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         T R O U B L E D   C O M P A N Y   R E P O R T E R

              Thursday, April 15, 2021, Vol. 25, No. 104

                            Headlines

2017 IAVF WINDY CITY: Unsecureds to Recover 25% in Liquidating Plan
335 LAKE AVENUE: $9.4M Sale of Aspen Property to Black Approved
975 WALTON BRONX: Gets OK to Hire Goldberg Weprin as Legal Counsel
ALLEN SUPPLY: Court Extends Plan Exclusivity Thru July 13
ALLTRACON LLC: Seeks to Hire Brouse McDowell as Bankruptcy Counsel

AME ZION: Trustee Seeks to Hire Hahn Fife as Accountant
AMERICAN COMMERCIAL: $22.25-M Sale of Assets to HR Acquisition OK'd
ARETE LAND: Sale of Montpelier Property to Buddyncheeks & MSC OK'd
BELTEMPO USA: Taps Furr and Cohen as Legal Counsel
BERNARD L. MADOFF: Founder Dies in Federal Prison

BIOSTAGE INC: Incurs $4.8 Million Net Loss in 2020
BK4 LLC: Case Summary & 10 Unsecured Creditors
BLACK DIRT: Case Summary & 11 Unsecured Creditors
BLADE GLOBAL: Bid Procedures for Substantially All Assets Approved
BOY SCOUTS OF AMERICA: Exploring Alternative Exit Plan

BOY SCOUTS OF AMERICA: Insurers Seek to Delay Disclosures Hearing
BOYCE HYDRO: Liquidating Trustee Taps Honigman as Special Counsel
BRACHIUM INC: Seeks to Hire Shumaker Loop as IP Counsel
BRAZOS DELAWARE II: Fitch Raises LT IDR to 'B-', Outlook Stable
BROADSTREET PARTNERS: S&P Rates $325MM Sr. Unsecured Notes 'CCC+'

CALPINE CORP: Fitch Affirms 'B+' IDR, Outlook Stable
CALUMET SPECIALTY: Fitch Affirms 'B-' LongTerm IDR, Outlook Neg.
CAUSE TECH: Gets Interim OK to Hire Malinda L. Hayes as Counsel
CBAK ENERGY: Incurs $7.8 Million Net Loss in 2020
CENTRAL ARKANSAS RADIATION: Fitch Withdraws 'BB+' IDR

CHRISTOPHER & BANKS: Case Converted to Chapter 7 Liquidation
CITY CHURCH: Seeks to Hire Lewis Law Firm as Legal Counsel
COASTAL WELL: Gets OK to Hire Williams Litigation Group as Counsel
COBRA PIPELINE: Court Okays Revised Budget, Accord with Bank
COBRA PIPELINE: June 15 Compass Auction of Substantially All Assets

CONGERS PHARMACY: Wins Final OK to Use Cash Collateral
EXELA TECHNOLOGIES: Plans to Tap Bond Market to Manage Debt
FIELDWOOD ENERGY: Plan Exclusivity Period Extended Until June 15
FLEETCOR TECHNOLOGIES: S&P Rates New $1.15BB Term Loan B 'BB+'
FREDDY SIDI, JR: $1.4M Sale of Miami Property to Fonsecas Approved

GARRETT MOTION: S&P Assigns Preliminary 'B+' ICR, Outlook Stable
GLENVIEW HEALTH CARE: Case Reopened to Allow Filing of Bid to Sell
GMS INC: S&P Alters Outlook to Stable, Affirms 'BB-' ICR
GOGO INTERMEDIATE: S&P Rates New Secured Credit Facility 'B-'
GOLDEN HOTEL: Court Extends Solicitation Exclusivity Thru July 19

GROM SOCIAL: Incurs $5.7 Million Net Loss in 2020
HERTZ CORP: Franchisees Object to Disclosure Statement
HERTZ CORPORATION: McCarter Represents Annacene Bodden, 2 Others
HEXAGON AUTOMOTIVE: May Use Cash Collateral Until May 12
HYTERA COMMUNICATIONS: Wins August 9 Plan Exclusivity Extension

IMERYS TALC: Morris, Brown 2nd Update on Litigation Claimants
JDL FEDERAL: Gets OK to Hire Abacus Accounting Center
JDL FEDERAL: Gets OK to Hire Goff & Goff as Legal Counsel
KATHLEEN ELIZABETH BELL: $285K Sale of Las Vegas Property Okayed
KRISJENN RANCH: Seeks to Extend Plan Exclusivity Until July 12

LATAM AIRLINES: Lessor AerCap Reportedly Seeking to Sell Claims
LIVE PRIMARY: Seeks to Extend Plan Exclusivity Thru August 5
LTR INTERMEDIATE: S&P Assigns 'B-' ICR, Outlook Stable
MALLINCKRODT PLC: Asks to Disqualify Arnold & Porter as Counsel
MANSIONS APARTMENT: Unsecureds to Be Paid in Full on Effective Date

MEDLEY LLC: Seeks to Hire Lowenstein Sandler as Legal Counsel
MEDLEY LLC: Seeks to Hire Morris James as Co-Counsel
MIDWEST GAMING: S&P Assigns 'B+' ICR, Outlook Negative
MIKEN OIL: Gets Interim Nod to Use Cash Collateral
MONTICELLO HORIZON: May Use Cash Collateral Up to May 5

MUSCLEPHARM CORP: Appoints New President, CFO
NATCHITOCHES MEDICAL: Case Summary & 6 Unsecured Creditors
NEXSTAR MEDIA: S&P Ups ICR to 'BB' on Lower Leverage Expectations
NUANCE COMMUNICATIONS: S&P Places 'BB-' ICR on Watch Positive
PACIFIC THEATRES: Pacific, Arclight Movie Chains Closing for Good

PADDOCK ENTERPRISES: Seeks to Hire Riley Safer as Special Counsel
PAPER SOURCE: Vendors Plead for Payment as Execs Seek $1 Mil. Bonus
PIAGGIO AMERICA: Case Summary & 14 Unsecured Creditors
PMG CINCINNATI: Galla Parks Files for Chapter 11 Bankruptcy
RACQUETBALL INVESTMENT: May Use Eastern Bank Cash on Final Basis

RALPH M. BONHAM: $295K Sale of Pueblo Cty. Property to Lyells OK'd
RAWHIDE RESOURCES: Seeks to Hire Reed Smith as Bankruptcy Counsel
RIVERBEND ENVIRONMENTAL: Seeks to Hire Taylor Auction as Auctioneer
RSG INDUSTRIES: Seeks 30-Day Continuance of Confirmation Hearing
SANITECH LLC: May Use Cash Collateral on Final Basis

SC SJ HOLDINGS: May Obtain Up to $9-Mil of DIP Funds
SEADRILL PARTNERS: Reaches Deal w/ Parent to End Services Agreement
SECURE ENERGY: S&P Assigns 'B' Issuer Credit Rating, Outlook Pos.
SEMILEDS CORP: Incurs $254K Net Loss for Quarter Ended Feb. 28
SEQUA CORP: Fitch Affirms 'CCC+' LT IDR & Removes Negative Outlook

SEVEN AND ROSE: $3M Sale of Charleston Property to Flexspace Okayed
SHAMROCK FINANCE: Gets Interim Approval to Use Cash Collateral
SOUND HOUSING: Hires Henry & DeGraaff as Legal Counsel
SOUTH PARK CLUBHOUSE: Hits Chapter 11 Bankruptcy Protection
STEWART STREET: Unsecureds Will Receive 100% of Their Claims

STREAM TV: U.S. Trustee Appoints Creditors' Committee
TAB HOLDINGS: Court Okays Use of Cash Collateral on Final Basis
TENTLOGIX INC: $201K Sale of 7 Vehicles to Premier Partly Approved
TENTLOGIX INC: $59.6K Sale of Structure and Flooring Approved
TRADE WEST: To Seek Approval of 7-Year Plan on June 21

UNITED AIRLINES: Fitch Assigns BB Rating on Proposed Secured Debt
UNITED AIRLINES: S&P Affirms 'B+' ICR, Rates New Debts 'BB-'
VILLAS OF WINDMILL: Trustee Seeks Expedited Cash Collateral Access
VIRGINIA-HIGHLAND: To Seek Plan Confirmation on May 20
VIZIV TECHNOLOGIES: DIP Facility Increased to $4-Mil.

WADSWORTH ESTATES: Bid Procedures for 92-Acre Property Partly OK'd
WAYSIDE SCHOOLS, TX: S&P Assigns 'BB' Rating on 2021 Revenue Bonds
WEINSTEIN CO: Abuse Accusers Appeal Plan Confirmation
WHEEL PROS: S&P Affirms 'B-' ICR on Acquisition by Clearlake
ZEBRA BUYER: S&P Assigns BB- Issuer Credit Rating, Outlook Stable

ZOHAR FUNDS: Court Approves Sale of Global Automotive Systems
[*] 2nd Circuit Won't Revive Price-Fixing Suit vs. Stone Point
[*] Hilco Selling AllOut.com, Other Domain Names in Chapter 7 Sale
[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

2017 IAVF WINDY CITY: Unsecureds to Recover 25% in Liquidating Plan
-------------------------------------------------------------------
2017 IAVF Windy City Fox Run LLC and its debtor-affiliates filed
with the U.S. Bankruptcy Court for the Northern District of
Illinois a Plan of Liquidation of their businesses and a
corresponding Disclosure Statement on April 9, 2021.

The Plan provides for the Debtors' Estate to be consolidated for
distribution purposes only.  The Debtors were jointly and severally
liable to UMB Bank, N.A., Indenture Trustee for all amounts under
the bonds issued by Illinois Finance Authority and Wilmington
Trust, National Association, the original trustee under the
Indenture.  The Debtors used the bond issuance proceeds to acquire
the Property consisting of residential units, which the Debtors
operate in the greater Chicago area.  The General Unsecured Claim
Carve-Out provides a 25% distribution from the Indenture Trustee's
Collateral to the Class 2 creditors regardless of the respective
Debtor.   

As told by the Troubled Company Reporter, the Court authorized the
sale of substantially all of the Debtors' assets to Purchaser
Second City Acquisitions, LLC for $42,150,000.  On February 23,
2021, the Court authorized the interim distribution of the sale
proceeds.  After the initial distribution, the Debtors were holding
the remaining 10% of sale proceeds ($4,292,818) and $1,407,548 in
cash from the operation of the Property.

On April 6, 2021, the Court authorized a Second Distribution of the
sale proceeds, and the remaining sale proceeds were distributed to
the Indenture Trustee.  The Debtors remain in possession of the
$1,407,548 cash from the property operation.  

All cash needed to make payments under the Plan shall be obtained
from the remaining cash-on-hand and the liquidation of the Debtors'
other existing assets, if any, as of the Confirmation Date.  Under
the Plan, the Debtors propose to pay 25% of allowed general
unsecured claims.  The Indenture Trustee's unsecured deficiency
claim will be subordinate to all other unsecured claims instead of
sharing in any distribution.

Treatment of claims and interests under the Plan:

    (a) Class 1 Secured Claims (Impaired).  The claims, estimated
at $600,000, will be paid to the Indenture Trustee on the Effective
Date from the Debtors' remaining cash on hand less the
Administrative Carve-Out and GUC Carve-Out.  The Indenture Trustee
filed a proof of claim for $65,318,608, and of the amount,
$35,849,679 was paid from the initial distribution of the sale
proceeds.  The Indenture Trustee holds a first priority lien on all
remaining funds in possession of the Debtors or to be recovered by
the Debtors.  The Indenture Trustee, however, has agreed to be paid
on the Effective Date from the Debtors' remaining cash-on-hand,
including any funds to be recovered, less the Administrative
Carve-Out and GUC Carve-Out.  

    (b) Class 2 General Unsecured Claims (Impaired).  Unsecured
claims, estimated at $179,926, will be paid a pro rata
distribution, not to exceed 25% of the allowed amount of such
claims, from the GUC Carve-Out on the Effective Date.

    (c) Class 3 Indenture Trustee Unsecured Claim (Impaired).
Class 3 claims, totaling $29,468,928, will not receive a
distribution under the Plan.

    (e) Class 4 Interests.  The interests will be cancelled on the
Effective Date.

The Plan provides that the Debtors shall assume and assign the
residential real estate leases of the tenants to the Purchaser.

All ballots to accept or reject the Plan must be received no later
than May 11, 2021, by the Debtors' counsel:

      Kevin H. Morse, Esq.
      Clark Hill PLC
      130 E. Randolph Street, Suite 3900
      Chicago, Illinois 60601
      Email: kmorse@clarkhill.com

A hearing on the Disclosure Statement and confirmation of the Plan
will be held telephonically, on May 18, 2021, at 11 a.m., by AT&T
Teleconference.  Objections to the Plan or the Disclosure Statement
must be filed by May 11, 2021 at 5:00 p.m. (Central Time).

A copy of the Disclosure Statement is available for free at
tinyurl.com/3y2hevp5 from PacerMonitor.com.

                About 2017 IAVF Windy City Fox Run

On Oct. 7, 2020, 2017 IAVF Windy City Fox Run, LLC (Bankr. N.D.
Ill. Case No. 20-18377, Lead Case) and affiliates 2017 IAVF Windy
City Parkside LLC (Bankr. N.D. Ill. Case No. 20-18379), 2017 IAVF
Windy City Shaddle LLC (Bankr. N.D. Ill. Case No. 20-18380), and
2017 IAVF Windy City Villa Brook LLC (Bankr. N.D. Ill. Case No.
20-18381) sought Chapter 11 protection.  

The petitions were signed by Andrew Belew, president, Better
Housing Foundation, Inc., as manager.

Each of the Debtors was estimated to have assets in the range of
$10 million to $50 million and $50 million to $100 million in
debt.

The cases are assigned to Judge Carol A. Doyle.

The Debtors tapped Kevin H. Morse, Esq., at Clark Hill PLC, as
counsel.


335 LAKE AVENUE: $9.4M Sale of Aspen Property to Black Approved
---------------------------------------------------------------
Judge Joseph G. Rosania, Jr., of the U.S. Bankruptcy Court for the
District of Colorado authorized 335 Lake Avenue, LLC, to sell the
real estate located at 335 Lake Avenue, in Aspen, Colorado, to
Steven Black for $9.375 million, under the terms of the Purchase
Agreement and Settlement Agreement.

The U.S. Bank's lien on the Property, which the Debtor disputes,
will attach to the proceeds of the sale, which will be an account
earning the highest interest rate possible while still being
compliant with 11 U.S.C. Section 345.

Within seven days of the Closing on the Property, the Debtor and
Black will cause Adversary Proceeding No. 20-1145-JGR to be
dismissed with prejudice.

The plan-confirmation process will be fast tracked to address the
adequate-protection concern of U.S. Bank, as detailed in a separate
minute order.

Pursuant to Bankruptcy Rule 6004(h), the Court finds cause to order
that the sale will NOT be stayed for 14 days.

The parties will submit, for inclusion and incorporation by
reference into the Order, an escrow agreement to the Court by close
of business, using JGR_courtroom@cob.uscourts.gov.

                      About 335 Lake Avenue

335 Lake Avenue, LLC is a single asset real estate (as defined in
11 U.S.C. Section 101(51B)).

On April 1, 2020, 335 Lake Avenue filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo.
Case No. 20-12378).  James K. Daggs, Debtor's manager, signed the
petition.  At the time of the filing, Debtor disclosed total
assets
of $10 million to $50 million.  Judge Joseph G. Rosania Jr.
oversees the case.  

Debtor has tapped Weinman & Associates, P.C. as its bankruptcy
counsel and Allen Vellone Wolf Helfrich & Factor, P.C. and Klein
Cote Edwards Citron, LLC as its special counsel.



975 WALTON BRONX: Gets OK to Hire Goldberg Weprin as Legal Counsel
------------------------------------------------------------------
975 Walton Bronx, LLC, received approval from the U.S. Bankruptcy
Court for the Eastern District of New York to hire Goldberg Weprin
Finkel Goldstein, LLP as its legal counsel.

The firm's services include:

     1. representing the Debtor in all proceedings before the
bankruptcy court and the Office of the U.S. Trustee in connection
with its Chapter 11 case;

     2. preparing legal papers; and

     3. other legal services necessary to obtain confirmation of a
plan of reorganization based upon a restructuring of debt and
resolution of claims.

The standard rates charged by the firm's associates range from $275
to $425 per hour.  Partners charge $575 per hour.

Goldberg received a retainer in the amount of $15,000.

As disclosed in court filings, Goldberg does not hold an interest
adverse to the Debtor and its bankruptcy estate.

The firm can be reached through:

     Kevin J. Nash, Esq.
     Goldberg Weprin Finkel Goldstein, LLP
     1501 Broadway 22nd Floor
     New York, NY 10036
     Tel: (212) 221-5700
     Email: knash@gwfglaw.com

                      About 975 Walton Bronx

975 Walton Bronx, LLC is a New York limited liability company,
which primarily owns a multi-family residential apartment building
at 975 Walton Avenue, Bronx, N.Y.  The property consists of 182
apartments and commercial space, including a cell tower.

975 Walton Bronx sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. N.Y. Case No. 21-40487) on Feb. 25,
2021.  At the time of the filing, the Debtor had between $10
million and $50 million in both assets and liabilities.  Judge Jil
Mazer-Marino oversees the case.  Goldberg Weprin Finkel Goldstein,
LLP is the Debtor's legal counsel.


ALLEN SUPPLY: Court Extends Plan Exclusivity Thru July 13
---------------------------------------------------------
At the behest of The Allen Supply & Laundry Service, Inc., Judge
John K. Sherwood of the U.S. Bankruptcy Court for the District of
New Jersey extended the period in which the Debtors may file a Plan
and obtain acceptances of a plan to July 13, 2021.

With additional time, the Debtor will be able to address any issues
or work on anything that is needed for their case, as the pending
sale of its estate and equipment.

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

                    About The Allen Supply & Laundry Service

Founded in 1920, The Allen Supply & Laundry Service, Inc. provides
dry cleaning and laundry services.

The Allen Supply & Laundry Service sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 19-10132) on
January 3, 2019. At the time of the filing, the Debtor was
estimated to have assets of $1 million to $10 million and
liabilities of less than $1 million.

The Honorable John K. Sherwood oversees the case.

The Debtor tapped Wasserman, Jurista & Stolz, P.C. as bankruptcy
counsel; New & Karfunkel, P.C. as special counsel; and Speed
Financial Services, Inc. as an accountant. Beechwood Capital
Advisors was hired as the Debtor's business broker; and Re/Max
Traditions as its real estate broker.


ALLTRACON LLC: Seeks to Hire Brouse McDowell as Bankruptcy Counsel
------------------------------------------------------------------
Alltracon, LLC, and Alltracon Trucking, LLC, seek approval from the
U.S. Bankruptcy Court for the Northern District of Ohio to hire
Brouse McDowell, as their bankruptcy counsel.

The firm's services include:

     (a) advising the Debtors with respect to their powers and
duties under the Bankruptcy Code;

     (b) advising the Debtors with respect to all bankruptcy
matters;

     (c) preparing legal papers;

     (d) representing the Debtors at court hearings;

     (e) prosecuting and defending litigated matters that may arise
during the Debtors' Chapter 11 cases;

     (f) negotiating and seeking approval to sell the
Debtors' assets should such be in the best interests of their
estate;

     (g) negotiating transactions and preparing any necessary
documentation related thereto;

     (h) representing the Debtors on matters relating to the
assumption or rejection of executory contracts and unexpired
leases;

     (i) advising the Debtors on corporate, securities, real
estate, litigation, labor, finance, environmental, regulatory, tax,
healthcare and other legal matters which may arise during the
pendency of their cases; and

     (j) other legal services necessary to administer the cases.

The hourly rates charged by Brouse McDowell are as follows:

     Marc B. Merklin         $525 per hour
     Bridget A. Franklin     $360 per hour
     Julie K. Zurn           $325 per hour
     Theresa M. Palcic       $185 per hour

The firm received a $20,000 retainer from the Debtors.
  
As disclosed in court filings, Brouse McDowell does not have any
connection with the Debtors, creditors or any other
"party-in-interest."

Brouse McDowell can be reached through:

     Marc B. Merklin, Esq.
     Brouse McDowell, LPA
     388 S. Main Street, Suite 500
     Akron, OH 44311
     Tel: 330-535-5711
     Fax: 330-253-8601
     E-mail: mmerklin@brouse.com

                         About Alltracon

Alltracon LLC -- http://alltracon.com-- is a structural steel
erector, steel fabricator, rigger and heavy machinery mover.

Alltracon and its affiliate, Alltracon Trucking LLC, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D.
Ohio Case Nos. 21-50435 and 21-50436) on March 21, 2021.  At the
time of the filing, the Debtor had estimated assets of between
$100,000 and $500,000 and liabilities of between $1 million and $10
million.  Judge Alan M. Koschik oversees the case.  Brouse
McDowell, LPA is the Debtors' legal counsel.


AME ZION: Trustee Seeks to Hire Hahn Fife as Accountant
-------------------------------------------------------
Jeffrey Golden, the Chapter 11 trustee for the bankruptcy estate of
Ame Zion Western Episcopal District, seeks approval from the U.S.
Bankruptcy Court for the Eastern District of California to hire
Hahn Fife & Company, LLP as his accountant.

The trustee requires an accountant to perform any necessary tax and
advisory work required for the Debtor's bankruptcy estate, and to
provide other accounting services.

Hahn Fife will be paid at the hourly rate of $80 for staff and $450
for partners.  The firm will also be reimbursed for work-related
expenses incurred.

Donald Fifle, a partner at Hahn Fife, disclosed in a court filing
that his firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.

Hahn Fife can be reached at:

     Donald T. Fifle
     Hahn Fife & Company, LLP
     790 E. Colorado Blvd., 9th Floor
     Pasadena, CA 91101
     Tel: (626) 792-0855
     Fax: (626) 792-0879
     Email: dfife@hahnfife.com

             About AME Zion Western Episcopal District

AME Zion Western Episcopal District, a non-profit California
religious organization, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Cal. Case No. 20-23726) on July 30,
2020. Lewis Clinton, chief operating officer, signed the petition.

At the time of the filing, Debtor had estimated assets of between
$50 million and $100 million and liabilities of between $10 million
and $50 million.

Judge Fredrick E. Clement oversees the case. The Law Offices of
Gabriel Liberman, APC is Debtor's legal counsel.

On March 2, 2021, Jeffrey I. Golden was appointed as Chapter 11
trustee for the Debtor's bankruptcy estate. The trustee tapped
David M. Goodrich, Esq., as his legal counsel and Hahn Fife &
Company, LLP as his accountant.


AMERICAN COMMERCIAL: $22.25-M Sale of Assets to HR Acquisition OK'd
-------------------------------------------------------------------
Judge Jeffrey P. Norman of the U.S. Bankruptcy Court for the
Southern District of Texas authorized American Commercial
Management, LLC's sale to HR Acquisition of San Antonio, Ltd., of
assets that consist of the land, improvements, intangibles, and
personal property located at 7616 Branford Place, in Sugar Land,
Texas, all as more fully described and defined in the Agreement of
Sale and Purchase, for $22.25 million, cash, subject to certain
adjustments.

The Purchaser's offer for the Property, as embodied in the PSA, is
the highest or otherwise best offer for the Property.  The PSA and
the terms and conditions thereof are approved, and the Debtor is
authorized and directed to enter into, execute, deliver, and
perform the PSA and all related agreements, transactions, and such
other ancillary documents and schedules consistent with the terms
thereof and in furtherance thereof.

The sale is free and clear of all liens, claims, encumbrances, and
other interests, with all valid liens and other interests which may
be attributable to the assets being sold will attach only to the
proceeds of the Sale, if any.

Pursuant to section 365 of the Bankruptcy Code, the Debtor is
authorized and directed to assume and sell and assign the Assumed
Service Contracts and the Assumed Leases to the Purchaser free and
clear of all encumbrances (other than the Permitted Exceptions),
notwithstanding any provisions that restrict the assignability of
the proposed assumed contracts.   

The Purchaser will not be liable for any Cure Costs.

Pursuant to 11 U.S.C. Section 365, all Assumed Leases and Assumed
Service Contracts as described in the Motion are assumed by the
Debtor and assigned to the Purchaser under the PSA.

The Debtor is authorized to enter into the 210 Agreement as set
forth in the Motion.

The 14-day stay requirements of Bankruptcy Rule 6004(h) and Rule
6006(d) are waived.

Upon the Closing, all creditors and interested parties will be
entitled to object to the proposed distributions of the sale
proceeds for a period of 14 days.

The Debtor is permitted to close the sale described in accordance
with the terms of the PSA, to pay all normal fees including
recording fees, costs, taxes, and commissions (including broker
commissions as set forth in the Order entered by the Court at
closing by the title company.

The Debtor will reserve funds, from the sales proceeds, in an
amount sufficient to pay the quarterly fees owed, pursuant to 28
U.S.C. 1930(a)(6), that will become due at the end of the quarter
following the closing of the sale.

In the event the anticipated quarterly fee is not paid in full at
closing, the Quarterly Fee Reserve will be deposited into a
segregated DIP bank account to be paid to the United States Trustee
when due at the end of the quarter following the closing of the
sale.

The ad valorem taxes for tax year 2021 pertaining to the Property
will become the responsibility of the Purchaser and the 2021 ad
valorem tax liens will be retained against the Property until said
taxes, including any penalties and interest that may accrue, are
paid in full.

               About American Commercial Management

American Commercial Management, LLC, is a single asset real estate
debtor (as defined in 11 U.S.C. Section 101(51B)).

American Commercial Management filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas
Case No. 20-35718) on Nov. 30, 2020.  In its petition, the Debtor
disclosed assets of between $10 million and $50 million and
liabilities of the same range.  Susan Rozman, manager, signed the
petition.  Judge Jeffrey P. Norman oversees the case.  Hughes
Watters Askanase, LLP is the Debtor's legal counsel.



ARETE LAND: Sale of Montpelier Property to Buddyncheeks & MSC OK'd
------------------------------------------------------------------
Judge William T. Thurman of the U.S. Bankruptcy Court for the
District of Utah authorized Arete Land Co., LLC's sale of interest
in certain estate property, namely The Jewel Building situated at
350 Washington Street in Montpelier, Bear Lake County, State of
Idaho, as more particularly described in the RE-23
Commercial/Investment Real Estate Purchase and Sale Agreement, to
Buddyncheeks, LLC, and MSC Investments, LLC, for $329,800.

A hearing on the Motion was held on April 7, 2021.

The sale is free and clear of all liens and interests.  To the
extent any liens or interests exist, such liens and/or interests
will attach to the sale proceeds.

        About Arete Land Company, LLC

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

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

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

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

The petition was signed by Christofer Shurian, manager.



BELTEMPO USA: Taps Furr and Cohen as Legal Counsel
--------------------------------------------------
Beltempo USA, LLC, received approval from the U.S. Bankruptcy Court
for the Southern District of Florida to hire Furr and Cohen, P.A.,
as its legal counsel.

The firm's services include:

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

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

     (c) preparing legal documents;

     (d) protecting the interest of the Debtor in all matters
pending before the court; and

     (e) representing the Debtor in negotiations with creditors in
the preparation of a Chapter 11 plan.

The hourly rates charged by the firm's attorneys and paralegals are
as follows:

     Robert C. Furr         $675 per hour
     Charles I. Cohen       $575 per hour
     Alvin S. Goldstein     $575 per hour
     Alan R. Crane          $525 per hour
     Marc P. Barmat         $525 per hour
     Jason S. Rigoli        $375 per hour
     Paralegals             $175 per hour

As disclosed in court filings, Furr and Cohen and its attorneys do
not represent any interest adverse to the Debtor.

Furr and Cohen can be reached through:

     Alvin S. Goldstein, Esq.
     Furr and Cohen P.A.
     2255 Glades Rd., Suite 301E
     Boca Raton, FL 33431
     Tel: 561-395-0500
     Email: agoldstein@furrcohen.com

                        About Beltempo USA

Beltempo USA, LLC, a Fort Lauderdale, Fla.-based company that owns
furniture stores, filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
21-11323) on Feb. 11, 2021.  Marco Sangiorgi, the manager, signed
the petition.  In the petition, the Debtor disclosed $115,210 in
assets and $1,280,728 in liabilities.  Judge Scott M. Grossman
oversees the case.  The Debtor tapped Furr and Cohen PA as its
legal counsel and Armando Noda of Arm Consulting & Co. as its
accountant.


BERNARD L. MADOFF: Founder Dies in Federal Prison
-------------------------------------------------
As widely reported, Bernard Madoff, the infamous architect of the
largest Ponzi scheme in history, died at the Federal Medical Center
in Butner, N.C., early Wednesday, April 14, 2021.  He was 82.

His death was due to natural causes, a person familiar with the
matter told The Associated Press.

Madoff founded a penny stock brokerage in 1960, which eventually
grew into Bernard L. Madoff Investment Securities.  For decades,
Madoff was known as a self-made financial guru whose Midas touch
defied market fluctuations.  Madoff took $20 billion from as many
as 37,000 people in 136 countries over four decades and promised
returns of $65 billion.

But like all Ponzi schemes, Madoff used money from new investors to
pay off older ones.  He simply deposited investors' funds in a
Chase bank account, paying off new customers with funds from
earlier customers and providing his clients with falsified account
statements.

Madoff's firm had about 4,800 investment client accounts as of Nov.
30, 2008, and issued statements for that month reporting that
client accounts held a total balance of about $65 billion, but
actually "held only a small fraction" of that balance for clients.

His Ponzi scheme was unraveled in 2008 when clients requested $7
billion in returns during the Great Recession.  His account at
Chase Manhattan Bank, which at one point in 2008 had well over $5
billion, was down to only $234 million.  On Dec. 10, 2008, he
revealed the scheme to his sons, who then reported him to federal
authorities.  Madoff was arrested by the FBI the following day.

On March 12, 2009, Madoff pleaded guilty to 11 federal felonies and
admitted to turning his wealth management business into a massive
Ponzi scheme.  In June 2009, U.S. District Judge Denny Chin
sentenced Madoff to 150 years in prison, the maximum possible term,
with restitution of $170 billion.

The Federal Medical Center in Butner, North Carolina, confirmed
Madoff's death.

Madoff's attorney in recent years, Brandon Sample, said in an email
Wednesday to CNBC that his client "up until his death, lived with
guilt and remorse for his crimes.  Although the crimes Bernie was
convicted of have come to define who he was -- he was also a father
and a husband.  He was soft-spoken and an intellectual.  Bernie was
by no means perfect. But no man is."

                    $14 Billion Recovered

The actual cash losses from the Madoff fraud, not counting
fictional profits, were estimated at $20 billion -- one of the
largest financial frauds on record, and the largest Ponzi scheme
ever.

Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee
for the liquidation of Bernard L. Madoff Investment Securities LLC
(BLMIS), has sued dozens of people and entities, including Madoff's
family members, alleging they either knew about the fraud or turned
a blind eye, while reaping millions of dollars in benefits.

Picard announced in February he has so far recovered $14.413
billion for investors.  Bilked investors have already recovered 70%
of their allowed claims, and Picard is optimistic this figure will
rise as he secures more recoveries and distributions in the
future.

                      About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion.  On Dec. 15, 2008, the Honorable Louis A.
Stanton of the U.S. District Court for the Southern District of New
York granted the application of the Securities Investor Protection
Corporation for a decree adjudicating that the customers of BLMIS
are in need of the protection afforded by the Securities Investor
Protection Act of 1970.  The District Court's Protective Order (i)
appointed Irving H. Picard, Esq., as trustee for the liquidation of
BLMIS, (ii) appointed Baker & Hostetler LLP as his counsel, and
(iii) removed the SIPA Liquidation proceeding to the Bankruptcy
Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.).  Mr.
Picard has retained AlixPartners LLP as claims agent.

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The petitioning creditors -- Blumenthal &
Associates Florida General Partnership, Martin Rappaport Charitable
Remainder Unitrust, Martin Rappaport, Marc Cherno, and Steven
Morganstern -- assert US$64 million in claims against Mr. Madoff
based on the balances contained in the last statements they got
from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).  The Chapter 15 case was later
transferred to Manhattan.  In June 2009, Judge Lifland approved the
consolidation of the Madoff SIPA proceedings and the bankruptcy
case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to 150
years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.).


BIOSTAGE INC: Incurs $4.8 Million Net Loss in 2020
--------------------------------------------------
Biostage, Inc. filed with the Securities and Exchange Commission
its Annual Report on Form 10-K disclosing a net loss of $4.86
million on zero revenue for the year ended Dec. 31, 2020, compared
to a net loss of $8.33 million on zero revenue for the year ended
Dec. 31, 2019.

As of Dec. 31, 2020, the Company had $2.07 million in total assets,
$951,000 in total liabilities, and $1.12 million in total
stockholders' equity.

Boston, Massachusetts-based RSM US LLP, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
April 13, 2021, citing that  the Company has suffered recurring
losses from operations, has an accumulated deficit, uses cash flows
in operations, and will require additional financing to continue to
fund operations.  This raises 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/1563665/000110465921049804/tm211070d1_10k.htm

                                                     About
Biostage

Holliston, Massachusetts-based Biostage, Inc. -- www.biostage.com
--  is a biotechnology company developing bioengineered organ
implants based on the Company's novel Cellframe and Cellspan
technology. The Company's technology is comprised of a
biocompatible scaffold that is seeded with the recipient's own
cells.  The Company believes that this technology may prove to be
effective for treating patients across a number of life-threatening
medical indications who currently have unmet medical needs. The
Company is currently developing its technology to treat
life-threatening conditions of the esophagus, bronchus or trachea
with the objective of dramatically improving the treatment paradigm
for those patients.  Since inception, the Company has devoted
substantially all of its efforts to business planning, research and
development, recruiting management and technical staff, and
acquiring operating assets.


BK4 LLC: Case Summary & 10 Unsecured Creditors
----------------------------------------------
Debtor: BK4 LLC  
        8 Wheatley Ave
        Albertson, NY 11507-1515

Business Description: The Debtor is the fee simple owner of three
                      properties in Brooklyn, New York having a
                      total current value of $6.29 million.

Chapter 11 Petition Date: April 12, 2021

Court: United States Bankruptcy Court
       Eastern District of New York

Case No.: 21-70681

Judge: Hon. Alan S. Trust

Debtor's Counsel: J. Ted Donovan, Esq.
                  GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP
                  1501 Broadway 22nd Floor
                  New York, NY 10036
                  Tel: (212) 221-5700
                  E-mail: tdonovan@gwfglaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Tal August, manager.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 10  unsecured creditors is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/GQ2JOMQ/BK4_LLC__nyebke-21-70681__0001.0.pdf?mcid=tGE4TAMA



BLACK DIRT: Case Summary & 11 Unsecured Creditors
-------------------------------------------------
Debtor: Black Dirt Farm LLC
        f/d/b/a BDF Enterprises LLC
        363 Branchland Avenue
        Shady Spring, WV 25918

Business Description:  Black Dirt Farm offers heavy-haul
                       transportation and pilot car services.
                       http://www.bdf-enterprises.com/

Chapter 11 Petition Date: April 11, 2021

Court: United States Bankruptcy Court
       Southern District of West Virginia

Case No.: 21-50028

Debtor's Counsel: Paul W. Roop, II, Esq.
                  ROOP LAW OFFICE, LC
                  P.O. Box 1145
                  Beckley, WV 25802-1145
                  Tel: (304) 255-7667
                  Fax: (304) 256-2295
                  E-mail: bankruptcy@rooplawoffice.com

Total Assets: $1,379,000

Total Liabilities: $779,653

The petition was signed by Jonathan Bolen, CEO.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 11  unsecured creditors is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/AKSLYVQ/Black_Dirt_Farm_LLC__wvsbke-21-50028__0001.0.pdf?mcid=tGE4TAMA



BLADE GLOBAL: Bid Procedures for Substantially All Assets Approved
------------------------------------------------------------------
Judge M. Elaine Hammond of the U.S. Bankruptcy Code for the
District of Northern District of California authorized Blade Global
Corp.'s bidding procedures in connection with the auction sale of
substantially all assets.

A tele/video conference on the Motion was held on April 7, 2021, at
10:00 a.m.

The Bidding Procedures provided however that (1) the deadline for
overbids will be 11:59 p.m. on April 12, 2021; (2) the Minimum
Initial Overbid will be $75,000; (3) subsequent overbids will be in
the amount of $100,000 unless otherwise ordered by the Court; and
(4) the in-court Auction is a public hearing and without
restriction as to attendees; and (5) nothing contained within the
Order, the Stalking Horse Agreement or the Bidding Procedures will
be considered a determination that the Debtor holds any right,
title or interest in the assets identified in Schedule 1.1(a) of
the Stalking Horse Agreement or that such assets are susceptible to
sale by the Debtor under Section 363(f) of the Bankruptcy Code and
the rights and arguments of any party with respect to such matters
are expressly preserved.

The Auction Procedures set forth in the Motion are approved subject
to modification as set forth.

The $50,000-Break Up Fee and Exense Reimbursement capped at $50,000
are approved.

The Order is without prejudice to the rights of Equinix to assert
rights it may have under its contracts with the Debtor.

The Asset Purchase Agreement is modified as follows: All Avoidance
Actions listed in Schedule 1.1(o) to the Asset Purchase Agreement
are now Excluded Assets with the exception of the following:
2/19/21 payment to EVOTECH of $114,797.84; 1/7/21 payment of
$40,680 to NESEVO; 2/4/21 payment of $19,150 to NESEVO; and,
2/27/21 payment of $174,455 to NESEVO, which remain as Acquired
Assets.

The Assumption and Assignment Notice to the Motion be and is
approved and authorized for use.  As soon as reasonably practicable
after the Court enters the Order, the Debtor will file and serve
the Assumption and Assignment Notice on all non-Debtor parties to
the agreements proposed to be assumed and assigned (and any counsel
appearing on their behalf in the Chapter 11 Case).

The Contract Objection Deadline is 4:00 p.m. (PT) on April 24,
2021.  Notwithstanding the foregoing, in the event the Debtor files
an amended Assumption and Assignment Notice adding an Assignable
Contract or decreasing any proposed Cure Amount on or after April
24, 2021, the non-Debtor counterparty must file and serve a
Contract Objection in accordance with the procedures described in
the Order and in the Bid Procedures within seven days after the
filing of any such amendment.

Any Contract Objection must state the basis for such objection and
state with specificity what Cure Amount the party to the Assigned
Contract believes is required (in all cases with appropriate
documentation in support thereof).

                       About Blade Global                

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

Judge M. Elaine Hammond oversees the case.

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



BOY SCOUTS OF AMERICA: Exploring Alternative Exit Plan
------------------------------------------------------
Andrew Scurria and Becky Yerak of The Wall Street Journal report
that the Boy Scouts of America, under pressure to end a costly
bankruptcy case, are exploring alternative an exit from chapter 11
that the youth group said abandons its longstanding goal of
protecting hundreds of affiliated local councils from sex-abuse
litigation.

The Boy Scouts put forth an alternative chapter 11 plan that would
resolve sex-abuse liabilities for only the bankrupt national
organization, while leaving local councils spread across the
country open to thousands of legal claims.

The contingency plan isn't a first choice for the Boy Scouts, which
filed for bankruptcy in hopes of shielding the local councils and
the wealth they hold from legal exposure over childhood sexual
abuse.  Since filing for bankruptcy last year, the Boy Scouts have
favored a broad deal between abuse victims and local councils,
which are tied to the institution but aren't themselves in
bankruptcy.

That remains on the table, Boy Scouts lawyer Jessica Lauria said in
the U.S. Bankruptcy Court in Wilmington, Del.  But if the preferred
plan falls to gain traction among victims or can't clear bankruptcy
court, the Boy Scouts would pivot to an alternative version that
only covers the national organization, she said.

In that scenario, local councils in California, New Jersey, New
York and other states would be exposed to the kind of legal action
that the Boy Scouts had filed for bankruptcy to resolve, according
to court papers filed Monday, April 12, 2021.

A Boy Scouts spokesman said that while the national-only plan isn't
their preferred path, they "must be prepared to move forward with
an alternative plan if necessary."

The Boy Scouts have apologized for past failures to protect
children and said they want to compensate those who suffered abuse
through a chapter 11 filing mean to corral litigation and ease the
settlement process.

The bankruptcy case also opened a potential route for local
councils to make a contribution, in return for the same blanket
protection against sex-abuse lawsuits that the national
organization would receive, according to court filings.

A settlement trust proposed by the Boy Scouts would evaluate claims
and administer payments, drawing on contributed assets and
insurance policies, which victims are counting on for a big chunk
of the compensation funding.

Negotiations with local councils have concerned how much they
should contribute to the compensation trust to earn their liability
release.  The Boy Scouts have suggested they chip in $300 million,
a figure they haven’t agreed to and that abuse victims have
rejected as insufficient.

A widespread deal hasn't emerged as the Boy Scouts move closer to a
self-imposed summer deadline to exit from chapter 11. Ms. Lauria
said Monday the alternate plan would save professional fees,
already hovering around $100 million, and end the bankruptcy on
schedule. The fallback plan also doesn't require strong support
from abuse survivors, the Boy Scouts said in court papers Monday.

But there would be no contributions from local councils and no
centralized forum to liquidate claims and compensate victims, Ms.
Lauria said.  Abuse victims would retain their rights to bring
lawsuits against local councils, as well as church, schools and
other groups that sponsored troops and allegedly failed to screen
out predators.

When the Boy Scouts entered bankruptcy, they expected about 12,000
sex-abuse claims to emerge. Instead, nearly 84,000 men stepped
forward seeking compensation, making it the largest chapter 11 case
filed over sexual abuse.

Some of the largest and wealthiest local councils were named in
thousands of abuse claims, enough to put them under severe
financial strain if they can't buy peace with victims through the
bankruptcy case, according to public claims data. I n court papers
filed Monday, the Boy Scouts said that without a global resolution,
all survivors would be "forced to revert to the tort system and
likely into bankruptcy courts across the country as local councils
confront a tidal wave of abuse lawsuits."

Some local councils have already put camp properties on the block
to raise money for the compensation trust.  The settlement offer
the Boy Scouts have put forth doesn't include signed commitments
from local councils, or their insurance rights.

