkeilson@morrisjames.com

           - and -

     David M. Posner, Esq.
     Gianfranco Finizio, Esq.
     KILPATRICK TOWNSEND & STOCKTON LLP
     1114 Avenue of the Americas
     New York, NY 10036-7703
     Telephone: (212) 775-8840
     Facsimile: (646) 786-4442
     E-mail: gfinizio@kilpatricktownsend.com
     E-mail: dposner@kilpatricktownsend.com

A copy of the First Amended Disclosure Statement is available at
https://bit.ly/3r1LIiP from bmcgroup, the claims agent.

                      About YogaWorks Inc.

YogaWorks, Inc., is a provider of progressive and quality yoga that
promotes total physical and emotional well-being.  It caters to
students of all levels and ages with both traditional and
innovative programming. YogaWorks is also an international teaching
school, cultivating the richest yoga talent from around the globe
and setting the gold standard for teaching.  On the Web
http://www.yogaworks.com/     

YogaWorks, Inc., and Yoga Works, Inc., sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 20-12599) on Oct. 14, 2020.

In the petition signed by CEO Brian Cooper, YogaWorks was estimated
to have $1 million to $10 million in assets and $10 million to $50
million in liabilities.

The Debtors tapped Shulman Bastian Friedman & Bui LLP as
restructuring counsel, Cozen O'Connor as Delaware restructuring
counsel, and Force Ten Partners, LLC as financial advisor.  BMC
Group, Inc., is the claims agent.

On Oct. 27, 2020, the U.S. Trustee for the District of Delaware
appointed an official committee of unsecured creditors in the
chapter 11 cases.  The committee tapped Kilpatrick Townsend &
Stockton LLP and Morris James LLP as its legal counsel and Dundon
Advisers LLC as its financial advisor.


YUM! BRANDS: Moody's Rates New $1.05BB Sr. Unsecured Notes 'Ba3'
----------------------------------------------------------------
Moody's Investors Service upgraded Yum! Brands Inc.'s senior
unsecured ratings to Ba3 from B1 and assigned a Ba3 rating to Yum's
proposed $1.05 billion of senior unsecured notes. In addition,
Moody's upgraded the senior secured ratings of KFC Holdings Co.'s
to Baa3 from Ba1 and the senior unsecured ratings of KFC to Ba2
from Ba3. Moody's also affirmed Yum's Ba2 corporate family rating
and Ba2-PD probability of default rating. The speculative grade
liquidity rating remains SGL-1. The outlook is stable.

Proceeds from the proposed $1.05 billion senior unsecured notes
offering at Yum will be used repay $1.05 billion of outstanding
senior unsecured notes at KFC as well as general corporate
purposes.

The upgrade of Yum's senior unsecured notes reflects the reduction
in the amount of liabilities, specifically the senior unsecured
notes at KFC, that are senior to the Yum notes. The upgrade of the
senior secured bank facility ratings and senior unsecured notes at
KFC reflect the increase in the amount of liabilities, specifically
the senior unsecured notes at Yum, that are junior to the KFC
secured and unsecured debt.

"The affirmation reflects Yum's improving operating performance
that is gradually strengthening credit metrics and its improved
liquidity. We expect the trends in same store sales to improve in
2021 due in part to easier comparisons to prior year and as
restrictions begin to lessen over time" stated Bill Fahy, Moody's
Senior Credit Officer. "Yum's very good liquidity provides it with
the ability to manage the uncertainties that still exist due to the
continued government restrictions and as its reduces leverage to be
in line with its net leverage target of around 5.0x," Fahy added.

Upgrades:

Issuer: KFC Holding Co.

Senior Secured Bank Credit Facility, Upgraded to Baa3 (LGD2) from
Ba1 (LGD2)

Senior Unsecured Regular Bond/Debenture, Upgraded to Ba2 (LGD4)
from Ba3 (LGD4)

Issuer: Yum! Brands Inc.

Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3 (LGD5)
from B1 (LGD5)

Senior Unsecured Shelf, Upgraded to (P)Ba3 from (P)B1

Assignments:

Issuer: Yum! Brands Inc.

Senior Unsecured Regular Bond/Debenture, Assigned Ba3 (LGD5)

Affirmations:

Issuer: Yum! Brands Inc.

Probability of Default Rating, Affirmed Ba2-PD

Corporate Family Rating, Affirmed Ba2

Outlook Actions:

Issuer: KFC Holding Co.

Outlook, Remains Stable

Issuer: Yum! Brands Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Yum's Ba2 CFR benefits from the continuation of drive-through,
delivery and curbside pick-up operations, its very good liquidity
to manage through the uncertainty that still exist due to the
coronavirus and government restrictions, as well as Moody's
expectation that Yum will manage the business to achieve its
targeted leverage of about 5.0 times (as defined by Yum) in the
first half of 2021. Yum also benefits from its significant scale,
geographic reach, brand diversity and franchise based business
model which has helped add stability to revenues and earnings
during the pandemic as compared to some other restaurant operators.
Yum is constrained by its relatively high leverage driven in part
by its target net leverage and reliance on securitizations to
support cash flows.

The stable outlook reflects Moody's view that same store sales will
continue to improve and help drive higher earnings that Moody's
expect to result in lower leverage while maintaining good interest
coverage and very good liquidity despite ongoing government
restrictions imposed as a result of the pandemic. The stable
outlook also anticipates that the company follows a prudent
financial policy towards dividends and share repurchases and
maintains very good liquidity.

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
the restaurant sector 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 our forecasts is unusually high. Moody's
regards the coronavirus outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safety.

Yum's board of directors is a good mix of industry and industry
related experience, as well as directors with large company
experience and varied periods of board tenure. Yum's board has 12
members, 11 of which are independent. The board's involvement in
business strategy, succession planning and responsible leadership
are also important qualitative factors and served it well during
the orderly transition and appointment of two different CEO's over
the past 5-years.

Restaurants are deeply entwined with sustainability, social and
environmental concerns given their operating model with regards to
sourcing food and packaging, as well as having an extensive labor
force and constant consumer interaction. While these may not
directly impact the credit, these factors could impact brand image
and change consumer perception of the brand overall.

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

Factors that could result in an upgrade include a sustained
improvement across all restaurant concepts along with a financial
policy that results in debt to EBITDA sustained below 5.0 times and
EBIT to Interest sustained above 3.0 times. A higher rating would
also require at least very good liquidity.

Factors that could result in a downgrade include an inability to
strengthen credit metrics from current levels under current
conditions or if restrictions on restaurants were lifted.
Specifically, ratings could be downgraded if debt to EBITDA
remained at or above 5.7 times or EBIT to Interest was below 2.5
times on a sustained basis.

Yum is headquartered in Louisville, Kentucky, and is the owner,
operator and franchisor of quick service restaurants with brands
that include KFC, Taco Bell, Pizza Hut and the Habit Burger Grill.
Revenues are around $4.3 billion (excluding franchise contributions
for advertising) although systemwide sales exceed $50 billion.

The principal methodology used in these ratings was Restaurant
Industry published in January 2018.


ZAANA-17 LLC: $625K Sale of Pelham Property to Bunlong Heng Okayed
------------------------------------------------------------------
Judge Christopher J. Panos of the U.S. Bankruptcy Court for the
District of Massachusetts authorized Zaana-17, LLC's private sale
of all of its right, title and interest in property known as Lot 5
or 33 Chardonnay Road, in Pelham, New Hampshire, to Bunlong Heng
for $625,480, inclusive of upgrades.

The Sale Hearing was held on March 15, 2021.

The Purchase and Sale Agreement is approved.

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

The Order constitutes a final order within the meaning of 28 U.S.C.
Section 158(a).  Notwithstanding any provision in the Bankruptcy
Rules to the contrary, the Court expressly finds there is no reason
for delay in the implementation of the Order and, accordingly: (i)
the terms of the order will be immediately effective and
enforceable upon its entry; (ii) the Debtor is not subject to any
stay in the implementation, enforcement or realization of the
relief granted in the Order; and (iii) the Debtor may, in its
discretion and without further delay, take any action and perform
any act authorized under the Order.   

The Closing will take place and payment of the Purchase Price will
take place following entry of a Final Order of the Court approving
the sale and as otherwise extended in writing as set forth in the
Purchase and Sale Agreement.

                        About Zaana-17

Zaana-17 LLC, based in Dracut, MA, filed a Chapter 11 petition
(Bankr. D. Mass. Case No. 20-41170) on Dec. 16, 2020.  In the
petition signed by Frank J. Gorman, Sr., manager, the Debtor was
estimated to have $1 million to $10 million in both assets and
liabilities.  The Hon. Christopher J. Panos presides over the
case.
PARKER & LIPTON, serves as bankruptcy counsel to the Debtor.



