/raid1/www/Hosts/bankrupt/TCR_Public/210325.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Thursday, March 25, 2021, Vol. 25, No. 83

                            Headlines

5401 MONTOYA: Seeks to Hire Timothy V. Daniel as Legal Counsel
96 WYTHE: Gets Cash Collateral Access Thru April 5
AIRPORT VAN RENTAL: Committee Taps B. Riley as Financial Advisor
ALPHA HOUSE. M Boutique Hotel Files for Chapter 11 Bankruptcy
ANNA & VASILIES: Gets OK to Hire Gary S. Poretsky as Legal Counsel

ANTARA SYSTEMS: Court OK's Deal on Cash Collateral Access
ARRAY TECHNOLOGIES: S&P Alters Outlook to Pos., Affirms 'B+' ICR
AYRO INC: Modifies May Lock-Up Agreements
AYTU BIOSCIENCE: Closes Merger With Neos Therapeutics
BAFFINLAND IRON: S&P Alters Outlook to Stable, Affirms 'B-' ICR

BLACKJEWEL LLC: Court Affirms Amended Liquidation Plan
BRILLIANT ENERGY: Judge Says Ch. 7 Doesn't Need Fancy Bid Process
CAN B CORP: To Acquire Assets From Multiple Sellers
CANCER GENETICS: StemoniX Shareholders Approve Merger Agreement
CANNTRUST HOLDINGS: CCAA Court OKs Representatives

CHINA FISHERY: Burlington & Monarch Submit Chapter 11 Plan
CITY BREWING: Moody's Assigns First Time B1 Corp Family Rating
CMC II: U.S. Trustee Appoints Creditors' Committee
CORNERSTONE BUILDING: S&P Affirms B+ ICR on Improved Leverage
COUNTRY FRESH: Seeks to Hire Foley & Lardner as Counsel

CPI CARD: Unit Closes Private Offering of $310M Senior Notes
DANA INC: Fitch Affirms 'BB+' IDR & Alters Outlook to Stable
DAVIDSTEA INC: Quebec Court Extends CCAA Proceedings to June 4
DJM HOLDINGS: Gets OK to Hire Forbes Law as Legal Counsel
DOWN TOWN ASSOCIATION: Seeks to Hire Avrum J. Rosen as Counsel

EAGLE HOSPITALITY: Court OKs Monarch's Stalking-Horse Bid
FIELDWOOD ENERGY: NAS' Joinder in Sureties' Objection to Disclosure
FIRST STANDARD: Hits Chapter 7 Bankruptcy
FREDDIE MAC: Names Mark Grier as Interim CEO
FUSE GROUP: To Issue 100M Shares in Exchange of 100% Stake in E-Mo

GATEWAY VENTURES: U.S. Trustee Unable to Appoint Committee
GCI LLC: S&P Upgrades ICR to 'B', Off CreditWatch Positive
GREAT WESTERN: Completes Comprehensive Equity Recapitalization
GUMP'S HOLDINGS: Hires Donlin Recano as Administrative Advisor
HOME OWNER BENEFIT: Case Summary & Unsecured Creditor

HYLAND SOFTWARE: Moody's Affirms B2 CFR, Outlook Stable
HYLAND SOFTWARE: S&P Affirms 'B-' ICR on Nuxeo Group Acquisition
IMERYS TALC: Williams, Andrews Update on Talc Personal Claimants
INPIXON: Extends Iliad Promissory Note Maturity to March 2022
INSTANT BRANDS: S&P Alters Outlook to Negative, Affirms 'B' ICR

INTELSAT SA: Court Denies Bid to Appoint Equity Committee
JON. R. LLEWELLYN: Gets OK to Hire Walker & Patterson as Counsel
JON. R. LLEWELLYN: Gets OK to Hire Walker & Patterson as Counsel
JUST ENERGY: Ontario Court Extends CCAA Stay to June 4
KADMON HOLDINGS: FDA Extends Review Period for Belumosudil

KD BELLE TERRE: Amends Unsecured Creditors' Claims Pay Details
KNOXVILLE RESTAURANT: Appeals Court Drops PNC's Guaranty Suit
KUEHL COMPANIES: Seeks Use of Cash Collateral Thru April 15
L BRANDS: S&P Upgrades ICR to 'BB-' on Lower Debt, Outlook Stable
LBC TANK: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable

LIBERTY COMMUNICATIONS: S&P Rates New 1st-Lien Term Loan B-2 'B+'
MACQUARIE INFRASTRUCTURE: S&P Cuts Unsecured Debt Rating to 'BB-'
MAGNITE INC: Moody's Assigns First Time B2 Corp Family Rating
MAGNITE INC: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
MERCY HOSPITAL: Sale is 'Huge Win' for Community, Lawyer Says

MID-CONTINENT UNIVERSITY: Hires EverChain for Debt Sales Management
MISSOURI JACK: Gets Cash Collateral Access Thru Aug. 31
MURPHY OIL: S&P Alters Outlook to Stable, Affirms 'BB' ICR
MVK INTERMEDIATE: S&P Downgrades ICR to 'CCC+, On Watch Negative
NATIONAL RIFLE ASSOCIATION: Paid Nothing to Bankruptcy Advisers

NATIONAL RIFLE: Seeks to Hire BVA Group as Financial Advisor
NCR CORP: Fitch Assigns BB- Rating on $1-Billion Unsecured Notes
NCR CORP: Moody's Gives B3 Rating on New Unsecured Notes
NCR CORP: S&P Assigns 'B+' Rating on $1BB Senior Unsecured Notes
NESCO HOLDINGS: To Change Name to Custom Truck One Source, Inc.

NINE POINT ENERGY: AB Private's DIP Loan Has Interim OK
NOVELIS INC: Moody's Hikes Corp. Family Rating to Ba3
NOVELIS INC: S&P Assigns 'BB-' Rating on New EUR500MM Unsec. Notes
NUTRIBAND INC: Finalizes Distribution Agreement With BPM Inno
NUZEE INC: Terminates Sales Agreement with B. Riley, Benchmark

O.P. INVESTMENT: Granted Cash Collateral Access
OASIS MIDSTREAM: Moody's Assigns First Time B2 Corp Family Rating
OASIS MIDSTREAM: S&P Assigns 'B' Long-Term ICR, Outlook Stable
OLYMPUS DEVELOPMENT: Trustee Hires Thompson Burton as Counsel
PALMCO HOMES: Seeks to Hire Van Horn Law Group as Counsel

PAR PETROLEUM: S&P Alters Outlook to Stable, Affirms 'B' ICR
PARK PLACE: May 12 Disclosure Statement Hearing Set
PARNASSUS PREPARATORY: S&P Affirms 'BB' Rating on Lease Rev Bonds
PDG PRESTIGE: U.S. Trustee Unable to Appoint Committee
PNW HEALTHCARE: Gets Cash Collateral Access Thru April 17

PURDUE PHARMA: No Chapter 11 Deal Without Extending Injunction
PURE FISHING: S&P Alters Outlook to Stable, Affirms 'CCC+' ICR
RAEISI GROUP: Cal. Appeals Court Revives Lawsuit Over Liars Loans
RAILYARD COMPANY: 10th Cir. Nixes Challenge to Santa Fe Accord
RAM DISTRIBUTION: Fine-Tunes Plan; Reichmann to Contribute $10K

ROB'S TOWER: Seeks Cash Collateral Access Thru May 17
ROMANS HOUSE: Gets Cash Collateral Access on Interim Basis
RYAN SPECIALTY: S&P Places 'B' ICR on CreditWatch Positive
SALON PROZ: Case Summary & 6 Unsecured Creditors
SEADRILL LIMITED: Seeks to Hire PwC as Auditor

SEADRILL PARTNERS: Wins Court Okay to Collect Bankruptcy Plan Votes
SEANERGY MARITIME: To Acquire Two Capesize Vessels for $55 Million
SINTX TECHNOLOGIES: Secures $509,148 PPP Loan Under CARES Act
SM ENERGY: Moody's Raises CFR to B3, Outlook Positive
SM WELLNESS: Moody's Assigns First Time B3 Corp Family Rating

SOFT FINISH: Seeks Cash Collateral Access Thru July 15
SOLARIS MIDSTREAM: Moody's Assigns B2 CFR & Rates Unsec. Notes B3
SOLARIS MIDSTREAM: S&P Assigns 'B' ICR, Outlook Stable
SOUTHLAND ROYALTY: Boosts Unsecured Recoveries in Chapter 11 Plan
SYNCREON INTERMEDIATE: S&P Ups ICR to 'B-' on Improved Performance

TECH DATA: Moody's Puts Ba2 CFR Under Review for Upgrade
TECTA AMERICA: S&P Downgrades ICR to 'B-' on Higher Leverage
TEINE ENERGY: Moody's Gives B3 Rating on New $400M Unsecured Notes
TEINE ENERGY: S&P Alters Outlook to Stable, Affirms 'B' ICR
TEL-INSTRUMENT: Secures $722,577 Second PPP Loan

TENET HEALTHCARE: S&P Alters Outlook to Positive, Affirms 'B' ICR
THREESQUARE LLC: Unsecureds to Recover 5% to 6% in 5 Years
TIDAL POWER: S&P Assigns Preliminary 'B+' ICR, Outlook Stable
TRI-STATE PAIN: SBA Opposes Division of Unsecured Creditors
TRIPADVISOR INC: S&P Alters Outlook to Negative, Affirms 'BB-' ICR

TRUCKING AND CONTRACTING: May 4 Disclosure Statement Hearing Set
VOLUNTEER MOTORSPORTS: Seeks Approval to Hire Real Estate Agent
VOLUNTEER MOTORSPORTS: Seeks to Hire Dean Greer as Legal Counsel
W.R. GRACE: S&P Alters Outlook to Stable, Affirms 'BB' ICR
WDT ACQUISITION: S&P Assigns 'B-' ICR, Outlook Stable

WR GRACE: Fitch Affirms 'BB+' LongTerm IDR, Outlook Negative
XOTICAS LAREDO: Gets OK to Hire Carl M. Barto as Legal Counsel
YOUNGEVITY INTERNATIONAL: In Forbearance Talks With Investors
[*] SSG Advises Utica Leaseco on Sale of Alta Device Assets
[^] Recent Small-Dollar & Individual Chapter 11 Filings


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5401 MONTOYA: Seeks to Hire Timothy V. Daniel as Legal Counsel
--------------------------------------------------------------
5401 Montoya Dr. El Paso Texas, LLC, seeks approval from the U.S.
Bankruptcy Court for the Western District of Texas to hire Timothy
V. Daniel, PC as its legal counsel.

The firm's services include:

     1. advising the Debtor as to its rights, duties and powers
under the Bankruptcy Code;

     2. filing legal documents and negotiating and preparing a plan
of reorganization for the Debtor;

     3. representing the Debtor at all hearings, meetings of
creditors, trials and other court proceedings; and

     4. other legal services necessary to administer the Debtor's
Chapter 11 case.

The firm will be paid at these rates:

     -- $250 per hour for time spent in court;

     -- $225 per hour for other time spent by the firm's attorney

     -- $60 per hour for paralegal time

The Debtor paid the firm a retainer in the amount of $7,500.

In court papers, Timothy Daniel, Esq., disclosed that his firm
neither holds nor represents an interest adverse to the Debtor's
bankruptcy estate.

The firm can be reached through:

     Timothy V. Daniel, Esq.
     Timothy V. Daniel, PC
     603 Mississippi Ave.
     El Paso, TX 79902
     Phone: 915-487-0072
     Fax: 505-629-1528
     Email: tim@timvdaniel.com

                About 5401 Montoya Dr. El Paso Texas

5401 Montoya Dr. El Paso Texas, LLC sought protection under Chapter
11 of the Bankruptcy Code (Bankr. W.D. Texas Case No. 21-30067) on
Feb. 1, 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 H. Christopher Mott oversees the case.  Timothy V.
Daniel, PC is the Debtor's legal counsel.


96 WYTHE: Gets Cash Collateral Access Thru April 5
--------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York has
authorized 96 Wythe Acquisition LLC to use cash collateral on an
interim basis, in accordance with the approved budget, through
April 5, 2021, with a 10% variance.

The Debtor is authorized to use cash collateral to pay the
ordinary, necessary and reasonable expenses of operating the
Williamsburg Hotel as they come due in the ordinary course of
business during the Interim Period, and without any prepayment or
acceleration of expenses.

As adequate protection, Benefit Street Partners Realty Operating
Partnership, L.P. is granted additional and replacement valid,
binding, enforceable, nonavoidable, and automatically perfected
postpetition security interests in and liens on, without the
necessity of the execution by the Debtor (or recordation or other
filing) of security agreements, control agreements, pledge
agreements, financing statements, mortgages, or other similar
documents, on all property.

The Adequate Protection Liens will be junior only to: (A) the
Lender's prepetition liens, and (B) other unavoidable liens, if
any, existing as of the Petition Date that are senior in priority
to the Lender's prepetition liens.  The Adequate Protection Liens
will be subject to a $10,000 carve-out for chapter 7 administration
expenses to the extent necessary for the Debtor's payment of fees
incurred under 28 U.S.C. section 1930 and statutory fees required
to be paid to the Clerk of the Court.

The Lender is also granted an allowed administrative expense claim
in the Case ahead of and senior to any and all other administrative
expense claims in the Case, with the exception of the Carve-Out, to
the extent of any Diminution.

The Debtor is required to maintain all necessary insurance as
required under the Prepetition Loan Documents, naming the Lender as
a notice party and additional insured, and will promptly provide
the Lender with proofs of such insurance for the Hotel and copies
of all documents related to any insurance premium financing
arrangement the Debtor may have.

The Debtor will deposit all cash it collects from the Petition Date
in excess of its expenditures into a segregated
debtor-in-possession bank account and will maintain such cash in
the DIP Bank Account until further order of the Court.  For the
avoidance of doubt, the Lender's security interests in and liens on
the Cash Collateral will extend to the cash in the DIP Bank
Account.

The events constitute Events of Default:

     (i) the Debtor's failure to comply with any of the terms of
the Interim Order (including compliance with the Budget);

     (ii) the obtaining of credit or incurring of indebtedness
outside of the ordinary course of business that is either secured
by a security interest or lien that is equal or senior to any
security interest or lien of the Lender or entitled to priority
administrative status that is equal or senior to that granted to
the Lender; and

     (iii) entry of an order by the Court granting relief from or
modifying the automatic stay under section 362 of the Bankruptcy
Code to allow a creditor to execute upon or enforce a lien or
security interest in any collateral that would have a material
adverse effect on the business, operations, property or assets of
the Debtor.

A telephonic hearing to consider further approval of the use of
Cash Collateral on an interim basis is scheduled for April 5 at 10
a.m.

A copy of the Order is available at https://bit.ly/3rktWI0 from
PacerMonitor.com.

          About 96 Wythe Acquisition LLC

96 Wythe Acquisition LLC is a privately held company whose
principal property is located at 96 Wythe Ave, Brooklyn, NY 11249.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 1-22108) on February 23,
2021. In the petition signed by David Goldwasser, chief
restructuring officer, the Debtor disclosed $0 in assets and
$79,990,206 in liabilities.

Judge Robert D. Drain oversees the case.

Backenroth Frankel & Krinsky, LLP, led by Mark Frankel, is the
Debtor's counsel.



AIRPORT VAN RENTAL: Committee Taps B. Riley as Financial Advisor
----------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Airport Van Rental, Inc., and its affiliates
seeks approval from the U.S. Bankruptcy Court for the Central
District of California to retain B. Riley Advisory Services as its
financial advisor.

The firm will provide these services:

     a. analyze the financial operations of the Debtors;

     b. analyze the financial ramifications of any proposed
transactions;

     c. conduct financial analyses;

     d. assist the committee in its review of monthly operation
reports;

     e. assist the committee in the evaluation of cash flow or
other projections;

     f. perform forensic investigation services;

     g. analyze transaction with insiders and affiliated
companies;

     h. analyze various cash management, shared services and other
agreements;

     i. provide testimony from time to time;

     j. provide other additional services.

The firm will be paid as follows:

     Seth R. Freeman, Managing Director     $252 per hour
     Jonathan Wernick, Managing Director    $435  per hour
     Senior Managing Directors           $375 - $900 per hour
     Directors & Associates              $195 - $395 per hour

Seth Freeman, managing director at B. Riley, disclosed in court
filings that the firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:
   
     Seth R. Freeman
     B. Riley Advisory Services
     555 W. 5th St., Suite 3725
     Los Angeles, CA 900013
     Direct: (415) 229-4860
     Mobile: (925) 899-1550
     Email: sfreeman@brileyfin.com

                     About Airport Van Rental

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

Airport Van Rental and its affiliates filed their voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
C.D. Calif. Lead Case No. 20-20876) on Dec. 11, 2020. Yazdan Irani,
president and chief executive officer, signed the petitions.

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

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

The U.S. Trustee for Region 16 appointed an official committee of
unsecured creditors on Feb. 3, 2021.  Elkins Kalt Weintraub Reuben
Gartside, LLP and B. Riley Advisory Services serve as the
committee's bankruptcy counsel and financial advisor, respectively.


ALPHA HOUSE. M Boutique Hotel Files for Chapter 11 Bankruptcy
-------------------------------------------------------------
Matthew Arrojas of South Florida Business Journal reports that the
owner of M Boutique Hotel Miami Beach files for Chapter 11
bankruptcy and seeks buyer.

A Miami Beach hotel filed for bankruptcy and its owner aims to sell
the property to pay creditors.

The M Boutique Hotel at 6945 Abbott Ave. filed for Chapter 11
protection in U.S. Bankruptcy Court for the Southern District of
Florida on March 17. The 11-unit apartment-style hotel is owned by
Alpha House Inc., according to property and court records, and
operated by Matthieu Mamoudi.

According to the filing, the Covid-19 pandemic's impact on the
hospitality industry was the primary reason for the bankruptcy
declaration.

South Florida hotels experienced historic occupancy and revenue
lows for much of the past year due to a downturn in tourism. Hotel
analytics company STR reported a 39% year-over-year decrease in
average hotel occupancy in Miami-Dade County in 2020.

According to court documents, the hotel has been able to manage a
budget to cover day-to-day expenses "in recent months," but that
does not include servicing secured debt. Ownership expects net
income to become positive between March to August.

The M Boutique Hotel owes just over $2.5 million to creditors,
according to court documents.

The hotel owes $1.3 million in secured debt to First National Bank,
which granted a $1.4 million loan to Alpha House in 2016, according
to the filing. Alpha House also owes $857,000 in unsecured debt to
First Land Ltd., a lender Mamoudi borrowed money from in 2012 when
he bought into the hotel.

To service the debt, the hotel's owner proposes selling the
property, according to a Chapter 11 plan submitted March 22.
Mamoudi estimates the hotel property is worth between $3.7 million
and $4.2 million, which would be enough to service the hotel's
debts.

The two-story hotel, first built in 1939, sits on a
6,150-square-foot lot, according to property records. Mamoudi's
analysis of the property states it has the licensing to remain a
hotel, or it can be converted into an apartment building.

Miami-based Robert C. Meyer, P.A. represents Alpha House in the
Chapter 11 filing.

Mamoudi did not respond to a request for comment.

                       About Alpha House

The Alpha House, Inc., owns the M Boutique Hotel in Miami, Florida.


Alpha House filed for Chapter 11 bankruptcy (Bankr. S.D. Fla. Case
No. 21-12338)  on March 11, 2021. The petition was signed by
Matthieu Mamoudi, president.  It listed estimated assets of between
$1 million and $10 million and liabilities of between $1 million
and $10 million.  The case is handled by Honorable Judge Robert A.
Mark.  ROBERT C. MEYER, PA, is the Debtor's counsel.






ANNA & VASILIES: Gets OK to Hire Gary S. Poretsky as Legal Counsel
------------------------------------------------------------------
Anna & Vasilies Inc. received approval from the U.S. Bankruptcy
Court for the District of Maryland to hire The Law Offices of Gary
S. Poretsky, LLC, as its legal counsel.

The firm's services include:

     1. advising the Debtor of its rights, powers and duties under
the Bankruptcy Code;

     2. advising the Debtor regarding matters of bankruptcy law;

     3. representing the Debtor in court proceedings and hearings;

     4. reviewing the nature and validity of liens asserted against
the Debtor's property and advising the Debtor of the enforceability
of such liens;

     5. preparing legal papers; and

     6. other legal services necessary to administer the Debtor's
Chapter 11 case.

The firm's attorneys will be paid at the rate of $350 per hour.

As disclosed in court filings, The Law Offices of Gary S. Poretsky
is a "disinterested person" within the meaning of Section 101(14)
of the Bankruptcy Code.

The firm can be reached through:

     Gary S. Poretsky, Esq.
     The Law Offices of Gary S. Poretsky, LLC
     7 Church Lane, Suite 5
     Pikesville, MD 21208
     Phone: 443-738-5432

                      About Anna & Vasilies

Anna & Vasilies, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Md. Case No. 21-10892) on Feb. 12, 2021.
At the time of the filing, the Debtor disclosed under $1 million
in both assets and liabilities.  Judge Nancy V. Alquist oversees
the case.  The Debtor is represented by The Law Offices of Gary S.
Poretsky, LLC.


ANTARA SYSTEMS: Court OK's Deal on Cash Collateral Access
---------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Michigan has
approved the Stipulation for Entry of a Final Order Authorizing the
Use of Cash Collateral and Granting Adequate Protection filed by
Antara Systems, LLC d/b/a Jimdi Plastics.

The Court says the Interim Order entered on March 1, 2021, will
become the Final Order, with these changes:

     a) Notwithstanding anything to the contrary, any property held
by the Debtor that was provided to the Debtor by or on behalf of
Herman Miller, Inc. is owned by Herman Miller and is not the
property of the Debtor. A list of the HM Property, without
limitation and subject to amendment by HM upon any further
inspections or other changes, has been filed with the Court. The HM
Property is not subject to the automatic stay nor to any liens,
claims or interests of any party in interest including TCF. The HM
Property belongs exclusively to Herman Miller and shall be treated
as confidential information of Herman Miller.  The HM Property
shall be returned to Herman Miller promptly after its request for
return. Herman Miller has the right to inspect the HM Property upon
request to the Debtor during normal business hours.

     b) Any party in interest who objects to the stipulated
classification of HM Property as not being subject to the automatic
stay shall have 21 calendar days from the date of the order
approving the stipulation to file a written objection to that
provision only and request a hearing. In the event that no
objection is timely filed, the stipulated classification of the HM
Property shall stand as described.

The final hearing on the matter scheduled for March 18 was
cancelled.

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

          About Antara Systems, LLC d/b/a Jimdi Plastics

Founded in 1997, Antara Systems, LLC dba Jimdi Plastics, produces
injection molded components and assemblies for the agriculture,
automotive, consumer product, office furniture and recreation
markets.  It sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Mich. Case No. 21-00427) on February
21, 2021. In the petition signed by Reed E. Lawrie, managing
member, the Debtor disclosed $2,112,129 in assets and $4,392,696 in
liabilities.

Judge Scott W. Dales oversees the case.

A. Todd Almassian, Esq. at Keller & Almassian, PLC is the Debtor's
counsel.

Gantry Business Solutions LLC's Dave Distel and Tim Emmitt serve as
financial advisors.



ARRAY TECHNOLOGIES: S&P Alters Outlook to Pos., Affirms 'B+' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on solar tracker maker Array
Technologies Inc. to positive from stable and affirmed our 'B+'
issuer credit rating. At the same time, S&P affirmed its 'B+'
issue-level rating on the company's senior secured term loan.

The positive outlook reflects the one-in-three chance S&P will
raise its ratings on Array in the next year due to the potential
for more conservative financial policies given that it recently
priced a secondary share offering from its owner ATI Investment
Parent LLC and other executives.

The exit of Array's financial sponsor should improve its financial
policies and, therefore, its credit quality. Following the
secondary share offering (31.1 million shares priced at $28 per
share), ATI Investment Parent LLC's ownership stake in Array will
decline to less than 4% (assuming the greenshoe provision is not
exercised) from over 28% previously. Founder Ron Corio's stake will
also decline to 1.1% from 8.7% previously. ATI Investment is
controlled by affiliates of financial sponsor Oaktree Capital
Management L.P. and Array had previously paid ATI a special
dividend in conjunction with its IPO. S&P said, "We anticipate the
absence of ATI/Oaktree will lead to an improvement in Array's
credit quality because its financial policies will likely preclude
large dividend recapitalization transactions or other outsize
shareholder returns during the next year. In addition, we believe
the company's new owners and management will opt to maintain its
credit measures at manageable levels."

It will still be important for the company to establish a track
record of operating with reasonable credit measures. S&P said,
"Removing Array's potentially aggressive financial sponsor (from a
credit perspective) from its ownership structure is a good first
step, though we would also look for the company to establish a
track record of operating with more conservative credit measures
before raising our ratings. At the current rating, we view an
adjusted debt-to-EBITDA ratio of consistently less than 5x as
satisfactory. At a modestly higher rating, we would look for the
company to maintain debt to EBITDA of consistently less than 4x
while generating positive free cash flow (despite its high growth
rates)."

The extension of U.S. tax credits for solar energy will benefit the
renewable energy industry and smooth out potential lumpiness in
Array's sales. The Consolidated Appropriation Act of 2021, signed
Dec. 27, 2020, extended the 26% investment tax credit (ITC) for
solar energy to Dec. 31, 2022, and the 22% ITC to Dec. 31, 2023.
This two-year extension of the sunset will provide customers with
additional time to take advantage of the ITC when purchasing
renewable energy-related equipment and help reduce the cost of
renewable energy, which will likely support a healthy demand
environment. The U.S. Energy Information Administration (EIA)
projects that utility-scale solar projects entering service in 2023
will have a levelized cost of energy under $24 per megawatt hour,
which is 17% lower than the forecast the EIA made for solar
projects in 2022 one year ago. Given this backdrop, S&P expects a
smoother cadence of equipment sales in the near term rather than
the significant build up the industry experienced in 2019 and 2020.
Management has indicated it expects to receive 20%-25% of the
company's annual revenue in the first quarter, followed by 25%-30%
in both the second and third quarters and 20%-25% in the fourth
quarter.

The company's good backlog amid a healthy demand environment lends
further support for a higher rating. S&P said, "In its March 9,
2021, earnings release, Array indicated that it expected to record
$1.025 billion-$1.125 billion of revenue in 2021, which we consider
to be a good level of sales. In addition, it indicated that its
$654 million backlog as of Dec. 31, 2020, accounted for 60% of the
midpoint of this range, providing good visibility. As of Jan. 31,
2021, management disclosed that the company had almost $775 million
of executed contracts and awarded orders for its tracker systems
and its backlog had risen to $693 million from those orders. That
said, the supply chain is tight and we expect Array to face some
inflation in its freight and materials costs. The company is also
investing in its supply chain infrastructure to serve its
international customers and to establish a research center in
Phoenix to test prototypes and enhance its customer experience.
However, we believe good execution on its pricing and counteractive
cost discipline actions will allow Array to earn EBITDA margins of
16% despite the anticipated cost inflation."

S&P said, "The positive outlook on Array Technologies reflects that
there is a one-in-three chance we will raise our ratings in the
next year. Despite the absence of the time-sensitive sales and
earnings its received last year due to the impending expiration of
the ITC, we expect the company will benefit from the favorable
secular demand conditions for renewable energy, which will support
increasing earnings. This could enable Array to maintain adjusted
debt to EBITDA of less than 4x on a sustained basis while
generating positive free cash flow despite its high growth rate
(which tends to require working capital investments that consume
cash)."

S&P may revise its outlook on Array to stable over the next 12
months if the business conditions in the solar energy sector weaken
such that its adjusted debt leverage reverts to the 4x-5x range.
These conditions may include:

-- Contracting project volumes and the exhaustion of its backlog;
and

-- Large adverse changes in the cost escalation protection terms
on new projects relative to its prior work, which compress its
margins and diminish its credit metrics.

S&P could also revise its outlook to stable if:

-- It becomes apparent that the company is unable to generate
consistent positive free cash flow; or

-- It employs more aggressive financial policies (e.g., an
unexpectedly large debt-financed acquisition) that make it unlikely
it will be able to improve its adjusted leverage below 4x in a
timely manner.

S&P may raise its ratings on Array over the next 12 months if:

-- It maintains adjusted debt leverage of less than 4x on a
sustained basis;

-- Establishes a track record of generating consistent operating
profitability and cash flow while expanding; and

-- It abides by conservative financial policies and we see the
risk of it re-leveraging as low.



AYRO INC: Modifies May Lock-Up Agreements
-----------------------------------------
Certain former stockholders of AYRO Operating Company, a Delaware
corporation, entered into lock-up agreements pursuant to which they
agreed to certain restrictions on the transfer or sale of shares of
AYRO, Inc.'s common stock for the one-year period following the
merger between AYRO Operating and ABC Merger Sub, Inc.

On March 17, 2021, AYRO, Inc. modified the May Lock-Up Agreements
to allow each stockholder party to the agreement to (i) sell up to
5% of such stockholder's holdings in the Company's common stock on
any trading day (with such 5% limitation to be measured as of the
date of each sale) and (ii) allow for unlimited sales of the
Company's common stock for any sales made at $10.00 per share or
greater (subject to appropriate adjustment to reflect any stock
split, stock dividend or other change in the shares of common stock
of the Company which may be made by the Company after March 18,
2021).

On Dec. 19, 2019, AYRO, Inc., ABC Merger Sub, a Delaware
corporation and a wholly owned subsidiary of the Company, and AYRO
Operating signed the Agreement and Plan of Merger, pursuant to
which ABC Merger Sub was merged with and into AYRO Operating, with
the latter continuing after the merger as the surviving entity and
a wholly owned subsidiary of the Company.

                               About AYRO

Texas-based AYRO, Inc., f/k/a DropCar, Inc. -- http://www.ayro.com
-- is a provider of automotive vehicle support, fleet logistics and
concierge services for both consumers and the automotive industry.
In 2015, the Company launched its cloud-based Enterprise Vehicle
Assistance and Logistics ("VAL") platform and mobile application to
assist consumers and automotive-related companies to reduce the
costs, hassles and inefficiencies of owning a car, or fleet of
cars, in urban centers.

Dropcar reported a net loss of $4.90 million for the year ended
Dec. 31, 2019, compared to a net loss of $18.75 million for the
year ended Dec. 31, 2018.  As of Sept. 30, 2020, the Company had
$33.85 million in total assets, $3.09 million in total liabilities,
$30.76 million in total stockholders' equity.

Friedman LLP, in East Hanover, New Jersey, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated March 30, 2020, citing that the Company has recurring losses
and negative cash flows from operations.  These conditions, among
others, raise substantial doubt about the Company's ability to
continue as a going concern.


AYTU BIOSCIENCE: Closes Merger With Neos Therapeutics
-----------------------------------------------------
Aytu BioScience, Inc. has closed its merger with Neos Therapeutics
(previously trading on Nasdaq under "NEOS").  The combined,
publicly traded company will focus on maximizing its commercial
portfolio of prescription therapeutics and consumer health products
and building a complementary novel therapeutic development pipeline
that will address significant unmet needs.  Effective March 22,
2021, the combined company has begun operating under the name Aytu
BioPharma, Inc. (Aytu BioPharma), and its shares of common stock
will continue to trade on Nasdaq under the ticker "AYTU."

"This merger with Neos Therapeutics transforms Aytu into a $100
million revenue specialty pharmaceutical company with annualized
cost synergies of $15 million anticipated in 2022.  With this
close, we are in a strong position to enhance our footprint in
pediatrics and expand our presence in adjacent specialty care
segments.  We also are excited to immediately start leveraging
RxConnect, a best-in-class patient support program, for our product
portfolio of best-in-class prescription therapeutics and consumer
health products," said Josh Disbrow, chief executive officer of
Aytu BioPharma.  "We greatly appreciate the support of our new and
existing shareholders in supporting this merger and hope to
continue this momentum of driving shareholder value."

Concurrent with the closing of the merger, former Neos Therapeutics
board members Beth P. Hecht and Jerry McLaughlin have joined the
Aytu BioPharma Board of Directors.  Ketan Mehta has resigned his
position from the Aytu Board of Directors.

Mr. Disbrow continued, "I am thrilled to welcome Beth and Jerry to
the Aytu BioPharma Board of Directors as we begin this new phase in
the company's growth.  Their continuity, leadership and collective
experience will serve us well as we integrate these two exciting
specialty pharmaceutical companies.  Also, I would like to thank
Ketan for his service to the company over the past several years.
His entrepreneurial spirit and dedicated leadership were highly
valued by our leadership team, and we wish him well in the
future."

Ms. Hecht currently serves as senior vice president, general
counsel and corporate secretary of Xeris Pharmaceuticals, Inc.
(Nasdaq: XERS).  She has over 25 years of experience as a corporate
executive in the life science industry.  Until the consummation of
the Aytu-Neos merger Ms. Hecht served as a member of the Board of
Directors of Neos where she chaired the Nominating and Governance
Committee. She was also recently appointed to the board of Iterum
Therapeutics plc (Nasdaq: ITRM) where she serves on the Audit
Committee and Compensation Committee of the Board.  Ms. Hecht is a
graduate of Amherst College and Harvard Law School and started her
career as an attorney specializing in intellectual property and
corporate transactions at Willkie Farr & Gallagher (NY) and then
Kirkland & Ellis (NY).  She has established and led legal,
compliance, licensing, human resources, and security departments at
companies including Auven Therapeutics, Durata Therapeutics, Sun
Products, MedPointe Inc. (formerly known as Carter-Wallace Inc.),
Warner Chilcott plc, ChiRex Ltd., and Alpharma, Inc.

Mr. McLaughlin most recently served as president, chief executive
officer, and member of the Board of Directors for Neos Therapeutics
from 2018 until the closing of the merger with Aytu BioPharma.  He
has 30 years of experience as an executive and board member and has
successfully led multiple businesses, operations, and commercial
ventures in the biopharmaceutical industry.  Previously, Mr.
McLaughlin served as president and chief executive officer and
member of the Board of Directors of AgeneBio, Inc., a privately
held, clinical-stage biopharmaceutical company.  Prior to AgeneBio,
Mr. McLaughlin served as senior vice president and chief commercial
officer of NuPathe, a specialty pharmaceutical company, from 2007
until being acquired by Teva Pharmaceuticals in 2014.  Before
NuPathe, he held a variety of commercial leadership positions at
Endo Pharmaceuticals, playing a key role through multiple stages of
organizational expansion.  Mr. McLaughlin began his career at Merck
& Co., Inc. where he served over a decade in multiple US and Global
commercial positions.  He received a BA in economics from Dickinson
College and an MBA from the Villanova University School of
Business.

The closing of the merger follows the satisfaction of all customary
closing conditions, including required approvals by shareholders of
both Aytu and Neos at each company's Special Meeting which were
each held on March 18, 2021.

                        About Aytu BioScience

Englewood, Colorado-based Aytu BioScience, Inc. (OTCMKTS:AYTU) --
http://www.aytubio.com-- is a commercial-stage specialty
pharmaceutical company focused on commercializing novel products
that address significant patient needs.  The company currently
markets a portfolio of prescription products addressing large
primary care and pediatric markets.  The primary care portfolio
includes (i) Natesto, an FDA-approved nasal formulation of
testosterone for men with hypogonadism, (ii) ZolpiMist, an
FDA-approved oral spray prescription sleep aid, and (iii) Tuzistra
XR, an FDA-approved 12-hour codeine-based antitussive syrup.

Aytu Bioscience reported a net loss of $13.62 million for the year
ended June 30, 2020, compared to a net loss of $27.13 million for
the year ended June 30, 2019.  As of Dec. 31, 2020, the Company had
$166.74 million in total assets, $54.05 million in total
liabilities, and $112.69 million in total stockholders' equity.


BAFFINLAND IRON: S&P Alters Outlook to Stable, Affirms 'B-' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Baffinland Iron Mines
Corp. to stable from negative, and affirmed its 'B-' issuer credit
rating on the company and its 'B-' issue-level rating on
Baffinland's senior secured notes. The '4' recovery rating on the
notes is unchanged.

S&P said, "The stable outlook reflects our expectation for positive
free operating cash flow (FOCF) generation to strengthen liquidity
while the company's rail expansion project remains on hold as
Baffinland awaits the outcome from permit hearings.

"The outlook revision reflects our view that downside risk to
Baffinland's near-term liquidity and prospective capital structure
has materially abated. Iron ore prices steadily increased for much
of the past 12 months and we believe continued strength in prices
will support FOCF generation meaningfully above our previous
estimates. We assume the company will generate solid FOCF (before
growth capital investments) based on our price assumptions next
year that are well below prevailing levels. In addition, improved
visibility on the sources of funding for the proposed Phase 3 rail
expansion has reduced previous overhang on the rating. Based on the
increase in the company's liquidity in 2020, which could further
improve in 2021, and our relatively favorable view of iron ore
prices over the next two years, we see limited risk of a downgrade
within the next 12 months. As a result, we revised the outlook on
Baffinland to stable from negative.

"Uncertainty surrounding the receipt of permits creates event risk
that could affect the rating. Several key uncertainties could
affect our view of Baffinland's credit profile. In particular, we
have not assumed the company proceeds with Phase 3, as there is no
assurance that permits will be received in a timely manner (if at
all), and this contributes to our much higher estimates for
liquidity. As a result, we have not incorporated capital spending
or cash flows for the rail expansion in our forecast. Our cash flow
and earnings estimates incorporate our assumption of roughly flat
shipments of finished iron ore volumes over the next two years,
based on the mine's current transportation permit allowance that is
capped at 6 million metric tons per year (mtpa). Baffinland is
seeking permits to increase its shipping limit to 18 mtpa for the
rail expansion project, which would include building a rail line
extension (from mine to port) and port investments to increase
shipment capacity. In our view, the expansion could be
transformative for Baffinland, namely by tripling annual
production, lowering operating costs by about 50%, and thereby
substantially increasing cash flow generation capacity." However,
delays in the permitting process for the project have been ongoing,
causing the company to pause all major work on the expansion in
November 2019. The permit hearings were postponed to allow for more
time to address environmental concerns, particularly with respect
to the impact of the expansion on marine mammals and caribou.
Delays were exacerbated by the onset of the COVID-19 pandemic,
which restricted travel and in-person meetings.

A decision to proceed with Phase 3 would lead to sharply higher
capital requirements, with cost-overrun risk that is likely to
persist until project completion. Therefore, the rating faces the
potential for event risk, specifically on the downside. S&P said,
"We view the rail expansion project as aggressive, given it is
highly capital intensive. The total project cost is about US$1.3
billion, of which about US$690 million remains to be spent. If
Baffinland receives the necessary permits and proceeds for the
expansion, we estimate it will generate large FOCF deficits during
the two years it takes to build the project, increasing its
dependence on iron ore prices remaining favorable. In our view,
lower-than-expected cash flow generation during the expansion could
accelerate cash burn and increase reliance on external sources of
capital, negatively affecting the sustainability of Baffinland's
prospective capital structure."

Improved visibility on funding sources for Phase 3 and cash flow
amid stronger iron ore prices help temper downside risk to
liquidity. S&P said, "Our iron ore price assumptions should support
cash flow generation above historical levels, potentially lessening
future liquidity risks. Prospective cash flow has improved
following a run-up of iron ore prices starting in May of 2020. The
62% benchmark surpassed seven-year highs and has approximately
doubled since our last review, increasing from the low US$80/mt
area to US$159/mt as of March 17, 2021. The rally reflects global
supply deficits and a strong recovery in Chinese industrial
activity from the COVID-19 pandemic driven by large stimulus
spending. We expect China's strong economic recovery to continue to
spur robust demand for steel and iron ore into 2021, supporting
continued strength in pricing. In addition, Baffinland locked in
hedges for 40% of production in 2021, mitigating downside risk to
our cash flow and earnings estimates for this year. Furthermore,
due to the company's high-grade product, Baffinland realizes prices
well above the 62% iron ore benchmark. Our longer-term assumptions
incorporate our expectation for prices to gradually decrease over
our forecast as supply from Brazil, which is currently constrained
as a result of the COVID-19 pandemic and Vale tailings dam
disaster, returns to the market."

Access to new funding sources adds financial flexibility and
provides a buffer beyond what we previously contemplated. S&P
believes Baffinland will use FOCF generated last year and in 2021
to reduce drawn balances on the revolver and build cash on hand for
eventual use to fund the Phase 3 rail expansion project (in place
of external funding sources that are inherently more expensive).
During 2020, Baffinland secured about US$665 million of new
financing for the expansion project, including a pre-sales
agreement for future delivery of finished iron ore, a three-year
contract to sell unscreened lump, and preferred units issued by the
company's sponsor. Combined with S&P's estimates of robust FOCF, it
estimates Baffinland will have sufficient sources to fully fund the
expansion without relying on further injections from its sponsor or
other sources of capital.

The 'B-' rating on Baffinland also reflects the company's limited
scale and operating diversity, with high sensitivity to
fluctuations in iron ore prices. The company derives all production
from its wholly-owned Mary River mine, which exposes it to
fluctuations in iron ore prices and premiums (relative to
lower-grade benchmark prices), as well as unforeseen production
disruptions that can materially impair operating results. These
factors are partially offset by the high reserve grades at the Mary
River mine (typically 66% iron ore), which earn a premium relative
to benchmark prices. In addition, the company's long reserve life
provides long-term production visibility.

S&P said, "The stable outlook reflects our improved earnings and
cash flow estimates, strengthening liquidity, while the Phase 3
rail expansion project remains on hold due to permitting delays. We
believe the company will have sufficient liquidity to fund existing
operations over the next 12 months, supported by material free cash
flow generation amid a strong iron ore price environment.

"We could lower the ratings if we expect the company's liquidity to
decrease materially, leading to a deficit of sources relative to
uses of cash over the next 12 months or adjusted EBITDA interest
coverage approaching 1.5x. This could happen if the company
proceeds with its expansion, with higher-than-expected spending
and/or iron ore prices below our assumptions, leading to heightened
risk of an unsustainable capital structure.

"We do not envision upside to the rating over the next 12 months,
based primarily on the potential for Baffinland to proceed with its
Phase 3 rail expansion. The expansion would require high growth
capital expenditures (capex) and present the risk of cost overruns,
with liquidity sensitive to lower-than-expected iron ore prices.
Nevertheless, we could raise the ratings if we expect adjusted debt
to EBITDA to be sustained below 3x with sharply higher cash flows
that, in our view, sufficiently mitigate the financial risks
associated with the potential expansion."



BLACKJEWEL LLC: Court Affirms Amended Liquidation Plan
------------------------------------------------------
Law360 reports that a West Virginia bankruptcy judge has approved
an amended Chapter 11 liquidation plan for coal mining company
Blackjewel LLC after allowing it to abandon mine cleanup
obligations.

On Monday, March 22, 2021, U.S. Bankruptcy Judge Benjamin A. Kahn
approved Blackjewel's liquidation plan, clearing the way to wind
down the West Virginia-based company after 18 months in Chapter 11.
West Virginia-based Blackjewel filed for Chapter 11 in July 2019,
saying it had been dealing with years of market pressure and
increased costs before hitting a severe liquidity crisis sparked by
a senior lender's refusal to extend a $28 million term.

                       About Blackjewel LLC

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

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

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

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

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


BRILLIANT ENERGY: Judge Says Ch. 7 Doesn't Need Fancy Bid Process
-----------------------------------------------------------------
Law360 reports that a Texas bankruptcy judge on Tuesday, March 23,
2021, told the Chapter 7 trustee for electrical retailer Brilliant
Energy that he could skip "fancy" bidding procedures if he sees a
chance to cash in on the value of the company's customer contracts
before they slip away.

At a brief virtual status conference, U.S. Bankruptcy Judge David
Jones said that Brilliant's asset base appears "fragile" and that
the trustee should waste no time if a viable offer appears for the
contracts. "Don't think you have to run through some fancy bid
procedure to make me happy," the judge said.

                           About Brilliant Energy

Brilliant Energy, LLC, is an electricity provider based in Houston
and has served Texans since 2007.  

Brilliant Energy filed a Chapter 7 bankruptcy petition (Bankr. S.D.
Tex. Case No. 21-30936) on March 16, 2021, adding to a growing list
of companies that have stumbled after power outages caused by a
winter freeze in February 2021.

Brilliant estimated liabilities of $50 million to $100 million
compared with assets of $10 million to $50 million as of the
bankruptcy filing.

Okin & Adams LLP, led by Matthew Scott Okin, is the Debtor's
counsel.


CAN B CORP: To Acquire Assets From Multiple Sellers
---------------------------------------------------
Can B Corp. entered into an asset acquisition agreement, which was
fully executed on March 17, 2021, with multiple sellers.  

Under the agreement, certain assets will be transferred to
Botanical Biotech, LLC, a newly-formed, wholly-owned subsidiary of
the Company ("Transferee" or "BB").  The assets purchased include
certain materials and manufacturing equipment; goodwill associated
therewith; and marketing or promotional designs, brochures,
advertisements, concepts, literature, books, media rights, rights
against any other person or entity in respect of any of the
foregoing and all other promotional properties, in each case
primarily used, developed or acquired by the Sellers for use in
connection with the ownership and operation of the Assets.  

In exchange for the Assets, the Company originally agreed to pay
the Sellers the fair value of the Assets, as determined by a
neutral third-party appraiser selected by the Company and Sellers.
Notwithstanding the foregoing, the parties have agreed that, in
lieu of engaging a third party evaluator, the Company will pay the
Seller a maximum of $355,056, payable half in the form of cash or
cash equivalent and half in the form of restricted shares of common
stock of the Company at a price per Share equal to the average
closing price of the common stock of the Company during the 10
consecutive trading days immediately preceding the closing.

The Company has agreed to indemnify the Sellers for certain
breaches of covenants, representations and warranties and for
claims relating to the Assets following closing.  The Sellers
jointly and severally have agreed to indemnify Transferee and the
Company for certain breaches of covenants, representations and
warranties, claims relating to the Assets prior to closing, tax and
employment claims relating to each Seller's business, and
liabilities of the Sellers.  The parties have agreed to keep each
other's confidential information confidential.

Two of the Sellers, Jordan Schlosser and Bradley Lebsock, will be
responsible for overseeing and managing the day-to-day operations
of Transferee and reporting the results of such operations to the
Company pursuant to separate services agreements.  The Company
further agreed that, after agreeing upon a budget for the
Transferee with the Schlosser and Lebsock, the Company will lend up
to $200,000 to the Transferee for its working capital.

                        Lebsock Agreement

The Company and BB entered into an employment agreement with
Lebsock dated March 11, 2021 pursuant to which Lebsock will serve
as the president of BB for a term of three years.  The term of the
Lebsock Agreement will automatically renew for an additional 3-year
term unless other terminated by either party.  Lebsock will receive
a base salary equal to $120,000 per year, subject to an annual
increase of not less than 3% on each anniversary of the Lebsock
Agreement during the term.  The Company also agreed to issue a
stock bonus to Lebsock in accordance with the Company's Incentive
Stock Option Plan in an amount of $100,000, and to pay Lebsock a
defined percentage of the EBITDA for BB each calendar quarter
according to a mutually agreed performance target.  EBITDA is
defined as the earnings before interest, depreciation, taxes,
depreciation, and amortization and will be paid as reported by the
Company's accountant and as reviewed by the Company's auditor.  It
will be accumulative on a quarter-to-quarter basis, meaning if one
quarter has a negative EBITDA, it would be offset against the
following quarter's positive EBITDA distribution.  Lebsock has the
option to accept the Profit Split in either direct cash payment or
Shares, or any combination, at Lebsock's option.  Shares would be
valued at the prior 10-day closing price and issued under SEC Rule
144 restriction.  The Profit Split will be determined as follows:

    a. If BB achieves >25% of Target for the quarter, the Profit

       Split will be 90% to the Company and 10% to Lebsock;

    b. If >37.5% of Target, the Profit Split will be 80% to the
  
       Company and 20% to Lebsock;

    c. If >50% of Target, the Profit Split will be 70% to the
       Company and 30% to Lebsock;

    d. If >75% of Target, the Profit Split will be 60% to the   

       Company and 40% to Lebsock;

    e. If 100% of Target, the Profit Split will be 50% to the
       Company and 50% to Lebsock; and

    f. If >125% of Target, the Profit Split will be 40% to the  

       Company  and 60% to Lebsock.

All of the Profit Split payments will be put into a distribution
pool for distribution as determined by the Company.  Lebsock will
also be entitled to participate in any welfare, health and life
insurance and pension benefit and incentive programs, including
sick pay and vacation time, as may be adopted from time to time by
the Company.

The Company may terminate Lebsock's employment under the Lebsock
Agreement with or without cause at any time, and Lebsock may resign
under the applicable Lebsock Agreement with or without good reason
at any time, by providing written notice to the other party.  If
the Lebsock Agreement is terminated by either party, the Lebsock
Agreement will terminate without further obligation by BB or the
Company, except Lebsock shall be entitled, if applicable, to all
base salary previously earned but not paid, amounts due under
benefit plans and profit sharing plans, and reimbursement of
business expenses accrued but unpaid through the date of
termination.  Furthermore, should Lebsock be terminated for cause,
then all stock options granted to Lebsock, whether vested or
unvested, shall be forfeited by Lebsock and shall terminate.

The Company agreed to indemnify Lebsock for all claims against him
by reason of Lebsock being an officer or employee of BB, as
applicable, pursuant to separate indemnity agreement entered into
concurrently with the Lebsock Agreement.  Notwithstanding the
foregoing, the Company will not indemnify Lebsock in the event any
claim is the result of Lebsock's gross negligence or willful
misconduct, or in certain other situations.  Pursuant to the
Lebsock Agreement, Lebsock also agreed to assign to BB all
inventions developed by Lebsock in connection with his services to
BB.

                        Schlosser Agreement

Effective March 16, 2021, BB entered into a Consulting Agreement
with Schlosser pursuant to which Schlosser has agreed to provide
consulting services to BB for a period of three months in exchange
for compensation equal to $10,000 per month.  Schlosser will also
be entitled to reimbursement for certain work-related expenses.
Pursuant to the Schlosser Agreement, Schlosser also agreed to
assign to BB all inventions developed by Schlosser in connection
with his services to BB.  The Schlosser Agreement also contains
certain non-compete and confidentiality provisions.  Per the
Acquisition Agreement, Schlosser was to receive an employment
agreement similar to the Lebsock Agreement; however, BB and
Schlosser elected to enter into the Schlosser Agreement instead.

The Acquisition Agreement, Lebsock Agreement, and Schlosser
Agreement otherwise contain standard representations, warranties
and covenants common in transactions of this type.

On March 17, 2021, Sellers fully executed a bill of sale for the
transfer of Assets to BB.  The Company has transferred a portion of
the purchase price in cash and will transfer the remaining cash and
shares when the Company has agreed on the final value of the
Assets.

                         About Can B Corp

Headquartered in Hicksville New York, Canbiola, Inc. (now known as
Can B Corp) -- http://www.canbiola.com-- develops, produces, and
sells products and delivery devices containing CBD.  Cannabidiol
("CBD") is one of nearly 85 naturally occurring compounds
(cannabinoids) found in industrial hemp (it is also contained in
marijuana). The Company's products contain CBD derived from Hemp
and include products such as oils, creams, moisturizers, isolate,
and gel caps.  In addition to offering white labeled products,
Canbiola has developed its own line of proprietary products, as
well as seeking synergistic value through acquisitions of products
and brands in the Hemp industry.

Can B Corp. reported a loss and comprehensive loss of $4.59 million
for the year ended Dec. 31, 2019, compared to a loss and
comprehensive loss of $4.11 million for the year ended Dec. 31,
2018.  As of Sept. 30, 2020, the Company had $6.27 million in total
assets, $2.47 million in total liabilities, and $3.81 million in
total stockholders' equity.

BMKR, LLP, in Hauppauge, NY, the Company's auditor since 2014,
issued a "going concern" qualification in its report dated March
26, 2020 citing that the Company incurred a net loss of $4,592,470
during the year ended Dec. 31, 2019, and as of that date, had an
accumulated deficit of $23,361,223.  The Company is in arrears on
accounts with certain vendor creditors which, among other things,
cause the balances to become due on demand.  The Company is not
aware of any alternate sources of capital to meet such demands, if
made.  The auditor said the Company's significant operating losses
raise substantial doubt about its ability to continue as a going
concern.


CANCER GENETICS: StemoniX Shareholders Approve Merger Agreement
---------------------------------------------------------------
Effective March 15, 2021, the shareholders of StemoniX, Inc.,
acting by written action in lieu of a special meeting of the
shareholders, approved the Agreement and Plan of Merger and
Reorganization dated Aug. 21, 2020, as amended on Feb. 8, 2021 and
Feb. 26, 2021 with Cancer Genetics, Inc. and CGI Acquisition, Inc.,
a wholly owned subsidiary of the Company.  

Under the agreement, CGI Acquisition will be merged with and into
StemoniX, with StemoniX surviving the merger as a wholly-owned
subsidiary of Cancer Genetics, subject to approval by Cancer
Genetics' shareholders and satisfaction of other closing
conditions.

In the same written action, the shareholders of StemoniX approved
the exercise of the drag-along rights contained in the Fifth
Amended and Restated Shareholder Agreement of StemoniX to compel
its remaining shareholders who are a party to the Shareholder
Agreement to vote their shares in favor of the Merger and execute
all other documents required to be executed by the shareholders in
connection with the Merger.

                StemoniX Convertible Note Offering

On March 12, 2021, StemoniX completed its offering of Convertible
Promissory Notes.  As of March 12, 2021, StemoniX had outstanding
$12,673,134 in principal amount of Convertible Notes, plus $418,154
in accrued interest.  The Convertible Notes are convertible into
StemoniX common stock based on the lesser of (i) a percent of the
then-fair market value per share of StemoniX common stock and (ii)
a per share price reflecting a pre-money, fully-diluted StemoniX
valuation of $57,000,000, assuming conversion or exercise of all
outstanding StemoniX securities convertible or exercisable for
equity securities (other than the Convertible Notes or any other
convertible promissory notes issued after the date of the
Convertible Notes) and the exercise of all outstanding options and
warrants to purchase equity securities of StemoniX, calculated as
of immediately prior to their conversion.  The Convertible Notes
will be converted into shares of StemoniX common stock immediately
prior to the Merger.

             StemoniX Series C Preferred Stock Offering

As previously reported, on Jan. 8, 2021, StemoniX entered into a
stock purchase agreement with two institutional accredited
investors pursuant to which StemoniX agreed to issue shares of its
Series C Convertible Preferred Stock.  Also as previously reported,
one of those investors determined thereafter to acquire a $3
million StemoniX Convertible Note in lieu of investing the same
amount in Series C Preferred Stock.  On Feb. 18, 2021, StemoniX and
the remaining investor committed to issuing and purchasing,
respectively, $2 million of Series C Preferred Stock and, in light
of the consummation of Cancer Genetics' other financing activities,
amended and restated the Series C Preferred Stock Purchase
Agreement to provide that only $2 million of Series C Preferred
Stock would be issued in the aggregate.

On March 15, 2021, StemoniX and the remaining institutional
investor closed the purchase and sale of Series C Preferred Stock
as contemplated under the Series C Preferred Stock Purchase
Agreement.

                     About Cancer Genetics

Through its vivoPharm subsidiary, the Cancer Genetics --
http://www.cancergenetics.com-- offers proprietary preclinical
test systems supporting drug discovery programs valued by the
pharmaceutical industry, biotechnology companies, and academic
research centers.  The Company is focused on precision and
translational medicine to drive drug discovery toward novel and
repurposed therapies.  vivoPharm specializes in conducting studies
tailored to guide drug development, starting from compound
libraries and ending with a comprehensive set of in vitro and in
vivo data and reports, which are needed for Investigational New
Drug filings.  vivoPharm operates in the Association for Assessment
and Accreditation of Laboratory Animal Care International (AAALAC)
accredited and GLP compliant audited facilities.

Cancer Genetics reported a net loss of $6.71 million for the year
ended Dec. 31, 2019, compared to a net loss of $20.37 million for
the year ended Dec. 31, 2018.  As of Sept. 30, 2020, the Company
had $9.69 million in total assets, $4.88 million in total
liabilities, and $4.80 million in total stockholders' equity.

Marcum LLP, in Houston, Texas, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated May 29,
2020, citing that the Company has minimal working capital, 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.