Ricky Mason, a lawyer negotiating on behalf of local councils, said
in Monday's hearing that they are prepared to contribute cash and
insurance rights but that the amounts need to be realistic.

                     About Boy Scouts of America

The Boy Scouts of America -- https://www.scouting.org/ -- is a
federally chartered non-profit corporation under title 36 of the
United States Code.  Founded in 1910 and chartered by an act of
Congress in 1916, the BSA's mission is to train youth in
responsible citizenship, character development, and self-reliance
through participation in a wide range of outdoor activities,
educational programs, and, at older age levels, career-oriented
programs in partnership with community organizations. Its national
headquarters is located in Irving, Texas.

The Boy Scouts of America and affiliate Delaware BSA, LLC sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on
Feb. 18, 2020, to deal with sexual abuse claims.

Boy Scouts of America was estimated to have $1 billion to $10
billion in assets and at least $500 million in liabilities as of
the bankruptcy filing.

The Debtors have tapped Sidley Austin LLP as their bankruptcy
counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel,
and Alvarez & Marsal North America, LLC as financial advisor.  Omni
Agent Solutions is the claims agent.

The U.S. Trustee for Region 3 appointed a tort claimants' committee
and an unsecured creditors' committee on March 5, 2020. The tort
claimants' committee is represented by Pachulski Stang Ziehl &
Jones, LLP, while the unsecured creditors' committee is represented
by Kramer Levin Naftalis & Frankel, LLP.


BOY SCOUTS OF AMERICA: Insurers Seek to Delay Disclosures Hearing
-----------------------------------------------------------------
Century Indemnity Company, as successor to CCI Insurance Company,
as successor to Insurance Company of North America, asks the U.S.
Bankruptcy Court for the District of Delaware to adjourn the
hearing on the Disclosure Statement accompanying the Chapter 11
Plan of Boy Scouts of America and Delaware BSA, LLC.  Clarendon
American Insurance Company and Travelers Casualty and Surety
Company join the motion.

Stamatios Stamoulis, Esq., at Stamoulis & Weinblatt LLC, counsel to
Century Indemnity, said that the moving insurers were excluded from
all the meetings held among the BSA, Local Councils, and Coalition
on the terms of a Plan.  As a consequence, multiple lawyers and
business people sat in electronic waiting rooms for days over the
course of March 30 to April 1 without being summoned to a single
meeting between BSA and the Coalition beyond an opening 30-minute
session, he said.  The insurers are in the dark as to terms being
formulated behind closed doors between the Coalition and BSA making
compliance with the statutory 28 days' notice period required by
Bankruptcy Rule 3017(a) all the more important, Mr. Stamoulis
pointed out.  Pursuant to Bankruptcy Rule 3017(a), the Court may
only hold a hearing to approve a disclosure statement on at least
28 days' notice to parties-in-interest.

A copy of the motion is available at tinyurl.com/xh7xpfph from
PacerMonitor.com free of charge.

Counsel to Century Indemnity Company:

    Stamatios Stamoulis, Esq.
    Stamoulis & Weinblatt LLC
    800 N. West Street Third Floor
    Wilmington, Delaware  19801
    Telephone: 302 999 1540
    Facsimile: 302 762 1688

     Tancred Schiavoni, Esq.
     O'Melveny & Myers LLP
     Times Square Tower
     7 Times Square
     New York, New York 10036-6537
     Telephone: 212 326 2000
     Facsimile: 212 326 2061

                  About Boy Scouts of America

The Boy Scouts of America -- https://www.scouting.org/ -- is a
federally chartered non-profit corporation under title 36 of the
United States Code. Founded in 1910 and chartered by an act of
Congress in 1916, the BSA's mission is to train youth in
responsible citizenship, character development, and self-reliance
through participation in a wide range of outdoor activities,
educational programs, and, at older age levels, career-oriented
programs in partnership with community organizations. Its national
headquarters is located in Irving, Texas.

The Boy Scouts of America and affiliate Delaware BSA, LLC sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on
Feb. 18, 2020, to deal with sexual abuse claims.

Boy Scouts of America was estimated to have $1 billion to $10
billion in assets and at least $500 million in liabilities as of
the bankruptcy filing.

The Debtors have tapped Sidley Austin LLP as their bankruptcy
counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel,
and Alvarez & Marsal North America, LLC as financial advisor.  Omni
Agent Solutions is the claims agent.

The U.S. Trustee for Region 3 appointed a tort claimants' committee
and an unsecured creditors' committee on March 5, 2020.  The tort
claimants' committee is represented by Pachulski Stang Ziehl &
Jones, LLP, while the unsecured creditors' committee is represented
by Kramer Levin Naftalis & Frankel, LLP.


BOYCE HYDRO: Liquidating Trustee Taps Honigman as Special Counsel
-----------------------------------------------------------------
Scott Wolfson, the liquidating trustee appointed in the Chapter 11
cases of Boyce Hydro, LLC and Boyce Hydro Power, LLC, seeks
approval from the U.S. Bankruptcy Court for the Eastern District of
Michigan to retain Honigman, LLP as his special counsel.

Honigman will provide a written assessment of certain causes of
action; the litigation commenced by various Boyce entities (Case
No. 20-cv-00364) in the U.S. District Court for the Western
District of Michigan; and other potential claims of the liquidating
trust.

The firm will receive a fixed fee of $25,000 for its services.

Michael Hindelang, Esq., a partner at Honigman, disclosed in a
court filing that the firm does not represent or hold any interest
adverse to the bankruptcy estate or the Debtors.

The firm can be reached through:

     Michael P. Hindelang, Esq.
     Honigman LLP
     2290 First National Building
     660 Woodward Avenue
     Detroit, MI 48226-3506
     Tel: 313-465-7412
     Email: mhindelang@honigman.com

                         About Boyce Hydro

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

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

Judge Daniel S. Oppermanbaycity oversees the cases.

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

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

The liquidating trustee tapped Wolfson Bolton, PLLC as bankruptcy
counsel and Honigman, LLP as special counsel. Stretto is the claims
agent.


BRACHIUM INC: Seeks to Hire Shumaker Loop as IP Counsel
-------------------------------------------------------
Brachium, Inc. seeks approval from the U.S. Bankruptcy Court for
the Northern District of California to employ  Shumaker, Loop &
Kendrick, LLP as its intellectual property counsel.

The firm will render these services:

     a. preparation and filing of any patent applications;

     b. prosecution of pending patent applications;

     c. maintenance of issued patents; and

     d. general responses to the inquiries from United States
Patent Office or foreign patent offices.

William Clemens, Esq., will be the primary attorney managing and
handling this matter and his hourly rate is $430.

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

The firm can be reached at:

     William J. Clemens, Esq.
     Shumaker Loop & Kendrick, LLP
     101 South Tryon Street, Suite 2200
     Charlotte, NC 28202
     Office: (704) 375-0057
     Direct: (843) 996-1920

                       About Brachium Inc.

Brachium, Inc. -- http://brachium.com-- is a healthcare technology
startup redefining the dental experience using robotics, machine
learning and digital augmentation.

Brachium filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Calif. Case No. 21-30047) on
Jan. 25, 2021.  Yaz Shehab, chief executive officer, signed the
petition.  At the time of the filing, the Debtor had estimated
assets of less than $50,000 and liabilities of between $1 million
and $10 million.

Judge Hannah L. Blumenstiel presides over the case.

The Debtor tapped Macdonald Fernandez LLP as its bankruptcy
counsel.  Shumaker Loop & Kendrick, LLP is the Debtor's
intellectual property counsel.


BRAZOS DELAWARE II: Fitch Raises LT IDR to 'B-', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has upgraded Brazos Delaware II, LLC's Long-Term
Issuer Default Rating (IDR) to 'B-' from 'CCC+', and senior secured
rating to 'B-'/'RR4' from 'CCC+'/'RR4'. In addition, Fitch has
assigned the IDR a Stable Rating Outlook.

The upgrades reflect Brazos' improvement in leverage and coverage
ratio, driven by volume growth through Brazos' system and recovery
in natural gas and NGL prices. Brazos' average wellhead volume in
2020 grew by ~37% yoy to 347mmcfpd. The recovery in commodity price
also boosted Brazos's commodity price-sensitive cashflow under its
fixed price recovery contracts. Fitch projects Brazos's leverage to
remain below 7.5x and FFO fixed charge coverage above 1.5x in the
forecast years, underpinned by moderate growth in volume and the
improved hub commodity prices and basis differentials in the
Permian.

Additionally, Brazos' ratings and Outlook also reflect its adequate
liquidity to meet its debt service requirement and capital needs in
the near term. Fitch expects Brazos to maintain a modest capex
program in 2021 and 2022, and believes that its owners will remain
financially supportive.

KEY RATING DRIVERS

Elevated Leverage to Improve: Fitch calculated Brazos' YE 2020
leverage (Total Debt/Operating EBITDA) to be approximately 8.2x,
compared to above 10x at YE 2019. The deleverage was driven by the
increase in volumes during 2H20 and cost reduction efforts. As
shut-in volumes returned to Brazos' system and new well completions
resumed, Brazos' throughput volumes increased in 3Q20 and 4Q20.
Brazos' 2020 average wellhead volume grew by ~37% yoy to 347mmcfpd.
Additionally, the recovery in commodity price during 2H20 also
boosted Brazos' cashflow, as Brazos has commodity price exposure
under its fixed price recovery contracts.

Under Fitch's current commodities price deck, Fitch expects
constructive producer activities in 2021 and 2022. The improved
takeaway capacity for natural gas in the Permian should also
provide earnings uplift for Brazos' commodity price sensitive
business, as basis differentials become more favorable than in the
past. Fitch projects Brazos's 2021 average throughput volume to be
above 2020's average. Fitch also notes that Brazos recognized $17.5
million utility credits in 1Q21 that will lower its operating cost
in the near term. Additionally, Brazos also received cash payment
for a contract settlement that will boost liquidity in the near
term and help repay debt under its excess cashflow sweep. Under
Brazos' current capex program, Fitch forecasts Brazos' 2021 and
2022 leverage to average approximately 6.8x (6.4x-6.7x at YE 2021
driven by the EBITDA uplift in 1Q21; 7.2x-7.4x without the uplift),
as Brazos continues to utilize FCF to accomplish debt repayment.
Fitch also expects Brazos will maintain FFO fixed coverage ratio
well above 1.5x in the forecast years.

Volumetric and Customer Concentration Risk: Brazos generates a
large percentage of its cash flow under fixed-fee contracts with a
weighted average of approximately 10 years for its contracts backed
by over 500,000 acres dedicated. Brazos' rating reflects its
operational exposure to volumetric risks associated with the
production and demand for natural gas and NGLs. Fitch notes that
there is still a backlog of DUCs (Drilled but Uncompleted)
inventory under Brazos' dedicated acreage. Brazos' near-term volume
growth will continue to rely on the DUCs inventory under Brazos'
dedicated acreage, as its producer customers continue to complete
their DUCs. However, the waning DUC inventory poses a concern for
Brazos' volume growth in the forecast years, should producer
drilling activities becomes uninspiring. The maintenance of level
production or slight growth that is significantly driven by
completing DUCs wells would raise a concern that volumes would go
to a level where Brazos would be weakly positioned in its rating
category.

While Brazos is not dependent on a single counterparty for the
majority of its volumes, it does have concentrated customer
exposure with top five producers expected to comprise over 75% of
Brazos' revenue in 2021, a large percentage of which came from
investment grade customers. There are heightened uncertainties
surrounding future capex allocation by some of Brazos' E&P producer
customers, given the recent consolidation of some of the players,
in Fitch's view.

Mostly Fee-Based Contracts: While Brazos generates a high
percentage of cash flow under fixed fee contracts with its
counterparties, Brazos is exposed to commodity price through its
fixed-price recovery contracts, which account 15%-20% of net gas
revenue. Under those contracts, in addition to the fixed gathering
and processing fee that Brazos receives, the company generates
revenue from the sales of processed residue gas and natural gas
liquids to downstream markets along with the sales of condensate
recovered while processing the natural gas.

The commodity price exposure was one factor driving lower expected
EBITDA and cashflow volatility in the past. However, the recent
completion and in-service of natural gas pipelines in the Permian
should improve hub commodity prices and basis differentials,
enhancing Brazos' cash flow in the near term.

Size and Competitive Landscape: Brazos' growth is somewhat
inhibited by its scale and scope of operations, given the company
is a small natural gas G&P and crude gathering services provider
that operates predominately in the Southern Delaware region of the
Permian Basin. The company is expected to generate an annual EBITDA
less than $150 million in the near term. Further, given its single
basin focus, Brazos is subject to outsized event risk if there is a
slow-down or long-term disruption of Delaware basin production.

Additionally, competition is a limiting factor that can hamper
Brazos' future growth. In seeking further acreage dedications,
Brazos faces competition from larger midstream companies that can
offer more integrated midstream services, including greater hub
connectivity within the Southern Delaware basin, and downstream
services such as long-haul transport and fractionation. Brazos'
crude gathering business also faces competition from crude trucking
business if producers elect to truck crude barrels instead of using
Brazos' system.

DERIVATION SUMMARY

Brazos' ratings are limited by the company's size and scale of
operations. Brazos is a single basin focused midstream company that
provides natural gas G&P and crude gathering services in the
Permian Basin, particularly in the Southern Delaware basin. Brazos'
future cashflow and deleveraging profile are strongly dependent on
the production ramp from the producers under its dedicated
acreage.

In Fitch's view, relative to Eagleclaw (B-/Positive) and Navitas
(B/Stable), Brazos is smaller in size by EBITDA and dedicated
acreage. Brazos also exhibits weaker leverage metrics in the near
term. Fitch projects Navitas' leverage (Total Debt/Op. EBITDA) to
be in the 6.0x-6.5x range through 2022, and Eagleclaw's leverage to
trend below 6.5x by YE 2022 (vs. Brazos' leverage of above 6.5x at
YE 2022). Additionally, while both Brazos and EagleClaw are exposed
to commodity prices, similar to Navitas, and all lack MVC
contracts, Navitas has a mix of fixed-fee and price floor
contracts, setting a minimum price floor, with less downside risk
to commodity price.

KEY ASSUMPTIONS

-- A Fitch price deck of Henry Hub natural gas prices of $2.75
    per thousand cubic feet (mcf) in 2021, 2.45 in 2022, and over
    the long term and West Texas Intermediate (WTI) oil prices of
    $55 per barrel (bbl) in 2021, $50/bbl in 2022, and $50/bbl in
    2023;

-- Average annual production volume by Brazos' customers in
    forecast years does not fall below 2020 average volume;

-- No equity contribution needed in the future years;

-- Utility credit recognized in 1Q21 EBITDA calculation; cash
    received from acreage dedication settlement;

-- 2021 Capex to be $35 million-$40 million;

-- Deleverage supported by term loan amortization (1% per annum)
    and debt repayment under excess cash flow sweep;

-- In its recovery analysis, Fitch utilized a going-concern
    approach with a 6x EBITDA multiple, which is in line with
    recent reorganization multiples in the energy sector. There
    have been a limited number of bankruptcies and reorganizations
    within the midstream space. However, the bankruptcies of Azure
    Midstream and Southcross Holdco, had multiples between 5x and
    7x by Fitch's best estimates. In Fitch's bankruptcy case study
    report "Energy, Power and Commodities Bankruptcies Enterprise
    Value and Creditor Recoveries," published in April 2019, the
    median enterprise valuation exit multiplies for 35 energy
    cases available was 6.1x, with a wide range of multiples
    observed;

-- The going concern EBITDA of roughly $80 million-$85 million
    for Brazos reflects Fitch's view of a sustainable, post
    reorganization EBITDA level upon which Fitch bases the
    valuation of the company. The GC EBITDA is higher than the
    previous model's $75 million, reflecting the stronger EBITDA
    forecast for Brazos. As per criteria, the going concern EBITDA
    continues to embed some, but not all, of the distress that
    caused the default in the first place. Guided by this
    requirement, Fitch assumed that on or after 2022 (Fitch WTI
    price deck price of $50/barrel) Brazos customers require
    moderate their drilling activity in ways that increase
    profitability).

RATING SENSITIVITIES

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

-- Fitch's forecast leverage to be below 6.5x supported by volume
    growth while maintaining fixed charge coverage ratio above
    2.0x;

-- Improved liquidity measures.

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

-- Fitch's forecast leverage to be above 7.5x on a sustained
    basis and/or FFO Fixed Charge Coverage below 1.7x;

-- A significant decline in rig count or a moderation in daily
    volumes through Brazos' system; Fitch expects 2021 average
    throughput volume to be above 380 mmcfpd;

-- Sanctioning of new capex projects that raises business risk;

-- Significant cost overruns on project completion pressuring
    existing liquidity condition;

-- A significant change in cash flow stability profile, driven by
    a move away from the current majority of revenue being fee
    based.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch believes that Brazos will be able to fund
its debt service requirement and capex needs in 2021 using its
internally generated cashflow, as well as its current available
cash of approximately $56 million as of YE 2020. As of Dec. 31,
2020, Brazos had $46.5 million available under the $50 million
revolving credit facility ($3.5 million LoC). Fitch does not
anticipate additional equity contribution or cure needed for Brazos
in the forecast periods to meet the Debt Service Coverage Ratio
(DSCR) requirement of 1.1x.

The term loan requires a six-month debt service reserve account
(DSRA), as well as a cash flow sweep and mandatory amortization of
1% per annum. The instrument that provides back-up liquidity for
the DSCR directed toward term loan holders is in the form of cash
at the borrower level and LOC issued by a bank. The LOC is written
in favor of the collateral agent. The obligation to repay the LOC
resides at an entity above Brazos. Additionally, Brazos received
additional cash during 1Q20 as a result of a contract settlement,
further boosting its liquidity position.

The sponsor, Morgan Stanley Infrastructure (MSI), has demonstrated
financial support in the previous years, providing additional
equity infusion in 2019 and approving equity infusions in 2020 that
wasn't ultimately needed. Williams Companies (BBB/Stable) is also a
15% co-owner.


BROADSTREET PARTNERS: S&P Rates $325MM Sr. Unsecured Notes 'CCC+'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'CCC+' issue rating to BroadStreet
Partners Inc.'s $325 million senior unsecured notes due 2029. S&P
also assigned a '6' recovery rating to the notes, indicating its
expectation of negligible recovery (0%) in the event of payment
default.

S&P said, "We expect BroadStreet to use the proceeds from these
notes to refinance its $224 million first-lien nonfungible term
loan and $75 million second-lien term loan outstanding as of Dec.
31, 2020. The company will use the remaining proceeds to add cash
to its balance sheet for future acquisitions, as well as to pay
related fees and expenses. We will withdraw our 'B' issue rating
and '3' recovery rating on BroadStreet's nonfungible first-lien
term loan once the debt is repaid. The privately placed second-lien
term loan is not rated.

"The ratings on BroadStreet, including our 'B' long-term issuer
credit rating and 'B' revolver and first-lien term loan ratings,
are unaffected by the issuance. Pro forma for the new issuance,
leverage (including the annualized EBITDA contributions of
acquisitions) is 6.0x, within expectations and a minimal increase
from 5.9x at year-end 2020 given fairly steady debt levels. EBITDA
interest coverage remains above 3.0x."

Despite the economic downturn caused by COVID-19, BroadStreet
performed well in 2020 with organic commission & fee growth of 1.7%
and sizable inorganic expansion, completing 57 acquisitions--four
core and 53 tuck-ins--during the year. Given the link to payrolls
and unemployment levels, the company's employee benefits segment
and more discretionary business lines were negatively impacted in
2020. However, BroadStreet's EBITDA margin expansion of roughly 200
basis points per our calculation, as a result of various expense
actions and accretive acquisitions, buffered top-line pressure.

S&P said, "For 2021, we anticipate organic improvement due to
continued economic recovery, improvement in employment levels, the
rollout of the COVID-19 vaccine, and the property/casualty rate
environment. We also expect BroadStreet to remain acquisitive with
the back-drop of tax law uncertainty continuing to fuel the pace.
We expect the company to operate within our base-case expectation
of debt to EBITDA at 5.5x-6.0x with coverage above 3.0x."


CALPINE CORP: Fitch Affirms 'B+' IDR, Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Rating (IDR) of
Calpine Corporation and Calpine Construction Finance Company L.P.
(CCFC) at 'B+'. The Rating Outlook is Stable.

In addition, Fitch has affirmed Calpine's and CCFC's first-lien
debt at 'BB+'/'RR1' and Calpine's senior unsecured notes at
'BB-'/'RR3'. 'RR1' and 'RR3' recovery ratings imply outstanding and
good recovery prospects, respectively, in the event of default.

Calpine Corporation's ratings reflect its elevated leverage and the
high business risk associated with owning a largely uncontracted
power generation fleet. The ratings also consider the positive
attributes of Calpine's fleet, such as a relatively clean fuel
profile, geographic diversity and the ability to generate
consistent EBITDA in different natural gas price environments.

KEY RATING DRIVERS

Declining EBITDA Profile Beyond 2021: Fitch expects Calpine's
adjusted EBITDA to decline to a ranger of approximately $1.7
billion - $1.9 billion over 2022 - 2023, below Fitch's prior
expectation of $1.9 billion - 2.1 billion, due to lower forward
spark spreads and projected PJM capacity price. In its financial
projections, Fitch has tempered expectations for PJM capacity
prices for years 2022 and 2023, versus historical capacity auction
results. Backwardation in Electric Reliability Council of Texas
(ERCOT) continues to weigh on generation EBITDA, especially beyond
2021, when the company is less hedged. Depending on the results of
the upcoming PJM capacity auctions there is a potential upside to
Fitch's projections if the auctions clear in-line with the last
2021/2022 auction. In addition, periods of scarcity pricing can
help Calpine to secure favorable hedges beyond 2021, as it was the
case in the past years.

Modest Deterioration in Credit Metrics: Fitch expects headwinds
resulting from the pandemic to negatively impact power demand and
undermine any material recovery in power and capacity prices. Fitch
therefore projects Calpine's gross debt/EBITDA to increase to the
mid to high 5.0x range versus Fitch's prior 5.0x expectation in
2021-2023, yet remain below Fitch's negative sensitivity trigger of
6.0x. Fitch expects Calpine to continue to generate strong
pre-dividend FCF of around $900 million on average over 2021-2023
annually, despite a decline in EBITDA, given a reduction in growth
capex post 2021. Strong FCF should provide enough flexibility to
manage leverage.

Fitch's key concern relates to light covenants in the credit
agreements that pose minimal restrictions on use of asset sale
proceeds. During 2020, Calpine paid dividends of $1.575 billion
using proceeds from asset sales (such as Freeport and Washington
Parish plant sale) and FCF. Fitch assumes Calpine will use most of
its FCF for dividend payout over Fitch's forecast period.

Coronavirus Pandemic's Impact: Calpine delivered strong 2020
results despite the pandemic negative impact on power demand and
achieved net debt/EBITDA of 4.7x at YE 2020, within its target
range of 4.0x-5.0x. The effect on EBITDA generation in 2020 was not
material, as prior executed hedges and cost controls offset any
potential impact from lower demand, but could be more material in
2021, depending on the pace of the economic recovery, given
Calpine's rateable hedging policy for its generation fleet.

Texas Market Uncertainty: Based on the company's public disclosures
there is no expected material impact from the recent unprecedented
winter weather in Texas. The severe winter storm has exposed
several flaws in ERCOT's market structure, such as real-time
electricity prices that at times did not reflect the scarcity
conditions, a high administrative price cap of $9,000/MWH that was
not designed for prolonged periods of scarcity, interdependence of
power and natural gas infrastructure, lack of mandatory
winterization protocols for power generation equipment, and
physical constraint of being an island grid. There is a legislative
pressure mounting to require generators in Texas to winterize power
plants to protect against another winter storm, which could result
in additional capex. Fitch's financial projections do not consider
Calpine's exposure to these and any potential future Texas market
rule changes. The business risk associated with operating a
generation and retail business in Texas has gone up in Fitch's
assessment until appropriate reforms are undertaken to address
these shortcomings.

Rating Linkages with CCFC: Strong contractual, operational and
management ties exist between Calpine and CCFC. CCFC sells a
majority of its power plant output under a long-term tolling
arrangement with Calpine's wholly owned marketing subsidiary.

CCFC is also a party to a master operation and maintenance
agreement and a master maintenance services agreement with another
wholly owned Calpine subsidiary. Fitch consequently determined that
a strong rating linkage exists between CCFC and Calpine. Fitch
believes CCFC has a stronger credit profile, and assigned a 'B+'
IDR to both CCFC and Calpine, reflecting a weak parent and strong
subsidiary relationship. The IDRs reflect the consolidated credit
profile.

Recovery Analysis: The individual security ratings at Calpine are
notched above or below the IDR as a result of the relative recovery
prospects in a hypothetical default scenario. Fitch values the
power generation assets that guarantee the parent debt using a net
present value (NPV) analysis. A similar NPV analysis is used to
value the generation assets that reside in nonguarantor
subsidiaries, and the excess equity value is added to the parent
recovery prospects. The generation asset NPVs vary significantly
based on future gas price assumptions and other variables, such as
the discount rate and heat rate forecasts in California, ERCOT and
the Northeast.

For the NPV of generation assets used in Fitch's recovery analysis,
Fitch uses the plant valuation provided by its third-party power
market consultant, Wood Mackenzie, as well as Fitch's own gas price
deck and other assumptions. The NPV analysis for Calpine's
generation portfolio yields approximately $1,250/kW for the
geothermal assets and an average of $485/kW for the natural gas
generation assets.

DERIVATION SUMMARY

Calpine is unfavorably positioned compared to Vistra Corp.
(BB+/Rating Watch Negative) regarding size, asset composition and
geographic exposure but is well-positioned relative to Talen Energy
Supply, LLC (B/Stable). Vistra is the largest independent power
producer in the U.S., with approximately 39 gigawatts of generation
capacity, compared with Calpine's 26 gigawatts and Talen's 14
gigawatts. Vistra benefits from its ownership of large and
well-entrenched retail electricity businesses compared with
Calpine, whose retail business is smaller.

Fitch believes Calpine's biggest qualitative strength is its
younger and predominantly natural gas-fired fleet, which bears less
operational and environmental risk than coal-fired assets owned by
Vistra and Talen. Fitch also believes Calpine's EBITDA is very
resilient to changes in natural gas prices and heat rates compared
with peers. However, Calpine's leverage is higher, which results in
a lower rating. Calpine's 2021-2023 forecast leverage, measured as
total gross debt/EBITDA, is in the range of 4.9x-5.8x. This is
higher than Vistra's, which is projected to increase to low 5.3x in
2021 due to the February storm impact, but then decline to below
3.0x by 2022, but lower than Talen's above 6.0x.

KEY ASSUMPTIONS

-- Wholesale power prices based on forward market curves through
    2023;

-- Annual debt amortizations of $240 million;

-- Growth capex of approximately $100 million from 2021 through
    2023;

-- O&M costs generally escalating at 1.0% through 2023;

-- Taxes assume net operating loss usage;

-- Dividend to sponsors of up to $2.2 billion from 2021 through
    2023;

RATING SENSITIVITIES

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

-- Positive rating actions for Calpine and CCFC appear unlikely
    unless there is material and sustainable improvement in
    Calpine's credit metrics compared with Fitch's expectations;

-- Gross debt /EBITDA below 4.0x on a sustainable basis and/or
    conservative capital-allocation policies.

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

-- Sale of core assets with an aim to maximize shareholder
    returns without commensurate debt reduction;

-- Weaker power demand or higher than expected power supply,
    depressing wholesale power prices in its core regions;

-- Unfavorable changes in regulatory construct and rules in its
    markets;

-- An aggressive growth strategy that diverts a significant
    proportion of growth capex toward merchant assets or an
    inability to renew expiring long-term contracts;

-- Total adjusted debt/EBITDA and FFO leverage above 6.0x on a
    sustained basis;

-- Any incremental leverage and/or deterioration in NPV of the
    generation portfolio would lead to downward rating pressure on
    the unsecured debt.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch views Calpine's liquidity position as
adequate. Calpine had approximately $297 million of cash and cash
equivalents, excluding restricted cash, at the corporate level as
of Dec. 31, 2020, and $1.75 billion of availability under the
corporate revolver. Calpine also can issue first-lien debt for
collateral support. As of Dec. 31, 2020, a three standard deviation
shift in collateral exposure based on commodity price changes would
have resulted in higher collateral posted of approximately $255
million.

On Dec. 16, 2020, Calpine amended its Corporate Revolving Facility
to increase the capacity by approximately $154 million from
approximately $2.0 billion to $2.15 billion. In connection with the
amendment, the maturity was extended from March 8, 2023 to December
16, 2025.

Calpine has three unsecured letter of credit (LOC) facilities
totaling approximately $250 million. On April 9, 2020, Calpine
amended one of the unsecured LOC facilities to extend the maturity
of $100 million from June 20, 2020 to June 20, 2022 with the
remaining $50 million having matured on Dec. 20, 2020. The other
two facilities totalling $50 million and $100 million mature in
December 2023 and December 2021, respectively.

Calpine extended its debt maturity profile and lowered its interest
expense with a number of new issuances completed in 2020. There are
no corporate debt maturities until 2026. In December 2020, Calpine
issued $900 million 3.75% senior secured notes due in 2031 and used
the net proceeds from the new notes financing to repay $515 million
outstanding under 2024 First Lien Term Loan and to redeem a portion
($335 million) of 5.25% senior secured notes due 2026. Calpine also
extended its $1 billion First Lien Term Loan maturity to December
2027.

In August 2020, Calpine issued $650 million of 4.625% senior
unsecured notes due 2029 and $850 million 5.00% senior unsecured
notes due 2031. The company used the new financings along with cash
on hand to repurchase $1.7 billion of its 5.50% and 5.75% senior
unsecured notes due in 2024 and 2025, respectively.

Calpine raised $900 million of project debt financing and a $200
million revolving LOC facility at Geysers Power Company, LLC in
June 2020. Part of the proceeds were used to pay off $348 million
of the Calpine Steamboat Holdings, LLC project financing, with the
remainder used for debt repurchases at the corporate level.

SUMMARY OF FINANCIAL ADJUSTMENTS

-- Fitch removes the effects of MTM (mark-to-market) adjustments
    in its EBITDA calculation.

-- Fitch removes major maintenance expense out of operating costs
    to capex.


CALUMET SPECIALTY: Fitch Affirms 'B-' LongTerm IDR, Outlook Neg.
----------------------------------------------------------------
Fitch Ratings has affirmed Calumet Specialty Products Partners
L.P.'s Long-Term Issuer Default Rating (IDR) at 'B-'. Fitch also
affirmed the rating of the secured notes at 'BB-'/'RR1' and the
unsecured notes at 'B-'/'RR4-'. The Rating Outlook is Negative.

The ratings reflect Calumet's pressured credit metrics, partially
offset by its profitable specialty business and improving debt
maturity profile. The Negative Outlook reflects the company's need
to proactively address financial risk, including the 2023 revolver
maturity, while maintaining solid liquidity. If FFO fixed-charge
coverage is durably above 1.5x, while near-term maturities are
addressed, this may lead to a stabilization of the Outlook.

KEY RATING DRIVERS

Improving Liquidity Position: The negative shock to gasoline demand
due to the coronavirus pandemic resulted in significantly lower
crack spreads and refinery margins, as utilization rates fell,
which put pressure on the company's FCF generation and the
borrowing base on its revolving credit facility.

The demand environment has since begun to recover, and the company
now has $109.4 million in cash and a borrowing base of $286.1
million on its revolving credit facility, of which $108.0 million
is drawn. Fitch will continue to monitor the company's liquidity
management as the pandemic affects both cash flow generation and
liquidity.

High Near-Term Maturities: Although more than $400 million in
aggregate of unsecured notes come due in 2022 and 2023, Fitch
believes that should macroeconomic conditions continue to improve,
Calumet will be able to further address these maturities through a
combination of new debt issuance and repayment with FCF.

In terms of additional liquidity levers, fuel refinery asset sales
(such as San Antonio in 2019) remain as an option to address the
upcoming maturities; however, refinancing the remaining 2022 and/or
the 2023 maturities with secured notes is not feasible without the
consent of the 2025 noteholders, which was obtained for the
issuance of the 2024 secured notes, due to springing security
provisions under the 2025 notes indenture.

Ongoing Demand Recovery: Fitch expects the downstream recovery will
strengthen in 2H21 driven by increased U.S. vaccination rates, the
passage of a large $1.9 trillion U.S. stimulus package, and the
release of pent-up leisure and holiday travel demand. Core refined
product demand continues to recover, with both gasoline and
distillate having made up most of the declines seen since the
pandemic lows of last year, and crack spreads showing increased
strength heading into the driving season.

The U.S. Transportation Security Administration checkpoint numbers
for travelers have also trended higher in line with higher
vaccinations. At the same time, other factors could slow the return
to complete pre-pandemic demand levels, including a lagged vaccine
rollout in Europe and emerging markets, weakness in international
travel, and potentially sticky changes to working from home and
business travel trends.

Strong Specialty Chemicals Performance: In the long run, Fitch
views Calumet's Core Specialty Products segment, which the company
considers its core business, as providing stable and predictable
cash flows that offset the volatility of the company's Fuel
Products segment. The segment benefits from specialized product
offerings that provide value to customers, have relatively strong
brand recognition and generally serve niche end-markets.

Calumet's ongoing orientation toward these products, rather than
fuel products, affords some insulation from demand pressures that
they would not have enjoyed were they a pure play refiner. The
company's specialty offerings are difficult to replace without
changing the end-product's formulation as a result, the risk
associated with them is largely volumetric. Although both sales and
volumes fell on a gross basis in 2020, ongoing cost improvements
and stronger margins within the segment resulted in double-digit
EBITDA growth throughout the year.

Fitch notes the company is in the process of transitioning its
Great Falls, MT facility to renewable diesel conversion. The
company intends to do so with the help of a strategic partner via
the formation of a joint venture, with management continuing to
focus on investing in its more profitable Specialties business.

ESG Considerations: Calumet has an ESG Relevance Score of 4 for
Exposure to Environmental Impacts because Gulf Coast refineries and
downstream facilities have exposure to extreme weather events,
namely hurricanes, which periodically lead to extended shutdowns.
This has a negative impact on the credit profile, and is relevant
to the rating in conjunction with other factors. Additionally,
Calumet has an ESG Relevance Score of 4 for Financial Transparency,
due to the auditor's adverse opinion on Calumet's internal control
over financial reporting. This has a negative impact on the credit
profile, and is relevant to the rating in conjunction with other
factors.

DERIVATION SUMMARY

Calumet's current leverage is higher than TPC Group Inc.
(B-/Negative) or SK Blue Holdings, LP (B/Negative) but is expected
to decline with the company's deleveraging delayed by the onset of
the coronavirus pandemic. The performance of specialty peers is
less reliant on favorable commodity price movements and therefore
less volatile than Calumet's results.

SK Blue is primarily a specialty products producer and although TPC
formerly had substantial commodity price exposure, this has
recently been mitigated through fixed-price contracts. An explosion
at one of TPC's two sites highlights its relative lack of
geographic diversification and heightened event risk relative to
Calumet. Calumet's stated ideal operating profile is
specialty-focused. Operationally, Calumet's many refineries and
facilities throughout the U.S. provide the company with more
flexibility/optionality than similarly-sized peers such as TPC,
with the refineries also contributing to earnings volatility.

KEY ASSUMPTIONS

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

-- West Texas Intermediate (WTI) crude oil price deck of
    $55/barrel (bbl) in 2021 and $50/bbl thereafter;

-- Crack spreads and refinery utilization rises sharply in 2021
    relative to 2020, stabilizing thereafter;

-- Continued investment in specialty chemical products drive low-
    to-mid-single digit growth;

-- FFO fixed-charge coverage rises above 1.5x in 2022 and beyond.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Calumet would be reorganized as
a going-concern in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim.

Going-Concern Approach

Calumet's going-concern EBITDA assumption of $200 million is a
combination of a $135 million EBITDA for the Specialty Products
segment and a $65 million EBITDA for the Fuel Products segment.

The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which Fitch
bases the enterprise valuation. The segment EBITDA for the
Specialty segment reflects its historical margin stability and more
specialized products. The EBITDA estimate for fuel products takes
into account the tailwinds from IMO 2020 that combined would likely
lead to more favorable post-bankruptcy earnings for the fuel
products segment compared with 2016, when adverse market conditions
lead to the segment generating negative EBITDA.

A multiple of 5.7x EBITDA on a consolidated basis is applied to the
going-concern EBITDA to calculate a post-reorganization enterprise
value. The choice of this multiple considered the following
factors:

Fitch used a multiple of 6.0x for Calumet's Specialty segment.
Fitch believes that a highly-specialized chemical company, which
Fitch usually defines, all else equal, as a chemical company with
EBITDA margins around 20% or greater, could see a post-bankruptcy
multiple as high as the mid-single digits.

For the Fuel Products segment, Fitch used a lower multiple of 5.0x.
This reflects the relative uncertainty of the segment's cash flows
due to its commodity price exposure and is within the general 4.0x
to 6.0x sales multiple refineries have generally realized in an
asset sale. The 5.0x multiple is below the median 6.1x exit
multiple for energy in Fitch's historical bankruptcy case study,
and reflects typically lower multiples for refining versus the
broader energy space.

The senior secured revolver is expected to be drawn at less than
the currently available borrowing base due to Fitch's expectation
that this amount would likely reduce as Calumet approaches
bankruptcy, especially since the borrowing base is recalculated
monthly and influenced by commodity prices. Fitch's recovery
analysis also includes Calumet's inventory financing obligations.

The allocation of value in the liability waterfall results in
recovery corresponding to 'RR1' recovery for the first-lien
asset-backed lending (ABL) of $228.9 million with an 80% draw on
the existing borrowing base, and the inventory financing
arrangement of $98.8 million, which are each subject to a
working-capital linked borrowing base and are well collateralized,
along with the secured notes of $200 million. The Great Falls
refinery is temporarily included in the ABL's expanded borrowing
base. The senior unsecured notes at roughly $1.0 billion have a
recovery corresponding to 'RR4'

RATING SENSITIVITIES

A revision of the Outlook to Stable would be considered given
Fitch's expectation that the company will be able to proactively
manage financial and liquidity risk, in part through addressing the
remaining 2022 and 2023 maturities, with FFO fixed-charge coverage
above 1.5x, potentially due to a continued rebound in fuel product
demand in the near-term. Fitch notes the company's ability to
address its 2023 revolver maturity may also be contingent on its
ability to repay or refinance the 2024 secured notes.

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

-- Successful transition toward specialty products leading to
    more consistency in gross profit margins and an improved FCF
    profile;

-- Debt/EBITDA sustained at or below 4.5x or FFO-adjusted
    leverage sustained at or below 5.0x.

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

-- Pressured market conditions in the Fuel Products segment
    leading to increased volatility in margins, a negative FCF
    profile, and/or a weaker liquidity position;

-- A pressured liquidity position;

-- FFO fixed-charge coverage sustained below 1.5x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Modest Liquidity Buffer: Calumet's revolver has a borrowing base of
$286.1 million as of Dec. 31, 2020, of which $154.4 million is
currently available. Combined with cash of $109.4 million, Calumet
has total liquidity of about $263.8 million. A plurality of the
company's borrowing base is comprised of specialty chemical product
inventory, with the remainder comprised of fixed asset contribution
and fuels.

Fitch notes that an adverse demand environment for the company's
fuel products contributed to a material reduction in the revolver's
borrowing base during 2020 from $401.9 million on Dec. 31, 2019.
Since then, the demand environment has begun to improve, and Fitch
believes that this improvement may benefit the company's borrowing
base.

Maturity Profile: The revolver matures in February 2023. The
company's senior unsecured notes are due in 2022, 2023 and 2025.
The secured notes mature in 2024. Fitch believes that the company
must proactively target near-dated maturities as the demand
environment normalizes.

ESG Commentary

Calumet has an ESG Relevance Score of 4 for Exposure to
Environmental Impacts because Gulf Coast refineries and downstream
facilities have exposure to extreme weather events, namely
hurricanes, which periodically lead to extended shutdowns. This has
a negative impact on the credit profile, and is relevant to the
rating in conjunction with other factors.

Calumet has an ESG Relevance Score of 4 for Financial Transparency,
due to the auditor's adverse opinion on Calumet's internal control
over financial reporting. This has a negative impact on the credit
profile, and is relevant to the rating in conjunction with other
factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.


CAUSE TECH: Gets Interim OK to Hire Malinda L. Hayes as Counsel
---------------------------------------------------------------
Cause Tech, LLC, received interim approval from the U.S. Bankruptcy
Court for the Southern District of Florida to hire the Law Offices
of Malinda L. Hayes as its legal counsel.

The firm's services will include:

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

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

     (c) preparing legal documents;

     (d) protecting the Debtor's interest in all matters pending
before the bankruptcy court; and

     (e) representing the Debtor in negotiation with its creditors
in the preparation of a Chapter 11 plan.

The firm's attorney will be paid at the reduced rate of $350 per
hour.  The firm received a retainer in the amount of $5,000.

As disclosed in court filings, the Law Offices of Malinda L. Hayes
does not represent any interest adverse to the Debtor.

The firm can be reached through:

     Malinda L. Hayes, Esq.
     Law Offices of Malinda L. Hayes
     378 Northlake Blvd., Suite 218
     North Palm Beach, FL 33408-5421
     Phone: 561-537-3796

                       About Cause Tech LLC

Cause Tech, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-13201) on April 1,
2021.  At the time of the filing, the Debtor had estimated assets
of between $100,001 and $500,000 and liabilities of between
$500,001 and $1 million.  The Debtor is represented by the Law
Offices of Malinda L. Hayes.


CBAK ENERGY: Incurs $7.8 Million Net Loss in 2020
-------------------------------------------------
CBAK Energy Technology, Inc.filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$7.85 million on $37.56 million of net revenues for the year ended
Dec. 31, 2020, compared to a net loss of $10.85 million on $22.19
million of net revenues for the year ended Dec. 31, 2019.

As of Dec. 31, 2020, the Company had $142.77 million in total
assets, $90.36 million in total liabilities, and $52.41 million in
total equity.

