/raid1/www/Hosts/bankrupt/TCR_Public/210405.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, April 5, 2021, Vol. 25, No. 94

                            Headlines

ADVAXIS INC: Signs Lease Agreement With Princeton Corporate
AIR TRANSPORT: Moody's Affirms Ba2 CFR & Alters Outlook to Positive
AJC ATP: Seeks to Hire Van Horn Law as Legal Counsel
AL NGPL HOLDINGS: S&P Assigns 'B+' ICR, Outlook Stable
ALA TURK: Fine-Tunes Plan; Seeks New Lease Approval with Landlord

ALAMO DRAFTHOUSE: Court OKs Ch. 11 Bidding Plan, $60 Mil. DIP Loan
ALAMO STRATEGIC: Hits Chapter 11 Bankruptcy
ALPHA MEDIA: Court Approves $267 Million Chapter 11 Plan
AMC ENTERTAINMENT: Seeks Investor Approval to Sell New Shares
AMERICARE PROPERTY: Voluntary Chapter 11 Case Summary

AP GAMING: S&P Affirms 'B' Issuer Credit Rating, Outlook Negative
ASTROTECH CORP: Unit Taps Sanmina Corp. to Scale Manufacturing
AUTOMOTORES GILDEMEISTER: To File Prepackaged Bankruptcy in U.S.
AVISON YOUNG: S&P Alters Outlook to Negative, Affirms 'B-' ICR
B2 INDUSTRIES: Seeks to Hire Kell C. Mercer as Bankruptcy Counsel

BALTIMORE HOTEL: S&P Lowers Sr. Sec Revenue Bond Rating to 'CCC'
BARETTA INC: Caleco's & Grill Files for Chapter 11 Protection
BECKER BOILER: Enters Chapter 11 Bankruptcy
BIOPLAN USA: S&P Upgrades ICR to 'CCC+' on Extended Maturities
CACHET FINANCIAL: NSI Agrees to Provide $5M Loan to Fund Plan

CAREERBUILDER LLC: S&P Alters Outlook to Stable, Affirms 'B' ICR
CARROLL COUNTY: Moody's Lowers Secured Credit Facilities to Ba3
CARVANA CORP: Upsizes Private Placement to $600 Million
CARVER BANCORP: Susan Tohbe Retires as Director
CENTURY COMMUNITIES: S&P Upgrades ICR to 'BB-', Outlook Stable

CHARLIE BROWN'S: Seeks OK to Pay Additional $2K to Special Counsel
CHICAGO BOARD OF EDUCATION: S&P Raises GO Bonds Rating to 'BB'
CHICK LUMBER: Wins Cash Collateral Access Thru June 30
CMC II: Seeks Approval to Hire Stretto as Administrative Advisor
CONFIDENCE TRUCKING: Wins Cash Collateral Access on Interim Basis

CORELOGIC INC: S&P Downgrades ICR to 'B' on Leveraged Buyout
CORT & MEDAS: Says 1414 Lender's Disclosure Statement Deficient
CPG INTERNATIONAL: S&P Alters Outlook to Pos., Affirms 'B+' ICR
CPM HOLDINGS: S&P Upgrades ICR to 'B-' on Improved Liquidity
CRESTWOOD HOLDINGS: S&P Alters Outlook to Stable, Affirms 'B-' ICR

CROSSPLEX VILLAGE: Bankruptcy Administrator Opposes Disclosures
CROWNROCK LP: S&P Affirms 'B+' on Expected Free Cash Flow
CYXTERA DC: Moody's Puts Caa1 CFR Under Review for Upgrade
DIAMOND (BC) BV: S&P Upgrades ICR to 'B' on IPO, Debt Reduction
EMPLOYBRIDGE LLC: Moody's Affirms B2 CFR & Alters Outlook to Stable

ENTERPRISE DEVELOPMENT: S&P Raises ICR to 'B' on Refinancing
EPIC CRUDE: S&P Cuts ICR to 'CCC+' on Sustained Elevated Leverage
EQUESTRIAN EVENTS: Wins Continued Cash Collateral Access
ETHEMA HEALTH: Delays Filing of 2020 Annual Report
ETS OF WASHINGTON: Secured Creditors Propose to Liquidate Property

EXACTUS INC: Delays Filing of 2020 Annual Report
FLY LEASING: S&P Places 'BB-' ICR on CreditWatch Developing
FOXWOOD HILLS: Creditor Busbee Says Plan Patently Unconfirmable
FOXWOOD HILLS: Creditor Lee Pope Says Plan Not Filed in Good Faith
FOXWOOD HILLS: Interest Holder Busbee Says Disclosure Insufficient

FREE FLOW: Delays Filing of 2020 Annual Report
FULL HOUSE: Prices $40 Million Public Offering of Common Stock
G.A.F. SEELIG: Updates Unsecured Creditors Claims Pay Details
GADSDEN PROPERTIES: Court OKs Stipulation in Unit's Bankruptcy Case
GENESIS INVESTMENT: Castle Realty Says Disclosures Inaccurate

GILBERT MH: Seeks to Hire Parker Schwartz as Bankruptcy Counsel
GIRARDI & KEESE: CFO to Invoke 5th Amendment to Avoid Testifying
GLOBAL HEALTHCARE: Swings to $2.96 Million Net Income in 2020
GOODYEAR TIRE: S&P Rates New $1.0BB Senior Unsecured Notes 'B+'
GRIDDY ENERGY: Court Adjourns Customer Committee Issue for Now

GTT COMMUNICATIONS: Inks 2nd Amendment to $275M Credit Agreement
HEALTHIER CHOICES: To Swap $1.3 Million Debt for Equity
HELIUS MEDICAL: Unit Gets Marketing Authorization for PoNS Device
HEMISPHERE MEDIA: S&P Rates $50MM Incremental Term Loan 'B+'
HERTZ CORP: Unsec. Creditors to Get 80% or 75% in Rival Proposals

HERTZ GLOBAL: To Exit Chapter 11 Bankruptcy in June 2021
HOLLY ACADEMY: S&P Affirms 'BB+' Rating on Revenue Bonds
HOP-HEDZ INC: May 3 Plan Confirmation Hearing Set
HUMANIGEN INC: Draws $25-Mil. Under Hercules Capital Loan Facility
ILPEA PARENT: S&P Alters Outlook to Stable, Affirms 'B' ICR

INSPIRON INC: Unsecureds to Get $20K; April 30 Plan Confirmation
INVENERGY THERMAL: S&P Keeps 'BB' Debt Rating on Watch Negative
KAISER ALUMINUM: S&P Lowers ICR to 'BB', Outlook Stable
KEEN MOBILITY: Files for Chapter 7 Liquidation
KNS HOLDCO: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable

LAKE CECILE RESORT: Wins Cash Collateral Access Thru May 4
LRGHEALTHCARE: Wins Cash Collateral Access
LUCID ENERGY II: Moody's Hikes CFR to B2 & Alters Outlook to Stable
MAG DS: S&P Alters Outlook to Negative, Affirms 'B' ICR
MEDIQUIP INC: Case Summary & 20 Largest Unsecured Creditors

MERITAGE HOMES: S&P Rates New $400MM Sr. Unsecured Notes 'BB+'
MICHAELS COS: S&P Alters Outlook to Stable, Affirms 'B' ICR
MONEYGRAM INTERNATIONAL: S&P Affirms 'B' Long-Term ICR
MUSCLE MAKER: Acquires Fla.-Based Superfit Foods
NATIONAL RIFLE ASSOCIATION: 16 State AGs Support Chapter 11 Case

NEIMAN MARCUS: Refinances $1.1-Bil. Debt Months After Ch. 11 Exit
NEXTIER OILFIELD: S&P Affirms 'B' ICR, Outlook Negative
ORIGINCLEAR INC: Files Series U Stock Certificate of Designation
PALM BEACH BRAIN: Disclosure Statement Hearing Reset to April 5
PAPER SOURCE: Gets Court Okay to Tap $16 Mil. Loan,Set Sale Process

PEARL 53: Amended Plan of Reorganization Confirmed by Judge
PEELED INC: Seeks to Hire Sugar Felsenthal as Bankruptcy Counsel
POSTMEDIA NETWORK: Moody's Affirms Caa3 CFR, Outlook Still Negative
PRECIPIO INC: Incurs $10.6 Million Net Loss in 2020
PRIORITY HOLDINGS: S&P Upgrades ICR to 'B-' on Debt Refinancing

QTS REALTY: S&P Upgrades ICR to 'BB' on Strong Growth Prospects
RAM DISTRIBUTION: May 27 Plan Confirmation Hearing Set
REDFISH COMMONS: First Bank Says Plan & Disclosures Inconsistent
REDSTONE BUYER: S&P Affirms 'B' ICR on Proposed Recapitalization
RENTPATH HOLDINGS: Court Okays New Plan With $600-Mil. Sale

ROMANS HOUSE: Gets Cash Collateral Access on Interim Basis
ROYALE ENERGY: Widens Net Loss to $8.15 Million in 2020
TAILORED BRANDS: Old Creditors Get $3.3 Million After Rescue Deal
TALI CORP: Case Summary & 20 Largest Unsecured Creditors
TD HOLDINGS: To File Restated Financial Statements

TIDEWATER MIDSTREAM: S&P Assigns 'B+' ICR, Outlook Stable
TITAN INTERNATIONAL: Moody's Hikes CFR to Caa1, Outlook Stable
TORY BURCH: S&P Assigned 'BB-' Issuer Credit Rating, Outlook Stable
TPT GLOBAL: Delays Filing of Annual Report
TRI-STAR LOGGING: Plan Payments to be Funded by Ongoing Revenue

TRISTAR LOGGING: May 10 Plan Confirmation Hearing Set
UNITED CANNABIS: Drops Patent Suit Vs. Pure Hemp After Ch.11 Tossed
UNITI GROUP: Blake Schuhmacher to Quit as Chief Accounting Officer
VENUS CONCEPT: Widens Net Loss to $82.8 Million in 2020
WASHINGTON PRIME: In Continuing Talks on Capital Restructuring

WILLCO X DEVELOPMENT: May 20 Disclosure Statement Hearing Set
WILSON DUMORNAY: Seeks to Hire Levine Legal as Litigation Counsel
WINNEBAGO INDUSTRIES: S&P Raises ICR to 'BB-' on Strong RV Demand
[*] President Biden Signs COVID Bankruptcy Relief Extension Act
[^] BOND PRICING: For the Week from March 29 to April 2, 2021


                            *********

ADVAXIS INC: Signs Lease Agreement With Princeton Corporate
-----------------------------------------------------------
Advaxis, Inc. entered into a lease agreement with Princeton
Corporate Plaza, LLC, providing for the lease of additional
laboratory and office space located at 9 Deer Park Drive, Suite
K-1, Monmouth Junction, N.J., with a term expiring one year from
March 25, 2021.

                        Termination of Lease

On March 26, 2021, the Company entered into a Lease Termination and
Surrender Agreement with 300 CR LLC with respect to the Company's
Lease Agreement, dated May 27, 2015, as previously amended by the
First Amendment to Lease Agreement dated Feb. 1, 2016 and as
further amended by a Second Amendment to Lease Agreement dated Aug.
29, 2016 for the lease of its headquarters located at 305 College
Road East, Princeton N.J.  The Termination Agreement provides for
the early termination of such lease effective March 31, 2021.
Prior to the execution of the Termination Agreement, the lease had
been scheduled to expire on Nov. 30, 2025.

As a result of the Termination Agreement, the Company expects to
realize cost savings of approximately $1,692,000 per year through
the Original Termination Date, after giving effect to the payment
of monthly rent and other taxes, charges, costs and expenses
payable under the New Lease Agreement.

                           About Advaxis Inc.

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

Advaxis reported a net loss of $26.47 million for the year ended
Oct. 31, 2020, a net loss of $16.61 million for the year ended Oct.
31, 2019, and a net loss of $66.51 million for the year ended Oct.
31, 2018.  As of Jan. 31, 2021, the Company had $45.95 million in
total assets, $8.37 million in total liabilities, and $37.57
million in total stockholders' equity.


AIR TRANSPORT: Moody's Affirms Ba2 CFR & Alters Outlook to Positive
-------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Air Transport
Services Group, Inc. (ATSG), including its Ba2 corporate family
rating and the Ba3 backed long-term senior unsecured rating of
subsidiary Cargo Aircraft Management, Inc. (CAM). Moody's also
revised the outlook for both entities to positive from stable.

Affirmations:

Issuer: Air Transport Services Group, Inc.

LT Corporate Family Rating, Affirmed Ba2

Issuer: Cargo Aircraft Management, Inc.

Backed Senior Unsecured Regular Bond/Debenture, Affirmed Ba3

Outlook Actions:

Issuer: Air Transport Services Group, Inc.

Outlook, Revised To Positive From Stable

Issuer: Cargo Aircraft Management, Inc.

Outlook, Revised To Positive From Stable

RATINGS RATIONALE

Moody's has affirmed ATSG's ratings based on the company's
continued strong position as one of the world's leading providers
of air cargo fleet leasing and related services, including crew,
maintenance and insurance (CMI) services, as well as its strong
earnings prospects from its growing lease fleet, high margins and
effective liquidity management. Operating results from ATSG's
passenger services operations have weakened as a result of the
coronavirus-led downturn in the aviation sector. However, ATSG's
earnings and cash flow have been more resilient than lessors of
passenger aircraft due to the operating strength its much larger
cargo aircraft leasing business, particularly the leasing and CMI
services associated with the time-definite scheduled package
delivery operations of key customers including Amazon.com, Inc. (A2
positive) and DHL (owned by Deutsche Post AG, A3 stable).

Moody's has revised ATSG's outlook to positive from stable based on
expectations that the company's capital position will continue to
strengthen and its debt-to-adjusted EBITDA leverage will continue
to decline in 2021. ATSG's reported capital position has benefited
from a reclassification of certain warrants granted to Amazon from
liabilities to equity. Additionally, in early March, Amazon elected
to exercise certain of the warrants which, if approved by
regulators, will generate $132 million of proceeds for ATSG that
will further enhance its tangible capital. Moody's expects that
ATSG's debt-to-adjusted EBITDA leverage will improve further in
2021, reflecting income from additional cargo aircraft lease
deployments and CMI agreements. The company's guidance is that
debt-to-EBITDA will decline to 2.5x in 2021, versus 2.8x in 2020
and 3.5x in 2019. Prior to acquiring subsidiary Omni International,
the company's leverage ranged below 2.0x.

ATSG's credit challenges include its high customer concentrations.
In 2020, the US Department of Defense, Amazon, and DHL accounted
for 31%, 30% and 12% of revenues, respectively. This challenge is
partially offset by the benefits from the high credit quality of
these customers and their long-term need for the services provided
by ATSG. Positively, Moody's views Amazon's 19.5% minority interest
in ATSG after exercising the warrants will result in an alignment
of interests that reduces the risk that Amazon's business
relationships with ATSG will diminish. ATSG remains exposed to the
cyclicality of the air transportation industry, a further credit
challenge.

Moody's ratings affirmation and revision of ATSG's outlook to
positive |reflects governance as a key ratings consideration, given
the company's increased minority ownership by Amazon and
implications for board of directors composition and strategy.

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

Moody's could upgrade ATSG's ratings if the company achieves and
maintains profitability measured as the ratio of net income to
average assets that compares well with peers, further strengthens
its tangible equity to tangible assets ratio, reduces its
debt-to-adjusted EBITDA leverage further toward 2.5x, effectively
manages its customer concentrations, and if its capital
expenditures and fleet growth occur at a moderate pace.

Though a downgrade is not likely over the next 12-18 months given
the positive outlook, Moody's could downgrade ATSG's ratings if the
company's operating results deteriorate, its capital or liquidity
profiles weaken as a result of debt-financed acquisitions or
capital expenditures, or if the company loses a material customer
or suffers a business disruption that weakens its financial
prospects.

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.


AJC ATP: Seeks to Hire Van Horn Law as Legal Counsel
----------------------------------------------------
AJC ATP, LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of Florida to employ Van Horn Law Group, P.A. as
its legal counsel.

The firm will provide these services:

   a. advise the Debtor of its powers and duties and the continued
management of its business operations;

   b. advise the Debtor with respect to its responsibilities in
complying with the U.S. trustee's operating guidelines and
reporting requirements and with the rules of the court;

   c. prepare legal documents;

   d. protect the interest of the Debtor in all matters pending
before the court;

   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:

     Attorneys            $250 to $450 per hour
     Paralegals           $200 per hour

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

The retainer fee is 7,500.

Chad Van Horn, Esq. a partner at Van Horn Law Group, 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, P.A.
     330 N. Andrews Ave. Suite 450
     Fort Lauderdale, FL 33301
     Tel: (954) 765-3166
     Email: chad@cvhlawgroup.com

                        About AJC ATP LLC

AJC ATP, LLC is a Fort Lauderdale, Fla.-based company that operates
indoor trampoline parks.  It conducts business under the name
Alpine Trampoline Park.

AJC ATP sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Fla. Case No. 21-12503) on March 16, 2021.  Anthony J.
Ciarrochi, president, signed the petition.  In the petition, the
Debtor disclosed assets of $179,296 and liabilities of $1,705,774.
Judge Peter D. Russin oversees the case.  Van Horn Law Group, P.A.
is the Debtor's legal counsel.


AL NGPL HOLDINGS: S&P Assigns 'B+' ICR, Outlook Stable
------------------------------------------------------
S&P Global Ratings assigned its 'B+' issuer credit rating to AL
NGPL Holdings LLC, a subsidiary of Arclight Capital Partners LLC.
The outlook is stable.

At the same time, S&P is assigning its 'B+' issue-level rating and
'3' recovery rating to the company's new senior secured term loan B
facility. The '3' recovery rating indicates its expectation of
meaningful (50%-70%; rounded estimate: 55%) recovery in the event
of a payment default.

S&P said, "The stable outlook on AL NGPL reflects our forecast
leverage ratio of about 8x and EBITDA interest coverage ratio of
about 2x in 2021. We expect AL NGPL to receive steady distributions
from NGPL Holdings sufficient to cover its debt service obligations
and improve its credit metrics.

"Our 'B+' issuer credit rating on AL NGPL reflects the
differentiated credit quality between AL NGPL and NGPL Holdings
LLC. In March 2021, Arclight Capital Partners through its holding
company, AL NGPL acquired a 25% ownership interest in NGPL Holdings
from Kinder Morgan Inc. and Brookfield Infrastructure Partners L.P.
NGPL Holdings is the ultimate parent of the Natural Gas Pipeline
Co. of America."

AL NGPL relies on distributions from NGPL Holdings to service its
term loan because it does not have other substantive assets. As a
result, S&P rates AL NGPL under its noncontrolling equity interest
criteria (NCEI). As such, S&P's view on AL NGPL's credit profile
incorporates its financial ratios, NGPL Holdings' cash flow
stability, ability to influence NGPL Holdings' financial policy, as
well as its ability to liquidate its investment in NGPL Holdings to
repay the term loan.

S&P said, "We expect the company to receive steady distributions
from NGPL Holdings over the life of the term loan. The asset-level
cash flows are supported by the significant scale of the NGPL
pipeline system, its access to all the major U.S. natural gas
basins including Permian and Appalachia, and its robust credit
profile underpinned by 90% take-or-pay revenue. While
investment-grade customers account for 60% of the revenue, the rest
comprises lower-credit quality companies that must post credit
enhancement, which mitigates the counterparty risk. The duration of
NGPL pipeline contracts is about eight years. With its 5 Bcf per
day of throughput volumes and 60% market share in the Chicago area,
NGPL pipeline is a critical component of the U.S. energy
infrastructure. As such, NGPL Holdings cash flow stability is a
positive factor in our assessment.

"Our neutral view of AL NGPL's corporate governance and financial
policy stems from its substantial governance rights over NGPL
Holdings. NGPL Holdings is required to distribute all of its
available cash to AL NGPL, Kinder Morgan, and Brookfield on a
quarterly basis. As such, we believe NGPL Holdings has an incentive
to maintain consistent or growing distributions. AL NGPL holds a
controlling vote with respect to the actions that require
supermajority approval and may have an impact on available cash
distributions. This includes changes to the distribution policy,
the definition of available cash, indebtedness at NGPL Holdings and
its subsidiaries (including NGPL Pipeco LLC), asset sales and
budget increases. The available cash is determined by the majority
vote.

"We currently forecast AL NGPL's debt to EBITDA of about 8x and
EBITDA interest coverage ratio of about 2.8x in 2021, which results
in the negative financial metrics assessment. As the company is
repaying its debt via the excess cash sweep and amortization, we
expect leverage to decline to about 5.7x and EBITDA interest
coverage to improve to above 3x in 2022. The term loan is subject
to an excess cash flow sweep of 75% with step-downs to 50% when
total leverage is below 5.75x, 25% when leverage is below 4.75x,
and 0% when leverage is below 3.75x. We expect a 75% cash flow
sweep in 2021 and 2022. We also note that the term loan B
collateral package includes 25% of the $1 billion outstanding
shareholder notes issued by MidCo LLC, a subsidiary of NGPL
Holdings to Kinder Morgan, Brookfield, and Arclight.

"Our view of AL NGPL's ability to liquidate its investment in NGPL
Holdings is negative, given the private ownership of the company.

"The stable outlook on AL NGPL reflects our expected leverage ratio
of about 8x and EBITDA interest coverage ratio of about 2x in 2021.
Excess cash sweep and steady distributions from NGPL Holdings
underpinned by take-or-pay contracts with high credit quality
counterparties support our forecast credit metrics. We expect NGPL
Holdings to demonstrate low-single digit growth over the next two
years.

"We could lower our rating on AL NGPL if the credit quality of NGPL
Holdings deteriorated such that leverage at NGPL Pipeco exceeded
4.5x. This could result from prolonged increases in operating
expenditures, the inability to renew expiring contracts at
competitive rates, or a substantial increase in debt to fund growth
projects. We could also consider a negative rating action if AL
NGPL leverage deteriorated to 7.5x on a forward-looking basis.

"We could consider a positive rating action if AL NGPL's EBITDA
interest coverage ratio exceeds 3x and its debt to EBITDA declines
below 5.5x. We could also upgrade AL NGPL if we raised our issuer
credit rating on NGPL Pipeco. This could happen if it achieves
adjusted debt to EBITDA below 3.5x on a consistent basis."



ALA TURK: Fine-Tunes Plan; Seeks New Lease Approval with Landlord
-----------------------------------------------------------------
Ala Turk Inc., d/b/a Ala Turka, on April 1, 2021, submitted a Third
Amended Disclosure Statement describing a Second Amended Plan dated
March 3, 2021.

The Debtor's lease with its landlord was a month-to-month lease as
of the Petition Date. Under the Plan, the Debtor will be entering
into a new lease with its landlord prior to confirmation and will
file a copy of the Lease no later than 10 days prior to the
confirmation hearing.  The Debtor has received the executed Lease
from the Landlord and will be filing a motion to approve the Lease
returnable for the date of the confirmation hearing. The lease has
a term from June 1, 2018, through May 31, 2024, covering the prior
month-to-month holdover period. The current monthly rent would be
$22,400 with escalations each year.

Like in the prior iteration of the Plan, Class 3 general unsecured
claims will be paid a distribution from the plan fund of $80,000,
after all administrative and priority claims, estimated in the
amount of $30,191, have been paid in full.  The Debtor estimates
that approximately $49,809 will be available for unsecured
creditors and that unsecured creditors will receive a distribution
of 6.9% of their claim.

The Debtor's equity is owned 100% by Suleyman Secer who will retain
his equity interests in exchange for a new value contribution in
the total amount of $20,000.00. The new value contribution will be
funded no later than 10 days prior to the hearing on confirmation
and counsel to the Debtor will file a letter on the docket
confirming funding of the new value contribution.  The Debtor
believes that the contribution to the reorganization of capital in
the amount of $20,000 satisfies the new value exception to the
absolute priority rule.

Payments and distributions under the Plan will be funded by cash on
hand in the amount of $60,000, a new value contribution by the
Debtor's principal Suleyman Secer in the sum of $20,000, and funds
from future operations.

A full-text copy of the Third Amended Disclosure Statement dated
April 1, 2021, is available at https://bit.ly/2PqJ0XG from
PacerMonitor.com at no charge.

Attorneys for the Debtor:

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

                         About Ala Turk

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

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

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


ALAMO DRAFTHOUSE: Court OKs Ch. 11 Bidding Plan, $60 Mil. DIP Loan
------------------------------------------------------------------
Law360 reports that a last-minute round of compromises positioned
bankrupt Alamo Drafthouse Cinemas for key Delaware court approvals
on Thursday, April 1, 2021, for a final $60 million Chapter 11
financing plan and procedures for a stalking-horse sale in May
2021.

U.S. Bankruptcy Judge Mary F. Walrath approved both motions by
Alamo, the nation's largest privately owned theater chain,
following agreements with a recently formed official committee of
unsecured creditors, among other groups.  Among the new
debtor-in-possession loan provisions protecting the unsecured
creditor group was a $1 million boost to in a "wind-down" budget
for the case.

                      About Alamo Drafthouse

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

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

Judge Mary F. Walrath oversees the cases.

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


ALAMO STRATEGIC: Hits Chapter 11 Bankruptcy
-------------------------------------------
Jessica Corso of San Antonio Business Journal reports that the San
Antonio company, Alamo Strategic Manufacturing Inc., that sells
gear to the U.S. military has filed for bankruptcy protection,
citing its inability to "service cumbersome debt obligations."

Alamo Strategic Manufacturing Inc. has been awarded at least two
military contracts since being founded in 2018 -- one for producing
knee and elbow pads and one for making cold-weather gloves,
according to U.S. Department of Defense records. The two contracts
total about $16 million.

On Wednesday, the company informed a San Antonio federal court that
it intends to reorganize around $2 million in debt under Chapter 11
of the Bankruptcy Code.  The company told the court it had about
$11,000 in cash on hand and over $700,000 in inventory but that it
"is unable to service cumbersome debt obligations and now seeks
relief from the bankruptcy court."

"The debtor intends to file a plan of reorganization that maximizes
the value of its assets and business for the benefit of creditors,"
the court filing said.

The filing didn't give details on why Alamo Strategies is
struggling to pay its bills, and the company didn't respond to
requests for comment.

Operating out of an office downtown and employing five people,
Alamo Strategic outsources the production of the gloves and pads to
factories in other parts of the U.S. Among its largest debt holders
are manufacturing facilities in New York state and Puerto Rico.

                     About Alamo Strategic

Alamo Strategic Manufacturing is company that sells military gear.
It is located in 700 N. Saint Mary's St. Suite 700 an Antonio, TX
78205.  

The company filed for Chapter 11 bankruptcy protection (Bankr. W.D.
Tex. Case No. 21-50373) on March 31, 2021.  The petition was signed
by CEO Rene H. Sosa.  It estimated assets of between $0 to $50,000
and liabilities of between $1 million and $10 million.

The case is handled by Honorable Judge Craig A. Gargotta,

LANGLEY & BANACK, INC., led by Allen M. DeBard, is the Debtor's
counsel.


ALPHA MEDIA: Court Approves $267 Million Chapter 11 Plan
--------------------------------------------------------
Law360 reports that a Virginia bankruptcy judge on Thursday, April
1, 2021, approved radio chain Alpha Media's $267 million Chapter 11
plan, overruling arguments by the U.S. Trustee's Office that
creditors weren't given sufficient opportunity to reject the plan's
legal releases.

At a virtual hearing, U.S. Bankruptcy Judge Kevin Huennekens signed
off on Alpha Media's restructuring plans over the U.S. trustee's
objections, noting that most of the creditors the trustee said
should have been better informed of their ability to opt out of the
legal releases have no reason to object to the plan.

                     About Alpha Media Holdings

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

In addition to its radio stations, Alpha Media provides digital
content through more than 200 websites and countless mobile
applications and digital streaming services.

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

Judge Kevin R. Huennekens oversees the cases.

The Debtors tapped Sheppard, Mullin, Richter & Hampton LLP as legal
counsel, Kutak Rock LLP as local counsel, Moelis & Company as a
financial advisor, and Ernst & Young LLP as restructuring advisor.

Stretto is the claims and noticing agent.

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

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

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


AMC ENTERTAINMENT: Seeks Investor Approval to Sell New Shares
-------------------------------------------------------------
Kelly Gilblom and Katherine Doherty of Bloomberg News report that
AMC Entertainment Holdings Inc. is seeking investor approval to
issue as many as 500 million new shares, an opportunity for a
financial cushion while the theater chain works to draw fans back
to the movies.

Management doesn't necessarily intend to sell the new shares
immediately but wants the option to do so, Chief Executive Officer
Adam Aron said Thursday, April 1, 2021, in an interview on CNBC.
The company announced the effort in a regulatory filing last
month.

AMC could use the shares to bolster its cash reserve, buy back debt
at a discount, settle deferred theater rents or pursue an
acquisition, Aron said.

                 About AMC Entertainment Holdings

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

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

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

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


AMERICARE PROPERTY: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: Americare Property Group, LLC
        11202 Dewhurst Drive
        Riverview, FL 33578

Chapter 11 Petition Date: April 2, 2021

Court: United States Bankruptcy Court
       Middle District of Florida

Case No.: 21-01630

Debtor's Counsel: Alberto ("Al") F. Gomez, Jr., Esq.
                  JOHNSON, POPE, BOKOR, RUPPEL & BURNS, LLP
                  401 East Jackson Street #3100
                  Tampa, FL 33602
                  Tel: 813-225-2500
                  Fax: 813-223-7118
                  E-mail: al@jpfirm.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by John Bartle, managing member of US
Lifestyles, LLC, MGMR.

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

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

https://www.pacermonitor.com/view/RWGY2ZA/Americare_Property_Group_LLC__flmbke-21-01630__0001.0.pdf?mcid=tGE4TAMA


AP GAMING: S&P Affirms 'B' Issuer Credit Rating, Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings affirmed all ratings on U.S.-based gaming
equipment provider AP Gaming Holdings LLC, including its 'B' issuer
credit rating on the company, and removed the ratings from
CreditWatch, where S&P had placed them with negative implications
on March 20, 2020.

The negative outlook reflects our expectation for leverage to be
high and above the downgrade threshold in 2021, stemming from a
slow recovery over the coming months in its international installed
base and equipment sales, combined with incremental debt issued in
2020 to bolster liquidity.

S&P said, "We expect AP Gaming's revenue and EBITDA to remain
depressed in 2021 because of weakness in its international
installed base and equipment sales, resulting in leverage above our
6.5x downgrade threshold.   However, we affirmed our 'B' issuer
credit rating because our base case scenario assumes that the
company's leverage improves below our downgrade threshold in 2022
given our expectation for a more material improvement in equipment
sales (although not to 2019 levels) and for AP Gaming to use excess
cash to repay debt. AP Gaming secured a $95 million incremental
term loan at a very high interest rate in May 2020 to bolster its
liquidity amid uncertainty about the pandemic and casino closures.
As a result, AP Gaming had $81.7 million of cash on hand as of Dec.
31, 2020, when typically it holds less than $30 million in cash.
The company also had full availability under its $30 million
revolving credit facility. Given that about 80% of its total
installed base is active (and 90% of its domestic base is active),
and gaming operations domestically have somewhat stabilized
(despite equipment sales remaining weak over the next couple
quarters), we believe the majority of these funds are excess and
expect the company may opt to prepay a portion of its high-cost
incremental term loan in May 2022, when it becomes callable. In
addition, we do not anticipate AP Gaming will use its excess cash
to make material opportunistic leveraging acquisitions or other
leveraging transactions or that it will materially burn through its
cash balances.

"We believe recurring revenue from AP Gaming's installed base could
partially offset depressed equipment sales as casino operators
preserve liquidity as they recover. We expect recurring service
revenue based on existing machines' productivity to recover faster
than new equipment sales as casinos continue to recover and
operators turn on more of their existing machines." Sales of
replacement slot machines will likely continue to be significantly
depressed at least through the first half this year given ongoing
operating restrictions and reduced capital budgets as casino
operators continue to preserve liquidity to deal with the
possibility of an uncertain recovery path.

AP Gaming's installed base of gaming machines accounted for about
77% of revenue in 2020 (and 69% in 2019) and generates recurring
revenue, which can help mitigate the negative impact to revenue and
EBITDA from depressed equipment sales. S&P said, "We expect revenue
per unit in the company's installed base to continue to recover
this year given our economists' forecast for good consumer spending
growth as a result of economic stimulus, which should support AP
Gaming's above-average profitability and good EBITDA flow through."
This is because the company receives a percentage of the revenue
the machines generate or earns a fixed fee, and there are minimal
operating expenses associated with the machines once their fixed
costs have been absorbed.

AP Gaming is recovering more slowly than peers because of weakness
in its international markets and a less-diversified revenue base.  
AP Gaming's international installed base, which is heavily
concentrated in Mexico, represented about one-third of its total
installed base at the end of the fourth quarter of 2020. This
portion of its installed base is recovering much slower than its
U.S. installed base because of ongoing closures and significant
COVID restrictions. As a result, less than half of its installed
base was active and the revenue earned on these units was well
below 2019 levels. In addition, unlike other competitors with more
diversified streams of revenue in lotteries or payment solutions
businesses, AP Gaming is solely reliant on a recovery in gaming
revenue and is more exposed to event risk such as casino closures.
Comparatively, AP Gaming's revenue has therefore recovered more
slowly than its peers', recovering to about 60% of 2019 levels in
the fourth quarter, compared with 82% for Everi Holdings Inc. and
88% for Scientific Games Corp., for example.

Environmental, social, and governance (ESG) credit factors for this
credit rating change:  

-- Health and safety

S&P said, "The negative outlook reflects our expectation that the
company's leverage will be elevated at about 7x in 2021, which is
above our 6.5x downgrade threshold, stemming from a slow recovery
over the next few quarters in its international installed base and
equipment sales, and incremental debt issued in 2020 to preserve
liquidity when casinos closed. The negative outlook further
reflects the potential for continued operating restrictions across
its gaming markets over the coming months until widespread
immunization is achieved and the continued implementation of social
distancing measures that may impair consumer discretionary spending
at casinos.

"We could lower the rating if we no longer believed AP Gaming's
EBITDA were recovering in a manner that would support leverage
improving below 6.5x on a run-rate basis by the end of 2021 or
early 2022. For example, this could occur if visitation to or
player spending at casinos recovers more slowly than our current
assumptions or casino operators materially cut back on their gaming
machine orders for an extended period of time.

"Given that we do not net its cash in our adjusted leverage
calculation, we could also lower our rating if its leverage
remained above 6.5x because the company failed to repay term loan
debt with excess cash in 2022.

"We could revise the outlook to stable if we were reasonably
certain that the company's EBITDA would recover in line with our
base case assumptions and that it would use excess cash to prepay
at least a portion of its high-cost term loan balance. In this
scenario, we would expect AP Gaming's leverage to improve below
6.5x. Higher ratings are unlikely given our forecast for adjusted
leverage to be about 7x in 2021. Nevertheless, once operations
recover, we could consider higher ratings if we believed AP Gaming
would sustain adjusted leverage under 5x."


ASTROTECH CORP: Unit Taps Sanmina Corp. to Scale Manufacturing
--------------------------------------------------------------
Astrotech Corporation's Astrotech Technologies, Inc. subsidiary has
entered into an agreement with Sanmina Corporation to manufacture
its mass spectrometry products.  Sanmina is an integrated
manufacturing solutions provider for the Electronics Manufacturing
Services (EMS) market.

"Sanmina was selected following our extensive review of other
premier contract manufacturing organizations," said Thomas B.
Pickens III, chairman and chief executive officer of Astrotech.
"We feel confident in Sanmina's ability, as an industry leader and
a Fortune 500 company, to help us scale and to keep pace with our
planned growth.  With Sanmina's level of sophistication and
technical expertise, we believe that they are a great fit for
Astrotech."

As part of the relationship, Sanmina will manufacture 1st Detect's
TRACER 1000.  They have also agreed to manufacture AgLAB's
AgLAB-1000 and BreathTech's BreathTest-1000 once those products are
officially released.

                          About Astrotech

Astrotech (NASDAQ: ASTC) -- http://www.astrotechcorp.com-- is a
science and technology development and commercialization company
that launches, manages, and builds scalable companies based on
innovative technology in order to maximize shareholder value.  1st
Detect develops, manufactures, and sells trace detectors for use in
the security and detection market.  AgLAB is developing chemical
analyzers for use in the agriculture market.  BreathTech is
developing a breath analysis tool to provide early detection of
lung diseases.  Astrotech is headquartered in Austin, Texas.

Astrotech reported a net loss of $8.31 million for the year ended
June 30, 2020, compared to a net loss of $7.53 million for the year
ended June 30, 2019.  As of Dec. 31, 2020, the Company had $23.58
million in total assets, $4.77 million in total liabilities, and
$18.81 million in total stockholders' equity.

Armanino LLP, in San Francisco, California, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated Sept. 8, 2020, citing that the Company has suffered recurring
losses from operations and has net cash flows deficiencies that
raise substantial doubt about its ability to continue as a going
concern.


AUTOMOTORES GILDEMEISTER: To File Prepackaged Bankruptcy in U.S.
----------------------------------------------------------------
Automotores Gildemeister Chile announced April 1, 2021, that it
will soon file a pre-packaged plan of reorganization in order to
restructure its debt obligations under Chapter 11 of the United
States Bankruptcy Code.  

The pre-packaged plan involves the Chilean, Uruguayan and Brazilian
operations and does not include the Peruvian or Costa Rican
operations.

On March 31, 2021, the Company entered into a Restructuring Support
Agreement ("RSA") with holders of a substantial majority of the
Company's secured notes to support the pre-packaged reorganization
plan.  To this end, AG has called an extraordinary shareholders'
meeting for April 9.  The Company expects to file for
reorganization in the United States during the first half of
April.

This process will strengthen AG's balance sheet by reducing debt by
over US$200 million, allowing it to maintain its current leadership
position in the market and continue operating in the normal course
with its customers, creditors, associates, partners, brands and the
financial sector. The reorganization plan will not impair the
claims of employees, customers and vendors, and the Company
anticipates paying them in the ordinary course.

The Company has also received strong support from the major car
manufacturers it represents, which AG has taken to undisputed
leadership positions in both Chile and Peru.

In parallel with the anticipated Chapter 11 filing, AG will not
make the scheduled interest payment due April 1, 2021, under the
existing bond indentures.

The measures being taken by AG are the result of a number of
unforeseeable factors, including the sustained increase in the
exchange rate in recent years, the effects of the social upheaval
in October 2019 and subsequently the devastating effects of Covid
19.  These phenomena have had far-reaching effects, making it
impossible for AG to meet certain international financial
obligations absent restructuring.

Because the process is supported by key creditor constituencies,
the pre-packaged plan will allow AG and its subsidiaries to emerge
from this process with a sound and strengthened balance sheet,
maintain their current leadership position and guarantee the
continuity and normal operation of the Company in the eyes of
customers, creditors, employees, partners, car manufacturers and
the financial sector

               About Automotores Gildemeister SA

Headquartered in Santiago, Chile, Automotores Gildemeister SA  is
one of the largest car importers and distributors in Chile and Peru
operating a network of company-owned and franchised vehicle
dealerships.  Its principal car brand is Hyundai, for which it is
the sole importer in both of its markets. For the last 12 months
ended June 30, 2020, AG reported consolidated net revenues of $770
million, of which 95.2% correspond to sales in Chile and Peru, its
key markets.


AVISON YOUNG: S&P Alters Outlook to Negative, Affirms 'B-' ICR
--------------------------------------------------------------
S&P Global Ratings said that it revised the outlook on Avison Young
(Canada) Inc. to negative from stable. S&P affirmed its 'B-' issuer
credit rating on the company.

At the same time, S&P affirmed its 'B-' rating on the C$406 million
(US$325 million) first-lien term loan due 2026. The '3' recovery
rating indicates its expectation of a meaningful (55%) recovery in
an event of default.

The outlook revision follows reduced earnings and falling EBITDA
coverage of cash interest due to the effects of COVID-19 on
operating performance. Avison Young's 0.1x EBITDA coverage for 2020
was well below 1.2x, our previously cited threshold for a
downgrade. In fourth-quarter 2019, the company generated about C$25
million in EBITDA (about 50% of total 2019 EBITDA), and given the
difficult operating conditions in 2020, fourth-quarter 2020 EBITDA
was much lower, which further pressured the EBITDA coverage of cash
interest for 2020.

S&P said, "We view the company's market position and operating
performance to be weaker than peers', given the company reported a
net operating loss and continues to seek covenant waivers on its
revolving credit facility through June 2021. The company operates
in a highly fragmented market for commercial real estate services,
but we think it lacks the competitive advantage and operating
efficiency of its much larger peers, such as CBRE, Jones Lang
LaSalle, Cushman & Wakefield, or Newmark Knight. Recently, Avison
Young made technological investments, which could help with future
revenue and cash flow.

"Our base-case expectation is that the company's operating
performance should recover as macroeconomic conditions improve.  
However, we also believe there is uncertainty in commercial real
estate services as companies reevaluate their office space
requirements.

"In our view, the majority of the company's adjusted EBITDA comes
from numerous add-backs, which we view as lower quality compared
with core earnings.  For 2020, Avison Young's adjusted EBITDA fell
to C$5 million, from C$51.7 million in 2019. Unlike lender-adjusted
EBITDA, S&P Global Ratings-adjusted EBITDA does not give credit for
lost brokerage revenue, cost-savings, growth investments,
severance, IT system enhancements, and the amortization of the
company's deferred recruiting expenses."

Despite weak operating performance, the company maintains adequate
access to liquidity.   As of Dec. 31, 2020, total liquidity was
C$104 million including cash of about C$23 million, revolver
availability of C$11 million, undrawn capacity of C$20 million on
preferred shares from Canadian institutional investor Caisse de
depot et placement du Quebec (CDPQ), and C$50 million on a second
lien from CDPQ.

S&P said, "We remain vigilant about the company's need to seek a
financial covenant waiver on its revolving credit facility because
a breach could limit the company's financial flexibility.   Avison
Young obtained temporary covenant waivers and amendments on its
US$60 million revolving credit agreement in 2020. The credit
agreement has a maximum total leverage ratio covenant (debt to
adjusted EBITDA based on bank calculation) of 5.25x and is
applicable only if the amount outstanding under the revolver
exceeds 35% of the commitment. To maintain compliance, Avison Young
has the option to pay down the revolving credit facility to below
35% at quarter-end. To retain financial flexibility, the company
was able to waive the leverage requirement for the second half of
2020 and the first half of 2021 and increase the maximum total
leverage to 6.25x for third-quarter 2021 before it steps down to
5.25x in fourth-quarter 2021. There are no financial covenants
under the existing secured term loan.

"We assume C$918 million of gross debt. This includes C$45 million
outstanding on its credit facility, C$406 million of term loan,
about C$317 million of CDPQ preferred stock, and C$150 million in
operating leases."

The negative outlook over the next 12 months reflects S&P Global
Ratings' expectation of EBITDA cash interest coverage of 0.5x-1.0x.
The outlook also considers Avison Young's relatively nominal market
position, adequate liquidity, and existing waiver on leverage
covenant cushion.

S&P said, "We could lower the rating over the next six to 12 months
if EBITDA interest coverage remains below 1.0x, if liquidity
deteriorates, or if the company's covenant cushion becomes very
tight and we are less confident that it will be able to obtain a
waiver.

"We could revise the outlook to stable over the next six to 12
months if EBITDA cash interest coverage improves to 1.0x-1.5x on a
sustained basis."


B2 INDUSTRIES: Seeks to Hire Kell C. Mercer as Bankruptcy Counsel
-----------------------------------------------------------------
B2 Industries, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Texas to hire Kell C. Mercer, P.C. as
its bankruptcy counsel.

The firm's services include:

  -- advising the Debtor with respect to its rights, duties and
powers in its Chapter 11 case;

  -- advising the Debtor regarding compliance with the United
States Trustee guidelines;

  -- assisting and advising the Debtor in its consultations with
creditors and parties in interest relating to the administration of
the case;

  -- attending meetings and negotiating with representatives of
creditors and other parties in interest;

  -- assisting and advising the Debtor as to its communications, if
any, to the general creditor body regarding significant matters in
the case;

  -- assisting and advising the Debtor as to its communications
with the Subchapter V trustee in the case;

  -- representing the Debtor at all necessary hearings and other
proceedings;

  -- reviewing, analyzing and advising the Debtor with respect to
applications, orders, statements of operations and schedules filed
with the court;

  -- assisting the Debtor in formulating, negotiating and
prosecuting a Subchapter V plan;

  -- assisting the Debtor in preparing pleadings and applications
as may be necessary in furtherance of the Debtor's interests and
objectives; and

  -- performing other legal services necessary to administer the
case.

The firm will charge an hourly fee of $400.  It received $11,717
from Beaird Drilling Services, Inc., an affiliate of the Debtor's
manager, Steven M. Beaird, as payment for the filing fee. The firm
currently holds a retainer in the amount of $9,979.

Kell Mercer, Esq., 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:

     Kell C. Mercer, Esq.
     Kell C. Mercer, P.C.
     1602 E. Cesar Chavez Street
     Austin, TX 78702
     Tel: (512) 627-3512
     Fax: (512) 597-0767
     Email: kell.mercer@mercer-law-pc.com

              About B2 Industries

B2 Industries, LLC, a Fentress, Texas-based foundation, structure
and building exterior contractor, filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas
Case No. 21-10104) on Feb. 17, 2021. Steven M. Beaird, manager,
signed the petition.  At the time of filing, the Debtor estimated
$10 million to $50 million in assets and $1 million to $10 million
in liabilities.  Kell C. Mercer, Esq., at Kell C. Mercer, PC,
represents the Debtor as legal counsel.


BALTIMORE HOTEL: S&P Lowers Sr. Sec Revenue Bond Rating to 'CCC'
----------------------------------------------------------------
S&P Global Ratings lowered the issue-level rating on Baltimore
Hotel Corp.'s (BHC) senior secured revenue refunding bond to 'CCC'
from 'B' due to a potential event of default within the next 12
months.

BHC owns Hilton Baltimore, which is connected to the Baltimore
Convention Center (BCC) and operated by an affiliate of Hilton
Worldwide Holdings Inc. since August 2008. It is a 757-room
convention center hotel in downtown Baltimore's Inner Harbor area,
overlooking Oriole Park at Camden Yards and connected to BCC by a
pedestrian bridge. The hotel has approximately 100,000 square feet
of meeting and prefunction space; two ballrooms of 42,400 square
feet; and a 567-space, four-story parking garage with two
subterranean levels. The hotel's net revenue and pledged city tax
revenue secure the bonds. City revenue includes a pledge of $7
million, subject to city appropriation, to be funded from the
citywide HOT revenue. It also includes a pledge of site-specific
hotel occupancy tax revenue, which will vary based on the project's
occupancy, and the tax increment financing payment.

S&P said, "We expect that BHC's operating reserve account will be
depleted in the next two months, and due to technical restrictions
on tapping reserves, it may be unable to pay operating expenses
and/or administrative expenses and lacks funds needed to support a
reopening. In our publication in late February we saw potential for
the hotel to negotiate a solution with its lenders that would allow
for the hotel to reopen. With little progress to date, the project
is depleting its operating reserve it is using to meet operating
expenses. We estimate that monthly operational deficit is between
$400,000 and $500,000, and current funds available under the
operating reserve account were around $1.0 million as of March 9,
2021."