[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
                                                 Total
                                                Share-      Total
                                     Total    Holders'    Working
                                    Assets      Equity    Capital
  Company         Ticker              ($MM)       ($MM)      ($MM)
  -------         ------            ------    --------    -------
ACCELERATE DIAGN  1A8 GR              93.4       (62.8)      75.0
ACCELERATE DIAGN  AXDX US             93.4       (62.8)      75.0
ACCELERATE DIAGN  AXDX* MM            93.4       (62.8)      75.0
ACCELERATE DIAGN  1A8 TH              93.4       (62.8)      75.0
ACCELERATE DIAGN  1A8 QT              93.4       (62.8)      75.0
ADAMAS PHARMACEU  ADMSEUR EU         120.0       (50.0)      76.9
ADAMAS PHARMACEU  136 TH             120.0       (50.0)      76.9
ADAMAS PHARMACEU  ADMS US            120.0       (50.0)      76.9
ADAMAS PHARMACEU  136 GR             120.0       (50.0)      76.9
ADVANZ PHARMA CO  CXRXF US         1,537.9       (68.1)     178.1
AEMETIS INC       DW51 GR            125.1      (184.7)     (93.6)
AEMETIS INC       AMTX US            125.1      (184.7)     (93.6)
AEMETIS INC       AMTXGEUR EU        125.1      (184.7)     (93.6)
AEMETIS INC       DW51 GZ            125.1      (184.7)     (93.6)
AEMETIS INC       DW51 TH            125.1      (184.7)     (93.6)
AGENUS INC        AGEN US            214.5      (184.6)     (16.1)
AGILITI INC       AGLY US            745.0       (67.7)      17.3
ALPINE 4 HOLDING  ALPP US             36.6       (13.6)      (5.2)
ALTICE USA INC-A  15PA GZ         33,376.7    (1,177.4)  (2,121.5)
ALTICE USA INC-A  ATUS US         33,376.7    (1,177.4)  (2,121.5)
ALTICE USA INC-A  15PA GR         33,376.7    (1,177.4)  (2,121.5)
ALTICE USA INC-A  15PA TH         33,376.7    (1,177.4)  (2,121.5)
ALTICE USA INC-A  ATUSEUR EU      33,376.7    (1,177.4)  (2,121.5)
ALTICE USA INC-A  ATUS* MM        33,376.7    (1,177.4)  (2,121.5)
AMC ENTERTAINMEN  AMC US          10,276.4    (2,858.2)  (1,091.5)
AMC ENTERTAINMEN  AMC4EUR EU      10,276.4    (2,858.2)  (1,091.5)
AMC ENTERTAINMEN  AMC4USD EU      10,276.4    (2,858.2)  (1,091.5)
AMC ENTERTAINMEN  AMC* MM         10,276.4    (2,858.2)  (1,091.5)
AMC ENTERTAINMEN  AH9 TH          10,276.4    (2,858.2)  (1,091.5)
AMC ENTERTAINMEN  AH9 QT          10,276.4    (2,858.2)  (1,091.5)
AMC ENTERTAINMEN  AH9 GR          10,276.4    (2,858.2)  (1,091.5)
AMC ENTERTAINMEN  AH9 GZ          10,276.4    (2,858.2)  (1,091.5)
AMER RESTAUR-LP   ICTPU US            33.5        (4.0)      (6.2)
AMERICAN AIR-BDR  AALL34 BZ       62,008.0    (6,867.0)  (5,474.0)
AMERICAN AIRLINE  A1G GZ          62,008.0    (6,867.0)  (5,474.0)
AMERICAN AIRLINE  AAL11EUR EU     62,008.0    (6,867.0)  (5,474.0)
AMERICAN AIRLINE  AAL AV          62,008.0    (6,867.0)  (5,474.0)
AMERICAN AIRLINE  AAL TE          62,008.0    (6,867.0)  (5,474.0)
AMERICAN AIRLINE  A1G SW          62,008.0    (6,867.0)  (5,474.0)
AMERICAN AIRLINE  AAL US          62,008.0    (6,867.0)  (5,474.0)
AMERICAN AIRLINE  A1G GR          62,008.0    (6,867.0)  (5,474.0)
AMERICAN AIRLINE  AAL* MM         62,008.0    (6,867.0)  (5,474.0)
AMERICAN AIRLINE  A1G TH          62,008.0    (6,867.0)  (5,474.0)
AMERICAN AIRLINE  A1G QT          62,008.0    (6,867.0)  (5,474.0)
AMERICAN RESOURC  AREC US             29.4       (33.6)     (24.7)
AMERISOURCEB-BDR  A1MB34 BZ       45,846.8      (511.5)    (344.2)
AMERISOURCEBERGE  ABG TH          45,846.8      (511.5)    (344.2)
AMERISOURCEBERGE  ABG GR          45,846.8      (511.5)    (344.2)
AMERISOURCEBERGE  ABC US          45,846.8      (511.5)    (344.2)
AMERISOURCEBERGE  ABC2EUR EU      45,846.8      (511.5)    (344.2)
AMERISOURCEBERGE  ABG QT          45,846.8      (511.5)    (344.2)
AMERISOURCEBERGE  ABG GZ          45,846.8      (511.5)    (344.2)
AMYRIS INC        3A01 GR            222.8      (167.0)     (16.5)
AMYRIS INC        3A01 TH            222.8      (167.0)     (16.5)
AMYRIS INC        AMRS US            222.8      (167.0)     (16.5)
AMYRIS INC        3A01 SW            222.8      (167.0)     (16.5)
AMYRIS INC        3A01 QT            222.8      (167.0)     (16.5)
AMYRIS INC        AMRSEUR EU         222.8      (167.0)     (16.5)
AMYRIS INC        3A01 GZ            222.8      (167.0)     (16.5)
APA CORP          APA US          12,746.0       (37.0)     538.0
APA CORP          2S3 GR          12,746.0       (37.0)     538.0
APA CORP          APA11EUR EU     12,746.0       (37.0)     538.0
APA CORP          APA* MM         12,746.0       (37.0)     538.0
APA CORP          2S3 TH          12,746.0       (37.0)     538.0
APA CORP - BDR    A1PA34 BZ       12,746.0       (37.0)     538.0
APPTECH CORP      APCX US             21.0       (14.4)       1.0
AQUESTIVE THERAP  AQST US             62.9       (48.5)      23.5
ARCHIMEDES TECH   ATSPU US             -           -          -
ARRAY TECHNOLOGI  ARRY US            656.0       (80.9)      86.1
ARYA SCIENCES-A   ARYD US              0.0        (0.0)      (0.1)
ASANA INC- CL A   ASAN US            731.1       (12.8)     282.3
ASHFORD HOSPITAL  AHT US           3,734.4      (260.5)       -
ASHFORD HOSPITAL  AHT1USD EU       3,734.4      (260.5)       -
AUSTERLITZ ACQUI  AUS/U US             0.2        (0.0)      (0.2)
AUTOZONE INC      AZO US          14,160.0    (1,523.6)    (477.4)
AUTOZONE INC      AZ5 GR          14,160.0    (1,523.6)    (477.4)
AUTOZONE INC      AZ5 TH          14,160.0    (1,523.6)    (477.4)
AUTOZONE INC      AZ5 GZ          14,160.0    (1,523.6)    (477.4)
AUTOZONE INC      AZOEUR EU       14,160.0    (1,523.6)    (477.4)
AUTOZONE INC      AZ5 QT          14,160.0    (1,523.6)    (477.4)
AUTOZONE INC      AZO AV          14,160.0    (1,523.6)    (477.4)
AUTOZONE INC      AZ5 TE          14,160.0    (1,523.6)    (477.4)
AUTOZONE INC      AZO* MM         14,160.0    (1,523.6)    (477.4)
AUTOZONE INC-BDR  AZOI34 BZ       14,160.0    (1,523.6)    (477.4)
AVID TECHNOLOGY   AVID US            305.1      (132.9)      25.7
AVID TECHNOLOGY   AVD GR             305.1      (132.9)      25.7
AVIS BUD-CEDEAR   CAR AR          17,538.0      (155.0)    (258.0)
AVIS BUDGET GROU  CUCA GR         17,538.0      (155.0)    (258.0)
AVIS BUDGET GROU  CAR US          17,538.0      (155.0)    (258.0)
AVIS BUDGET GROU  CUCA SW         17,538.0      (155.0)    (258.0)
AVIS BUDGET GROU  CAR* MM         17,538.0      (155.0)    (258.0)
AVIS BUDGET GROU  CUCA TH         17,538.0      (155.0)    (258.0)
AVIS BUDGET GROU  CUCA QT         17,538.0      (155.0)    (258.0)
AVIS BUDGET GROU  CAR2EUR EU      17,538.0      (155.0)    (258.0)
AVIS BUDGET GROU  CUCA GZ         17,538.0      (155.0)    (258.0)
BABCOCK & WILCOX  BWEUR EU           605.8      (320.8)     116.9
BABCOCK & WILCOX  UBW1 GR            605.8      (320.8)     116.9
BABCOCK & WILCOX  BW US              605.8      (320.8)     116.9
BANXA HOLDINGS I  BNXA CN              0.1        (0.1)      (0.1)
BANXA HOLDINGS I  BNXAF US             0.1        (0.1)      (0.1)
BANXA HOLDINGS I  AC00 GR              0.1        (0.1)      (0.1)
BANXA HOLDINGS I  BNXAEUR EU           0.1        (0.1)      (0.1)
BANXA HOLDINGS I  AC00 TH              0.1        (0.1)      (0.1)
BBTV HOLDINGS IN  BBTV CN              1.0        (1.2)      (0.7)
BBTV HOLDINGS IN  BBTVF US             1.0        (1.2)      (0.7)
BELLRING BRAND-A  BR6 GZ             680.8      (130.1)     186.3
BELLRING BRAND-A  BRBR1EUR EU        680.8      (130.1)     186.3
BELLRING BRAND-A  BRBR US            680.8      (130.1)     186.3
BELLRING BRAND-A  BR6 TH             680.8      (130.1)     186.3
BELLRING BRAND-A  BR6 GR             680.8      (130.1)     186.3
BIOCRYST PHARM    BCRX US            334.7       (19.3)     218.1
BIOCRYST PHARM    BO1 GR             334.7       (19.3)     218.1
BIOCRYST PHARM    BO1 TH             334.7       (19.3)     218.1
BIOCRYST PHARM    BO1 SW             334.7       (19.3)     218.1
BIOCRYST PHARM    BCRXEUR EU         334.7       (19.3)     218.1
BIOCRYST PHARM    BO1 QT             334.7       (19.3)     218.1
BIOCRYST PHARM    BCRX* MM           334.7       (19.3)     218.1
BIOHAVEN PHARMAC  BHVN US            687.0      (332.2)     326.6