CANNTRUST HOLDINGS: CCAA Court OKs Representatives
--------------------------------------------------
The Ontario Superior Court of Justice (Commercial List) issued an
order appointing certain representatives and representative counsel
for CannTrust Holdings Inc., CannTrust Inc., CTI Holdings (Osoyoos)
Inc., and Elmcliffe Investments Inc. pursuant to the Companies'
Creditors Arrangement Act order subject to certain limited
exceptions:

   1) The CCAA Canadian Representatives have been appointed to
represent the interests of all Canadian and Non-U.S. Securities
Claimants in the CCAA Proceedings in relation to their Securities
Claims and any related claims;

   2) The CCAA U.S. Representatives have been appointed to
represent the interests of the U.S. Securities Claimants in the
CCAA Proceedings in relation to their Securities Claims and any
related claims;

   3) A. Dimitri Lascaris Law Professional Corporation, Henein
Hutchinson LLP, Kalloghlian Myers LLP and Strosberg Sasso Sutts LLP
have been appointed as counsel for the Canadian and Non-U.S.
Securities Claimants in the CCAA Proceedings in relation to their
Securities Claims and any related claims, and are authorized and
directed to take instructions from the CCAA Canadian
Representatives;

   4) Weisz Fell Kour LLP in association with Labaton Sucharow LLP
have been appointed as counsel for the U.S. Securities Claimants in
the CCAA Proceedings in relation to their Securities Claims and any
related claims, and are authorized and directed to take
instructions from the CCAA U.S. Representatives; and

   5) The CCAA Representatives and CCAA Representative Counsel are
authorized to, among other things, negotiate with respect to the
settlement of Securities Claims and the prosecution or settlement
of any related claims and the development of the CCAA plan any
related definitive documentation.

Copies of the CCAA Representation Order and other documents related
to the CCAA Proceedings may be obtained from the case website
maintained by the Monitor at https://www.ey.com/ca/canntrust.

Further information, contact CCAA Canadian Representative Counsel,
CCAA U.S. Representative Counsel or the Monitor:

   a) CCAA Canadian Representative Counsel:

       A. Dimitri Lascaris Law Professional Corporation.
          Henein Hustchinson LLP, Kalloghlian Myers LLP and
          Strosberg Sasso Sutts LLP
          Tel: 519-561-6296
          E-mail: canntrust@strosbergco.com

   b) CCAA U.S. Representative Counsel:

          Weisz Fell Kour LLP
          Tel: 416-613-8281
          E-mail: sweisz@wfklaw.ca

          Labaton Sucharow LLP
          Tel: 212-907-0859
          Email: jjohnson@labaton.com

   c) Monitor:

          Ernst & Young Inc.
          Tel: 1-855-224-0800
          Tel: 416-943-2091
          Fax: 416-943-3300
          E-mail: CannTrust.Monitor@ca.ey.com

                  About CannTrust Holdings

CannTrust Holdings Inc. -- https://www.canntrust.ca/ -- operates as
a pharmaceutical company. The Company develops and produces medical
cannabis for health care sectors. CannTrust also supports ongoing
patient education. CannTrust serves patients in Canada.

CannTrust Holdings Inc. in April 2020 commenced with the Ontario
Superior Court of Justice (Commercial List) proceedings under the
Companies' Creditors Arrangement Act (Canada).  CannTrust was
selected Ernst & Young Inc. as monitor in the CCAA proceedings.

The Ontario Court granted an order staying creditors of CannTrust,
CannTrust Inc., CTI Holdings (Osoyoos) Inc., and Elmcliffe
Investments Inc., as well as the plaintiffs in the putative class
actions and other litigation brought against the Companies, from
enforcing their claims.

CannTrust remains under CCAA protection.


CHINA FISHERY: Burlington & Monarch Submit Chapter 11 Plan
----------------------------------------------------------
Creditors Burlington Loan Management DAC and Monarch Alternative
Capital LP, filed a Chapter 11 Plan and Disclosure Statement for
debtors CFG Peru Investments Pte. Ltd. (Singapore) and Smart Group
Limited (Cayman).

China Fishery Group Limited ("CFGL") is the holding company of a
group of companies (collectively, the "CF Group"), including the
Plan Debtors (the Plan Debtors, together with the Other Debtors,
the "Debtors"), with interests in a leading, Peru-based global
fishmeal and fish oil business.

The Plan Debtors' primary asset is their interests in certain Other
Debtors and non-debtor affiliates, including direct or indirect
ownership of approximately 100% of the equity interests in the
Peruvian OpCos; the Plan Debtors also hold certain Claims and
Causes of Action against other Persons or Entities, the value of
which are unknown. The Plan Debtors' only funded debt consists of
9.75% Senior Notes due July 30, 2019 in a principal amount of $300
million, $501,804,767 of which is outstanding as of March 16, 2021,
according to the Senior Notes Trustee.

On March 1, 2021, following several months of discussions regarding
potential restructuring transactions, the Ad Hoc Group comprised of
holders of 56% of the principal amount of the Senior Notes and 71%
of the principal amount of the Club Facility— executed the
Restructuring Support Agreement. The Restructuring Support
Agreement contemplates a comprehensive restructuring and
recapitalization transaction for the Plan Debtors and certain of
their non-debtor affiliates that will safeguard and provide funding
for the fishmeal business of the Peruvian OpCos.

The material terms of the Plan are as follows:

     * each Allowed Administrative Claim, Secured Claim, and Other
Priority Claim will be paid in full in Cash or receive such other
treatment that renders such Claim Unimpaired;

     * each Allowed Superpriority Loan Claim shall be set off,
capitalized, forgiven, or such other similar or equivalent
mechanisms as required in a specific jurisdiction pursuant to the
Superpriority Loan Settlement Order; provided that the Plan
Administrator is authorized to cause SFR to transfer proceeds from
the sale of non-core assets listed in the First and Second Non Core
Asset Sales Procedures Motions either directly or indirectly to CFG
Peru to effectuate the SFR Distributions contemplated under the
Plan promptly following the Confirmation Date;

     * each Holder of an Allowed Senior Notes Claim shall receive
the distributions to such Holder pursuant to the UK Proceeding
and/or Singapore Scheme. All of the Senior Notes shall be cancelled
as set forth in the UK Proceeding Documentation and/or Singapore
Scheme Documentation, as applicable; provided, however,that any
such distribution shall be in addition to any distributions made by
the Plan Administrator or any other Entity with respect to the
Interim Distribution;

     * unless otherwise provided for under the Plan, each Holder of
an Allowed General Unsecured Claim shall receive its pro rata share
of the Wind-Down Trust Interests;

     * each Holder of the BANA-CFG Peru Claim shall receive its pro
rata share of $30,998,083.56 in Cash, which Cash shall be remitted
by NewCo or the Peruvian OpCos;

     * Interests in CFG Peru shall be Reinstated as of the
Effective Date or, at the Creditor Plan Proponents' option, shall
be cancelled. No distribution shall be made on account of any
Interests in CFG Peru; and

     * Interests in Smart Group shall be Reinstated as of the
Effective Date or, at the Creditor Plan Proponents' option, shall
be cancelled. No distribution shall be made on account of any
Interests in Smart Group.

The Plan contemplates a comprehensive restructuring of Claims
against and Interests in the Plan Debtors that the Creditor Plan
Proponents believe will preserve the going-concern value of the
Peruvian OpCos, maximize recoveries available to all constituents,
provide for an equitable distribution to the Plan Debtors'
stakeholders, and facilitate a conclusion to the Chapter 11 Cases.
The Plan also facilitates the steps necessary to effectuate the UK
Proceeding and/or Singapore Scheme, including through cooperation
with the Peruvian OpCos. The Creditor Plan Proponents believe the
Plan and Restructuring Support Agreement are significant
achievements for the Plan Debtors and will maximize value for
stakeholders.

Distributions under the Plan will be funded with Cash available at
the Plan Debtors or the Peruvian OpCos on the Effective Date, the
proceeds of the New Money Facility, and/or the proceeds of any
non-Cash assets held by the Plan Debtors. For the avoidance of
doubt, the Creditor Plan Proponents expect that the Interim
Distributions and SFR Distributions will be funded prior to the
Effective Date with Cash on hand at the Plan Debtors or the
Peruvian OpCos, and not with any proceeds of the New Money
Facility.  

Counsel to the Creditor Plan Proponents:

     Patrick J. Nash, Jr., P.C.
     Gregory F. Pesce
     Heidi M. Hockberger
     KIRKLAND & ELLIS LLP
     300 North LaSalle
     Chicago, Illinois 60654
     Telephone: (312) 862-2000
     Facsimile: (312) 862-2200

                   About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11895) on June 30, 2016.

In the petition signed by CEO Ng Puay Yee, China Fishery Group was
estimated to have assets at $500 million to $1 billion and debt at
$10 million to $50 million.

The cases are assigned to Judge James L. Garrity Jr.

Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other than
CFG Peru Investments Pte. Limited (Singapore).  Weil Gotshal
replaces Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors.  The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP, as conflict
counsel; Goldin Associates, LLC, as financial advisor; RSR
Consulting LLC as restructuring consultant; and Epiq Bankruptcy
Solutions, LLC, as administrative agent.  Kwok Yih & Chan serves as
special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11
trustee for CFG Peru Investments Pte. Limited (Singapore), one of
the Debtors.  Skadden, Arps, Slate, Meagher & Flom LLP serves as
the trustee's bankruptcy counsel; Hogan Lovells US LLP serves as
special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP, serves
as special litigation counsel.


CITY BREWING: Moody's Assigns First Time B1 Corp Family Rating
--------------------------------------------------------------
Moody's Investors Service assigned a first time B1 Corporate Family
Rating to City Brewing Company, LLC and a B1 to its senior secured
bank loan facilities. Proceeds from the new loans will refinance
existing debt, fund the purchase of the brewery operations in
Irwindale California, build cash on the balance sheet, buyout
minority shareholders and fund a distribution to existing
shareholders. The rating outlook is stable.

The following ratings/assessments are affected by the action:

New Assignments:

Issuer: City Brewing Company, LLC

Corporate Family Rating, Assigned B1

Probability of Default Rating, Assigned B1-PD

Senior Secured 1st Lien Revolving Credit Facility, Assigned B1
(LGD4)

Senior Secured 1st Lien Term Loan, Assigned B1 (LGD4)

Outlook Actions:

Issuer: City Brewing Company, LLC

Outlook, Assigned Stable

RATING RATIONALE

The B1 CFR reflects City's position as the largest non-brand owning
alcoholic beverage co-packer in the US, its solid pipeline of new
business from a relatively diverse and longstanding customer base,
limited commodity/sourcing exposure, and an asset base that is
becoming more geographically diverse with the addition of the
Irwindale brewery in California. The company benefits from
attractive category positioning, with its business skewed toward
producing beverages in fast growing, premium beverage categories
leading to healthy margins. Industry capacity cannot currently meet
demand, so capacity expansion promises to support good growth
prospects for the company. A significant payout to minority
shareholders and a large distribution to existing shareholders as
part of the transaction will contribute to closing debt-to-EBITDA
leverage that is relatively high at around 5.0x (including Moody's
adjustments) despite $400mm in new and rollover equity from
Charlesbank and Oaktree (as a previous and continuing investor in
City Brewing with funds they are receiving from the distribution),
but significant new business already committed for 2021 is expected
to lift EBITDA, allowing for rapid de-leveraging to around 3x by
year end 2021. Free cash is projected to be solidly positive after
2021 as the new business ramps up. Management has a stated goal to
lower and maintain gross debt to EBITDA leverage (by their
definition) to below 4x.

These strengths are counterbalanced by smaller scale than most
rated beverage companies, operational risks associated with the
buildout of Irwindale and other capacity additions that require
significant growth capex, negative free cash flow in 2021 due to
shareholder buyouts/distributions and capacity expansion, and the
risk of potential loss of business should categories currently in
favor begin to decline, or if customers move production in house or
to other co-packers.

From a competitive standpoint, the company's diverse production
footprint and packaging capabilities provide significant barriers
to entry and competitive advantages. Multi-year contracts, many
with wind down periods, and the fact that the company currently
receives certain capacity commitment fees paid up front by
customers, suggest that the business is relatively sticky, and that
City would have some advance notice if customers chose to pull
business, allowing time to replace it before revenues are lost.
However, the mix of business can also affect profitability, with
premium alcoholic beverages typically yielding better margins than
non-alcoholic or mainstream beer. Moody's sees risk around the
aggressive expansion plans and notes that delays in bringing on new
capacity could jeopardize deleveraging expectations. Operational
risk, including risk of supply chain challenges and production
shut-downs or inefficiencies, will continue to be a consideration
because the company could incur costs if it fails to deliver
committed volume.

Demand for City's services has been exceptionally strong in recent
years as new products that are not core to its customers have been
on the rise, including hard seltzers, other ready to drink
alcoholic beverages and energy drinks. The company says it has had
to turn significant business away and is therefore seeking to
expand capacity. Significant new volume from existing and new
customers is already contracted for 2021 and 2022, assuring that
growth will be strong as long as capacity is brought on line as
planned. In addition to strong growth from its largest customers
particularly in flavored malt beverages and hard seltzers, the
company expects to gain most of Pabst Brewing Company's (
"Pabst"/Blue Ribbon LLC (Caa1)) production volume as that company
transitions from its current co-packing arrangement with Molson
Coors by 2025. Pabst will be a significant, though not the largest,
of City's customers. Moody's expects that this business will add
meaningful operating profit but will result in a small reduction in
profit margins, since the production of mainstream beer in standard
packaging is less complicated and thus somewhat less profitable
than highly specialized premium products. At the same time, it will
reduce City's reliance on its 4 largest customers by about 16% once
Blue Ribbon's volume is fully transitioned.

ENVIRONMENTAL SOCIAL AND GOVERNANCE CONSIDERATIONS

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
City Brewing from the current weak global 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 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.
Volatility can be still expected in 2021 due to uncertain demand
characteristics, channel disruptions, and supply chain
disruptions.

In terms of other social factors, City faces the risk of shifts in
customer behavior as well as health and wellness considerations
including those around the responsible use of alcohol, factors
which can influence consumption of products it produces.

Environmental factors are not a key credit consideration but like
other beverage companies, City Brewing relies on having a
sufficient supply of clean water for its beverage products. It has
an environmental/ wastewater management system in place.
Sustainable packaging initiatives will also be a driver for the
industry going forward.

City's governance is influenced by its private equity ownership,
which typically means a greater willingness to take on leverage,
pay large distributions or make leveraged acquisitions. Larger than
normal distributions were taken by its owners in 2020 and further
distributions will be funded through the 2021 refinancing. Moody's
views the distributions as aggressive, at time when the company is
also investing heavily to expand capacity and ramp up new volume in
newer beverage categories. Still, the potential for rapid
de-leveraging from significant new volume, much of which is already
committed, and the company's stated plans to lower debt-to-EBITDA
leverage over time to under 4x (based on the company's calculation)
provide partial mitigation.

City Brewing has good liquidity supported by its internally
generated cash flow, and $100 million Revolving Credit facility.
Free cash flow in 2021 will be negative driven by temporality
elevated levels of growth capital expenditures required to increase
capacity and renovate its newly acquired facility. Moody's expects
that the company will return to strong positive free cash flow of
at least $40 million in 2022 and over $100 million by 2023 as
capital expenditures begin to normalize post the Irwindale
refurbishment. Cash, pro forma for the closing, is expected to be
about $60 million but will be reduced as the company funds capex.

The company's $100 million revolving credit facility expires in
2026. At the close of the transaction the revolver will be
completely undrawn, and Moody's expects that the company will have
little to no reliance on the revolver over the next 12-18 months.
The revolving credit facility is subject to a springing Net Debt /
EBITDA leverage covenant, only tested if borrowings exceed 30% at
the end of a quarter. The company expects the covenant to be set at
a 30% cushion above closing leverage. The term loan contains no
financial maintenance covenants.

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

The stable outlook reflects Moody's expectation that City will
successfully complete the expansion initiatives that are underway
without additional debt, grow volumes to fill the new capacity
allowing for strong EBITDA growth in the next few years and
generate positive free cash flow going forward that will lead to
debt reduction.

A rating upgrade could be considered as the company completes
expansion initiatives, gains greater scale, further diversifies its
customer base to reduce customer concentration, sustains healthy
margins, demonstrates a conservative financial policy such that
debt to EBITDA is sustained below 3x and generates solid,
consistent free cash flow.

A downgrade could be warranted in the case of operational
difficulties, including any material delays in getting new capacity
on-line to successfully ramp up production, significant drop off in
margins, loss of significant customer business that would leave
capacity underutilized, large debt financed shareholder returns or
acquisitions or if Debt to EBITDA leverage exceeds 4.50x (including
Moody's adjustments).

As proposed, the first lien term facility is expected to contain
provisions for incremental debt capacity up to the greater of a
dollar amount to be determined at closing and 100% of proforma
EBITDA as defined in the agreement, plus the unused amount under
the general debt basket, subject to proforma first lien net
leverage requirement not to exceed 4x (if pari passu secured) or
4.25x pro forma secured net leverage in the case of junior secured
incremental debt. Amounts up to the greater of $100 million and 50%
of proforma EBITDA may be incurred with an earlier maturity date
than the initial term loans. The credit agreement permits the
transfer of assets to unrestricted subsidiaries, up to the
carve-out capacities, subject to "blocker" provisions which
prohibit transfer of any of the brewing facilities owned by the
company or any of its subsidiaries as of closing date to an
unrestricted subsidiary. Non-wholly-owned subsidiaries are not
required to provide guarantees; dividends or transfers resulting in
partial ownership of subsidiary guarantors could jeopardize
guarantees subject to protective provisions which only permit
guarantee releases by non-wholly owned restricted subsidiaries in
certain instances such as if such transfer is for bona-fide
business purposes and is made to (i) a non-affiliate, or (ii) an
affiliate in connection with a joint venture established for bona
fide business purpose (determined by the borrower in good faith).
The term loan agreement will require that 100% of non-ordinary
course net asset sale proceeds (above certain thresholds) be used
to repay the term loan, if not reinvested within 18 months (or 24
months in the event of receipt of a binding letter of intent within
18 months). However, the company's requirement to prepay
obligations with net proceeds of asset sales is reduced to 50% and
further to 0% subject to achieving 3.50x and 2.00x first lien net
leverage, respectively, weakening overall control over collateral.
The above are proposed terms and the final terms of the credit
agreement can be materially different.

The principal methodology used in these ratings was Alcoholic
Beverages Methodology published in February 2020.

Headquartered in La Crosse, WI, City Brewing Company, LLC is
engaged primarily in the contract production and packaging of
beverages including beer and malt based alcoholic beverages, teas,
energy drinks and soft drinks. Customers include large branded,
independent beverage makers and marketers, including companies
engaged in both the alcoholic and non-alcoholic beverage segments.
The company operates breweries in La Crosse, WI, Latrobe, PA and
Memphis, TN. The purchase of the Irwindale equipment and leasehold
will add a fourth brewery on the west coast. Post transaction, the
company will be minority owned by private equity firms Charlesbank,
and Oaktree Capital Management, with the majority held by Blue
Ribbon Partners which is led by American beverage entrepreneur
Eugene Kashper. City's net sales for the year ended December 2020
were over $400 million, however these revenues are predominately
fees and thus may not be comparable with revenues generated by
other contract manufacturers.


CMC II: U.S. Trustee Appoints Creditors' Committee
--------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed a committee to
represent unsecured creditors in the Chapter 11 cases of CMC II,
LLC and its affiliates.

The committee members are:

     1. Angela Ruckh
        c/o Silvija A. Strikis, Esq.
        Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C.
        Phone: (202) 326-7900
        Fax: (202) 326-7999
        Email: sstrikis@kellogghansen.com

     2. Medline Industries, Inc.
        Attn: Shane Reed
        Director of AR Services, Credit & Escalations
        3 Lakes Drive, Northfield, IL 60093
        Phone: (847) 505-6935
        Email: sreed@medline.com

     3. Sharon Ann Outwater
        c/o: Wilkes & Associates, P.A.
        One N. Dale Mabry, Suite 800
        Tampa, FL 33609
        Phone: (813) 873-0026
        Fax: (813) 286-8820
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                         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, Fla.

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.


CORNERSTONE BUILDING: S&P Affirms B+ ICR on Improved Leverage
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Cornerstone Building
Brands Inc. (CNR) to stable from negative and affirmed all of its
ratings on the company, including its 'B+' issuer credit rating,
its 'B+' issue-level rating on its first lien term loan, and its
'B-' issue-level rating on its senior unsecured notes due 2029.

The stable outlook reflects S&P's expectation that CNR will
continue to operate with adequate credit measures for the current
rating through 2021 as its residential demand remains strong, which
could offset the stable, but uncertain demand in its commercial end
markets.

CNR's repayment of its existing 8% senior unsecured notes with cash
from the balance sheet will reduce its adjusted leverage to between
5x and 6x.  The outlook revision reflects that CNR's planned debt
repayment will reduce its debt leverage by about 0.5x relative to
our previous estimates. S&P said, "This improves our view of its
business given our belief that its year-end 2020 adjusted leverage
of 5.9x was high for the rating. After the recapitalization and the
$545 million debt paydown using cash from its balance sheet, CNR's
adjusted leverage will be between 5x and 6x, supported by its solid
demand and stable expected earnings (at least for the next few
quarters), which we consider adequate for the current rating."
These levels would provide it with a comfortable cushion relative
to our downgrade threshold for the 'B+' rating.

S&P said, "CNR's end markets feature strong fundamentals and are
experiencing favorable tailwinds, which we believe will enable it
to produce strong earnings over the next 12 months.  On a
consolidated basis, the company benefits from its diverse customer
base, broad range of products (including commercial metal building
products, vinyl siding, and vinyl windows), predominantly variable
cost structure, and large size relative to the other building
material companies we rate. CNR serves the residential construction
(33% of 2020 sales), commercial construction (34%), and residential
repair and remodel (33%) end markets, which are experiencing
favorable tailwinds. New residential construction projects
typically takes at least four months to complete (longer for custom
homes than for production homes and longer for multifamily homes
than for single-family homes) while new commercial construction
projects typically takes at least nine months to complete. As such,
we expect CNR to continue to see demand from in-progress projects
but anticipate its demand from new commercial construction projects
could decline. That said, the company mostly provides products for
commercial buildings of five stories or lower, which is a segment
that we view as less at risk than higher-density sky rises."

CNR is exposed to volatile raw material costs, particularly for
polyvinyl chloride (PVC) resin, glass, aluminum, and steel.
Although the company has generally been able to pass on the
increases in its raw material costs to its customers, some of its
segments operate in highly competitive price environments, which
can lead to margin volatility. S&P said, "We expect CNR's EBITDA
margin to decline modestly toward 13% in 2021, from our calculated
14% in 2020, as its costs increase, though we do not believe this
will lead to a significant deterioration in its credit metrics
because it will likely pass through most of the increase to its
customers. Additionally, our view of the company's business
reflects its leading market position in most of its markets with
roughly 35% market share in vinyl siding, 25% in vinyl windows, and
more than 40% in the insulated metal panel and estimated #2 market
position in steel coatings, #1 in metal components, #3 of
engineered building systems."

S&P said, "We do not anticipate the company will undertake any
further capital market activity or related distributions to its
financial sponsor in the near term.  Because we previously viewed
CNR's leverage as high for the current rating, we do not assume any
major changes to its recently adjusted capital structure. Our
ratings reflect CNR's recent deleveraging, with forecast adjusted
debt to EBITDA of between 5x and 6x and funds from operations (FFO)
to debt in the 10%-12% range by the end of 2021 before improving
toward 5x and remaining above 12%, respectively, in 2022. We also
expect the company to maintain EBITDA interest coverage of more
than 2.5x in 2021 and 2022. In addition, the company has a
favorable capital structure with long-dated maturities (the nearest
being its ABL facility due 2026).

"Our ratings also reflect CNR's 55% ownership by financial
sponsors. The company is majority owned by financial sponsors
Clayton, Dubilier & Rice (49%) and Golden Gate Capital (6%). The
majority of the directors on the company's board are independent
and only 45% of its ownership is public. At this time, we do not
anticipate any debt-related actions that would cause its leverage
to deteriorate relative to our forecasts.

"The stable outlook on CNR reflects our expectation for earnings
stability over the next 12 months as it continues to achieve cost
savings and mitigates its input-cost inflation. We forecast this
will contribute to an improvement in its debt leverage to the 5x-6x
range through the end of 2021."

S&P could lower its rating on CNR if:

-- Its debt to EBITDA increases to 7x;
-- Its EBITDA interest coverage falls below 2x; or
-- It adopts a substantially more aggressive financial
policy--involving, for instance, dividend payouts or debt-financed
acquisitions--that causes its leverage to approach 7x.

Although unlikely in the next year, S&P could raise its rating on
CNR if:

-- It improves its adjusted debt to EBITDA below 4x, which would
necessitate a remarkably quick and effective integration of its
synergies and cost-reduction initiatives;

-- S&P perceives that the risk of re-leveraging is low such that
we expect its fully adjusted debt to EBITDA to remain below 4x
based on its financial policy; and

-- Its financial sponsors commit to maintain more conservative
financial policies to support its improved metrics.



COUNTRY FRESH: Seeks to Hire Foley & Lardner as Counsel
-------------------------------------------------------
Country Fresh Holdings, LLC and its affiliates seek approval from
the U.S. Bankruptcy Court for the Southern District of Texas to
hire Foley & Lardner LLP as their legal counsel.

The firm's services include:

     (a) giving advice to the Debtors with respect to their powers
and duties in the continued operation of their business, including
the negotiation and finalization of any financing agreements;

     (b) assisting in the identification of assets and liabilities
of the estates;

     (c) assisting the Debtors in formulating a plan of
reorganization or liquidation and taking necessary legal steps in
order to confirm such plan, including the preparation and filing of
a disclosure statement;

     (d) preparing and filing legal documents;

     (e) appearing in court;

     (f) analyzing claims and competing property interests, and
negotiating with creditors and parties-in-interest;

     (g) advising the Debtors in connection with any potential sale
of their assets;

     (h) coordinating the Debtors' Chapter 11 cases with the CCAA
proceedings filed by their affiliated entities in Canada; and

     (i) other legal services necessary to administer the Debtors'
Chapter 11 cases.

The firm will be paid at these rates:

     Attorneys           $455 to $905 per hour
     Paraprofessionals   $60 to $265 per hour

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

John Melko, Esq., a partner at Foley & Lardner, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     John Melko, Esq.
     Foley & Lardner LLP
     1000 Louisiana St Suite 2000
     Houston, TX 77002
     Phone: +1 713-276-5727
     Email: jmelko@foley.com

                    About Country Fresh Holding

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

Country Fresh Holding Company and its affiliates sought Chapter 11
protection (Bankr. S.D. Texas Lead Case No. 21-30574) on Feb. 15,
2021.  The Hon. David R. Jones is the case judge.

The Debtors tapped Foley & Lardner, LLP as their legal counsel and
Epiq Corporate Restructuring as their claims agent.  Ankura
Consulting Group, LLC provides the Debtors with management and
restructuring services.


CPI CARD: Unit Closes Private Offering of $310M Senior Notes
------------------------------------------------------------
CPI Card Group Inc. announced the closing of the private offering
by its wholly-owned subsidiary, CPI CG Inc. (the "issuer"), of $310
million aggregate principal amount of its 8.625% senior secured
notes due 2026 and related guarantees.

The Issuer used the net proceeds from the offering, together with
$22.8 million cash on hand and $15 million of initial borrowings
under a $50 million secured asset based revolving credit facility
that it entered into concurrently with the issuance of the notes,
to repay in full and terminate its existing credit facilities and
to pay related fees and expenses.

The notes are general senior secured obligations of the issuer and
guaranteed by the Company and certain of its current and future
wholly-owned domestic subsidiaries (other than the issuer) that
guarantee the ABL revolver, and are secured by substantially all of
the assets of the issuer and the guarantors, subject to customary
exceptions.

The notes and related guarantees were offered only to persons
reasonably believed to be qualified institutional buyers in
accordance with Rule 144A under the Securities Act of 1933, as
amended, or outside the United States to certain non-U.S. persons
in compliance with Regulation S under the Securities Act.  The
issuance and sale of the notes and related guarantees have not
been, and will not be, registered under the Securities Act or the
securities laws of any state or other jurisdiction, and the notes
and related guarantees may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements of the Securities Act and other
applicable securities laws.

                           About CPI Card

CPI Card Group -- http://www.cpicardgroup.com-- is a payment
technology company and provider of credit, debit and prepaid
solutions delivered physically, digitally and on-demand.  CPI helps
its customers foster connections and build their brands through
innovative and reliable solutions, including financial payment
cards, personalization and fulfillment, and Software-as-a-Service
(SaaS) instant issuance.  CPI has more than 20 years of experience
in the payments market and is a trusted partner to financial
institutions and payments services providers.  Serving customers
from locations throughout the United States, CPI has a large
network of high security facilities, each of which is registered as
PCI Card compliant by one or more of the payment brands: Visa,
Mastercard, American Express, and Discover.

As of Dec. 31, 2020, CPI Card had $266.15 million in total assets,
$404.19 million in total liabilities, and a total stockholders'
deficit of $138.04 million.

                              *   *   *

As reported by the TCR on March 2, 2021, S&P Global Ratings placed
all of its ratings on CPI Card Group Inc., including its 'CCC+'
issuer credit rating and existing issue-level ratings, on
CreditWatch with positive implications.


DANA INC: Fitch Affirms 'BB+' IDR & Alters Outlook to Stable
------------------------------------------------------------
Fitch Ratings has affirmed Dana Incorporated's (DAN) Long-Term
Issuer Default Rating (IDR) at 'BB+'. In addition, Fitch has
affirmed DAN's secured revolver and term loan B ratings at
'BBB-'/'RR1' and the 'BB+'/'RR4' ratings on the senior unsecured
notes issued by DAN and its Dana Financing Luxembourg S.a.r.l.
(Dana Financing) subsidiary.

Fitch's ratings apply to a $1.0 billion secured revolver, $349
million in secured term loan borrowings and $2.0 billion in senior
unsecured notes.

The Rating Outlook has been revised to Stable from Negative.

KEY RATING DRIVERS

Ratings Outlook Revision: The revision of DAN's Rating Outlook to
Stable reflects improving global end-market conditions as the
effects of the coronavirus pandemic wane, as well as steps that the
company has taken to reduce debt, increase margins and grow FCF.
Although some lingering effects of the pandemic could affect DAN's
business in the near term, Fitch believes that DAN will be
relatively less affected than some other suppliers due to stronger
growth expected in its particular end-markets. Fitch also expects
DAN to be relatively less affected by the global microchip shortage
due to the company's focus on the commercial vehicle, off-highway
and full-frame light truck end-markets.

Solid Pandemic Performance: DAN's ratings are supported by the
company's market position as a top global supplier of driveline
components for light, commercial and off-road vehicles, as well as
sealing and thermal products. Although the company's performance in
2020 was significantly affected by the steep downturn in global
light, commercial and off-highway vehicle production driven by the
coronavirus pandemic, DAN's strong liquidity position and financial
flexibility helped it manage through the worst of the crisis
relatively well. EBITDA declined, but DAN was able to achieve an
EBITDA margin (according to Fitch's methodology) of nearly 8%, and
FCF was positive for the full year.

Diversified Product Portfolio: The diversification of DAN's
products is a credit strength, limiting its exposure to any
single-end market. The company's light vehicle business is
primarily weighted toward full-frame pickups and sport utility
vehicles (SUVs) in North America, and the relative strength of
pickup sales compared with other light vehicle classes throughout
the pandemic has supported demand for DAN's products. The company
is also continuing to invest in products for electrified
powertrains, primarily in the commercial vehicle and off-highway
segments, and Fitch believes the company has solid longer-term
growth prospects in these areas as demand from original equipment
manufacturers (OEMs) for electrification technologies increases.

Focus on Debt Reduction: Debt reduction has been a key focus for
DAN over the past several years as the company looks to achieve a
credit profile consistent with investment-grade ratings. The
company has a net leverage target (net debt/adjusted EBITDA,
according to its calculation methodology) of about 1.0x, which it
hopes to achieve within the next several years.

Although DAN issued $500 million of incremental senior unsecured
notes in mid-2020 to support liquidity, the effect on leverage was
largely offset by the full repayment of the term loan A (which had
$474 million outstanding at YE 2019) in 4Q20. Following the 4Q20
loan repayment, Fitch expects the company will look for similar
opportunities to use available cash to reduce debt over the
intermediate term.

Positive FCF: Fitch expects DAN's FCF to increase in 2021, even
with the reinstatement of common dividends starting in 1Q21 and
higher planned capex. DAN's post-dividend FCF margin (as calculated
by Fitch) declined to 0.4% in 2020 after running in the 1.5% to
1.8% range for several years. Fitch expects DAN's post-dividend FCF
margin to increase to around 2.0% in 2021 and to potentially rise
toward 2.5% in 2022 as EBITDA rises and cash interest expense
declines. Fitch expects capex as a percentage of revenue to run in
the 4.0% to 4.5% over the next several years, with capex at the
higher end of that range in 2021.

Declining Leverage: As a result of improving end-market conditions
and lower expected debt, Fitch now expects DAN's gross EBITDA
leverage (gross debt/EBITDA as calculated by Fitch) to decline
toward the mid-2x range by YE 2021 after peaking at 4.2x at YE
2020. Consistent with the company's stated target of reducing net
leverage to about 1.0x, Fitch expects the company will target
excess cash toward debt reduction. Fitch expects FFO leverage to
decline toward 3.0x at YE 2021 and potentially to below 2.5x by YE
2022 after rising to 5.6x at YE 2020.

Improving Coverage Metrics: Fitch expects DAN's FFO interest
coverage to rise toward the mid-6x range by YE 2021 after falling
to 3.4x at YE 2020. Fitch expects FFO interest coverage could rise
further, to above 8.0x by YE 2022, on a combination of higher FFO
and declining interest expense as the company looks for
opportunities to reduce debt.

DERIVATION SUMMARY

DAN has a relatively strong competitive position focusing primarily
on driveline systems for light, commercial and off-road vehicles.
It also manufactures sealing and thermal products for vehicle
powertrains and drivetrains. DAN's driveline business competes
directly with the driveline businesses of American Axle &
Manufacturing Holdings, Inc. and Meritor, Inc. (BB-/Stable),
although American Axle focuses on light vehicles, while Meritor
focuses on commercial and off-road vehicles.

From a revenue perspective, DAN is similar in size to American
Axle, although American Axle's driveline business is a little
larger than DAN's light vehicle driveline business. Compared with
Meritor, DAN has roughly twice the annual revenue overall, and
DAN's commercial and off-highway vehicle driveline segments are a
little larger overall than Meritor's commercial truck and
industrial segment.

DAN's EBITDA margins are typically in-line with auto suppliers in
the low-'BBB' range. However, EBITDA leverage is more consistent
with auto and capital goods suppliers in the 'BB' range, such as,
Allison Transmission Holdings, Inc. (BB/Stable), Meritor, or The
Goodyear Tire & Rubber Company (BB-/Negative).

KEY ASSUMPTIONS

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

-- Global light vehicle production rises by 6% in 2021, including
    an 8% increase in U.S., with further recovery seen in
    subsequent years;

-- Global commercial vehicle and off-highway markets also recover
    in the mid- to high-single digit range in 2021 overall, with a
    somewhat mixed outlook that varies by region and end-market,
    with further recovery also seen in subsequent years;

-- Capex runs at about 4.0%-4.5% of revenue over the next several
    years, relatively consistent with historical levels;

-- Post-dividend FCF margins generally run in the 2.0%-3.5% range
    over the next several years, despite reinstatement of the
    common dividend;

-- The company applies excess cash toward debt reduction over the
    next few years;

-- The company maintains a solid liquidity position, including
    cash and credit facility availability, over the next several
    years.

RATING SENSITIVITIES

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

-- Sustained gross EBITDA leverage below 2.0x;

-- Sustained post-dividend FCF margin above 2.0%;

-- Sustained FFO leverage below 2.5x;

-- Sustained FFO interest coverage above 5.5x.

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

-- A severe decline in global vehicle production that leads to
    reduced demand for DAN's products;

-- A debt-funded acquisition that leads to weaker credit metrics
    for a prolonged period;

-- Sustained gross EBITDA leverage above 2.5x;

-- Sustained FCF margin below 1.0%;

-- Sustained EBITDA margin below 10%;

-- Sustained FFO leverage above 3.5x;

-- Sustained FFO interest coverage below 3.0x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: As of Dec. 31, 2020, DAN had $580 million of
cash, cash equivalents and marketable securities. In addition to
its cash on hand, DAN maintains additional liquidity through a $1.0
billion secured revolver that is guaranteed by the company's wholly
owned U.S. subsidiaries and is secured by substantially all of the
assets of DAN and its guarantor subsidiaries. The revolver expires
in 2024. As of Dec. 31, 2020, there were no borrowings on the
revolver, but $21 million of the available capacity was used to
back LOCs, leaving $979 million in available capacity.

Based on the seasonality in DAN's business, as of Dec. 31, 2020,
Fitch has treated $100 million of DAN's cash and cash equivalents
as not readily available for the purpose of calculating net
metrics. This is an amount that Fitch estimates DAN would need to
hold to cover seasonal changes in operating cash flow, maintenance
capex and common dividends without resorting to temporary
borrowing.

Debt Structure: DAN's debt structure primarily consists of
borrowings on its secured credit facility (which includes the term
Loan B and revolver) and senior unsecured notes issued by both DAN
and its Dana Financing subsidiary.

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.


DAVIDSTEA INC: Quebec Court Extends CCAA Proceedings to June 4
--------------------------------------------------------------
DAVIDsTEA Inc., a leading tea merchant in North America, disclosed
that the Quebec Superior Court on March 19 issued an Order
extending to June 4, 2021 the previously-announced stay of all
proceedings against the Company under the Companies' Creditors
Arrangement Act (Canada) ("CCAA").

The Court Order and related documents will be available at
www.pwc.com/ca/davidstea. The Company will continue to provide
updates throughout the CCAA restructuring process as events
warrant.

                        About DAVIDsTEA

DAVIDsTEA (Nasdaq:DTEA) is a leading branded retailer and growing
mass wholesaler of specialty tea, offering a differentiated
selection of proprietary loose-leaf teas, pre-packaged teas, tea
sachets and tea-related gifts and accessories on our e-commerce
platform at http://www.davidstea.com/and through 18 Company-owned
and operated retail stores in Canada.  A selection of DAVIDsTEA
products is also available in more than 2,500 grocery stores and
pharmacies across Canada.  The Company is headquartered in
Montreal, Canada.


DJM HOLDINGS: Gets OK to Hire Forbes Law as Legal Counsel
---------------------------------------------------------
DJM Holdings, Ltd., received approval from the U.S. Bankruptcy
Court for the Northern District of Ohio to hire Forbes Law, LLC, as
its legal counsel.

The firm's services include:

     1. advising the Debtor regarding its rights, duties and powers
under the Bankruptcy Code;

     2. preparing and filing the Debtor's bankruptcy statements,
schedules, Chapter 11 plan and other legal documents;

     3. representing the Debtor at court hearings, meetings of
creditors, trials and other court proceedings; and

     4. other legal services necessary to administer the Debtor's
Chapter 11 case.

The firm will be paid at these rates:

     Attorney       $325 per hour
     Associates     $225 per hour  
     Paralegals     $125 per hour

As disclosed in court filings, Forbes Law neither holds nor
represents an interest adverse to the Debtor's bankruptcy estate.

The firm can be reached through:

     Glenn E. Forbes, Esq.
     Forbes Law, LLC
     166 Main Street
     Painesville, OH 44077
     Tel: 440-357-6211
     Email: bankruptcy@geflaw.net

                        About DJM Holdings

Concord-based DJM Holdings Ltd is the fee simple owner of 38
properties in Ohio, having a total current value of $1.02 million.

DJM Holdings sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ohio Case No. 21-10483) on Feb. 14, 2021.  At the
time of the filing, the Debtor disclosed $1,144,439 in assets and
$2,816,538 in liabilities.  Judge Arthur I. Harris oversees the
case.  The Debtor is represented by Forbes Law, LLC.


DOWN TOWN ASSOCIATION: Seeks to Hire Avrum J. Rosen as Counsel
--------------------------------------------------------------
The Down Town Association, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to hire the
Law Offices of Avrum J. Rosen, PLLC, as its legal counsel.

The firm will advise the Debtor of its rights and duties, oversee
preparation of necessary reports, conduct all appropriate
investigation or litigation, and perform any necessary duty in aid
of the administration of its estate.

The firm's attorneys will be paid at customary rates.  Partner time
will be billed at $625 per hour while associate time will be billed
at the hourly rate of $325 to $450.

Avrum Rosen, Esq., a member of The Law Offices of Avrum J. Rosen,
disclosed in a court filing that his firm is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Avrum J. Rosen, Esq.
     Nico G. Pizzo, Esq.
     Law Offices of Avrum J. Rosen, PLLC
     Down Town Association
     38 New Street
     Huntington, NY 11743
     Phone: (631) 423-8527
     Fax: (631) 423-4536

                   About Down Town Association

The Down Town Association, Inc., is the oldest social club in lower
Manhattan and a former haven for New York and national power
brokers.

Down Town Association sought Chapter 11 protection (Bankr. S.D.N.Y.
Case No. 21-10413) on March 4, 2021.  The Debtor estimated up to
$100,000 in assets and $1 million to $10 million in liabilities as
of the bankruptcy filing.  The Law Offices Of Avrum J. Rosen, PLLC
is the Debtor's legal counsel.


EAGLE HOSPITALITY: Court OKs Monarch's Stalking-Horse Bid
---------------------------------------------------------
Allison McNeely of Bloomberg News reports that Eagle Hospitality
Trust got court approval to proceed with its designated stalking
horse bid and sale procedures, overcoming objections from its
previous sponsors and some trade creditors.  

An affiliate of Monarch Alternative Capital is providing a $470
million bid for 15 hotels, according to court documents.

A stalking horse bid provides a minimum price for the sale of
assets in bankruptcy.

Judge Christopher Sontchi also approved the bid procedures for the
bankrupt U.S. entity of a Singapore-based hotel real estate
investment trust in a hearing Tuesday, March 23, 2021.

                 About Eagle Hospitality Group

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

EHT US1, Inc. and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.  EHT US1
estimated $500 million to $1 billion in assets and liabilities as
of the bankruptcy filing.

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

The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtors' Chapter 11 cases
on Feb. 4, 2021. The committee is represented by Morris James, LLP,
and Kramer Levin Naftalis & Frankel, LLP.


FIELDWOOD ENERGY: NAS' Joinder in Sureties' Objection to Disclosure
-------------------------------------------------------------------
North American Specialty Insurance ("NAS") objects to the motion of
Fieldwood Energy LLC, et al., for entry of an order approving the
Disclosure Statement.

NAS is a surety on three bonds securing the plugging and
abandonment decommissioning obligations of Fieldwood Offshore
Energy LLC. Stakeholders and other sureties filed a number of
objections regarding the sufficiency of the Disclosure Statement
and the non-confirmability of the proposed plan. NAS does not want
to create additional reading materials in repeating those arguments
but adopts the arguments and incorporates them as part of its own
objections and joins in the objections.  

NAS joins in and incorporates as its own objections the arguments
set forth in the objections filed by its obliges with regard to the
adequacy of disclosure and the issues relating to the
confirmability of the plan.

NAS joins and incorporates as its own objections the objections
filed by its fellow sureties with respect to issues of the adequacy
of the Disclosure Statement and confirmability of the plan, and the
issues relating to the assignability of surety bonds, the
substitution of principal discharging the sureties, the material
change in the sureties' risk, the inability of the sureties to
assess their risk and exposure and the disenfranchising of the
sureties' voting rights in the voting procedures.

NAS points out that the Disclosure Statement does not meet the
requirements of § 1125 in terms of the adequacy of disclosure and
so is inadequate. It is so vague in some respects that it seems
deliberately vague.

The North American Specialty is represented by:

     T. Scott Leo
     The Law Offices of T. Scott Leo, P.C.
     100 N. LaSalle Street, Suite 514
     Chicago, Illinois 60602
     Phone: (312) 857-0910
     sleo@leolawpc.com

                    About Fieldwood Energy

Fieldwood Energy is a portfolio company of Riverstone Holdings
focused on acquiring and developing conventional assets, primarily
in the Gulf of Mexico region. It is the largest operator in the
Gulf of Mexico owning an interest in approximately 500 leases
covering over two million gross acres with 1,000 wells and 750
employees. Visit https://www.fieldwoodenergy.com/ for more
information.

Fieldwood Energy and its 13 affiliates previously sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 18-30648) on Feb. 15,
2018, with a prepackaged plan that would deleverage $3.286 billion
of funded by $1.626 billion.

On Aug. 3, 2020, Fieldwood Energy and its 13 affiliates again filed
voluntary Chapter 11 petitions (Bankr. S.D. Tex. Lead Case No.
20-33948). Mike Dane, senior vice president and chief financial
officer, signed the petitions.

At the time of the filing, the Debtors disclosed $1 billion to $10
billion in both assets and liabilities.

Judge David R. Jones oversees the cases.

The Debtors tapped Weil, Gotshal & Manges LLP as their legal
counsel, Houlihan Lokey Capital, Inc. as investment banker, and
AlixPartners, LLP as financial advisor. Prime Clerk LLC is the
claims, noticing, and solicitation agent.

The first-lien group employed O'Melveny & Myers LLP as its legal
counsel and Houlihan Lokey Capital, Inc. as its financial advisor.
The RBL lenders employed Willkie Farr & Gallagher LLP as their
legal counsel and RPA Advisors, LLC as their financial advisor.
Meanwhile, the cross-holder group tapped Davis Polk & Wardwell LLP
and PJT Partners LP as its legal counsel and financial advisor,
respectively.

On Aug. 18, 2020, the Office of the U.S. Trustee appointed a
committee of unsecured creditors.  Stroock & Stroock & Lavan, LLP
and Conway MacKenzie, LLC serve as the committee's legal counsel
and financial advisor, respectively.


FIRST STANDARD: Hits Chapter 7 Bankruptcy
-----------------------------------------
First Standard Financial Company, LLC, filed for Chapter 7
bankruptcy.

The company's court petition listed assets of $50,000 to $100,000
and liabilities of $54 million.

First Standard is a formidable financing company offering credit
facilities to clients who are looking to convert their assets into
smart investments.

First Standard filed a Chapter 7 petition (Bankr. S.D.N.Y. Case No.
21-10526) on March 22, 2021.

The Debtor's counsel:

       Brian Powers
       Silvermanacampora LLP
       Tel: (516) 479-6300
       E-mail: bpowers@silvermanacampora.com


FREDDIE MAC: Names Mark Grier as Interim CEO
--------------------------------------------
Freddie Mac has named Mark B. Grier, member of the Board of
Directors and veteran of the financial services industry, as the
company's interim chief executive officer.  

Grier served as vice chairman and a member of the Board of
Directors of Prudential Financial, Inc. until his retirement in
2019.  He joined the Freddie Mac Board in February 2020 and will
continue to serve on the company's Board during his tenure as
Interim CEO.

"As a Member of the Board of Directors, Mark Grier is already an
invaluable asset to Freddie Mac, bringing more than four decades of
experience in finance, risk, markets and capital management.  He is
ideally suited to lead the company as we continue a thorough search
for a permanent CEO," said Sara Mathew, non-executive chair of
Freddie Mac's Board of Directors.  "I thank Mark for his leadership
and look forward to working closely with him to continue serving
the nation's homeowners and renters."

Grier joined Prudential in 1995 as chief financial officer and held
several positions before being named to the Office of the Chairman
in 2002 and as Vice Chairman in 2007.  He oversaw a wide array of
functions, including Finance, Risk Management, Chief Investment
Office, Corporate Actuarial, Investor Relations, Global Business &
Technology Solutions, and Global Marketing and Communications. He
also led Global Strategic Initiatives, which oversaw Prudential’s
international retirement and China strategies.  In late 2001, he
led the $3 billion initial public offering of Prudential Financial,
which was one of the largest IPOs in history at the time.

                        About Freddie Mac

Federal National Mortgage Association (Freddie Mac) is a GSE
chartered by Congress in 1970.  The Company's public mission is to
provide liquidity, stability, and affordability to the U.S. housing
market.  Freddie Mac does this primarily by purchasing residential
mortgage loans originated by lenders. In most instances, it
packages these loans into guaranteed mortgage-related securities,
which are sold in the global capital markets and transfer
interest-rate and liquidity risks to third-party investors.  In
addition, the Company transfers mortgage credit risk exposure to
third-party investors through its credit risk transfer programs,
which include securities- and insurance-based offerings.  The
Company also invests in mortgage loans and mortgage-related
securities.  The Company does not originate loans or lend money
directly to mortgage borrowers.

Freddie Mac conducts its business subject to the direction of
Federal Housing Finance Agency (FHFA) as its conservator.  The
Conservator has provided authority to the Board of Directors to
oversee management's conduct of the Company's business operations
so it can operate in the ordinary course.  The directors serve on
behalf of, exercise authority as provided by, and owe their
fiduciary duties of care and loyalty to the Conservator. The
Conservator retains the authority to withdraw or revise the
authority it has provided at any time.  The Conservator also
retains certain significant authorities for itself, and has not
provided them to the Board.  The Conservator continues to provide
strategic direction for the company and directs the efforts of the
Board and management to implement its strategy. Many management
decisions are subject to review and/or approval by FHFA and
management frequently receives direction from FHFA on various
matters involving day-to-day operations.

As of Dec. 31, 2020, Freddie Mac had $2.62 trillion in total
assets, $2.61 trillion in total liabilities, and $16.41 billion in
total equity.


FUSE GROUP: To Issue 100M Shares in Exchange of 100% Stake in E-Mo
------------------------------------------------------------------
Fuse Group Holding Inc. and Fuse Biotech, Inc., a wholly owned
subsidiary of the Company, entered into a share exchange agreement
with E-Mo Biotech Holding Inc., a company incorporated under the
laws of Nevada, Qiyi Xie, a resident of California, Quan Qinghua, a
citizen and resident of China, Jing Li, a citizen and resident of
China and HWG Capital Sdn Bhd, a company incorporated under laws of
Malaysia (the "Sellers").  Pursuant to the Agreement, the Company
will issue to the Sellers in aggregate of 100,000,000 shares of
common stock of the Company in exchange of all the issued and
outstanding shares of E-Mo owned by the Sellers.  Each of the
Sellers will receive its pro rata share of the Fuse Shares based
upon its ownership of E-Mo.  E-Mo engages in biology research and
development business.

Upon the closing of the transaction contemplated in the Agreement
and issuance of the Fuse Shares, Xie will become the largest
shareholder of the Company and own 57,250,000 shares of common
stock of the Company, representing 31.97% of the Company's then
issued and outstanding shares of common stock.  Xie used his
ownership of 57.25% equity interest of E-Mo to exchange the
57,250,000 shares of the Company pursuant to the Agreement. Prior
to the Transaction, Landbond Home Limited is the largest
shareholder of the Company. There is no arrangements or
understandings among Xie and Landbond and their associates with
respect to election of directors or other matters.

                           About Fuse Group

Headquartered in Arcadia, CA, Fuse Group provides consulting
services to mining industry clients to find acquisition targets
within the parameters set by the clients, when the mine owner is
considering selling its mining rights.  The services of Fuse Group
and Fuse Processing, Inc. include due diligence on the potential
mine seller and the mine, such as ownership of the mine and whether
the mine meets all operation requirements and/or is currently in
operation.

Fuse Group reported a net loss of $51,411 for the year ended Sept.
30, 2020, compared to a net loss of $79,656 for the year ended
Sept. 30, 2019.  As of Sept. 30, 2020, the Company had $1.24
million in total assets, $191,102 in total liabilities, and 1.05
million in total stockholders' equity.

El Segundo, Calif.-based Prager Metis, CPA's LLP, the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated Dec. 16, 2020, citing that the Company had recurring
losses from operations and an accumulated deficit.  These
conditions, among others, raise substantial doubt about the
Company's ability to continue as a going concern.


GATEWAY VENTURES: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------
The U.S. Trustee for Region 7 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of The Gateway Ventures LLC.
  
                    About The Gateway Ventures

The Gateway Ventures, LLC filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No.
21-30071) on Feb. 2, 2021, listing under $1 million in both assets
and liabilities.  Judge H. Christopher Mott oversees the case.
Weycer, Kaplan, Pulaski & Zuber, PC serves as the Debtor's counsel.


GCI LLC: S&P Upgrades ICR to 'B', Off CreditWatch Positive
----------------------------------------------------------
S&P Global Ratings raised the issuer credit rating on U.S.-based
wireless and cable provider GCI LLC to 'B' from 'B-' and removed it
from CreditWatch, where S&P placed it with positive implications on
Sept. 14, 2020.

S&P said, "We are also raising the rating on GCI's secured debt to
'BB-' from 'B+'. The recovery rating is unchanged at '1'.

"In addition, we are lowering the rating on GCI's unsecured debt to
a 'B-' from a 'B' and revising the recovery rating to '5' from '2'
due to the recent reallocation of Charter equity assets from GCI to
another Liberty Broadband subsidiary. The '5' recovery rating
indicates our expectation for modest (10%-30%) recovery in the
event of payment default.

"The upgrade primarily reflects improved credit metrics enabled by
strong growth in GCI's broadband business combined with debt
repayment.   We estimate that leverage decreased to about 4.5x from
about 6x at fiscal year-end 2019 (this excludes the recently
extinguished margin loan and debentures at the former parent, GCI
Liberty) on 20% earnings growth and the repayment of $155 million
in net revolver borrowings. In October 2020, the Federal
Communications Commission (FCC) approved the cost-based rates GCI
used for its Rural Health Care (RHC) customers for the funding
years that ended on June 30, 2019 and June 30, 2020, which resulted
in $174 million in accounts receivable collections in the first
quarter of 2021 and subsequent revolver paydown. Debt repayment
coupled with consumer broadband subscriber growth of 11% in 2020,
led to material leverage reduction. Our base-case forecast assumes
adjusted debt to EBITDA will approach 4x by the end of 2022 from
$30 million-$50 million a year of debt repayment and
low-single-digit-percent EBITDA growth from broadband market share
gains, partly offset by declines in video and residential voice
services."

GCI's residential broadband moat provides it with a hedge against
video cord-cutting.   S&P said, "We believe the plethora of
available online streaming alternatives will contribute to video
subscriber losses of about 8%-9% per year, although video margins
are minimal. Furthermore, we expect consumer voice access lines
will decline about 8%-9% annually due to wireless substitution.
Still, GCI should be able to more than offset the earnings and cash
flow volatility from residential video cord-cutting and voice
disconnects with its high-margin broadband offering, which is
necessary to stream video. We expect the company's consumer
broadband revenue to increase at a healthy pace for at least the
next couple of years due to rate increases and subscriber growth as
it takes market share from its telecom competitors that use
copper-based infrastructure with inferior data speeds."

S&P said, "We believe Liberty Broadband would support GCI in
periods of temporary stress.   GCI LLC's former parent, GCI Liberty
Inc., was acquired by Liberty Broadband in a stock-for-stock merger
in December 2020. The acquisition increased asset coverage
incrementally by about $24 billion in unencumbered shares of
Charter Communications, which we believe Liberty Broadband could
use to provide support to GCI in a stressed scenario. We believe
the parent could provide temporary support, given GCI is the only
cash-generating asset of Liberty Broadband. That said, the assets
are not pledged to GCI creditors, there is no operational incentive
to provide support, GCI only accounts for a small portion of total
Liberty value, and there are no contractual requirements between
GCI and Liberty to provide support. Therefore, we believe the
equity stakes will not be used for the benefit of GCI creditors
unless GCI's operating and financial performance deteriorates
significantly. This view provides added downside cushion to the GCI
issuer credit rating, but does not impute any ratings uplift from
our stand-alone credit profile of GCI.

"The stable outlook on GCI is based on our expectation that the
company's leverage will decline modestly to the low-4x area in 2021
from low-single-digit-percent EBITDA growth and modest FOCF
generation, a portion of which we expect will go to debt
repayment.

"We could raise our rating on GCI if the company maintained
leverage below 4.5x and increased FOCF to debt to the
high-single-digit-percent area. We do not view this as likely in
the near term. Although leverage is at 4.5x, we expect FOCF to debt
will remain below 5% through 2022.

"Although unlikely, we could lower our rating on GCI if significant
subsidy losses combined with higher customer churn on video and
voice lead to deteriorating top-line trends and lower EBITDA that
ultimately weaken the company's liquidity position and ability to
organically reduce its leverage. Still, we believe Liberty would
provide modest levels of support to GCI given the strong asset
coverage at Liberty."



