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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 29, 2021, Vol. 25, No. 118

                            Headlines

53 STANHOPE: Unsecureds Unimpaired in D&W and Meserole Plan
ALAMO DRAFTHOUSE: Cancels Auction, Goes With Stalking Horse Bid
ALLIED EQUIPMENT: U.S. Trustee Unable to Appoint Committee
ALLIED INJURY: Trustee Proposes Liquidating Plan
ATLAS PURCHASER: Moody's Assigns B3 CFR, Outlook Stable

AVERY ASPHALT: Seeks to Hire Mulliken Weiner as Special Counsel
AVG WEST: Court Approves Disclosure Statement
BED BATH: Moody's Affirms Ba3 CFR & Alters Outlook to Stable
BIG RIVER STEEL: S&P Alters Outlook to Positive, Affirms 'B-' ICR
BIONIK LABORATORIES: Chief Technology Officer Resigns

BOMBARDIER RECREATIONAL: S&P Raises LT ICR to 'BB', Outlook Stable
BY CROWN: S&P Places 'B-' Issuer Credit Rating on Watch Positive
C2R GLOBAL: Gets Court Approval to Hire Mediator
CABLE ONE: S&P Rates New $600MM Term Loan B-4 Due 2028 'BB+'
CACHET FINANCIAL: Unsecured Creditors Will Recover 80% in Plan

CAFE SERVICE: Unsecured Creditors Will Get 100% Dividend in Plan
CAMBER ENERGY: Amends Designation of Series C Preferred Stock
CARRIAGE SERVICES: S&P Assigns 'B+' Rating on $400MM Unsec. Notes
CEN BIOTECH: Signs Agreement to Acquire Clear Com Media
CENTENNIAL RESOURCE: S&P Upgrades ICR to 'B-', Outlook Stable

CENTURY 21: Department Stores to Have Post-Chapter 11 Rebirth
CHESAPEAKE ENERGY: Searches for Next CEO After Lawler Exits
COHU INC: S&P Upgrades ICR to 'B+' on Expected Strong Performance
CONN'S INC: Moody's Raises CFR to B1 & Alters Outlook to Stable
CONNECTIONS COMMUNITY: May Use Cash Collateral Until June 30

CORPORATE COLOCATION: Seeks Cash Collateral Access Thru Aug 10
COTTAGE CAR: Seeks Cash Collateral Access
CRAVE BRANDS: Hearing on Continued Cash Access Moved to May 11
CROWN HOLDINGS: S&P Alters Outlook to Stable, Affirms 'BB+' ICR
CUSTOM DESIGN: Seeks to Hire Henderson Law Firm as New Counsel

CYTODYN INC: Inks Deal With Chiral Pharma to Distribute Leronlimab
DESTILERIA NACIONAL: Court Won't Review PPP Ruling
DIGITAL MEDIA: S&P Assigns 'B' ICR, Outlook Stable
DOOR STYLES: Seeks Approval to Hire Susan Lasky as Legal Counsel
ELI & ALI: Seeks Approval to Hire Berger Fischoff as Legal Counsel

ELMS INVESTORS: Seeks to Hire Stevenson & Bullock as Legal Counsel
ENC HOLDING: S&P Alters Outlook to Stable, Affirms 'B' ICR
ENERGY ACQUISITION: Moody's Alters Outlook on B3 CFR to Stable
EPIC ARCADES: Seeks to Hire Barton Brimm as Legal Counsel
EXCEL FITNESS: Moody's Hikes CFR to B3 & Alters Outlook to Stable

EXCHANGE BUILDING: Seeks to Hire Bruner Wright as Legal Counsel
FAITH CATHEDRAL: Seeks to Hire Windsor Aughtry as Realtor
FESTIVE WORKS: Court Conditionally Approves Disclosure Statement
FF FUND: May 27 Continued Plan Confirmation Hearing Set
FLORIDA HOMESITE: Case Summary & 3 Unsecured Creditors

FORD MOTOR: DBRS Assigns BB(high) Rating on Sr. Unsecured Notes
FRESH ACQUISITIONS: VitaNova DIP Loan, Cash Collateral Access OK'd
FRONTERA HOLDINGS: Plan to Swap $799 Mil. Debt for Equity Okayed
GC EOS: S&P Upgrades ICR to 'B-' on Deleveraging, Outlook Stable
GDC TECHNICS: Files for Chapter 11 Bankruptcy

GENERAL CANNABIS: Lowers Net Loss to $7.7 Million in 2020
GENERAL CANNABIS: Signs $5M Deal to Buy Cannabis Business Assets
GENWORTH MORTGAGE: Moody's Puts Ba3 Rating on Review for Upgrade
GEORGE WASHINGTON: Amends Plan; Bid Protections Order Entered
GEORGE WASHINGTON: June 3 Plan Confirmation Hearing Set

GIRARDI & KEESE: Trustee Wants Lawyer to Chase Wife's Assets
GOEASY LTD: Moody's Rates New Sr. Unsecured Notes Due 2026 'Ba3'
GREENPOINT TACTICAL: Gets Court OK to Hire Mediator
GROW CAPITAL: Hires OTC PR as Marketing Consultant
GULFPORT ENERGY: Bankruptcy Plan With New Creditor Deal Okayed

HARRY BECK GREENHOUSE: Seeks Approval to Hire Clayton Financial
HELIOS SOFTWARE: Moody's Rates New $350MM 1st Lien Notes 'B2'
HOME CAPITAL: DBRS Confirms BB (high) Long-Term Rating
HORIZON GLOBAL: Expects $198 Million Net Sales in First Quarter
HOYA MIDCO: S&P Places 'B-' ICR on CreditWatch Positive

INTERJET SA: Considering Filing for Chapter 11 Bankruptcy
INVENERGY THERMAL: Moody's Affirms Ba2 on Secured Credit Facilities
INVESTVIEW INC: Gross Revenues Up 53% in Fiscal 2021
ION GEOPHYSICAL: Completes Exchange Offer, Rights Offering
IQ EATERY: Seeks to Hire Stichter Riedel as Legal Counsel

ISAGENIX WORLDWIDE: S&P Lowers ICR to 'SD' on Debt Repurchases
J.H. BRYANT: Seeks to Hire Armory Consulting as Financial Advisor
KIWA BIO-TECH: Yvonne Wang Removed as Chairwoman, Director
KRUGER PRODUCTS: DBRS Confirms BB Issuer Rating
LAKE CECILE RESORT: U.S. Trustee Unable to Appoint Committee

LANDMARK LIFE: A.M. Best Affirms B (Fair) Fin. Strength Rating
M TRAN CONSTRUCTION: Unsecureds' Recovery Hiked to 40% in Plan
MARTIN MIDSTREAM: Reports First Quarter Net Income of $2.5 Million
MATTRESS FIRM: Moody's Alters Outlook on B2 CFR to Positive
MAVENIR SYSTEMS: Koch Transaction No Impact on Moody's B2 CFR

MAVIS TIRE: Moody's Assigns B3 CFR Amid Proposed Leveraged Buyout
MAXIM CRANE: S&P Alters Outlook to Stable, Affirms 'B-' ICR
MEDALLION GATHERING: S&P Alters Outlook to Pos., Affirms 'B-' ICR
MINAL PHARMACY: Seeks to Hire Stevenson & Bullock as Legal Counsel
MUSCLE MAKER: Incurs $10.1 Million Net Loss in 2020

NATIONAL RIFLE ASSOCIATION: Objects to Ex-CFO's D&O Access Attempt
NN INC: Moody's Withdraws B3 CFR Following Debt Repayment
NOVA CHEMICALS: S&P Alters Outlook to Stable, Affirms 'BB-' ICR
NUVERRA ENVIRONMENTAL: Appoints Patrick Bond as CEO
O.P. INVESTMENT: Unsecured Claims Under $15K to Recover 80% in Plan

OCEAN POWER: Deploys PB3 PowerBuoy for Enel Green Power in Chile
ORIGINCLEAR INC: Signs Exchange Deals With Preferred Stockholders
PALMCO HOMES: Seeks Court Approval to Hire EXP Realty
PARKLAND CORPORATION: DBRS Confirms BB Issuer Rating
PIERCE CONTRACTORS: Unsecureds Will Get 10% of Claims in 24 Months

PLUS THERAPEUTICS: Incurs $2.7M Net Loss for Quarter Ended March 31
PMG CINCINNATI: Seeks to Hire Strauss Troy as Bankruptcy Counsel
POWERSCHOOL: Moody's Puts B3 CFR Under Review for Upgrade
PREFERRED EQUIPMENT: Taps Peter M. Iascone as Legal Counsel
PURDUE PHARMA: Docs Lack Info, Says Newborn Opioid Victims Group

QUANTUM CORP: Appoints Former NVIDIA Exec as General Counsel
RAYBURN COUNTY ELECTRIC: Hopeful in Avoiding Chapter 11
RR DONNELLEY: Moody's Affirms B2 CFR, Outlook Stable
SEANERGY MARITIME: Receives Commitment for $37.45M Loan Facility
SEARS HOLDING: Tells Court Its $81M Short for Administrative Claims

SECURE HOME HOLDINGS: Court Okays Mid-May Chapter 11 Plan Hearing
SECURE HOME: Court Okays Bankruptcy Loan for Speedy Chapter 11
SHAMROCK FINANCE: Taps William Dewey of Mid-Market as CRO
SOUTHERN CLEARING: Seeks to Hire T. Lynn Davis as Appraiser
STONEMOR INC: Proposes to Offer $400 Million Senior Secured Notes

TGS HOSPITALITY: Wins Cash Collateral Access Thru May 4
THUNDERBIRD OIL: Voluntary Chapter 11 Case Summary
THUNDERBIRD RESOURCES: Voluntary Chapter 11 Case Summary
TITAN INTERNATIONAL: Closes Offering of $400M Senior Notes Due 2028
TRIDENT BRANDS: Incurs $539,357 Net Loss for Quarter Ended Feb. 28

US STEEL: S&P Alters Outlook to Positive, Affirms 'B-' ICR
VANDEWATER INTERNATIONAL: Case Summary & Top Unsecured Creditors
VERITAS FARMS: Incurs $7.6 Million Net Loss in 2020
YELLOW CORP: William Davidson Retires as Director
YOUNGEVITY INTERNATIONAL: Inks Agreement to Settle Mangless Suit

[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

53 STANHOPE: Unsecureds Unimpaired in D&W and Meserole Plan
-----------------------------------------------------------
D&W Real Estate Spring LLC and Meserole and Lorimer LLC submitted a
Joint Fourth Amended Disclosure Statement in connection with their
Joint Plan of Reorganization.

The Bankruptcy Court has entered an order fixing May 27, 2021, at
10:00 a.m., at the United States Bankruptcy Court, 300 Quarropas
Street, White Plains, New York 10601-4140, as the date, time and
place for the telephonic hearing on confirmation of the Plan and
fixing May 20, 2021 at 5:00 p.m. (EDT), as the last date for the
filing and serving of any objections to confirmation of the Plan.

Before filing the Plan and Disclosure Statement, the Jointly
Administered Debtors litigated to completion the January 21, 2020
Amended Plan and Amended Disclosure Statement.  By bench ruling on
December 17, 2020, the Bankruptcy Court denied confirmation without
prejudice to further amended plans and disclosure statements.   As
to D&W and Meserole, the Bankruptcy Court found that the defaults
asserted by Brooklyn Lender LLC were not grounds for acceleration,
but the Debtors herein are responsible for post-maturity default
interest.  

Since the Debtors are able to pay that amount, the Debtors have
filed this Plan on essentially the same terms as the prior Plan.

These cases involve loans made by Signature Bank to the Debtors and
certain of their affiliates in the form of 14 separate notes and
mortgages covering 31 properties dating back to September 2012.
All of the loans were assigned to Brooklyn Lender LLC on or about
May 17, 2017. At that time, each Debtor was current on its payment
obligations and, they assert, not otherwise in default.  With
regard to D&W and Deserole, the estimated payoff balance as of May
31, 2021, is $14,003,584.

The Plan will treat claims as follows:

   * Class 2 Allowed Secured Claims of the Mortgagee.  The Debtors
estimate the aggregate of all Class 2 Claims is $14,003,583.52 (as
of 5/31/21).  The Mortgagee asserts that it is also entitled to
$4,500,000 for legal fees.  As it relates to these Debtors, the
Bankruptcy Court held that the Mortgagee’s acceleration was
improper.  These Debtors, therefore, do not believe that the
Mortgagee is entitled to any legal fees except for the small
amounts incurred in asserting maturity defaults.22.  The Class will
receive payment in Cash on the Effective Date of the Allowed Amount
of each such Claim plus interest at the applicable post-maturity
contractual rate as it accrues from the Petition Date through the
date of payment.

   * Class 4 Allowed General Unsecured Claims totaling $20,481 plus
the $2,500,000 claim asserted by Joseph Wagshall.  The class will
receive payment in Cash on the Effective Date of the allowed amount
of each such Claim plus interest at the Legal Rate as it accrues
from the Petition Date through the date of payment, provided, that
each Class 4 Creditor shall be entitled to elect to take New Owner
Interests in the New Owner succeeding the Debtor against which the
Claimant holds an Allowed Claim as provided herein in lieu of Cash
payment of its Class 4 Claim.  Class 4 is unimpaired.

   * Class 5 – Allowed Interest Holders. On the Effective Date,
all Interests will be canceled and Interest Holders shall be
entitled to New Owner Interests under the same terms as their
existing Interests in the Debtors, but subject to dilution Pro
Rata, by the New Owner Interests distributed hereunder to holders
of Class 4 Claims that elect to receive New Owner Interests in the
respective New Owners instead of Cash payment. Class 5 is
impaired.

Effective Date payments under the Plan will be paid from the Exit
Financing.

Attorneys for the Debtors:

     Mark Frankel
     BACKENROTH FRANKEL & KRINSKY, LLP
     800 Third Avenue
     New York, New York 10022
    (212) 593-1100

A copy of the Fourth Amended Disclosure Statement is available at
https://bit.ly/3sW1Nb2
from PacerMonitor.com.

                       About 53 Stanhope LLC

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

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

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

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

Backenroth Frankel also serves as counsel to 73 Empire Development.


ALAMO DRAFTHOUSE: Cancels Auction, Goes With Stalking Horse Bid
---------------------------------------------------------------
Law360 reports that Alamo Drafthouse Cinemas has told a Delaware
bankruptcy court it is canceling its auction and going with its
stalking horse credit bid led by creditors private equity firm
Altamont Capital Management and investment manager Fortress
Investment Group.

Austin, Texas-based Alamo said in the Monday filing in Delaware
bankruptcy court it was canceling its auction that was previously
scheduled for Wednesday, April 28, 2021, and going with its
stalking horse after it didn't get any additional bidders for the
company in its Chapter 11 proceedings. "No other qualifying bids
were received prior to the bid deadline.