Hong Kong, China-based Centurion ZD CPA & Co., the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated April 13, 2021, citing that the Company has a working
capital deficiency, accumulated deficit from recurring net losses
and significant short-term debt obligations maturing in less than
one year as of
Dec. 31, 2020.   All these factors raise substantial doubt about
its ability to continue as a going concern.

Management's Comments

Mr. Yunfei Li, chief executive officer of CBAK Energy, commented,
"Despite macro challenges in 2020, we grew our top-line by 69.3%
year over year.  Such robust growth was mainly due to the increased
market recognition of our R&D capabilities as well as our higher
brand awareness in the energy storage market . With our competitive
advantages in R&D and expanded global presence, we remain confident
in our future growth prospects.  Moreover, our 46800 battery model,
32140 battery model, and special 26650 battery model designed for
application in ultra-low temperature environments should enable us
to augment our development in the markets for light electric
vehicles, electric vehicles, and energy storage to ensure the
long-term and sustainable growth of our enterprise value going
forward."

Ms. Xiangyu Pei, interim chief financial officer, further
commented, "In the full year of 2020, we grew our total net
revenues while also significantly reducing our net loss.  This
healthy performance was mainly due to our effective corporate
strategy, resilient business model, and operating leverage
improvements. As a result of our increased financial capacity from
our recent equity offering, we are confident in our ability to
continue capitalizing on those opportunities which will emerge
going forward to accelerate our development in the post-pandemic
world."

Recent Developments

On Feb. 19, 2021, the Company announced that it has started the
trial production of its special 26650 lithium battery (the "Special
26650 Battery").  Different from the Company's regular 26650
batteries that it is currently manufacturing and selling, the
Special 26650 Battery is a self-developed battery model
specifically designed for application in ultra-low temperature
environments.  The Special 26650 Battery has delivered satisfactory
test performance results to date, while the trial’s production
yield rate has also been very close to the Company's required level
for mass production.  The Company believes that it will be capable
of achieving mass delivery for its Special 26650 Battery by the
second half of 2021.

On Feb. 10, 2021, the Company announced that it closed a registered
direct placement of approximately $70 million of its common stock,
priced at the market under applicable Nasdaq rules with a price of
US$7.83 per share, and the concurrent private placement.

On Feb. 3, 2021, the Company provided additional details for its
plans to expand its production capacity in Nanjing and Dalian in
anticipation of increasing client orders.  For its Nanjing
manufacturing plants, the Company plans to attain a total capacity
of 8 GWh per year to produce lithium batteries for the light
electric vehicle, electric vehicle, and energy storage industries.
The Company is currently developing a production line with an
annual capacity of 0.7 GWh for its new model 32140 batteries.  This
production line is expected to be operational by the second half of
2021 and capable of producing 50,000 model 32140 batteries per
day.

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

https://www.sec.gov/Archives/edgar/data/1117171/000121390021021136/ea139355ex99-1_cbakenergy.htm

                                  About CBAK Energy

Liaoning Province, People’s Republic of China-based CBAK Energy
-- www.cbak.com.cn -- is a manufacturer of new energy high power
lithium batteries that are mainly used in light electric vehicles,
electric vehicles, electric tools, energy storage including but not
limited to uninterruptible power supply (UPS) application, and
other high-power applications.  Its primary product offering
consists of new energy high power lithium batteries, but it is also
seeking to expand into the production and sale of light electric
vehicles.


CENTRAL ARKANSAS RADIATION: Fitch Withdraws 'BB+' IDR
-----------------------------------------------------
Fitch Ratings has withdrawn the following Issuer Default Rating
(IDR):

-- Central Arkansas Radiation Therapy Institute, Inc. (AR) IDR;
    Previous Rating: BB+/Outlook Stable.

Additionally, Fitch has withdrawn its ratings for the following
bonds due to pre-refunding activity:

-- Pulaski County Public Facilities Board (AR) (CARTI Project)
    health facility revenue bonds series 2013 (pre-refunded
    maturities only - 74540EAH4, 74540EAJ0, 74540EAK7, 74540EAL5,
    74540EAM3, 74540EAN1, 74540EAP6, 74540EAQ4, 74540EAS0,
    74540EAT8) previous rating: BB+/Outlook Stable.

Following the withdrawal of Central Arkansas Radiation Therapy
Institute, Inc.'s ratings, Fitch will no longer be providing the
associated ESG Relevance Scores for the issuer.

The ratings were withdrawn because the bonds were pre-refunded and
the IDR is no longer considered by Fitch to be relevant to the
agency's coverage.


CHRISTOPHER & BANKS: Case Converted to Chapter 7 Liquidation
------------------------------------------------------------
Daniel Gill of Bloomberg Law reports that Christopher & Banks
Corp.'s bankruptcy will conclude in a Chapter 7 liquidation after a
judge approved the retailer's request to convert the case from
Chapter 11.

A Chapter 11 liquidating plan "just wasn't in the cards," the
company's lawyer, Michael Sirota of Cole Schotz PC, said at a
telephonic hearing Tuesday, April 13, 2021.

"I understand the frustration of trying to get a case through even
if it's a liquidation plan, but sometimes it just can't be done,"
Judge Andrew B. Altenburg Jr. of the U.S. Bankruptcy Court for the
District of New Jersey said.

               About Christopher & Banks Corporation

Christopher & Banks Corporation (OTC: CBKC) is a Minneapolis-based
specialty retailer featuring exclusively designed privately branded
women's apparel and accessories.  As of Jan. 13, 2021, the company
operates stores in 44 states consisting of 315 MPW stores, 76
outlet stores, 31 Christopher & Banks stores, and 28 stores in its
women's plus size clothing division CJ Banks.  It also operates the
www.ChristopherandBanks.com eCommerce website.

Christopher & Banks and two affiliates sought Chapter 11 protection
(Bankr. D.N.J. Lead Case No. 21-10269) on Jan. 13, 2021.  As of
Dec. 14, 2020, Christopher & Banks had $166,396,185 in assets and
$105,639,182 in liabilities.

Judge Andrew B. Altenburg Jr. oversees the cases.

The Debtors tapped Cole Schotz P.C. as their legal counsel, BRG,
LLC as financial advisor, and B. Riley Securities Inc. as
investment banker.  Omni Management Solutions is the claims agent.

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases.  The
committee tapped Pachulski Stang Ziehl & Jones LLP and Kelley Drye
& Warren LLP as its legal counsel, and FTI Consulting, Inc. as its
financial advisor.


CITY CHURCH: Seeks to Hire Lewis Law Firm as Legal Counsel
----------------------------------------------------------
City Church seeks approval from the U.S. Bankruptcy Court for the
Western District of North Carolina to hire The Lewis Law Firm, P.A.
to handle its Chapter 11 case.

The firm will be paid at these rates:

     Robert Lewis, Jr   $350 an hour
     Sarah Bowlding     $150 per hour

The Debtor paid the firm $1,738 for the filing fees and $7,500 as a
retainer.

Lewis Law Firm is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code, according to court papers
filed by the firm.

The firm can be reached through:

     Robert Lewis, Jr., Esq.
     The Lewis Law Firm, P.A.
     PO Box 1446
     Raleigh, NC 27602
     Telephone: (919) 987-2240
     Facsimile: (919) 573-9121
     Email: rlewis@thelewislawfirm.com

                     About City Church

City Church owns a church facility located at 11901 Sam Furr Road,
Huntersville, N.C., having a comparable sale value of $8.6
million.

City Church filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 21-30161) on
March 27, 2021.  Michael A. Stevens, Sr., senior pastor, signed the
petition.  At the time of the filing, the Debtor disclosed
$8,654,616 in assets and $6,953,375 in liabilities.  Judge Laura T.
Beyer presides over the case.  Robert Lewis, Jr., Esq. at The Lewis
Law Firm, P.A., serves as the Debtor's legal counsel.


COASTAL WELL: Gets OK to Hire Williams Litigation Group as Counsel
------------------------------------------------------------------
Coastal Well Drilling, Inc., received approval from the U.S.
Bankruptcy Court for the Southern District of Georgia to hire
Williams Litigation Group, P.C. as its legal counsel.

The firm's services include:

     (a) advising the Debtor regarding its powers and duties under
the Bankruptcy Code, the continued operation of its business and
the management of its property;

     (b) preparing legal papers;

     (c) conducting examinations incidental to the administration
of the Debtor's bankruptcy estate;

     (d) taking necessary actions to preserve and administer the
estate; and

     (e) assisting the Debtor in the preparation and filing of a
statement of financial affairs and bankruptcy schedules.

Williams Litigation Group will charge $300 per hour for the
services of its attorneys and $80 per hour for paralegal services.
The firm received a retainer in the amount of $7,500.

James Wrixam McIlvaine, Esq., a member of Williams Litigation
Group, disclosed in a court filing that the firm's attorneys
neither hold nor represent an interest adverse to the Debtor and
its estate.

Williams Litigation Group can be reached through:

     James Wrixam McIlvaine, Esq.
     Williams Litigation Group, P.C.
     1709 Reynolds Street
     Brunswick, GA 31520
     Phone: (912) 208-3721/(866) 214-7036

                    About Coastal Well Drilling

Coastal Well Drilling, Inc. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Ga. Case No. 21-20085) on April 1,
2021.  At the time of the filing, the Debtor had between $500,001
and $1 million in both assets and liabilities.  Judge Michele J.
Kim oversees the case.  Williams Litigation Group, P.C. is the
Debtor's legal counsel.


COBRA PIPELINE: Court Okays Revised Budget, Accord with Bank
------------------------------------------------------------
Judge Arthur I. Harris approved an amended final stipulation
between Cobra Pipeline Co., Ltd., and The Huntington National Bank
concerning the cash collateral budget, certain sale milestone
provisions, and certain carve-outs.

The revised budget, through the closing of the sale, provides for
$153,500 in total projected revenue for April 2021, and $130,360 in
total projected disbursements for the same month.

The revised stipulation also provides that the Debtor pay
Huntington National the sum identified in the budget, on or before
the 20th of each month, to be applied to the Debtor's obligation to
the bank.  Moreover, Huntington National will carve-out for payment
from its liens in the pre-petition collateral and the post-petition
collateral:

      (i) quarterly fees required to be paid to the United States
Trustee,

     (ii) any fees payable to the bankruptcy clerk,

    (iii) subject to the Budget, the allowed fees and expenses of
the Debtor's professionals, Thomas W. Coffey, Esq. and Kravitz,
Brown & Dortch,

     (iv) subject to the budget and upon the successful
consummation of a Court-approved Sale, one-month severance to the
Debtor's employees up to $66,800, and

      (v) subject to the budget and terms of the engagement letter,
the allowed fees, expenses and commissions of Compass Advisory
Partners.

This provision takes effect to the extent funds are not available
in the estate to satisfy said claims in full.

The Debtor is contemplating a sale of substantially all of its
assets pursuant to Section 363 of the Bankruptcy Code.

A copy of the order and the revised budget may be accessed at
tinyurl.com/dj4ef9xb from PacerMonitor.com at no charge.

                      About Cobra Pipeline

Cobra Pipeline Co., Ltd., is an Ohio-based intrastate natural gas
pipeline company.  Cobra Pipeline filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 19-15961) on
Sept. 25, 2019 in Cleveland, Ohio.  In the petition signed by
Jessica Carothers, general manager, the Debtor was estimated to
have assets of at least $50,000, and liabilities of between $10
million and $50 million as of the petition date.  

Judge Arthur I. Harris oversees the case.  

The Debtor tapped Coffey Law LLC to serve as its legal counsel and
Compass Advisory Partners, LLC to assist in the sale of its
assets.



COBRA PIPELINE: June 15 Compass Auction of Substantially All Assets
-------------------------------------------------------------------
Judge Arthur I. Harris of the U.S. Bankruptcy Court for the
Northern District of Ohio authorized Cobra Pipeline Co., Ltd.'s
bidding procedures in connection with the auction sale of
substantially all of their assets free and clear of liens, claims,
and encumbrances.

A hearing on the Motion was held on April 6, 2021.

Subject to the Bidding Procedures and the Order, the Debtor will
have the right, after consulting with Huntington National Bank and
Compass, in its reasonable business judgment, to: (i) determine
which prospective bidders qualify as Qualified  Bidders; (ii)
determine which bids qualify as Qualified Bids; (iii) determine
which Qualified Bid is the Winning Bid; (iv) reject any bid that is
inadequate or insufficient, not in conformity with the requirements
of the Bidding Procedures, the Bankruptcy Code, the Bidding
Procedures Order or any other Order of the Court, or contrary to
the best interests of the Debtors and their estates; (v) adjourn or
cancel the auction; or (vi) modify the Bidding Procedures in a
manner consistent with applicable law.

The Debtor, after consultation with their advisers and Huntington,
may employ and announce at the Auction additional procedural rules
that are reasonable under the circumstances for conducting the
Auction, provided that such rules are (i) not inconsistent with
these Bidding Procedures, the Bankruptcy Code, the Bidding
Procedures Order or any other order of the Bankruptcy Court entered
in these cases, and (ii) disclosed to each Qualified Bidder at the
Auction.

The Counsel for the Debtor is directed to serve, within three days
after the entry of the Order, a copy of the Order, all entities
known by the Debtors to have asserted any lien, claim, interest or
encumbrance  in or on any of the assets, the IRS, all state and
local taxing authorities in the jurisdictions in which the Debtors
have or may have any tax liability, all persons who have expressed
an interest in acquiring the assets of the Debtors, and all parties
listed on the Matrix of the Debtors' Creditors holding the 20
largest Unsecured Claims.

On April 16, 2021, the Debtor will file with the Court and serve on
each counterparty to an executory contract or unexpired lease to be
assumed and assigned the Assumption and Assignment Notice.  A
counterparty to a Designated Contract may file an objection at any
time prior to May 17, 2021.

Any Winning Bidder or Backup Bidder will comply with all
requirements of the Ohio Revised Code, the Ohio Administrative
Code, the regulations of the PUCO, and any other laws or rules
related to the regulation and operation of the Debtor's assets from
and after the closing of the sale as well as in connection with any
transfer of the Debtor's assets.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: May 31, 2021

     b. Initial Bid: $2 million

     c. Auction: Compass Advisory Partners, LLC will conduct the
auction sale in accordance with its regularly employed auction
procedures, beginning at 1:30 p.m. on June 15, 2021 at a venue
selected by Compass in consultation with the Debtor and Huntington.


     d. Sale Hearing: June 22, 2021, at 11:00 a.m.

     e. Sale Objection Deadline: June 18, 2021

     f. Closing: July 31, 2021

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

                   About Cobra Pipeline

Cobra Pipeline Co., Ltd., is an Ohio-based intrastate natural gas
pipeline company.  The Debtor filed for relief under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Ohio Case No. 19-15961) on Sept.
25, 2019 in Cleveland, Ohio.  In the petition signed by Jessica
Carothers, general manager, the Debtor was estimated to have
assets
of at least $50,000, and liabilities of between $10 million and
$50
million as of the petition date.  

Judge Arthur I. Harris oversees the case.  

The Debtor tapped Coffey Law LLC to serve as its legal counsel and
Compass Advisory Partners, LLC to assist in the sale of its
assets.



CONGERS PHARMACY: Wins Final OK to Use Cash Collateral
------------------------------------------------------
Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern
District of New York authorized Congers Pharmacy to use cash
collateral on a final basis, pursuant to the approved budget.
McKesson Corporation, AmerisourceBergen Drug Corporation (ABC),
Capital One Bank Corporation, and the U.S. Small Business
Administration (SBA) have an interest in the cash collateral.  

Judge Drain ruled that:

  (a) the Debtor may use the cash collateral to pay the McKesson
pre-petition debt in accordance with the critical vendor motion
separately filed and approved by the Court.  

  (b) on and after the Petition Date, the Debtor may purchase
products from McKesson on agreed-upon credit terms based on amounts
set in the budget using cash collateral.  McKesson will maintain
its first priority security interest in the Collateral to the
extent it holds a valid, perfected and enforceable security
interest in the collateral.

  (c) the Debtor's actual disbursements under any category of the
approved budget shall not exceed the amount budgeted by the Debtor
and agreed by Capital One by more than 10% on a cumulative basis.

  (d) as adequate protection, McKesson, Capital One, the SBA, and
ABC are granted replacement liens to the extent of their respective
valid, perfected and enforceable liens as of the Petition Date in
the amount of collateral diminution.  The replacement liens shall
be subject and junior to (i) United States Trustee fees and any
Clerk's filing fee, (ii) the fees and commissions of up to $10,000
of a hypothetical Chapter 7 trustee, and (iii) the fees and
expenses of bankruptcy counsel retained by the Debtor in an amount
up to $20,000 for post-petition legal services.

As of the Petition Date, the Debtor owes the creditors as follows:

   * $5,101 to McKesson under a supply contract, pursuant to which
McKesson is granted a security interest in all of the Debtor's
assets, including accounts receivable.  

   * the principal amount of $460,000 to Capital One under a note,
a security agreement and a UCC-1 fixture filing.

   * $150,000 to SBA under a disaster loan for relief for the
COVID-19 pandemic.

Also before the Petition Date, the Debtor and ABC are parties to a
supply contract, pursuant to which ABC is granted a security
interest in substantially all of the Debtor's assets.  ABC and
Capital One have agreed that ABC's security interest is
subordinated to Capital One's claim and security interest up to
$460,000 plus certain other amounts.

SBA paid the Debtor's payment obligations under the Capital One
loan for February and March 2021, under the Economic Aid to
Hard-Hit Small Businesses, Nonprofits and Venues Act.

A copy of the order is accessible for free at tinyurl.com/hxw5vx9v
from PacerMonitor.com.

                     About Congers Pharmacy

Congers Pharmacy Inc. filed for Chapter 11 bankruptcy protection
(Bankr. S.D.N.Y. Case No. 20-23275) on Dec. 15, 2020.  At the time
of the filing, the Debtor had estimated assets of between $100,001
and $500,000 and liabilities of between $500,001 and $1 million.
Judge Robert D. Drain presides over the case.  The Debtor tapped
Bronson Law Offices, P.C. as its legal counsel and de Ramon & CPA
as its accountant.



EXELA TECHNOLOGIES: Plans to Tap Bond Market to Manage Debt
-----------------------------------------------------------
Katherine Doherty of Bloomberg News reports that Exela Technologies
Inc. is the latest debt-laden company that's weighing tapping the
hot credit markets to raise new funds and rework existing
borrowings.

The technology company is considering options including selling new
first-lien bonds to refinance some of its more than $1 billion of
obligations, according to people with knowledge of the matter who
asked not to be named because the financing discussions are
private.

Exela has been discussing terms of a potential deal with different
creditor groups, and is weighing one proposal in which proceeds
from a bond offering would fund a new asset-based credit line.

                    About Exela Technologies

Exela Technologies, Inc. is a business process automation (BPA)
company, leveraging a global footprint and proprietary technology
to provide digital transformation solutions enhancing quality,
productivity, and end-user experience. With decades of expertise
operating mission-critical processes, Exela serves a growing roster
of more than 4,000 customers throughout 50 countries, including
over 60% of the Fortune 100. With foundational technologies
spanning information management, workflow automation, and
integrated communications, Exela's software and services include
multi-industry department solution suites addressing finance and
accounting, human capital management, and legal management, as well
as industry-specific solutions for banking, healthcare, insurance,
and public sectors. Through cloud-enabled platforms, built on a
configurable stack of automation modules, and over 22,000 employees
operating in 23 countries, Exela rapidly deploys integrated
technology and operations as an end-to-end digital journey
partner.

Exela Technologies reported a net loss of $509.12 million for the
year ended Dec. 31, 2019, compared to a net loss of $169.81 million
for the year ended Dec. 31, 2018.

                           *    *    *

As reported by the TCR on Nov. 29, 2019, S&P Global Ratings lowered
its issuer credit rating on Irving, Texas-based Exela Technologies
Inc. to 'CCC-' from 'CCC+' with negative outlook. "We could lower
our ratings on Exela if the company defaults, announces a
distressed exchange or restructuring, or misses its interest
payment," S&P said.


FIELDWOOD ENERGY: Plan Exclusivity Period Extended Until June 15
----------------------------------------------------------------
At the behest of the Fieldwood Energy LLC and its affiliates, Judge
Marvin Isgur of the U.S. Bankruptcy Court for the Southern District
of Texas, Houston Division extended the period in which the Debtors
may file a Chapter 11 plan through and including June 15, 2021, and
to solicit acceptances of the Chapter 11 plan through and including
July 29, 2021.

The Debtors will use the additional time to continue to advance the
discussions with key stakeholders, with the aim of negotiating as
many consensual arrangements as possible and maximizing support for
the Plan.

A copy of the Court's Extension Order is available at
https://bit.ly/3wNcVd6 from primeclerk.com.  

                            About Fieldwood Energy

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

Fieldwood Energy and its 13 affiliates previously sought Chapter 11
protection (Bankr. S.D. Texas Lead Case No. 18-30648) on February
5, 2018, with a prepackaged plan that would deleverage $3.286
billion of funded debt by $1.626 billion.

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

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

Judge David R. Jones oversees the cases.

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

The first-lien group employed O'Melveny & Myers LLP as its legal
counsel and Houlihan Lokey Capital, Inc. as its financial advisor.
The RBL lenders employed Willkie Farr & Gallagher LLP as their
legal counsel and RPA Advisors, LLC as their financial advisor.

Meanwhile, the cross-holder group tapped Davis Polk & Wardwell LLP
and PJT Partners LP as its legal counsel and financial advisor,
respectively.

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


FLEETCOR TECHNOLOGIES: S&P Rates New $1.15BB Term Loan B 'BB+'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' rating to FleetCor
Technologies Operating Co. LLC's proposed $1.15 billion term loan B
due 2028. Proceeds from the new Term B Loan will be to refinance
the Company's existing term loan B of $339 million, to pay down the
Company's revolver debt and to fund the acquisition of Associated
Foreign Exchange (AFEX) which is expected to close in the second
quarter.

S&P said, "We expect net debt to adjusted EBITDA, pro forma for the
acquisition, will be 2.5x-3.0x, before considering any benefit to
earnings from the new business. The positive outlook reflects our
view that there is at least a one-in-three chance that we may raise
the ratings on FleetCor Technologies Inc. over the next 12 months
if we expect the company to maintain leverage comfortably below
3.0x on a sustained basis and strong financial performance across
its segments. At the same time, we are unlikely to upgrade the
company until there is a resolution to its legal matters with the
Federal Trade Commission."

AFEX is one of the world's largest nonbank cross-border payment
solution providers, processing global payments in more than 100
currencies with more than 35,000 customers and over $22 billion in
annual volume. FleetCor's acquisition of AFEX will build upon its
corporate payments line of business and strengthen its position as
one of the largest business payments companies in the world.



FREDDY SIDI, JR: $1.4M Sale of Miami Property to Fonsecas Approved
------------------------------------------------------------------
Judge Laurel M. Isicoff of the U.S. Bankruptcy Court for the
Southern District of Florida authorized Freddy Sidi, Jr.'s sale of
his half interest in the non-homestead property owned as tenants in
common with his brother Dennis Sidi, the single family residence
located at 3600 Frantz Rd., in Miami, Miami-Dade County, Florida,
TIN 0141200120610, to Victoria Zoghbi and Fonseca Dylan Fonseca for
$1,395,000.

An expedited hearing on the Motion was held on April 5, 2021, at
3:30 p.m.

The Debtor is authorized to pay the costs of sale including, but
not limited to, real estate broker fees property taxes and payoff
of any mortgage liens encumbering the Property in addition to other
customary costs associated with the sale.  The proceeds of the sale
after payoff of the mortgages and all costs associated with the
closing will be split equally (50/50) between the Debtor and Dennis
Sidi.

No interest, claim or right exists in favor of the Debtor, the
bankruptcy estate or any Creditor of Debtor to the half interest of
Dennis Sidi in the net proceeds from the sale and Dennis Sidi's
half interest in the net proceeds will be disbursed to him from the
closing on the sale of the Property.   

The sale of the estate's right, title, and interest in and to the
Property is "as is, where is," with no express or implied
warranties, guarantees, or representations of any kind whatsoever.


Dye Capital & Co. LLC's secured claim, by virtue of its judgment
lien, to the estate's half interest in the Property will be paid
solely from the Debtor's half interest in the net proceeds from the
sale of the Property up to the amount of $180,000.  Should the
Debtor’s half of the net proceeds not be sufficient to pay the
full $180,000, then Dye Capital will receive the corresponding
reduced amount.  Said funds will be paid at closing of the sale the
Property.  

Dye Capital will provide all necessary documentation to effectuate
the sale of the Property as reflected as requested by the closing
agent or title agent.

Other than any municipal liens or real estate taxes, the sale of
the estate's interests in the Property will be free and clear of
all liens, claims, encumbrances, and interests.

In light of the circumstances highlighted in the Sale Motion and
the Hearing, the relief granted will be effective immediately and
the 14-day stay imposed by Bankruptcy Rules 4001(a)(3) and 6004(h)
will not apply.  

Freddy Sidi, Jr. sought Chapter 11 protection (Bankr. S.D. Fla.
Case No. 21-12059) on March 1, 2021.  The Debtor tapped Joel
Aresty, Esq., as counsel.



GARRETT MOTION: S&P Assigns Preliminary 'B+' ICR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned a preliminary long-term 'B+' issuer
credit rating to U.S.-based auto supplier Garrett Motion Inc. (GMI)
and a preliminary 'B+' issue rating to the proposed seven-year
$1.25 billion senior secured term loan B (TLB) and the proposed
five-year $300 million revolving credit facilities (RCFs). The
preliminary recovery rating of '3' indicates meaningful recovery
(50%-70%; rounded estimate: 60%) prospects at default.

The stable outlook reflects S&P's view that GMI will report annual
revenue growth of 10%-15% in 2021-2022, improve its EBITDA margins
toward 14%-15%, and generate positive annual free operating cash
flow (FOCF) of $250 million-$300 million on average per year,
allowing for meaningful deleveraging.

On March 12, 2021, the U.S. bankruptcy court for the Southern
District of New York approved the disclosure statement related to
the Chapter 11 plan of Garrett Motion Inc. and its affiliated
debtors, with a final hearing regarding the plan's confirmation
scheduled for April 23, 2021.

S&P said, "We expect GMI to emerge from bankruptcy by the end of
April 2021.Garrett Motion filed for Chapter 11 on Sept. 20, 2020.
Prior to the petition date, the company had entered a "stalking
horse" asset-purchase agreement with private-equity firm KPS
Capital Partners LP. Under this initial plan, legacy liabilities to
Honeywell International Inc. (Honeywell) under the so-called
indemnity agreement and tax matters agreement executed at the time
of the spin-off would be subject to further litigation. Under the
new plan, sponsored by Oaktree and Centerbridge with the support of
Honeywell and the holders of a majority of GMI's common stock, all
creditors of the company (other than Honeywell) will be repaid in
full in cash with the proceeds of debt and equity financing--namely
$1.25 billion under a syndicated TLB and a $300 million RCF. The
plan sponsors and other investors will purchase approximately $1.3
billion of preference shares A. In our base-case scenario, the
preference shares A do not meet our criteria for equity credit
recognition and are therefore considered debt, although we
acknowledge that they have certain equity characteristics. Our S&P
Global Ratings-adjusted debt of $3.5 billion post-emergence from
bankruptcy includes the $1.25 billion TLB, $834 million of
preference shares B, as well as adjustments for pension obligations
and outstanding factoring facilities ($31 million at year-end
2020). This equates to S&P Global Ratings-adjusted debt to EBITDA
of about 7.5x in 2021 and about 6.3x in 2022 (about 5.0x and 4.0x,
respectively, excluding the approximately $1.3 billion preference
shares A from our adjusted debt figure)."

The settlement with Honeywell is credit positive overall, since it
removes a long-term overhang for the capital structure, but
material cash outflows remain until 2030. As part of the plan,
Honeywell has agreed to remain in the company's capital structure
post Chapter 11. At emergence, Honeywell is to receive $375 million
in cash. The reorganized GMI will issue preference shares B to
Honeywell, which are scheduled to amortize through to 2030. Under
the preference shares B, Honeywell will receive annual amortization
payments ($34.8 million in 2022 and $100 million per year from 2023
to 2030), which will be deferrable if consolidated annual adjusted
EBITDA falls below $425 million. Furthermore, in the 18-month
period following emergence, GMI may call a portion of the
outstanding for the present value discounted at a rate of 7.25%,
provided the present value of any amortization remaining after GMI
exercises this option is no less than $400 million. Reorganized GMI
also may call the full amount of the same outstanding amortization
at any time, utilizing the same discount rate. This agreement would
settle pending litigation between GMI and Honeywell and limits the
financial exposure of the former on a shorter horizon, which S&P
considers credit positive for GMI.

S&P said, "We see a limited impact from the bankruptcy proceedings
on GMI's performance. GMI demonstrated resilience in a challenging
2020 marked by the COVID-19 pandemic and its bankruptcy
proceedings. Topline and profitability turned out better than we
had expected in our July 2020 scenario, thanks to its proven cost
flexibility and capacity to take advantage of market recovery. On
an adjusted basis, FOCF was only mildly negative, outperforming our
previous expectations for 2020. We anticipate GMI will go back to
positive adjusted FOCF in 2021 of $200 million-$250 million, taking
advantage of the global recovery and, in particular, of what we
believe will be a dynamic Chinese market. Overall, we believe that
GMI's competitive position was not impaired by the bankruptcy
proceedings. At the same time, the U.S. auto supplier still relies
on legacy products for the bulk of its earnings. An acceleration of
the transition toward electric vehicle (EV) adoption, compared with
what we now expect, is a risk for GMI and for our business risk
profile assessment, which is currently unchanged from prepetition.
We expect GMI will seek opportunities to broaden its portfolio of
innovative products through both organic and external growth.
Therefore, we include acquisitions of about $300 million in 2022 in
our base-case scenario."

The overwhelming influence of private-equity firms at reorganized
GMI affects financial policy. S&P anticipates that the current plan
sponsors will have a controlling influence over the reorganized
group. Oaktree and Centerbridge will appoint six out of nine board
members at emergence. The board seat reserved for Honeywell will
have to be reassigned when the outstanding amount under preference
shares B falls below $125 million, but the criteria for
reassignment are not yet defined. Furthermore, the mechanism of
choice between cash or payment-in-kind distribution on preference
shares A (assuming no constraint from the 12-month run rate EBITDA
falling below $425 million) is not clearly defined for the time
being. As a result of the above, S&P reflects some concerns about
the financial policy related to control by private-equity firms
into its financial risk profile assessment, which is now weaker
than prepetition.

The final rating will depend on the effective emergence from
bankruptcy and setup of the announced financial structure. S&P
said, "We expect GMI to raise $1.25 billion through a seven-year
TLB and approximately $1.3 billion in convertible preference shares
to be purchased by the plan sponsors--mainly Oaktree and
Centerbridge and shareholders who decline to exercise their
subscription rights in connection with the rights offering. Our
base-case scenario for GMI includes a five-year RCF, which the
issuer may partially draw upon emergence. The final rating will
depend on our receipt and satisfactory review of all transaction
documentation."

S&P said, "The stable outlook reflects our view that GMI will
report annual revenue growth of 10%-15% in 2021-2022, improve its
EBITDA margins toward 14%-15%, and generate positive annual FOCF of
$200 million-$300 million on average per year, allowing for
meaningful deleveraging.

"Any upgrade is contingent on financial policy and its effect on
leverage. We would consider an upgrade if there is a firm
commitment to a higher rating supported by a clear and sustainable
deleveraging trend.

"We could downgrade GMI if does not reduce its leverage from
current levels due to an overly aggressive investment/acquisition
spree. Albeit not expected in the near term, weaker revenue growth
prospects or higher competitive pressure on margins, combined with
a weakening cash flow and liquidity profile, could weigh on the
rating."


GLENVIEW HEALTH CARE: Case Reopened to Allow Filing of Bid to Sell
------------------------------------------------------------------
Judge Joan A. Lloyd of the U.S. Bankruptcy Court for the Western
District of Kentucky granted Glenview Health Care Facility, Inc.'s
request to reopen case to allow for the filing of the Motion to
Sell, Motion to Employ Special Counsel and modification of the Plan
of Reorganization if necessary.

                     About Glenview Health Care

Glenview Health Care Facility, Inc., owns and operates a small
health care facility with 60 beds that provides nursing home
services.  

Glenview Health Care Facility sought relief under Chapter 11 of
the
Bankruptcy Code (Bankr. W.D. Ky. Case No. 19-10795) in Bowling
Green, Kentucky on Aug. 1, 2019.  As of the petition date, the
Debtor's assets are between $1 million and $10 million; and its
liabilities are estimated within the same range.  Judge Joan A.
Lloyd oversees the Debtor's case.  Mark H. Flener, Esq., is the
Debtor's counsel.



GMS INC: S&P Alters Outlook to Stable, Affirms 'BB-' ICR
--------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
also affirmed its 'BB-' issuer credit rating on U.S.-based building
products distributor GMS Inc.

S&P said, "At the same time, we assigned our 'B' issue-level rating
and '6' recovery rating to GYP Holdings III Corp.'s proposed $300
million senior unsecured notes due 2029, the proceeds from which we
expect it to use to prepay its term loan.

"Finally, we raised our issue-level rating on the first-lien term
loan to 'BB' from 'BB-' and revised our recovery rating on the debt
to '2' from '3' because priority debt will comprise a smaller
component of GMS' capital structure.

"The stable outlook indicates our view that strength from
residential construction will offset the slow commercial
construction demand.

"We expect residential construction to fuel sales volumes as
commercial construction remains slow over the next 12 months. We
expect GMS' revenue to be down about 2%-3% for fiscal 2021,
recovering by 5%-6% in fiscal 2022. We expect strong demand from
the residential construction end market (about 45% of revenue),
coupled with improved pricing, to spur revenue growth in fiscal
2022. Rising but still low mortgage rates, lower inventory of
existing homes, and trends of de-urbanization back the strength in
homebuilding activities. On the other hand, commercial construction
activities that were adversely affected by the pandemic in 2020 are
not likely to recover in calendar year 2021. We expect reduced
spending on commercial projects (both new and remodeling) to
continue over the next 12 months, which would result in sustained
lower volumes from GMS' commercial end markets."

For the 12 months ended Jan 31, 2021, GMS' revenue was $3.1
billion, declining 3.5% from the same period the previous year. A
majority of this decline is attributable to fewer commercial
projects, somewhat offset by solid residential volumes, growth in
the other building products segment, and higher prices for ceiling
tiles.

S&P said, "We expect the company to sustain EBITDA margins of
10%-11%, based on its ability to pass through costs.The company's
variable cost structure has helped it to sustain margins, despite
reduced volumes and rising costs. Its EBITDA margins have remained
about 10.5% over the past few quarters. Further, we believe the
company's leading market position in the wallboard and ceiling tile
distribution space better enables it to pass through price
increases implemented by the producers. The industry continues to
face headwinds from commodity and input cost inflation (such as
steel, labor, energy, and fuel costs). We believe the company's
ability to continue passing through higher costs will be key to its
future earnings and margins. As such, we expect gross margins of
32%-33% and EBITDA margins of 10%-11% over fiscals 2021-2022.

"We expect adjusted leverage to be 3.5x-4x over the next 12 months,
supported by strong cash flow generation. While GMS continues to
invest in organic and inorganic growth opportunities, we believe
the financial policy will remain prudent and do not expect a
significant increase in debt levels. We expect most of the growth
to be funded by organic cash flows. The company has generated
healthy cash flows through the first nine months of fiscal 2021,
helped by countercyclical cash flows and liquated working capital.
However, as revenue recovers, working capital investments will
rise. We expect the company to generate about $80 million of
operating cash flow in fiscal 2021, improving to about $180 million
in fiscal 2022. We expect capital expenditures to remain modest at
$25 million-$30 million over fiscals 2021-2022.

"Our stable outlook on GMS Inc. indicates our view that strength
from residential construction will offset the slow commercial
construction demand. As such, over the next 12 months, we expect
adjusted leverage to remain between 3x and 4x and operating cash
flow (OCF) to debt to be 15%-25%."

S&P could lower the ratings over the next 12 months if:

-- EBITDA declined by more than 15%, such that adjusted leverage
rose above 4x or OCF to debt fell below 15%, which could occur if
demand (residential or commercial) were slower than expected or
rising cost depleted margins by more than 100 basis points; or

-- The company pursued an aggressive financial policy, such as
debt-financed acquisitions or shareholder-friendly actions, such
that leverage rose above 4x, with little prospect of a rapid
recovery.

Though unlikely, S&P could raise the ratings over the next 12
months if business conditions improved faster that we expected on
the commercial side and the company outperformed its base case
expectations, resulting in adjusted leverage sustained below 3x.


GOGO INTERMEDIATE: S&P Rates New Secured Credit Facility 'B-'
-------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level and '3' recovery
ratings to Gogo Intermediate Holdings LLC's proposed secured credit
facility which consists of a $725 million term loan and $100
million revolver. The '3' recovery rating indicates S&P's
expectation for meaningful recovery (50%-70%; rounded estimate:
55%) under S&P's hypothetical default scenario. The company plans
to use proceeds, along with cash on the balance sheet, to repay
$975 million of existing 9.875% secured notes and related
transaction fees and expenses.

S&P said, "Our 'B-' issuer credit rating on parent company Gogo
Inc. is unchanged by this transaction because we had already
incorporated a mid-2021 refinancing of Gogo's high-coupon secured
notes when we raised the rating in December 2020. However, the
equitization of convertible notes is credit-positive and provides
moderate downside protection in the rating relative to our previous
forecast. Still, we believe that economic uncertainty and capital
spending requirements associated with Gogo's 5G network build limit
rating upside over the next year. We project that debt to EBITDA
will be 7x-8x in 2021 relative to our upgrade trigger of 6.5x, with
only modestly positive free operating cash flow. Longer-term, we
recognize earnings growth opportunities from 5G, though any upside
potential will need to be weighed against financial policy
considerations. Management has yet to communicate a leverage
target, and private-equity firm GTCR holds about a 29% economic
stake in the company." While GTCR does not have control over
financial decisions, Gogo has appointed a GTCR executive to its
board of directors whose influence could result in an aggressive
financial policy if Gogo is able to reduce leverage over the next
1-2 years.

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P's simulated default scenario assumes growth does not
materialize in Gogo's business, and emerging competition from
Viasat Inc., SmartSky, or other players leads to pricing pressure
and sustained negative cash flow such that Gogo cannot meet its
fixed charges, eventually leading to a default in 2023.

-- S&P said, "We apply a 5.5x multiple to our estimated emergence
EBITDA of $90 million to arrive at an estimated gross enterprise
value of about $500 million. The emergence EBITDA is only about 15%
below current EBITDA, given already-high levels of financial
leverage, in-line with peers at the same rating level. While our
base case incorporates EBITDA growth in 2023, if this growth does
not materialize, Gogo would likely need to restructure its balance
sheet. The 5.5x multiple is lower than what we apply to Viasat
(6x), given less business diversity and the narrow scope of
operations, which increases competition in the niche market.
However, we have revised the multiple upward by 0.5x to reflect 5G
revenue opportunities and a larger future addressable market than
we previously contemplated."

-- Other default assumptions include LIBOR of 2.5%, margin rising
to 5% on the revolver (the revolving credit facility includes a
springing maximum first-lien net leverage covenant tested when the
revolver is 35% drawn), an 85% draw on the revolver, and all debt
includes six months of prepetition interest.

Simulated default assumptions

-- Default year: 2023
-- EBITDA at emergence: $90 million
-- EBITDA multiple: 5.5x

Simplified waterfall

-- Net enterprise value (after 5% administrative expenses): $470
million

-- Secured first-lien claims: $820 million

    --Recovery expectations: 50%-70%; rounded estimate: 55%

-- Value available for subordinated convertible notes: $0



GOLDEN HOTEL: Court Extends Solicitation Exclusivity Thru July 19
-----------------------------------------------------------------
At the behest of Debtors Golden Hotel LLC and Golden Capital
Venture LLC, Judge Robert A. Mark of the U.S. Bankruptcy Court for
the Central District of California, Santa Ana Division extended the
period in which the Debtors may solicit acceptances of a chapter 11
plan through and including July 19, 2021.

The Debtors have faced significant opposition from Wells Fargo.
Wells Fargo has objected to many of the Debtors' motions and moved
for stay relief. The Debtors have objected to Wells Fargo's claim,
the outcome of which could have a material impact on these cases
and the distributions to creditors. The objection could result in
the disallowance of Wells Fargo's claim in its entirety or a
reduction of the claim by over 6 million dollars and will impact
the number of allowed claims and the distributions to creditors.

The Debtors have timely complied with the reporting and other
requirements under the Bankruptcy Code. The Debtors have quickly
moved these cases forward on dual paths. The Debtors have been
simultaneously marketing the Real Property for sale and, as an
alternative, pursuing a reorganization plan paying all allowed
claims in full. The Debtors have continued to operate the Hotel,
preserving Real Property's going concern value, and have sought the
relief from the Court as necessary to do so.

The Debtors filed the Disclosure Statement and Plan by the
Court-ordered deadline and obtained approval of the Disclosure
Statement at the first hearing thereon. By the claim objection, the
Debtors have teed up the disputes with Wells Fargo concerning the
amount of its claim. Thus, the Debtors have made good-faith
progress towards reorganization.

The Debtors are current on paying undisputed ordinary course of
business administrative expenses. The Hotel is being operated
pursuant to a court-approved budget submitted with the Debtors'
cash collateral motion. The Debtors are also current on all
post-petition U.S. Trustee fees.

The Debtors' approved disclosure statement has been disseminated
for voting, ballots are due by April 15, 2021, and the plan
confirmation hearing is set for June 17, 2021. The Debtors believe
the Plan, as drafted, is feasible and meets the requirements of the
Bankruptcy Code for confirmation. Moreover, operations should
improve as the Debtors rebound from the pandemic and as more people
receive the vaccine and government restrictions and regulations are
lifted.

The Debtors have positioned themselves to make progress in
negotiations with their creditors. The Debtors believe that the
passage of the bar date, the pending objection to Wells Fargo's
claim, the progress in marketing and selling the Real Property and
Hotel, and the approval of the Disclosure Statement, will all
facilitate negotiations with creditors. The Debtors are hopeful
that either a signed purchase agreement or pursuit of the Plan will
provide the platform for negotiations with creditors and, in
particular, Wells Fargo.