GREAT WESTERN: Completes Comprehensive Equity Recapitalization
--------------------------------------------------------------
Great Western Petroleum, LLC, has announced that it has completed
its previously announced comprehensive equity recapitalization
transaction (the Recapitalization Transaction). The Company has
amended and restated its limited liability company agreement to
effect the exchange of all outstanding preferred units for new
common units. This exchange results in the elimination of annual
preferred distributions of approximately US$23.7 million. In
addition, as part of the Recapitalization Transaction, The Broe
Group has made an additional equity investment in the Company.

Concurrently with the Recapitalization Transaction, the Company and
its wholly owned subsidiary, Great Western Finance Corp., as
co-issuer (Finance Corp. and, together with the Company, the
Issuers), completed their previously announced offering (the
Offering) of US$235 million aggregate principal amount of 12%
Senior Secured Second Lien Notes due 2025 (the Notes). The Notes
will mature on September 1, 2025. The completion of the Offering
was a condition precedent to the consummation of the
Recapitalization Transaction. The net proceeds from the Offering,
along with cash on hand, will be used to redeem in full the
Issuers' outstanding 9% Senior Notes due 2021, which redemption is
expected to occur on March 3, 2021.

                  About Great Western Petroleum

Denver-based Great Western Petroleum, LLC is an independent oil and
natural gas company focused on the exploration, development,
acquisition, and exploitation of unconventional reserves of oil,
natural gas, and NGLs in the core of the Wattenberg Field, which is
located within the DJ Basin.

                      About Latham & Watkins

Latham & Watkins LLP advised Great Western Petroleum, LLC in the
transactions with a team led by Houston partner David Miller and
New York partner David Hammerman, with assistance on the Offering
from Houston associates Om Pandya, Monica White, Lexi Santa Ana,
Katie Walker, and Michael Basist, and on the Recapitalization
Transaction from Houston associates Thomas Verity and Drew West and
New York associate Randy Weber-Levine. Advice was also provided on
finance matters by Houston partner Matt Jones, with Houston
associates Max Fin and Matt Snodgrass; on tax matters by Houston
partners Tim Fenn and Jim Cole, with Houston associate Chelsea
Muñoz-Patchen; and on environmental matters by Los Angeles counsel
Joshua Marnitz; and on benefits and compensation matters by
Washington, D.C. partner Adam Kestenbaum.


GUMP'S HOLDINGS: Hires Donlin Recano as Administrative Advisor
--------------------------------------------------------------
Gump's Holdings, LLC, and its affiliates seeks authority from the
U.S. Bankruptcy Court for the District of Nevada to employ Donlin,
Recano & Company, Inc. as their administrative advisor.

The firm will render these services:

     a. assist with, among other things, any required solicitation,
balloting, tabulation and calculation of votes as well as preparing
any appropriate reports required in furtherance of confirmation of
a plan of reorganization;

     b. prepare an official ballot certification and testify, if
necessary, in support of the ballot tabulation results;

     c. in connection with the balloting services, handle requests
for documents from parties in interest;

     d. gather data in conjunction with the preparation of the
Debtors' schedules of assets and liabilities and statements of
financial affairs;

     e. provide a confidential data room, if requested; and

     f. manage and coordinate any distributions pursuant to a
confirmed Chapter 11 plan.

Donlin Recano will be paid based upon its normal and usual hourly
billing rates and will be reimbursed for out-of-pocket expenses
incurred.  The retainer fee is $10,000.

Nellwyn Voorhies, president of Donlin Recano, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Nellwyn Voorhies
     Donlin Recano & Company, Inc.
     6201 15th Avenue
     Brooklyn, NY 11219
     Toll Free Tel: (800) 591-8236

                     About Gump's Holdings

Gump's Holdings, LLC -- http://www.gumps.com/-- operates as a
holding company.  The company, through its subsidiaries, sells
furniture, lighting, rugs, linens, apparel and jewelry.

Gump's Holdings, Gump's Corp. and Gump's By Mail, Inc. sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.
Nevada Lead Case No. 18-14683 to 18-14685) on Aug. 3, 2018.

In the petitions signed by Tony Lopez, chief financial officer and
chief operating officer, the Debtor disclosed these assets and
liabilities:

                             Assets     Liabilities
                         ------------   ------------
   Gump's Holdings, LLC       $47,031    $16,456,335
   Gump's Corp.            $9,812,318    $23,713,258
   Gump's By Mail, Inc.    $4,198,319    $23,755,942

The Debtors tapped Garman Turner Gordon LLP as legal counsel,
Lincoln Partners Advisors LLC as financial advisor, and Donlin,
Recano & Company Inc. as claims and notice agent.

The U.S. Trustee for Region 17 appointed an official committee of
unsecured creditors on Aug. 20, 2018.  The committee is represented
by Brownstein Hyatt Farber Schreck, LLP.


HOME OWNER BENEFIT: Case Summary & Unsecured Creditor
-----------------------------------------------------
Debtor: Home Owner Benefit LLC
           Mesa Mountain Drive Trust
        900 S. Las Vegas Blvd., Ste. 810
        Las Vegas, NV 89101

Business Description: Home Owner Benefit LLC is a Single Asset
                      Real Estate debtor (as defined in 11 U.S.C.
                      Section 101(51B)).  The Debtor is the fee
                      simple owner of a property located at
                      5677 Mesa Mountain Drive, Las Vegas, Nevada
                      valued at $490,000.

Chapter 11 Petition Date: March 23, 2021

Court: United States Bankruptcy Court
       District of Nevada

Case No.: 21-11387

Judge: Hon. Natalie M. Cox

Debtor's Counsel: Roger P. Croteau, Esq.
                  ROGER P. CROTEAU & ASSOCIATES LTD.
                  2810 W. Charleston Blvd., Ste. 75
                  Las Vegas, NV 89102
                  Tel: (702) 254-7775
                  Fax: (702) 228-7719
                  E-mail: croteaulaw@croteaulaw.com

Total Assets: $490,000

Total Liabilities: $1,031,248

The petition was signed by Iyad Haddad, manager, Home Owner Benefit
LLC.

The Debtor listed the Internal Revenue Services as its sole
unsecured creditor holding a claim of $1.02 million.

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

https://www.pacermonitor.com/view/J6QO7QY/HOME_OWNER_BENEFIT_LLC_-DBA_MESA__nvbke-21-11387__0001.0.pdf?mcid=tGE4TAMA


HYLAND SOFTWARE: Moody's Affirms B2 CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service affirmed Hyland Software, Inc.'s B2
Corporate Family Rating and B2-PD Probability of Default Rating.
Concurrently, Moody's affirmed the B1 ratings on the company's
upsized senior secured first lien bank credit facilities and Caa1
rating on the upsized second lien term loan. Net proceeds from the
proposed $110 million incremental first lien term loan and $150
million incremental second lien term loan will be used to fund
Hyland's acquisition of Nuxeo Software, a content management
software provider with a focus on document and digital asset
management.

Though Hyland's partially debt funded acquisition of Nuxeo will
result in an immediate increase in leverage, the ratings
affirmation reflects Moody's expectations that Nuxeo will
contribute to Hyland's content management product portfolio and
overall growth strategy. Hyland is also undergoing a transition
toward SaaS and subscription-based product bookings, increasing
ratably recognized product bookings and decreasing license sales.
The shift toward ratable bookings will lead to temporarily elevated
leverage over the next 24 months but will ultimately drive
improvements in EBITDA and cash flow generation over time. Under
ownership of financial sponsors Thoma Bravo, Hyland is expected to
maintain an aggressive financial strategy that favors shareholders
as evidenced by the company's numerous debt-funded acquisitions and
shareholder distributions.

Affirmations:

Issuer: Hyland Software, Inc.

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Secured 1st Lien Bank Credit Facility, Affirmed B1 (LGD3)

Senior Secured 2nd Lien Bank Credit Facility, Affirmed Caa1 (LGD6)

Outlook Actions:

Issuer: Hyland Software, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Hyland's B2 CFR reflects the company's high leverage, acquisition
appetite and aggressive financial strategy. The rating is supported
by Hyland's leading content services software platform (CSP,
formerly referred to as enterprise content management) market
positions and well-regarded vertical market focused product
offerings. Pro forma for the new debt and acquisition, cash
adjusted leverage was approximately 7.6x as of the year ended
December 31, 2020.

Moody's expects Hyland's leverage will remain elevated at about 8x
over the next 24 months as the company transitions away from
software license sales and toward SaaS and subscription sales which
are recognized ratably. The transition will drive a temporary
increase in leverage though free cash flow generation will remain
resilient as bookings and annualized recurring revenue are expected
to continue to grow in the mid to high single digit percent range.
Following Hyland's shift to ratable bookings, Hyland is expected to
de-lever toward the 7x range. Moody's projects Hyland will continue
to generate annualized free cash flow in excess of $125 million or
FCF to debt of around 5% over the next 2 years.

Hyland's liquidity is considered good, based on an expected cash
balance of $98 million at the close of the transaction,
expectations for strong free cash flow generation in excess of $125
million per year and access to an undrawn $121 million revolver.
Moody's expects that Hyland will have sufficient headroom under the
revolver's springing covenant.

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

Hyland's ratings could be downgraded if the company's operating
performance deteriorates, or additional debt is raised such that
free cash flow to debt were maintained below 5% on other than a
temporary basis. Ratings could also be downgraded if the company
were to face operational issues or competitive pressures that
resulted in a meaningful reduction of organic revenue and bookings
growth over the next 12-18 months.

Given Hyland's high financial risk tolerance under private equity
ownership, a ratings upgrade is not expected over the near term.
However, Hyland's ratings could be upgraded over time if the
company demonstrates a meaningful increase in profits and operating
cash flow and Moody's believes the company will maintain leverage
below 5x.

Headquartered in Westlake, OH, Hyland Software, Inc. provides
content services platform (CSP) software that combines document
management, business process management, records management and
digital asset management solutions. Pro forma for the acquisitions
Nuxeo, Hyland generated revenues of over $1 billion in the year
ended December 31, 2020.

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


HYLAND SOFTWARE: S&P Affirms 'B-' ICR on Nuxeo Group Acquisition
----------------------------------------------------------------
S&P Global Ratings affirmed all of its ratings on Hyland Software
Inc., a U.S.-based developer of content services platform (CSP)
software, including its 'B-' issuer credit rating.

The stable outlook reflects our expectation that the company's
cost-cutting efforts will improve its EBITDA margins and reduce its
leverage toward the high-8x range by the end of 2021.

Hyland Software is acquiring Nuxeo Group. The company expects to
fund the acquisition with an incremental $110 million first-lien
term loan, an incremental $150 million second-lien term loan, and
cash from its balance sheet.

The affirmation reflects Hyland's strong position in the growing
content services industry, its stable cash flow generation, and its
strong EBITDA margins in the high 30% area. The company has
demonstrated the ability to deleverage, though its aggressive
financial policy and acquisition strategy offset this credit
strength. S&P said, "We expect Hyland's pro forma leverage to be in
the mid-9x area, including the preferred shares, as of the close of
the transaction and forecast its leverage will decline to the
high-8x area during the next 12 months on an expansion of its
organic revenue and EBITDA stemming from the achievement of its
cost-savings plan. Excluding the preferred equity, Hyland's pro
forma leverage would be in the mid-8x area as of the close of the
transaction. We expect the company's FOCF to debt to remain above
4% over the next 12 months and forecast it will generate FOCF of
$155 million-$160 million in 2021 as it achieves its cost-control
targets. Despite these expectations, our view of Hyland's credit
quality remains unchanged."

Nuxeo offers CSP solutions to several end markets, including media
and entertainment, financial services, technology, health care, and
government. The company offers a cloud-native architecture and has
benefited from strong revenue growth, including a compound annual
growth rate (CAGR) of 25% over the last two years. S&P expects
Hyland to use its established cost-synergy plan to reduce
duplicative functions and optimize Nuxeo's EBITDA margins, which
are significantly lower than Hyland's 38% margins. While the
re-leveraging transaction reflects its high risk tolerance, Hyland
has demonstrated its ability to realize cost savings without
sacrificing growth through its previous acquisitions, including
Alfresco, OneContent, and Perceptive. Furthermore, the addition of
Nuxeo's digital asset management solutions will expand the
company's suite of products. Given Hyland's handling of
mission-critical and content rich workloads, S&P expects that the
acquisition will enhance its customer stickiness while it leverages
the new cross-selling opportunities across its existing customer
base.

The CSP industry is large and expanding because companies and
governments continue to increase spending on the digitization of
their content. Hyland's solutions provide the infrastructure for
its clients to store and share content, which creates highly sticky
customer relationships. S&P expects the increased adoption of
content digitization will lead more clients to prefer the agility
and scalability provided by cloud solutions, which reinforces
Hyland's prospects for expanding its recurring revenue base. Health
care and government remain the company's largest end-market
segments. While the pace of cloud migration in these markets habe
been slow, the transition to cloud-based electronic health records
could bring additional opportunities for the company to cross-sell
its cloud solutions.

S&P said, "We expect Hyland's organic revenue to increase by the
mid-single digit percent area over the coming year on new account
wins, primarily in cloud, coupled with a slower rise in its
maintenance revenue, which will be partially offset by a decline in
its perpetual licenses. We expect the company's EBITDA margins to
remain in the 38% range, due to the inclusion of the lower-margin
Nuxeo business, before expanding to 39% once it has achieved its
cost synergy plan over the next 12 months.

"Our rating on Hyland also incorporates its financial policy
because we believe it will likely undertake further debt-financed
dividends or acquisitions if its leverage falls below 7x. We treat
the company's preferred equity as debt in our leverage calculations
because the credit agreement includes an optional redemption
notice, which--if triggered--could allow it to take on additional
debt to pay down its preferred shares before repaying its existing
outstanding debt.

"The stable outlook on Hyland reflects our expectation that its
steady growth and cost-cutting efforts will improve its EBITDA
margins and reduce its leverage toward the high-8x area by the end
of 2021. We also expect the company's FOCF to debt to be in the
mid-single–digit percent range over the next 12 months.

"We could lower our rating on Hyland over the next 12 months if its
renewal rates decline or its FOCF approaches breakeven levels.
Under such a scenario, we anticipate that the company's liquidity
would become pressured, increasing its reliance on its revolver.
Elevated competition or a lack of continued investment could also
lead to a deterioration in its customer satisfaction and, in turn,
higher churn.

"It is unlikely that we will upgrade Hyland over the next 12 months
because of its high risk tolerance. However, we could raise our
rating on the company if we expect it to maintain leverage of less
than 7x and FOCF to debt of more than 5%. This could occur if
Hyland reports better-than-expected revenue growth or we no longer
expect it to undertake large debt-financed acquisitions or
dividends."



IMERYS TALC: Williams, Andrews Update on Talc Personal Claimants
----------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Williams Hart Boundas Easterby, LLP and Andrews
Myers, P.C. submitted a supplemental verified statement to disclose
an updated list of certain personal injury claimants that they are
representing in the Chapter 11 cases of Imerys Talc America Inc.,
et al.

On November 13, 2020, William Hart filed its Verified Statement
Pursuant to Bankruptcy Rule 2019. The Verified Statement disclosed,
among other things, the names of the claimants, the nature of the
claim, and the name and address of the law firm representing the
claimants.

Following the filing of the Verified Statement, the Debtors sought
to compel additional information regarding the Williams Hart
Plaintiffs and the other groups that filed 2019 statements.

On March 12, 2021, the Court granted the Debtors' motion and
entered an Order identifying the additional information to be
included in the 2019 Statement to be filed publicly and the one to
be filed under seal.

Pursuant the Court's Order, Williams Hart hereby files this
Supplemetal Statement, which shall be filed under seal.

Each of the Williams Hart Plaintiffs has, individually, retained
Williams Hart Boundas Easterby, LLP and Avram Blair & Associates,
PC to represent him or her as counsel in connection with, among
other things, their Talc Personal Injury Claims against one or more
of the Debtors.

On June 18, 2020, Williams Hart retained Andrews Myers, P.C., as
special bankruptcy counsel.

While the Williams Hart Plaintiffs comprise the current clients of
Williams Hart on whose behalf Williams Hart is taking positions
before the Court, Williams Hart may in the future take positions
before the Court on behalf of, or be engaged by other Talc Personal
Injury Claimants, Williams Hart does not represent the Williams
Hart Plaintiffs as a "committee" or a "group" and does not
undertake to represent the interests of, and are not fiduciaries
for, any creditor, party in interest, or other entity that has not
signed a retention agreement with Williams Hart.

As of March 19, 2021, each of the Williams Hart Plaintiffs and
their disclosable economic interests are:

Abel, Harriet

* Nature of Claim: Talc Personal Injury
* Claim Amount: Unliquidated

Abernathy, Sara

* Nature of Claim: Talc Personal Injury
* Claim Amount: Unliquidated

Abruzzese, Elisa

* Nature of Claim: Talc Personal Injury
* Claim Amount: Unliquidated

Alban, Myriam

* Nature of Claim: Talc Personal Injury
* Claim Amount: Unliquidated

Alessio, Nancy

* Nature of Claim: Talc Personal Injury
* Claim Amount: Unliquidated

Alford, Barbara E.

* Nature of Claim: Talc Personal Injury
* Claim Amount: Unliquidated

Allen, Bonnie

* Nature of Claim: Talc Personal Injury
* Claim Amount: Unliquidated

Anderle, Margaret

* Nature of Claim: Talc Personal Injury
* Claim Amount: Unliquidated

Anderson, Julie

* Nature of Claim: Talc Personal Injury
* Claim Amount: Unliquidated

Anderson, Laurie L.

* Nature of Claim: Talc Personal Injury
* Claim Amount: Unliquidated

Anderson, Nancy J.

* Nature of Claim: Talc Personal Injury
* Claim Amount: Unliquidated

Ange-Roland, Suzanne

* Nature of Claim: Talc Personal Injury
* Claim Amount: Unliquidated

The information set forth in Exhibit A is based on information
provided to Williams Hart by the Williams Hart Plaintiffs and is
intended only to comply with Bankruptcy Rule 2019 and not for any
other purpose. The Williams Hart Plaintiffs listed on Exhibit A
have not yet filed proofs of claim in these cases and no deadline
requiring them to do so has been set. The fact that proofs of claim
have not been filed at this time by the Williams Hart Plaintiffs
shall not be deemed a waiver of any claims by such holders of Talc
Personal Injury Claims against the Debtors or their estates, or of
any other right or claim.

Each of the Williams Hart Plaintiffs have signed an engagement
agreement which empowers the law firms of Williams Hart Boundas
Easterby, LLP and Avram Blair & Associates, PC to act on their
behalf. An exemplar of the engagement agreement signed by each
Williams Hart Plaintiff is attached hereto as Exhibit B and
verified as a true and accurate copy of the exemplar agreement. The
fee arrangement contained in Exhibit A is redacted and filed under
seal per the Bankruptcy Court's ruling at the January 12, 2021
hearing on the Debtors' Motion to Compel.

Counsel to the William Hart Plaintiffs can be reached at:

          THE ROSNER LAW GROUP LLC
          Jason A. Gibson, Esq.
          824 N. Market Street, Suite 810
          Wilmington, DE 19801
          Telephone: (302) 777-1111
          E-mail: gibson@teamrosner.com

          ANDREWS MYERS, P.C.
          Lisa M. Norman, Esq.
          1885 Saint James Place, 15th Floor
          Houston, TX 77056
          Telephone: (713) 850-4200
          E-mail: lnorman@andrewsmyers.com

             - and -

          WILLIAMS HART BOUNDAS EASTERBY, LLP
          John T. Boundas, Esq.
          8441 Gulf Freeway, Suite 600
          Houston, TX 77017
          Telephone: (713) 999-6945
          E-mail: jboundas@hwlaw.com

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

                   About Imerys Talc America

Imerys Talc America, Inc. and its subsidiaries --
https://www.imerys-performance-additives.com/ -- are in the
business of mining, processing, selling and distributing talc.  Its
talc operations include talc mines, plants and distribution
facilities located in Montana (Yellowstone, Sappington, and Three
Forks); Vermont (Argonaut and Ludlow); Texas (Houston); and
Ontario, Canada (Timmins, Penhorwood, and Foleyet).  It also
utilizes offices located in San Jose, Calif., and Roswell, Ga.

Imerys Talc America and its subsidiaries, Imerys Talc Vermont, Inc.
and Imerys Talc Canada Inc., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 19-10289) on Feb. 13, 2019.  The Debtors were
estimated to have $100 million to $500 million in assets and $50
million to $100 million in liabilities as of the bankruptcy
filing.

Judge Laurie Selber Silverstein oversees the cases.

The Debtors tapped Richards, Layton & Finger, P.A., and Latham &
Watkins LLP as their legal counsel, Alvarez & Marsal North America,
LLC as financial advisor, and CohnReznick LLP as restructuring
advisor.  Prime Clerk, LLC is the claims agent.

The U.S. Trustee for Region 3 appointed an official committee of
tort claimants in the Debtors' Chapter 11 cases.  The tort
claimants' committee is represented by Robinson & Cole, LLP.


INPIXON: Extends Iliad Promissory Note Maturity to March 2022
-------------------------------------------------------------
Inpixon entered into an amendment to that certain Promissory Note,
dated March 18, 2020, as amended on Sept. 17, 2020, issued to Iliad
Research and Trading, L.P. in the initial principal amount of
$6,465,000.  Pursuant to the terms of the Amendment, the maturity
date of the Note was extended from March 18, 2021 to March 18,
2022.  In exchange for the Maturity Date Extension, the Company
agreed to pay Iliad an extension fee in the amount of $96,150.14,
which was added to the outstanding balance of the Note.  Following
the application of the Extension Fee, as of March 17, 2021, the
outstanding balance of the Note was $4,904,992.31.

                           About Inpixon

Headquartered in Palo Alto, Calif., Inpixon (Nasdaq: INPX) is an
indoor intelligence company that specializes in capturing,
interpreting and giving context to indoor data so it can be
translated into actionable intelligence.  The Company's indoor
location and data platform ingests diverse data from IoT,
third-party and proprietary sensors designed to detect and position
all active cellular, Wi-Fi, UWB and Bluetooth devices, and uses a
proprietary process that ensures anonymity.  Paired with a
high-performance data analytics engine, patented algorithms, and
advanced mapping technology, Inpixon's solutions are leveraged by a
multitude of industries to do good with indoor data.  This
multidisciplinary depiction of indoor data enables users to
increase revenue, decrease costs, and enhance safety.  Inpixon
customers can boldly take advantage of location awareness,
analytics, sensor fusion and the Internet of Things (IoT) to
uncover the untold stories of the indoors.

Inpixon reported a net loss of $33.98 million for the year ended
Dec. 31, 2019, compared to a net loss of $24.56 million for the
year ended Dec. 31, 2018.  As of Sept. 30, 2020, the Company had
$52.59 million in total assets, $13.12 million in total
liabilities, and $39.47 million in total stockholders' equity.

Marcum LLP, in New York, NY, the Company's auditor since 2012,
issued a "going concern" qualification in its report dated March 3,
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.


INSTANT BRANDS: S&P Alters Outlook to Negative, Affirms 'B' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
affirmed its 'B' issuer credit rating on U.S.-based Instant Brands
Holdings Inc. (formerly known as Corelle Brands Holdings Inc.)

S&P said, "At the same time, we assigned a 'B' rating to the
company's proposed $450 million first-lien term loan. The recovery
rating is '3', indicating our expectation for a meaningful recovery
(50%-70%; rounded recovery: 60%).

"The stable outlook reflects our expectation that the company will
restore revenue growth in 2021 and maintain leverage below 6.5x
over the next 12 months."

Rating Action Rationale

Instant Brands is issuing a new $450 million first-lien term loan.
The company will use the proceeds, along with $100 million in cash,
to refinance its existing $200 million term loan due 2024, $100
million seller notes, and fund a $245 million dividend to
shareholders.

S&P said, "The stable outlook reflects our expectation that Instant
Brands will maintain leverage below 6.5x.  The company's adjusted
leverage pro forma for the transaction will be about 7.9x for the
12 months ended Dec. 31, 2020. However, we expect leverage to
decline to 6x-6.5x by the end of fiscal 2021 and 5.5x-6x by the end
of fiscal 2022. Sales declined in fiscal 2020 by mid-single-digit
percents while EBITDA margins were flat due to the effects of the
COVID-19 pandemic, which led to the Corning, NY and Malaysian
facility shutdowns for about a quarter and a week, respectively.
This resulted in supply shortages, as well as fewer new product
launches as the company focused on reducing its inventory position
following increased inventory purchases in 2019 to address tariffs.
We expect a sales rebound to drive stronger operating leverage,
better product mix due to innovation, and pricing to result in
EBITDA margin expansion to 12%-12.5% in 2021 from 10%-10.5% in
2020. The company fully repaid its short-term $100 million loan in
the fourth quarter of fiscal 2020, funded with strong operating
cash flows that benefited from working capital rebalancing;
however, the proposed debt issuance will incrementally add about
$150 million of debt to the capital structure. We do not anticipate
the company to make any further debt prepayments.

"We forecast product innovation, less operational downtime, and
sustained consumer demand will drive improved earnings in fiscal
2021.  We expect sales growth of about 10% in 2021 driven primarily
by new product launches, which will further bolster price and mix,
and the resumption of normal operations at its Corning and Malaysia
facilities. New products will incorporate technologies and
cross-branded products that will command price premiums and keep
consumers within the Instant Brands product ecosystem. Although the
company still holds the largest market share in the traditional
electric pressure cooker category, it has lagged its competitors on
air fryer combo units. The company currently holds the
third-largest market share in the air fryer sub-category, but
growth has been accelerating and we expect the company to take
share in this category. Despite our expectation for a wide
distribution of the COVID-19 vaccine in the back half of the year,
we expect there will still be higher dining at home compared to
pre-COVID levels due to a change in consumer behavior and fewer
restaurant options as a result of permanent closures.

"We expect leverage to be maintained at or above 5x over the longer
term.  Our assessment of the company's financial policy is based on
the increase of debt the company is adding onto the balance sheet
to fund the dividend payment. We believe this demonstrates the
company's appetite for operating with leverage of above 5x. We
expect the company could releverage its balance sheet in the longer
term to make an acquisition or fund another dividend to maintain
adjusted leverage of 5x or above."

Outlook

The stable outlook reflects S&P's expectation for the company to
maintain leverage below 6.5x and generate positive free cash flow
over the next 12 months.

Downside scenario

S&P could lower the ratings if the company's operating performance
deteriorated such that leverage was sustained above 6.5x or free
cash flow substantially declines from our expectations. S&P
believes this could happen if:

-- Economic conditions or demand conditions degrade well beyond
S&P's base case;

-- Competition intensifies such that profitability significantly
declines; and

-- The company makes debt-funded acquisitions or dividends.

Upside scenario

S&P could raise the ratings if it believes the company is committed
to maintaining more conservative financial policies and maintaining
leverage below 5x. This could occur if:

-- The company does not make additional leveraged dividends or
large, debt-funded acquisitions; and

-- Operating performance well exceeds our expectations due to
successful innovations and market share gains.



INTELSAT SA: Court Denies Bid to Appoint Equity Committee
---------------------------------------------------------
Judge Keith L. Phillips of the U.S. Bankruptcy Court for the
Eastern District of Virginia denied the motion filed by the ad hoc
committee of equity holders to appoint an official committee that
will represent equity holders in the Chapter 11 cases of Intelsat
S.A. and its affiliates.

The bankruptcy judge denied the ad hoc committee's bid after
considering the submissions of various parties and for the reasons
stated at the March 17 hearing.

The argument raised by the ad hoc committee rests exclusively on
the assertion by an ad hoc group of holders of convertible notes
that Intelsat is entitled to receive the nearly $5 billion in
accelerated relocation payments pursuant to an order adopted by the
Federal Communications Commission on Feb. 28 last year.  The ad hoc
committee argued that if the convertible noteholders succeed, then
Intelsat's equity holders stand to receive the residual proceeds
after the convertible noteholders are repaid in full.

Intelsat opposed the appointment, saying the terms of the FCC order
contradict the arguments raised by the convertible noteholders.  

The company also argued that the identified claims have already
been settled in connection with the company's proposed Chapter 11
plan, the settlement has already been approved by an independent
special committee of directors, and that the majority of its
creditors support the plan.

"These creditors, who are structurally and statutorily senior to
equity, are all materially impaired and would not support the plan
if they viewed there to be material value left to be pursued let
alone the billions required to provide a recovery to equity,"
Intelsat said in court papers.

The appointment also drew opposition from various groups, including
the official unsecured creditors' committee.  These groups believe
that the appointment is not warranted, saying the equity holders
are already "adequately represented" and that serious doubt exists
as to the possibility of any recovery by the equity holders.

John Fitzgerald, III, acting U.S. trustee for Region 4, likewise
believes there are no sufficient grounds to appoint an official
equity committee.

"The U.S. trustee does not believe that there are sufficient
grounds to appoint an official committee of equity holders but
leaves the ad hoc committee to meet its burden of proof and
reserves the right to respond to any evidence they introduce in
connection with the motion," Mr. Fitzgerald said in a court
filing.

                        About Intelsat S.A.

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

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

Judge Keith L. Phillips oversees the cases.

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

The U.S. Trustee for Region 4 appointed an official committee of
unsecured creditors on May 27, 2020. The committee tapped Milbank
LLP and Hunton Andrews Kurth LLP as legal counsel; FTI Consulting,
Inc. as financial advisor; Moelis & Company LLC as investment
banker; Bonn Steichen & Partners as special counsel; and Prime
Clerk LLC as information agent.


JON. R. LLEWELLYN: Gets OK to Hire Walker & Patterson as Counsel
----------------------------------------------------------------
Jon. R. Llewellyn, Inc., received approval from the U.S. Bankruptcy
Court for the Southern District of Texas to hire Walker &
Patterson, P.C. as its legal counsel.

The firm's services include:

     1. assisting the Debtor in the general administration of its
Chapter 11 case;

     2. preparing and filing any necessary complaint to recover
property of the Debtor's bankruptcy estate;

     3. preparing pleadings and other legal documents to obtain
authority to use and sell property;

     4. preparing a plan of reorganization;

     5. representing the Debtor at court hearings; and

     6. other legal services.

Walker & Patterson will be paid at these rates:

     Johnie Patterson, Esq.     $675 per hour
     Miriam Goott, Esq.         $625 per hour

The firm received a $30,000 retainer from the Debtor.

As disclosed in court filings, Walker & Patterson is a
disinterested person and is qualified to be retained under Section
327(a) of the Bankruptcy Code.

The firm can be reached through:

     Johnie Patterson, Esq.
     Walker & Patterson, P.C.
     P.O. Box 61301
     Houston, TX 77208-1301
     Phone: (713) 956-5577
     Fax: (713) 956-5570
     Email: jjp@walkerandpatterson.com

                      About Jon. R. Llewellyn

Jon. R. Llewellyn, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 21-30299) on Jan. 31,
2021.  At the time of the filing, the Debtor estimated assets of
between $50,001 and $100,000 and liabilities of between $500,001
and $1 million.  Judge Christopher M Lopez oversees the case.
Walker & Patterson, P.C., is the Debtor's legal counsel.


JON. R. LLEWELLYN: Gets OK to Hire Walker & Patterson as Counsel
----------------------------------------------------------------
Jon. R. Llewellyn, Inc., received approval from the U.S. Bankruptcy
Court for the Southern District of Texas to hire Walker &
Patterson, P.C. as its legal counsel.

The firm's services include:

     1. assisting the Debtor in the general administration of its
Chapter 11 case;

     2. preparing and filing any necessary complaint to recover
property of the Debtor's bankruptcy estate;

     3. preparing pleadings and other legal documents to obtain
authority to use and sell property;

     4. preparing a plan of reorganization;

     5. representing the Debtor at court hearings; and

     6. other legal services.

Walker & Patterson will be paid at these rates:

     Johnie Patterson, Esq.     $675 per hour
     Miriam Goott, Esq.         $625 per hour

The firm received a $30,000 retainer from the Debtor.

As disclosed in court filings, Walker & Patterson is a
disinterested person and is qualified to be retained under Section
327(a) of the Bankruptcy Code.

The firm can be reached through:

     Johnie Patterson, Esq.
     Walker & Patterson, P.C.
     P.O. Box 61301
     Houston, TX 77208-1301
     Phone: (713) 956-5577
     Fax: (713) 956-5570
     Email: jjp@walkerandpatterson.com

                      About Jon. R. Llewellyn

Jon. R. Llewellyn, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 21-30299) on Jan. 31,
2021.  At the time of the filing, the Debtor had estimated assets
of between $50,001 and $100,000 and liabilities of between $500,001
and $1 million.  Judge Christopher M. Lopez oversees the case.
Walker & Patterson, P.C., is the Debtor's legal counsel.


JUST ENERGY: Ontario Court Extends CCAA Stay to June 4
------------------------------------------------------
Just Energy Group Inc., a retail energy provider specializing in
electricity and natural gas commodities and bringing energy
efficient solutions and renewable energy options to customers, on
March 19 disclosed that the Ontario Superior Court of Justice
(Commercial List) (the "Court") has, among other things, extended
the Company's protection under the Companies' Creditors Arrangement
Act (the "CCAA") to June 4, 2021 (the "Stay Extension").

The Court also approved a support agreement between Just Energy and
its existing senior lenders under the Company's credit facility.
The Company's largest commodity suppliers remain in support of the
Company.

"We continue to provide our customers across North America with
uninterrupted service and remain focused on our business
strategies, as we proceed through the CCAA process," said Scott
Gahn, Just Energy's President and Chief Executive Officer.  "I want
to thank our employees for their continued focus and dedication,
and our valued partners and customers for their support as we
determine the optimal next steps in pursuit of a successful
restructuring."

The Company is also continuing to wind down its German business,
which the Company had been trying to exit since early 2019, and has
commenced insolvency proceedings in Germany.

On March 9, 2021, Just Energy filed for protection under the CCAA
and under Chapter 15 in the United States following unprecedented
cold weather in Texas in February (the "Weather Event") and
corresponding charges from the Electric Reliability Council of
Texas ("ERCOT"), currently totaling over US$250 million incurred
over a seven-day period. The total financial impact may change due
to ERCOT resettlements, potential orders of the Public Utility
Commission, potential legislation, the outcome of the dispute
resolution process initiated by the Company with ERCOT and
potential litigation challenges. Protection under the CCAA and
Chapter 15 allows Just Energy to operate with requisite breathing
space as it restructures its business.

Just Energy will provide additional updates as developments
warrant. Further information regarding the CCAA proceedings is
available at the Monitor's website
http://cfcanada.fticonsulting.com/justenergy.Information regarding
the CCAA proceedings can also be obtained by calling the Monitor's
hotline at 416-649-8127 or 1-844-669-6340 or by email at
justenergy@fticonsulting.com.

                      About Just Energy

Just Energy Group Inc. (TSX:JE; NYSE:JE) --
https//www.justenergy.com/ -- is a retail energy provider
specializing in electricity and natural gas commodities and
bringing energy efficient solutions and renewable energy options to
customers.  Currently operating in the United States and Canada,
Just Energy serves residential and commercial customers.  Just
Energy is the parent company of Amigo Energy, Filter Group Inc.,
Hudson Energy, Interactive Energy Group, Tara Energy, and
terrapass.

On March 9, 2021, Just Energy Group Inc., Just Energy Corp.,
Ontario Energy Commodities Inc., Universal Energy Corporation, Just
Energy Finance Canada ULC, Hudson Energy Canada Corp., Just
Management Corp., Just Energy Finance Holding Inc., 11929747 Canada
Inc., 12175592 Canada Inc., JE Services Holdco I Inc., JE Services
Holdco II Inc., 8704104 Canada Inc., Just Energy Advanced Solutions
Corp., Just Energy (U.S.) Corp., Just Energy Illinois Corp, Just
Energy Indiana Corp., Just Energy Massachusetts Corp., Just Energy
New York Corp., Just Energy Texas I Corp., Just Energy, LLC, Just
Energy Pennsylvania Corp., Just Energy Michigan Corp., Just Energy
Solutions Inc., Hudson Energy Services LLC, Hudson Energy Corp.,
Interactive Energy Group LLC, Hudson Parent Holdings LLC, Drag
Marketing LLC, Just Energy Advanced Solutions LLC, Fulcrum Retail
Energy LLC, Fulcrum Retail Holdings LLC, Tara Energy, LLC, Just
Energy Marketing Corp., Just Energy Connecticut Corp., Just Energy
Limited, Just Solar Holdings Corp., and Just Energy (Finance)
Hungary ZRT filed for protection under the Companies' Creditors
Arrangement Act ("CCAA") before the Ontario Superior Court of
Justice (Commercial List).

Just Energy Group Inc. and its affiliates filed petitions under
Chapter 15 of the Bankruptcy Code in the United States (Bankr. S.D.
Tex. Lead Case No. 21-30823) on March 9, 2021, to seek recognition
of the Canadian proceedings.

FTI Consulting Canada Inc. has consented to act as monitor in the
CCAA proceeding.  BMO Capital Markets has been engaged as financial
advisor, Osler, Hoskin & Harcourt LLP and Fasken Martineau DuMoulin
LLP are legal advisors in Canada, Kirkland & Ellis LLP and Jackson
Walker LLP are legal advisors in the United States.


KADMON HOLDINGS: FDA Extends Review Period for Belumosudil
----------------------------------------------------------
Kadmon Holdings, Inc. disclosed that the U.S. Food and Drug
Administration has extended the review period for the New Drug
Application (NDA) for belumosudil for the treatment of chronic
graft-versus-host disease (cGVHD).  In a notice received from the
FDA on March 9, 2021, the Company was informed that the
Prescription Drug User Fee Act (PDUFA) goal date for its Priority
Review of belumosudil has been extended to Aug. 30, 2021.

The FDA extended the PDUFA date to allow time to review additional
information submitted by Kadmon in response to a recent FDA
information request.  The submission of the additional information
has been determined by the FDA to constitute a major amendment to
the NDA, resulting in an extension of the PDUFA date by three
months.

"We remain confident in the data supporting our application for
belumosudil in cGVHD and look forward to continuing to work closely
with the FDA during the remainder of the review process," said
Harlan W. Waksal, M.D., president and CEO of Kadmon.  "We are
committed to bringing belumosudil to market, once approved, to help
meet the needs of patients living with cGVHD."

                      About Kadmon Holdings

Based in New York, Kadmon Holdings, Inc. -- http://www.kadmon.com
-- is a clinical-stage biopharmaceutical company that discovers,
develops and delivers transformative therapies for unmet medical
needs.  The Company's clinical pipeline includes treatments for
immune and fibrotic diseases as well as immuno-oncology therapies.

Kadmon reported a net loss attributable to common stockholders of
$111.03 million for the year ended Dec. 31, 2020, compared to a net
loss attributable to common stockholders of $63.43 million for the
year ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company had
$162.71 million in total assets, $46.68 million in total
liabilities, and $116.02 million in total stockholders' equity.


KD BELLE TERRE: Amends Unsecured Creditors' Claims Pay Details
--------------------------------------------------------------
KD Belle Terre, L.L.C., submitted a Disclosure Statement in support
of its Plan of Liquidation as Immaterially Modified on March 18,
2021.

The Debtor paid the commissions owed to Dowd CRE and Latter & Blum
in February 2021 from the proceeds of the sale of Belle Terre Plaza
if their final applications for compensation are approved by the
Bankruptcy Court.

Class 1 consists of holders of Allowed General Unsecured Claims.
The Debtor estimates the aggregate amount of Allowed General
Unsecured Claims is approximately $376,000.  Each holder of an
Allowed General Unsecured Claim shall receive a pro rata share of
any cash remaining from the proceeds of the sale of Belle Terre
Plaza after payment of Allowed Administrative Expense Claims and
the DCR Mortgage Disputed Secured Claim on the Effective Date plus
a pro rata share of 35 periodic payments of $3,400 (estimated)
beginning one month after the Effective Date and continuing for the
following 34 months.

The amount of Allowed General Unsecured Claims shall be amortized
over a ten-year period. The unpaid principal balance of Allowed
General Unsecured Claims shall accrue interest at the rate of 5.25%
per annum. Holders of Allowed General Unsecured Claims shall
receive a pro-rata share of a balloon payment of $248,000
(estimated) on the Final Distribution Date in full and complete
satisfaction of their Claims not later than the 3rd anniversary of
the Effective Date.  This Class shall have a 100% estimated
recovery.

After extensive arm's length negotiations, the Debtor and DCR
Mortgage reached an agreement regarding the property taxes and rent
proration. On the Effective Date, the Debtor will pay DCR Mortgage
$57,470 in full and complete satisfaction of the DCR Mortgage
Disputed Secured Claim. Further, on the Effective Date, DCR
Mortgage will pay the Debtor $15,153.

To the extent DCR Mortgage's aggregate Claim was not paid from
pre-closing amount collected and the proceeds of the sale of Belle
Terre Plaza, DCR Mortgage shall be entitled to an Allowed Class 1
General Unsecured Claim. According to DCR Mortgage's amended proof
of claim, DCR Mortgage's Allowed Class 1 General Unsecured Claim is
$195,665.36.

Under the Plan, the Debtor intends to distribute the proceeds from
the sale of its shopping center in LaPlace, LA ("Belle Terre
Plaza") to holders of Allowed Claims and Interests.

A full-text copy of the Modified Disclosure Statement dated March
18, 2021, is available at https://bit.ly/31exwIV from
PacerMonitor.com at no charge.

Attorneys for KD Belle:

     STERNBERG, NACCARI & WHITE, LLC
     Ryan J. Richmond
     17732 Highland Road, Suite G-228
     Baton Rouge, LA 70810
     Tel: (225) 412-3667
     Fax: (225) 286-3046
     E-mail: ryan@snw.law

                 About KD Belle Terre, L.L.C.

KD Belle Terre LLC is a single asset real estate debtor (as defined
in 11 U.S.C. Section 101(51B)), whose principal assets are located
at 150 Belle Terre Boulevard, La Place, La.

KD Belle Terre filed a Chapter 11 petition (Bankr. M.D. La. Case
No. 20-10537) on July 29, 2020.  In the petition signed by Michael
D. Kimble, manager, the Debtor was estimated to have $1 million to
$10 million in both assets and liabilities.

Sternberg, Naccari & White, LLC, serves as the Debtor's bankruptcy
counsel.


KNOXVILLE RESTAURANT: Appeals Court Drops PNC's Guaranty Suit
-------------------------------------------------------------
The Superior Court of Pennsylvania affirmed the dismissal of PNC
Bank N.A.'s lawsuit against the spouse of the member of bankrupt
Knoxville Restaurant Ventures, LLC, over supposed guaranty
obligations.

"After a thorough review of the record, the briefs of the parties,
the applicable law, and the well-reasoned opinion of the Honorable
Stephanie Domitrovich, we conclude that [PNC's] issue merits no
relief," Senior Judge James Gardner Colins held in a Memorandum
dated March 22.

The Appeals Court upheld the trial court's March 19, 2020 order
granting the motion for summary judgment of Appellee, Andrea Lehr,
dismissing PNC's case with prejudice, and denying the bank's motion
for summary judgment.

PNC and KRV entered into a three-year commercial lease agreement
for property located in Knoxville, Tennessee, in March 2007.
Andrea Lehr and her spouse Lance L. Lehr executed a Lease Guaranty
in favor of PNC for any and all liabilities due under the lease
agreement.  Ms. Lehr was neither a member nor an owner of KRV; she
was never involved in the operations of KRV at the said property.
She never visited the leased property in Knoxville, Tennessee.
However, her husband is a member and one of the owners of KRV.

KRV made rental payments on the leased property to PNC beginning
April 2007; however, KRV began bankruptcy proceedings in Bankruptcy
Court in December 2007 and operated as a debtor-in-possession under
Chapter 11 of the Bankruptcy Code from December 2007 until January
19, 2010. On February 21, 2014, Mr. Lehr filed Chapter 13
bankruptcy, which was converted to Chapter 7 on May 19, 2014, with
a discharge being entered on November 12, 2014.

Ms. Lehr was never a party to KRV's Chapter 11 bankruptcy
proceedings nor involved in her husband's subsequent Chapter 7
bankruptcy proceedings.

The written lease expired on March 9, 2010.  Without a written
signed modification agreement and without consent and notice to Ms.
Lehr, PNC orally agreed to work with KRV so that KRV could remain a
tenant of the building and property. KRV began making payments past
due on the rent and real estate taxes. PNC sought rental and tax
payment increases and modifications. The last date of occupancy by
the entity known as KRV was December 31, 2013. On June 26, 2017,
PNC filed a Complaint against only Ms. Lehr to recover damages in
the amount of $2,317,681.60.

At the trial court level, these two issues were considered:

     1. Whether Ms. Lehr is an uncompensated surety and if so,
whether she as an uncompensated surety under the Guaranty Agreement
is liable for material modifications of the underlying lease or
contract made by the creditor and debtor without her consent?

     2. Whether the statute of limitations applies barring PNC's
cause of action against Ms. Lehr?

In a decision in March of last year, the trial court said Ms. Lehr
never received any direct pecuniary compensation for being a
surety, thus, she is a gratuitous uncompensated surety whereas her
spouse is a compensated surety.  The trial court further held that,
where a surety does not consent, the surety has no duty under a
renegotiated obligation of the original debtor for new obligations
renegotiated by the creditor and debtor.  The trial court noted
that PNC never contacted Ms. Lehr and never sought her consent on
modifications for increased rental and tax payments. Therefore, Ms.
Lehr as a gratuitous uncompensated guarantor has no liability under
this surety contract since PNC and KRV made changes, material or
not, in the underlying contract

Since Ms. Lehr as a gratuitous uncompensated guarantor has no
liability under this surety contract, the second issue regarding
the statute of limitations is rendered moot.

The case is, PNC Bank, N.A., Custodian for the Peter J. Fedorko,
Jr., Individual Retirement Account, Appellant, v. Andrea Lehr, No.
501 WDA 2020 (Pa. Super.).

A copy of the Court's March 22, 2021 decision is available at
https://bit.ly/2QCSYW9 from Leagle.com.

Knoxville Restaurant Ventures, L.L.C. sought Chapter 11 bankruptcy
protection (Bankr. W.D. Pa. Case No. 07-12016) on December 19,
2007, listing under $1 million in both assets and liabilities.



KUEHL COMPANIES: Seeks Use of Cash Collateral Thru April 15
-----------------------------------------------------------
Kuehl Companies, LLC asks the U.S. Bankruptcy Court for the
Northern District of Illinois, Eastern Division, for authority to
use cash collateral and related relief on an interim basis in
accordance with the proposed budget through April 15, 2021, with a
10% variance.

The Debtor requires the use of cash collateral for payroll,
insurance, utilities, and other miscellaneous items needed in the
ordinary course of business.

The Debtor seeks authority to use cash and cash equivalents that
allegedly serve as collateral for claims asserted against the
Debtor and its properly by Avenza Capital Group, LLC, Crystal
Springs Capital, DayToDay Funding, Everyday Funding and IBEX
Funding Group, LLC. The Debtor estimates the Lenders are owed
$916,500 in the aggregate.

The Debtor's Chapter 11 filing was triggered by account freeze by
the State of Wisconsin. Also, the Debtor is in arrearage to the
creditors.

The Lenders assert a security interest in cash equivalents,
including the Debtor's cash and accounts receivables, among other
collateral. The Debtor maintains a bank account at U.S. Bank, which
account currently holds $1,000.

In addition, the Debtor's accounts receivables total less than
$5,000.

The Debtor's cash fluctuates on a daily basis, due to receipt of
funds from services provided.

The Debtor proposes to use cash collateral and provide adequate
protection to the Lenders upon these terms and conditions:

     A. The Debtor will permit the Lenders to inspect, upon
reasonable notice, and within reasonable business hours, the
Debtor's books and records;

     B. The Debtor will maintain and pay premiums for insurance to
cover all of its assets from fire, theft and water damage;

     C. The Debtor will, upon reasonable request, make available to
the Lenders evidence of that which purportedly constitutes their
collateral or proceeds;

     D. The Debtor will properly maintain the collateral and
properly manage the Collateral; and

     E. The Debtor will grant replacement liens to the Lenders to
the extent of the Lenders' pre-petition liens, if any, and
attaching to the same assets of the Debtor in which the Lenders
asserted pre-petition liens.

A copy of the Motion is available for free at
https://bit.ly/3eWwGc2 from PacerMonitor.com.

                    About Kuehl Companies, LLC

Kuehl Companies, LLC is a medium-sized commercial trucking company
delivering to the tri-state area. Its principal place of business
is in the collar counties of Cook County, Illinois.

Kuehl Companies sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 21-03411) on March 16,
2021. In the petition signed by James Kuehl, owner, the Debtor
disclosed up to $50,000 in assets and up to $1 million in
liabilities.

John J. Lynch, Esq. at Lynch Law LLC is the Debtor's counsel.



L BRANDS: S&P Upgrades ICR to 'BB-' on Lower Debt, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings raised all its ratings on Columbus, Ohio-based L
Brands Inc., including raising the issuer credit rating to 'BB-'
from 'B+'.

The stable outlook reflects S&P's expectation that the planned debt
paydown and demonstrated improvement in performance at the
company's Victoria Secret (VS) unit creates headroom in credit
metrics for L Brands to absorb potential volatility in performance
through the uncertain pandemic-related environment.

L Brands' debt repayment and revised earnings guidance indicates
improved leverage and a credit metric cushion to absorb potential
volatility as the pandemic continues.  The company announced a
repayment of $1.035 billion of debt through a call of $285 million
of outstanding bonds due February 2022, and $750 million of secured
bonds due July 2025. It also implemented a new $500 million share
repurchase program, and reinstatement of an annual $0.60 per share
dividend (roughly $170 million total). S&P said, "We believe that
the debt paydown is a prudent use of considerable cash the company
built up on its balance sheet through fiscal 2020, ending the year
with roughly $4 billion. In our view the level of shareholder
returns is reasonable and should be easily supported with
internally generated cash on a go-forward basis." While the company
has not committed to the usage of its cash beyond these actions, we
believe it may pursue further shareholder returns with excess
funds.

Pro forma for the debt paydown, leverage improves to the low-2x
area. S&P said, "In our view with leverage at this level the
company has a good amount of cushion to absorb potential short-term
performance volatility that could result from the pandemic. In
particular, the margin level that the company could achieve through
fiscal 2021 is uncertain. To the extent that pandemic tailwinds at
Bath and Body Works (BBW) and inventory management and
merchandising successes at Victoria's Secret (VS) subside
significantly we could see margins decline greater than our
forecast of roughly 200 basis points."

S&P said, "The company has sustained improvement at Victoria's
Secret for several quarters, and we now believe that it is unlikely
to turn meaningfully negative in the next year.  Though sales
remain pressured at VS, largely due to sizable declines at
brick-and-mortar stores, the company has improved profitability
over the last several quarters. In the fourth quarter adjusted
operating income (as measured by the company) roughly doubled, and
management's recent guidance revision was partially based on good
margin results thus far for the quarter, giving us an expectation
for solid margins through the first quarter. We believe this
demonstrates that strategic improvements at VS are bearing fruit
and we expect this momentum to continue even after the pandemic
subsides. We do anticipate that the company will need to increase
promotions as the macroeconomic environment normalizes, weighing on
margins in our forecast. However, cost-cutting actions taken at the
VS segment, including rationalization of the store base and
inventory, will continue to benefit performance, leading us to
believe that VS margins are likely to be sustained above
pre-pandemic levels, but below levels seen for the fourth
quarter."

S&P said, "The effects from the pandemic (positive at BBW and
negative at VS) have begun to abate, a trend that will likely
continue and contributes to our forecasts of a slowdown in sales at
BBW and an acceleration at VS.  In our view the recently passed
federal stimulus is likely to provide a demand tailwind for the
company through the first half of the year. We expect consumers to
return to in-store shopping in greater numbers, leading to higher
overall sales at VS, which saw significant traffic declines in the
first and second quarter of last year. However, these tailwinds may
be offset by shifts in consumer spending away from discretionary
goods and toward experiences (such as travel, dining, and events)
as vaccinations ramp up and widespread immunization is achieved.
Our economists believe this may occur by the end of the third
quarter 2021 in developed countries. These headwinds and tailwinds
remain highly uncertain and may delay VS sales recovery.

"The stable outlook reflects our expectation that leverage will
remain comfortably below 3x and that overall performance will
remain positive through the remainder of the year."

S&P could raise the rating if:

-- VS materially improves its competitive standing, demonstrated
by consistent positive same-store sales and profitability, and S&P
believes that it can fend off competitive threats and adapt to
constantly changing consumer preferences without execution
missteps;

-- BBW sustains positive revenue growth and strong levels of
profitability such that S&P would expect performance will remain
stable through economic cycles despite the highly discretionary
nature of products sold; and

-- S&P expects that the company will sustain leverage around 3x or
better.

S&P could lower the rating if:

-- S&P expects that leverage would increase to and be sustained
above 4x, which could occur if sales and margins at BBW or VS
deteriorates meaningfully, potentially due to the company resuming
high levels of promotional activity to increase demand if consumer
discretionary spending shifts more than anticipated to experiences
such as travel and dining as widespread vaccination is achieved;
or,

-- S&P believes that the competitive position of the company has
materially weakened, which could be evidenced by sustained negative
same-store sales at both brands, a dramatic slowdown in online
sales, and sustained high levels of promotional activity to drive
traffic to stores.



LBC TANK: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on LBC
Tank Terminals Holding Netherlands BV, its 'BB-' issue-level rating
on its senior secured debt, and its 'B-' issue-level rating on its
senior unsecured debt.

The stable outlook reflects its expectation that the company will
extend its maturity profile in the coming months while its leverage
remains above 6.5x over the next 12-18 months.

LBC's weighted average maturity has fallen below two years because
its existing credit facility matures in May 2022. The company's
capital structure currently comprises $350 million of senior
unsecured notes and a senior secured facility consisting of a term
loan A ($133.42 million outstanding), an unrated term loan B
(EUR52.65 million outstanding), a capital expenditure (capex)
facility ($130.9 million outstanding), and a $25 million revolving
credit facility. The senior secured facility matures in May 2022
and accounted for approximately 48% of LBC's debt capital structure
as of December 2020.

S&P said, "The company's declining profitability has weakened our
assessment of its business profile. Specifically, LBC's overall
profitability has declined and exhibited increased volatility over
the past five years. The company has been working through capital
projects, which has caused its return on capital to fall below 6%
for our forecast period. Additionally, its profitability, as
represented by its EBITDA, has been slightly more volatile in the
past seven years leading us to view volatility as being in-line
with if not slightly lower than our expectations for the midstream
industry. Both of these factors led us to revise our assessment of
LBC's business risk profile to fair to reflect the increased risk
to its profitability.

"While LBC's capital structure and profitability are pressured, we
view the company as stronger than its storage peers that we rate
'B-' due to its strong contract profile. Therefore, we apply a
positive one-notch comparable rating analysis modifier to our
rating on LBC.

"The stable outlook reflects our expectation that LBC's leverage
will remain at about 6.5x over the next 12-18 months. As the
company executes on its growth plan, we expect it to have enough
flexibility in its capital spending to prevent its leverage from
significantly exceeding our expectations. We also expect that LBC
will successfully execute its growth capital plans, receive sizable
equity contributions from its parents, and maintain adequate
liquidity.

"We could take a negative rating action on LBC if it is unable to
refinance its credit facility in the next three months, leading to
liquidity concerns. We could also lower our ratings if its leverage
exceeds our expectations over the next 12 months. This could occur
due to lower-than-expected utilization across the company's
terminals, a slower-than-expected ramp up of its completed growth
projects, or delays in receiving contracted revenue from its
counterparties. We could also consider lowering our rating if LBC's
growth projects experience delays or cost overruns and the owners
do not provide material equity injections to fund these projects.

"We could take a positive rating action on LBC if it continues to
increase its scale while reducing its leverage such that its
adjusted debt to EBITDA falls to, and remains below, 6.5x. We would
also need to expect the company to execute its growth plan on time
and on budget before raising our rating."



LIBERTY COMMUNICATIONS: S&P Rates New 1st-Lien Term Loan B-2 'B+'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating to Liberty
Communications of Puerto Rico LLC's (LCPR) proposed $500 million
first-lien term loan B-2 issued by LCPR Loan Financing LLC and $820
million senior secured notes issued by LCPR Senior Secured
Financing DAC. The recovery rating for the proposed debt is '3',
which indicates its expectation for meaningful recovery (50%-70%;
rounded estimate: 55%) in a simulated default. LCPR will use
proceeds from the secured term loan and senior secured debt to
repay $1 billion of its first-lien term loan B due in 2026,
upstream $250 million to the parent, and pay transaction-related
fees and expenses.