                    About Alamo Drafthouse

The Alamo Drafthouse Cinema -- https://drafthouse.com -- is an
American cinema chain founded in 1997 in Austin, Texas that is
famous for its strict policy of requiring its audiences to maintain
proper cinemagoing etiquette. Known for offering full meal and
alcohol service at its theaters, the company also operates a movie
merchandise store and an annual genre film festival, Fantastic
Fest. Alamo Drafthouse had 41 locations as of March 31, 2021, with
23 of those locations ran by franchisees.

On March 3, 2021, Alamo Drafthouse Cinemas Holdings, LLC and 33
affiliated companies filed Chapter 11 petitions (Bankr. D. Del.
Lead Case No. 21-10474).

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

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

The Company tapped Young Conaway Stargatt & Taylor LLP as
bankruptcy counsel, Portage Point Partners as its financial
adviser, and Houlihan Lokey Capital as its investment banker. Epiq
Corporate Restructuring, LLC, is the claims agent.


ALLIED EQUIPMENT: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------
The U.S. Trustee for Region 6 on April 26 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Allied Equipment Inc.
  
                      About Allied Equipment

Allied Equipment, Inc. -- https://www.alliedeq.com -- designs and
manufactures oil and gas processing and treating equipment.

Allied Equipment filed a Chapter 11 bankruptcy petition (Bankr.
W.D. Texas Case No. 21-70034) on March 18, 2021.  Ron Worley,
president, signed the petition.  At the time of the filing, the
Debtor disclosed $1 million to $10 million in both assets and
liabilities.  Judge Tony M. Davis oversees the case.  R. Byrn Bass,
Jr., Esq., serves as the Debtor's legal counsel.


ALLIED INJURY: Trustee Proposes Liquidating Plan
------------------------------------------------
David M. Goodrich, the duly appointed and acting Chapter 11
trustee, for Allied Injury Management, Inc., submitted a First
Amended Plan and a corresponding Disclosure Statement.

The Plan is a liquidation plan that contemplates, among other
things, that the Trustee will distribute the funds on hand to
creditors and interest holders in accordance with the priorities
set forth in the Bankruptcy Code.

The Plan will treat claims as follows:

   * Class 1 Cambridge Medical Funding Group II, LLC ("CMFG")
totaling $1,117,047.  Claimant will receive 60% of proceeds of
collections of OSM and OS Therapy until paid in full, with 40%
being retained by the Liquidating Trust to cover costs associated
with collecting receivables and administering the Liquidating
Trust.  Class 1 is impaired.

   * Class 2 General Unsecured Creditors totaling $286,000.  With
respect to OSM and OST collections, after Class 1 and all Allowed
Chapter 11 Administrative Expenses, and Allowed Priority Claims are
paid in full, Class 2 Creditors shall receive a pro-rata
distribution of the Net Proceeds of Collections from the
Liquidating Trust.  With respect to collections from NorCal and
other non-Anguizola related providers, after all Allowed Chapter 11
Administrative Expenses, and Allowed Priority Claims are paid in
full, Class 2 shall receive a Pro-Rata distribution of the Net
Proceeds of Collections from the Liquidating Trust. Payments shall
be made by the Liquidating Trust not more often than every 90 days,
and only to the extent the Liquidating Trust has at least $10,000
to distribute.  Payments shall continue until creditors in this
Class are paid in full, without interest. Class 2 is impaired.  

   * Class 3 Anguizola Entities totaling $101,848,232.  With
respect to OSM and OST collections: In full and final satisfaction
of their Claims, after CMFG, all Allowed Chapter 11 Administrative
Expenses, Allowed Priority and Allowed Class 2 Claims are paid or
reserved for in full, the Anguizola Entities will receive 70% of
the Net Proceeds of Collections (the "Anguizola OSM/OST Share").
With respect to NorCal collections, after all Allowed Chapter 11
Administrative Expenses, and Allowed Class 2 Claims are paid or
reserved for in full, the Anguizola Entities will receive 70% of
the Net Proceeds of Collections (the "Anguizola NorCal Share").
Payments shall be made by the Liquidating Trust not more often than
every 90 days, and only to the extent the Liquidating Trust has at
least $10,000 to distribute. Payments shall continue until
creditors in this Class are paid in full, without interest.

The Trustee projects that he will have approximately $390,000
available on the Effective Date to make distributions required to
be made on or near the Effective Date, an amount that is more than
sufficient to make these payments. The Liquidating Trust will
necessarily have enough money to pay the Effective Date payments
because by the way the Plan is structured, the Effective Date
payments will be in an amount equal to the cash available.

Attorneys for David M. Goodrich, Chapter 11 Trustee:

     Mark S. Horoupian
     SulmeyerKupetz
     333 South Grand Avenue, Suite 3400
     Los Angeles, California 90071
     Telephone: 213.626.2311
     Facsimile: 213.629.4520
     E-mail: mhoroupian@sulmeyerlaw.com

A copy of the First Amended Disclosure Statement is available at
https://bit.ly/2Pjna8a
from PacerMonitor.com.

                      About Allied Injury

Headquartered in San Bernardino, California, Allied Injury
Management, Inc., filed for Chapter 11 bankruptcy protection
(Bankr. C.D. Cal. Case No. 16-14273) on May 11, 2016, estimating
assets between $10 million and $50 million and debts between $1
million and $10 million.  The petition was signed by John R.
Larson, M.D., president.  Judge Mark D. Houle presides over the
case.

Alan W Forsley, Esq., and Marc Liberman, Esq., at Fredman Lieberman
Pearl LLP, serve as the Debtor's bankruptcy counsel.  The Debtor
hired Michael Blue, Esq., at the Blue Law Group, Inc., as special
litigation counsel and Grobstein Teeple LLP as accountant.

The U.S. Trustee sought and obtained the Court's approval of the
appointment of David M. Goodrich as Chapter 11 Trustee.  The
Chapter 11 trustee retains Mark S. Horoupian at the law firm of
SulmeyerKupetz as his general bankruptcy counsel.


ATLAS PURCHASER: Moody's Assigns B3 CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating to
Atlas Purchaser, Inc. ("Aspect Software"), a B2 rating to the first
lien debt facilities and a Caa2 to the second lien term loan. The
debt will be used along with new and rolled equity to fund private
equity firm Abry Partners' acquisition of Aspect Software, Inc. and
Noble Systems Corporation. The outlook is stable.

RATINGS RATIONALE

Aspect's B3 CFR is primarily driven by the high leverage at close
of the acquisitions offset to some degree by the combined companies
solid niche positions in the call center infrastructure and
workforce optimization management software industries. Aspect has
significantly restructured operations over the last two years and
stabilized revenues after years of declines. The call center
industry continues to evolve however and the company faces a number
of much larger, better capitalized competitors including Nice,
Genesys, Cisco, Avaya, Amazon, Twilio and Verint. Aspect and Noble
have particular strength in the outbound call center segment for
large enterprise customers.

Aspect significantly improved profitability and cash flow over the
last two years and pro forma for the transaction free cash flow to
debt is approximately 4%. Moody's adjusted leverage at closing is
approximately 7x excluding certain one-time costs and approximately
6x pro forma for recent and planned cost cutting actions.

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

The outlook is stable reflecting Moody's expectation of modest
revenue growth over the next 12-18 months and limited disruption
from the integration. Revenues have the potential to grow at low to
mid-single digit rates if the company can maintain its recent
competitive revival with modest headwinds as the company winds down
certain non-core lines. The ratings could be upgraded if Aspect
grows revenues, successfully integrates Noble, Moody's adjusted
leverage is sustained below 6.5x and free cash flow to debt is
sustained above 6%. The ratings could be downgraded if performance
deteriorates, Moody's adjusted leverage is above 8x and free cash
flow is below breakeven on other than a temporary basis.

Aspect's environmental risks are low and in line with other
software peers. Social risks are low to moderate, in line with the
software sector, mainly stemming from social issues linked to data
security, diversity in the workplace and access to highly skilled
workers. Cyber security risks are moderate at Aspect and arise from
breaches on installed customer software as well as internal Aspect
systems. Aspect will be owned by private equity firm Abry Partners
and Vector Capital and will not have an independent Board.
Financial policies are expected to be aggressive as highlighted by
the high leverage at closing.

Assignments:

Issuer: Atlas Purchaser, Inc. (Aspect Software)

Corporate Family Rating, Assigned B3

Probability of Default Rating, Assigned B3-PD

Gtd Senior Secured 1st Lien Revolving Credit Facility, Assigned B2
(LGD3)

Gtd Senior Secured 1st Lien Term Loan, Assigned B2 (LGD3)

Gtd Senior Secured 2nd Lien Term Loan, Assigned Caa2 (LGD5)

Outlook Actions:

Issuer: Atlas Purchaser, Inc. (Aspect Software)

Outlook, Assigned Stable

Based on preliminary term sheets, the proposed secured debt
facilities have flexibility that could be detrimental to lenders,
including a provision for incremental secured facilities up to the
greater of the sum of $143 million or 100% of company defined
EBITDA (with additional non disclosed baskets) and provisions for
additional debt based on certain leverage and interest coverage
tests. Non-ordinary course asset sale proceeds over $5 million are
required to pay down debt based on a leverage based test with 18
month reinvestment provisions (and an additional 180 day period if
certain conditions are met) but subject to exceptions that have not
been disclosed. Restricted payments are permitted based on leverage
tests based on company defined EBITDA, with other baskets related
to acquisitions and IPO's as well as a general basket up to the
greater of $50 million or 35% of company defined EBITDA. The
designation of subsidiaries (excluding material intellectual
property) to an unrestricted subsidiary is permitted subject to
certain limitations which have not been disclosed.

Aspect is a provider of call center software and solutions. Pro
forma for the acquisition of Noble, the company generated run rate
revenue of approximately $402 million for the year ended December
31, 2020. At close of the transactions, Aspect will be owned by
private equity firm Abry Partners and Vector Capital. The company
is headquartered in Westford, MA.

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


AVERY ASPHALT: Seeks to Hire Mulliken Weiner as Special Counsel
---------------------------------------------------------------
Avery Asphalt, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Colorado to employ Mulliken Weiner Berg &
Jolivet, P.C. as its special counsel.

The Debtor requires legal assistance in a case styled Snow
Construction LLC et al. v. Avery Asphalt Inc. et al., Case No.
2019CV031292, pending in El Paso County District Court.

Karl Berg, Jr., Esq., is the attorney most likely to perform the
services. His professional rate is $400 per hour.  

The hourly rates for other attorneys at Mulliken range from $260 to
$400.  The firm's paralegals and law clerks bill at the rate of
$130 per hour.

Mulliken does not represent or hold any interest adverse to the
Debtor and its estate, according to court papers filed by the firm.


The firm can be reached through:

     Karl A. Berg, Jr., Esq.
     Mulliken Weiner Berg & Jolivet P.C.
     102 S Tejon St., Suite 900
     Colorado Springs, CO 80903
     Phone: 719-635-8750
     Fax: 719-635-8706

                        About Avery Asphalt

Avery Asphalt, Inc., a Colorado-based asphalt paving contractor,
and its affiliates filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No.
21-10799) on Feb. 19, 2021.  The affiliates are Avery Equipment
LLC, Avery Holdings LLC, 1401 S. 22nd Avenue LLC, LBLA Ventures
Inc., and Regional Pavement Maintenance of Arizona Inc. (Case Nos.
21-10800, 21-10801, 21-10802, 21-10805 and 21-10808).

At the time of the filing, the Debtors each disclosed total assets
of less than $50,000 and total liabilities of $1 million to $10
million.

The Debtor tapped Wadsworth Garber Warner Conrardy, PC as
bankruptcy counsel.  3i Law, LLC and Mulliken Weiner Berg & Jolivet
P.C. serve as the Debtors' special counsel.


AVG WEST: Court Approves Disclosure Statement
---------------------------------------------
Judge Mark X. Mullin has entered an order approving the Disclosure
Statement of AVG West, LLC, dated Jan. 20, 2021.

A hearing on the Debtor's Plan of Reorganization Dated Jan. 20,
2021, will be held via WebEx Video Conference on June 2, 2021, at
1:30 p.m. before the Honorable Judge Mark X. Mullin, United States
Bankruptcy Court.

Objections to the confirmation of the Plan must be filed and served
on counsel of record for the Debtor no later than May 26, 2021.

                         About AVG West

AVG West, LLC, is a single asset real estate debtor (as defined in
11 U.S.C. Section 101(51B)).  It owns approximately 21.7 acres of
unimproved land located in the city of Winter Haven, Polk County,
Florida.  It intends to develop the property into multi-family
apartment homes.

On Nov. 4, 2020, AVG West sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Tex. Case No. 20-43414).  AVG West
President Tim Barton signed the petition.  At the time of the
filing, the Debtor disclosed $1 million to $10 million in both
assets and liabilities.  

Judge Mark X. Mullin oversees the case.  

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


BED BATH: Moody's Affirms Ba3 CFR & Alters Outlook to Stable
------------------------------------------------------------
Moody's Investors Service affirmed Bed Bath & Beyond Inc.'s
corporate family rating at Ba3, its probability of default rating
at Ba3-PD and its senior unsecured notes rating at B1. The
speculative grade liquidity rating is SGL-1. The outlook was
changed to stable from negative.

"The change in outlook reflects Bed Bath's continued progress on
improving its profitability while increasing its digital sales
penetration. Its success in the divestiture of non-core banners and
the rationalization of its store base supports its ability to enact
its turnaround plan. Bed Bath is expected to continue to make
progress on implementing its strategic initiatives which supports
its ability to maintain leverage well below 4x in 2021 despite the
potential for a more normalized level of demand for home related
products as consumers resume spending on travel and leisure" said
Senior Vice President, Christina Boni.

Affirmations:

Issuer: Bed Bath & Beyond Inc.

Probability of Default Rating, Affirmed Ba3-PD

Corporate Family Rating, Affirmed Ba3

Senior Unsecured Regular Bond/Debenture, Affirmed B1 (LGD5 from
LGD4)

Outlook Actions:

Issuer: Bed Bath & Beyond Inc.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Bed Bath's Ba3 corporate family rating reflects its improvement in
operating performance as customers shifted spending toward the home
after the initial phase of the pandemic during which its stores
were temporarily closed. The company has made considerable progress
as demand has shifted to the home segment during the pandemic and
as it has implemented its strategic initiatives. Bed Bath has been
successful in growing its e-commerce business with an 83% increase
in its digital sales in 2020, amounting to approximately 40% of its
overall sales. Nonetheless the company continues to have intense
competition from e-commerce and other value players and traditional
discounters and remains at risk to continued market share erosion.
Bed Bath continues to focus its efforts on improving assortments
and layout, expanding private label, optimizing inventory and
supply chain as well an enhancing its omni-channel capabilities to
further its turnaround efforts. The company benefits from scale as
the largest dedicated retailer of domestic merchandise and home
furnishing with a national footprint and significant financial
flexibility to support its continued progress. The company plans to
introduce at least 8 new owned brands in fiscal 2021, with 6
launches in first six months which will support its margin
expansion efforts. Additionally, Bed Bath has worked to rationalize
its banners as well as its store base, closing 144 lower performing
stores in 2020 with the expectation of 200 closed by the end of
2021. These efforts have enabled the company to focus on core
operations and lower occupancy costs.