BHC continues to seek bondholder approval to use restricted
liquidity--such as the citywide HOT revenue or the senior
furniture, fixture, and equipment (FF&E) reserve, funded at around
$2.4 million--to cover operational shortfalls. S&P said, "We now
presume and are rating to the assumption that an agreement will not
occur, which would lead to an event of default. We expect in the
next several months the operating expense reserve will be depleted,
which would trigger a covenant violation and an event of default
after a 120-day cure period." If uncured lenders could call for a
debt acceleration with a majority vote. This would occur if the
operating reserve account is depleted and the hotel is not reopened
and generating enough cash flows to cover operating expenses.

S&P said, "We note that the project also faces a risk being unable
to pay its administrative expenses. According to the indenture, the
administrative expenses may only be paid by using: i) operational
cash flow, ii) the administrative expenses fund (in which we have
no information of the current balance), or iii) its cash trap fund
(currently depleted)." BHC is looking for multiple alternatives,
subject to bondholders' approval, to avoid a situation in which
administrative fees are not paid, but no agreement has yet
achieved.

A hotel's reopen plan may reduce operational deficits but S&P does
not expect a quick hotel performance recovery if a plan were
executed due to slower-than-expected recovery due to a prolonged
impact of pandemic on the lodging market.

S&P's 'CCC' rating reflect the possibility of a potential event of
default within the next twelve months if the hotel remains
suspended, and the bondholders do not approve the usage of other
funds to cover operating and administrative expenses.

The project paid its March debt service of around $6.57 million by
using approximately $193,402 from the debt service fund, $1.06
million from operating reserve account, $571,072 from the tax
incremental account and $4.75 million from the citywide HOT
revenue. The debt service reserve account (DSRA) was not used, and
it is fully funded at around $18.88 million, which is sufficient to
cover the next debt service payment of around $9.52 million in
September 2021. Its next payment of $6.49 million is due in March
2022. However, the project cannot use DSRA for operating expenses
or administrative expenses according to the indenture.

A solution that involves a debt restructuring could constitute a
distressed restructuring and could result in the rating moving to
'D' upon execution. S&P said, "If a solution that involves a debt
service deferral is executed, the ratings could be subject to
additional downgrade, depending on whether we view it as a
distressed debt restructuring based on the terms and conditions of
any agreement with lenders. If we conclude a distressed
restructuring will occur, we would lower the ratings because lender
concessions would be viewed as tantamount to a default." As
discussed in the voluntary disclosure notice, BHC is currently
exploring a range of options for financial relief.

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Health and safety

S&P said, "We consider the impact of the COVID-19 pandemic to be a
social public health and safety issue, related to our ESG factors.
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. 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.

"The CreditWatch reflects our view that absent any amendment to the
indenture that could allow BHC to use funds in different reserve
accounts or utilize citywide HOT revenue to cover operating
expenses and administrative expenses, the project could be exposed
to an event of default. Additionally, any debt service deferral
could be seen as a distressed exchange, also leading to a further
downgrade. We expect to resolve the CreditWatch within the upcoming
three months, as soon as there is any material information
regarding the outcome of negotiations with bondholders and/or news
on the reopening of the hotel. We are unable to confirm the
schedule of payments for administrative expenses and would note
that if they are monthly an event of default could be sooner than
we are forecasting."



BARETTA INC: Caleco's & Grill Files for Chapter 11 Protection
-------------------------------------------------------------
Jacob Kirn of St. Louis Business Journal reports that the company
that operates the downtown St. Louis landmark restaurant Caleco's
Bar & Grill has filed Chapter 11 bankruptcy, as it looks to put a
stop to an eviction bid from its landlord.

The Italian and American restaurant -- located downtown since 1987
and at its current location, the ground level of a parking garage
at 101 N. Broadway, for the past 25 years -- made the filing
earlier this month in bankruptcy court in St. Louis through its
Baretta Inc.

The company's president, John Kjar, and its attorney, Frank
Ledbetter, didn't immediately respond to requests for comment.  The
restaurant remains open, and businesses can seek to continue
operations through a Chapter 11 reorganization, which seeks a
restructuring of debts.

Documents filed in court say that Caleco's sought bankruptcy
protection after its landlord, UPG-Kiener/Stadium Parking LLC, sued
it in October, causing it to face "a potential imminent eviction
judgment." A bench trial in the landlord's lawsuit that was
scheduled for March 16, 2021 was continued. A hearing in the case
is set for May 11, 2021.

UPG is connected to Chicago-based InterPark, an owner and operator
of parking facilities, according to a person familiar with the
matter. InterPark didn't immediately respond to a request for
comment.

UPG has a claim of $15,000 against Caleco's, court papers say.
Caleco's also owes Ascentium Capital, a Texas equipment financing
and leasing firm, $150,000, the documents say.

The court papers also say that Caleco's has 65 full- and part-time
employees, and that it could ramp up employment to 90 people during
its peak season. The restaurant's business increases in the spring
and decreases in the fall, the documents say.

The pandemic has hit downtown hard, as conventions and sporting
events dried up. Increased vaccinations, though, have led to hope
that the central business district may see a rebound, though there
are questions about whether continued flexible work arrangements
could continue to hamper traffic. The pandemic has also been
particularly painful for restaurants.

Caleco's has a long history in St. Louis. John Kjar's son, Jeff,
and Barbee O'Connell first opened the downtown Caleco's at 420
Olive St. in 1987, according to a St. Louis Post-Dispatch article.

St. Louis once had other Caleco's locations, including at 3818
Laclede Ave. in the Central West End.

                       About Baretta Inc.

Baretta Inc. is the company that operates the downtown St. Louis
landmark Italian and American restaurant Caleco's Bar & Grill.  It
filed for Chapter 11 bankruptcy petition (Bankr. E.D. Mo. case No.
21-401914) on March 15, 2021.  It listed assets of $500,000 to $1
million and liabilities of $100,001 to $500,000.


BECKER BOILER: Enters Chapter 11 Bankruptcy
-------------------------------------------
Rich Kirchen of Milwaukee Business Journal reports that the owner
of Becker Boiler Co. Inc. says the 64-year-old firm is generally
healthy but he decided to file for Chapter 11 reorganization after
a union pension fund won court judgments against the company that
jeopardized its future.

Two judgments in U.S. District Court are the source of Becker
Boiler's financial issues, according to filings in the U.S.
Bankruptcy Court case. Because of the judgments, the company can't
obtain financing with which to continue operating the business, the
documents state.

By filing for Chapter 11, the company likely will pay the pension
fund a pro-rata share of funds that will be available to unsecured
creditors when the case is completed, said Becker Boiler's attorney
Jerry Kerkman of Milwaukee.

Becker Boiler, of St. Francis, has 16 employees and anticipates
revenue of about $3.4 million this year, president David Hollnagel
said in a court filing.  He is the president of the company's owner
Hollnagel Enterprises LLC.

The company's secured creditor is Byline Bank, which will be repaid
in full.

Besides regular business credit lines, Becker Boiler received a
$201,700 forgivable Paycheck Protection Plan loan through Byline
Bank in April 2020.

The union pension plan is the Boilermaker-Blacksmith National
Pension Trust of Kansas City, Kansas. Most of the fund's
participants are union members affiliated with The International
Brotherhood of Boilermakers, according to the fund's website.

The union terminated its representation of Becker Boiler employees
in 2018. That triggered the pension fund to terminate the company
as a contributor to the fund and demand a $1.06 million withdrawal
liability against the company — either as a lump sum or via 86
monthly payments of about $15,000.

Becker Boiler contested the fund's actions and filed a notice for
arbitration, which is scheduled for June.

The pension fund won a judgment in July 2020 in U.S. District Court
in Kansas requiring Becker Boiler to pay $15,000 a month to the
fund while arbitration is pending.

The pension fund also won a $560,000 judgment against the company
for missed payments plus interest and attorney fees that stated the
payment is due immediately. The Kansas judge issued an order on the
payment on March 5, 2021; Becker Boiler filed for Chapter 11 on
March 26, 2021 in U.S. Bankruptcy Court in Milwaukee.

The company filed for financial reorganization under a subchapter
of Chapter 11 that was extended as part of the federal CARES Act.
The CARES Act said the subchapter designed to reduce case durations
and expenses is available to small businesses with under $7.5
million in debts.

                      About Becker Boiler

Becker Boiler Co. Inc., in the business for 64 years, provides
boiler equipment, repairs, and installation services.  The Company
is owned by Hollnagel Enterprises.

Becker Boiler filed for Chapter 11 bankruptcy (Bankr. E.D. Wisc.
Case No. 21-21580) on March 26, 2021.  The Debtor estimated assets
and debt of $1 million to $10 million as of the bankruptcy filing.

KERKMAN & DUNN, led by Jerome R. Kerkman, is serving as the
Debtor's counsel.  VRAKAS S.C. is the accountant.


BIOPLAN USA: S&P Upgrades ICR to 'CCC+' on Extended Maturities
--------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Bioplan USA
Inc. to 'CCC+' from 'CCC'. S&P raised its rating on the company's
first-lien term loan facility to 'CCC+' from 'CCC'. S&P also raised
its rating on the company's second-lien term loan facility to 'CCC'
from 'CCC-'.

The negative outlook reflects S&P's expectations that there will
continue to be secular pressures in physical retail stores, which
could limit Bioplan's upside post-COVID, and that
weaker-than-expected operating performance could accelerate the
company's cash burn.

Bioplan's refinancing alleviated near-term liquidity concerns. The
company extended the term loan maturities of its first- and
second-lien term loans (now maturing Dec. 2023 and Dec. 2024,
respectively) as part of its credit agreement amendment. As part of
the amendment, the first-lien payment was repriced at LIBOR + 7.75%
(with 50 basis points [bps] that can be paid-in-kind [PIK] at the
company's option) and the second-lien term loan was repriced at
LIBOR + 9.25% (1.5% cash pay and 7.75% PIK). Bioplan also received
an equity injection of $20 million from its sponsors, Oaktree
Capital. S&P expects the maturity extension and equity infusion to
improve the company's liquidity position over the next 12 months as
it navigates the economic recovery from the COVID-19
pandemic-driven slowdown in 2020.

Credit metrics remain weak, with adjusted leverage forecasted at
above 10.0x over the next 12 months. Bioplan continues to invest in
its digital solutions and in developing new products and
technologies in the global beauty, fragrance, and personal-care
sampling space. S&P said, "While the company's refinancing will
improve its liquidity, we expect it to prioritize capital
expenditures over any material debt paydown. We forecast adjusted
EBITDA growth in 2021, largely due to revenue growth off a
materially weaker 2020 and the forecasted economic recovery
following the COVID-19 pandemic shutdowns. However, going forward,
we expect adjusted EBITDA to remain flat or decline, keeping
adjusted leverage elevated."

COVID-19 retail closures compounded the secular pressures affecting
Bioplan's client base. Although the company holds a dominant
position in the global sampling market, it has faced market share
erosion from competitors through price-based competition and
product differentiation. Furthermore, its client base is
concentrated within retail and the consumer-packaged goods (CPG)
industries, which are all facing material secular pressures and
pursuing cost rationalization strategies. S&P said, "We view
product sampling as a secondary marketing strategy for most of
Bioplan's clients, making the company more vulnerable to changing
marketing budgets and macroeconomic conditions. The
COVID-19-sparked retail closures and reduction in marketing spend
had a material impact on Bioplan's product volumes and accelerated
its revenue declines in 2020. We expect the company to benefit from
the economic recovery and anticipated higher marketing spend in
2021. However, this growth will likely be partially offset by
continued secular pressures within physical retail stores. The
pandemic accelerated the shift to e-commerce. In our view, the
company's digital products are still relatively nascent and
represent a minimal part of overall revenues."

S&P said, "The negative outlook reflects our expectations that
there will continue to be secular pressures in physical retail
stores, that could limit Bioplan's upside in the economic recovery
post-COVID. Our outlook also reflects the risk that weaker than
expected operating performance could accelerate the company's cash
burn."

S&P could lower its ratings on Bioplan over the next 12 months
under the following scenarios:

-- Bioplan's term loans become current and there are no firm plans
in place to refinance the debt structure.

-- If the company pursues a debt restructuring or exchange.

While unlikely over the next 12 months, S&P could raise its ratings
on Bioplan if the company is able to stem the revenue declines and
maintain revenue growth across its product lines and regions while
growing its digital capabilities, such that adjusted leverage
declines below 6.0x while free operating cash flow (FOCF)-to-debt
rises and stays above 3%.


CACHET FINANCIAL: NSI Agrees to Provide $5M Loan to Fund Plan
-------------------------------------------------------------
Cachet Financial Services, a California corporation a/k/a Cachet
f/k/a Cachet Banq, Inc., submitted the Second Amended Disclosure
Statement and Plan on April 1, 2021.

The National Services, Inc. (NSI) has agreed to provide a loan to
the Debtor that will provide up to $5,000,000 to fund the Plan.
The principal of the Debtor's shareholder, Al Blowers, has also
agreed to subordinate the Insider Secured Claims which will allow
the Debtor to provide an 80% distribution to unsecured creditors.

The NSI Loan will be paid back through any and all proceeds of the
Post-Confirmation Estate only after the payments of General
Unsecured Creditors (including Remarketers) as provided for in the
Plan have been satisfied in full.  NSI will deposit the sum of $4
million into a segregated escrow account for the benefit of
creditors of the Debtor's estate by no later than April 7, 2021. If
additional funds are needed, NSI will deposit the additional funds
into the segregated escrow account no later than the date of the
hearing on confirmation of the Plan.

The Debtor and Bancorp have entered into a Stipulation which has
been approved by Bankruptcy Court Order entered March 9, 2021
pursuant to which the following will occur in the Interpleader
Action: Phase 1 - all parties execute a stipulation whereby the
Stake is distributed to Remarketers and all parties, other than the
Debtor, agree that they will not file any claims against Bancorp,
in the Interpleader Action; Phase 2 – the Debtor may respond to
Bancorp's interpleader complaint, as well as any counterclaims or
cross claims; Phase 3 – the Debtor's counter claims and cross
claims made in the Interpleader Action will be litigated to a final
judgment; and Phase 4 – the District Court will determine whether
Bancorp should be discharged from the Interpleader Action.

The SyncHR note receivable has been settled for the amount of $1
million subject to Court approval under separate motion. As to the
other notes receivable, the borrowers have been struggling through
the Covid-19 pandemic and have asked for continued forbearance on
collection. The Debtor expects, however, that it will eventually be
able to recover approximately one-half of the total amount owed.
Collection of the notes receivable do not appear necessary to
satisfy the terms of the Plan, however, and as such, the Debtor
intends to seek collection of the notes receivable after payment to
Creditors under the Plan.

As to Class #2a Remarketer Claims to the Stake in the Interpleader
Action, the Debtor will distribute the entire stake at issue in the
Interpleader Action through the District Court pro rata to Class
#2a creditors. The amount to be distributed will be approximately
90% of each of the Allowed Claims of Class #2a creditors. While the
Debtor cannot be certain when distributions will be made because it
is dependent on approval of the District Court, the Debtor expects
it will be approximately 30 to 60 days after the Effective Date.

As to Class #2b general unsecured claims not paid in Class #2a, the
Debtor is proposing a lump sum 80% distribution to general
unsecured creditors, including claims of Remarketers not paid
through the Bancorp Interpleader.  The 80% payment to Class #2b
creditors will be made within 30 days of the Effective Date.

As to Class #2c Settled Class Claims, the Debtor is proposing a $2
million payment to the class to be paid within 30 days of the
Effective Date.

The Debtor will have at least $8 million in the Estate on the
Effective Date, consisting of: (i) $1 million from the SyncHR note
receivable; (ii) $5 million from the NSI Loan; and (iii) either (x)
$2 million from insurance settlements, or (y) an additional $2
million from the NSI Loan.

A full-text copy of the Second Amended Disclosure Statement dated
April 1, 2021, is available at https://bit.ly/3cM9YS7 from
PacerMonitor.com at no charge.

The Debtor is represented by:

     James C. Bastian, Jr., Esq.
     Melissa Davis Lowe, Esq.
     Rika M. Kido, Esq.
     Shulman Bastian Friedman & Bui LLP
     100 Spectrum Center Drive, Suite 600
     Irvine, CA 92618
     Telephone: (949) 340-3400
     Facsimile: (949) 340-3000
     Email: JBastian@shulmanbastian.com
            MLowe@shulmanbastian.com
            RKido@shulmanbastian.com

                About Cachet Financial Services

Pasadena, Calif.-based Cachet Financial Services --
https://www.cachetservices.com/ -- provides Automated Clearing
House (ACH) processing services for payroll-related electronic
transactions, including direct deposits, tax payments, garnishment
payments, benefits payments, 401(k) payments, expense reimbursement
payments, agency checks, and fee collection.

Cachet Financial Services filed a Chapter11 petition (Bankr. C.D.
Cal. Case No. 20-10654) on Jan. 21, 2020.  In the petition signed
by Aberash Asfaw, president, the Debtor was estimated to have $10
million to $50 million in both assets and liabilities.

The Honorable Vincent P. Zurzolo presides over the case.

The Debtor tapped Shulman Bastian LLP as its bankruptcy counsel,
Loeb & Loeb LLP as local counsel, and The Rosner Law Group LLC as
special counsel.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on March 17, 2020.  The committee is represented by
Sheppard, Mullin, Richter & Hampton LLP.


CAREERBUILDER LLC: S&P Alters Outlook to Stable, Affirms 'B' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.-based human capital
solutions provider CareerBuilder LLC to negative from stable. S&P
affirmed its ratings on the company, including its 'B' issuer
credit rating, its 'B+' issue-level, and '2' recovery ratings on
its senior secured debt.

S&P said, "The negative outlook reflects our view that the
company's leverage will remain high over the next 12 months due to
ongoing pressure from COVID-19 and migration towards
subscriptions.

"The outlook revision to negative reflects our expectation that a
recovery in the company's credit metrics will take longer than
initially expected, and the company's leverage will likely remain
above our new 4x leverage threshold until 2022. The threshold
revision to 4x from 5x for the current 'B' rating reflects our
updated view that the company is facing challenges related to the
rollout of its new go-to-market strategy and attempts to convert
customers into annual subscribers of one or more services. We
believe that benefits from the salesforce training for the new
go-to-market strategy could take longer than expected due to the
ongoing pandemic. We believe that these challenges will make the
company's EBITDA more volatile."

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."

CareerBuilder's leverage will likely increase to around 5.5x in the
first quarter of 2021 and remain high as a result of COVID-19
pandemic and operating challenges. The pandemic's impact on the
labor market, combined with high one-time transaction costs,
resulted in substantially lower EBITDA and cash flow generation in
2020 than previously forecast. S&P said, "Therefore, we expect
adjusted leverage will remain in the mid- to high-5x area for most
of 2021. We also expect leverage will improve in 2022 due to lower
restructuring charges, execution of the company's go-to-market
strategy, and a better operating environment. Despite the
increasing leverage, the company's sizable cash balances relative
to its debt serve as a cushion and allows the company to delever
very quickly if needed. We also expect the company's free operating
cash flow (FOCF) to debt to recover in 2021 to about 11%, from
modestly negative levels in 2020, which is more in line with
CareerBuilder's historical mid-teens percentage range."

Secular declines affecting job postings will limit the company's
revenue growth during the economic recovery. A significant amount
of the company's talent acquisition business consists of job
postings. S&P said, "As a result, we expect revenue will remain
pressured over the next 12 months as declines associated with its
traditional talent acquisition revenue partially offsets the
expected economic recovery growth. Although the company reported
improving replacement rates in the latter half of 2020, we expect
that revenue will continue to decline in 2021 as the transactional
talent acquisition revenue decline is only partially offset by
growth in the subscription-based and software revenue."

CareerBuilder's adjusted EBITDA margin will improve in 2021 due to
divesting lower-margin segments and expense reductions. S&P said,
"While 2020's low-double-digit adjusted EBITDA margin was marred by
revenue declines and transaction/restructuring costs, we expect an
improvement in 2021 but remaining around 300 basis points below
historical levels due to the ongoing pandemic and restructuring
costs. We also expect additional improvement in 2022 due to a
better operating environment and lower restructuring costs." The
company's divesting of lower-margin businesses such as CBES and
Textkernal will likely result in a higher gross margin. At the same
time, lower general and one-time costs will boost operating margins
as the core business recovers.

S&P said, "The negative outlook reflects our view that the
company's leverage will remain above 4x over the next 12 months due
to ongoing pressure from COVID-19, new go-to-market strategy, and
migration toward subscriptions. Nevertheless, we expect that the
company will maintain adequate liquidity with a significant amount
of cash on its balance sheet to support the go-to-market
strategy."

S&P could also lower the rating if:

-- The company doesn't show a clear deleveraging path toward 4x.

-- A combination of increased competitive pressures in the
company's job advertising segment and lower growth in its other
businesses cause free operating cash flow to become negative.

-- If the company adopted a more aggressive financial policy and
cash balances are depleted due to dividends or acquisitions.

S&P could raise the rating if:

-- The company successfully executes its go to market strategy
which translates into healthy organic revenue growth and EBITDA
margins in the mid-20% area.

-- S&P expects leverage to decline and remain under 4x.

-- The company makes progress toward refinancing its credit
facility due in 2023.



CARROLL COUNTY: Moody's Lowers Secured Credit Facilities to Ba3
---------------------------------------------------------------
Moody's Investors Service has downgraded the rating on Carroll
County Energy, LLC's senior secured credit facilities to Ba3 from
Ba2. This concludes the review for downgrade initiated on March 26,
2021. The rating outlook is stable.

The facilities consist of a senior secured term loan B due 2026
with about $428.6 million outstanding at year-end 2020, and a
senior secured revolving credit facility for $70 million also due
2026.

RATINGS RATIONALE

The rating action reflects the recent consent from Carroll County's
lenders to an amendment to the Credit Agreement to lower the cash
sweep mechanism to a flat 50% of excess cash flow. This represents
a change from the original sweep of 75% of excess cash flow after
scheduled debt service if total leverage as measured by Debt/EBITDA
is greater than 3.5x and 50% of excess cash flow once leverage is
at or below 3.5x. Because the scheduled amortization for the term
loan B is limited to 1% annually, the excess cash flow sweep
mechanism is the primary tool for most of the term loan's
deleveraging. Under the original Moody's case, the Project's
deleveraging did not fall below the 3.5x Debt/EBITDA threshold,
which would trigger the 50% sweep, until the end of 2024. In
Moody's view, the reduction in the sweep mechanism, which combined
with the $25 million in incremental debt incurred last year when
Carroll County exercised an accordion feature, reduces financial
flexibility in a period of uncertainty and increases refinancing
risk, which is a primary driver for the rating action.

One continuing mitigant is the Project's on going hedging strategy,
which helps provide some visibility into future energy margins.
Carroll County actively hedges its energy margins through a rolling
hedging book that locks in energy margins by selling power forward
contracts and buying corresponding natural gas forwards to lock in
future energy margins. This helps to offset the decline in net
energy margins during a period of lower power prices. This strategy
has worked well for the Project, including during 2020 when they
received positive hedging payments of $16.2 million, which acted as
a buffer against lower energy margins. Moody's understand that
Carroll County has a continuing strategy to hedge 75% of its energy
margin in the prompt year, 50% in year 2 and 25% in year 3. All
else being equal, this should help to mitigate any attendant market
risk causing year-to-year performance to have less variability, a
credit positive.

Moody's believes that the Project's future credit metrics will hold
up in the near term owing to the higher known PJM RTO capacity
price of $140/MW-day for the 2021/22 capacity year (vs.
$76.53/MW-day for 2020/21) plus the additional hedges the Project
has executed that supports fundamental financial results over the
next few years. For example, under the Moody's case, the ratio of
Project Cash Flow from Operations to Debt (Project CFO/Debt)
averages 13.2% over the three years 2021-2023. The Debt Service
Coverage Ratio (DSCR) averages 2.87x over the same period, and the
ratio of Debt to EBITDA (Debt/EBITDA) averages 5.51x. These metrics
all score in the mid to low Ba rating category under our Power
Generation Projects Methodology published July 2020.

However, under the Moody's case, which factors in lower forecasted
capacity prices starting in the 2022/23 capacity year, combined
with the $25 million in incremental debt and the change in the
sweep mechanism to 50%, credit metrics weaken in the later years,
reducing financial flexibility in a period of uncertainty and
increasing the refinancing amount at the end of term to about 66%
of the original debt quantum These considerations remain balanced
by the downside protections Carroll County has in place in an
extreme low price environment of its energy margin via a Revenue
Put (RP) that provides an energy margin floor of $34 million per
year through March 2023. By comparison, the energy margin,
including the benefits from hedging, approximated slightly more
than $50 million in each of 2019 and 2020. Carroll County also
benefits from revenues from ancillary services provided to PJM
(black start and reactive power/voltage support). Taken together,
these sources of contracted revenues provide about 70% of the gross
margin in the near term.

An additional consideration supporting the credit profile is the
ownership make-up of the Sponsor group, which includes affiliates
of financial and industrial groups who Moody's believe have a
longer-term investment horizon relative to that of the typical
private equity group. As an example of this credit supportive
approach, liquidity is provided by an adequately sized revolving
credit facility with an expiry date that matches the maturity of
the term loan.

RATING OUTLOOK

The stable outlook reflects our expectations that Carroll County
will produce financial results in the near term that are in line
with our current base case expectations owing to an active hedging
strategy, which helps to mitigate any decline in capacity revenues
from future capacity auctions and downward pressure on energy
margins. The stable rating outlook also recognizes Carroll County's
competitive advantage as a new efficient plant, the Project's
location in the Utica and Marcellus shale region, its position on
the Tennessee Gas Pipeline with its access to low cost natural gas,
and an expectation of continued solid operating performance.

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

FACTORS THAT COULD LEAD TO AN UPGRADE

Given the recent downgrade, Carroll County has limited prospects
for a rating upgrade in the near term. Over the longer term,
positive trends that could lead to an upgrade include the execution
of additional hedges in future years that result in higher than
expected cash flows leading to stronger and more resilient
financial metrics and a faster pay down of debt such that the end
of term debt balance is expected to be closer to a level that
approximates about 50% of the original debt quantum.

FACTORS THAT COULD LEAD TO A DOWNGRADE

The rating is well positioned in the lower end of the Ba rating
category. The rating could face downward pressure should the
Project face credit deterioration in the way of materially weaker
credit metrics, and/or poor operating performance. Specifically,
the Project will face downward rating pressure if its financial
performance is not able to achieve minimum Ba metrics of Project
CFO/Debt of 10.0%, DSCR of 2.00x and Debt/EBITDA of 6.0x on a
sustained basis.

PROFILE

The Project owns a 700 MW natural gas-fired, combined-cycle
generation plant called Carroll County Energy, which reached
commercial operation in December 2017, and is based in Carroll
County, OH. The Project is in turn indirectly owned by an affiliate
of Advanced Power, the North American arm of a privately-held
company that develops, owns and manages power plants in Europe and
North America, as well as a group of co-investors (together, the
Sponsor).

The principal methodology used in these ratings was Power
Generation Projects Methodology published in July 2020.


CARVANA CORP: Upsizes Private Placement to $600 Million
-------------------------------------------------------
Carvana Co. has upsized and priced the private placement of $600.0
million in aggregate principal amount of its 5.500% Senior Notes
due 2027.  The Company upsized its offering of the Notes by $100.0
million aggregate principal amount from the previously announced
amount.  The Notes will be issued under an indenture to be entered
into upon the closing of the offering, which Carvana anticipates
will take place on or about March 29, 2021, subject to customary
closing conditions.  Carvana intends to use the net proceeds from
the offering for general corporate purposes.

The Notes will bear interest at a rate of 5.500% per year, payable
semi-annually on April 15 and October 15 of each year, beginning on
Oct. 15, 2021.  The Notes will mature on April 15, 2027, unless
earlier redeemed or repurchased.

The Notes, which generally will be guaranteed on a senior unsecured
basis by Carvana's existing domestic subsidiaries, are being
offered only to persons reasonably believed to be "qualified
institutional buyers" in reliance on the exemption from
registration pursuant to Rule 144A under the Securities Act of
1933, as amended, and to persons outside of the United States in
compliance with Regulation S under the Securities Act.  The Notes
and the 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 may not be offered or sold in the United
States without registration or an applicable exemption from the
registration requirements of the Securities Act and applicable
state securities or blue sky laws and foreign securities laws.

                            About Carvana

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

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

                          *   *   *

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


CARVER BANCORP: Susan Tohbe Retires as Director
-----------------------------------------------
Susan M. Tohbe, a member of the Boards of Directors of Carver
Bancorp, Inc. and Carver Federal Savings Bank, announced her
retirement effective April 1, 2021.  There were no disagreements
between Ms. Tohbe and Carver Bancorp or the bank.

Meanwhile, the Boards of Directors of Carver Bancorp and Carver
Federal Savings Bank each appointed Colvin W. Grannum as Chair of
the Finance and Audit Committee.

                       About Carver Bancorp

Carver Bancorp, Inc., is the holding company for Carver Federal
Savings Bank, a federally chartered savings bank.  The Company is
headquartered in New York, New York.  The Company conducts business
as a unitary savings and loan holding company, and the principal
business of the Company consists of the operation of its
wholly-owned subsidiary, Carver Federal.  Carver Federal was
founded in 1948 to serve African-American communities whose
residents, businesses and institutions had limited access to
mainstream financial services.  The Bank remains headquartered in
Harlem, and predominantly all of its seven branches and four
stand-alone 24/7 ATM centers are located in low- to moderate-income
neighborhoods.

Carver Bancorp reported a net loss of $5.42 million for the year
ended March 31, 2020, compared to a net loss of $5.94 million for
the year ended March 31, 2019.  As of Dec. 31, 2020, the Company
had $686.40 million in total assets, $639.99 million in total
liabilities, and $46.41 million in total equity.


CENTURY COMMUNITIES: S&P Upgrades ICR to 'BB-', Outlook Stable
--------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Denver-based
homebuilder Century Communities Inc. to 'BB-' from 'B+'. S&P also
raised its rating on its senior notes to 'BB-' from 'B+', while the
'3' recovery rating on the debt remains unchanged.

The stable outlook reflects the likelihood that Century will
maintain debt to EBITDA at close to 2x.

Century Communities' improved credit profile is driven by robust
ongoing profit growth. S&P Global Ratings' forecasts now suggest a
more than 35% improvement in 2021 EBITDA, after profits climbed by
about 55% in 2020. Driven by strong sales of the more affordable
Century Complete brand, these ongoing EBITDA gains mainly reflect
improvements in closing volumes, where a more than doubling in the
backlog of home orders (with deposits) to start this year provided
meaningful visibility into results.

Inventory management strategies are enhancing returns and buoying
free cash flows. Century now owns just 42% of its lots, compared
with more than two-thirds just five years ago. Helped by an
accelerated pace of home sales, its ongoing transition to a
"land-lite" model is an important driver of the company's upward
trending returns on capital--now well into the double-digit
percentages. Meanwhile, with inventory growth expected to trail
corresponding profit expansion again in 2021, positive free cash
flows should help cash balances finish the year at about $400
million, similar to the end of 2020.

These same favorable land-based strategies and solid liquidity
should limit downside in the next downturn. Should the healthy
homebuilding demand unexpectedly reverse, having less costly land
controlled through direct ownership would help Century reduce
potential write-downs and discounting of raw land or finished lots.
Additionally, Century began 2021 with close to $400 million in cash
and an undrawn revolving credit facility. This overall liquidity of
more than $1 billion is the company's first line of defense against
a downturn.

S&P said, "Our stable rating outlook on the company is based on our
forecast that during the next 12 months debt stays slightly above
2x EBITDA, EBITDA covers interest by about 8x, and debt to capital
trends toward 40%. We think Century's profitability will continue
to trend firmly upward over the next year, due to the company's
strategic and operational initiatives, further aided by the
tailwind of strong broader demand across most U.S. housing markets.
Significantly higher sales backlog levels to start 2021 should help
ensure what we assume will be a more than 15% increase in
closings--and at adjusted gross margin levels that edge above 22%.
Spending this year for new communities beyond 2021 will be financed
via operating cash flows, with adjusted debt unchanged at $1.17
billion.

"We expect the company to maintain stronger credit ratios than
typically associated with the rating while the housing industry
remains relatively healthy and stable." Therefore:

-- In a healthy market, S&P would lower its rating on Century
Communities if it expected it to sustain its debt to EBITDA at more
than 3x. S&P would anticipate this could occur if the company added
close to $475 million in debt for further growth.

-- In a weaker-than-expected housing market, S&P would expect the
current cushion in credit ratios to deteriorate, and it would look
to a 4x debt-to-EBITDA threshold for a downgrade. The latter
scenario could occur if EBITDA came in at under $300 million, or
about 45% below our 2021 forecast, through, a 10% drop in revenue
and an about 300-basis-point decline in EBITDA margins from 2020
levels.

-- S&P thinks there are two separate routes for Century to achieve
the next higher rating of 'BB'. The first would be for the company
to sustainably bring debt to EBITDA to or below 2x. Or, the company
would need to increase annual revenue to about $4 billion, which
would approximate or approach the level for two of the three
existing 'BB' rated builders (KB Home and Mattamy Group Corp.), but
much smaller than the third (Taylor Morrison Home Corp).



CHARLIE BROWN'S: Seeks OK to Pay Additional $2K to Special Counsel
------------------------------------------------------------------
Charlie Brown's Hauling & Demolition, Inc. filed a supplemental
application seeking approval from the U.S. Bankruptcy Court for the
Middle District of Florida to pay an additional $2,000 retainer to
A. Brent Geohagan, Esq., an attorney practicing in Lakeland, Fla.

Mr. Geohagan represents the Debtor as special counsel in
administrative meetings and hearings relating to efforts to bar the
Debtor from being licensed for demolition work in Polk County.

The attorney can be reached at:

     A. Brent Geohagan, Esq.
     Geohagan Law
     1960 E. Edgewood Drive
     Lakeland, FL 33803
     Telephone: (863) 665-6930
     Email: abrent@geohaganlaw.com

              About Charlie Brown's Hauling & Demolition

Charlie Brown's Hauling & Demolition, Inc. operates a business of
demolition of residential and commercial buildings. It operates its
business at 37445 Orange Row Lane, Dade City, Fla. This property is
also the homestead property of Charlie W. Brown, president.

Charlie Brown's Hauling & Demolition filed a Chapter 11 bankruptcy
petition (Bankr. M.D. Fla. Case No. 20-08264) on Nov. 4, 2020,
disclosing under $1 million in both assets and liabilities.  Judge
Michael G. Williamson oversees the case.  

The Debtor tapped David W. Steen, PA as its legal counsel and A.
Brent Geohagan, Esq., as its special counsel.


CHICAGO BOARD OF EDUCATION: S&P Raises GO Bonds Rating to 'BB'
--------------------------------------------------------------
S&P Global Ratings raised its rating to 'BB' from 'BB-' on the
Chicago Board of Education's existing general obligation (GO)
bonds. The outlook is stable.

"The upgrade reflects the substantial federal stimulus funds the
board was allocated in the American Rescue Plan (ARP), which,
combined with funds from the CARES Act and the December
Consolidated Appropriations Act, should allow for it to report
positive operations in fiscal years 2021 and 2022," said S&P Global
Ratings credit analyst Blake Yocom. "In our view, the federal funds
will bolster the board's already positive financial trajectory. The
board's liquidity, while still weak, should markedly improve."
Additionally, direct stimulus aid to the State of Illinois from the
ARP lessens the likelihood of state aid cuts or other state-induced
pressure. The improving economic conditions are more certain and an
articulated spending plan from management and other administrative
actions support the stable outlook.

The board's full faith and credit and unlimited taxing power secure
the outstanding bonds rated by S&P Global Ratings. Many of the
rated bonds are Alternate Revenue Source bonds with the pledged
revenues consisting of pledged state aid and other revenue. All
ratings are based on the board's unlimited ad valorem tax pledge.
Including rated and unrated bonds, the board has approximately $8.3
billion in direct debt outstanding (excluding tax anticipation
notes [TANS]).

S&P said, "In our view, the board's financial position will
continue to strengthen throughout 2021 and 2022, facilitated
greatly by allocations of federal relief/stimulus funds through the
CARES Act ($206 million), the December Consolidated Appropriations
Act ($796 million), and the recent ARP ($1.8 billion). These
significant developments should allow for another addition to
reserves in fiscal years 2021 and 2022 despite rising expenditures
tied to the five-year Chicago Teachers' Union (CTU) contract. We
note the board's financial position was improving prior to the
COVID-19 pandemic and the associated federal revenue. However,
rising operating expenditures would have pressured the budget
absent the additional federal relief, in our opinion, and
management's ability to dedicate the funds to one-time expenditures
will be critical in avoiding structural imbalance."

Illinois (BBB-/Stable) held funding flat in fiscal 2021 for the
first time under the state's evidence-based funding (EBF) formula
(enacted in 2017) and the governor's proposed 2022 budget holds EBF
flat for the second consecutive year. At the onset of the pandemic,
S&P viewed state aid cuts or delays as likely, but this risk has
subsided because of a stronger economic recovery leading to
stronger state revenues than forecast and substantial direct
federal aid.

S&P said, "In our view, the noninvestment-grade rating reflects
other significant short- and long-term challenges. We see a variety
of systemic challenges: negative cash flow, notably increased
operational spending despite enrollment declines, and an ongoing
contentious relationship with CTU. Long-term pressures include the
board's sizable debt burden (approximately $8.3 billion), pension
liability ($14.1 billion and 43.9% funded), and a capital footprint
that is not aligned with its enrollment. We note the substantial
capacity at buildings across the district and the political
resistance to consolidation for expenditure savings."

Historically, the contentious relationship between the board and
the CTU, reflected in recent strikes and frequent strike votes,
represents an elevated risk in the district's governance structure.
The pandemic intensified this systemic challenge stemming from
opposing viewpoints on whether teachers should provide in-class
instruction that risked exposure to the virus. The rating also
incorporates our view of the health and safety social risks posed
by the COVID-19 pandemic in which despite a more coordinated effort
in vaccine supply and distribution, more contagious variants could
stymie progress in improving the health and safety environment of
students and staff and lead to uncertainty over reopening
facilities. S&P views the environmental risks as being in line with
its view of the sector.


CHICK LUMBER: Wins Cash Collateral Access Thru June 30
------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Hampshire has
authorized Chick Lumber, Inc. to use cash collateral on an interim
basis in accordance with a budget and provide adequate protection
to record lienholders through June 30, 2021.

The Debtor is authorized to use and expend Cash Collateral to pay
the costs and expenses incurred by the Debtor in the ordinary
course of business to the extent provided for in the Budget up to
$1,422,258.97.

The Debtor will make these Adequate Protection Payments on the last
day of each month:

     (i) $481.70 to JELD-WEN, Inc.;

    (ii) $24.66 to BFG Corporation (H2H NC Paint Tinter);

   (iii) $37.83 to Great America Financial Services Corp.;

    (iv) $219.06 to Citizens One Auto Finance;

     (v) $226.60 to Citizens One Auto Finance;

    (vi) $211.94 to Citizens One Auto Finance;

   (vii) $39.52 to Wells Fargo Equipment Finance, Inc. - Forklift;

  (viii) $632.68 to Ford Motor Credit;

    (ix) $63.25 to Wells Fargo Equipment Finance, Inc. – Moffett
Machine;

     (x) $82.22 to Hitachi Capital Financial; and

    (xi) $1,197.93 to an Escrow account for the benefit of Citizens
Financial Group, Inc., as the assignee of the Claim of American
Express Bank, FSB and RBS Citizens to the extent that it holds an
allowed secured claim subject to the further Court orders.

Given the dispute between the Debtor, RBS Citizens and Amex FSB
regarding the validity, enforceability, perfection and priority of
the security interests in, to and on the Debtor's cash collateral
and other property claimed by them, the Debtor will deposit monthly
with Counsel to the Debtor as the Escrow Agent, the RBS
Citizens-Amex Adequate Protection Payment as provided in the
Budget. The Escrow Agent will deposit each Adequate Protection
Escrow Payment in a non-interest bearing IOLTA Account in the name
of the Escrow Agent, as Escrow Agent for the benefit RBS Citizens,
Amex Bank and the Debtor (the "RBS Citizens-Amex APP Escrow
Account") with Citizens Bank, N.A. or another banking institution
qualified to serve as a depository for property of the estate.
Pending the further order or orders of the Court, the Escrow Agent
will hold the funds in the RBS Citizens-Amex APP Escrow Account.

If any payment due will not be timely made in accordance with the
Order, the creditor entitled to the payment or the benefit of the
APP Escrow Payment will have the right to move the Court for an
order terminating the use of Cash Collateral by filing an affidavit
of default.

Each Record Lienholder (including RBS Citizens) is granted a
replacement lien in, to and on the Debtor's post-petition property
of the same kinds and types as the collateral in, to and on which
it held or claims to have held valid and enforceable, perfected
liens on the Petition Date as security for any loss or diminution
in the value of the collateral held by any such Record Lienholder
on the Petition Date which will have and enjoy the same priority as
it had on the Petition Date under applicable state law. The
replacement liens granted:

     a. Will be deemed valid and perfected notwithstanding any
requirements of non-bankruptcy law with respect to perfection.

     b. Will be supplemental and in addition to any liens held on
the petition date.

     c. Will be effective as of the Petition Date and shall
maintain the same priority, validity and enforceability as the
liens held by the by such Record Lienholder on such date and will
be senior to any liens or any allowed super-priority claim
subsequently granted to any other person or entity with Court
approval.

A hearing on the further motion for permission to use Cash
Collateral is scheduled for June 23 at 2 pm.

A copy of the order and the Debtor's budget through June 30 is
available for free at https://bit.ly/3rBywBv from PacerMonitor.com.
The Debtor projects a total cash out of $1,422,258.97 against
$1,292,281.34 in total cash in during the three-month period.

                    About Chick Lumber, Inc.

Chick Lumber, Inc. -- https://www.chicklumber.com/ -- is a dealer
of lumber, plywood, steel beams, engineered wood, trusses, steel
and asphalt roofing, windows, doors, siding, trim, stair parts, and
finish materials. It also offers drafting and design, installation,
delivery, outside sales, and plan reading and estimating services.

Chick Lumber sought Chapter 11 protection (Bankr. D.N.H. Case No.
19-11252) on Sept. 9, 2019, in Concord, N.H.  In the petition
signed by Salvatore Massa, president, the Debtor disclosed between
$1 million and $10 million in both assets and liabilities.

Judge Bruce A. Harwood oversees the case.

William S. Gannon PLLC is the Debtor's legal counsel.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on Oct. 3, 2019.  The Committee is represented by
Goldstein & McClintock, LLLP as its legal counsel.



CMC II: Seeks Approval to Hire Stretto as Administrative Advisor
----------------------------------------------------------------
CMC II, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Stretto as
their administrative advisor.

The firm will render these bankruptcy administrative services:

     a. assist in the solicitation, balloting and tabulation of
votes, prepare any related reports in support of confirmation of a
Chapter 11 plan, and process requests for documents;

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

     c. assist in the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs and
gather data in conjunction therewith;

     d. provide a confidential data room, if requested;

     e. manage and coordinate any distributions pursuant to a
Chapter 11 plan; and

     f. provide other bankruptcy administrative services.

Stretto will be paid at hourly rates as follows:

     Director of Solicitation                  $230
     Solicitation Associate                    $209
     Director                                  $192 - $230
     Associate/Senior Associate                $65 - $182
     Analyst                                   $30 - $60

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

Sheryl Betance, managing director at Stretto, 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.

Stretto can be reached at:

     Sheryl Betance
     Stretto
     410 Exchange, Ste. 100
     Irvine, CA 92602
     Tel: (714) 716-1872
     Email: sheryl.betance@stretto.com

                About CMC II LLC

CMC II, LLC, 207 Marshall Drive Operations, LLC and 803 Oak Street
Operations LLC 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 under the
common ownership of non-debtor LaVie Care Centers, LLC, doing
business as Consulate Health Care. 207 Marshall operates Marshall
Health and Rehabilitation Center, a 120-bed SNF located in Perry,
Fla., while 803 Oak Street operates Governor's Creek Health and
Rehabilitation, a 120-bed SNF located in Green Cove Springs, Fla.

On March 1, 2021, CMC II, 207 Marshall, 803 Oak Street and three
inactive affiliates sought Chapter 11 protection (Bankr. D. Del.
Lead Case No. 21-10461).  As of the bankruptcy filing, CMC II had
between $100 million and $500 million in both assets and
liabilities.

Judge John T. Dorsey oversees the cases.

The Debtors tapped Chipman Brown Cicero & Cole, LLP, as legal
counsel and Alvarez & Marsal North America, LLC as restructuring
advisor.  Stretto is the claims agent and administrative advisor.

The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtors' Chapter 11 cases.
The committee is represented by Porzio, Bromberg & Newman, P.C.


CONFIDENCE TRUCKING: Wins Cash Collateral Access on Interim Basis
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, has authorized Confidence Trucking W/C LLC to use cash
collateral on an interim basis in accordance with the budget.

The Debtor is authorized to use cash collateral to pay: (a) amounts
expressly authorized by the Court, including payments to the US
Trustee for quarterly fees; (b) the current and necessary expenses
set forth in the budget, plus an amount not to exceed 10% for each
line item; and (c) additional amounts as may be expressly approved
in writing by Commercial Credit Group Inc. and/or Commercial
Funding, Inc.

As adequate protection for the Debtor's use of cash collateral,
each creditor with a security interest in cash collateral will have
a perfected post-petition lien against cash collateral to the same
extent and with the same validity and priority as the prepetition
lien, without the need to file or execute any document as may
otherwise be required under applicable non bankruptcy law.

The Debtor will also maintain insurance coverage for its property
in accordance with the obligations under the loan and security
documents with the Secured Creditors.

The Court has scheduled a continued preliminary hearing on the
matter for May 4 at 1:30 P.M.

A copy of the order is available and the Debtor's monthly budget is
available for free at https://bit.ly/3m8iazr from
PacerMonitor.com.

                About Confidence Trucking W/C LLC

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

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



CORELOGIC INC: S&P Downgrades ICR to 'B' on Leveraged Buyout
------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Irvine,
Calif.-based property data and analytics provider CoreLogic Inc. to
'B' from 'BB'. The outlook is stable.

S&P said, "We also assigned a 'B' issue-level rating and '3'
recovery rating to CoreLogic's proposed $4.0 billion first-lien
term loan and $500 million revolver. Additionally, we assigned a
'CCC+' issue-level rating and '6' recovery rating to Corelogic's
proposed $750 million second-lien term loan.

"Our stable outlook on CoreLogic Inc. reflects our view that
adjusted leverage will remain in the 6.5x to 7.5x range over the
next year. This is supported by the company's recurring revenues
from data analytics, though we also take into account its exposure
to volatility in the mortgage origination processing market."

Stone Point Capital and Insight Partners, private equity sponsors,
are acquiring CoreLogic Inc. for approximately $7.9 billion
(excluding transaction fees).

Funding for the leveraged buyout (LBO) includes $4.75 billion of
debt which will increase pro forma adjusted leverage at transaction
close to around 7x from 3.5x at the end of 2020.