S&P said, "Our 'B+' issuer credit rating is unchanged because we
believe that despite the incremental increase in financial
leverage, the company has a credible deleveraging path through
higher earnings, driven by solid growth expectations from LCPR's
cable business. Subsequent to the refinancing, we estimate S&P
Global Ratings-adjusted debt to EBITDA will increase to about 5x
from about mid-4.5x in 2020, pro forma for a full year's EBITDA
from the AT&T mobile acquisition. While leverage will be at our
downgrade trigger of 5x initially, we project mid-single-digit
percentage organic EBITDA growth in should allow the company to
reduce this ratio to about 4x by the end of 2022. Our forecast
incorporates our expectation that most of the $70 million in
projected synergies (largely network core and information
technology-related cost savings) are back-ended. Therefore,
improvement in credit metrics will accelerate in 2022-2023 while
2021 EBITDA will include moderate costs to achieve synergies
resulting in debt-to-EBITDA in the high-4x area."

ISSUE RATINGS – RECOVERY ANALYSIS

Key analytical factors

-- S&P applies a combination approach to estimate value from
LCPR's wireless and wireline businesses. For the wireless business,
it uses a discrete asset value (DAV) that aggregates AT&T's
spectrum licenses and discounted network assets (we apply a 75%
haircut to network assets). S&P then combines this value with a
cash flow multiple approach for LCPR's cable business to derive an
enterprise value of about $1.66 billion.

-- S&P's default scenario assumes a natural disaster or heightened
price competition in both wireless and high-speed data services
that results in subscriber losses and decreased average revenue per
user, coupled with weakness in the Puerto Rican economy. This
accelerates churn such that LCPR cannot meet its fixed charges,
including interest expense, required amortization, and maintenance
capital expenditure.

-- Other default assumptions include LIBOR of 2.5% at default, an
85% draw on the revolver, and all debt including six months of
prepetition interest.

Simulated default assumptions

-- Simulated year of default: 2025
-- EBITDA at emergence: $105 million
-- EBITDA multiple: 6x
-- DAV: $1 billion

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): $1.6
billion

-- Collateral value available to secured creditors: $1.6 billion

-- Secured first-lien debt: $2.8 billion

    --Recovery expectations: 50%-70% (rounded estimate: 55%)



MACQUARIE INFRASTRUCTURE: S&P Cuts Unsecured Debt Rating to 'BB-'
-----------------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on Macquarie
Infrastructure Corp.'s (MIC's) 2% senior unsecured convertible
notes due 2023 to 'BB-', following the company's March 17
announcement that 89.1% of the $403 million outstanding notes were
validly tendered ($43.9 million will remain outstanding). The '2'
recovery rating reflects S&P's expectation for substantial
(70%-90%; rounded estimate: 70%) recovery in the event of a payment
default.

This action follows S&P's lowering of MIC's issuer credit rating to
'B+' on Jan. 13, 2021.

Issue Ratings--Recovery Analysis

Key analytical factors

MIC's debt capitalization consists of:

-- $1.025 billion Atlantic Aviation senior secured first-lien term
loan due 2025 ($1.005 billion outstanding as of Dec. 31, 2020).

-- The $60 million Hawaii Gas revolving credit facility due in
2023 (undrawn), the $100 million Hawaii Gas senior secured notes
due in 2022 ($100 million outstanding), the $80 million Hawaii Gas
term loan due 2023 ($80 million outstanding), and the $18 million
Hawaii Gas Solar Facilities term loan due 2026 ($14 million
outstanding), all of which are not rated.

-- The 2% senior unsecured convertible notes due 2023 ($43.9
million outstanding).

Other key factors include:

-- S&P's recovery expectations for noteholders depend on the
excess value of Atlantic Aviation's stock holdings. Under its
simulated default analysis on Atlantic Aviation, S&P expects
lenders would benefit from holdings of Atlantic Aviation's stock.

-- There are no cross guarantees or collateral support between
MIC, Atlantic Aviation, and MIC Hawaii Gas.

-- S&P's simulated default scenario on MIC is tied to a default at
Atlantic Aviation and contemplates a significant decline in
business jet utilization or unfavorable commodity prices
exacerbated by ineffective management of fuel inventory and
pricing, lack of service differentiation, and lower earnings.

-- S&P calculated MIC's distressed enterprise value using a
combined discrete asset valuation and EBITDA multiple approach
using a 6x distressed multiple of our default EBITDA.

Simulated default assumptions

-- Year of default: 2025

-- Atlantic Aviation EBITDA at emergence: About $180 million

-- Valuation multiple: 6x

-- MIC Hawaii Gas gross enterprise value: About $150 million

-- MIC gross enterprise value: $1.23 billion

-- Debt outstanding at default includes six months of prepetition
interest and fees.

-- Revolving credit facilities are 85% drawn at default.
Simplified waterfall

-- Net enterprise value: About $1.17 billion

-- Valuation split (MIC Hawaii/Atlantic Aviation): 12%/88%

-- Value available to secured creditors: About $1.026 billion

-- Secured credit facility claims: About $994 million

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

-- Value available to unsecured creditors: About $32 million

-- 2% senior note outstanding claims: About $44 million

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



MAGNITE INC: Moody's Assigns First Time B2 Corp Family Rating
-------------------------------------------------------------
Moody's Investors Service assigned a first time B2 Corporate Family
Rating and B2-PD Probability of Default Rating to Magnite, Inc. in
connection with the company's pending acquisition of SpotX, Inc.
Moody's also assigned a Ba3 instrument rating to the proposed first
lien senior secured debt instruments (5-year revolver and 7-year
term loan) and a speculative grade liquidity rating of SGL-2
reflecting the company's good liquidity. The outlook is stable.

Proceeds from the proposed term loan, new senior unsecured
convertible notes (unrated), and rollover equity will be used to
fund the purchase of SpotX as well as pay transaction fees and add
some cash to the balance sheet.

The rating actions for Magnite, Inc. are:

Assignments:

Issuer: Magnite, Inc.

Corporate Family Rating, Assigned B2

Probability of Default Rating, Assigned B2-PD

Senior Secured Revolving Credit Facility, Assigned Ba3 (LGD2)

Senior Secured Term Loan B, Assigned Ba3 (LGD2)

Speculative Grade Liquidity Rating, Assigned SGL-2

Outlook Actions:

Issuer: Magnite, Inc.

Outlook, Assigned Stable

The assigned ratings are subject to review of final documentation
and no material change in the terms and conditions of the
transaction as advised to Moody's.

RATINGS RATIONALE

Magnite's B2 CFR reflects the company's leading position as a
sell-side advertising platform (SSP), providing technology
solutions to automate the purchase and sale of digital advertising
inventory. Moody's expects the acquisition of SpotX will result in
a doubling of its exposure to fast growing Connected TV (CTV)
advertising revenues driving minimum mid-teen percentage top line
gains supported by favorable growth trends in CTV viewing and
EBITDA margins (including Moody's standard adjustments) in the
high-twenties percentage range. Magnite was formed by the merger of
Rubicon Project and Telaria in April 2020 and, with the acquisition
of SpotX (expected to close in Q2/2021), will become the largest
independent sell-side advertising platform. Moody's expects Magnite
will be a leader in the high growth CTV space and will continue to
benefit from the accelerated shift of ad-spend to CTV from
traditional linear television ad placements.

Magnite is weakly positioned in its B2 CFR given the company's
small scale, a rapidly evolving landscape, and execution risks
related to the acquisition of SpotX soon after the April 2020
acquisition of Telaria. Although Magnite is the largest independent
supply-side ad platform and will add considerable business strength
in the CTV segment with its acquisition of SpotX, Moody's believes
there is a potential for deep pocketed media platforms or new
entrants to develop competing offerings to grab a greater share of
this fast-growing CTV segment. Pro-forma for the pending
acquisition, adjusted debt to EBITDA will be very high above 9x at
closing (Moody's adjusted with credit for a portion of targeted
synergies, or over 15x excluding all synergies). Moody's expects,
however, that organic revenue and profit growth will drive Moody's
adjusted leverage towards 8x over the next year, or below 8x if a
portion of excess cash is applied to reduce debt balances.
Furthermore, Moody's expects the integration of SpotX will be
challenging and will extend more than two years as the company
transitions the acquisitions onto a single technology platform.
Nevertheless, Magnite has good cash balances, if not directed to
fund acquisitions or significant growth investments, and free cash
flow is expected to be positive given Magnite's asset lite business
model.

The existence of third-party cookies and their use in advertising
campaigns is a social risk. Cookies are unique identifiers that
store user data, enabling advertisers to identify individual users
and target them while measuring their activity Safari (Apple) and
FireFox have chosen to block third-party cookies. At the beginning
of 2021, Google announced its plans to shut down third-party
cookies in phases over two years and replace the technology with an
alternative that enhances security and user privacy. This change is
expected to make it more difficult for advertisers to track user
behavior. Despite the uncertainty, Magnite has a good head start
preparing for this transition and will be better positioned given
its scale relative to other providers and its business expansion
beyond web page display ads. Magnite has a consistent operating
track record over the last few years and does not rely on cookies
for a good percentage of revenues.

Magnite, Inc. is publicly traded with its two largest shareholders,
Blackrock and Granahan, each owning roughly 6% of common shares,
followed by other investment management companies holding less than
5%. Governance is supported by a board of directors with seven of
the company's nine board seats being held by independent directors.
The debt financed acquisition of SpotX reflects aggressive
financial policies given the transaction results in excessive
leverage and closely follows the acquisition of Telaria in April
2020. As a high growth company, Magnite has not paid dividends nor
engaged in material share buy-backs. A more aggressive program of
shareholder returns or debt-leverage acquisitions would weigh on
the ratings.

Liquidity is expected to be good over the next year with adjusted
free cash flow to debt in the low single digit percentage range
(excluding acquisition-related working capital items, adjusted free
cash flow would be higher). In addition, Moody's expects full
availability under the proposed $52.5 million revolver. Cash
balances at closing are expected to be roughly $150 million.
Moody's expect that a portion of excess cash will be used to fund
growth investments. The Ba3 rating on the first lien revolver and
term loan B is two notches above the B2 CFR reflecting their senior
position ahead of the unsecured convertible notes (unrated), under
Moody's Loss Given Default (LGD) framework. The Ba3 rating
incorporates a one notch override from the LGD-indicated rating,
given the likelihood of future senior secured debt raises.

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

The stable outlook reflects Moody's expectations for at least
mid-teen percentage organic annual revenue growth with improving
margins and free cash flow. The outlook also incorporates Moody's
expectation that Magnite will maintain good liquidity while growing
EBITDA with topline gains and realized cost synergies which will
allow credit metrics, including adjusted leverage, to improve. The
outlook does not incorporate dividends, share buybacks, or
significant debt financed acquisitions until the integration of
SpotX is largely completed and adjusted leverage improves
meaningfully.

Ratings could be upgraded if solid revenue growth, improving
margins, along with debt repayment lead Moody's to expect that
adjusted debt to EBITDA will be sustained below 4.5x, despite the
potential for tuck in acquisitions. Magnite would also need to
establish a track record of consistent EBITDA and free cash flow
growth while adhering to disciplined financial policies. Liquidity
would also need to remain good with ample cash balances and
adjusted free cash to debt consistently above 15%.

Ratings could be downgraded if Moody's expects adjusted debt to
EBITDA will be sustained above 6x beyond 2022 due to
underperformance, lack of progress with integrating SpotX, or debt
financed distributions or acquisitions among other factors. There
could be pressure on ratings if organic revenue growth decelerates
to the mid-single digit percentage range reflecting competitive
pressures or poor execution. Ratings could also be downgraded if
liquidity deteriorates indicated by working capital requirements
becoming a meaningful use of cash, limited cash balances or
revolver availability, or adjusted free cash flow to debt sustained
below the mid-single digit percentage range.

The proposed loan documents are expected to provide flexibility to
add incremental indebtedness ranking pari passu with existing
credit facilities up to an aggregate total principal amount not to
exceed the sum of (x) the greater of (i) 100% of Closing Date
Adjusted EBITDA and (ii) 100% of Adjusted EBITDA, calculated on a
pro forma basis, for the most recently ended four fiscal quarter
period; plus (y) an amount not to exceed Closing Date First Lien
Leverage Ratio. 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.
Additional debt is permitted consisting of senior secured (on a
pari-passu basis with the Term Facility), junior lien, unsecured or
subordinated notes or loans (including "mezzanine" debt and bridge
loans), subject to the limitations contained in the credit
agreement. 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. There are no
leverage-based step-downs to the asset sale prepayment
requirement.

Magnite, Inc., formerly known as The Rubicon Project (before its
merger with Telaria in April 2020), is headquartered in Los
Angeles, CA and provides technology solutions to automate the
purchase and sale of digital advertising inventory. Magnite
provides a supply-side platform which offers services to publishers
that own and operate CTV channels, applications, websites, and
other digital media properties, to manage and monetize their
inventory. Net revenues pro forma for the acquisition of SpotX are
expected to exceed $400 million for 2021.

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


MAGNITE INC: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to Magnite
Inc. At the same time, S&P assigned its 'B+' issue-level rating and
'2' recovery rating to the company's proposed $412.5 million
first-lien credit facility consisting of a $360 million term loan
and $52.5 million revolving credit facility.

S&P said, "The stable outlook reflects our view that Magnite's
operating performance will continue to benefit from the growth in
CTV advertising that would lead to deleveraging below 6.0x while
generating free operating cash flow (FOCF) to debt of at least 10%
on a sustained basis by 2022. Our outlook also reflects our view
that Magnite will be able to realize most of its planned cost
synergies over the next 12 to 24 months."

Magnite's acquisition of SpotX will materially improve the
company's scale and market position within the fast-growing CTV
advertising space. The acquisition increases Magnite's current
scale within CTV advertising while adding to its technical
capabilities to enhance its programmatic offerings in this space.
The acquisition would further enhance Magnite's market share within
CTV advertising, through SpotX's existing relationship with major
suppliers, advertisers, and demand side platforms (DSPs). The SpotX
acquisition will also make Magnite the largest independent supply
side provider (SSP) of CTV programmatic advertising, albeit in a
very fragmented marketplace.

We expect growth in CTV viewership to be driven by the continued
proliferation of OTT services and the growing audience on those
services, at the expense of linear TV. While advertising spend on
linear TV is still significantly larger, the growing CTV audience
supports expectations for the acceleration of digital ad spending
over the next 12 to 24 months. Furthermore, programmatic digital
advertising allows publishers with excess ad inventory to connect
with a broader range of advertisers that had previously been
excluded without pre-existing relationships. Through real time
bidding and access to a larger pool of advertisers, publishers can
maximize revenue by monetizing its ad inventory to the highest
bidders.

Advertising inventory in the company's online video (OLV), display
and audio segments--which run across desktop and mobile
channels--tend to be more commoditized, which could pressure
pricing. S&P said, "We expect Magnite's established relationship
with a few key major publishers in the segment to partially offset
some of this risk. However, as the digital advertising industry
evolves, risks to the efficacy of programmatic advertising could
surface if privacy controls materially restrict access to user data
(e.g., an HTTP cookie). While we don't forecast any immediate
material impact to the industry, sustained limitations on obtaining
effective user data could temper the appeal of programmatic
advertising, and result in lower pricing and volume across the
board."

The company benefits from a diverse revenue base and low customer
concentration risks but some of its major competitors are
significantly larger, well-capitalized players in the industry.
Magnite operates within the programmatic digital advertising space,
providing services across OLV, display, audio and CTV. While the
company could face some revenue cannibalization in OLV across its
acquisitions (Telaria/SpotX), S&P expects the overall growth in
digital spend to effectively raise the revenue potential for all
business segments. The company has moderate client concentration
risk, with its top-10 publishers contributing about 25% to total
revenue, reducing the reliance on any individual client.

The programmatic digital advertising space is very fragmented
across both DSPs and SSPs. Magnite's competitors include
multi-billion-dollar media companies such as Comcast's Freewheel,
WarnerMedia's Xandr and Google's AdManager. These companies are
much better equipped to finance acquisitions and internal
investments for its platforms and could withstand competitive
pressures that Magnite may not be able to--including intense
pricing or volume pressures. Partially offsetting this competitive
risk is Magnite's market position as the largest, independent SSP.
Its independence from the major media companies removes potential
conflict of interests with some of its larger publisher customers
and is therefore a highly attractive alternative.

S&P said, "While we have not forecast further material M&A, we
expect Magnite to prioritize cash flow for internal software
development to service the rapidly growing CTV advertising space.
To fund the SpotX acquisition, Magnite is proposing a $412.5
million first-lien credit facility (consisting of a $360 million
first-lien term loan and $52.5 million revolving credit facility).
This is in addition to the $400 million in senior unsecured
convertible notes (unrated) the company issued. The balance of the
acquisition will be funded with an equity contribution through the
issuance of new shares.

"We forecast adjusted leverage to be elevated at between
7.4x–7.8x in 2021, largely as a result of material one-time
transaction and restructuring costs associated with the SpotX
acquisition and integration. We forecast adjusted leverage will
decline to between 5.4x–5.6x and FOCF to debt to be about 10% in
2022 with deleveraging driven by revenue growth and EBITDA margin
improvements over the next 24 months.

"We expect Magnite will continue to prioritize cash flow for
internal investments as it integrates its acquisitions into a
unified platform, while continuing to enhance its capabilities as
advertising spend within the CTV space continues to grow. We have
not forecast additional material debt-financed M&A or shareholder
distributions that could keep adjusted leverage elevated on a
sustained basis.

"The stable outlook reflects our view that Magnite's operating
performance will continue to benefit from the growth in CTV
advertising that would lead to deleveraging below 6.0x while
generating FOCF to debt of at least 10% on a sustained basis by
2022. Our outlook also reflects our view that Magnite will be able
to realize most of its planned cost synergies over the next 12 to
24 months.

"We could lower our ratings if Magnite's credit metrics do not
improve as expected, such that we forecast adjusted leverage to
remain above 6.0x, while FOCF to debt declines and remains below
10% on a sustained basis." This could occur under the following
scenarios:

-- The company is unable to successfully integrate SpotX and
recognize a majority of forecasted cost synergies over the next 12
months, leading to weaker-than-forecasted EBITDA margins.

-- Intense competition in the digital advertising space leads to
significant pricing and volume pressures. This can include
increased competition and commoditization of advertising inventory
within the OLV segment reducing CPMs and take-rates at an
accelerated pace.

-- Magnite pursues additional debt-financed M&A or shareholder
distributions that keep credit metrics weaker than the thresholds
set for the current ratings.

S&P could raise its ratings on Magnite if the company significantly
outperforms our base-case scenarios driving a sustained improvement
in credit metrics. An upgrade would be based on the Magnite
achieving the following factors:

-- Demonstrated capability in defending or growing its market
share within the CTV advertising segment, while maintaining its
market position within the OLV segment through potential
competitive pressures.

-- Adjusted leverage declines and remain below 5.0x while FOCF to
debt remains above 10% on a sustained basis.


MERCY HOSPITAL: Sale is 'Huge Win' for Community, Lawyer Says
-------------------------------------------------------------
Lauren Coleman-Lochner of Bloomberg News reports that the March 22,
2021 approval of the sale of Mercy Hospital and Medical Center is a
"huge win for the community," Mercy bankruptcy attorney Edward
Green said at a hearing Tuesday, March 23, 2021.  "I think
ultimately the creditors will be happy because they're going to get
100 cents on the dollar."  The state on Monday approved a change of
control from Trinity Health Corp. to buyer Insight.

                       About Mercy Hospital

Mercy Hospital and Medical Center -- http://www.mercy-chicago.org/
-- operates a general acute care hospital located at 2525 South
Michigan Ave., Chicago. The hospital offers inpatient and
outpatient services.  Mercy Health System of Chicago, an Illinois
not-for-profit corporation, is the sole member of Mercy Hospital.
The health care facilities are part of Trinity Health's network of
health care providers.   

Mercy Hospital and Mercy Health System of Chicago sought Chapter 11
protection (Bankr. N.D. Ill. Lead Case No. 21-01805) on Feb. 10,
2021.  Mercy Hospital estimated $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.

Judge Timothy A. Barnes oversees the cases.

Foley Lardner LLP, led by Matthew J. Stockl, is the Debtors' legal
counsel. Epiq Corporate Restructuring, LLC is the claims, noticing,
solicitation and administrative agent.

The U.S. Trustee for Region 11 appointed an official committee of
unsecured creditors in the Debtors' cases on March 3, 2021.  The
committee is represented by Perkins Coie, LLP.


MID-CONTINENT UNIVERSITY: Hires EverChain for Debt Sales Management
-------------------------------------------------------------------
Mid-Continent University, Inc. seeks approval from the U.S.
Bankruptcy Court for the Western District of Kentucky to employ
EverChain, LLC for debt sales management services.

The Debtor is seeking to sell its remaining accounts receivable. It
proposes to use an auction platform provided by EverChain. In
addition to the auction platform, the firm provides various
services to organize debt portfolios and ensure confidential data
sharing between Debtor and potential buyers.

The firm can be reached through:

     Everchain LLC
     2200 Paseo Verde Parkway, Suite 150
     Henderson, NV 89052
     Tel: (888) 461-6161

            About Mid-Continent University

Mid-Continent University, Inc., is a Christian school in Graves
County in Mayfield, Kentucky.  It started in 1949 as West Kentucky
Baptist Institution.

Mid-Continent University filed for Chapter 11 bankruptcy protection
(Bank. W.D. Ky. Case No. 14-50687) on Sept. 30, 2014.  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.   

Mark C. Whitlow, Esq., at Whitlow, Roberts, Houston & Straub, PLLC,
serves as the Debtor's counsel.


MISSOURI JACK: Gets Cash Collateral Access Thru Aug. 31
-------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Missouri,
Eastern Division, has authorized Missouri Jack, LLC and Illinois
Jack, LLC to use cash collateral on a final basis through August
31, 2021, in accordance with the Final Budgets, with a 15%
variance.

The Debtors collectively own and operate 70 Jack in the Box (JIB)
restaurants throughout Missouri and Illinois pursuant to various
franchise and related agreements with Jack in the Box Inc., a
Delaware corporation, and its affiliated entities.  The Debtors
collectively employ 1,660 active full and part time employees, of
which Missouri Jack employs 1,338 and Illinois Jack employs 332.

The Debtors are authorized on a final basis to use cash collateral
consistent with the Order without prejudice to the Debtors right to
seek further or extended use of cash collateral beyond the
Expiration Date.

The Debtors are also authorized to seek to extend final use of cash
collateral beyond the Expiration Date after notice and hearing and
to apply any unused budgeted expense amount in any one line item
expense to any other line item expense on a cumulative basis.

In the event the Debtors' receipts for any given month exceed the
amounts set forth in the Final Budget for such month, the Debtors
are authorized to pay any and all correlating expenses to JIB that
are based upon a percentage of receipts.

JIB is also authorized to institute Automated Clearing House
withdrawals from the Debtor in Possession Accounts entitled
"General/AP Accounts" [Bank of America Account -3943 and -2630] as
described in the Court's Interim Order Authorizing Debtors to
Maintain Business Forms and Existing Bank Accounts and Related
Relief, entered on February 19, 2021, for the actual amount of
monthly rent, minimum rent, royalties, and marketing fees due and
owing under Franchise Agreements and Leases between the Debtors and
JIB, not to exceed the amounts set forth in the Final Budgets,
except as otherwise provided in the Order.

The Secured Parties are granted replacement liens in the cash
collateral generated from operations, solely to the extent that the
Debtors' use results in a decrease in the value of the Secured
Parties' interest in the cash collateral, with the replacement
liens being granted to the Secured Parties to the same extent and
with the same validity and priority as the Secured Parties'
pre-petition liens, subject to all rights, claims, and defenses of
the Debtors and their estates.

                        About Missouri Jack

Missouri Jack, LLC, Illinois Jack, LLC and Conquest Foods, LLC,
collectively own and operate 70 Jack in the Box restaurants
throughout Missouri and Illinois pursuant to various franchise
related agreements with Jack in the Box Inc., a Delaware
corporation, and its affiliated entities.

Missouri Jack et al. filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mo. Case No.
21-40540) on February 16, 2021.  The petitions were signed by Navid
Sharafatian, manager of TNH Partners, LLC, the sole manager of
Missouri Jack and Illinois Jack, and the sole managing member of
Conquest.

Judge Barry S. Schermer oversees the cases.
                 
Missouri Jack disclosed $10 million to $50 million in estimated
assets, and $1 million to $10 million in estimated liabilities.



MURPHY OIL: S&P Alters Outlook to Stable, Affirms 'BB' ICR
----------------------------------------------------------
S&P Global Ratings revised its outlook on Murphy Oil Corporation to
stable from negative and affirmed its 'BB' issuer credit rating. At
the same time, S&P affirmed its 'BB' issue-level rating on the
company's unsecured notes. S&P's '3' recovery rating is unchanged.

S&P said, "The stable outlook on Murphy reflects our revised
expectations that debt to EBITDA will improve to the mid-3x area
and funds from operations (FFO) to debt to the mid- to high-20%
range as the company works toward completing its Khaleesi/Mormont,
St. Malo, and Samurai projects over the next two years.

"The outlook revision reflects our expectation for improved credit
measures and free cash flow.   Based on our revised oil price
assumptions, we now expect Murphy to realize higher prices for its
oil production. Therefore, we project FFO to debt will rise to the
mid-20% area in 2021 and 2022 while debt to EBITDA decreases to the
mid- to low-3x area. At the same time, we expect Murphy to generate
meaningful free cash flow further bolstered by the recent sale and
leaseback of King's Quay.

"The company faces execution risks with its Gulf of Mexico
projects. We foresee moderate execution risk as Murphy continues to
develop its three major Gulf of Mexico projects: Khaleesi/Mormont,
St. Malo, and Samurai. We expect them to begin producing in
mid-2022 and forecast a material increase in the company's free
cash flow beginning in 2023. Nevertheless, we remain cautious given
the typical risks with operating in the Gulf of Mexico, including
storm-related production curtailments, which reduced Murphy's
recent production volumes below our expectations.

"While the company could face greater regulatory scrutiny or
executive orders from the Biden Administration, we expect Murphy's
Gulf of Mexico projects to largely proceed as planned.   We expect
recent executive actions related to oil and gas to primarily affect
which office-level Murphy obtains its permits from rather than its
ability to obtain them at all. Therefore, we don't expect the
company to be materially affected by the recently announced 60-day
moratorium, which is due to end in mid-April. That said, the
permitting process may take more time.

"Murphy Oil's asset base is fairly diverse relative to its
similarly rated peers.   We apply a one-notch uplift to our anchor
score to reflect Murphy's geographic diversification across three
basins in North America and its larger scale relative to 'BB-'
rated peers.

"The stable outlook on Murphy reflects our revised expectations for
debt to EBITDA to improve to the mid-3x area and FFO to debt to the
mid- to high-20% range as the company works toward completing its
Khaleesi/Mormont, St. Malo, and Samurai projects the next two
years. Our outlook also incorporates the execution risk associated
with major projects in the Gulf of Mexico."

S&P could lower its rating on Murphy if:

-- FFO to debt falls below 20%; and
-- Debt to EBITDA rises above 4x on a sustained basis.

This could occur if commodity prices fall below S&P's expectations
and the company does not reduce spending, or there are significant
cost overruns or start-up delays with its Gulf of Mexico projects.

S&P could raise the rating on Murphy if:

-- Credit ratios improve such that FFO to debt averages
comfortably above 30%; and

-- Debt to EBITDA declines below 3x on a sustained basis.

This would most likely occur if the company executes on its three
key Gulf of Mexico projects in a timely manner, leading to
meaningfully positive free cash flow.


MVK INTERMEDIATE: S&P Downgrades ICR to 'CCC+, On Watch Negative
----------------------------------------------------------------
S&P Global Ratings lowered all its ratings on U.S.-based peach and
other stone-fruit grower and marketer MVK Intermediate Holdings,
including the issuer credit rating, to 'CCC+', and placed them on
CreditWatch with negative implications.

The CreditWatch placement reflects the potential for a lower rating
over the next few months if the company is not able to permanently
reduce debt to make its capital structure more sustainable while
maintaining sufficient liquidity to fund its very high seasonal
working capital requirements and execute a business turnaround.

After a weak 2020, MVK's capital structure may not be sustainable.
Sales in the first nine months of 2020 fell by more than 10% year
over year, and S&P expects full year 2020 sales to remain at that
level. Moreover, S&P estimates adjusted fiscal 2020 EBITDA margin
(excluding one-time addbacks permitted under the company's loan
agreement) will be in the high single digits compared to their
expectation for mid- to high-teen margins. The weaker than expected
performance has resulted in debt to EBITDA deteriorating to well
over 20x for the 12 months ended Sept. 30, 2020, which is currently
unsustainable and much higher than our expectations for leverage in
the mid-6x area. The decline in EBITDA is primarily because of
higher pandemic-related operating costs, a heatwave that
significantly reduced the late season harvest, and a large
voluntary product recall. Although S&P does not expect many of
these events to repeat in fiscal 2021, operating costs may remain
elevated, some of the company's peach orchards need reinvestment
toward rejuvenation (likely with asset sales), and the company has
lost an amount of contract-farming volumes that it expects to
regain in 2021. Therefore, the company's capital structure is
likely to remain unsustainable absent an enduring business
turnaround coupled with significant debt repayment.

S&P said, "The company is aggressively shoring up its liquidity,
but we believe liquidity is less than adequate given its high
seasonal working capital requirements. We are revising our
liquidity assessment to less than adequate. The company's cash
balances and restored availability on its $61.25 million revolving
credit facility maturing in 2024 may not be sufficient to fund
seasonal working capital, which can be as high as $80 million in
the coming months. The company recently sold some of its noncore
citrus orchards and used proceeds to repay its revolving credit
facility. The company also recently closed on the sale and
leaseback of one of its production facilities. To the extent the
company uses proceeds from these transactions to repay term debt,
the company will likely have very tight liquidity to fund seasonal
working capital and needed investments in its business, including
its orchard reinvestment and its restructuring initiatives.
Moreover, absent a robust operating performance rebound, MVK may
not end the year with sufficient liquidity to ensure a permanent
debt reduction, which could keep leverage unsustainably high.

"The CreditWatch with negative implications means we could lower or
affirm our ratings at the completion of the review. The impact of
its recent asset sales on its leverage profile is still evolving
and the company has not yet completed its fiscal year-end audited
financial statements. Confirming the company's use of asset sale
proceeds while reviewing its operating plan together with its
audited financial statements would clarify the degree to which
credit quality can or cannot be further stabilized to effectively
execute a business turnaround.

"Prior to resolving the CreditWatch we will seek to determine
whether the company's recent asset sales will enable it to
meaningfully reduce debt, fund peak seasonal working capital needs,
and adequately reinvest in the business to ensure a sustainable
business turnaround. We will also seek clarity on the company's
financial performance and operating outlook once it completes its
fiscal year end audit, which we assume will occur in the coming
months. Lastly, we will reassess the company's enterprise value
based on its remaining farmland portfolio and confirm up-to-date
debt balances as part of our recovery analysis to determine the
impact on the recovery ratings of the company's senior secured
first-lien debt facilities."


NATIONAL RIFLE ASSOCIATION: Paid Nothing to Bankruptcy Advisers
---------------------------------------------------------------
Steven Church of Bloomberg News reports that the National Rifle
Association didn't pay its lawyers and other bankruptcy advisers
anything during the first two months of the gun-rights group's
Chapter 11 case, but was able to spend more than $1 million on
politics.

In a court filing, the NRA listed $1 million in "Political Action
Committee expenses and transfers" and said it spent $88,000 on
lobbying and policy consultants.

The association also spent nearly $1.5 million on what it called
2nd amendment litigation and related activity.  The monthly
operating report was filed in federal court in Dallas on Monday,
laying out details of the NRA's revenue.

             About National Rifle Association of America

Founded in 1871 in New York, the National Rifle Association of
America is a gun rights advocacy group.  The NRA claims to be the
longest-standing civil rights organization and has more than five
million members.

Seeking to move its domicile and principal place of business to
Texas amid lawsuits in New York, National Rifle Association of
America sought Chapter 11 protection (Bankr. N.D. Tex. Case No.
21-30085) on Jan. 15, 2021. Affiliate Sea Girt LLC simultaneously
sought Chapter 11 protection (Case No. 21-30080).

The NRA was estimated to have assets and liabilities of $100
million to $500 million as of the bankruptcy filing.

Judge Harlin Dewayne Hale oversees the cases.

The Debtors tapped Neligan LLP and Garman Turner Gordon LLP as
their bankruptcy counsel, and Brewer, Attorneys & Counselors as
their special counsel.

The U.S. Trustee for Region 6 appointed an official committee of
unsecured creditors on Feb. 4, 2021. Norton Rose Fulbright US, LLP
and AlixPartners, LLP serve as the committee's legal counsel and
financial advisor, respectively.


NATIONAL RIFLE: Seeks to Hire BVA Group as Financial Advisor
------------------------------------------------------------
National Rifle Association of America and Sea Girt LLC seek
approval from the U.S. Bankruptcy Court for the Northern District
of Texas to employ BVA Group Restructuring and Advisory LLC as
their financial advisor.

The firm's services include:

     1. facilitating bankruptcy financial reporting and
disclosures;

     2. assisting Debtors with management of their financial and
treasury functions;

     3. supporting the preparation of financial projections and
liquidity planning and management;

     4. working with senior management to develop and implement
restructuring initiatives and evaluate viable alternatives;

     5. identifying and implementing liquidity generating
initiatives;

     6. aiding in the claims management and reconciliation
process;

     7. assisting with communication of financial information with
stakeholders;

     8. providing testimony as needed for purposes of the
bankruptcy case; and

     9. providing other expertise and analyses as requested and
mutually agreed.

The firm will be paid at these rates:

     Partners               $750 - $975 per hour
     Managing Director      $700 - $825 per hour
     Senior Vice President  $625 - $725 per hour
     Vice President         $575 - $675 per hour
     Senior Analyst         $500 - $600 per hour
     Analyst                $450 - $500 per hour
     Paraprofessionals      $225 - $275 per hour

Erica Bramer, managing director at BVA, disclosed in a court filing
that the firm is a "disinterested person" as defined in section
101(14) of the Bankruptcy Code.

BVA can be reached through:

     Erica Bramer
     BVA Group LLC
     7250 Dallas Parkway, Suite 200
     Plano, TX 75024
     Phone: 972-377-0300
     Email: info@bvagroup.com

                 About National Rifle Association
                     of America and Sea Girt

Founded in 1871 in New York, the National Rifle Association of
America is a gun rights advocacy group. The NRA claims to be the
longest-standing civil rights organization and has more than five
million members.

Seeking to move its domicile and principal place of business to
Texas amid lawsuits in New York, National Rifle Association of
America sought Chapter 11 protection (Bankr. N.D. Tex. Case No.
21-30085) on Jan. 15, 2021.  Affiliate Sea Girt LLC simultaneously
sought Chapter 11 protection (Case No. 21-30080).

The NRA was estimated to have assets and liabilities of $100
million to $500 million as of the bankruptcy filing.

Judge Harlin Dewayne Hale oversees the cases.

The Debtors tapped Neligan LLP and Garman Turner Gordon LLP as
their bankruptcy counsel, and Brewer, Attorneys & Counselors as
their special counsel.

The U.S. Trustee for Region 6 appointed an official committee of
unsecured creditors on Feb. 4, 2021.  Norton Rose Fulbright US, LLP
and AlixPartners, LLP serve as the committee's legal counsel and
financial advisor, respectively.


NCR CORP: Fitch Assigns BB- Rating on $1-Billion Unsecured Notes
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB-'/'RR4' rating to NCR
Corporation's new $1.0 billion senior unsecured notes offering.
NCR's Long-term Issuer Default Rating (IDR) is 'BB-'/Outlook
Stable. The new debt will be general unsecured notes, issued in
USD, with maturities of 2029 and 2031, and will rank equally with
existing and future unsecured debt. Fitch views the transaction as
in-line with Fitch's rating case for the company and expects
proceeds will be used, along with senior secured borrowings and/or
cash, to finance the pending $2.5 billion Cardtronics plc
acquisition.

KEY RATING DRIVERS

Cardtronics Acquisition: Fitch believes the pending Cardtronics
acquisition will further diversify the company's business mix away
from hardware, as Cardtronics generates most of its revenue from
ATM operation fees. Leverage will be high upon completion, but
Fitch expects it to come down quickly. Management announced plans
to use all excess FCF in the near-term to reduce debt and guided
net leverage to below 3.5x by YE22. Fitch views secular challenges
for ATMs and cash over time, but independent operators such as
Cardtronics benefit from banks looking to outsource as branches
close.

Coronavirus Impact: NCR's business was materially impacted by the
COVID-19 pandemic in 2020 with revenue and Fitch-calculated EBITDA
down 10% and 17%, respectively. Fitch believes NCR could continue
to face near-term pressure, given nearly 50% of its business is
from less recurring revenue sources including hardware and certain
services/software sales. NCR has meaningful exposure to retail and
hospitality customers, which were materially impacted by the
pandemic.

Recurring Revenue: Approximately 54% of NCR's 2020 revenue is from
recurring revenue sources, including products and services under
contract where revenue is recognized over time. This recurring mix
is materially lower than other companies Fitch rates in the
payments and digital banking technology industries, which is
reflected in the IDR. Management seeks to grow this mix to 60%-70%
of total sales by 2024, which Fitch believes will come via a
combination of internal sales initiatives, growth in payment
processing (via its December 2018 JetPay acquisition) and
incremental M&A.

M&A Risk: Fitch believes NCR will continue to use M&A as a way to
grow its business in the coming years, creating integration and
balance sheet risk. Including Cardtronics, NCR will have completed
nearly 20 deals since 2014 for more than $4.6 billion collectively.
Its largest acquisitions include the pending Cardtronics deal ($2.5
billion) and its January 2014 Digital Insight Corp. purchase ($1.6
billion), which diversified it beyond ATMs, POS and self-service
kiosks and into digital banking solutions.

ATM Challenges: ATMs and related software/services comprise the
biggest piece of legacy NCR's revenue, nearly 40% by Fitch's
estimate. Management's latest guidance forecasts ATM hardware sales
will be flat in the next five years. Fitch believes demand for
cash/ATMs will have a long tail and NCR, as one of two market
leaders with combined 50%-60% share, will continue to derive
material profitability from the business.

Competitive End Markets: NCR has meaningful presence in its key end
markets, but competition is intense and fragmented in a number of
areas. NCR has leading market share in retail POS software,
restaurant software and self-checkout systems, and is the second
largest ATM manufacturer with 25%-30% share behind Diebold Nixdorf,
Inc. It also will have the world's largest non-bank ATM operator
following its Cardtronics acquisition. Across its business,
however, it faces a wide range of competition from large FinTech
providers and technology-focused disruptors.

Increased Leverage Post Cardtronics: Fitch expects NCR's leverage
to temporarily increase beyond Fitch's negative rating sensitivity
for the 'BB-' rating category upon completion of the Cardtronics
deal. However, Fitch believes management will prioritize debt
reduction through YE 2022. Fitch estimates gross leverage will
increase to the mid-4x range on a pro forma basis in 2021 upon
completion of the acquisition. However, FCF generation should
enable deleveraging to the mid-3x range by YE 2022 absent any
material M&A activity. Gross leverage was in the 3x-4x range in
recent years, which Fitch believes is manageable for the rating
category and for the company's solid FCF generation profile.

Solid Cash Flow: Fitch views the company's historic track record of
solid FCF generation as a key rating consideration. NCR generated
positive FCF each year from 2007-2020, when normalized for sizeable
pension contributions in 2012-2013. Fitch believes NCR will
continue to generate strong FCF in the next few years although
working capital improvements realized during 2020 may be tough to
replicate and an underfunded pension could consume cash in the
future.

Underfunded Pension: Fitch believes NCR's unfunded pension could be
a use of cash in the future, but a $70 million discretionary
payment made in 2020 should delay any material mandatory
contributions until 2023. Any future contributions should be
manageable given the company's historic track record of positive
FCF generation. NCR's pension obligation was $3.3 billion and was
underfunded by $667 million in December 2020 versus $579 million in
December 2015.

DERIVATION SUMMARY

Fitch's ratings and Outlook for NCR are supported by the company's
strong market position across its business, diversification of end
markets, history of positive FCF generation, and moderate leverage
for the rating category. NCR does not have any direct comparables
given the diverse nature of its end markets, but Fitch assesses the
rating relative to other FinTech companies that provide a range of
similar software, hardware and service offerings.

Unlike other companies that Fitch rates in the FinTech space, NCR's
exposure to payments processing is minimal and the company derives
most of its revenue and profitability from software, services and
hardware. It operates a meaningfully lower margin business than
other Fitch-rated, FinTech peers due to a higher mix of hardware
and services.

Euronet Worldwide, Inc. (BBB/Negative) is materially smaller by
revenue and EBITDA but historically managed a much more
conservative balance sheet, with gross leverage historically in the
1x-2x range. NCR has a much stronger operating position than
competitor Diebold Nixdorf Incorporated (b-*/Stable), which has
much higher leverage (above 6.5x), lower EBITDA margins (in the
high single-digit percentages versus NCR's mid/high-teens
percentages) and burned FCF in recent years.

KEY ASSUMPTIONS

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

-− Revenue: Organic growth in the low to mid-single-digit range
    in the coming years, with incremental growth from the
    Cardtronics acquisition (projected to close in 2021);

-- EBITDA: Margin expansion to more than 20% in the next few
    years driven by a higher mix of software and services, higher
    margin EBITDA from Cardtronics and cost-saving initiatives;

-- Capex: Near 5% of revenue in the next few years, or similar to
    recent years;

-- M&A: Assumes $2.5 billion Cardtronics acquisition closes in
    mid-2021;

-- Capital Allocation: The majority of excess cash


NCR CORP: Moody's Gives B3 Rating on New Unsecured Notes
--------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured rating
to NCR Corporation's proposed senior unsecured notes issuance.
Existing ratings including the B2 corporate family rating, Ba3
senior secured credit facilities rating, SGL-2 Speculative Grade
Liquidity rating, and the stable outlook are unchanged. The net
proceeds from the new senior unsecured notes will be used to
finance a portion of the cash consideration in the pending
acquisition of Cardtronics.

"NCR reduced outstanding debt and preferred stock in 2020 and
finished the year with a strengthened credit profile despite the
decline in hardware revenues" said Peter Krukovsky, Moody's Senior
Analyst. "The acquisition of Cardtronics will reinforce NCR's
strategic positioning, and planned deleveraging over the next two
years will result in a meaningfully improved credit profile."

The following rating actions were taken:

Assignments:

Issuer: NCR Corporation

Senior Unsecured Regular Bond/Debenture, Assigned B3 (LGD4)

RATINGS RATIONALE

NCR sustained its credit profile and financial flexibility in 2020
despite the difficult macro environment that drove a steep decline
in hardware sales leading to a total revenue decline of 10% even as
recurring revenues grew 5%. Cost actions prevented margin decline
despite negative operating leverage, and a meaningful working
capital release due to lower hardware volumes supported strong free
cash flow. The company applied about $470 million to debt
repayment, preferred stock repurchase and discretionary pension
funding in 2020, maintaining Moody's adjusted total leverage at
about 5x. While NCR's addressable markets have muted long-term
growth potential and the competitive environment is increasingly
intense, the company has sustained its leadership and is well
positioned for a moderate revenue rebound in 2021 and 2022 as
market conditions improve.

The pending acquisition of Cardtronics for $2.5 billion in cash
(closing mid-2021) is strategically beneficial to NCR, but also
increases exposure to the adverse secular trend of cash
displacement by electronic payments which has accelerated in the
pandemic. The addition of Cardtronics' fully outsourced bank
branded ATM service model and its Allpoint surcharge-free network
provide important strategic flexibility to NCR's Banking business
in supporting accelerating bank branch transformation trends. In
Retail, good customer overlap and product adjacency should allow
for expansion of more complete solutions. Cost synergies of $120
million to be actioned by the end of 2022 will support margin
expansion. Pro forma adjusted total leverage is elevated at 6.3x,
but NCR has articulated an objective to reduce net leverage
(company definition) below 3.5x by the end of 2022 and has
indicated it will suspend share repurchases until it is reached.
Moody's believes that NCR is well positioned to complete
deleveraging and expects debt prepayment of $250 million in the
second half of 2021 and $400 million in 2022. Cash liquidity is
ample with a pro forma cash balance of $350 million.

The Ba3 ratings for NCR's secured credit facilities reflect a B2-PD
probability of default rating and a loss given default (LGD)
assessment of LGD2. The ratings for these instruments reflect a
one-notch differential from Moody's LGD model due to uncertainty
surrounding the amount and treatment of non-debt liabilities in a
default scenario. The senior secured bank credit facility benefits
from a collateral package that includes upstream guarantees of
certain domestic subsidiaries, a pledge of the shares of certain
domestic subsidiaries and certain international subsidiaries, and a
pledge of the assets of certain domestic subsidiaries. As a result,
NCR's senior unsecured notes are rated B3, reflecting their junior
position in the capital structure as the notes do not share in the
collateral package.

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

The stable outlook reflects Moody's expectation of revenue and
EBITDA growth on a pro forma basis and debt reduction over the next
two years resulting in Moody's adjusted total leverage declining
below 5x. The ratings could be upgraded if NCR generates consistent
organic revenue, margin and free cash flow growth, and if Moody's
adjusted total leverage is sustained below 5x. The ratings could be
downgraded if NCR experiences sustained revenue or margin decline
or weakened free cash flow generation, or if the company pursues
aggressive financial policies.

The principal methodology used in these ratings was Diversified
Technology published in August 2018.

With revenues of $7.3 billion in 2020 pro forma for the pending
acquisition of Cardtronics, NCR is a leading global financial
technology company providing customer communication and point of
sale equipment, software and services to financial institutions,
enterprise retailers and hospitality service providers.


NCR CORP: S&P Assigns 'B+' Rating on $1BB Senior Unsecured Notes
----------------------------------------------------------------
S&P Global Ratings affirmed the 'BB+' rating on U.S.-based ATM and
point-of-sale hardware and services provider NCR Corp.'s first-lien
credit facilities. The recovery rating remains '1', reflecting its
expectation for very high recovery (90%-100%; rounded estimate:
95%) in the event of a payment default.

S&P said, "We lowered the rating on the company's senior unsecured
debt to 'B+' from 'BB-'. We revised the recovery rating to '5' from
'4', indicating our expectation for modest recovery (10%-30%,
rounded estimate: 20%). We also assigned our 'B+' rating to the
company's proposed $1 billion senior unsecured notes."

The BB- issuer credit rating and stable rating outlook are
unchanged.

The 'BB-' issuer credit rating is unchanged. The downgrade to the
senior unsecured debt rating is due to the change in NCR's capital
structure which will include $1 billion more unsecured debt than it
did previously. S&P's assumptions underlying NCR's business risk
and financial risk have not changed since our last research update
on February 23, 2021.

S&P continues to expect pro forma starting leverage at close of the
Cardtronics acquisition to be elevated at the mid-6x area. However,
it expects deleveraging to the low- to mid-5x range over the next
12 months as the company grows revenues and expands margins through
a mixture of deal synergies and less pandemic-related disruption in
2021 than what the company experienced in 2020.

S&P said, "We expect the Cardtronics acquisition to be fully debt
financed, with $1.3 billion of term loan A-1, $1 billion of senior
unsecured notes, and some revolver or securitization facility draw.
Annual mandatory debt repayments will increase to $105 million from
$7.5 million.

"The stable outlook reflects our expectation for revenue growth,
margin expansion, and conservative financial policies to support
rapid deleveraging following close of the Cardtronics acquisition.
Specifically, we expect the company will suspend shareholder
returns and divert excess cash flow toward debt reduction, such
that adjusted leverage is below the mid-5x area within 12 months.

S&P could lower the rating if:

-- Adjusted leverage remains above 5.5x or free operating cash
flow (FOCF) to debt declines below the mid-single-digit percents;

-- Revenues and profits do not increase as expected because of a
slower recovery in pandemic-affected end markets and the reopening
of economies, threatening deleveraging prospects; and

-- The company continues more aggressive financial strategies such
as further debt-funded acquisitions or shareholder returns, leading
S&P to reassess its financial policy.

An upgrade is unlikely over the next 12 months because of the
company's elevated leverage profile. S&P could raise the rating
if:

-- Adjusted leverage is sustained below the mid-4x area and FOCF
to debt remains above 10% even when accounting for acquisitions and
shareholder returns; and

-- The company executes strategies to increase recurring sources,
sustainably increases revenue, and expands margins to offset
long-term secular growth challenges and potential digital
disruption in cash usage.



NESCO HOLDINGS: To Change Name to Custom Truck One Source, Inc.
---------------------------------------------------------------
In anticipation of the proposed acquisition by its wholly owned
subsidiary, Nesco Holdings II, Inc., of 100% of the limited
partnership interests of Custom Truck One Source, L.P. and 100% of
the limited liability company interests of Custom Truck's general
partner, Nesco Holdings, Inc. will change its name to Custom Truck
One Source, Inc.  

Nesco will also change the NYSE ticker symbol of its common stock
from "NSCO" to "CTOS" and the ticker symbol of its redeemable
warrants from "NSCO.WS" to "CTOS.WS" immediately upon the closing
of the Acquisition.

                            About Nesco

Nesco -- https://investors.nescospecialty.com -- is a provider of
specialty equipment, parts, tools, accessories and services to the
electric utility transmission and distribution, telecommunications
and rail markets.  Nesco offers its specialized equipment to a
diverse customer base for the maintenance, repair, upgrade and
installation of critical infrastructure assets including electric
lines, telecommunications networks and rail systems.  Nesco's
coast-to-coast rental fleet of over 4,500 units includes aerial
devices, boom trucks, cranes, digger derricks, pressure drills,
stringing gear, hi-rail equipment, repair parts, tools, and
accessories.

Nesco reported a net loss of $21.28 million for the year ended Dec.
31, 2020, compared to a net loss of $27.05 million for the year
ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company had $768.40
million in total assets, $71.35 million in total current
liabilities, $728.12 million in total long-term liabilities, and a
total stockholders' deficit of $31.06 million.


NINE POINT ENERGY: AB Private's DIP Loan Has Interim OK
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has
authorized Nine Point Energy Holdings, Inc. and its affiliates to,
among other things, use cash collateral and obtain postpetition
financing on an interim basis.

The Debtors have obtained senior secured postpetition financing on
a superpriority basis under a new money delayed-draw term loan
facility consisting of:

     (A) $13 million available upon entry of the Proposed
         Interim Order,

     (B) an additional $5 million available upon entry of the
         Proposed Final Order,

     (C) a roll-up of $54 million in Prepetition Obligations, and

     (D) a roll-up of $16.1 million in prepetition Secured Swap
         Obligations.

The Debtors may also enter into one or more Swap Agreements with
one or more DIP Lenders and hedging transactions thereunder, in
each case, pursuant to the terms and conditions of the Proposed
Interim Order and the Senior Secured Superpriority
Debtor-in-Possession Credit Facility Term Sheet, by and among NPE,
as borrower, Nine Point Energy Holdings, Inc. (Holdings), Foxtrot
Resources, LLC, and Leaf Minerals, LLC as guarantors, AB Private
Credit Investors LLC, as administrative agent and collateral agent,
and the lenders party thereto from time to time.

The Debtors explain their business is cash intensive, even before
taking into account the costs of a chapter 11 process. As of the
Petition Date, all or substantially all of the Debtors' cash is
encumbered, which means that the Debtors, at a minimum, would
require immediate access to the Cash Collateral to continue
operating their enterprise during the Chapter 11 Cases. However,
access to cash collateral alone would be insufficient to fund both
the Debtors' postpetition operations as well as the expense of
these Chapter 11 Cases, as the Debtors only have approximately $2
million of cash as of the Petition Date.

The Debtors need the DIP Facility and access to Cash Collateral to
fund working capital, satisfy payroll obligations, pay suppliers,
cover overhead costs, pay expenses and billings related to the
Debtors' oil and gas properties, and cover the expenses of the
Chapter 11 Cases.

Prior to the Petition Date, the Debtors entered into a Credit
Agreement, dated as of June 7, 2019 by and among NPE, as borrower,
Holdings, the lenders party thereto from time to time and AB
Private Credit Investors LLC, as administrative agent, collateral
agent, and sole lead arranger.

The Prepetition Credit Agreement provides for an initial term loan
commitment in the aggregate principal amount of $225 million, a
delayed draw term loan commitment in the aggregate principal amount
of $80 million, and a revolving loan commitment in the aggregate
principal amount of $15 million.

As of the Petition Date, the Debtors owed an aggregate principal
amount of approximately $256.9 million, plus approximately $4.3
million in accrued but unpaid interest and other fees, costs and
expenses, on the Prepetition Loans.

The Debtors are also obligated under swap agreements with Secured
Swap Counterparties Credit Agreement, and the obligations under
such Prepetition Swap Agreements. The Prepetition Secured Swap
Obligations are secured by liens on the Prepetition Collateral
ranking pari passu with the liens securing the Prepetition Loans.
As of March 12, 2021, the mark to market value of the Prepetition
Secured Swap Obligations is approximately $16.1 million that would
be owing by NPE.

The Prepetition Secured Parties and Prepetition Secured Swap
Counterparties are entitled to adequate protection of their
interest, including the Cash Collateral. The Debtors have agreed,
subject to the Court's entry of the Proposed Interim Order, to
provide the Prepetition Secured Parties with certain adequate
protection on account of the Debtors' grant of priming DIP Liens,
use of the Prepetition Collateral, and the imposition of the
automatic stay. In addition, the Debtors and the DIP Lenders have
agreed to provide adequate protection to the Prepetition Secured
Swap Counterparties by granting such parties claims and liens that
of equal priority to the DIP Obligations and DIP Liens.

Each of the DIP Liens, the DIP Superpriority Claims, the
Prepetition Liens, the Replacement Liens and the Adequate
Protection Superpriority Claims are subject and subordinate to
payment of the Carve-Out which consists of, among other things, all
fees required to be paid to the Clerk of the Bankruptcy Court and
to the Office of the United States Trustee pursuant to 28 U.S.C.
section 1930 and all reasonable fees and expenses incurred by a
Trustee under section 726(b) of the Bankruptcy Code in an amount
not exceed $50,000.

The DIP Loans are scheduled to mature and be due and payable on the
earliest to occur of:

      (a) 90 calendar days after the Petition Date;

      (b) 30 calendar days after the Petition Date if the Final
Order has not been entered by the Bankruptcy Court on or before
such date;

      (c) Two business days after the termination of the Stalking
Horse Agreement for any reason, other than (i) as a result of (A)
any breach of the Stalking Horse Agreement by the Purchaser or (B)
the Debtors' selection of an alternative bid that either has (1)
the consent of the DIP Agent (at the direction of the Required DIP
Lenders) and the Prepetition Agent (at the direction of the
Required Lenders) or (2) results in the indefeasible payment in
full in cash of the Prepetition Obligations and the DIP
Obligations, in each case, as of the closing of such alternative
bid, or (ii) a termination to pursue approval of an Alternative
Transaction that results in the indefeasible payment in full in
cash of the Prepetition Obligations and the DIP Obligations, in
each case, as of the closing of such Alternative Transaction;

      (d) the date of consummation of any sale of all or
substantially all of the assets of any of the Debtors pursuant to
section 363 of the Bankruptcy Code;

      (e) the substantial consummation of a plan of reorganization
filed in the Chapter 11 Cases that is confirmed pursuant to an
order entered by the Bankruptcy Court;

      (f) entry of an order by the Bankruptcy Court approving (A) a
motion seeking conversion or dismissal of any or all of the Chapter
11 Cases or (B) a motion seeking the appointment or election of a
trustee, a responsible officer or examiner with enlarged powers
relating to the operation of the Debtors' business;

      (g) the date, if any, on which the Bankruptcy Court orders
the conversion of the bankruptcy case of any of the Debtors to a
liquidation pursuant to Chapter 7 of the Bankruptcy Code; and

      (h) the date of acceleration of all or any portion of the DIP
Loans and the termination of the DIP Commitments in respect thereof
upon the occurrence of an Event of Default.