Bed Bath's rating is also supported by its very good liquidity, its
cost reduction efforts, as well as its debt reduction in 2020. Bed
Bath will make strategic capital expenditures to continue to invest
in stores and supply chain with its investments accelerating to
$400 million this year. Bed Bath's current cash balance is
approximately $1.4 billion, and its nearest note maturity is 2024
with its undrawn $850 million ABL expiring in June 2023.

The stable outlook reflects Bed Bath's operating performance will
continue to improve as the company enacts its business turnaround.
The outlook also reflects that Bed Bath will continue to expand
operating margins despite cost headwinds as online becomes a larger
portion of the business. The outlook also reflects that company
will maintain very good liquidity and that its financial strategy
will remain balanced.

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

An upgrade would require that the company maintains consistent
sales and operating income growth reflecting continued progress on
its business transformation and stabilization of market share.
Quantitatively, an upgrade would require operating margins
sustained in excess of 5%, debt/EBITDA sustained below 4.0x and
EBIT/interest above 2.0x while maintaining very good liquidity.

Ratings could be downgraded if the company's very good liquidity
position deteriorates for any reason, if it is unable to gain
traction with respect to key initiatives, including the roll-out of
improved omni-channel capabilities, and resetting the cost
structure, or if the company experiences significant market share
erosion relative to its peers. Quantitatively, ratings could be
downgraded if EBIT/interest remains below 1.5x.

Headquartered in Union, NJ, Bed Bath & Beyond Inc. is a
onmi-channel retailer selling a wide assortment of domestics
merchandise and home furnishings which operates under the names Bed
Bath & Beyond, Harmon, Harmon Face Values or Face Values,
buybuyBABY, and Decorist. FY 2020 revenues for the period ending
February 27, 2021 were approximately $9.2 billion.

The principal methodology used in these ratings was Retail Industry
published in May 2018.


BIG RIVER STEEL: S&P Alters Outlook to Positive, Affirms 'B-' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Big River Steel LLC to
positive from stable and affirmed its 'B-' issuer credit rating.
S&P's 'B-' issue-level rating and '3' recovery rating on the
company's secured debt are unchanged.

The positive outlook reflects S&P's outlook on its parent, U.S.
Steel Corp., as well as its expectation for an improvement in its
production coupled with favorable steel demand and prices in 2021
and 2022, which we believe could increase its earnings and cash
flow.

Big River Steel's credit metrics will likely improve in 2021 and
beyond and we expect its leverage to be about 3x over the next two
years. This incorporates our projection for about $500 million-$600
million annually of adjusted EBITDA over the next two years
assuming Hot Rolled Coil (HRC) prices of about $850 per ton over
the next year and about $700 per ton in 2022. These price
assumptions compare favorably with the historical average of about
$600 per ton. This improvement comes after Big River ended the
previous two fiscal years with leverage in the double digits due to
its large capital expenditure and weaker steel prices.

The demand in Big River's key end markets has improved in tandem
with the rise in steel prices. These favorable industry conditions
come as the company recently completed construction of its $716
million Phase II capacity expansion project, under budget and ahead
of schedule, in November 2020. The company expects this addition to
double its production capacity to about 3.3 million tons annually.
S&P said, "We expect Big River's free cash flow to turn positive in
2021 and beyond as its capital expenditure decreases following the
completion of its expansion project. For comparison, the company
generated negative free cash flow of about $465 million in 2020. We
also believe the long-term benefits from its low-cost and
technologically advanced mini-mill will provide it with robust and
stable earnings through volatile steel price cycles."

S&P said, "With the ramp-up in in its production and positive free
cash flow generation, we expect that Big River Steel will soon have
opportunities for further investment, debt reduction, or
distributions to its 100% owner U.S. Steel based on the
availability of baskets under its debt agreements. Specifically, we
assume Big River could return a small share of its free cash flow
to U.S. Steel beginning in 2022 if it satisfies its debt covenants,
subject to its continued good financial performance as well as
broader strategic capital allocation decisions that could take time
to confirm. We continue to view Big River as part of U.S. Steel's
credit group, though we maintain stand-alone ratings because there
are no upstream or downstream guarantees in place between the
companies.

"We cap our rating on Big River at our rating on U.S. Steel. We
view the company as strategically important to U.S. Steel because
we believe Big River is important to the group's long-term strategy
to diversify its operations and reduce its environmental emissions.
Moreover, we believe U.S. Steel's management is committed to Big
River over the long term and view the company as unlikely to be
sold in all but the most severe downside scenarios. Lastly, we
believe Big River has good prospects for success given the
completion of its expansion project, which is on track to double
its low-cost capacity.

"The positive outlook on Big River Steel reflects our outlook on
its parent, U.S. Steel, because we expect our rating on Big River
Steel to move in tandem with our rating on its parent as long as it
retains 100% ownership of Big River Steel. Nevertheless, we expect
that Big River's stand-alone credit profile will improve in 2021 as
it ramps up its Phase II expansion project amid attractive market
conditions, which will boost its earnings, enable it to reduce its
leverage to 3x from double digits in 2020, and contribute to its
moderate free cash flow generation.

"We could revise our outlook on Big River to stable if we revise
our outlook on U.S. Steel to stable. This could occur if we expect
U.S. Steel's leverage to increase above 7x, which would potentially
cause its free cash flow generation to be breakeven over the next
year. Even if Big River outperforms U.S. Steel in this scenario, we
would not raise our rating on the company above our rating on U.S.
Steel as long as its parent retains 100% ownership.

"Our rating on Big River is constrained by our rating on U.S.
Steel. We could raise our rating on Big River if both Big River and
U.S. Steel increase their profits and generate positive free cash
flow over the next year. We would expect the company to sustain
debt to EBITDA of about 5x amid the current pricing environment or
less than 7x amid a more normalized pricing environment."



BIONIK LABORATORIES: Chief Technology Officer Resigns
-----------------------------------------------------
Michal Prywata, the chief technology officer of Bionik Laboratories
Corp., resigned from his executive positions with the company,
effective on April 13, 2021.  Mr. Prywata remains a member of
Bionik's board of directors.

                    About BIONIK Laboratories

BIONIK Laboratories -- http://www.BIONIKlabs.com-- is a robotics
company focused on providing rehabilitation and mobility solutions
to individuals with neurological and mobility challenges from
hospital to home.  The Company has a portfolio of products focused
on upper and lower extremity rehabilitation for stroke and other
mobility-impaired patients, including three products on the market
and three products in varying stages of development.

Bionik reported a net loss and comprehensive loss of US$25.02
million for the year ended March 31, 2020, compared to a net loss
and comprehensive loss of US$10.56 million for the year ended March
31, 2019.  As of Sept. 30, 2020, the Company had $17.19 million in
total assets, $6.89 million in total current liabilities, and
$10.30 million in total shareholders' equity.

MNP LLP, in Toronto, Ontario, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated June 25,
2020, citing that the Company's accumulated deficit, recurring
losses and negative cash flows from operations raise substantial
doubt about its ability to continue as a going concern.


BOMBARDIER RECREATIONAL: S&P Raises LT ICR to 'BB', Outlook Stable
------------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Valcourt, Que.-based recreational vehicle manufacturer Bombardier
Recreational Products Inc. (BRP) to 'BB' from 'BB-'.

S&P said, "At the same time, we raised our issue-level rating on
the company's asset-backed loan (ABL) to 'BBB-' from 'BB+' and our
issue-level rating on BRP's senior secured debt (term loan B) to
'BB' from 'BB-'. The recovery ratings on the ABL and term loan are
unchanged at '1' and '4', respectively.

"The stable outlook reflects our view that strong demand for BRP's
products, along with low dealer inventory levels, will lead to
sustained EBITDA generation and leverage of about 2.0x for the next
12-24 months. Incorporating shareholder returns, we still expect
leverage will remain in the 2.0x-2.5x range."

Sustained robust demand and low dealer inventory levels through
fiscal 2023 will support improved credit measures. S&P said, "The
upgrade reflects our view that the use of motorized recreational
vehicles could remain a safe and attractive leisure option for
consumers during the COVID-19 pandemic and will support strong
demand for BRP's products through fiscal 2023. Our forecast also
reflects our expectation that the company could replenish the
currently low dealer inventory levels over the next 12-24 months,
which could lead to higher shipments. Based on these factors, we
expect BRP will experience robust topline and EBITDA growth and
that gross debt to EBITDA will improve to about 2.0x from our
previous expectation of about 2.5x over the next 12-24 months."

Strong operational performance leads to healthy EBITDA generation.
The demand for motorized recreational vehicles has been quite
resilient through the pandemic-driven economic slowdown, as
consumers reallocated their spending to outdoor recreational
activity and away from travel and other entertainment activities.
S&P said, "We believe the healthy demand for these vehicles will
persist through fiscal 2022 reflecting BRP's ability to launch new
products; replenish existing low inventory levels at dealerships,
which are down by about 67% from fiscal 2020; and attract new
customers. As a result, we expect revenue growth will be in the
low-to-mid-20% area along with adjusted EBITDA at about C$1.2
billion in fiscal 2022. Furthermore, we anticipate the company's
expansion into new products and ability to attract new customers
will further support retail demand into fiscal 2023. Therefore, we
expect BRP to exhibit mid-single-digit percentage area topline
growth and high-single-digit percentage area EBITDA growth compared
with fiscal 2022."

S&P said, "Balanced capital management framework will support our
rating on the company. The company plans to make significant
capital investments of about C$550 million-C$600 million annually
over the next 12-24 months to increase capacity to meet the
elevated demand for BRP products. Nevertheless, we project the
company will generate healthy levels of free operating cash flow
(FOCF) of about C$300 million-C$500 million annually, which we
expect it will distribute to shareholders (cash dividends and share
buybacks) instead of repaying debt. Therefore, any credit measure
improvement for the company will be spurred by EBITDA growth rather
than debt reduction. Given that BRP has a strong cash balance of
about C$900 million (pro forma the debt repayment in February 2021
of about US$300 million on the term loan B) and we calculate
leverage on a gross basis, we believe there is ample capacity for
the company to accommodate higher levels of capital investments and
pursue share repurchases without pressuring its credit metrics.
Therefore, the company's ability to meet the underlying strong
demand and maintain a balanced financial policy will support credit
measures of 2.0x-2.5x, commensurate with the current rating.

"The stable outlook reflects our view that BRP will maintain gross
debt to EBITDA of about 2.0x over the next 12-24 months, spurred by
strong consumer demand for its products. At the same time, we
anticipate that the company will use its balance-sheet capacity to
fund shareholder returns, such that leverage measures will be
commensurate with the current rating.

"We could lower the ratings if credit metrics weaken materially
because of poor operating performance leading to gross debt to
EBITDA sustained above 4.0x over the next 12 months. Such a
scenario could occur if competition intensifies in the recreational
vehicle market or weak macroeconomic conditions lead to lower
discretionary spending. We could also lower the ratings over the
next 12 months if the company undertakes a large debt-funded
shareholder distribution or acquisition, resulting in gross debt to
EBITDA over 4x.

"Given our expectation that management will return excess cash flow
to shareholders, we do not expect to raise the ratings over the
next 12 months. However, we could raise the rating on BRP if the
company sustains gross debt to EBITDA below 2x over the next 12
months, along with reduced financial sponsor influence and modest
shareholder returns. We anticipate an improvement in leverage would
be spurred by the company's strengthening profitability through
topline growth, improving product diversity, and lower-cost base."


BY CROWN: S&P Places 'B-' Issuer Credit Rating on Watch Positive
----------------------------------------------------------------
S&P Global Ratings placed its 'B-' issuer credit rating on BY Crown
Parent LLC (d/b/a Blue Yonder) on CreditWatch with positive
implications.

S&P said, "At the same time, we placed our 'B-' issue-level on the
company's secured debt and 'CCC' issue-level on its unsecured debt
on CreditWatch with positive implications. The recovery ratings are
'3' and '6', respectively.

"We will resolve the CreditWatch once the transaction closes, and
plan to withdraw our ratings on Blue Yonder at that time. This is
likely to occur in second half of this fiscal year."

Panasonic Corp. announced that it will acquire 80% of BY Crown
Parent LLC (d/b/a Blue Yonder) for $5.6 billion. S&P expects
Panasonic will repay all of Blue Yonder's debt in this
transaction.

The CreditWatch placement follows the announcement that Panasonic
will acquire the remaining 80% of Blue Yonder for $5.6 billion. It
currently owns 20% of Blue Yonder now. As part of the transaction,
all outstanding debt at Blue Yonder, including its senior secured
debt and unsecured debt, is expected to be repaid by Panasonic
Corp. S&P plans to withdraw its rating on Blue Yonder following the
close of the transaction.

S&P will resolve the CreditWatch once the transaction closes, and
plan to withdraw our ratings on Blue Yonder at that time. This is
likely to occur in second half of this fiscal year.



C2R GLOBAL: Gets Court Approval to Hire Mediator
------------------------------------------------
C2R Global Manufacturing, Inc. received approval from the U.S.
Bankruptcy Court for the Eastern District of Wisconsin to employ
retired judge Richard Sankovitz to serve as mediator in talks
between the company and Verde Environmental Technologies, Inc.

C2R and Verde have been embroiled in litigation that originally
involved two claims for patent infringement, a claim under the
Wisconsin Deceptive Trade Practices Act and a claim for false
advertising under the Lanham Act.  The parties settled the patent
claims while the court dismissed the WDTPA claim.  

Judge Sankovitz, who is associated with Resolute Systems, LLC, will
facilitate the mediation to resolve Verde's claim for false
advertising.  POP-Solutions, LLC, an unsecured creditor which holds
a $1 million claim, will also participate telephonically in
mediation as needed.

The agreement with Resolute Systems provides for an equal split of
its $350 hourly fee between C2R and Verde.  C2R will pay its 50
percent share of the mediation fees and expenses up to a cap of
$15,000, without further court approval.

As disclosed in court filings, Resolute Systems is a "disinterested
person" under Section 101(14) of the Bankruptcy Code.

Judge Sankovitz can be reached at:

     Hon. Richard J. Sankovitz
     Resolute Systems, LLC
     1661 N Water St. Suite 501
     Milwaukee, WI 53202
     Phone: (800) 776-6060
     Email: info@resolutesystems.com

                  About C2R Global Manufacturing

Headquartered in Burlington, Wisconsin, C2R Global Manufacturing,
Inc. -- http://www.c2r-globalmfg.com/-- specializes in developing,
manufacturing, and marketing products for small to medium-sized
customers.  Its products include tooling and electronics (software
and circuit design), metal castings, sheet metal fabrications, and
molding all forms of plastics and rubbers.  C2R currently services
customers in virtually every market.