BIOHAVEN PHARMAC  BHVNEUR EU         687.0      (332.2)     326.6
BIOHAVEN PHARMAC  2VN GR             687.0      (332.2)     326.6
BIOHAVEN PHARMAC  2VN TH             687.0      (332.2)     326.6
BIONOVATE TECHNO  BIIO US              -          (0.5)      (0.5)
BLACK IRON INC    BKIN MM              1.8        (5.7)       1.1
BLACK ROCK PETRO  BKRP US              0.0        (0.0)       -
BLUE BIRD CORP    4RB GR             307.8       (54.2)      (2.9)
BLUE BIRD CORP    4RB GZ             307.8       (54.2)      (2.9)
BLUE BIRD CORP    BLBDEUR EU         307.8       (54.2)      (2.9)
BLUE BIRD CORP    BLBD US            307.8       (54.2)      (2.9)
BLUE BIRD CORP    4RB TH             307.8       (54.2)      (2.9)
BLUE BIRD CORP    4RB QT             307.8       (54.2)      (2.9)
BOEING CO-BDR     BOEI34 BZ      152,136.0   (18,075.0)  34,362.0
BOEING CO-CED     BAD AR         152,136.0   (18,075.0)  34,362.0
BOEING CO-CED     BA AR          152,136.0   (18,075.0)  34,362.0
BOEING CO/THE     BA EU          152,136.0   (18,075.0)  34,362.0
BOEING CO/THE     BOE LN         152,136.0   (18,075.0)  34,362.0
BOEING CO/THE     BCO TH         152,136.0   (18,075.0)  34,362.0
BOEING CO/THE     BA PE          152,136.0   (18,075.0)  34,362.0
BOEING CO/THE     BOEI BB        152,136.0   (18,075.0)  34,362.0
BOEING CO/THE     BA US          152,136.0   (18,075.0)  34,362.0
BOEING CO/THE     BA SW          152,136.0   (18,075.0)  34,362.0
BOEING CO/THE     BA* MM         152,136.0   (18,075.0)  34,362.0
BOEING CO/THE     BA TE          152,136.0   (18,075.0)  34,362.0
BOEING CO/THE     BAEUR EU       152,136.0   (18,075.0)  34,362.0
BOEING CO/THE     BCO GR         152,136.0   (18,075.0)  34,362.0
BOEING CO/THE     BCO GZ         152,136.0   (18,075.0)  34,362.0
BOEING CO/THE     BA AV          152,136.0   (18,075.0)  34,362.0
BOEING CO/THE     BAUSD SW       152,136.0   (18,075.0)  34,362.0
BOEING CO/THE     BCO QT         152,136.0   (18,075.0)  34,362.0
BOEING CO/THE     BA CI          152,136.0   (18,075.0)  34,362.0
BOEING CO/THE     BACL CI        152,136.0   (18,075.0)  34,362.0
BOEING CO/THE TR  TCXBOE AU      152,136.0   (18,075.0)  34,362.0
BOMBARDIER INC-B  BBDBN MM        23,090.0    (6,657.0)    (181.0)
BONE BIOLOGICS C  BBLG US              0.0       (11.9)      (0.5)
BRIDGEMARQ REAL   BRE CN              89.0       (48.4)       8.9
BRINKER INTL      BKJ GR           2,357.7      (444.1)    (254.5)
BRINKER INTL      EAT US           2,357.7      (444.1)    (254.5)
BRINKER INTL      BKJ QT           2,357.7      (444.1)    (254.5)
BRINKER INTL      EAT2EUR EU       2,357.7      (444.1)    (254.5)
BRINKER INTL      BKJ TH           2,357.7      (444.1)    (254.5)
BROOKFIELD INF-A  BIPC US         11,930.4      (730.3)  (2,775.8)
BROOKFIELD INF-A  BIPC CN         11,930.4      (730.3)  (2,775.8)
BRP INC/CA-SUB V  DOO CN           4,240.0      (666.0)     759.8
BRP INC/CA-SUB V  B15A GR          4,240.0      (666.0)     759.8
BRP INC/CA-SUB V  DOOO US          4,240.0      (666.0)     759.8
BRP INC/CA-SUB V  B15A GZ          4,240.0      (666.0)     759.8
BRP INC/CA-SUB V  DOOEUR EU        4,240.0      (666.0)     759.8
CADIZ INC         CDZI US             73.4       (22.5)       5.1
CADIZ INC         CDZIEUR EU          73.4       (22.5)       5.1
CADIZ INC         2ZC GR              73.4       (22.5)       5.1
CALUMET SPECIALT  CLMT US          1,808.3      (128.6)      (9.6)
CAMPING WORLD-A   CWH US           3,256.4        (9.2)     458.7
CAMPING WORLD-A   CWHEUR EU        3,256.4        (9.2)     458.7
CAMPING WORLD-A   C83 GR           3,256.4        (9.2)     458.7
CAMPING WORLD-A   C83 TH           3,256.4        (9.2)     458.7
CAMPING WORLD-A   C83 QT           3,256.4        (9.2)     458.7
CAP SENIOR LIVIN  CSU2EUR EU         740.5      (259.0)    (305.6)
CDK GLOBAL INC    C2G QT           2,935.4      (425.2)     392.1
CDK GLOBAL INC    C2G GR           2,935.4      (425.2)     392.1
CDK GLOBAL INC    CDK US           2,935.4      (425.2)     392.1
CDK GLOBAL INC    C2G TH           2,935.4      (425.2)     392.1
CDK GLOBAL INC    CDKEUR EU        2,935.4      (425.2)     392.1
CDK GLOBAL INC    CDK* MM          2,935.4      (425.2)     392.1
CEDAR FAIR LP     FUN US           2,693.4      (666.4)     254.5
CENGAGE LEARNING  CNGO US          2,704.3      (177.2)     167.1
CENTRUS ENERGY-A  4CU GR             486.3      (320.6)      40.0
CENTRUS ENERGY-A  LEU US             486.3      (320.6)      40.0
CENTRUS ENERGY-A  LEUEUR EU          486.3      (320.6)      40.0
CEREVEL THERAPEU  CERE US            150.5       142.6       (1.7)
CHESAPEAKE ENERG  CHK US           6,584.0    (5,341.0)  (1,986.0)
CHESAPEAKE ENERG  CS1 GR           6,584.0    (5,341.0)  (1,986.0)
CHESAPEAKE ENERG  CHK1EUR EU       6,584.0    (5,341.0)  (1,986.0)
CHEWY INC- CL A   CHWY US          1,643.2       (56.4)    (182.2)
CHEWY INC- CL A   CHWY* MM         1,643.2       (56.4)    (182.2)
CHOICE HOTELS     CZH GR           1,587.3        (5.8)     177.1
CHOICE HOTELS     CHH US           1,587.3        (5.8)     177.1
CHUN CAN CAPITAL  CNCN US              -          (0.0)      (0.0)
CINCINNATI BELL   CIB1 GR          2,668.6      (191.1)     (87.0)
CINCINNATI BELL   CBBEUR EU        2,668.6      (191.1)     (87.0)
CINCINNATI BELL   CBB US           2,668.6      (191.1)     (87.0)
CLOVER HEALTH IN  CLOV US            267.3      (120.6)      (1.2)
CLOVIS ONCOLOGY   C6O GR             605.6      (158.7)     125.9
CLOVIS ONCOLOGY   CLVS US            605.6      (158.7)     125.9
CLOVIS ONCOLOGY   C6O QT             605.6      (158.7)     125.9
CLOVIS ONCOLOGY   CLVSEUR EU         605.6      (158.7)     125.9
CLOVIS ONCOLOGY   C6O TH             605.6      (158.7)     125.9
CLOVIS ONCOLOGY   C6O GZ             605.6      (158.7)     125.9
COGENT COMMUNICA  OGM1 GR          1,000.5      (293.2)     361.9
COGENT COMMUNICA  CCOI US          1,000.5      (293.2)     361.9
COGENT COMMUNICA  CCOIEUR EU       1,000.5      (293.2)     361.9
COGENT COMMUNICA  CCOI* MM         1,000.5      (293.2)     361.9
COMMUNITY HEALTH  CYH US          16,006.0    (1,054.0)   1,695.0
COMMUNITY HEALTH  CG5 GR          16,006.0    (1,054.0)   1,695.0
COMMUNITY HEALTH  CG5 QT          16,006.0    (1,054.0)   1,695.0
COMMUNITY HEALTH  CYH1EUR EU      16,006.0    (1,054.0)   1,695.0
COMMUNITY HEALTH  CG5 TH          16,006.0    (1,054.0)   1,695.0
COMMUNITY HEALTH  CG5 GZ          16,006.0    (1,054.0)   1,695.0
CPI CARD GROUP I  PMTSEUR EU         266.2      (138.0)      95.6
CPI CARD GROUP I  PMTS US            266.2      (138.0)      95.6
CPI CARD GROUP I  PMTS CN            266.2      (138.0)      95.6
CPI CARD GROUP I  CPB1 GR            266.2      (138.0)      95.6
CRUCIAL INNOVATI  CINV US              0.0        (0.1)      (0.1)
CXJ GROUP CO LTD  ECXJ US              2.6        (0.7)      (1.6)
D AND Z MEDIA AC  DNZ/U US             0.2        (0.0)      (0.2)
DELEK LOGISTICS   DKL US             956.4      (108.3)       1.0
DENNY'S CORP      DENN US            430.9      (130.4)     (28.5)
DENNY'S CORP      DENNEUR EU         430.9      (130.4)     (28.5)
DENNY'S CORP      DE8 GR             430.9      (130.4)     (28.5)
DENNY'S CORP      DE8 TH             430.9      (130.4)     (28.5)
DIEBOLD NIXDORF   DBD GR           3,657.4      (831.7)     207.8
DIEBOLD NIXDORF   DBD US           3,657.4      (831.7)     207.8
DIEBOLD NIXDORF   DBD SW           3,657.4      (831.7)     207.8
DIEBOLD NIXDORF   DBDEUR EU        3,657.4      (831.7)     207.8
DIEBOLD NIXDORF   DBD TH           3,657.4      (831.7)     207.8
DIEBOLD NIXDORF   DBD QT           3,657.4      (831.7)     207.8
DIEBOLD NIXDORF   DBD GZ           3,657.4      (831.7)     207.8
DIGITAL MEDIA-A   DMS US             203.7       (71.8)      23.9
DIGITAL TRANSFOR  DTOCU US             0.0        (0.0)      (0.0)
DINE BRANDS GLOB  IHP GR           2,074.9      (354.7)     237.9
DINE BRANDS GLOB  DIN US           2,074.9      (354.7)     237.9
DINE BRANDS GLOB  IHP TH           2,074.9      (354.7)     237.9
DOMINO'S PIZZA    EZV GR           1,567.2    (3,300.4)     398.6
DOMINO'S PIZZA    DPZ US           1,567.2    (3,300.4)     398.6
DOMINO'S PIZZA    EZV TH           1,567.2    (3,300.4)     398.6