Multiple unresolved contingencies exist, which will impact the
outcome of these cases. The Debtors have been pursuing a sale of
the Real Property. The proposed stalking horse buyer has been
performing due diligence and the Debtors have been negotiating and
preparing an asset purchase agreement and overbid procedures. Once
an agreement is executed, the Debtors intend to seek approval of
bid procedures, certain stalking horse protections, and the dates
for overbids, an auction, and a sale hearing. This sale could
resolve these cases. The Plan is an alternative to the sale of the
Real Property.

With the extension, the Debtors now have the additional time to
address the multiple unresolved contingencies that exist in their
case, especially the Debtors' objection to Well Fargo's claim.

A copy of the Debtors' Motion to extend is available at
https://bit.ly/3g0qxfa from PacerMonitor.com.

A copy of the Court's Extension Order is available at
https://bit.ly/3mDe6Hn from PacerMonitor.com.

                               About Golden Hotel

Golden Hotel LLC and Golden Capital Venture LLC collectively own
and operate the Radisson Hotel Anaheim-Buena Park located at 7762
Beach Boulevard, Buena Park, California. Golden Capital Venture
owns the real property and Golden Hotel operates the hotel pursuant
to a lease from Golden Capital Venture and a license from Radisson
Hotels International, Inc. Invobal Corporation is the sole member
of both Golden entities.

Golden Hotel LLC and Golden Capital Venture LLC concurrently filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. C.D. Cal. Case Nos. 20-12636 and 20-12637,
respectively) on September 21, 2020. The petitions were signed by
Hieu M. Bui, manager. At the time of filing, the Debtors estimated
$10 million to $50 million in both assets and liabilities.

Judge Scott C. Clarkson oversees the case.

SMILEY WANG-EKVALL, LLP, led by Lei Lei wang Ekvall, is serving as
the Debtors' counsel.


GROM SOCIAL: Incurs $5.7 Million Net Loss in 2020
-------------------------------------------------
Grom Social Enterprises, Inc. filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing a net
loss of $5.74 million on $6.16 million of sales for the year ended
Dec. 31, 2020, compared to a net loss of $4.59 million on $8.29
million of sales for the year ended Dec. 31, 2019.

As of Dec. 31, 2020, the Company had $17.26 million in total
assets, $8.67 million in total liabilities, and $8.59 million in
total stockholders' equity.

BF Borgers CPA PC, in Lakewood, Colorado, the Company's auditor
since 2015, issued a "going concern" qualification in its report
dated April 13, 2021, citing that the Company has incurred
significant operating losses since inception and has a working
capital deficit which raises substantial doubt about its ability to
continue as a going concern.

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

https://www.sec.gov/Archives/edgar/data/1662574/000168316821001364/grom_10k-2020.htm

                                About Grom Social

Boca Raton, Florida-based Grom Social Enterprises, Inc. --
www.gromsocial.com -- is a media, technology and entertainment
company focused on delivering content to children under the age of
13 years in a safe secure Children’s Online Privacy Protection
Act ("COPPA") compliant platform that can be monitored by parents
or guardians.  The Company operates its business through the
following four wholly-owned subsidiaries:  Grom Social, Inc., TD
Holdings Limited, Grom Educational Services, Inc. , and Grom
Nutritional Services, Inc.


HERTZ CORP: Franchisees Object to Disclosure Statement
------------------------------------------------------
FACT, Inc., and member franchisees complained that the Debtors'
Plan, Disclosure Statement and Solicitation Motion fail to provide
proper and timely disclosure and procedures with respect to parties
to executory contracts with the Debtors on the most fundamental
issue for creditors – their actual treatment under the Plan.

John D. Demmy, Esq., at Saul Ewing Arntein & Lehr LLP, counsel to
FACT, Inc., noted that under the Plan, the Debtors will assume all
executory contracts by Confirmation of the Plan on the Plan
Effective Date unless an executory contract is included on either a
list of said contracts to be assumed or a list of the contracts to
be rejected to be filed with the Plan Supplement.  The Solicitation
Motion, however, suggests that the Plan Supplement will not be
filed until May 25, 2021, and further requests establishment of
June 1, 2021, as the deadline for creditors to vote on and object
to the Plan.  Federal Rules of Bankruptcy Procedure 2002(b),
however, requires not less than 28 days' notice after approval of a
disclosure statement containing adequate information of the time
fixed for filing objections and the hearing to consider
confirmation, Mr. Demmy pointed out.  

FACT and its members are parties to franchise agreements with the
Debtors.

Counsel to FACT, Inc., and member franchisees:

    John D. Demmy, Esq.
    Saul Ewing Arnstein & Lehr LLP
    1201 North Market Street, Suite 2300
    P.O. Box 1266 Wilmington, DE  19899
    Telephone: 302-421-6848
    Email: john.demmy@saul.com   


    Stephen B. Ravin, Esq.
    Saul Ewing Arnstein & Lehr LLP
    1037 Raymond Blvd.
    Newark, NJ 07102
    Telephone: 973-286-6714
    Email: stephen.ravin@saul.com  

The Disclosure Statement explaining the Debtors' Plan, and the
Solicitation Motion will be heard on April 16, 2021 at 10:30 a.m.
(Eastern Time).  A copy of the Franchisees' objection is available
free of charge at tinyurl.com/4t8227jj from PacerMonitor.com.

                        About Hertz Corp.

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

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

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

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


HERTZ CORPORATION: McCarter Represents Annacene Bodden, 2 Others
----------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of McCarter & English, LLP submitted a verified
statement that it is representing Annacene Bodden, Patrick Dias,
and Patricia G. Monroe in the Chapter 11 cases of The Hertz
Corporation, et al.

The nature and the amount of claims of the PI Parties, and the
times of acquisition thereof are as follows:

     a. Annacene Bodden has a general unsecured claim asserted in
        the amount of $600,000.00 against The Hertz Corp.

     b. Patrick Dias has a general unsecured claim asserted in the
        amount of $600,000.00 against The Hertz Corp.

     c. Patricia G. Monroe has a general unsecured claim asserted
        in the amount of $100,000.00 against The Hertz Corp.

The claims of Bodden and Dias arose out of the same set of
circumstances while the claim of Monroe is unrelated.

McCarter was retained to represent Bodden and Dias in April 2021
and Monroe in January 2021. The circumstances and terms and
conditions of employment of McCarter by the Parties is protected by
the attorney-client privilege and attorney work product doctrine.

Counsel for Annacene Bodden, Patrick Dias, and Patricia G. Monroe
can be reached at:

          McCARTER & ENGLISH LLP
          Kate Roggio Buck, Esq.
          405 North King Street, 8th Floor
          Wilmington, DE 19801
          Telephone: (302) 984-6300
          Facsimile: (302) 984-6399
          Email: kbuck@mccarter.com

A copy of the Rule 2019 filing is available at
https://bit.ly/3e59aam at no extra charge.

                        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.


HEXAGON AUTOMOTIVE: May Use Cash Collateral Until May 12
--------------------------------------------------------
Judge Sandra R. Klein of the U.S. Bankruptcy Court for the Central
District of California authorized Hexagon Automotive, LLC to
continue using cash collateral on an interim basis until May 12,
2021.

The cash collateral relates to the Debtor's real property at 8166
Mannix Dr., in Los Angeles, California.

The next hearing on the motion is set for May 12, 2021 at 9 a.m.

                   About Hexagon Automotive, LLC

Hexagon Automotive, LLC -- http://www.hexagoncompleteauto.com--
owns and operates a full-service auto repair shop in Los Angeles.
The Debtor also owns a residential investment property and collects
rental income.

It sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. C.D. Calif. Case No. 21-11880) on March 9, 2021. In the
petition signed by Ahmad P. Nawabi, the managing member, the Debtor
disclosed $1,163,500 in assets and $1,252,169 in liabilities.

Judge Deborah J. Saltzman oversees the case.

Michael Jay Berger, Esq. at LAW OFFICES OF MICHAEL JAY BERGER is
the Debtor's counsel.



HYTERA COMMUNICATIONS: Wins August 9 Plan Exclusivity Extension
---------------------------------------------------------------
Judge Erithe A. Smith of the U.S. Bankruptcy Court for the Central
District of California, Santa Ana Division extended the periods
within which HCA West Inc., previously known as Hytera
Communications America (West), Inc. and its affiliates have the
exclusive right to file a plan of reorganization through and
including August 9, 2021, and to solicit acceptances from creditors
for its plan through and including October 8, 2021.

With the extension, the Debtor will now be able to wait longer and
work on the issues that might surface in their case, since the
Debtors are expecting proposed terms or an outline regarding a
consensual plan of liquidation from Motorola.

A copy of the Court's Extension Order is available at
https://bit.ly/2ODGjBB from PacerMonitor.com.

                     About Hytera Communications America

HCA West Inc., previously known as Hytera Communications America
(West), Inc. -- https://www.hytera.us -- is a global company in the
two-way radio communications industry. It has 10 international R&D
Innovation Centers and more than 90 regional organizations around
the world. Forty percent of Hytera employees are engaged in
engineering, research, and product design. Hytera has three
manufacturing centers in China and Spain.

On May 26, 2020, Hytera sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 20-11507). At the
time of the filing, the Debtor estimated assets of between $10
million and $50 million and liabilities of between $500 million and
$1 billion.

Judge Erithe A. Smith oversees the cases.

The Debtors tapped Pachulski Stang Ziehl & Jones, LLP as bankruptcy
counsel; Steptoe & Johnson, LLP as corporate and special counsel;
Imperial Capital, LLC as financial advisor; and David Stapleton of
Stapleton Group as a chief restructuring officer.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on June 15, 2020.  The committee is represented by Levene
Neale Bender Yoo & Brill, LLP.


IMERYS TALC: Morris, Brown 2nd Update on Litigation Claimants
-------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Morris James LLP and Brown Rudnick LLP submitted a
second amended verified statement to disclose an updated list of Ad
Hoc Committee of Talc Litigation Claimants that they are
representing in the Chapter 11 cases of Imerys Talc America, Inc.,
et al.

On Nov. 16, 2020, Bankruptcy Counsel filed the Verified Statement
pursuant to Rule 2019. The Verified Statement disclosed, among
other things, Member names, whether the Member is in MDL, whether
the Member is deceased, and the address of the respective
Plaintiffs' Law Firm that is representing the Member.

On Jan. 12, 2021, Bankruptcy Counsel filed the Amended Statement to
provide the following information:

       i. The name and address for each Member;

      ii. Identification of the type of disease for each Member;

     iii. Whether each Member has filed a lawsuit or is
          participating in MDL; and

      iv. Confirmation that the exemplars of the Ad Hoc Retention
          Agreements are substantially the same for all Members.

On March 12, 2021, this Court entered the Order Granting Debtors'
Motion To Compel Compliance With Rule 2019 Of The Federal Rules Of
Bankruptcy Procedure requiring the Firms to file a 2019 statement
that includes, among other things:

       i. The full first and last name and personal address of
          each claimant or member of the group;

      ii. The amount of the claim if liquidated, and for
          unliquidated claims, an indication that such claims are
          unliquidated; and

     iii. The nature of the claim or interest. For claimants or
          members who assert or expect to assert a Talc Personal
          Injury Claim this information shall include (a) whether
          the claim arises from ovarian cancer or mesothelioma,
          and (b), if known, the stage of such disease.

Bankruptcy Counsel submits this Second Amended Statement on behalf
of the Ad Hoc Committee of Talc Litigation Claimants and in
compliance with the 2019 Order.

As of April 9, 2021, the Ad Hoc Members and their disclosable
economic interests are:

                                         Claim Amount
                                         ------------
Patsy A                                  unliquidated
Susan A                                  unliquidated
Dentrise A                               unliquidated
Annie A                                  unliquidated
Kathleen A                               unliquidated
Carolyn A                                unliquidated
Dorothy A                                unliquidated
Lueginia A                               unliquidated
Melverta A                               unliquidated
Rhonda A                                 unliquidated
James A                                  unliquidated
Brenetia A                               unliquidated

Co-Counsel to the Ad Hoc Committee of Imerys Talc Litigation
Plaintiffs can be reached at:

          MORRIS JAMES LLP
          Jeffrey R. Waxman, Esq.
          Eric J. Monzo, Esq.
          Brya M. Keilson, Esq.
          500 Delaware Avenue, Suite 1500
          Wilmington, DE 19801
          Telephone: (302) 888-6800
          E-mail: jwaxman@morrisjames.com
                  emonzo@morrisjames.com
                  bkeilson@morrisjames.com

          David J. Molton, Esquire, Esq.
          Bennett S. Silverberg, Esq.
          BROWN RUDNICK LLP
          Seven Times Square
          New York, NY 10036
          Telephone: (212) 209-4800
          E-mail: DMolton@brownrudnick.com
                  BSilverberg@brownrudnick.com

             - and -

          Sunni P. Beville, Esq.
          BROWN RUDNICK LLP
          One Financial Center
          Boston, MA 02111
          Telephone: (617) 856-8200
          E-mail: sbeville@brownrudnick.com

A copy of the Rule 2019 filing is available at
https://bit.ly/3wSp9RZ at no extra charge.

                    About Imerys Talc America

Imerys Talc and its subsidiaries --
https://www.imerys-performance-additives.com/ -- are in the
business of mining, processing, selling, and distributing talc.
Talc is a hydrated magnesium silicate that is used in the
manufacturing of dozens of products in a variety of sectors,
including coatings, rubber, paper, polymers, cosmetics, food, and
pharmaceuticals.  Its talc operations include talc mines, plants,
and distribution facilities located in: Montana (Yellowstone,
Sappington, and Three Forks); Vermont (Argonaut and Ludlow); Texas
(Houston); and Ontario, Canada (Timmins, Penhorwood, and Foleyet).
It also utilizes offices located in San Jose, California and
Roswell, Georgia.

Imerys Talc America, Inc., and two subsidiaries, namely Imerys Talc
Vermont, Inc., and Imerys Talc Canada Inc., sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 19-10289) on Feb. 13,
2019.

The Debtors were estimated to have $100 million to $500 million in
assets and $50 million to $100 million in liabilities as of the
bankruptcy filing.

The Hon. Laurie Selber Silverstein is the case judge.

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


JDL FEDERAL: Gets OK to Hire Abacus Accounting Center
-----------------------------------------------------
JDL Federal, LLC, received approval from the U.S. Bankruptcy Court
for the District of Colorado to hire Abacus Accounting Center, LLC
as its accountant.

The Debtor requires an accountant to prepare its monthly operating
reports, the initial financial interview required by the Office of
the U.S. Trustee, and tax returns.

Trey Horton and Cynthia Martin, the firm's accountants, will charge
$350 per hour and $250 per hour, respectively.

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

The firm can be reached through:

     Cynthia A. Martin, CPA
     Abacus Accounting Center, LLC
     1660 South Albion St., Suite 518
     Denver, CO 80222
     Main: 303-275-8910
     Fax: 303-275-8914
     Email: gh@abacusaccountingcenter.com

                         About JDL Federal

JDL Federal, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No. 21-11632) on April 1,
2021.  At the time of the filing, the Debtor estimated assets of
less than $50,000 and liabilities of between $50,001 and $100,000.
Judge Joseph G. Rosania, Jr. oversees the case.  The Debtor tapped
Goff & Goff, LLC, as its legal counsel and Abacus Accounting
Center, LLC as its accountant.


JDL FEDERAL: Gets OK to Hire Goff & Goff as Legal Counsel
---------------------------------------------------------
JDL Federal, LLC, received approval from the U.S. Bankruptcy Court
for the District of Colorado to hire Goff & Goff, LLC as its legal
counsel.

The firm's services include:

     a. advising the Debtor regarding its powers and duties under
the Bankruptcy Code;

     b. assisting the Debtor in formulating a Chapter 11 plan of
reorganization;

     c. preparing legal documents;

     d. taking necessary actions to assume or reject executory
contracts and unexpired leases; and

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

The hourly rates charged by the firm are as follows:

     Barton S. Balis, Of Counsel     $400 per hour
     Lance J. Goff, Member           $350 per hour
     John H. Begley, Paralegal       $125 per hour

The Debtor paid the firm a retainer of $20,847, of which $9,859 was
paid for its pre-bankruptcy services while $1,738 was used to pay
the Chapter 11 filing fee.

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

The firm can be reached through:

     Lance J. Goff, Esq.
     Goff & Goff, LLC
     3015 47th St., Suite E-1
     Boulder, CO 80301
     Phone: (303) 415 – 9688
     Fax: (720) 222 – 5166
     Email: lance@goff-law.com

                         About JDL Federal

JDL Federal, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No. 21-11632) on April 1,
2021.  At the time of the filing, the Debtor had estimated assets
of less than $50,000 and liabilities of between $50,001 and
$100,000.  Judge Joseph G. Rosania, Jr. oversees the case.  The
Debtor tapped Goff & Goff, LLC as its legal counsel and Abacus
Accounting Center, LLC as its accountant.


KATHLEEN ELIZABETH BELL: $285K Sale of Las Vegas Property Okayed
----------------------------------------------------------------
Judge Mike K. Nakagawa of the U.S. Bankruptcy Court for the
District of Nevada authorized Kathleen Elizabeth Bell's sale of the
real property located at 6560 Beacon Road, in Las Vegas, Nevada, to
Gerald M. Eakin for $285,000, free and clear of all liens.  

Hearings on the Motion were held on March 31, 2021, and April 7,
2021, at 9:30 a.m.

The proceeds from the sale will be kept in escrow with Clear Title
Company, and distributed from Clear Title Company as follows:

The Court orders that the Debtor will pay Rushmore, as servicer for
MTGLQ, from the sale proceeds the undisputed amount of $40,000
within 3 days of the sale date.  From the sale proceeds, the Debtor
will interplead with the court the disputed amount of $19,700.52
until further order of the Court resolving the dispute, either by
stipulation or motion practice.  The $19,700.52 will be interpled
with the Court within 3 days of the sale date.  The Debtor is
directed to provide Rushmore, within 7 days of the sale date, a
list of the specific amounts that debtor disputes are owed, along
with an explanation to Rushmore as to why debtor believes the
amounts are in dispute.   The parties are directed to file either a
stipulation resolving their dispute or an appropriate motion within
30 days of the sale date.  

Pursuant to the limited Substitution of Counsel, any formal motion
on the disputed amounts that the Debtor may file is beyond the
scope of representation by Michael W. Chen, Esq. of the Debtor in
the matter.

The Court further orders that the Debtor will pay the remaining
amounts owed to Old Republic from the sale proceeds within 7 days
of the sale date.  The liens of Wells Fargo Bank and Community One
Federal Credit Union, referenced, are avoided in their entirety.

The Debtor's counsel will be paid $4,000 in attorney's fees from
the sale proceeds.   

All remaining proceeds will be turned over to the Debtor's counsel
to hold in trust to be used to complete Debtor's plan obligations,
including administrative, secured, and unsecured debt.

The Court waives the 14-day appeal process as no party has objected
to the sale.  

Kathleen Elizabeth Bell sought Chapter 11 protection (Bankr. D.
Nev. Case No. 10-22685) on July 7, 2010.  The Debtor's Chapter 11
Plan was confirmed on June 13, 2011.



KRISJENN RANCH: Seeks to Extend Plan Exclusivity Until July 12
--------------------------------------------------------------
Krisjenn Ranch, LLC and its affiliates request the U.S. Bankruptcy
Court for the Western District of Texas, San Antonio Division to
extend the exclusive periods during which the Debtors may file a
plan until July 12, 2021, and to solicit and confirm their plans
until October 12, 2021. This is the fourth extension of exclusivity
that has been requested by the Debtors.

The Debtors, KrisJenn Ranch, LLC, and Series Uvalde Ranch purchased
the KrisJenn Ranch in 2013 for $3,952,000 and then invested an
additional $840,000 in the Ranch. The Ranch derives its income from
the sale of cattle and a white-tail deer hunting lease operation.

The Ranch and a 60-mile pipeline and right of way are encumbered by
a $5.9 million loan from Mcleod Oil related to an investment in a
pipeline and its right of way. Longbranch Energy, L.P. and DMA
Properties, Inc. have claimed disputed interests in the Pipeline.

The issues regarding the pipeline are being litigated in Adversary
Number 20-05027, which was set for trial on December 7, 2020. This
trial date was continued to January 11, 2021, and after several
days of trial, the trial was continued to February 11, 2021,
because several members of the Plaintiffs contracted COVID-19. On
March 24, 2021, the Court issued its opinion and final judgment.
Attorney fees were bifurcated from the trial and still need to be
resolved. Additionally, a notice of appeal has been filed.

Once these remaining issues are resolved, a confirmable plan will
be promptly filed; however, at this juncture, a plan proposed would
likely be significantly different from the final plan resulting in
unnecessary expense.

A copy of the Debtors' Motion to extend is available at
https://bit.ly/2QblPR8 from PacerMonitor.com.

                             About KrisJenn Ranch

KrisJenn Ranch, LLC, a privately held company in the livestock
farming industry, KrisJenn Ranch, LLC Series Uvalde Ranch and
KrisJenn Ranch, LLC Series Pipeline Row sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Lead Case No.
20-50805) on April 27, 2020.  

At the time of the filing, KrisJenn Ranch, LLC disclosed total
assets of $16,246,409 and total liabilities of $6,548,315.  

Judge Ronald B. King oversees the cases. Muller Smeberg PLLC is the
Debtors' legal counsel.

No creditors' committee has yet been appointed in this case by the
United States Trustee. No trustee or examiner has been requested or
appointed.


LATAM AIRLINES: Lessor AerCap Reportedly Seeking to Sell Claims
---------------------------------------------------------------
Jeremy Hill of Bloomberg News reports that aircraft lessor AerCap
Holdings NV is looking to sell legal claims against Latam Airlines
Group SA that may arise as the air carrier trims its fleet in
bankruptcy, according to people with knowledge of the matter.

The claims -- a result of aircraft lease terminations and potential
re-negotiations -- could total more than $1 billion, according to
the people, who asked not to be identified discussing details of
the private auction.  Latam Airlines has already moved to terminate
a number of leases tied to AerCap and the total value of the
claims.

                     About LATAM Airlines

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise.   

LATAM Airlines Group S.A. is the largest passenger airline in South
America. Before the onset of the COVID-19 pandemic, LATAM offered
passenger transport services to 145 different destinations in 26
countries, including domestic flights in Argentina, Brazil, Chile,
Colombia, Ecuador and Peru, and international services within Latin
America as well as to Europe, the United States, the Caribbean,
Oceania, Asia and Africa.

LATAM Airlines Group S.A. and its 28 affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25,
2020.  Affiliates in Chile, Peru, Colombia, Ecuador and the United
States are part of the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as general
bankruptcy counsel; FTI Consulting as restructuring advisor; and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel.  Lee Brock Camargo Advogados is the Debtors' local
Brazilian litigation counsel to the Debtors.  Prime Clerk LLC is
the claims agent.

The Official Committee of Unsecured Creditors formed in the case
tapped Dechert LLP as its lead counsel, UBS Securities LLC, as
investment banker, and Conway MacKenzie, LLC. Klestadt Winters
Jureller Southard & Stevens, LLP is the conflicts counsel.  Ferro
Castro Neves Daltro & Gomide Advogados is the Committee's Brazilian
counsel.

The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as
counsel.


LIVE PRIMARY: Seeks to Extend Plan Exclusivity Thru August 5
------------------------------------------------------------
Live Primary, LLC requests the U.S. Bankruptcy Court for the
Southern District of New York:

(i) to extend for 90 days, through and including August 5, 2021,
without prejudice to the Debtor's right to seek additional
extensions, the Exclusivity Period; and

(ii) to extend through and including August 5, 2021, the time
within which the Debtor may assume its unexpired lease of
non-residential real property (the "Assumption Period").

The Primary Member LLC, a member of the Debtor, filed a proof of
claim for over 6 million dollars. Over the course of this Chapter
11 Case, the Debtor worked diligently to improve operations,
negotiate with the Noteholders and the Landlord to use cash
collateral, amend the Lease, formulate a consensual plan, and
address the treatment of the PM Claim.

While not directly related to this Chapter 11 Case, the Debtor's
affiliate, Live Primary 251 West 30th Street LLC, is no longer
operating. Without an additional location to oversee, Skye Hain can
focus her resources solely on the Debtor and this Chapter 11 Case.

The Plan is premised upon the approval of an amendment to the
Lease, the treatment or recharacterization of the PM Claim as
equity, and the infusion of new capital. The Debtor is current with
its monthly operating reports and has adhered to every proposed
budget submitted to the Landlord and Noteholders. Negotiations
between and among the Debtor, the Landlord, the Noteholders, and
Primary Member have been extensive and are continuing. The Debtor
submits that there is progress toward reorganization in this
Chapter 11 Case, which supports the grant of an extension of the
Exclusivity Period.

The Debtor is operating and, in doing so, maintaining the Premises
and the business. In addition, as the COVID-19 related restrictions
continue to ease, and the Debtor's business is expected to grow,
there is "no risk of financial deterioration to creditors..."
resulting from granting the requested extension.

The Debtor's occupation of the Premises, even with extremely
reduced rent requirements, is the best use of the Premises in the
current Manhattan real estate market, and therefore the Debtor's
continued occupation of the Premises does not damage the Landlord.
Moreover, the Landlord's support of the extension of the Assumption
Period indicates that the Debtor's continued operation in the
Premises is beneficial to the Landlord, or at least, the best use
of the Premises.

The Plan contemplates an amendment to the Lease and Court approval
thereof, that Insider Claims will be deemed interests, and an
infusion of new capital. Considering the Landlord's past support,
and the lingering, but diminishing effects of the COVID-19
restrictions on the commercial real estate market, it is reasonable
to anticipate that an amendment will be negotiated. The amendment
to the Lease, the Court's Decision, the contemplated amendments of
the Plan, and the letters of intent to provide new capital,
together create a reasonable prospect of the Plan being viable and
ultimately being confirmed which weighs in favor of extending the
Exclusivity Period.

The Debtor formulated and filed the Plan. Occupation of the
Premises is integral to the Debtor's operations and integral to the
consummation of the Plan. The Plan contemplates that the Debtor
will continue to operate its business at the Premises and that the
Court will authorize the Debtor to execute a Lease amendment and to
assume the Lease as amended. The Fourth Amendment must be
renegotiated as it is based on revenue projections that are not
being reached as quickly as anticipated. The parties are actively
negotiating an amendment to the Lease which will embody terms and
obligations which the Debtor can satisfy.

The Debtor continues to make progress in negotiating with its
creditors, and particularly the Landlord, as stated herein. The
Debtor is seeking extensions to maintain the status quo while it
negotiates with the Landlord to account for the actual rate of
increasing revenue instead of the anticipated rate. The Debtor also
continues to work toward resolution of any issues relative to the
First Amended Disclosure Statement, the Plan, and claims. Finally,
unresolved contingencies exist in this case because renegotiation
with the Landlord recently became necessary, and Primary Member
appealed the Decision.

The Debtor requests that any extension of the Exclusivity Period
and the Assumption Period be granted without prejudice to the
Debtor's right to seek additional extensions of those time
periods.

A copy of the Debtor's Motion to extend is available at
https://bit.ly/325nees from PacerMonitor.com.

                           About Live Primary LLC

Live Primary -- https://liveprimary.com/ -- which conducts business
under the name Primary, is a co-working and shared office space
featuring an array of amenities designed to help people feel good
while working to make their businesses thrive.

Live Primary sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 20-11612) on July 12, 2020. At the
time of filing, the Debtor had estimated assets of $1 million to
$10 million and estimated liabilities of $10 million to $50
million.

The case is assigned to Judge Martin Glenn. Sanford P. Rosen, Esq.
of Rosen and Associates PC is the Debtor's counsel.

David Kirshenbaum as representative for the noteholders is
represented by Daniel J. Weiner, Esq., at Schafer & Weiner, PLLC.

Broadway 26 Waterview, LLC, the Debtor's landlord, is represented
in the case by Jay B. Itkowitz, Esq., at Itkowitz PLLC.


LTR INTERMEDIATE: S&P Assigns 'B-' ICR, Outlook Stable
------------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to LTR
Intermediate Holdings Inc. (Liberty Tire) and its 'B-' issue-level
rating and '3' recovery rating to the company's proposed $60
million RCF and $410 million first-lien term loan.

S&P said, "The stable outlook reflects our expectation that a
modest rebound in the volume of total vehicle miles driven in the
U.S., along with its ongoing integration of the Lakin Tire
acquisition, will enable Liberty Tire to generate stable free cash
flows that are sufficient to meet its ongoing debt obligations and
maintain debt leverage of 5x-6x.

"Our ratings on Liberty Tire reflect the ongoing uncertainty around
the potential rebound in the volume of vehicle miles driven in the
U.S., the integration risks related to the Lakin acquisition, and
its susceptibility to industry dynamics. The company's collection
volumes and overall business are directly tied to the volume of
total vehicle miles driven and the coronavirus led to a significant
drop in the volume of total vehicle miles driven in the U.S. during
the early stages of the pandemic. While the pace of activity has
increased from the 2020 trough, it still remains roughly 10% below
pre-COVID levels based on our estimates. Even with the increased
rate of vaccinations and the reopening of the broader economy, we
believe it could take several years for the volume of vehicle miles
driven to return to pre-COVID levels, which would pressure
Liberty's collection volumes and long-term growth prospects.

"Shifting to the Lakin acquisition, we view tire resale
opportunities as Lakin's primary value proposition. Lakin resells a
significantly greater portion of the tires it collects in
comparison to Liberty Tire. In addition, the tire resale business
has considerably higher gross margins than the company generates
from processing tires for beneficial reuse. The company believes
there is significant runway to improve its collection to resale
rate by implementing many of Lakin's best practices and processes.
While we recognize this opportunity, we are uncertain as to the
magnitude of its effects on Liberty and view the timeline for the
company to fully and effectively implement Lakin's strategies as
unclear, particularly in light of the depressed volume of total
vehicle miles driven relative to pre-COVID levels.

"Finally, we note the company's susceptibility to industry
dynamics. Liberty Tire has been a leader and an established player
in the tire collection and processing space for several years. That
said, it was greatly affected by the entrance of a foreign
competitor in 2014, which significantly impacted operating margins
and ultimately caused the company to restructure its capital
structure and undertake a selective default in 2015. While we
believe Liberty Tire's fundamentals have somewhat improved since
then, and that its pro forma capital structure (as it stands) is
much more manageable, we remain wary of the dynamics in its
industry and its susceptibility to external factors, including the
entrance of new competitors and potentially stricter environmental
regulations.

"We expect the company to remain highly acquisitive, which will
lead to elevated credit metrics. Liberty Tire has been active on
the acquisition front, including its purchases of Lakin (March
2020) and IMC (September 2018), as well as other smaller, bolt-on
opportunities.

"Under its new ownership, we believe Liberty Tire will remain
highly acquisitive (although our forecast does not include any
acquisitions) and look for targets that improve its geographic
footprint and expand its collection and resale volumes. We expect
the company will continue to rely heavily on debt financing to fund
such opportunities. As such, we do not expect that Liberty Tire's
credit metrics will improve over time because we believe it will
prioritize growth over debt reduction.

"The stable outlook on Liberty Tire reflects our expectation that a
modest rebound in the volume of total vehicle miles driven in the
U.S., along with its ongoing integration of Lakin, will support
stable free cash flows sufficient to meet its ongoing debt
obligations while maintaining debt leverage of between 5x and 6x.

"We could lower our ratings on Liberty Tire if a material decline
in its operating performance causes its capital structure to become
unsustainable or its free cash flow to turn negative on a sustained
basis, which would constrain its liquidity and increase its
dependence on its RCF."

S&P could raise its ratings on Liberty Tire if:

-- Its leverage improves well below 5x and its financial sponsor
commits to maintain financial policies that support its improved
metrics; or

-- It successfully incorporates Lakin such that S&P sees a
material and sustained improvement in its inbound-to-used tire
resale rates and a subsequent material expansion in its operating
margin, all while it maintains credit metrics S&P views as
appropriate for a higher credit rating.



MALLINCKRODT PLC: Asks to Disqualify Arnold & Porter as Counsel
---------------------------------------------------------------
Law360 reports that Mallinckrodt PLC urged a Delaware bankruptcy
judge Monday, April 12, 2021, to reject a bid to disqualify Arnold
& Porter from serving as special counsel in its Chapter 11, arguing
certain litigants are attempting to have the firm booted based on
"rank speculation and fanciful conspiracy theories.

"In an objection filed with U.S. Bankruptcy Judge John T. Dorsey,
Mallinckrodt PLC argued that a bid to disqualify Arnold & Porter
Kaye Scholer LLP as its special counsel by certain plaintiffs who
have filed antitrust claims related to the drugmaker's Acthar Gel
has no "legitimate basis in fact or law.

                     About Mallinckdrodt PLC

Mallinckrodt -- http://www.mallinckrodt.com/-- is a global
business consisting of multiple wholly owned subsidiaries that
develop, manufacture, market and distribute specialty
pharmaceutical products and therapies. The company's Specialty
Brands reportable segment's areas of focus include autoimmune and
rare diseases in specialty areas like neurology, rheumatology,
nephrology,  pulmonology and ophthalmology; immunotherapy and
neonatal respiratory critical care therapies; analgesics and
gastrointestinal products. Its Specialty Generics reportable
segment includes specialty generic drugs and active pharmaceutical
ingredients.

As of March 27, 2020, the Company had $10.17 billion in total
assets, $8.27 billion in total liabilities, and $1.89 billion in
total shareholders' equity.

On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware in the U.S. (Bankr. D.
Del. Lead Case No. 20-12522) to seek approval of a restructuring
that would reduce total debt by $1.3 billion and resolve
opioid-related claims against the Company.

Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of Sept. 25, 2020.

Latham & Watkins LLP, Ropes & Gray LLP and Wachtell, Lipton, Rosen
& Katz are serving as counsel to the Company, Guggenheim
Securities, LLC is serving as investment banker and AlixPartners
LLP is serving as restructuring advisor to Mallinckrodt. Hogan
Lovells is serving as counsel with respect to the Acthar Gel
matter.  Prime Clerk LLC is the claims agent.


MANSIONS APARTMENT: Unsecureds to Be Paid in Full on Effective Date
-------------------------------------------------------------------
Mansions Apartment Homes at Marine Creek, LLC, filed on April 9,
2021 a Second Amended Disclosure Statement accompanying its
proposed Chapter 11 Plan of Reorganization.

Treatment of the Claims under the Plan are as follows:

    * Class 1 - Allowed Unsecured Priority Claims Other Than
Priority Tax Claims (Impaired).  To the extent such Claims exist,
they shall be paid in full, with interest at 5% per annum, in six
equal monthly installments beginning on the first day of the third
calendar month after the Effective Date, and continue thereafter
until paid in full.  

    * Class 2 - Allowed Secured Claims of Tarrant County
(Imapaired).  Class 2 Claims shall be paid in full in a lump sum on
the Effective Date.  Interest shall begin to accrue on the Petition
Date at the rate of 12% per annum.

    * Class 3 - Allowed Secured Claims of Happy State Bank
(Impaired).  The Class 3 Allowed Secured Claims of the Bank shall
be paid in full, bearing interest at 5% per annum from the Petition
Date.  The balance of the Allowed Secured Claim shall be paid with
accrued and unpaid interest, fees and costs on the Effective Date.
To the extent the Bank's Allowed Claim is partially unsecured, the
Claim shall be bifurcated into a Class 3 Secured Claim in the
amount of the value of the Bank's collateral, and a Class 5
Unsecured Claim for the remainder, pursuant to Section 506(d) of
the Bankruptcy Code.  There are no monthly payments to this Class.
Any holder of a Claim in this class is entitled to vote to accept
or reject the Plan.

    * Class 4 - Allowed Secured Claims of David Campbell
(Impaired).  The Class 4 Allowed Secured Claims of the Campbell
shall be paid in full.  This Claim shall bear interest at the rate
of 5 percent per annum, from the Petition Date.  The balance of the
Allowed Secured Claim shall be paid with accrued and unpaid
interest, fees and costs on the Effective Date.  Any holder of a
Claim in this class is entitled to vote to accept or reject the
Plan. There are no monthly payments to this Class.

   * Class 5 - Allowed General Unsecured Claims (Impaired).  Class
5 Claims shall be paid on the Effective Date.  There are no monthly
payments to this Class.  Any holder of a Class 5 Claim is entitled
to vote on the Plan.

   * Class 6 - Allowed Insider Claims.  Class 6 Claims shall be
paid in full without interest no later than 18 months after the
Effective Date, but only after all other Claimants in all classes
have been paid in full.  The Claims under Class 6 will not be
counted for or against Confirmation.

   * Class 7 - Equity Interests.  All Equity Interests in the
Debtor shall be retained.

The Amended Plan proposes that, on or about the Effective Date, the
Debtor will obtain funding from Liberty Bankers Life Insurance
Company for the purpose of paying property taxes, administrative
expenses and funding Plan payments to secured creditors and general
unsecured creditors pursuant to the Plan.  Then through a
construction funding the balance of the debt will be paid off ---
this would be the Insider Unsecured Claims.  The Debtor will fund
the Plan by monies paid to the Debtor from Liberty Bankers Life
Insurance Company.  JMJ Development, LLC, will stand as a backup to
ensure the Allowed Non-Insider Unsecured Claims are paid on the
Effective Date.  That amount is estimated to be less than $100,000.
JMJ Development is an affiliate of the Debtor.

The Debtor disclosed that there is a possibility the construction
loan will not close.  The Plan contemplates that Liberty Life will
contribute adequate funds sufficient to pay the Debtor's
obligations under the Plan.

The Debtor intends to develop all or part of the Property into
multi-family apartment homes for sale or rent within one year from
the Effective Date of the Plan.  The Debtor, however, reserves the
right to sell all or part of the Property if needed to fund
payments under the Plan.

David Campbell, a holder of Class 4 Claims, previously objected to
the Disclosure Statement dated January 20, 2021, seeking more
information on the sources of funds with which to implement the
Plan, as told by the Troubled Company Reporter.

The Amended Disclosure Statement also gave some information on the
40-acre Property consisting of unimproved land, located in the city
of Fort Worth, Tarrant County, Texas, which the Debtor purchased in
2018 with loan proceeds obtained from Happy State Bank.  The Debtor
said that in order to fund the development of Phase 1 of the
Property:

  * D4MC, LLC (whose president, Tim Barton, is also the Debtor's
president) sought a loan to fund the purchase of approximately 13.4
acres of the Property from the Debtor and the construction of
apartments thereon.

   * the Debtor and D4MC engaged the services of Arbor Agency
Lending, LLC as their lender and agent to negotiate a
government-backed loan with the U.S. Department of Housing and
Urban Development (HUD).

   * HUD required the Debtor and D4MC to execute and record the
conveyance of the 13.4 acres from the Debtor to D4MC the day before
the loan closing.

   * Arbor informed D4MC and the Debtor of a massive fee that
caused the Debtor and D4MC to withdraw from the loan transaction
with Arbor.

The Debtor said the 13.4 acres is still in the name of D4MC, but
that D4MC is prepared to deed that property back and return it to
the Debtor.  The Chapter 11 Trustee agrees that this transaction
should occur as soon as possible.  The Debtor's counsel has drafted
a Recission Deed to effect this transfer.  Happy State Bank and
David Campbell objected to the Disclosure Statement dated January
20, 2021, citing inadequate disclosures relating to the Property
and the aborted D4MC-Debtor purchase transaction, as reported by
TCR.

A copy of the Amended Disclosure Statement is available for free at
tinyurl.com/ypa8m2ae from PacerMonitor.com.
  
                  About Mansions Apartment Homes
                       at Marine Creek

Mansions Apartment Homes at Marine Creek, LLC filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
N.D. Tex. Case No. 20-43643) on Nov. 30, 2020.  Tim Barton,
president of Mansions Apartment, signed the petition.  In the
petition, the Debtor disclosed assets of between $1 million and $10
million and liabilities of the same range.

Judge Edward L. Morris oversees the case.  

Joyce W. Lindauer Attorney, PLLC, serves as the Debtor's legal
counsel.

On Feb. 3, 2021, the court appointed Robert Yaquinto, Jr., as the
Chapter 11 trustee.  Bonds Ellis Eppich Schafer Jones LLP serves as
the trustee's legal counsel.


MEDLEY LLC: Seeks to Hire Lowenstein Sandler as Legal Counsel
-------------------------------------------------------------
Medley, LLC, seeks approval from the U.S. Bankruptcy Court for the
District of Delaware to hire Lowenstein Sandler, LLP as its legal
counsel.

The firm's services include:

     (a) advising the Debtor regarding its rights, powers and
duties in the continued operation of its business during its
Chapter 11 case;

     (b) advising the Debtor on the conduct of its bankruptcy case,
including all of the legal and administrative requirements of
operating in Chapter 11;

     (c) attending meetings and negotiating with representatives of
creditors and other parties in interest;

     (d) taking all necessary actions to protect and preserve the
Debtor's estate, including prosecuting actions on the Debtor's
behalf, defending any action commenced against the Debtor, and
representing the Debtor in negotiations concerning litigation in
which the Debtor may be or may become involved;

     (e) preparing pleadings;

     (f) representing the Debtor in obtaining authority to continue
using cash collateral or in connection with post-petition
financing;

     (g) advising the Debtor in connection with the sale of its
assets;

     (h) advising the Debtor concerning the potential assumption,
assignment or rejection of executory contracts and unexpired
leases;

     (i) appearing before the bankruptcy court and any appellate
courts;

     (j) advising the Debtor regarding tax matters, litigation and
general corporate matters;

     (k) taking necessary actions to obtain approval of a
disclosure statement and confirmation of a Chapter 11 plan; and

     (l) performing all other necessary legal services in
connection with the prosecution of the case, including advising the
Debtor on tax, corporate, regulatory and litigation matters.

The hourly rates charged by the firm are as follows:

     Partners                      $650 - $1,495
     Of Counsel                    $705 - $1,145
     Senior Counsel and Counsel    $495 - $850
     Associates                    $405 - $750
     Staff Attorneys               $250 - $560
     Paralegals, Practice Support
       and Assistants              $220 - $385

Lowenstein Sandler received a retainer for bankruptcy-related
services and incurred fees of $550,000.