C2R Global Manufacturing, Inc. sought protection under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Wis. Case No. 18-30182) on Oct.
29, 2018.  At the time of the filing, the Debtor disclosed  assets
of $1 million to $10 million and liabilities of $1 million to $10
million.  Judge Beth E. Hanan oversees the case.  

The Debtor tapped Kerkman & Dunn as its bankruptcy counsel, Quarles
& Brady LLP as special counsel, and Premier Accounting Services,
LLC as accountant.


CABLE ONE: S&P Rates New $600MM Term Loan B-4 Due 2028 'BB+'
------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level and '2' recovery
ratings to Phoenix-based cable TV and internet provider Cable One
Inc.'s $600 million term loan B-4 due 2028. The '2' recovery rating
indicates its expectation of substantial (70%-90%; rounded
estimate: 75%) recovery in the event of a payment default. The
company will use the new term loan to refinance the remaining $589
million balance on Hargray Holdings LLC's existing term loan upon
the closing of the Hargray acquisition, which S&P expects will
occur in second-quarter 2021.

S&P said, "In addition, we affirmed our 'BB+' issue-level rating on
Cable One's existing secured debt facilities, which include a $500
million revolver due 2025, a $700 million term loan A due 2025, a
$250 million term loan B-2 due 2027, and a $625 million term loan
B-3 due 2027. The '2' recovery rating indicates our expectation of
substantial (70%-90%; rounded estimate: 75%) recovery in the event
of a payment default.

"We also affirmed our 'BB-' issue-level rating on Cable One's $650
million senior unsecured notes due 2030. The '5' recovery rating
indicates our expectation of modest (10%-30%; rounded estimate:
10%) recovery for lenders in the event of a payment default.

"Our 'BB' issuer credit rating and stable outlook on Cable One are
unchanged because this transaction is leverage neutral, and we
expect the company's pro forma net adjusted leverage that
proportionately consolidates Cable One's 45% minority stake in Mega
Broadband Investments Intermediate I LLC (doing business as Vyve
Broadband) to be about 4.5x, below our 4.75x downgrade threshold."

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P said, "Our simulated default scenario contemplates a
deterioration in Cable One's competitive position following an
unforeseen technological disruption that would allow rivals to
offer comparable broadband speeds. We believe that such a scenario
would affect the entire industry, particularly small and midsize
cable operators that depend more on broadband earnings than do
their larger peers. Our default scenario also considers competitive
pressures from cable overbuilders and the incumbent telephone
companies such as AT&T Inc. and CenturyLink Inc. if the cost of
fiber overbuilding substantially declines."

-- S&P said, "We value Cable One on a going-concern basis using a
6x multiple of our projected emergence EBITDA, which we increased
to $345 million from $265 million to account for the incremental
EBITDA from the acquisition of Hargray (including about $45 million
of cost synergies), which we reduce by about 50%. The 6x valuation
multiple is on the lower end of the 6x-7x range we typically use
for incumbent cable operators, given Cable One's lower video and
high-speed data penetration rates relative to those of its peers."

-- S&P said, "Our valuation also includes value from the unpledged
Vyve investment. Because our simulated scenario envisions an
industrywide disruption, there would be only modest value at Vyve
available to secured and unsecured Cable One lenders in the event
of a default."

-- Unsecured lenders share ratably in unpledged value from Cable
One's minority equity interests in Vyve Broadband, which results in
modest recovery prospects despite secured lenders not being fully
covered.

-- Other default assumptions include the $500 million revolver
being 85% drawn and that all debt includes six months of
prepetition interest.

Simulated default assumptions

-- Simulated year of default: 2026
-- EBITDA at emergence: $345 million
-- EBITDA multiple: 6x

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): $2
billion

-- Valuation split (obligors/nonobligors): 92%/8%

-- Collateral value available to secured creditors: $1.8 billion

-- Secured debt: $2.4 billion

    --Recovery expectations: 70%-90% (rounded estimate: 75%)

-- Collateral value available to unsecured claims: $157 million

-- Senior unsecured debt and pari passu claims: $1.2 billion

    --Recovery expectations: 10%-30% (rounded estimate: 10%)



CACHET FINANCIAL: Unsecured Creditors Will Recover 80% in Plan
--------------------------------------------------------------
Cachet Financial Services submitted a Third Amended Disclosure
Statement and Plan of Reorganization.

The Debtor also recently tendered claims to three insurance
carriers which are in the process of reviewing thousands of pages
of documents in support of the claims.  The Debtor is hopeful its
insurance claims will provide a substantial recovery for its
bankruptcy estate (the "Estate").  The Debtor expects the insurance
claims will provide at least $2 million to the Estate.

Upon the Effective Date of the Plan, all Estate assets will vest
in, and be transferred to, the Post-Confirmation Estate; provided,
however, nothing herein shall cause the funds held in the Bancorp
Interpleader to revest in the Debtor, Reorganized Debtor, or to
become property of the Debtor or the Reorganized Debtor and the
funds held in the Bancorp Interpleader shall not vest or revest
free and clear or otherwise. The funds held in the Bancorp
Interpleader shall be governed by the Order entered by the
Bankruptcy Court on March 9, 2021 approving the Interpleader
Stipulation and any subsequent order entered in the District Court
in the Bancorp Interpleader.

The fair market value of all estate's assets equals $40,000,000
based on estimated recovery from litigation matters that are
currently filed or to be filed.

The Plan will treat claims as follows:

    * CLASS #2a: Remarketer Claims to the Stake in the Interpleader
Action.  Each member of CLASS #2a will be paid a pro-rata share of
the Interpleader Action Stakefund totaling approximately
$16,000,000.  Payments will begin within 60 days of the Plan
Effective Date, or District Court approval of the Stake Fund,
whichever date is earlier, and subject to each Remarketer's
dismissal and release of Bancorp as provided for in the
Interpleader Stipulation. Distributions will be made in accordance
with the Interpleader Stipulation and pursuant to further order of
the District Court. Nothing herein shall waive or alter the terms
of the Interpleader Stipulation, which shall survive confirmation
of this Plan.

    * CLASS #2b: General unsecured claims.  Each claimant in CLASS
#2b will be paid 80% of its claim (including any allowed claim for
damages or any deficiency not paid through the Interpleader action
for claims of Remarketers) beginning the first relevant date after
the Effective Date.

    * CLASS #2c: Settled Class Claims.  Each member of CLASS #2c
will be paid a to-be-determined share of the collective sum of $2
million (the "Settlement Payment"), less attorney's fees of class
and bankruptcy counsel (the "Net Class Proceeds"), in full
settlement and satisfaction of the Settled Class Claims pursuant to
the terms of the separate settlement agreement providing for the
Settlement Payment and otherwise agreed to by the Debtor and the
Class Representatives and to be incorporated into the Plan and
approved by the Court in connection or concurrently with
confirmation of the Plan

Attorney for the Debtor:

     James C. Bastian, Jr.
     Melissa Davis Lowe
     SHULMAN BASTIAN FRIEDMAN & BUI LLP
     100 Spectrum Center Drive, Suite 600
     Irvine, California 92618
     Telephone: (949) 340-3400
     Facsimile: (949) 340-3000
     E-mail: JBastian@shulmanbastian.com
             MLowe@shulmanbastian.com

A copy of the Disclosure Statement and Plan of Reorganization is
available at https://bit.ly/3vcC4fG from PacerMonitor.com.

                About Cachet Financial Services

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

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

The Honorable Vincent P. Zurzolo presides over the case.

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

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


CAFE SERVICE: Unsecured Creditors Will Get 100% Dividend in Plan
----------------------------------------------------------------
Café Service Co, Inc. and eight of its affiliates -- Yiorgos, LLC;
Lefkara Taxi, LLC; Kefalonia Taxi, LLC; Robola, Inc.; Tarifa, LLC;
Crossways Cab, Corp.; Devox, Inc; and Anesthitos, Inc. -- submitted
a Small Business Amended Disclosure Statement describing Amended
Chapter 11 Plan dated April 22, 2021.

Class I consists of secured claims of the creditor Mega Funding
Corp., and New York Community Bank in the amount of $12,896,356.
According to the terms of the mutual settlement agreement, the
Debtors' principals retain the medallions.  The settlement funds
will be paid (or was partially paid) in part from the sale of a
commercial property located at 11-06 Broadway, Astoria, New York
11106, which took place on March 10, 2021.  The payment of Mega
Funding from the sale of the property will be/was in the amount of
$2,6000,000.

Furthermore, as the property will then be developed by the
purchasers and the individual principals of the Debtors will have a
right to buy into development corporation, depending on the
Developers ability to obtain full or partial rezoning, the
Creditor, Mega Funding, would also receive $800,000 or a prorated
portion, in the event that partial rezoning is obtained, to be
calculated by the reduction per square foot.  The payment of the
full or partial rezoning payments is to be a conditional bonus
payment in the event that full or partial rezoning is obtained.

Additionally, the settlement agreement contemplates a payment of
the balance of the non-contingent settlement amount, the difference
between the full settlement amount of $3,375,000 and the Astoria
property sale proceeds of $2,600,000 from the sale of Whitestone
properties co-owned by George Ventouratos, one of the individual
guarantors on the notes to Mega Funding.

Finally, a contingent portion of the settlement agreement
contemplates a payment to the Lender, in monthly installments over
an 84 months plan of reorganization, an average monthly lease price
per medallion for each of the 18 medallions owned by the borrowers,
reduced by $100 per month per borrower, up to the total additional
amount of $1,000,000 during the course of the 84 months plan of
reorganization.

Class V consists of the claims of general unsecured creditors in
the Debtor's case totaling approximately $16,455.  The Debtor
proposes to pay 100% dividend of their allowed claims in one lump
sum payment on the effective date of this Plan.

The settlement funds will be paid (or was partially paid) in part
from the sale of a commercial property located at 11-06 Broadway,
Astoria, New York 11106, which took place on March 10, 2021.

A full-text copy of the Amended Disclosure Statement dated April
22, 2021, is available at https://bit.ly/32RbtsB from
PacerMonitor.com at no charge.

Debtors' Counsel:

          Alla Kachan, Esq.
          LAW OFFICES OF ALLA KACHAN, P.C.
          3099 Coney Island Avenue, 3rd Floor
          Brooklyn, NY 11235
          Tel: (718) 513-3145
          Fax: (347) 342-3156
          E-mail: alla@kachanlaw.com

                       About Cafe Service Co.

Cafe Service Co. Inc., Yiorgos LLC, Lefkara Taxi LLC, Kefalonia
Taxi LLC, Robola Inc., Tarifa LLC, Crossways Cab Corp, Devox Inc.,
and Anesthitos Inc. are privately held companies that operate in
the taxi and limousine service industry.

Cafe Service and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. E.D.N.Y. Case Nos. 19-41690 to
19-41697) on March 22, 2019.  At the time of the filing, these
Debtors disclosed their total assets and liabilities as follows:

                                        Total          Total
                                       Assets        Liabilities
                                    ------------     -----------
Cafe Service Co. Inc.                $404,044        $1,414,692
Yiorgos, LLC                         $423,510        $1,574,256
Lefkara Taxi, LLC                    $401,076        $1,395,799
Kefalonia Taxi, LLC                  $405,600        $1,556,013
Anesthitos, Inc.                     $417,251        $1,431,245

The Debtors tapped the Law Offices of Alla Kachan, P.C., as their
legal counsel.


CAMBER ENERGY: Amends Designation of Series C Preferred Stock
-------------------------------------------------------------
Camber Energy, Inc. filed with the State of Nevada certificates of
correction to correct the original designation of the Company's
Series C Redeemable Convertible Preferred Stock and the subsequent
amended and restated designations thereof, due to certain errors
identified in such designations as follows:

Section I.D.2(e) of the prior Certificates of Designation
implicitly excluded as a "Deemed Liquidation Event", an event or
proposal that was initiated by or voted upon by the holder of the
Series C Preferred Stock, and the Designations have been clarified
to expressly exclude such occurrence.  Section I.F.4 of the
Designations failed to include language to clarify that the Company
is not obligated to redeem the Preferred Shares for cash for any
reason that is not solely within the control of the Company.
Section I.G.1 of the Designations mistakenly included two
subsection b.'s where only one was intended, and the unintended
subsection b. has been removed.  Section I.G.1(e) of the
Designations failed to include language to clarify that the Company
not having sufficient authorized but unissued shares, solely within
the control of the Company and excluding any event that is not
solely within the control of the Company, is not a reason that
would otherwise trigger the obligations in such section.  Sections
I.G.1(f) and (g) of the Designations failed to include language to
clarify the particular obligations apply only if the Company has
sufficient authorized and unissued shares.  Section I.G.7(e) of the
Designations mistakenly referenced the incorrect Conversion Price.
Section I.G.9 of the Designations failed to include language to
clarify the maximum number of common shares that could be
potentially issuable with respect to all conversions and other
events that are not solely within the control of the Company, that
the Dividend Maturity Date is to be indefinitely extended and
suspended until sufficient authorized and unissued shares become
available, the number of shares required to settle the excess
obligation is fixed on the date that net share settlement occurs
and that all provisions of the Designations are to be interpreted
so that net share settlement is within the control of the Company.

The corrections in the Certificates of Correction were effective as
of the original filing dates with the Secretary of State of Nevada
of the Company's original Series C Preferred Stock designation
(Aug. 25, 2016), the Company's first amended and restated Series C
Preferred Stock designation (July 8, 2019), and the Company's
second amended and restated Series C Preferred Stock designation
(Dec. 14, 2020), subject to certain exceptions set forth in the
Nevada Revised Statutes.  The corrections corrected the
designations to reflect the original intentions of the parties and
to conform such designations to the way the Series C Preferred
Stock had been accounted for in practice since its original
designation/issuance.

On April 20, 2021, the Company filed a third amended and restated
designation of the Series C Preferred Stock with the Secretary of
State of Nevada, which amended the Designations to state that
dividends and conversion premiums will only be paid in shares of
Company common stock, and state that redemption amounts will only
be paid in shares of Company common stock.

                        About Camber Energy

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

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

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


CARRIAGE SERVICES: S&P Assigns 'B+' Rating on $400MM Unsec. Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and '4'
recovery rating to Carriage Services Inc.'s proposed $400 million
unsecured notes. The '4' recovery rating indicates its expectation
for average (30%-50%; rounded estimate: 30%) recovery in the event
of a payment default.

The company intends to use the proceeds to redeem its existing
unsecured notes. Carriage Services also plans to obtain a new $150
million senior secured revolver.

S&P Said, "Our 'B+' issuer credit rating on Carriage Services
reflects its operations in the highly fragmented death care
industry. One of the larger players, the company holds only 1% of
the U.S. market. The rating also reflects our expectation that
despite some acquisition activity, it will sustain leverage under
5x."