S&P said, "In our view, the financial sponsor ownership, as well as
leverage around 7x in 2021, are indicative of a more aggressive
financial policy.  The three-notch downgrade primarily reflects the
proposed increased leverage used to fund the LBO of CoreLogic, in
addition to our expectations for higher leverage tolerance under
financial sponsor ownership. Following the transaction, we expect
that pro forma S&P Global Ratings-adjusted debt to EBITDA will
increase to around 7x, up from 3.5x at the end of 2020. We
anticipate modest deleveraging through fiscal 2021 because of debt
repayment and margin improvement as a result of continued
cost-saving initiatives."

S&P's rating on Corelogic reflects the following key credit
strengths and risks.

Key credit strengths:

-- Leadership position in real estate data analytics;

-- High barriers to entry through proprietary data sets which are
hard to replicate and have been amassed over a long time through
public and private sources; and

-- Scalable business model with a focus on reducing costs leads to
consistent free operating cash flow generation.

Key credit risks:

-- Exposure to cyclical mortgage originations with roughly 60% of
revenues tied to mortgage volumes;

-- Moderate financial institution client concentration with the 10
largest customers accounting for about 35% of total revenue;

-- High leverage following the LBO by Stone Point Capital and
Insight Partners; and

-- Private equity ownership and an acquisition-based growth
strategy, precluding sustained deleveraging.

S&P said, "Our stable outlook on CoreLogic Inc. reflects our view
that adjusted leverage will remain in the 6.5x to 7.5x range over
the next year. This is supported by the company's recurring
revenues from data analytics, though we also take into account its
exposure to volatility in the mortgage origination processing
market. We expect flat- to low-single-digit revenue declines for
the company in 2021 and 2022 because of lower refinancing volumes.
We forecast leverage will rise sharply following the LBO by Stone
Point Capital and Insight Partners to above 7x, nevertheless we
expect steady deleveraging to below 7x by year-end 2021, as the
company should be able to execute on its cost reduction plan.

"We could lower the rating if we expect the company to sustain
leverage above 7.5x as a result of greater-than-expected revenue
declines from lower mortgage origination. We could also lower the
rating if lower profitability due to reduced operating leverage and
inability to achieve cost-saving initiatives results in FOCF to
debt sustained below 3%. Finally, we could lower the rating if the
company pursues aggressive financial policies under private equity
ownership, including debt-funded dividends or acquisitions.

"We could raise the rating if CoreLogic expands its analytics
businesses, resulting in increased earnings stability through
mortgage origination cycles, and reduces leverage below 5x on a
sustained basis. An upgrade would also be contingent on a
commitment by the financial sponsors to maintain leverage at or
below these levels."

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."


CORT & MEDAS: Says 1414 Lender's Disclosure Statement Deficient
---------------------------------------------------------------
Debtor Cort & Medas Associates, LLC, objects to the motion of 1414
Utica Avenue Lender LLC ("1414 Lender") for entry of an order
approving its disclosure statement.

The Debtor claims that there is no other information about the
details of 1414 Lender's possible engagement of Rosewood Realty
Group such as whether it is going to be an exclusive or
nonexclusive basis other than some vague language in paragraph C on
that same page of the bidding procedures. The Disclosure Statement
should also contain greater detail as to the contemplated timing
and process of the contemplated auction sale.

The Debtor points out that the Disclosure Statement is devoid of
any mention that during the course of this Chapter 11 case the
Debtor made twenty (21) adequate protection payments of $14,000 to
1414 Lender, for a total amount of $294,000.

The Debtor asserts that the Disclosure Statement is deficient in
that it does not break down the holders of general unsecured claims
in class 6, but only states that the aggregate amount of that class
is $884,110.46. The Disclosure Statement should identify the
members of that class and the amount of each claim.

The Debtor further asserts that the Plan and Disclosure Statement
fail to include the scheduled claim of Tri-Borough Home Care Ltd,
in the amount of $1,698,048.00. In the Debtor's filed plans and
disclosure statements, Tri-Borough was included as the member of a
separate class subordinate to general unsecured creditors.

A full-text copy of the Debtor's objection dated March 30, 2021, is
available at https://bit.ly/31F4iTQ from PacerMonitor.com at no
charge.

Counsel for the Debtor:

     Joel Shafferman
     SHAFFERMAN & FELDMAN LLP
     137 Fifth Avenue, 9th Floor
     New York, New York 10010
     Tel: (212) 509-1802

                 About Cort & Medas Associates

Cort & Medas Associates, LLC, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-41313) on March 6,
2019.  At the time of the filing, the Debtor was estimated to have
assets and liabilities of between $1 million and $10 million.  The
case is assigned to Judge Carla E. Craig.  Shafferman & Feldman LLP
is the Debtor's legal counsel.


CPG INTERNATIONAL: S&P Alters Outlook to Pos., Affirms 'B+' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on CPG International LLC
(doing business as The Azek Co.) to positive from stable. At the
same time, S&P affirmed its 'B+' issuer credit rating on the
company and its 'BB-' issue-level rating on the company's senior
secured term loan.

S&P's positive outlook on CPG indicates the potential for a higher
rating over the next 12 months, based on its belief that strong
repair and remodeling demand and increased scale will help the
company sustain the improvement in credit measures.

S&P said, "CPG's key ratings constraint related to its ownership
has been eliminated, and we expect its financial policies to
support maintaining adjusted leverage between 2x and 3x. Lower
ownership stakes by Ares Management and the Ontario Teachers'
Pension Plan following the company's secondary equity offerings in
the third quarter of 2020 and early 2021 eliminated a key ratings
constraint. We no longer view the company to be financially
sponsor-owned because these owners' combined stakes are less than
40%. We expect CPG will now have a relatively lower-risk financial
strategy than typical private equity-owned companies. We believe
the company would be relatively prudent in its approach toward
using debt to maximize shareholder returns and refrain from actions
that are detrimental to its existing creditors. The company's
adjusted leverage for the 12 months ended Dec. 31, 2020, was 2.5x,
and we expect the company will maintain this at 2x-3x over the next
12 months.

"Strong demand for residential outdoor living products, along with
planned capacity expansion, will result in strong revenue growth in
fiscal 2021. We expect CPG's revenue to grow by about 10% in fiscal
2021, based on our expectation of strong growth in the residential
segment (accounting for about 85% of the revenue) offsetting the
slow recovery in the commercial segment. Demand for the company's
products has been robust because repair and remodeling activities
remain high and discretionary consumer spending has been diverted
toward home improvements. We also believe that record-high lumber
prices through the second half of 2020 eroded some of the premium
pricing differential for entry-level composite-based decking
products and thus helped in the movement away from wood-based
products. We believe residential demand will stay strong at least
through the next few quarters." The longer-term trend of increased
investment in outdoor living further supports this belief.

The company began capacity expansion initiatives in late 2020,
investing about $180 million through 2022 and increasing its total
capacity by about 70%. This also included the setup of a new
manufacturing facility in Boise, Idaho. While the initial phase of
this project was completed and additional capacity has become
available, the company expects most of the incremental capacity to
be operational over the next two to three quarters. S&P expects the
incremental capacity to support the company's revenue growth, due
to either increased market penetration or share from improved
customer service, including shorter lead times.

CPG's ability to pass through rising input costs would determine
its earnings and free cash flows over the next 12 months. S&P said,
"We expect CPG's adjusted EBITDA margins to be 20%-21% in fiscal
2021-2022, slightly declining from 22% in fiscal 2020. We think
rising input costs, particularly for resins, that are at least
10%-15% higher than last year could deplete the benefit from lower
crude prices in 2020. While we believe the company is able to pass
through input cost inflation to customers, we expect there will be
some time lag. Nonetheless, we expect the company will generate
adjusted EBITDA of about $200 million in fiscal 2021-2022, slightly
higher than 2020, since higher revenue offsets the impact from some
margin compression. However, we recognize that
higher-than-anticipated input cost inflation or an inability to
complete the capacity project on time and on budget have the
potential to depress earnings."

S&P said, "Further, we believe the company's future operating cash
flows will benefit from significantly lower interest expense
compared with 2020 and previous fiscal years. For fiscal 2021-2022,
we expect operating cash flow of about $140 million-$160 million.
Given the company's capacity expansion initiatives, totaling a $135
million capital expenditure in 2021, we expect the majority of the
operating cash flow from this year to be reinvested into the
business. As such, we expect the company's free cash flow in 2021
to be break even to slightly positive, improving to $60 million-$80
million in 2022.

"Our positive outlook on CPG indicates the potential for a higher
rating over the next 12 months, based on our belief that strong
repair and remodeling demand and increased scale will help the
company sustain the improvement in credit measures. As such, we
expect adjusted leverage to be between 2x and 3x, which could be
commensurate with a higher rating."

S&Pcould revise the outlook back to stable over the next 12 months
if:

-- Earnings fell by more than 20%, such that adjusted leverage was
between 3x and 4x and negative free cash flow occurred and was
expected to be sustained. This could happen if demand conditions
slowed down faster than expected or rising costs resulted in
higher-margin depletion;

-- The company's capacity expansion were slower than expected such
that revenue were lower or higher startup costs reduced earnings
and free cash flow; or

-- The company undertook an aggressive financial policy, such as
debt-financed acquisitions or shareholder-friendly actions such as
dividends or share repurchases, resulting in adjusted leverage of
3x-4x on a sustained basis.

S&P could raise the ratings on CPG over the next 12 months if:

-- Business conditions and demand remained strong, such that the
company maintained adjusted leverage between 2x and 3x and free
operating cash flow (FOCF) to debt improved to above 15%; and

-- The company refinanced its term loan due May 2024.


CPM HOLDINGS: S&P Upgrades ICR to 'B-' on Improved Liquidity
------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on CPM Holdings
Inc. to 'B-' from 'CCC+', its issue-level rating on its first-lien
debt to 'B-' from 'CCC+', and its issue-level rating on its
second-lien debt to 'CCC+' from 'CCC'. S&P's '3' recovery rating on
the company's first-lien debt and '5' recovery rating on its
second-lien debt remain unchanged.

S&P said, "The stable outlook reflects our expectation that CPM's
operating performance in its animal feed and oilseed processing
markets will stabilize in 2021, allowing the company to maintain
S&P Global Ratings-adjusted debt to EBITDA of less than 7x.

"We anticipate CPM will generate positive free cash flow and
maintain adequate liquidity over the next 12-24 months. Like most
capital goods companies, CPM's top-line revenue deteriorated during
2020 because of deferrals of capital projects at some of its
customers, which were intensified by pandemic-related delays in
production and shipments. Despite this revenue shortfall, the
company was able to improve its EBITDA margins by 420 basis points
(bps) and generate a significantly higher level of FOCF than in
previous years. In 2020, CPM generated $67 million of FOCF by
expanding its margins, releasing working capital, and lowering its
discretionary outlays. We expect the company to continue to
generate positive FOCF of about $50 million over the next 12 months
($18 million already generated in the first quarter of fiscal year
2021) after incorporating sustained capital spending and intra-year
working capital outflows to support its higher sales.

"As of the first quarter of fiscal year 2021 (ended Dec. 31, 2020),
CPM had over $140 million of available liquidity including balance
sheet cash and revolving credit facility availability. We believe
this adequately positions the company to fund its operations, meet
its required minimum debt amortization payments, and pursue
moderate bolt-on acquisitions over the next 12 months.

"We anticipate the company's end markets will begin to recover from
the pandemic-induced recession in the second half of fiscal year
2021 and into 2022.

"We expect CPM's California Pellet Mill business (which accounted
for close to 40% of its overall revenue in fiscal year 2020) to be
the key driver of the expansion in its revenue and margin as the
demand in the global animal feed and North American oilseed markets
recover from the pandemic-related lows they experienced in 2020.
The company's revenue from its highest-margin California Pellet
Mill segment (about 67% of fiscal-year 2020 EBITDA) rebounded in
the first quarter of fiscal year 2021 as its sales rose by 24% year
over year. The oilseed and animal feed markets remain key end
markets because, combined, they contribute more than two-thirds of
CPM's EBITDA. We expect the level of activity in the animal feed
market to improve and remain stable given the favorable protein
consumption trends worldwide (especially as China rebuilds its hog
population following the widespread culling related to the swine
flu). In addition, we anticipate the level of activity in the
oilseed processing market will remain resilient, especially in
North America, as customers shift toward larger equipment. However,
the oilseed processing markets carry some risk because they are
subject to fluctuations in commodity prices and typically generate
lower aftermarket volumes for CPM.

"We also expect the company's extrusion and thermal segments to
maintain their stable performances given the need for equipment to
produce personal protection equipment (particularly in China) and
the strong demand for aluminum can production for beverages
globally.

"The higher quality of the company's backlog supports our forecast
for a solid EBITDA margin and S&P Global Ratings-adjusted debt to
EBITDA in the mid- to high-6x range in fiscal year 2021. We think
that management's priority of securing higher-margin projects and
their prudent underwriting focused on risk and cost-overrun
reductions (for example, by vetting material costs and timelines
throughout the organization and securing material pricing upfront),
particularly in its lowest-margin Crown segment, will likely
improve the quality of its backlog and stabilize its EBITDA
margin.

"The stable outlook on CPM reflects our expectation that its EBITDA
margins will stabilize at current levels of 20% or above while its
debt to EBITDA improves to the mid 6x area over the next 12 months
as the company overcomes its recent pandemic-related challenges. We
also expect CPM to generate consistently positive FOCF in the $50
million range and maintain adequate liquidity."

S&P could raise its rating on CPM if:

-- Its S&P Global Ratings-adjusted debt to EBITDA falls below 6x;

-- It maintains consistent positive FOCF generation; and

-- S&P expects the company to sustain its improved leverage levels
through the cycle and when accounting for acquisitions and backlog
variability.

This could occur if CPM experiences consistent growth across most
or all of its end markets and its EBITDA margin remains at current
levels. S&P would also need to believe that the company's financial
policies would support leverage of 6x or lower before raising our
rating.

S&P said, "We could lower our rating on CPM if its EBITDA shrinks
and its FOCF turns negative, causing the company to borrow from its
revolving credit facility and trigger the springing first-lien
leverage covenant. This could occur, for instance, if its customers
delay their capital expenditure and CPM continues to face operating
challenges. Under this scenario, we believe its weaker credit
measures and constrained liquidity would indicate an unsustainable
capital structure. Specifically, we believe this would be reflected
by a decline in its EBITDA interest coverage to below 1.5x."



CRESTWOOD HOLDINGS: S&P Alters Outlook to Stable, Affirms 'B-' ICR
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' rating on Crestwood Holdings
LLC and revised the outlook to stable from negative.

The stable outlook reflects S&P's expectation that Crestwood
Holdings' term loan will be fully repaid when the transaction
closes.

Crestwood Equity Partners has agreed to acquire the general partner
interest and approximately 11.5 million common units from First
Reserve for a $268 million cash consideration. Separately, new
third-party investors will also acquire 6 million common units from
Crestwood Holdings for a $132 million cash consideration. Pro-forma
for these transactions, First Reserve will exit its investment in
Crestwood, which included 17.5 million common units, or
approximately 24% of the total common units outstanding. At the
close of the transaction, the existing Crestwood Holdings senior
secured term loan will be paid off. Consequently, S&P no longer
anticipates any material risk for Crestwood Holdings to violate its
leverage covenant on its senior secured term loan.

S&P said, "The stable outlook reflects our expectation that
following the close of the proposed buyout we expect Crestwood
Holdings' term loan to be fully repaid.

"We could consider a negative rating action if the proposed buyout
of First Reserve's stake in Crestwood Holdings does not close.

"Higher ratings are unlikely as we expect the company to no longer
be a separate reporting entity."


CROSSPLEX VILLAGE: Bankruptcy Administrator Opposes Disclosures
---------------------------------------------------------------
The Bankruptcy Administrator for the Northern District of Alabama
("BA"), objects to the Disclosure Statement filed on March 8, 2021,
by debtor Crossplex Village Qalicb, LLC.

The BA avers that a current estimate of all presently due
administrative expenses, including attorney's fees, accountant's
fees and any other professional fees should be included in the
Disclosure Statement as well as the source from which the payment
of such administrative expenses is to be made.

The BA points out that the Disclosure Statement does not include
information regarding the basis for the sufficiency of the Members'
new value contribution of $10,000.00. The BA avers that the
Disclosure Statement should include such information.

The BA notes that the proposed payment to Class 4 Unsecured
claimants does not include interest, thus, if the Court were to
find that the $10,000.00 is not adequate new value, then the BA
avers that the lack of a provision for interest on Class 4 claims
would be an issue.

The BA claims that the Post-petition Budget attached as Exhibit B
to the Disclosure Statement does not appear to reflect the payment
of any contemplated quarterly fees, thus, it is unclear how such
payments are to be made.

The BA asserts that the Disclosure Statement should include
information regarding any agreements that the Debtor has with its
officers, Manager and/or employees including equity, bonus and
other incentive plans in which officers, Manager and other
employees may be eligible to participate.

A full-text copy of the Bankruptcy Administrator's objection dated
March 30, 2021, is available at https://bit.ly/31GdB5Z from
PacerMonitor.com at no charge.

                 About Crossplex Village Qalicb

CrossPlex Village QALICB, LLC, filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala.
Case No. 20-02586) on Aug. 10, 2020.  At the time of the filing,
the Debtor disclosed assets of between $10 million and $50 million
and liabilities of the same range.  The Debtor has tapped Helmsing,
Leach, Herlong, Newman & Rouse, P.C., as its legal counsel.


CROWNROCK LP: S&P Affirms 'B+' on Expected Free Cash Flow
---------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating on
Midland, Texas-based oil and gas exploration and production company
CrownRock L.P.

The rating affirmation incorporates CrownRock's moderate scale in
the Permian Basin, as well as its relatively low leverage and
private equity ownership structure. S&P said, "We also consider the
company's hedging strategy, which has helped stabilize financial
metrics during periods of commodity price volatility. We anticipate
that the company will use free cash flow generated over the next
two years primarily to reduce revolver borrowings and outstanding
preferred stock, with the possibility of an increasing portion of
excess cash flow distributed to equity holders."

S&P said, "CrownRock ended 2020 with about 500 MMBoe of proved
reserves (40% developed), and we expect production will exceed
100,000 boe/day (about 60% oil) in 2021, which is consistent with
our assessment of its business risk profile. We expect the company
to run four drilling rigs and three frac crews this year and
maintain a similar rate of production growth in 2022. Its cost
structure has also improved, with fourth-quarter 2020 cash
operating costs of about $7.51/boe and lease operating expenses of
$5.61/boe, such that it is becoming competitive with higher-rated
peers.

"On the financial side, we expect leverage to improve based on our
revised oil price assumptions, with average FFO to debt above 45%
and debt to EBITDA of below 1.5x. However, our financial risk
assessment is unchanged because of CrownRock's private equity
ownership, which we believe elevates the risk of utilizing
strategies with the potential for higher leverage in pursuit of
shareholder returns. Nevertheless, we expect the company's strong
hedge portfolio--about 60% of this year's oil production and 70% of
natural gas production are hedged--will support relatively low
leverage metrics and substantial free cash flow over the next two
years. There are no upcoming bond maturities, and liquidity is
solid with more than $85 million of cash on hand and only $140
million drawn against the $700 million revolver commitment.

"The stable outlook on CrownRock reflects our expectation that it
will continue to develop its asset base while sustaining production
and costs in line with our assumptions. Therefore, we forecast the
company will maintain adequate liquidity and FFO to debt of at
least 45% over the next two years. We also anticipate the company
will use free cash flow to pay down debt and potentially to make
discretionary distributions to equity holders.

"We could lower our rating on CrownRock if its liquidity decreases
significantly or its FFO to debt nears 20% with debt to EBITDA
approaching 3.0x and we see no clear path for improvement. This
could occur if commodity prices fall or if the company becomes more
aggressive with capital spending. We could also lower the rating if
discretionary distributions exceed internally generated free cash
flow.

"We could raise our rating on CrownRock if it develops its asset
base and increases its reserve and production profile, such that
they are commensurate with those of its higher-rated peers, while
operating within internally generated cash flow. The company would
also need to maintain adequate liquidity and FFO to debt
comfortably above 30%. This scenario could occur if commodity
prices remain in line with our expectations and the company
increases its production and further develops its acreage."


CYXTERA DC: Moody's Puts Caa1 CFR Under Review for Upgrade
----------------------------------------------------------
Moody's Investors Service placed Cyxtera DC Holdings, Inc.'s Caa1
corporate family rating, Caa1-PD probability of default rating, B3
senior secured first lien credit facility, consisting of
approximately $885 million in aggregate term loans and a $150
million revolver, and Caa2 senior secured second lien term loan
under review for upgrade. The rating action stems from the
company's plan to merge with publicly listed Starboard Value
Acquisition Corp. (SVAC), a publicly traded special purpose
acquisition company (SPAC). Necessary approvals from the SEC and
investors in SVAC will likely push any merger close into late June
or early July 2021. At merger close the combined company is
expected to receive approximately $654 million of proceeds from
about $404 million of cash currently held in trust at SVAC,
assuming no public shareholders exercise their redemption rights,
and a $250 million concurrent private placement of common stock of
SVAC.

On Review for Upgrade:

Issuer: Cyxtera DC Holdings, Inc.

Corporate Family Rating, Placed on Review for Upgrade, currently
Caa1

Probability of Default Rating, Placed on Review for Upgrade,
currently Caa1-PD

Senior Secured First Lien Bank Credit Facility, Placed on Review
for Upgrade, currently B3 (LGD3)

Senior Secured Second Lien Bank Credit Facility, Placed on Review
for Upgrade, currently Caa2 (LGD5)

Outlook Actions:

Issuer: Cyxtera DC Holdings, Inc.

Outlook, Changed To Rating Under Review From Negative

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

The focus of the review for upgrade will be on Cyxtera's current
plans to utilize a portion of cash proceeds from its anticipated
merger with SVAC to fully pay down the company's existing $310
million second lien term loan and any outstanding revolver balance
at transaction close. Such balance sheet strengthening would lower
Cyxtera's debt leverage (Moody's adjusted), increase financial
flexibility and facilitate the company's continued progress
improving bookings, stabilizing churn and sustaining core revenue
and EBITDA growth trends. If the transaction closes under these
terms by mid-year 2021, Moody's forecasts pro forma debt/EBITDA
(Moody's adjusted) approaching 7x by year-end 2021. Moody's
estimates pre-transaction debt/EBITDA (Moody's adjusted) at
year-end 2020 will exceed 9x.

Moody's views governance considerations as integral to this ratings
action. Cyxtera would be a publicly traded company with reduced
private equity ownership. Post-transaction, Cyxtera is expected to
have a nine-member board consisting of four independent directors,
two representatives from one of Cyxtera's existing private equity
sponsors, two members of Cyxtera's senior management team
(including one who also represents the company's other private
equity sponsor) and one representative from SVAC.

During its review, Moody's will consider: i) how closely the terms
of the final SPAC transaction mirror currently shared agreement
details; ii) the successful completion of the planned debt
repayments; iii) the final composition of public versus private
equity ownership in the publicly listed entity; iv) Cyxtera's
ongoing bookings, churn and revenue and EBITDA growth progress in
its competitive end markets, and; v) Cyxtera's financial policy and
growth strategy as a public entity.

Cyxtera's credit profile reflects its historical execution
difficulties as a standalone entity, including weaker than expected
bookings growth and churn mitigation that have only recently begun
to reverse. The company also faces significant industry risks,
including intensifying competition and the high level of capital
intensity required to drive stronger top line growth. Despite
relatively low capacity utilization across Cyxtera's aggregated
facilities, demand from specific markets hasn't always aligned with
such availability, which resulted in generally higher than
anticipated capital spending since the company's 2017 carveout from
Lumen Technologies, Inc. (Lumen, Ba3 stable) and delayed
deleveraging. These factors are offset by Cyxtera's relatively
stable base of contracted recurring core revenue, strong network
footprint in Tier 1 markets, owned data center assets that can be
monetized and secular growth trends for data center services
globally.

Improved productivity from the company's revamped and now
regionally-focused sales force has better tied revenue growth to
success-based capital investing in underutilized facilities. A
concerted focus on reducing costs and increasing operating
efficiencies during 2020, as well as liquidity enhancement efforts,
have contributed to steady operational improvements and improved
EBITDA growth traction. Moody's would expect Cyxtera to generate
flat to slightly positive free cash flow in 2021 and maintain its
current EBITDA growth traction pro forma for the SPAC transaction,
which would also enhance the company's liquidity profile. Given
these factors and combined with the targeted balance sheet
strengthening and improved liquidity from the planned merger with
SVAC, Moody's could consider a one-notch upgrade to Cyxtera's CFR,
the timing of which would depend on having higher certainty as to
the likelihood of the merger's completion, including final terms.

The principal methodology used in these ratings was Communications
Infrastructure Industry published in September 2017.

Headquartered in Coral Gables, FL, Cyxtera consists of 61
carrier-neutral data centers providing colocation services across 3
continents to over 2,300 customers diversified across industries.


DIAMOND (BC) BV: S&P Upgrades ICR to 'B' on IPO, Debt Reduction
---------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Diamond (BC)
B.V. (Diversey) to 'B' from 'B-' and the ratings on all of its debt
by one notch. The recovery ratings on the company's existing debt
are unchanged.

The positive outlook speaks to the potential for a higher rating
within the next few quarters if the macroeconomic recovery is
quicker than S&P's base case and/or transition costs are less than
what it has modeled in, leading to greater earnings and credit
measures.

The rating action follows the IPO of Diversey and subsequent
paydown of about $650 million of debt. The company used the IPO
proceeds to fully pay down the incremental term loan issued in 2020
and part of the euro-denominated term loan due in 2024. Also,
Diversey has granted the underwriters a 30-day option to issue up
to an additional 7 million shares, roughly. The company intends to
use these proceeds (about $100 million) to pay down debt as well,
though we have not incorporated it in our base case. The IPO
results in significant deleveraging, such that S&P expects
weighted-average S&P adjusted debt to EBITDA of 5x-6x, compared
with our previous expectation of 7x-8x.

In tandem with the IPO, the company upsized its revolver to $450
million from $250 million and extended the maturity to 2026 from
2022. S&P views this as a credit positive as it improves the
company's liquidity and debt maturity profile.

S&P said, "The positive outlook reflects our view that Diversey's
credit metrics have the potential to strengthen beyond our
base-case expectations over the next year. The recent paydown in
debt, potential additional debt reduction, and improved operating
performance over the past year contribute to our view that credit
measures will be at the high end of our expectations at the current
rating over the next 12 months. Diversey improved earnings and
margins in 2020 due to price increases, cost-cutting initiatives,
and decreased spending on transition and transformation projects.
We could consider an upgrade if the macroeconomic recovery is
stronger than we anticipate or transformational costs are lower
than we anticipate, leading to weighted-average debt to EBITDA
below 5x.

"Although Diversey is now public, we still incorporate
financial-sponsor ownership by Bain Capital in our analysis.  
Following the IPO, Bain owns the majority of shares (about 77%) and
has a six-month lock-up period following the IPO before any
liquidation of shares can begin. In addition, Bain remains in
control of the board, though three independent members were added
as part of the IPO. We will continue to include Bain as the
financial sponsor of Diversey until the equity stake is below 40%.

"We continue to assess Diversey's business risk as fair.   Our
ratings reflect the diversity of the company's end markets and
geographies. Diversey benefited from the heightened demand for its
hygiene and cleaning products during the coronavirus pandemic.
Going forward, we do not expect its demand to remain elevated like
it was in 2020; however, consumer lifestyle changes could lead to
increased demand compared with historical levels. Partially
offsetting these strengths are Diversey's margins, which lag behind
those of market leader Ecolab. We expect the company's margins to
continue to improve over the next two years as it benefits from
management's cost-saving initiatives, a return to positive organic
revenue growth, and lower transition expenses.

"The positive outlook reflects our view that Diversey's operating
performance and credit metrics could continue to improve beyond our
base-case expectations as the global economy recovers and the
company's transformation initiatives and special charges wind down.
In our base case, we expect mid- to upper-single-digit-percent
top-line growth in 2021 as the economy recovers and vaccines become
readily available, supporting improved demand in subsectors such as
hospitality and food service and continued heightened demand in
sanitation products. We expect margins to continue to expand due to
lower expenses and reduced expenditures required to complete the
company's transition to a stand-alone entity. For the current
rating, we expect weighted-average debt to EBITDA of 5x-6x.

"We could raise the rating within the next year if EBITDA margins
exceed our expectations by 150 basis points (bps), leading to debt
to EBITDA below 5x, in addition to maintaining adequate liquidity.
This could occur if the company pays down additional debt and has
stronger-than-expected profitability. In such a scenario, we would
expect to see a sharper recovery than forecast in 2021 and/or the
company delivers less costly and timely completion of
transformation initiatives than anticipated. We would also expect
that the improved leverage is sustainable and consistent with
Diversey's financial policies and objectives. We could also
consider a positive rating action if Diversey's sponsors were to
reduce their equity stake to below 40%.

"We could revise the outlook to stable over the next 12 months if
Diversey faces unexpected challenges transitioning into a public
entity. We could also revise the outlook to stable if its
transformation and cost-reduction initiatives are more costly than
expected. Delays or cost overruns in transformation efforts could
lead to lower profitability than our base-case forecast, as well as
weaker credit measures. We could also revise our outlook to stable
if EBITDA margins are pressured by rising raw material costs that
the company is unable to pass to customers. We could lower the
rating if Diversey's EBITDA margins miss our expectations by 150
bps, resulting in debt to EBITDA around 6x. We could also lower our
rating if, against our expectation, a large debt-funded acquisition
led to increased leverage or if unexpected cash outlays or business
challenges reduce the company's liquidity such that liquidity
sources fall to less than 1.2x uses and we expect cushion under the
company's covenants to become tight."



EMPLOYBRIDGE LLC: Moody's Affirms B2 CFR & Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Investors Service revised EmployBridge, LLC's outlook to
stable from negative and affirmed its existing ratings, including
its corporate family rating and its probability of default rating
at B2 and B2-PD, respectively. At the same time, Moody's affirmed
the instrument ratings on Employbridge's senior secured first lien
term loan due 2025 at B3.

"The revision of Employbridge's outlook to stable is driven by our
expectation that US manufacturing will rebound significantly in
2021 which will support continued sequential revenue and earnings
growth at Employbridge such that leverage will be comfortably
sustained below 5x with adequate liquidity provisions maintained
throughout the next 12 to 18 months," said Moody's AVP-Analyst
Andrew MacDonald.

Affirmations:

Issuer: Employbridge LLC

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Secured Bank Credit Facility, Affirmed B3 (LGD4)

Outlook Actions:

Issuer: Employbridge LLC

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Employbridge's B2 CFR reflects Moody's expectation for low
double-digit revenue growth in 2021 that will improve the company's
current debt-to-EBITDA leverage of 4.5x (Moody's adjusted) as of
December 31, 2020 towards 4x during the next 12 months. Improvement
in the company's credit metrics is supported by the broad recovery
in Employbridge's supply chain centric customer base evidenced by
sustained gains in the company's weekly revenue receipts since
bottoming out in the second quarter of 2020. Moody's expectation
for US manufacturing GDP growth of 4.7% in 2021 also suggests that
revenue growth will be sustained through the current year.

The company's liquidity is viewed as adequate and is supported by
the expectation for break-even free cash flow in 2021 after
considering the payment in $51 million in deferred FICA taxes and
existing cash balances of $61 million as of 31 December 2020
(FY20). Additionally, the $250 million ABL due April 2023 has also
been fully repaid leaving nearly $104 million of availability net
of outstanding letters of credit. Moody's expectations for free
cash flow incorporate the roughly $102 million of FICA tax
deferrals that will need to be repaid over the next two years. The
company's accounts receivable are roughly 10% higher year-over-year
at FY20, suggesting that working capital requirements for
receivables, which is typically the primary cash need as staffing
companies grow, has effectively caught up to pre-pandemic levels.
The quarterly amortization on its term loan debt also recently
stepped down in September 2020 to $1.2 million from $6 million per
annum which supports the company's liquidity profile.

The B2 CFR also reflects the company's modest profitability
relative to other similarly rated companies and the company's
concentration in the light industrial end market. Supporting the
rating is the company's diverse customer base and good size with
total revenue of $2.87 billion. However, the industry is highly
competitive with several significantly larger staffing companies as
well as established niche players.

The stable ratings outlook reflects Moody's expectations for
sustained revenue and earnings growth such that the company's debt
to EBITDA remains below 5x during the next 12 to 18 months while
maintaining adequate liquidity at all times.

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

Ratings could be upgraded if EmployBridge generates revenue and
EBITDA growth such that it can sustain debt-to-EBITDA below 4x,
free cash flow-to-debt in the mid-single digits percentages, EBITDA
margins around 5% and good liquidity. Conversely, ratings could be
downgraded if Moody's expects debt-to-EBITDA above 5x or sustained
free cash flow-to-debt of less than 1%.

EmployBridge is a provider of temporary and contract staffing
services through company owned and franchised locations throughout
the U.S. The company offers temporary staffing, temp-to-hire, and
direct placement services and derives most of its revenues from the
placement of light industrial, transportation and clerical staff.
EmployBridge is primarily owned by a combination of institutional
investors including former creditors, management, and former
employees of the company. Management reported revenue for the
twelve months ended December 31, 2020 was $2.87 billion.

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


ENTERPRISE DEVELOPMENT: S&P Raises ICR to 'B' on Refinancing
------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Yuba County,
Calif.-based Enterprise Development Authority (EDA) to 'B' from
'B-' and removed it from CreditWatch, where it was placed with
positive implications on September 18, 2020.

The positive outlook reflects that S&P could raise its rating if
EDA continues to modestly improve EBITDA, further improves
leverage, and builds a cushion well below our 4.5x upgrade
threshold to accommodate potential volatility in operating
performance because of new competition.

EDA refinanced its high-cost senior secured notes and all its
subordinated debt with proceeds from a new credit facility,
consisting of a $50 million priority revolver and $475 million term
loan, and cash on hand.

EDA's recently completed refinancing accelerates its ability to
improve credit measures. The refinancing improves EDA's debt to
EBITDA and EBITDA interest coverage since it also used excess cash
on hand to help refinance existing debt, thereby reducing the total
amount of funded debt in its capital structure by about $55 million
at close, and replaced high cost notes with a lower-priced term
loan. Additionally, it allows EDA to repay debt over time using
improved cash flow. Its new capital structure consists entirely of
prepayable debt, and its term loan B amortizes at 5% per year,
higher than the standard 1%. Under S&P's base-case forecast, it
expects debt to EBITDA in the low- to mid-3x area and EBITDA
coverage of interest expense in the high-5x area through 2022.

S&P said, "We expect additional competition in EDA's market in 2023
will drive a modest EBITDA decline, but EDA can still maintain debt
to EBITDA below 4.5x.   The Wilton Rancheria casino under
construction about 20 miles south of Sacramento, Calif., will
compete with EDA for customers in Sacramento, a large feeder market
for EDA, and areas that are equidistant between the properties. We
believe EDA will likely lose some customers to the new casino,
since Wilton Rancheria will be closer to Sacramento. This will at
least moderately (about 20%) reduce EDA's revenue and EBITDA in
2023 relative to 2022, based on our preliminary estimates and
assuming the Wilton Rancheria project opens in one phase with no
material changes. Nevertheless, we believe EDA will retain a
competitive advantage given our view of the Hard Rock brand's
strength, the expected entertainment offerings associated with Hard
Rock, its location near the Toyota Amphitheatre, the operating
track record EDA will have in the market, and an established
database of customers for marketing. We forecast the Wilton
Rancheria property will open in late 2022 since we understand it
broke ground in March and we expect construction on the project to
take up to 18 months to complete.

"Despite the expected revenue and EBITDA reduction from new
competition, we expect that through 2023 EDA can maintain debt to
EBITDA below 4.5x and interest coverage of more than 3x. This is
because we expect debt balances to continue to decline through 2023
given required amortization and an excess cash flow sweep under the
term loan."

EDA is highly vulnerable to event risk since it operates a single
asset.   As a single casino operator, EDA lacks geographic
diversity. It relies on a single property to generate cash flow and
service its debt. This heightens its vulnerability to adverse
competitive changes, regional economic weakness, and event risks.
Such risks include casino closures because of public health
concerns (given EDA's sovereign status, the Estom Yumeka Maidu
Tribe of the Enterprise Rancheria has discretion with respect to
the closure of the property), and weather-related events including
wildfires. Adverse events can drive significant EBITDA volatility
and liquidity stress.

S&P said, "The positive outlook reflects that we could raise our
rating if EDA continues to modestly improve EBITDA, enabling it to
further improve leverage and build a cushion well below our 4.5x
upgrade threshold to accommodate potential volatility in operating
performance because of new competition.

"We could raise the rating one notch once we are confident EDA can
sustain debt to EBITDA well below 4.5x. This would likely occur if
EBITDA in the next few quarters is at least the same as in the
fourth quarter of 2020, based on preliminary results. In that
scenario, we expect EDA would have about a 1x cushion compared to
our 4.5x upgrade threshold, which should allow it to absorb our
estimated potential EBITDA decline because of new competition.

"We could revise the outlook to stable if we no longer expect debt
to EBITDA to remain under 4.5x. This would likely occur if
visitation to or spending at the casino is weaker than we expect or
expenses increase more than we anticipate. We would consider lower
ratings if we believe debt to EBITDA would increase above 5.5x,
likely the result of another prolonged property closure or a more
severe impact from competition than we anticipate."



EPIC CRUDE: S&P Cuts ICR to 'CCC+' on Sustained Elevated Leverage
-----------------------------------------------------------------
S&P Global Ratings lowered the issuer credit and issue-level
ratings on Epic Crude Services L.P. to 'CCC+' from 'B-'. The
recovery rating on the senior secured debt is '3', indicating its
expectation of meaningful (50%-70%; rounded estimate: 50%) recovery
in the event of a payment default.

The Permian basin takeaway capacity overbuild coupled with the lack
of market demand, has created an overly challenging marketplace for
Epic Crude to deleverage and fill out its contract book. Epic's
margin per barrel is getting squeezed, as competitors are cutting
tariff rates to win barrels. Epic plans to better position itself
by pushing down its variable operating expenses to increase margin
per barrel until demand normalizes.

S&P said, "We estimate 2021 cash flows are now less than 25%
underpinned by MVCs. While management would prefer to sign
long-term MVC contracts, locking in contracts at such thin margins
is not supportive to the business. We estimate the pipeline will
continue to seek short-term contracts, while offering customers
access to its operational dock to sustain profitability until
market appetite for longer-term contracts resumes."

Breaking down Epic's current contract book between Permian and
EagleFord volume flows there continues to be substantial volumetric
risk. While Permian volume flows continue to be supported by
acreage dedications from two strategic partners who collectively
own 40% of the project: affiliates of Noble Energy Inc. (a
subsidiary of Chevron Corporation), and Diamondback Energy Inc.,
the bulk of Permian nominations are now derived from
commodity-focused companies. Diamondback Energy, Inc. has continued
to flow well above its MVC contract and demonstrates supportive
long-term volume growth. S&P said, "However, we view a higher
reliance on commodity trading companies as riskier when compared to
a typical upstream company since they have more fluid business
plans. We forecast total pipeline volume flows to range between
300,000 bbl/d – 365,000 bbl/d over the course of 2021. In
aggregate, we expect the entire pipeline to remain underutilized at
or below approximately 65% through year-end and estimate MVC volume
flows to remain below 25% of total capacity."

S&P said, "We forecast Epic will achieve a 2021 EBITDA base in the
$75 million-$95 million range with adjusted debt to EBITDA
exceeding 12x in 2021. We also forecast adjusted EBTIDA interest
coverage will be approximately 1x over the next 12 months. Epic's
forecasted interest expense is approximately $70 million, and its
mandatory term loan amortization is approximately $11.8 million. If
EBITDA levels do not improve in 2022, the limited cushion for
forecasted interest coverage ratios could cause the company to rely
on further capital infusions from its sponsors.

"The negative outlook reflects the business challenges with the
recent contract restructurings and lack of market demand. We view
the business as sustainable enough to generate sufficient cash flow
to meet annual interest and mandatory amortization payments over
the next 12 months. We forecast adjusted debt to EBITDA to exceed
12x in 2021.

"We could lower our rating on Epic Crude if we expect the company
to restructure its debt or miss an interest or amortization payment
over the next 12 months.

"We could consider revising the outlook to stable if operations
improve leading to a pattern of deleveraging towards the 7x area."


EQUESTRIAN EVENTS: Wins Continued Cash Collateral Access
--------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois has
authorized Equestrian Events, LLC to use cash collateral of
Skyylight Services and Silver Bottom, LLC on an interim basis in
accordance with the approved budget.

The Debtor requires the use of cash collateral to continue its
business operations.

The parties agree that the Debtor, on behalf of itself and the
bankruptcy estate, admits, agrees and acknowledges that Skyylight
and Silver Bottom each hold -- pursuant to the Mortgage and
Assignment of Leases and Rents, dated as of December 13, 2019, and
recorded as number 2020K006127 and the Mortgage and Assignment of
Leases and Rents, dated December 15, 2019, and recorded as number
2020K006128, respectively -- a valid, perfected and fully
enforceable and continuing lien against, encumbrance on, and
security interest in each of the items of property referenced or
identified in the Skyylight Mortgage, the Silver Bottom Mortgage
and other loan documents as security and "collateral" which Lenders
Pre-Petition Collateral includes, without limitation, the Debtor's
boarding fees, other rents, trailer parking fees, winter fees,
revenues, issues and profits and the cash proceeds thereof to
secure the Debtor's obligations to Skyylight and to Silver Bottom,
respectively.

The Debtor owes not less than $1,012,480 to Skyylight, pursuant to
the Skyylight Mortgage and other documents executed by or in favor
of Skyylight and not less than $303,190 to Silver Bottom pursuant
to the Silver Bottom Mortgage and other documents executed by or in
favor of Silver Bottom all of which are still due and owing as of
the Petition Date. The acknowledgment is not binding on any future
trustee or creditor's committee appointed in the matter.

The Debtor is granted limited use of cash collateral as follows:

    (a) Authorization to Use Lenders Cash Collateral. During the
period from March 1, 2021, through and including the earlier of:
(1) the entry of a final order on the Request; or (2) any
"Termination Event", in each case unless extended by written
agreement of any Lender, the Debtor is authorized to use the
Lenders Cash Collateral, pursuant to the terms and conditions set
forth in the order and in accordance with an "Approved Budget."

     (b) Approved Budget. The budget and each budget approved by
the Lenders in writing and filed in the Bankruptcy Case by the
Debtor subsequent to the entry of the interim order will constitute
an "Approved Budget" pursuant to the interim order. Notwithstanding
anything contained in the Interim Order, any acceptance by any of
the Lenders to any budget or line item in any budget will not
constitute an acceptance of, or agreement or estoppel with respect
to, any act or omission by the Debtor or any line item or other
budget that the Debtor may hereafter present to the Lenders.

     (c) Budget Covenants. The Debtor will only expend Lenders Cash
Collateral in accordance with the purposes, and in the time
periods, set forth in an Approved Budget, subject to certain
variances; and

     (d) Additional Limitations on Use of Lenders Cash Collateral.
Notwithstanding any budgeted item or otherwise, the Debtor may not
make any payments or other transfers to or for the benefit of any
insider of the Debtor, or any obligation of any insider of the
Debtor, or on account of any pre-Petition Date claim, except for
the payment of the "Tractor Lease" as provided in an Approved
Budget, unless expressly authorized by an order of the Court
entered after notice to the Lenders.

To the extent there is a diminution in value of the interests of
Skyylight in the Lenders Prepetition Collateral and/or the Lenders
Cash Collateral, at any time from and after the Petition Date,
whether or not resulting from the use, sale or lease by the Debtor
of any of the Lenders Prepetition Collateral, Skyylight is granted
effective as of the Petition Date:

     (a) replacement liens on all property of the Debtor including
any proceeds recovered on claims under Sections 544, 547, 548 and
549 of the Bankruptcy Code in the amount of all Diminution in
Skyylight Property Value; and

     (b) an allowed super-priority administrative claim pursuant to
Section 507(b) of the Bankruptcy Code, in the amount of all
Diminution in Skyylight Property Value, with priority over all
other administrative expense claims and priority unsecured claims
against the Debtor or its bankruptcy estate.

To the extent there is a diminution in value of the interests of
Silver Bottom in the Lenders Prepetition Collateral and/or the
Lenders Cash Collateral, at any time from and after the Petition
Date, whether or not resulting from the use, sale or lease by the
Debtor of any Lenders Prepetition Collateral, Silver Bottom is
granted effective as of the Petition Date:

     (a) replacement liens on all Adequate Protection Collateral in
the amount of all Diminution in Silver Bottom Property Value; and

     (b) an allowed super-priority administrative claim as of the
Petition Date pursuant to Section 507(b) of the Bankruptcy Code, in
the amount of all Diminution in Silver Bottom Property Value, with
priority over all other administrative expense claims and priority
unsecured claims against the Debtor or its bankruptcy estate,
whether now existing or hereafter arising, except for the claims of
Skyylight.

The Skyylight Adequate Protection Liens and the Silver Bottom
Adequate Protection Liens are valid, perfected, and enforceable
without any further action by the Debtor, Skyylight or Silver
Bottom, and need not be separately documented.

Beginning on April 1, 2021, the Debtor will make adequate
protection payments to Skyylight in the amount of $6,679 and to
Silver Bottom in the amount of $2,041, with subsequent payments
being due on the 1st of each successive month. The payments may,
but need not, be applied by each of the Lenders first to
outstanding expenses, and other charges owed pursuant to or in
accordance with the Mortgages or the Lenders' other loan documents,
then to accrued and unpaid interest on the Debtor's obligations to
the Lenders, and then to outstanding principal.

The evidentiary hearing presently scheduled for April 13 is
cancelled. A hearing on the continued use of cash collateral is
scheduled for April 26 at 1:30 p.m. via Zoom.

A copy of the order is available for free at https://bit.ly/3fxh8f6
from PacerMonitor.com.

                   About Equestrian Events, LLC

Equestrian Events, LLC operates a horse boarding business at
45W015-45W017 Welter Rd, Maple Park, Illinois.  It has 100%
ownership interest in the property, which has a current value of
$2.10 million.

Equestrian Events filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
20-21793) on Dec. 21, 2020. Brian Anderson, its manager, signed the
petition.

At the time of filing, the Debtor disclosed total assets of
$2,186,326 and total liabilities of $3,162,525.

Judge Timothy A. Barnes oversees the case.

Springer Larsen Greene, LLC serves as the Debtor's legal counsel.

Skyylight Services and Silver Bottom, LLC, as Lenders, are
represented by Mark A. Carter, Esq., Richard Polony, Esq., and
Daniel L. Morriss, Esq. at HINSHAW & CULBERTSON LLP as counsel.



ETHEMA HEALTH: Delays Filing of 2020 Annual Report
--------------------------------------------------
Ethema Health Corporation filed a Form 12b-25 with the Securities
and Exchange Commission notifying the delay in the filing of its
Annual Report on Form 10-K for the period ended Dec. 31, 2020.

Ethema Health is unable to file, without unreasonable effort and
expense, its Annual Report on Form 10-K for the year ended Dec. 31,
2020 because it is still compiling and reviewing information to
complete the annual review of the financial statements for that
period and the Company is unable to give an estimate at this time.
The Company anticipates that the Annual Report on Form 10-K will be
filed on or before the deadline.