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

The firm can be reached through:

     Robert M. Hirsh, Esq.
     Eric Chafetz, Esq.
     Phillip Khezri, Esq.
     Lowenstein Sandler LLP
     1251 Avenue of the Americas
     New York, NY 10020
     Tel: (212) 262-6700
     Fax: (212) 262-7402
     Email: rhirsh@lowenstein.com
            echafetz@lowenstein.com
            pkhezri@lowenstein.com

                         About Medley LLC

Medley LLC, through its direct and indirect subsidiaries, including
Medley Capital LLC, is an alternative asset management firm
offering yield solutions to retail and institutional investors.  It
provides investment management services to a permanent capital
vehicle, long-dated private funds, and separately managed accounts,
and serves as the general partner to the private funds.  Medley is
headquartered in New York City and incorporated in Delaware.

As of Sept. 30, 2020, Medley had $3.4 billion of assets under
management in two business development companies, Medley Capital
Corporation (NYSE: MCC) and Sierra Income Corporation, and several
private investment vehicles.  Over the past 18 years, Medley has
provided capital to over 400 companies across 35 industries in
North America.

Medley filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case
No. 21-10526) on March 7, 2021.  The Debtor disclosed $5,422,369 in
assets and $140,752,116 in liabilities as of March 2, 2021.

The Debtor tapped Lowenstein Sandler LLP and Morris James LLP as
bankruptcy counsel, Eversheds Sutherland (US) LLP as special
counsel, and B. Riley Securities Inc. as investment banker.
Kurtzman Carson Consultants, LLC is the claims agent, maintaining
the page https://www.kccllc.net/medley


MEDLEY LLC: Seeks to Hire Morris James as Co-Counsel
----------------------------------------------------
Medley, LLC, seeks approval from the U.S. Bankruptcy Court for the
District of Delaware to hire Morris James, LLP to serve as
co-counsel with Lowenstein Sandler, LLP in its Chapter 11 case.

The firm's services include:

     a. advising the Debtor regarding its powers and duties in the
continued operation of its business, management of its properties
and related matters;

     b. preparing and pursuing confirmation of a Chapter 11 plan
and approval of disclosure statement;

     c. preparing legal papers;

     d. appearing in court; and

     e. other legal services necessary to administer the Debtor's
bankruptcy case.

The hourly rates charged by the firm are as follows:

     Eric J. Monzo       Partner       $595
     Brya M. Keilson     Counsel       $545
     Sarah M. Ennis      Associate     $395
     Stephanie Lisko     Paralegal     $260
     Douglas Depta       Paralegal     $235

The Debtor paid the firm a retainer in the amount of $75,000.

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

The firm can be reached through:

     Eric J. Monzo, Esq.
     Morris James, LLP
     500 Delaware Avenue, Suite 1500
     Wilmington, DE 19801
     Tel: 302.888.5848
     Fax: 302.504.3953
     Email: emonzo@morrisjames.com

                         About Medley LLC

Medley LLC, through its direct and indirect subsidiaries, including
Medley Capital LLC, is an alternative asset management firm
offering yield solutions to retail and institutional investors.  It
provides investment management services to a permanent capital
vehicle, long-dated private funds, and separately managed accounts,
and serves as the general partner to the private funds.  Medley is
headquartered in New York City and incorporated in Delaware.

As of Sept. 30, 2020, Medley had $3.4 billion of assets under
management in two business development companies, Medley Capital
Corporation (NYSE: MCC) and Sierra Income Corporation, and several
private investment vehicles.  Over the past 18 years, Medley has
provided capital to over 400 companies across 35 industries in
North America.

Medley filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case
No. 21-10526) on March 7, 2021.  The Debtor disclosed $5,422,369 in
assets and $140,752,116 in liabilities as of March 2, 2021.

The Debtor tapped Lowenstein Sandler LLP and Morris James LLP as
bankruptcy counsel, Eversheds Sutherland (US) LLP as special
counsel, and B. Riley Securities Inc. as investment banker.
Kurtzman Carson Consultants, LLC is the claims agent, maintaining
the page https://www.kccllc.net/medley


MIDWEST GAMING: S&P Assigns 'B+' ICR, Outlook Negative
------------------------------------------------------
S&P Global Ratings assigned its 'B+' issuer credit rating to
Illinois-based Midwest Gaming Borrower LLC (MGB), owner and
operator of Rivers Casino Des Plaines, which reflects Rivers'
currently favorable competitive position, aggressive S&P Global
Ratings' adjusted leverage in the 4x-5x range over the forecast
period, and a high level of existing and future competition.

S&P said, "We also assigned our 'B+' issue-level rating and '3'
recovery rating to the proposed $750 million senior secured notes,
which reflects our expectation for meaningful (50%-70%; rounded
estimate: 60%) recovery in the event of a payment default. The
negative outlook reflects our expectation that MGB's adjusted
leverage in 2021 will be in the high-4x area, which provides little
cushion relative to our 5x downgrade threshold for the company to
absorb any unexpected operating volatility over the next few
quarters because of further COVID-19-related operating
restrictions, another shutdown in operations, or generally weaker
demand."

MGB faces considerable competition in the Chicagoland area but has
maintained a leading market position. The Chicagoland market has
high gaming supply. MGB competes with nine other casinos operating
in an approximately 50-mile radius in Illinois and Indiana, and
larger regional gaming operators own many of these properties,
including the Grand Victoria (25 miles) and Horseshoe Hammond (33
miles), operated by Caesars Entertainment, and Hollywood Aurora (39
miles) and Ameristar East Chicago (41 miles), operated by Penn
National. Compared with MGB, these operators have far greater
resources to invest in marketing and promotions. Although the
company's Rivers casino has a sizeable player database of around
700,000 customers, Caesars and Penn National boast much larger
player databases with coordinated player loyalty programs designed
to cross-promote their other properties.

Despite this high level of competition, MGB has maintained a
dominant market position in the Chicagoland market with a market
share of 23% (based on 2019 gross gaming revenues) with only 9% of
the market's gaming positions. MGB's market share significantly
exceeds its fair share, suggesting consumers prefer Rivers to other
properties in the market. S&P said, "We attribute Rivers' strong
market share to the property's high quality and attractive suburban
location with easy access from two major interstates (I-294 and
I-90), providing good visibility and accessibility. The casino also
benefits from good population and income demographics in the
northern suburbs of Chicago. Rivers also takes advantage of its
close proximity to O'Hare International Airport and Stephens
Convention Center to drive incremental visitation and spending,
although we believe the majority of Rivers' customers live within
20 miles of the casino. We believe these advantages have allowed
Rivers to establish itself as the premier property in the
Chicagoland market, as evidenced by its very high win per unit per
day (WPUPD) of $918, significantly higher than competitors in the
market. Additionally, Rivers' WPUPD compares favorably with
operators in the Detroit market, which has limited gaming supply
relative to demand. The two leaders in that market, MotorCity and
MGM Grand Detroit, have WPUPDs in the $400 to $450 range. However,
notwithstanding the already high gaming supply in the Chicagoland
market, Rivers' meaningfully higher WPUPD demonstrates that it is
likely supply-constrained and does not have enough gaming positions
to meet demand. As a result, we believe Rivers has room to increase
gaming capacity and grow revenue and EBITDA."

The planned expansion will bolster MGB's competitive position and
increase its scale, growing EBITDA by 20%-25%.MGB recently began
construction on its planned $87 million, two-story, 78,000 sq. ft.
expansion. S&P said, "We expect the project to add approximately
850 additional gaming positions including additional slot machines,
table games, and a poker room, 10,000 sq. ft. of event space, and a
new restaurant. We anticipate the first floor of the expansion will
be completed in the first quarter of 2022 and the second floor in
the first half of 2022. We believe Rivers' high WPUPD is evidence
that the property has been constrained in terms of gaming capacity,
so we believe the added gaming positions will be accretive to
EBITDA even though we expect WPUPD will decline. Consequently,
under our base-case forecast, we expect the expansion will grow
EBITDA by 20%-25% in 2022. Going forward, we believe Rivers can
leverage its high-end steakhouse, event space, and new amenities to
enhance its status as a premium property in the Chicagoland market,
creating a higher-end feel that appeals to VIP guests." The casino
may also be able to attract new customers with the planned poker
room, as it currently doesn't offer poker tables. Furthermore, the
addition of a new Asian gaming area and baccarat, and new
full-service Asian restaurant will allow Rivers to enhance the
experience for existing customers of Asian gaming and bring in new
customers.

Gaming expansion in the Chicagoland market could erode MGB's
competitive position over the longer-term. Even though gaming
supply in the market is high, Rivers has been able to maintain a
strong market share and WPUPD, indicating that other casinos in the
market do not represent significant competition for this property.
S&P said, "We believe this is primarily because it derives 85% of
its rated play from customers who live within 20 miles of the
casino and Rivers is the only casino in that immediate area.
However, in June 2019, Illinois enacted legislation that paved the
way for gaming expansion in the Chicagoland market including a new
racino in Hawthorne (located about 22 miles south of Rivers), a new
casino in Waukegan (about 30 miles northeast) and a downtown
Chicago casino (the location of which is not currently known but
could be within 20 miles of Rivers). At this stage, the Hawthorne
Race Course is in the process of converting its existing facility
to a racino, and the eventual construction of casinos in Waukegan
and Chicago could erode Rivers' market position longer term. We
believe the impact from the Hawthorne racino, which we expect to
come online in early 2022, will be modest given our belief MGB will
continue benefitting from its established position in the market
and deep customer database and the opening of its expansion
project." Additionally, Hawthorne is located southwest of downtown
Chicago, while Rivers primarily draws its customers from the north
side of Chicago and northern suburbs. Hawthorne is also
disadvantaged relative to Rivers because it will need to make purse
payments to the horsemen on top of gaming taxes, limiting the
amount it will have for marketing and reinvestment in the
property.

S&P said, "We also expect a moderate to severe impact from the
Waukegan and Chicago casinos, which are expected to come online in
2023 and 2025, respectively, at the earliest. However, the opening
of these casinos is still subject to the selection of operators,
receiving financing, and construction of the facilities, which
could result in delays relative to the 2023 and 2025 estimates.
Under our base-case scenario, we assume only a modest negative
impact on revenue in the low-single digits in 2023 from the
Waukegan casino because we understand Rivers does not generate a
lot of business from areas closer to this facility.

"We anticipate a much greater impact from the Chicago casino as we
expect it may siphon demand from the northwest side of Chicago and
surrounding northern suburbs, where Rivers draws the majority of
its customers. Furthermore, the Chicago casino will be allowed to
conduct gaming operations at O'Hare, which could also hurt Rivers'
revenue given that Rivers benefits at least somewhat from visitor
traffic from the airport. Consequently, we have assumed a
low-double-digit decline in revenue in 2025 from the Chicago
casino. However, we believe this opening timeline for a downtown
Chicago casino might be overly optimistic. The city of Chicago has
not yet issued a request for proposal for the new license, but we
expect it could do so in the second quarter of 2021. Once issued,
the city will need to review proposals and select a partner. The
selected operator would then need to submit an application to the
Illinois Gaming Board for approval, secure the necessary financing,
and construct the property. We also believe the construction
process will likely need to overcome intense planning, spatial, and
environmental constraints given the complexities of building in a
busy city center, so it could take upwards of two to three years.
Therefore, the 2025 opening date would require all of these steps
to go smoothly, but in reality, we believe the casino will face
significant hurdles in achieving a 2025 opening date. Until then,
we believe MGB will continue to benefit from its favorable position
as a leading and well-established player in the Chicagoland market
and will experience good growth from its expansion project."

MGB is subject to event risk given its concentration in a single
asset. As a single casino operator, MGB 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, event risk such as casino closures or stringent operating
restrictions because of public health concerns, severe weather, and
regional economic weakness. Furthermore, MGB is vulnerable to
adverse changes in the regulatory environment in Illinois,
including changes in gaming tax rates and further expansion of
gaming activities in the state. Such adverse events can lead to
significant EBITDA volatility and liquidity stress.

S&P said, "We expect the impact from COVID-19 on 2021 revenue to be
manageable, but EBITDA will benefit from favorable cost structure
changes.MGB was required to close the casino twice in 2020 and
operated under stringent restrictions in early 2021. However, we do
not currently expect further closures in 2021 given the progress in
administering COVID-19 vaccinations. Illinois is currently
operating under Phase 4 of its COVID-19 mitigation plan, which
increased the fire code capacity at casinos to 50% from 25% and
permits 24-hour operations and limited indoor food and beverage
service. However, case counts and hospitalizations are rising in
Cook County, which heightens the risk over the next few months that
additional mitigation measures could be implemented to slow the
spread of the virus. Absent additional restrictions, we believe MGB
will continue to benefit from good gaming demand given ongoing
economic stimulus, our economists' forecast for good consumer
spending growth, and some limits on the availability of other
leisure and travel alternatives. Given our expectation that
capacity limitations may remain in place through 2021, we believe
slot and table games revenues will remain 10%-15% below 2019
levels. However, we expect 2021 EBITDA to benefit from favorable
changes in the company's cost structure and support leverage
improving to the high-4x area this year. These improvements to the
company's cost structure include a reduction in marketing spending,
the elimination of loss-leading, unprofitable operations (e.g.,
buffets, valet) at least temporarily, and the new gaming tax rate
structure. The Illinois gaming expansion bill lowered the table
game tax rate, which became effective in July 2020. This capped the
tax rate on table games at 20% compared with 50% previously and
provided that promotional play of up to 20% of gaming revenue would
not be taxed.

"The negative outlook reflects our expectation that MGB's adjusted
leverage will be in the high-4x area in 2021. This provides little
cushion relative to our 5x downgrade threshold for the company to
absorb any unexpected operating volatility over the next few
quarters because of further COVID-19-related operating
restrictions, another shutdown in operations, or generally weaker
demand.

"We could lower the rating if rising COVID-19 cases result in
further restrictions on capacity, another shutdown, or generally
weaker demand. A downgrade could also occur if the EBITDA ramp up
following the completed expansion project is slower than expected,
resulting in leverage remaining higher than 5x.

"We could consider revising the outlook to stable once we are
confident that the operating environment has stabilized and there
are limited risks of additional shutdowns or significant operating
restrictions such that MGB will be able to build in some cushion
relative to our 5x downgrade threshold. We believe this is most
likely once the company sufficiently ramps up EBITDA after the
expansion project opens. Longer-term, while unlikely given the
expected future impact of intensifying competition in the
Chicagoland market, we could consider raising the rating if MGB
keeps leverage under 4x."


MIKEN OIL: Gets Interim Nod to Use Cash Collateral
--------------------------------------------------
Judge Brenda T. Rhoades authorized Miken Oil, Inc., to use cash
collateral on an interim basis, until the date of the final hearing
on the cash collateral request.  The cash collateral will be used
to pay necessary business expenses based on a Court-approved
budget.

As adequate protection to Austin Bank Texas, N.A., and WCII 1, LLC,
the Debtor grants these creditors valid, binding and perfected
replacement liens on their pre-petition liens, and on the
post-petition proceeds and income from the sale of oil, gas and
other minerals produced from the property that secures the
creditors' interest.  

Austin Bank is an assignee of 100% of the Debtor's interest in the
proceeds and income from the sale of oil, gas and other minerals
produced, saved or marketed from a certain property, pursuant to an
Assignment of Proceeds of Production.  Under the assignment
agreement, Austin Bank may receive said income until all of the
Debtor's obligations to Austin Bank have been fully paid.

WCII is a party with the Debtor under a Deed of Trust, Mortgage,
Security Agreement, Assignment of Production and Financing related
to the proceeds and sale of oil, gas and other minerals.  Austin
Bank and WCII holds perfected security interest in the Debtor's oil
and gas interest, equipment, contracts, accounts and general
intangibles.

A copy of the order is available at tinyurl.com/4x8makrh from
PacerMonitor.com free of charge.

A final telephonic hearing on the motion is set for April 19, 2021
at 10 a.m.

                      About Miken Oil Inc.

Miken Oil, Inc.'s business consists of the ownership and operation
of an oil services company.  It sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 21-60115) on
March 26, 2021. In the petition signed by Mike Tate, president, the
Debtor disclosed up to $50,000 in assets and $1 million to $10
million in liabilities.  Eric A. Liepins, Esq., is the Debtor's
legal counsel.



MONTICELLO HORIZON: May Use Cash Collateral Up to May 5
-------------------------------------------------------
Judge Cecelia G. Morris authorized Monticello Horizon Legacy, LLC
to use the cash collateral in the ordinary course of the business
up to and including May 5, 2021.

Judge Morris directed the Debtor to pay Wilmington Trust, National
Association $1,500 on or before the 20th of each month starting
December 2020, as adequate protection payment for the benefit of
the Holders of Corevest American Finance 2019-1 Trust Mortgage
Pass-Through Certificates, for whom Wilmington Trust acts as
trustee.

               About Monticello Horizon Legacy, LLC

South Fallsburg, N.Y.-based Monticello Horizon Legacy, LLC filed a
Chapter 11 petition (Bankr. S.D.N.Y. Case No. 20-35665) on June 24,
2020.  In the petition signed by Esther Loeffler, managing member,
the Debtor estimated $1 million to $10 million in both assets and
liabilities.  

The Hon. Cecelia G. Morris oversees the case.

Michelle Trier, Esq., at Genova & Malin, serves as the Debtor's
bankruptcy counsel.



MUSCLEPHARM CORP: Appoints New President, CFO
---------------------------------------------
MusclePharm Corporation appointed Ms. Sabina Rizvi as the Company's
president and chief financial officer effective as of April 5,
2021.

Ms. Rizvi, 53, joins the Company from Yum! Brands, where she most
recently served as chief operating officer, Yum! Digital and
Technology.  Before that, she held multiple other roles of
increasing responsibility, including vice president, Strategy &
Repeatability from 2017 to 2019 and president and general manager,
Pizza Hut Thailand from 2014 to 2017.

The Company has agreed to pay Ms. Rizvi a base salary of $450,000
per year and she is eligible to receive an annual discretionary
performance bonus targeted at 60% of her base salary for 2021
subject to the achievement of certain performance metrics.

In connection with her appointment, it is expected that Ms. Rizvi
will enter into the Company's standard form of indemnification
agreement.

Ms. Rizvi does not have a family relationship with any director or
executive officer of the Company or person nominated or chosen by
the Company to become a director or executive officer, and there
are no arrangements or understandings between Ms. Rizvi and any
other person pursuant to which Ms. Rizvi was selected to serve as
president and chief financial officer of the Company.  There have
been no transactions involving Ms. Rizvi that would require
disclosure under Item 404(a) of Regulation S-K under the Securities
Exchange Act of 1934, as amended.

On April 1, 2021, Allen Sciarillo departed from his position as the
Company's chief financial officer.

                         About MusclePharm

Headquartered in Denver, Colorado, MusclePharm Corporation
(OTCQB:MSLP) -- http://www.musclepharm.comand
http://www.musclepharmcorp.com-- is a lifestyle company that
develops, manufactures, markets and distributes branded nutritional
supplements.  The Company offers a broad range of performance
powders, capsules, tablets, gels and on-the-go ready to eat snacks
that satisfy the needs of enthusiasts and professionals alike.

MusclePharm reportedo net income of $3.18 million for the year
ended Dec. 31, 2020, compared to a net loss of $18.93 million for
the year ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company had
$13 million in total assets,
$37.42 million in total liabilities, and a total stockholders'
deficit of $24.42 million.

Los Angeles, California-based SingerLewak LLP issued a "going
concern" qualification in its report dated March 29, 2021, citing
that the Company has suffered recurring losses from operations,
has
an accumulated deficit and its total liabilities exceed its total
assets.  This raises substantial doubt about the Company's ability
to continue as a going concern




NATCHITOCHES MEDICAL: Case Summary & 6 Unsecured Creditors
----------------------------------------------------------
Debtor: Natchitoches Medical Specialists
        1029 Keyser Avenue
        Natchitoches, LA 71457

Business Description: Natchitoches Medical Specialists operates
                      in the healthcare industry.

Chapter 11 Petition Date: April 11, 2021

Court: United States Bankruptcy Court
       Western District of Louisiana

Case No.: 21-80137

Judge: Hon. Stephen D. Wheelis

Debtor's Counsel: Morley Diment, Esq.
                  DIMENT & ASSOCIATES
                  2644 South Sherwood Forest Blvd, Suite 108
                  Baton Rouge, LA 70816
                  Tel: 225-424-2588
                  E-mail: mcd@dimentfirm.com

Total Assets: $8,009,156

Total Liabilities: $286,300

The petition was signed by James D. Knecth M.D., managing member.

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

https://www.pacermonitor.com/view/SLEF4FQ/Natchitoches_Medical_Specialists__lawbke-21-80137__0002.0.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/N6OERBI/Natchitoches_Medical_Specialists__lawbke-21-80137__0001.0.pdf?mcid=tGE4TAMA


NEXSTAR MEDIA: S&P Ups ICR to 'BB' on Lower Leverage Expectations
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Nexstar Media
Group Inc. to 'BB' from 'BB-' because it expects leverage will
remain below its 4.5x upgrade threshold over the next few years,
including potential share repurchases and acquisitions.

S&P said, "We also revised the recovery rating on Nexstar's senior
secured debt to '1' from '2' and raised the issue-level rating on
this debt to 'BBB-' from 'BB'.

"The stable outlook reflects our expectation that Nexstar will
manage leverage between 4x-4.5x by directing cash flow toward a
balance of shareholder returns, acquisitions, and debt repayment.

"Nexstar's leverage improved significantly in 2020, and we expect
it will remain below 4.5x over the next few years including
potential shareholder-friendly activities. Nexstar's net leverage
(calculated on an average trailing eight-quarter basis and pro
forma for the Tribune acquisition in 2019) improved to about 4.5x
in 2020 from about 5.5x in 2019 due to record political advertising
revenue, double-digit retransmission revenue growth, and cost
synergies from the Tribune acquisition. We believe there are
limited opportunities for Nexstar to pursue large acquisitions that
would increase its leverage back above 4.5x and estimate it will
generate over $1 billion of free operating cash flow (FOCF)
annually, which it could use for shareholder-friendly activities.

"Without acquisition opportunities, we believe the company will
direct most of its FOCF toward dividends and share repurchases.
Nexstar has increased its dividend 25% annually for the past eight
years and we forecast dividend payments of $125 million in 2021 and
$150 million in 2022. Nexstar's board authorized a $1 billion share
repurchase program in early 2021 and we have modeled share
repurchases of around $500 million in 2021 and around $780 million
in 2022 in our forecast. This would leave around $400 million of
FOCF annually for debt repayment, which coupled with continued
EBITDA growth, reduces leverage to around 4x in 2021 and 3.6x-3.8x
in 2022."

While large acquisitions are unlikely, the company could pursue
other types of transactions. While the company previously increased
to leverage to 5.5x to fund its acquisition of Media General in
2017 and Tribune in 2019, the company's TV station portfolio now
reaches 39% of U.S. television households (after the UHF discount),
which is the maximum amount allowed under the Federal
Communications Commission's (FCC) national ownership rule. S&P
said, "(We believe it is unlikely that the national ownership cap
will be loosened under the current Democratic administration.) We
do believe the company could acquire additional digital assets
following its acquisition of BestReviews in 2020, but believe other
types of acquisitions are unlikely since management has said that
it does not have an appetite to expand its cable portfolio and
wants to focus on the local piece of the media ecosystem. We have
not included any acquisitions in our base-case forecast but believe
any acquisitions would reduce share repurchases."

In early April, the Supreme Court ruled in the FCC's favor to
eliminate certain media ownership rules, one of which prohibited TV
broadcasters from owning more than one top-four rated station in a
single market. The FCC had loosened this rule in a 2017 order, but
it was overturned in 2019. S&P said, "Despite this ruling, we think
the FCC won't likely approve a large acquisition with widespread
market overlap, but instead consider small acquisitions on a
case-by-case basis. While the Supreme Court ruling could allow
Nexstar to acquire additional broadcast assets within its existing
footprint, we believe it is more likely that it will pursue station
swaps with other broadcasters, particularly in large markets where
it acquired CW-affiliated stations from Tribune. Duopolies (owning
more than one TV station in a market) are beneficial to TV
broadcasters because they can share cost efficiencies among their
stations in a particular market and, in our view, charge higher
advertising rates due to greater market share." Station swaps
likely wouldn't require significant cash payments or affect the
company's leverage.

S&P said, "We expect core advertising will largely recover in 2021.
Core advertising (excluding political) revenue, which contributes
around 40% of Nexstar's total revenue, is highly correlated with
GDP growth because expectations for consumer spending drive
advertising budgets. We believe reduced advertising spending from
the U.S. recession brought on by the pandemic reduced Nexstar's pro
forma core advertising revenue by 15%-20% in 2020. Core advertising
has sequentially improved since its low point in April, and we
expect it will largely recover in 2021 to about 90% of 2019 levels
as spending improves throughout the year, although visibility into
local television advertising remains limited as advertisers
continue to make shorter-term commitments than before the
pandemic."

Relatively stable distribution revenue helps to offset volatile
advertising revenue. Distribution revenue now contributes over 45%
to Nexstar's revenue, which increases cash flow stability. Despite
material declines in core advertising revenue in 2020, double-digit
distribution revenue growth caused total revenue in 2020, excluding
the benefit of political advertising revenue, to be relatively flat
versus pro forma 2019. S&P expects distribution revenue will grow
12%-14% in 2021, primarily due to higher rates associated with
pay-TV distributors (18% of Nexstar's subscribers were renewed at
the end of 2020).

The stable outlook reflects S&P's expectation that Nexstar will
manage leverage between 4x-4.5x by directing cash flow toward a
balance of shareholder returns, acquisitions, and debt repayment.

S&P could lower the rating if:

-- Leverage increases above 4.5x due to debt-funded shareholder
returns or acquisitions. S&P's ratings tolerance for leverage
increasing above 4.5x due to acquisitions would depend on its
assessment of both sector and macroeconomic trends.

-- Recovery in core advertising is delayed. This scenario is less
likely.

S&P views an upgrade as unlikely because we believe
shareholder-friendly activities will prevent leverage from
remaining below 4x. However, S&P could raise the rating if:

-- Leverage improves below 4x and management makes a public
commitment to keep it there, even with the potential for
debt-funded share repurchases or acquisitions.

S&P believes that that margins will remain stable despite ongoing
pay-TV subscriber declines, which have so far been more than offset
by higher pricing.


NUANCE COMMUNICATIONS: S&P Places 'BB-' ICR on Watch Positive
-------------------------------------------------------------
S&P Global Ratings placed all of its ratings on Nuance
Communications Inc., including its 'BB-' issuer credit rating, on
CreditWatch with positive implications.

S&P said, "The CreditWatch placement reflects our view that the
transaction will enhance Nuance's credit position because it is
being acquired by a higher-rated entity. We expect to resolve the
CreditWatch placement or discontinue our ratings on the company
after the proposed acquisition closes depending on whether any of
Nuance's rated obligations remain outstanding.

"The CreditWatch placement reflects the strong likelihood that we
will upgrade or discontinue our ratings on Nuance Communications
Inc. after the close of its acquisition by higher-rated Microsoft
Corp. Upon closing, Microsoft expects to report Nuance's financials
as part of its Intelligent Cloud segment. We also believe Microsoft
intends to leverage Nuance's solutions to accelerate it's cloud
strategy for the health care industry. The transaction has been
approved by the board of directors of each company but is subject
to customary closing conditions, including the approval of Nuance's
shareholders and the companies' regulators."

CreditWatch

S&P said, "The CreditWatch positive placement reflects the
likelihood that we will assess Nuance as a core subsidiary of
Microsoft when the deal closes, assuming it is completed as
proposed. We expect to resolve the CreditWatch after the
acquisition closes, which we anticipate will occur later in 2021."


PACIFIC THEATRES: Pacific, Arclight Movie Chains Closing for Good
-----------------------------------------------------------------
As widely reported, Los Angeles-based real estate development
company The Decurion Corp. said its Arclight Cinemas and Pacific
Theatres won't be reopening, and, instead, the two movie theater
chains will close their doors permanently.

According to QUARTZ, the chains were successful, generating a
combined $114 million in ticket sales in 2019.  Both chains had
been closed since March 2020 to comply with COVID-19 public health
mandates.  In March 2021, when COVID-19 restrictions were eased in
Los Angeles County and movie theatres allowed to reopen, all of the
Pacific Theatres and Arclight Cinemas locations notably remained
closed.  On April 12, 2021, Pacific Theatres announced, via its Web
site that it would be closing all theater locations permanently
amid heavy losses during the pandemic.

DEADLINE notes the closure comes at an unfortunate time because
it's expected that Los Angeles County could have movie theaters
operating at 100% capacity by then -- well before California Gov.
Gavin Newsom's June 15 wide-open order.

Pacific Theatres, an iconic California theater chain, operates more
than 300 screens across the state, including the famous Hollywood
Cinerama Dome.

According to DEADLINE, Decurion's crown jewel is the Hollywood
Arclight multiplex on Sunset Boulevard and its 58-year old Cinerama
Dome, which made a big cameo in Quentin Tarantino's Once Upon a
Time in Hollywood and remains many filmmakers' favorite venue.  The
Hollywood Arclight is also one of the highest-grossing movie
theaters in the nation.

The Forman family founded Pacific Theatres in 1946 and continued to
own and operate the company through its Decurion.

Decurion has issued this statement:

"After shutting our doors more than a year ago, today we must share
the difficult and sad news that Pacific will not be reopening its
ArcLight Cinemas and Pacific Theatres locations.

"This was not the outcome anyone wanted, but despite a huge effort
that exhausted all potential options, the company does not have a
viable way forward.

"To all the Pacific and ArcLight employees who have devoted their
professional lives to making our theaters the very best places in
the world to see movies: we are grateful for your service and your
dedication to our customers.

"To our guests and members of the film industry who have made going
to the movies such a magical experience over the years: our deepest
thanks. It has been an honor and a pleasure to serve you."


PADDOCK ENTERPRISES: Seeks to Hire Riley Safer as Special Counsel
-----------------------------------------------------------------
Paddock Enterprises, LLC, seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to hire Riley Safer Holmes &
Cancila, LLP as special asbestos counsel.

The Debtor needs the firm's legal advice on asbestos-related
liabilities and other aspects of its bankruptcy-related litigation,
including negotiations regarding the terms of a potential plan of
reorganization pursuant to Section 524(g) of the Bankruptcy Code
and representation in the mediation among the Debtor, O-I Glass
Inc., the official committee of asbestos personal injury claimants,
and the legal representative for future asbestos personal injury
claimants.

Riley's standard rates range from $385 to $1,070 an hour for
lawyers and from $205 to $375 an hour for legal assistants and
clerks.  The attorneys expected to provide the services are:

     Robert Riley        $930 per hour
     Matthew Fischer     $805 per hour
     Edward Casmere      $780 per hour

The firm received payments in the total amount of $1,195,614.27
during the 90 days prior to the Debtor's bankruptcy filing.

Robert Riley, Esq., a partner at Riley, disclosed in a court filing
that his firm does not hold or represent any interest adverse to
the Debtor and its bankruptcy estate.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Mr.
Riley also disclosed the following:

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

     Response: No.

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

     Response: During the 2019 calendar year, Riley's standard
rates ranged from $455 to $970 for partners; $385 to $455 for
associates; and $200 to $295 for professional staff. In 2019, Riley
maintained a fixed fee arrangement with the Debtor that used rates
to track the value delivered by hours, and could result in a
discount or premium based on year-to-year performance relative to
the fixed fee.  The rates Riley has proposed have not been raised
or changed since last year.

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

     Response: No.

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

     Response: If deemed necessary, Riley will work with the Debtor
to develop a prospective budget and staffing plan.

Riley can be reached through:

     Robert H. Riley, Esq.
     Matthew J. Fischer, Esq.     
     Edward Casmere, Esq.     
     70 W. Madison Street, Suite 2900
     Chicago, IL 60602
     Office: 312.471.8700
     Direct: 312.471.8777
     Fax: 312.471.8701
     E-mail: rriley@rshc-law.com
            mfischer@rshc-law.com
            ecasmere@rshc-law.com

                     About Paddock Enterprises

Paddock Enterprises, LLC's business operations are exclusively
focused on (i) owning and managing certain real property and (ii)
owning interests in, and managing the operations of, its non-debtor
subsidiary, Meigs, which is developing an active real estate
business. It is the successor-by-merger to Owens-Illinois, Inc.,
which previously served as the ultimate parent of the company.
Paddock Enterprises is a direct, wholly-owned subsidiary of O-I
Glass.

Paddock Enterprises sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 20-10028) on Jan. 6, 2020.
At the time of the filing, the Debtor disclosed assets of between
$100 million and $500 million and liabilities of the same range.

Judge Laurie Selber Silverstein oversees the case.

The Debtor tapped Richards, Layton & Finger P.A. and Latham &
Watkins LLP as legal counsel, Alvarez & Marsal North America LLC as
financial advisor, Riley Safer Holmes & Cancila, LLP as special
counsel, and David J. Gordon of DJG Services, LLC as chief
restructuring officer.  Prime Clerk, LLC is the claims, noticing
and solicitation agent and administrative advisor.


PAPER SOURCE: Vendors Plead for Payment as Execs Seek $1 Mil. Bonus
-------------------------------------------------------------------
Christine Haughney and Liz Brown-Kaiser of NBC News report that
Paper Source vendors left pleading for payment as executives seek
$1 million in bonuses.

A bankruptcy trustee cited Paper Source's latest efforts as "why in
2005 Congress was driven to make sweeping changes to the bankruptcy
code."

In the heart of the pandemic, when thousands of the nation's retail
stores were closed, the stationery chain Paper Source paid its top
seven executives a combined $1.47 million in bonuses. Now that the
company is in bankruptcy, its executives are seeking an additional
$1 million in potential bonuses at the same time that many of the
vendors it works with -- largely greeting card companies run by
women -- are struggling to be repaid as little as $5,000.

The details of Paper Source’s executive bonuses came to light in
a federal bankruptcy meeting of creditors late last week. On that
same day, John P. Fitzgerald III, acting United States trustee,
also submitted a 19-page objection to Paper Source's request for
executive bonuses and cited the case as an example of how excessive
bankruptcy bonuses had become.

The case illustrates why Congress made sweeping changes to the
bankruptcy code in 2005, he wrote, adding, "The Debtors have failed
to meet their burden to demonstrate that the proposed bonus plan
overcomes the restrictions Congress implemented."

The card shop filed for Chapter 11 bankruptcy on March 2 in the
Eastern District of Virginia, allowing it to restructure its more
than $100 million in debt and shed expensive leases, which cost the
company $36 million annually, without completely shutting its
doors. The company, founded by Susan Lindstrom in 1983, began as a
single store in Chicago and, as of its filing date, grew to 158
locations. Weeks before the coronavirus pandemic hit in March 2020,
Paper Source bought 30 stores from its competitor Papyrus,
following that company's liquidation. Now, the company will close
11 of its stores but continue operating its other retail locations
and e-commerce website.

But since its filing, dozens of greeting card vendors have come
forward to say the company placed unusually large orders right
before bankruptcy and then failed to pay them, leaving them owed
thousands of dollars. Three vendors interviewed for this article
say they are struggling to be repaid $5,000 to $20,000.

"Without any explanation or rationale about why the top executive
would be entitled to bonuses, bonuses make no sense," said Barbara
Yong, an attorney with the law firm Golan Christie Taglia, who is
representing 35 stationery vendors owed money by Paper Source.

When asked in the April 8, 2021 meeting of creditors why Paper
Source paid those bonuses when the company was struggling, Paper
Source Chief Financial Officer Ronald Kruczynski told the court
that "it was to recognize, certainly, members of management for
navigating the organization through the unprecedented pandemic." He
added that the bonuses were all designed to incentivize executives
to stay.

During 2020, as Paper Source stores started to close, the company
still paid its top five executives a combined $1.9 million in
salaries, $560,000 in bonuses related to a deal with Papyrus and a
$910,000 in year-end bonuses, according to bankruptcy filings. The
company’s CEO, Winnie Park, received a $552,000 annual salary, a
$250,000 bonus related to the sale of Papyrus stores and a $390,000
year-end bonus. Park is also a board director at Dollar Tree Stores
and Express.

As Paper Source progresses through bankruptcy, it proposed to the
bankruptcy court that it pay its top seven executives a combined
additional $1 million in bonuses if they met certain benchmarks.

Park did not respond to questions about the bonus payments made to
executives through the pandemic. But she said in a statement, "The
pandemic had a very profound impact on our stores’ business as
they were closed during the shelter-in-place order for three months
followed by gradual reopening with strict capacity constraints to
protect our customers and employees."

Park also stressed that Paper Source had been pursuing alternatives
to the Chapter 11 bankruptcy, initiating a sale process in January
2021 to find new capital investors. When that didn't materialize,
the company and its board on March 1 decided to file for
bankruptcy. It did so the following day with a first bid from
MidCap Financial to purchase its assets, providing continuity as a
business through the pandemic and after, Park said.

The stationery store chain is one of many companies that have
declared bankruptcy since the start of the pandemic, joining
big-name clothing retailers JCPenney, Neiman Marcus and J. Crew on
the long list. In court documents, Paper Source cites
government-mandated shutdowns and restrictions during peak holidays
like Easter and Mother's Day, along with wedding cancellations, as
damaging factors to its sales figures. It is also one of many
companies like Fairway Market and Neiman Marcus that sought
approval for executives paying themselves large bankruptcy bonuses
as their companies were restructuring.

But Nancy B. Rapoport, a professor at the William S. Boyd School of
Law at the University of Nevada, Las Vegas, noted that the request
by Paper Source's executive team was exceptional because it rewards
them for meeting a relatively low bar in directing the company. She
noted that in bankruptcies the court ultimately decides these
bonuses.

"Inside bankruptcy, what people are arguing is that the world is
completely different and they have to work harder just to keep up.
We're all doing more to keep up in the pandemic," she said. "Why
should they be treated differently?"

Rapoport added that paying large bonuses and not small amounts to
unsecured creditors like greeting-card-makers sends a troubling
message.

"They're going to argue it wouldn't change the distribution of
dollars to unsecured creditors," Rapoport said. "But these are real
people. These are small-business owners. It does matter to them.
They're not people who pull in half a million dollars a year."

                      Bankruptcy Casualties

Since Paper Source filed for bankruptcy on March 2, 2021 vendors
said the company placed exponentially larger orders with vendors
than usual -- sometimes quadruple the size — weeks before
declaring bankruptcy. Some card vendors believe it was done on
purpose, leaving them with sizable unpaid invoices for filled
orders.

They include Olga Krigman, founder and owner of Los-Angeles-based
Offensive+Delightful, who worked with the company for the past
decade.  Right before Paper Source filed for bankruptcy, the
company placed an order four times larger than normal, Krigman said
in an interview.

Paper Source usually places orders of approximately $2,000 each
month with Offensive+Delightful but in February made an $8,000
order.  Paper Source owes her about $12,000. So far Paper Source
paid her $900, which is less than 10 percent of what the company
owes her.

"It's just even so much more disappointing because we've just held
them up in such high regard for so long," Krigman said.

Emily Wismer, owner of Lady Pilot Letterpress in Durham, North
Carolina, said in an interview that Paper Source owes her over
$5,000 — the cost of six months' rent for her — after the
company made a $1,600 order in January 2021 and a $3,500 order in
February. Wismer said the February order was “unusual” because
it came on the heels of January's and was three times the size of a
typical order, with a shorter shipment timeline. Wismer said Paper
Source so far paid her 10 percent of the total outstanding
balance.

"We didn't feel we could turn down such a small payment after 2020,
which was extremely rough," she said.

Paper Source's Park said the company has been down approximately 20
percent in card inventory since last October and had been ordering
large quantities from vendors since that fall. Park added that
Paper Source's e-commerce business alone grew over 1,000 percent in
cards in 2020 due to the pandemic, fueling the need for greater
inventory.

"The January and February orders were in line with what had been
ordered to re-stock eCommerce and our stores, including 27 new
Papyrus stores, which are primarily card stores," she wrote.

Like Krigman, Wismer learned from fellow vendors in a Facebook
group who said Paper Source had also placed larger-than-normal
rushed orders shortly before declaring bankruptcy.

"By the time I shipped that order to them, they had to know that
they were declaring bankruptcy, and that feels like a kick in the
gut," Wismer said.

Lisa Mohar, the founder of paper goods company Rhino Parade in New
York City, who has been working with Paper Source for the past two
years, said that while she liked working with the company, the
buying team notoriously paid late and negotiated prices often.
Unlike her other buyers, Paper Source also asked for bulk discounts
and requested she agree to terms like allowing the company 60 days
to pay for orders once received. Mohar’s counsel advised her not
to disclose the specific amount owed to her by Paper Source.

"If you want to work with one of the biggest buyers in your
industry, it's kind of like you don't have a choice," she said.
"I'm a one-woman operation here, so the fact that I could fulfill a
big order to get to, you know, 150 stores that my mom can go to and
brag about, like that's major."

When told about Paper Source's bonus request, Mohar said she has
tried to impose stricter terms with the company going forward to
protect her business.

"It feels and it sounds like stealing. But it's totally legal,"
Mohar said about the bonuses. "It's something I will hold with me
going into other deals and negotiations."

                           Paying Back

Paper Source spokesperson Noreen Heron said in an email that "Paper
Source has retail industry common practices regarding billing,
which include negotiated payment terms from receipt date. All terms
are negotiated up front as is standard with any retailer. We
respect and support our vendors.​"

Park also said the company started paying back vendors the week of
March 8, 2021. She said Paper Source had been assured that certain
vendors' claims would be paid in full, which addresses almost all
the shipments received in February. The balance will come from a
critical vendor fund, which was approved by the court on March 3.
For vendors to receive a critical vendor payment, however, Paper
Source requires they confirm they will continue shipping their
products to the company. Park does not dispute that Paper Source is
offering vendors as little as 10 percent of what they are owed.

"We made an effort to pay as many vendors as possible on the first
round," Park said. "We continue to work with vendors who responded
and would like to continue working with us moving forward."