DOMINO'S PIZZA    EZV SW           1,567.2    (3,300.4)     398.6
DOMINO'S PIZZA    DPZEUR EU        1,567.2    (3,300.4)     398.6
DOMINO'S PIZZA    EZV GZ           1,567.2    (3,300.4)     398.6
DOMINO'S PIZZA    EZV QT           1,567.2    (3,300.4)     398.6
DOMINO'S PIZZA    DPZ AV           1,567.2    (3,300.4)     398.6
DOMINO'S PIZZA    DPZ* MM          1,567.2    (3,300.4)     398.6
DOMO INC- CL B    DOMO US            216.4       (83.5)     (20.7)
DOMO INC- CL B    1ON GR             216.4       (83.5)     (20.7)
DOMO INC- CL B    1ON GZ             216.4       (83.5)     (20.7)
DOMO INC- CL B    DOMOEUR EU         216.4       (83.5)     (20.7)
DOMO INC- CL B    1ON TH             216.4       (83.5)     (20.7)
DRIVE SHACK INC   DS US              449.5        (0.4)     (51.4)
DYE & DURHAM LTD  DND CN           1,132.0       557.0      210.5
DYE & DURHAM LTD  DYNDF US         1,132.0       557.0      210.5
ESPERION THERAPE  ESPR US            353.3       (96.1)     251.8
ESPERION THERAPE  0ET QT             353.3       (96.1)     251.8
ESPERION THERAPE  ESPREUR EU         353.3       (96.1)     251.8
ESPERION THERAPE  0ET TH             353.3       (96.1)     251.8
ESPERION THERAPE  0ET GR             353.3       (96.1)     251.8
EVERI HOLDINGS I  EVRI US          1,477.2        (7.9)     112.1
EVERI HOLDINGS I  G2C TH           1,477.2        (7.9)     112.1
EVERI HOLDINGS I  G2C GR           1,477.2        (7.9)     112.1
EVERI HOLDINGS I  EVRIEUR EU       1,477.2        (7.9)     112.1
EXELA TECHNOLOGI  XELAU US         1,157.8      (926.5)    (131.4)
EXTRACTION OIL &  XOG US           2,025.2      (847.3)    (369.4)
EXTRACTION OIL &  EH40 GR          2,025.2      (847.3)    (369.4)
EXTRACTION OIL &  XOG1EUR EU       2,025.2      (847.3)    (369.4)
FATHOM HOLDINGS   FTHM US             35.2        30.3       29.7
FINTECH ACQUIS-A  FTCV US              0.0        (0.0)      (0.0)
FINTECH ACQUISI   FTCVU US             0.0        (0.0)      (0.0)
FLEXION THERAPEU  F02 TH             251.9       (16.7)     170.5
FLEXION THERAPEU  FLXNEUR EU         251.9       (16.7)     170.5
FLEXION THERAPEU  F02 QT             251.9       (16.7)     170.5
FLEXION THERAPEU  FLXN US            251.9       (16.7)     170.5
FLEXION THERAPEU  F02 GR             251.9       (16.7)     170.5
FORTUNE VALLEY T  FVTI US              0.4        (1.0)      (0.9)
FOUNTAIN HEALTHY  FHAI US              0.0        (0.1)      (0.1)
FRONTDOOR IN      FTDR US          1,405.0       (61.0)     223.0
FRONTDOOR IN      3I5 GR           1,405.0       (61.0)     223.0
FRONTDOOR IN      FTDREUR EU       1,405.0       (61.0)     223.0
GODADDY INC-A     38D TH           6,432.9       (11.8)  (1,022.9)
GODADDY INC-A     38D GR           6,432.9       (11.8)  (1,022.9)
GODADDY INC-A     38D QT           6,432.9       (11.8)  (1,022.9)
GODADDY INC-A     GDDY US          6,432.9       (11.8)  (1,022.9)
GODADDY INC-A     GDDY* MM         6,432.9       (11.8)  (1,022.9)
GOGO INC          GOGO US            673.6      (641.1)      74.1
GOGO INC          G0G TH             673.6      (641.1)      74.1
GOGO INC          G0G GR             673.6      (641.1)      74.1
GOGO INC          GOGOEUR EU         673.6      (641.1)      74.1
GOGO INC          G0G QT             673.6      (641.1)      74.1
GOGO INC          G0G GZ             673.6      (641.1)      74.1
GOOSEHEAD INSU-A  GSHD US            185.8       (38.4)      30.3
GOOSEHEAD INSU-A  2OX GR             185.8       (38.4)      30.3
GOOSEHEAD INSU-A  GSHDEUR EU         185.8       (38.4)      30.3
GRAFTECH INTERNA  EAF US           1,432.7      (329.4)     431.1
GRAFTECH INTERNA  G6G GR           1,432.7      (329.4)     431.1
GRAFTECH INTERNA  G6G TH           1,432.7      (329.4)     431.1
GRAFTECH INTERNA  EAFEUR EU        1,432.7      (329.4)     431.1
GRAFTECH INTERNA  G6G QT           1,432.7      (329.4)     431.1
GRAFTECH INTERNA  EAFUSD EU        1,432.7      (329.4)     431.1
GRAFTECH INTERNA  G6G GZ           1,432.7      (329.4)     431.1
GREEN PLAINS PAR  GPP US             105.3       (46.5)    (101.1)
GREENSKY INC-A    GSKY US          1,523.1      (175.5)     841.6
GT BIOPHARMA INC  OXI GR               0.9       (29.8)     (29.9)
H&R BLOCK - BDR   H1RB34 BZ        3,168.4      (534.6)     529.2
H&R BLOCK INC     HRB TH           3,168.4      (534.6)     529.2
H&R BLOCK INC     HRB US           3,168.4      (534.6)     529.2
H&R BLOCK INC     HRB GR           3,168.4      (534.6)     529.2
H&R BLOCK INC     HRB QT           3,168.4      (534.6)     529.2
H&R BLOCK INC     HRBEUR EU        3,168.4      (534.6)     529.2
HERBALIFE NUTRIT  HLF US           3,076.1      (856.1)     648.5
HERBALIFE NUTRIT  HOO GR           3,076.1      (856.1)     648.5
HERBALIFE NUTRIT  HOO GZ           3,076.1      (856.1)     648.5
HERBALIFE NUTRIT  HOO TH           3,076.1      (856.1)     648.5
HERBALIFE NUTRIT  HLFEUR EU        3,076.1      (856.1)     648.5
HERBALIFE NUTRIT  HOO QT           3,076.1      (856.1)     648.5
HEWLETT-CEDEAR    HPQ AR          34,737.0    (3,235.0)  (7,442.0)
HEWLETT-CEDEAR    HPQD AR         34,737.0    (3,235.0)  (7,442.0)
HEWLETT-CEDEAR    HPQC AR         34,737.0    (3,235.0)  (7,442.0)
HILTON WORLD-BDR  H1LT34 BZ       16,755.0    (1,486.0)   1,771.0
HILTON WORLDWIDE  HLT US          16,755.0    (1,486.0)   1,771.0
HILTON WORLDWIDE  HLT* MM         16,755.0    (1,486.0)   1,771.0
HILTON WORLDWIDE  HLTEUR EU       16,755.0    (1,486.0)   1,771.0
HILTON WORLDWIDE  HLTW AV         16,755.0    (1,486.0)   1,771.0
HILTON WORLDWIDE  HI91 TH         16,755.0    (1,486.0)   1,771.0
HILTON WORLDWIDE  HI91 GR         16,755.0    (1,486.0)   1,771.0
HILTON WORLDWIDE  HI91 QT         16,755.0    (1,486.0)   1,771.0
HILTON WORLDWIDE  HI91 TE         16,755.0    (1,486.0)   1,771.0
HILTON WORLDWIDE  HI91 GZ         16,755.0    (1,486.0)   1,771.0
HORIZON GLOBAL    HZN US             456.5       (23.9)      80.0
HORIZON GLOBAL    2H6 GR             456.5       (23.9)      80.0
HORIZON GLOBAL    HZN1EUR EU         456.5       (23.9)      80.0
HOVNANIAN ENT-A   HOV US           1,850.7      (416.3)     870.0
HOVNANIAN ENT-A   HOVEUR EU        1,850.7      (416.3)     870.0
HOVNANIAN ENT-A   HO3A GR          1,850.7      (416.3)     870.0
HP COMPANY-BDR    HPQB34 BZ       34,737.0    (3,235.0)  (7,442.0)
HP INC            HPQ TE          34,737.0    (3,235.0)  (7,442.0)
HP INC            7HP GR          34,737.0    (3,235.0)  (7,442.0)
HP INC            HPQ US          34,737.0    (3,235.0)  (7,442.0)
HP INC            7HP TH          34,737.0    (3,235.0)  (7,442.0)
HP INC            HPQ* MM         34,737.0    (3,235.0)  (7,442.0)
HP INC            HPQEUR EU       34,737.0    (3,235.0)  (7,442.0)
HP INC            7HP GZ          34,737.0    (3,235.0)  (7,442.0)
HP INC            HPQUSD SW       34,737.0    (3,235.0)  (7,442.0)
HP INC            HPQ SW          34,737.0    (3,235.0)  (7,442.0)
HP INC            7HP QT          34,737.0    (3,235.0)  (7,442.0)
HP INC            HPQ AV          34,737.0    (3,235.0)  (7,442.0)
HP INC            HPQ CI          34,737.0    (3,235.0)  (7,442.0)
IMMUNOME INC      IMNM US             12.0        (0.7)       2.1
INFINITY PHARMAC  I3F GR              39.3       (23.0)      23.5
INFINITY PHARMAC  INFI US             39.3       (23.0)      23.5
INFINITY PHARMAC  INFI1EUR EU         39.3       (23.0)      23.5
INFINITY PHARMAC  I3F GZ              39.3       (23.0)      23.5
INFINITY PHARMAC  I3F TH              39.3       (23.0)      23.5
INFRASTRUCTURE A  IEA US             729.1       (72.7)     102.8
INFRASTRUCTURE A  IEAEUR EU          729.1       (72.7)     102.8
INFRASTRUCTURE A  5YF GR             729.1       (72.7)     102.8
INSEEGO CORP      INO QT             227.4       (27.9)      38.4
INSEEGO CORP      INO TH             227.4       (27.9)      38.4
INSEEGO CORP      INSG US            227.4       (27.9)      38.4
INSEEGO CORP      INO GR             227.4       (27.9)      38.4
INSEEGO CORP      INSGEUR EU         227.4       (27.9)      38.4
INSEEGO CORP      INO GZ             227.4       (27.9)      38.4
INSPIRED ENTERTA  4U8 GR             324.1       (88.7)      27.1
INSPIRED ENTERTA  INSEEUR EU         324.1       (88.7)      27.1