CEN BIOTECH: Signs Agreement to Acquire Clear Com Media
-------------------------------------------------------
CEN Biotech Inc. has entered into a share exchange agreement to
acquire all of the issued and outstanding capital shares of Clear
Com Media Inc., a Windsor, Ontario based digital media company.

Pursuant to the Agreement, the shareholders of Clear Com agreed to
exchange their shares in Clear Com for an aggregate total of
4,000,000 common shares of the Company to be issued at closing of
the Agreement.  The Agreement is subject to certain customary
closing conditions, including, but not limited to, Clear Com
providing the Company with audited and interim financial statements
and the Company completing its due diligence review of Clear Com to
the Company's satisfaction in its sole discretion.

"We believe that this planned strategic acquisition is the first
step in creating a truly global agriculture company dedicated to a
person's health and well being using phyto medical solutions.
Clear Com has experience focusing on deep data analysis, blockchain
development and focused media and data management platform
development, that we believe will be a great addition to our
Company.  With a global presence, we believe that the ability to
aggregate a multitude of data sources while finding trends and
making forecasts is one of Clear Com's core competencies and we
believe that this Agreement, if it closes, will be a key to our
long-term growth plans for the Company," commented Bahige (Bill)
Chaaban, the Company's CEO and executive chairman.

Larry Lehoux, president of Clear Com commented saying, "We are
pleased to enter into this agreement and hope to join the CEN
family.  We look forward closing on the agreement and thereafter to
spearheading the data management needs of CEN Biotech.  At Clear
Com, we are very excited to bring forth and continue to develop
leading technologies that are designed to drive data driven
decision making while seeking to assist with the success of our
brands in the area of Blockchain, data security, Ecommerce and
target marketing. We believe that our experience and focus is a
natural fit for the Company."  

Pursuant to the Agreement, it is planned that Larry Lehoux will be
appointed as the Company's chief technology officer and a member of
the Company's board of directors.

There can be no assurance that the Agreement and the transactions
contemplated thereby can close or be completed, as planned, or at
all.

                        About CEN Biotech

CEN Biotech, Inc. -- tp://www.cenbiotechinc.com -- is focused on
the manufacturing, production and development of Light Emitting
Diode lighting technology and hemp products.  The Company intends
to explore the usage of hemp, which it intends to cultivate for
usage in industrial, medical and food products. Its principal
office is located at 300-3295 Quality Way, Windsor, Ontario,
Canada.

CEN Biotech reported net income of $14.25 million for the year
ended Dec. 31, 2020, compared to a net loss of $5.65 million for
the year ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company had
$6.31 million in total assets, $16.30 million in total liabilities,
and a total shareholders' deficit of $9.99 million.  

Mazars USA LLP, in New York, New York, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
March 12, 2021, citing that the Company has incurred significant
operating losses and negative cash flows from operations since
inception.  The Company also had an accumulated deficit of
$27,060,527 at Dec. 31, 2020.  The Company is dependent on
obtaining necessary funding from outside sources, including
obtaining additional funding from the sale of securities in order
to continue their operations.  The COVID-19 pandemic has hindered
the Company's ability to raise capital.  These conditions raise
substantial doubt about its ability to continue as a going concern.


CENTENNIAL RESOURCE: S&P Upgrades ICR to 'B-', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S.-based
exploration and production (E&P) company Centennial Resource
Development Inc. to 'B-' from 'CCC+'. S&P raised its rating on the
company's senior unsecured notes to 'B' (recovery rating: '2') from
'CCC+'.

S&P said, "The stable outlook reflects our expectation that the
company will sustain funds from operations (FFO) to debt of about
30% over the next two years, while maintaining adequate liquidity.

"The 'B-' issuer credit rating reflects our view that further
distressed debt exchanges are unlikely given current debt-trading
levels, and the company's improved cash flows and liquidity. We
believe further debt exchanges or well-below par buy backs are
unlikely as the company's debt currently trades at about 90% of
par. In addition, based on our price assumptions revised on March
8, 2021, we forecast debt metrics to strengthen in 2021 and 2022.
We now project FFO to debt to average 30% and debt to EBITDA to be
in the 2.5x-3x range in the next couple of years, which we view as
moderate.

"Our ratings remain constrained by the potential volatility in cash
flows and debt metrics due to limited hedges, and Centennial's lack
of track record of free cash flow generation. Centennial has hedged
about 40% of its 2021 production, and a negligible amount of its
2022 production. This level is well below rated peers in the
sector, and provides limited cash flow protection against potential
volatility in commodity prices. Furthermore, the company has
historically materially outspent cash flows in its quest for
growth, and has yet to demonstrate its ability to generate free
cash flow under a more moderate growth rate scenario.

"We raised the rating on the senior unsecured debt to reflect an
updated reserve valuation and recent changes in the capital
structure.Based on an updated higher PV10 of proved reserves as of
March 2021 and the company's refinancing of its second-lien secured
notes with exchangeable senior unsecured notes, we now estimate
higher recoveries for senior unsecured debtholders in the event of
a payment default.

"The stable outlook reflects S&P Global Ratings' expectation that
Centennial's credit measures will be moderate over the next two
years, and that the company will spend within cash flows. We expect
that Centennial will maintain FFO to debt around 30% and debt to
EBITDA below 3x.

"We could lower the rating if we expected FFO to debt to come close
to 12% or debt to EBITDA to approach 5x with no near-term remedy,
or if liquidity deteriorated. This would most likely occur if
commodity prices significantly weakened, the company did not meet
our oil production growth expectations, or due to a leveraging
transaction."

An upgrade would be possible if Centennial held the scale of its
reserves and production stable, while maintaining adequate
liquidity, and brought FFO to debt closer to 45%, while generating
more meaningful free cash flow.


CENTURY 21: Department Stores to Have Post-Chapter 11 Rebirth
-------------------------------------------------------------
Law360 reports that the attorneys for shuttered retailer Century 21
Department Stores told a New York bankruptcy judge Monday, April
26, 2021, that the chain is slated to reopen in Manhattan after its
former owners purchased the brand's intellectual property in the
Chapter 11 case.

During a virtual hearing on confirmation of Century 21's plan of
liquidation, debtor attorney Peter Young of Proskauer Rose LLP said
the company has shut down all of its stores and liquidated most of
its assets already, but that the Gindi family — descendants of
the store's founders — had repurchased the Century 21 name
through a bankruptcy sale.

                 About Century 21 Department Stores

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

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

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

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

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

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


CHESAPEAKE ENERGY: Searches for Next CEO After Lawler Exits
-----------------------------------------------------------
Simon Casey of Bloomberg News reports that Chesapeake Energy Corp.
is searching for its next chief executive officer after the sudden
departure of Doug Lawler less than three months on from the
company's exit from bankruptcy and as speculation swirls about
shale-industry consolidation.

Lawler's departure is effective April 30, 2021, and Chairman Mike
Wichterich will serve as interim CEO, the Oklahoma City-based
company said Tuesday, April 27, 2021, in a statement.

"Doug leaves the Company in a great position for future success,
and this decision is not a reflection of his performance or the
result of any action on his part," Wichterich said in an email.

                  About Chesapeake Energy Corp.

Headquartered in Oklahoma City, Chesapeake Energy Corporation's
(NASDAQ: CHK) operations are focused on discovering and responsibly
developing its large and geographically diverse resource base of
unconventional oil and natural gas assets onshore in the United
States.

Chesapeake Energy and its affiliates sought Chapter 11 protection
(Bankr. S.D. Tex. Lead Case No. 20-33233) on June 28, 2020, after
reaching terms of a Chapter 11 plan of reorganization to eliminate
approximately $7 billion of debt.

The Debtors tapped Kirkland & Ellis LLP as legal counsel, Jackson
Walker LLP as co-counsel and conflicts counsel, Alvarez & Marsal as
restructuring advisor, Rothschild & Co and Intrepid Financial
Partners as financial advisors, and Reevemark as communications
advisor. Epiq Global is the claims agent, maintaining the page
http://www.chk.com/restructuring-information          

Wachtell, Lipton, Rosen & Katz serves as legal counsel to
Chesapeake Energy's Board of Directors.

MUFG Union Bank, N.A., the DIP facility agent and exit facilities
agent, has tapped Sidley Austin LLP as legal counsel, RPA Advisors
LLC as financial advisor, and Houlihan Lokey Capital Inc. as
investment banker.

Davis Polk & Wardell LLP and Vinson & Elkins L.L.P. serve as legal
counsel to an ad hoc group of first lien last out term loan lenders
while Perella Weinberg Partners and Tudor, Pickering, Holt & Co.
serve as the group's investment bankers.

Franklin Advisers, Inc., has tapped Akin Gump Strauss Hauer & Feld
LLP as legal counsel, FTI Consulting, Inc. as financial advisor,
and Moelis & Company LLC as investment banker.

On July 9, 2020, the Office of the U.S. Trustee appointed a
committee to represent unsecured creditors in Debtors' Chapter 11
cases. The unsecured creditors' committee has tapped Brown
Rudnick, LLP and Norton Rose Fulbright US, LLP as its legal
counsel, and AlixPartners, LLP as its financial advisor.

On July 24, 2020, the bankruptcy watchdog appointed a committee of
royalty owners.  The royalty owners' committee is represented by
Forshey & Prostok, LLP.


COHU INC: S&P Upgrades ICR to 'B+' on Expected Strong Performance
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S.-based
back-end semiconductor equipment and services provider Cohu Inc. to
'B+' from 'B-'.

At the same time, S&P raised its ratings on the company's
first-lien term loan to 'B+' from 'B-'. The recovery remains '3'.

The stable rating outlook on Cohu reflects S&P's expectation that
it will generate strong revenue growth of above 30% supported by
secular industry growth opportunities and materially higher
profitability, resulting in leverage below 2x by the end of 2021
and free cash flow of about $100 million in 2021.

Cohu stands to benefit from several multiyear industry growth
vectors. The company's financial results experienced significant
volatility through the last industry cycle. After reporting about
5% rise in pro forma sales in fiscal 2018 at about $778 million,
revenues dwindled by 25% in 2019 and then rebounded in the second
half of 2020 driven by recovery in the company's key end-markets
and several market growth drivers. Cohu significantly outperformed
our previous forecast the past couple of quarters and we now expect
it is poised to continue on a strong growth trajectory driven by
multiyear opportunities in mobility such as the accelerated
deployment of 5G handsets, and strong demand for electric vehicle,
battery management and automated driver assist technology in the
automotive sector. S&P forecasts that revenues will increase by
more than 30% in fiscal 2021 as the company capitalizes the
aforementioned opportunities, after which growth will moderate to
high-single-digit percentage area driven by ongoing industry
strength. The increase in revenues will also support a significant
growth in profitability due to operating leverage such that EBITDA
margins will expand to over 20% in 2021 from about 13% in 2020.

S&P said, "The stable outlook on Cohu reflects our expectation the
company will generate strong revenue growth of above 30% supported
by secular industry growth opportunities and will materially
improve profitability. We expect this to reduce leverage to below
2x by the end of 2021 and free cash flow of about $100 million in
2021. We also anticipate the company to pursue strategic
acquisitions while maintaining a disciplined financial policy."

S&P could lower its rating if:

-- Persistent decline in demand for semi capital equipment
depresses cash flow generation and profitability such that S&P
expects leverage to remain above 4x or FOCF to debt below 10% for a
sustained period; or

-- Cohu adopts a more aggressive financial policy including large
acquisitions or share repurchases such that it sustains leverage
above 4x.

Although unlikely over the coming year, S&P could raise its rating
if Cohu materially expands its operating scale with greater revenue
and more stable EBITDA margins, such that leverage is sustained
below 2x and FOCF to debt stays above 25% incorporating market
volatility and M&As.



CONN'S INC: Moody's Raises CFR to B1 & Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service upgraded Conn's, Inc.'s corporate family
rating to B1 from B2 and changed its outlook to stable from
negative. The company's probability of default rating was affirmed
at B2-PD. At the same time, Moody's upgraded Conn's speculative
grade liquidity rating to SGL-2 from SGL-3 and withdrew the Caa1
rating on the unsecured notes due 2022 as they have been fully
redeemed and are no longer outstanding.

The CFR upgrade reflects governance considerations, specifically a
conservative leverage policy, with recent debt reduction and
revolver maturity extension leading to improved financial
flexibility, good liquidity and a high overall corporate family
recovery rate. With the recent notes redemption, Conn's capital
structure now consists of an unrated $650 million asset-based
revolving credit facility, which is secured by substantially all
assets of the company, and around $465 million of asset backed
notes (ABS) issued by the company's variable interest entities
(VIEs).

Conn's profitability deteriorated significantly in fiscal 2021
(ended January 31, 2021), and its debt-to-EBITDA increased
materially, largely due to lower sales as a result of tighter
credit underwriting standards and coronavirus-related restrictions
and the adoption of CECL combined with an increase in forecasted
unemployment rates due to the coronavirus. Profit margins
deteriorated due to lower fixed logistic cost absorption on lower
sales, lower repair service agreement RSA commissions and
retrospective income, mix shift to lower margin products and higher
allowance for bad debts associated with the adoption of new
accounting under CECL, partially offset by cost reduction
initiatives. However, at the same time, the company generated
nearly $500 million of operating cash flow, benefitting from
increased cash and third party-financed sales along with improved
customer repayment rates. The company also reduced debt by over
$415 million by fiscal year end 2021. Conn's has taken significant
steps to de-risk the business and is now poised for profitable
growth, having started fiscal 2022 with improving credit portfolio
performance and retail same-store sales.

The outlook change to stable reflects Moody's expectation for a
return to revenue and earnings growth and improved credit metrics
in 2021.

The upgrade to SGL-2 reflects Moody's expectation for good
liquidity following the recent extension of its debt maturity
profile, including the $650 million asset-based revolving credit
facility (ABL) to March 2025 and redemption of its $141.2 million
unsecured notes due July 2022. With sizeable availability under its
revolver and recent access to the ABS market, Moody's expects that
the company will have ample liquidity to invest in growth of its
business. Moody's also expects the company to maintain ample
cushion under its financial covenants.

Upgrades:

Issuer: Conn's, Inc.

Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-3

Corporate Family Rating, Upgraded to B1 from B2

Affirmations:

Issuer: Conn's, Inc.

Probability of Default Rating, Affirmed B2-PD

Withdrawals:

Issuer: Conn's, Inc.

Senior Unsecured Regular Bond/Debenture, Withdrawn , previously
rated Caa1 (LGD5)

Outlook Actions:

Issuer: Conn's, Inc.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Conn's B1 CFR reflects dedicated customer base and attractive
product and finance offerings that offer a compelling alternative
to rent-to-own, as well as governance considerations, specifically
a conservative leverage policy and maintenance of good liquidity.
While debt/EBITDA is currently high at around 7 times, the
company's financial flexibility has significantly improved and
Moody's expects a return to revenue and earnings growth, which will
lead to significant improvement in fiscal 2022 (ending January
2022). Debt is typically weighted towards its credit portfolio
rather than the retail segment of the business. However, due to
significant repayment in fiscal 2021, this mix declined to around
41% of total debt including leases. The company's rating is
constrained by its relatively small size and limited geographic
breadth, with heavy reliance at present on the vagaries of the
Texas economy, which despite recent initiatives, can still have a
disproportionate impact on the performance of Conn's credit
business.