The interest will be payable on the unpaid principal amount of all
DIP Loans and all overdue interest thereon at a rate per annum
equal to the Adjusted LIBO Rate for an Interest Period of one month
plus 8.00%, payable monthly on the first business day of each month
in arrears. All interest and fees under the DIP Term Sheet will be
calculated on the basis of a 360-day year for the actual number of
days elapsed. All accrued interest which for any reason has not
theretofore been paid will be paid in full on the date on which the
final principal amount of the DIP Loans is paid.

Each of the DIP Liens, the DIP Superpriority Claims, the
Prepetition Liens, the Replacement Liens and the Adequate
Protection Superpriority Claims shall be subject and subordinate to
payment of the Carve-Out.

The Carve-Out consists of:

      (a) all fees required to be paid to the Clerk of the
Bankruptcy Court and to the Office of the United States Trustee;
and all reasonable fees and expenses incurred by a Trustee under
section 726(b) of the Bankruptcy Code in an amount not exceed
$50,000;

      (b) to the extent allowed at any time, whether by interim
order, procedural order, or otherwise, all unpaid fees and expenses
incurred by persons or firms retained by the Debtors and subject to
the Approved Budget, unpaid fees and expenses incurred by persons
or firms retained by any statutory committees appointed in the
Chapter 11 Cases; and

     (c) Allowed Professional Fees not to exceed $500,000, plus any
restructuring, sale, success or other transaction fee of any
investment bankers or financial advisors of the Debtors, incurred
after the first business day following delivery by the DIP Agent,
at the direction of the Required DIP Lenders, of the Carve Out
Trigger Notice, to the extent allowed at any time, whether by
interim order, procedural order, or otherwise.

As a condition to the DIP Facility and the use of Cash Collateral,
the Debtors have agreed to these milestones:

     (i) no later than three calendar days after the Petition Date,
entry by the Court of the Interim Order;

    (ii) no later than 21 calendar days after the Petition Date,
delivery of a duly executed Stalking Horse Agreement to the DIP
Agent and the DIP Lenders;

   (iii) no later than 30 calendar days after the Petition Date,
entry by the Court of the Bid Procedures Order;

    (iv) no later than 30 calendar days after the entry of the
Interim Order, entry by the Court of the Final Order;

     (v) no later than 45 calendar days after the Petition Date,
submission of bids in respect of the 363 Sale Process;

    (vi) no later than 50 calendar days after the Petition Date,
the holding of an auction for the sale of the Debtors' assets
pursuant to the Bid Procedures Order;

   (vii) no later than 60 calendar days after the Petition Date,
entry by the Bankruptcy Court of a sale order, which order will be
reasonably acceptable to the DIP Lenders; and

  (viii) no later than 90 calendar days after the Petition Date,
consummation a sale approved by the Bankruptcy Court.

The Interim Order provides that the DIP Liens and Secured Parties'
Replacement Liens shall not prime or have priority over any and all
valid, perfected and unavoidable liens and security interests that
are senior or on par in priority under applicable law to the liens
and security interests granted in the Prepetition Collateral, and
which are held by Caliber Measurement Services LLC, Caliber
Midstream Fresh Water Partners LLC, and Caliber North Dakota LLC or
their affiliates, successors and assigns, in hydrocarbons in
Caliber's gathering systems.  The validity, priority, extent and
perfection of Caliber's lien or other interests, if any, shall be
determined by the Court at a later date if necessary. Caliber shall
be granted a superpriority adequate protection claim to the extent
of diminution in value of Caliber's liens or interests in
hydrocarbons in Caliber's gathering systems (including line fill)
as of the Petition Date.

The Debtors dispute that Caliber has any such lien or other
interest (including, but limited to, the validity, priority, extent
and perfection thereof) and the provision of the foregoing adequate
protection by the Debtors does not in any way waive, limit, modify,
or otherwise affect any rights, claims, defenses, or causes of
action that the Debtors may have against Caliber, or that Caliber
may have against the Debtors.

A final hearing on the Debtors' financing request is set for April
8, 2021, at 2 p.m., prevailing Eastern Time.

The DIP Lending syndicate consists of:

     * AB PRIVATE CREDIT INVESTORS LLC, as the DIP Agent
     * AB PRIVATE CREDIT INVESTORS CORPORATION, as a DIP Lender
     * AB PRIVATE CREDIT INVESTORS MIDDLE MARKET DIRECT LENDING
FUND II, L.P., as a DIP Lender
     * AB PRIVATE CREDIT INVESTORS MIDDLE MARKET DIRECT LENDING
FUND, L.P., as a DIP Lender
     * AB NPE HOLDINGS LLC, as a DIP Lender
     * PRUDENTIAL TERM REINSURANCE COMPANY, as a DIP Lender
     * THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, as a DIP
Lender
     * PRUDENTIAL ANNUITIES LIFE ASSURANCE CORPORATION, as a DIP
Lender
     * GOLDMAN SACHS BANK USA, as a DIP Lender
     * ORIX CORPORATE CAPITAL INC., as a DIP Lender
     * CARGILL, INCORPORATED, as a DIP Lender

A copy of the Motion is available for free at
https://bit.ly/2OKqRn3 from PacerMonitor.com.

              About Nine Point Energy Holdings, Inc.

Nine Point Energy -- https://ninepointenergy.com -- is a private
exploration and production company focused on value creation
through the safe, efficient development of oil and gas assets
within the Williston Basin.

Nine Point Energy Holdings, Inc. and affiliates Nine Point Energy,
LLC, Foxtrot Resources, LLC, and Leaf Minerals, LLC, sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.
Del. Lead Case No. 21-10570) on March 15, 2021. In the petition
signed by Dominic Spencer, authorized signatory, the Debtor
disclosed up to $500 million in both assets and liabilities.

Young Conaway Stargatt & Taylor, LLP and Latham & Watkins LLP
represents the Debtors as counsel.

The Debtors tapped AlixPartners, LLP as financial advisor; Perella
Weinberg Partners LP as investment banker; Lyons, Benenson &
Company Inc. as compensation consultant; and Stretto as claims,
noticing and solicitation agent.

Perella Weinberg Partners LP may be reached at:

     John Cesarz
     Mark Adomanis
     PERELLA WEINBERG PARTNERS LP
     767 Fifth Avenue
     New York, NY 10153
     E-mail: jcesarz@pwpartners.com
             madomanis@pwpartners.com

Counsel to AB Private Credit Investors LLC, as DIP Agent and
Prepetition Agent:

     David M. Hillman, Esq.
     PROSKAUER ROSE LLP
     Eleven Times Square
     New York, NY 10036

          - and -

     Stephen A. Boyko, Esq.
     PROSKAUER ROSE LLP
     One International Place
     Boston, MA 02110

          - and -

     Paul V. Possinger, Esq.
     PROSKAUER ROSE LLP
     70 West Madison Street Suite 3800
     Chicago, IL 60602

          - and -

     Adam G. Landis, Esq.
     Kerri K. Mumford, Esq.
     LANDIS RATH & COBB LLP
     919 N. Market Street, Suite 1800
     Wilmington, DE 19801

Counsel to Prepetition Lender and DIP Lender, Goldman Sachs Bank
USA:

     William L. Wallander, Esq.
     Matthew D. Struble, Esq.
     VINSON & ELKINS LLP
     2001 Ross Avenue, Suite 3900
     Dallas, TX 75201

The DIP Agent also has retained Holland & Hart LLP, and Houlihan
Lokey Capital, Inc.



NOVELIS INC: Moody's Hikes Corp. Family Rating to Ba3
-----------------------------------------------------
Moody's Investors Service assigned a B1 senior unsecured rating to
the proposed EUR500 million euro-denominated senior unsecured green
notes due 2029 issued by Novelis Sheet Ingot GmbH, a wholly-owned
subsidiary of Novelis Inc., and guaranteed by Novelis and certain
of its subsidiaries. Proceeds from this issue will be used to repay
a portion of the $1.7 billion term loan and to allocate an amount
equal to the net proceeds to finance the development of the
eligible green projects, which include renewable energy
investments, pollution, prevention and control expenditures and
other sustainability-focused initiatives. At the same time, Moody's
upgraded the corporate family rating of Novelis Inc. to Ba3 from
B1, Probability of Default Rating to Ba3-PD from B1-PD and the
ratings of the existing senior unsecured notes of Novelis
Corporation to B1 from B2. The Speculative Grade Liquidity Rating
remains SGL-1. The outlook is stable.

"The ratings upgrade reflects Novelis' strong position in markets
served, particularly packaging and ground transportation, the
geographic breadth of its global operations and Moody's
expectations that the projected earnings growth and free cash flow
generation will position the company to deliver on its deleveraging
targets in the next 18-24 months. The company's excellent liquidity
position further supports the rating" said Botir Sharipov, Vice
President and lead analyst for Novelis.

Issuer: Novelis Inc.

Corporate Family Rating, Upgraded to Ba3 from B1

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

Upgrades:

Issuer: Novelis Corporation

Gtd Senior Unsecured Regular Bond/Debenture, Upgraded to B1 (LGD5)
from B2 (LGD5)

Assignments:

Issuer: Novelis Sheet Ingot GmbH

Gtd Senior Unsecured Regular Bond/Debenture, Assigned B1(LGD5)

Outlook Actions:

Issuer: Novelis Corporation

Outlook, Remains Stable

Issuer: Novelis Inc.

Outlook, Remains Stable

Issuer: Novelis Sheet Ingot GmbH

Outlook, Assigned Stable

RATINGS RATIONALE

Novelis Inc.'s Ba3 CFR reflects the company's large scale and
significant market position in a number of end markets including
can packaging, where it enjoys a leading market share, automotive,
specialty, and aerospace to which it gained exposure through the
acquisition of Aleris. The acquisition of Aleris International
Inc.(Aleris) ($2.8 billion debt financed, closed in April 2020)
brings further strategic benefits from a business profile, customer
base and operational perspective notwithstanding that Novelis had
to divest Aleris' Duffel (Belgium) and Lewisport (Kentucky) rolling
mill facilities. The CFR also considers the company's broad
geographic footprint with operations, including those of Aleris, in
North and South America, Europe and Asia.

Although the acquisition was a leveraging event for Novelis, since
the announcement in 2018, the company's earnings and cash flow
generation levels as well as its debt protection metrics have
evidenced a gradual improvement on solid shipment levels and
strengthening product mix, notwithstanding the impact of the
pandemic on some of the company's end-markets, particularly,
aerospace. The spread of the coronavirus had a profound adverse
effect on the company's first quarter results (through June 30,
2020) as all segments experienced reduced shipments and facilities
were temporarily idled for worker safety or due to state and
government shutdown requirements globally. However, the company's
operating and financial performance improved markedly in the second
half of calendar year 2020 and exceeded Moody's earlier
expectations, leading to higher than forecast revenues, EBITDA and
cash flows and resulting in Moody's-adjusted debt/EBITDA of 4.8x as
of December 31, 2020, substantially lower than estimated
previously. The outperformance was supported by the resilient
nature of the company's beverage can segment, sharp demand rebound
in the automotive and specialty segments, cost reduction
initiatives and the achievement of $54 million of the outlined
run-rate cost synergies following the closing of the Aleris
acquisition.

Novelis is well positioned to benefit from the continued expected
recovery in the automotive market in calendar 2021 and 2022
notwithstanding that widely reported chip shortages and input cost
pressures are adversely impacting production rates of some
automakers. While demand growth in building and construction sector
could slow down in 2021 after a strong 2020 as backlogs and new bid
requests decline, Moody's expects continued moderate growth in
shipments and revenues for the specialty segment. The increasing
use of aluminum cans which have relatively high recycling rates,
growing sustainability concerns with the respect to plastic
packaging and greater, pandemic-induced at-home consumption
patterns are expected to continue supporting demand for beverage
can sheet in the near and medium term. Although recovery in the
aerospace industry will be more prolonged, sales of aluminum sheet
and plate to this industry represent a small proportion of the
overall Novelis' business.

Moody's expects Novelis to generate over $2 billion in
Moody's-adjusted EBITDA and $650-750 million in annual free cash
flow in FY2022 and FY2023 on the back of continued global economic
recovery and the completion of the organic expansion projects
driving the growth in shipments. Assuming the company fully repays
$1.1 billion bridge loan by the end of FY2021, pays down $600
million balance of $1.7 billion term loan post the refinancing of
$1.1 billion, and other short-term borrowings in FY2022 from cash
flows, bringing down the total debt outstanding by about $2 billion
since September 30, 2020 through June 2022, Moody's estimates that
gross leverage will decline to about 3x by March 2022 (FY2022
year-end). The company is expected to maintain its excellent
liquidity profile with at least $1 billion in cash on hand while
continuing on this strategic deleveraging path.

The stable outlook anticipates that Novelis will continue to
exhibit improving earnings and cash flow generation over fiscal
2022 and 2023, deliver on the outlined run-rate combination
synergies and reduce debt levels as planned. The outlook also
anticipates that the company will continue its disciplined focus on
costs, liquidity and capital expenditures in line with earnings and
cash flow expectations in currently still uncertain environment and
continue to maintain a cash position in excess of $1 billion.

The SGL-1 Speculative Grade Liquidity Rating assumes that Novelis
will maintain excellent liquidity over the next four quarters.
Novelis' liquidity is supported by its $1.16 billion cash position
as of December 31, 2020 and $1 billion availability under a $1.5
billion senior secured asset-based revolving credit facility (ABL)
maturing in April 2024 (unrated), subject to certain springing
requirements concerning timing of repayment of the term loan and
other debt facilities. The ABL is secured by accounts receivable
and inventory. At any time the availability under the ABL is less
than the greater of (a) $115 million or (b) 10% of the lesser of
the facility size or the borrowing base, the company will be
required to maintain a minimum fixed charge coverage of at least
1.25x. Availability is viewed as remaining sufficient such that
this will not be tested.

Novelis and its subsidiaries also have a $1.1 billion unsecured
short-term loan facility that was used to provide funding for the
Aleris acquisition. This facility was repaid by $500 million by the
end of the December 2020 quarter and the remainder is expected to
be paid off in the current quarter. The facility has been amended
to extend the maturity date to April 2022 from April 2021. The
company also has a $1.7 billion secured term loan (unrated)
maturing in June 2022 and a $773 million incremental term loan
maturing in January 2025. The term loan facilities have a covenant
restricting senior secured net leverage to no more than 3.5:1. In
addition, the company has short-term credit facilities in Korea,
Brazil and China to support operations in these countries.

The B1 rating on the new and existing senior unsecured notes
reflects their effective subordination to the significant amount of
secured debt under the term loans, the ABL and priority payables.
The new notes will have a downstream guarantee from Novelis Inc.
and will also be guaranteed by all of Novelis' existing and future
US restricted subsidiaries, certain existing Canadian and other
non-US foreign restricted subsidiaries. Given the guarantee
structure on the new senior unsecured notes being issued by Novelis
Sheet Ingot GmbH, these notes will rank pari passu with the
existing senior unsecured notes issued by Novelis Corporation.

As a producer of flat-rolled aluminum products, Novelis faces a
number of ESG risks, particularly on the environmental aspect with
respect to air emissions, wastewater discharges, site remediation
to name a few. The company is subject to many environmental laws
and regulations in the regions in which it operates. However,
Novelis is a leading recycler of aluminum, which is less energy
intensive in the rolling process than the production of primary
aluminum. More than 59% of the company's raw material input is
sourced from recycled aluminum and the company recycled in excess
of 70 billion UBCs. Additionally, working with its automotive
customers, the company, through its closed-loop recycling process,
collects aluminum scrap metal from the automotive manufacturing
process for reuse. The company has long been focused on safety and
supports community projects in its regions of operations.

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

Moody's would consider an upgrade of Novelis Inc.'s credit ratings
if leverage (adjusted debt/EBITDA) improves to below 3.5x, adjusted
EBIT margin is sustained above 7% and (CFO-Dividends)/Debt
increases to and is sustained above 25%.

Novelis' ratings could be downgraded if liquidity, measured as cash
plus ABL availability, evidences a material deterioration, if
company makes substantial debt-financed acquisitions or if
shareholder returns meaningfully exceed the capital allocation
framework targets established by Hindalco Industries, the ultimate
parent company of Novelis Inc. Expectations of significant
production rate cuts by the company's customers or an extended
slump in the end-markets served could lead to negative pressure on
the ratings. Quantitatively, ratings could be downgraded if the
adjusted EBIT margin is expected to be sustained below 5% or (Cash
flow from operations less dividends)/debt is sustained below 15%
and leverage, measured as debt/EBITDA ratio, does not evidence
improving trends and is expected to be sustained above 4.5x.

Headquartered in Atlanta, Georgia, Novelis is the world's largest
producer of aluminum rolled products. The company operates through
four regional segments, North America, Europe, Asia and South
America. While Novelis sells into a number of end markets, the
company currently ships a meaningful level to the can sheet market,
although sales to the automotive market are increasing as a
percentage of sales. The acquisition of Aleris has expanded
Novelis' footprint in automotive, specialties (including building
and construction) and aerospace. Novelis generated approximately
$11.4 billion in revenues for the twelve months ended December 31,
2020. Novelis is ultimately 100% owned by Hindalco Industries
Limited (unrated) domiciled in India.

The principal methodology used in these ratings was Steel Industry
published in September 2017 .


NOVELIS INC: S&P Assigns 'BB-' Rating on New EUR500MM Unsec. Notes
------------------------------------------------------------------
S&P Global Ratings said it assigned its 'BB-' issue-level rating
and '4' recovery rating to Novelis Inc.'s proposed EUR500 million
senior unsecured notes issued by wholly-owned subsidiary Novelis
Sheet Ingot GmbH. The '4' recovery rating indicates its expectation
for average (30%-50%, rounded estimate: 30%) recovery in its
simulated default analysis, with no notching from the issuer credit
rating.

S&P said, "We also raised our issue-level rating on parent Novelis'
existing unsecured notes to 'BB-' from 'B+' and revised our
recovery rating on the notes to '4' from '5'. The upward revision
to estimated recovery prospects primarily reflects the decline in
the amount (and proportion) of Novelis' secured debt relative to
total debt in our analysis. This follows the anticipated partial
repayment of Novelis' secured term loan due 2022, which increases
the enterprise value (EV) available to unsecured creditors in our
default scenario."

The proposed notes are due in 2029 and will rank pari passu with
Novelis' existing senior unsecured notes. The company plans to use
the proceeds initially to repay a portion of the 2022 term loan,
and allocate an amount equal to the net proceeds toward eligible
green projects in the future. Novelis also disclosed the repayment
of the remaining amount outstanding under its unsecured bridge loan
(associated with its Aleris acquisition) from cash, and partial
refinancing of its 2022 term loan with a new US$500 million secured
term loan due 2028. On completion of the proposed issuance, S&P
expects an approximate US$600 million net reduction in Novelis'
total secured debt outstanding. The remaining US$600 million on the
2022 term loan is expected to be repaid from internal cash
generation.

S&P said, "The company's operating results are trending ahead of
our expectations for fiscal 2021), contributing to year-to-date
free cash flow that facilitated debt repayment. We now expect
Novelis' adjusted debt-to-EBITDA ratio will be about 4x at fiscal
year-end 2021, with further improvement the next fiscal year.
Positive demand for aluminum, notably for the company's can and
automotive end-markets, and the inclusion of Aleris assets, is
expected to underpin growth in shipments and cash flow. The above
refinancings also improve Novelis' debt maturity profile."

ISSUE RATINGS – RECOVERY ANALYSIS

Key analytical factors:

-- S&P has updated its recovery analysis for Novelis' proposed
debt refinancing.

-- S&P's hypothetical distress scenario for Novelis assumes the
company defaults in 2025 and is reorganized as a going concern.

-- In this scenario, S&P assumes significant deterioration in
EBITDA following a sharp decline in shipments and operating issues
that materially weaken the company's cash flow, restrict its
ability to fund its fixed charges, and exhaust available
liquidity.

-- S&P applies a 6.0x multiple (above certain peers to reflect the
relative strength of Novelis' business) to itsr projected emergence
EBITDA for the company, which is close to its estimated interest
and capital expenditures in the default year.

-- S&P has modestly reduced its estimated EV of Novelis in its
simulated default scenario, which mainly reflects the reduction in
its fixed charges associated with the aforementioned debt
reduction.

-- S&P has assumed the company's unsecured bridge facility is
fully repaid, proceeds from the proposed unsecured notes issuance
and new US$500 million secured term loan are used to repay a like
amount of debt under the TLB, and Novelis' US$1.5 billion revolving
asset-based loan is 60% drawn.

-- S&P's recovery analysis assumes that, in a hypothetical default
scenario, Novelis' secured US$1.5 billion asset-based loan (ABL)
(60% drawn) and subsidiary-level debt claims are fully covered.

-- S&P estimates that the company's secured term loan creditors
are fully covered from the claim on the majority of Novelis' assets
that are pledged as collateral.

-- S&P assumes the remaining value is available to Novelis' senior
unsecured claims.

-- As a result, S&P now estimate average (30%-50%; rounded
estimate: 30%) recovery and a '4' recovery rating ('BB-'
issue-level rating) for Novelis' unsecured noteholders.

Simulated default assumptions

-- Simulated year of default: 2025
-- EBITDA at emergence: About US$760 million
-- EBITDA multiple: 6x

Simplified waterfall

-- Net EV (after 5% administrative costs): US$4.3 billion

-- Valuation split in % (obligors/non-obligors): 90/10

-- Priority claims (ABL facility and subsidiary-level debt): About
US$1.1 billion

-- Secured first-lien debt claims: US$1.9 billion

-- Total value available to unsecured claims: US$1.3 billion

-- Senior unsecured debt/pari passu claims: US$3.8 billion

    --Recovery expectations: 30%-50% (rounded estimate: 30%)

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

  Ratings List

  Issue-Level Ratings Upgraded; Recovery Ratings Revised  
                                To      From
  Novelis Corp.
   Senior Unsecured             BB-      B+
    Recovery Rating             4(30%)   5(15%)

  New Rating  

  Novelis Sheet Ingot Gmbh
  Senior Unsecured  
  EUR500 mil nts due 2029       BB-
   Recovery Rating              4(30%)



NUTRIBAND INC: Finalizes Distribution Agreement With BPM Inno
-------------------------------------------------------------
As part of its transaction with Rambam Med-Tech Ltd., Haifa, Israel
for the license agreement dated Dec. 9, 2020, and to assist in the
development of the RAMBAM Closed System Transfer Device (CSTD), on
March 10, 2021, Nutriband Inc. finalized a Distribution Agreement
with BPM Inno Ltd., Kiryat, Israel, providing for distribution of
the RAMBAM CSTD developed and produced under the License Agreement
and a Stock Purchase Agreement, dated Dec. 7, 2020, providing for
the purchase by BPM of 81,396 shares of common stock at a price of
$8.60 per share, or $700,000.  

Under the Distribution Agreement, BPM has the right to distribute
the Medical Products in Israel and has a right of first refusal in
relation to all other countries/states, other than United States,
Korea, China, Vietnam, Canada and Ecuador, which are termed
excluded countries.

Meanwhile, the investment by BPM in the Company's common stock
under the SPA was completed on Feb. 26, 2021.  

                       About Nutriband Inc.

Nutriband Inc. -- http://www.nutriband.com-- is primarily engaged
in the development of a portfolio of transdermal pharmaceutical
products.  Its lead product under development is its abuse
deterrent fentanyl transdermal system which the Company is
developing to provide clinicians and patients with an
extended-release transdermal fentanyl product for use in managing
chronic pain requiring around the clock opioid therapy combined
with properties designed to help combat the opioid crisis by
deterring the abuse and misuse of fentanyl patches.

Nutriband recorded a net loss of $2.72 million for the year ended
Jan. 31, 2020, compared to a net loss of $3.33 million for the year
ended Jan. 31, 2019.  As of Oct. 31, 2020, the Company had $10.08
million in total assets, $2.82 million in total liabilities, and
$7.25 million in total stockholders' equity.

Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, the
Company's auditor since 2016, issued a "going concern"
qualification in its report dated April 13, 2020 citing that the
Company has suffered recurring losses from operations and has
limited revenues.  These factors raise substantial doubt about the
Company's ability to continue as a going concern.


NUZEE INC: Terminates Sales Agreement with B. Riley, Benchmark
--------------------------------------------------------------
NuZee, Inc. terminated its At Market Issuance Sales Agreement,
dated Sept. 1, 2020, with B. Riley Securities, Inc. (f/k/a/ B.
Riley FBR, Inc.) and The Benchmark Company, LLC, pursuant to which
the Company could from time to time offer and sell up to an
aggregate of $50 million of shares of its common stock through the
Agents in "at-the-market-offerings", as defined in Rule 415 under
the Securities Act of 1933, as amended.  The Company has not sold
any shares of common stock under the ATM Agreement.  The Company
terminated the ATM Agreement because it does not intend to raise
capital through the ATM Program.

                            About Nuzee

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

Nuzee reported a net loss of $9.52 million for the year ended Sept.
30, 2020, compared to a net loss of $12.21 million for the year
ended Sept. 30, 2019.  As of Dec. 31, 2020, the Company had $8.97
million in total assets, $1.27 million in total liabilities, and
$7.69 million in total stockholders' equity.


O.P. INVESTMENT: Granted Cash Collateral Access
-----------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan,
Southern Division, has authorized O.P. Investment Group, LLC to use
cash collateral in accordance with the budget, with a 10% variance.


Within 14 days before the expiration of the Budget, and after
consultation with lender Greenleaf Income Fund II, the Debtor is
directed to file a replacement Budget with the Court. The Lender
may file an objection to Debtor's continued use of Cash Collateral
with the 14-day period, and if such an objection is filed, the
Court will schedule a hearing regarding such objection and the
continued use of Cash Collateral. The Debtor may not use Cash
Collateral under any replacement Budget if the Lender has objected,
unless and until the replacement Budget has been approved by the
Court.

From the Net Income as set forth in the Budget, the Debtor must
directly make pre-confirmation adequate protection payments to the
Lender:

$8,777.25 for February 2021 by March 24, 2021;
$11,777.25 for March 2021 by March 24, 2021;
$13,652.25 for April 2021 by April 1, 2021;
$13,652.25 for May 2021 by May 1, 2021; and
$13,652.25 for every month thereafter with payment to be made
within five days of the 1st day of each month until further Court
order.

As further adequate protection, the Lender and any other secured
creditors that may claim an interest in the Debtor's Cash
Collateral are granted postpetition replacement liens in those
types and descriptions of collateral identified in the applicable
pre-petition loan documents with the same priority as existed prior
to the Petition Date.

Fay Servicing, LLC, as servicer for the Lender, may apply the
Lender Payments according to the Promissory Note, the Mortgage, and
the Loan and Security Agreement. Notwithstanding, the Debtor
reserves the right to seek to have some or all of the Lender
Payments determined to be principal payments, with Lender's rights
to object to or oppose such characterization being preserved and
not impaired in any way.

The Debtor may segregate in a DIP account at an authorized DIP
depository $5,500 per month for Professional Fees commencing April
17, 2021, and the 17th day of each month thereafter until further
order of the Court. The segregated funds will be free and clear of
any claim of the Lender.

The continued further hearing on the Cash Collateral Motion,
scheduled for March 24, at 11:00 a.m., was cancelled.

A copy of the Order and the Debtor's budget through the week of
July 21 is available at https://bit.ly/3cWb2lv from
PacerMonitor.com.

The Debtor expects a total of $61,200 in expenses and $100,218 in
net income.

                 About O.P. Investment Group, LLC

O.P. Investment Group, LLC owns a commercial strip mall located at
35252-35240 23 Mile Road, New Baltimore, Michigan 48047.  O.P.
Investment Group filed its Chapter 11 petition (Bankr. E.D. Mich.
Case No. 21-40722) on January 28, 2021.  The Petition was signed by
Bassam Kallabat, member.  In its Petition, the Debtor estimated its
assets and liabilities at $1 million to $10 million.  

Judge Thomas J. Tucker oversees the case.

The Debtor is represented by Daniel J. Weiner, Esq., at Schafer and
Weiner, PLLC.



OASIS MIDSTREAM: Moody's Assigns First Time B2 Corp Family Rating
-----------------------------------------------------------------
Moody's Investors Service assigned first-time ratings to Oasis
Midstream Partners LP (OMP or Oasis Midstream), including a B2
Corporate Family Rating, B2-PD Probability of Default Rating, B3
rating to its proposed $450 million senior unsecured notes due 2029
and SGL-3 Speculative Grade Liquidity Rating. The rating outlook is
positive.

Net proceeds from the notes offering, in combination with OMP
equity, will be used to fund the acquisition of Oasis Petroleum
Inc.'s (OAS or Oasis Petroleum, unrated) remaining midstream assets
and to repay a portion of outstanding borrowings under OMP's
revolving credit facility.

Oasis Midstream is a publicly traded gathering and processing
master limited partnership (MLP). OMP's midstream assets in the
Williston Basin and Delaware Basin are integral to the crude oil
and natural gas operations of Oasis Petroleum, and it also provides
midstream services to third-party customers. Oasis Petroleum
controls OMP's general partner, and its ownership of OMP's limited
partner interests should exceed 75% pro forma for the transaction.

"The acquisition will boost Oasis Midstream's cash flow while its
leverage should remain moderate pro forma for the new notes," said
Amol Joshi, Moody's Vice President and Senior Credit Officer.
"OMP's scale remains modest and future growth will likely depend on
additional third-party volumes or acquisitions, as Oasis Petroleum
is not expected to meaningfully increase production and there are
no midstream assets left at the parent to drop down to OMP."

Assignments:

Issuer: Oasis Midstream Partners LP

Probability of Default Rating, Assigned B2-PD

Speculative Grade Liquidity Rating, Assigned SGL-3

Corporate Family Rating, Assigned B2

Senior Unsecured Notes, Assigned B3 (LGD5)

Outlook Actions:

Issuer: Oasis Midstream Partners LP

Outlook, Positive

RATINGS RATIONALE

Oasis Midstream's B2 CFR reflects its significant customer and
geographic concentration in the Williston Basin with modest scale
midstream operations. OMP also has a presence in the Delaware
Basin, but those operations are relatively small. Oasis Midstream's
assets are strategically integral to the crude oil and natural gas
operations of its primary customer, Oasis Petroleum. While OMP also
provides midstream services to third-party customers, Oasis
Petroleum's crude oil and natural gas production has decreased
significantly since the beginning of 2020, reducing volumes through
OMP's midstream assets. OMP is supported by its moderate leverage
and the long-term contractual links with acreage dedications from
Oasis Petroleum. The rating is restrained by OMP's limited
operating history in its current form and the inherent risks
associated with its MLP business model characterized by significant
distributions.

While Oasis Petroleum filed for bankruptcy in September 2020, OMP
was not included in this Chapter 11 process. OAS emerged from
bankruptcy in late 2020 and was able to materially improve its
credit profile by reducing its debt balances. Higher oil prices
should support Oasis Petroleum's cash flow, but its returns-focused
business model is not likely to support OMP's volume growth. OMP's
scale could remain modest unless third-party volumes grow
significantly, or it makes acquisitions.

Oasis Midstream's SGL-3 rating reflects adequate liquidity into
2022. OMP's cash flow should be able to fund its 2021 capital needs
and distributions. Oasis Midstream is amending its existing
revolving credit facility, reducing its commitment size to $450
million from $575 million and extending its maturity by two years
to 2024. At December 31, OMP had $5 million in cash and $450
million of revolver borrowings. Pro forma for the notes offering
and repayment of a portion of outstanding revolver borrowings, the
amended revolver is likely to have unused borrowing capacity of
over $200 million. The amended revolving credit facility will have
financial covenants including maximum Total Leverage Ratio of 5x,
maximum Senior Secured Leverage Ratio of 3x and minimum Interest
Coverage Ratio of 2.5x. Moody's expects OMP to be in compliance
with these covenants into 2022.

The proposed senior unsecured notes are rated B3, one notch below
the company's B2 CFR, reflecting the priority claim of its secured
revolving credit facility. An increasing proportion of the revolver
relative to the notes in the capital structure due to factors
including a meaningful increase in the size of the revolver or high
utilization of the revolver could result in downgrading the notes
rating.

Oasis Midstream's positive rating outlook reflects its moderate
leverage underpinned by contractual cash flow, which could support
a higher rating as it executes its business plan.

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

Oasis Midstream's ratings could be upgraded if the company has
meaningful cash flow growth, its overall counterparty risk profile
is supportive, leverage remains moderate, distribution coverage is
sufficient and liquidity is at least adequate. Oasis Midstream's
ratings could be downgraded if Debt to EBITDA exceeds 4.5x, its
counterparty risk profile deteriorates, distribution coverage falls
below 1.2x or liquidity weakens considerably.

Oasis Midstream Partners LP is a publicly traded gathering and
processing master limited partnership formed by its sponsor, Oasis
Petroleum Inc., and operating midstream assets in the Williston
Basin and Delaware Basin.

The principal methodology used in these ratings was Midstream
Energy published in December 2018.


OASIS MIDSTREAM: S&P Assigns 'B' Long-Term ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Texas-based midstream energy company Oasis Midstream Partners
L.P. (OMP) and its 'B' issue-level rating to its $450 million
senior unsecured notes.

S&P said, "The stable outlook reflects our expectation of stable
volumes due to the company's revenue exposure to its parent, Oasis
Petroleum Inc. (OAS), and as South Nesson volumes start flowing in
2022. We also expect adjusted debt to EBITDA between 3x and 4x over
the next two years.

"Our view of Oasis Midstream's credit quality is primarily driven
by its parent linkage. We believe that OMP's cash flows are
dependent on OAS' drilling schedule. In 2020, OAS accounted for 85%
of OMP's revenue, and we expect this customer mix to continue
unless Oasis Midstream can attract additional third-party
counterparties. In 2020, OAS filed for bankruptcy and restructured
its capital structure. OMP was not drawn into the bankruptcy
process. In addition, the bankruptcy process had no impact to its
cash flows and operations. Given the concentration of cash flows in
OAS, we view OMP's creditworthiness and growth to be dependent upon
the parent's performance and drilling activities. OAS controls the
general partner of OMP and thus has the ability to dictate the
financial policy of OMP. As a result, we view OAS' credit quality
as weighing on OMP.

"We expect volumes to decline in 2022 unless Oasis Petroleum or
third-party counterparties grow production. Oasis Midstream
recently announced Oasis Petroleum's dedication of South Nesson for
gas lifting, crude gathering and transportation, and produced water
gathering and disposal. We expect that Oasis Midstream will have
$40 million-$44 million of growth capital expenditures in 2021
relating to this project and that this project will contribute
additional revenue of about $10 million-$30 million of revenue
starting in 2022. However, we still expect revenue to decline
starting in 2022 driven by the reduction of Oasis Petroleum's
drilling in the Bakken.

"We view Oasis Midstream's limited size and lack of geographic
diversity as key credit risks. Over 90% of OMP's revenue was from
volumes from the Bakken Basin, with the remainder from the Permian
Basin. This concentration reflects the partnership's lack of
geographic diversity and dependence on drilling activity in the
Bakken. In the Permian, OMP has fixed-fee agreements for dedicated
acreage with Oasis Petroleum through 2034 for crude oil gathering
and produced and flowback water gathering and disposal. Over 90% of
OMP's revenue comes from acreage-dedications. Due to the limited
amount of minimum volume commitments, we believe that a prolonged
period of weak commodity prices would adversely affect OMP's cash
flows. In addition, compared with higher-rated peers, OMP is much
smaller in size and scale, with our forecast of adjusted EBITDA
between $200 million and $210 million in 2021 and 2022.

"The stable outlook on Oasis Midstream Partners L.P. reflects our
expectation of stable volumes due to the revenue concentration with
its parent and as South Nesson volumes start flowing in 2022. We
also expect adjusted debt to EBITDA between 3x and 4x over the next
two years.

"We could take a negative rating action if OMP's parent OAS' credit
quality deteriorated. This would most likely result from a
significant decrease in commodity prices affecting cash flows, with
no offsetting adjustment to capital spending.

"While unlikely at this time, we could take a positive rating
action on Oasis Midstream if its parent increased its scale of
production and proved reserves while maintaining its credit ratios
at current levels."


OLYMPUS DEVELOPMENT: Trustee Hires Thompson Burton as Counsel
-------------------------------------------------------------
William Timothy Stone, Chapter 11 trustee for Olympus Development
Group, LLC, seeks approval from the U.S. Bankruptcy Court for the
Middle District of Tennessee to hire Thompson Burton PLLC as his
legal counsel.

Phillip Young, Jr., Esq., a partner at Thompson Burton, is the
primary attorney expected to provide the services.  His billing
rate is $425 per hour. The firm has other attorneys whose billing
rates range between $150 and $425 per hour.

Mr. Young disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtor and its estate.

Thompson Burton can be reached at:

     Phillip G. Young, Jr., Esq.
     Thompson Burton, PLLC
     6100 Tower Circle, Suite 200
     Franklin, TN 37067
     Tel: (615) 465-6000

                  About Olympus Development Group

Olympus Development Group, LLC is the fee simple owner of three
residential properties in Nashville, Tenn., having a total current
value of $1.61 million.

Olympus Development Group sought Chapter 11 protection (Bankr. M.D.
Tenn. Case No. 21-00459) on Feb. 17, 2021.  Josephine Saffert,
manager, signed the petition.  In the petition, the Debtor
disclosed total assets of $1,665,967 and total debt of $1,685,896.
Judge Randal S. Mashburn oversees the case.  

The Debtor tapped Griffin S. Dunham, Esq., at Dunham Hildebrand,
PLLC, as its legal counsel.

William Timothy Stone is the trustee appointed in the Debtor's
Chapter 11 case.  The trustee is represented by Thompson Burton,
PLLC.


PALMCO HOMES: Seeks to Hire Van Horn Law Group as Counsel
---------------------------------------------------------
Palmco Homes II, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to employ Van Horn Law Group,
Inc. as its legal counsel.

The firm will render these services:

     a. advise the Debtor regarding its powers and duties and 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 rules of the court;

     c. prepare legal documents;

     d. protect the interest of the Debtor in all matters pending
before the court; and

     e. represent the Debtor in negotiation with its creditors in
the preparation of a Chapter 11 plan.

Van Horn Law Group will be paid at these rates:

     Chad Van Horn, Esq.     $450 per hour
     Associates              $350 per hour
     Jay Molluso             $250 per hour
     Law Clerks              $175 per hour
     Paralegals              $175 per hour

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

The retainer fee is $6,738.

Chad Van Horn, Esq., the firm's founding partner, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Chad T. Van Horn, Esq.
     Van Horn Law Group, Inc.
     330 N. Andrews Ave., Suite 450
     Fort Lauderdale, FL 33301
     Tel: (954) 765-3166
     Email: Chad@cvhlawgroup.com

                       About Palmco Homes II

Palmco Homes II, LLC sought protection from the U.S. Bankruptcy
Code for the Southern District of Florida (Bankr. S.D. Fla. Case
No. 21-12044) on March 1, 2021, listing under $1 million in both
assets and liabilities.  Van Horn Law Group, PA serves as the
Debtor's legal counsel.


PAR PETROLEUM: S&P Alters Outlook to Stable, Affirms 'B' ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on Par Petroleum LLC to
stable from negative and affirmed its 'B' issuer credit rating.

At the same time, S&P affirmed its 'B+' issue-level rating on the
company's senior secured debt. S&P's '2' recovery rating on the
secured debt remains unchanged, indicating its expectation for
substantial (70%-90%; rounded estimate: 75%) recovery in the event
of a default.

The stable outlook reflects Par's stronger liquidity, the improving
refining price environment, and the forecast for adjusted leverage
of less than 4.5x in 2022.

The outlook revision reflects the increase in Par's liquidity and
our expectation its credit metrics will return to midcycle levels
in 2022.

Par's liquidity has significantly improved in recent months. S&P
said, "The company's liquidity situation has improved significantly
since our last review. In addition to our forecast for a recovery
in its refining margins, Par's liquidity outlook has improved for
several reasons. In February, its parent company, Par Pacific
Holdings Inc., entered into a sale leaseback transaction that
netted about $59 million of cash to its balance sheet. The
transaction involved the sale of the real estate associated with 22
Hawaii gas stations locations, which netted it proceeds of roughly
$116 million. The company used some of the proceeds from the sale
to repay about $50 million of associated real estate loans and pay
related fees and expenses. We expect this transaction, following
the repayment of the real estate loans, to be leverage neutral."

In addition, Par Pacific completed a follow-on equity offering this
week, for 5 million shares at $16 per share, which further
increased its available cash by about $76 million.

S&P said, "Lastly, following a rally in Par Pacific's stock price,
which increased to $14.94 per share as of March 18, 2021, from
$6.44 per share as of the end of October 2020, we now believe there
is a reasonable chance that the company's roughly $49 million of
5.00% convertible notes will be converted to common equity instead
of being repaid in cash. The notes mature in June 2021 and have an
equity strike price of $18 per share. We assume this maturity is
paid in cash in our forecast; however, if they are converted to
common equity it would further bolster Par's liquidity position."

S&P said, "Par's refining segment is showing signs of recovery
given that its forward crack spreads have improved since our last
review. Forward crack spreads, based on Brent crude oil, have
improved by about $5 per barrel (/bbl) through 2022 since our last
review in November 2020. While Par's refineries price off of a
unique set of price points (Hawaii: 3-1-2 Singapore Crack based off
Brent crude oil; Washington: Pacific Northwest 5-2-2-1 Index based
off Alaskan North Slope crude oil; Wyoming: Wyoming 3-2-1 Index
based off West Texas Intermediate [WTI] crude oil), available data
based off Brent crude oil show a significant improvement in
expected crack spreads through 2022. While the forward data may be
somewhat noisy because of the recent refinery shutdowns along the
Gulf Coast due to cold weather in February, and although we still
expect Par's refining segment to burn cash in the first half of the
year, we now have marginally greater confidence that the company's
performance will improve in the second half of the year. Par's
refining segment had a significant negative effect on its EBITDA in
2020, though we expect this segment to contribute positive EBITDA
of $40 million-$50 million in 2021 before increasing to over $120
million in 2022."

Par's logistics and retail segments will continue to add stability
to its cash flows as the refining segment normalizes. The company
has a significant retail presence with 91 branded convenience
stores spread across the island chain of Hawaii and 33 branded
store locations in Washington and Idaho. S&P said, "Par's retail
business outperformed our expectations in 2020 due to its stronger
fuel margins despite a decline in its demand. We expect this
segment to continue to provide a bulwark against the volatility in
its refining business even if its performance dips slightly from
2020 levels. The company also owns and operates integrated
logistics assets in Hawaii, including crude and refined product
terminals, barges, and pipelines with jet fuel interconnections to
the military. We view Par's integrated refining model, which
incorporates both the midstream and retail business segments, as
positive for its credit quality because it helps offset the
inherent volatility of its refining cash flows. Collectively, we
expect these segments to contribute between $120 million-$130
million of EBITDA annually."

S&P said, "We project Par's S&P Global Ratings-adjusted leverage
will be in the mid-4x area in 2021 and about 3x in 2022. We
currently project the company's adjusted debt to EBITDA will be in
the mid-4x area as of year-end 2021. The recent improvements in
Par's liquidity have alleviated the near-term concerns related to
cash burn in its refining segment and our current forecast suggests
the company could improve its credit metrics back to midcycle
levels in 2022. That said, there is still a high degree of
uncertainty in the forecast. Given the uncertainty around the pace
of the economic reopening in Par's core markets, the rate at which
jet and vehicle travel will normalize, the coronavirus' potential
effects on long-term consumer demand for refined distillates, as
well as the inherently volatile nature of refining, the company
could end 2021 with materially different credit metrics than we
currently forecast.

"We believe Par's liquidity has materially improved and that the
company is beginning to return to midcycle credit conditions, which
is supported by our forecast for a rebound in its crack spreads.
The stable outlook reflects the company's improved liquidity
situation, our expectation that its refining margins will rebound,
and our forecast its adjusted leverage will be in the mid-4x area
in 2021.

"We could take a negative rating action on Par if the recovery in
its crack spreads slows or reverses such that we forecast its
refining segment will continue to be a drain on its cash flow.

"We could raise our ratings on Par if we believe that the current
downcycle is over and the company manages to return its credit
metrics to midcycle levels, including sustaining adjusted debt to
EBITDA of less than 4.5x."


PARK PLACE: May 12 Disclosure Statement Hearing Set
---------------------------------------------------
On March 2, 2021, the Chapter 11 Trustee filed an Amended
Disclosure Statement and Plan of Reorganization for Park Place
Properties, LLC. On March 16, 2021, Judge B. McKay Mignault ordered
that:

     * May 5, 2021, is set as the last day to file and serve, in
accordance with Bankruptcy Rule 3017(a), any written objection to
the proposed Amended Disclosure Statement.

     * May 12, 2021, at 1:30 p.m. via telephonic conference in,
Charleston, West Virginia is the hearing to consider and act upon
approval of the proposed Amended Disclosure Statement and any
timely filed objection.

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

Attorney for the Chapter 11 Trustee:

         Sarah C. Ellis
         Steptoe & Johnson PLLC
         PO Box 1588
         Charleston, West Virginia 25326
         Tel: (304) 353-8000
         E-mail: Sarah.ellis@steptoe-johnson.com

                  About Park Place Properties

Park Place Properties, LLC, a single-member LLC founded in 1997 by
John C. Spence, owns the Properties that consist of the Park Place
Apartments; the Park Place Office; and the Flower Shop.  The Flower
Shop Property located at 3208-3210 Piedmont Road, in Huntington,
West Virginia.

The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. W.Va. Case No. 19-30186) on April 30, 2019.  At
the time of the filing, the Debtor was estimated to have assets of
less than $50,000 and liabilities of less than $1 million.  Judge
Frank W. Volk oversees the case.  

Caldwell & Riffee is the Debtor's bankruptcy counsel.

Robert L. Nistendirk was appointed as the Debtor's Chapter 11
trustee.  The Trustee is represented by Steptoe & Johnson PLLC.


PARNASSUS PREPARATORY: S&P Affirms 'BB' Rating on Lease Rev Bonds
-----------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from stable and
affirmed its 'BB' rating on Ham Lake, Minn.'s series 2016A and
2016B charter school lease revenue bonds, issued for Parnassus
Preparatory School.

"The positive outlook reflects our view of the school's improved
financial performance based on audited fiscal 2020 results and
management's fiscal 2021 projections, which, in our view, could
support a higher rating in the next year," said S&P Global Ratings
credit analyst Mikayla Mahan. S&P also views the school's
enrollment growth and overall level of enrollment positively, which
could support operations and coverage at a higher rating level.

The school's total debt outstanding as of June 30, 2020 was $26.7
million, consisting of a small note payable and the series 2016
bonds. The series 2016 bonds are a general obligation of CS
Property Parnassus LLC, a building company that is a single-purpose
entity created exclusively to acquire, own, and lease facilities on
behalf of Parnassus. The bonds are secured by a first-mortgage lien
on the project property and a security interest in the lease
payments made by the school to the building company using state
lease aid. They are further secured by a gross pledge of the
school's per-pupil state aid and certain federal pass-through
payments from the state, as well as a fully funded debt service
reserve.

"We assessed Parnassus' enterprise profile as adequate,
characterized by its historically robust enrollment increases,
which we expect will moderate as the school reaches its facility
capacity; strong academics relative to the local school district
and state; and capable management team," added Ms. Mahan. S&P said,
"We assessed Parnassus' financial profile as vulnerable, based on
its highly leveraged balance sheet and debt burden, but improving
liquidity position, margins, and maximum annual debt service (MADS)
coverage, which we expect will remain around similar levels in
fiscal 2021. We believe that these combined credit factors lead to
an issue credit rating (ICR) of 'BB'."

S&P said, "We view the risks posed by COVID-19 to public health and
safety as an elevated social risk for all charter schools under our
environmental, social, and governance (ESG) factors. We believe
this is a social risk for Parnassus due to potential per-pupil
funding reductions that may occur as a result of recessionary
pressures. Despite the elevated social risk, we believe the
school's environmental and governance risk are in line with our
view of the sector as a whole."


PDG PRESTIGE: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------
The U.S. Trustee for Region 7 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of PDG Prestige Inc.
  
                      About PDG Prestige Inc.
  
PDG Prestige, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Texas Case No. 21-30107) on Feb. 15,
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.  Weycer,
Kaplan, Pulaski & Zuber, P.C. is the Debtor's legal counsel.


PNW HEALTHCARE: Gets Cash Collateral Access Thru April 17
---------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Washington
has authorized PNW Healthcare Holdings LLC and affiliates to use
cash collateral on an interim basis through April 17, 2021,
pursuant to the terms and conditions of an Eighteenth Interim Court
Order.

The Debtors asserted that they do not have sufficient available
sources of working capital and financing to operate their
businesses without the use of Cash Collateral. The ability of the
Debtors to pay employees and otherwise finance their operations is
essential for the Debtors to continue operations and to administer
and preserve the value of their bankruptcy estates.

Lenders led by MidCap Funding IV Trust, as successor-by-assignment
to MidCap Financial Trust, as agent, provided (a) certain of the
Debtors called MidCap Prepetition Non-HUD Borrowers with a secured
revolving credit facility in the maximum principal amount of
$9,000,000 (the "MidCap Prepetition Non-HUD Revolver") and a
secured term loan facility in the maximum principal amount of
$1,500,000 (the "MidCap Prepetition Non-HUD Term Loan"), and (b)
certain of the Debtors called the MidCap Prepetition HUD Borrowers
with a secured revolving credit facility in the maximum principal
amount of $8,000,000 (the "MidCap Prepetition HUD Revolver").

The MidCap Prepetition Lenders asserted that as of the Petition
Date, certain of the Debtors, as MidCap Borrowers, are jointly and
severally indebted and liable to the MidCap Prepetition Lenders
under the MidCap Prepetition Credit Documents in the principal
amount of no less than $9,157,073.98, comprised of no less than
$4,621,403.44 of principal under the MidCap Prepetition Non-HUD
Revolver, no less than $71,428.59 of principal under the MidCap
Prepetition Non-HUD Term Loan, and no less than $4,464,241.95 of
principal under the MidCap Prepetition HUD Revolver, plus interest
accrued and accruing, fees, costs and expenses due and owing
thereunder, whether charged to the MidCap Prepetition Credit
Facility prior to or after the Petition Date.

The MidCap Prepetition Lenders asserted further that, pursuant to
the MidCap Prepetition Credit Documents, in order to secure the
MidCap Prepetition Non-HUD Credit Obligations, (i) the MidCap
Prepetition Non-HUD Borrowers granted the MidCap Non-HUD Agent, for
its own benefit and the benefit of the MidCap Prepetition Non-HUD
Lenders, a lien on and security interest in the Collateral, and
(ii) the MidCap Prepetition Non-HUD Guarantors granted the MidCap
Non-HUD Agent, for its own benefit and the benefit of the MidCap
Prepetition Non-HUD Lenders, a lien on and security interest in the
Collateral.  Pursuant to the MidCap Prepetition Credit Documents,
in order to secure the MidCap Prepetition HUD Credit Obligations,
(i) the MidCap Prepetition HUD Borrowers granted the MidCap HUD
Agent, for its own benefit and the benefit of the MidCap
Prepetition HUD Lenders, a lien on and security interest in the
Collateral, and (ii) the MidCap Prepetition HUD Guarantors granted
the MidCap HUD Agent, for its own benefit and the benefit of the
MidCap Prepetition HUD Lenders, a lien on and security interest in
the Collateral.

The MidCap Prepetition Lenders contended that the MidCap
Prepetition Non-HUD Liens are first priority security interests and
liens with respect to the Working Capital Priority Collateral,
which includes, the MidCap Prepetition Collateral and Cash
Collateral that the Debtors seek to use. The MidCap Prepetition
Lenders also contended that the MidCap Prepetition HUD Liens are
first priority security interests and liens with respect to the AR
Lender Priority Collateral, which includes, for the avoidance of
doubt, the Cash Collateral that the Debtors seek to use.

Canyon Z, LLC and Canyon NH, LLC asserted that as of the Petition
Date, the Master Lease Guarantor and the applicable Master Tenants
and Subtenants are indebted and liable to the Canyon Landlords
under the Master Leases in the amount of no less than $2,197,497.21
in past due rent, plus interest, fees, costs and expenses due and
owing thereunder.  The Canyon Landlords asserted further that
pursuant to the terms of the Master Leases, each of the Master
Tenants and Subtenants granted to the Canyon Landlords a lien on
and security interest in the Collateral.

Ziegler Financing Corporation contended that as of November 30,
2019, the Debtor entities who are considered Ziegler Financed
Entities owed Ziegler, without objection, defense, counterclaim or
offset of any kind, a total amount of not less than $40,691,511.
Ziegler contended further that the Ziegler Prepetition Obligations
are secured by a lien on all or substantially all of the HUD
Debtors' assets pursuant to the Master Subtenant Security
Agreement, the Master Tenant Security Agreement, and the Operator
Security Agreements.  Pursuant to the HUD addendum to the Master
Lease and the Assignment of Lease and Rents, Ziegler said that the
Master Tenants and Subtenants assigned their interest in the leases
to Ziegler, as additional collateral for the HUD loan.  Ziegler
added that the liens are secured by an interest in those assets.

The Court's order provides that the Debtors' use of Cash Collateral
is limited to payment of the authorized expenses pursuant to the
budget and for no other purpose without the prior written consent
of MidCap or order of the Court. On the third business day of each
week following entry of the Eighteenth Interim Order, the Debtors
will deliver to MidCap, the Canyon Landlords, and Ziegler an
updated "rolling" 4-week budget for each of the MidCap Prepetition
Non-HUD Borrowers and the MidCap Prepetition HUD Borrowers that
includes a Budget Variance Report, which Budget, once approved in
writing by MidCap, in its sole discretion, will supplement and
replace the prior Budget without further notice, motion,
application to, order of, or hearing before the Court.

No Cash Collateral may be used by the Debtors to: (a) assert any
claims or causes of action of any type against MidCap or the MidCap
Prepetition Lenders, including, without limitation, any avoidance
actions under chapter 5 of the Bankruptcy Code, or any claim or
cause of action related to the MidCap Prepetition Credit Facility,
the Master Leases, or otherwise; or (b) prepare or prosecute any
adversary proceeding in which MidCap or the MidCap Prepetition
Lenders is named as a defendant.

Conditioned on the adequate protection provided to MidCap, the
Debtors' estates may accrue no more than $100,000 in professional
fees and expense during this Budget period in connection with
asserting claims or causes of action, or preparing or prosecuting
adversary proceedings, against any other party, including, without
limitation, the Canyon Landlords or Ziegler, with such accrued fees
and expenses being paid in one or more subsequent budget periods to
the extent they are allowed and payable in accordance with such
procedures approved in these cases and any subsequent cash
collateral orders.  Nothing in the Order will be deemed consent by
MidCap to (i) use of Cash Collateral beyond the Budget period, or
(ii) to Debtors incurring any additional fees and expenses related
to asserting claims or causes of action, or preparing and
prosecuting any adversary proceeding, including, without
limitation, any claims, causes of action, or adversary proceedings
against the Canyon Landlords or Ziegler, except as provided in the
Order, and all of MidCap's objections are reserved.  Likewise, the
Debtors' rights are preserved to seek permission from the Court,
with MidCap's consent or, absent such consent, after further
notice, opportunity for hearing and a showing of adequate
protection of MidCap's interests in same, to use Cash Collateral in
excess of the amounts set forth.

As adequate protection, the Court's Order granted the Prepetition
Secured Parties:

     (a) Adequate Protection Replacement Liens:  To the extent of
any Diminution in Value of the interests of (i) MidCap and the
MidCap Prepetition Lenders in the MidCap Prepetition Collateral,
(ii) the Canyon Landlords in the Landlord Prepetition Collateral,
(iii) Ziegler in the Ziegler Prepetition Collateral, and (iv) each
Additional Secured Party in the Additional Secured Party
Prepetition Collateral, (w) MidCap, for its own benefit and for the
benefit of the MidCap Prepetition Lenders, (x) the Canyon
Landlords, (y) Ziegler, and (z) each Additional Secured Party, are
granted continuing valid, binding, enforceable, non-avoidable and
automatically perfected post-petition security interests in and
liens on all property of the Debtors and their estates of the type
that was the MidCap Prepetition Collateral, the Landlord
Prepetition Collateral (as to the Canyon Landlords), the Ziegler
Prepetition Collateral (as to Ziegler), and the Additional Secured
Party Prepetition Collateral (as to each Additional Secured Party).
Other than liens, if any, granted to MidCap or the MidCap
Prepetition Lenders in connection with any debtor-in-possession
financing, the Replacement Liens will be senior to all other
security interests in, liens on, or claims against any of the
Postpetition Collateral other than the Carve-Out. Absent further
order of the Court, the Replacement Liens will not be made subject
to or pari passu with any lien or security interest by any court
order heretofore or hereafter entered in any of these Chapter 11
Cases or any Successor Case, and will be valid and enforceable
against any trustee appointed in any of these Chapter 11 Cases,
upon the conversion of any of the Chapter 11 Case to a case under
Chapter 7 of the Bankruptcy Code, or in any other proceeding
related to any of the foregoing, or upon the dismissal of any of
these Chapter 11 Cases or any Successor Case. The Replacement Liens
will not be subject to sections 510, 549, or 550 of the Bankruptcy
Code.