                        About Ethema Health

Headquartered in West Palm Beach, Florida, Ethema Health
Corporation -- http://www.ethemahealth.com-- operates in the
behavioral healthcare space specifically in the treatment of
substance use disorders.  Ethema developed a unique style of
treatment over the last eight years and has had much success with
in-patient treatment for adults.  Ethema will continue to develop
world class programs and techniques for North America.

Ethema reported a net loss of $14.96 million for the year ended
Dec. 31, 2019, compared to a net loss of $8.18 million for the year
ended Dec. 31, 2018.  As of Sept. 30, 2020, the Company had $3.25
million in total assets, $33.20 million in total liabilities,
$400,000 in preferred stock, and a total stockholders' deficit of
$29.95 million.

Daszkal Bolton LLP, in Fort Lauderdale, Florida, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated July 10, 2020, citing that the Company had accumulated
deficit of approximately $45.5 million and negative working capital
of approximately $18.3 million at Dec. 31, 2019, which raises
substantial doubt about its ability to continue as a going concern.


ETS OF WASHINGTON: Secured Creditors Propose to Liquidate Property
------------------------------------------------------------------
DP Capital LLC ("DPCL") and WCP Fund I LLC as servicer for 1Sharpe
Opportunity Intermediate Trust ("WCP") (DPCL and WCP being
collectively known as the "Secured Creditors" or "Plan
Proponents"), filed a Disclosure Statement correlative to their
Plan of Reorganization for Debtor ETS of Washington LLC on March
30, 2021.

The Debtor has indicated its total assets to be limited to a single
parcel of real property located at 2207 Foxhall Road, NW,
Washington, DC 20007 (the "Real Estate Asset"); $528.45 being held
in a checking account; and various litigation rights (the
"Litigation Rights"). The Debtor has indicated its bank account now
holds only $201.41 and the Real Estate Asset remains the Debtor's
largest asset. The Plan is one that calls for liquidation and
dissolution of the Debtor.

The Plan provides for the Real Estate Asset to be sold at
foreclosure, all of the Debtor's assets (except for the Litigation
Rights Against Insiders and the Real Estate Asset) to vest in WCP
Fund I LLC, and for the Litigation Rights Against Insiders to then
be liquidated through the bringing of litigation against one or
more insiders of the Debtor, with a preference for such litigation
being conducted by counsel working on a contingency fee basis. The
Plan Proponents do not know if the Litigation Rights Against
Insiders will yield any recovery whatsoever; if such litigation
does yield a recovery, it will be shared pari passu by all general
unsecured creditors, and will likely not be sufficient to pay such
claims in full.

Class 1 consists of the secured claim of WCP in the amount of
$1,600,000.00. The claim of WCP will be paid from the proceeds of
the sale of the Real Estate Asset in conformity with non bankruptcy
law, and WCP will be given relief from the automatic stay to pursue
such remedies in accord with non bankruptcy law. The claim of WCP
Fund I LLC will also receive all property of the Debtor except for
the Real Estate Asset (which will be foreclosed pursuant to the
foregoing provisions) and the Litigation Rights Against Insiders.

Class 2 shall consist of all claims that are not the secured claim
of WCP or the equity interests of the Debtor. Class 2 presently
consists of the claim of DP Capital LLC in the amount of
$501,883.32; the claim of Bank of America, N.A., in the amount of
$56,875.00; the claim of Vera Stoeva in the amount of $72,320.00;
the claim of Jacob Ryan Preisser in the amount of $101,250.00; and
the unsecured claim of WCP in the amount of $177,637.39. These
claims will be paid, pari passu, from the proceeds of the
Litigation Rights Against Insiders. It is not anticipated funds
will be sufficient to pay these claims in whole, but it is
anticipated funds will be available for payment to this class
(subject to the uncertainty of litigation).

Class 3 shall consist of the equity interests of the Debtor. This
class shall receive nothing under this Plan. Class 3 is an insider
and is an impaired class. Class 3 is deemed to have rejected the
Plan pursuant to Section 1123(g) of the Bankruptcy Code.

The order confirming the Plan shall serve as an order giving WCP
Fund I LLC and DP Capital LLC relief from the Automatic Stay, and
one or more of the Plan Proponents will then proceed to exercise
recourse against the Real Estate Asset in accord with
non-bankruptcy law. The Claim of WCP Fund I LLC will be paid, in
part or full, from the exercise of such recourse.

The Confirmation Order shall vest in WCP Fund I LLC all property of
the Debtor except for the Real Estate Asset (which will be
foreclosed pursuant to the foregoing provisions) and the Litigation
Rights Against Insiders. No liabilities of the Debtor shall vest in
WCP Fund I LLC and the assets vested pursuant shall be so vested
free and clear of all liens and encumbrances.

A full-text copy of Secured Creditors' Disclosure Statement dated
March 30, 2021, is available at https://bit.ly/3fCbZSQ from
PacerMonitor.com at no charge.

Counsel for WCP Fund and DP Capital:

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

                     About ETS of Washington

ETS of Washington, LLC filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.D.C. Case No. 20 00397)
on Sept. 28, 2020. Jason Porcier, member manager, signed the
petition.  

At the time of the filing, the Debtor had estimated assets of
between $1,000,001 and $10,000,000 and liabilities of between
$500,001 and $1,000,000.

Judge Elizabeth L. Gunn oversees the case.  The Debtor tapped
Samuelson Law, LLC as legal counsel and DDavison Law, Inc. as
special counsel.


EXACTUS INC: Delays Filing of 2020 Annual Report
------------------------------------------------
Exactus, Inc. filed a Form 12b-25 with the Securities and Exchange
Commission notifying the delay in the filing of its Annual Report
on Form 10-K for the year ended Dec. 31, 2020.  

Exactus said it was unable to compile the necessary financial
information required to prepare a complete filing.  The Company
expects to file within the extension period.

                           About Exactus

Exactus Inc. (OTCQB:EXDI) -- http://www.exactusinc.com-- is a
producer and supplier of hemp-derived ingredients and feminized
hemp genetics.  Exactus is committed to creating a positive impact
on society and the environment promoting sustainable agricultural
practices.  Exactus specializes in hemp-derived ingredients
(CBD/CBG/CBC/CBN) and feminized seeds that meet the highest
standards of quality and traceability.  Through research and
development, the Company continues to stay ahead of market trends
and regulations. Exactus is at the forefront of product development
for the beverage, food, pets, cosmetics, wellness, and
pharmaceutical industries.

Exactus reported a net loss of $10.22 million for the year ended
Dec. 31, 2019, compared to a net loss of $4.34 million for the year
ended Dec. 31, 2018.  As of Sept. 30, 2020, the Company had $3.11
million in total assets, $5 million in total liabilities, and a
total stockholders' deficit of $1.89 million.

RBSM LLP, in Henderson, NV, the Company's auditor since 2014,
issued a "going concern" qualification in its report dated May 22,
2020, citing that the Company has recurring losses from operations,
limited cash flow, and an accumulated deficit.  These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.


FLY LEASING: S&P Places 'BB-' ICR on CreditWatch Developing
-----------------------------------------------------------
S&P Global Ratings placed all of its ratings on aircraft lessor Fly
Leasing Ltd., including its 'BB-' issuer credit rating, on
CreditWatch with developing implications.

S&P expects to resolve our CreditWatch placement when it has
sufficient additional information on the company's operations and
capital structure post-transaction and Carlyle Aviation's financial
policy with respect to Fly.

The CreditWatch placement follows the announcement that an
affiliate of unrated Carlyle Aviation has signed an agreement to
acquire Fly. The company's shareholders will receive $17.05 per
share in cash, representing an equity valuation of about $520
million and total enterprise value (including debt) of about $2.36
billion. Carlyle Aviation will use funds from its fifth aviation
fund, SASOF V, for this acquisition. The transaction is expected to
close in the third quarter of 2021, subject to customary closing
conditions, including shareholder and regulatory approvals.

The CreditWatch placement indicates that S&P could affirm, lower,
or raise its ratings on Fly, depending on its assessment of the
effect the transaction could have on the company's financial and
business risk profiles. Key areas of focus would include the pro
forma operating strategy, capital structure, and Carlyle Aviation's
financial policy regarding Fly. Carlyle Aviation has a large
aviation portfolio of 246 aircraft owned, managed, or committed
globally.

CreditWatch

S&P said, "We expect to resolve our CreditWatch placement when we
have sufficient additional information on the company's operations
and capital structure post-transaction and Carlyle Aviation's
financial policy with respect to Fly. We could also potentially
discontinue our issuer credit rating on Fly if all rated debt is
repaid or redeemed and Fly no longer requires a credit rating. We
anticipate resolving the CreditWatch by transaction close, which is
expected in the third quarter of 2021."


FOXWOOD HILLS: Creditor Busbee Says Plan Patently Unconfirmable
---------------------------------------------------------------
Tona Renee Busbee, creditor and equity interest holder, objects to
the Plan and Disclosure Statement proposed by Debtor Foxwood Hills
Property Owner's Association.

The Chapter 11 petition was not filed in good faith in violation of
11 U.S.C. § 1112 of the United States Bankruptcy Code. As stated
by the Association, the petition was filed in order to stay the
pending Busbee/Pierce state court actions and to prevent other
property owners from filing similar lawsuits.

The filing of the Chapter 11 petition allowed the Association to
file the related Adversary Proceeding and serve the approximately
3,300 property owner defendants via first class mail, thereby
saving a substantial amount over filing the same action in state or
district court. However, those savings have been rendered
insignificant in light of the bankruptcy expenses.

The Association is not financially distressed and the only real
proposed reorganization is to the Association's recorded
restrictions and bylaws. There are alternative methods for
reformation of the recorded restrictions and bylaws and the
Association does not need the protection of the bankruptcy court.
Therefore, the proposed Plan described in the Disclosure Statement
is not proposed in good faith, is patently unconfirmable and
destined to fail, and as such, the approval of the Disclosure
Statement should be denied.

A full-text copy of Tona Renee Busbee's objection dated March 30,
2021, is available at https://bit.ly/2OiAgSD from PacerMonitor.com
at no charge.

                  About Foxwood Hills Property
                       Owners Association

Foxwood Hills Property Owners Association, Inc., is an organization
of owners of Foxwood Hills -- a lakefront community of primary and
vacation homes nestled in the northwest corner of Oconee County,
S.C.

Foxwood Hills Property Owners Association filed its voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. D.S.C.
Case No. 20-02092) on May 8, 2020.  At the time of the filing, the
Debtor disclosed $4,253,427 in assets and $219,780 in liabilities.
Judge Helen E. Burris oversees the case.  Nexsen Pruet, LLC, is
Debtor's legal counsel.


FOXWOOD HILLS: Creditor Lee Pope Says Plan Not Filed in Good Faith
------------------------------------------------------------------
Creditor and equity interest holder Jody Lee Pope objects to the
Plan and Disclosure Statement proposed by Debtor Foxwood Hills
Property Owner's Association (POA).

The Creditor claims that the Court should not approve the
Disclosure Statement because the Chapter 11 Petition was not filed
in good faith. The POA Board of Directors in filing the Chapter 11
petition did not consider any alternate dispute resolution because
the POA Board of Directors solely controls both the debt and equity
of the Association and have decided that forcing the will of the
Board of Directors onto the property owners is worth the cost.

The Creditor points out that the Court should not approve the
Disclosure Statement because the Disclosure Statement lacks
adequate information. The Disclosure Statement includes
intentionally misleading, incomplete and otherwise false definition
of Budget-based fees, dues and assessments.

The Creditor asserts that the Court should not approve the
Disclosure Statement because the Plan cannot be confirmed. The
articles of incorporation for the POA do not provide an alternate
means to amend the Bylaws to change the amount or method of
computation for dues. Therefore, the minimum votes required to
approve the Plan do not adhere to the statute and the Plan cannot
be confirmed.

The Creditor further asserts that the Court should not approve the
Disclosure Statement because the Plan includes gerrymandering to
control the outcome of the Plan acceptance. The Disclosure
Statement and Plan separate the sections of the community into six
distinct classes of equity interests by defining different classes
of various sections of the community.

The Creditor states that the Court should not approve the
Disclosure Statement because the Plan is unfair and inequitable.
The elimination of requirement to pay dues, fees and assessments
for the Leland, Fontana, Bellhaven, Chapin, Dellwood, Granby and
Woodcrest Sections of the community is a grossly inequitable
treatment of the remaining property owners.

A full-text copy of the Jody Lee Pope's objection dated March 30,
2021, is available at https://bit.ly/3dxvV6Q from PacerMonitor.com
at no charge.

                  About Foxwood Hills Property
                        Owners Association

Foxwood Hills Property Owners Association, Inc., is an organization
of owners of Foxwood Hills -- a lakefront community of primary and
vacation homes nestled in the northwest corner of Oconee County,
S.C.

Foxwood Hills Property Owners Association filed its voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. D.S.C.
Case No. 20-02092) on May 8, 2020.  At the time of the filing, the
Debtor disclosed $4,253,427 in assets and $219,780 in liabilities.
Judge Helen E. Burris oversees the case.  Nexsen Pruet, LLC, is
Debtor's legal counsel.


FOXWOOD HILLS: Interest Holder Busbee Says Disclosure Insufficient
------------------------------------------------------------------
Jackie Calvin Busbee, Jr., an equity interest holder, objects to
the Plan and Disclosure Statement filed by Debtor Foxwood Hills
Property Owner's Association (POA), and states as follows:

     * The Chapter 11 petition was not filed in good faith and was
filed to obtain an advantage in the pending state court
litigation.

     * The Disclosure Statement lacks adequate information to make
an informed decision as to the Plan. The Disclosure Statement is
not fair or equitable as it does not treat all members of a class
with similar interests the same.

     * The Disclosure Statement and Plan seek to incorporate new
bylaws that are inconsistent with the recorded restrictions and
Articles of Incorporation by circumventing the procedure outlined
in the current bylaws in violation of the South Carolina Nonprofit
Act and applicable state law and therefore this is not fair or
equitable.

     * The Disclosure Statement and Plan seek to reform the
recorded restrictions without the approval of the respective
property owners or without a judicial determination in violation of
applicable state law and therefore this is not fair or equitable.

     * The actions of the Board of Directors in allowing Adjoining
Lot Agreements and failing to collect dues, fees and assessments
from the Outparcels is a breach of their fiduciary duties and the
Disclosure Statement and Plan should not be approved if there is
any breach of fiduciary duties.

     * Allowing only members in good standing to vote on the Plan
when the POA has violated the recorded restrictions/covenants by
overbilling and then suspending the rights of property owners that
do not pay the overbilled amount is not fair or equitable.

A full-text copy of Jackie Calvin Busbee's objection dated March
30, 2021, is available at https://bit.ly/2PBsHah from
PacerMonitor.com at no charge.

                   About Foxwood Hills Property
                         Owners Association

Foxwood Hills Property Owners Association, Inc., is an organization
of owners of Foxwood Hills -- a lakefront community of primary and
vacation homes nestled in the northwest corner of Oconee County,
S.C.

Foxwood Hills Property Owners Association filed its voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. D.S.C.
Case No. 20-02092) on May 8, 2020.  At the time of the filing, the
Debtor disclosed $4,253,427 in assets and $219,780 in liabilities.
Judge Helen E. Burris oversees the case.  Nexsen Pruet, LLC, is
Debtor's legal counsel.


FREE FLOW: Delays Filing of 2020 Annual Report
----------------------------------------------
Free Flow Inc. filed a Form 12b-25 with the Securities and Exchange
Commission notifying the delay in the filing of its Annual Report
on Form 10-K for the year ended Dec. 31, 2020.  

The Company is unable to file, without unreasonable effort and
expense, its Form 10-K because its auditor has not completed their
review of the document.  It is anticipated that the Form 10-K
Annual Report, along with the interim financial statements, will be
filed on or before the 15th calendar day following the prescribed
due date.

                            About Free Flow

Free Flow, Inc. is focused on developing the solar energy business
along with pharmaceutical (skin care product line).  Free Flow
began with focus on the sale of solar panels to the agriculture
sector, providing alternate means of electricity to operate pumps
for water wells in India and Pakistan.

As of Sept. 30, 2020, the Company had $1.94 million in total
assets, $1.49 million in total liabilities, $330,000 in series B
redeemable preferred stock, $470,935 in series C redeemable
preferred stock, and a total stockholders' deficit of $348,594.

Free Flow stated in its 2019 Annual Report that, "Future issuances
of the Company's equity or debt securities will be required for the
Company to continue to finance its operations and continue as a
going concern.  The Company's present revenues are insufficient to
meet operating expenses.  The financial statement of the Company
has been prepared assuming that the Company will continue as a
going concern, which contemplates, among other things, the
realization of assets and the satisfaction of liabilities in the
normal course of business.  The Company has incurred cumulative net
losses of $559,705 since its inception and requires capital for its
contemplated operational and marketing activities to take place.
The Company's ability to raise additional capital through the
future issuances of common stock is unknown.  The obtainment of
additional financing, the successful development of the Company's
contemplated plan of operations, and its transition, ultimately, to
the attainment of profitable operations are necessary for the
Company to continue operations.  The ability to successfully
resolve these factors raise substantial doubt about the Company's
ability to continue as a going concern.  The financial statements
of the Company do not include any adjustments that may result from
the outcome of these uncertainties."


FULL HOUSE: Prices $40 Million Public Offering of Common Stock
--------------------------------------------------------------
Full House Resorts, Inc. announced the pricing of an underwritten
public offering of 6,015,000 shares of its common stock at a
purchase price to the public of $6.65 per share.  Additionally, in
connection with the offering, Full House Resorts granted the
underwriters a 30-day option to purchase up to an additional
902,250 shares of its common stock on the same terms and
conditions.  All of the securities in the offering are being sold
by Full House Resorts.

The gross proceeds from the offering to Full House Resorts are
expected to be approximately $40 million, before deducting
underwriting discounts and commissions and estimated offering
expenses payable by Full House Resorts and excluding any exercise
of the underwriters' option to purchase additional shares of common
stock.

Full House Resorts intends to use the net proceeds from the
offering for development, working capital and general corporate
purposes. Management believes that the improvement to the Company's
balance sheet with the net proceeds from this offering will
significantly strengthen its application for the proposed American
Place casino in Waukegan, Illinois.  The Illinois Gaming Board has
received three applications for such license, each endorsed by the
City of Waukegan.  The use of proceeds could also include
construction of a new hotel tower and other amenities at the
Company's Silver Slipper Casino and Hotel.  Certain regulatory
approvals and entitlements are still required to enable such
construction and there is no certainty as to the timing or receipt
of such approvals.

Craig-Hallum Capital Group is acting as the sole book-running
manager for the offering.  Macquarie Capital, Roth Capital Partners
and Union Gaming are acting as co-managers for the offering.

A shelf registration statement on Form S-3 (File No. 333-251778)
relating to the public offering of the shares of common stock
described above was filed with the Securities and Exchange
Commission on Dec. 29, 2020 and declared effective by the SEC on
Jan. 7, 2021.  A preliminary prospectus supplement and accompanying
base prospectus relating to and describing the terms of the
offering were filed with the SEC on March 24, 2021.  A final
prospectus supplement and accompanying base prospectus relating to
the offering will be filed with the SEC and made available on the
SEC's web site at www.sec.gov.  Copies of the final prospectus
supplement and accompanying base prospectus may also be obtained,
when available, by contacting Craig-Hallum Capital Group LLC, 222
South Ninth Street, Suite 350, Minneapolis, MN 55402, Attn: Equity
Capital Markets, by telephone at (612) 334-6300 or by e-mail at
prospectus@chlm.com.

                      About Full House Resorts, Inc.

Headquartered in Las Vegas, Nevada, Full House Resorts --
www.fullhouseresorts.com -- owns, leases, develops and operates
gaming facilities throughout the country.  The Company's properties
include Silver Slipper Casino and Hotel in Hancock County,
Mississippi; Bronco Billy's Casino and Hotel in Cripple Creek,
Colorado; Rising Star Casino Resort in Rising Sun, Indiana; and
Stockman's Casino in Fallon, Nevada.  The Company also operates the
Grand Lodge Casino at the Hyatt Regency Lake Tahoe Resort, Spa and
Casino in Incline Village, Nevada under a lease agreement with the
Hyatt organization.  The Company is currently constructing a new
luxury hotel and casino in Cripple Creek, Colorado, adjacent to its
existing Bronco Billy's property.

As of Dec. 31, 2020, the Company had $212.62 million in total
assets, $155.94 million in total liabilities, and $56.68 million in
total stockholders' equity.

                              *    *    *

As reported by the TCR on Feb. 9, 2021, Moody's Investors Service
assigned a Caa1 Corporate Family Rating and Caa1-PD Probability of
Default Rating to Full House Resorts Inc. (FHR).  The Caa1 CFR
reflects the long, approximately 24 months, Bronco Billy's
construction period, uncertainty related to the level of visitation
and earnings at the redesigned property, FHR's modest scale, and
exposure to cyclical discretionary consumer spending.


G.A.F. SEELIG: Updates Unsecured Creditors Claims Pay Details
-------------------------------------------------------------
G.A.F. Seelig, Inc., submitted a First Amended Disclosure Statement
describing a First Amended Plan of Liquidation dated March 30,
2021.

The Plan is a plan of liquidation.  In other words, the Debtor
seeks to accomplish payments under the Plan from the liquidation of
its Assets, which includes the proceeds obtained from the public
and online auction sale of its assets after the commencement of its
Chapter 11 Case, as well as collection of the Debtor's accounts
receivable.

At a hearing on certain claim objections on February 5, 2021, it
was learned that Adrienne Woods, an of-counsel attorney with W&M
who performed a significant amount of work for the Debtor, was
simultaneously assisting Gabriel Del Virginia, counsel to the
Seeligs, with respect to the defending the Pension Funds'
objection. This prompted the Court to direct W&M to file a number
of supplemental disclosures. As a result of the Court's concerns,
the Seeligs promptly terminated their retention of Gabriel Del
Virginia and replaced him with the firm of Kirby Aisner & Curley,
LLP.

On February 26, 2021, the United States Trustee filed a motion
seeking to disqualify W&M from representing the Debtor, vacating
W&M's retention order, and disallowing and disgorging all fees paid
to W&M by the Debtor (the "Disqualification Motion"). The United
States Trustee then filed a motion on March 3, 2021, seeking the
appointment of a chapter 11 trustee or, in the alternative,
conversion of the case to chapter 7 (the "Trustee Motion").

On March 16, 2021, the Bankruptcy Court entered an order
authorizing the Debtor's retention of KWJS&S and its replacement of
W&M. Both the Trustee Motion and Disqualification Motion are
pending as of the filing of this Disclosure Statement.

Class 1 consists of all General Unsecured Claims filed against
Debtor. Holders of Allowed Class 1 Claims shall be paid:

     * Interim Distribution. Holders of Allowed Class 1 Claims
shall be paid a Pro Rata Interim Distribution on the later of (i)
the 10th Business Day following the Rejection Damages Bar Date or
(ii) the first Business Day after the date upon which such General
Unsecured Claim becomes an Allowed General Unsecured Claim or as
soon thereafter as is practicable.

      The Plan Administrator shall establish and maintain a
Disputed Claim Reserve equal to the amount the Holders of any
Disputed Class 1 Claims would receive in the Interim Distribution
if such Claim were Allowed in full. Upon determination of the
amount of any Disputed General Unsecured Claim by Final Order of
the Bankruptcy Court, the Plan Administrator shall pay from the
Disputed Claim Reserve such Holder's Interim Distribution as soon
as is practicable. Any portion of the Disputed Claim Reserve
attributable to a Disputed General Unsecured Claim, or portion of
such claim, that is ultimately Disallowed by the Bankruptcy Court
will be returned to the General Unsecured Claims Pool.

     * Final Distribution. At the conclusion of the Plan
Administrator's activities and obligations under this Plan, the
Plan Administrator shall increase the General Unsecured Claims Pool
by any unused portion of the Plan Administrator Reserve,
Professional Fee Reserve, U.S. Trustee Fees Reserve and Disputed
Claim Reserve, plus any additional funds recovered by the Plan
Administrator, and shall make a Pro Rata Final Distribution to the
Holders of Allowed Class 1 Claims.

Equity Interest holders are Persons who hold an ownership interest
in Debtor. The holders of Equity Interests in Debtor are Rodney
Seelig, holding 90% of the shares of common stock and Wendy Seelig,
holding 10% of the shares of common stock of Debtor. Class 2 Equity
Interests are Impaired. On the Effective Date, all Equity Interests
will be deemed canceled, null and void, and of no force and effect.
Class 2 Equity Interests will receive no Distribution on account of
their Equity Interests and, as such, are deemed to reject the Plan
and are not entitled to vote.

The Plan will be funded by the General Unsecured Claims Pool, the
Cash remaining in the Estate resulting from the liquidation of
Debtor's Assets, including the public and online auction of its
equipment, vehicles, furniture and fixtures and collection of
accounts receivable, after all Administrative Claims, Professional
Fee Claims, U.S. Trustee Fees, and Priority Claims have been paid
in full and the Plan Administrator Reserve has been funded.

A full-text copy of the First Amended Disclosure Statement dated
March 30, 2021, is available at https://bit.ly/3wjqPDH from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP
     Sean C. Southard
     Fred Stevens
     Lauren C. Kiss
     200 West 41st Street, 17th Floor
     New York, New York 10036
     Tel: (212) 972-3000
     Fax: (212) 972-2245
     Email: ssouthard@klestadt.com
     fstevens@klestadt.com
     lkiss@klestadt.com

                      About G.A.F. Seelig

Headquartered in Woodside, New York, G.A.F. Seelig, Inc., is a
family-owned company that distributes dairy products (skims, lo
fats, whole milk), creams, yogurts, juices, water, imported and
domestic cheeses, purees, raviolis and pastas, oils and vinegars,
chocolate and an ever expanding array of food service items.

G.A.F. Seelig, Inc., filed Chapter 11 petitions (Bankr. E.D.N.Y.
Case Nos. 17-46968) on Dec. 30, 2017. In the petition signed by
Rodney P. Seelig, president, the Debtor estimated assets of $1
million to $10 million and liabilities of the same range.

The Debtors tapped Michael L Moskowitz, Esq., at Weltman &
Moskwitz, LLP, as bankruptcy counsel; and MYC & Associates, Inc.,
as auctioneer.


GADSDEN PROPERTIES: Court OKs Stipulation in Unit's Bankruptcy Case
-------------------------------------------------------------------
The United States Bankruptcy Court for the Northern District of
California, Case# 5:2021bk50240 issued an order on March 24, 2021,
approving a Stipulation between Fremont Hills Development
Corporation, a wholly-owned subsidiary of Gadsden Properties Inc.,
and its lender, 2501 Cormack, LLC, that was submitted on March 10,
2021 by and through their respective counsel of record, whereby the
parties agreed to terms and conditions that include the following:

   a) Fremont shall pay when due all post-petition taxes on
      Mission Hills Square and remain current on such taxes, which

      are approximately $33,081 per calendar quarter;

   b) Fremont will maintain reasonable security and protection of
      Mission Hills Square such as fencing and monitoring of the
site;

   c) Fremont will facilitate access to the Mission Hills Square
      Property to allow previous contractors to remove their
equipment

   d) Fremont shall make specified adequate protection payments
      to the Lender until the Stipulation expires or the Lender   
      obtain relief from the stay under the Bankruptcy Act: an
      initial payment of $100,000, which has been paid; and
      remaining payments of $150,000 per month beginning April,
2021
      on or prior to the 15th of each calendar month;

   e) On or prior to May 21, 2021, Fremont will file its plan of
      reorganization, and there shall be a hearing on the
      confirmation of such plan on or prior to July 22, 2021

   f) On or prior to Aug. 23, 2021, Fremont will pay the  
      obligations to the Lender in full;

   g) Fremont shall promptly file an adversary proceeding against
      Bay Area Investment Fund I, LLC seeking to (1) remove the
BAI
      Lis Pendens that it filed with respect to the Mission Hills

      Square Property and (2) obtain an order by the Bankruptcy
Court
      determining that any claim of BAI is junior in priority to
the
      Lender's claim against the Property.

All of the above terms and conditions have been satisfied.  The
Stipulation provides that if Fremont is in breach of its agreements
in the Stipulation, then after a cure period of two business days,
the automatic stay under the Bankruptcy Code with respect to the
Lender will be terminated and the Lender may foreclose on the
Property.

                         About Gadsden

Willow Grove, PA-based Gadsden Properties, Inc. fka FC Global
Realty Incorporated is a Nevada corporation that was formed on Dec.
28, 2010.  Gadsden concentrates primarily on investments in high
quality income-producing assets, residential developments and other
opportunistic commercial properties in secondary and tertiary
markets across the United States.

FC Global reported a net loss attributable to common stockholders
and participating securities of $4.67 million for the year ended
Dec. 31, 2018, compared to a net loss attributable to common
stockholders and participating securities of $19.38 million for the
year ended Dec. 31, 2017.  As of June 30, 2019, Gadsden Properties
had $134.31 million in total assets, $52.88 million in total
liabilities, $22.23 million in series A redeemable convertible
preferred stock, $3 million in Class B OPCO Units subject to
redemption, and $56.20 million in total stockholders' equity.

Fahn Kanne & Co. Grant Thornton Israel, in Tel Aviv, Israel, the
Company's auditor since 2011, issued a "going concern"
qualification in its report dated April 1, 2019, citing that the
Company has incurred net losses for each of the years ended  Dec.
31, 2018 and 2017 and has not yet generated any significant
revenues from real estate activities.  As of Dec. 31, 2018, there
is an accumulated deficit of $139,690,000.  These conditions, along
with other matters raise substantial doubt about the Company's
ability to continue as a going concern.


GENESIS INVESTMENT: Castle Realty Says Disclosures Inaccurate
-------------------------------------------------------------
Castle Realty II LLC objects to Disclosure Statement and to
Confirmation of Plan of Reorganization of Debtor Genesis
Investment, LLC.

Castle Realty claims that the Debtor's Disclosure Statement, filed
Feb. 1, 2021 as Docket No. 101, states on page 9 of 13 and 10 of 13
that the Debtor will cure any defaults on the Effective Date of the
Plan.  The Debtor then states on page 11 of 13 that no payment to
Castle is necessary in order to cure any such defaults, i.e., that
there are no defaults to be cured. The Disclosure Statement is
inaccurate in that respect. The Mortgage is two payments in arrears
at this time.

Castle Realty asserts that the Debtor also filed a Plan of
Reorganization on February 1, 2021, at Docket No. 102, which also
provides, on page 5 of 7, that the Debtor will cure all defaults to
Castle upon the Mortgage, but it is not specific in any way. Due to
the inaccuracies in the Disclosure Statement, Castle submits that
the payments required to cure its defaults under the Mortgage
should be stated particularly, or that the Plan should not be
confirmed.

Castle Realty II LLC respectfully requests that the Disclosure
Statement not be approved unless it is revised to indicate that
defaults exist under the Mortgage, as to which payments totaling
$3,958.80 must be made to Castle Realty II LLC to cure them, and
that the Debtor's Plan not be confirmed unless it provides for such
payments to be made upon the Effective Date, together with such
other and further relief as the Court deems just and proper.

A full-text copy of Castle Realty's objection dated March 30, 2021,
is available at https://bit.ly/3fFRWTK from PacerMonitor.com at no
charge.

Attorneys for Castle Realty:

     ZDARSKY, SAWICKI & AGOSTINELLI LLP
     Mark J. Schlant
     1600 Main Place Tower
     350 Main Street
     Buffalo, New York 14202
     Tel: (716) 855-3200

                     About Genesis Investment

Genesis Investment, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D.N.Y. Case No. 18-11907) on Sept. 25,
2018.  At the time of the filing, the Debtor estimated assets of
less than $500,000 and liabilities of less than $1 million.  Judge
Michael J. Kaplan presides oversees the case.  RJ Friedman
Attorneys represents the Debtor as bankruptcy attorney.


GILBERT MH: Seeks to Hire Parker Schwartz as Bankruptcy Counsel
---------------------------------------------------------------
Gilbert MH, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Arizona to hire Parker Schwartz, PLLC as its legal
counsel.

The firm's services include legal advice regarding the Debtor's
responsibilities required by the Bankruptcy Code, and negotiating
and formulating a Chapter 11 plan of reorganization.

Parker Schwartz will be paid as follows:

      Lawrence D. Hirsch   $525 per hour
      Jared G. Parker      $525 per hour
      Rob Northrop         $325 per hour
      Paralegal services   $165 per hour

The firm has been paid $1,645 for its pre-bankruptcy services,
leaving a retainer balance of $18,354.50.

As disclosed in court filings, Parker Schwartz is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Lawrence D. Hirsch, Esq.
     Parker Schwartz, PLLC
     7310 North 16th Street, Suite 330
     Phoenix, AZ 85020
     Tel:(602) 282-0476
     Fax:(602) 282-0478  
     Email: lhirsch@psazlaw.com

                         About Gilbert MH

Gilbert MH, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
21-01948) on March 19, 2021.  At the time of the filing, the Debtor
had between $1 million and $10 million in both assets and
liabilities.  The Debtor is represented by Lawrence D. Hirsch,
Esq., at Parker Schwartz, PLLC.


GIRARDI & KEESE: CFO to Invoke 5th Amendment to Avoid Testifying
----------------------------------------------------------------
Law360 reports that Girardi Keese's chief financial officer intends
to invoke the Fifth Amendment to avoid testifying about the defunct
firm's finances because he might be a target in the federal
investigation of the firm's theft from client trust accounts, he
told a Los Angeles bankruptcy judge Thursday, April 1, 2021.  Chris
Kamon had allegedly prepared checks for a plundered Girardi Keese
client trust account, making his right to avoid incriminating
himself "self-evident," he said in a court filing prepared by his
white-collar defense attorney Richard Steingard.

                      About Girardi & Keese

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

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

The petitioners' attorneys:

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

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

The Chapter 7 trustee can be reached at:

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


GLOBAL HEALTHCARE: Swings to $2.96 Million Net Income in 2020
-------------------------------------------------------------
Global Healthcare REIT, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing net income of
$2.96 million on $20.93 million of total revenue for the year ended
Dec. 31, 2020, compared to a net loss of $868,031 on $6.93 million
of total revenue for the year ended Dec. 31, 2019.

As of Dec. 31, 2020, the Company had $45.93 million in total
assets, $42.72 million in total liabilities, and $3.21 million in
total equity.

For the year ended Dec. 31, 2019, the Company disclosed that there
was substantial doubt as to its ability to continue as a going
concern as a result of net losses incurred of $868,031 and its
accumulated deficit.  However, management believes that the
Company's ability to meet its obligations for the next twelve
months from the date these financial statements were issued has
been alleviated due to, but not limited to:

    1. Projected cash flows from operations resulting from
continued
       improvement of the Company's operating performance.  During
       the year ended Dec. 31, 2020, the Company recorded net
income
       of $2,925,820 and generated positive cash flows from
       operations.  This resulted from the Company's strategic
       decision to focus on its healthcare operations and
       opportunities to expand and improve those operations.  In
       2020, the Company opened three (3) additional facilities and

       in March of 2021 opened Park Place and is planning to
       acquire, or open one to three additional facilities in
2021.

    2. Future refinancing of existing debt.  As of Dec. 31, 2020,
       the Company has working a working capital deficit of
       approximately $17 million due to approximately $20 million
of
       mortgage loans maturing in the 2021 fiscal year.
Management
       is in discussion with all lenders, and HUD to begin the
       refinancing of these notes to longer-term paper which will
       provide more certainty for future loan payments.

The focus on opportunities within the Company's current portfolio
and future properties to acquire and operate, the settlement,
refinance, and continued service of debt obligations, the potential
funds generated from stock sales and other initiatives contributing
to additional working capital should alleviate any substantial
doubt about the Company's ability to continue as a going concern as
defined by ASU 2014-05.  However, the Company cannot predict, with
certainty, the outcome of its actions to generate liquidity and the
failure to do so could negatively impact its future operations.

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

https://www.sec.gov/Archives/edgar/data/727346/000149315221007498/form10-k.htm

                       About Global Healthcare

Global Healthcare REIT, Inc., acquires, develops, leases, manages
and disposes of healthcare real estate, and provides financing to
healthcare providers.  The Company's portfolio will be comprised of
investments in the following three healthcare segments: (i) senior
housing, (ii) post-acute/skilled nursing and (iii) bonds securing
senior housing communities.

                             *  *  *

This concludes the Troubled Company Reporter's coverage of Global
Healthcare until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.


GOODYEAR TIRE: S&P Rates New $1.0BB Senior Unsecured Notes 'B+'
---------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and '4'
recovery rating to The Goodyear Tire & Rubber Co.'s proposed $1.0
billion senior unsecured notes due 2031 and 2033.

S&P said, "The '4' recovery rating indicates our expectation for
average (30%-50%; rounded estimate: 30%) recovery for the senior
unsecured lenders in the event of a payment default. At the same
time, we placed the issue-level rating on CreditWatch with positive
implications in-line with all of our existing ratings on Goodyear.
We expect to resolve the CreditWatch upon the close of the
company's purchase of Cooper Tire & Rubber Co., which we anticipate
will occur in the second half of 2021."

The company plans to use the proceeds from these notes to refinance
its existing $1.0 billion senior unsecured notes due 2023. Because
this is a refinancing transaction, it will not materially increase
Goodyear's leverage or impair the recovery prospects for its
unsecured noteholders. Therefore, S&P rates the new unsecured notes
at the same level as its rating on its existing senior unsecured
debt.



GRIDDY ENERGY: Court Adjourns Customer Committee Issue for Now
--------------------------------------------------------------
Law360 reports that efforts by former customers of bankrupt Texas
power provider Griddy Energy LLC to form an official customer
committee in the company's Chapter 11 case were put on the back
burner Thursday, April 1, 2021, after the federal bankruptcy
watchdog appointed an unsecured creditors committee filled with
customers.

During a virtual hearing, attorneys representing the Texas attorney
general's office, which moved earlier this week for an official
customer committee, said that motion was now moot because of the
creation of the creditors committee that could not represent the
interests of all unsecured parties, including customers. But an
attorney representing parties with potential tort claims against
Griddy.

                       About Griddy Energy

California startup Griddy Energy is an American power retailer that
formerly sold energy to people in the state of Texas at wholesale
prices for a $9.99 monthly membership fee and had approximately
29,000 members.  Griddy was a feature of Texas' unusual,
deregulated system for electric power.  The vast majority of Texans
-- and Americans -- pay a fixed rate for electric power and get
predictable monthly bills. However, Griddy works by connecting
customers to the wholesale market for electricity, which can change
by the minute and is more volatile, for a monthly fee of $9.99.

During February 2021's winter storm in Texas, power generators
failed and demand for heating shot up.  In response, ERCOT raised
the price of electricity to the legal limit of $9 per kilowatt-hour
and kept it there for several days. Griddy customers who didn't
lose power were hit with massive electric bills that were
auto-debited from their bank accounts.

State grid operator ERCOT at the end of February 2020 cut off the
Griddy's access to customers for unpaid bills following the Texas
freeze.  The Texas attorney general also said it is suing Griddy,
saying it engaged in deceptive trade practices by issuing excessive
bills.

Griddy Energy filed a chapter 11 bankruptcy petition (Bankr. S.D.
Tex. Case No. 21-30923) on March 15, 2021.

Griddy estimated $1 million to $10 million in assets and $10
million to $50 million in liabilities as of the bankruptcy filing.

Griddy is represented by Baker Botts LLP as legal counsel.  Griddy
is represented by Crestline Solutions, LLC and Scott Pllc as public
affairs advisors.  Stretto is the claims agent.


GTT COMMUNICATIONS: Inks 2nd Amendment to $275M Credit Agreement
----------------------------------------------------------------
GTT Communications, Inc., GTT Communications B.V., Delaware Trust
Company and certain lenders entered into that certain second
amendment to the Priming Facility Credit Agreement.  

The amendment, among other things, extends to April 15, 2021 the
deadline to deliver GTT Communications, Inc.'s audited consolidated
financial statements under the Priming Facility Credit Agreement
for the fiscal year ended Dec. 31, 2020. The Company also paid fees
and expenses of certain advisors to the lenders and Delaware Trust
Company, the administrative agent and collateral agent under the
Priming Facility Credit Agreement, in connection with the
amendment.

The Priming Facility Credit Agreement dated December 28, 2020
provides for a priming term loan facility consisting of initial and
delayed draw term loans in the principal amount of up to $275
million.

           Amendment to Second Notes Forbearance Agreement

As previously disclosed, on Dec. 28, 2020, the Company and the
guarantors under that certain Indenture, dated as of Dec. 22, 2016,
by and between the Company, as successor by merger to GTT Escrow
Corporation, and Wilmington Trust, National Association, as
Trustee, entered into a Noteholder Forbearance Agreement with
certain beneficial owners (or nominees, investment managers,
advisors or subadvisors for the beneficial owners) of a majority of
the outstanding aggregate principal amount of the Company's
outstanding 7.875% Senior Notes due 2024.  Pursuant to the Second
Notes Forbearance Agreement, the Forbearing Noteholders agreed to,
among other provisions, forbear from exercising any and all rights
and remedies under the Indenture, the Notes and applicable law,
including not directing the Trustee to take any such action, with
respect to defaults and events of default that have occurred, or
that may occur as a result of, (i) the Company's failure to timely
file its Quarterly Reports on Form 10-Q for the quarters ended
June 30, 2020 and Sept. 30, 2020 and (ii) the occurrence and
continuance of the "Lender Specified Defaults" as defined in the
Second Credit Facilities Forbearance Agreement, in each case until
the earlier of (a) 5:00 p.m., New York City time, on March 31, 2021
and (b) the receipt of notice from the Forbearing Noteholders
regarding their intent to terminate the applicable Forbearance
Agreement upon the occurrence of certain specified forbearance
defaults, as further described in the Company's Current Report on
Form 8-K filed with the Securities and Exchange Commission on
Dec. 29, 2020.  The Second Notes Forbearance Agreement may be
amended with the consent of Forbearing Noteholders holding more
than 66.7% of the aggregate principal amount of the Notes held by
all Forbearing Noteholders, provided that at least two of such
consenting Forbearing Noteholders are unaffiliated.

On March 29, 2021, the Company and the Guarantors entered into that
certain First Amendment to Noteholder Forbearance Agreement with
the Requisite Forbearing Noteholders.  The Second Notes Forbearance
Agreement Amendment, among other things, (i) provides that in
addition to the matters originally subject to forbearance in the
Second Notes Forbearance Agreement, the Forbearing Noteholders will
forbear from exercising any and all rights and remedies under the
Indenture, the Notes and applicable law, including not directing
the Trustee to take any such action, with respect to defaults and
events of default that have occurred, or that may occur as a result
of, the Company's failure to timely file its Annual Report on Form
10-K for the fiscal year ended Dec. 31, 2020, (ii) amends the
scheduled expiration time under the Second Notes Forbearance
Agreement to 5:00 p.m., New York City time, on the Expiration Date
and (iii) replaces the forbearance default with respect to the end
of the forbearance period under the Second Credit Facilities
Forbearance Agreement with a forbearance default with respect to
the end of the forbearance period under the Third Credit Facilities
Forbearance Agreement.  The Company also paid fees and expenses of
counsel to the Forbearing Noteholders in connection with the entry
into the Second Notes Forbearance Agreement Amendment.

              Third Credit Facilities Forbearance Agreement

As previously disclosed, on Dec. 28, 2020, the Company and GTT B.V.
entered into an Amendment No. 4 to Credit Agreement and Consent to
that certain Credit Agreement, dated as of May 31, 2018, by and
among the Company and GTT B.V., as borrowers, KeyBank National
Association, as administrative agent and letter of credit issuer,
and the lenders and other financial institutions party thereto from
time to time, with the other credit parties party thereto, the
lenders party thereto holding (1) a majority of the outstanding
loans and revolving commitments under the Credit Agreement and (2)
a majority of the revolving commitments under the Credit Agreement
and the Agent.  The Amendment No. 4 and Consent, among other
things, provided that the Amendment No. 4 Consenting Lenders
consented to the terms of a new Lender Forbearance Agreement.
Pursuant to the Second Credit Facilities Forbearance Agreement, the
Amendment No. 4 Consenting Lenders agreed to, among other things,
forbear from exercising any and all rights and remedies under the
Loan Documents (as defined in the Credit Agreement) and applicable
law, including not directing the Agent to take any such action,
with respect to defaults and events of default that have occurred,
or that may occur as a result of, (i) the Company's failure to
timely file the Q2 Form 10-Q and the Q3 Form 10-Q, (ii) any
amendment, supplement, modification, restatement and/or withdrawal
or public statement of non-reliance on (A) any audit opinion
related to historical consolidated financial statements or (B)
historical consolidated financial statements and (iii) the
occurrence and continuance of the "Noteholder Specified Defaults"
as defined in the Second Notes Forbearance Agreement (clauses (i)
through (iii), collectively, the "Prior Lender Forbearance
Events").

On March 29, 2021, the Company, GTT B.V. and the other credit
parties party thereto entered into that certain Third Lender
Forbearance Agreement and Amendment No. 5 to Credit Agreement with
lenders constituting Required Lenders and Required Revolving
Lenders, certain hedge providers to the Company, and the Agent.

Pursuant to the Third Credit Facilities Forbearance Agreement, the
Consenting Lenders have agreed to, among other things, forbear from
exercising any and all rights and remedies under the Loan Documents
(as defined in the Credit Agreement), any secured hedge agreement
with the Secured Hedge Providers and applicable law (as
applicable), including not directing the Agent to take any such
action with respect to certain defaults and events of default under
the Credit Agreement and certain events of default under any
Secured Hedge Agreement (as applicable) that have occurred, or that
may occur as a result of, (i) the Prior Lender Forbearance Events
and (ii) the Company's failure to timely file the 2020 Form 10-K.

The forbearance period under the Third Credit Facilities
Forbearance Agreement ends on the earlier of 5:00 p.m., New York
City time, on the Expiration Date and the receipt of notice
regarding intent to terminate the Third Credit Facilities
Forbearance Agreement from Consenting Lenders upon the occurrence
of any of the specified forbearance defaults described therein.
The forbearance defaults include, without limitation, (i) the
occurrence of any event of default under the Credit Agreement other
than any of the specified defaults in the Third Credit Facilities
Forbearance Agreement; (ii) amendments to the Indenture or the
Notes that require the payment of additional interest and/or
compensation to the holders of Notes or amendments to prepayment
provisions of the Indenture or Notes that are adverse to the
Consenting Lenders; (iii) the Company or its subsidiaries (w)
incurring indebtedness for borrowed money or providing certain
guarantees of indebtedness, subject to certain exceptions, (x)
allowing a non-U.S. subsidiary to provide a guarantee of the Notes,
(y) transferring assets or equity interests of credit parties under
the Credit Agreement to non-credit parties, outside of the ordinary
course of business, unless such transaction is necessary to
consummate the internal reorganization and/or the disposition of
all or any portion of the Company's infrastructure business in
accordance with the terms of that certain Sale and Purchase
Agreement, dated as of Oct. 16, 2020, among the Company, its
subsidiaries GTT Holdings Limited, Global Telecom and Technology
Holdings Ireland Limited, Hibernia NGS Limited and GTT Americas,
LLC, and Cube Telecom Europe Bidco Limited, as amended by the
Project Apollo – KPMG VDD Reports Deadline Extension Letter dated
as of Feb. 15, 2021 or a replacement infrastructure sale agreement
that is reasonably satisfactory to Required Lenders, or (z)
granting liens to secure the Notes; (iv) breaches of the Third
Credit Facilities Forbearance Agreement by the Company; (v) the end
of the forbearance period under the Second Notes Forbearance
Agreement; (vi) 60 days after the termination of the Infrastructure
SPA unless a replacement infrastructure sale agreement that is
reasonably acceptable to the Required Lenders and Required
Revolving Lenders is effective within 45 days of such termination;
or (vii) the occurrence of the maturity date under the New Term
Loan Facility.