INSPIRED ENTERTA  INSE US            324.1       (88.7)      27.1
INTERCEPT PHARMA  ICPT* MM           580.5      (166.9)     366.7
INTERCEPT PHARMA  I4P TH             580.5      (166.9)     366.7
INTERCEPT PHARMA  ICPT US            580.5      (166.9)     366.7
INTERCEPT PHARMA  I4P GR             580.5      (166.9)     366.7
INTERCEPT PHARMA  I4P GZ             580.5      (166.9)     366.7
JACK IN THE BOX   JBX GR           1,913.6      (749.1)      62.7
JACK IN THE BOX   JACK US          1,913.6      (749.1)      62.7
JACK IN THE BOX   JBX GZ           1,913.6      (749.1)      62.7
JACK IN THE BOX   JBX QT           1,913.6      (749.1)      62.7
JACK IN THE BOX   JACK1EUR EU      1,913.6      (749.1)      62.7
JOSEMARIA RESOUR  JOSES I2            19.7       (12.4)     (24.7)
JOSEMARIA RESOUR  JOSE SS             19.7       (12.4)     (24.7)
JOSEMARIA RESOUR  NGQSEK EU           19.7       (12.4)     (24.7)
JOSEMARIA RESOUR  JOSES IX            19.7       (12.4)     (24.7)
JOSEMARIA RESOUR  JOSES EB            19.7       (12.4)     (24.7)
JUST ENERGY GROU  JE CN            1,069.0      (215.8)      (0.5)
KEMPHARM INC      KMPH US             11.2       (66.4)       0.8
KEMPHARM INC      1GDA GR             11.2       (66.4)       0.8
KEMPHARM INC      KMPHEUR EU          11.2       (66.4)       0.8
KEMPHARM INC      1GDA TH             11.2       (66.4)       0.8
KEMPHARM INC      1GDA QT             11.2       (66.4)       0.8
KITS EYECARE LTD  KITS CN             54.7        (0.6)     (24.3)
L BRANDS INC      LTD GR          11,571.0      (661.0)   2,753.0
L BRANDS INC      LB US           11,571.0      (661.0)   2,753.0
L BRANDS INC      LTD TH          11,571.0      (661.0)   2,753.0
L BRANDS INC      LTD SW          11,571.0      (661.0)   2,753.0
L BRANDS INC      LB* MM          11,571.0      (661.0)   2,753.0
L BRANDS INC      LTD QT          11,571.0      (661.0)   2,753.0
L BRANDS INC      LBEUR EU        11,571.0      (661.0)   2,753.0
L BRANDS INC      LBRA AV         11,571.0      (661.0)   2,753.0
L BRANDS INC-BDR  LBRN34 BZ       11,571.0      (661.0)   2,753.0
LAREDO PETROLEUM  8LP1 GR          1,442.6       (21.4)     (61.0)
LAREDO PETROLEUM  LPI US           1,442.6       (21.4)     (61.0)
LAREDO PETROLEUM  LPI1EUR EU       1,442.6       (21.4)     (61.0)
LDH GROWTH CORP   LDHAU US             -           -          -
LENNOX INTL INC   LII US           2,032.5       (17.1)     386.3
LENNOX INTL INC   LII* MM          2,032.5       (17.1)     386.3
LENNOX INTL INC   LXI TH           2,032.5       (17.1)     386.3
LENNOX INTL INC   LII1EUR EU       2,032.5       (17.1)     386.3
LENNOX INTL INC   LXI GR           2,032.5       (17.1)     386.3
LESLIE'S INC      LESL US            747.1      (386.4)     162.8
LESLIE'S INC      LE3 GR             747.1      (386.4)     162.8
LESLIE'S INC      LESLEUR EU         747.1      (386.4)     162.8
LESLIE'S INC      LE3 TH             747.1      (386.4)     162.8
LESLIE'S INC      LE3 QT             747.1      (386.4)     162.8
LIFEMD INC        LFMD US              5.4        (8.0)      (4.8)
MADISON SQUARE G  MS8 GR           1,292.1      (265.1)    (172.7)
MADISON SQUARE G  MSG1EUR EU       1,292.1      (265.1)    (172.7)
MADISON SQUARE G  MSGS US          1,292.1      (265.1)    (172.7)
MADISON SQUARE G  MS8 TH           1,292.1      (265.1)    (172.7)
MADISON SQUARE G  MS8 QT           1,292.1      (265.1)    (172.7)
MANNKIND CORP     MNKD US            108.6      (180.4)       5.8
MANNKIND CORP     NNFN TH            108.6      (180.4)       5.8
MANNKIND CORP     NNFN GR            108.6      (180.4)       5.8
MANNKIND CORP     NNFN SW            108.6      (180.4)       5.8
MANNKIND CORP     NNFN QT            108.6      (180.4)       5.8
MANNKIND CORP     MNKDEUR EU         108.6      (180.4)       5.8
MANNKIND CORP     NNFN GZ            108.6      (180.4)       5.8
MASON INDUSTRIAL  MIT/U US             0.2        (0.1)      (0.2)
MATCH GROUP -BDR  M1TC34 BZ        2,977.0    (1,176.0)     520.2
MATCH GROUP INC   MTCH US          2,977.0    (1,176.0)     520.2
MATCH GROUP INC   MTCH1* MM        2,977.0    (1,176.0)     520.2
MATCH GROUP INC   4MGN TH          2,977.0    (1,176.0)     520.2
MATCH GROUP INC   4MGN GR          2,977.0    (1,176.0)     520.2
MATCH GROUP INC   4MGN QT          2,977.0    (1,176.0)     520.2
MATCH GROUP INC   MTC2 AV          2,977.0    (1,176.0)     520.2
MATCH GROUP INC   4MGN SW          2,977.0    (1,176.0)     520.2
MATCH GROUP INC   4MGN GZ          2,977.0    (1,176.0)     520.2
MCAFEE CORP - A   MCFE US          5,428.0    (1,800.0)  (1,471.0)
MCAFEE CORP - A   MC7 GR           5,428.0    (1,800.0)  (1,471.0)
MCAFEE CORP - A   MCFEEUR EU       5,428.0    (1,800.0)  (1,471.0)
MCDONALD'S CORP   TCXMCD AU       52,626.8    (7,824.9)      62.0
MCDONALDS - BDR   MCDC34 BZ       52,626.8    (7,824.9)      62.0
MCDONALDS CORP    MDO TH          52,626.8    (7,824.9)      62.0
MCDONALDS CORP    MCD SW          52,626.8    (7,824.9)      62.0
MCDONALDS CORP    MCD US          52,626.8    (7,824.9)      62.0
MCDONALDS CORP    MDO GR          52,626.8    (7,824.9)      62.0
MCDONALDS CORP    MCD* MM         52,626.8    (7,824.9)      62.0
MCDONALDS CORP    MCD TE          52,626.8    (7,824.9)      62.0
MCDONALDS CORP    MCDEUR EU       52,626.8    (7,824.9)      62.0
MCDONALDS CORP    MDO GZ          52,626.8    (7,824.9)      62.0
MCDONALDS CORP    MCD AV          52,626.8    (7,824.9)      62.0
MCDONALDS CORP    MCDUSD SW       52,626.8    (7,824.9)      62.0
MCDONALDS CORP    0R16 LN         52,626.8    (7,824.9)      62.0
MCDONALDS CORP    MDO QT          52,626.8    (7,824.9)      62.0
MCDONALDS CORP    MCD CI          52,626.8    (7,824.9)      62.0
MCDONALDS CORP    MCDCL CI        52,626.8    (7,824.9)      62.0
MCDONALDS-CEDEAR  MCD AR          52,626.8    (7,824.9)      62.0
MCDONALDS-CEDEAR  MCDC AR         52,626.8    (7,824.9)      62.0
MCDONALDS-CEDEAR  MCDD AR         52,626.8    (7,824.9)      62.0
MDC PARTNERS-A    MDCA US          1,511.3      (381.8)    (204.1)
MDC PARTNERS-A    MD7A GR          1,511.3      (381.8)    (204.1)
MDC PARTNERS-A    MDCAEUR EU       1,511.3      (381.8)    (204.1)
MEDIAALPHA INC-A  MAX US               -          (9.9)      (9.9)
MERCER PARK BR-A  BRND/A/U CN        411.4        (7.6)       2.7
MERCER PARK BR-A  MRCQF US           411.4        (7.6)       2.7
MICHAELS COS INC  MIKEUR EU        4,528.4    (1,197.2)     556.6
MICHAELS COS INC  MIK US           4,528.4    (1,197.2)     556.6
MICHAELS COS INC  MIM GR           4,528.4    (1,197.2)     556.6
MICHAELS COS INC  MIM TH           4,528.4    (1,197.2)     556.6
MICHAELS COS INC  MIM QT           4,528.4    (1,197.2)     556.6
MICHAELS COS INC  MIM GZ           4,528.4    (1,197.2)     556.6
MILESTONE MEDICA  MMD PW               1.0       (16.3)     (16.3)
MILESTONE MEDICA  MMDPLN EU            1.0       (16.3)     (16.3)
MOGO INC          MOGO CN            101.5        (3.3)       -
MOGO INC          SGCC GR            101.5        (3.3)       -
MOGO INC          DCFEUR EU          101.5        (3.3)       -
MOGO INC          MOGO US            101.5        (3.3)       -
MOGO INC          SGCC TH            101.5        (3.3)       -
MONEYGRAM INTERN  9M1N GR          4,674.1      (237.0)     (20.7)
MONEYGRAM INTERN  MGIEUR EU        4,674.1      (237.0)     (20.7)
MONEYGRAM INTERN  9M1N TH          4,674.1      (237.0)     (20.7)
MONEYGRAM INTERN  MGI US           4,674.1      (237.0)     (20.7)
MONEYGRAM INTERN  9M1N QT          4,674.1      (237.0)     (20.7)
MONGODB INC       526 TH           1,407.5        (0.3)     787.3
MONGODB INC       526 GZ           1,407.5        (0.3)     787.3
MONGODB INC       MDB US           1,407.5        (0.3)     787.3
MONGODB INC       526 GR           1,407.5        (0.3)     787.3
MONGODB INC       MDBEUR EU        1,407.5        (0.3)     787.3
MONGODB INC       526 QT           1,407.5        (0.3)     787.3
MONGODB INC       MDB* MM          1,407.5        (0.3)     787.3
MONGODB INC- BDR  M1DB34 BZ        1,407.5        (0.3)     787.3
MONTES ARCHIM-A   MAAC US              0.5        (0.0)      (0.5)
MONTES ARCHIMEDE  MAACU US             0.5        (0.0)      (0.5)