     (b) Adequate Protection Superpriority Claims: To the extent of
any Diminution in Value of the interests of (i) MidCap and the
MidCap Prepetition Lenders in the MidCap Prepetition Collateral,
(ii) the Canyon Landlords in the Landlord Prepetition Collateral,
and (iii) Ziegler in the Ziegler Prepetition Collateral, (x)
MidCap, for its own benefit and for the benefit of the MidCap
Prepetition Lenders, (y) the Canyon Landlords, and (z) Ziegler, are
granted allowed superpriority administrative expense claims, to the
extent provided by sections 503(b) and 507(b) of the Bankruptcy
Code, in the Chapter 11 Cases and any Successor Case. Except with
respect to the Carve-Out, the Adequate Protection Superpriority
Claims will have priority over all administrative expense claims
and unsecured claims against the Debtors or their estates, now
existing or hereafter arising, of any kind or nature whatsoever,
including, without limitation, administrative expenses of the kinds
specified in or ordered pursuant to sections 105, 326, 328, 330,
331, 365, 503(a), 503(b), 507(a), 507(b), 546(c), 546(d), 1113 and
1114 of the Bankruptcy Code.

     (c) Adequate Protection Payments and Protections: To the
extent any MidCap Prepetition Credit Obligations remain
outstanding, the Debtors are authorized and directed to provide
adequate protection payments to MidCap and the MidCap Prepetition
Lenders in the form of monthly payments in the amount of $125,000.
Such payments will be made no later than the fifth business day of
each month following entry of the Eighteenth Interim Order. MidCap
and the MidCap Prepetition Lenders reserve the right to assert a
claim for default interest or that default interest should be paid
as adequate protection, in each case retroactive to the Petition
Date. The obligation to make the foregoing payments will continue
regardless of whether such amounts appear in the Budget.

If any of the foregoing payments related to MidCap or the MidCap
Prepetition Lenders are determined by a final order of the Court
not to be authorized under sections 502 or 506 of the Bankruptcy
Code, the Court may order that such payments be characterized as
payments of principal under the MidCap Prepetition Credit
Facility.

The Carve-Out is defined as "(i) all fees required to be paid to
the Clerk of the Bankruptcy Court or to the Office of the U.S.
Trustee pursuant to 28 U.S.C. Section 1930(a)(6), together with
interest payable thereon pursuant to applicable law and any fees
payable to the Clerk of the Bankruptcy Court; and (ii)(a) up to
$50,000 of allowed and unpaid fees, expenses and disbursements of
professionals retained pursuant to sections 327 or 1103(a) of the
Bankruptcy Code by the Committee in these Chapter 11 Cases, and (b)
up to $25,000 of allowed and unpaid fees, expenses and
disbursements of professionals retained pursuant to sections 327 or
1103(a) of the Bankruptcy Code by the patient care ombudsman in
these Chapter 11 Cases, in each case incurred after issuance of a
notice from MidCap that an Event of Default has occurred (which
MidCap may issue upon an Event of Default), plus all professional
fees, expenses and disbursements allowed by this Court that were
incurred but remain unpaid prior to the issuance of a Carve-Out
Notice (regardless of when such fees, expenses and disbursements
become allowed by order of this Court).  The Carve-Out shall not be
reduced or increased by any amount of any fees, expenses and
disbursements paid prior to issuance of a Carve-Out Notice to
professionals retained by order of this Court, including amounts
paid pursuant to the Budget.  Upon the issuance of a Carve-Out
Notice, the right of the Debtor to pay any professional fees other
than the Carve-Out shall terminate."

The Court's Order enumerated these Events of Default:

     (a) if (i) any of the Chapter 11 Cases is converted to a case
under chapter 7 of the Bankruptcy Code, (ii) any of the Chapter 11
Cases is dismissed, or (iii) any Debtor shall file any pleading
requesting any such relief;

     (b) the entry of an order appointing a trustee or an examiner
with expanded powers for any of the Debtors' estates or with
respect to any of the Debtors' property;

     (c) entry of an order reversing, vacating the Eighteenth
Interim Order, or otherwise amending, supplementing, or modifying
this Seventeenth Interim Order in any material aspect adverse to
MidCap, any Canyon Landlord, or Ziegler;

     (d) the filing by the Debtors of any motion in any of the
Chapter 11 Cases to obtain financing under section 364(d) of the
Bankruptcy Code that does not result in full payoff of the MidCap
Prepetition Credit Obligations;

     (e) the Debtors breach or fail to comply with any material
term or provision of this Seventeenth Interim Order for more than
five days after the Debtors' receipt of written notice specifying
the asserted failure;

     (f) there will occur a material adverse change in the
financial condition of any Debtor, which default will have
continued unremedied for a period of 10days after written notice
from MidCap to counsel for the Debtors and any Committee specifying
the material adverse change; or

     (g) if a Variance occurs (provided that, notwithstanding the
percentages set forth in the definition of "Variance", any Variance
with respect to the payment of professional fees set forth in the
Budget shall be an Event of Default without regard to the
percentage of such Variance).

The approved Budget covers a period of four weeks, from March 27,
2021 to April 17, 2021.  The Budget provides for total Operating
Disbursements in the amount of $9,500,000 and total Non-Operating
Disbursements in the amount of $441,660.

A full-text copy of the Eighteenth Interim Order (I) Authorizing
the Debtors to Utilize Cash Collateral, (II) Granting Liens and
Superpriority Administrative Expense Status, (III) Granting
Adequate Protection, and (IV) Modifying the Automatic Stay, dated
March 19, 2021, is available for free at https://bit.ly/3tGxSEi

                About PNW Healthcare Holdings LLC

PNW Healthcare Holdings, LLC and other subsidiaries of Aldercrest
Health & Rehabilitation Center --
http://www.aldercrestskillednursing.com/-- are providers of
long-term skilled nursing care and short-term rehabilitation
solutions.  On Nov. 22, 2019, the Debtors filed Chapter 11
petitions (Bankr. W.D. Wash. Lead Case No. 19-43754) in Seattle.
At the time of filing, PNW Healthcare had estimated assets of less
than $50,000 and liabilities of between $1 million and $10
million.

Judge Mary Jo Heston oversees the cases, taking over from Judge
Christopher M. Alston.

The Debtors tapped Foley & Lardner LLP as lead bankruptcy counsel;
D. Bugbee & Scalia, PLLC as co-counsel with Foley; Getzler Henrich
& Associates LLC as financial advisor; and Omni Agent Solutions as
notice, claims and balloting agent, and as administrative advisor.

Gregory Garvin, acting U.S. trustee for Region 18, appointed
creditors to serve on the official committee of unsecured creditors
on Dec. 12, 2019.



PURDUE PHARMA: No Chapter 11 Deal Without Extending Injunction
--------------------------------------------------------------
Law360 reports that the members of the Sackler family told a New
York bankruptcy court on Tuesday, March 22, 2021, that they would
pull back a proposed $4.275 billion cash contribution to a
settlement fund if the litigation injunction granted in the Chapter
11 case of OxyContin maker Purdue Pharma isn't extended.

In a court filing, the family of Raymond Sackler -- descendants of
one of the three Sackler brothers that founded Purdue Pharma --
said that without an extension of the injunction set to expire in
April 2021 that has shielded the family from litigation since the
early days of the company's bankruptcy, they would kill any
settlement.

                      About Purdue Pharma LP

Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.

Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.

Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers.  More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.

OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.

On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation.  The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities.

U.S. Bankruptcy Judge Robert Drain oversees the cases.  

The Debtors tapped Davis Polk & Wardwell LLP and Dechert LLP as
legal counsel; PJT Partners as investment banker; AlixPartners as
financial advisor; and Prime Clerk LLC as claims agent.

Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the
official committee of unsecured creditors appointed in Debtors'
bankruptcy cases.

David M. Klauder, Esq., was appointed as fee examiner. The fee
examiner is represented by Bielli & Klauder, LLC.


PURE FISHING: S&P Alters Outlook to Stable, Affirms 'CCC+' ICR
--------------------------------------------------------------
S&P Global Ratings revised its rating outlook on Pure Fishing Inc.
to stable from negative despite very high anticipated leverage in
2021, because liquidity is adequate and EBITDA will likely cover
fixed charges under its base-case forecast.

At the same time, S&P affirmed its 'CCC+' issuer credit rating and
rating on its first-lien term loan.

S&P said, "The recovery rating on the first-lien term loan remains
'3' (50%-70%; rounded estimate 65%), but we raised our rounded
estimate from 50% following a meaningful repayment of outstanding
asset-based lending (ABL) balances, causing us to revise our
assumption that in a hypothetical default scenario the company
would no longer be 100% drawn under its ABL facility.

"The stable outlook reflects our expectation that even though Pure
Fishing's leverage could remain high in 2021, we anticipate EBITDA
will cover fixed charges and liquidity will likely be adequate in
2021, reducing a chance of a downgrade over the next 12 months.

"We believe the company has adequate liquidity and sufficient
anticipated EBITDA coverage of fixed charges, reducing the
possibility of a downgrade this year.   However, we believe the
company's leverage in 2021 will remain very high and could be
unsustainable if there is unexpected volatility in fishing
equipment demand or an inadvertent operating misstep over the next
two years. Pure Fishing used excess cash in the second half of 2020
to pay down a substantial portion of its ABL balance, and it
reduced outstanding ABL borrowings to approximately $31 million as
of December 2020. In addition, the company had approximately $42
million in cash as of Dec. 31, 2020. As a result, the company has
adequate liquidity over the next 12-24 months under our base-case
operating performance assumptions, and we believe a near-term
default is unlikely given the company's next debt maturity is 2025.
However, our 'CCC+' rating reflects a capital structure that could
become unsustainable depending upon whether, and by how much,
fishing equipment demand moderates, assuming an end to the pandemic
later this year, or if the company inadvertently encounters
operating missteps.

"The pandemic and social distancing measures increased
participation in outdoor activities like fishing, driving strong
demand for angling equipment and other outdoor products; we expect
wholesale demand to continue into the second half of 2021.   As a
result of very high demand, Pure Fishing experienced revenue growth
of 19.3% in 2020, and we believe the company was able to
significantly reduce leverage on a lease-adjusted basis from above
10x in 2019 to around 8x in 2020. It is our understanding that
retailer inventories of fishing products are currently low, and
that strong sales trends could continue through at least the first
half of 2021 as retailers rebuild very low inventory bases. Our
base-case forecast incorporates the expectation that the company
continues to experience strong demand in the first half of 2021,
but that widespread immunization to COVID-19 could moderate or
reduce consumer demand for outdoor recreational products starting
in the second half of 2021, possibly resulting in softening revenue
trends. Our current expectation is for low- to
mid-single-digit-percent revenue growth in 2021, but we assume
revenue declines approximately 10% in 2022, which would still be
more than 10% above 2019 levels. However, it is unclear to what
extent, if any, consumer demand for fishing products will decline.
If new anglers continue to participate in the sport, revenue could
be higher than our forecast for 2022. Additionally, if new anglers
continue participation in the sport following widespread
immunization, we believe they would likely purchase both higher-end
fishing equipment and consumable products like fishing line, bait,
and tackle. Such products typically generate better margin than
fishing rod kits, which made up a higher proportion of the
company's revenue in 2020 than in previous periods. The company has
undertaken several cost-savings initiatives that could help it
improve margin. However, we believe continuing COVID-19-driven
supply chain disruptions could result in elevated shipping and raw
material costs in 2021, which could potentially offset the
company's savings initiatives and result in full-year 2021 EBITDA
margin in line with 2020 levels. Our base case assumes demand will
slow down in 2022, leading to some modest decline in EBITDA margin.
Our base case also assumes the company will begin to rebuild its
depleted inventory in 2021, which will result in about $10 million
of working capital uses of cash flow. Under these assumptions, we
believe the company could end 2021 with lease-adjusted leverage in
the mid-7x area, and that if demand were to pull back in 2022,
leverage could rise above 8x. We expect Pure Fishing could also
maintain EBITDA coverage of interest expense of around 2x in 2021
and that coverage could worsen if demand were to pull back in 2022,
but could still be above 1.2x."

Pure Fishing's retailer concentration makes it vulnerable to
potential inventory corrections, and it participates in a highly
fragmented and competitive fishing equipment market.   Pure Fishing
has faced significant operating challenges over the last few years,
resulting in year-over-year revenue declines in 2017-2019. S&P
said, "We believe these revenue declines are partially a result of
retailer inventory corrections, particularly following the merger
of Bass Pro Shops and Cabela's. Additional disruptions in the
company's concentrated retailer base could result in further
volatility in the company's small revenue and cash flow bases as
inventory policy and purchasing decisions by its largest customers
can have a significant effect on the company's revenue. We believe
this revenue volatility is demonstrated by the company's
year-over-year revenue declines from 2017 to 2019, which we believe
were at least partially a result of inventory corrections at some
of its largest retailers. We also believe the company's revenue
declines could be indicative of market share loss to large
competitors such as Daiwa, Shimano, and Rapala, as we believe that
other competitors may not have seen revenue declines in the same
period."

S&P said, "The stable outlook reflects our expectation that even
though Pure Fishing's leverage could remain high in 2021, we
anticipate EBITDA will cover fixed charges and liquidity will
likely be adequate in 2021, reducing a chance of a downgrade over
the next 12 months.

"We could revise our outlook to negative or lower our ratings on
Pure Fishing if we believed revenue, EBITDA, and cash flow could
underperform our base case and result in it drawing significantly
on its ABL facility or we believed a default or restructuring could
become likely over the next 12 months.

"We could revise our rating outlook to positive or raise our
ratings on Pure Fishing if we became confident the company could
sustain a level of revenue and EBITDA or reduce its debt in a
manner that could result in lease-adjusted debt to EBITDA below
7x."



RAEISI GROUP: Cal. Appeals Court Revives Lawsuit Over Liars Loans
-----------------------------------------------------------------
A three-judge panel of the Court of Appeals of California, Second
District, Division Seven, has revived Raeisi Group, Inc.'s lawsuit
against certain lenders.

Raeisi Group had taken an appeal from a judgment of dismissal
entered after a trial court sustained without leave to amend
demurrers to Raeisi's first amended complaint filed by Defendants
Velocity Commercial Capital, U.S. Bank National Association as
trustee for Velocity Commercial Capital Loan Trust 2014-1, and
Ocwen Loan Servicing.  Raeisi also took an appeal from the trial
court's order granting the court's motion for judgment on the
pleadings and motion to strike the first amended complaint against
defendants Assured Lender Services and Erik Hovsepian.

Raeisi argued its first amended complaint alleges sufficient facts
to state causes of action for cancellation of instruments, quiet
title, declaratory relief, and unjust enrichment. Raeisi also
argued the trial court should not have granted its own motion for
judgment on the pleadings and motion to strike the first amended
complaint against Assured, which had not appeared in the action,
and Hovsepian, who was in bankruptcy.

In August 2011 Elyas Raeisi-Nafchi formed Raeisi. Raeisi-Nafchi was
Raeisi's president, sole director, and sole shareholder.
Raeisi-Nafchi appointed Hovsepian as Raeisi's chief financial
officer.

In August 2012 Hovsepian purchased a property in Covina,
California, on Raeisi's behalf. In October 2012, $750,000 was
withdrawn from Raeisi's bank accounts to pay for the property. The
purchase closed on October 12, 2012; title to the Covina property
was recorded in Raeisi's name. Raeisi-Nafchi did not learn about
the purchase of the property until November 2012.

In September 2013, without Raeisi's or Raeisi-Nafchi's knowledge or
permission, Hovsepian transferred title to the property from Raeisi
to himself. Raeisi contends Hovsepian "was not and never was" a
Raeisi owner or shareholder. Raeisi did not receive any benefit or
consideration for the transfer of the Covina property from Raeisi
to Hovsepian.

In April 2014, without Raeisi's or Raeisi-Nafchi's knowledge or
permission, Hovsepian obtained a $656,250 loan from Velocity
secured by the Covina property. Velocity did not verify before
making the 2014 Velocity loan that Raeisi had approved the title
transfer from Raeisi to Hovsepian. Without Raeisi's knowledge or
approval, a deed of trust in Velocity's favor was recorded against
the Covina property. Hovsepian used the 2014 Velocity loan proceeds
for his personal benefit and that of third parties.

Raeisi discovered in September 2014 that Hovsepian had transferred
the Covina property title to himself. At an unidentified time in
2014 or 2015, Raeisi-Nafchi learned about the loan Hovsepian had
obtained against the property.  Raeisi-Nafchi demanded Hovsepian
transfer title back to Raeisi and provide an accounting of the loan
funds; Hovsepian refused. Raeisi terminated Hovsepian on November
3, 2015.

Shortly after terminating Hovsepian, Raeisi sued him in Los Angeles
County Superior Court. Raeisi alleged causes of action for breach
of fiduciary duty, fraud, conversion, and quiet title. The case
culminated in a bench trial from June 19 through June 23, 2017.
During the trial, Hovsepian agreed to return title to the Covina
property to Raeisi. Hovsepian executed a grant deed for the
property in Raeisi's favor on June 22, 2017. On June 23, 2017, the
court issued a minute order finding in Raeisi's favor on the
remaining trial issues, followed by a statement of decision and
judgment in Raeisi's favor in September 2017.

Unbeknownst to Raeisi, Hovsepian had stopped making payments on the
2014 Velocity loan in April 2017. Raeisi also did not know that
Hovsepian had received delinquency notices for the 2014 Velocity
loan before Hovsepian signed the 2017 grant deed.

In July 2017, Velocity recorded and served a notice of default on
the 2014 Velocity loan. Velocity also recorded and served a
substitution of trustee appointing Assured as trustee for the
foreclosure and sale of the Covina property.

In August 2017, Raeisi demanded that Hovsepian comply with his
Velocity loan obligations; Hovsepian did not. Raeisi notified
Velocity that it had prevailed in its lawsuit against Hovsepian,
and asked Velocity to withdraw the notice of default or otherwise
agree to a forbearance of the foreclosure process. Velocity
responded that it intended to foreclose on the Covina property, and
that "Velocity wanted its money and was not willing to wait."

In October 2017, Assured, on Velocity's behalf and at its
direction, recorded and served a notice of trustee's sale of the
Covina property. The sale was scheduled for November 20, 2017.

On November 13, 2017, Raeisi sued Velocity, U.S. Bank, Ocwen,
Assured, and Hovsepian, alleging causes of action for cancellation
of instruments, quiet title, declaratory relief, and unjust
enrichment against the lender defendants and Assured. Raeisi sued
Hovsepian for fraud and negligent misrepresentation.  Raeisi
alleges it could not join the lender defendants in its prior case
because Hovsepian did not sign the 2017 grant deed until after the
trial in the earlier case had started. By that time, the court had
required Raeisi to dismiss the Doe defendants in that case and
would not have permitted Raeisi to add new parties. Raeisi also
alleges that before Hovsepian executed the 2017 grant deed, Raeisi
lacked standing to sue the lender defendants.

The trial court later issued a preliminary injunction preventing
the lender defendants from foreclosing on the Covina property
pending the resolution of Raeisi's lawsuit. The court also found
Raeisi did not have an adequate legal remedy because real property
was at issue, and that the balance of harms favored issuance of a
preliminary injunction because a foreclosure would moot Raeisi's
claims. The court required Raeisi to post a $236,500 bond as a
condition for issuance of the preliminary injunction.

Raeisi filed for Chapter 11 bankruptcy protection on February 28,
2018, and did not post the injunction bond. Raeisi and the lender
defendants stipulated to relief from the bankruptcy stay to allow
this action to proceed to judgment.

Velocity and U.S. Bank filed demurrers to Raeisi's complaint, which
the trial court sustained with leave to amend. The court ruled that
Velocity "holds no interest in the note or in the document which
[Raeisi] seeks to cancel and has no ability to enforce any rights
set forth therein." The court found that Raeisi "was not damaged"
by the 2014 Velocity loan or the 2014 Velocity deed of trust
because the Velocity loan proceeds "all went to [Raeisi] and were
to its benefit, which means that [Raeisi] is now seeking to leave
Hovsepian liable for the $600,000 remaining balance on the note
given for the loan while keeping the benefits of those funds and
stripping [Velocity] and its successor of any security by which it
[sic] might hope to recoup what it paid out, now in 'plaintiff's
pocket.'"

The trial court also ruled that equitable estoppel and laches
barred Raeisi's causes of action against Velocity and U.S. Bank
because Raeisi did not sue them in its prior lawsuit. The court
further concluded that collateral estoppel barred Raeisi's causes
of action because "another court has already adjudicated . . . that
although Hovsepian did act improperly in connection with the Covina
loan or loans in issue, [Raeisi] was not damaged thereby." The
court stated that "[i]t is clear" the prior court did not award
Raeisi damages "to compensate [Raeisi] for hundreds of thousands of
dollars['] worth of 'wrongful loans' taken out by [Hovsepian]," and
that therefore "the 'bank/lender defendants' in this case cannot be
the subject of any finding or decision that would hold them
[liable] for any damages or to eliminate the loans and [deeds of
trust] in issue based upon any acts by Hovsepian as a co-joint
tortfeasor when the prior court did not see fit to find any huge
damage incurred by [Raeisi] in this regard . . . ."

The trial court found that Velocity and U.S. Bank "owed no duty" to
investigate Hovsepian's conduct, and that Velocity "and any
successor note holder or [trust deed] defendant was a mere lender
entitled to a bona fide 'purchaser without notice' status and the
protections provided to it as a matter of law in the absence of any
facts pled by plaintiff . . . that the defendants in this case
actually knew or were 'on notice' of any Hovsepian defalcation."

The court ruled that an unspecified statute of limitations had "run
on [Raeisi's] 'negligence' claims and/or causes of action," and
that "a two-year statute of limitations ha[d] also run" on Raeisi's
unjust enrichment cause of action. The court further ruled that
Raeisi could not allege facts sufficient to state an unjust
enrichment cause of action because "the defendants . . . hav[e]
without dispute . . . provided substantial funds in return for . .
. the security interests . . . [Velocity] was given."

The trial court granted Raeisi leave to amend "despite the court's
view that it seems impossible, not only improbable, that [Raeisi]
can amend to add any allegations supported by statute or case law
which would save its Complaint."

Raeisi filed a verified first amended complaint alleging the same
causes of action against the lender defendants, Assured, and
Hovsepian. Raeisi expressly disclaimed any negligence claims
against the lender defendants and Assured.  Raeisi also added
allegations that Velocity had a "continuing pattern and practice of
making so-called liars loans" without performing due diligence,
including making loans to borrowers "whose title to the property
used to secure the loans was fraudulent and deficient." Raeisi
alleged that Velocity "issued a 'liar's loan' to Hovsepian with the
actual and/or constructive knowledge that Hovsepian was unqualified
and had acquired title to the Covina Property wrongfully and
fraudulently, [and] thereby aided and abetted in Hovsepian's fraud
upon [Raeisi]." Raeisi also alleged that because Velocity made its
loan to Hovsepian with knowledge of Hovsepian's fraud, "Velocity
was not and has never been, a bona fide encumbrancer" of the Covina
property.

Velocity, U.S. Bank, and Ocwen filed demurrers to the first amended
complaint. On September 1, 2018, the day before the hearing on the
demurrers, Hovsepian filed for Chapter 13 bankruptcy protection.
The following day, the trial court issued an order staying the case
against Hovsepian because of his bankruptcy filing, and sustaining
Velocity, U.S. Bank, and Ocwen's demurrers to the first amended
complaint without leave to amend. The court sustained the demurrers
"on all of the grounds, cases and arguments set forth in the
Defendants' demurring and reply papers plus those points made by
the court in its ruling of July 12, 2018" sustaining the lender
defendants' demurrers to Raeisi's original complaint. The trial
court entered a judgment of dismissal in favor of Velocity, U.S.
Bank, and Ocwen on September 28, 2018.

In its order sustaining Velocity's and U.S. Bank's demurrers to
Raeisi's original complaint, the trial court set on its own motion
a hearing on "a Code of Civil Procedure . . . 438 Motion to
Dismiss" the case as to the remaining defendants "for a failure to
state a cause of Action [sic] under C.C.P. 438 on all of the same
grounds as are set forth herein and in the demurring papers
incorporated herein." The court scheduled the hearing on its motion
for October 3, 2018.

Raeisi opposed the court's motion, arguing that its first amended
complaint rendered the court's motion moot. The court subsequently
issued another notice of its "own motions to strike and/or for a
judgment on the pleadings" against "all remaining defendants" in
the first amended complaint. The court's notice stated its
"tentative view and concern" that Raeisi's first amended complaint
"is a sham pleading which is frivolous and . . . possibly, the sole
purpose of the complaint . . . is to hinder and delay the
defendants (other than defendant Hovsepian) from executing their
very clear right to proceed with a foreclosure action" on the
Covina property. The court also stated that because it had
dismissed Raeisi's causes of action against the lender defendants,
Raeisi could not maintain any cause of action against Assured, and
the defendants were "free to proceed with their foreclosure
action."

Raeisi opposed the court's motions but on November 9, 2018, the
court granted its motions, having "concluded that the Plaintiff has
failed to state a viable cause of action against anyone in this
case." With respect to Hovsepian, the court ruled that "bankruptcy
law does not prohibit the ordering of a dismissal or similar ruling
with regard to a state court action against a Defendant during the
pendency of that party's bankruptcy."

The Appeals Court held that:

     -- The trial court erred in sustaining the lender defendants'
demurrers to Raeisi's cancellation of instruments cause of action;

     -- The trial court erred in sustaining the lender defendants'
demurrers to Raeisi's quiet title cause of action;

     -- The trial court erred in sustaining the lender defendants'
demurrers to Raeisi's declaratory relief cause of action;

     -- The trial court did not err in sustaining the lender
defendants' demurrers to Raeisi's unjust enrichment cause of action
without leave to amend;

     -- None of the lender defendants' fact-intensive arguments
provides a proper basis to sustain the demurrers to the
cancellation of instruments, quiet title, and declaratory relief
causes of action;

    -- The trial court lacked jurisdiction to dismiss the first
amended complaint against Hovsepian.

The Appeals Court ruled that the judgment dismissing Raeisi's
causes of action against the lender defendants for cancellation of
instruments, quiet title, declaratory relief, and unjust enrichment
is reversed. The trial court is directed to vacate its order
sustaining the lender defendants' demurrers, and to enter a new
order sustaining without leave to amend the lender defendants'
demurrers to Raeisi's unjust enrichment cause of action and
otherwise overruling the demurrers, and ordering the lender
defendants to answer the first amended complaint.

The trial court's order granting its motion for judgment on the
pleadings and motion to strike Raeisi's causes of action against
Assured and the Doe defendants for cancellation of instruments,
quiet title, declaratory relief, and unjust enrichment is also
reversed. The trial court is directed to vacate its order granting
its motion for judgment on the pleadings and motion to strike
against Assured and the Doe defendants, and to enter a new order
granting its motion for judgment on the pleadings on Raeisi's
unjust enrichment cause of action against Assured and the Doe
defendants without leave to amend and otherwise denying the motion
for judgment on the pleadings and motion to strike, and ordering
Raeisi to serve Assured within 60 days of the trial court's order.

The trial court's order granting its motion for judgment on the
pleadings and motion to strike the first amended complaint against
Hovsepian is set aside as void.

A copy of the March 22 decision is available at
https://bit.ly/3tO6aWb from Leagle.com.

The panel consisted of Presiding Justice Dennis M. Perluss,
Associate Justice Gail Ruderman Feuer and Judge Melissa R.
McCormick of the Orange County Superior Court.  Judge McCormick
penned the decision.

The case is RAEISI GROUP, INC., Plaintiff and Appellant v. VELOCITY
COMMERCIAL CAPITAL, et al., Defendants and Respondents, No. B293744
(Cal. App.).

Law Offices of Lee E. Burrows and Lee E. Burrows represent Raeisi
Group.

The Defendants are represented by:

     William D. Coffee, Esq.
     Attlesey Storm, Esq.
     John P. Ward, Esq.
     McGlinchey Stafford, Esq.
     Dhruv M. Sharma, Esq.
     SONGSTAD RANDALL COFFEE & HUMPHREY
     3200 Park Center Dr #950
     Costa Mesa, CA 92626
     Tel: (949) 757-1600

                      About Raeisi Group

Raeisi Group, Inc., is a privately held company that owns a real
property located at 20714 E. Convina Hills Road, Covina, CA 91724
valued by the Company at $1.60 million.  The Company is a small
business Debtor as defined in 11 U.S.C. Section 101(51D).  Raeisi
Group is based in Glendale, California and was established on Aug.
12, 2011.

Raeisi Group filed a Chapter 11 petition (Bankr. C.D. Cal. Case No.
18-12224) on Feb. 28, 2018.  In the petition signed by Bahram
Dadvar, secretary, the Debtor disclosed $2.04 million in total
assets and $684,885 in total liabilities.  Judge Robert N. Kwan was
the case judge.  Christopher P. Walker, Esq. at the Law Office of
Christopher P. Walker, P.C., served as the Debtor's counsel.

A bankruptcy-exit plan was confirmed May 10, 2019.



RAILYARD COMPANY: 10th Cir. Nixes Challenge to Santa Fe Accord
--------------------------------------------------------------
The United States Court of Appeals for the Tenth Circuit tossed an
appeal lodged by former managers of Railyard Company, LLC, over the
company's settlement with the City of Santa Fe, New Mexico.

Appellants Rick Jaramillo and Steven Duran are members and managers
of, and equity investors in, Railyard. Proceeding pro se, they took
an appeal from the district court's decision affirming the
bankruptcy court's orders (1) approving a settlement with the City
of Santa Fe and striking their objections to the proposed
settlement for lack of standing; and (2) denying their motion
seeking recusal of the bankruptcy court judge.  Appellee Craig
Dill, the Chapter 7 Trustee, argues that the Appellants lack
standing and the appeal is constitutionally and equitably moot.

The Tenth Circuit agrees that the appeal is constitutionally moot.
Accordingly, the Tenth Circuit dismissed the appeal for lack of
jurisdiction; it did not address the other alleged bases for
dismissal.

Railyard was formed to construct and operate a large, multi-unit
building at an abandoned rail station near downtown Santa Fe.
Called Market Station, the property is built on land owned by the
City and leased or subleased to Railyard. Railyard's income came
from leasing space in the building. Shortly after Railyard closed
on a substantial bridge loan to refinance existing debt encumbering
Market Station, a significant tenant filed for bankruptcy and moved
out of Market Station. Railyard defaulted on the loan and the
parties to the loan became embroiled in litigation. Railyard was
also involved in litigation with several of its tenants and the
City. It ultimately filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code. The bankruptcy court converted
the case to Chapter 7 and appointed the Chapter 7 Trustee.

Jaramillo and Duran moved to recuse the bankruptcy court judge on
the ground that his former law partner was an attorney for the
Trustee and gave legal advice to Jaramillo and Duran as members of
Railyard concerning claims against the City. The bankruptcy court
denied the motion.

Jaramillo and Duran objected to the Trustee's motion to approve a
settlement with the City, alleging that litigation is pending in
New Mexico state court against Railyard and its members, and the
automatic bankruptcy stay in that case has deprived Appellants of
an opportunity to pursue counterclaims against the City and others.
The Trustee moved to strike the objection, arguing Jaramillo and
Duran lacked standing to object to the settlement because they did
not have a pecuniary interest in the outcome of the motion given
that their only interest was as members of the Debtor and there
were insufficient funds to pay the allowed unsecured claims let
alone any to revert to the Debtor. The bankruptcy court agreed and
struck the objection for lack of standing and, in a separate order,
approved the settlement.

Jaramillo and Duran did not challenge the bankruptcy court's
finding that there were insufficient funds in the Estate to pay all
unsecured creditors in full. They instead maintained on appeal they
sought to make a claim against the Estate not as investors but as
creditors based on a state court judgment against them in their
individual capacities. However, they did not timely file a claim
against the Estate, cited no record evidence supporting their claim
to be creditors, and provided no legal support for their theory
that a state court judgment against them in their individual
capacities as Railyard's managers and investors gave them a valid
claim against the company.

A magistrate judge found the record supported the bankruptcy
court's factual finding of insolvency. And because Jaramillo and
Duran failed to provide factual or legal support for their
assertion that they were creditors with a valid claim against the
Debtor, the magistrate judge concluded they waived that argument.
Consequently, the magistrate judge recommended affirming both the
standing order and the order approving the settlement. The
magistrate judge also concluded Jaramillo and Duran lacked standing
to appeal the order denying recusal and that even if they had
standing to appeal it, the order was unreviewable because they
presented an insufficient record to the reviewing court -- they did
not ensure that the appellate record included the bankruptcy
judge's order explaining his reasons for denying the motion.

Jaramillo and Duran balked at the magistrate judge's
recommendations but again failed to cite any authority supporting
their theory that they were Railyard's creditors. The district
court overruled the objections, adopted the magistrate judge's
recommendations, and affirmed the bankruptcy court's orders. It
later entered a separate judgment.

Jaramillo and Duran timely appealed to the Tenth Circuit, but they
did not seek a stay of the order approving the settlement with the
City. Accordingly, the Trustee carried out the settlement agreement
and received the settlement proceeds from the City into the Estate.
Shortly after the appeal was filed, the Trustee filed his Final
Report in the bankruptcy court. Jaramillo and Duran also did not
object to the Final Report, nor did anyone else. The bankruptcy
court approved the Final Report and authorized the Trustee to
distribute the funds in the Estate, including the settlement
proceeds, pursuant to the Final Report. Jaramillo and Duran also
did not seek a stay of that order, and the Trustee has since paid
all creditors entitled to receive a distribution. The Estate has
been fully administered and does not have any remaining funds or
assets to distribute. Soon thereafter, the bankruptcy court entered
the Final Decree and closed the case.

Circuit Judge Allison H. Eid, who penned the opinion, says the
bankruptcy case is closed, and it does not appear there is any form
of meaningful relief -- monetary or equitable -- the court could
order if Jaramillo and Duran were to prevail on appeal. Based on
the issues they raised, prevailing on appeal means reversal of the
orders denying recusal and striking Jaramillo and Duran's objection
to the proposed settlement with the City. But the Trustee has
consummated the settlement agreement, liquidated all of the
Debtor's assets, and distributed all funds of the Estate, including
the proceeds of the objected-to settlement. The Estate has thus
been fully administered and the bankruptcy case has been closed.

The appellate case is, Rick Jaramillo; Steven Duran, Appellants, v.
Craig Dill, Chapter 7 Trustee, Appellee (10th Cir.).

A copy of the Tenth Circuit's March 22, 2021 Order and Judgment is
available at https://bit.ly/3lIE8c1 from Leagle.com.

                   About Railyard Company

Railyard Company, LLC, owned and developed the two-story Market
Station that houses the REI sporting goods store and other tenants.
It filed a Chapter 11 petition (Bankr. D.N.M. Case No. 15-12386)
on Sept. 4, 2015.  The petition was signed by Richard Jaramillo as
managing member.  The Debtor was represented by William F. Davis,
Esq., at William F. Davis & Associates, P.C., as counsel.
According to the Chapter 11 petition, the Debtor had about $11.2
million in debts and $13.8 million in assets.

Craig Dill was appointed as Chapter 11 Trustee for Railyard
Company, LLC.

The case was later converted to Chapter 7 and Dill was named
Chapter 7 Trustee.  He hired Walker & Associates PC as counsel.



RAM DISTRIBUTION: Fine-Tunes Plan; Reichmann to Contribute $10K
---------------------------------------------------------------
Ram Distribution Group LLC, d/b/a Tal Depot, submitted the Second
Amended Disclosure Statement in connection with its Chapter 11 Plan
on March 18, 2021.

The Second Amended Disclosure Statement discusses the move of the
Debtor to pay out approximately $289,393.55 in claims within thirty
days of the Effective Date of the Plan. As per the Debtor's
February 2021, monthly operating report, the Debtor had
approximately $74,023.51 in cash on hand in its DIP Account.

Further, Debtor's counsel is currently holding $238,051.01 as funds
recovered from Avoidance Actions. Debtor's counsel also has an
additional $25,000 being held in its escrow account pending court
approval of the Debtor's settlement with U.S. Underwriter Insurance
for a grand total of $263,051.15 being held by counsel. The
Debtor's principal will also be contributing $10,000 of new capital
from personal funds. From all of these sources together the Debtor
will have sufficient funds to pay out all of the claims that the
Plan provides to be paid within thirty days of the Effective Date.

Class 4 consists of all Allowed General Unsecured Claims of
Creditors in amounts less than $3,500. This class consists of 10
creditors as outlined in the Plan. Each creditor shall receive 1%
of their claim for a total of $1,830.77. These sums shall be paid
in cash from the Debtor's DIP Account. Each claim shall be paid in
one lump sum within thirty days of the Effective Date.

Class 6 consists of all Interest Holders of the Debtor. In exchange
for contributing new capital of $10,000, all Interest holders of
the Debtor shall retain their Interests in the Reorganized Debtor.
The Interest Holders shall not receive any distributions on account
of such Interests.

The funds necessary for the implementation of the Plan shall be
utilized from the revenue generated by the Debtor from its business
operations during the course of this Chapter 11 Case; from the
Debtor's Monthly Net Income over a ten-year period; the recoveries,
if any, from the Preference Actions; the recoveries, if any from
the Special Counsel Litigation, and from a capital contribution by
Jeremy Reichmann of $10,000.00.

A full-text copy of the Second Amended Disclosure Statement dated
March 18, 2021, is available at https://bit.ly/2QAMhUp from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     SHIRYAK, BOWMAN, ANDERSON, GILL & KADOCHNIKOV, LLP
     Btzalel Hirschhorn, Esq.
     8002 Kew Gardens, Suite 600
     Kew Gardens, NY 11415
     Tel: (718) 263-6800
     Fax: (718) 520-9401
     Email: Bhirschhorn@sbagk.com

                 About Ram Distribution Group

Tal Depot owns and operates an e-commerce website at
https://taldepot.com/ that sells snacks, drinks, groceries,
wellness, and home goods products.

Ram Distribution Group, LLC, d/b/a Tal Depot, filed for Chapter 11
bankruptcy protection (Bankr. E.D.N.Y. Case No. 19-72701) on April
12, 2019.  In the petition signed by CEO Jeremy J. Reichmann, the
Debtor was estimated to have  $100,000 to $500,000 in assets and
$10 million to $50 million in and liabilities.  

Btzalel Hirschhorn, Esq., at Shiryak, Bowman, Anderson, Gill &
Kadochnikov LLP is the Debtor's counsel.  Analytic Financial Group,
LLC, d/b/a Corporate Matters, serves as financial advisors to the
Debtor.


ROB'S TOWER: Seeks Cash Collateral Access Thru May 17
-----------------------------------------------------
Rob's Tower Motors Sales & Service of Taneytown, LLC asks the U.S.
Bankruptcy Court for the District of Maryland for authority to use
cash collateral on an interim basis and provide adequate protection
to creditors through May 17, 2021.

The Debtor seeks the interim use of Cash Collateral to meet its
ordinary and necessary overhead expenses, including but not limited
to taxes, insurance, utilities, payroll, routine payments to
vendors and suppliers, and payments (upon the sale of a used
vehicle) to the floor-plan creditors. The Debtor desires to
maintain and preserve the value of its assets for the benefit of
its estate and creditors.

The Debtor's 2020 financial statements are presently being
prepared. In calendar year 2019, the Debtor had annual gross
revenue of $781,895.00 and an ordinary business loss of $16,264.
Gross revenue and profitability was negatively impacted throughout
2020 by the COVID-19 pandemic, causing the Debtor to seek outside
financing sources which it is now unable to repay in full
(excepting floor-planned used vehicles).

On July 7, 2019, Vehicle Acceptance Corporation filed a UCC-1
Financing Statement with the Maryland State Department of
Assessments and Taxation encumbering the Debtor's assets, including
Cash Collateral. VAC is presently owed $40,000.

On July 14, 2020, Westlake Flooring Company, LLC filed a UCC-1
Financing Statement with SDAT encumbering the Debtor's assets,
including Cash Collateral. Westlake is presently owed $50,000.

On June 16, 2020, U.S. Small Business Administration filed a UCC-1
Financing Statement with SDAT encumbering the Debtor's assets,
including Cash Collateral. SDAT lent the Debtor $150,000 under the
pandemic EIDL Loan Program.

On August 31, 2020, Auction Credit Enterprises LLC filed a UCC-1
Financing Statement with SDAT encumbering the Debtor's assets,
including Cash Collateral. ACE is presently owed $60,000.

A search of the Financing Statement records at SDAT do not show any
filings for other active creditors of the Debtor.

By priority of filing dates at SDAT, VAC is in first lien position
as to the Debtor's assets, including Cash Collateral; Westlake is
in second lien position; SBA is in third lien position; and ACE is
in fourth lien position.

There are two creditors with judgments against the Debtor,
Bizfund.com and Sprout Funding.

The Debtor asserts that payments to VAC, Westlake, and ACE will
continue post-petition. SBA has no present repayment requirement.

The Debtor is preparing a 6-month operating budget of expected
income and expenses. The budget will provide for expenditures to
fund the Debtor's necessary and essential day-to-day operations,
which will primarily be the continued costs of operation of selling
used vehicles. The Debtor will anticipate budget losses during the
first and second postpetition months; however, the Debtor
reasonably believes that due to a nationwide shortage of new
vehicle inventory, the sale price for used vehicles may increase by
a much as 40% through late spring and into the fall. The
anticipated increase in per unit sales as well as pent-up consumer
demand post COVID-19 bodes well for the Debtor's longer term
viability and ability to successfully reorganize.

A copy of the motion is available for free at
https://bit.ly/3r2GX8E from PacerMonitor.com

                     About Rob's Tower Motors

Rob's Tower Motors Sales & Service of Taneytown, LLC sells used
motor vehicles and provides repair services related to the sale of
the vehicles. Its assets consist primarily of cash, inventory, and
machinery & equipment. It finances its inventory by floor-plan
financing provided by three financing companies.

Rob's operates from a leased facility at 529 E. Baltimore Street,
Taneytown, MD 21787. The property is leased from an unrelated
third-party landlord.

Rob's sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Md. Case No. 21-11670) on March 17, 2021. In the
petition signed by Robert J. Freels, Jr., member, the Debtor
disclosed up to $50,000 in assets and up to $1 million in
liabilities.

The Debtor is owned by its members, Robert J. Freels, Jr. (50%) and
Catherine G. Freels (50%). Primarily due to a significant judgment
being entered against them as guarantors under the Debtor's loan
with Dallas Growth Capital and Funding LLC, d/b/a Sprout Funding,
Mr. and Mrs. Freels filed a Chapter 13 bankruptcy case on March 16,
2021.

Edward M. Miller, Esq. at Miller & Miller, LLP is Rob's counsel.



ROMANS HOUSE: Gets Cash Collateral Access on Interim Basis
----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas, Fort
Worth Division, has authorized Romans House, LLC and Healthcore
System Management, LLC to use cash collateral on an interim basis
in accordance with the budget, with a 10% variance.

The Debtors' right to use Cash Collateral under the Interim Order
will expire on the earlier of: (a) the entry of a subsequent
interim cash collateral order; (b) the entry of a Final Order.

The Interim Order acknowledges that secured creditors assert they
are secured in substantially all of the respective Debtors'
personal property and the proceeds thereof.  The secured creditors
include Pender Capital Asset Based Lending Fund, LP.

As adequate protection of the interest of Romans' Secured
Creditors, if any, in the Cash Collateral pursuant to sections 361
and 363(e) of the Bankruptcy Code to the extent of any diminution
in value from the use of the Collateral the Court grants Romans'
Secured Creditors a replacement security lien on and replacement
liens on all of Romans' personal property, whether the property was
acquired before or after the Petition Date.

The Romans Replacement Liens are equal to the aggregate diminution
in value of the respective Collateral, if any, that occurs from and
after the Petition Date.  The Romans Replacement Liens will be of
the same validity and priority as the liens of Romans Secured
Creditors on the respective prepetition Collateral.

As additional adequate protection for Romans' use of cash
collateral, Pender is granted these protections:  

     a. Adequate Protection Partial Payment: Romans was scheduled
to pay Pender $5,000 on or before March 11, 2021.

     b. Financial Reporting: Romans will continue to provide
financial reporting to Pender in the same manner as was provided
prior to the Petition Date.

     c. Bank Accounts. Romans will maintain its DIP Account(s) in
accordance with the orders of the Court applicable thereto as well
as the regulations of the Office of the United States Trustee.

As adequate protection of Healthcore' Secured Creditors' interest,
if any, in the Cash Collateral, the Healthcore Secured Creditors
are granted replacement security liens on and replacement liens on
all of Healthcore's personal property, whether such property was
acquired before or after the Petition Date.

The Healthcore Replacement Liens will be equal to the aggregate
diminution in value of the respective Collateral, if any, that
occurs from and after the Petition Date.  The Healthcore
Replacement Liens will be of the same validity and priority as the
liens of Healthcore Secured Creditors on the respective prepetition
Collateral.

Healthcore was scheduled to pay Pender $5,000 on or before March
11, 2021 for rent as a holdover tenant.

The Replacement Liens are subject and subordinate to: (a)
professional fees and expenses of the attorneys, financial advisors
and other professionals retained by any creditors committee if and
when one is appointed; (b) any and all fees and expenses incurred
by a patient care ombudsman if and when one is appointed; and (c)
any and all fees payable to the U.S. Trustee pursuant to 28 U.S.C.
Sec. 1930(a)(6) and the Clerk of the Bankruptcy Court.

A copy of the Interim Order is available for free at
https://bit.ly/3cdsPoS from PacerMonitor.com.

                        About Romans House

Based in Fort Worth, Texas, Romans House, LLC operates Tandy
Village Assisted Living, a continuing care retirement community and
assisted living facility for the elderly in Fort Worth, Texas.
Affiliate Healthcore System Management, LLC, operates Vincent
Victoria Village Assisted Living, also an assisted living facility
for the elderly.

Romans House, LLC, and Healthcore System sought Chapter 11
protection (Bankr. N.D. of Tex. Case No. 19-45023 and 19-45024) on
Dec. 9, 2019. Romans House was estimated to have $1 million to $10
million in assets and liabilities while Healthcore was estimated to
have $1 million to $10 million in assets and $10 million to $50
million in liabilities.

The Hon. Edward L. Morris is the case judge.

Demarco Mitchell, PLLC, is the Debtors' legal counsel.  Levene,
Neale, Bender, Yoo & Brill L.L.P., serves as their co-bankruptcy
counsel.

Pender Capital Asset Based Lending Fund I, LP, has filed a
Disclosure Statement and Plan of Reorganization for Romans House,
LLC, dated March 1, 2021.  Pender is represented in the case by:

     Michael J. Barrie, Esq.
     Gregory Werkheiser, Esq.
     Kevin M. Capuzzi, Esq.
     BENESCH, FRIEDLANDER, COPLAN & ARONOFF LLP
     1313 North Market Street, Suite 1201
     Wilmington, DE 19801
     Telephone: (302) 442-7010
     Facsimile: (302) 442-7012
     E-mail: kcapuzzi@beneschlaw.com

          - and -

     Frances A. Smith, Esq.
     ROSS AND SMITH, P.C.
     Plaza of the Americas
     700 N. Pearl Street, Suite 1610
     Dallas, TX 75201
     Telephone: (214) 377-7879
     Facsimile: (214) 377-9409
     E-mail: frances.smith@judithwross.com



RYAN SPECIALTY: S&P Places 'B' ICR on CreditWatch Positive
----------------------------------------------------------
S&P Global Ratings placed its 'B' issuer credit and issue ratings
on wholesale broker and managing general agent Ryan Specialty Group
LLC (RSG) on CreditWatch with positive implications. At the same
time, S&P maintained its recovery rating of '3' on its $1.95
billion first-lien credit facility ($300 million revolver due 2025
and $1.65 billion term loan due 2027), reflecting our expectation
of meaningful recovery (50%).

On March 16, RSG announced that it has filed a confidential S-1
with the SEC, indicating the potential for an IPO later this year.
S&P said, "As a result, we expect that a mandatory redemption event
would be triggered for the preferred units--which we currently
treat as debt--that could improve financial leverage for the
company per our calculations. If the IPO is successful, we think
the preferred units would be replaced with common units, improving
S&P adjusted financial leverage by at least one turn based on the
2020 differential of financial leverage including and excluding the
preferred units."

RSG's underlying performance for 2020 was strong despite
challenging macroeconomic conditions. RSG achieved over 20% organic
growth, expanded EBITDA to almost $350 million, closed its largest
acquisition (All Risks), which bolstered its presence in the U.S.
wholesale market to the second-largest player with margin benefits
from increased operating leverage and lower travel and
entertainment expenses due to travel restrictions from the
pandemic. This led to net financial leverage of 5.4x (4.3x
excluding the preferred units) benefitting from the significant
cash buildup during the year, a notable beat relative to our
expectation for year-end leverage of 6.5x-7x at rating initiation
in July 2020. S&P expects RSG will use a large portion of its
current cash balance for incentive compensation payouts in the
first half of the year, but will build up cash reserves throughout
the year from a full-year inclusion of All Risk results and
continued strong underlying trends in the excess and surplus
markets in the U.S.

The wholesale brokerage market continues to benefit from firm
insurance pricing, greater migration of business into the
nonadmitted market, and carriers/retailers consolidating wholesale
panels leading to strong organic expansion opportunities for the
larger wholesale brokers like RSG. With the addition of All Risks
in 2020, the company was able to enhance its capabilities while
further diversifying lines underwritten (increasing property
capabilities) allowing RSG to take advantage of favorable market
conditions. As retail broker/carrier partners face more-difficult
risks to place, challenging losses for some lines and capacity
constraints could lead to favorable performance in 2021 mainly on
strong top-line expansion.

As the IPO progresses, RSG has made management changes to bolster
the organizational hierarchy including appointing a new president,
CFO, treasurer, COO, chief accounting officer, chief administrative
officer, among other changes at subsidiaries of the business. All
of these changes arose from inside the company and highlight the
bench strength of management. As a result of these changes, S&P
does not expect any changes to the strategic direction the company
has executed since inception over the past 11 years.

S&P said, "In resolving the CreditWatch listing, we will review
RSG's proposed capital structure to determine what prospective
financial leverage levels the company will operate with, mainly the
potential elimination of the preferred units treated as debt
leading to financial leverage below 5x. We will also monitor its
operating performance to see if it shows an ability to achieve
above-average organic growth and EBITDA margin expansion from cost
synergies and greater operating leverage from higher revenue. Based
on our view of financial leverage and management's intent around
financial policy measured by net debt/EBITDA tolerances, we could
raise our ratings by one to two notches. If the IPO is
unsuccessful, we could revise the CreditWatch to an affirmation
with positive outlook benefitting from strong underlying results
and EBITDA expansion supporting a more-conservative view of RSG's
financial leverage."



SALON PROZ: Case Summary & 6 Unsecured Creditors
------------------------------------------------
Debtor: Salon Proz, LLC
        2901 Two Notch Road
        Columbia, SC 29204

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

Chapter 11 Petition Date: March 23, 2021

Court: United States Bankruptcy Court
       District of South Carolina

Case No.: 21-00820

Judge: Hon. David R. Duncan

Debtor's Counsel: Jane H. Downey, Esq.
                  MOORE TAYLOR LAW FIRM, PA
                  PO Box 5709
                  1700 Sunset Boulevard
                  West Columbia, SC 29171
                  Tel: (803) 454-1983
                  Fax: (803) 791-8410
                  E-mail: jane@mttlaw.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Yvonne Jones, managing member/owner.

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

https://www.pacermonitor.com/view/BLOQXBQ/Salon_Proz_LLC__scbke-21-00820__0001.0.pdf?mcid=tGE4TAMA


SEADRILL LIMITED: Seeks to Hire PwC as Auditor
----------------------------------------------
Seadrill Limited and its affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire
PricewaterhouseCoopers, LLP as their auditor.

The firm will provide these services:

     i. Audit the consolidated financial statements of Seadrill
Limited at Dec. 31, 2020, and provide with an audit report related
to those financial statements;

    ii. Audit the consolidated financial statements of Seadrill
Limited at Dec. 31, 2021, and provide with an audit report related
to those financial statements;

   iii. Perform reviews of Seadrill Limited's unaudited
consolidated quarterly financial statements for each of the first
three quarters in the year ending Dec. 31, 2020, before the Form
6-K is filed;

    iv. Perform review of Seadrill Limited's unaudited consolidated
half-year financial information in the year ending Dec. 31, 2021;

     v. Communicate to the audit committee and management any
matters that come to PwC's attention as a result of the review that
PwC believes may require material modifications to the quarterly
financial information to conform with accounting principles
generally accepted in the United States; and

    vi. Perform certain incremental audit and review procedures,
including work related to liabilities, expenses, and other general
accounting advice.

The firm will provide these services to Seadrill Rig Holding
Company Limited:

     i. Audit the consolidated financial statements of Seadrill Rig
at Dec. 31, 2020, and provide with an audit report related to those
financial statements;

    ii. Audit the consolidated financial statements of Seadrill Rig
at Dec. 31, 2021, and provide with an audit report related to those
financial statements;

Meanwhile, the firm will provide these services to Seadrill
Limited's UK subsidiaries:

    i. Provide statutory audit services for the financial year
ended Dec. 31, 2020 for the following debtor entities: Seadrill
Management Ltd., Seadrill UK Ltd., Sevan Drilling Limited, Seadrill
UK Operations Ltd., Seadrill UK Support Services Ltd., and Seadrill
Treasury UK Limited.

PwC will be paid as follows for services provided to Seadrill
Limited: (i) a fixed fee of GBP1,664,000, excluding VAT and
out-of-pocket expenses; and (ii) an estimated fee in the range of
GBP1,463,000-GBP1,664,000, excluding VAT and out-of-pocket
expenses.

The firm will get a fixed fee of GBP89,000 and GBP155,440 for
services provided to Seadrill Rig and the UK subsidiaries,
respectively.  The fees do not include VAT and out-of-pocket
expenses.

Miles Saunders, office senior partner at PwC, assures the court
that the firm does not hold any interest adverse to the Debtors or
the Debtors' estates, and is a "disinterested person" within the
meaning of section 101(14)  of the Bankruptcy Code, as modified by
section 1107(b) of the Bankruptcy Code.

The firm can be reached through:

     Miles Saunders
     PricewaterhouseCoopers LLP
     4th Floor One Reading Central 2
     3 Forbury Road
     Reading RG1 3JH UK
     Tel: +44 (0)118 938 3250

                       About Seadrill Ltd.

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

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

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

In June 2020, Seadrill wrote down the value of its rigs by $1.2
billion and said it planned to scrap 10 rigs.  Seadrill said it is
in talks with lenders on a restructuring of its $5.7 billion bank
debt.

Seadrill Partners LLC, a limited liability company formed by
deep-water drilling contractor Seadrill Ltd. to own, operate and
acquire offshore drilling rigs, along with its affiliates, sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35740) on
Dec. 1, 2020, after its parent company swept one of its bank
accounts to pay disputed management fees.  Mohsin Y. Meghji,
authorized signatory, signed the petitions.

On Feb. 7, 2021, Seadrill GCC Operations Ltd., Asia Offshore
Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2
Limited, and Asia Offshore Rig 3 Limited sought Chapter 11
protection.  Seadrill GCC estimated $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.

Additionally, on Feb. 10, 2021, Seadrill Limited and 114 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code with the Court.  The lead case
is In re Seadrill Limited (Bankr. S.D. Tex. Case No. 21-30427).

Seadrill Limited disclosed $7.291 billion in assets against $7.193
billion in liabilities as of the bankruptcy filing.