The Third Credit Facilities Forbearance Agreement also provides
that the Company shall not enter into any amendment, restatement,
supplement, waiver or modification to the Credit Agreement or any
other Loan Document that directly or indirectly adversely impacts
any holder of revolving commitments under the Credit Agreement
without the prior written consent of holders of 66 2/3% of such
revolving commitments, subject to certain exceptions in relation to
the corporate reorganization contemplated in connection with the
pending infrastructure sale transaction announced by the Company on
Oct. 16, 2020 under the Infrastructure SPA.  The Company also paid
fees and expenses of counsels to the Agent and certain of the
Consenting Lenders in connection with the entry into the Third
Credit Facilities Forbearance Agreement.

                              About GTT

Headquartered in McLean, Virginia, GTT Communications, Inc. --
www.gtt.net -- owns and operates a global Tier 1 internet network
and provides a comprehensive suite of cloud networking services.

                              *   *   *

As reported by the TCR on March 1, 2021, S&P Global Ratings lowered
all of its ratings on U.S.-based internet protocol network operator
GTT Communications Inc. by one notch, including its issuer credit
rating, to 'CCC-' from 'CCC', to reflect the increased likelihood
of a default or distressed exchange over the next six months.  

In December 2020, Moody's Investors Service downgraded GTT
Communications, Inc's corporate family rating to Caa2 from B3.  The
downgrade reflects the continued delays in the company reaching an
agreement with its lenders over a long-term cure of its reporting
requirements which GTT is in breach of due to recently discovered
accounting issues which have led to the company being unable to
file its Q2 and Q3 financial reports.


HEALTHIER CHOICES: To Swap $1.3 Million Debt for Equity
-------------------------------------------------------
Healthier Choices Management Corp. entered into agreements with
certain holders of the Company's indebtedness in an aggregate
amount of $1,290,260.64 to exchange the Notes for 1,172,964,218
shares of the Company's common stock at a price per share of
$0.0011, the closing bid price of the Company's common stock on
March, 26 2021.

The Notes were issued pursuant to that Loan and Security Agreement,
dated as of Aug. 18, 2020, among The Vape Store, Inc., the Company,
Healthy Choice Markets, Inc., Sabby Healthcare Master Fund, Ltd.,
and Sabby Volatility Warrant Master Fund, Ltd.  

In connection with the Exchange, the Credit Agreement and all
related loan documents will be terminated and the Holder's on the
assets of the Company and its subsidiaries will be cancelled.

                         About Healthier Choices

Headquartered in Hollywood, Florida, Healthier Choices Management
Corp. -- http://www.healthiercmc.com-- is a holding company
focused on providing consumers with healthier daily choices with
respect to nutrition and other lifestyle alternatives.

Healthier Choices reported a net loss of $3.72 million for the year
ended Dec. 31, 2020, compared to a net loss of $2.80 million for
the year ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company had
$11.87 million in total assets, $9.62 million in total liabilities,
and $2.26 million in total stockholders' equity.


HELIUS MEDICAL: Unit Gets Marketing Authorization for PoNS Device
-----------------------------------------------------------------
Helius Medical Technologies, Inc.'s wholly owned subsidiary, Helius
Medical, Inc, has received marketing authorization from the U.S.
Food and Drug Administration for the Portable Neuromodulation
Stimulator (PoNS) device.

The PoNS device is indicated for use as a short term treatment of
gait deficit due to mild-to-moderate symptoms from multiple
sclerosis and is to be used as an adjunct to a supervised
therapeutic exercise program in patients 22 years of age and over
by prescription only.

"With the receipt of FDA marketing authorization, Helius is proud
to announce that our PoNS device is now the first, and only,
medical device cleared in the U.S. for this indication," said Dane
Andreeff, interim president and chief executive officer of Helius.
"This milestone represents the most important achievement of our
organization since its inception, and I would like to thank our
dedicated employees, our shareholders, and the people who
participated in the research for making it possible.  MS is a
chronic, degenerative and often debilitating disease that is
estimated to affect approximately 1 million patients in the U.S.
Many of these patients experience problems with their gait, or
walking, as a result of MS which can severely restrict their
mobility and daily activities.  Our aim in obtaining marketing
authorization is to provide MS patients suffering from gait deficit
with a non-drug, non-implantable treatment that has the potential
to significantly improve their ability to walk, and potentially
enhance their safety and quality of life as a result."

Mr. Andreeff continued: "For this vastly underserved population of
MS patients with a clear medical need and few viable treatments,
our innovative PoNS device and treatment represents a new
therapeutic option with demonstrated results.  Specifically, its
safety and efficacy has been demonstrated in two clinical studies
and a retrospective analysis of real-world data which were
submitted to, and assessed by, the FDA as part of our request for
marketing authorization.  The receipt of FDA marketing
authorization represents an important validation of both the
strength and quality of this supporting data, and ultimately the
safety and efficacy of our PoNS device."

Mr. Andreeff concluded: "Looking ahead, Helius remains committed to
providing our PoNS Treatment to patients as efficiently and
effectively as possible.  We are focused on preparing to
commercialize our PoNS Treatment in the U.S., which we expect to
start in the first quarter of 2022.  As part of our pre-commercial
activities, we will continue to work with the Centers for Medicaid
and Medicare with the goal of obtaining reimbursement coverage
under the Medicare Coverage of Innovative Technology, or MCIT,
pathway for FDA cleared and designated breakthrough devices.
Longer-term, we also intend to pursue additional indications for
our PoNS device to expand access to our platform technology in
order to help as many patients as possible."

                          About Helius Medical

Helius Medical Technologies -- http://www.heliusmedical.com-- is a
neurotech company focused on neurological wellness. Its purpose is
to develop, license or acquire non-invasive technologies targeted
at reducing symptoms of neurological disease or trauma.

Helius Medical reported a net loss of $14.13 million for the year
ended Dec. 31, 2020, compared to a net loss of $9.78 million for
the year ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company had
$6.54 million in total assets, $2.67 million in total liabilities,
and $3.87 million in total stockholders' equity.

Philadelphia, Pennsylvania-based BDO USA, LLP issued a "going
concern" qualification in its report dated March 10, 2021, citing
that the Company has incurred substantial net losses since its
inception, has an accumulated deficit of $118.9 million as of Dec.
31, 2020 and the Company expects to incur further net losses in the
development of its business.  These conditions raise substantial
doubt about its ability to continue as a going concern.


HEMISPHERE MEDIA: S&P Rates $50MM Incremental Term Loan 'B+'
------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and '2'
recovery rating to the $50 million senior secured incremental term
loan due 2024 issued by Hemisphere Media Group Inc.'s subsidiary
Hemisphere Media Holdings LLC. The '2' recovery rating indicates
its expectation for substantial (70%-90%; rounded estimate: 70%)
recovery for lenders in the event of a payment default.

Hemisphere used the proceeds from this loan, along with cash on
hand, to purchase Lionsgate Entertainment Corp.'s remaining 75%
ownership stake in Spanish-language subscription video on demand
service (SVOD) service Pantaya. The transaction closed on March 31,
2021, and Hemisphere now owns 100% of Pantaya. S&P said, "While we
expect the company's leverage to spike above our 5x downgrade
threshold in 2021 because of the transaction, we believe its EBITDA
growth in 2022 will quickly improve its leverage back to the mid-4x
area. Hemisphere and Lionsgate partnered to launch Pantaya in 2017
and it currently has nearly 900,000 subscribers. Pantaya is EBITDA
negative, though we anticipate its revenue will increase much
faster than the rest of Hemisphere's business over the next few
years. Specifically, we expect Pantaya to continue to add
subscribers at a low double-digit percent annual rate but do not
expect the service to become profitable until 2023 at the earliest.
However, we believe the business' long-term growth potential
offsets the near-term deterioration in its profitability and
leverage. In general, we view the growth prospects of SVOD services
much more favorably than those of cable networks. Therefore, we
believe this acquisition better positions Hemisphere to navigate
the long-term secular pressures facing its cable networks in the
U.S."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- After the incremental debt, the company's capital structure
comprises a pari passu $30 million first-lien senior secured
revolver due in 2023 (unrated) and $254.8 million of outstanding
term loan B debt, due in 2024.

-- The incremental debt lowers the recovery prospects for all of
the company's lenders, though S&P believes the value of the Pantaya
asset will continue to increase and be more resilient in a default
scenario than the value of its cable assets. It has increased its
assumption of the company's EBITDA at emergence to reflect this
increased value.
Simulated default assumptions

-- S&P's simulated default scenario contemplates a default
occurring in 2024 due to a significant reduction in ad revenue
because of economic weakness, further damage to Puerto Rico's
infrastructure, increased competition in the U.S. Spanish-language
market, subscriber and retransmission revenue losses from
alternative forms of media, the failure to integrate a large
acquisition, or a combination of factors that lead to a
larger-than-expected decline in its EBITDA.

-- S&P assumes 85% of the revolver is drawn at default, LIBOR is
2.5% at default, and all debt amounts include six months of
prepetition interest.

-- S&P values the company as a going concern using a distressed
EBITDA multiple of 6x, which is in line with the multiples it uses
for its rated TV network peers.

Simplified waterfall

-- EBITDA multiple: 6x

-- EBTIDA at emergence: About $35 million

-- Net enterprise value at default (after 5% administrative
costs): About $200 million

-- First-lien secured debt: About $280 million

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



HERTZ CORP: Unsec. Creditors to Get 80% or 75% in Rival Proposals
-----------------------------------------------------------------
The Hertz Corporation and its Debtor Affiliates submitted a First
Amended Joint Chapter 11 Plan of Reorganization and a corresponding
Disclosure Statement on March 30, 2021.

On March 1, 2021, the Debtors determined that the proposal set
forth in the Initial Plan and supported by Certares Opportunities
LLC and its affiliates ("Certares") and Knighthead Capital
Management, LLC and its affiliates ("Knighthead") was the most
favorable proposed transaction available at that time.  After
obtaining certain commitments from Certares and Knighthead, the
Debtors filed the Initial Plan that incorporated their proposal and
selected Certares and Knighthead as the plan sponsors
(collectively, the "Plan Sponsors").

After the Debtors filed the Initial Plan, a plan sponsorship group
led by Centerbridge Partners, L.P., Warburg Pincus LLC, and Dundon
Capital Partners, LLC (collectively, the "Alternate Plan Sponsors,"
and, together with the Plan Sponsors, the "Potential Sponsor
Groups"), made an enhanced proposal that was competitive with the
proposal set forth in the Initial Plan.

The Debtors intend to continue this competitive process to select
the Potential Sponsor Group that will act as the "Plan Sponsor" for
the purposes of the Plan.

                      Certares & Knigthead

With their broad investment experience in the travel and leisure
industry and involvement in complex restructurings, Knighthead (a
leading investment management firm with $5.5 billion of assets
under management) and Certares (a private investment platform
dedicated to investing in the travel, tourism and hospitality
sectors with approximately $4.5 billion of assets under management)
are each uniquely qualified to become the Debtors' strategic
partners.  Certares and Knighthead have recently formed the CK
Opportunities Fund, a co-managed vehicle specifically dedicated to
investments in travel and leisure.

On March 19, 2021, the Debtors and Amex GBT entered into a letter
of intent (the "Amex GBT LOI") with respect to a contemplated
five-year project to drive business for both parties.  Upon
consummation of the transactions contemplated by the Plan, Amex GBT
and the Reorganized Debtors intend to enter into a new preferred
partner agreement that would designate the Company a preferred
supplier to Amex GBT in North America.  Leveraging Amex GBT's
insight into travel preferences and patterns, its sales platform,
and tremendous customer base would generate substantial incremental
business to the Company that would not otherwise be available to
it.

The Debtors have had discussions with Amex GBT with respect to the
benefits of the preferred arrangement contemplated by the Amex GBT
LOI.  The Amex GBT LOI provides that a preferred partnership could
result in an additional 6.3 million rental car days in 2023
assuming a definitive agreement can be reached.  The Company has
applied what it believes are reasonable assumptions to that
information and believes the preferred relationship could provide
substantial benefits to the Reorganized Debtors, including a
potential EBITDA uplift of between $136 million to $147 million in
2023.  If one were to apply a 5x-6x multiple that would imply a
valuation uplift of $680 million to $882 million.

The Debtors believe that, following consummation of the
transactions contemplated by the Plan, a partnership with Certares
and Knighthead could provide significant additional strategic and
commercial opportunities for the Reorganized Debtors owing to the
Plan Sponsors' ownership of or relationships with Internova Group,
TripAdvisor, airlines, and tour and hotel operators, as well as the
Plan Sponsors' proprietary and non-proprietary data from across the
travel industry.

The Alternate Plan Sponsors, Centerbridge Partners, L.P., Warburg
Pincus LLC, and Dundon Capital Partners, LLC bring unique
operational expertise and investing experience as strategic
partners to the Debtors.  The Alternate Plan Sponsors have an
extensive track record of successful investment execution across
sectors, geographies, and transaction types.  The Alternate Plan
Sponsors would help the Reorganized Debtors drive value through a
differentiated business optimization approach and a long-term
growth orientation.

                  Centerbridge, Warburg and Dundon

The Alternate Plan Sponsors, Centerbridge Partners, L.P., Warburg
Pincus LLC, and Dundon Capital Partners, LLC, bring unique
operational expertise and investing experience as strategic
partners to the Debtors.  The Alternate Plan Sponsors have an
extensive track record of successful investment execution across
sectors, geographies, and transaction types.  The Alternate Plan
Sponsors would help the Reorganized Debtors drive value through a
differentiated business optimization approach and a long-term
growth orientation.

Centerbridge is a private investment management firm employing a
flexible approach across investment disciplines and has
approximately $28 billion in capital under management, with offices
in New York and London.  Warburg Pincus is a leading global private
equity firm, which has more than $58 billion in private equity
assets under management, and an active portfolio of more than 195
companies.  Dundon is a private investment firm focused on private
equity and credit investments across a range of industries.

The Alternate Plan Sponsors bring significant operational
experience across fleet financing and management, operating
efficiency improvements and data-driven decision making.  This
experience, along with a fleet-centric strategy, presents the
opportunity to transform the Debtors' business and maximize
long-term value for stakeholders.

                       Treatment of Claims

The proposals of the Potential Sponsor Groups as of March 30, 2021,
will treat claims as follows:

     * Administrative claims and first-lien and second-lien claims
will be paid in full in cash in the Certares/Knighthead Plan and
Alternate Plan.

    * General unsecured claims (estimated at $547 million,
inclusive of 7.000% Unsecured Promissory Notes Claims) will be (i)
paid pro-rata from $438 million in cash, representing an
approximately 80% recovery, in the Certares/Knighthead Plan or (ii)
paid pro-rata from $410 million in cash, representing an
approximately 75% recovery, under the Alternate Plan.

     * Euronotes guarantee claims (estimated at $790 million) will
receive (i) a cash payment of $632 million, representing an
approximately 80% recovery under the Certares/Knighthead Plan or
(ii) paid pro rata from $592.5 million, representing an
approximately 75% recovery under the Alternate Plan.

     * Unsecured funded debt claims (estimated at $2.9 billion)
will receive:

       A. In the Certares/Knighthead Plan, 40.9% of common equity
in reorganized Hertz (subject to dilution from management incentive
plan), and all unsecured bondholders to have the opportunity to
purchase $1.836 billion of common equity in reorganized Hertz at a
13% discount to plan equity value.   Based on a proposed plan
equity value of $5.705 billion, this provides an estimated recovery
of 80%.

       B. In the Alternate Plan, 48.2% of common equity in
reorganized Hertz (subject to dilution from conversion of the new
convertible preferred equity and any management incentive plan),
and all unsecured bondholders to have the opportunity to purchase
$1.623 billion of common equity at 6.7%discount to plan equity
value.  Based on a proposed plan equity value of $4.525 billion,
this provides an estimated recovery of 75%.

The Certares/Knighthead Plan contemplates $3.95 billion in new
money investment:

    * Direct equity purchase by plan sponsors:$1.100 billion at a
13%discount to plan equity value

    * Equity rights offering to bondholders: $1.836 billion
backstopped by plan sponsors with no fee

    * Debt raised to fund plan: $1.018 billion in new senior
secured term loans (in addition, a new $1.5 billion revolving
credit facility would be raised at emergence)

On the other hand, the Alternate Plan contemplates $3.95 billion in
new money investment:

    * Direct equity purchase by plan sponsors: (a) $385 million of
convertible preferred equity, convertible at 6.7% premium to plan
equity value; and(b) $565 million of common equity at 6.7% discount
to plan equity value

    * All unsecured bondholders to have the opportunity to purchase
$1.623 billion of common equity at 6.7% discount to plan equity
value

    * Debt raised to fund plan: $1.3billion in new senior secured
term loans (in addition, a new $1.5 billion revolving credit
facility would be raised at emergence)

Attorneys for the Debtors:

     WHITE & CASE LLP
     Thomas E Lauria
     Matthew C. Brown
     200 South Biscayne Boulevard, Suite 4900
     Miami, FL 33131
     Telephone: (305) 371-2700

           - and -

     J. Christopher Shore
     David M. Turetsky
     Andrew T. Zatz
     Andrea Amulic
     1221 Avenue of the Americas
     New York, NY 10020
     Telephone: (212) 819-8200

           - and -

     Jason N. Zakia
     111 South Wacker Drive
     Chicago, IL 60606
     Telephone: (312) 881-5400

           - and -

     Roberto J. Kampfner
     Ronald K. Gorsich
     Aaron Colodny
     Andrew Mackintosh
     Doah Kim
     555 South Flower Street, Suite 2700
     Los Angeles, CA 90071
     Telephone: (213) 620-7700

           - and -
     
     RICHARDS, LAYTON & FINGER, P.A.
     Mark D. Collins
     John H. Knight
     Brett M. Haywood
     Christopher M. De Lillo
     J. Zach Noble
     One Rodney Square
     910 N. King Street
     Wilmington, DE 19801
     Telephone: (302) 651-7700

                       About Hertz Corp.

Hertz Corp. and its subsidiaries -- http://www.hertz.com-- Operate
a worldwide vehicle rental business under the Hertz, Dollar, and
Thrifty brands, with car rental locations in North America, Europe,
Latin America, Africa, Asia, Australia, the Caribbean, the Middle
East, and New Zealand.  They also operate a vehicle leasing and
fleet management solutions business.  

On May 22, 2020, The Hertz Corporation and certain of its U.S. and
Canadian subsidiaries and affiliates filed voluntary petitions for
reorganization under Chapter 11 in the U.S. Bankruptcy Court for
the District of Delaware (Bankr. D. Del. Case No. 20-11218).

Judge Mary F. Walrath oversees the cases.  The Debtors have tapped
White & Case LLP as their bankruptcy counsel, Richards, Layton &
Finger, P.A. as local counsel, Moelis & Co. as investment banker,
and FTI Consulting as financial advisor.  The Debtors also retained
the services of Boston Consulting Group to assist the Debtors in
the development of their business plan. Prime Clerk LLC is the
claims agent.

The U.S. Trustee for Regions 3 and 9 appointed a Committee to
represent unsecured creditors in Debtors' Chapter 11 cases.  The
Committee has tapped Kramer Levin Naftalis & Frankel LLP as its
bankruptcy counsel, Benesch Friedlander Coplan & Aronoff LLP as
Delaware counsel, UBS Securities LLC as investment banker, and
Berkeley Research Group, LLC as financial advisor.  Ernst & Young
LLP provides audit and tax services to the Committee.



HERTZ GLOBAL: To Exit Chapter 11 Bankruptcy in June 2021
--------------------------------------------------------
Dawit Habtemariam of Business Travel News reports that Hertz Global
Holdings plans to exit Chapter 11 bankruptcy in June 2021 and has
completed all required court filings to do so, the company
announced in the first week of April 2021.

Hertz filed for Chapter 11 bankruptcy in May 2020. In its most
recent earnings call, Hertz officials said the company's goal was
to exit bankruptcy by mid-to-late summe of 2021.

Amid ongoing negotiations regarding sponsorship of the company's
reorganization plan, Hertz is contemplating proposals from two
different groups of equity capital providers, according to the car
rental company. One plan—preferred by Hertz—includes a $4.2
billion equity infusion from affiliates of Certares Opportunities
LLC and Knight Head Capita Managements LLC to fund payment in cash
in full of all senior claims and a 70 percent payout to the
company's unsecured creditors. The other plan, which was provided
before the March 1 filling, would have Centerbridge Partners, L.P.,
Warburg Pincus LLC, and Dundon Capital Partners provide equity
capital as needed.

Under the current terms of each proposal, Hertz would have
approximately $1.3 billion of corporate debt, be provided with over
$2 billion of global liquidity, satisfy all debt obligations
associated with Hertz's European business and obtain a new
asset-backed securitization facility that would pay in full all
existing obligations related to Hertz's U.S. vehicle fleet and
provide funding needed to meet Hertz's ongoing fleet requirements.


"Once the proposals have been finalized and we receive further
input from our creditors, we will work with our financial and legal
advisors to quickly determine which of these excellent options will
fund our plan," said Hertz president and CEO Paul Stone in a
statement. "We remain committed to completing the reorganization
process in the second quarter and emerging from Chapter 11 well
positioned for the upcoming summer season."

Hertz will finalize the proposals, consult with its stakeholders to
select a plan sponsor and amend its court filings accordingly in
the coming days, according to the company. Bankruptcy court
hearings are scheduled for April 16, 2021.

                    About Hertz Global Holdings

Hertz Corp. and its subsidiaries -- http://www.hertz.com/--
operate a worldwide vehicle rental business under the Hertz,
Dollar, and Thrifty brands, with car rental locations in North
America, Europe, Latin America, Africa, Asia, Australia, the
Caribbean, the Middle East, and New Zealand.  The Company also
operates a vehicle leasing and fleet management solutions
business.

On May 22, 2020, The Hertz Corporation and certain of its U.S. and
Canadian subsidiaries and affiliates filed voluntary petitions for
reorganization under Chapter 11 in the U.S. Bankruptcy Court
(Bankr. D. Del. Case No. 20-11218).

The Hon. Mary F. Walrath is the presiding judge.

White & Case LLP is serving as legal advisor, Moelis & Co. is
serving as investment banker, and FTI Consulting is serving as
financial advisor. Richards, Layton & Finger, P.A., is the local
counsel.

Prime Clerk LLC is the claims agent, maintaining the page
https://restructuring.primeclerk.com/hertz


HOLLY ACADEMY: S&P Affirms 'BB+' Rating on Revenue Bonds
--------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed its 'BB+' long-term rating on the Michigan Finance
Authority's series 2011 public academy revenue and refunding bonds,
issued for Holly Academy.

"The negative outlook reflects our opinion that there is a
one-in-three chance that the school's financial performance will
remain below 1x, resulting in a weaker financial profile more
commensurate with a lower rating," said S&P Global Ratings credit
analyst David Holmes.

S&P said, "We assessed Holly Academy's enterprise profile as
adequate, characterized by continued enrollment declines (although
current enrollment indicates stabilization) and very slim waitlists
(though common for Michigan charter schools) offset by continued
high academic performance and good management. We assessed Holly
Academy's financial profile as vulnerable, characterized by
weakened lease-adjusted maximum annual debt service (MADS) coverage
of less than 1x in fiscal 2020, though this is expected to improve
in fiscal 2021 according to budgeted projections, offset by low
debt levels leading, a sufficient cash position and a manageable
debt burden. We believe that, combined, these credit factors lead
to an anchor of 'bb'. However, in our opinion, the 'BB+' rating on
the bonds better reflects the academy's low debt burden and
liquidity more commensurate with higher rated peers.

"We could lower the rating if the school were to fail to meet
enrollment projections such that it generates significantly weaker
operating results or further weakening lease-adjusted MADS coverage
does not increase to above 1.0x, or enrollment continues to
decline. We could take a negative rating action in case of bond
covenant violations. We would also view declines in liquidity
unfavorably.

"We could revise the outlook to stable if the school's full-accrual
operating margins strengthen and debt service coverage improves to
levels more commensurate with those of peers, while the school
maintains its solid debt profile."



HOP-HEDZ INC: May 3 Plan Confirmation Hearing Set
-------------------------------------------------
Hop-Hedz, Inc., filed with the U.S. Bankruptcy Court for the Middle
District of Florida, Tampa Division, a Disclosure Statement. On
March 30, 2021, Judge Caryl E. Delano conditionally approved the
Disclosure Statement and ordered that:

     * May 3, 2021 at 02:30 PM in Tampa, FL − Courtroom 9A, Sam
M. Gibbons United States Courthouse, 801 N. Florida Avenue is the
hearing on confirmation of the Plan.

     * Any written objections to the Disclosure Statement shall be
filed with the Court and served on the Local Rule 1007−2 Parties
in Interest List no later than 7 days prior to the date of the
hearing on confirmation ("Confirmation Hearing").

     * Parties in interest shall submit to the Clerk's office their
written ballot accepting or rejecting the Plan no later than 8 days
before the date of the Confirmation Hearing.

     * Objections to confirmation shall be filed with the Court and
served on the Local Rule 1007−2 Parties in Interest List no later
than 7 days before the date of the Confirmation Hearing.

A full-text copy of the Order dated March 30, 2021, is available at
https://bit.ly/3cKoxph from PacerMonitor.com at no charge.

Counsel for the Debtor:

     W. Bart Meacham, Esquire
     308 E. Plymouth St.
     Tampa, FL 33603-5957
     Tel: (813) 223-6334
     Fax: (813) 425-6969
     Email: wbartmeacham@yahoo.com

                          About Hop-Hedz

Hop-Hedz, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Florida Case No. 20-09249) on Dec. 20,
2020.  At the time of the filing, the Debtor disclosed assets of
between $1 million to $10 million and liabilities between $500,000
to $1 million.  W. Bart Meacham, Esq., is the Debtor's counsel.


HUMANIGEN INC: Draws $25-Mil. Under Hercules Capital Loan Facility
------------------------------------------------------------------
Humanigen, Inc. drew the initial $25.0 million term loan pursuant
to its Loan and Security Agreement with Hercules Capital, Inc., the
terms of which were previously reported in the Company's 2020
Annual Report on Form 10-K.  After giving effect to payment of fees
and expenses associated with the draw, the Company received net
proceeds of approximately $24.5 million.
  
              Termination of ATM Prospectus Supplement

On March 29, 2021, the Company notified Cantor Fitzgerald & Co.
that it was suspending its use of the prospectus supplement related
to the potential issuance from time to time of the Company's common
stock pursuant to the Controlled Equity OfferingSM Sales Agreement,
dated Dec. 31, 2020, by and between the Company and Cantor.  The
Company will not make any sales of its securities pursuant to the
Sales Agreement, unless and until a new prospectus supplement or a
new registration statement is filed.  Other than the termination of
the ATM Prospectus Supplement, the Sales Agreement remains in full
force and effect.

                          About Humanigen

Based in Brisbane, California, Humanigen, Inc. (OTCQB: HGEN),
formerly known as KaloBios Pharmaceuticals, Inc. --
http://www.humanigen.com-- is a clinical stage biopharmaceutical
company, developing its clinical stage immuno-oncology and
immunology portfolio of monoclonal antibodies.  The Company is
focusing its efforts on the development of its lead product
candidate, lenzilumab, its proprietary Humaneered anti-human GM-CSF
immunotherapy, through a clinical research agreement with Kite
Pharmaceuticals, Inc., a Gilead company to study the effect of
lenzilumab on the safety of Yescarta, axicabtagene ciloleucel
including cytokine release syndrome, which is sometimes also
referred to as cytokine storm, and neurotoxicity, with a secondary
endpoint of increased efficacy in a multicenter Phase Ib/II
clinical trial in adults with relapsed or refractory large B-cell
lymphoma.

Humanigen reported a net loss of $89.53 million for the 12 months
ended Dec. 31, 2020, compared to a net loss of $10.29 million for
the 12 months ended Dec. 31, 2019.  As of Dec. 31, 2020, the
Company had $68.30 million in total assets, $22.76 million in total
liabilities, and $45.54 million in total stockholders' equity.


ILPEA PARENT: S&P Alters Outlook to Stable, Affirms 'B' ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.-Based Gasket Maker
Ilpea Parent Inc. to stable from negative and affirmed its 'B'
long-term issuer credit rating and issue ratings on the company's
term loan B (TLB) and $25 million revolving credit facility (RCF).

The stable outlook reflects S&P's view that Ilpea's sources of
liquidity will continue to cover the company's liquidity needs by
at least 1.2x, and its S&P Global Ratings-adjusted funds from
operations (FFO) to debt will remain at about 12% in the next 12
months, with slightly positive free operating cash flow (FOCF).

S&P said, "Ilpea's results for 2020 outperformed our previous
base-case scenario, supported by management's effective
cost-control measures and use of government support schemes. The
company's operations in fiscal 2020 were severely affected by the
pandemic, with sales decreasing by 13.7% to EUR326.5 million.
Despite this, management mitigated the impact through effective
cost-control and cost-avoidance measures, such as the use of a U.S.
Small Business Administration Paycheck Protection Program (PPP)
grant of $8.3 million, the proceeds of which paid employee salaries
and in the financial accounts was recognized as a grant. This
supported stable adjusted EBITDA of EUR56.4 million for 2020, up
from EUR55.0 million in 2019 and slightly above our previous
base-case scenario of EUR54.2 million. This resulted in an improved
adjusted EBITDA margin of 17.3%, about 280 basis points higher than
in 2019. The company also scaled back capital expenditure (capex)
to about EUR19 million in 2020, from EUR26 million in 2019. This
resulted in 2020 credit metrics for Ilpea that were slightly
improved versus 2019, with debt to EBITDA of 5.0x, from 5.1x in
2019, and FFO to debt of 12.4%, from 10.7%. At the same time,
Ilpea's improved profitability did not result in higher FOCF, which
in 2020 was stable, at EUR2 million, in line with 2019.

"For fiscal 2021, we expect Ilpea's revenue base to return to 2019
levels, reflecting supportive end-markets and new long-term
agreements signed with key customers.  The company's reported
revenue for first-quarter 2021 (ended Jan. 31) grew by about 4%
versus first-quarter 2020, showing that demand continues to
strengthen in Ilpea's underlying markets. Key customers in the
appliance market accumulated significant backlogs during first-half
2020, and this should continue to support demand for the company's
products through 2021. The auto market was also strong in
first-quarter 2021, with high demand for most of Ilpea's key
products in the segment. While we expect the ongoing chip shortage
to affect auto production rates over the next few months, improved
underlying demand and new business projects will support segment
growth in the year. Furthermore, while cost inflation could
pressure margins, we expect the company will efficiently mitigate
this through pricing actions. We therefore expect Ilpea's 2021
operating performance to be in line with 2019 levels, with sales of
about EUR380 million and an adjusted EBITDA margin of 14%-15%. This
should support neutral-to-slightly positive FOCF for the company,
leading to stable credit metrics for 2021. Nevertheless, our
projection of lean FOCF for Ilpea leads us to believe that the
company's prospects for deleveraging are limited, and we now expect
our adjusted debt to EBITDA to remain about 5x in 2021.

"Improved liquidity, following a tightening in second-quarter 2020
and our expectation that management continues to manage liquidity
sources, supports the ratings.   Over the past 12 months, Ilpea has
sufficiently improved its liquidity position. The company increased
its committed long-term facilities by more than EUR15 million
during second-half 2020, enabling it to reduce its use of overdraft
lines, which stood at about EUR11 million as of Jan. 31, 2021.
Furthermore, Ilpea extended the maturity on its $25 million RCF to
December 2022 and signed a new long-term EUR10 million facility
with Cassa Depositi e Prestiti in early 2021. Both facilities were
undrawn as of Jan. 31, and together with available cash and our
expected cash FFO, these will be more than enough to cover the next
12 months' cash needs from Feb. 1. This represents a material
improvement from the company's less-than-comfortable liquidity
position at the pandemic's height. At April 30, 2020, Ilpea's
liquidity sources covered uses by just below 1.1x and overdraft
lines amounted to about EUR30 million. At the same time, the
company's liquidity management has been aggressive over the past
few years and Ilpea often relies on short-term uncommitted lines.
While the extension of the RCF maturing in December 2022 is
positive from a liquidity standpoint, this measure is temporary.
Therefore, absent management's taking additional steps, liquidity
will tighten again in few quarters.

"The stable outlook reflects our expectation that Ilpea's
management will take all necessary measures to sustain an adequate
liquidity position, implying sources over uses of at least 1.2x and
ample covenant headroom of 15%-30%. We also expect that the company
will maintain neutral-to-slightly positive FOCF over the next 12
months, resulting in debt to EBITDA of around 5x in 2021 and FFO to
debt of about 12%.

"We could downgrade Ilpea over the next six-to-nine months if
management does not secure sufficient long-term committed lines to
maintain an adequate liquidity position, with sources failing to
cover uses by at least 1.2x. We could also lower the ratings over
the next 12 months if the company's FOCF turns negative, with debt
to EBITDA higher than 5.0x. This could result through higher
working capital buildup or in less supportive developments of end
markets. Furthermore, we could lower the rating on Ilpea if the
company were to make debt-funded dividends or acquisitions that
lead to a material increase in leverage.

"Given the company's limited financial flexibility, maturity wall
in 2023, and lower diversification relative to that of rated peers
in the capital goods sector, we see an upgrade as unlikely.
However, we could take a positive rating action if the company
outperforms our base-case metrics, improving its debt to EBITDA
towards 4x and FOCF to debt in the 5%-10% range. This could be the
case if Ilpea were to increase EBITDA margins to 16%-18% on a
sustainable basis. Any upgrade would need to be supported by our
view of the company's commitment to maintaining an adequate
liquidity position, with sources covering uses by at least 1.2x and
ample covenant headroom of 15%-30%."


INSPIRON INC: Unsecureds to Get $20K; April 30 Plan Confirmation
----------------------------------------------------------------
Inspiron, Inc., submitted a First Amended Disclosure Statement for
its Liquidating Chapter 11 Plan on March 30, 2021.

The Bankruptcy Court has scheduled April 30, 201 at 10:00 p.m. to
consider final approval of this Disclosure Statement and determine
whether to confirm the Plan.

April 23, 2021 at 5:00 p.m. is the deadline for voting to accept
or reject the Plan. April 23, 2021 at 5:00 p.m. is the deadline for
objecting to final approval of the Disclosure Statement and
Confirmation of the Plan.

During the chapter 11 case the Debtor assumed two contracts with
project owner Vital East LLC for Phase I and Phase II of a
construction project. The Debtor also entered into a postpetition
contract for Phase III of the project. Vital East LLC asserted
breaches of those contracts, allegedly resulting in an
administrative claim against the Debtor's Estate exceeding $1
million dollars. The dispute was resolved by granting Vital East an
Allowed Administrative Claim in the amount of $91,000.

The payment shall be funded by the Debtor's principal, Alen
Gershkovich, who will in turn have an Allowed Administrative Claim
in the amount of $91,500. Mr. Gershkovich is entitled to payment of
his Allowed Administrative Claim without interest from proceeds of
the Debtor's continued efforts to collect on its accounts
receivable, which funds shall be applied first to legal fees and
costs of collection, second to any professional fees granted by
order of this Court that remain unpaid, third to satisfy Alen
Gershkowich's Allowed Administrative Claim, and fourth Pro Rata to
General Unsecured Creditors. The Debtor estimates that the Allowed
Administrative Claims other than Claims of Professionals
outstanding on the Effective Date are $91,500.

Class 2 consists of General Unsecured Claims. This Class are claims
that are not Administrative, Secured or Priority Claims, or
Interests that arose prior to the Petition Date and include Claims
based upon trade accounts payable and Claims based upon the
rejection of an executory contract or lease during the Chapter 11
Case. Class 2 consists of holders of Allowed General Unsecured
Claims. The Debtor estimates that Class 2 Claims total
approximately $460,000.

The Debtor shall pay to holders of Class 2 General Unsecured Claims
a distribution of no less than $20,000 on a Pro Rata basis on their
Allowed Claims, on the Effective Date, in Cash. Class 2 General
Unsecured Claims may receive additional distributions from proceeds
generated from collection of its accounts receivable including
three pending arbitrations and/or litigations to collect same,
which funds shall be applied first to legal fees and costs of
collection, second to any professional fees granted by order of
this Court that remain unpaid, third to satisfy Alen Gershkowich's
Allowed Administrative Claim, and fourth Pro Rata to General
Unsecured Creditors. Class 3 Claims are Impaired under the Plan and
are allowed to vote to accept or reject the Plan.

Class 3 consists of the General Unsecured Claim of Alen
Gershkovich, the principal of the Debtor, as reflected in the
Schedules in the amount of $1,500,000. The holder of the Class 3
Claim has agreed to waive his right to a distribution on account of
such claim. The Class 3 Claim is impaired under the Plan and is
allowed to vote to accept or reject the Plan.

Class 4 consists of Alen Gershkovich, the sole holder of Interests
in the Debtor. Class 4 Interests holder shall retain his interests
in the Debtor and is not expected to receive any monetary
distributions under the Plan. Class 4 Interests are unimpaired and
deemed to accept the Plan.

A full-text copy of the First Amended Disclosure Statement dated
March 30, 2021, is available at https://bit.ly/3wrhZ78 from
PacerMonitor.com at no charge.

Attorneys for the Debtor:

     Dawn Kirby, Esq.
     KIRBY AISNER & CURLEY LLP
     700 Post Road, Suite 237
     Scarsdale, New York 10583
     Tel: (914) 401-9500

                       About Inspiron Inc.

Headquartered in New York, Inspiron, Inc. --
https://www.inspironconstruction.com/ -- is a privately held
company specializing in general contracting and construction
management.  The Company also offers a wide array of advisory
services including evaluating various project options and providing
cost analyses during the pre-construction phase.

Inspiron, Inc. filed a voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-23534) on
Aug. 26, 2019.  In the petition signed by Alen Gershkovich,
president, the Debtor was estimated to have $1 million to $10
million in assets and $500,000 to $1 million in liabilities.  The
case is assigned to Judge Robert D. Drain. Dawn Kirby, Esq., at
Kirby Aisner & Curley, LLP, is the Debtor's counsel.


INVENERGY THERMAL: S&P Keeps 'BB' Debt Rating on Watch Negative
---------------------------------------------------------------
S&P Global Ratings kept its ratings on Invenergy Thermal Operating
I LLC's (ITOI) debt on CreditWatch with negative implications,
where S&P first placed them on March 1.

S&P expects to resolve the CreditWatch placement sometime after May
10, when a standstill negotiated between Ector and the hedge
counterparty ends.

ITOI owns a 2.68-gigwatt (GW; net capacity) portfolio of seven
operating gas-fired electric power plants, each in a different
North American Electric Reliability Corp. (NERC) region.

One of ITOI's power plant assets, Ector County Energy Center LLC, a
peaking plant in West Texas, was offline and did not dispatch for
11 days during Winter Storm URI in February. Its heat rate call
option with a third party exposed it to purchase power at unusually
high power prices that peaked at $9,000/MWh. Absent a favorable
settlement as part of the standstill negotiations, S&P expects
Ector has a large potential liability that is owed to this hedge
counterparty.

S&P said, "On March 1, we placed our 'BB' rating on ITOI's term
loan B and revolver bank loan ratings on CreditWatch with negative
implications. Ector is in a hedge--a HRCO--which typically
mitigates price exposure for generators but can produce a perfect
storm of rapid deterioration in credit quality if market prices
spike and the generation unit cannot perform, as occurred for Ector
during Winter Storm Uri." In assessing the credit impacts on ITOI,
the following are key considerations:

-- S&P estimates Ector's liability could be $300 million-$400
million. This compares to ITOI's total debt outstanding as of April
1 of $361 million (a term loan B due Aug. 28, 2025).

-- Ector is the counterparty under the HRCO, and not ITOI.

-- ITOI has not provided any guarantee under the HRCO. The sole
collateral available to the HRCO counterparty is a $7 million
letter of credit (LOC).

-- ITOI lenders have a first lien on Ector's physical assets, as
well as a pledge of equity (the former being much more important
than the latter).

-- S&P values Ector at about $300/kilowatt.

ITOI has indicated that Ector has not received an invoice from the
hedge counterparty and has entered into a standstill agreement
effective until May 10. During this period, S&P understands that
the parties will continue to perform their respective obligations
under the HRCO agreement and will not assert any claim of breach of
contract or default under the HRCO.

It remains to be seen whether a settlement will be negotiated and
at what amount. S&P said, "But assuming our worst-case liability
calculation, our approximate valuation of Ector (which has no debt
outstanding) is around $100 million. Because ITOI lenders have a
first-priority lien on substantially all of Ector's assets, the
hedge counterparty's claim is unsecured beyond the LOC provided by
Ector and is subordinated to ITOI's lien. As a result, our initial
assessment is that if a large judgment forced Ector into bankruptcy
and the peaking plant was sold, the proceeds would be allocated to
pay down the term loan B obligations first, with little to no
residual value remaining." If Ector is sold to satisfy a claim, the
loss of Ector would reduce consolidated cash flows to support the
ITOI term loan B about 5%, which likely could be absorbed at the
current rating level given there is some financial cushion.

While the pledge of Ector's assets to ITOI lenders appears to have
insulated them from a possible sizable liability at one of its
operating assets, our CreditWatch placement reflects uncertainties
around lender response and also our interest in taking a
wait-and-see view as to whether our understanding of project
documents (and the likely incentives of ITOI's lenders) will
ultimately be reflected in the outcome of the settlement
discussions.

If no agreement/settlement is reached during the standstill, and
Ector does not pay its obligation when due, following a grace
period the failure to pay could trigger a default under the ITOI
term loan B. S&P could lower the rating if ITOI's lenders elected
this option because it could lead to acceleration. It does not
appear that ITOI's lenders would have an incentive to trigger a
default given the term loan B is in good standing and Ector's cash
flows are not essential to repay the loan.

S&P said, "With the standstill extended to May, we understand that
the lenders are not currently in a position to declare a default
has occurred. Because this is our primary concern in regards to
potential for default, we would likely remove the ratings from
CreditWatch if we concluded that lenders would not trigger a
default.

"The CreditWatch placement reflects that while we believe there is
a path to affirming the ratings on ITOI's debt despite a
potentially large liability incurred by Ector during Uri, we will
likely keep them on CreditWatch through the standstill and see
whether a settlement is negotiated and what its terms are. While
our assessment is that the protections built into this project
finance power portfolio have insulated ITOI lenders from a
potentially large loss at Ector, we would like to see the level of
liability Ector faces and have more certainty around what lenders
will do. Therefore, we continue to believe lenders have limited
incentives to vote to impose an event of default. We will revisit
the CreditWatch placement by the end of May."



KAISER ALUMINUM: S&P Lowers ICR to 'BB', Outlook Stable
-------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on Foothill
Ranch, Calif.-based specialty aluminum products producer Kaiser
Aluminum Corp. to 'BB' from 'BB+'.

At the same time, S&P lowered its issue-level ratings on Kaiser's
unsecured notes to 'BB'; the recovery rating on this debt remains
'4'.

The stable outlook reflects the expectation that Kaiser's leverage
will be 3x-4x in the coming 12 months following the acquisition and
improve toward 3x in the subsequent 12 months.

Kaiser has completed its acquisition of the Warrick Rolling Mill
from Alcoa Corp.

The acquisition will raise leverage above 3x in 2021 and 2022.
Kaiser will fund the purchase with cash on hand which includes the
proceeds from the senior notes the company issued in April 2020.
The acquisition will push leverage to 3.5x-4x in 2021. S&P said,
"Though we expect Kaiser to delever back to about 3x in 2022, we
expect leverage may not return to below 2x until beyond then. In
addition, we note the materiality of this acquisition and the risks
associated with integrating the business, as any unexpected margin
disruption or restructuring costs could affect overall near-term
profitability."

The addition of the rolling mill will double Kaiser's shipments and
increase the share of earnings coming from less cyclical end
markets. The new business will also help offset protracted weakness
from the company's commercial aerospace business, as the industry
is still experiencing destocking of the supply chain and could
further contract in 2021 under our base-case assumptions. The
addition of the Warrick mill will increase the portion of Kaiser's
business which comes from less cyclical end markets. On a pro forma
basis we assume packaging and aerospace will each account for about
40% of value-added revenue compared to aerospace alone reflecting
60% in 2019. While can sheet has generally lower margins than
aerospace applications, the majority of shipments from the Warrick
mill are coated products which generate higher margins than
non-coated can sheet.

Kaiser is re-entering the can sheet market which is currently
experiencing positive demand growth as consumers shift to aluminum
packaged goods from plastics. Supply and demand conditions are
supportive because the U.S. is short on can sheet capacity and
demand is expected to continue to grow. While trade cases have
reduced rolled aluminum products being imported into North America,
can sheet still faces competition from low-cost imports made from
primary aluminum. However, customers are becoming more focused on
the environmental impact of their products and recycled content of
aluminum sheet, made by producers like Kaiser. S&P assumes the
acquisition will add approximately $100 million to $120 million of
EBITDA over the longer term. While can sheet is typically a
lower-margin business than aerospace and automotive applications,
the increased size and shipments could strengthen Kaiser's business
and offset potential pro forma margin decline.

The stable outlook reflects the expectation that Kaiser's leverage
will be 3x-4x in the coming 12 months following the acquisition.
S&P believes leverage will improve toward 3x in the subsequent 12
months.

S&P could lower the rating if Kaiser's credit metrics increase
above 4x. This could result if Kaiser:

-- Experiences unanticipated operational disruptions associated
with operating the new mill or potential increased expenses
associated with the integration; or

-- Experiences slower recovery in their stand-alone businesses in
particular commercial aerospace.

S&P could raise the rating if debt to EBITDA trends toward 2x. This
could come about due to:

-- If revenue growth and profitability from the new mill and
Kaiser's existing end markets exceeds our current expectations,
more than offsetting the decline in commercial aerospace.


KEEN MOBILITY: Files for Chapter 7 Liquidation
----------------------------------------------
Elizabeth Hayes of Portland Business Journal reports that Keen
Mobility Co., a Portland-based maker of canes, walkers and other
mobility tools, has filed for Chapter 7 bankruptcy.

The filing in U.S. District Court in Oregon describes Keen as a
"small business debtor" with less than $2.7 million in debts and
between 50 and 99 creditors.

Portland attorney Troy Sexton, who represents Keen, said in an
email that the company is liquidating and has stopped taking orders
through its website, which will soon be shut down.

"It had a large debt to a vendor, stemming from the 2013 rollout of
(Centers for Medicare and Medicaid Services) competitive bidding
program that it, unfortunately, was not able to restructure,"
Sexton said.  "The company was able to wind down operations in a
way that allowed for continuity of care for its hospice clients,
and a gradual transition for its employees."

Keen was founded by Vail Horton, a congenital amputee who
experienced chronic pain in his shoulders from walking on crutches.
He developed a crutch that uses shock absorbers and launched Keen
in 2002. The company has also sold wheelchairs, mattresses,
cushions and bath safety products.

In a 2016 interview with the Business Journal, Horton expressed
frustration with the state of the industry, citing his struggles
with insurers to cover the cost of the products for patients.
Horton expanded his reach with his nonprofit, the Incight
Foundation, which helps others with disabilities become more
independent and realize their potential.