MOTOROLA SOL-BDR  M1SI34 BZ       10,876.0      (541.0)     838.0
MOTOROLA SOL-CED  MSI AR          10,876.0      (541.0)     838.0
MOTOROLA SOLUTIO  MTLA GR         10,876.0      (541.0)     838.0
MOTOROLA SOLUTIO  MOT TE          10,876.0      (541.0)     838.0
MOTOROLA SOLUTIO  MSI US          10,876.0      (541.0)     838.0
MOTOROLA SOLUTIO  MTLA TH         10,876.0      (541.0)     838.0
MOTOROLA SOLUTIO  MTLA GZ         10,876.0      (541.0)     838.0
MOTOROLA SOLUTIO  MSI1EUR EU      10,876.0      (541.0)     838.0
MOTOROLA SOLUTIO  MOSI AV         10,876.0      (541.0)     838.0
MOTOROLA SOLUTIO  MTLA QT         10,876.0      (541.0)     838.0
MSCI INC          MSCI US          4,198.6      (443.2)     903.8
MSCI INC          3HM GR           4,198.6      (443.2)     903.8
MSCI INC          3HM QT           4,198.6      (443.2)     903.8
MSCI INC          3HM GZ           4,198.6      (443.2)     903.8
MSCI INC          MSCI* MM         4,198.6      (443.2)     903.8
MSCI INC          3HM TH           4,198.6      (443.2)     903.8
MSCI INC-BDR      M1SC34 BZ        4,198.6      (443.2)     903.8
MSG NETWORKS- A   MSGN US            921.7      (467.9)     331.9
MSG NETWORKS- A   MSGNEUR EU         921.7      (467.9)     331.9
MSG NETWORKS- A   1M4 QT             921.7      (467.9)     331.9
MSG NETWORKS- A   1M4 TH             921.7      (467.9)     331.9
MSG NETWORKS- A   1M4 GR             921.7      (467.9)     331.9
NANTHEALTH INC    NH US              200.3      (111.4)     (94.2)
NATHANS FAMOUS    NATH US            104.6       (63.1)      79.3
NATHANS FAMOUS    NFA GR             104.6       (63.1)      79.3
NATHANS FAMOUS    NATHEUR EU         104.6       (63.1)      79.3
NATIONAL CINEMED  NCMI US            886.2      (268.6)     149.9
NATIONAL CINEMED  XWM GR             886.2      (268.6)     149.9
NATIONAL CINEMED  NCMIEUR EU         886.2      (268.6)     149.9
NAVISTAR INTL     IHR TH           6,118.0    (3,825.0)     811.0
NAVISTAR INTL     NAV US           6,118.0    (3,825.0)     811.0
NAVISTAR INTL     IHR GR           6,118.0    (3,825.0)     811.0
NAVISTAR INTL     IHR GZ           6,118.0    (3,825.0)     811.0
NAVISTAR INTL     NAVEUR EU        6,118.0    (3,825.0)     811.0
NAVISTAR INTL     IHR QT           6,118.0    (3,825.0)     811.0
NESCO HOLDINGS I  NSCO US            768.4       (31.1)      31.9
NEW ENG RLTY-LP   NEN US             291.7       (41.5)       -
NORTHERN OIL AND  NOG US             872.1      (223.3)     (56.8)
NORTHERN OIL AND  4LT1 GR            872.1      (223.3)     (56.8)
NORTHERN OIL AND  NOG1EUR EU         872.1      (223.3)     (56.8)
NORTONLIFEL- BDR  S1YM34 BZ        6,357.0      (492.0)      27.0
NORTONLIFELOCK I  NLOK US          6,357.0      (492.0)      27.0
NORTONLIFELOCK I  SYM TH           6,357.0      (492.0)      27.0
NORTONLIFELOCK I  SYM GR           6,357.0      (492.0)      27.0
NORTONLIFELOCK I  SYMC TE          6,357.0      (492.0)      27.0
NORTONLIFELOCK I  SYMCEUR EU       6,357.0      (492.0)      27.0
NORTONLIFELOCK I  SYM GZ           6,357.0      (492.0)      27.0
NORTONLIFELOCK I  SYMC AV          6,357.0      (492.0)      27.0
NORTONLIFELOCK I  NLOK* MM         6,357.0      (492.0)      27.0
NORTONLIFELOCK I  SYM QT           6,357.0      (492.0)      27.0
NUTANIX INC - A   0NU SW           2,311.5      (758.4)     766.2
NUTANIX INC - A   0NU GZ           2,311.5      (758.4)     766.2
NUTANIX INC - A   0NU GR           2,311.5      (758.4)     766.2
NUTANIX INC - A   NTNXEUR EU       2,311.5      (758.4)     766.2
NUTANIX INC - A   0NU TH           2,311.5      (758.4)     766.2
NUTANIX INC - A   0NU QT           2,311.5      (758.4)     766.2
NUTANIX INC - A   NTNX US          2,311.5      (758.4)     766.2
OMEROS CORP       OMER US            181.0      (120.8)     114.5
OMEROS CORP       3O8 GR             181.0      (120.8)     114.5
OMEROS CORP       OMERUSD EU         181.0      (120.8)     114.5
OMEROS CORP       3O8 QT             181.0      (120.8)     114.5
OMEROS CORP       OMEREUR EU         181.0      (120.8)     114.5
OMEROS CORP       3O8 TH             181.0      (120.8)     114.5
OPTIVA INC        OPT CN              77.4       (79.4)       3.0
ORTHO CLINCICAL   OCDX US          3,401.5    (1,010.8)     230.8
ORTHO CLINCICAL   41V GR           3,401.5    (1,010.8)     230.8
ORTHO CLINCICAL   OCDXEUR EU       3,401.5    (1,010.8)     230.8
ORTHO CLINCICAL   41V TH           3,401.5    (1,010.8)     230.8
OTIS WORLDWI      OTIS US         10,710.0    (3,201.0)    (180.0)
OTIS WORLDWI      4PG GR          10,710.0    (3,201.0)    (180.0)
OTIS WORLDWI      OTISEUR EU      10,710.0    (3,201.0)    (180.0)
OTIS WORLDWI      4PG GZ          10,710.0    (3,201.0)    (180.0)
OTIS WORLDWI      OTIS* MM        10,710.0    (3,201.0)    (180.0)
OTIS WORLDWI      4PG TH          10,710.0    (3,201.0)    (180.0)
OTIS WORLDWI      4PG QT          10,710.0    (3,201.0)    (180.0)
OTIS WORLDWI-BDR  O1TI34 BZ       10,710.0    (3,201.0)    (180.0)
PAPA JOHN'S INTL  PZZA US            872.8        (8.6)      17.5
PAPA JOHN'S INTL  PP1 GR             872.8        (8.6)      17.5
PAPA JOHN'S INTL  PZZAEUR EU         872.8        (8.6)      17.5
PAPA JOHN'S INTL  PP1 GZ             872.8        (8.6)      17.5
PAPA JOHN'S INTL  PP1 TH             872.8        (8.6)      17.5
PAPA JOHN'S INTL  PP1 QT             872.8        (8.6)      17.5
PARATEK PHARMACE  PRTK US            176.9      (102.3)     172.1
PARATEK PHARMACE  N4CN GR            176.9      (102.3)     172.1
PARATEK PHARMACE  N4CN TH            176.9      (102.3)     172.1
PAVMED INC        1P5 GR              19.8        (0.5)      (1.0)
PAVMED INC        PAVM US             19.8        (0.5)      (1.0)
PAVMED INC        PAVMEUR EU          19.8        (0.5)      (1.0)
PHASEBIO PHARMAC  PHAS US             50.4       (25.2)      25.2
PHILIP MORRI-BDR  PHMO34 BZ       44,815.0   (10,631.0)   1,877.0
PHILIP MORRIS IN  4I1 GR          44,815.0   (10,631.0)   1,877.0
PHILIP MORRIS IN  PM US           44,815.0   (10,631.0)   1,877.0
PHILIP MORRIS IN  PM1CHF EU       44,815.0   (10,631.0)   1,877.0
PHILIP MORRIS IN  4I1 TH          44,815.0   (10,631.0)   1,877.0
PHILIP MORRIS IN  PM1 TE          44,815.0   (10,631.0)   1,877.0
PHILIP MORRIS IN  PM1EUR EU       44,815.0   (10,631.0)   1,877.0
PHILIP MORRIS IN  PMI SW          44,815.0   (10,631.0)   1,877.0
PHILIP MORRIS IN  PMOR AV         44,815.0   (10,631.0)   1,877.0
PHILIP MORRIS IN  PMIZ IX         44,815.0   (10,631.0)   1,877.0
PHILIP MORRIS IN  PMIZ EB         44,815.0   (10,631.0)   1,877.0
PHILIP MORRIS IN  4I1 GZ          44,815.0   (10,631.0)   1,877.0
PHILIP MORRIS IN  0M8V LN         44,815.0   (10,631.0)   1,877.0
PHILIP MORRIS IN  4I1 QT          44,815.0   (10,631.0)   1,877.0
PHILIP MORRIS IN  PM* MM          44,815.0   (10,631.0)   1,877.0
PLANET FITNESS-A  3PL QT           1,849.7      (705.7)     454.9
PLANET FITNESS-A  PLNT1EUR EU      1,849.7      (705.7)     454.9
PLANET FITNESS-A  PLNT US          1,849.7      (705.7)     454.9
PLANET FITNESS-A  3PL TH           1,849.7      (705.7)     454.9
PLANET FITNESS-A  3PL GR           1,849.7      (705.7)     454.9
PLANET FITNESS-A  3PL GZ           1,849.7      (705.7)     454.9
PLANTRONICS INC   PLT US           2,201.5      (145.0)     193.1
PLANTRONICS INC   PTM GR           2,201.5      (145.0)     193.1
PLANTRONICS INC   PLTEUR EU        2,201.5      (145.0)     193.1
PLANTRONICS INC   PTM GZ           2,201.5      (145.0)     193.1
PLANTRONICS INC   PTM TH           2,201.5      (145.0)     193.1
PLANTRONICS INC   PTM QT           2,201.5      (145.0)     193.1
POWIN ENERGY COR  PWON US             15.9        (5.9)     (17.6)
PPD INC           PPD US           6,293.8      (711.6)     268.6
PRIORITY TECHNOL  PRTH US            417.8       (98.6)     (13.0)
PRIORITY TECHNOL  PRTHEUR EU         417.8       (98.6)     (13.0)
PRIORITY TECHNOL  60W GR             417.8       (98.6)     (13.0)
PROGENITY INC     4ZU TH             119.6       (60.4)       5.7
PROGENITY INC     4ZU GR             119.6       (60.4)       5.7
PROGENITY INC     PROGEUR EU         119.6       (60.4)       5.7
PROGENITY INC     4ZU QT             119.6       (60.4)       5.7