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

Over time, ratings could be upgraded if operating performance in
both the retail and credit businesses improve, leading to sustained
improvement in credit metrics. Specific metrics include Debt/EBITDA
sustained below 5.0 times, and EBIT/interest above 3.0 times.

Ratings could be downgraded if operating performance challenges
persist, if financial policy decisions turn aggressive through
acquisitions and/or shareholder returns, or if liquidity weakens.
Quantitative metrics include Debt/EBITDA sustained above 6.0 times
and EBIT/interest remaining below 2.0 times.

Headquartered in The Woodlands, Texas, Conn's is a retailer of
predominantly furniture and mattress, home appliances, and consumer
electronics. It provides proprietary financing of its products on a
secured installment loan basis which accounted for around 52% of
retail revenues in the fiscal year 2021 ended January 31, 2021.
Conn's operated 146 retail stores located in 15 states as of fiscal
2021, with a concentration in Texas (71, or 49%), Annual revenues
approached $1.4 billion.

The principal methodology used in these ratings was Retail Industry
published in May 2018.


CONNECTIONS COMMUNITY: May Use Cash Collateral Until June 30
------------------------------------------------------------
Judge Mary F. Walrath granted Connections Community Support
Programs Inc., interim authority to use the cash collateral of
Wilmington Savings Fund Society, FSB, a federal savings bank, to
pay the approved expenses according to the budget, subject to
permitted variances.  

The Debtor will have access to the Pre-petition Secured Creditor's
cash collateral until the earliest of these dates:

  (i) 5 p.m. (Eastern Time) on June 30, 2021,

(ii) the date on which an event of default occurs,

(iii) the date of the consummation of any sale of all,
substantially all, or any material portion of the Debtor's property
and assets,

(iv) the effective date of a Chapter 11 plan for the Debtor, and
(e) 5:00 p.m. (Eastern Time) on the date of the final hearing.

As of the Petition Date, the Debtor owes Wilmington Savings:

   * $8,947,403 in principal amount and $198,106 in interest, with
respect to a pre-petition revolving loan,

   *  $779,692 in principal amount and $8,002 in interest, with
respect to a pre-petition term loan,

   * $102,715 in principal and $1,104 in interest, with respect to
a pre-petition credit card.

Before the Petition Date, Wilmington Savings extended to the Debtor
a revolving line of credit of up to $9,000,000 in maximum aggregate
principal amount.  The Debtor granted Wilmington Savings a lien on
and security interest in all of its personal property to secure all
the obligations under the pre-petition revolver loan.  

Wilmington Savings also made a pre-petition loan to the Debtor for
$1,200,000 for which the Debtor granted Wilmington Savings a lien
on and security interest in certain of the Debtor's real property
as security.  Moreover, Wilmington Savings filed UCC financing
statements for these claims.  In addition, it made available for
the Debtor's use a business credit card pre-petition.   

The Court ruled that as adequate protection against diminution in
the value of Wilmington Savings' interest in the cash collateral:

     * Wilmington is granted legal, valid, binding, continuing,
enforceable, perfected, non-avoidable, and first priority
replacement liens on and security interests in all of the Debtor's
personal property and assets.  The diminution in Wilmington's
interest that is not compensated by post-petition collateral shall
constitute a cost and expense of administration of the Bankruptcy
Case, pursuant to Section 503(b)(1) of the Bankruptcy Code and,
subject to the carve-out, will have a super-priority status under
Section 507(b) of the Bankruptcy Code.

     * the Debtor (i) shall maintain all of its primary deposit
accounts and cash management services with Wilmington, and (ii)
shall not open any other depository accounts without first
obtaining Wilmington's prior written consent, which consent may be
conditioned or withheld in its sole and absolute discretion.

The order also provided that the Debtor's authority to use cash
collateral will be terminated upon the occurrence of events of
defaults, among which is the Debtor's inability to meet certain
milestones in its bankruptcy case.  

These milestones provide that:

   * by 11:59 p.m. (Eastern Time) on June 21, 2021, all qualified
bids with respect to the proposed sale of all or substantially all
of the Debtor's assets, shall have been submitted;

   *  on or before 11:59 p.m. (Eastern Time) on the date that is 30
days after the Petition Date, the Debtor shall have obtained entry
of an order approving the bidding procedures contained in the
Sale/Bidding Procedures Motion;

   * on or before 11:59 p.m. (Eastern Time) on June 23, 2021, the
Debtor shall have held and completed an auction in accordance with
the Bidding Procedures Order;

   * on or before 11:59 p.m. (Eastern Time) on June 28, 2021, the
Debtor shall have obtained the entry of one or more orders
approving the Winning Bid(s) and the transaction(s) contemplated by
the Winning Bid(s);

   * on or before 11:59 p.m. (Eastern Time) on June 30, 2021, the
Debtor shall have executed all Approved Transaction Documents and
consummated the Approved Transaction(s).

Parties-in-interest must file objections to the Debtor's use of
cash collateral by 4 p.m., on May 10, 2021.  Final hearing on the
motion is on May 17, 2021 in a Courtroom of the U.S. Bankruptcy
Court for the District of Delaware.

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

           About Connections Community Support Programs

Connections Community Support Programs Inc. is a multifaceted
not-for-profit 501(c)(3) health and human services organization
operating and founded in Delaware with over 100 locations
throughout the State of Delaware and more than 1,100 employees.  

Since its founding in 1985, CCSP has grown from providing
assistance to older adults with lifelong histories of psychiatric
hospitalization to one of Delaware's largest nonprofit
organizations that touches the lives of approximately 10,000 of
Delaware's most vulnerable citizens and their families, dealing
with behavioral health and substance use disorders, housing
challenges, and developmental and intellectual disabilities.  The
Organization leases 408 properties  (including 389 leased
facilities associated with housing and veterans' services) and owns
48 properties.

On April 19, 2021, Connections Community Support Programs Inc.
filed for Chapter 11 protection (Bankr. D. Del. Case No. 21-10723)
on April 19, 2021.  The Debtor estimated assets and debt of $50
million to $100 million as of the bankruptcy filing.

CHIPMAN BROWN CICERO & COLE, LLP, led by Mark L. Desgrosseilliers,
is the Debtor's counsel. SSG ADVISORS, LLC, is the investment
banker.  OMNI AGENT SOLUTIONS is the claims and noticing agent.



CORPORATE COLOCATION: Seeks Cash Collateral Access Thru Aug 10
--------------------------------------------------------------
Corporate Colocation Inc. asks the U.S. Bankruptcy Court for the
Central District of California for authority to use cash collateral
on an interim basis through August 10, 2021, as set forth in the
proposed budget, and provide replacement liens.

The Debtor requires the use of cash collateral to continue to
operate its business and avoid irreparable harm to the Debtor's
subtenants. The Debtor owns and operates a large server farm that
provides website services to about 25 subtenants that is located at
530 West Sixth Street, Suite 502 et. seq., Los Angeles, California
90014.

The Premises is located in downtown Los Angeles near the central
core of the internet network junction in Los Angeles. Debtor's
subtenants rely on it to provide fast access to the internet
through those connections and all of the necessary power, cooling
and other support for their businesses.

The Debtor and its landlord, 530 6th Street, LLC have been in
extensive litigation tor almost two years with as many as eight
lawsuits currently pending. The Landlord has constructively evicted
the Debtor from at least part of the several units it occupies. The
Debtor says the Landlord has also breached the leases by
restricting the amount of power and cooling water the Debtor needs
to fully utilize the Premises. As such, the Debtor's business and
cash flow has suffered and it has not been able to fully utilize
the Premises as provided under the leases.

The Landlord is currently nearing a judgement in the several
eviction actions it has filed. As such. the Debtor has filed this
bankruptcy proceeding to preserve its business as well as the
businesses of it subtenants. Any cessation in the Debtor's
operations will have devastating consequences for its goodwill and
continuing operations of its business as well as the businesses of
its subtenants.

The Debtor does not own any real property. One secured creditor,
the Small Business Administration, has an alleged broad security
interest in the Debtor's personal property and has an alleged
secured claim of $90,000.

The Debtor's alleged cash collateral currently consists mostly of a
minimal amount of its accounts receivable and its future cash flow.
The Debtor's personal properly total about $2,284,042.34 of which
$1,298,537.34 is listed as cash. However, the cash is in company
accounts and the alleged security has not been perfected on any of
the bank accounts.

The Debtor proposes that there will be no admissions or waiver of
any issues, and all parties, including Debtor, will maintain all
rights regarding the alleged secured claims which will be
determined in the future. The Debtor proposes that replacement
liens would be issued in the same validity, extent and priority as
existed on the filing date.

A copy of the motion and the Debtor's budget is available for free
at https://bit.ly/2R1sCx0 from PacerMonitor.com.

The Debtor projects total income of $235,763.83 and total profit of
$26,453.25 in the budget.

                  About Corporate Colocation Inc.

Corporate Colocation Inc. operates a large server farm that
provides website services to about 25 subtenants that is located at
530 West Sixth Street, Suite 502 et. seq., Los Angeles, California
90014. The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-12812) on April 7,
2021. In the petition signed by Jonathan Goodman, president, the
Debtor disclosed $2,284,042 in assets and $5,041,445 in
liabilities.

Robert M. Yaspan, Esq. at LAW OFFICES OF ROBERT M. YASPAN is the
Debtor's counsel.



COTTAGE CAR: Seeks Cash Collateral Access
-----------------------------------------
Cottage Car Wash, LLC asks the U.S. Bankruptcy Court for the
District of Massachusetts, Eastern Division, for authority to use
the cash collateral of Radius Bank.

The Debtor needs to pay ongoing expenses, including utilities, in
the early part of May 2021.

On March 28, 2019, the Debtor filed a petition for relief under
Chapter 11 of the Bankruptcy Code. The Debtor operated as a
debtor-in-possession and, ultimately, negotiated the terms of a
plan of reorganization with Radius Bank, its only secured creditor.
Except for a debt to Granite State Economic Development Corp.,
which was substantially oversecured by separate real estate owned
by the Debtor’s principal, the Debtor had, and has, virtually no
debt, except for the obligation to Radius.

On February 3, 2020, the Court entered an Order confirming the
Debtor's Second Amended Chapter 11 Plan of Reorganization. The Plan
provided for new, restructured promissory notes to be issued to
Radius. The Debtor made the first two payments to Radius, for
January and February 2020. But, in March 2020, the world was shut
down by the government mandated lockdown caused by the Covid-19
pandemic. The Debtor was no exception. The Debtor made no further
payments to Radius and in June 2020, Radius declared a default
under the Plan. Since the Plan was never consummated, the Debtor
was not able to seek a final decree, and the case did not close.

The Debtor therefore filed a new Chapter 11 case under Subchapter
V, again in order to avoid a foreclosure by Radius. In addition,
since Covid-19 and other intervening factors have caused a
substantial decrease in the value of the Debtor, the Debtor will
seek to reduce the secured claim of Radius, and restructure
payments based on the new secured claim.

The Debtor is aware that a second Chapter 11 filing in the wake of
a failed first Chapter 11 case is permitted only where there has
been an unexpected and unforeseen change in circumstances. However,
the Debtor submits there has not been an event that has been more
unexpected and unforeseen, and has caused more economic damage to
businesses like the Debtor, than the Covid-19 pandemic. The timing
of the confirmed Plan could not have been worse.

The Debtor's only secured creditors are Radius Bank and the Town of
Norfolk.  Under the Plan, the Radius debt was established to be
approximately $1.4 million.

The Debtor anticipates that the current amount due is substantially
higher. The Radius Debt is secured by the Property and by all of
the Debtor’s assets. The Debtor asserts that the Radius Debt is
substantially undersecured. The Debtor marketed the Property for
over a year prior to the Covid-19 pandemic and received no offers.
The Debtor believes that the Covid-19 pandemic, plus the recent
addition of a new, larger carwash in the vicinity has made the
Property virtually unsaleable as a carwash. The Debtor expects to
obtain an appraisal of the Property but anticipates its highest and
best value will be the land on which it sits.

The Town of Norfolk is owed $4,529, which is the current real
estate tax bill.

The Debtor is obligated to Granite State Economic Development
Corporation in the approximate amount of $121,000 pursuant to a
commercial promissory note in the original amount of $150,000. The
Granite State Debt is guaranteed by Michael Brabants and his wife,
Judith Brabants, and is fully secured by a mortgage on rental
property owned by the Brabants.

The Debtor's remaining unsecured debt is less than $2,000.

As adequate protection, the Debtor proposes to grant Radius s a
continuing replacement lien and security interest in the
post-petition accounts receivable generated by the car wash, and to
the proceeds thereof, to the same validity, extent and priority
that they would have had in the absence of the bankruptcy filing.

The Debtor will also make monthly adequate protection payments to
Radius in the amount of $5,263, which represents payment of
principal and interest on the secured portion of the Radius debt,
calculated at a rate of 4.25% per annum, and amortized over a
period of 20 years.

A copy of the motion is available for free at
https://bit.ly/3eAPX0C from PacerMonitor.com.

                  About Cottage Car Wash, LLC

Cottage Car Wash, LLC  is a Massachusetts Limited Liability Company
that owns and operates a self-serve car wash at 36 Pine Street,
Norfolk, Massachusetts. It has no employees and is run by its sole
member, Michael Brabants. It was formed by Mr. Brabants in 2009,
when it purchased a lot of land in Norfolk with the aim of building
and operating a car wash. It took more than three years to obtain
the necessary permits and build the car wash. It opened in March
2014, with higher-than-expected debt, in part caused by the
delays.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 21-10596) on April 26,
2021. In the petition signed by Michael Brabants, manager, the
Debtor disclosed $916,000 in assets and $1,481,676 in liabilities.

David B. Madoff, Esq. at MADOFF & KHOURY LLP is the Debtor's
counsel.



CRAVE BRANDS: Hearing on Continued Cash Access Moved to May 11
--------------------------------------------------------------
The hearing on the request of Crave Brands LLC and affiliated
debtor Meathead Restaurants, LLC, for authority to use cash
collateral has been continued to May 11, 2021, at 4 p.m. via Zoom
for Government.

The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, previously authorized Crave Brands LLC and
affiliate Meathead Restaurants LLC to use cash collateral in which
LQD Financial Corp. claims an interest, on an interim basis in
accordance with the budget, through May 14, 2021.  The Court also
set the hearing for April 27 to consider the Debtors' continued
access to cash collateral.

Crave Brands and Meathead Restaurants require access to cash
collateral for working capital purposes, payment of employees,
other general corporate purposes of the Debtors, and the
satisfaction of costs and expenses of administering their Chapter
11 cases.  