                      About Keen Mobility Co.

Keen Mobility Co. is a medical device maker based in Portland,
Oregon.

Keen Mobility filed a Chapter 7 bankruptcy petition (Bankr. D. Ore.
Case No. 21-30624) on March 19, 2021.  It is a "small business
debtor" with less than $2.7 million in debts and between 50 and 99
creditors.

The Debtor's counsel:

         TROY SEXTON
         Motschenbacher & Blattner, LLP
         Tel: (503) 417-0517
         E-mail: tsexton@portlaw.com

The Chapter 7 trustee:

         Rodolfo A Camacho
         POB 13897
         Salem, OR 97309


KNS HOLDCO: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to
U.S.-based KNS Acquisition Corp. (formerly Nutrisystem Inc.), the
parent and the issuer of the consolidated financial statements of
the group.The outlook is stable.

S&P said, "At the same time, we assigned our 'B' issue-level rating
and '3' recovery rating to the company's first-lien credit
facility. The '3' recovery rating indicates our expectation for
meaningful (50%-70%, rounded estimate: 60%) recovery in the event
of a payment default. The second-lien term loan is not rated.

"The stable outlook reflects our view that there should be limited
integration risk in the combination of Nutrisystem and Adaptive
Health and that its integrated marketing platform should fuel
future growth in the competitive and fragmented North American
health and wellness market. We expect the company to maintain
leverage above 5x."

The 'B' rating reflects KNS' niche product focus in weight
management meal plans and nutritional supplements and its
participation in the highly fragmented and competitive health and
wellness industry.  Nutrisystem participates in the highly
competitive and seasonal weight loss program industry. S&P said,
"According to Euromonitor, the U.S. weight management category is a
$33 billion market, and we believe demand should remain robust for
the next 12 months as stay-at-home behavior and gym closures during
the pandemic likely caused a significant portion of the population
to gain weight, and consumers will seek weight management programs
as life returns to normal. Nutrisystem is a relatively well-known
brand and sizable player with about $600 million of annual sales in
the industry that provides meal solutions and competes directly
with other long-tenured programs Weight Watchers and Jenny Craig.
The company's competitors are diverse and evolving and include
store-bought meal solutions, meal-delivery platforms that offer
diet-specific menus such as Keto, and applications that assist
consumers with a do-it-yourself approach. Barriers to entry are low
with meal delivery services and meal-kit delivery entrants such as
digitally savvy Blue Apron and HelloFresh. However, Nutrisystem's
competitive advantage is that it provides a targeted menu to
consumers mostly over the age of 45 and considered to be obese who
seek the structure of its program to lose a significant amount of
weight. The company is subject to trends in the health and weight
loss industry and will have to continue to pivot its menu offering
to appeal to consumers. The company was late in introducing a Keto
menu in 2019, which led to underperformance when combined with
integration issues by its previous owners. S&P believes its
acquisition of Adaptive Health and use of its customer data will
help the company to reach new customers and adapt its product
offering faster to new trends.

Adaptive Health is a very small player in the $34 billion U.S.
vitamin and dietary supplement market. The industry is extremely
fragmented, with the leading player having less than 4% of market
share. Brand awareness for its key brands is also relatively low as
it competes in mostly direct-to-consumer channels. The company's
direct-to-consumer business is approximately 70% of its total
revenue, and it does not have its own retail stores. Future growth
would likely result from wholesale partner expansions. S&P views
the company's recent contract win with Walmart to be a credit
positive because a retail relationship with a customer of Walmart's
scale would increase brand awareness and could potentially enable
the company to compete with larger brands in the industry. However,
S&P believes scale improvement and brand awareness campaigns will
take time and will not materially expand the company in the next
12–24 months.

The direct-to-consumer business models of Nutrisystem and Adaptive
Health present an opportunity for the combined company to
capitalize on a common digital marketing platform to grow.  The
largest common assets shared between Nutrisystem and Adaptive
Health are its customer data. The combined company's core
demographics are consumers aged 45 and up who are increasingly
burdened with the chronic conditions of obesity and poor balanced
nutrition. Tivity Health Inc. decided to outsource Nutrisystem's
historically in-house marketing and creative functions to
third-party agencies and buyers. This business combination is
looking to bring the outsourced functions onto Adaptive Health's
proprietary direct-to-consumer marketing platform. If executed
well, Adaptive Health's existing marketing platform, with real-time
testing and feedback capabilities, should improve customer
penetration for Nutrisystem because of targeted advertising and
potential upselling and cross-selling opportunities. In addition,
the combined business brings increased operating leverage for the
company. S&P expects that it should be able to achieve
approximately $18 million of synergies over the next 24 months,
from a combination of digital purchasing benefits and a less
complex digital operating system.

The company is highly leveraged, and its financial sponsor
ownership would likely limit meaningful deleveraging.  KNS is
controlled by private equity sponsor Kainos Capital. S&P said, "We
estimate, pro forma for the transaction, leverage will be high at
about 5.6x and forecast that it will increase to about 6x by the
end of 2021 due to increased investments and required costs for the
business combination. The company's capital structure includes
preferred stock owned by MSD Capital. We treat the company's
preferred stock as debt-like because we believe the high
pay-in-kind interest rate will give the owners incentive to replace
it with debt if the company performs in line with or better than
expectations. Despite its high leverage, we expect the company to
generate about $50 million of free operating cash flow due to its
relatively asset-light business model. However, given the
fragmented nature of the industry, and its private equity owner, we
believe it's likely that the company will use excess cash for
acquisitions or shareholder returns instead of debt reduction. As
such, we believe the company's leverage will be sustained above
5x."

S&Ps aid, "The stable outlook reflects our view that there should
be minimal integration risk due to the combination of Nutrisystem
and Adaptive Health and that the integrated marketing platform
should fuel future growth in the competitive and fragmented North
American health and wellness market. We expect the company to
maintain leverage above 5x."

S&P could lower its ratings if leverage were sustained above 6.5x.
This could occur if:

-- The company's operating performance deteriorated from an
unsuccessful integration, ineffective marketing campaigns, or
product offering misses that caused the company to lose market
share, or if operational disruptions occurred at Adaptive Health's
manufacturing facility.

-- If the company's financial policy became more aggressive with
debt-funded shareholder returns or acquisitions.

Although unlikely, S&P could raise itsr ratings if:

-- The company's financial policy became less aggressive and
leverage were sustained below 5x.

-- If the company meaningfully improved its scale and gained share
across the highly competitive and fragmented health and wellness
industry.



LAKE CECILE RESORT: Wins Cash Collateral Access Thru May 4
----------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, has authorized Lake Cecile Resort Inc. to use
cash collateral on an interim basis in accordance with the budget
through May 4, 2021.

The Debtor is authorized to use cash collateral to pay: (a) amounts
expressly authorized by the Court, including payments to the U.S.
Trustee for quarterly fees; (b) the expenses set forth in the
budget, plus an amount not to exceed 5% for each line item; and (c)
additional amounts as may be expressly approved in writing by Best
Meridian Insurance Co., Best Meridian International Insurance Co.
SPC, Florida Department of Revenue, Orange County Tax Collector,
Osceola County Tax Collector, Osceola County, Office of Commission
Auditor, Osceola County, Florida, Code Enforcement Board, Premier
Elevator Company Inc, Sunbelt Rentals Inc, and Tohopekaliga Water
Authority.

As adequate protection, the Secured Creditors and each other
creditor asserting an interest in cash collateral will have a
perfected post-petition lien against cash collateral to the same
extent and with the same validity and priority as the pre-petition
lien, without the need to file or execute any document as may
otherwise be required under applicable non-bankruptcy law.

The Debtor will also maintain insurance coverage for its property
in accordance with the  obligations under the loan and security
documents with Secured Creditors.

A further hearing on the Motion and any objection is continued to
May 4 at 2 PM.

A copy of the order and the Debtor's monthly budget is available at
https://bit.ly/3sTajbe from PacerMonitor.com.  The Debtor projects
a total revenue of $52,453.61 and total expenses of $52,296.67.

                 About Lake Cecile Resort Inc.

Lake Cecile Resort Inc. is primarily engaged in renting and leasing
real estate properties.

Lake Cecile Resort sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-01060) on March 12,
2021. In the petition signed by Mary T. Nguyen, president, the
Debtor disclosed up to $50 million in both assets and liabilities.

Judge Karen S. Jennemann oversees the case.

David R. McFarlin, Esq. at FISHER RUSHNER, P.A. is the Debtor's
counsel.



LRGHEALTHCARE: Wins Cash Collateral Access
------------------------------------------
The U.S. Bankruptcy Court for the District of New Hampshire has
authorized LRGHealthcare to use cash collateral on an interim basis
in accordance with the budget.

The Debtor said it has a pressing need for the immediate use of
cash collateral to continue operating as a going concern minimize
disruption, rebut any skepticism regarding the Debtor's ability to
operate as a going concern and stabilize business operations in
response to the Chapter 11 case.

As of the Petition Date, the Debtor is party to a Security
Agreement dated as of December 9, 2009 by and among the Debtor,
KeyBank National Association, and U.S. Department of Housing and
Urban Development Federal Housing Administration, pursuant to which
Loan Documents, the Debtor was indebted to the Lender in the
aggregate principal amount of $110,761,259 as of the Petition Date,
plus pre-petition interest, fees, expenses, and other amounts
arising in respect of such obligations existing immediately prior
to the Petition Date. The Obligations are secured by valid,
enforceable, properly perfected, first priority, and unavoidable
liens on and security interests encumbering substantially all
pre-petition assets of the Debtor, as set forth in the Loan
Documents.

The Debtor is granted limited use of cash collateral as follows:

     a. Subject Section 552(b) of the Bankruptcy Code, "Cash
Collateral" means, collectively, all cash that the Debtor had on
hand as of the Petition Date or has received since the Petition
Date, including all products and proceeds of (i) all Collateral and
(ii) all funds in all bank accounts (excluding Account 164), all of
which constitute cash collateral, which will be deposited into the
BONH Accounts. All Cash Collateral that the Debtor receives
subsequent to the entry of the Fifth Interim Order will also be
swept daily into an operating account at BONH. No money will be
withdrawn by the Debtor from the Operating Account except as
expressly provided in the Interim Order.

     b. Absent the prior express consent of the Lender, the use of
any Cash Collateral will be restricted to payment, from the
Operating Account, in the ordinary course of business, only of the
expenses specified in the budget and pursuant to the terms of the
Carve-Out; provided, however, absent Lender's prior written
approval, the Debtor is permitted to exceed total weekly cash
disbursements by up to 15%. Any favorable variance will be added to
the next succeeding Budget period for purposes of measuring
compliance with the Budget and any favorable variance will continue
to roll over into successive Budget periods as applicable; provided
the favorable variance rollover will not exceed 20% of the
favorable variance for preceding Budget period.

     c. The Debtor's Budget represents only post-petition expenses
that must be paid in the ordinary course to avoid immediate and
irreparable harm.

     d. Under no circumstance will the Debtor:

        1. Use any Cash Collateral for any purpose other than those
authorized by the Interim Order and/or as outlined in the Budget
without the written consent of the Lender or further order of the
Court; or

        2. Use Cash Collateral to the extent that expenses listed
in the Budget are not actually incurred.

As adequate protection for the Debtor's use of cash collateral, the
Lender is granted, on behalf of itself and for the benefit of
Lender and HUD, a continuing replacement security interest in, and
lien, effective as of the Petition Date without the necessity of
Lender taking any further action, upon the right, title and
interest in some properties of the Debtor.

The Replacement Liens are  automatically valid and perfected to the
same extent as the Pre-Petition Liens with such priority as
provided in the Fifth Interim Order, without any further notice or
act by any party that may otherwise be required under any other
law.

As additional adequate protection for the Lender's interest in the
BONH Accounts, the Debtor will make an aggregate payment to Lender
in the amount of $250,000 to be paid no later than March 15.

As additional adequate protection, the Lender's claim with respect
to any Diminution in Value as a result of the Debtor's use of Cash
Collateral or the imposition of the automatic stay will have
priority pursuant to the terms of 11 U.S.C. section 507(b).

A Final Hearing on the Debtor's request is scheduled for April 22
at 10 a.m.

A copy of the Order and the Debtor's budget through May 8 is
available at https://bit.ly/3fv0lt1 from Epiq, the claims agent.

                        About LRGHealthcare

LRGHealthcare -- http://www.lrgh.org/-- is a not-for-profit
healthcare charitable trust operating Lakes Region General
Hospital, Franklin Regional Hospital, and numerous other affiliated
medical practices and service programs.

LRGH is a community-based acute care facility with a licensed bed
capacity of 137 beds, and FRH is a 25-bed critical access hospital
with an additional 10-bed inpatient psychiatric unit. In 2002,
Lakes Region Hospital Association and Franklin Regional Hospital
Association merged, with the merged entity renamed LRGHealthcare.

LRGHealthcare offers a wide range of medical, surgical, specialty,
diagnostic, and therapeutic services, wellness education, support
groups, and other community outreach services.

LRGHealthcare filed a Chapter 11 petition (Bankr. D.N.H. Case No.
20-10892) on Oct. 19, 2020.  The petition was signed by Kevin W.
Donovan, president and chief executive officer. At the time of
filing, the Debtor disclosed up to $500 million in both assets and
liabilities.

Judge Bruce A. Harwood oversees the case.

The Debtor tapped Nixon Peabody LLP as counsel; Deloitte
Transactions and Business Analytics LLP and Kaufman, Hall &
Associates, LLC as financial advisors; and Epiq Corporate
Restructuring, LLC as claims, noticing, solicitation, and
administrative agent.



LUCID ENERGY II: Moody's Hikes CFR to B2 & Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Investors Service upgraded Lucid Energy Group II Borrower,
LLC's Corporate Family Rating to B2 from B3, Probability of Default
Rating to B2-PD from B3-PD and senior secured Term Loan B rating to
B2 from B3.

"The upgrade of Lucid's ratings reflects our expectation for
increased volumes on the company's midstream system supporting
higher EBITDA, good liquidity and positive free cash flow applied
toward debt reduction," said Jonathan Teitel, a Moody's analyst.
"Lucid will have much stronger financial performance and lower
financial leverage in 2021 and 2022 than we were previously
expecting."

Upgrades:

Issuer: Lucid Energy Group II Borrower, LLC

Probability of Default Rating, Upgraded to B2-PD from B3-PD

Corporate Family Rating, Upgraded to B2 from B3

Senior Secured Term Loan, Upgraded to B2 (LGD4) from B3 (LGD4)

Outlook Actions:

Issuer: Lucid Energy Group II Borrower, LLC

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Lucid's upgrade to a B2 CFR reflects Moody's expectation for much
greater improvement in leverage over the next 12-18 months while
the company maintains good liquidity. Low oil prices in 2020 drove
lower capital spending by producers. The improved price environment
in 2021 supports increased drilling and completion activities and
provides better visibility to volume growth, although that volume
growth will be more restrained given capital discipline by
producers. Lucid successfully navigated the challenging commodity
price environment of 2020. Following weakness in the second quarter
of 2020, volume on Lucid's system recovered which supported
significant EBITDA growth in the second half of the year. Moody's
expects volume and EBITDA will continue at higher levels in 2021,
driving leverage down. Moody's also expects Lucid will generate
positive free cash flow which will support debt reduction. A
sizable portion of Lucid's customers' acreage is on land leased
from the federal government. There are risks and uncertainties
about future permitting on federal land under the new Biden
administration. However, potential mitigating factors include
leases that are held-by-production; the existing inventory of
drilled but uncompleted wells; drilling permits already held; and
the potential for drilling and completion to move off federal land
to state and private acreage.

Providing support to Lucid's credit profile are its large natural
gas gathering and processing system, strong but somewhat
concentrated customer base, acreage dedications and its presence
primarily in the highly economic Northern Delaware Basin. Lucid has
limited direct commodity price risk because contracts have fixed
fees, and the contracts also have long tenors. There are volume
risks though Lucid is supported by minimum volume commitments that
cover about 20% of existing volumes. The company has a debt service
reserve account which provides credit support.

Moody's expects Lucid will maintain good liquidity into 2022. As of
December 31, 2020, the company had $45 million drawn on its $100
million revolver due 2023 as well as some outstanding letters of
credit. As of December 31, 2020, the company had $14 million of
cash (plus $5 million of restricted cash) and Moody's expects the
company to generate free cash flow in part because of much reduced
capital investment. The revolver and term loans have minimum debt
service coverage ratio covenants of 1.1x. The revolver also has a
maximum super senior leverage ratio of 1.25x. Moody's expect the
company will maintain compliance with these covenants into 2022.

The $1.05 billion Term Loan B due 2025 (amount outstanding as of
December 31, 2020) is rated B2. The $80 million Term Loan C is due
2023 (unrated). The Term Loan B is senior secured with respect to
collateral other than that which secures the Term Loan C.
Specifically, the collateral securing the Term Loan C includes the
Red Hills IV and Red Hills V plants as well as specific pipeline
assets feeding these plants. The $100 million revolver due 2023
(unrated) has a super priority preference over the Term Loan B with
respect to the collateral that secures these loans. Because of the
small size of the revolver and the Term Loan C, the Term Loan B
comprises the preponderance of debt and is therefore rated the same
as the CFR.

The stable outlook reflects Moody's expectation for volumes to
support higher EBITDA and much lower leverage over the next 12-18
months while the company maintains good liquidity and generates
positive free cash flow which could support debt reduction.

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

Factors that could lead to an upgrade include significantly
increased scale, durable growth of volumes and EBITDA, and
substantial debt reduction while maintaining good liquidity and
conservative financial policies. Leverage (debt/EBITDA) sustained
below 4.5x could support an upgrade.

Factors that could lead to a downgrade include debt/EBITDA
remaining above 5.5x or weakening liquidity.

Lucid, headquartered in Dallas, Texas, is a privately-owned
midstream company focused in the Permian Basin. It owns a natural
gas gathering and processing system primarily in the Northern
Delaware Basin. The company is owned by affiliates of Riverstone
Holdings and Goldman Sachs Merchant Banking.

The principal methodology used in these ratings was Midstream
Energy published in December 2018.


MAG DS: S&P Alters Outlook to Negative, Affirms 'B' ICR
-------------------------------------------------------
S&P Global Ratings revised its outlook on Fairfax, Va.-based
defense services provider MAG DS Corp. to negative from stable and
affirmed its 'B' issuer credit rating.

S&P said, "At the same time, we affirmed our 'B' issue-level rating
on the company's term loan and its revolving credit facility. The
'3' recovery rating remains unchanged, indicating our expectation
for meaningful (50%-70%; rounded estimate: 50%) recovery in the
event of a payment default.

"The negative outlook reflects our view that MAG's leverage will
remain above 6x in 2021 as it continues to report
weaker-than-expected operating performance.

"We expect the company's credit metrics to remain weaker than we
expected in 2021 before improving in 2022.  MAG's revenue and
EBITDA margins were lower than expected in 2020 due to COVID-19
related pressures that affected its ability to fully realize the
revenue synergies from its acquisition of AASKI. The company was
also faced headwinds from slower federal government contract award
and release cycles, which we expect will continue to negatively
effect the company's results in early 2021 before improving later
in the year and into 2022. The slower award and release cycles
reduced MAG's EBITDA and caused its leverage to rise above 7x in
2020. We expect the company's debt to EBITDA to remain between 6x
and 7x in 2021 before improving to about 6x in 2022. In addition,
we expect MAG's EBITDA margin to be in the mid-single digit percent
range in both 2021 and 2022 as it benefits from AASKI's scale and
contract portfolio.

"The negative outlook on MAG reflects our estimate that its
leverage was above 7x in 2020 and will remain between 6x and 7x in
2021. We expect the company's leverage to marginally improve in
2022 but remain at or slightly above 6x.

"We could lower our rating on MAG if its debt to EBITDA remains
above 7x and we do not expect it to improve. This could occur if
its experiences a poor operating performance, integration issues,
or undertakes significant debt-financed acquisitions or dividends.
We could also lower the rating if substantial operating cash
outflows constrains the company's liquidity.

"We could revise our outlook on MAG to stable in the next 12 months
if its leverage improves toward 6x and we expect it to decline
further to below 6x and remain there on a consistent basis. This
could occur if the company wins new business or improves its
margins beyond our expectation."


MEDIQUIP INC: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Mediquip, Inc.
        280 Broadway, Suite D
        Bethpage, NY 11714-3716

Business Description: Mediquip, Inc. is a provider of home health
                      care services.

Chapter 11 Petition Date: April 2, 2021

Court: United States Bankruptcy Court
       Eastern District of New York

Case No.: 21-70615

Judge: Hon. Robert E. Grossman

Debtor's Counsel: Heath S. Berger, Esq.
                  BERGER, FISCHOFF, SHUMER, WEXLER & GOODMAN, LLP
                  6901 Jericho Turnpike
                  Suite 230
                  Syosset, NY 11791
                  Tel: 516-747-1136
                  E-mail: hberger@bfslawfirm.com/
                          gfischoff@bfslawfirm.com

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Sonia Carrero, chief executive officer.

A copy of the petition containing, among other items, a list of the
Debtor's 20 largest unsecured creditors is available for free  at
PacerMonitor.com at:

https://www.pacermonitor.com/view/2LO3WZA/Mediquip_Inc__nyebke-21-70615__0001.0.pdf?mcid=tGE4TAMA


MERITAGE HOMES: S&P Rates New $400MM Sr. Unsecured Notes 'BB+'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating and '3'
recovery rating to Meritage Homes Corp.'s proposed $400 million
senior notes due 2029.

The '3' recovery rating indicates S&P's expectation of meaningful
(50%-70%; rounded estimate: 65%) recovery in the event of payment
default. The company intends to use issuance proceeds to fund the
redemption of all its outstanding 7.00% senior notes due 2022 and
the remainder for general corporate purposes.

  Ratings List

  New Rating

  Meritage Homes Corp.

  Senior Unsecured
  US$400 mil sr nts due 2029   BB+
   Recovery Rating             3(65%)



MICHAELS COS: S&P Alters Outlook to Stable, Affirms 'B' ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook on Irving, Texas-based The
Michaels Cos. Inc. to stable from positive and affirmed its 'B'
issuer credit rating.

S&P said, "At the same time, we assigned our 'B' issue-level rating
and '3' recovery rating to the company's proposed senior secured
facilities and our 'CCC+' issue-level rating and '6' recovery
rating to its proposed senior unsecured notes.

"The stable outlook reflects our expectation that Michaels will
sustain S&P Global Ratings-adjusted leverage in the 5x area and
generate normalized annual free operating cash flow (FOCF) of over
$250 million."

Financial sponsor Apollo Global Management is acquiring Michaels
for a total consideration of about $5.5 billion (including equity
and debt). The transaction will increase the amount of funded debt
on Michaels' balance sheet by $1.6 billion.

The buyout will raise the company's leverage to the 5x area and
considerably increase its interest burden.  As part of the
financing for the buyout, Michaels is issuing $2.8 billion of
senior secured debt, comprising a $1.8 billion term loan and $1.0
billion of senior secured notes, as well as $1.3 billion of senior
unsecured notes. The company is also upsizing its asset-based
lending (ABL) facility to $1 billion from $850 million. Apollo will
contribute $1.4 billion of equity as part of the buyout.

The transaction will increase Michaels' S&P Global Ratings-adjusted
leverage to more than 5x, which compares with 3.7x as of fiscal
year 2020 (ended Jan. 30, 2021), and add approximately $100 million
to its annual interest burden. S&P said, "In our view, this suggest
that the sponsor, Apollo Management, will employ an aggressive
financial policy. Consequently, we have revised our financial
policy modifier to FS-6 from FS-5. We expect Apollo to maintain an
aggressive approach to leverage and we believe it could pursue
additional debt-funded transactions in the future. While the
company has demonstrated strong business trends that could
otherwise lead to an upgrade, its new financial policy and capital
structure limits the potential upside for the rating."

S&P said, "We believe the recent increase in Michaels' sales growth
reflects temporarily heightened demand, though some of its newly
introduced customers will likely continue to engage with the brand
over the long term.  The company's sales and earnings sharply
deteriorated in the first quarter due to the initial shock stemming
from the COVID-19 pandemic and the related government-mandated
store closures. However, upon reopening its stores it experienced
strong demand and a double-digit increase in comparable sales as
consumers sought different forms of at-home entertainment.
Michaels' comparable sales rose by 4.8% for the full fiscal year.

"We believe some consumers that were introduced to arts and crafts
as a form of entertainment or as a way to earn supplemental income,
will likely continue making items after the pandemic subsides. This
will likely support a modest long-term increase in Michaels' sales
(in the low- to mid-single digit percent area) relative to its
performance in 2019. However, the competitive pressures in the
creative products category have intensified over the past several
years and we believe continued competition from big-box and mass
market online retailers could threaten Michaels' market-leading
position."

The company maintained its healthy profit margins in fiscal year
2020 despite the challenging operating environment, including
mandated store closures, unpredictable sales volumes, industry-wide
supply chain challenges, and Darice inventory liquidations. Its S&P
Global Ratings-adjusted EBITDA margin of 21.7% was only 50 basis
points (bps) lower than its margin in 2019 and well ahead of our
prior expectation. This was due to management's initiatives to
reduce discounting, simplify the company's pricing, and improve its
merchandise assortment. Incremental tariffs, which came into effect
in 2019, continue to weigh on Michaels' performance, though we
believe the company will have some opportunity to mitigate these
extra costs over time. S&P said, "Given its ability to quickly
recover its profitability and credit metrics amid challenges
arising from pandemic, we have revised our assessment of Michaels'
business risk profile to fair from weak."

S&P said, "We forecast relatively stable sales and profitability in
2021, though the company's cash flow will be negative due to the
unwinding of its working capital in the first quarter.  We expect
Michaels' total sales to decline by about 1% year over year in 2021
due to the liquidation of its Darice wholesale business as well as
stabilizing demand relative to 2020. The company's profitability
will likely also remain largely in line with the prior year,
although we anticipate a slight contraction due to expenses related
to its strategic investments. Despite our forecast for stable
revenue and profitability, we anticipate Michaels will generate
negative FOCF of about $200 million for the full year because of
the anticipated working capital investments in the first quarter as
it normalizes its accounts payable and inventory position. We
expect it to generate positive FOCF beginning in the second
quarter. We also expect elevated capital spending this year to
support the conversion of its A.C. Moore stores to Michaels stores
and its investment in two new distribution centers. Beginning in
2022, we expect the company to generate over $200 million of FOCF
annually."

Michaels' investments in its omnichannel capabilities have
benefited its performance through the pandemic and its new
initiatives will likely help to bolster its market-leading
position.  The company's good sales performance in 2020 was partly
driven by e-commerce sales, with online sales penetration expanding
to 13% from about 5% in 2019. S&P believes management's quick
actions to provide curbside pickup, buy online pickup in store
(BOPIS), and other omnichannel capabilities allowed Michaels to
recapture some of its lost in-store sales.

The company has several other initiatives to improve operating
efficiency and defend market share by better catering to its core
maker customers. For example, its investment in two new
distribution centers this year will likely enable cleaner in-store
inventory positions and more effective seasonal transitions. S&P
said, "We also believe it will be able to reduce its reliance on
markdowns to clear its in-store inventory, which will allow for
healthier, more consistent profit margins. Meanwhile, its new
offerings of both online and in-person classes represent an
emerging opportunity to provide a more experiential service. While
paid classes will likely remain a small contributor to revenue, we
believe its favorable throughput would be accretive to the
company's overall profitability."

S&P said, "The stable outlook on Michaels reflects our expectation
for good normalized FOCF generation of over $200 million annually
despite its highly leveraged capital structure. We also anticipate
about flat same-store sales and relatively stable EBITDA margins in
2021, which will lead it to maintain leverage in the low- to mid-5x
area."

S&P could lower its rating on Michaels if:

-- S&P anticipates its credit metrics will weaken, with S&P Global
Ratings-adjusted leverage approaching 6x; or

-- Competitive pressures cause its comparable sales and
profitability to deteriorate, leading us to believe it has lost
market share.

S&P could raise its rating on Michaels if:

-- Its sponsor commits to a less-aggressive financial policy;

-- S&P expects it to sustain S&P Global Ratings-adjusted debt to
EBITDA of less than 5x; and

-- The company maintains its market leading position in the arts
and crafts industry by demonstrating consistent positive comparable
sales.



MONEYGRAM INTERNATIONAL: S&P Affirms 'B' Long-Term ICR
------------------------------------------------------
S&P Global Ratings revised its outlook on MoneyGram International
Inc. (MGI) to stable from negative. S&P also affirmed its long-term
issuer credit rating at 'B'.

S&P said, "At the same time, we affirmed our 'B' rating on MGI's
$645 million first-lien credit facility due 2023 and 'CCC+' rating
on its $245 million second-lien credit facility due 2024. The
recovery rating on the first-lien credit facility is '3',
indicating our expectation of a meaningful recovery (65%) in the
event of default. The recovery rating on the second-lien credit
facility is '6', indicating our expectation of negligible (0%)
recovery in the event of default.

"Our outlook revision is based on the company's steady operating
performance despite challenging operating conditions due to
COVID-19. As of Dec. 31, 2020, MGI's EBITDA interest coverage was
2.0x and leverage was 6.2x, versus 1.8x and 7.5x, respectively, in
2019. We expect that the company will have no new compliance
deficiencies and that it will pay the remaining $55 million of
Deferred Prosecution Agreement (DPA) settlement, which is due in
May 2021. Upon restitution, MGI will not have the compliance
monitor, which costs about $11 million in 2020.

"The stable outlook over the next 12 months indicates our
expectation for EBITDA interest coverage of 2.0x-3.0x, debt to
EBITDA above 5.0x, and no new compliance deficiencies. Our outlook
also considers MGI's modest market position in global money
transfer services, adequate liquidity, and sufficient covenant
cushion.

"We could lower the ratings over the next 12 months if we expect
EBITDA coverage to decrease below 1.5x on a sustained basis, the
covenant cushion substantially declines, refinancing risk
increases, or further compliance deficiencies arise.

"We could raise the ratings over the next 12 months if leverage
declines well below 5.0x, with EBITDA interest coverage staying
well above 2.0x on a sustained basis. An upgrade would also depend
on no further compliance deficiencies and MGI maintaining adequate
covenant cushion and addressing its 2023 debt maturity."



MUSCLE MAKER: Acquires Fla.-Based Superfit Foods
------------------------------------------------
Muscle Maker, Inc., the parent company of Muscle Maker Grill, a
fast-casual concept known for serving "healthier for you" meals,
has acquired Superfit Foods, LLC, a unique meal prep business
located in northern Florida which produced over 220,000 meals in
2020.  The acquisition of Superfit Foods is on the heels of Muscle
Maker Grill's recent announcement that it has partnered with Happy
Meal Prep to begin shipping its "healthier for you" fully prepared
meal prep options right to the doorsteps of millions of potential
customers throughout the Northeast.

Superfit Foods' meals are subscription based and can be ordered via
the company's app or website.  The Company differentiates itself
from other meal prep services by allowing their subscription
customers to pick up their fully prepared meals and fresh pressed
juices from coolers in 28 partner gyms and wellness centers.
Direct to customer shipping options and home delivery are also
available and meals can be shipped anywhere in the United States.
Superfit Foods' meals are made in the company's own kitchen and are
distributed to local coolers for customer pick up twice per week.
The Company has partnerships with local gym owners, personal
trainers, and wellness centers which drives brand awareness and
meal prep sales.  Targeted social media campaigns and local
engagement via events and sampling opportunities allows the company
to connect with its core customers.  With the global meal kit
delivery services market size valued at $7.6B in 2019 and expected
to grow at a compound annual growth rate (CAGR) of 12.8% from 2020
to 2027, the company is positioning itself well to capture a
percentage of the meal prep market.

Superfit Foods has historically grown by double digit percentages
annually since inception.  Number of meals per order average 8.5
with the corresponding average revenue per order of $81.70.  There
are over 150 different meals for consumers to choose from and the
plans focus on specific dietary categories such as Paleo,
Vegetarian, Build Up, Maintain and Lean Down.  The Company's
current footprint is in Florida and the Company intends to evaluate
additional markets for future expansion.  This model can also be
expanded into different markets which MMG meal prep currently
service.  MMG has acquired Superfit Foods for cash and stock,
specifics will be released in an 8k.

Mike Roper, CEO of Muscle Maker Grill, commented, "Let's face it,
most of us have been stagnant during Covid restrictions and likely
gained a little weight or feel sluggish because we are out of our
exercise routines.  We believe, as the country continues to re-open
for business, many people will begin to re-visit gyms and
concentrate on eating healthier.  What better way to supplement
your exercise routine than to combine it with a healthy fully
prepared meal that you can pick up right from a cooler in your gym
or wellness center? Superfit Foods grew during the Covid pandemic
and continues to grow today.  The Superfit Foods acquisition fully
supports our non-traditional approach to getting "healthier for
you" food in people's stomachs through non-traditional venues and
methods such as ghost kitchens, military bases and college
campuses.  Today's digitally driven environment continues to grow
exponentially.  Our target audience is in search of healthy food
options with a high level of convenience –no shopping or prep
required and no wasted food in their refrigerators at the end of
the week.  Superfit Foods adds another component to our existing
meal prep business allowing our customers to pick up food from
conveniently located coolers where they are exercising or shopping
for wellness products and services.  Buying a growth oriented
company adds to our top line revenue while providing another
platform for expected expansion into additional markets.  The meal
prep business is vast but fragmented.  There are many great
companies out there like Superfit Foods which are perfect to roll
into our existing non-traditional growth model.  We intend to
continue to evaluate other acquisition targets."

                          About Muscle Maker

Founded in 1995 in Colonia, New Jersey, Muscle Maker --
http://www.musclemakergrill.com-- is a fast casual restaurant
concept that specializes in preparing healthy-inspired,
high-quality, fresh, made-to-order lean, protein-based meals
featuring chicken, seafood, pasta, burgers, wraps and flat breads.
In addition, the Company features freshly prepared entree salads
and an appealing selection of sides, protein shakes and fruit
smoothies.

The Company reported a net loss of $28.38 million for the 12 months
ended Dec. 31, 2019, compared to a net loss of $7.20 million for
the 12 months ended Dec. 31, 2018.  As of Sept. 30, 2020, the
Company had $12.12 million in total assets, $5.07 million in total
liabilities, and $7.05 million in total stockholders' equity.

Marcum LLP, in Melville, NY, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated May 29,
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.


NATIONAL RIFLE ASSOCIATION: 16 State AGs Support Chapter 11 Case
----------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that 16 Republican state
attorneys general are seeking the green light from a bankruptcy
judge to back the National Rifle Association's Chapter 11 case.

The states want to file a brief supporting the 150-year-old
organization's right to restructure its operations and relocate
from New York to Texas, they said in a filing Tuesday.  The U.S.
Bankruptcy Court for the Northern District of Texas must grant them
permission before they can do so.

Led by Arkansas, the states assailed ongoing litigation in New York
over alleged corruption at the nonprofit's highest ranks.

"Whatever New York's purported justification for dissolving the
NRA, New York's real goal is to undermine the Second Amendment and
silence those who oppose its effort.  Indeed, the New York AG
campaigned for office on a platform of taking down the NRA by any
means possible.  To accomplish that goal, New York has weaponized
its not-for-profit governance laws and now seeks to use them in
unprecedented and heretofore unthinkable ways.  And unsurprisingly,
as any civil liberties organization would, in response to such a
hostile climate, the NRA has decided to change its state of
residence as part of a broader chapter 11 reorganization," the
States of Arkansas, Alabama, Alaska, Georgia, Idaho, Kentucky,
Louisiana, Mississippi, Missouri, Montana, Ohio, Oklahoma, South
Carolina, South Dakota, Utah, and West Virginia said in a court
filing.

"There is nothing improper about the NRA's desire to escape New
York's unconstitutional treatment as part of its reorganization.
And New York's efforts to oppose that reorganization are little
more than the next step in its campaign to take down the NRA at all
costs and silence its members.  New York's motion should be denied,
and the NRA should be allowed to move forward with
reorganization."

              About National Rifle Association

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, the 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.


NEIMAN MARCUS: Refinances $1.1-Bil. Debt Months After Ch. 11 Exit
-----------------------------------------------------------------
Neiman Marcus Holding Company, Inc., has refinanced $1.1 billion in
debt just months after emerging from Chapter 11 last fall of 2020.

Neiman Marcus on March 30, 2021, announced the completed
refinancing of a substantial portion of its exit facilities with an
aggregate principal amount of $1.1 billion of new 7.125% senior
secured notes due 2026 issued by NMG Holding Company, Inc., a
Delaware corporation, and The Neiman Marcus Group LLC, a Delaware
limited liability company.  The transaction, initially sized at $1
billion, was increased to $1.1 billion in response to demand from
institutional investors.

"This refinancing validates the momentum we are seeing as we
continue to execute on our strategic transformation plan amidst
improved market conditions," said Brandy Richardson, Executive Vice
President and Chief Financial Officer, Neiman Marcus Group.
"Confidence from our investors is reflected in final pricing terms
and the size of the offering. We have additional financial
flexibility as we invest in our supply chain, elevate our digital
excellence and deliver unparalleled luxury experiences."

The refinancing positions the Company for long-term profitability
with:

  * A simplified capital structure;
  * Lowered interest payments by more than $30 million per year;
  * Extended debt maturities to 2026;
  * Improved financial flexibility; and
  * Further strengthened liquidity.

The Company used the net proceeds of the refinancing to repay in
full the $123.6 million outstanding under its existing first-in,
last-out term loan facility, the $697.4 million outstanding under
its existing term loan credit facility and the $50.8 million
outstanding under its senior secured floating rate notes due 2025,
and to pay related interest, premiums and expenses. The Company
will use the remainder of the proceeds for general corporate
purposes, including repayment of the entire $75.0 million currently
outstanding under its $900-million asset-based revolving credit
facility. Upon repayment, the Company will have no outstanding
borrowings under this facility and outstanding net debt will be
approximately $850 million after paydown of the asset-based
revolving credit facility.

                    About Neiman Marcus Group

Neiman Marcus Group LTD, LLC -- https://www.neimanmarcus.com/ -- is
a luxury omni-channel retailer conducting store and online
operations principally under the Neiman Marcus, Bergdorf Goodman,
and Last Call brand names. It also operates the Horchow e-commerce
website offering luxury home furnishings and accessories.  Since
opening in 1907 with just one store in Dallas, Neiman Marcus and
its affiliates have strategically grown to 67 stores across the
United States.

Weeks after being forced to temporarily shutter stores due to the
coronavirus pandemic, Neiman Marcus Group and 23 affiliates sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-32519) on
May 7, 2020, after reaching an agreement with a significant
majority of our creditors to undergo a financial restructuring that
will substantially reduce the Company's debt load, and provide
access to considerable financing to ensure business continuity.

Kirkland & Ellis LLP is serving as legal counsel to the Company,
Lazard Ltd. is serving as the Company's investment banker, and
Berkeley Research Group is serving as the Company's financial
advisor.  Stretto is the claims agent, maintaining the page
https://cases.stretto.com/NMG

Judge David R. Jones oversees the cases.

The Extended Term Loan Lenders are represented by Wachtell, Lipton,
Rosen & Katz as legal counsel, and Ducera Partners LLC as
investment banker.

The Noteholders are represented by Paul, Weiss, Rifkind, Wharton &
Garrison LLP as legal counsel and Houlihan Lokey as investment
banker.


NEXTIER OILFIELD: S&P Affirms 'B' ICR, Outlook Negative
-------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on NexTier
Oilfield Solutions Inc., a Houston-based provider of well
completions services.

S&P said, "At the same time, we affirmed our 'BB-' issue-level
rating on the company's $350 million senior secured term loan due
in 2025. The '1' recovery rating indicates our expectation for very
high (90%-100%; rounded estimate: 95%) recovery of principal in the
event of a payment default.

"The negative outlook reflects the uncertain pace of recovery in
the oilfield services sector, which could prolong the recovery in
NexTier's credit measures. We expect funds from operations (FFO) to
debt to average about 20% in 2021.

"We expect conditions for the oilfield services sector to remain
challenging, despite our recent upward revision to our crude oil
price assumptions. We raised our assumptions for West Texas
Intermediate (WTI) crude oil to $55 per barrel (/bbl) in the
remainder of 2021 and 2022, from $45/bbl previously, but anticipate
capital discipline from E&P companies will moderate the pace of
demand recovery for the North American onshore oilfield services
sector. In addition, although we believe a significant amount of
hydraulic horsepower (HHP) has been permanently removed from the
pressure pumping market over the past year through scrapping or
reconfiguration of fleets, an oversupply of equipment will continue
to hamper pricing power and margins.

"We expect NexTier's cash flow and leverage measures will remain
weak for the rating in 2021.  We have revised our assumptions for
NexTier and now anticipate revenues will decline by about 10% in
2021 before rebounding by about 25%-35% in 2022, driven by
increased activity and higher pricing as the current excess of
pressure pumping equipment is reduced. We anticipate margins will
improve slightly to about 10% in 2021, benefitting from the
company's cost-reduction initiatives and deal-related synergies
achieved in 2020, before improving to about 15% in 2022. However,
any improvement remains dependent on the pace of recovery in E&P
spending. We project NexTier's FFO to debt to average about 20% in
2021.

"The negative outlook reflects the uncertain pace of recovery in
the oilfield services sector and our expectation that credit
measures will remain weak for the rating in 2021, including FFO to
debt of about 20%. In addition, the equipment oversupply is
expected to continue to weigh on margins and profitability,
pressuring the company's near-term cash flow and leverage metrics.

"We could lower the rating if we expect NexTier's FFO to debt to
average less than 20% for a sustained period without a clear path
to improvement. This would most likely occur if oil and gas prices
declined below our current expectations, leading to further
reductions in E&P company spending and completions activity,
reducing demand for NexTier's services.

"We could consider a stable outlook on NexTier if credit measures
improved, such that we expected FFO to debt to comfortably exceed
30% on a sustained basis. This would most likely result from a
continued recovery in spending by E&P companies, leading to
improved demand and pricing for services provided by NexTier."


ORIGINCLEAR INC: Files Series U Stock Certificate of Designation
----------------------------------------------------------------
OriginClear, Inc. filed a certificate of designation of Series U
Preferred Stock with the Secretary of State of Nevada on March 23,
2021.

Pursuant to the certificate of designation, the Company designated
5,000 shares of preferred stock as Series U Preferred Stock.  The
Series U Preferred Stock has a stated value of $1,000 per share,
and will be entitled to cumulative dividends in cash at an annual
rate of 10% of the stated value, payable quarterly.  The Series U
Preferred Stock will not be entitled to any voting rights except as
may be required by applicable law.  The Series U Preferred Stock
will be convertible into common stock of the Company in an amount
determined by dividing 100% of the stated value of the Series U
Preferred Stock being converted by the conversion price; certain
prior investors will also be entitled to certain make-good shares;
provided that, the Series U Preferred Stock may not be converted
into common stock to the extent such conversion would result in the
holder beneficially owning more than 4.99% of the Company's
outstanding common stock.  The conversion price will be equal to
the average closing sale price of the common stock for the five
trading days prior to the conversion date.  The Company will have
the right (but no obligation) to redeem the Series U Preferred
Stock at any time at a redemption price equal to, if paid in cash,
the stated value plus any accrued but unpaid dividends, or, if paid
in shares of common stock, in an amount of shares determined by
dividing the stated value being redeemed by the conversion price.

                        About OriginClear

Headquartered in Los Angeles, California, OriginClear --
http://www.originclear.com-- is a provider of water treatment
solutions and the developer of a breakthrough water cleanup
technology.  Through its wholly owned subsidiaries, OriginClear
provides systems and services to treat water in a wide range of
industries, such as municipal, pharmaceutical, semiconductors,
industrial, and oil & gas.

OriginClear reported a net loss of $27.47 million for the year
ended Dec. 31, 2019, compared to a net loss of $11.35 million for
the year ended Dec. 31, 2018. As of Sept. 30, 2020, the Company had
$1.72 million in total assets, $20.56 million in total liabilities,
and a total shareholders' deficit of $24.13 million.

M&K CPAS, PLLC, in Houston, TX, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated May 29,
2020, citing that the Company suffered a net loss from operations
and has a net capital deficiency, which raises substantial doubt
about its ability to continue as a going concern.


PALM BEACH BRAIN: Disclosure Statement Hearing Reset to April 5
---------------------------------------------------------------
On Feb. 24, 2021, the U.S. Bankruptcy Court for the Southern
District of Florida entered an order setting a hearing on April 6,
2021 on the disclosure statement filed by Debtor Palm Beach Brain
and Spine, LLC. It has come to the Court's attention that the
hearings currently scheduled on April 6, 2021 at 1:30 p.m.
proceeding must be rescheduled.

On March 30, 2021, Judge Mindy A. Mora ordered that the Hearings
presently scheduled for April 6, 2021 at 1:30 p.m. are rescheduled
to April 5, 2021 at 1:30 p.m.

A full-text copy of the Order dated March 30, 2021, is available at
https://bit.ly/3mgyvlo from PacerMonitor.com at no charge.  

The Debtor's counsel:

     Craig I. Kelley, Esquire
     Kelley, Fulton & Kaplan, P.L.
     1665 Palm Beach Lakes Blvd.   
     The Forum - Suite 1000
     West Palm Beach, FL 33401
     Phone (561) 491-1200
     Facsimile (561) 684-3773
     E-mail: craig@kelleylawoffice.com

                 About Palm Beach Brain and Spine

Palm Beach Brain & Spine -- http://www.pbbsneuro.com/-- is a
medical practice providing neurosurgery, minimally invasive spine
surgery, and treatment for cancer of the brain and spine.

Palm Beach Brain & Spine and two affiliates, Midtown Outpatient
Surgery Center, LLC and Midtown Anesthesia Group, LLC, filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Fla. Lead Case No. 19-20831) on Aug. 15, 2019.

The petitions were signed by Dr. Amos O. Dare, manager. Palm Beach
Brain disclosed $13,412,202 in assets and $2,685,278 in
liabilities. Midtown Outpatient disclosed $6,857,558 in assets and
$2,920,846 in liabilities while Midtown Anesthesia listed
$5,081,861 in assets and under $50,000 in liabilities.

Judge Mindy A. Mora is the case judge. Dana L. Kaplan, Esq. and
Craig I. Kelley, Esq., at Kelley Fulton & Kaplan, P.L. are the
Debtors' counsel.


PAPER SOURCE: Gets Court Okay to Tap $16 Mil. Loan,Set Sale Process
-------------------------------------------------------------------
Leslie A. Pappas of Bloomberg Law reports that Paper Source Inc.
got court approval to tap the remainder of a $16 million bankruptcy
loan and move forward with its bidding procedures for a bankruptcy
auction in May 2021.

The stationery retailer reached a global settlement with landlords,
lenders, and a committee of unsecured creditors that allows the
company to move forward with a bankruptcy sale process, Paper
Source's attorney, John C. Longmire of Willkie Farr & Gallagher
LLP, said at a hearing Thursday, April 1, 2021.

Paper Source filed for bankruptcy March 2, 2021 with plans to hand
control of the business to an affiliate of MidCap Financial Trust

                     About Paper Source Inc.