In the new Chapter 11 cases, the Debtors tapped Kirkland & Ellis
LLP and Jackson Walker L.L.P. as their bankruptcy counsel,
Slaughter and May as corporate counsel, Advokatfirmaet Thommessen
AS as Norwegian counsel, and Conyers Dill & Pearman as Bermuda
counsel.  Houlihan Lokey, Inc. and Alvarez & Marsal North America,
LLC serve as the Debtors' financial advisor and restructuring
advisor, respectively.  Prime Clerk, LLC is the claims agent.


SEADRILL PARTNERS: Wins Court Okay to Collect Bankruptcy Plan Votes
-------------------------------------------------------------------
Jeremy Hill of Bloomberg News reports that Seadrill Partners won
court approval on Tuesday, March 23, 2021, to collect votes on its
plan to hand ownership of the company to lenders.

U.S. Bankruptcy Judge David Jones said in a hearing that he'd
approve the company's disclosure statement pending certain minor
procedural changes.

Seadrill Partners and Seadrill Ltd. -- the larger company that
manages and partially owns Partners -- are also nearing a
settlement, a lawyer for Seadrill Partners said in the hearing.

Seadrill Partners owes Seadrill Limited some $55 million under
management services agreements, and Limited is arguing that about
$16 million of that claim is secured by liens under Louisiana law,
according to court papers.

                          About Seadrill Ltd.

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

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

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

In June 2020, Seadrill wrote down the value of its rigs by $1.2
billion and said it planned to scrap 10 rigs.  Seadrill said it is
in talks with lenders on a restructuring of its $5.7 billion bank
debt.

Seadrill Partners LLC, a limited liability company formed by
deep-water drilling contractor Seadrill Ltd. to own, operate and
acquire offshore drilling rigs, along with its affiliates, sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35740) on
Dec. 1, 2020, after its parent company swept one of its bank
accounts to pay disputed management fees.  Mohsin Y. Meghji,
managing partner at M3 Partners, acting as the Company's Chief
Restructuring Officer, signed the petitions.

On Feb. 7, 2021, Seadrill GCC Operations Ltd., Asia Offshore
Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2
Limited, and Asia Offshore Rig 3 Limited sought Chapter 11
protection. Seadrill GCC estimated $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.

Additionally, on February 10, 2021, Seadrill Limited and 114
affiliated debtors each filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code with the Court. The
lead case is In re Seadrill Limited (Bankr. S.D. Tex. Case No.
21-30427).

Seadrill Limited disclosed $7.291 billion in assets against $7.193
billion in liabilities as of the bankruptcy filing.

In the new Chapter 11 cases, Kirkland & Ellis LLP is counsel for
the Debtors. HoulihanLokey, Inc., is the financial advisor. Alvarez
& Marsal North America, LLC, is the restructuring advisor.  The law
firm of Jackson Walker L.L.P. is co-bankruptcy counsel.  The law
firm of Slaughter and May is co-corporate counsel. Advokatfirmaet
Thommessen AS is serving as Norwegian counsel.
Conyers Dill & Pearman is serving as Bermuda counsel.  Prime Clerk
LLC is the claims agent.


SEANERGY MARITIME: To Acquire Two Capesize Vessels for $55 Million
------------------------------------------------------------------
Seanergy Maritime Holdings Corp. has entered into agreements with
unaffiliated third parties to purchase two Capesize vessels.
Following their delivery, the size of the Company's fleet will
increase to 14 Capesize vessels with an aggregate cargo capacity of
approximately 2.5 million dwt.

The first vessel was built in 2013 at a reputable shipyard in
Japan, has a cargo-carrying capacity of approximately 176,000
deadweight tons ("dwt") and shall be renamed M/V Flagship.  The
vessel is expected to be delivered to the Company by the end of
April 2021, subject to the satisfaction of certain customary
closing conditions.

The second vessel was built in 2010 at a reputable shipyard in
Japan, has a cargo-carrying capacity of approximately 182,000 dwt
and shall be renamed M/V Patriotship.  The vessel is expected to be
delivered to the Company by the end of May 2021, subject to the
satisfaction of certain customary closing conditions.

The special survey and ballast water treatment system installation
for both vessels were completed recently by the current owners and
therefore the Company does not anticipate incurring significant
capital expenditure for these vessels at least for the next two
years.  Moreover, M/V Patriotship is fitted with an exhaust gas
cleaning system (scrubber).

The aggregate purchase price for the two vessels is approximately
$55 million and is expected to be funded with cash on hand.  The
Company is also in discussions with leading financial institutions
to finance part of the acquisition cost at competitive financing
terms.

Stamatis Tsantanis, the Company's chairman & chief executive
officer, stated:

"We are very pleased to announce the acquisition of two
high-quality Capesize vessels built at reputable shipyards in
Japan.  The M/Vs Flagship and Patriotship, both delivering promptly
and in a rapidly increasing market environment, represent great
added value for Seanergy, the only U.S. listed pure-play Capesize
company.  Following the delivery of these two vessels and a third
acquisition announced last month, our fleet's cargo carrying
capacity will increase by 28% as compared to the beginning of the
year."

"The average of the Baltic Capesize Index for the current quarter
stands at substantially higher levels than for the same period in
recent years, while the Capesize forward freight contracts ("FFA")
for the second half of 2021 are trading at $23,000 per day.  Based
on current FFA rates, the incremental net revenue from all three
acquisitions announced so far this year may exceed $15 million for
the remainder of the year, assuming the expected deliveries for the
vessels.  Seanergy is ideally positioned to capture the substantial
improvement of the market as all the vessels of our fleet will be
deployed in the spot market or on index-linked time charters."

"Since the beginning of 2021 we have concluded or have agreed to
significant accretive transactions and we will continue to actively
pursue similar deals, aiming to create substantial shareholder
value in the coming years."

                        About Seanergy Maritime

Greece-based Seanergy Maritime Holdings Corp. --
http://www.seanergymaritime.com-- is the only pure-play Capesize
ship-owner publicly listed in the US.  Seanergy provides marine dry
bulk transportation services through a modern fleet of Capesize
vessels.  Upon delivery of the new vessels, the Company's operating
fleet will consist of 14 Capesize vessels with an average age of 12
years and aggregate cargo carrying capacity of approximately
2,461,138 dwt.  The Company is incorporated in the Marshall Islands
and has executive offices in Glyfada, Greece.  The Company's common
shares trade on the Nasdaq Capital Market under the symbol "SHIP",
its Class A warrants under "SHIPW" and its Class B warrants under
"SHIPZ".

Seanergy Maritime reported a net loss of US$11.70 million for the
Dec. 31, 2019, a net loss of US$21.06 million for the year ended
Dec. 31, 2018, and a net loss of US$3.23 million for the year ended
Dec. 31, 2017.  As of Dec. 31, 2019, the Company had US$282.55
million in total assets, US$252.69 million in total liabilities,
and US$29.86 million in total stockholders' equity.

Ernst & Young (Hellas) Certified Auditors Accountants S.A., in
Athens, Greece, the Company's auditor since 2012, issued a "going
concern" qualification in its report dated March 5, 2020 citing
that the Company has a working capital deficiency and has stated
that substantial doubt exists about the Company's ability to
continue as a going concern. In addition, the Company has not
complied with a certain covenant of a loan agreement with a bank.


SINTX TECHNOLOGIES: Secures $509,148 PPP Loan Under CARES Act
-------------------------------------------------------------
SINTX Technologies, Inc. received funding under the Small Business
Administration's Second Draw Program under the Paycheck Protection
Program from First State Community Bank.  The principal amount of
the PPP Loan is $509,148.  The PPP was established under the
Coronavirus Aid, Relief, and Economic Security Act and is
administered by the U.S. Small Business Administration.  The PPP
Loan has a five-year term, maturing on March 15, 2026.  The
interest rate on the PPP Loan is 1.0% per annum.

The Company will not be obligated to make any payments of principal
or interest if the Company submits a loan forgiveness application
to the Bank within 10 months after the end of the Company's covered
loan forgiveness period (as defined and interpreted by the PPP
Rules) and such loan forgiveness is allowed.  Generally, all or a
portion of the PPP Loan may be forgiven if the Company maintains
its employment and compensation within certain parameters during
the 24 week period following the loan origination date and the
proceeds of the PPP Loan are spent on payroll costs, rent or lease
agreements dated before Feb. 15, 2020 and utility payments arising
under service agreements dated before Feb. 15, 2020.

                      About SINTX Technologies

Headquartered in Salt Lake City, Utah, SINTX Technologies --
https://ir.sintx.com -- is an OEM ceramics company that develops
and commercializes silicon nitride for medical and non-medical
applications.  The core strength of SINTX Technologies is the
manufacturing, research, and development of silicon nitride
ceramics for external partners.  The Company manufactures silicon
nitride material and components in its FDA registered and ISO 13485
certified facility.

SINTX reported a net loss attributable to common stockholders of
$7.50 million for the year ended Dec. 31, 2019, compared to a net
loss attributable to common stockholders of $22.55 million for the
year ended Dec. 31, 2018.  As of Sept. 30, 2020, the Company had
$32.63 million in total assets, $5.10 million in total liabilities,
and $27.54 million in total stockholders' equity.


SM ENERGY: Moody's Raises CFR to B3, Outlook Positive
-----------------------------------------------------
Moody's Investors Service upgraded SM Energy Company's Corporate
Family Rating to B3 from Caa1 and Probability of Default Rating to
B3-PD from Caa1-PD. At the same time, Moody's also upgraded SM's
senior secured rating to B2 from B3, its senior unsecured rating to
Caa1 from Caa2 and its senior unsecured shelf to (P)Caa1 from
(P)Caa2. The Speculative Grade Liquidity rating was upgraded to
SGL-2 from SGL-3. The outlook is positive.

"The upgrade of SM's ratings reflects the company's improving debt
leverage, substantially lower probability of default and a
manageable debt maturity profile." commented John Thieroff, Moody's
Senior Credit Officer. "SM's competitive cost structure and
considerable inventory of highly economic drilling locations in the
Midland basin will support modest production growth while allowing
for debt reduction."

Upgrades:

Issuer: SM Energy Company

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

Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-3

Corporate Family Rating, Upgraded to B3 from Caa1

Senior Secured Second Lien Notes, Upgraded to B2 (LGD3) from B3
(LGD3)

Senior Unsecured Notes, Upgraded to Caa1 (LGD5) from Caa2 (LGD5)

Senior Unsecured Shelf, Upgraded to (P)Caa1 from (P)Caa2

Outlook Actions:

Issuer: SM Energy Company

Outlook, Changed To Positive From Stable

RATINGS RATIONALE

SM's B3 CFR reflects its substantial acreage position in the
Midland Basin and competitive cost structure, offset by reduced but
still high leverage. SM benefits from a production base (average
daily production was 127 mboe/d in 2020) that is similar in size to
many Ba-rated oil producers and some basin diversification. The
company's good inventory of Permian drilling locations, capable of
generating positive returns in an oil price environment below
$40/bbl, provides SM the ability to generate mid-single digit
percentage production growth and free cash flow for debt reduction.
As the mix of production continues to shift toward the Midland
Basin from South Texas, SM's cost structure and cash margins will
continue to improve cost structure and realize higher cash margins.
The company faces debt maturities in 2021 and 2022, but the amount
of these maturities was significantly reduced through a debt
exchange in 2020.

SM's senior unsecured notes are rated Caa1, one notch below the B3
CFR, reflecting their subordinated claim to SM Energy's assets
behind the senior secured credit facility and the size of the
facility. The B2 rating on SM's senior secured second lien notes,
one notch above the CFR, reflects their advantaged position to the
unsecured notes in the company's capital structure and the small
size of the second lien notes issuance relative to SM's unsecured
debt.

SM's SGL-2 rating reflects Moody's expectation that SM will
maintain good liquidity through early 2022, primarily due to ample
borrowing capacity under its revolving credit facility. The company
had negligible cash and $93 million drawn as of December 31, 2020
under its $1.1 billion committed revolving credit facility, which
expires in September 2023. The revolver is governed by two
financial covenants -- total debt to EBITDAX of not greater than 4x
and a minimum current ratio requirement of 1x.

Cash flow has downside protection, with more than 75% of its
forecasted 2021 oil production hedged at a minimum average price of
$41.37 per barrel and about 85% of forecasted natural gas
production hedged at $2.44 per mmbtu at Henry Hub and $1.81 per
mmbtu at Waha (63 and 37% of hedged natural gas volumes,
respectively.) SM's next debt maturity is for its $65 million of
senior convertible notes due July 1, 2021, followed by $212 million
of senior unsecured notes coming due in November 2022.

The positive outlook reflects the potential SM will be able to
reduce debt through cash flow sufficient to warrant an upgrade
within the next twelve months.

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

Ratings could be upgraded if the company is able to repay its 2021
and 2022 maturities substantially through cash from operations
while maintaining retained cash flow (RCF) to debt ratio
consistently above 25% and a Leveraged Full-Cycle Ratio (LFCR)
above 1.25x. Ratings could be downgraded if LFCR approaches 1x or
EBITDAX to interest coverage falls below 2x.

SM Energy Company is a Denver, Colorado based publicly traded E&P
company with primary production operations in the Eagle Ford Shale
(Webb County) and the Midland Basin (Howard, Upton, Midland and
Martin Counties) of Texas.

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


SM WELLNESS: Moody's Assigns First Time B3 Corp Family Rating
-------------------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating and
B3-PD Probability of Default Rating to SM Wellness Holdings, Inc.
("Solis"). Moody's also assigned B2 senior secured ratings to the
company's proposed $300 million first lien term loan and $50
million delayed draw term loan (both due 2028) as well as the $25
million revolving credit facility due 2026, and a Caa2 rating to
the proposed $100 million second lien term loan due 2029. The
outlook is stable. This is the first time Moody's has rated Solis.

Assignments:

Issuer: SM Wellness Holdings, Inc.

Probability of Default Rating, Assigned B3-PD

Corporate Family Rating, Assigned B3

Senior Secured Bank Credit Facility, Assigned B2 (LGD3)

Senior Secured Bank Credit Facility, Assigned Caa2 (LGD5)

Outlook Actions:

Issuer: SM Wellness Holdings, Inc.

Outlook, Assigned Stable

RATINGS RATIONALE

Proceeds from the new loan facilities will be used to refinance
existing debt and preferred equity. Moody's expect drawings under
the delayed draw term loan to fund a combination of future
acquisitions and de novo centers.

Solis's B3 corporate family rating is constrained by: (1) leverage
sustained above 7x through 2021 (over 10x as of LTM-Dec 20,
including impact of COVID-19); (2) small scale (about $150 million
in revenues on a proportionate basis as of LTM-Dec 20) and
geographic concentration in Texas (accounting for almost two-thirds
of sales); (3) a narrow business focus on mammography, with around
half of revenues linked to voluntary screenings; (4) an active,
primarily debt-funded growth strategy involving acquisitions, joint
ventures and de novos, introducing ongoing execution risk; and (5)
financial policy risks under private equity ownership. The company
benefits from: (1) a tailored service offering focused on breast
cancer screening and associated recurring revenue streams,
differentiating its business model from multimodal diagnostic
providers; (2) low reimbursement risk and a solid payor profile,
with limited exposure to government plans (less than 12%); (3)
partnerships with strong healthcare networks providing supportive
platforms for expansion; and (4) an established track record of
organic growth and patient retention.

The stable outlook reflects Moody's expectation of deleveraging
towards 7x while maintaining adequate liquidity.

Solis has adequate liquidity. Pro-forma for the transaction,
sources total about $45 million, consisting of cash on hand of
around $10 million, full availability under a $25 million committed
revolving credit facility (due 2026) and free cash flow of around
$10 million during 2021. Uses are limited to just over $3 million
in mandatory debt amortizations. Moody's expect investments in
acquisitions to total around $40 million in 2021, funded by a
combination of free cash flow and $50 million available under the
delayed draw term loan. The secured revolver is subject to a
springing first lien leverage covenant of 8x when more than 40%
drawn. Although Moody's do not expect Solis to rely on the
facility, the company would have a comfortable cushion if
triggered. The company has limited capacity to sell assets to raise
cash.

Solis's first lien facilities, consisting of a $300 million first
lien term loan, $50 million delayed draw term loan (both due 2028)
and $25 million revolving credit facility due 2026, are rated B2,
one notch above the B3 CFR, reflecting higher recovery in the
capital structure. The $100 million second lien term loan due 2029
is rated two notches below the CFR, at Caa2, reflecting its junior
position behind the first lien debt. The debt is guaranteed by the
holding company SM Intermediate, Inc. and wholly-owned
subsidiaries.

As proposed, the credit agreement will permit the issuer to incur
up to 1 turn of gross leverage (per Moody's estimates) through the
allowance of incremental first lien debt not to exceed the greater
of $65 million and 100% of consolidated EBITDA, plus an unlimited
amount so long as first lien net leverage does not exceed the
closing date first lien net leverage (for pari passu debt), with
additional incurrence permitted for junior or unsecured debt.
Alternatively, the ratio tests 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. The incremental and
ratio based baskets do not permit additional debt with an earlier
maturity than the existing term loan debt.
Collateral leakage to unrestricted subsidiaries is permitted,
subject to carve-out capacities, with no explicit assets subject to
"blocker" provisions. Non-wholly-owned subsidiaries are not
required to provide guarantees; dividends or transfers resulting in
partial ownership of subsidiary guarantors could jeopardize
guarantees, with no explicit protective provisions limiting such
guarantee releases.

The asset-sale proceeds prepayment requirement has leverage-based
step-downs to 50% and 0%, if first lien net leverage ratio is 0.50x
or 1.00x turns inside closing date first lien net leverage,
respectively, subject to reinvestment rights.

The proposed terms and the final terms of the credit agreement may
be materially different.

Solis is exposed to social considerations, such as shifting
demographics as the US population of women ages, and ongoing issues
surrounding the affordability and accessibility of healthcare. An
increasing proportion of women aged 40 and above will underpin
stable demand; however, debate remains around the appropriate age
to begin annual screenings and shifts in payor policies, physician
practices or legislation could impact future volumes or revenues.
As payors push for lower reimbursement rates, patients will also
increasingly transition to lower cost, off campus procedures, which
may impact profitability over time.

Governance considerations include risks associated with private
equity ownership and aggressive financial policies that favor
shareholders, including high leverage. The company's debt-funded
growth strategy, centered around joint ventures, acquisitions and
de novo centers, involves event risk. Solis has a good track record
of integration characterized by stable joint venture partnerships
and organic growth.

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

The ratings could be upgraded if Solis successfully executes its
growth strategy, evidenced by expanded scale and stable organic
growth. A demonstrated track record of positive free cash flow and
sustained Moody's-adjusted debt/EBITDA below 6x (7.5x expected at
year end 2021) would also support an upgrade.

Deterioration of operating performance or weakening liquidity could
result in a ratings downgrade. Debt to EBITDA sustained above 8x
(7.5x expected at year end 2021) or negative free cash flow before
acquisitions would also pressure the rating.

Headquartered in Addison, Texas, Solis is a provider of mammography
services, operating over 90 centers across eight states dedicated
to annual screenings, diagnostic mammograms, breast ultrasounds,
biopsies and bone density screenings. Since August 2018, Solis is
majority owned by private equity sponsor Madison Dearborn Partners.
For the twelve months ended December 2020, Solis generated close to
$150 million in revenues on a proportionate basis.

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


SOFT FINISH: Seeks Cash Collateral Access Thru July 15
------------------------------------------------------
Soft Finish Inc., asks the U.S. Bankruptcy Court for the Central
District of California, Los Angeles Division, for authority to,
among other things, use cash collateral:

     -- on an emergency basis to pay $38,493, the expenses
        through April 1, 2021, as set forth in the proposed
        budget; and

     -- on an interim basis through July 15.

Although the Budget represents the Debtor's best estimate of the
necessary expenses associated with the business, the needs of the
business may fluctuate. Therefore, the Debtor requests court
authority to deviate from the total expenses contained in the
budget by no more than 10% and to deviate by category without the
need for further Court order.

The Debtor is informed that its secured creditors, Pacific City
Bank and the Internal Revenue Service, have an interest in the cash
collateral. The Debtor intends to attempt to reach a stipulation
prior to the hearing on the Motion.

The majority of Soft Finish's clients are luxury brands with much
higher retail prices than mainstream brands. Some of the jeans Soft
Finish produces retail between $300 to over $1,500 per garment. It
is a highly specialized niche product, but these luxury brands are
able to afford to produce their product in the USA, specifically
Los Angeles where production cost is high. Los Angeles is still
considered a "denim hub" where fashion and innovation still outpace
mainstream product.  

Unfortunately, on March 15, 2020, Soft Finish was forced to close
operations by state and city mandate due to the COVID-19 pandemic.
Soft Finish still had open orders with garments unprocessed and
half processed. Soft Finish laid off 100% of its employees, paying
all outstanding hours and paying out sick leave hours to give
employees an extra check since there would be no hours earned for
the unforeseeable future. This came at a great cost to the company
because hours had been worked on product that had not been shipped.
Payment at the time was uncertain because clients were also forced
to close down. Since their orders were not fulfilled, Soft Finish
clients were also looking at order cancellations. At the time of
closure, Soft Finish had close to 60 employees.

Upon reopening in May 2020, Soft Finish was able to bring back only
30% of its workforce. Fewer employees were needed, but Soft Finish
had invested a significant amount of time and money training
employees, so the most skilled and most efficient workers were
called back to work in order prevent losing those employees to
competitors or other industries.

Unfortunately again, orders did not increase. Projections from
customers were significantly reduced. Workload dictated maintaining
the current level of employees. A few months after returning to
work, Soft Finish had multiple worker's compensation insurance
claims from employees who never returned or were not asked to
return after the shutdown. Even though no injuries were reported,
former employees were claiming full or partial disability. Workers
Compensation claims are similar to car accidents in that the higher
frequency of claims increases the premium significantly.

So far this year, Soft Finish has approximately 28 employees, still
significantly less than pre-COVID employment. Unfortunately, Soft
Finish and its clients haven't fully recovered from the
Stay-at-Home shutdown in 2020. Business has started to recover but
reorganization of debt is necessary for survival.

The most immediate reason for the bankruptcy filing is the
collection efforts of judgment creditor Adriana Calleros. She was
an employee/consultant who sued the Debtor for BREACH OF CONTRACT
and after a jury trial, came away with a $700,000 judgment, which
has not been appealed. The majority of the judgment is for legal
fees awarded to Plaintiff's attorney.

As of Petition Date, the Debtor is indebted to Pacific City Bank in
the amount of $1.8 million with an interest of 5.25% per month and
requiring a monthly payment of $19,437.

The Debtor is also indebted to the Internal Revenue Service in the
amount of $202,114. Its total tax debt exceeds $1.5 million.

The Debtor proposes to give the secured creditors a replacement
lien on the accounts receivable generated post-petition to the
extent that the creditors' cash collateral is actually used. In
addition, the Debtor proposes to pay Pacific City Bank the regular
monthly payment of $19,437 each month beginning April 1, 2021.

The Debtor will continue to be bound by the terms and conditions
set forth in the prepetition agreements except as specifically
modified herein. This will not constitute a modification of the
liens granted to Pacific City Bank by the Debtor pursuant to the
various agreements between the parties and various perfection
documents.

A copy of the motion and the Debtor's proposed budget through July
2021 is available for free at https://bit.ly/38VG5MR from
PacerMonitor.com.

                     About Soft Finish, Inc.

Soft Finish manufactures clothing, specifically denim product such
as jeans, denim jackets, skirts, shorts, shirts. Soft Finish
specializes in "distressing" garments, taking hard, rigid,
untreated denim fabric and washing the product to soften garments
and using techniques to "beat up" or "age" garments. Distressing
includes hand sanding garments to create natural wear areas, adding
holes to garments to make them look used or old, stone washing to
give the garment a softer feel and a lighter color as well as other
hand treatments.

Soft Finish is the successor in interest to US Garment LLC. In late
2017, US Garment LLC transferred its assets to Soft Finish and Soft
Finish assumed 100% of the US Garment debt. The owners of US
Garment were Jae K. Chung and a minority interest with her son
Wesley Chung.  Jae K. Chung is the sole owner of Soft Finish.

Soft Finish sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-12038) on March 15,
2021. In the petition signed by Jae K. Chung, as president, the
Debtor disclosed $203,316 in assets and $1,404,553 in liabilities.

Judge Barry Russell oversees the case.

M. Jonathan Hayes, Esq., at Resnik Hayes Moradi, LLP, is the
Debtor's counsel.



SOLARIS MIDSTREAM: Moody's Assigns B2 CFR & Rates Unsec. Notes B3
-----------------------------------------------------------------
Moody's Investors Service assigned ratings to Solaris Midstream
Holdings, LLC, including a B2 Corporate Family Rating, B2-PD
Probability of Default Rating, and a B3 rating to the company's
proposed $400 million senior unsecured notes due 2026. The rating
outlook is stable.

The offering proceeds will be used to reduce Solaris' borrowings
under its revolver and repay preferred equity held by
ConocoPhillips (COP, A3 stable), its 30% common equity owner and
its largest customer.

"We expect Solaris to grow its earnings with limited capex needs as
associated water production grows in the northern Delaware basin,
where it primarily operates," stated Arvinder Saluja, Moody's Vice
President. "However, the ratings are constrained by its modest
scale and asset concentration in Eddy and Lea counties in New
Mexico."

Assignments:

Issuer: Solaris Midstream Holdings, LLC

Probability of Default Rating, Assigned B2-PD

Corporate Family Rating, Assigned B2

Senior Unsecured Notes, Assigned B3 (LGD4)

Outlook Actions:

Issuer: Solaris Midstream Holdings, LLC

Outlook, Assigned Stable

RATINGS RATIONALE

RATINGS RATIONALE

Solaris' B2 CFR reflects modest existing scale, limited operating
track record, as well as produced water volumetric risks. Solaris'
ratings are also tempered by the company's limited basin
diversification, and reliance on completion activity and
hydrocarbon production volumes that result in produced water
volumes from its customers on its gathering pipelines and water
disposal facilities. Even though the immediate risks to increase in
produced water volumes on its system from changes in federal lands
permitting regulations are limited, those risks could increase over
time and constrain drilling and completion activity in New Mexico.
The company has indicated that roughly half of its assets in New
Mexico have exposure to federal lands. However, the company
benefits from modest leverage, no direct commodity exposure and a
weighted-average contract life of over 10 years. About 80% of
Solaris' revenues are expected to be supported by either acreage
dedications or minimum volumes commitments (MVC) from a prominent
E&P customer base in the Permian basin, one of the most prolific
hydrocarbon production regions in North America.

Solaris' $400 million senior unsecured notes due 2026 are rated B3,
one notch below the assigned CFR, due to their structural
subordination to the company's $200 million senior secured
revolving credit facility (unrated). The company's revolver
benefits from a first priority claim over the company's assets.

Solaris will have adequate liquidity primarily supported by its
cash balance, modest free cash flow generation and committed
revolving credit facility. Pro forma for the debt offering, the
company will have $43 million of cash on the balance sheet and no
borrowings under its amended $200 million secured credit facility
which matures in March 2025. Even though the availability could be
constrained initially, Moody's expect the revolver to be fully
undrawn with rising availability as 2021 progresses. The amended
financial covenants include: 1) a maximum total leverage ratio of
5.00x through June 30, 2021, stepping down to 4.50x by December 31,
2021, 2) a maximum secured leverage ratio of 2.50x, and 3) a
minimum interest coverage ratio of 2.50x. Moody's expects Solaris
to maintain adequate cushion for future compliance under its
amended financial covenants. The company will have no near-term
debt maturities.

The stable outlooks reflects Moody's expectation of increased
produced water volumes and EBITDA in 2021.

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

Solaris' ratings could be upgraded if the company successfully
realizes volume and corresponding earnings growth, resulting in
EBITDA approaching $200 million while maintaining debt/EBITDA below
4x and adequate liquidity. Ratings could be downgraded and/or the
outlook changed if debt/EBITDA approaches or exceeds 5x, if
liquidity weakens, or if regulatory environment leads to
constrained development activity and declining customer volumes.

Solaris Midstream Holdings, LLC. owns and operates water
infrastructure systems related to the gathering and disposal of
produced water and the supply of recycled produced water and
brackish water in the Delaware and Midland Basins. Solaris is owned
30% by ConocoPhillips, about 52% by private equity sponsors
(Trilantic Capital Partners and Yorktown partners LLC), and the
remainder by other direct investors and the management.

The principal methodology used in these ratings was Midstream
Energy published in December 2018.


SOLARIS MIDSTREAM: S&P Assigns 'B' ICR, Outlook Stable
------------------------------------------------------
On March 22, 2021, S&P Global Ratings assigned its 'B' issuer
credit rating to Texas-based Solaris Midstream Holdings LLC, a
water infrastructure midstream company.

S&P also assigned its 'B' issue-level rating and '4' recovery
rating to Solaris' proposed $400 million senior unsecured notes.

The stable outlook reflects S&P's view that Solaris will increase
its asset utilization and integrate its recently acquired assets,
resulting in adjusted debt to EBITDA in the low-4x area for 2021.

The dependence on acreage dedications exposes Solaris to producer
drilling activity and volume risk when commodity prices decline.
The company's contracts are largely fee–based with no direct
commodity price exposure. However, Solaris' contracts are largely
structured as acreage dedications with about 20% of volumes
expected to come from minimum volume commitments (MVCs). S&P tends
to view MVCs more favorably because they provide a revenue floor
when commodity prices are low. The long-term contract tenor with an
average remaining life of approximately 10 years partially offsets
the company's volumetric exposure.

Solaris also benefits from mostly investment-grade-rated
counterparties. However, there is some customer concentration with
about 75% of 2020 revenues derived from its top five customers.

The company has a small geographic footprint. Most of Solaris'
operations are concentrated in Eddy and Lea counties in the
Delaware basin where drilling activity is more robust given its
superior economics compared with those of other geographic regions.
Solaris has access to acreage of the larger exploration and
production companies that tend to drill through commodity cycles,
which in S&P's view, will support a base level of water
throughput.

Solaris' integrated water system is a competitive advantage in its
acreage area. The company operates an integrated infrastructure
network capable of recycling, redelivering, and handling produced
water. The vertical integration of produced water handling and
recycling services enables Solaris to generate repeat revenue on
the same barrel of water at each stage of the produced water cycle
value chain and also recognize some cost savings. S&P thinks this
could support strong margins and EBITDA growth, which is reflected
in its base-case forecast.

S&P said, "We expect cash flows generated by the newly built
infrastructure and recent acquisition will result in improved
credit metrics. Given that Solaris has rapidly expanded its system,
cash flow generation should be higher and result in improved credit
metrics. Our forecast assumes adjusted EBITDA of about $100 million
in 2021, improving to $125 million-$130 million in 2022, which will
result in discretionary free cash flow of about $25 million in 2022
and better credit metrics, with adjusted leverage in the low-4x
area for 2021, improving to the low-3x area for 2022. Our forecast
assumes that Solaris does not pay any dividend to its owners.
Still, our view of the majority financial sponsor ownership
constrains the financial risk determination.

"The stable outlook reflects our view that Solaris will increase
its asset utilization and integrate its recently acquired assets,
resulting in adjusted debt to EBITDA in the low 4x area for 2021
improving to the low-3x area by 2022 due to increasing volumes year
over year.

"We could lower the rating if adjusted leverage remains above 5x on
a sustained basis, which could occur if a sharp decline in crude
oil prices leads to reduced drilling activity. This could also
occur if the company pursues a more aggressive financial policy or
if more rigorous environmental or regulatory factors impair
operations.

"Although unlikely at this time, we could raise the rating if
Solaris increased its size, scale, and geographic footprint, while
maintaining a similar level of leverage."



SOUTHLAND ROYALTY: Boosts Unsecured Recoveries in Chapter 11 Plan
-----------------------------------------------------------------
Law360 reports that bankrupt gas driller Southland Royalty told a
Delaware judge that it had reached an agreement with senior lenders
to improve recoveries coming to unsecured creditors, in a Chapter
11 plan whose disclosures received court approval on Tuesday, March
23, 2021.

During a virtual hearing, Southland attorney C. Luckey McDowell of
Shearman & Sterling LLP said that the company is pursuing the
confirmation of a recently modified plan that calls for a $251
million sale of its assets to affiliates of The Williams Cos.,
adding that the plan enjoys the support of major constituents in
the Chapter 11 case.

                      About Southland Royalty

Southland Royalty Company LLC -- http://www.southlandroyaltyco.com/
-- is a privately held independent exploration and production
company engaged in the acquisition and development of hydrocarbons.
Headquartered in Fort Worth, Southland Royalty Company conducts its
business across four states, with the majority of operations in
Wyoming and New Mexico. Southland Royalty Company was formed
principally to produce and extract hydrocarbons in the Wamsutter
field of the Green River Basin and in the San Juan Basin.

Southland Royalty Company sought Chapter 11 protection (Bankr. D.
Del. Case No. 20-10158) on Jan. 27, 2020. In the petition signed by
CRO Frank A. Pometti, the Debtor was estimated to have $100 million
to $500 million in assets and $500 million to $1 billion in
liabilities.

The Debtor tapped Shearman & Sterling LLP as bankruptcy counsel;
Young Conaway Stargatt & Taylor, LLP as Delaware counsel; AP
Services, LLC as interim management services provider; PJT Partners
Inc. as investment banker; and Epiq Corporate Restructuring, LLC as
claims and noticing agent.


SYNCREON INTERMEDIATE: S&P Ups ICR to 'B-' on Improved Performance
------------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
logistics provider Syncreon Intermediate B.V. to 'B-' from 'CCC+'.
S&P also raised its ratings on the first and second out term loan
facilities to 'B' and 'CCC' respectively from 'B-' and 'CCC-'.

S&P is revising the outlook to positive from stable, indicating
that it could raise its ratings in the coming 12 months if the
company's positive operating trends persist to support growth,
margins, and cash generation.

Despite a tough operating environment since the onset of the
pandemic, syncreon has substantially improved its margin and credit
metrics. In 2020, syncreon's net revenue declined about 4.5%, with
its two business segments, automotive and technology, portraying
contrasting results on a top-line basis. However, both segments saw
strong margin improvement in 2020. The automotive business declined
about 23%, as a result of pandemic-related site closures in April
and May resulting in lower volumes and voluntary exits, but this
was partially offset by strong demand in the technology business,
which grew about 16% year-over-year due to a shift toward more
e-commerce. However, both segments significantly improved in EBITDA
margin, because operational efficiencies and increased technology
volumes supported the improvement in S&P Global Ratings-adjusted
EBITDA to about $170 million. This growth was also supported by the
strategic exit of unprofitable contracts. In addition, the downside
mechanisms built within its contracts, which supported fixed costs
in a period of lower volumes, were evident within the automotive
business during the pandemic. As a result, credit metrics were
better than expected, with the company generating strong cash flow
during 2020, adjusted debt to EBITDA decreasing to about 3.5x,
interest coverage of above 4x, and an improved liquidity position
that is reflective of S&P's upgrade to 'B-'.

Cash generation and liquidity remained solid in 2020.   The company
generated strong cash flow in 2020, with cash on balance sheet of
about $70 million at year-end following its asset-backed loan (ABL)
repayment, and this remained sufficiently ahead of syncreon's own
guidance following the 2019 restructure. The company benefited from
deferred government payments during 2020, which are due to be
repaid in 2021 and 2022. The company postponed about $7 million of
interest payments where it elected to make payment-in-kind rather
than cash payment for two interest payments. However, cash flow
generation was still greater than expected for the year, with
improved ABL availability to about $118 million as at December
2020, and a strong cash balance to support operations into 2021.

S&P said, "Executing new commercial wins and sustained operational
improvement provides upside to our current base case in the coming
years.   We anticipate that the company will revert to positive
organic revenue growth in 2021, given that about 95% of revenue is
contracted in 2021, and we expect new commercial wins will support
growth over the year. While we forecast some decline from
syncreon's 14.9%, peak margin in 2020, we still expect the company
to be able to maintain margins above 12.5% on an adjusted basis in
the coming years. The execution of new contract wins and their ramp
up over 2021, coupled with controlled capital expenditure (capex)
to support this growth, leads to potential upside to our current
base case and reflects the positive outlook.

"The positive outlook indicates that we could raise our ratings in
the coming 12 months if the company's operating trends continue to
support organic growth and solid margins while generating positive
FOCF and adequate liquidity. We expect leverage to be sustained at
around current levels resulting from no significant change to the
company's financial policy.

"We could raise the rating over the next year if syncreon sustains
adjusted EBITDA margins at about 12.5% or above, and continues to
maintain positive FOCF on an adjusted basis to support adequate
liquidity."

This would likely result from a relatively stable operating
performance, good execution and ramp up of new contract wins, and
continued renewals of existing contracts, while maintaining tight
cost control measures.

S&P said, "We could revise our outlook on syncreon to stable if
operating performance was weaker than anticipated, resulting in a
greater decline than we expect in adjusted EBITDA, which could stem
from further client exits or operational disruption. This would
likely result in negative FOCF on a lease adjusted basis, which we
believe could weigh on the company's liquidity position.

"We could also revise our outlook to stable if the company were to
pursue a more aggressive financial policy, such that it is unable
to sustain the improvement in its credit measures."


TECH DATA: Moody's Puts Ba2 CFR Under Review for Upgrade
--------------------------------------------------------
Moody's Investors Service placed Tech Data Corporation's Ba2
Corporate Family Rating on review for upgrade following SYNNEX
Corporation's announcement that the company has entered into a
definitive agreement to merge with Tech Data in a deal valued at
$7.2 billion (net of cash). Moody's also placed the Ba3-PD
probability of default rating, Ba2 senior secured, Ba1 senior
secured, and B1 senior unsecured ratings on review for upgrade. The
outlook was revised to ratings under review from stable.

The combination of Tech Data and SYNNEX will have roughly $57
billion in total pro forma revenues for calendar 2020 (excludes
SYNNEX's spun off Concentrix business). SYNNEX will be the
surviving entity of this stock-for-stock merger, with SYNNEX
shareholders controlling 55% and Apollo Management (Tech Data's
previous private equity sponsor) owning 45% of the merged entity.
The transaction is subject to customary closing conditions and
receipt of regulatory approvals and is expected to close in the
second half of calendar year 2021. "The review for upgrade reflects
Moody's expectation that the merger will enhance Tech Data's scale,
governance, geographic and customer diversification, and overall
operating margins, while reducing adjusted debt to EBITDA," said
Carl Salas, Moody's Senior Credit Officer.

On Review for Upgrade:

Issuer: Tech Data Corporation

Corporate Family Rating, Placed on Review for Upgrade, currently
Ba2

Probability of Default Rating, Placed on Review for Upgrade,
currently Ba3-PD

Senior Secured ABL Term Loan, Placed on Review for Upgrade,
currently Ba2 (LGD3) from (LGD4)

Senior Secured ABL Revolving Credit Facility, Placed on Review for
Upgrade, currently Ba1 (LGD2) from (LGD3)

Senior Secured ABL Term Loan, Placed on Review for Upgrade,
currently Ba1 (LGD2) from (LGD3)

Senior Unsecured Regular Bond/Debenture, Placed on Review for
Upgrade, currently B1 (LGD5)

Withdrawals:

Issuer: Tech Data Corporation

Speculative Grade Liquidity Rating, Withdrawn , previously rated
SGL-1

Outlook Actions:

Issuer: Tech Data Corporation

Outlook, Changed To Rating Under Review From Stable

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

Moody's review will focus on integration plans, timetable and costs
to achieve targeted synergies, final capital structure, and
liquidity. Financial policies, governance considerations, and plans
for deleveraging will be key considerations. Moody's believes the
merger is likely to alleviate certain governance risks as the
combined entity will be publicly traded. The combined company will
have an eleven-member board, including Hume, with six individuals
appointed by SYNNEX and with Apollo to have Board designation
rights based on ownership, initially including four total
directors, two of whom will be independent.

One of the largest distributors of technology equipment and
software in the world, Tech Data Corporation provides IT products
and solutions to value-added resellers, direct marketers,
retailers, and corporate resellers. Based in Clearwater, FL, the
company focuses on the small-to-medium sized business (SMB)
segment, a market for which the large original equipment
manufacturers (OEMs) and software publishers find inefficient to
use direct sales. SYNNEX Corporation (ticker SNX) is a publicly
traded global IT distributor that provides business to business
logistics, integration services and technology solutions. The
company is headquartered in Fremont, CA. The combined entity of
Tech Data and SYNNEX will trade under the SNX ticker and reported
roughly $57 billion in 2020 pro forma revenues.

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


TECTA AMERICA: S&P Downgrades ICR to 'B-' on Higher Leverage
------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Tecta
America Corp., a Rosemont, Ill.-based roofing installation and
maintenance service provider, to 'B-' from 'B'. The outlook is
stable. S&P also assigned a 'B-' issue-level rating and '3'
recovery rating (rounded estimate: 50%) to the first-lien credit
facilities and a 'CCC' issue-level rating and '6' recovery rating
(rounded estimate: 0%) to the second-lien term loan.

S&P said, "The stable outlook reflects our expectation for organic
growth and EBITDA margins improving to the 13% area to contribute
to leverage declining, though remaining above 7x at year-end 2021.

"The downgrade is in line with our expectation for adjusted
leverage to remain above 7x over the next 12 months. Pro forma for
the transaction, we expect leverage to rise sharply to about 7.7x.
Proceeds from Tecta's $790 million in new debt, along with $28
million in cash, will be used to repay its outstanding $375 million
first-lien term loan due 2025, finance an acquisition and apply the
remaining proceeds to fund a shareholder dividend, and related fees
and expenses. The contemplated acquisition consideration also
includes a meaningful amount of contingent performance-based
earn-outs payable through 2024, which we treat as debt.

"In our view Tecta's debt-funded acquisition and dividend payment
suggest a more aggressive financial policy. This transaction
increases leverage, in part to fund a dividend. In addition, the
contingent payments associated with the acquisition are a
significant use of cash relative to about $40 million that we are
forecasting in operating cash flow over each of the two next years.
This further limits Tecta's flexibility to respond to potential
volatility inherent in its cyclical new commercial construction
services."

S&P expects Tecta will move beyond the 2020 organic revenue
declines stemming from pandemic lock downs and weakened commercial
construction end markets, reverting to low-single digit growth by
late 2021. Tecta's organic revenue declines in 2020 are estimated
in the low-single-digit percent area, as its commercial roofing
services have been moderately affected by the pandemic. Building
access limitations and lower demand have reduced its routine
service and maintenance work; while Tecta is fairly well
diversified across end markets, the pandemic has had the greatest
economic consequences on its retail customers, which comprise just
under 10% of its total revenue and are more concentrated in its
maintenance business segment. In contrast, larger-scale replacement
or re-roofing jobs, which are often critical to a building's
operations, have faced less disruption. While its project
completions have held steady, Tecta's project pipeline could be
vulnerable to customers postponing large-ticket repairs like roof
replacements that can be deferred with smaller repair jobs.
Similarly, new construction projects could see a deceleration into
2021 as economic uncertainty and elongated building cycles slow the
pace of construction.

Tecta's acquisition strategy, including four acquisitions made in
2020, is expected to offset these organic business declines,
resulting in flat expected fiscal 2020 revenue. Tecta has a track
record of profitably bringing acquired businesses into its
operations; it typically retains the local brand and key talent
while supplementing its acquired business with back-office and
administrative resources and its profit-sharing incentive plans.
The target company that is contemplated in the transaction should
bolster the total company margin profile given its focus on
higher-margin, non-discretionary roofing repair and replacement
services. While there is some geographic intersection with Tecta's
existing footprint, the company sees minimal customer overlap.

S&P said, "In 2021, our base-case forecast assumes mid-single digit
percent growth. We continue to believe that the company will
benefit from non-discretionary demand for its products and services
over the next 2-3 years and view it as well-positioned for future
growth because aging building stock will continue to require roof
attention despite potential near-term delays. Delaying maintenance
work often leads to other issues (leaks, breaks, and wear and tear)
that can result in more complex job orders from the company's
existing customers.

"The stable outlook reflects our expectation for organic growth and
EBITDA margins improving to the 13% area to contribute to leverage
declining, though remaining above 7x at year-end 2021.

"We could raise the rating if Tecta's leverage declines below the
mid-6x area while FOCF to debt remains above 5%, and the company
demonstrates a commitment or sufficient track record of maintaining
these ratios.

"We could lower the rating if weaker operational performance were
to cause us to believe the company's capital structure was
unsustainable. This scenario would likely be caused by weak
economic recovery that results in delays in the company's
re-roofing, construction, and maintenance work, integration
missteps with acquired businesses, or an unexpected inability to
manage material cost increases."


TEINE ENERGY: Moody's Gives B3 Rating on New $400M Unsecured Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to Teine Energy
Ltd.'s proposed US$400 million senior unsecured notes maturing in
2029. Proceeds from the company's proposed notes issuance will be
used to repay their current US$350 million notes which mature in
September 2022 and pay down drawings on the company's revolving
credit facility. The rest of the ratings, including Teine's B2 CFR
and stable outlook, are unaffected.

Assignments:

Issuer: Teine Energy Ltd.

Senior Unsecured Regular Bond/Debenture, Assigned B3 (LGD5)

RATINGS RATIONALE

Teine Energy Ltd.'s credit profile is supported by: (1) strong
credit metrics despite a challenging industry environment, with
retained cash flow to debt of around 40%, EBITDA to interest around
6.5x and LFCR around 1.7x over the next 12-18 months; (2) a high
percentage of light oil (about 70%) of total production; and (3)
good liquidity over the next 12 to 18 months. Teine is challenged
by: (1) concentration risk, with 80% of production coming from
conventional oil in a single formation, the Viking, in southwestern
Saskatchewan; (2) high corporate decline rate (about 34%); and (3)
modest production volume, which will decline slightly to around
25,000 boe/d (net of royalties) in 2021 from around 28,000 boe/d in
2020.

Teine's liquidity is good over the next year, with total sources of
around C$450 million and no mandatory debt amortization over that
period. Moody's expect Teine to have around C$10 million in cash on
its balance sheet at the close of the refinancing and around C$440
million available under its C$475 million of credit facilities
(comprised of a C$50 million operating facility and a C$425 million
revolving credit facility). Moody's expect the company to generate
around break even free cash flow over the next four quarters.
Teine's operating credit facility and revolving credit facility
term out in May 2021 with any drawings due May 2022, and the
company's US$400 million senior unsecured notes (equivalent to
around C$500 million) mature in 2029. Alternate sources of
liquidity are somewhat limited as its assets are pledged as
collateral to the secured revolving credit facility.

In accordance with Moody's Loss Given Default for Speculative-Grade
Companies (LGD) Methodology, the US$400 million senior unsecured
notes are rated B3, one notch below the B2 CFR, reflecting the
priority ranking of the C$475 million senior secured borrowing base
revolving credit facilities in Teine's capital structure.

The stable outlook reflects Moody's expectation that Teine will
maintain strong leverage and coverage metrics and good liquidity
over the next 12-18 months.

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

The rating could be upgraded if Teine can grow its production
towards 35,000 boe/d net of royalties (around 28,000 boe/d for
fiscal year 2020), while maintaining retained cash flow to debt
above 50% (49% for fiscal year 2020) and an LFCR above 1.5x (1.6x
for fiscal year 2020). The rating could be downgraded if production
approached 20,000 boe/d, if retained cash flow to debt falls below
30% or if liquidity deteriorates.

The principal methodology used in this rating was Independent
Exploration and Production Industry published in May 2017.

Teine Energy Ltd. is a private Calgary, Alberta-based independent
exploration and production company with a focus on the Viking light
oil play in southwestern Saskatchewan. The Canadian Pension Plan
Investment Board (CPPIB) is the majority owner of Teine.


TEINE ENERGY: S&P Alters Outlook to Stable, Affirms 'B' ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook on Teine Energy Ltd. to
stable from negative, and affirmed its 'B' issuer credit rating and
'B+' senior unsecured debt rating on the company. The '2' recovery
rating on the company's senior unsecured debt is unchanged.

The stable outlook reflects S&P Global Ratings expectation that
Teine's light oil-dominant product mix, competitive cost structure,
and moderate leverage should ensure the company's fully adjusted
two-year funds from operations (FFO)-to-debt ratio remains above
30%.

Stronger projected revenues and cash flow generation, as well as
moderate projected net debt, have strengthened our estimates of
Teine's cash flow and leverage ratios.

Forecast cash flow metrics have strengthened, due to both the
improved hydrocarbon price outlook for the 2021-2022 forecast
period and the company's moderate leverage. S&P said, "Despite the
recent strengthening in both crude oil and natural gas prices, we
are projecting only a modest 3% increase in Teine's daily average
2021 production relative to the previous year, as we expect the
company will maintain capital spending at sustaining levels. Based
on the US$10 increase in our 2021 and 2022 WTI price assumptions,
our projected FFO, free operating cash flow (FOCF), and the
FFO-to-debt ratios have strengthened materially for the 2021-2022
forecast period. Specifically, our updated two-year (2021-2022)
average FFO-to-debt ratio has increased by about 76% from our
previous ratio forecasts. Furthermore, we are projecting the
company will generate substantial positive FOCF, which we net
against our fully adjusted gross debt. Stronger estimated cash flow
generation and reduced fully adjusted net debt are the key factors
underpinning our strengthened cash flow and leverage metrics for
the company. In addition, Teine's ability to reduce its cash
operating costs throughout 2020 will incrementally contribute to
stronger cash flow generation. As a result, we are now projecting
our 2021-2022 average FFO-to-debt ratio will range between 35% and
38%."

The narrow scope of Teine's operations continues to constrain the
company's credit profile and our rating. With year-end 2020 net
proven reserves of 110.6 million barrels of oil equivalent (boe)
and estimated 2021 daily average production of about 28,000 boe per
day, the size and scope of Teine's upstream operations are
significantly smaller than those of its North American rating
peers. The company owns acreage in three basins (Viking, Bakken,
and Duvernay); however, its production is concentrated in the
Viking and Bakken regions. Its product mix is liquids focused, with
total liquids representing 91%; light and heavy oil account for
about 70% and 20%, respectively, of estimated 2021 production.
Although we believe the company's limited scale and narrow
operational focus will constrain business risk profile improvement
in the near-to-medium term, the WTI equivalent price realizations
for the majority of its production, and the company's competitive
cost structure contribute to a profitability profile that enhances
our assessment of Teine's overall business risk profile.

Teine's light oil-focused product mix and competitive full-cycle
costs support profitability metrics in the midrange of the
exploration and production peer group ranking. S&P said, "In
addition to Teine's light oil-dominant product mix, the company's
competitive cost structure creates a profitability profile we
assess at the upper end of the midrange of the North American
exploration and production (E&P) peer group ranking. Our estimate
of Teine's 2020 total cash operating and full-cycle costs of
US$10.19 per boe and US$23.82 per boe, respectively, are
competitive relative to those of other E&P companies rated in the
'B' category. Furthermore, our estimated five-year (2018-2022)
earnings before interest and taxes (EBIT) breakeven of US$1.23 per
thousand cubic feet equivalent are at the upper end of our midrange
ranking for North American rated E&P companies."

In the moderate and stable price environment framed by our current
hydrocarbon price assumptions, we believe Teine should generate
robust revenues and cash flow. The stable outlook reflects S&P
Global Ratings' expectation that Teine's light oil-dominant product
mix, competitive cost structure, and moderate leverage should
ensure the company's fully adjusted two-year FFO-to-debt ratio
remains above 30%. With S&P's current 2021-2022 average FFO-to-debt
ratio estimated in the 35%-38% range, it believes there is some
cushion in the company's financial risk profile to accommodate
unanticipated market or operational disruption without compromising
the 'B' credit rating.

Assuming the company's business risk profile does not change, S&P
would lower the rating if the company's leverage increased
materially, causing its fully adjusted FFO-to-debt ratio to fall
and remain at the lower end of the 12%-20% range. This could occur
if:

-- Revenues and operating cash flow decreased due to materially
weaker-than-expected crude oil and natural gas prices;

-- Teine's profitability deteriorated in tandem with rapidly
increasing production and operating costs; or

-- The company's debt levels increased significantly without an
offsetting increase in cash flow generation.

S&P believes the company's credit profile and our rating will
remain constrained by Teine's limited scale, narrow operational and
geographic diversification, and private equity-sponsored ownership.
Nevertheless, S&P could raise the rating, if:

-- Teine is able to materially expand its operational scope and
scale;

-- S&P's fully adjusted two-year average FFO-to-debt ratio
strengthened and remained at the upper end of the 30%-45% range;
and

-- The company maintained its current capital spending and
financial policy discipline, and continued to generate positive
free operating cash flow.


TEL-INSTRUMENT: Secures $722,577 Second PPP Loan
------------------------------------------------
As previously disclosed, on May 1, 2020, Tel-Instrument Electronics
Corp. entered into an unsecured promissory note with Bank of the
America, NA, which provides for a loan in the amount of $722,577
pursuant to the Paycheck Protection Program under the Coronavirus
Aid, Relief, and Economic Security Act.

On March 16, 2021, subsequent to the First Loan having been
forgiven in accordance with the terms and conditions of the CARES
Act, the Company entered into an unsecured promissory note with
Bank of the America, NA, which provides for a loan in the amount of
$722,577 at a 1.00% fixed per annum interest rate.  The Second Draw
Loan is a Second Draw PPP Loan made pursuant to the Small Business
Act, as amended, and applicable provisions of the PPP under the
CARES Act, as amended by each of (i) the Paycheck Protection
Program and Health Care Enhancement Act, (ii) the Paycheck
Protection Program Flexibility Act of 2020, and (iii) the Economic
Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, as
amended.

The Note contains customary events of default relating to, among
other things, payment defaults, making materially false and
misleading representations to the Small Business Administration or
to lender, or breaching the terms of the Loan documents.  The
occurrence of an event of default may result in the repayment of
all amounts outstanding, collection of all amounts owing from the
Company, or filing suit and obtaining judgment against the
Company.

Under the terms of the PPP Guidance, subject to applicable
deadlines provided therein, PPP loan recipients can apply for and
be granted forgiveness for all or a portion of loan granted under
the PPP.  Such forgiveness will be determined, subject to
limitations, based on the use of loan proceeds for payment of
payroll costs and any payments of mortgage interest, rent, and
utilities.  The amount of loan forgiveness will be reduced if the
Company terminates employees or reduces salaries during the
eight-week period after the date of receipt of funds, March 16,
2021.  The Company intends to use the entire Second Draw Loan
amount for qualifying expenses and to apply for forgiveness of the
Second Draw Loan in accordance with the terms of the PPP
Legislation; however, no assurance can be provided that forgiveness
for any portion of the Second Draw Loan will be obtained.

                    About Tel-Instrument Electronics

Tel-Instrument -- http://www.telinstrument.com-- is a designer and
manufacturer of avionics test and measurement solutions for the
global commercial air transport, general aviation, and
government/military aerospace and defense markets.  Tel-Instrument
provides instruments to test, measure, calibrate, and repair a wide
range of airborne navigation and communication equipment.

Tel-Instrument reported net income of $4.74 million for the year
ended March 31, 2020, compared to net income of $203,038 for the
year ended March 31, 2019.  As of Dec. 31, 2020, the Company had
$13.06 million in total assets, $7.54 million in total liabilities,
and $5.52 million in total stockholders' equity.

                            *   *   *

This concludes the Troubled Company Reporter's coverage of
Tel-Instrument until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.


TENET HEALTHCARE: S&P Alters Outlook to Positive, Affirms 'B' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from stable, and
affirmed its ratings on Tenet Healthcare Corp., including the 'B'
issuer credit rating.

S&P said, "The positive outlook reflects our belief that Tenet's
progress in improving operating performance and cash flow, along
with better diversity as it grows its ambulatory surgery business,
could result in credit quality consistent with a 'B+' rating.
Still, we believe there is some risk to our base case for lower
leverage and better cash flow due to the uncertainty about the
lingering effects of the pandemic, as well as some uncertainty
around the company's long-term financial policies.

"The outlook revision reflects expectations for lower leverage and
a large improvement in cash flow.  While we recognize the company
will begin to repay the Medicare Advanced payments it received
under the Accelerated and Advance Payments program, and deferred
payroll tax payments that are part of the CARE's ACT, the company
has sufficient cash on its balance sheet to meet these obligations,
and should generate positive cash flow exclusive of the repayments.
In 2021 we expect free cash flow (after NCI but before advanced
Medicare and deferred tax repayments) of about $400 million, a
large improvement from 2019." The cash flow improvement relative to
2019 largely follows an increase in EBITDA and margin from cost
optimization efforts, further volume improvement, higher acuity,
and increase in the size of its ambulatory surgery segment.