The cash collateral includes (a) the balance of funds, as of the
Petition Date, in an operating account with Fifth Third Bank, (b)
the proceeds of the sale of all inventory on hand as of the
Petition Date, and (c) the Employee Retention Credit (ERC) payment
under the CARES Act of about $700,000, which the Debtors expect to
receive on or about June 1, 2021.  

LQD Business Finance Loan Company has interest in the cash
collateral on account of a loan and financial accommodations it
extended to the Debtors and certain non-debtors, as borrowers.  As
of the Petition Date, the balance due to the Lender is $6,650,000
in principal, plus accrued interest at 17% per annum.

As security, the Borrowers granted the Lender a first priority lien
on and security interest in substantially all of their assets.  The
Lender filed UCC-1 financing statements with the Delaware Secretary
of State's Office against the Debtors.  No other creditor holds or
asserts an interest in the cash collateral.   

As adequate protection, the Debtors propose to:

   * grant the Lender replacement liens on the collateral to the
same extent, validity and priority of the Lender's pre-petition
liens on the Collateral to secure any diminution in value of the
Lender's interest in the Cash Collateral as of the Petition Date;

   * make all payments pertaining to the ordinary course of
business operations from the Debtors' account at Chase Bank and not
from the account at Fifth Third Bank.  The Lender does not hold a
lien or security interest in the Chase Account.

Moreover, the Debtors intend to pay immediately the ERC to Lender.


The Debtors pointed out that their ability to operate through the
use of the cash collateral is vital, even to their effort to
maximize the value of the assets.  Absent Court authority to cash
collateral access, the Debtors' estates and reorganization efforts
will be immediately and irreparably harmed, David A. Warfield,
Esq., the Debtors' proposed counsel at Thompson Coburn LLP, said.


The Debtors have filed individual petitions under Subchapter V of
Chapter 11 of the Bankruptcy Code but are seeking the joint
administration of their cases.  The Debtors are in the process of
developing a cash flow budget.

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

                       About Crave Brands

Crave Brands, LLC, a limited liability company located at 444 W.
Lake Street, 17th Floor, in Chicago, Illinois, and owner of
bankrupt Meatheads Burgers & Fries, filed for protection under
Subchapter V of Chapter 11 of the Bankruptcy Code with the U.S.
Bankruptcy Court for the Northern District of Illinois (Bankr. N.D.
Illi. Case No. 21-04729) on April 9, 2021.

In the Petition signed by Steve Karfaridis, manager, the company is
estimated with assets of up to $50,000 and liabilities between $1
million to $10 million.  Thompson Coburn LLP is the Debtor's
counsel.  Judge Timothy A. Barnes is assigned to the case.  

Proposed counsel to the Debtors:

     Lauren Newman, Esq.
     THOMPSON COBURN LLP
     55 East Monroe, 37th Floor
     Chicago, IL 60603
     Tel: (312) 580-2328
     Fax: (312) 580-2201
     Email:  lnewman@thompsoncoburn.com

           - and -

     David A. Warfield, Esq.
     THOMPSON COBURN LLP
     One U.S. Bank Plaza, Suite 2700
     St. Louis, MO 63101
     Tel: (314) 552-6079
     Fax: (314) 552-7000
     Email:  dwarfield@thompsoncoburn.com



CROWN HOLDINGS: S&P Alters Outlook to Stable, Affirms 'BB+' ICR
---------------------------------------------------------------
S&P Global Ratings affirmed the 'BB+' issuer credit rating on
Philadelphia, Pa.-based Crown Holdings Inc. and revised the outlook
to stable from negative.

The issue-level ratings and recovery ratings are unchanged at this
time. S&P expects to review these ratings once the company provides
details on the use of asset sale proceeds and potential impact on
recovery prospects on the debt issues.

The stable outlook reflects S&P's expectation Crown's revenue and
earnings will benefit from strong industry demand tailwinds,
leading to continued improved credit measures well below 5x in
fiscal 2021.

Following a brief pause due to the COVID-19 pandemic, demand for
metal can packaging has been robust, particularly in the U.S. The
shift to the at-home economy propelled a strong demand for metal
beverage cans that could not be fulfilled with domestic production.
In response, Crown used capacity from other regions that continued
to be slowed by the pandemic to fill orders, with unit volumes in
North America up 15% for 2020. European beverage demand improved
through the year, as did Asia Pacific, but the segment overall saw
4% volume declines in 2020. European food harvests improved
compared with the previous two years, resulting in 11.2% growth in
segment income.

The transit packaging segment was affected the most by the
pandemic, with lower manufacturing activity resulting in pull back
by customers and transitioning to lower-margin products. Still, the
segment saw improvement through the year and into the first quarter
of 2021, with higher industrial demand. Overall, global performance
for Crown was strong in 2020, eclipsing $1.8 billion adjusted
EBITDA compared with about $1.74 billion in 2019. S&P expects can
demand over the next several years to be robust, with the industry
racing to increase production capacity to meet such demand, which
includes new products as well as shifts from other substrates. A
rebound in GDP in the U.S., European, and Asia Pacific and other
regions should translate to higher earnings for transit packaging.
These factors underpin S&P's belief that Crown can manage S&P
Global Ratings-adjusted leverage well below the 5x level expected
for the current rating.

S&P said, "Crown has announced the sale of 80% of its European
Tinplate business for about EUR1.9 billion, which we expect it to
use to reduce debt. The loss of a strong cash generative asset is
offset by expected deleveraging from the sale proceeds and our
expectation for strong growth from the remaining core beverage can
business. The expected use of the proceeds to repay debt allows
Crown to reach its stated leverage target of 3x-3.5x (Crown's
calculation), while providing flexibility to support its growth
initiatives and share repurchases. Capital investments will be much
higher than recent years to support growth. Crown has announced an
increase in capital spending to $900 million during the first
quarter call from the previous $850 million, partially due to
elevated construction and material costs but also to accelerate
project spending, representing a sizable increase from the under
$600 million spent in 2020. The company expects to put 6 billion
units of annual can capacity into operation in each of 2021 and
2022, and we suspect that number could go higher if customers
continue to contract additional volumes. We expect the company to
repurchase shares with excess cash flows as it remains within its
target leverage thresholds.

"The stable outlook reflects our expectation Crown's revenue and
earnings will benefit from strong industry demand tailwinds,
leading to continued improved credit measures toward the 4x area in
the next year after a strong finish to fiscal 2020.

"We could lower our rating on Crown if we expected the company
would be unable to sustain debt leverage of less than 5x, which
could occur if it engaged in significant share repurchase activity
following the sale of its European Tinplate business and global
economic activity declined from our base case forecast, leading to
lower earnings and poor operating leverage.

"Although unlikely under the company's current financial policy, we
could raise the rating on Crown if the company's strong operating
performance and a more conservative financial policy supported its
adjusted debt to EBITDA sustained well below 4x and FOCF to debt
above 10% with a firm commitment of maintaining such a policy
through the credit cycle and potential acquisitions."


CUSTOM DESIGN: Seeks to Hire Henderson Law Firm as New Counsel
--------------------------------------------------------------
Custom Design Group, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of North Carolina to employ The
Henderson Law Firm, PLLC as its new bankruptcy counsel.

Henderson Law Firm will substitute for Moon Wright & Houston, PLLC,
the firm that initially handled the Debtor's Chapter 11 case.

The firm's services include:

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

   (b) negotiating, preparing and pursuing approval of a Chapter 11
plan, disclosure statement and all related documents;

   (c) preparing legal papers;

   (d) appearing in court; and

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

The principal attorney designated to represent the Debtor is James
Henderson, Esq., and his standard hourly rate is $450.

The attorney received a $10,000 retainer from Dewyone and Kerri
King, owner of equity in the Debtor.

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

Henderson Law Firm can be reached at:

     James H. Henderson, Esq.
     The Henderson Law Firm, PLLC
     1201 Harding Place
     Charlotte NC 28204-2826
     Tel: (704) 333-3444
     Fax: (704) 333-5003
     Email: henderson@title11.com

                     About Custom Design Group

Custom Design Group, LLC, a Hickory, N.C.-based company, filed a
Chapter 11 petition (Bankr. W.D.N.C. Case No. 20-50463) on Dec. 11,
2020.  In the petition signed by CEO Richard L. Stober, the Debtor
disclosed $717,349 in assets and $1,785,302 in liabilities.  Judge
Laura T. Beyer presides over the case.  The Debtor is represented
by The Henderson Law Firm, PLLC.


CYTODYN INC: Inks Deal With Chiral Pharma to Distribute Leronlimab
------------------------------------------------------------------
CytoDyn Inc. has executed an exclusive supply and distribution
agreement with Chiral Pharma Corporation to supply up to 200,000
vials of leronlimab to critically ill COVID-19 patients in the
Philippines under CSP authorizations.  This agreement will
accelerate the delivery of leronlimab upon an expanded
authorization under CSP.

Nader Pourhassan, Ph.D., president and chief executive officer of
CytoDyn, commented, "We are very pleased how quickly we reached
agreement with our commercial partner, Chiral Pharma in the
Philippines.  Chiral has been working diligently with the
Philippine FDA to ensure the regulatory path is cleared so we can
provide leronlimab to thousands of critically ill COVID-19 patients
under CSP authorization.  Upon quick recovery of the first Filipino
patient critically ill with COVID-19 treated with leronlimab,
Chiral is continuously receiving CSP requests and is hoping to
accelerate the availability of leronlimab under CSP to thousands of
critically ill COVID-19 patients.  In parallel, we are using data
generated from our CD12 open-label extension to pursue EUAs in
multiple countries experiencing surges in critically ill COVID-19
patients. The Company will accelerate manufacturing of leronlimab
at Samsung BioLogics upon such approval."

                         About CytoDyn Inc.

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

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

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


DESTILERIA NACIONAL: Court Won't Review PPP Ruling
--------------------------------------------------
Judge Enrique S. Lamoutte of the United States Bankruptcy Court for
the District of Puerto Rico denied the request of Destileria
Nacional, Inc., for reconsideration of a prior ruling with respect
to loans under the Paycheck Protection Program.

The Court previously granted the motion filed by Banco Popular de
Puerto Rico requesting that $88,500 disbursed to the Debtor be
allowed as an administrative expense priority claim.

The Debtor contends that the Court's February 5 decision takes
inconsistent and incorrect positions as to the Small Business
Administration's interim rules regulating the approval of PPP
loans.

On February 19, Destileria Nacional filed a motion for
reconsideration, alleging that the Court's legal conclusion and
ratio decidendi on the Debtor's eligibility for the PPP Funds is
unclear particularly with respect to the applicability of the
relevant interim rules of the SBA. This clarification is of the
utmost importance in view that it triggers the applicability of
certain key issues of law that were not discussed in the Court's
Opinion.

BPPR filed an opposition to the motion for reconsideration, stating
that the Debtor is rehashing arguments that the Court already
considered and simply did not agree with and should be summarily
discarded for purposes of Fed. R. Bank. Pr. 9023. BPPR also states
the Debtor conveniently ignores that courts have already concluded
that bankruptcy debtors are not eligible to be approved a PPP Loan.
To receive forgiveness of a PPP loan, the borrower must submit an
application for forgiveness to the lender servicing the PPP loan
along with certain certifications regarding how PPP funds were
spent. In effect, the Debtor is seeking review, not just of the
Opinion, but of all the cases that defeat its flawed reasoning.

In its decision, the Court said it "adopts and follows the
reasoning by U.S. Bankruptcy Judge Michael A. Fagone in In re
Penobscot Valley Hospital, 2020 WL 3032939 (Bankr. Me. June 3,
2020), holding that a PPP Loan under the CARES Act is a loan and
not a grant and that the bankruptcy exclusion for providing PPP
loans does not violate the anti-discrimination provisions of
section 525 of the Bankruptcy Code."  Judge Fagone also held that
"[t]he PPP is not a grant that is similar to a license, permit,
charter, or franchise. The PPP is not a permission granted by the
government to allow persons to engage in economic activity; it is a
government-guaranteed program of credit extension on generous terms
with forgiveness features intended to aid small businesses and
incentivize them to retain employees during an unprecedented
economic downturn."

The United States Trustee has decided not to take a position as to
the Debtor's Motion for Reconsideration. The Motion for
Reconsideration does not directly challenge any of the arguments
made by the U.S. Trustee in her Reply to the Debtor's Memorandum of
Law in Response to U.S. Trustee's Position on Paycheck Protection
Program. There, the U.S. Trustee argued that: (1) the PPP Loan
Documents and the SBA would require that the PPP Loan be granted an
administrative expense status if it is not forgiven; (2) the Debtor
failed to establish that the PPP Loan should be considered a grant
for all purposes, including Sec. 364(b); and (3) obtaining a PPP
Loan is not an activity within the "ordinary course of business,"
as required for Sec. 364(a) to apply.

In seeking reconsideration, the Debtor's arguments center around
whether the SBA's Fourth Interim Rule should be granted retroactive
effect, and whether the statement of exclusion in Form 2483 had any
binding effect."

According to BPPR, "as an important conclusion in the Opinion, the
Court overruled the Debtor's argument that the PPP Loan was a
grant, ruling that: (i) "since the court has concluded that PPP
loans are, as the name indicates, a loan, an application under
section 364 is required, irrespective of eligibility issues"; (ii)
that, "prior-court authorization to obtain post-petition credit
under Sec. 364(b) is required if the transaction is not 'in the
ordinary course of business'" and; (iii) that an "application for a
PPP Loan to provide emergency assistance and health care response
for persons affected by the 2020 coronavirus pandemic is clearly
not in the ordinary course of business".

During the Hearing, the Debtor admitted the PPP Funds were used for
the payment of employee salaries and utilities as an actual and
necessary expense to preserve the state and meet the criteria in 11
U.S.C.

Judge Lamoutte ruled that there are no manifest errors of law or
fact in the previous Opinion and Order. The Court declined to
revisit the very same arguments that the Debtor has raised in in
its pleadings, legal memoranda, and argumentation.

A full-text copy of the Court's Opinion and Order dated April 12,
2021, is available at https://bit.ly/3xlYpt5 from Leagle.com.

                    About Destileria Nacional

Destileria Nacional, Inc., a beer manufacturer headquartered in
Guaynabo, P.R., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 20-01247) on March 6,
2020.

At the time of filing, the Debtor estimated between $100,001 and
$500,000 in assets and between $500,001 and $1 million in
liabilities.  Judge Enrique S. Lamoutte Inclan oversees the case.
Then Debtor hired Isabel Fullana-Fraticelli & Asoc. PSC as its
legal counsel.



DIGITAL MEDIA: S&P Assigns 'B' ICR, Outlook Stable
--------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to
U.S.-based digital marketing and customer acquisition services
provider Digital Media Solutions Inc. (DMS).