Paper Source, Inc. operates as lifestyle brand and retailer of
premium paper products, crafting supplies and related gifts,
including custom invitations, greeting cards and personalized
stationery and stamps.  It sells fine and artisanal papers, wedding
paper goods, books and gift wrap through its 158 domestic stores
and e-commerce website. Its administrative headquarter is in
Chicago.

Paper Source and Pine Holdings, Inc., sought Chapter 11 protection
(Bankr. E.D. Va. Case No. 21-30660) on March 2, 2021.  At the time
of the filing, the Debtor disclosed assets of between $100 million
and $500 million and liabilities of the same range. The Hon. Keith
L. Phillips is the case judge.

The Debtors tapped Willkie Farr & Gallagher LLP and Whiteford
Taylor & Preston LLP as bankruptcy counsel, M-III Advisory LP as
restructuring advisor, SSG Capital Advisors LLC as investment
banker, and A&G Real Estate Partners as real estate advisor. Epiq
Corporate Restructuring, LLC is the claims agent.


PEARL 53: Amended Plan of Reorganization Confirmed by Judge
-----------------------------------------------------------
Judge Jil Mazer-Marino has entered findings of fact, conclusions of
law confirming the Amended Chapter 11 Plan of Reorganization
proposed by debtor Pearl 53 LLC.

The Settlement embodied in the Plan is reasonable and represents a
sound exercise of the Debtor's business judgment in resolving its
disputes with the 177 Water LP (the "Seller") for the best
interests of the Debtor and its estate.

The Plan has been proposed in good faith, and is (JMM) the result
of arm's length negotiations between the Debtor, the New Investors
and the Seller, as owner (JMM) of the real property located at 53
Pearl Street, Brooklyn, NY (the "Property").

The acquisition of the Property by the Reorganized Debtor as
provided for under the Plan and authorized by this Confirmation
Order shall not be stayed, and the closing of the acquisition
transaction and post-confirmation financing attendant thereto under
the Plan may occur at any time after entry of this Order without
any stays, as the Reorganized Debtor is deemed a good faith
purchaser within the meaning of the Section 363(m) Bankruptcy
Code.

The Plan is being implemented and effectuated through the
implementation of the Settlement and the acquisition of the
Property by the Reorganized Debtor pursuant to the Revised Sale
Contract.

A full-text copy of the Plan Confirmation Order dated March 30,
2021, is available at https://bit.ly/3wnEppF from PacerMonitor.com
at no charge.

Attorneys for the Debtor:

     Kevin J. Nash, Esq.
     GOLDBERG WEPRIN FINKEL
     GOLDSTEIN LLP
     1501 Broadway, 21st Floor
     New York, NY 10036

                       About Pearl 53 LLC

Pearl 53 LLC is engaged in activities related to real estate.  The
Company has a contract to purchase real property at 53 Pearl
Street, Brooklyn, NY, having a current value of $9.85 million.

Pearl 53 LLC sought Chapter 11 protection (Bankr. E.D.N.Y. Case No.
20-41911) on April 28, 2020.  The Debtor disclosed total assets of
$13,029,500 and total liabilities of $9,434,104 as of the
bankruptcy filing.  The Hon. Carla E. Craig is the case judge.
GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP, led by Kevin J. Nash, is the
Debtor's counsel.


PEELED INC: Seeks to Hire Sugar Felsenthal as Bankruptcy Counsel
----------------------------------------------------------------
Peeled, Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Delaware to employ Sugar Felsenthal Grais & Helsinger
LLP as its bankruptcy counsel.

The firm's services include:

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

   b. attending meetings, negotiating with creditors and other
parties in interest, and advising the Debtor on the conduct of its
Chapter 11 case, including all of the legal and administrative
requirements of operating in Subchapter V;

   c. taking appropriate action to protect and preserve the
Debtor's assets, including prosecuting actions on behalf of the
Debtor's estate, defending actions commenced against the estate,
negotiating any litigation in which the Debtor may be involved, and
objecting to claims filed against the estate;

   d. preparing pleadings;

   e. advising the Debtor with respect to its executory contracts
and unexpired leases and seeking court approval to assume or reject
each;

   f. appearing before the bankruptcy court or other courts; and

   g. performing other legal services for the Debtor that may be
necessary in connection with its bankruptcy case.

Sugar Felsenthal will be paid at these rates:

     Partners               $500 to $650 per hour
     Associates             $350 to $450 per hour
     Paralegals              $50 to $300 per hour

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

The retainer fee is $110,000.

Jonathan Friedland, Esq., a partner at Sugar Felsenthal, 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:

     Jonathan Friedland, Esq.
     Jack O'Connor, Esq.
     Hajar Jouglaf, Esq.
     Sugar Felsenthal Grais & Helsinger LLP
     30 N. La Salle St., Ste. 3000
     Chicago, IL 60602
     Tel: (312) 704-9400
     Fax: (312) 372-7951
     Email: jfriedland@sfgh.com
            joconnor@sfgh.com
            hjouglaf@sfgh.com

                        About Peeled Inc.

Peeled Inc. -- https://peeledsnacks.com -- is a manufacturer of
"healthy" snacks offering organic, gluten-free, vegan, kosher
options.

Peeled Inc. filed a petition under Subchapter V of Chapter 11 of
the Bankruptcy Code (Bankr. D. Del. Case No. 21-10513) on March 3,
2021.  The Debtor had between $1 million and $10 million in both
assets and liabilities at the time of the filing.

The Debtor tapped Sugar Felsenthal Grais & Helsinger, LLP and
Archer & Greiner, P.C. as its bankruptcy counsel, and Rupp Baase
Pfalzgraf Cunningham, LLC as its special counsel.  Newpoint
Advisors Corporation is the restructuring advisor.


POSTMEDIA NETWORK: Moody's Affirms Caa3 CFR, Outlook Still Negative
-------------------------------------------------------------------
Moody's Investors Service affirmed Postmedia Network Inc.'s Caa3
Corporate Family Rating, Caa3-PD Probability of Default Rating, and
the B3 rating on its senior secured notes. Moody's upgraded the
Speculative Grade Liquidity Rating to SGL-3 from SGL-4. The outlook
remains negative.

"The upgrade of the SGL to SGL-3 reflects adequate liquidity over
the next twelve months supported by a robust cash balance and
continued support from government subsidies over the next several
months," said Whitney Leavens, Analyst at Moody's.

Affirmations:

Issuer: Postmedia Network Inc.

Corporate Family Rating, Affirmed Caa3

Probability of Default Rating, Affirmed Caa3-PD

Senior Secured Regular Bond/Debenture, Affirmed B3 (LGD2)

Upgrades:

Issuer: Postmedia Network Inc.

Speculative Grade Liquidity Rating, Upgraded to SGL-3 from SGL-4

Outlook Actions:

Issuer: Postmedia Network Inc.

Outlook, Remains Negative

RATINGS RATIONALE

Postmedia (Caa3 CFR) is constrained by: (1) high leverage (LTM
Nov-20 at 5x, rising to over 10x in 2021) and increasing
refinancing risk associated with the first lien notes due 2023; (2)
high business risk amid a still challenging operating environment
following the coronavirus outbreak; (3) steep, sustained revenue
declines in its traditional newspaper business; and (4) competitive
pressure in its digital media segment given low barriers to entry
and dominant global players. The company benefits from: (1) its
leading position in the Canadian newspaper market with well-known
brands; and (2) track record for achieving cost reductions that
keep pace with falling revenues.

Postmedia has adequate liquidity (SGL-3). Sources consist of cash
on hand as of November 2020 of C$48 million, positive free cash
flow through February 2022 (including government disbursements
associated with the Canada Emergency Wage Subsidy and journalism
tax credits), and full availability under its C$15 million asset
back revolving credit facility due October 2022. Moody's estimate
uses of cash will total about $12 million under the excess cash
flow sweep, inclusive of the mandatory minimum $5 million debt
payment. Postmedia has limited alternative liquidity generating
potential as individual asset sale proceeds must be used to repay
the first lien notes rather than to enhance liquidity.

Postmedia has two classes of long term debt: i) B3-rated C$95
million face value first lien notes due July 2023 (C$84 million
outstanding at Nov-20), and ii) unrated $135 million second lien
notes due January 2024. The B3 rating on the first lien notes is
three notches above the Caa3 CFR because they benefit from the
significant cushion provided by the second lien notes.

The negative outlook reflects sustained pressure on revenues amid a
challenging operating environment and refinancing risk in 2023
which could lead to distressed exchanges and/or debt
restructuring.

Governance considerations include the company's history of
distressed exchanges; however, Postmedia has clear and transparent
reporting and a track record of pursuing material debt reduction
even as topline growth has contracted in recent years.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety which has led to business closures, resulting in
weakening near-term business prospects for Postmedia.

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

The ratings could be downgraded if the company restructures its
debt.

The ratings could be upgraded if operating performance improves and
refinancing risk declines.

Postmedia Network Inc. is a public company headquartered in
Toronto. It is the largest publisher of daily newspapers in Canada.
Publications include National Post, Toronto Sun, Vancouver Sun,
Montreal Gazette, Ottawa Citizen, Calgary Herald, Edmonton Journal,
and Windsor Star.

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


PRECIPIO INC: Incurs $10.6 Million Net Loss in 2020
---------------------------------------------------
Precipio, Inc. filed with the Securities and Exchange Commission
its Annual Report on Form 10-K disclosing a net loss of $10.6
million on $6.09 million of net sales for the year ended Dec. 31,
2020, compared to a net loss of $13.24 million on $3.13 million of
net sales for the year ended Dec. 31, 2019.

As of Dec. 31, 2020, the Company had $20.71 million in total
assets, $6.55 million in total liabilities, and $14.16 million in
total stockholders' equity.

Hartford, CT-based Marcum LLP issued a "going concern"
qualification in its report dated March 29, 2021, 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.

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

https://www.sec.gov/Archives/edgar/data/1043961/000155837021003619/prpo-20201231x10k.htm

                             About Precipio

Omaha, Nebraska-based Precipio, formerly known as Transgenomic,
Inc. -- http://www.precipiodx.com-- is a cancer diagnostics
company providing diagnostic products and services to the oncology
market.  The Company has developed a platform designed to eradicate
misdiagnoses by harnessing the intellect, expertise and technology
developed within academic institutions and delivering quality
diagnostic information to physicians and their patients worldwide.
Precipio operates a cancer diagnostic laboratory located in New
Haven, Connecticut and has partnered with the Yale School of
Medicine.


PRIORITY HOLDINGS: S&P Upgrades ICR to 'B-' on Debt Refinancing
---------------------------------------------------------------
S&P Global Ratings raised its rating on U.S.-based merchant
acquirer Priority Holdings LLC to 'B-' from 'CCC+' and removed the
CreditWatch with positive implications from all ratings.

S&P said, "We also assigned our 'B-' issuer credit rating to
Priority Technology Holdings Inc. We also assigned our 'B-' rating
and '3' recovery rating to the company's proposed first-lien credit
facilities.

"The stable outlook reflects our expectation that the business
combination will lead to low-double-digit-percentage revenue growth
and improved EBITDA margins such that leverage will decline to the
mid-7x area by the end of 2021. We also expect improvement in free
cash flow generation over the next 12 months."

Priority plans to refinance its debt and acquire Finxera Inc., a
provider of banking-as-a-service technology, for $425 million with
additional debt.

S&P said, "The upgrade reflects our view that Priority's
recapitalization transaction extends debt maturities and alleviates
near-term liquidity and financial covenant concerns. The upgrade
also reflects our expectation that the company will generate stable
organic revenue growth, primarily from recovery in consumer
payments segment, and hence improve free cash flow generation.
Additionally, notwithstanding some uncertainty around the
complementary nature of the two businesses, the acquisition of
Finxera brings an additional revenue source, higher profitability,
and the opportunity to enhance Priority's technology solutions. Pro
forma for the refinancing and the acquisition, leverage will
increase to mid-8x as of Dec. 31, 2020, from mid-6x. We treat the
$200 million of new preferred instrument as debt, which is included
in the leverage calculation. We expect the combined entity to
reduce leverage to the mid-7x area by the end of 2021 based on
continued consumer electronic payments."

The company's refinancing extends debt maturity and alleviates
near-term liquidity concerns. Priority plans to complete a two-step
recapitalization process, which will initially refinance its debt
and subsequently acquire Finxera. The refinancing will consist of a
$40 million revolver due 2026 upsized from $25 million, $300
million term loan B due 2027, and $150 million of preferred stock
provided by Ares Capital, which S&P treats as debt. The funding of
the Finxera acquisition will consist of a $290 million delayed-draw
term loan due 2027, $50 million in additional preferred equity, and
$50 million in rollover common equity from Finxera's owner, Stone
Point Capital. The refinancing immediately improves Priority's
liquidity position by reducing mandatory debt amortizations to the
standard 1%, or about $6 million per year, from $40 million over
the next two years. The new credit agreement will also include more
favorable financial covenants such as a springing covenant tested
at 35% revolver utilization, which S&P expects Priority to maintain
with ample headroom over the coming year.

Priority reported better-than-anticipated 2020 results and S&P
expects its revenue growth to accelerate in 2021. Priority
demonstrated resilient operating performance during the pandemic.
It reported about a 9% rise in sales in fiscal 2020, driven by
growth from its high-margin specialized e-commerce merchants and
strength in new merchant onboarding. Its EBITDA margins also
expanded from about 12% to 15% year over year, driven by higher
revenue generation and reduction in operating expenses as the
company took a more disciplined approach to managing its variable
cost base as a result of the pandemic. S&P said, "On a stand-alone
basis, we now project robust low-double-digit-percentage organic
revenue growth for 2021, supported by strength in the consumer
payments segment from further expansion of the specialized
merchants and traditional consumer businesses as electronic payment
traction continues into 2021. We also project the strong revenue
growth will lead to slightly higher EBITDA margins and free cash
flows."

Finxera's acquisition will improve Priority's profitability and
enhance its technology capabilities. Finxera operates a payments
and banking technology platform that facilitates account creation,
collection, storage, and transmission of funds between consumers
and creditors in the debt settlement industry. Its client base
consists of debt settlement companies and their individual
consumers. It partners with these debt settlement companies to help
credit debt holders in their debt relief program. The acquisition
will add about $70 million of annual revenues while diversifying
Priority's revenue stream as it benefits from Finxera's unique
business model. S&P said, "We expect the combination to
significantly expand EBITDA margins driven by Finxera's strong
margin profile and add free cash flows. However, we believe there
is limited overlap between the two businesses. Finxera's
acquisition will introduce several risks stemming from high
customer concentration, the noncontractual nature of revenue
source, potential regulatory changes, and additional fiscal
policies providing relief on consumer debt during the pandemic.
Longer term, we see opportunities for Priority to leverage
Finxera's technology across its integrated channels and expand use
cases and applications."

S&P said, "Our assessment of Priority's financial risk reflects
initial pro forma leverage in the mid-8x area (inclusive of $200
million in preferred), up from about 6.5x as of Dec. 31, 2020. We
expect leverage to decline to the mid-7x area by the end of 2021
primarily through revenue growth. We also project the company to
generate $50 million-$60 million of free cash flow over the coming
year.

"The stable outlook reflects our expectation that the business
combination will lead to low-double-digit-percentage revenue growth
and improved EBITDA margins such that leverage will decline to
mid-7x by the end of 2021. We also expect improvement in free cash
flow generation over the next 12 months.

"We could lower our ratings on Priority if industry disruption,
execution missteps, elevated merchant attrition, or customer losses
significantly weaken Priority's market position or cause Priority
to materially underperform our base case. This scenario could lead
to break-even free cash flows, reliance on revolver usage and
weakening liquidity position, at which point, we would deem the
company's capital structure unsustainable.

"Although unlikely over the coming year, we could raise the rating
if merchant diversification, continued rise in transaction volumes,
and a supportive regulatory environment lead to consistent organic
revenue growth and EBITDA expansion, such that Priority sustains
leverage below 7x for an extended period."


QTS REALTY: S&P Upgrades ICR to 'BB' on Strong Growth Prospects
---------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on QTS Realty
Trust Inc. to 'BB' from BB-. At the same time, S&P raised its
issue-level ratings on the company's unsecured notes to 'BB+'. The
recovery rating remains '2', reflecting its expectation of a
substantial (70% to 90%; rounded estimate: 85%) recovery in the
event of a default.

S&P said, "The stable outlook reflects our expectation that QTS
will continue to exhibit sound operating performance and maintain a
consistent financial policy, largely prefunding development
spending with equity.

"We think that QTS has achieved tangible improvements that enhance
our view of its business risk profile. During 2020, QTS achieved
its highest annual leasing volume and lowest churn, delivering a
historical high data center capacity and launching construction
projects in three new sites, which are now open and operating. This
execution drove material growth for the company in 2020 with ample
visibility into 2021 and beyond.

"As of year-end 2020, QTS' gross asset base was $4.6 billion, an
expansion of $1 billion compared to 2019, and grew EBITDA by 20%.
Pro forma for its projects under development, we expect its asset
base to exceed $5 billion by year-end 2021, with EBITDA growth of
10% to 12%.

"In our view, QTS' increased scale has improved its competitive
advantage in the highly fragmented data center industry, in which
QTS is the fourth largest provider in the Americas. This enables
the company to address larger deployments for existing or new
customers while accessing a more efficient cost structure, partly
due to increased economies of scale, and allows it to achieve
higher than peer-average yields on development projects.

"At the same time, QTS' EBITDA margins improved to 53.7% in 2020
from 43.1% in 2018. We think this demonstrates the success of QTS'
business restructuring, which centered on exiting the majority of
its managed services portfolio and realigning around its hyperscale
and hybrid colocation offering. We also believe the execution
highlights the successful implementation of its cost reduction
initiatives launched back in 2018, including exiting its leased
facilities."

As of 2020, QTS' revenue mix of colocation to hyperscale (including
Federal) was about 60% to 40%; while pro forma for
booked-not-billed contracts, we estimate the mix will continue to
move closer to a 50%-50% mix during 2021. In S&P's view, hyperscale
provides longer term visibility of the cash flow stream given the
longer average duration of contracts (five to 10 years) compared to
colocation (about three years).

S&P said, "We think data center landlords are poised for sustained
growth over the next several years and QTS' share in the market
will continue to grow. The expected growth of data (including new
technologies such as artificial intelligence and driverless cars),
the broader adoption of cloud environments, and continued growth of
data center outsourcing are key secular drivers that we think will
support sustained growth for data center landlords over the next
several years. Moreover, the mandated national shutdown in response
to the COVID-19 pandemic accelerated economic digitization, cloud
adoption, and the need for connectivity. In our view, this further
strengthened the industry fundamentals for long-term data center
demand.

"In this context, we believe QTS is well-positioned to benefit from
strong tailwinds given its data center platform is within the top
five largest integrated platforms, the facilities are located in
markets with high-growth fundamentals, and the company has a
backlog of $154 million of annualized revenue as of year-end 2020.
In addition, we think QTS' customer base is in growth mode (cloud
and information technology (IT) services, content and digital
media, and network services add a combined 60% of annualized base
revenue [ABR]) and will continue to expand its data center needs
within QTS' platform."

During the pandemic, the shutdown highlighted the critical nature
of data centers and QTS maintained generally undisrupted operating
performance of in-service facilities and of projects under
development, which underscores the resiliency of the business. In
addition, the quality of QTS' tenant roster significantly enhances
S&P's view of the quality and stability of the cash flow stream.

QTS' hybrid colocation revenue stream reduces long-term cash flow
predictability, but low churn partly mitigates re-leasing risk.
QTS' growth strategy relies on a mix of colocation and hyperscale
offerings. These complimentary deployments strengthen its
competitive advantage, but we believe colocation services somewhat
reduce the predictability of the company's revenue stream and cash
flows over a longer time frame because the contracts are shorter
term compared with those for hyperscale. As of the end of 2020, the
company still derived 60% of ABR from colocation leases.
Consequently, QTS' lease expirations are significantly lumpier with
55% of ABR set to expire through 2022 (for comparison, competitor
Digital Realty Trust Inc. will see 43% expire, and CyrusOne Inc.
33%). S&P said, "However, we consider that QTS' lower-than-average
churn over the past few years partly mitigates re-leasing risk.
QTS' churn averaged 3.9% over the past three years and was 3.7% in
2020, which compares favorably with peers (which averaged 4.9%). We
think this speaks to the stickiness of QTS' customer base and how
the customers have continued to grow their footprint through the
company's platform."

S&P said, "QTS has demonstrated commitment to its financial policy
by funding development with a healthy mix of debt and equity, which
we think will allow it to maintain stable credit protection
metrics. QTS benefits from favorable long-term fundamentals for
data center landlords that have resulted in positive capital market
valuations, with the stock price trading at a premium to analysts'
consensus of net asset value. This has enabled QTS to raise equity
at an attractive cost of capital to fund growth and manage
leverage. As of February 16, 2021 QTS had access to forward equity
proceeds of approximately $588million, prefunding its development
spend for the next 12 months. As of Dec. 31, 2020, QTS had projects
under construction totaling $625 million of investment with a
remaining spend of $413 million through the end of 2021. Also,
given that the construction cycle for data centers is relatively
short, the fact that nearly 60% of these projects are expansion
buildings at existing sites, and that 75% of the projects are
pre-leased, we think execution and leasing risks are mitigated."

As of 2020, QTS' adjusted debt to EBITDA was 8.5x, fixed charge
coverage was 3.0x, and debt to undepreciated equity was 56%
compared with 8.4x, 2.5x, and 55.2% a year before. Under S&P's base
case, it expects QTS will maintain relatively stable credit
protection metrics with debt to EBITDA in the low- to mid-8x range
in 2021 and 2022, supported by healthy operating performance from
the stabilized portfolio, expanding EBITDA from projects placed
into service, the commencement of booked-not-billed revenue, the
settlement of available forward equity sales to fund development
spend through 2021, and the use of additional equity to fund growth
in 2022.

S&P said, "The outlook is stable and reflects our expectation that
QTS will continue to exhibit sound operating performance and
maintain a consistent financial policy, largely prefunding
development spending with equity. The stable outlook incorporates
our expectation that QTS will maintain debt to EBITDA in the low-
to mid-8x area over the next couple of years with limited cushion
for deterioration."

S&P could lower the ratings if:

-- Adjusted debt to EBITDA exceeds 9x and remains at this level
for more than three consecutive quarters;

-- QTS adopts a more aggressive debt-financed expansion that
weakens credit protection metrics;

-- Higher-than-anticipated churn that results in lower revenue or
hurt margins; or

-- Significant new supply pressures operating performance and
weakens QTS' ability to increase rents.

S&P sees limited upside over the next couple of years given its
expectations for credit metrics to remain largely unchanged.
However, S&P could raise its rating if:

-- Adjusted debt to EBITDA trends towards 6x because of a more
conservative financial policy, including the conversion of
preferred shares to equity, which would reduce adjusted leverage
and fixed charges; and

-- QTS broadens its global footprint and improves its competitive
position relative to higher rated peers.


RAM DISTRIBUTION: May 27 Plan Confirmation Hearing Set
------------------------------------------------------
On March 18, 2021, debtor Ram Distribution Group LLC, d/b/a Tal
Depot, filed with the U.S. Bankruptcy Court for the Eastern
District of New York a Second Plan of Reorganization and the Third
Amended Disclosure Statement dated March 19, 2021.

On March 30, 2021, Judge Louis A. Scarcella approved the Disclosure
Statement and ordered that:

     * May 27, 2021, at 11:15 a.m. is the hearing to consider
confirmation of the Plan, and any objections.

     * May 20, 2021, at 5:00 p.m. is fixed as th last day to
deliver all ballots voting in favor of or against the Plan.

     * May 20, 2021, is fixed as the last day to file objections to
the Plan.

      * May 24, 2021, at 5:00 p.m. is fixed as the last day for the
counsel of the Debtor to file a ballot tabulation and Certification
of Voting with the Clerk of the Court.

A full-text copy of the Order dated March 30, 2021, is available at
https://bit.ly/3udNxes 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.


REDFISH COMMONS: First Bank Says Plan & Disclosures Inconsistent
----------------------------------------------------------------
First Bank and Trust ("FBT") objects to the adequacy of the First
Amended Disclosure Statement of debtor Redfish Commons LLC.

FBT holds the first-priority lien on the Debtor's sole asset and
the largest claim against the Debtor.  FBT's claim is memorialized
by that certain promissory note in the original principal amount of
$2,845,733 in favor of FBT, dated June 20, 2016.  The obligations
owed under the Note are secured by that certain multiple
indebtedness mortgage dated June 30, 2016, memorializing that the
Debtor granted FBT a first-priority security interest in the
property that makes up the Debtor's sole asset.

FBT claims that the Debtor repeatedly failed to comply with its
obligations under the Keeper Order; the Debtor's manager repudiated
key terms of the Amended Plan; there is no equity in the Property;
and the Debtor is entering its eighth month in this single-asset
Chapter 11 case without a viable plan.  Once the automatic stay has
been lifted there will be no basis for the Debtor to continue with
confirmation of the Amended Plan.

FBT points out that the Amended Disclosure Statement fails to
disclose that the Debtor cannot afford the financing to be provided
by Ultegra.  As FBT's post-hearing memorandum on the Motion to Lift
detailed, the financing to be provided to the Debtor by Ultegra is
so unfeasible that progressing to confirmation would be a waste of
time.

FBT asserts that the Amended Disclosure Statement fails to account
for key operating expenses. By failing to describe payment amounts
within the realm of possibility for what could be approved in a
chapter 11 plan, the Amended Disclosure Statement is inaccurate and
should not be approved for solicitation.

FBT further asserts that the Amended Disclosure Statement and
Amended Plan also contain several inconsistencies:

     * The Amended Disclosure Statement provides that "Allowed
interests, i.e., its members, will retain their membership
interests in Redfish Commons. " The Amended Disclosure Statement
and Amended Plan later provide, however, that equity interest will
be cancelled and Ultegra or its designees will become members of
the Reorganized Debtor.

     * The Amended Disclosure Statement also provides that equity
interests are not entitled to vote on the Amended Plan, while the
Amended Plan provides that equity interests may vote on the Amended
Plan.

     * The Amended Disclosure Statement provides that holders of
unsecured claims will be paid in full on the Effective Date.  But
the Amended Plan provides unsecured creditors will receive a pro
rata share of 60 monthly payments of $2,000, hardly payment in full
on the Effective Date.

A full-text copy of FBT's objection dated March 30, 2021, is
available at https://bit.ly/31KxhFH from PacerMonitor.com at no
charge.
  
Counsel for First Bank:

     J. Eric Lockridge
     Katilyn M. Hollowell
     KEAN MILLER LLP
     400 Convention Street, Suite 700
     P. O. Box 3513 (70821-3513)
     Baton Rouge, LA 70802
     Telephone: (225) 387-0999
     E-mail: Eric.Lockridge@keanmiller.com
             Katie.Hollowell@keanmiller.com

                       About Redfish Commons

Redfish Commons, L.L.C., based in Baton Rouge, LA, filed a Chapter
11 petition (Bankr. M.D. La. Case No. 20-10553) on Aug. 5, 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 bankruptcy
counsel to the Debtor.


REDSTONE BUYER: S&P Affirms 'B' ICR on Proposed Recapitalization
----------------------------------------------------------------
S&P Global Ratings affirmed the issuer credit rating on
cybersecurity and risk management solutions provider Redstone Buyer
LLC (dba RSA Security) at 'B'.

S&P said, "We also assigned a 'B' rating and '3' recovery rating to
the firm's first-lien secured debt, and a 'B-' rating and '5'
recovery rating to the firm's second-lien secured debt.

"The stable outlook reflects our view that the company's
cost-cutting efforts will improve its EBITDA margins and reduce
leverage toward the high-6x area by the end of fiscal 2022, in
spite of the incremental debt from this transaction.

"Debt recapitalization will weaken credit RSA's metrics but we
expect successful execution of cost savings will improve leverage
over the next 12 months. The affirmation of RSA's credit ratings
reflects our expectation that despite pro forma adjusted debt to
EBITDA rising above the 8x area at the time of the transaction, the
company will be able to reduce its leverage to under 7x in the next
12 months. We expect RSA's low-mid-single-digit percentage revenue
growth from its core products and EBITDA-margin expansion stemming
from achievement of its cost-savings plan, will support leverage
compression. Following the transaction, both Clearlake and STG will
have a controlling stake in RSA and the total outstanding debt
balance will rise to approximately $2.0 billion. Additionally, RSA
will remain well-capitalized with a robust pro forma cash balance
of approximately $122 million and no near-term debt maturities,
which gives it modest headroom to achieve its savings target.

"Weak 2021 EBTIDA margins still reflect legacy cost-structure under
Dell, and we see room for improvement in FY2022. RSA has
demonstrated material progress in its post-separation
cost-rationalization plans and has implemented cost savings of
approximately $76 million through the first quarter of fiscal year
2022. Over the past four years, the company invested approximately
$500 million in research and development (R&D) to grow its
software-as-a-service (SaaS)-based products, which has resulted in
weak historical profitability. We expect the combination of lower
R&D spending and other cost cuts, including sales force
optimization and outsourcing services to low-cost locations (i.e.,
India and Egypt), will support significant further margin
expansion. In our base-case forecast, we have assumed the company
will achieve a significant portion of the estimated $61 million in
cost synergies by the end of fiscal 2022, which will increase
EBITDA margins to the low- to mid-30% range. While this
optimization plan will help strengthen the company's cash flow
generation, we forecast that the additional interest burden of $25
million-$30 million will partially offset the cost savings.
Subsequently, we forecast free operating cash flow (FOCF)
generation of about $90 million and $100 million in fiscals 2022
and 2023, respectively, which translates to FOCF to debt of more
than 5% annually."

Strong software-as-a-service (SaaS) bookings should support revenue
growth. The cybersecurity market has been a beneficiary from
rapidly growing work-from-home demand caused by COVID-19. In
particular, demand has been robust for security, identity, and
privacy solutions to defend against rapidly increasing fraud,
cybercrimes, risk, threats, and vulnerabilities. RSA's SecurID
products, which contributes 40% of its total revenue and more than
50% of its EBITDA, benefited considerably from this development,
with revenue growth of more than 30% year-over-year in fiscal year
2021. This is a marked shift from previous performance as the
segment reported modest revenue declines in the previous two fiscal
years.

RSA's revenue growth is also supported by the continued transition
of enterprises to the company's cloud-based SaaS offerings (from
legacy hardware products and perpetual licenses). S&P said, "We
expect SaaS bookings will continue to grow at strong double-digit
percentages over the next few years, which should provide some
revenue stability, against the declining hardware and perpetual
license-related sales. We anticipate earnings could also benefit as
the company executes on pricing opportunities in many of its
product and service lines, which may drive additional revenue
growth in fiscal 2022, however this assumption is not included in
our base case estimates at this time."

S&P said, "The stable outlook on RSA reflects our expectation that
moderate revenue growth and already actioned cost-synergy plans
will improve EBITDA margins and reduce leverage toward the high-6x
area by the end of fiscal 2022. Post-transaction, we also expect
the company to maintain adequate liquidity and for the company's
FOCF to debt to be in 5%-6% range over the next 12 months in spite
of an increased interest burden.

"We would lower the rating if RSA's EBITDA margin improvement
trends significantly below our base-case forecasts, leading to
leverage sustained over 7x for over 12 months post-close. This
could happen if the company fails to achieve targeted synergies
within the stated time frame or if severance or other restructuring
spending levels rise above our current expectation. Although less
likely in our view, weakening sales and revenue declines could also
lead to a downgrade."

Given RSA's closing pro-forma leverage of over 7x and its financial
sponsor-ownership, an upgrade is unlikely over the next 12 months.
Over the longer term, we would consider an upgrade if RSA is able
to sustain leverage below 5x and generates free operating cash
flow/debt above 5%. In addition to the aforementioned financial
metrics, S&P would be unlikely to upgrade RSA without a material
share of public ownership, as it believes that its current
ownership structure will preclude sustained deleveraging.


RENTPATH HOLDINGS: Court Okays New Plan With $600-Mil. Sale
-----------------------------------------------------------
Law360 reports that apartment listing company RentPath Holdings
received bankruptcy court approval Thursday, April 1, 2021, for a
new Chapter 11 plan underpinned by a $608 million sale to real
estate lister Redfin Corp. about four months after federal
regulators nixed an earlier sale plan.

During a virtual hearing, debtor attorney Andriana Georgallas of
Weil Gotshal & Manges LLP said RentPath was happy to be before the
court with a consensual Chapter 11 plan that provided better
recoveries for creditors than the earlier confirmed plan based on a
$588 million sale to competitor CoStar Group.

                     About RentPath Holdings

RentPath is a digital marketing solutions company that empowers
millions nationwide to find apartments and houses for rent.
RentPath operates the Rent.com and ApartmentGuide.com, and
Rentals.com online rental listing platforms.

RentPath Holdings, Inc., and 11 affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-10312) on February 12,
2020.

RentPath Holdings was estimated to have $100 million to $500
million in assets and $500 million to $1 billion in liabilities as
of the bankruptcy filing.

The cases are assigned to Judge Brendan Linehan Shannon.

Weil, Gotshal & Manges LLP and Richards Layton & Finger are serving
as legal counsel, Moelis & Company LLC is serving as a financial
advisor, and Berkeley Research Group, LLC is serving as
restructuring advisor to RentPath.  Prime Clerk LLC is the claims
agent.


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 their respective budgets, with a 10% variance.

The Interim Order acknowledges that certain creditors may 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 Romans Secured Creditors' interest,
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 the 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 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 Replacement Liens will be of the same
validity and priority as the Secured Creditors' liens 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 will not be
required to pay Pender an adequate protection payment for this
period, it being understood that this accommodation is without
prejudice to Pender's right to require adequate protection payments
in connection with any further extension of Romans' right to use
cash collateral.

     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.

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.

The final hearing on the matter is scheduled for April 14, 2021 at
2:30 p.m. via Webex.

A copy of the Interim Order is available for free at
https://bit.ly/2PouvDy 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



ROYALE ENERGY: Widens Net Loss to $8.15 Million in 2020
-------------------------------------------------------
Royale Energy, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$8.15 million on $1.59 million of total revenues for the year ended
Dec. 31, 2020, compared to a net loss of $348,383 on $2.97 million
of total revenues for the year ended Dec. 31, 2019.

As of Dec. 31, 2020, the Company had $8.42 million in total assets,
$14.57 million in total liabilities, $22.22 million in convertible
preferred stock, and a total stockholders' deficit of $28.36
million.

San Diego, California-based Moss Adams LLP, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated March 30, 2021, citing that the Company has suffered
recurring losses from operations and has a net capital deficiency
that raise substantial doubt about its ability to continue as a
going concern.

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

https://www.sec.gov/Archives/edgar/data/1694617/000118518521000424/royaleinc20201231_10k.htm

                              About Royale

El Cajon, CA-based Royale Energy, Inc. -- http://www.royl.com-- is
an independent oil and natural gas producer incorporated under the
laws of Delaware.  Royale's principal lines of business are the
production and sale of oil and natural gas, acquisition of oil and
gas lease interests and proved reserves, drilling of both
exploratory and development wells, and sales of fractional working
interests in wells to be drilled by Royale.  Royale was
incorporated in Delaware in 2017 and is the successor by merger to
Royale Energy Funds, Inc., a California corporation formed in 1983.


TAILORED BRANDS: Old Creditors Get $3.3 Million After Rescue Deal
-----------------------------------------------------------------
Jeremy Hill of Bloomberg News reports that unsecured creditors left
holding a small stake in Tailored Brands Inc. following its
bankruptcy will get about $3.3 million after rescue financing from
Silver Point Capital nearly wiped out their claims entirely.

Mohsin Meghji, the trustee in charge of the unsecured creditors'
repayment, agreed not to sue Silver Point or the company after he
was wrongly excluded from board meetings about the rescue
financing; in exchange, the company is paying creditors $2.75m and
Silver Point is buying their shares for $550,000.

                      About Tailored Brands

Tailored Brands, Inc., (NYSE: TLRD) is an omni-channel specialty
retailer of menswear, including suits, formal wear and a broad
selection of polished and business casual offerings. It delivers
personalized products and services through its convenient network
of over 1,400 stores in the United States and Canada as well as its
branded e-commerce websites at http://www.menswearhouse.com/and
http://www.josbank.com/ Its brands include Men's Wearhouse, Jos.
A. Bank, Moores Clothing for Men and K&G.

Tailored Brands reported a net loss of $82.28 million for the year
ended Feb. 1, 2020, compared to net earnings of $83.24 million for
the year ended Feb. 2, 2019. As of Feb. 1, 2020, Tailored Brands
had $2.42 billion in total assets, $2.52 billion in total
liabilities, and a total shareholders' deficit of $98.31 million.

On Aug. 2, 2020, Tailored Brands and its subsidiaries sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-33900).

As of July 4, 2020, Tailored Brands disclosed $2,482,124,043 in
total assets and $2,839,642,691 in total liabilities.

The Hon. Marvin Isgur is the case judge.

The Debtors tapped Kirkland & Ellis LLP as general bankruptcy
counsel; Jackson Walker L.L.P., Stikeman Elliot LLP and Mourant
Ozannes as co-bankruptcy counsel; PJT Partners LP as financial
advisor; Alixpartners, LLP as restructuring advisor; Deloitte &
Touche LLP as auditor, and A&G Realty Partners, LLC as the real
estate consultant and advisor.  Prime Clerk LLC is the claims
agent.


TALI CORP: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Tali Corp., a Delaware corporation
          d/b/a BKR
        1525 Jerrold Avenue
        San Francisco, CA 94105

Business Description: Tali Corp. manufactures glass and glass
                      products.

Chapter 11 Petition Date: April 1, 2021

Court: United States Bankruptcy Court
       Northern District of California

Case No.: 21-30254

Judge: Hon. Dennis Montali

Debtor's Counsel: Jeffrey I. Golden, Esq.
                  WEILAND GOLDEN GOODRICH LLP
                  650 Town Center Drive, Suite 600
                  Costa Mesa, CA 92626
                  Tel: (714) 966-1000
                  E-mail: jgolden@wgllp.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Adam Winter, chief operating officer.

A copy of the petition containing, among other items, a list of the
Debtor's 20 largest unsecured creditors is available for free  at
PacerMonitor.com at:

https://www.pacermonitor.com/view/C5U4M2I/Tali_Corp_a_Delaware_corporation__canbke-21-30254__0001.0.pdf?mcid=tGE4TAMA


TD HOLDINGS: To File Restated Financial Statements
--------------------------------------------------
The Audit Committee of the Board of Directors of TD Holdings, Inc.,
after discussion with the Company's management, concluded that the
Company's previously issued financial statements contained in its
Quarterly Reports on Form 10-Q for the periods ended March 31,
2020, June 30, 2020, and Sept. 30, 2020, originally filed on June
26, 2020, Aug. 14, 2020, and Nov. 13, 2020, respectively, should no
longer be relied upon.  Similarly, related press releases, earnings
releases, and investor communications describing the Company's
financial statements for the Non-Reliance Periods should no longer
be relied upon.

The Company's review of the filings revealed that (1) in accordance
with FASB ASC Topic 606, Revenue from Contracts with Customers,
service revenues previously recognized for supply chain management
services have been determined to not meet the definition of US
GAAP; (2) sales revenues from commodity trading business may need
to be amended since certain transactions shall be further evaluated
whether the Company is a principal or an agent; and (3) in
accordance with FASB ASC Topic 850, Related Party Disclosures,
transactions with certain related parties shall be properly
identified or disclosed.  This does not affect the Company's cash
position, cash flow or liquidity, but the potential reversal of
recognition of supply chain management services may materially
decrease the Company's revenue and net income, and the potential
net presentation of sales from commodity trading business may
materially decrease the Company's revenue.

The Company intends to file restatements of its financial
statements for the Non-Reliance Periods to amend and restate
financial statements and other financial information.  The
restatements are expected to have an impact on the financial
statements for the Non-Reliance Periods with changes reflected in
the relevant financial statements, due to reversal of revenues from
supply chain management and net presentation of revenues from
commodity trading business, which impacted the Company's net income
(loss) and earnings (loss) per share, and related disclosures and
Management's Discussion and Analysis of Financial Condition and
Results of Operations.  In addition, the identification of related
parties may change the footnote for related parties.  Changes due
to the restatement are expected to have significant impact on our
operations.

Management is assessing the effect of the restatements on the
Company's internal control over financial reporting and its
disclosure controls and procedures.  The Company expects to report
one or more material weaknesses following completion of its
investigation of the cause of these restatements.  A material
weakness is a deficiency, or a combination of deficiencies, in
internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of a company's
annual or interim financial statements will not be prevented or
detected on a timely basis.  The existence of one or more material
weaknesses precludes a conclusion by management that a company's
disclosure controls and procedures and internal control over
financial reporting are effective.  In addition, the Audit
Committee, the Board of Directors, and management have begun
evaluating appropriate remediation actions.  The Company's
remediation plans and changes to internal control over financial
reporting will be disclosed in its future periodic filings.

                         About TD Holdings

Headquartered in Beijing, People's Republic of China, TD Holdings,
Inc., (formerly known as Bat Group, Inc.) has become a used
luxurious car leasing business as well as a commodities trading
business operating in China since the disposition of its direct
loans, loan guarantees and financial leasing services to
small-to-medium sized businesses, farmers and individuals in July
2018.  The Company's current operations consist of leasing of
luxurious pre-owned automobiles and operation of a non-ferrous
metal commodities trading business.

For the year ended Dec. 31, 2019, the Company incurred net loss
from continuing operations of approximately $6.94 million, and
reported cash outflows of approximately $2.17 million from
operating activities.  The Company said these factors caused
concern as to its liquidity as of Dec. 31, 2019.


TIDEWATER MIDSTREAM: S&P Assigns 'B+' ICR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings assigned its 'B+' issuer credit rating to
Tidewater Midstream and Infrastructure Ltd., an Alberta,
Canada-based diversified midstream company operating a network of
natural gas gathering and processing assets, storage facilities and
an oil refinery.

S&P said, "The stable outlook reflects our expectation that
Tidewater will refinance its revolving credit facility before the
end of the second quarter of 2021. We anticipate an increase in
throughput and refining volumes resulting in adjusted debt to
EBITDA of about 4x over the next two years. Our expected leverage
includes an adjustment for asset retirement obligations and
operating leases.

"Our 'B+' issuer credit rating on Tidewater reflects its relatively
small size and limited scale, with expected adjusted EBITDA of
about C$180 million to C$210 million through 2021, average asset
utilization rate, and substantial exposure with lower credit
quality producers. We forecast adjusted debt to EBITDA of about 4x
over the next two years reflecting sizable operating leases and
asset retirement obligations. While we project Tidewater will
generate positive free cash flows and have adequate liquidity over
the next 12 months, our base-case scenario indicates a potential
liquidity deficit in the second half of 2022 when its senior
secured debt is due. However, we expect the company to refinance
most of its debt in the second quarter of 2021 before its capital
structure becomes current, which would mitigate this liquidity
event."

Tidewater's asset base includes gathering and processing, light
crude refining, storage, and transportation facilities, which
provides diversity of cash flows and mitigates commodity price
exposure due to most services being fee-based. Also, its storage
facilities act as natural hedges when natural gas prices are low.
The company's core facilities such as Pipestone Gas Plant and Price
George Refinery are 90%-100% utilized, while we expect the Brazeau
River Complex will increase utilization to about 80% over the next
two years. S&P thinks Tidewater's developed asset base will require
minimal growth capital expenditures (capex), which provides
additional free cash flow.

Despite the trough refining market environment in 2020, the Prince
George Refinery has continued to demonstrate consistently strong
performance during the year reaching more than 90% of its
throughput capacity and crack spread C$55 per barrel. These are
some of the highest crack spreads across North America, reflecting
the above-average competitive position of its refinery. Prince
George is one of the two remaining refineries in British Columbia,
and it accounts for virtually all demand for diesel and gasoline in
Prince George. As such, S&P expects Tidewater to receive a stable
stream of cash flows from the refinery.

Tidewater's contract portfolio benefits from long-term contacts,
and a five-year off-take agreement with Husky Energy that accounts
for most of Prince George Refinery's capacity and about 40% of the
company's EBITDA. S&P estimates that about a quarter of the
contracts have an average remaining term of 9-13 years, while the
majority has a remaining life of four years. However, about one
half of the company's throughput volumes comes from various lower
credit quality producers, which exposes the company to volumetric
and counterparty risk when commodity prices are weak.

S&P said, "We expect adjusted debt to EBITDA of about 4.25x in 2021
declining to roughly 4x in 2022 as Tidewater repays some of its
debt with operating cash and the proceeds from the sale of Pioneer
Pipeline. While weighted-average debt maturity below two years
weighs on the rating, we expect Tidewater to refinance most of its
debt before the end of second-quarter 2021.

"The stable outlook reflects our expectation that Tidewater will
refinance its revolving credit facility before the end of the
second quarter of 2021. We also anticipate the company will
continue to gain throughput and refining volumes resulting in
adjusted debt to EBITDA of about 4x over the next two years.

"We could consider lowering our rating on Tidewater if its debt to
EBITDA exceeds 5x on a sustained basis due to volumes decline or
higher operating leases. We could consider a multi-notch downgrade
if the company does not refinance its revolving credit facility
before the end of the second quarter of 2021.

"We could consider a higher rating when the company extends the
maturity of its revolving credit facility while maintaining
adequate liquidity and leverage of approximately 4x or lower."


TITAN INTERNATIONAL: Moody's Hikes CFR to Caa1, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service upgraded its ratings for Titan
International, Inc., including the company's corporate family
rating to Caa1 from Caa3, the probability of default rating to
Caa1-PD from Caa3-PD and the senior secured rating to Caa1 from Ca.
The company's speculative grade liquidity rating was upgraded to
SGL-3 from SGL-4. The outlook is stable.

The upgrades reflect Moody's expectations that favorable demand
recovery in Titan's end markets, specifically agricultural
equipment, will translate to Moody's adjusted EBITDA margin near 5%
(from 3% in 2020) and material deleveraging in 2021 to about 7x
debt/EBITDA (from above 13x in 2020). In addition, Moody's expects
Titan to maintain adequate liquidity supported by cash and
available credit facilities to absorb likely negative free cash
flow in 2021 and into 2022 as the company invests in working
capital and capex spend normalizes.

The following rating actions were taken:

Upgrades:

Issuer: Titan International, Inc.

Corporate Family Rating (Local Currency), Upgraded to Caa1 from
Caa3

Probability of Default Rating, Upgraded to Caa1-PD from Caa3-PD

Speculative Grade Liquidity Rating, Upgraded to SGL-3 from SGL-4

Senior Secured Regular Bond/Debenture, Upgraded to Caa1 (LGD3)
from Ca (LGD4)

Outlook Actions:

Issuer: Titan International, Inc.

Outlook, remains Stable

RATINGS RATIONALE

Titan's ratings reflect the company's high financial leverage,
exposure to cyclical end markets and customer concentration, and
volatile cash flow generation with expectations for periods of
negative free cash flow in the near-term. Titan's operating
performance is heavily dependent on demand for new farm and
construction equipment and is concentrated with several large
customers, although Titan maintains long-standing relationships as
a key supplier of tires and wheels. Moody's expects Titan's
revenues to increase at least 15% in 2021 with demand for new
agricultural equipment in the US to be the primary driver. Strong
US farmers sentiment, government stimulus and low inventory levels
at US dealers provide strong tailwinds for new farm equipment
demand in the US. Titan's Earthmoving/Construction segment, which
was down about 21% on the top line in 2020, is expected to
gradually recover in 2021 with growth anticipated in the mid-single
digit range.