For now, the latest news that Paper Source had requested such large
bonuses while so many vendors are struggling confirms suspicions
these vendors have had for a while. Alex Gagné Glover, who started
Chez Gagné Letterpress in Los Angeles, said Paper Source owes her
$20,000 after placing orders of nearly $9,000 in January and
$12,000 in February 2021. She filed a claim for payment herself,
choosing not to hire an attorney because of the cost. But she has
not been paid for those January or February 2021 orders. She said
she declined the partial payment Paper Source offered her because
it was too low to justify continuing to do business with Paper
Source.

While Chez Gagné Letterpress had a financial buffer after taking
out an emergency disaster loan last 2020 amid the pandemic, that
missing $20,000 is still critical to her four-person operation.

"That's almost two months of operating expenses. I mean that's our
rent, that’s payroll, that's me getting paid, that's making sure
my nanny can get paid," she said. "You can't ask for million-dollar
bonuses knowing that your vendors need to pay for their kids’
child care, not their third car."

                        About Paper Source

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.


PIAGGIO AMERICA: Case Summary & 14 Unsecured Creditors
------------------------------------------------------
Debtor: Piaggio America, Inc.
        1515 Perimeter Road
        West Palm Beach, FL 33406

Business Description: Piaggio America –-
                      http://www.piaggioaerospace.it/-- is in  
                      the business of aerospace product and parts
                      manufacturing.  The Company designs,
                      develops and supports unmanned aerial
                      systems, business, special missions and ISR
                      aircraft and aero engines.

Chapter 11 Petition Date: April 13, 2021

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 21-13491

Judge: Hon. Erik P. Kimball

Debtor's Counsel: Joaquin J. Alemany, Esq.
                  HOLLAND & KNIGHT LLP
                  701 Brickell Avenue, Suite 3300
                  Miami, FL 33131
                  Tel: 305-789-7763
                  E-mail: joaquin.alemany@hklaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Paolo Ferreri, chief executive officer.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 14 unsecured creditors is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/Q7B7QKY/Piaggio_America_Inc__flsbke-21-13491__0001.0.pdf?mcid=tGE4TAMA


PMG CINCINNATI: Galla Parks Files for Chapter 11 Bankruptcy
-----------------------------------------------------------
The operator of Galla Park at The Banks, PMG Cincinnati, Inc.,
announced it had filed for Chapter 11 bankruptcy protection.

A press release notes Galla Park will stay open and continue to
employ its roughly 60 employees, but the restaurant and bar is
urging supporters to defend it against the city of Cincinnati's
allegations that the business is a nuisance.

The city filed a nuisance complaint against Galla Park in the
second week of April 2021 in Hamilton County Common Pleas Court and
is asking a judge to shut the business down for a year.

The complaint outlined underage drinking, bar fights and repeated
police intervention among the reasons for seeking the designation.

Galla Park management has said it takes 'full responsibility for
any and all reported circumstances within our control."

A court hearing on the matter has not yet been scheduled.

"Galla Park remains committed to the Downtown and Banks
communities, and we are encouraged by the incredible support and
words of encouragement we have received from our loyal employees,
guests, and patrons," the press release posted on Galla Park's
Facebook page said.

"We want to use that strength to preserve our investment in the
Downtown and Banks communities, and if you want to help Galla Park
to continue to thrive, then we encourage you to dine with us, and
support us on your evenings on the town," the press release goes on
to say. "After all, without you, none of what we have been able to
achieve would have been possible."

It then asks supporters to "share your feelings of support with the
City Manager and the Mayor's Office with the same enthusiasm you
have shown us in the last week."

                     About PMG Cincinnati

PMG Cincinnati Inc. is the operator of the American restaurant Gala
Park at the Banks.

PMG Cincinnati filed for Chapter 11 bankruptcy protection (Bankr.
S.D. Ohio Case No. 21-10790) on April 12, 2021.

The case is handled by Honorable Judge Jeffery P. Hopkins.

The Company is represented by:

        Philomena S Ashdown
        Strauss Troy Co., LPA
        The Federal Reserve Building
        150 East Fourth Street
        Cincinnati, OH 45202-4018
        Tel: 513-621-2120
        E-mail: psashdown@strausstroy.com


RACQUETBALL INVESTMENT: May Use Eastern Bank Cash on Final Basis
----------------------------------------------------------------
Judge Frank J. Bailey authorized Racquetball Investment Association
No. II Limited Partnership to use cash collateral in which Eastern
Bank may assert an interest, on a final basis.

The Debtor owes Eastern Bank under (a) Leasehold Mortgage and
Security Agreement on the Building to secure a loan to Burlington
Recreation Group, LLC1, (b) an Assignment of Leases and Rents, (c)
a Commercial Promissory Note, with a principal balance of
$1,191,240.57, plus interest, late charges and legal expenses, and
(c) Note for Costs, with a principal balance of $96,692.96 plus
interest and late charges.

The Debtor granted Eastern Bank a security interest in all of the
Debtor's assets.

Pursuant to the Court order, Eastern Bank is granted a replacement
lien in the same amount and with the same priority before the
Petition Date.  As additional adequate protection, the Debtor will
maintain adequate insurance policies and shall keep payments
current to the Town of Danvers for real estate taxes.

A copy of the order is available free of charge at
tinyurl.com/4umfma85 from PacerMonitor.com.

                   About Racquetball Investment
                        Association No. II

Racquetball Investment Association No. II Limited Partnership filed
a voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Mass. Case No. 20-12304) on Nov. 25, 2020.  In the
petition signed by James H. Conchie, its general partner, the
Debtor disclosed assets of between $1 million and $10 million and
liabilities of the same range.  Judge Frank J. Bailey oversees the
case.  The Debtor tapped Parker & Lipton as its legal counsel and
Elisa Sartori as its accountant.



RALPH M. BONHAM: $295K Sale of Pueblo Cty. Property to Lyells OK'd
------------------------------------------------------------------
Judge Joseph G. Rosania of the U.S. Bankruptcy Court for the
District of Colorado authorized Ralph M. Bonham's sale of the real
property holdings in Pueblo County and Custer County, Colorado,
including the following: A portion of Tract "01-001" Parcel a of
Subdivision Variance No. 311, Being Part of S/2 Se/4 of Section 19,
Township 22 South, Range 68 West of the 6th P.M., County Of Pueblo,
State of Colorado, as Shown on Map Recorded May 21, 1987 in Book
2348 at Pages 605-606, lying north of the north right-of-way line
of North Creek Road and containing 30 acres more or less, to Gary
Lyells and Kaylyn Lyells for $295,000.

The Property consists of approximately 30 acres of the 276.8 acres
owned by the estate and Janey Bonham in Pueblo County, Colorado.
It includes a nineteenth century schoolhouse.  One of the Buyers is
a descendant of the original owners of the Property.   

The sale is free and clear of any and all encumbrances of any
nature whatsoever, whether known or unknown, pursuant to Sections
363(b) and (f) of the Bankruptcy Code including, without
limitation, the following:  

     (i) Deed of Trust for the benefit of Legacy Bank securing an
indebtedness not to exceed $2,114,438.30 recorded with the Pueblo
County Clerk and Recorder on December 31, 2007 at Reception No.
1753267;

     (ii) June 4, 2019 "Order of Judgment - Jury Verdict" entered
in favor of the Special Conservator in Pueblo County, Colorado
District Court Case No. 2014PR30114 and recorded with the Pueblo
County Clerk and Recorder on June 19, 2019 at Reception No.
2142907;

     (iii) Transcript of Judgment in the amount of $2,899.674 in
favor of the Special Conservator in Pueblo County, Colorado
District Court Case No. 2014PR30114 and recorded with the Pueblo
County Clerk and Recorder on July 10, 2019 at Reception No.
2145136;

     (iv) Transcript of Judgment in the amount of $3,760,263.00 in
favor of the Special Conservator in Pueblo County, Colorado
District Court Case No. 2014PR30114 and recorded with the Pueblo
County Clerk and Recorder on September 9, 2019 at Reception No.
2151625; and

     (v) Transcript of Judgment in the amount of $196,709.00 in
favor of the Special Conservator in Pueblo County, Colorado
District Court Case No. 2014PR30114 and recorded with the Pueblo
County Clerk and Recorder on September 9, 2019 at Reception No.
2151626.

No brokers' commission will be paid in connection with the sale.

The Seller is authorized to pay all costs and expenses for which he
is obligated under the Contract including, but not limited to,
closing costs, survey costs, and property taxes.

Pursuant to 11 U.S.C. Sections 361(2) and 363(e), adequate
protection is provided to Legacy Bank and the Special Conservator
in the form of a replacement lien on the proceeds of the sale.  The
Legacy Bank Deed of Trust is senior and prior in right to the
disputed judgment liens asserted by the Special Conservator and any
rights that might be asserted in the Property by Janey Bonham or
any other creditors.

The proceeds of sale, net of the costs and expenses paid at
closing, will be deposited by Seller in a segregated
interest-bearing account pending further orders of the Court.

The Seller may deliver to the Buyer the Property pursuant to the
terms and conditions of the Contract.

The Order is self-executing and effective immediately upon entry,
and the stays under Rules 6004(h) of the Federal Rules of
Bankruptcy Procedure are waived.

Ralph M. Bonham sought Chapter 11 protection (Bankr. D. Colo. Case
No. 19-18679) on Oct. 7, 2019.  The Debtor tapped David Wadsworth,
Esq., at Wadsworth Garber Warner Conrardy, P.C. as counsel.



RAWHIDE RESOURCES: Seeks to Hire Reed Smith as Bankruptcy Counsel
-----------------------------------------------------------------
Rawhide Resources, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Wyoming to hire Reed Smith, LLP as its
bankruptcy counsel.

The firm's services include:

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

     (b) advising the Debtor and taking all necessary actions to
protect and preserve its estates, including the defense of any
actions commenced against the Debtor, the negotiation of disputes
in which the Debtor is involved, and the preparation of objections
to claims filed against the estate;  

     (c) drafting legal papers;

     (d) representing the Debtor in negotiations with creditors and
other parties in interest;

     (e) taking all necessary actions in connection with a plan of
reorganization and all related documents; and

     (f) performing other legal services necessary to administer
the Debtor's Chapter 11 case, including any general corporate legal
services.

The firm will be paid at these rates:

     Keith M. Aurzada, Partner          $825 per hour
     Devan Dal Col, Associate           $485 per hour
     Shikendra Bedford-Rhea, Paralegal  $295 per hour

Reed Smith received $102,000 from the Debtor.  The firm was paid
$56,828.50 for pre-bankruptcy services and expenses including the
Debtor's filing fees.  The firm currently holds $45,171.50 in its
trust account.

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

The firm can be reached through:

     Keith M. Aurzada, Esq.
     Reed Smith, LLP
     2850 N. Harwood St., Suite 1500
     Dallas, TX 75201
     Tel: +1 469 680 4211
     Tel: 469-680-4200
     Fax: 469-680-4299
     Email: kaurzada@reedsmith.com  

                   About Rawhide Resources

Rawhide Resources, LLC, a privately held company in the oil and gas
extraction business, filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Wyo. Case No.
21-20101) on March 24, 2021. The petition was signed by Thomas R.
Wright, managing member of Rawhide Resources, LLC.  At the time of
filing, the Debtor disclosed $629,609 in assets and $1 million to
$10 million in liabilities. Keith M. Aurzada, Esq., at Reed Smith,
LLP, represents the Debtor as legal counsel.


RIVERBEND ENVIRONMENTAL: Seeks to Hire Taylor Auction as Auctioneer
-------------------------------------------------------------------
Riverbend Environmental Services, LLC seeks authority from the U.S.
Bankruptcy Court for the Southern District of Mississippi to employ
Taylor Auction & Realty, Inc. to conduct an online auction of its
personal property in Fayette, Miss. and Baton Rouge, La.

Taylor Auction will receive a 10 percent seller's commission on the
hammer price and 10 percent buyer's premium on the hammer bid.

Benny Taylor of Taylor Auction & Realty disclosed in a court filing
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Benny Taylor
     Taylor Auction & Realty, Inc.
     15488 Highway 51 North
     P.O. Box 357
     Grenada, MS 38902
     Phone: (662) 226-2080

              About Riverbend Environmental Services

Riverbend Environmental Services, LLC, a company based in Fayette,
Miss., sought Chapter 11 protection (Bankr. S.D. Miss. Case No.
19-03828) on Oct. 25, 2019.  In the petition signed by Jackie
McInnis, manager, the Debtor was estimated to have $10 million to
$50 million in assets and $1 million to $10 million in liabilities.
Judge Katharine M. Samson oversees the case.  The Law Offices of
Craig M. Geno, PLLC and Watkins & Eager, PLLC serve as the Debtor's
bankruptcy counsel and special counsel, respectively.


RSG INDUSTRIES: Seeks 30-Day Continuance of Confirmation Hearing
----------------------------------------------------------------
RSG Industries Corp., d/b/a MB Automotive Corp., filed an expedited
motion for a 30-day continuance of the confirmation hearing and an
extension of its deadline to confirm its Plan.

The confirmation was set for April 13, 2021, and the deadline to
confirm a Plan pursuant to Section 1121(e)(3) was April 20, 2021.

In seeking the continuance, the Debtor explained that pursuant to a
previously undisclosed Paycheck Protection Program ("PPP") loan,
the Debtor is seeking a continuance of the Confirmation Hearing in
order to remedy this issue and to ensure proper service and notice
to all parties.  The Debtor is working with the United States
Trustee and counsel for the Small Business Administration to
resolve any and all outstanding issues.  As a result, the Debtor
asked the Court to grant a continuance of the confirmation hearing
for 30 days from the Confirmation Hearing date, until May 13,
2021.

The Debtor's counsel:

     Chad Van Horn, Esq.
     VAN HORN LAW GROUP, P.A.
     330 N Andrews Ave., Suite 450
     Fort Lauderdale, FL 33301
     Telephone: (954) 765-3166
     Facsimile: (954) 756-7103
     Email: Chad@cvhlawgroup.com

                    About RSG Industries Corp.

RSG Industries Corp. is in the business of repairing and selling
used automobiles.  It said that a move to a smaller location, at
1500 West Copans Road, Pompano Beach Florida, resulted to lower
sales.

RSG Industries Corp. sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-19238) on Aug.
26, 2020, listing under $1 million in both assets and liabilities.
Judge Scott M. Grossman oversees the case.  Chad Van Horn, Esq., at
Van Horn Law Group, P.A., is the Debtor's legal counsel.


SANITECH LLC: May Use Cash Collateral on Final Basis
----------------------------------------------------
Judge Tracey N. Wise of the U.S. Bankruptcy Court for the Eastern
District of Kentucky authorized Sanitech, LLC to use cash
collateral in the ordinary course of its business, pursuant to a
final order.

Judge Wise ruled that:

   * starting May 1, 2021, the Debtor shall pay Stock Yards Bank &
Trust Company $489.99 as monthly adequate protection payment;

   * within seven days from the date of this order, the Debtor
shall open a DIP account with Heritage Bank into which the Debtor
shall exclusively deposit $2,063.46 on the first of each calendar
month as adequate protection payments to holders of secured claims,
other than Stock Yards Bank.  The Debtor estimated Stock Yards Bank
claims at $471,648.79;  

   * the first deposit shall be for $4,569.10 to cover adequate
protection payments due for the last six days of February 2021, the
months of March and April 2021.  The balance of the segregated
account shall be distributed to holders of allowed secured claims
on the effective date of the Debtor's confirmed plan of
reorganization, or the date of any order dismissing Debtor's case,
or to the Chapter 7 Trustee should the Debtor's case be converted
to a case under Chapter 7.

A copy of the final order is available at tinyurl.com/46v9bhsp from
PacerMonitor.com free of charge.

                        About Sanitech LLC

Sanitech, LLC sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Ky. Case No. 21-20120) on Feb. 22,
2021, listing under $1 million in both assets and liabilities.  J.
Christian A. Dennery, Esq., at Dennery, PLLC, represents the Debtor
as legal counsel.



SC SJ HOLDINGS: May Obtain Up to $9-Mil of DIP Funds
----------------------------------------------------
Judge John T. Dorsey of the U.S. Bankruptcy Court for the District
of Delaware authorized, on a final basis, SC SJ Holdings LLC and
debtor affiliates to obtain up to $9 million of super priority
post-petition non-amortizing credit facility from FMT SJ Catering
LLC, and additionally up to $500,000 in aggregate principal still
under the DIP facility, should the Debtors need more funds.  All of
the DIP obligations shall constitute allowed super priority
administrative expense claims against the Debtors.

Judge Dorsey also authorized the Debtors to use cash collateral on
a final basis, based on the approved budget for the period from
March 10, 2021 through July 7, 2021.  

The budget projected $8,948,179 in total cash receipts.  It
provided for $2,498,759 in total operating disbursements,
$6,405,888 in bankruptcy related cash-outs, which includes
$1,675,000 in payments to the secured lender.  A copy of the budget
is available for free at tinyurl.com/m6tvv4t8 from
PacerMonitor.com.

                  Pre-petition Secured Obligations

As of the Petition Date, the Debtors owe CLNC 2019-FL1 Funding,
LLC, the Pre-petition Secured Lender, $173,485,000 in principal,
plus accrued fees, expenses and costs, under a secured loan
agreement.  The Debtors are also parties under a certain Assignment
of Leases and Rents with the Pre-petition Secured Lender, as
assignee.  

Moreover, before the Petition Date, the Debtors entered into a Deed
of Trust, Security Agreement, Assignment of Leases and Fixture
Filing with First American Title Insurance Company, as trustee for
the benefit of the Pre-petition Secured Lender.  The pre-petition
secured loan liens are valid, binding, enforceable, and the
aggregate value of the pre-petition secured loan collateral exceeds
the aggregate amount of the corresponding secured loan obligations.
The Debtors granted the Prepetition Secured Lender, or the
Mortgage Trustee for the benefit of the Prepetition Secured Lender,
a first priority security interest in and continuing lien in
substantially all of the Debtors' assets.  

                       Adequate Protection

As adequate protection for the use of cash collateral, the
Pre-petition Secured Lender is granted a valid, binding,
continuing, enforceable, fully perfected first priority senior
security interest in and lien on the pre-petition secured loan
collateral and all other now-owned and hereafter-acquired real and
personal property, assets and rights of the Debtors, for the amount
of collateral diminution.

The use of cash collateral may be terminated upon five days' prior
written notice in the event the Debtors fail to pay the
Pre-petition Secured Lender under the final order, and if the
Debtors fail to comply with the material terms of the order.

                           Carve-Out

The terms of the DIP facility provide for a Carve-Out equal to (a)
all fees required to be paid under 28 U.S.C. 1930(a) plus interest
at the statutory rate, (b) plus the sum of all fees and expenses of
up to $25,000 incurred by a trustee under Section 726(b) of the
Bankruptcy Code, and (c) allowed and unpaid claims and expenses
against the Debtors' estates for unpaid fees, costs, and expenses
incurred by persons or firms duly retained by the Debtors or the
Official Committee.  The DIP Superpriority Claims, Adequate
Protection Claims, and Adequate Protection Liens shall be subject
to the Carve-Out.

The Court further ruled that the Debtors shall pay in cash on a
monthly basis the reasonable legal fees, expenses and disbursements
to Gibson, Dunn & Crutcher LLP and Morris, Nichols, Arsht & Tunnell
LLP, as professionals employed by the Prepetition Secured Lender,
whether for services arising before or after the Petition Date.

The Debtors disclose that the DIP facility and the final order were
negotiated in good faith and at arm's-length between the Debtors,
the DIP Lender, and the Pre-petition Secured Lender.

A copy of the final order is available at tinyurl.com/3tumap9h from
PacerMonitor.com free of charge.

                 About SC SJ Holdings and FMT SJ

San Ramon-based Eagle Canyon Management's SC SJ Holdings LLC owns
The Fairmont San Jose, an 805-room luxury hotel located at 170
South Market St., San Jose, Calif. The hotel is near many of the
largest Fortune 1000 corporations and is a popular location for
conferences and conventions, particularly in the technology
industry.

On March 5, 2021, SC SJ Holdings' affiliate, FMT SJ LLC, filed a
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case No. 21-10521).  On March 10, 2021, SC SJ
Holdings sought Chapter 11 protection (Bankr. D. Del. Case No.
21-10549). The cases are jointly administered under Case No.
21-10549.

At the time of the filing, SC SJ Holdings disclosed assets of
between $100 million and $500 million and liabilities of the same
range. FMT SJ disclosed that it had estimated assets of between
$500,000 and $1 million and liabilities of between $100 million and
$500 million.

The Debtors tapped Pillsbury Winthrop Shaw Pittman, LLP as their
bankruptcy counsel, Cole Schotz P.C. as local counsel, and Verity
LLC as financial advisor. Stretto is the claims agent and
administrative advisor.



SEADRILL PARTNERS: Reaches Deal w/ Parent to End Services Agreement
-------------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that offshore oil rig owner
Seadrill Partners LLC and corporate parent Seadrill Ltd. reached a
more than $20 million deal to sever a master services agreement,
advancing their efforts to emerge from bankruptcy consensually.

In addition to the $20 million, Seadrill Partners agreed to pay its
parent other ongoing costs as it transitions away from a 2017 deal
governing its operations and offshore fleet.

Seadrill Partners seeks a smooth transition into new agreements
with other drillers and to settle mutual claims involving Seadrill
Ltd. and its subsidiaries, the parties said in a joint filing
Monday, April 12, 2021.

                    About Seadrill Partners LLC

Seadrill Partners LLC (NYSE: SDLP) is a limited liability company
formed by deep-water drilling contractor Seadrill Ltd.
(OTCMKTS:SDRLF) to own, operate and acquire offshore drilling rigs.
It was founded in 2012 and is headquartered in London, the United
Kingdom. Seadrill Partners, set up as an asset-holding unit, owns
four drillships, four semi-submersible rigs and three so-called
tender rigs which are all operated by Seadrill Ltd.

Seadrill Partners and its affiliates sought Chapter 11 protection
(Bankr. S.D. Tex. Lead Case No. 20-35740) on Dec. 1, 2020. Mohsin
Y. Meghji, managing partner at M3 Partners, acting as the Company's
Chief Restructuring Officer, signed the petitions.

Judge Marvin Isgur oversees the cases.

Seadrill Partners disclosed $4,579,300,000 in assets and
$3,122,300,000 in total debts as of June 30, 2020.

Kirkland & Ellis LLP and Kirkland & Ellis International LLP, and
Jackson Walker LLP are the Debtors' bankruptcy counsel. The Debtors
also tapped Sheppard Mullin Richter & Hampton, LLP to serve as
conflicts counsel and KPMG LLP to provide tax provision and
consulting services.

                        About Seadrill Ltd.

Seadrill Limited (OSE:SDRL, OTCQX:SDRLF) --
http://www.seapdrill.com/-- is a deepwater drilling contractor
providing drilling services to the oil and gas industry.  As of
March 31, 2018, it had a fleet of over 35 offshore drilling units
that include 12 semi-submersible rigs, 7 drillships, and 16 jack-up
rigs.

On Sept. 12, 2017, Seadrill Limited sought Chapter 11 protection
after reaching terms of a reorganization plan that would
restructure $8 billion of funded debt.  It emerged from bankruptcy
in July 2018.

Demand for exploration and drilling has fallen further during the
COVID-19 pandemic as oil firms seek to preserve cash, idling more
rigs and leading to additional overcapacity among companies serving
the industry.

In June 2020, Seadrill wrote down the value of its rigs by $1.2
billion and said it  planned to scrap 10 rigs.  Seadrill said it is
in talks with lenders on a restructuring of its $5.7 billion bank
debt.

On Feb. 7, 2021, Seadrill GCC Operations Ltd., Asia Offshore
Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2
Limited, and Asia Offshore Rig 3 Limited sought Chapter 11
protection.  Seadrill GCC estimated $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.

Additionally, on Feb. 10, 2021, Seadrill Limited and 114 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code with the Court.  The lead case
is In re Seadrill Limited (Bankr. S.D. Tex. Case No. 21-30427).

Seadrill Limited disclosed $7.291 billion in assets against $7.193
billion in liabilities as of the bankruptcy filing.

In the new Chapter 11 cases, Kirkland & Ellis LLP is counsel for
the Debtors.  Houlihan Lokey, Inc., is the financial advisor.
Alvarez & Marsal North America, LLC, is the restructuring advisor.
The law firm of Jackson Walker L.L.P. is co-bankruptcy counsel.
The law firm of Slaughter and May is co-corporate counsel.
Advokatfirmaet Thommessen AS is serving as Norwegian counsel.
Conyers Dill & Pearman is serving as Bermuda counsel.  Prime Clerk
LLC is the claims agent.


SECURE ENERGY: S&P Assigns 'B' Issuer Credit Rating, Outlook Pos.
-----------------------------------------------------------------
On April 12, 2021, S&P Global Ratings assigned its 'B' issuer
credit rating to Calgary, Alta-based Secure Energy Services Inc.

The positive outlook reflects the potential for an upgrade in the
12 months following completion of the merger, if the company
successfully integrates with Tervita, and is able to increase and
sustain its weighted-average funds from operations (FFO)-to-debt
ratio above 20%.

On March 9, 2021, Secure Energy Services Inc. announced that it had
signed a definitive agreement to consolidate with Tervita Corp.
(CCC+/Watch Pos/--) in an all-equity transaction. Secure will have
52% of the pro forma equity ownership and will operate the combined
entity. S&P expects the transaction to close by the end of
third-quarter 2021, subject to shareholder and bondholder approval
and other customary closing conditions, including receipt of
regulatory approval.

The rating reflects increased scale and scope for operational
efficiencies. S&P believes the consolidation will more than double
Secure's scale of operations and further strengthen its market
share in Western Canada, making the consolidated entity the leading
environmental solutions company in the region and key active plays
(Montney, Duvernay, Deep Basin, Viking, and the oil sands fairway).
Both Secure and Tervita have highly complementary assets in the
form of oilfield waste handling and disposal facilities,
bioremediation facilities, landfills, metals recycling, and oil
terminalling facilities, which should provide for enhanced
utilization and potential for operational efficiencies. Management
estimates about C$75 million of annualized cost synergies, the
majority from facility utilization, reduced field overhead,
transportation savings, and operating cost efficiencies and the
balance from overhead reductions. S&P believes most of these
targeted cost savings should be achievable.

Tervita, similar to Secure, has a substantial portion of its
revenues exposed to oil and gas production-related activity. In
addition, the combined entity will benefit from Secure's existing
midstream services, a portion of which is contracted. These include
the Kerrobert Light Pipeline system (contracted for eight years)
and the recently completed East Kaybob oil pipeline (contracted for
15 years). In addition, several of the company's water disposal
facilities have long-term contracts for minimum volumes. In S&P's
view, the long-term contracts and exposure to production-related
activity provide some degree of resiliency in a volatile
hydrocarbon environment relative to that of other oilfield service
providers. Furthermore, both companies have a highly variable cost
structure, which enables them to temper margin volatility.

Although there is the possibility of some required asset
divestitures through the competition bureau review process, S&P
believes they are unlikely to weaken our current view of the
company's business risk profile. That said, upside to the business
risk assessment is limited, given the limited product
differentiation and pricing power for the services provided as well
as expectation for continued EBITDA volatility directly linked to
the hydrocarbon price cycle.

S&P said, "We expect Secure to maintain moderate financial
policies. Secure exited fiscal 2020 with an adjusted FFO-to-debt
ratio of about 20%. While we expect its stand-alone credit measures
to strengthen in 2021 as Secure realizes full-year cost savings and
benefits from the startup of the East Kaybob oil pipeline in July
2020, the announced transaction is expected to increase Secure's
leverage on a pro forma basis due to the relatively higher leverage
at Tervita (Tervita's adjusted FFO-to-debt ratio was about 12% in
2020). Based on our forecasts, the combined entity's adjusted
FFO-to-debt ratio will be in the 15%-20% range in 2021. Although we
expect the combined entity will generate meaningful synergies,
these are offset by estimated integration-related costs in 2021.

"Despite the weakening in credit measures, we expect sizable free
cash flow generation, which should cushion the impact on leverage.
Both companies have low-maintenance capital requirements and we
expect the combined entity will generate meaningful free cash
flows. We assume Secure will continue to adhere to its moderate
financial policy, in line with its publicly stated target
debt/EBITDA ratio of below 2.5x and use free cash flow generation
largely toward debt repayment. As a result, we expect credit
measures will improve beyond 2021 as full-year synergies are
realized and the company continues to pay down debt. Our EBITDA
estimates could modestly improve if the company is able to obtain
additional well reclamation work under the government's orphan well
program."

The positive outlook reflects the enhanced scale of operations and
incorporates the potential for a higher rating, if the company
successfully integrates with Tervita, and can increase and sustain
its weighted-average FFO-to-debt ratio above 20%.

S&P said, "We could raise our rating on Secure upon completion of
the transaction and the company demonstrating successful
integration. In this scenario, we would also expect the company to
improve and maintain its adjusted FFO-to-debt ratio above 20% on a
sustained basis. This could occur if the company realizes expected
synergies and activity levels increase, resulting in higher cash
flows than currently estimated.

"We could revise the outlook to stable if we expect Secure's
FFO-to-debt ratio to trend at the lower end of the 12%-20% range.
This would most likely occur from weakness in commodity prices that
leads to additional and prolonged cutbacks in exploration and
production (E&P) spending, reducing demand for Secure's services."


SEMILEDS CORP: Incurs $254K Net Loss for Quarter Ended Feb. 28
--------------------------------------------------------------
SemiLEDs Corporation filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $254,000 on $1.21 million of net revenues for the three months
ended Feb. 28, 2021, compared to net income of $350,000 on $1.54
million of net revenues for the three months ended Feb. 29, 2020.

For the six months ended Feb. 28, 2021, the Company reported a net
loss of $961,000 on $1.93 million of net revenues compared to net
income of $28,000 on $3.10 million of net revenues for the six
months ended Feb. 29, 2020.

As of Feb, 28, 2021, the Company had $15.13 million in total
assets, $13.51 million in total liabilities, and $1.62 million in
total equity.

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

https://www.sec.gov/Archives/edgar/data/1333822/000156459021018392/leds-10q_20210228.htm

                          About SemiLEDs

Headquartered in Miao-Li County, Taiwan, R.O.C., SemiLEDs --
http://www.semileds.com-- develops and manufactures LED chips and
LED components for general lighting applications, including street
lights and commercial, industrial, system and residential lighting,
along with specialty industrial applications such as ultraviolet
(UV) curing, medical/cosmetic, counterfeit detection, horticulture,
architectural lighting and entertainment lighting.  SemiLEDs
reported a net loss of $547,000 for the year ended Aug. 31, 2020,
compared to a net loss of $3.56 million for the year ended Aug. 31,
2019.  As of Nov. 30, 2020, the Company had $13.93 million in total
assets, $12.09 million in total liabilities, and $1.84 million in
total equity.

KCCW Accountancy Corp., in Diamond Bar, California, the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated Nov. 17, 2020, citing that the Company incurred
recurring losses from operations and has an accumulated deficit,
which raises substantial doubt about its ability to continue as a
going concern.The Company suffered losses from operations of $2.1
million and $3.7 million, and net cash used in operating activities
of $1.0 million and $3.5 million for the years ended Aug. 31, 2020
and 2019, respectively. These facts and conditions raise
substantial doubt about the Company’s ability to continue as a
going concern, even though gross profit on product sales was $1.6
million for the year ended August 31, 2020 compared to $452
thousand for the year ended August 31, 2019. Loss from operations
for the three and six months ended February 28, 2021 were $507
thousand and $1.5 million, respectively. Net cash used in operating
activities for the six months ended February 28, 2021 was $625
thousand. Moreover, at February 28, 2021, the Company’s cash and
cash equivalents had decreased to $2.1 million. However, management
believes that it has developed a liquidity plan, as summarized
below, that, if executed successfully, should provide sufficient
liquidity to meet the Company’s obligations as they become due
for a reasonable period of time, and allow the development of its
core business.


SEQUA CORP: Fitch Affirms 'CCC+' LT IDR & Removes Negative Outlook
------------------------------------------------------------------
Fitch Ratings has affirmed Sequa Corp.'s Long-Term Issuer Default
Rating (IDR) at 'CCC+'. Fitch has also affirmed the company's
first-lien term loan and revolver at 'B-'/'RR3' and second-lien
term loan at 'CCC-'/'RR6'. Additionally, Fitch has assigned a 'B-'/
'RR3' rating to the company's first-lien term loan, which was
previously issued in mid-2020. The Negative Rating Outlook was
removed.

Sequa's rating considers the company's approaching term loan
maturity and highly levered capital structure, limited financial
flexibility, volatile cash flows, moderate execution risk, high
degree of competition at the Chromalloy segment, and the
cyclicality of both the aerospace and construction industries,
which contributes to Sequa's sensitivity to economic downturns.
Other key risks to the rating include continued pressure in the
commercial aviation aftermarket business from other equipment
manufacturers (OEMs) and other players, inventory risk, customer
concentration and contract exposure.

These factors are somewhat offset by Sequa's cost cutting
initiatives and the Precoat segment's leading market position.
Other factors supporting the rating include the technology
incorporated into Chromalloy's products, the support of the main
equity holder, The Carlyle Group, and the strong support for global
defense spending.

KEY RATING DRIVERS

Strained Financial Flexibility, Refinancing Risk: Sequa's FCF has
been volatile and mostly negative on average in recent years, and
although the company has executed on several significant
cost-cutting initiatives since 2018, the coronavirus pandemic
contributed to lower expectations of cash generation and future
revenue growth. During 2020, the company extended the maturity for
its first-lien term loan to 2023 and second-lien term loan to 2024,
which alleviated near-term refinancing risk. However, risk may
resurface within the next 12-18 months ahead of the next maturity
date. Increased risk that the company may be unable to refinance
these obligations ahead of maturity would likely result in a
negative rating action.

Coronavirus Impact: Sequa's financial performance was materially
affected by the coronavirus pandemic and subsequent sharp drop in
air traffic and weakness in the aerospace market during 2020. Fitch
expects 2021 will remain relatively weak as lower and sensitive
traffic levels have required less maintenance to the current fleet.
Airlines may also bring on newer aircraft over the next few years,
which would likely require less aftermarket maintenance in the
near-term. The energy end market was also partially affected in
2020, but to a lesser extent than aerospace. Meanwhile, Fitch
expects the Precoat segment, which made up around 40% of 2019
sales, will remain a source of relative stability over the
intermediate term, particularly in terms of cash generation and
margin strength.

Increased Leverage: Fitch projects the company's leverage will
remain above 8.0x through 2021 following the debt issuance in
mid-2020. The company's EBITDA generation and leverage will largely
depend on the shape of the recovery of the aerospace end-market,
both aftermarket and OEM. Though leverage is a moderate rating
factor, when combined with the company's first-lien term loan
maturity in 2023, Fitch considers there to be increasing
refinancing risk absent additional equity infusion or
restructuring.

Leading Position in Coating Market: Fitch considers Precoat's top
market position to be a leading positive driver for Sequa's rating.
Sequa generates the majority of its operating cash flow and EBITDA
through Precoat. An increase in infrastructure spending could lead
to outperforming Fitch's conservative segment projections of low
single-digit average annual top-line growth between 2021 and 2023.

Other Risks and Factors: Other risks incorporated into the rating
include further weakness in the power market, which could severely
affect the company's revenue, EBITDA, and future growth prospects
associated with joint venture programs; continued pressure in the
commercial aviation aftermarket business from OEMs and other
players, most of which are larger than Chromalloy; customer
concentration and contract exposure; and the cyclicality of both
the aerospace and construction industries, which contributes to
Sequa's sensitivity to economic downturns.

Other factors supporting the rating include the technology
incorporated into Chromalloy's products; the support of the main
equityholder (Carlyle Group); the outlook for defense expenditures
in the U.S. and other parts of the world; and large net operating
losses that will shield tax payments.

Sequa Corp has an ESG Relevance Score of '4' for Financial
Transparency and disclosure risk due to the its private financials
and intermittent reporting which, in combination with other
factors, impacts the rating. Overall, Fitch does not consider this
to be a significant concern in the near to intermediate term, as
the company provides Fitch with quarterly and annual financial
statements, as well as liquidity compliance certificates on a
regular basis. However, Fitch's concern could become exacerbated
during an extreme stress case scenario.

DERIVATION SUMMARY

Sequa's credit metrics are in line with Fitch's expectations for a
'CCC+' rating. Leverage is in line with similarly rated companies,
liquidity and financial flexibility are limited, and the company
has generated volatile but mostly negative FCF on average over the
past few years. Fitch expects the company's metrics could improve
marginally over the next few years, depending on the shape of the
recovery of the aerospace market. Fitch considers Precoat's top
market position and technological capabilities to be a leading
positive driver for Sequa's rating. However, Chromalloy faces
pressure in the commercial aviation aftermarket business from OEMs
and other like-sized or larger players, despite its various
contract awards over the past few years. Fitch considers
Chromalloy's technology to be supportive of the rating. However,
future innovation by competitors, including OEMs such as General
Electric Company or Raytheon Technologies subsidiary Pratt and
Whitney, could severely affect the Sequa's credit profile.

KEY ASSUMPTIONS

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

-- Chromalloy experiences continued weakness in Aerospace OEM and
    aftermarket sales, which could follow an L-shaped recovery
    into 2024; sales to military end-market are less pressured,
    but remain below 2019 levels in 2021;

-- Precoat revenue is only marginally affected by the coronavirus
    pandemic and exhibits slightly positive growth over the next
    few years;

-- EBITDA margins remain generally stable despite volatility in
    aviation end market;

-- Capex remains between around 3.5% and 4.0% of sales annually
    in 2021 and beyond;

-- The company maintains a leading market position in the coating
    market;

-- Sequa pays minimal cash taxes for the next several years.

Recovery Assumptions

The recovery analysis assumes Sequa would be considered a going
concern in bankruptcy and that the company would be reorganized
rather than liquidated. A 10% administrative claim is assumed in
the recovery analysis.

Fitch assumes Sequa will receive a going-concern recovery multiple
of 5.0x EBITDA under this scenario, which is at the lower end of
the range for the industry. Most of the defaulters observed in the
Industrial & Manufacturing and Aerospace & Defense sectors were
smaller in scale, had less diversified product lines or customer
bases, and were operating with leveraged capital structures.

Fitch's recovery assumptions are based on the company's modest
contract exposure, the high degree of competition and pressure in
the commercial aftermarket business, particularly from OEMs, as
well as cyclicality in the company's main end-markets. Fitch also
considered Sequa's competitive advantage at Precoat and the high
degree of technology incorporated into Chromalloy's products.

In Fitch's recovery analysis, potential default is assumed to come
from a combination of one or more of: the inability to refinance
Sequa's outstanding obligations upon maturity; a significantly
prolonged aviation recovery from the coronavirus pandemic, which
exceeds Fitch's forecast industry recovery by one to two years;
mismanagement of seasonal working capital flows creating a severe
strain on liquidity and limiting the company's ability to cover
cash interest costs or repay term loan amortization; or heightened
competition, particularly by OEMs, or potential technological
advancement by competitors at Chromalloy leads to significant
contract cancelations.

Fitch's going concern EBITDA assumption for the issuer represents
an average of Fitch's forecast EBITDA for Sequa over the next three
years in Fitch's stress case, which Fitch believes would be a
reasonable going concern expectation upon emergence.

Fitch generally assumes a fully drawn revolver in its recovery
analyses because credit revolvers are tapped as companies are under
distress. As a result, Fitch has assumed full draw of Sequa's $135
million revolver in its analysis, net of outstanding letters of
credit as of December 2019.

The 'B-' rating and Recovery Rating of 'RR3' on the first-lien term
loan and revolver are based on Fitch's recovery analysis under a
going concern scenario, which indicates recovery prospects for the
term loan in the 51%-70% range. The 'CCC-' rating and 'RR6' on the
second-lien term loan indicate recovery prospects for the term loan
in the 0%-10% range.

RATING SENSITIVITIES

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

-- Gross leverage (total debt/EBITDA) declines below 7.5x for a
    sustained period;

-- FFO interest coverage increases above 1.5x for a sustained
    period;

-- The company consistently generates neutral to positive FCF
    over a sustained period.

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

-- Material increase to refinancing risk ahead of term loan
    maturities;

-- FFO Interest coverage ratio fell and remained below 1.0x for a
    sustained period;

-- The company loses one or more significant contracts;

-- The company does not generate adequate seasonally adjusted
    cash to support operations;

-- Cash restructuring costs significantly impair the company's
    FCF generation.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Fitch considers Sequa's liquidity to be adequate to cover working
capital fluctuations, debt servicing and capex over the next few
years. However, Fitch believes the company's liquidity position is
highly sensitive to a prolonged downturn in the aerospace
end-market. The company has enough cash and revolver availability
to manage in the near-term, but may need to issue either debt or
additional preferred equity to cover cash shortfall in case of a
further prolonged aviation market recovery. Furthermore, Fitch
considers Sequa's financial flexibility to be constrained due to
recent cash usage and approaching term loan and revolver maturities
in 2023 and 2024.

ESG CONSIDERATIONS

Sequa has an ESG Relevance Score of '4' for Financial Transparency
and disclosure risk due to its private financials and intermittent
reporting, which has a negative impact on the credit profile and is
relevant to the ratings in conjunction with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


SEVEN AND ROSE: $3M Sale of Charleston Property to Flexspace Okayed
-------------------------------------------------------------------
Judge John E. Waites of the U.S. Bankruptcy Court for the District
of South Carolina authorized Seven and Rose, LLC's sale of the
commercial real estate located at 198 East Bay Street, in
Charleston, South Carolina 29401, County of Charleston, consisting
of Suites 200, 201, and 300, further being shown and designated as
PIN: 458-05-04-019, 458-05-04-020, and 458-05-04-021, to Flexspace
360, LLC and/or its assigns for $3.025 million.

Michelle L. Vieira, in her capacity as Chapter 7 Trustee for Amir
Golestan, also known as Amir Golestan Parast, Bkr. Case No.
19-05657-dd, has the rights and powers of the sole member of both
the Debtor and of Micro, LLC.

Vieira is authorized to sell and to convey the Property, on behalf
of the Debtor and/or Micfo, to the Buyer, pursuant to the contract
of sale between the parties.