The company has improved its business diversity and reduced its
exposure to its acute-care hospital portfolio.  The acquisition of
another 45 ambulatory surgery centers in late 2020 improved Tenet's
business mix and profitability. With that acquisition, Tenet's
ambulatory surgery business will generate about nearly 15% of total
revenue in 2021, up from 12% in 2019. Moreover, S&P expects the
ambulatory surgery business to have a higher growth rate than the
hospital segment due to more tailwinds, including an increasing
number of procedures approved to be performed in this setting.

S&P said, "We expect margins to be sustained at a higher level. We
estimate Tenet's overall margin will increase about 100 basis
points in 2021 compared with 2019 for several reasons, most
importantly due to the late 2020 acquisition of another 45
ambulatory surgery centers, and our expectations for a faster
growth rate for this higher-margin segment compared with the
hospital segment. Tenet estimates its ambulatory surgery center
segment will contribute about half its EBITDA by 2023. We also
expect margins to benefit from continued higher patient acuity in
2021 compared with pre-pandemic levels, and some volume
improvement."

The risk to the credit profile should patient volume not fully
recover to pre-COVID-19 levels may not be significant. S&P said,
"We believe Tenet's patient volumes may not need to fully return to
pre-pandemic levels to improve on its pre-COVID-19 credit profile.
We expect overall patient acuity will likely decline from its
current elevated level, as patient behavior returns closer to
pre-pandemic patterns and some patients again seek care closer to
prior levels. However, we believe total patient volume to hospitals
may be sustained below pre-pandemic levels because of permanent
changes in patient referral patterns, ongoing efforts to steer
low-acuity patients to lower-cost venues, and lasting changes in
patient behavior. Consequently, we think net revenue per adjusted
admission may remain above pre-pandemic levels in 2021."

S&P said, "The positive outlook reflects our belief that Tenet's
progress in improving operating performance and cash flow along
with enhanced diversity as it grows its ambulatory surgery business
could result in credit quality consistent with a 'B+' rating.
Still, we believe there is some risk to our base case for lower
leverage and better cash flow due to the uncertainty about the
lingering effects of the pandemic as well as some uncertainty
around the company's long-term financial policies.

"We could revise the outlook on Tenet back to stable if the company
is unable to achieve the operating and cash flow improvements we
assume in our base case. This could occur if patient mix and volume
trends are unfavorable, or if there are unfavorable reimbursement
or regulatory events. We could also revise our outlook to stable if
the company adopts more aggressive financial policies than we
currently envision, such as using improved cash flow to finance
shareholder-friendly activity.

"We could raise our ratings on Tenet if we believe the company can
sustainably generate discretionary cash flow to debt of at least
2.5% while reducing leverage below 7x. Given the nonrecurring
nature of advanced Medicare payments and other stimulus measures,
our calculation of cash flow will exclude the receipt and repayment
of advanced Medicare repayments and deferred payroll tax
repayments."


THREESQUARE LLC: Unsecureds to Recover 5% to 6% in 5 Years
----------------------------------------------------------
ThreeSquare, LLC, submitted an Amended Disclosure Statement in an
attempt to reorganize its obligations and realize income from its 2
major assets, real property located at 224 W. King Street,
Martinsburg, West Virginia, 25401, (the "King Street Property") and
123 East German Street, Shepherdstown, West Virginia, 25443 (the
"German Street Property").

The Debtor's case reflects claims filed by general, unsecured
claims of $36, 988, a disputed claim of Matador Solar Partners, LLC
in the amount of $379,051 that is being treated as unsecured by the
Debtor, secured tax claims in the amount of $16,555; and secured
claims in the amount of $295,000.

The Plan is designed so that upon its Effective Date all of the
Estate Assets of the Debtors can be determined with a reasonable
degree of certainty and will be distributed by counsel for the
debtors to creditors. The Plan contemplates 60 monthly
distributions to secured creditors with biannual distribution for a
total of 10 distributions to general, unsecured creditors. The
distribution will be from the profits realized from the Debtor's
rental income and management fees. These distributions will pay
Class II Claims (Secured Tax Claims of the Sheriff of Jefferson
County, West Virginia), Class III Claims (Secured Claims of United
Bank ("United") and the West Virginia Economic Development
Authority "WVEDA"), Class IV Claims (Disputed Claimants), Class V
Claims (General, Unsecured Claimants) and Class VI Claims (David
Andrew Levine and Monica Larson Levine) will receive no
distribution.

Class V consists of General, Unsecured Claims. The Creditors in
this class shall receive a pro-rata distribution of the remaining
rental proceeds. The distributions will be made on a semi-annual
basis resulting in 10 distributions over the life of the Plan. The
Debtor estimates that creditors in this class will receive between
5 percent and 6 percent of each creditor's claim.  A payment of the
Debtor's claim in In re Geostellar, Inc., Case No. 18-00045, could
increase the amount this creditor could receive. These claims are
impaired under the Plan.

The Plan is a plan of reorganization under Section 1123 (b) (4) of
the Bankruptcy Code and contemplates 60 monthly distributions by
the Debtor to Creditors. The distribution will be from the profits
realized from the Debtor's rental income.

A full-text copy of the Amended Disclosure Statement dated March
18, 2021, is available at https://bit.ly/3rkrfWJ from
PacerMonitor.com at no charge.

Counsel for Debtor:

     Brian R. Blickenstaff, Esq.
     Turner & Johns, PLLC
     808 Greenbrier Street
     Charleston, WV 25311
     Phone No: (304) 720-2300
     Fax No: (304) 720-2311
     E-mail: bblickenstaff@turnerjohns.com

                    About ThreeSquare LLC

ThreeSquare, LLC, a West Virginia corporation which has been in
business since 2002, with business consists of renting commercial
property for retail and/or office space to interested tenants.

The Debtor filed a Chapter 11 bankruptcy petition (Bankr. N.D.
W.Va. Case No. 19-00975) on Nov. 12, 2019.  The Debtor was
estimated to have $500,001 to $1 million in assets and less than
$10 million in liabilities.  Judge Frank W. Volk oversees the case.
The Debtor hired Turner & Johns, PLLC, as its legal counsel.


TIDAL POWER: S&P Assigns Preliminary 'B+' ICR, Outlook Stable
-------------------------------------------------------------
On March 19, 2021, S&P Global Ratings assigned its preliminary 'B+'
issuer credit rating to both Tidal Power Holdings LLC and APLP
Holdings L.P. S&P also assigned its preliminary 'BB-' issue-level
and '2' recovery ratings to the co-issued senior secured term loan
and revolving credit facility.

All ratings will be considered preliminary until the transaction
closes and S&P has reviewed the final documentation, at which point
it will determine if the final agreement is in line with its
current assumptions.

The stable outlook reflects its expectation of S&P Global
Ratings-adjusted debt to EBITDA of 2.0x–2.5x in 2021 and
1.5x–2.0x in 2022. These projected credit metrics are supported
by good visibility of contracted cash flow over the next few years
and projected debt paydown on the term loan from 100% excess cash
flow sweep.

Tidal Power Holdings LLC and APLP Holdings L.P. (Borrowing Group)
are both wholly owned affiliates of I Squared Capital--a global
infrastructure investment manager focusing on energy, utilities,
digital infrastructure, transport and social infrastructure. The
proceeds from the proposed term loan issuance will partly be used
to fund I Squared's recently announced acquisition of Atlantic
Power Corp. for a total enterprise value of about $961 million. The
acquisition is subject to board, regulatory, and security holder
approval and the transaction is expected to close in second-quarter
2021.

S&P said, "The 'B+' issuer credit rating on the Borrowing Group
reflects our assessment of the combined entity's limited scale
compared to IPP peers in the U.S. unregulated power industry and an
aggressive financial risk profile primarily because the Borrowing
Group is fully owned by a financial sponsor.

"We assess the creditworthiness of both Tidal Power Holdings LLC
and APLP Holdings L.P. on a consolidated basis. Once the
transaction is consummated, we anticipate cross default provisions
between the two companies and their assets to be pledged as
collateral for the proposed term loan and revolving credit
facility. We also acknowledge that the proposed structure of the
Borrowing Group is atypical for a corporate entity--where the
ultimate parent of the Borrowing Group is not rated. Typically, we
would determine the credit quality of the ultimate parent because
we expect the parent company to govern the financial policy and
cash needs of the business. However, we de-link Tidal Power
Holdings LLC and APLP Holdings L.P. from their parent entities
because, in our opinion, they benefit from governance constraints
that severely limit the parents' influence. In our opinion, credit
and structural provisions prevent the parent from determining
matters such as strategy, material change of business, dividend
payments and other material cash flow, and bankruptcy filings.
Consequently, even if the parent companies experience significant
credit stress, we feel this will have little to no effect on the
Borrowing Group's credit profile."

The Borrowing Group's operating portfolio consists of 15 power
generation assets, with only about 1.2 GWs of owned capacity. There
is significant visibility in the revenue profile for the assets in
the Borrowing Group in the medium term. This is because of the
significant proportion of cash flow being contracted via power
purchase agreements (PPAs) with creditworthy counterparties over
the next two to three years. These PPAs have a weighted-average
life of less than four years. However, following the expiration of
these contracts and slated decommissioning and sale of key assets,
the Borrowing Group will be exposed to increased merchant power
prices, especially if re-contracting is unsuccessful in the medium
term. The contracted profile of the Borrowing Group's portfolio of
assets will drop about 50% between year-end 2021 and year-end 2022.
However, the Borrowing Group does exhibit reasonable diversity in
terms of exposure of counterparties, markets, and generating asset
class.

S&P said, "We generally view IPPs with operations in various power
markets across multiple geographies more favorably because there is
better protection against risk factors that may affect one region
and its market dynamics more than another--such as unpredictable
weather conditions that can greatly influence the demand for and
price of power. Despite the 15 assets, there is concentration risk
of assets for the Borrowing Group because two assets contribute
more than 40% of projected EBITDA over the next few years. In our
opinion, the Borrowing Group does not compare favorably to other
IPPs in its peer group because of its scale. We typically view IPPs
with large retail operations that geographically and strategically
complement wholesale generation more favorably."

The Borrowing Group's gross margins over the next two to three
years primarily consist of contracted cash flow underpinned via
PPAs, capacity payments, and ancillary revenues from steam
generation. Furthermore, volatility is partially mitigated through
the contractual period of the PPAs because of a combination of fuel
supply, pass-through agreements, and indexing. S&P said, "Our
forecast adjusted debt-to-EBITDA ratio is 2.0x–2.5x in 2021 and
1.5x-2.0x in 2022, averaging about 2.0x in our forecast period. We
also forecast cash sweeps of at least $60 million-$80 million over
the next few years. The deleveraging effort is in part supported by
the $45.2 million purchase and sale in 2022 of Manchief (a 300
megawatt [MW] simple-cycle peaking facility that is fully owned by
the Borrowing Group) to the Public Service Company of Colorado. The
Borrowing Group will use the proceeds to reduce debt from the
proposed term loan. Furthermore, two assets, Chambers Cogeneration
L.P. (40% ownership by Tidal Power Holdings LLC) and Cadillac
Biomass Facility (100% ownership by Tidal Power Holdings LLC) have
non-recourse project-level debt, which we deconsolidate and do not
include when assessing total leverage. Although these forecast
metrics are stronger than those of the Borrowing Group's peers and
would often result in a better assessment of the overall financial
risk profile, we limit our assessment based on the control by
affiliates of I Squared Capital, which we consider to be a
financial sponsor. Financial sponsor-owned entities may pursue an
aggressive financial strategy in using financial instruments to
maximize returns. Consequently, although forecast adjusted debt to
EBITDA averages about 2x, we limit our financial risk profile
assessment at aggressive to reflect the risk that additional
leverage may be incurred."

S&P said, "The stable outlook on Tidal Power Holdings LLC and APLP
Holdings L.P. reflects our expectation that adjusted debt to EBITDA
will be 2.0x–2.5x in 2021 and will trend downward thereafter. The
projected credit metrics are partly supported by good visibility of
cash flow because of the large proportion of contracted revenues
and projected debt paydown on the term loan from the 100% excess
cash flow sweep.

"We could consider lowering the rating if our expectation of at
least $60 million-$80 million in cash flow sweep does not
materialize over the next 12 months. This may stem from
significantly higher-than-expected operating costs to maintain the
power assets in the portfolio.

"We view a higher rating as unlikely because of the Borrowing
Group's limited scale relative to IPP peers. We could consider
raising the rating if the entity substantially increases its scale
while reducing leverage via the cash flow sweep. An improvement in
credit metrics and higher than expected cash sweeps alone may not
support an upgrade as the sponsor could incur additional debt."



TRI-STATE PAIN: SBA Opposes Division of Unsecured Creditors
-----------------------------------------------------------
The United States, on behalf of the United States Small Business
Administration ("SBA"), objects to the Disclosure Statement of
Debtor Tri-State Pain Institute, LLC.

In the Disclosure Statement, Debtor places the SBA in Class 8 and
states that the SBA has a loan secured by 2374 Village Common
Drive, Erie, Pennsylvania, which loan is guaranteed by Debtor. In
this same Class 8 section, Debtor states that the present estimate
is that the SBA's unsecured deficiency will be approximately
$2,400,000, i.e., the full amount owed, and that the SBA will be
treated and paid in the same manner as other Unsecured Creditors
without priority as set forth for Class 11(b). Thus, the Disclosure
Statement places the SBA in Class 11(b) and not in Class 8.

The SBA objects to such division of the unsecured creditors because
the Bankruptcy Code states that a plan must provide the same
treatment of each claim in a particular class. 11 U.S.C. §
1123(a)(4). By separating the unsecured creditors in different
classed, Debtor places the SBA in a worse position than the
unsecured creditors in Class 11(a). The SBA does not agree to the
less favorable treatment.

Accordingly, the Disclosure Statement does not provide adequate
information from which the SBA can make an informed decision about
the Plan because the Plan does not comply with the  applicable
provisions of section 1129(a)(1) and does not provide any
explanation as to why the unsecured creditors have been separated
into two classes.

A full-text copy of the SAB's objection dated March 16, 2021, is
available at https://bit.ly/393TZgb from PacerMonitor.com at no
charge.

The SBA is represented by:

     STEPHEN R. KAUFMAN
     ACTING UNITED STATES ATTORNEY
     Jill Locnikar
     Assistant U.S. Attorney
     United States Attorney’s Off. 700
     Grant Street, Suite 4000
     Pittsburgh, PA 15219
     Tel: (412) 894-7429
     PA I.D. NO. 85892

          About Tri-State Pain Institute

Tri-State Pain Institute, LLC, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Pa. Cas No. 20-10049) on
January 23, 2020.  At the time of the filing, the Debtor had
estimated assets of between $500,001 and $1 million and liabilities
of between $1,000,001 and $10 million.  

Judge Thomas P. Agresti oversees the case.  The Debtor tapped
Marsh, Spaeder, Baur, Spaeder, and Schaaf, LLP, as the legal
counsel and Coldwell Banker Select, Realtors as real estate
broker.

On February 14, 2020, the U.S. Trustee for Regions 3 and 9
appointed a Committee of unsecured creditors in the Debtor's
Chapter 11 case. The Committee is represented by Knox, McLaughlin,
Gornall & Sennett, P.C.


TRIPADVISOR INC: S&P Alters Outlook to Negative, Affirms 'BB-' ICR
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Tripadvisor Inc. to
negative from stable. S&P affirmed all of its ratings on the
company, including its 'BB-' issuer credit rating, its 'BB-'
issue-level, and '3' recovery ratings on its senior unsecured
notes.

The negative outlook reflects the risk that prolonged distressed
industry conditions with minimal global travel could cause
Tripadvisor's EBITDA to remain depressed and leverage to remain
above 3x for an extended period.

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 said, "The outlook revision to negative reflects our
expectation that travel recovery will take longer than originally
expected and the company's leverage will likely remain above our 3x
threshold until 2022. The sharp decline in travel during the early
months of the pandemic drove a 61% drop in revenues at Tripadvisor,
which resulted in a substantial EBITDA loss and negative cash flows
in 2020 and temporarily elevated leverage. Leverage will remain
elevated until travel trends gradually improve starting in the
second half of 2021. We believe that travel spending is unlikely to
recover to 2019 levels before the second half of 2022 at the
earliest. However, significant cost cuts, including a reduction in
staff, would allow Tripadvisor to improve EBITDA faster as travel
recovers, potentially leading to reduced leverage to the 2x area by
year-end 2022.

"Travel recovery is off to a slow start so far in 2021 and we now
believe that travel might not recover fully until the second half
of 2022 or 2023. As an online travel company, Tripadvisor is
vulnerable to prolonged depressed demand for travel. The company's
performance is affected by online visitors looking to book travel,
dining, and experiences and hotels and online travel agencies'
advertising budgets. Average monthly unique visitors declined 67%
in April of 2020, compared to the same period the year before.
While they've since improved from that trough, fourth-quarter
average monthly unique visitors were still down about 40% compared
with the prior-year period and the company's revenues as of the
quarter ended December 2020 were 61% below 2019 levels. We believe
these trends haven't materially improved so far in 2021.
Complications related to vaccine rollout, new variants of the
virus, Europe's surging COVID-19 wave with resulting lockdowns, and
increasing cases in the U.S. could undermine recovery prospects.
Furthermore, even as government restrictions ease, consumers could
remain hesitant to travel until vaccines for COVID-19 are widely
distributed and administered. We also believe that travelers need
to feel safe to travel again, which might not occur until the
second half of 2021. However, vaccination rates are improving in
the U.S. and U.K., which is promising for a resumption of growth in
leisure travel."

Tripadvisor participates in the highly competitive digital
advertising segment against larger and better-capitalized
competitors. Lead generation, or the initiation of consumer
interest or enquiry into products or services, for the travel and
leisure industry is highly competitive with moderate entry
barriers, requiring sizable ongoing investments to drive organic
traffic. Tripadvisor competes with online travel agency (OTA)
giants such as Expedia Group Inc. and Booking Holdings Inc., which
together dominate the online booking travel market, have a
significant user base, a large number of partners, significant
financial resources, and own rival advertising-driven metasearch
engines such as Trivago and Kayak. Expedia owns Trivago, and
Booking owns Kayak. OTAs are not only the company's biggest
competitors, but they are Tripadvisor's largest customers.
Tripadvisor also competes against Google LLC, which is the dominant
global search engine and has been expanding its own trip-planning,
hotel, and airline-booking capabilities for the majority of the
past decade. Additionally, the company drives a significant amount
of free traffic through search engine optimization (SEO), which has
been under pressure in recent years and is vulnerable to changes
Google has made to its search engine results pages, such as an
increase in the number of paid ads moved to the top of search
results. This pushes SEO results lower and hampers Tripadvisor's
ability to increase profitably on these channels by making it
harder for consumers to find Tripadvisor content. S&P believes the
company's strong brand recognition, unique user-generated content,
and international presence only partially offset some of these
risks.

The company has a history of strong EBITDA and cash flow generation
and conservative financial policies, which underpins its financial
risk profile, and we expect this to continue. In 2019, Tripadvisor
generated $382 million of adjusted EBITDA (after deducting $63
million of capitalized software cost and adding operating lease
rent and share based compensation) and $341 million of free
operating cash flow. The company's relatively low capital
expenditures, minimal interest expense, and positive working
capital dynamic contributed to the high EBITDA-to-cash flow
conversion. Before the pandemic debt issuances, Tripadvisor
maintained a relatively conservative financial policy with minimal
debt and leverage under 2x. The company also had significant
availability on its revolving credit facility, which was reduced to
$500 million from $1 billion. S&P said, "We expect that following
the proposed transaction, its financial policy will remain
conservative, and its leverage will decline below 3x by the end of
2022. We also expect the company will use proceeds from $300
million convertible note offering along with balance sheet cash to
partially or entirely, call the $500 million unsecured notes due
2025 when they become callable."

S&P said, "In our view, Liberty Tripadvisor's ability to take
actions that could materially weaken Tripadvisor's financial
profile are somewhat limited. We consider Tripadvisor to be
insulated from Liberty Tripadvisor Holding because despite its
significant ownership stake and over 50% voting control in
Tripadvisor, institutional investors still hold a significant stake
in Tripadvisor, and the company has a fiduciary obligation to act
in their best interest. Additionally, Tripadvisor's practice has
been to have a substantial majority of its directors be independent
of Liberty Tripadvisor and its management (Liberty Media has one
executive and one director on Tripadvisor's nine-member board).
Tripadvisor is also incorporated as a separate legal entity with
its capital structure, and it does not commingle funds.
Furthermore, there are no cross-default provisions or guarantees,
and the company maintains separate operations, and financials from
Liberty Tripadvisor. We believe these provisions provide sufficient
insulation to support the 'BB-' issuer credit rating on
Tripadvisor. Still, Liberty Tripadvisor does not own any assets
other than Tripadvisor stock, it has substantial debt (we view its
preferred stock and proposed exchangeable debentures as debt),
making it a weaker credit than Tripadvisor." Liberty Tripadvisor's
ability to service its significant debt balance and manage its
operating costs, in the long run, relies on the Tripadvisor share
price staying above Liberty Tripadvisor's debt levels, and special
dividends or share sales providing liquidity. As a result, Liberty
Tripadvisor's majority voting control poses risks for Tripadvisor
should it pursue a more aggressive financial policy at
Tripadvisor.

Environmental, social, and governance (ESG) factors relevant for
this rating change:

-- Health and safety factors

The negative outlook reflects the risk that prolonged distressed
industry conditions with minimal global travel could cause
Tripadvisor's EBITDA to remain depressed and leverage above 3x for
an extended period. The outlook also reflects the risk that a
long-term reduction in global travel and changed travel patterns
because of the pandemic could weaken the company's business.

S&P could also lower the rating if:

-- Global travel conditions remain distressed into 2022, such that
Tripadvisor's stand-alone leverage remains above 3x.

-- The company uses more of its cash balances reserved for
potential debt repayment to fund cash flow deficits, and
potentially cause it to draw upon its revolving credit facility.

-- S&P sees a significant change in the travel advertising market
that hurts metasearch companies such as Tripadvisor and its future
ability to generate revenues and cash flow.

-- Tripadvisor were to pursue an aggressive financial policy or
its parent Liberty Tripadvisor were to borrow additional debt
causing the combined leverage to exceed 5.5x.

S&P will revise its outlook to stable if:

-- S&P has better visibility into the company's ability to reduce
its standalone leverage below 3x in 2022. This will likely be
driven by an improvement in domestic and global travel trends and
easing of travel restrictions, causing increased demand for travel
advertising on platforms such as Tripadvisor.

-- An upgrade is unlikely over the next 12 months.



TRUCKING AND CONTRACTING: May 4 Disclosure Statement Hearing Set
----------------------------------------------------------------
On March 15, 2021, Debtor Trucking and Contracting Services, LLC,
filed with the U.S. Bankruptcy Court for the District of New Mexico
a Disclosure Statement and Chapter 11 Plan.  On March 16, 2021,
Judge Robert H. Jacobvitz ordered that:

     * April 26, 2021, is fixed as the last day for filing and
serving in accordance with Bankruptcy Rule 3017(a) written
objections to the disclosure statement.

     * May 4, 2021 at 1:30 p.m., in the Pete V. Domenici United
States Courthouse, Gila Courtroom, 5th Floor, 333 Lomas Blvd. NW,
Albuquerque, New Mexico is the hearing to consider approval of the
disclosure statement.

A full-text copy of the order dated March 16, 2021, is available at
https://bit.ly/3sgH3v1 from PacerMonitor.com at no charge.

Attorney for Debtor:

     P. Diane Webb
     PO Box 30456
     Albuquerque, NM 87190

              About Trucking and Contracting Services

Trucking and Contracting Services, LLC, is a privately held company
that primarily operates in the local trucking business.  Trucking
and Contracting Services sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.M. Case No. 19-11319) on May 31, 2019.
In the petition signed by its member/manager, Melissa Acosta, the
Debtor was estimated to have assets of less than $50,000 and debts
of less than $10 million.  Judge Robert H. Jacobvitz is assigned to
the case.  The Debtor is represented by P. Diane Webb, Esq., at
Diane Webb Attorney At Law, P.C.


VOLUNTEER MOTORSPORTS: Seeks Approval to Hire Real Estate Agent
---------------------------------------------------------------
Volunteer Motorsports, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Tennessee to employ Adren Greene,
a licensed real estate agent in the state of Tennessee.

Mr. Greene will market and find a buyer for the Debtor's assets at
a price that will be sufficient to pay all claims of the estate.  

The compensation sought is 10 percent of the purchase price.

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

Mr. Greene can be reached at:

     Adren Greene
     6057 W. Andrew Johnson Hwy. Ste. 2
     Talbott, TN 37877
     Phone: 423-581-9300
     Fax: 423-587-0444

                About Volunteer Motorsports

Volunteer Motorsports, LLC -- http://volunteerspeedway.com-- is a
Bulls Gap, Tenn.-based company that owns properties, including a
64.3-acre tract improved by a 4/10 mile dirt race track, spectator
grandstands, shop and office buildings, fan indoor suite building,
and officials tower.  The properties are valued at $2.5 million.

Volunteer Motorsports filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tenn. Case. No.
21-50272) on March 9, 2021.  Landon Stallard, managing member,
signed the petition.  At the time of the filing, the Debtor
disclosed $2,606,702 in assets and $1,808,173 in liabilities.

Dean Greer, Esq., at Dean Greer& Associates, represents the Debtor
as legal counsel.


VOLUNTEER MOTORSPORTS: Seeks to Hire Dean Greer as Legal Counsel
----------------------------------------------------------------
Volunteer Motorsports, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Tennessee to employ Dean Greer &
Associates as its legal counsel.

The firm will render these services:

     a. advise the Debtor as to its powers and duties in the
continued operation of its business and management of its
properties during bankruptcy;

    b. prepare and file any statements, schedules, plans and other
documents or pleadings;

    c. represent the Debtor at all hearings, meetings of creditors,
conferences, trials and other proceedings in its Chapter 11 case;
and

     d. perform other legal services.

Dean Greer & Associates will be paid at these hourly rates:

       Dean W. Greer          $300 per hour
       Legal Assistant        $75 per hour

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

The retainer fee is $13,238.

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

The firm can be reached through:

     Dean Greer, Esq.
     Dean Greer & Associates
     P. O. Box 3708
     Kingsport, TN 37664
     Phone: (423) 246-1988
     Fax: (423) 378-4594
     Email: dean.greer@deangreer.com

                About Volunteer Motorsports

Volunteer Motorsports, LLC -- http://volunteerspeedway.com-- is a
Bulls Gap, Tenn.-based company that owns properties, including a
64.3-acre tract improved by a 4/10 mile dirt race track, spectator
grandstands, shop and office buildings, fan indoor suite building,
and officials tower.  The properties are valued at $2.5 million.

Volunteer Motorsports filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tenn. Case. No.
21-50272) on March 9, 2021.  Landon Stallard, managing member,
signed the petition.  At the time of the filing, the Debtor
disclosed $2,606,702 in assets and $1,808,173 in liabilities.

Dean Greer, Esq., at Dean Greer& Associates, represents the Debtor
as legal counsel.


W.R. GRACE: S&P Alters Outlook to Stable, Affirms 'BB' ICR
----------------------------------------------------------
S&P Global Ratings revised the outlook on W.R. Grace & Co. to
stable from negative. S&P affirmed the 'BB' issuer credit rating on
the company.

S&P said, "We assigned our 'BBB-' issue-level rating to the new
senior secured term loan B with a '1' recovery rating, indicating
our expectation for very high(90%-100%; rounded estimate: 90%)
recovery in the event of a payment default.

"At the same time, we affirmed the issue-level ratings on the
existing senior secured debt at 'BBB-'. The recovery rating remains
'1'.

"We affirmed the existing unsecured debt issue-level ratings at
'BB-'. The recovery rating remains '5', indicating our expectation
for modest (10%-30%; rounded estimate: 10%) recovery in the event
of a payment default.

"The stable outlook reflects our expectation for strengthening
EBITDA and credit measures in 2021, recovering from the trough in
2020.

"The outlook revision reflects our expectations for continued
economic recovery in 2021, and the positive impact we believe this
will have on W.R. Grace's operating performance and credit metrics.
We also believe W.R. Grace will expand EBITDA levels and margins
organically and with the planned Fine Chemistry Services Business
acquisition. While we view this transaction to be slightly
leveraging, we believe that improvements in operating performance
will cause Grace's credit metrics to be in line with our
expectations for the rating. Furthermore, we expect volume-driven
improvements in EBITDA that will offset any increases in raw
material prices."

In the fourth quarter, W.R. Grace saw a strong recovery in its
materials technologies segment driven by continued strength in the
pharmaceutical and consumer end markets, which expanded by 21%
compared with the previous year, and stronger demand in coatings,
up 10.8% year over year. Gross margins increased compared with the
previous year primarily due to higher sales and increased
production volumes, favorable mix, and cost-mitigation actions.
Grace has a track record of delivering high EBITDA margins. While
these margins dipped in 2020 due to the coronavirus pandemic, S&P
expects a reversion to high margins of about 28% on account of
improvements in its end markets. The catalysts technologies segment
was down in the fourth quarter, reflecting significant impacts from
the pandemic on global demand for transportation fuels, refinery
operating rates, and certain customers temporarily switching to a
lower performance catalyst. S&P said, "However, we expect a swift
bounce back in the refining technologies segment from the lows of
2020 due to the continued increase in global demand for
transportation fuels and steady improvement in refinery operating
rates, which have consistently operated above 80% capacity
utilization since the end of December. Our base case scenario
assumes weighted average funds from operations (FFO) to debt in the
12%-20% range over the next two years."

S&P said, "We continue to believe that W.R. Grace's business
strengths include its leading market positions within niches in
specialty chemicals and specialty materials. The company holds a
top one or two market position for most of its offerings. It also
continues to maintain strong long-term relationships with top-tier
customers, and we do not believe there to be any significant
customer concentration. W.R. Grace continues to benefit from good
geographic diversity, as the company operates and/or sells to
customers in over 60 countries, with most sales coming from outside
the U.S. Partially offsetting some of the company's strengths is
some propensity for raw material cost fluctuations and exposure to
volatile end-markets given the sizeable portion of the company's
revenue that comes from petroleum refiners and the polyolefin
industry.

"The stable outlook reflects our expectation for strengthening
EBITDA and credit measures in 2021, recovering from the trough in
2020. Our base case factors in growth primarily through
acquisitions, further supported by varying levels of moderate
organic growth across Grace's core segments. We expect the company
to sustain weighted average FFO to debt in the 12%-20% range.

We could lower the ratings over the next 12 months if the recovery
from the coronavirus pandemic were significantly slower across key
markets, like refining, transportation, and pharmaceuticals, than
we currently expect or the company engaged in large, debt-funded
acquisitions to expand the business, negatively affecting the
company's credit measures over the next 12 months. In such downside
scenario, we would expect both revenue and EBITDA margins to
decline by 200 basis points beyond our base case and remain at
these levels for a sustained period, causing pro forma
weighted-average FFO to debt to drop below 12% without near-term
prospects for improvement.

"We could raise the rating over the next 12 months if the
macroeconomic environment recovered from the coronavirus pandemic
more quickly than our current expectation and the company continued
to expand margins through leverage-neutral, bolt-on acquisitions
while improving credit metrics. We would expect weighted average
FFO to debt greater than 20% on a sustainable basis."


WDT ACQUISITION: S&P Assigns 'B-' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to WDT
Acquisition Corp. S&P also assigned its 'B-' issue-level and '3'
recovery ratings to its senior secured debt, indicating its
expectation for meaningful (50%-70%; rounded estimate: 55%)
recovery in the event of default, and its 'CCC' issue-level and '6'
recovery ratings to its second-lien term loan, indicating its
expectation for negligible (0%-10%; rounded estimate: 0%) recovery
in the event of default.

S&P's stable outlook reflects an expectation for steady sales and
cash flow growth, along with improving margins driven by increased
patient compliance and expansion of joint ventures.

Solis has a narrow business focus and small scale.   The company is
singularly focused on mammography and women's health in the highly
fragmented and competitive women's health care industry. The
company faces competition from other mammography providers,
multimodality diagnostic imaging facilities, and hospital-based
facilities. The company generates about $100 million in annual
revenue, or about $225 million on a consolidated basis including
its joint ventures' (JV) revenue, putting it on the smaller side
relative to rated health care services peers. S&P also views
geographic concentration as a risk because over 70% of its
facilities are located in Texas (60%) and Washington D.C. (10%).

The company has a relatively new and unproven growth strategy that
has kept it highly leveraged. Although the company was founded in
1986, its current acquisition and de novo growth strategy has been
employed only over the past several years. S&P said, "Although we
view the company's growth strategy of partnering with health
systems favorably, we believe rapid growth via acquisition and de
novos has significant inherent risks that could increase its cost
structure because de novos tend to generate operating losses for
12-18 months after start-up. We expect this acquisition and de novo
growth strategy will keep it highly leveraged because we believe
the company's modest cash flow generation will likely require
additional debt financing to fund development growth. We,
therefore, expect adjusted debt to EBITDA of about 10.7x in 2021
and 9.3x in 2022. The company does not consolidate most of its JVs
into its financial statements. Our EBITDA calculation from these
JVs is recognized solely through cash distributions of "equity in
earnings of joint ventures" plus any additional cash distributions
received. We expect Solis to generate modest cash flow from
operations of about $10 million-$20 million annually in 2021 and
2022 before development spend. We anticipate the company's growth
through its JV strategy will increasingly drive cash flow from
operations such that it can fully fund development spend by the end
of 2023."

Mammography is a slow-growing, mature industry, but has potential
growth opportunities.   The number of women receiving mammograms
has held steady over the past several years, with approximately 55%
of women over the age of 40 receiving a mammogram each year. Solis'
strategy focuses on increasing patient satisfaction and compliance
through significant outreach, convenient, patient-friendly
facilities utilizing 3D mammography equipment, and using only
breast-dedicated radiologists. Through these efforts, the company
has successfully increased its patient compliance rate to about 74%
of its patients receiving a mammogram screen within 12-18 months.
S&P believes these efforts are key components to driving a
recurring revenue stream and organic growth.

S&P believes the company faces lower reimbursement risk relative to
other health care service providers.   Mammography screens, which
account for over 50% of the procedures Solis performs, are
considered preventive services and payments from third-party payers
are guaranteed. There are also no required patient co-payments for
mammogram screens. Diagnostic mammograms and ultrasounds are often
used to determine potential cancer and typically face lower
reimbursement risk because of their essential roles in cancer
prevention and treatment.

Uncertainty from the coronavirus pandemic lingers.   Ongoing
adverse impacts from the coronavirus pandemic could weaken Solis'
financial results. The company experienced significant patient
volume declines in second-quarter 2020 because of the pandemic, but
volume has rebounded to near pre-COVID levels. While S&P cannot
predict the remaining path of the pandemic's severity or duration,
it does not build into its base case widespread stay-at-home
restrictions similar to what occurred early on in mid-March and
April 2020.

S&P said, "Our stable outlook reflects an expectation for steady
sales growth over the next two years driven by mid-single-digit
organic growth as the company increases patient compliance and
through its acquisition and de novo growth strategy of forming JVs
with hospital systems. As the company expands, we expect improved
efficiency will lead to expanding margins and better cash flow
generation."

S&P could lower its rating if:

-- The company starts generating significant and sustained cash
flow deficits as a result of heightened competition or operational
challenges related to its JV and associated de novo strategy; and

-- Deteriorating operating performance lead S&P to believe the
company's capital structure is unsustainable.

Although unlikely over the next year, S&P could raise its rating
if:

-- The company's sales growth accelerates well above our forecast,
leading to improved operating leverage and material margin
expansion and resulting in sustained free operating cash flow
(after development spend) to debt of over 7.5%; or

-- The company diversifies its operations and significantly
increases its scale.



WR GRACE: Fitch Affirms 'BB+' LongTerm IDR, Outlook Negative
------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' Long-Term Issuer Default
Ratings (IDRs) and 'BB+'/'RR4'unsecured ratings of W. R. Grace &
Co. and W. R. Grace & Co. - Conn, affirmed 'BBB-'/'RR1' ratings on
the existing secured debt, and assigned a 'BBB-'/'RR1' to the new
$300 million incremental term loan at W. R. Grace & Co. - Conn, the
subsidiary at which all debt sits. The Rating Watch Negative has
been removed from the IDRs. Proceeds from the term loan, along with
$270 million in preferred equity, will be used to fund the
acquisition of Albemarle Corporation's (BBB/Stable) Fine Chemistry
Services business.

The Negative Outlook reflects the heightened financial risk
associated with the transaction. The $300 million in new debt,
alongside $270 million in preferred shares which Fitch does not
assign equity credit, will make it difficult for Grace to reach
gross leverage below 3.5x total debt with equity credit/operating
EBITDA within 18-24 months.

KEY RATING DRIVERS

Leveraging Transaction, Deleveraging Capacity: The acquisition of
Albemarle's Fine Chemistry Services business, while strategically
sound, adds a material amount of financial risk to the company.
With 0% equity credit awarded to the $275 million in new preferred
shares and $300 million in new secured debt, Fitch believes that
Grace will face an extended period of gross leverage in excess of
3.5x. There is a path to deleveraging, which includes strong EBITDA
generation as refining catalyst demand returns to historical
levels, strong, stable FCF generation, and gross debt reduction
including the redemption of the preferred shares and some term loan
prepayment.

Solid FCF: Fitch believes that the company will generate solid FCF
over the medium term, and believes that it makes sense to redeem
the preferred shares within 24 months. Fitch also notes that the
company is likely to have the financial flexibility to prepay a
portion of its outstanding Term Loan debt. The extent to which the
company's Catalysts Technologies business is able to quickly
generate cash as volumes return to historical levels will determine
the speed with which Grace can return to leverage consistent with a
'BB+' rating.

Specialized Chemical Portfolio: Grace's two business segments offer
highly specialized products with high margins and pricing power.
Grace has been able to pass through costs to customers, and the
catalysts segment has consistently generated EBITDA margins of
around 35%, while the Materials Technologies business is in the low
20% range. These margins are on the high end for specialty chemical
companies and, though somewhat volatile, are partially insulated by
way of solid pass-through rates. In the medium term, Fitch believes
that the company will continue to deploy capital in order to build
out the Materials Technologies segment.

Refinery Production Drives Growth: Growth in the refining catalysts
sub-segment, which accounts for roughly 38% of Grace's revenue, is
determined primarily by refinery production utilization levels.
Products in this sub-segment have various uses, including cracking
hydrocarbon chains in distilled crude oil to produce transportation
fuels and maximizing propylene production. These are valuable
inputs to a refinery's operations that support the optimization of
crack spreads - as such, Fitch expects volumes to track refinery
production utilization levels, with high pass-through rates keeping
gross margins relatively stable.

DERIVATION SUMMARY

On the spectrum of basic to specialty chemicals, EBITDA margins
consistently above 25% put Grace firmly within the 'specialty
manufacturer' group. The company is smaller than direct competitor
Albemarle Corporation (BBB/Stable), which also produces lithium and
bromine to go alongside its catalysts. Like NewMarket Corp.
(BBB/Stable), Grace is a leader in a highly specialized industry,
but has a greater appetite for debt funded M&A and typically
operates with total debt to EBITDA at or around 3.5x versus
Newmarket, which is generally at or below 2.0x.

Like many chemicals peers, Fitch anticipates growth at Grace to
roughly track economic activity. Fitch projects Grace to generate
consistent FCF margins in the mid-single digits over the forecast
period, given low maintenance capex requirements and relatively
stable earnings, which is consistent with Fitch's views on
Newmarket. Fitch projects Albemarle to generate neutral to negative
FCF throughout the forecast period, given committed large-scale
capital projects.

KEY ASSUMPTIONS

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

-- Sharp near-term recovery in Catalysts Technologies, with a
    more modest, longer-dated recovery in Materials Technologies;

-- EBITDA margins roughly flat throughout the forecast;

-- Albemarle FCS transaction closes in 2021, with the cash
    portion funded fully with debt and 0% equity credit awarded;

-- Maintenance of a steady dividend and bolt-on M&A in Specialty
    Catalysts and Materials Technologies prioritized, with
    redemption of the preferred shares in 2023 and the remainder
    of excess cash going toward share repurchases. Solidly
    positive FCF throughout the forecast period;

-- Total debt with equity credit/operating EBITDA peaks around
    4.8x in 2021, falling sharply thereafter as the normalization
    of refinery output and voluntary debt reduction drives
    leverage to around 3.4x by 2024.

RATING SENSITIVITIES

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

-- A shift to a more conservative capital deployment strategy
    coupled with continued cash generation and earnings stability,
    leading to total debt with equity credit/operating EBITDA
    durably below 2.5x and/or FFO-adjusted leverage durably below
    3.0x;

-- Successful completion of Materials Technologies and Specialty
    Catalysts buildout, resulting in a more conservative capital
    deployment strategy and a move towards an unsecured capital
    structure.

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

-- Loss of leading market positions, particularly in the
    Catalysts segment, leading to total debt with equity
    credit/operating EBITDA durably above 3.5x and/or FFO-adjusted
    leverage durably above 4.0x;

-- Reduced ability to pass through costs to customers, leading to
    less stable margins and heightened cash flow risk;

-- More aggressive than anticipated M&A activity, including
    transformative, credit-unfriendly acquisitions, or shareholder
    return strategy otherwise incompatible with management's
    articulated capital deployment policy.

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: Following the June 2020 refinancing, the company
will face limited maturities throughout the ratings horizon, with
full availability on the company's $400 million revolving credit
facility due 2023. Additionally, Fitch anticipates solid free cash
flow generation upon the normalization of the company's sales
volumes as refinery volumes return to historical levels.

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.


XOTICAS LAREDO: Gets OK to Hire Carl M. Barto as Legal Counsel
--------------------------------------------------------------
Xoticas Laredo LP and Xoticas Rio Grande Valley, LP, received
approval from the U.S. Bankruptcy Court for the Southern District
of Texas to hire the Law Office of Carl M. Barto as its legal
counsel.

The firm's services include:

     a. advising the Debtors regarding their rights, duties and
powers in their Chapter 11 cases;

     b. assisting the Debtors in their consultations relative to
the administration of the cases;

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

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

     e. preparing and filing proofs of claim, analyzing claims,
and, when appropriate, objecting to claims filed by creditors;

     f. representing the Debtors at hearings and other court
proceedings;

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

     h. assisting the Debtors in preparing pleadings and
applications, including motions to sell and reject executory
contracts;

     i. drafting, filing and serving the Debtors' disclosure
statement and plan of reorganization;

     j. soliciting ballots and proving up the elements for
confirmation of the Debtors' plan;
and,

     k. other legal services necessary to administer the Debtors'
cases.

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

     Carl M. Barto, attorney            $350 per hour
     Maria Lilia C. Barto, attorney     $350 per hour
     Monica Gerardo, paralegal          $90 per hour

The firm received $2,500 from an entity controlled by the Debtors'
principal, KDS III Land Development, LLC.  Of the amount, $1,738
was used to pay the filing fee.

As disclosed in court filings, The Law Office of Carl M. Barto is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

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

               About Xoticas Laredo LP and Xoticas
                       Rio Grande Valley LP

Xoticas Laredo LP and Xoticas Rio Grande Valley, LP, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Tex. Lead Case No. 21-50007) on Jan. 21, 2021.  At the time of the
filing, the Debtors each had estimated assets of between $50,001
and $100,000 and liabilities of between $1 million and $10 million.
Judge David R. Jones oversees the Debtors' cases.  The Debtors are
represented by the Law Office of Carl M. Barto.


YOUNGEVITY INTERNATIONAL: In Forbearance Talks With Investors
-------------------------------------------------------------
Youngevity International, Inc. issued to investors the second
tranche of Secured Promissory Notes dated March 13, 2019 in the
aggregate principal amount of $540,000 that had a maturity date of
March 13, 2021.  The Notes provide for an interest rate of six
percent.  Pursuant to a Security Agreement, dated March 13, 2019,
entered into by the Company with the several holders of the 6%
Notes, the 6% Notes are secured by a first priority lien granted by
the Company on all the shares of its subsidiary Khrysos Industries,
Inc , a wholly owned subsidiary of the Company which security
interest is subordinate to the security interest of Crestmark Bank
in all of the assets of the Company and pari passu with rights of
certain holders of the Company's notes issued in 2014, of which the
Company has settled all the 2014 notes at maturity.  Upon the
occurrence of an Event of Default, as defined in the Notes, all
unpaid principal amount together with accrued interest is
immediately due and payable and the interest rate payable on the
Notes increases to 18%.  In addition, upon and Event of Default,
the purchasers may exercise their rights with respect to the
collateral.

The Company did not make the payment due upon the Maturity Date of
these Notes and is in negotiations regarding a forbearance.

                         About Youngevity

Chula Vista, California-based Youngevity International, Inc. --
https://ygyi.com -- is a multi-channel lifestyle company operating
in three distinct business segments including a commercial coffee
enterprise, a commercial hemp enterprise, and a multi-vertical omni
direct selling enterprise.  The Company features a multi country
selling network and has assembled a virtual Main Street of products
and services under one corporate entity, YGYI offers products from
the six top selling retail categories: health/nutrition,
home/family, food/beverage (including coffee), spa/beauty,
apparel/jewelry, as well as innovative services.

Youngevity reported a net loss attributable to common stockholders
of $23.50 million for 2018 following a net loss attributable to
common stockholders of $12.69 million for 2017.  As of Sept. 30,
2019, the Company had $141.18 million in total assets, $85.01
million in total liabilities, and $56.17 million in total
stockholders' equity.

Mayer Hoffman McCann P.C., in San Diego, California, the Company's
auditor since 2011, issued a "going concern" qualification in its
report dated April 15, 2019, on the consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has recurring losses and is dependent on additional
financing to fund operations.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern.


[*] SSG Advises Utica Leaseco on Sale of Alta Device Assets
-----------------------------------------------------------
SSG Capital Advisors, LLC ("SSG") acted as the investment banker to
Utica Leaseco, LLC on the sale of the assets of Alta Devices (Alta)
to Ubiquity Solar Inc. (Ubiquity or the Buyer). The assets included
intellectual property, research and development, production
equipment, and inventory. The transaction closed in March 2021.

Since its inception in 2008 until its California production
facility was shuttered in late 2019, Alta fabricated gallium
arsenide solar cells, which are highly efficient and resistant to
moisture and UV radiation in contrast to the more widely used
silicon. Alta's cells once held the world record for the most
efficient single-junction solar cell. As such, the lightweight,
flexible cells have been highly sought after in the aerospace, HALE
(High Altitude Long Endurance), UAV (Unmanned Aerial Vehicle), HAPS
(High Altitude Pseudo-Satellite), LEOS (Low Earth Orbit
Satellites), airship, and defense contracting industries.

As a result of issues unrelated to Alta, its corporate parent was
unable to provide support to continue funding research and
commercialization of the technology and the assets were ultimately
conveyed to Utica. SSG was retained to conduct a comprehensive
marketing process to find a new owner. SSG canvassed a wide range
of investors on a global scale and attracted interest from multiple
international parties. The sale to Ubiquity proved to be the best
solution given its plans to integrate the gallium arsenide assets
with its silicon-based photovoltaic wafer, cell and modulation
operation. Additionally, the sale allows the assets to remain in
North America.

Ubiquity Solar develops high performance, advanced photovoltaic
silicon materials, cells and modules. Its silicon technology can
also be used in the lithium-ion battery, electronic display, and
semiconductor industries. It is also developing ultra-high
efficiency gallium arsenide and silicon gallium arsenide
photovoltaic technology for the Flight Integrated photovoltaic
(FIPV), Building Integrated photovoltaic (BIPV), and Electric
Vehicle Integrated photovoltaic (VIPV) markets.



[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Jason Kevin Courson
   Bankr. M.D. Tenn. Case No. 21-00765
      Chapter 11 Petition filed March 16, 2021
         represented by: Alexander Koval, Esq.

In re Thomas A. Beckett
   Bankr. M.D. Fla. Case No. 21-00339
      Chapter 11 Petition filed March 17, 2021
         represented by: Michael J. Hooi, Esq.
                         STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
                         Email: mhooi@srbp.com

In re Benson Property Investment Corp
   Bankr. M.D. Fla. Case No. 21-00336
      Chapter 11 Petition filed March 17, 2021
         See
https://www.pacermonitor.com/view/PDDDH6Q/Benson_Property_Investment_Corp__flmbke-21-00336__0001.0.pdf?mcid=tGE4TAMA
         represented by: Richard Johnston, Jr., Esq.
                         JOHNSTON LAW, PLLC
                         E-mail: richard@richardjohnstonlaw.com

In re Rob's Tower Motors Sales & Service of Taneytown, LLC
   Bankr. D. Md. Case No. 21-11670
      Chapter 11 Petition filed March 17, 2021
         See
https://www.pacermonitor.com/view/JVKWP4Y/Robs_Tower_Motors_Sales__Service__mdbke-21-11670__0001.0.pdf?mcid=tGE4TAMA
         represented by: Edward M. Miller, Esq.
                         MILLER & MILLER, LLP
                         E-mail: mmllplawyers@verizon.net

In re 127 Westchester SQ Restaurant LLC
   Bankr. S.D.N.Y. Case No. 21-10503
      Chapter 11 Petition filed March 17, 2021
         See
https://www.pacermonitor.com/view/TEYROAA/127_Westchester_SQ_Restaurant__nysbke-21-10503__0001.0.pdf?mcid=tGE4TAMA
         represented by: Norma Ortiz, Esq.
                         ORTIZ & ORTIZ, LLP
                         E-mail: email@ortizandortiz.com

In re K&S Custom Embroidery, LLC
   Bankr. E.D. Mich. Case No. 21-42255
      Chapter 11 Petition filed March 18, 2021
         See
https://www.pacermonitor.com/view/TOJ6TOY/KS_Custom_Embroidery_LLC__miebke-21-42255__0001.0.pdf?mcid=tGE4TAMA
         represented by: Paul J. Dillon, Esq.
                         DILLON & DILLON, PLC
                         E-mail: pjdillon@ddplc.net

In re Antonia's Food LLC
   Bankr. S.D. Tex. Case No. 21-30967
      Chapter 11 Petition filed March 19, 2021
         See
https://www.pacermonitor.com/view/3JZJJUY/ANTONIAS_FOOD_LLC__txsbke-21-30967__0001.0.pdf?mcid=tGE4TAMA
         represented by: Jessica Hoff, Esq.
                         HOFF LAW OFFICES, P.C.
                         E-mail: jhoff@hofflawoffices.com

In re PNW Redone 10, LLC
   Bankr. W.D. Wash. Case No. 21-40449
      Chapter 11 Petition filed March 18, 2021
         See
https://www.pacermonitor.com/view/LTZZPMQ/PNW_Redone_10_LLC__wawbke-21-40449__0001.0.pdf?mcid=tGE4TAMA
         represented by: John A. Sterbick, Esq.
                         STERBICK & ASSOCIATES, P.S.
                         E-mail: sterbick@sterbick.com;
                                 LoreleiW@sterbick.com

In re Karen Lea Bozarth
   Bankr. D. Ariz. Case No. 21-01964
      Chapter 11 Petition filed March 19, 2021
         represented by: Mark Giunta, Esq.
                         LAW OFFICE OF MARK J. GIUNTA

In re Arthur Michael Toms
   Bankr. M.D. Fla. Case No. 21-01289
      Chapter 11 Petition filed March 19, 2021
         represented by: Buddy Ford, Esq.
                         Buddy D. Ford, P.A.

In re Alltracon Trucking LLC
   Bankr. N.D. Ohio Case No. 21-50436
      Chapter 11 Petition filed March 21, 2021
         See
https://www.pacermonitor.com/view/QWJJZXY/Alltracon_Trucking_LLC__ohnbke-21-50436__0001.0.pdf?mcid=tGE4TAMA
         represented by: Marc B. Merklin, Esq.
                         BROUSE MCDOWELL, LPA
                         E-mail: mmerklin@brouse.com

In re The Donut House, Inc.
   Bankr. D. Colo. Case No. 21-11349
      Chapter 11 Petition filed March 22, 2021
         See
https://www.pacermonitor.com/view/STUODWA/The_Donut_House_Inc__cobke-21-11349__0001.0.pdf?mcid=tGE4TAMA
         represented by: Keri L. Riley, Esq.
                         KUTNER BRINEN DICKEY RILEY, P.C.
                         E-mail: klr@kutnerlaw.com

In re Omar Dieyleh
   Bankr. D. Colo. Case No. 21-11350
      Chapter 11 Petition filed March 22, 2021
         represented by: Stuart Carr, Esq.

In re Amit Gauri
   Bankr. N.D. Ill. Case No. 21-03680
      Chapter 11 Petition filed March 22, 2021
         represented by: Carolina Sales, Esq.
                         BAUCH & MICHAELS, LLC
                         Email: csales@bmlawllc.com

In re Timothy Erik Schultz
   Bankr. E.D. Mich. Case No. 21-42426
      Chapter 11 Petition filed March 22, 2021
         represented by: Kimberly Clayson, Esq.

In re Henry Alan Minardo
   Bankr. C.D. Cal. Case No. 21-10275
      Chapter 11 Petition filed March 23, 2021
         represented by: Reed Olmstead, Esq.                       


In re La Terraza, Inc.
   Bankr. E.D. Cal. Case No. 21-21012
      Chapter 11 Petition filed March 23, 2021
         See
https://www.pacermonitor.com/view/KJIULDY/La_Terraza_Inc__caebke-21-21012__0001.0.pdf?mcid=tGE4TAMA
         represented by: Noel Christopher Knight, Esq.
                         THE KNIGHT LAW GROUP
                         E-mail: lawknight@theknightlawgroup.com

In re Villagio Carlsbad Cottages LLC
   Bankr. S.D. Cal. Case No. 21-01116
      Chapter 11 Petition filed March 23, 2021
         See
https://www.pacermonitor.com/view/JF5IG3Y/Villagio_Carlsbad_Cottages_LLC__casbke-21-01116__0001.0.pdf?mcid=tGE4TAMA
         represented by: Vik Chaudhry, Esq.
                         VC LAW GROUP, LLP
                         E-mail: vik@thevclawgroup.com

In re Strasburg Pharms LLC
   Bankr. D. Colo. Case No. 21-11389
      Chapter 11 Petition filed March 23, 2021
         See
https://www.pacermonitor.com/view/GMBGQDI/Strasburg_Pharms_LLC__cobke-21-11389__0001.0.pdf?mcid=tGE4TAMA
         represented by: Jon B. Clarke, Esq.
                         JON B. CLARKE, P.C.
                         E-mail: jclarke@clarkepclaw.com

In re Project 2 Funding LLC
   Bankr. D.D.C. Case No. 21-00078
      Chapter 11 Petition filed March 23, 2021
         See
https://www.pacermonitor.com/view/OMUGL3Y/Project_2_Funding_LLC__dcbke-21-00078__0001.0.pdf?mcid=tGE4TAMA
         represented by: Kellee Baker, Esq.
                         KB LAW FIRM
                         E-mail: kblawfirm@gmail.com

In re JWB Design Build Construction Services, LLC
   Bankr. M.D. Fla. Case No. 21-01349
      Chapter 11 Petition filed March 23, 2021
         See
https://www.pacermonitor.com/view/HVUNSRQ/JWB_Design_Build_Construction__flmbke-21-01349__0001.0.pdf?mcid=tGE4TAMA
         represented by: Jake C. Blanchard, Esq.
                         BLANCHARD LAW, P.A.
                         E-mail: jake@jakeblanchardlaw.com

In re James L. Bruce, Jr.
   Bankr. N.D. Ga. Case No. 21-20310
      Chapter 11 Petition filed March 23, 2021
         represented by: Charles Kelley, Esq.
                         KELLEY & CLEMENTS LLP

In re Pavel A. Chukhray
   Bankr. N.D. Ill. Case No. 21-03757
      Chapter 11 Petition filed March 23, 2021
         represented by: John Hiltz, Esq.
                         HILTZ ZANZIG & HEILIGMAN LLC
                         E-mail: jhiltz@hzhlaw.com

In re Sean F. Murphy
   Bankr. D. Mass. Case No. 21-40204
      Chapter 11 Petition filed March 23, 2021
         represented by: David Madoff, Esq.
                         MADOFF & KHOURY LLP
                         Email: madoff@mandkllp.com

In re Alexander Gunn
   Bankr. S.D.N.Y. Case No. 21-10536
      Chapter 11 Petition filed March 23, 2021
         represented by: James Shenwick, Esq.


                            *********

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

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

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

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

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

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

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

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

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

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

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

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

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