Recovering volumes across Titan's end markets should improve the
company's fixed cost absorption over the next couple of years.
Combined with structural cost savings from prior years, Moody's
expects Titan's EBITDA margin to improve to near 5% in 2021.
Near-term headwinds to further margin improvement include rising
material and labor costs. Moody's anticipates that Titan will be
able to effectively manage higher raw material costs with price
increases over the course of 2021.

Moody's expects material earnings growth in 2021 on higher volumes
will improve Titan's financial leverage to a more sustainable level
of about 7x debt/EBITDA from very elevated levels above 13x in both
2019 and 2020. Further deleveraging toward 6x debt/EBITDA is
expected in 2022 as end market demand remains supportive and Titan
sustains its margin profile.

Titan's SGL-3 liquidity rating reflects adequate liquidity. Moody's
expects Titan to maintain a sufficient cash balance ($117 million
as of December 31, 2020) as well as moderate availability ($51
million available) under its $100 million asset-based (ABL)
revolving credit facility. Availability under the ABL, which had no
direct borrowings outstanding, is expected to improve as collateral
volumes increase over the course of 2021. Moody's expects Titan's
free cash flow to be about negative $20 million in 2021 as higher
working capital investments and increased capex spend more than
offset earnings growth. Free cash flow is expected to approach
breakeven in 2022. Non-core asset sales and divestments totaling
about $75 million over the past two years have been integral to
Titan's current liquidity. Going forward, Moody's does not
anticipate any further divestments, but notes the company likely
has remaining assets available for disposal if liquidity needs
arise.

From a governance perspective, Titan's financial policy in terms of
acquisitions or shareholder returns is constrained by the company's
elevated leverage profile. Moody's views environmental risk to
Titan's credit profile to be manageable. Given the nature of its
products, Titan is not directly exposed to emission requirements
for equipment used in agriculture or construction although its
major customers face certain regulations.

The stable outlook reflects Moody's expectations for Titan to
maintain adequate liquidity as the company experiences demand
recovery in its end markets over the next twelve months.

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

The ratings could be upgraded if Titan maintains EBITDA margins of
at least 5% and demonstrates ongoing earnings growth to improve
debt/EBITDA toward 6.5x on a sustained basis. Titan would also need
to maintain an adequate liquidity profile evidenced by stable cash
balances and free cash flow of at least breakeven.

The ratings could be downgraded if Titan's earnings are pressured
from higher input costs and result in financial leverage remaining
above 8x debt/EBITDA. The ratings could also be downgraded if Titan
experiences materially negative free cash flow such that cash
balances are reduced or borrowing on its credit facilities
increases significantly.

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

Headquartered in Illinois, Titan (NYSE: TWI) is a manufacturer of
wheels, tires, assemblies and undercarriage products for
off-highway vehicles. The company serves end markets in the
agricultural, earthmoving/construction, and consumer industries.
Titan sells its products directly to OEMs as well as in the
aftermarket through independent distributors, equipment dealers and
distributions centers. The company produces tires primarily under
the Titan and Goodyear brand names. For the twelve months ended
December 31, 2020, Titan reported revenue of about $1.3 billion.


TORY BURCH: S&P Assigned 'BB-' Issuer Credit Rating, Outlook Stable
-------------------------------------------------------------------
S&P Global Ratings assigned a 'BB-' issuer credit rating to
U.S.-based luxury lifestyle brand Tory Burch LLC. At the same time,
S&P assigned a 'BB-' issue-level rating and a '3' recovery rating
to the company's proposed first-lien facilities, which consist of a
$600 million term loan due 2028 and a $200 million revolver due
2026.

S&P said, "The stable outlook reflects our expectation that
operating performance will recover modestly in 2021 with growth in
sales and EBITDA.

"Our rating reflects the company's participation in the highly
competitive luxury footwear/ handbag/accessories sector and a
narrow product focus.   Tory Burch's handbags, footwear and small
leather goods (its core products) account for over 80% of sales.
Though the company has a decent and growing ready-to-wear segment,
we believe its product diversity is limited. Handbags and footwear
tend to carry higher margins than ready-to-wear, and view this as a
positive factor."

Tory Burch is a relatively smaller player in the industry relative
to larger peers, some of which hold meaningful market share with
multi-brand portfolios. S&P said, "As a single brand line, we
believe Tory Burch has higher potential for performance volatility.
Further amplifying this risk is its reliance on its creative
director, which we view this as an important aspect of governance
because of key person risk. The loss of key personnel could affect
the company's operations. Accordingly, we apply a negative
comparative ratings modifier, which also considers the company's
smaller scale and market position relative to higher rated peers."

S&P said, "We positively view the company's global brand
recognition and geographic diversity with about 30% of sales
generated outside North America. The company has unique brand
positioning between luxury and accessible luxury, allowing it to
reach a diverse consumer set and offer quality products at various
price points. The brand is also able to command price premiums
based on its distribution initiatives, brand reputation, and
customer loyalty. We view the company's diversified distribution
channel favorably, with a growing focus on e-commerce and a gradual
decline in wholesale. We also note the company's focus on
full-price selling and a disciplined approach to outlet/off-price
selling mitigating the risk of brand dilution.

"We expect improved operating performance in 2021 as consumer
confidence returns and the company executes on its international
growth initiatives. We forecast positive revenue growth in 2021 and
better margins resulting from the recovery of retail operations in
North America, coupled with continued strong performance in China,
which was quicker to recover during the pandemic because of
customer loyalty. We forecast S&P Global Ratings' adjusted EBITDA
margins will improve about 200 basis points (bps), driven by top
line recovery, accelerated expansion in the higher margin Chinese
retail and digital market, and decreased exposure to the lower
margin wholesale business. We believe the company's ongoing
investments in marketing and building its e-commerce and
omnichannel capabilities, will be a key driver for improved
operating performance going forward."

While the shutdowns imposed during the onset of the pandemic and
the ensuing decrease in demand specifically in the U.S. had a
negative impact on the company, increased digital penetration and
resilient demand in China helped partially offset losses and have
led to a strong start to 2021.

S&P said, "We expect Tory Burch's S&P Global Ratings'-adjusted
leverage to be in the mid- to high-3x area in 2021 before declining
to the low-3x area in 2022.   We anticipate the company will reduce
leverage through EBITDA growth primarily through improving gross
margin and a decreasing SG&A burden from improved channel and
geographic mix in its expansion initiatives.

"We anticipate free operating cash flow (FOCF) generation of about
$100 million to $120 million in 2021. We believe the company will
meaningfully reduce working capital needs owing to lower inventory
build in 2021 as inventory levels normalize. In addition, we
believe the company's well-known products lead to better inventory
management, because of the continuity of the products as well as
the carryover ability. We project 2021 capital expenditures in the
$80 million-$90 million range to support store development in
China, e-commerce initiatives and a global SAP upgrade.

"The stable outlook reflects our expectation that operating
performance will recover modestly in 2021 with sales growth and
EBITDA margin improvement."

S&P could lower the rating if:

-- Lower-than-expected earnings causes adjusted leverage to remain
higher than 4x. This could occur if the company's expansion
strategy is unsuccessful and its operating performance struggles as
a result, or increasing competitive pressures in the industry
coupled with weakening retail environment leads to a decline in
sales and margin erosion; or

-- The company pursues a more aggressive financial policy.

S&P would consider an upgrade if:

-- The company exhibits a clear financial policy and ownership
structure that keeps leverage lower than 3x; or

-- Tory Burch's expansion initiatives are successful and the
company strengthens its business profile with sustained growth and
profitability.



TPT GLOBAL: Delays Filing of Annual Report
------------------------------------------
TPT Global Tech, Inc. filed a Form 12b-25 with the Securities and
Exchange Commission notifying the delay in the filing of its Annual
Report on Form 10-K for the year ended Dec. 31, 2020.  TPT Global
was unable without unreasonable effort and expense to prepare its
accounting records and schedules in sufficient time to allow its
accountants to complete their review of the Company's financial
statements for the year ended Dec. 31, 2020 before the required
filing date for the Annual Report on Form 10-K.  The Company
intends to file the subject Annual Report on Form 10-K on or before
the fifteenth calendar day following the prescribed due date.

                     About TPT Global Tech

TPT Global Tech Inc. (OTC:TPTW) based in San Diego, California, is
a Technology/Telecommunications Media Content Hub for Domestic and
International syndication and also provides technology solutions to
businesses domestically and worldwide. TPT Global offers Software
as a Service (SaaS), Technology Platform as a Service (PAAS),
Cloud-based Unified Communication as a Service (UCaaS) and
carrier-grade performance and support for businesses over its
private IP MPLS fiber and wireless network in the United States.
TPT's cloud-based UCaaS services allow businesses of any size to
enjoy all the latest voice, data, media and collaboration features
in today's global technology markets.  TPT's also operates as a
Master Distributor for Nationwide Mobile Virtual Network Operators
(MVNO) and Independent Sales Organization (ISO) as a Master
Distributor for Pre-Paid Cellphone services, Mobile phones
Cellphone Accessories and Global Roaming Cellphones.

TPT Global reported a net loss of $14.03 million for the year ended
Dec. 31, 2019, compared to a net loss of $5.38 million for the year
ended Dec. 31, 2018.  As of Sept. 30, 2020, the Company had $15.96
million in total assets, $36.86 million in total liabilities, $4.79
million in total mezzanine equity, and a total stockholders'
deficit of $25.69 million.

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 14, 2020 citing that the
Company has suffered recurring losses from operations and has a net
capital deficiency which raise substantial doubt about its ability
to continue as a going concern.


TRI-STAR LOGGING: Plan Payments to be Funded by Ongoing Revenue
---------------------------------------------------------------
Tri-Star Logging, Inc., filed with the U.S. Bankruptcy Court for
the District of Arizona a Disclosure Statement in support of its
Plan of Reorganization dated December 21, 2020.

TriStar believes that if its assets were liquidated, its secured
creditors would receive all the proceeds of that liquidation,
largely because TriStar's primary assets with liquidation value are
all encumbered by security interests – for the most part, first
position purchase money security interests. In a liquidation,
TriStar's other creditors would receive nothing.

Under the Plan, TriStar's debts with those secured creditors have
been restructured; its business operations have likewise been
restructured and streamlined, and its current principal Stephen
Reidhead will contribute critical operating assets currently in his
name, to the reorganized TriStar in return for the new equity
interest and his continued involvement in TriStar's business, all
of which is critical to generate the revenue TriStar will use to
make meaningful distributions to both its secured and unsecured
creditors under the Plan.

TriStar has continued to operate its business, conduct and
restructure its forestry operations, and negotiate with the USFS
for new forestry contracts during this Bankruptcy Case. TriStar has
reached agreements with nearly all of its critical equipment and
vehicle vendors regarding not only the treatment of their claims
during the pendency of the Chapter 11 proceedings, but the
treatment of their claims under this Plan. The Plan incorporates
those agreements, which together with TriStar's proposal to fund
payment through its ongoing cash flow, largely form the framework
for the Plan.

For claims other than those set forth in Claim Stipulations, the
Plan provides that the secured creditors will be paid the value of
their interest in the collateral securing those claims. In the case
of TCF bank, those payments will be made in part by by TriStar
selling the TCF collateral and turning the proceeds thereof over to
TCF. In all, payments on secured claims under the Plan will total
approximately $2,857,000. Including deficiency claims asserted by
secured creditors and general unsecured claims scheduled by
TriStar, unsecured claims may total as much as $3,000,000.

Class 3 consists of Allowed General Unsecured Claims against
TriStar. Allowed Class 3 Claims will share pro rata in monthly
distributions of surplus funds from the Defined Plan Contribution
remaining after payment of Defined Plan Distributions.  TriStar
expects that Defined Plan Distributions will exhaust the full
amount of the monthly Defined Plan Contribution, until
approximately the 38th month of the Plan.  TriStar expects that the
total distribution to Allowed Class 3 Claims may total
approximately $239,626.

Class 4 consists of the equity ownership interests in TriStar
currently held by Stephen and Patricia Reidhead. On the Effective
Date, the sole Equity Interest holders, Steven and Patricia
Reidhead, will be issued no less than 80% of the equity interest in
a holding company - the New TriStar Holding Company - which shall,
in turn, be issued 100% of the equity interest in the Reorganized
TriStar. This equity interest will be issued in exchange for and in
consideration of the Reidheads' contribution of new value to
TriStar.

Funding for distributions under the Plan will come from TriStar's
ongoing operating revenue. Specifically, such revenue will fund the
Defined Plan Contribution each month, from which the Defined Plan
Distributions will first be made. To the extent any surplus funds
remain from the Defined Plan Contribution after the Defined Plan
Distributions, such surplus will fund distributions pro rata to
Allowed General Unsecured Claims.

A full-text copy of the Disclosure Statement dated March 30, 2021,
is available at https://bit.ly/2R38Lxx from PacerMonitor.com at no
charge.

Attorneys for the Debtor:

     Joseph E. Cotterman
     Kortney K. Otten
     GALLAGHER & KENNEDY, P.A.
     2575 East Camelback Road
     Phoenix, Arizona 85016-9225
     Telephone: (602) 530-8000
     Facsimile: (602) 530-8500
     E-mail: joe.cotterman@gknet.com
             kortney.otten@gknet.com
             bkdocket@gknet.com

                    About Tri-Star Logging

Tri-Star Logging, Inc., based in Snowflake, Arizona, is primarily
engaged in the business of logging and forestry operations in the
area.

Tri-Star Logging filed a Chapter 11 petition (Bankr. D. Ariz. Case
No. 20-01565) on Feb. 14, 2020.  In the petition signed by Kevin
Reidhead, chief financial officer, the Debtor was estimated to have
$1 million to $10 million in assets and $10 million to $50 million
in liabilities.
  
Joseph E. Cotterman, Esq., at Gallagher & Kennedy, P.A., is the
Debtor's bankruptcy counsel.


TRISTAR LOGGING: May 10 Plan Confirmation Hearing Set
-----------------------------------------------------
The United States Bankruptcy Court for the District of Arizona has
considered the Amended Disclosure Statement in Support of the Plan
of Reorganization dated December 21, 2020 filed by debtor TriStar
Logging, Inc.  On March 30, 2021, Judge Daniel P. Collins ordered
that:

     * The Disclosure Statement, as revised and filed on March 30,
2021, and inclusive of the TCF Addendum, is approved.

     * May 10, 2021, at 10:00 a.m. is the hearing to consider
whether to confirm the Plan.

     * May 3, 2021, is fixed as the last day to file objection to
confirmation of the Plan.

     * May 3, 2021, is fixed as the last day for any creditor
desiring to vote for or against confirmation of the Plan to
complete and sign a Ballot.

A full-text copy of the order dated March 30, 2021, is available at
https://bit.ly/3wflvkG from PacerMonitor.com at no charge.

Attorneys for the Debtor:

     Joseph E. Cotterman
     Kortney K. Otten
     GALLAGHER & KENNEDY, P.A.
     2575 East Camelback Road
     Phoenix, Arizona 85016-9225
     Telephone: (602) 530-8000
     Facsimile: (602) 530-8500
     E-mail: joe.cotterman@gknet.com
             kortney.otten@gknet.com
             bkdocket@gknet.com

                    About Tri-Star Logging

Tri-Star Logging, Inc., based in Snowflake, Arizona, is primarily
engaged in the business of logging and forestry operations in the
area.

Tri-Star Logging filed a Chapter 11 petition (Bankr. D. Ariz. Case
No. 20-01565) on Feb. 14, 2020.  In the petition signed by Kevin
Reidhead, chief financial officer, the Debtor was estimated to have
$1 million to $10 million in assets and $10 million to $50 million
in liabilities.
  
Joseph E. Cotterman, Esq., at Gallagher & Kennedy, P.A., is the
Debtor's bankruptcy counsel.


UNITED CANNABIS: Drops Patent Suit Vs. Pure Hemp After Ch.11 Tossed
-------------------------------------------------------------------
Law360 reports that the United Cannabis Corp. is dropping its
patent suit against rival Pure Hemp Collective, cutting short the
closely watched litigation after the company's bankruptcy petition
was thrown out over its connection to a federally illegal
substance.

United Cannabis, or UCANN, told a Colorado federal judge Wednesday,
March 31, 2021, it had reached an agreement with Pure Hemp to
dismiss the intellectual property dispute. But it may not be the
end of the fight between the two companies, as UCANN has agreed to
drop its claims with prejudice but Pure Hemp's dismissal allows for
refiling of its counterclaims, according to the filing.

                About United Cannabis Corporation

United Cannabis Corporation -- http://www.unitedcannabis.us/-- is
a biotechnology company dedicated to the development of
phyto-therapeutic-based products supported by patented technologies
for the pharmaceutical, medical and industrial markets. It has long
advocated the application of cannabinoids for medical applications
and is building a platform for designing targeted therapies to
increase the quality of life for patients around the world.

United Cannabis sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No. 20-12692) on April 20,
2020.  The petition was signed by John Walsh, Debtor's chief
financial officer. At the time of the filing, the Debtor estimated
assets of between $1 million and $10 million and liabilities of the
same range.  Judge Kimberley H. Tyson oversees the case.  The
Debtor tapped Wadsworth Garber Warner Conrardy, P.C., as its legal
counsel.









UNITI GROUP: Blake Schuhmacher to Quit as Chief Accounting Officer
------------------------------------------------------------------
Blake Schuhmacher is set to resign from his position as senior vice
president and chief accounting officer of Uniti Group Inc.  The
resignation will take effect on or about the date the Company files
its Quarterly Report on Form 10-Q for the quarter ended March 31,
2021.  

Mr. Schuhmacher's departure is not the result of any dispute or
disagreement with the Company regarding its financial reporting or
accounting policies, procedures, estimates or judgments.

                           About Uniti

Headquartered in Little Rock, Arkansas, Uniti --
http://www.uniti.com-- is an internally managed real estate
investment trust.  It is engaged in the acquisition and
construction of mission critical communications infrastructure, and
is a provider of wireless infrastructure solutions for the
communications industry.  As of Dec. 31, 2020, Uniti owns over
123,000 fiber route miles, approximately 6.9 million fiber strand
miles, and other communications real estate throughout the United
States.

Uniti Group reported a net loss of $718.81 million for the year
ended Dec. 31, 2020, compared to net income of $10.91 million for
the year ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company had
$4.73 billion in total assets, $6.80 billion in total liabilities,
and a total shareholders' deficit of $2.07 billion.

                         *    *    *

In March 2020, S&P Global Ratings placed all ratings on U.S.
telecom REIT Uniti Group Inc., including the 'CCC-' issuer credit
rating, on CreditWatch with positive implications.  The CreditWatch
placement follows the company's announcement it reached an
agreement in principle with its largest tenant Windstream Holdings
Inc. to resolve all legal claims it asserted against Uniti in the
context of Windstream's bankruptcy proceedings.


VENUS CONCEPT: Widens Net Loss to $82.8 Million in 2020
-------------------------------------------------------
Venus Concept Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$82.82 million on $78.01 million of revenue for the year ended Dec.
31, 2020, compared to a net loss of $42.29 million on $110.41
million of revenue for the year ended Dec. 31, 2019.

As of Dec. 31, 2020, the Company had $160.52 million in total
assets, $116.76 million in total liabilities, and $43.76 million in
stockholders' equity.

Toronto, Canada-based MNP LLP issued a "going concern"
qualification in its report dated March 29, 2021, citing that the
Company has reported recurring net losses and negative cash flows
from operations that raises substantial doubt about its ability to
continue as a going concern.

Fourth Quarter 2020 Financial Results:

Total revenue for the fourth quarter of 2020 decreased $6.0
million, or 19%, to $25.8 million, compared to $31.9 million for
the fourth quarter of 2019.  Total lease revenue, from sales of
systems via the Company's subscription model, decreased $6.6
million, or 41%, to $9.7 million, compared to $16.4 million for the
fourth quarter of 2019.  Total products and services revenue for
the fourth quarter of 2020 increased $0.6 million, or 4%, to $16.1
million, compared to $15.5 million for the fourth quarter of 2019.

The decrease in revenue was a result of decreased revenue in the
United States of $4.7 million, or 29%, and decreased revenue in
international markets of $1.3 million, or 8%.  The decrease in
revenue in both the United States and international markets was
driven by COVID-19 related lockdown measures or restrictions
imposed by federal and state governments.  These disruptions and
the resultant uncertainty at the clinic level negatively impacted
our ability to sell into our customary channels in both the United
States and international markets.  Although the Company's selling
efforts were hampered by target customer concerns in making capital
outlays given the economic uncertainty, this became less of an
obstacle towards the end of 2020 as the Company experienced
improving sales trend in most markets.

The decrease in total revenue, by product category, for the fourth
quarter of 2020 was driven by a decrease of $6.6 million, or 41%,
in lease revenue, a decrease of $0.9 million, or 44%, in service
revenue, offset partially by an increase of $0.9 million, or 32%,
in other products revenue, primarily ARTAS and ARTAS iX procedure
kits and other consumables, and an increase of $0.7 million, or 6%,
in system revenue.  The percentage of systems revenue derived from
the Company's subscription model was approximately 46% in the three
months ended Dec. 31, 2020 compared to 61% in the three months
ended Dec. 31, 2019.

The increase in system revenue for the fourth quarter of 2020 was
driven by a significant contribution of revenue from the sale of
ARTAS and ARTAS iX systems, compared to the prior year period which
only included contributions from the sale of ARTAS and ARTAS iX
systems revenue following the closing of its merger on Nov. 7,
2019.  The increase in other product revenue was driven by sales of
ARTAS procedure kits, only contributed to other product revenue for
a partial period in the fourth quarter of 2019.  The decrease in
service revenue for the fourth quarter of 2020 was driven by
COVID-19 related restrictions imposed by federal, state, and local
governments resulting in a decline in VeroGrafters technician
services, along with the suspension of operations of the 2two5
marketing services, offset by additional warranty revenue on ARTAS
systems.

Gross profit for the fourth quarter of 2020 decreased $3.0 million,
or 15.4%, to $16.7 million, compared to $19.7 million for the
fourth quarter of 2019.  The decrease in gross profit is primarily
due to lower revenues caused by the aforementioned COVID-19 related
disruptions in countries and markets in which the Company operates.
Gross margin was 64.7% of revenue for the fourth quarter of 2020,
compared to 62.0% of revenue for the fourth quarter of 2019.  The
increase in gross margin is primarily related to initiatives
directed at reducing manufacturing costs of our robotic ARTAS
systems.

Operating expenses for the fourth quarter of 2020 decreased $10.7
million, or 28%, to $26.9 million, compared to $37.6 million for
the fourth quarter of 2019.  The year-over-year decrease in
operating expenses was primarily driven by a decrease of $5.0
million, or 22%, in general & administrative expenses, a decrease
of $5.0 million, or 41%, in sales and marketing expenses and a
decrease of $0.7 million, or 28%, in R&D expenses, compared to the
prior year period.  The decrease in GAAP operating expense in the
fourth quarter of 2020 was partially offset by incremental bad debt
expense of $5.4 million related to COVID-19, restructuring expenses
of $0.5 million and, to a lesser extent, non-recurring legal
expenses of $0.3 million. Excluding these items, fourth quarter of
2020 operating expenses declined 45% year-over-year.

Operating loss for the fourth quarter of 2020 was $10.2 million,
compared to operating loss of $17.9 million for the fourth quarter
of 2019.

Net loss attributable to Venus Concept Inc. stockholders for the
fourth quarter of 2020 was $14.7 million, or $0.34 per share,
compared to net loss attributable to Venus Concept Inc.
stockholders of $20.8 million, or $1.07 per share, for the fourth
quarter of 2019.  Weighted average shares used to compute net loss
attributable to Venus Concept Inc. stockholders per share were 42.8
million and 19.5 million for the fourth quarters of 2020 and 2019,
respectively.

Adjusted EBITDA loss for the fourth quarter of 2020 was $2.4
million, compared to Adjusted EBITDA loss of $11.5 million for the
fourth quarter of 2019.

Management Commentary:

"We continued to see improvements in business trends during the
fourth quarter as customers in our key markets around the world
continue to recover," said Domenic Serafino, chief executive
officer of Venus Concept.  "Fourth quarter sales increased 25% as
compared to our third quarter sales results, driven by 50%
quarter-over-quarter growth in sales to U.S. customers and 10%
quarter-over-quarter growth in sales to International customers.
The improvement in growth trends as compared to the third quarter
was driven by strong procedure-related activity in both our
aesthetics and hair restoration businesses, and strong system sales
results of our Venus Bliss and ARTAS iX.  Based on our current
assessment and increased pipeline activity, we believe that we will
continue to see an improvement in capital equipment demand in the
aesthetics and hair restoration markets as we move through 2021.
Our focused commercial strategy is helping us maximize our
opportunities to drive adoption of our key products."

Mr. Serafino continued: "Our fourth quarter financial results
reflect strong execution of our plan to balance our operating
expense management, while continuing to make strategic investments,
specifically in the North American market, to better-position us
for profitable growth in the years to come.  In the fourth quarter
of 2020, we reduced our GAAP operating expenses by $10.6 million,
or 28%, year-over-year, reduced our adjusted EBITDA loss by $9.1
million, or 79%, year-over-year and generated positive cash flow
from operations during the period.  We enter 2021 with a
significantly enhanced balance sheet and financial condition as a
result of the notable transactions we announced in December,
including a new loan agreement, refinanced long-term debt
obligations and net proceeds from our recent public offering.
Together, these activities and our operating expense management
during 2020, resulted in approximately $34 million in cash on our
balance sheet at year-end to support our future growth initiatives.
We have repositioned the Company over the last year and stand
poised for a return to above-market growth - as evidenced by our
expectations for revenue growth of 26% to 32% year-over-year in
fiscal year 2021 - and we expect strong operating leverage in 2021
as well."

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

https://www.sec.gov/Archives/edgar/data/1409269/000156459021016142/vero-10k_20201231.htm

                           About Venus Concept

Toronto, Ontario-based Venus Concept Inc. is an innovative global
medical technology company that develops, commercializes, and
delivers minimally invasive and non-invasive medical aesthetic and
hair restoration technologies and related practice enhancement
services.  The Company's aesthetic systems have been designed on a
cost-effective, proprietary and flexible platform that enables the
Company to expand beyond the aesthetic industry's traditional
markets of dermatology and plastic surgery, and into
non-traditional markets, including family and general practitioners
and aesthetic medical spas.


WASHINGTON PRIME: In Continuing Talks on Capital Restructuring
--------------------------------------------------------------
As previously reported, on March 16, 2021, Washington Prime Group,
L.P., the operating partnership of Washington Prime Group Inc.,
entered into a forbearance agreement with certain beneficial owners
of its senior notes due 2024 and forbearance agreements with
certain lenders under the agreements governing its corporate credit
facilities with each Forbearance Agreement terminating no later
than March 31, 2021.  Beginning on March 25, 2021, the Forbearing
Noteholders and Forbearing Lenders, respectively, agreed to extend
the forbearance period under the applicable Forbearance Agreement
to the earlier of April 14, 2021 at 11:59 p.m., Eastern time, and
the occurrence of any of the specified early termination events
described in the applicable Forbearance Agreement.

The Company said it is continuing to engage in negotiations and
discussions with the Forbearing Noteholders and Forbearing Lenders
to restructure its capital structure.

                   About Washington Prime Group

Headquartered in Columbus Ohio, Washington Prime Group Inc. --
http://www.washingtonprime.com-- is a retail REIT and a recognized
company in the ownership, management, acquisition and development
of retail properties.  The Company combines a national real estate
portfolio with its expertise across the entire shopping center
sector to increase cash flow through rigorous management of assets
and provide new opportunities to retailers looking for growth
throughout the U.S. Washington Prime Group is a registered
trademark of the Company.

Washington Prime reported a net loss of $261.82 million for the
year ended Dec. 31, 2020.

                            *     *     *

As reported by the TCR on March 22, 2021, S&P Global Ratings
lowered its issuer credit rating on Washington Prime Group Inc. to
'D' from 'CC' and its issue-level ratings on its unsecured debt and
preferred stock to 'D' from 'C'.  The downgrade reflects Washington
Prime's announcement that it will not make the $23.2 million
interest payment due Feb. 15, 2021, on its 6.45% senior notes in
the 30-day grace period, which will lead to an event of default on
March 17, 2021.

As reported by the TCR on Feb. 22, 2021, Fitch Ratings downgraded
the Long-Term Issuer Default Ratings (IDRs) of Washington Prime
Group, Inc. and Washington Prime Group, L.P. (collectively WPG) to
'C' from 'CC'.  Fitch expects WPG's operating performance to
deteriorate further in the near term.

Moody's Investors Service also downgraded the senior unsecured debt
and corporate family ratings of Washington Prime Group, L.P. to
Caa3 from Caa1.  "WPG's Caa3 corporate family rating reflects its
large, geographically diversified portfolio of retail assets, which
includes a mix of enclosed malls (71% of Comp NOI) and open-air
centers (29%) across the US," Moody's said, according to a TCR
report dated June 1, 2020.


WILLCO X DEVELOPMENT: May 20 Disclosure Statement Hearing Set
-------------------------------------------------------------
On March 29, 2021, debtor Willco X Development, LLLP, filed with
the U.S. Bankruptcy Court for the District of Colorado a Disclosure
Statement and an Amended Plan of Reorganization. On March 30, 2021,
Judge Thomas B. McNamara ordered that:

     * May 20, 2021, at 2:00 p.m., in Courtroom E, United States
Bankruptcy Court for the District of Colorado, United States Custom
House, 721 19th Street, Denver, Colorado is the Hearing to consider
the adequacy of and to approve the Disclosure Statement.

     * Objections to the Disclosure Statement shall be filed and
served in the manner specified in Local Bankruptcy Rule 3017-1 and
Fed. R. Bankr. P. 3017(a), not less than 14 days prior to the
Hearing.

A full-text copy of the Order dated March 30, 2021, is available at
https://bit.ly/3uiPmai from PacerMonitor.com at no charge.

Counsel for the Debtor:

     Jeffrey A. Weinman
     WEINMAN & ASSOCIATES, P.C.
     730 17th Street, Suite 240
     Denver, CO 80202-3506
     Telephone: (303) 572-1010
     Facsimile: (303) 572-1011
     E-mail: jweinman@weinmanpc.com

                    About Willco X Development

Willco X Development, LLLP, operator of the Hilton Garden Inn of
Thornton in Colo., filed a Chapter 11 petition (Bankr. D. Colo.
Case No. 20-16438) on Sept. 29, 2020.  The Debtor was estimated to
have $10 million to $50 million in assets and liabilities as of the
bankruptcy filing.  

Judge Thomas B. Mcnamara oversees the case.

Weinman & Associates, P.C., led by Jeffrey A. Weinman, is the
Debtor's legal counsel.


WILSON DUMORNAY: Seeks to Hire Levine Legal as Litigation Counsel
-----------------------------------------------------------------
Wilson DuMornay MD, PA seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to hire Levine Legal,
P.A. as its litigation counsel.

The firm will represent the Debtor in the lawsuit against LG
Plantation Medical Center LLC.

The firm received $9,500 in retainers, of which $7,910 was utilized
prior to the Debtor's bankruptcy filing.  

David Levine, Esq., a partner at Levine Legal, disclosed in a court
filing that the firm is a disinterested person within the meaning
of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     David Levine, Esq.
     Levine Legal, P.A.
     9124 Griffin Rd.
     Cooper City, FL 33328
     Phone: +1 954-585-3967
     Email: david@levine-legal.com

                  About Wilson DuMornay MD, PA

Wilson DuMornay MD, PA, is wholly owned by Dr. Wilson DuMornay, a
licensed otolaryngologist.

Wilson DuMornay, MD sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-11727) on Feb.
23, 2021, listing under $1 million in both assets and liabilities.
Michael Hoffman, Esq., at Hoffman, Larin & Agnetti, P.A., serves
as the Debtor's legal counsel.


WINNEBAGO INDUSTRIES: S&P Raises ICR to 'BB-' on Strong RV Demand
-----------------------------------------------------------------
S&P Global Ratings raised the issuer credit rating on Winnebago
Industries Inc. to 'BB-' from 'B+' and the issue-level rating on
the secured debt to 'BB+' from 'BB'.

The stable outlook reflects S&P's expectation that Winnebago can
maintain leverage of 1x-1.75x through fiscal 2022, which would
represent significant cushion compared to our 4x downgrade
threshold. Despite anticipated low leverage, rating upside is
constrained by potential operating variability over the next 1-2
years if RV demand cools, as well as Winnebago's policy to engage
in leveraging acquisitions from time to time.

The upgrade to 'BB-' reflects robust retail demand for RVs, which
will likely translate into strong wholesale shipments for Winnebago
at least in fiscal 2021 and possibly into fiscal 2022, enabling the
company to maintain adjusted debt to EBITDA well below 4x.  The
perception that RVs are a safe travel option during the COVID-19
pandemic will likely result in Winnebago's continued robust revenue
and EBITDA generation through fiscal 2021, and probably for a good
portion of fiscal 2022. Our updated forecast is that total
lease-adjusted gross debt to EBITDA will be 1x-1.75x in fiscals
2021 and 2022. S&P said, "Our forecast incorporates the likelihood
that demand will not subside until well into fiscal 2022 (starting
in September 2021). Winnebago's backlog reflects retail demand and
the need to eventually replenish low dealership inventory levels.
We believe adjusted EBITDA margin will likely expand in fiscal 2021
due to anticipated higher shipment volumes and the resulting
positive operating leverage. We preliminarily assume EBITDA margin
could contract modestly in fiscal 2022 as demand begins to cool."

The RV Industry Association, a trade organization that represents
original equipment manufacturers (OEMs), published that North
American industry shipments could increase almost 24% in calendar
2021 based on the midpoint of its shipments guidance. S&P said, "We
believe Winnebago could outperform the industry because its brands
are desirable and have a track record of taking market share,
including Grand Design and some motorized RV products. Winnebago's
reported backlog of about $3 billion as of the second fiscal
quarter ended Feb. 27, 2021, which is higher than the backlog in
the first fiscal quarter ended Nov. 30, 2020, reflects the
anticipated continued surge in demand. The backlog increases our
confidence about our upwardly revised revenue forecast, even though
backlog can be an imperfect indicator because it is subject to
cancellation by dealers without penalty. We believe a higher
backlog reflects dealers' lack of inventory, good consumer
sentiment for RV purchases, and the perception that RV travel is a
safe option while competing alternatives might not be fully
accessible or desirable until late 2021, after widespread COVID-19
immunization is achieved. In addition, we believe the backlog
reflects low dealer inventory that may require a good portion of
fiscal 2022 to fully replenish."

The COVID-19 pandemic could be attracting new buyers, particularly
those who are younger, family-oriented, or may be able to work
remotely. Additionally, S&P understands the baby boomer demographic
that drives a sizable portion of RV demand is less affected by
elevated unemployment, which has tended to disproportionately
impact lower-wage workers. Other benign factors, including
historically low interest rates and government stimulus supporting
the stock market and related wealth effects, also indicate
near-term demand.

The upgrade also reflects S&P's increasing confidence about
Winnebago's ability to manage financial and operational risks even
if revenue is volatile.  As of the fiscal second quarter, the
company had total liquidity of about $525.5 million, which consists
of about $333 million in cash balances and $192.5 million of
available asset-based lending (ABL) capacity. Cash balances
increased meaningfully over the past several quarters from cash
flow from operations and proceeds from the senior secured notes
issuance in July. Winnebago also refinanced its previous term loan,
extended maturities, and eliminated the maximum senior secured net
leverage ratio covenant and principal amortization associated with
the previous term loan, thereby obtaining greater flexibility.

S&P said, "Although we do not net cash against debt in our measure
of adjusted leverage for highly cyclical companies such as
Winnebago, its cash balances mitigate financial risk and provide
flexibility to fund operating investments, working capital uses,
capital returns to shareholders, and opportunistic acquisitions. In
the near term, we do not believe Winnebago would prepay the senior
secured notes because of redemption costs. In addition, Winnebago
can cut operating costs quickly amid significant revenue decline,
as it did in the fiscal quarter ended in May 2020.

"Winnebago's publicly stated financial policy and acquisitive
appetite constrain further rating upside.  Despite anticipated
leverage in fiscals 2021 and 2022 lower than our 3x upgrade
threshold, upside is unlikely at this time. Winnebago has a stated
financial policy that would tolerate the company's measure of net
leverage temporarily rising to or slightly above 3x for
transformational acquisitions. S&P Global Ratings' adjusted gross
leverage is typically higher than Winnebago's 3x net leverage
policy tolerance primarily because we do not net cash balances. The
gap between Winnebago's net leverage and our measure of gross
leverage is particularly pronounced through fiscal 2022 due to the
company's high anticipated cash balances. We also estimate a
moderate recession or pullback in RV demand could increase leverage
by 1x or more given the company's concentration in the highly
cyclical RV industry. Therefore, Winnebago's acquisitiveness and
anticipated volatility over a cycle could raise S&P-leverage
temporarily above 4x if it completes acquisitions before a period
of soft demand. Rating upside would rely on either a lower leverage
tolerance for acquisitions or an improved business profile,
although these two factors are probably incompatible since
Winnebago would probably use significant leverage to complete an
acquisition large enough to improve its product portfolio over
time.

"Key risks are the uncertainty with the economy, sustainability of
shipment trends, and the potential for poor inventory management in
the RV channel.  Our updated forecast assumes Winnebago will grow
total revenue by 35%-45% in fiscal 2021. However, Winnebago's
business is highly cyclical, its products are highly discretionary,
and it posted negative EBITDA during some prior recessions. The
cyclicality of Winnebago's business probably increased during
recent years through the acquisitions of manufacturers of premium
and luxury products, including Newmar, Chris-Craft, and Grand
Design. Greater exposure to luxury and big-ticket products could
exacerbate the impact of a consumer downturn. We recognize there is
a significant risk that RV demand could soften following the
current surge as customers return to other forms of travel. In
addition, we believe federal government stimulus payments in 2020
and 2021, which added to the discretionary income of consumers who
did not lose their jobs, may have supported some recent demand. The
end of stimulus payments could reduce demand."

A related source of potential volatility is that OEMs may compete
for market share when consumer demand is perceived to be strong and
temporary, which could cause inadvertent overproduction and excess
inventory. This could reintroduce the need to quickly reduce
inventory in the channel in the future, possibly in Winnebago's
fiscal 2022 or 2023, and reduce revenue and EBITDA margin if the
industry does not produce at a reasonably measured pace. S&P
believes a potential indicator of such risk is if manufacturers
expand capacity by opening new factories.

S&P said, "The stable outlook reflects our expectation that
Winnebago can maintain leverage of 1x-1.75x through fiscal 2022,
which would represent significant cushion to our 4x downgrade
threshold. Despite anticipated low leverage, rating upside is
constrained by potential operating variability over the next 1-2
years if RV demand cools, as well as Winnebago's policy to engage
in leveraging acquisitions from time to time."

S&P could lower the rating if:

-- Operating performance is weaker than anticipated; and

-- Winnebago pursues material leveraging acquisitions in a manner
that causes S&P to believe its measure of adjusted debt to EBITDA
would be sustained above 4x.

Rating upside would rely on either lower leverage tolerance for
acquisitions or an improved business profile, although these two
factors are probably incompatible since Winnebago would probably
use significant leverage to complete an acquisition large enough to
improve its product portfolio over time. S&P said, "We could raise
the rating to 'BB' if we believe Winnebago will sustain adjusted
leverage below 3x, incorporating temporary spikes for acquisitions
as well as volatility over the economic cycle. We estimate a
moderate economic recession could cause a 1x or more deterioration
in leverage."


[*] President Biden Signs COVID Bankruptcy Relief Extension Act
---------------------------------------------------------------
Daniel Stolz of Genova Burns LLC wrote an article on JDSupra titled
"President Biden Signs the "COVID-19 Bankruptcy Relief Extension
Act."

On March 27, 2021, President Biden signed the "COVID-19 Bankruptcy
Relief Extension Act." The Legislation will extend personal and
small business bankruptcy relief provisions that were part of last
year's CARES Act through March 27, 2022.

Some of the key provisions of the extended Act are the following:

   * Increased eligibility for the Small Business Reorganization
Act (SBRA) for businesses filing under Subchapter V of Chapter 11.
The SBRA makes Chapter 11 a much more streamlined and inexpensive
process. Through March 27, 2022, businesses with debt up to
$7,500,000 are
eligible to file a Subchapter V Chapter 11 case.

   * Amending the definition of "income" in the Bankruptcy Code for
Chapter 7 and 13 Debtors to exclude Coronavirus related payments
for purposes of filing bankruptcy.

   * Clarifying that the calculation of disposable income for
purposes of confirming a Chapter 13 Plan shall not include
Coronavirus-related payments.

   * Explicitly permitting individuals and families currently in
Chapter 13 to seek payment plan modifications if they are
experiencing a material financial hardship due to the Coronavirus
Pandemic, including extending their payments for up to seven (7)
years after the initial Plan payment was due.

All experts anticipate continuing financial fallout from the COVID
Pandemic. The extended provisions of the CARES Act are intended to
make the process smoother for those businesses and families forced
to seek protection under the Bankruptcy Code.


[^] BOND PRICING: For the Week from March 29 to April 2, 2021
-------------------------------------------------------------


  Company                    Ticker  Coupon Bid Price   Maturity
  -------                    ------  ------ ---------   --------
BPZ Resources Inc            BPZR     6.500     3.017   3/1/2049
Basic Energy Services Inc    BASX    10.750    19.250 10/15/2023
Basic Energy Services Inc    BASX    10.750    20.000 10/15/2023
Briggs & Stratton Corp       BGG      6.875     8.500 12/15/2020
Buffalo Thunder
  Development Authority      BUFLO   11.000    50.000  12/9/2022
Centennial Resource
  Production LLC             CENREP   8.000   102.389   6/1/2025
Centennial Resource
  Production LLC             CENREP   8.000   101.647   6/1/2025
Chinos Holdings Inc          CNOHLD   7.000     0.332       N/A
Chinos Holdings Inc          CNOHLD   7.000     0.332       N/A
Dean Foods Co                DF       6.500     2.000  3/15/2023
Dean Foods Co                DF       6.500     1.925  3/15/2023
Diamond Offshore Drilling    DOFSQ    7.875    17.750  8/15/2025
Diamond Offshore Drilling    DOFSQ    3.450    18.250  11/1/2023
ENSCO International Inc      VAL      7.200    10.088 11/15/2027
Edgewell Personal Care Co    EPC      4.700   104.554  5/24/2022
EnLink Midstream Partners    ENLK     6.000    62.250       N/A
Energy Conversion Devices    ENER     3.000     7.875  6/15/2013
Energy Future Competitive
  Holdings Co LLC            TXU      1.000     0.072  1/30/2037
Exela Intermediate LLC /
  Exela Finance Inc          EXLINT  10.000    36.233  7/15/2023
Exela Intermediate LLC /
  Exela Finance Inc          EXLINT  10.000    35.916  7/15/2023
Fleetwood Enterprises Inc    FLTW    14.000     3.557 12/15/2011
Frontier Communications      FTR      8.750    65.000  4/15/2022
Frontier Communications      FTR      6.250    63.000  9/15/2021
Frontier Communications      FTR      9.250    64.750   7/1/2021
GNC Holdings Inc             GNC      1.500     1.250  8/15/2020
GTT Communications Inc       GTT      7.875    15.482 12/31/2024
GTT Communications Inc       GTT      7.875    27.750 12/31/2024
Global Eagle Entertainment   GEENQ    2.750     1.114  2/15/2035
Goodman Networks Inc         GOODNT   8.000    27.375  5/11/2022
High Ridge Brands Co         HIRIDG   8.875     1.136  3/15/2025
High Ridge Brands Co         HIRIDG   8.875     1.136  3/15/2025
HighPoint Operating Corp     HPR      7.000    55.000 10/15/2022
Liberty Media Corp           LMCA     2.250    46.131  9/30/2046
MAI Holdings Inc             MAIHLD   9.500    15.875   6/1/2023
MAI Holdings Inc             MAIHLD   9.500    15.875   6/1/2023
MAI Holdings Inc             MAIHLD   9.500    15.875   6/1/2023
MF Global Holdings Ltd       MF       6.750    15.625   8/8/2016
MF Global Holdings Ltd       MF       9.000    15.625  6/20/2038
MTS Systems Corp             MTSC     5.750   108.734  8/15/2027
MTS Systems Corp             MTSC     5.750   109.248  8/15/2027
Mashantucket Western
  Pequot Tribe               MASHTU   7.350    15.750   7/1/2026
Men's Wearhouse LLC/The      TLRD     7.000     1.495   7/1/2022
Men's Wearhouse LLC/The      TLRD     7.000     1.495   7/1/2022
Michaels Stores Inc          MIK      8.000   110.671  7/15/2027
Michaels Stores Inc          MIK      4.750   109.157  10/1/2027
Michaels Stores Inc          MIK      4.750   108.939  10/1/2027
Michaels Stores Inc          MIK      8.000   110.493  7/15/2027
NOV Inc                      NOV      2.600   101.977  12/1/2022
Navajo Transitional
  Energy Co LLC              NVJOTE   9.000    65.500 10/24/2024
Nine Energy Service Inc      NINE     8.750    40.865  11/1/2023
Nine Energy Service Inc      NINE     8.750    42.697  11/1/2023
Nine Energy Service Inc      NINE     8.750    42.912  11/1/2023
OMX Timber Finance
  Investments II LLC         OMX      5.540     1.472  1/29/2020
Optimas OE Solutions
  Holding LLC / Optimas
  OE Solutions Inc           OPTOES   8.625    90.000   6/1/2021
Optimas OE Solutions
  Holding LLC / Optimas
  OE Solutions Inc           OPTOES   8.625    90.000   6/1/2021
Pilgrim's Pride Corp         PPC      5.750    99.150  3/15/2025
Pride International LLC      VAL      6.875     7.250  8/15/2020
Pride International LLC      VAL      7.875    10.858  8/15/2040
Renco Metals Inc             RENCO   11.500    24.875   7/1/2003
Revlon Consumer Products     REV      6.250    35.089   8/1/2024
Rolta LLC                    RLTAIN  10.750     1.637  5/16/2018
Sears Holdings Corp          SHLD     8.000     1.125 12/15/2019
Sears Holdings Corp          SHLD     6.625     2.216 10/15/2018
Sears Holdings Corp          SHLD     6.625     2.893 10/15/2018
Sears Roebuck Acceptance     SHLD     6.750     0.258  1/15/2028
Sears Roebuck Acceptance     SHLD     6.500     0.606  12/1/2028
Sears Roebuck Acceptance     SHLD     7.000     0.605   6/1/2032
Sempra Texas Holdings Corp   TXU      5.550    13.500 11/15/2014
Summit Midstream Partners    SMLP     9.500    62.000       N/A
TerraVia Holdings Inc        TVIA     5.000     4.644  10/1/2019
Transworld Systems Inc       TSIACQ   9.500    30.000  8/15/2021
Vine Oil & Gas LP / Vine
  Oil & Gas Finance Corp     VRI      9.750   107.047  4/15/2023
Voyager Aviation Holdings
  LLC / Voyager Finance Co   VAHLLC   9.000    39.500  8/15/2021
Voyager Aviation Holdings
  LLC / Voyager Finance Co   VAHLLC   9.000    40.000  8/15/2021



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2021.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

                   *** End of Transmission ***