The sale of the Property is pursuant to the Debtor's Plan of
Reorganization, as amended, and that transfer of the Property is
exempt from stamp tax or similar tax pursuant to 11 U.S.C. Section
1 146(a).

The allocation of sale price will be made as between and among
Suites 200, 201, and 300 as provided in the Debtor's approved
Disclosure Statement.

The real estate commission of 5% of the gross purchase price will
be split between the Seller's agent and the Buyer's agent and will
be paid at closing.  

The amount of $8,260 will be paid to the City of Charleston at
closing as a cost of sale for parking arrearages in connection with
parking key cards to be assumed by the Buyer.

The mortgage liens of TBG Funding, LLC and South State Bank will be
paid in full at closing, subject to the Debtor's review of and
preservation of any objection as to amounts related to late fees,
default interest, and reasonableness of attorneys' fees.

Outstanding and/or past due property taxes due to Charleston County
will be paid at closing, including any redemption amount required,
plus pro-rated taxes for 2021.

Outstanding and/or past due regime fees owed to 198 East Bay Regime
Association will be paid at closing, plus pro-rated regime fees for
the payment term in effect at the time of closing.

The Debtor's counsel will be reimbursed the sale notice filing fee
of $188.

Vieira will be reimbursed at closing for the following expenses to
preserve the Property: chapter 11 filing fee of $1,717; cost to
change the locks of $371; and her mileage expense of $505 for five
round trips, plus any additional mileage cost incurred for
reasonably necessary site checks of the Property prior to closing.

The United States Trustee fees for the fourth quarter of 2020 and
for the first quarter of 2021 will be paid at closing.

Any of the Debtor's professional expenses that have been approved
at the time of closing will be paid.

The other customary costs of sale will be paid at closing.

Ascentium Capital LLC will be paid the net proceeds of sale
attributed to the Micfo suite (Suite 201), if any, up to its lien
amount, in accordance with the allocations as set forth in the
Debtor's Disclosure Statement, as amended, including allocations
relating to administrative expenses.

The remaining net proceeds will be distributed by the Debtor in
accordance with the Plan.

The following relief is also ordered with regard to credit bids by
TBG and South State:

      1. South State's credit bid in the amount of $1,214,736.89 is
accepted, and South State is approved as a back-up buyer for the
Third Floor in the event that Buyer terminates the contract of sale
or otherwise fails to close on the Property.  This credit bid
amount is subject to the Debtor's review of and preservation of any
objection as to South State's entitlement to late fees and the
reasonableness of attorneys' fees.

      2. TBG's credit bid in the amount of $1,120,448.07 is
accepted, and TBG is approved as a back-up buyer for the Second
Floor in the event that the Buyer terminates the contract of sale
or otherwise fails to close on the Property.  This credit bid
amount is subject to the Debtor's review of and preservation of any
objection as to TBG's entitlement to late fees, default interest,
and thereasonableness of attorneys' fees

      3. No real estate commission will be due upon the sale to TBG
or South State pursuant to a closing to such creditor.

      4. No funds will be paid to City of Charleston at closing as
related to parking key cards, and no key cards will be assumed by
South State or TBG pursuant to a closing to such creditor.

      5. Upon closing, the back-up buyer(s) will be responsible for
the following costs and expenses: (1) any required deed stamps and
deed recording fees; (2) satisfaction of outstanding property taxes
(including any redemption) and regime fees secured by the Suite(s)
purchased; (3) reimbursements to Vieira incurred for preservation
of the estate, as described in the Order; (4) outstanding fees due
to the United States Trustee as described in the Order; (5) other
reasonable and customary costs of sale; and (6) its own legal costs
and expenses.  Unless applicable specifically to the Second Floor
or to the Third Floor, separately, the aforementioned expenses of
sale will be pro-rated between the Second Floor and the Third Floor
in accordance with the allocations set forth in the Disclosure
Statement in the event both Floors are sold by the Estate.  In
addition, the back-up buyer(s) purchasing the property will be
responsible for allocating sufficient funds to the Debtor to pay
the UST quarterly fees associated with the disbursement of sales
proceeds other than those attributed to that creditor's lien, based
on the quarterly fee schedule in effect at the time of closing.

      6. At closing to a back-up buyer, such back-up buyer will be
entitled to offset the amount of its credit bid against the
purchase price of the property in accordance with 11 U.S.C. Section
363(k).

      7. Nothing in the Order precludes such creditor from seeking
relief from stay as opposed to closing on the property pursuant to
a credit bid.

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

                    About Seven and Rose

Seven and Rose LLC filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.S.C. Case No. 20
03757)
on Oct. 5, 2020.  At the time of the filing, the Debtor disclosed
assets of between $1 million and $10 million and liabilities of
the
same range.  Judge John E. Waites oversees the case.  Barton
Brimm,
PA, led by Christine E. Brimm, Esq., serves as the Debtor's legal
counsel.



SHAMROCK FINANCE: Gets Interim Approval to Use Cash Collateral
--------------------------------------------------------------
The Hon. Frank J. Bailey authorized Shamrock Finance, LLC to
further use cash collateral on an interim basis pending the
conclusion of a hearing set for May 12, 2021, at 9:30 a.m.

The Debtor may use cash collateral based on the approved budget,
with a deviation in expenses of up to 20% of the amounts projected
in any particular week, through the end of the budget period.

As adequate protection, Alfred Laustsen; DJJD, Inc., Leonard and
Mary Bonfanti, and Stephanie Harris are granted replacement liens
on the same types of post-petition property of the Debtor's estate
against which these creditors held liens as of the Petition Date,
to the extent of the post-petition diminution in value of their
pre-petition collateral, resulting from the Debtor's use of the
cash collateral.

Judge Bailey directed the Debtor to file a motion for further use
of cash collateral after the conclusion of the hearing on or before
4:30 p.m., prevailing Eastern time, on May 5, 2021.  All responses
and objections must be filed on or before 4:30 p.m., on May 10,
2021 prevailing Eastern time.

The Court will conduct the further hearing by Zoom teleconference.

                       About Shamrock Finance

Shamrock Finance LLC -- https://www.shamrockfinance.com/ -- is an
auto sales finance company in Ipswich, Mass.

Shamrock Finance sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 21-10315) on March 12,
2021.  Kevin Devaney, manager, signed the petition.  At the time of
the filing, the Debtor had estimated assets of between $1 million
and $10 million and liabilities of between $10 million and $50
million.

Judge Frank J. Bailey oversees the case.

The Debtor tapped Jeffrey D. Sternklar LLC as its bankruptcy
counsel, the Law Offices of James J. McNulty as special counsel,
and Mid-Market Management Group, Inc. as business advisor.



SOUND HOUSING: Hires Henry & DeGraaff as Legal Counsel
------------------------------------------------------
Sound Housing LLC received approval from the U.S. Bankruptcy Court
for the Western District of Washington to hire Henry & DeGraaff,
P.S., as its legal counsel.

The firm's services include:

     a) preparing records and reports as required by the Bankruptcy
Rules;

     b) preparing applications and proposed orders submitted to the
court;

     c) identifying and prosecuting claims and causes of action
assertable by the Debtor on behalf of the estate;

     d) assisting and advising the Debtor in performing its other
official functions; and

     e) protecting and preserving assets of the estate from the
claims of secured creditors.

Henry & DeGraaff will be paid $400 per hour for the services of its
attorneys and $125 per hour for paralegal services.

The firm received a retainer in the amount of $7,000.

Jacob DeGraaff, Esq., an attorney at Henry & DeGraaff, disclosed in
a court filing that the firm is a "disinterested person" under the
Bankruptcy Code.

The firm can be reached through:

     Jacob DeGraaff
     Henry & DeGraaff, P.S.
     787 Maynard Ave S.
     Seattle, WA 98104
     Phone: (206) 330-0595
     Email: jacobd@HD-legal.com

                     About Sound Housing LLC

Sound Housing LLC filed its Chapter 11 petition (Bankr. W.D. Wash.
Case No. 21-10341) on Feb. 19, 2021.  At the time of filing, the
Debtor had $1 million to $10 million in assets and $1 million to
$10 million in liabilities.  Judge Marc Barreca presides over the
case.  Jacob D DeGraaff, Esq., at Henry & DeGraaff, P.S., is the
Debtor's legal counsel.


SOUTH PARK CLUBHOUSE: Hits Chapter 11 Bankruptcy Protection
-----------------------------------------------------------
Tim Schooley of Pittsburgh Business Times reports that after a more
than 10-year run, South Park Clubhouse has filed for Chapter 11
protection from creditors in the United States Bankruptcy Court for
the Western District of Pennsylvania.

Court documents indicate the restaurant, located on Brownsville
Road across from South Park, filed for bankruptcy protection on
April 9, 2021 with estimated debt claims of more than $1 million.

David Valencik, a lawyer who represents South Park Clubhouse in the
filing, said the restaurant expects to remain open and operating
while it reorganizes.

"The intent is to reorganize and serve the community and save the
jobs of the people who work there," said Valencik, who added the
restaurant has about 19 employees.

Many of the biggest creditor claims for the restaurant are for
various local, state and federal taxes, including more than $80,000
in various state taxes and more than $125,000 in claims by the
Internal Revenue Service. Other significant claims include a
$122,000 business loan and a balance of more than $42,000 with food
purveyor Sysco.

South Park Clubhouse, like all restaurants in the state, has been
working through the challenges of staying in business amid the
various forced closures, shutdowns and other state and county
restrictions during the Covid-19 pandemic.

While acknowledging a combination of factors that hampered South
Park Clubhouse and helped to lead to the filing, Valencik left no
doubt that Covid-19 played a role.

"The pandemic has hurt restaurants all over the city," he said.

                    About South Park Clubhouse

South Park Clubhouse is an American restaurant located in South
Park Township, PA.

South Park Clubhouse, Ltd., filed for Chapter 11 protection (Bankr.
W.D. Pa. Case No. 21-20856) on April 9, 2021.  The Debtor estimated
assets of $500,000 to $1 million and liabilities of $1 million to
$10 million.  Calaiaro Valencik, led by David Z. Valencik, is
serving as the Debtor's counsel.



STEWART STREET: Unsecureds Will Receive 100% of Their Claims
------------------------------------------------------------
Stewart Street Academy and Childcare, LLC, submitted a Plan and a
Disclosure Statement.

The Debtor owns the real property located at 204 Stewart Street
Carrollton, GA 30116 30043 on which the Stewart Street Academy
operates a licensed childcare facility.  The Debtor owns the
Stewart Street Property whose value the Debtor estimates at
$1,250,000.

The Debtor has negotiated an amendment to the lease with the
Academy that will result in a monthly lease payment equal to $6,750
which will commence on the effective date of the plan. The increase
in the monthly rent will enable the debtor to make all payments
under the plan.

The Debtor assumes it will be able to sell or refinance the Stewart
Street real property on or before the end of the 60th month
following the effective date of the plan to pay all the creditors
in full under the plan.

Class 2 General unsecured claims totaling $8,555 will be paid 10
bi-annual payments of $855.50.

Funds necessary to fund the Plan will be derived from the profits
of Debtor.  

Attorney for the Debtor:
   
     Will B. Geer
     Georgia Bar No. 940493
     50 Hurt Plaza, SE, Suite 1150
     Atlanta, Georgia 30303
     Tel: (404) 233-9800
     Fax: (404) 287-2767

A copy of the Disclosure Statement is available at
https://bit.ly/3x2ADCD from PacerMonitor.com.

                About Stewart Street Academy and Childcare

Stewart Street Academy and Child Care, LLC is a Georgia limited
liability company that owns non-residential real property located
at 204 Stewart St., Carrollton, Ga.  The entire property is leased
to Stewart Street Childcare Services, Inc., which operates a child
care center on the property.  The center is owned and operated by
the sister of Randall Kimball, the Debtor's owner.

Stewart Street Academy and Child Care sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
20-11216) on Sept. 1, 2020.  In the petition signed by Randall
Kimball, managing member, the Debtor disclosed assets of between $1
million and $10 million and liabilities of the same range.

Judge Paul Baisier oversees the case.

The Debtor tapped the Law Office of Scott B. Riddle, LLC and Wiggam
& Geer, LLC, as legal counsel.


STREAM TV: U.S. Trustee Appoints Creditors' Committee
-----------------------------------------------------
The U.S. Trustee for Region 3 on April 13 appointed an official
committee to represent unsecured creditors in the Chapter 11 case
of Stream TV Networks Inc.

The committee members are:

     1. Linuma Gauge Manufacturing Co., Ltd
        Attn: Kazuyuki Linuma
        11400-327 Harayama, Tamagawa
        Chino, Nagano 391-0011
        Japan
        Phone: +81 266-79-5600
        Email: kz.linuma@linuma-gauge.co.jp.

     2. Jamuna Travels, Inc.
        Attn: Reji Abraham
        6439 Market St.
        Upper Darby, PA 19082
        Phone: 610-772-7051
        Email: jamunatravels@yahoo.com.

     3. DeMartino & Associates
        Attn: Michael DeMartino
        875 Union Ave Boulder, CO 80304
        Phone: 303-717-8489
        Email: mike@svcsearch.com.
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                     About Stream TV Networks

Philadelphia, Pa.-based Stream TV Networks, Inc. develops
technology intended to display three-dimensional content without
the use of 3D glasses.

On Feb. 24, 2021, Stream TV Networks filed a Chapter 11 petition
(Bankr. D. Del. Case No. 21-10433).  Stream TV Networks CEO Mathu
Rajan signed the petition.  In the petition, the Debtor listed
assets of about $100 million to $500 million and liabilities of
$100 million to $500 million.  Judge Karen B. Owens oversees the
case.  Dilworth Paxson, LLP, led by Martin J. Weis, Esq., is the
Debtor's counsel.


TAB HOLDINGS: Court Okays Use of Cash Collateral on Final Basis
---------------------------------------------------------------
Judge Karen S. Jennemann authorized Tab Holdings, LLC to use the
cash collateral of Valley National Bank and the U.S. Small Business
Association (SBA), on a final basis, based on the approved budget.
The budget provides for a cumulative total income of $273,508 and
cumulative total expenses of $328,923 over a period of five months.
The Debtor may also use the cash collateral to pay other
additional amounts expressly approved in writing by Valley
National.

Judge Jennemann ruled that Valley National and SBA shall have a
perfected post-petition lien against cash collateral to the same
extent, validity, and priority as their pre-petition lien.  

The Court ruling, however, is without prejudice to any subsequent
request by a party in interest for modified adequate protection or
restrictions on use of cash collateral.

                        About Tab Holdings

Tab Holdings, LLC, DBA Chicken Salad Chick, owns a franchise for
three Chicken Salad Chick fast casual restaurant locations.  Tab
Holdings filed for Chapter 11 protection (Bankr. S.D. Fla. Case No.
21-00048) on January 27, 2021.

In the petition signed by Jennifer Pilson, member manager, the
Debtor is estimated with $20,864 in total assets and $1,092,824 in
total liabilities.  Jeffrey S. Ainsworth, Esq., at Bransonlaw,
PLLC, is the Debtor's counsel.  The Honorable Karen S. Jennemann is
assigned to the case.



TENTLOGIX INC: $201K Sale of 7 Vehicles to Premier Partly Approved
------------------------------------------------------------------
Judge Mindy A. Mora of the U.S. Bankruptcy Court for the Southern
District of Florida authorized in part Tentlogix Inc.'s sale to
Premier Truck Center of the following vehicles:

        Vehicle        VIN  Purchase    Lienholder           
Amount Due
                              Price

     2016 Dodge 5500   5536  $28,000  Citizen's Bank, N.A.    
$16,708.09
     2016 Ford         8709  $10,000  Seacoast Claim #22       $
9,049.88
     2018 Dodge 5500   6698  $39,000  Seacoast Claim #25      
$38,474.98
     2018 Dodge 5500   2157  $38,000  Seacoast Claim #26      
$38,474.98
     2017 Ford Transit 6254  $12,000  Seacoast Claim #23       $
9,945
     2018 Dodge 5500   0820  $38,000  Ally Financial Claim #18
$36,514.37
     2018 Dodge 5500   3507  $36,000  Ally Financial Claim #17
$36,754.64

A hearing on the Motion was held on March 30, 2021, at 1:30 p.m.

To the extent the purchase price of a particular vehicle described
is less than the payoff on vehicle as set forth, the Buyer of the
vehicle will remit to the secured lender the full purchase price of
that vehicle in full satisfaction of the lien on the vehicle.  

The secured lender will be entitled to a deficiency claim for any
shortfall.  

To the extent the purchase price of a particular vehicle described
exceeds the payoff on the vehicle as set forth, the Buyer of the
vehicle will remit to the secured lender that portion of the
purchase price of a particular vehicle necessary to satisfy the
secured lender’s lien pursuant to the payoffs set forth in with
the excess proceeds to be deposited into the Debtor's DIP Account
and reported on the Debtor's Monthly Operating Report.    

As to Seacoast Bank, the payoffs as of April 5, 2021 are as
follows:

        Vehicle        VIN  Purchase    Payoff
                              Price

     2016 Ford         8709  $10,000  $9,131.25 a/o 4/5/2021 ($1.05
pd)
     2018 Dodge 5500   6698  $39,000  $38,848.62 a/o 4/5/2021
($4.92 pd)
     2018 Dodge 5500   2157  $38,000  $38,848.62 a/o 4/5/2021
($4.92 pd)
     2017 Ford Transit 6254  $12,000  $11,939.42 a/o 4/5/2021
($1.17 pd)

As to Citizens Bank and Ally Financial, the payoffs are as set
forth in their respective Proof of Claims.

The deadline for the sale of the vehicles set forth and remittance
of the sale proceeds to the secured lender was April 9, 2021.

The secured lenders will release their lien on the vehicles within
10 days of receipt of payment from the Buyer.  

The provisions of Bankruptcy Rule 6004(h) will not apply to stay
consummation of the Sale of the Estate's right, title and interest
in the collateral referenced and the Order will be effective and
enforceable immediately upon entry.

                       About Tentlogix Inc.

Tentlogix Inc. filed for Chapter 11 bankruptcy protection (Bankr.
S.D. Fla. Case No. 20-22971) on Nov. 27, 2020.  Gary Hendry, chief
executive officer, signed the petition.  

At the time of the filing, the Debtor disclosed $3,135,866 in
assets and $10,689,420 in liabilities.

Judge Mindy A. Mora oversees the case.  

The Debtor tapped Kelley, Fulton & Kaplan, P.L. as its legal
counsel and Carr Riggs & Ingram as its accountant.



TENTLOGIX INC: $59.6K Sale of Structure and Flooring Approved
-------------------------------------------------------------
Judge Mindy A. Mora of the U.S. Bankruptcy Court for the Southern
District of Florida authorized Tentlogix Inc.'s proposed sale of
the following:

      (i) a 20m x 40m Roder Structure, which is a temporary
building structure, to Jamaica Tent Co., Inc. for the price of
$19,602; and

      (ii) 20,000 square feet of Supa Track Flooring with 400
linear feet of edging, to U.S. Tent Rental, for the price of
$40,000.

A hearing on the Motion was held on March 30, 2021, at 1:30 p.m.

Funds received from the sale of will be placed in the Debtor's DIP
Account and reported on the Monthly Operating Report.

The provisions of Bankruptcy Rule 6004(h) will not apply to stay
consummation of the Sale of the Estate's right, title and interest
in the collateral referenced and the Order will be effective and
enforceable immediately upon entry.

                       About Tentlogix Inc.

Tentlogix Inc. filed for Chapter 11 bankruptcy protection (Bankr.
S.D. Fla. Case No. 20-22971) on Nov. 27, 2020.  Gary Hendry, chief
executive officer, signed the petition.  

At the time of the filing, the Debtor disclosed $3,135,866 in
assets and $10,689,420 in liabilities.

Judge Mindy A. Mora oversees the case.  

The Debtor tapped Kelley, Fulton & Kaplan, P.L. as its legal
counsel and Carr Riggs & Ingram as its accountant.



TRADE WEST: To Seek Approval of 7-Year Plan on June 21
------------------------------------------------------
Judge Robert J. Faris has entered an order approving the Amended
Disclosure Statement of Trade West, Inc., d/b/a Nani Makana
Distributors.

June 7, 2021, is fixed as the deadline for (i) filing of written
acceptances or rejections (ballots) of the Debtor's Chapter 11 Plan
of Reorganization, and (ii) filing objections to confirmation.

June 21, 2021, at 2:00 p.m., is the date and time fixed for the
hearing on confirmation of the Debtor's Chapter 11 Plan of
Reorganization filed Feb. 26, 2021.

                           7-Year Plan

Trade West, Inc., d/b/a Nani Makana Distributors, has proposed a
seven-year plan, with payments to the Class 4 unsecured creditors
payable within seven years of the Effective Date. TWI believes the
tourist market will improve to provide the revenues to pay the
Plan's financial requirements.

The Class 1 and Class 2 secured claims will be paid in full over
time.  

Class 4 will be paid at 20% of the allowed amount of their
unsecured claims over a period of seven years from the Effective
Date.  The Plan may designate a Class 4A subclass of small
"convenience class" claims (comprised of claims under $2,000) which
will be paid in full on the Effective Date.

Class 4 creditors are subject to "negative amortization" insofar as
for the first two years after the Effective Date, interest will
accrue on the allowed Class 4 claims, but there will not be any
distribution.  The first distribution to the Class 4 creditors will
be made on the second anniversary of the Effective  Date, which is
30 days after the entry of the Order confirming the Plan, and
continue for the next five years, on a semi-annual basis until 20%
of the face amount of the allowed unsecured claim is paid.  The
semi-annual installments will be a pro-rata share of the allowed
claim.

The only Class 5 interest and equity holder is Mr. Thomas Matthews,
the pre-petition interest holder.  This Plan is a "new value" plan
and Mr. Matthews will retain his 100% equity interest in the
Reorganized Debtor by his contribution of $400,000 in cash from the
sale of Mr. Matthews' personal residence, on or about May 1, 2021.

This is a "new value" plan, providing that the 100% owner of the
Debtor, Mr. Thomas Matthews, will contribute $400,000 as "new
value" to finance the administrative claims and exit financing.

Attorney for the Debtor:

     JERROLD K. GUBEN
     O'CONNOR PLAYDON GUBEN & INOUYE LLP
     Pacific Guardian Center
     733 Bishop Street, Suite 2400
     Honolulu, Hawaii 96813
     Telephone: (808) 524-8350
     Facsimile: (808) 531-8628
     E-mail: JKG@opgilaw.com

A copy of the Order is available at https://bit.ly/3ti9Q2N from
PacerMonitor.com.

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

                         About Trade West

Trade West, Inc., which conducts business under the name Nani
Makana -- http://www.tradewest.org/-- was founded in 1976 by
Thomas and Ellen Matthews.  Based in Honolulu, Hawaii, Trade West
designs, imports, manufactures and distributes authentic Hawaiian
flower artificial lei and hair accessories; two lines of Made in
Hawai'i personal care, bath and body products; a line of sunglasses
and accessories; and Hawaiian-themed gifts and souvenirs.  

Trade West filed for Chapter 11 bankruptcy protection (Bankr. D.
Hawaii Case No. 19-01658) on Dec. 30, 2019.  In its petition, the
Debtor estimated $1 million to $10 million in both assets and
liabilities.  The petition was signed by Thomas W. Matthews,
president.  

Judge Robert J. Faris oversees the case.

The Debtor is represented by Jerrold K. Guben, Esq., at O'Connor
Playdon Guben & Inouye LLP as counsel.


UNITED AIRLINES: Fitch Assigns BB Rating on Proposed Secured Debt
-----------------------------------------------------------------
Fitch Ratings has assigned a rating of 'BB'/'RR2' to United
Airlines, Inc.'s proposed senior secured debt issuance, which will
be a mix of bonds and a credit facility. The total issuance could
total as much as $10.75 billion. The credit facility will consist
of a $1.75 billion secured revolver and a mix of term loans.
Proceeds from the new issuance will refinance United's existing
term loan as well as replacing its loan availability under the
CARES Act. The transaction will be secured by all of United's slots
gates and routes (SGR). The issuance will drive liquidity and gross
debt higher, but net debt will not rise materially.

Fitch recently downgraded United's long-term Issuer Default Rating
to 'B+' from 'BB-'. The Rating Outlook is Stable.

KEY RATING DRIVERS

Planned Debt Issuance:

United is planning to issue a new $10.75 billion debt package
consisting of a $1.75 billion revolver and around $9 billion in
loan and bonds. The transaction will be backed by all of United's
SGR. The proceeds will be used to refinance existing obligations.
United has an existing credit facility consisting of a $1.4 billion
term loan and $2 billion revolver backed by its Pacific SGR. United
also has access to a total of $7.5 billion ($520 million already
drawn) in government loans under the CARES Act, secured by its
remaining SGR.

The proposed transaction will refinance both the existing credit
facility and CARES Act loan. The collateral package has been valued
at $25.5 billion by independent appraisers, driving a collateral
coverage ratio of 2.3x assuming a fully drawn revolver. Fitch views
valuations of SGR collateral as highly variable given the
intangible nature of the assets. However, the importance of the
collateral to United's operations provides significant security to
creditors in a bankruptcy scenario.

SGR transactions are not unusual for the airlines. Fitch has rated
many precedent transactions, including outstanding term loans for
Delta and American. However, the proposed United transaction is
unique in that it will be the first time that an airline pledges
its entire SGR portfolio to a single transaction. Fitch views the
collateral package as beneficial to creditors in that the assets
are crucial for the company to continue operating if it were to
reorganize in a bankruptcy scenario.

United Downgrade: Fitch's recent downgrade of United by one notch
was driven by the slow pace of air traffic recovery combined with
pressure on the balance sheet will make it difficult for United to
achieve credit metrics that support the 'BB-' rating before 2023.
Despite the downgrade, Fitch believes that United managed the
crisis effectively especially considering its network has more
exposure to international markets that were heavily impacted by the
virus. Fitch views the downside risks to United's rating as
decreasing, driving the Stable Outlook.

Improved Cash Burn: United recently announced that it expects core
cash flow to turn positive in March based on the recent uptick in
bookings, and to remain positive assuming the booking trajectory
continues. United's definition of core cash flow excludes debt
principal payments, capex and certain one-time items and so does
not reflect all cash inflows and outflows. Nonetheless, the turn to
positive represents a meaningful improvement after burning cash for
nearly a full year.

Material Cost Cuts: Permanent changes to the airline's cost
structure will be key to returning to pre-pandemic levels of
profitability. United announced on its first quarter earnings call
that it will permanently reduce annual operating costs by $2
billion and expects to exceed 2019 EBITDA margins by 2023. Fitch's
forecast is more conservative, and Fitch does not anticipate a
return to 2019 level margins until 2024 driven by a slow rebound in
demand. Expense reduction comes through a permanently lower level
of management head count, reduced number of regional partners and
renegotiated agreements with suppliers, among other items.

DERIVATION SUMMARY

United's 'B+' rating remains two notches above American and three
notches below Delta. The rating differential is driven, in part, by
Fitch's expectation that United's leverage metrics post-pandemic
will remain favorable compared to American's, but still too high to
support a rating in the 'BB' category.

RATING SENSITIVITIES

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

-- Increasing evidence of a sustainable recovery in air travel;

-- Adjusted debt/EBITDAR trending towards 4x;

-- FFO fixed-charge towards 2.5x;

-- Neutral to positive sustained FCF.

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

-- Prolonged downturn in air traffic persisting through 2021;

-- Adjusted debt/EBITDAR sustained above 5x;

-- FFO fixed charge coverage sustained below 1.5x;

-- EBITDAR margins deteriorating into the low double-digit range;

-- Persistently negative or negligible FCF.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

BEST/WORST CASE RATING SCENARIO

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


UNITED AIRLINES: S&P Affirms 'B+' ICR, Rates New Debts 'BB-'
------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating and
negative outlook on United Airlines Inc. and parent United Airlines
Holdings Inc. S&P affirmed its 'B' issue-level and '5' recovery
ratings, indicating its expectation of modest (10%-30%) recovery,
on senior unsecured notes issued by the parent company and
guaranteed by United, and revised its rounded estimate of recovery
to 20% from 25%.

United Airlines Inc. is entering into a new bank revolving credit
agreement and issuing a new term loan and notes secured by
substantially all of its airport takeoff/landing slots,
international route rights, and related airport gates.

The company will use proceeds to repay an existing revolving
credit, term loan, and borrowings under a secured term loan
facility from the U.S. Treasury.

S&P said, "We assigned our 'BB-' issue-level and '2' recovery
ratings, indicating our expectation of substantial (70%-90%;
rounded estimate 70%) recovery in a default scenario.

"We raised our ratings on two enhanced equipment trust certificates
(EETCs) originally issued by Continental Airlines Inc. (since
merged into United), the 2007-1 Class A and Class B pass-through
certificates.

"The outlook is negative, indicating our expectation that United's
operating performance will remain under pressure in the first half
of 2021 because of the COVID-19 pandemic, with recovery picking up
in the second half of the year. Credit ratios will be weaker than
our previous expectations, but liquidity is substantially better.

"We base our ratings on the new secured debt on our recovery
analysis. We estimate stressed values for the collateral in a
hypothetical default scenario and debt outstanding at the time of
bankruptcy filing. Recovery is reduced by our treatment of
borrowings secured by United's MileagePlus frequent flyer program,
which we view as a priority claim and apportion to various creditor
groups in proportion to our estimate of stressed value available to
them. Our recovery analysis included modeling stressed discrete
asset values and debt, pro forma for the new issues and
refinancing, for the consolidated United Airlines Holdings in an
assumed reorganization scenario.

"We expect a weak first-half 2021, with recovery accelerating in
the second half and into 2022. We base our affirmation of the 'B+'
issuer credit rating and negative outlook on our expectation of
continued substantial losses in the first half of 2021, with
improved results in the second half and in 2022. We expect
widespread vaccination in the U.S. by the third quarter, supporting
a substantial rebound in domestic leisure travel, but business
travel and international flying will take longer to recover. This
results in another heavy, albeit reduced, loss in 2021,
close-to-breakeven results in 2022, and a profit in 2023. Key
credit measures will accordingly be negative this year and still
highly leveraged in 2022.

"Liquidity is bolstered further, and we now assess it as strong.
United should have more than $22 billion of cash and borrowing
capacity, pro forma for the refinancing. Cash and unsecured debt
provided by the second and third rounds of the federal Payroll
Support Program plug the hole from cash losses during the first
quarter. Accordingly, liquidity is much improved and should be
comfortably sufficient to carry United through to healthier
industry conditions and internal cash flow generation.

"Debt amortization drives upgrades of two EETCs. We base our
upgrade of Continental Airlines 2007-1A to 'A-' from 'BBB-' and
2007-1B to 'BBB' from 'BB' on substantial amortization of the
certificates well in excess of aircraft collateral value declines,
resulting in improved loan-to-value ratios.

"The outlook is Negative. We expect United's operating performance
to remain under pressure in the first half of 2021 because of the
COVID-19 pandemic, with recovery picking up in the second half of
the year. Credit ratios will be weaker than our previous
expectations, but liquidity is substantially better.

"We could lower our rating over the next 12 months if we revise our
liquidity assessment to adequate from strong and we expect funds
from operations (FFO) to debt to remain negative in 2021 or to
remain below 12% in 2022. This could occur if progress on
mitigating the pandemic through vaccination and other measures is
materially weaker or slower than we expect, causing air traffic to
remain very weak into the second half of 2021 and eroding United's
liquidity.

"Although unlikely until the second half of 2021, we could revise
our outlook to stable if see sustained improvements in air traffic
and are confident that operating cash flow and FFO to debt will
turn positive in 2022 and improve thereafter. United would also
need to maintain liquidity that supports our strong assessment."

United Airlines Holdings is the parent of United Airlines Inc., the
third-largest U.S. airline, which has major hubs at airports in
Chicago; San Francisco; Houston; Newark, New Jersey; Denver, Los
Angeles, and Washington. It also serves many destinations in
Europe, Asia, and Latin America. Its international competitive
position is strongest on trans-Pacific routes, where it is the
largest U.S. airline.

S&P said, "Our base-case scenario foresees a U.S. airline industry
recovery delayed from previous expectations by the resurgence of
COVID-19 cases during the winter of 2020-2021. However, progress on
vaccination gives hope for a pickup in travel this summer, and
airlines are already reporting a near-term upturn in travel for
spring break and the Easter holiday. We believe that there is
pent-up demand, in particular for domestic (and nearby
international, such as Caribbean and Mexico) travel, and that
bookings will surge when passengers feel sufficiently confident
about their own and the general health situation to fly. An
accelerating U.S. economic recovery will also help, though it is
less important than the health outlook. We foresee business travel
returning more slowly, picking up later in the year. Some business
travel is probably lost permanently because of the increased use
and acceptability of videoconferencing, in particular for
intracompany events. But most business travel relates to sales or
client relationships, and we believe that will largely return.
Intercontinental travel recovery will depend on health conditions
and government restrictions in various countries, and its timing is
harder to predict."

S&P's base case scenario assumptions include:

-- U.S. GDP grows 6.5% in 2021 and 3.1% in 2022; global GDP grows
5.6% and 4.0%, respectively;

-- West Texas Intermediate crude oil prices of about $55 per
barrel in 2021 and 2022;

-- Global air traffic in 2021 will be only 40%-60% of 2019 levels,
and 70%-80% in 2022, but this varies by region and airline, and S&P
expects U.S. airlines to perform better than average, based on
assumed widespread vaccination in the third quarter.

-- United's consolidated available seat miles (ASM; a measure of
capacity) increase materially in 2021 but still only 50%-60% of
2019 levels, growing to 80%-90% in 2022;

-- Passenger revenue per ASM improves in 2021 and 2022, but
passenger revenues still lag capacity growth;

-- Nonfuel cost per ASM declines, benefiting from payroll support
program cash grants in 2021 to partly offset labor costs, and fixed
costs are spread over more flying;

-- Capital spending remains high at $4 billion-$5 billion in 2021
and about $3 billion in 2022; and

-- 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."

Key metrics

S&P's base case foresees another difficult year in 2021, though not
nearly as bad as 2020, followed by a substantial improvement in
2022. United is still flying a significant minority of its
passengers who are using credits rather than paying, which reduces
operating cash flow. Net debt will remain high because of heavy
capital expenditure (capex) and borrowing to maintain liquidity,
but earnings and cash flow should improve markedly in 2022 as
traffic picks up and customer credits are largely used up.

S&P said, "We assess United's liquidity as strong. We expect the
company's liquidity sources to be more than 2x its uses over the
next 12 months. We also expect the company's liquidity sources will
exceed its uses even if its EBITDA declines 50% (which is required
for companies that we classify as operating in the cyclical
transportation industry). We believe United has solid bank
relationships, adequate cushion under its covenants, and prudent
risk management (based on its policy of holding substantial cash
and committed bank lines), though we would not expect the company
to hold its very high levels of liquidity on an ongoing basis."

Principal liquidity sources:

-- $11.7 billion in unrestricted cash and short-term investments
as of Dec. 31, 2020; we expect this to increase to more than $20
billion pro forma for the proposed refinancing;

-- $1 billion in revolver availability; this is likely to change
following the refinancing, which includes a new $1.75 billion
revolver that United intends to keep fully available;

-- $7 billion available under the committed term loan facility
from the U.S. Treasury, which will no longer be available
post-refinancing;

-- Another approximate $1.6 billion of unsecured loans under the
Payroll Support Program's second and third rounds of aid; and

-- Aircraft-backed financings (EETCs, secured bank loans, and
sale/leasebacks).

Principal liquidity uses:

-- Negative cash from operations of about $2.7 billion;

-- Debt maturities of about $2.1 billion over the next 12 months,
which does not change materially post-refinancing;

-- Planned capex of $4 billion-$5 billion in 2021; and

-- No share repurchases or dividends.

United has secured credit facilities that require $2 billion
minimum liquidity (cash and available committed borrowing
availability), with which the company is comfortably in compliance.
These facilities also have collateral coverage ratios, and
pressures on the profitability of international routes can affect
their appraised values. S&P expects the new secured credit
facilities to have similar covenants and United to remain in
compliance with those.

-- S&P assigned 'BB-' issue-level and '2' recovery ratings
(rounded estimate: 70%) to the proposed revolving credit facility,
term loan facility, and secured notes.

-- S&P maintained the 'B' issue-level and '5' recovery ratings
(rounded estimate: 20%) on the existing unsecured notes.

-- The new loan facilities and notes will be secured on a pari
passu basis by substantially all of United's domestic landing and
take-off rights at airports, as well as all of United's authorities
to operate scheduled international routes (except Cuba) and occupy
associated gates at airports.

-- S&P said, "We have valued United on a discrete asset basis
(discrete asset valuation; DAV). Our valuations reflect our
estimate of the value of the various assets at default based on net
book value for current assets and appraisals for aircraft, routes
and landing/takeoff slots, after adjusting for expected
realizations rates in a distressed scenario."

-- If United were to enter bankruptcy, the default scenario would
most likely reflect very adverse industry conditions, which could
be triggered by a severe recession or outside shocks to the
aviation industry, such as a pandemic.

-- S&P assumes the revolving credit facility will be fully drawn
at default to support liquidity.

-- S&P also assumes United's unfunded pension and other
post-employment benefits (OPEB) will have an unsecured claim at
default, as would a portion of the capacity service agreements and
25% of lease liabilities.

-- S&P said, "In our view, the value of United's MileagePlus
Loyalty program is intrinsically embedded in the company's business
and already captured in the DAV analysis that we use to value the
firm. We do not ascribe it separate accretive value in the
analysis."

-- MileagePlus Financing (in the aggregate amount of $6.8 billion
and secured by the loyalty program) negatively affects the recovery
prospects for the new slots, gates and routes -secured financing
and existing unsecured notes. This is because S&P expects United to
honor its loyalty program obligation should an in-court
restructuring occur, essentially reducing the enterprise value
available to service other obligations.

-- Gross enterprise value, DAV approach: $26 billion

-- Valuation split (obligor/nonobligor): 100%/0%

-- Net recovery value after 5% administrative costs: $24.8
billion

-- Value available to the new revolving credit facility, term
loan, and notes (secured by international route systems and
domestic slots): $8.04 billion

-- Estimated balance outstanding at default: $11.1 billion

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

-- Total value available to unsecured claims: $3.22 billion

-- Senior unsecured notes/pari passu claims (including pension and
OPEB deficits): $4.55 billion/$9.80 billion

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

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



VILLAS OF WINDMILL: Trustee Seeks Expedited Cash Collateral Access
------------------------------------------------------------------
Les S. Osborne, Chapter 11 Trustee for the estate of Villas of
Windmill Point II Property Owners Association, Inc., seeks
permission from the U.S. Bankruptcy Court for the Southern District
of Florida to use cash collateral, on an expedited basis, to pay
tax liabilities and provide adequate protection.  

The Trustee seeks to provide certain parties-in-interest, who are
parties in pending adversary proceedings, the same amount of
adequate protection as was provided for in the interim order.  The
interim order authorized the Trustee to use up to $100,000 of the
defendants' cash collateral, and provides for replacement liens as
adequate protection.

The estate's federal tax liabilities for the year 2020 total
$102,392, and its Florida state tax liabilities for the year 2020
amount to $20,418.  

The Trustee asserts that access to the cash collateral is warranted
because there is sufficient adequate protection to the defendants,
as well as a reasonable equity cushion exceeding $450,000.  The
defendants have mortgage lien interest attached to the sale
proceeds of certain of the estate's property disposed of by the
Trustee.

The proposed interim order provides that, notwithstanding the
provisions of Section 522(a) of the Bankruptcy Code, and in
addition to the security interests preserved by Section 522(b) of
the Bankruptcy Code, as adequate protection of the rights and
interests of the Defendants in respect of the Trustee's use of any
of the cash collateral, pursuant to Sections 361, 362 and 363 of
the Bankruptcy Code, the Trustee grants in favor of Thomas Lesko,
McDonald Storey and Steven Goldfarb -- the Defendants -- a
post-petition security interest and lien in, to and against the
assessments, fines, or penalties collected by the Trustee which are
or have been acquired, generated or received by the Trustee
subsequent to February 18, 2021, the date on which the Motion was
filed, to the same extent and priority that the Defendants held a
properly perfected pre-petition security interest in the cash
collateral.

The Adequate Protection Liens granted to the Defendants are subject
to the Carve Out for (i) all fees owed by the Trustee to the Office
of the United States Trustee; and (ii) all fees owed to the Clerk
of the Bankruptcy Court.

A copy of the expedited motion is available free of charge at
tinyurl.com/56rjnjj7 from PacerMonitor.com.

The Trustee requests for a hearing on April 15, 2021 at 10 a.m.

           About Villas of Windmill Point II Property

Based in Port Saint Lucie, Fla., Villas of Windmill Point II
Property Owners Association, Inc., is a non-profit corporation with
volunteers that self manages 89 separately deeded, single-family
residential villa units that are attached in four and five-unit
clusters within a Planned Unit Development (PUD).

Villas of Windmill filed a Chapter 11 petition (Bankr. S.D. Fla.
19-20400) on Aug. 2, 2019.  At the time of filing, the Debtor was
estimated to have $1 million to $10 million in assets and $1
million to $10 million in liabilities.

The Debtor is represented by Brian K. McMahon, Esq., in West Palm
Beach, Fla.

Leslie S. Osborne was appointed as the Debtor's Chapter 11 trustee.
The Trustee is represented by Rappaport Osborne Rappaport.




VIRGINIA-HIGHLAND: To Seek Plan Confirmation on May 20
------------------------------------------------------
Judge Barbara Ellis-Monro has entered an order conditionally
approving the Disclosure Statement of Virginia-Highland Restaurant,
LLC and Restaurant 104 LLC.

All ballots accepting or rejecting the Plan must be filed and
mailed to counsel for Debtors by 4:00 p.m. (Eastern Time) on May
13, 2021.

A hearing to consider final approval of the Disclosure Statement,
if any objections are timely filed, and confirmation of the Plan
and any other matters that may properly come before the Court, will
be held on May 20, 2021, at 10:00 a.m. in Courtroom 1402, United
States Courthouse, 75 Ted Turner Drive, SW, Atlanta, Georgia
30303.

All responses and objections, if any, to the relief sought in
connection with final approval of the Disclosure Statement or
confirmation of the Plan are due no later than 4:00 p.m. (Eastern)
on May 13, 2021.