PROGENITY INC     4ZU GZ             119.6       (60.4)       5.7
PROGENITY INC     PROG US            119.6       (60.4)       5.7
PSOMAGEN INC-KDR  950200 KS           49.5        36.8       25.3
PUMA BIOTECHNOLO  PBYI US            244.2        (6.0)      31.9
PUMA BIOTECHNOLO  0PB GR             244.2        (6.0)      31.9
PUMA BIOTECHNOLO  0PB TH             244.2        (6.0)      31.9
PUMA BIOTECHNOLO  PBYIEUR EU         244.2        (6.0)      31.9
QUALTRICS INT-A   XM US            1,039.1      (268.9)    (375.9)
QUALTRICS INT-A   5DX0 GR          1,039.1      (268.9)    (375.9)
QUALTRICS INT-A   5DX0 GZ          1,039.1      (268.9)    (375.9)
QUALTRICS INT-A   5DX0 QT          1,039.1      (268.9)    (375.9)
QUALTRICS INT-A   XM1EUR EU        1,039.1      (268.9)    (375.9)
QUALTRICS INT-A   5DX0 TH          1,039.1      (268.9)    (375.9)
QUANTUM CORP      QNT2 GR            185.8      (194.0)       1.6
QUANTUM CORP      QMCO US            185.8      (194.0)       1.6
QUANTUM CORP      QTM1EUR EU         185.8      (194.0)       1.6
QUANTUM CORP      QNT2 TH            185.8      (194.0)       1.6
RADIUS HEALTH IN  RDUS US            191.6      (123.7)     107.4
RADIUS HEALTH IN  1R8 TH             191.6      (123.7)     107.4
RADIUS HEALTH IN  1R8 QT             191.6      (123.7)     107.4
RADIUS HEALTH IN  RDUSEUR EU         191.6      (123.7)     107.4
RADIUS HEALTH IN  1R8 GR             191.6      (123.7)     107.4
REVLON INC-A      RVL1 GR          2,527.7    (1,862.0)     202.2
REVLON INC-A      REV US           2,527.7    (1,862.0)     202.2
REVLON INC-A      RVL1 TH          2,527.7    (1,862.0)     202.2
REVLON INC-A      REVEUR EU        2,527.7    (1,862.0)     202.2
REVLON INC-A      REV* MM          2,527.7    (1,862.0)     202.2
RICE ACQUISIT- A  RICE US              0.4        (0.1)       0.0
RICE ACQUISITION  RICE/U US            0.4        (0.1)       0.0
RIMINI STREET IN  RMNI US            279.9       (63.1)     (62.1)
RR DONNELLEY & S  DLLN TH          3,130.9      (243.8)     466.4
RR DONNELLEY & S  DLLN GR          3,130.9      (243.8)     466.4
RR DONNELLEY & S  RRD US           3,130.9      (243.8)     466.4
RR DONNELLEY & S  RRDEUR EU        3,130.9      (243.8)     466.4
SBA COMM CORP     SBAC US          9,158.0    (4,809.2)    (141.8)
SBA COMM CORP     4SB GR           9,158.0    (4,809.2)    (141.8)
SBA COMM CORP     4SB GZ           9,158.0    (4,809.2)    (141.8)
SBA COMM CORP     SBACEUR EU       9,158.0    (4,809.2)    (141.8)
SBA COMM CORP     4SB QT           9,158.0    (4,809.2)    (141.8)
SBA COMM CORP     SBAC* MM         9,158.0    (4,809.2)    (141.8)
SBA COMM CORP     4SB TH           9,158.0    (4,809.2)    (141.8)
SBA COMMUN - BDR  S1BA34 BZ        9,158.0    (4,809.2)    (141.8)
SCIENTIFIC GAMES  TJW TH           7,984.0    (2,524.0)   1,348.0
SCIENTIFIC GAMES  TJW GZ           7,984.0    (2,524.0)   1,348.0
SCIENTIFIC GAMES  SGMS US          7,984.0    (2,524.0)   1,348.0
SCIENTIFIC GAMES  TJW GR           7,984.0    (2,524.0)   1,348.0
SCOPUS BIOPHARMA  SCPS US              1.2        (2.5)      (2.6)
SEAWORLD ENTERTA  W2L GR           2,566.4      (105.8)     190.3
SEAWORLD ENTERTA  W2L TH           2,566.4      (105.8)     190.3
SEAWORLD ENTERTA  SEASEUR EU       2,566.4      (105.8)     190.3
SEAWORLD ENTERTA  SEAS US          2,566.4      (105.8)     190.3
SECOND SIGHT MED  EYES US              4.5        (0.7)      (0.9)
SECOND SIGHT MED  EYESEUR EU           4.5        (0.7)      (0.9)
SECOND SIGHT MED  24PA GR              4.5        (0.7)      (0.9)
SELECTA BIOSCIEN  SELB US            165.4       (18.0)      69.8
SELECTA BIOSCIEN  SELBEUR EU         165.4       (18.0)      69.8
SELECTA BIOSCIEN  1S7 GR             165.4       (18.0)      69.8
SELECTA BIOSCIEN  1S7 TH             165.4       (18.0)      69.8
SELECTA BIOSCIEN  1S7 GZ             165.4       (18.0)      69.8
SENSEI BIOTHERAP  SNSE US              1.2       (21.1)     (21.2)
SENSEI BIOTHERAP  407 GR               1.2       (21.1)     (21.2)
SENSEI BIOTHERAP  407 GZ               1.2       (21.1)     (21.2)
SENSEI BIOTHERAP  SNSEEUR EU           1.2       (21.1)     (21.2)
SENSEI BIOTHERAP  407 TH               1.2       (21.1)     (21.2)
SENSEI BIOTHERAP  407 QT               1.2       (21.1)     (21.2)
SENSEONICS HLDGS  SENS US             35.9      (141.3)      13.6
SESEN BIO INC     SESN US            122.8        (9.2)      44.8
SHELL MIDSTREAM   SHLX US          2,347.0      (458.0)     312.0
SIENTRA INC       SIEN US            169.0        (0.6)      58.6
SIENTRA INC       S0Z GR             169.0        (0.6)      58.6
SIENTRA INC       SIEN3EUR EU        169.0        (0.6)      58.6
SIMPLY INC        IFONUSD EU          23.6        (1.0)      (4.8)
SINCLAIR BROAD-A  SBTA GR         13,382.0      (995.0)   2,183.0
SINCLAIR BROAD-A  SBTA GZ         13,382.0      (995.0)   2,183.0
SINCLAIR BROAD-A  SBGIEUR EU      13,382.0      (995.0)   2,183.0
SINCLAIR BROAD-A  SBGI US         13,382.0      (995.0)   2,183.0
SINCLAIR BROAD-A  SBTA TH         13,382.0      (995.0)   2,183.0
SINCLAIR BROAD-A  SBTA QT         13,382.0      (995.0)   2,183.0
SIRIUS XM HO-BDR  SRXM34 BZ       10,333.0    (2,285.0)  (2,200.0)
SIRIUS XM HOLDIN  SIRI US         10,333.0    (2,285.0)  (2,200.0)
SIRIUS XM HOLDIN  RDO GR          10,333.0    (2,285.0)  (2,200.0)
SIRIUS XM HOLDIN  RDO TH          10,333.0    (2,285.0)  (2,200.0)
SIRIUS XM HOLDIN  SIRIEUR EU      10,333.0    (2,285.0)  (2,200.0)
SIRIUS XM HOLDIN  RDO GZ          10,333.0    (2,285.0)  (2,200.0)
SIRIUS XM HOLDIN  SIRI AV         10,333.0    (2,285.0)  (2,200.0)
SIRIUS XM HOLDIN  RDO QT          10,333.0    (2,285.0)  (2,200.0)
SIX FLAGS ENTERT  6FE GR           2,772.7      (635.2)    (145.7)
SIX FLAGS ENTERT  SIX US           2,772.7      (635.2)    (145.7)
SIX FLAGS ENTERT  SIXEUR EU        2,772.7      (635.2)    (145.7)
SIX FLAGS ENTERT  6FE QT           2,772.7      (635.2)    (145.7)
SIX FLAGS ENTERT  6FE TH           2,772.7      (635.2)    (145.7)
SLEEP NUMBER COR  SL2 GR             800.1      (224.0)    (474.1)
SLEEP NUMBER COR  SNBR US            800.1      (224.0)    (474.1)
SLEEP NUMBER COR  SNBREUR EU         800.1      (224.0)    (474.1)
SQL TECHNOLOGIES  SQFL US              7.0       (22.9)     (19.6)
STARBUCKS CORP    SRB GR          29,968.4    (7,904.0)     473.6
STARBUCKS CORP    SRB TH          29,968.4    (7,904.0)     473.6
STARBUCKS CORP    SBUX* MM        29,968.4    (7,904.0)     473.6
STARBUCKS CORP    SBUX US         29,968.4    (7,904.0)     473.6
STARBUCKS CORP    SRB GZ          29,968.4    (7,904.0)     473.6
STARBUCKS CORP    SBUX AV         29,968.4    (7,904.0)     473.6
STARBUCKS CORP    SBUXEUR EU      29,968.4    (7,904.0)     473.6
STARBUCKS CORP    SBUX TE         29,968.4    (7,904.0)     473.6
STARBUCKS CORP    SBUX IM         29,968.4    (7,904.0)     473.6
STARBUCKS CORP    SBUXUSD SW      29,968.4    (7,904.0)     473.6
STARBUCKS CORP    TCXSBU AU       29,968.4    (7,904.0)     473.6
STARBUCKS CORP    USSBUX KZ       29,968.4    (7,904.0)     473.6
STARBUCKS CORP    SBUX PE         29,968.4    (7,904.0)     473.6
STARBUCKS CORP    0QZH LI         29,968.4    (7,904.0)     473.6
STARBUCKS CORP    SBUX SW         29,968.4    (7,904.0)     473.6
STARBUCKS CORP    SRB QT          29,968.4    (7,904.0)     473.6
STARBUCKS CORP    SBUX CI         29,968.4    (7,904.0)     473.6
STARBUCKS CORP    SBUXCL CI       29,968.4    (7,904.0)     473.6
STARBUCKS-BDR     SBUB34 BZ       29,968.4    (7,904.0)     473.6
STARBUCKS-CEDEAR  SBUX AR         29,968.4    (7,904.0)     473.6
STARBUCKS-CEDEAR  SBUXD AR        29,968.4    (7,904.0)     473.6
TELOS CORP        TLS US              85.8      (133.8)     (11.3)
THUNDER BRIDGE C  TBCPU US             0.1        (0.0)      (0.1)
TORTEC GROUP COR  TRTK US              0.0        (0.1)      (0.1)
TPCO HOLDING COR  GRAM/U CN          607.7        (3.3)      (3.3)
TPCO HOLDING COR  GRAMF US           607.7        (3.3)      (3.3)
TRANSDIGM - BDR   T1DG34 BZ       18,557.0    (3,721.0)   5,511.0
TRANSDIGM GROUP   TDG US          18,557.0    (3,721.0)   5,511.0
TRANSDIGM GROUP   T7D GR          18,557.0    (3,721.0)   5,511.0
TRANSDIGM GROUP   TDG* MM         18,557.0    (3,721.0)   5,511.0