Any party asserting a Cure Claim arising from (a) the assumption of
an executory contract or unexpired lease by the Debtors (b) the
reinstatement of a claim must file a written notice setting forth
the asserted amount of such Cure Claim.  Such notice must be filed
and served no later than 4:00 p.m. (Eastern) on May 13, 2021.

                 About Virginia-Highland Restaurant

Virginia-Highland Restaurant, LLC, operates the Hudson Grille
restaurant located in Sandy Springs, Ga.

Virginia-Highland Restaurant filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga.
Case No. 20-70718) on Oct. 13, 2020.  Jeffrey R. Landau, managing
member, signed the petition.  At the time of the filing, the Debtor
estimated $100,000 to $500,000 in assets and $1 million to $10
million in liabilities.

Judge Barbara Ellis-Monro oversees the case.  Scroggins &
Williamson, P.C., serves as the Debtor's legal counsel.


VIZIV TECHNOLOGIES: DIP Facility Increased to $4-Mil.
-----------------------------------------------------
Judge Stacey G.C. Jernigan of the U.S. Bankruptcy Court for the
Northern District of Texas authorized Viziv Technologies, LLC, to
borrow and obtain advances of up to $4,000,000 from 3:10 Capital
WPF VII, LLC as New DIP Lender under an Amended and Restated DIP
Loan Agreement.

The Debtor has previously obtained final Court approval, in
December 2020, to borrow up to $1,950,000 from 3:10 Capital WPF VI,
LLC, the Prior DIP Lender.

The Amended and Restated DIP Loan Agreement (i) substitutes the New
Lender to which the prior DIP Loan Agreement has been assigned,
(ii) extends the maturity of the DIP loan to June 15, 2021, and
(iii) increases the amount of the DIP loan from $1,950,000 to
$4,000,000.

The Court ruled that the Debtor is authorized to make loans and
advances, and obtain other financial accommodations from the New
Lender, pursuant to the Amended Final Order and the DIP Credit
Facility, to pay expenses as provided in the budget.  The
three-month budget from April 2021 through June 2021 provides for
$2,050,000 in total expenses, $460,400 of which is for personnel
costs, $431,154 for professional fees, and $67,855 for contingent
expenses, among others.

The Debtor said it is unable to obtain sufficient levels of
unsecured credit allowable as an administrative expense under
Section 503(b)(1) of the Bankruptcy Code to maintain and conduct
its businesses.  According to the Debtor, Robin Phelan, its
independent director, has determined that the DIP facility is in
the best interest of the bankruptcy estate after reviewing the
terms of the DIP facility.

The final order also provided that:

   (a) the New DIP Lender is granted an allowed super priority
administrative claim in accordance with Section 364(c)(1) of the
Bankruptcy Code, having priority over any and all administrative
expenses of the kinds specified in the Bankruptcy Code;

   (b) as security for the prompt payment of all post-petition
obligations, the Debtor and Viziv Properties, LLC, Viziv Labs, LLC
and CPG Technologies, LLC (as pledgors), may grant the New DIP
Lender valid, binding, enforceable and perfected first priority
liens, mortgages and security interests on:

       * the membership interests held by Debtor in Viziv
Properties, LLC, Viziv Labs, LLC and CPG Technologies, LLC

       * all real property and improvements owned by Viziv
Properties, LLC and

       * all equipment, computer hardware, machinery, furniture,
fixtures, vehicles, trucks, cars and tangible personal property of
Viziv Labs, LLC , and all related accessions and attachments
thereto;

   (c) the liens and security interests and super priority claims
granted to the New DIP Lender shall be subject and subordinate to a
carve-out;

   (d) the New DIP Lender shall have the right to credit bid with
respect to any sale of assets or equity under either Section 363 of
the Bankruptcy Code or a plan of reorganization.

A copy of the final order and the budget is available for free at
tinyurl.com/3z3xbnu5 from PacerMonitor.com.

                     About Viziv Technologies

Viziv Technologies, LLC is an electronics company that specialized
in the field of electromagnetic surface waves.

On Oct 7, 2020, creditors Surface Energy Partners LP, Kendol C.
Everroad and Jamison Partners, LP filed an involuntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas
Case No. 20-32554) against Viziv Technologies.  The creditors are
represented by Kenneth Stohner Jr., Esq., at Jackson Walker, LLP.
Judge Stacey G. Jernigan oversees the case.

Cavazos Hendricks Poirot, PC is the Debtor's bankruptcy counsel.
The Debtor tapped Allred & Wilcox, PLLC, The Beckham Group and King
& Fisher Law Group, PLLC as its special counsel, and Stout Risius
Ross, LLC as its investment banker.



WADSWORTH ESTATES: Bid Procedures for 92-Acre Property Partly OK'd
------------------------------------------------------------------
Judge Meredith S. Grabill of the U.S. Bankruptcy Court for the
Eastern District of Louisiana authorized in part and denied in part
the bidding procedures proposed by First American Bank and Trust,
The Azby Fund, and Beverly Construction Co., Inc., in connection
with the auction sale of Wadsworth Estates, LLC's 92-acre tract of
land and water in St. Tammany Parish near Interstate Highway 12 and
Louisiana Highway 1088, Louisiana.

A hearing on the Motion was held on March 24, 2021, at 1:00 p.m.

The letter agreement entered in the record at ECF Docket No. 158 is
the engagement agreement referenced and approved by the Court's
Order on the Debtor's Motion To Employ Auctioneer and To Sell the
Wadsworth Tract Free and Clear of all Liens and Encumbrances.

The form of "Real Estate Purchase and Sale Agreement" applies to
all bids for the Property at the Auction to be conducted by the
Auctioneer.  The Auctioneer has discretion to accept minor
deviations from the PSA if the Auctioneer deems that doing so is
consistent with its duties to solicit and select the highest and
best bid for the Property.

The successful bidder at the Auction may choose an experienced and
insured Louisiana attorney or title firm to serve as the "Closing
Agent" for the closing of the sale of the Property, as set forth.
If the successful bidder does not designate a different Closing
Agent in writing to the Auctioneer and the Debtor's counsel on
April 13, 2021, at 3:00 p.m. (CT), the Closing Agent will be
Crescent Title, LLC.  Any party in interest may move to designate a
different Closing Agent on an expedited basis.  The request for a
new Closing Agent will not be a justifiable reason to delay the
closing deadline set forth in the Auctioneer/Sale Order.   

Each of the Movants may credit bid for the Property in the amounts
stated in its Proof of Claim, plus an amount determined by such
Movant to account for the post-petition interest the Movant
believes in good faith to be due under 11 U.S.C. Section 506(b) at
the non-default interest rate applicable to its claim, plus any
reasonable fees, costs, or charges provided for under the agreement
or State statute under which such Movant's claim arose.

Each of the Movants will provide to the Debtor, the United States
Trustee, each other, and any other party in interest who requests
it a statement showing how that Movant calculates its Section
506(b) Charges for purposes of credit-bidding.

The Court set a hearing on April 14, 2021, at 1:00 p.m., for the
purpose of confirming the sale of the Property to the successful
bidder as determined by the Auctioneer and entering an order
confirming the sale, as may be requested by the Debtor, the Closing
Agent, or a party in interest.

The deposit of 5% of the successful bidder's high bid required by
the Court's Auctioneer/Sale Order will be paid by the high bidder
to the Closing Agent within two banking days of the auction closing
and the high bidder receiving notice of award.  The Closing Agent
is authorized to apply the Deposit to the purchase price for the
Property at the Closing.  The Closing Agent may not return the
Deposit to the high bidder absent another Order from this Court
after notice and a hearing as to why the Deposit should not be
forfeited to the Debtor's estate.

By the Closing Date, the successful bidder will pay the balance of
the purchase price to the Closing Agent by federal wire transfer of
immediately available funds, or such other immediately available
funds accepted by the Closing Agent and his or her sole discretion.


The closing of the sale will be within 45 days of the auction or by
May 21, 2021, unless extended by the Court.

The Closing Agent will pay and escrow funds from the sale proceeds
in the following order: (1) pay a fee equal to 0.8% of the cash
portion of the sale price for the Property to the United States
Trustee; (2) pay $3,342,362.28, the amount stated in First
American's Proof of Claim, to First American; (3) escrow an amount
equal to First American’s good-faith belief of the amount of
Section 506(b) Charges due on its claim; (4) pay $634,000, the
amount stated in Azby's Proof of Claim, to Azby; (5) escrow an
amount equal to Azby's good-faith belief of the amount of Section
506(b) Charges due on its claim; (6) pay $3,141,824.36 in full
satisfaction of Beverly's Proof of Claim per Beverly's consent, to
Beverly (unless further modified by agreement of the parties and
subject to Court approval); (7) escrow an amount equal to Beverly's
good-faith belief of the amount of Section 506(b) Charges due on
its claim; and (8) all outstanding and past-due property taxes owed
to the Parish of St. Tammany for the Property; but all of the
foregoing only to the extent cash proceeds are available to pay
them.   

The Closing Agent will hold any remaining sale proceeds in escrow
until further order from the Court.  Unless another order from the
Court is entered proving other instructions, the Closing Agent
shall, within 30 days of the Closing Date, deposit with the Clerk
of Court for the Court all funds that remain from the sale after
making the payments required by this Order and other orders of the
Court for the case.

The Section 506(b) Charges mentioned will not be paid by the
Closing Agent unless and until a Court Order has been entered
awarding such charges to a Movant.  Each Movant that seeks an award
of Section 506(b) Charges will file a motion seeking that award.
Objections to such motions are due by April 29, 2021.  The Court
will hold an evidentiary hearing on such motions on May 6, 2021, at
9:00 a.m.

The Court will enter a separate order outlining additional
deadlines and procedures for the evidentiary hearing if such
motions are filed.   

All relief requested by the Motion that is not granted by the Order
is denied.

                     About Wadsworth Estates

Wadsworth Estates is a single asset real estate debtor (as defined
in 11 U.S.C. Section 101(51B)).

Wadsworth Estates sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. La. 20-10540) on March 10, 2020.
Ashton J. Ryan, Jr., managing member, signed the petition.

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

William G. Cherbonnier, Jr., Esq., at Caluda Group, LLC, is the
Debtor's legal counsel.



WAYSIDE SCHOOLS, TX: S&P Assigns 'BB' Rating on 2021 Revenue Bonds
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term rating to the
Arlington Higher Education Finance Corp., Texas' $28.5 million
series 2021 education revenue bonds. At the same time, S&P Global
Ratings affirmed its long-term rating on the Travis County Cultural
Educational Facilities Corp.'s series 2012 qualified zone academy
bonds (QZABs) and series 2016B bonds issued for the school. All
bonds were issued for Wayside Schools. The outlook is stable.

The series 2021 bond proceeds will be used primarily to refund and
refinance the series 2012A, 2012B, and 2016A issued for the school.
A portion of the series 2012 bonds (QZABs) is expected to remain
outstanding and will contain a federal subsidy grant option. Bond
proceeds will also be used to refund approximately $1.6 million in
bank loan debt for a modular school building. After the issuance,
debt outstanding will total $36.3 million.

"The 'BB' rating reflects our view of the school's enrollment
declines, lower liquidity, significant deficit operating margins,
and risk, as with all charter schools, that its charter could be
revoked for nonperformance of its terms or for financial distress
before the final maturity of the bonds," said S&P Global Ratings
credit analyst David Holmes.

S&P said, "In our view, Wayside Schools is exposed to elevated
health and safety social risk given COVID-19 pandemic-related
impact on state funding and the organization's dependency on state
revenue. Because of recent challenges related to declining
enrollment and ability to manage to budgeted margin levels, we view
the school's governance risk as elevated, while we view the
school's environmental risk as in line with our view of the sector
as a whole."



WEINSTEIN CO: Abuse Accusers Appeal Plan Confirmation
-----------------------------------------------------
Law360 reports that four rape and sexual assault accusers of
disgraced film mogul Harvey Weinstein told a Delaware federal judge
late Monday, April 12, 2021, that the state's bankruptcy court had
erred in confirming the Chapter 11 plan of Weinstein's former
studio that included improper, nonconsensual releases that have
hampered the accusers' ability to pursue their claims.

In an appellate brief, the accusers said U.S. Bankruptcy Judge Mary
F. Walrath should not have confirmed the Chapter 11 plan of The
Weinstein Co. because the releases in the plan covered nondebtor
entities that include Weinstein's brother and co-CEO Robert
Weinstein as well as a broad array of others.

As reported in the Troubled Company Reporter, the Bankruptcy Court
in January 2021 approved the Company's liquidation plan, which
provides for a $17 million fund for Harvey Weinstein's abuse
victims.  Women who have accused Mr. Weinstein of misconduct are
expected to receive hundreds of thousands of dollars or more on
average from the $17 million fund.  The settlement, funded by
insurance, is the culmination of years of negotiations and was
revised after a New York federal judge rejected a related
agreement.  The deal approved by Judge Walrath gives women the
option -- but doesn't require them -- to release Mr. Weinstein of
potential civil litigation, and they would receive greater
compensation if they choose to do so.

                      About The Weinstein Company

The Weinstein Company (TWC) -- http://www.WeinsteinCo.com/-- is a
multimedia production and distribution company launched in 2005 in
New York by Bob and Harvey Weinstein, the brothers who founded
Miramax Films in 1979. TWC also encompasses Dimension Films, the
genre label founded in 1993 by Bob Weinstein. During Harvey and
Bob's tenure at Miramax and TWC, they have received 341 Oscar
nominations and won 81 Academy Awards.

TWC dismissed Harvey Weinstein in October 2017, after dozens of
women came forward to accuse him of sexual harassment, assault or
rape.

The Weinstein Company Holdings LLC and 54 affiliates sought Chapter
11 protection (Bankr. D. Del. Lead Case No. 18-10601) on March 19,
2018 after reaching a deal to sell all assets to Lantern Asset
Management for $310 million.

The Weinstein Company Holdings estimated $500 million to $1 billion
in assets and $500 million to $1 billion in liabilities.

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

Cravath, Swaine & Moore LLP is the Debtors' bankruptcy counsel,
with the engagement led by Paul H. Zumbro, George E. Zobitz, and
Karin A. DeMasi, in New York.

Richards, Layton & Finger, P.A., is the local counsel, with the
engagement headed by Mark D. Collins, Paul N. Heath, Zachary I.
Shapiro, Brett M. Haywood, and David T. Queroli, in Wilmington,
Delaware.

The Debtors also tapped FTI Consulting, Inc., as restructuring
advisor; Moelis & Company LLC as investment banker; and Epiq
Bankruptcy Solutions, LLC as claims and noticing agent.

The official committee of unsecured creditors retained Pachulski
Stang Ziehl & Jones, LLP as its legal counsel, and Berkeley
Research Group, LLC, as its financial advisor.


WHEEL PROS: S&P Affirms 'B-' ICR on Acquisition by Clearlake
------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on Wheel
Pros Inc. and its stable outlook.

S&P said, "We also assigned our 'B-' issue-level and '3' recovery
ratings to the company's first-lien term loan and our 'CCC'
issue-level and '6' recovery ratings to its new senior unsecured
notes. Our ratings on the company's existing term loan are
unchanged because we expect it to repay this facility at the close
of the transaction.

"The stable outlook reflects our expectation that Wheel Pros will
maintain sufficiently high margins and free cash flow such that its
liquidity would remain adequate even if a longer-term recession
decreases demand for its products."

Wheel Pros Inc. is planning to issue a new $1.0 billion first-lien
term loan and $365 million senior unsecured notes as a part of the
acquisition of the company by Icon Partners III, a new investment
vehicle managed by its existing sponsor, Clearlake. The company
will also issue a new $125 million asset-based lending (ABL)
facility. These new first-lien facilities will replace the existing
ABL and term loan.

S&P said, "The company's credit measures will weaken somewhat due
to the increase in its debt, though we do not foresee a significant
rise in its liquidity or default risk. Wheel Pros' proposed
recapitalization will increase its funded debt balances by about
$350 million. We estimate that its pro forma debt to EBITDA will
initially increase to nearly 8x in 2021 before falling to about 7x
in 2022 as a result of this transaction. However, this is not
significantly worse than our previous forecast because of
better-than-expected demand for Wheel Pros products. Despite this
very high level of leverage, we think Wheels Pros' strong margins
and modest capital spending will allow it to generate stable free
operating cash flow (FOCF). Specifically, we expect the company to
generate a FOCF-to-debt ratio of at least 3% over the next 12
months and closer to 5% in 2022. This level of cash flow, along
with the availability under its undrawn $125 million ABL facility
after the refinancing, will likely provide the company with
adequate liquidity over the next 12 months even if the demand for
its products declines. We do not view this amount of leverage as
unsustainable as long as Wheel Pros generates FOCF to debt of at
least 3%.

"We believe Wheel Pros will sustain its operating profitability at
sufficient levels despite increasing costs for freight and
aluminum. The unique nature of the COVID-19 pandemic seems to have
shifted consumers' spending toward investments in their cars,
homes, and consumer products. This increase in demand has increased
inflation in prices of commodities such as aluminum and the cost to
transport products from China and other parts of Asia where Wheel
Pros manufactures most of its products. Wheel Pros increased prices
to offset these costs. Additionally, we expect a reduction in
one-time costs to build out Wheel Pros' manufacturing facilities
and costs to integrate acquisitions, which were quite high in 2019
and 2020. The recent surge in sales should also allow the company
to leverage its selling, general, and administrative costs, which
are more fixed in nature.

"We believe the demand for highly discretionary auto parts would
decline in a more protracted recession. We remain cautious about
the strength of the U.S.' economic recovery and cannot determine
how much of the consumer demand for Wheel Pros' products is being
supported by government stimulus. We also anticipate that the
recent surge in the company's sales may represent a pull-forward of
demand, given our view that the enthusiast market is fairly
limited. Furthermore, there is some risk that the company's
production and distribution networks will be unable to keep up with
its high demand. However, we believe Wheel Pros has met elevated
demand well thus far.

"The stable outlook reflects our expectation that Wheel Pros will
maintain sufficiently high margins and free cash flow such that its
liquidity would remain adequate even if a longer-term recession
decreases demand for its products.

"We could raise our rating on Wheel Pros if it sustains leverage
(with a cushion) of less than 6.5x and an FOCF-to-debt ratio of at
least 3%. Even if the company achieves these triggers, we would
also expect it to develop a longer track record of operating at
these improved levels before raising our rating. We would also have
to be confident that its private-equity sponsor would not further
increase its leverage for acquisitions or dividends before raising
the rating.

"We could lower our rating on Wheel Pros if its EBITDA contracts
significantly and causes its FOCF to remain negative for multiple
quarters such that it reduces the company's liquidity or increases
its leverage. This would cause us to view its financial commitments
as unsustainable. This could occur if the demand for Wheel Pros'
products falls significantly because of a longer and more
protracted economic downturn."


ZEBRA BUYER: S&P Assigns BB- Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issuer credit rating to Zebra
Buyer LLC. The outlook is stable. At the same time, S&P assigned
its 'BB-' issue rating to the company's first-lien senior secured
facility (including a $170 million revolving credit line and $1.24
billion term loan). The recovery rating on the company's first-lien
facility is '4', indicating its expectation for average (40%)
recovery in the event of default.

S&P's ratings on Zebra Buyer LLC (d/b/a Wells Fargo Asset
Management [WFAM]) are based on the company's long track record in
the asset management industry, good investment performance,
meaningful diversification (although a high proportion of AUM is
currently concentrated in money market strategies), and solid
distribution capabilities. These strengths are partially offset by
the company's weak profitability metrics relative to peers,
continued long-term net outflows in recent years, lack of locked-up
assets under management (AUM), and sizable leverage pro forma for
this transaction.

During February 2021, GTCR and Reverence Capital Partners, two
financial sponsors, announced the acquisition of a majority stake
in WFAM for approximately $2.1 billion. The transaction is being
funded with:

-- A first-lien credit facility ($170 million undrawn revolving
credit line at closing and $1.24 billion term loan),

-- A significant equity contribution from both financial sponsors,
and

-- An equity rollover from employees and Wells Fargo.

Through organic growth and selective acquisitions, WFAM reached
$602 billion in AUM as of Dec. 31, 2020, and had a meaningful
presence in fixed-income, money market, and equity strategies. The
company's AUM is predominantly in open-ended structures and
separately managed accounts (SMAs), which translates into AUM being
subject to redemption with limited notice.

WFAM's operating history has been under Wells Fargo's brand, and
S&P views its future operations as a stand-alone entity and
potential rebranding as both a risk and an opportunity for growth.
Some of the risks that S&P envisions are execution, possible loss
of clients during the transition, and potential unexpected costs.
Some of the opportunities include potential distribution benefits,
detachment from the association with Wells Fargo, the ability to
streamline operations, and margin enhancement given the elimination
of cost allocations from Wells Fargo.

WFAM's investment performance as of Dec. 31, 2020, remained strong
for the company's most relevant strategies from an AUM standpoint.
Overall, around 86%, 85%, and 94% of the company's strategies
outperformed their respective benchmarks on a three-, five-, and
10-year basis.

Despite good investment performance across multiple strategies,
WFAM's long-term net flows (that is, excluding money market funds)
have been sluggish the past three years. During 2020, the company
had around $3 billion in net outflows, compared with net outflows
of $10 billion in 2019 and $22 billion in 2018.

AUM grew by approximately 20% year over year. That said, the growth
in AUM did not result in similar growth in revenues (just 4%) as
average fee rates for the strategies that exhibited stronger sales
momentum (money market and fixed income) have a significantly lower
average fee rate relative to the ones that displayed larger
redemptions (equities and multiasset).

The company's AUM base is well-diversified from a client,
geographic, and product perspective. At the end of 2020, around 57%
of AUM was with institutional clients and 43% with retail clients,
and there was no meaningful concentration of AUM in a single
client. From a product standpoint, WFAM has a sizable presence in
equities, fixed-income, and money market, and, to a lesser extent,
in multiasset strategies. As of Dec. 31, 2020, equities,
fixed-income, money market, and multiasset strategies represented
15%, 47%, 33%, and 5% of total AUM, respectively.

S&P said, "From a profitability standpoint, we view WFAM's metrics
as relatively weak compared with peers. Our calculated EBITDA
margin is around 20%, and while we anticipate an improvement over
the next few years, we think it will remain below the level of
leading managers, which have margins comfortably above 30%. We
anticipate an improvement in margins as a result of a more
efficient cost base. But, WFAM's relatively low average fee rates
in money market and fixed-income strategies and meaningful
component of institutional clients lead to lower profitability
metrics than peers.

"Overall, we view WFAM's business risk as in line with those of
Russell Investments Cayman Midco Ltd., FEH Inc., Victory Capital
Holdings Inc., and Clipper Acquisitions Corp. While WFAM benefits
from a larger AUM base than these peers, EBITDA generation is
within a similar range for all of them." Furthermore, while WFAM
has a more diversified AUM base from an asset class perspective,
S&P thinks that all these entities display other positive
characteristics, including:

-- Revenues from other services and products (Russell),

-- Some level of locked-up AUM (FEH),

-- Distribution of risk among a sizable amount of franchises
(Victory), and

-- Continued AUM growth in long-term assets (Clipper).

From an investment performance standpoint, S&P views WFAM as a
stronger performer, but Russell, FEH, Victory, and Clipper have
also positioned themselves well in their specialized segments,
including multiasset and OCIO (Russell), global value (FEH), small-
and mid-cap (Victory through its affiliate Sycamore), and core and
core-plus fixed-income strategies (Clipper).

S&P said, "Finally, while we think that WFAM has significant upside
potential, from a profitability standpoint, all of these peers
operate with stronger profitability metrics (particularly FEH,
which has consistently operated with margins above 40%). Janus
Henderson Group plc displays a similar long-term (excluding money
market funds) AUM base relative to WFAM, a significantly larger
earnings base (driven by higher average fee rates as a result of
the strategies the company offers), and stronger profitability
metrics. That said, Janus' track record of negative outflows has a
negative impact on the business risk profile assessment.

"Pro forma for this acquisition, we anticipate leverage will remain
in the upper half of the 4x-5x range. In our calculation of
leverage, we include the proposed $1.24 billion first-lien term
loan and the present value of operating leases, and we do not net
surplus cash given the financial sponsor ownership. We anticipate
that interest coverage metrics will remain above 4x and that
leverage and coverage will remain relatively unchanged during the
following 12 months. We expect revenue growth to remain relatively
flat and EBITDA margins to improve slightly during the next 12-24
months.

"Following the proposed debt issuance and completion of the
acquisition of WFAM by GTCR and Reverence, we anticipate that
limited mandatory liquidity needs will be easily met by the
company's cash balance, cash flow generation, and the $170 million
revolving credit facility. We believe that the company's most
meaningful use of cash could be distributions to shareholders.

"We view WFAM's creditworthiness as similar to that of 'BB-' rated
peers such as Russell and Victory. Besides assessing their business
risk profiles similarly, both entities are sponsor-owned and have
operated with similar leverage historically (4x-5x). That said, we
revised our outlook on Victory to positive in February 2021
following multiple debt repayments and the potential for leverage
to fall below 3x. Other peers cited in this report such as Janus
(BBB+/Stable/--) and Clipper (BB+/Stable/--) have higher ratings
because their leverage is lower than WFAM's following the company's
proposed debt issuance.

"The stable outlook reflects our expectation that WFAM, over the
next 12 months, will operate with debt to adjusted EBITDA of 4x-5x
while exhibiting modest organic growth, good investment
performance, and an improvement in profitability metrics.

"We could lower the ratings if the company's leverage rises above
5x or if its investment performance, AUM flows, or earnings
deteriorate.

"We do not anticipate raising the ratings during the next 12
months. In the longer term, we could raise the ratings if the
company's profitability metrics significantly increase while
investment performance is strong and long-term AUM exhibits
meaningful growth. We could also consider an upgrade if the company
operates with leverage below 4x on a sustained basis.

"Our recovery analysis includes the company's $1.24 billion
first-lien term loan and 85% usage of the $170 million secured
revolving credit facility signed in conjunction with the first-lien
term loan.

"We apply a 5.0x multiple for all asset managers because we believe
this represents an average multiple for asset managers emerging
from a default scenario.

"Our simulated default scenario includes substantial market
depreciation leading to significantly reduced EBITDA sufficient to
trigger a payment default."

-- Emergence EBITDA: $122 million
-- Multiple: 5.0x
-- Gross recovery value: $610 million
-- Net recovery value for waterfall after administrative expenses:
$579 million
-- Obligor/nonobligor valuation split: 100%/0%
-- Estimated priority claims: None
-- Remaining recovery value: $579 million
-- Estimated first-lien claim: $1.4 billion
-- Value available for first-lien claim: $579 million
    --Recovery range: 40%

All amounts include six months of prepetition interest.


ZOHAR FUNDS: Court Approves Sale of Global Automotive Systems
-------------------------------------------------------------
Andrew Scurria of The Wall Street Journal reports that the judge
overseeing the bankrupt Zohar investment funds refused their
request to block their founder, turnaround manager Lynn Tilton,
from buying one of their portfolio companies in a sale that leaves
them with a roughly $150 million loss on loans to the business.

Judge Karen Owens of the U.S. Bankruptcy Court in Wilmington, Del.,
approved the sale of Global Automotive Systems LLC for $32 million
to an affiliate of Ms. Tilton, giving her control of the auto
supplier but leaving little for the Zohar funds that own the
company.

The judge's decision overruled the Zohars, which objected to the
sale terms. In court papers, the Zohars alleged that Ms. Tilton
used her position as a lender to GAS to skew the sale process in
her favor, manipulating the company's finances to make herself the
only viable bidder. She denied that, saying her bid was the best
available and blamed the Zohars' "own poor decision-making" in
rejecting earlier bids she made.

GAS is among the many businesses financed by the Zohars, vehicles
Ms. Tilton created to channel investor capital into loans to
troubled companies she hoped to improve. Value unlocked from her
turnaround efforts were supposed to repay the Zohars and their
investors. Many of the businesses in her portfolio have shut down,
with or without the benefit of bankruptcy, leaving the Zohars with
mounting losses.

She placed the Zohars under chapter 11 protection in 2018. Since
then, a handful of businesses have been sold in bankruptcy court,
at prices that hardly dent the Zohars' $1.7 billion in debt to
their investors.

Tuesday's ruling followed days of sealed proceedings starting last
week on GAS, which Ms. Tilton's lawyers said risked having its
business secrets exposed if disputes about its sale were discussed
in open court.

Judge Owens, who granted Ms. Tilton's request to temporarily close
the courtroom to the public, said "the overwhelming weight of
evidence" that emerged behind closed doors indicated the sale
process for GAS was fair.

The Zohar funds said Ms. Tilton structured her bid to leave them
with nothing on roughly $150 million in credit they extended to the
company. Meanwhile, her loans to GAS are being fully credited
toward the purchase price, according to the Zohars.

Judge Owens said the Zohars’ disappointment with the $32 million
price tag wasn't a reason to block the sale.

"There is no meaningful alternative to the proposed transaction
that will likely yield a better result," the judge said.

In court papers, Ms. Tilton said the Zohars might not be completely
wiped out, but acknowledged they won’t collect more than $1
million.

At various points in their bankruptcy, the Zohar funds have accused
Ms. Tilton of getting in the way of sales, bargaining for releases
from liability for herself as a manager of the businesses, and for
management fees.  She has broadly denied wrongdoing in connection
with the companies and said she earned her fees legitimately.

                      About the Zohar Funds

New York-based Patriarch Partners, LLC, is a private equity firm
specializing in acquisition, buyouts, and turnaround investment in
distressed American companies and brands.  Patriarch Partners was
founded by Lynn Tilton in 2000.  Lynn Tilton and her affiliates
held substantial equity stakes in portfolio companies, which
include iconic American manufacturing companies with tens of
thousands of employees.

The Zohar funds were created to raise money through selling a form
of notes called collateralized loan obligations to investors that
was then used to extend loans to dozens of distressed mid-size
companies, often in connection with the acquisition of those
companies out of bankruptcy.

Patriarch bought "distressed" companies via funding from a series
of collateralized loan obligations (CLOs) marketed through
Patriarch via its $2.5 billion "Zohar" funds. Tilton placed the
funds into bankruptcy in 2018 in an attempt to keep Patriarch's
portfolio from being liquidated by Zohar creditors including bond
insurer MBIA, which insured $1 billion worth of Zohar notes.
Combined debt of the funds is estimated at $1.7 billion.

Zohar CDO 2003-1, Zohar CDO 2003-1 Corp., Zohar II 2005-1, Limited,
Zohar II 2005-1 Corp., Zohar III, Limited, and Zohar III, Corp.
(collectively, the "Zohar Funds"), sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case Nos. 18-10512 to
18-10517) on March 11, 2018. In the petition signed by Lynn Tilton,
director, the Debtors were estimated to have $1 billion to $10
billion in assets and $500 million to $1 billion in liabilities.  

Young Conaway Stargatt & Taylor, LLP, is the Debtors' bankruptcy
counsel.


[*] 2nd Circuit Won't Revive Price-Fixing Suit vs. Stone Point
--------------------------------------------------------------
Law360 reports that the Second Circuit on Tuesday, April 13, 2021,
declined to revive a software consulting company's proposed class
action accusing private equity firm Stone Point Capital of
price-fixing bankruptcy-related software and services in a
conspiracy with three of the country's largest bankruptcy support
providers.

In a four-page summary order, a three-judge panel affirmed a lower
court's decision and concluded that Spinner Consulting LLC's
argument failed to allege that Stone Point participated in a
horizontal price-fixing conspiracy. "We have considered Spinner's
remaining arguments on appeal and find in them no basis for
reversal," the panel wrote in their order.



[*] Hilco Selling AllOut.com, Other Domain Names in Chapter 7 Sale
------------------------------------------------------------------
On April 13, 2021, Hilco Streambank, a market leading advisory firm
specializing in the sale of intellectual property assets and domain
name brokerage, is seeking one or more buyers for various domain
names on behalf of a chapter 7 bankruptcy trustee. The available
domain names include AllOut.com, AllOut.net, MindControl.com,
Words.org, Nature101.com and Psonic.com.

"A chapter 7 bankruptcy case represents a unique opportunity to
acquire premium domains," commented Hilco Streambank Senior Vice
President Richelle Kalnit.  "These domain names will sell."  The
domain names are being administered by Erin Renneker, as chapter 7
bankruptcy trustee in a case pending in the United States
Bankruptcy Court for the Southern District of Ohio (the "Bankruptcy
Court").

Offers to acquire one or more of the available domain names are due
on or before April 20, 2021. An auction will be held on April 22,
2021. The sale will be subject to approval of the Bankruptcy Court.
Bidding documents are available upon request.

                       About Hilco Streambank

Hilco Streambank is a market leading advisory firm specializing in
intellectual property disposition and valuation. Having completed
numerous transactions including sales in publicly reported Chapter
11 bankruptcy cases, private transactions, and online sales through
IPv4.Global, Hilco Streambank has established itself as the premier
intermediary in the consumer brand, internet and telecom
communities. Hilco Streambank is part of Northbrook, Illinois based
Hilco Global, the world's leading authority on maximizing the value
of business assets by delivering valuation, monetization and
advisory solutions to an international marketplace. Hilco Global
operates more than twenty specialized business units offering
services that include asset valuation and appraisal, retail and
industrial inventory acquisition and disposition, real estate and
strategic capital equity investments.


[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Campbell's TNT, Inc.
   Bankr. N.D. Ala. Case No. 21-00858
      Chapter 11 Petition filed April 7, 2021
         See
https://www.pacermonitor.com/view/75SKELI/Campbells_TNT_Inc__alnbke-21-00858__0001.0.pdf?mcid=tGE4TAMA
         represented by: Richard L. Collins, Esq.
                         RICHARD L. COLLINS ATTORNEY AT LAW
                         E-mail: richard@rlcollins.com

In re Door Styles, Inc.
   Bankr. S.D. Fla. Case No. 21-13321
      Chapter 11 Petition filed April 7, 2021
         See
https://www.pacermonitor.com/view/VBMMQEQ/Door_Styles_Inc__flsbke-21-13321__0001.0.pdf?mcid=tGE4TAMA
         represented by: Susan D. Lasky, Esq.
                         SUE LASKY, PA
                         E-mail: Jessica@SueLasky.com

In re Shamraj & Sons, Inc.
   Bankr. E.D. Mich. Case No. 21-43097
      Chapter 11 Petition filed April 7, 2021
         See
https://www.pacermonitor.com/view/2WPOE7A/Shamraj__Sons_Inc__miebke-21-43097__0001.0.pdf?mcid=tGE4TAMA
         represented by: Thomas D. Noonan, Esq.
                         LAW OFFICES OF THOMAS D. NOONAN
                         E-mail: thomasdnoonan72@gmail.com

In re SAI SB Center, LLC
   Bankr. D.N.J. Case No. 21-12859
      Chapter 11 Petition filed April 7, 2021
         See
https://www.pacermonitor.com/view/6YIKB4A/SAI_SB_Center_LLC__njbke-21-12859__0001.0.pdf?mcid=tGE4TAMA
         represented by: Eugene D. Roth, Esq.
                         LAW OFFICE OF EUGENE D. ROTH
                         E-mail: erothesq@gmail.com

In re ROI Industries Group, Inc.
   Bankr. M.D.N.C. Case No. 21-80134
      Chapter 11 Petition filed April 7, 2021
         See
https://www.pacermonitor.com/view/3OORZEA/ROI_Industries_Group_Inc__ncmbke-21-80134__0001.0.pdf?mcid=tGE4TAMA
         represented by: John Paul H. Cournoyer, Esq.
                         NORTHERN BLUE, LLP
                         E-mail: jpc@nbfirm.com

In re Cleveland Properties of Ohio, LLC
   Bankr. N.D. Ohio Case No. 21-60467
      Chapter 11 Petition filed April 7, 2021
         See
https://www.pacermonitor.com/view/GZAWBPY/Cleveland_Properties_of_Ohio_LLC__ohnbke-21-60467__0001.0.pdf?mcid=tGE4TAMA
         represented by: Steven J. Heimberger, Esq.
                         RODERICK LINTON BELFANCE LLP
                         E-mail: sheimberger@rlbllp.com

In re Melton Family, LLC
   Bankr. N.D. Ohio Case No. 21-60466
      Chapter 11 Petition filed April 7, 2021
         See
https://www.pacermonitor.com/view/GSZ5AOQ/Melton_Family_LLC__ohnbke-21-60466__0001.0.pdf?mcid=tGE4TAMA
         represented by: Steven J. Heimberger, Esq.
                         RODERICK LINTON BELFANCE LLP
                         E-mail: sheimberger@rlbllp.com

In re Abimael Rosario Marrero
   Bankr. D.P.R. Case No. 21-01073
      Chapter 11 Petition filed April 7, 2021
         represented by: Miriam Murphy, Esq.

In re Kerwin Burl Stephens
   Bankr. N.D. Tex. Case No. 21-40817
      Chapter 11 Petition filed April 7, 2021
         represented by: J. Forshey, Esq.

In re Cyrus Dominic Esteban and Janet Briones Esteban
   Bankr. N.D. Cal. Case No. 21-30264
      Chapter 11 Petition filed April 8, 2021
         represented by: Brent Meyer, Esq.

In re Joe Carroll Belyeu, Jr. and Juliet Belano-Belyeu
   Bankr. N.D. Cal. Case No. 21-50459
      Chapter 11 Petition filed April 8, 2021
         represented by: Arasto Farsad, Esq.

In re 4F Italia, LLC
   Bankr. S.D. Fla. Case No. 21-13339
      Chapter 11 Petition filed April 8, 2021
         See
https://www.pacermonitor.com/view/KR6KN6A/4F_Italia_LLC__flsbke-21-13339__0001.0.pdf?mcid=tGE4TAMA
         represented by: Chad Van Horn, Esq.
                         VAN HORN LAW GROUP, P.A.
                         E-mail: chad@cvhlawgroup.com

In re Jonathan Carl Sullivan
   Bankr. W.D. Mo. Case No. 21-30070
      Chapter 11 Petition filed April 8, 2021
         represented by: Norman Rouse, Esq.
                         COLLINS, WEBSTER AND ROUSE P.C.
                         E-mail: twelch@cwrcave.com

In re Brian Allen Kenner and Kathleen Ann Kenner
   Bankr. C.D. Cal. Case No. 21-10372
      Chapter 11 Petition filed April 9, 2021
         represented by: Susan Young, Esq.

In re Markus Dombois
   Bankr. N.D. Cal. Case No. 21-50462
      Chapter 11 Petition filed April 9, 2021
         represented by: Arasto Farsad, Esq.

In re The Exchange Building Office Condominium Association
   Bankr. N.D. Fla. Case No. 21-40129
      Chapter 11 Petition filed April 9, 2021
         See
https://www.pacermonitor.com/view/M26FFTI/The_Exchange_Building_Office_Condominium__flnbke-21-40129__0001.0.pdf?mcid=tGE4TAMA
         represented by: Byron W. Wright III, Esq.
                         BRUNER WRIGHT, P.A.
                         E-mail: twright@brunerwright.com

In re 625 FUSION LLC d/b/a Tony's Asian Fusion
   Bankr. S.D. Fla. Case No. 21-13373
      Chapter 11 Petition filed April 9, 2021
         See
https://www.pacermonitor.com/view/U4JA35Y/625_FUSION_LLC_dba_Tonys_Asian__flsbke-21-13373__0001.0.pdf?mcid=tGE4TAMA
         represented by: Thomas L. Abrams, Esq.
                         GAMBERG & ABRAMS
                         E-mail: tabrams@tabramslaw.com

In re Alvin Craig Harper
   Bankr. S.D. Fla. Case No. 21-13418
      Chapter 11 Petition filed April 9, 2021
         represented by: Chad Pugatch, Esq.

In re Lawnwood Professional Center Condominium Association
   Bankr. S.D. Fla. Case No. 21-13406
      Chapter 11 Petition filed April 9, 2021
         See
https://www.pacermonitor.com/view/F6JDGCQ/Lawnwood_Professional_Center_Condominium__flsbke-21-13406__0001.0.pdf?mcid=tGE4TAMA
         represented by: Craig I. Kelley, Esq.
                         KELLEY, FULTON & KAPLAN, P.L.
                         E-mail: dana@kelleylawoffice.com

In re Michael E. Smith
   Bankr. S.D.N.Y. Case No. 21-22203
      Chapter 11 Petition filed April 9, 2021
         represented by: Julie Curley, Esq.
                         KIRBY AISNER & CURLEY LLP
                         E-mail: jcurley@kacllp.com

In re CQ restaurants LLC DBA Planet Sub
   Bankr. W.D. Tex. Case No. 21-50426
      Chapter 11 Petition filed April 9, 2021
         See
https://www.pacermonitor.com/view/ZDAXSJQ/CQ_restaurants_LLC_DBA_Planet__txwbke-21-50426__0001.0.pdf?mcid=tGE4TAMA
         represented by: Edward L. Bravenec, Esq.
                         LAW OFFICES OF MCKNIGHT & BRAVENEC
                         E-mail: braveknight@att.net

In re Daryl Greg Smith
   Bankr. W.D. Tex. Case No. 21-60162
      Chapter 11 Petition filed April 9, 2021
         represented by: Thomas Daniel Berghman, Esq.

In re MG on Ocean Avenue, LLC
   Bankr. M.D. Fla. Case No. 21-00872
      Chapter 11 Petition filed April 12, 2021
         See
https://www.pacermonitor.com/view/S4Q6LUI/MG_on_Ocean_Avenue_LLC__flmbke-21-00872__0001.0.pdf?mcid=tGE4TAMA
         represented by: Robert D. Wilcox, Esq.
                         WILCOX LAW FIRM
                         E-mail: rw@wlflaw.com

In re Florida Reo Properties LLC
   Bankr. S.D. Fla. Case No. 21-13446
      Chapter 11 Petition filed April 12, 2021
         See
https://www.pacermonitor.com/view/7H2VUGY/Florida_Reo_Properties_LLC__flsbke-21-13446__0001.0.pdf?mcid=tGE4TAMA
         represented by: Robert Pereda, Esq.
                         MIAMI BANKRUPTCY GROUP
                         E-mail: robert@roblaw.law


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

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                   *** End of Transmission ***