TRANSDIGM GROUP   T7D TH          18,557.0    (3,721.0)   5,511.0
TRANSDIGM GROUP   T7D QT          18,557.0    (3,721.0)   5,511.0
TRANSDIGM GROUP   TDGEUR EU       18,557.0    (3,721.0)   5,511.0
TRAVEL + LEISURE  TNL US           7,613.0      (968.0)   1,545.0
TRAVEL + LEISURE  WD5A TH          7,613.0      (968.0)   1,545.0
TRAVEL + LEISURE  WD5A GR          7,613.0      (968.0)   1,545.0
TRAVEL + LEISURE  WD5A QT          7,613.0      (968.0)   1,545.0
TRAVEL + LEISURE  WYNEUR EU        7,613.0      (968.0)   1,545.0
TRAVEL + LEISURE  WD5A GZ          7,613.0      (968.0)   1,545.0
TRIUMPH GROUP     TGI US           2,401.9    (1,069.8)     699.1
TRIUMPH GROUP     TG7 GR           2,401.9    (1,069.8)     699.1
TRIUMPH GROUP     TG7 TH           2,401.9    (1,069.8)     699.1
TRIUMPH GROUP     TGIEUR EU        2,401.9    (1,069.8)     699.1
TUPPERWARE BRAND  TUP GR           1,219.9      (204.7)    (363.6)
TUPPERWARE BRAND  TUP US           1,219.9      (204.7)    (363.6)
TUPPERWARE BRAND  TUP GZ           1,219.9      (204.7)    (363.6)
TUPPERWARE BRAND  TUP TH           1,219.9      (204.7)    (363.6)
TUPPERWARE BRAND  TUP1EUR EU       1,219.9      (204.7)    (363.6)
TUPPERWARE BRAND  TUP QT           1,219.9      (204.7)    (363.6)
UBIQUITI INC      UI US              781.2      (181.8)     374.7
UBIQUITI INC      3UB GR             781.2      (181.8)     374.7
UBIQUITI INC      UBNTEUR EU         781.2      (181.8)     374.7
UBIQUITI INC      3UB GZ             781.2      (181.8)     374.7
UNISYS CORP       USY1 TH          2,707.9      (312.1)     570.9
UNISYS CORP       USY1 GR          2,707.9      (312.1)     570.9
UNISYS CORP       UIS US           2,707.9      (312.1)     570.9
UNISYS CORP       UIS1 SW          2,707.9      (312.1)     570.9
UNISYS CORP       UISEUR EU        2,707.9      (312.1)     570.9
UNISYS CORP       UISCHF EU        2,707.9      (312.1)     570.9
UNISYS CORP       USY1 GZ          2,707.9      (312.1)     570.9
UNISYS CORP       USY1 QT          2,707.9      (312.1)     570.9
UNITI GROUP INC   UNIT US          4,731.8    (2,072.4)       -
UNITI GROUP INC   8XC GR           4,731.8    (2,072.4)       -
UNITI GROUP INC   8XC TH           4,731.8    (2,072.4)       -
UWM HOLDINGS COR  UWMC US            425.8       406.4       (4.0)
VALVOLINE INC     0V4 GR           3,156.0       (55.0)     708.0
VALVOLINE INC     0V4 TH           3,156.0       (55.0)     708.0
VALVOLINE INC     VVVEUR EU        3,156.0       (55.0)     708.0
VALVOLINE INC     0V4 QT           3,156.0       (55.0)     708.0
VALVOLINE INC     VVV US           3,156.0       (55.0)     708.0
VECTOR GROUP LTD  VGR US           1,343.4      (659.7)     380.6
VECTOR GROUP LTD  VGR GR           1,343.4      (659.7)     380.6
VECTOR GROUP LTD  VGREUR EU        1,343.4      (659.7)     380.6
VECTOR GROUP LTD  VGR TH           1,343.4      (659.7)     380.6
VECTOR GROUP LTD  VGR QT           1,343.4      (659.7)     380.6
VECTOR GROUP LTD  VGR GZ           1,343.4      (659.7)     380.6
VERANO HOLDINGS   VRNO CN              0.1        (0.0)      (0.0)
VERANO HOLDINGS   VRNOF US             0.1        (0.0)      (0.0)
VERISIGN INC      VRS TH           1,766.9    (1,390.2)     229.2
VERISIGN INC      VRS GR           1,766.9    (1,390.2)     229.2
VERISIGN INC      VRSN US          1,766.9    (1,390.2)     229.2
VERISIGN INC      VRSNEUR EU       1,766.9    (1,390.2)     229.2
VERISIGN INC      VRS GZ           1,766.9    (1,390.2)     229.2
VERISIGN INC      VRSN* MM         1,766.9    (1,390.2)     229.2
VERISIGN INC      VRS QT           1,766.9    (1,390.2)     229.2
VERISIGN INC-BDR  VRSN34 BZ        1,766.9    (1,390.2)     229.2
VERISIGN-CEDEAR   VRSN AR          1,766.9    (1,390.2)     229.2
VERY GOOD FOOD C  VERY CN             15.8         9.1        8.1
VERY GOOD FOOD C  0SI GR              15.8         9.1        8.1
VERY GOOD FOOD C  VERY1EUR EU         15.8         9.1        8.1
VERY GOOD FOOD C  VRYYF US            15.8         9.1        8.1
VERY GOOD FOOD C  0SI TH              15.8         9.1        8.1
VERY GOOD FOOD C  0SI GZ              15.8         9.1        8.1
VERY GOOD FOOD C  0SI QT              15.8         9.1        8.1
VITASPRING BIOME  VSBC US              0.0        (0.1)      (0.1)
VIVINT SMART HOM  VVNT US          2,877.5    (1,487.3)    (316.5)
W&T OFFSHORE INC  UWV GR             949.5      (199.5)     (16.8)
W&T OFFSHORE INC  WTI1EUR EU         949.5      (199.5)     (16.8)
W&T OFFSHORE INC  WTI US             949.5      (199.5)     (16.8)
W&T OFFSHORE INC  UWV TH             949.5      (199.5)     (16.8)
WALDENCAST ACQUI  WALDU US             0.2        (0.0)      (0.2)
WAYFAIR INC- A    W US             4,569.9    (1,191.9)     880.2
WAYFAIR INC- A    W* MM            4,569.9    (1,191.9)     880.2
WAYFAIR INC- A    1WF QT           4,569.9    (1,191.9)     880.2
WAYFAIR INC- A    WUSD EU          4,569.9    (1,191.9)     880.2
WAYFAIR INC- A    1WF GZ           4,569.9    (1,191.9)     880.2
WAYFAIR INC- A    WEUR EU          4,569.9    (1,191.9)     880.2
WAYFAIR INC- A    1WF GR           4,569.9    (1,191.9)     880.2
WAYFAIR INC- A    1WF TH           4,569.9    (1,191.9)     880.2
WIDEOPENWEST INC  WOW US           2,487.0      (212.4)    (121.1)
WIDEOPENWEST INC  WU5 TH           2,487.0      (212.4)    (121.1)
WIDEOPENWEST INC  WU5 GR           2,487.0      (212.4)    (121.1)
WIDEOPENWEST INC  WU5 QT           2,487.0      (212.4)    (121.1)
WIDEOPENWEST INC  WOW1EUR EU       2,487.0      (212.4)    (121.1)
WINGSTOP INC      WING1EUR EU        211.6      (341.3)      22.1
WINGSTOP INC      WING US            211.6      (341.3)      22.1
WINGSTOP INC      EWG GR             211.6      (341.3)      22.1
WINGSTOP INC      EWG GZ             211.6      (341.3)      22.1
WINMARK CORP      WINA US             31.3       (11.4)       6.9
WINMARK CORP      GBZ GR              31.3       (11.4)       6.9
WW INTERNATIONAL  WW US            1,481.2      (548.2)     (40.9)
WW INTERNATIONAL  WW6 GR           1,481.2      (548.2)     (40.9)
WW INTERNATIONAL  WW6 SW           1,481.2      (548.2)     (40.9)
WW INTERNATIONAL  WW6 GZ           1,481.2      (548.2)     (40.9)
WW INTERNATIONAL  WW6 TH           1,481.2      (548.2)     (40.9)
WW INTERNATIONAL  WTWEUR EU        1,481.2      (548.2)     (40.9)
WW INTERNATIONAL  WW6 QT           1,481.2      (548.2)     (40.9)
WW INTERNATIONAL  WTW AV           1,481.2      (548.2)     (40.9)
WYNN RESORTS LTD  WYR GR          13,869.5      (737.3)   1,932.3
WYNN RESORTS LTD  WYR TH          13,869.5      (737.3)   1,932.3
WYNN RESORTS LTD  WYNN* MM        13,869.5      (737.3)   1,932.3
WYNN RESORTS LTD  WYNN US         13,869.5      (737.3)   1,932.3
WYNN RESORTS LTD  WYNNEUR EU      13,869.5      (737.3)   1,932.3
WYNN RESORTS LTD  WYR GZ          13,869.5      (737.3)   1,932.3
WYNN RESORTS LTD  WYNN SW         13,869.5      (737.3)   1,932.3
WYNN RESORTS LTD  WYR QT          13,869.5      (737.3)   1,932.3
WYNN RESORTS-BDR  W1YN34 BZ       13,869.5      (737.3)   1,932.3
YELLOW CORP       YEL GR           2,185.8      (223.3)     329.1
YELLOW CORP       YELL US          2,185.8      (223.3)     329.1
YELLOW CORP       YEL QT           2,185.8      (223.3)     329.1
YELLOW CORP       YRCWEUR EU       2,185.8      (223.3)     329.1
YELLOW CORP       YEL1 TH          2,185.8      (223.3)     329.1
YUM! BRANDS -BDR  YUMR34 BZ        5,852.0    (7,891.0)      14.0
YUM! BRANDS INC   TGR TH           5,852.0    (7,891.0)      14.0
YUM! BRANDS INC   TGR GR           5,852.0    (7,891.0)      14.0
YUM! BRANDS INC   YUM* MM          5,852.0    (7,891.0)      14.0
YUM! BRANDS INC   YUM US           5,852.0    (7,891.0)      14.0
YUM! BRANDS INC   TGR GZ           5,852.0    (7,891.0)      14.0
YUM! BRANDS INC   YUMUSD SW        5,852.0    (7,891.0)      14.0
YUM! BRANDS INC   YUMEUR EU        5,852.0    (7,891.0)      14.0
YUM! BRANDS INC   TGR QT           5,852.0    (7,891.0)      14.0
YUM! BRANDS INC   YUM SW           5,852.0    (7,891.0)      14.0
YUM! BRANDS INC   YUM AV           5,852.0    (7,891.0)      14.0
YUM! BRANDS INC   TGR TE           5,852.0    (7,891.0)      14.0



                            *********

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 ***