S&P's 'B' issuer credit rating reflects DMS' participation in a
highly competitive and fragmented industry with low barriers to
entry, sector concentration risk, relatively small scale of
operations, and its pay-for-performance business model. DMS is a
data-driven, technology-enabled customer acquisition partner and
online marketing services provider. The company specializes in
providing high-quality customers or customer leads to its clients,
either through direct marketing in its Brand Direct segment (54% of
2020 revenue before intercompany eliminations) on behalf of its
clients, or through referrals and redirects to its clients from
DMS' owned and operated websites in its Marketplace segment (43% of
total revenue before intercompany eliminations). DMS provides its
clients with a highly customized customer acquisition platform that
spans the entire customer acquisition funnel--discovery and
awareness, conversion or purchase, and ongoing customer
engagement.

The company's owned and operated websites are not tied to a
specific vendor, nor are they brand-specific. This can provide
greater pricing for DMS than its direct marketing services because
the undecided shopper is more valuable to the marketplace and
demands a premium for customer conversion. However, DMS' owned
websites have limited brand recognition and face competition from a
large number of competitors, including the clients themselves on
whose behalf DMS is advertising.

DMS' pay-for-performance business model makes it vulnerable to
volatility in operating performance. The company's revenue model
typically consists of a pay-for-performance structure (for example,
cost per lead) where it takes responsibility to attract and deliver
leads to its clients with the expectation that the leads convert
into sales for DMS' clients. If DMS is unable to deliver a
sufficient amount of high-quality leads that its clients are
thereafter converting into customers, DMS' clients could look to
revise their pricing for DMS' services or solicit marketing
services elsewhere. If DMS is required to spend more on advertising
and traffic acquisition to maintain the quality of its
deliverables, we believe it would have limited ability to pass on
the cost increases and incremental ad spending to its clients. This
creates operating uncertainty and makes DMS vulnerable to earnings
volatility, in S&P's view.

The company's propriety first-party data asset provides it a
competitive advantage over peers. DMS promotes itself on the notion
it is able to best position the right ad at the right time to
potential leads. DMS delivers ads through email, push
notifications, purchased ad space on Google, Facebook, YouTube, and
other channels. When a user interacts with DMS, for example
entering personal information on a DMS-owned website such as
Protect.com to compare insurance quotes, DMS is aggregating that
user's data into a consumer profile that it stores on its
proprietary first-party database. DMS estimates it has around 150
million unique consumer profiles stored that it continuously
monitors and looks to expand. Although, any one singular data point
on a consumer may be of limited use, the data as it aggregates on a
consumer provides DMS insights and signals to deliver highly
targeted ads to them. However, S&P notes consumer data can become
stale if users do not have repeat interactions with DMS, and
consumers reached via email or through short messaging service
(SMS) can choose to opt-out of receiving marketing communications,
which also requires DMS to delete their data.

DMS benefits from good industry growth prospects, offset by sector
concentration. The company benefits from the ongoing shift to
digital customer acquisition from offline acquisition. As more
customers make their purchase decisions online, the company has a
larger pool of potential leads. However, the company is
concentrated in the insurance sector, where it derived 48% of sales
in 2020. S&P expects the insurance vertical to increase further in
2021 following the company's acquisition of Crisp. DMS is well
positioned to benefit as insurers increase their online digital
advertising share. DMS has maintained high retention rates in
excess of 90% with its insurance customers, which include multiple
large national providers. However, high exposure to the sector
could result in volatility in an economic downturn or trough in the
insurance underwriting cycle.

The company has an acquisitive growth strategy that could delay
deleveraging. DMS has completed 10 acquisitions over the last four
years, totaling about $160 million. The fragmented nature of the
industry provides DMS additional opportunities through acquired
growth expansion. S&P said, "We believe in the long run the company
could capitalize on these opportunities, and to the extent it is
unable to fund future acquisitions with cash or shareholder equity,
we believe the company could access the debt markets for additional
funding. However, our projections do not explicitly incorporate
future debt-funded acquisition spending, and we believe the company
is committed to reducing its net leverage over the next 12 months.
Any delays in acquisition integrations or cost overruns could delay
the company's pace of deleveraging."

S&P said, "We expect the company's leverage to decline to about
5x-6x in 2021, with gradual deleveraging toward 4x in 2022. DMS'
S&P Global Ratings adjusted leverage was 9x as of Dec. 31, 2020. We
estimate the company's S&P Global Ratings adjusted EBITDA will be
$40 million-$50 million in 2021, we adjust for about $10 million
combined of S&P estimated acquisition-related expenses and one-time
restructuring charges, as well as $8 million-$9 million of S&P
estimated capitalized software development costs. We then expect
EBITDA to increase to $60 million-$70 million in 2022 as
acquisition-related expenses roll off, DMS begins to realize cost
synergies from recent acquisitions, and the company continues to
grow given favorable tailwinds in digital advertising. We expect
DMS' FOCF to debt will remain 5%-10% in 2021, increasing to 15%-20%
in 2022, and that the company would use its excess cash primarily
to repay debt and engage in tuck-in acquisitions."

Financial sponsor's stake in the company poses risk of the company
pursuing an aggressive financial policy. DMS went public via an IPO
in 2020 in a reverse recapitalization with special purpose
acquisition company, Leo Holdings Corp. Following the IPO, the two
largest shareholders include Prism LLC, formed with a rollover of
management equity, and private equity firm Clairvest Group Inc.
Prism and Clairvest own approximately 40% and 35% of the total
voting shares of the company, respectively. S&P said, "Although we
believe Clairvest will have influence over company policy and has
the right to appoint two of the seven directors on the company's
board, we do not view Clairvest to have effective control over DMS.
Since Clairvest does not maintain majority control and the
founders/management have a significant stake in the company, we
view it less likely that DMS will undertake large buybacks or
dividend recapitalization transactions we view as more prevalent at
financial-sponsor owned and controlled companies." Notwithstanding,
even partial ownership by a financial sponsor poses risks in our
view of the company adopting an aggressive financial policy over
its stated goal of maintaining management adjusted leverage in the
3x area.

S&P said, "The stable outlook reflects our expectation for DMS' S&P
Global Ratings adjusted leverage to decline to 5x-6x in 2021, and
toward 4x in 2022, and for the company to maintain FOCF/debt above
5%. We expect secular growth in digital performance-based
advertising will drive mid- to high-teens-percent organic revenue
growth over the next 12 months, which along with fewer one-time
acquisition and integration costs will result in improved credit
metrics."

S&P may lower its ratings on DMS over the next 12 months if the
company's FOCF/debt falls below 5% or leverage is sustained above
5x with no clear path of deleveraging in 2022; this could occur
if:

-- Organic growth and profitability fall short of its base case
because of increased competition or data privacy changes,
indicating a structural change in the company's business; or

-- The company engages in a more aggressive financing policy,
resulting in debt-financed acquisitions or shareholder returns.

Although unlikely, S&P could raise its ratings on DMS over the next
12 months if the company:

-- Significantly expands in size, and is able to successfully
integrate its recent acquisitions while continuing to grow EBITDA
margins;

-- Increases the proportion of revenues driven by its owned and
operated websites with a greater proportion of organic traffic
generation as opposed to paid traffic; and

-- Exhibits a record of maintaining leverage below 4x.



DOOR STYLES: Seeks Approval to Hire Susan Lasky as Legal Counsel
----------------------------------------------------------------
Door Styles, Inc. seeks approval from the U.S. Bankruptcy Court for
the Southern District of Florida to hire Susan Lasky, Esq., an
attorney practicing in Florida, to handle its Chapter 11 case.

The services to be provided by the attorney include:

     (a) advising the Debtor regarding its powers and duties and
the continued management of its financial affairs;

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

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

Ms. Lasky has agreed to perform attorney's services at the reduced
rate of $400 per hour.  The rate for paralegal services is $200 per
hour.

Prior to its Chapter 11 filing, the Debtor agreed to the payment of
fees in the amount of $2,263 for pre-filing meetings and schedule
preparation and payment of the filing fee of $1,738.

Ms. Lasky disclosed in court filings that she is a "disinterested
person" as defined within Section 101(14) of the Bankruptcy Code.

The attorney holds office at:
   
     Susan D Lasky, Esq.
     320 S.E. 18 St.
     Ft. Lauderdale, Fl 33316
     Tel: (954) 400-7474
     Fax: (954) 206-0628
     Email: Sue@SueLasky.com

                      About Door Styles Inc.

Door Styles, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-13321) on April 7,
2021, listing under $1 million in both assets and liabilities.
Judge Robert A. Mark presides over the case. Susan D. Lasky, Esq.,
at Sue Lasky, PA, represents the Debtor as legal counsel.


ELI & ALI: Seeks Approval to Hire Berger Fischoff as Legal Counsel
------------------------------------------------------------------
Eli & Ali, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of New York to hire Berger, Fischoff, Shumer,
Wexler, Goodman, LLP as its legal counsel.

The firm's services include:

     a. advising the Debtor with respect to its powers and duties
in the continued management of its business and property;

     b. representing the Debtor at court hearings on matters
pertaining to its affairs;

     c. assisting the Debtor in the preparation and negotiation of
a plan of reorganization with its creditors;

     d. preparing legal papers; and

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

The firm's hourly rates are as follows:

     Partners      $435 - $575
     Associates    $315 - $425
     Paralegals    $185

Berger Fischoff will be paid a retainer of $28,000, plus $1,738 for
the filing fee.

Berger Fischoff does not represent any interest adverse to the
Debtor and its bankruptcy estate, according to court papers filed
by the firm.

The firm can be reached through:

     Heath S. Berger, Esq.
     Berger Fischoff Shumer Wexler & Goodman LLP
     6901 Jericho Turnpike #230
     Syosset, NY 1179
     Phone: 800-806-1136
     Email: hberger@bfslawfirm.com

                          About Eli & Ali

Eli & Ali, LLC, a Brooklyn, N.Y.-based wholesaler of farm product
raw materials, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. N.Y. Case No. 21-40920) on April 7, 2021.  In the
petition signed by Jeffrey Ornstein, managing member, the Debtor
disclosed $270,150 in assets and $1,427,375 in liabilities.  Judge
Jil Mazer-Marino oversees the case.  Berger, Fischoff, Shumer,
Wexler, Goodman, LLP is the Debtor's legal counsel.


ELMS INVESTORS: Seeks to Hire Stevenson & Bullock as Legal Counsel
------------------------------------------------------------------
Elms Investors, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Michigan to hire Stevenson & Bullock,
PLC as its legal counsel.

The firm will provide services in connection with the Debtor's
Chapter 11 case, which include legal advice regarding its powers
and duties under the Bankruptcy Code and representation in
negotiations.

S&B received $12,000 for pre-bankruptcy fees and expenses.

Elliot Crowder, Esq., a member of Stevenson & Bullock, disclosed in
a court filing that he and his firm are disinterested persons as
defined by Section 101(14) of the Bankruptcy Code.

Stevenson & Bullock can be reached at:

     Elliot G. Crowder, Esq.
     Stevenson & Bullock, P.L.C.
     26100 American Drive, Suite 500
     Southfield, MI 48034
     Tel: (248) 354-7906
     Fax: (248) 354-7907
     Email: ecrowder@sbplclaw.com

                       About Elms Investors

Elms Investors, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No.
21-30506) on March 30, 2021.  D. Mark Krueger, manager, signed the
petition.  At the time of the filing, the Debtor was estimated to
have assets of less than $50,000 and liabilities of between $1
million and $10 million.  Judge Joel D. Applebaum presides over the
case.  Stevenson & Bullock, P.L.C. represents the Debtor as legal
counsel.


ENC HOLDING: S&P Alters Outlook to Stable, Affirms 'B' ICR
----------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
affirmed its 'B' issuer credit rating on ENC Holding Corp. (ENC,
operating as the Evans Network of Cos.). S&P also affirmed its 'B'
issue-level ratings on the company's secured and delayed draw term
loans. The recovery rating (rounded estimate: 65%) remains '3'.

S&P said, "The stable outlook reflects our expectations that market
conditions will remain favorable through most of 2021 as demand for
freight transportation improves following pandemic-related economic
restrictions in 2020. We expect debt to EBITDA will improve
slightly in 2021 to around 4x from our expectations of the mid-4x
area in 2020 but remain commensurate with the rating."

ENC's performance in 2021 should benefit from both its intermodal
drayage and truckload brokerage segments. Historically, ENC has
specialized in brokering intermodal drayage, which involves the
short-haul movement of shipping containers to and from ports,
railroad terminals, and warehouses. In recent months, demand for
intermodal transportation has increased significantly, because
governments lifted economic restrictions, consumer demand
rebounded, and factories reopened. Intermodal demand has also
benefited from significantly higher container volumes at U.S.
ports, as well as higher spot market prices for truck freight
transportation, which has led to some modal shift. As a result,
intermodal rail traffic, which comprises both domestic and
international shipping containers, grew about 7% in the second half
of 2020 over previous-year levels, following an 11% decline in the
first half according to the Assn. of American Railroads. Volumes
have continued to rise so far in 2021, increasing about 14% through
the beginning of April, due in part to ongoing strong port traffic,
which S&P expects to persist through at least the first half of the
year.

S&P said, "Higher spot market pricing should also benefit ENC's
truckload brokerage segment. Nonetheless, we believe the record
level pricing across the company's service lines is unlikely to
persist over the longer term. Therefore, we anticipate that revenue
growth will moderate in 2022, as supply chain disruptions ease and
macroeconomic conditions normalize.

"We forecast margins to remain stable due in part to the nature of
the brokerage business. Freight brokers like ENC generally purchase
transportation on the spot market and charge shippers for the cost
of the transportation plus a premium. A portion of business is
contracted, which can lag market pricing. As a result, during
periods of rising prices, margins tend to decline, since the cost
of transportation can be more than the contracted rate, while
margins tend to expand during periods of declining prices, with the
transportation costs below the contracted rate. While this can
cause some volatility, over the longer term, margins tend to be
stable. ENC also benefits somewhat from its agent model, where it
typically charges a fixed share of gross revenue. Therefore, we
expect EBITDA margins will remain stable in the mid-single-digit
percent area through 2021.

"We expect ENC will remain acquisitive and benefit from full-year
contribution from recent acquisitions. The company completed two
acquisitions in 2020, funded with cash on hand and the remaining
portion of its delayed draw term loan. The transactions will
supplement its existing drayage and truckload operations. We also
expect ENC will continue to pursue small acquisitions, primarily
along its existing service lines or of agents within its network.

"Our outlook is stable. We expect ENC will benefit in 2021 from
strong demand for freight transportation, as well as its exposure
to intermodal drayage. We forecast credit metrics will improve
slightly but remain in line with the rating, with debt to EBITDA
decreasing to around 4x from the mid-4x area in 2020. We also
forecast funds from operations (FFO) to debt to remain stable in
the mid-teens percent area over the same period.

"We could lower ratings over the next 12 months if the company's
debt to EBITDA increases to around 6.5x on a sustained basis."

This could occur if:

-- Intermodal volumes weaken on lower import levels or reduced
consumer demand;

-- The drayage brokerage market experiences increased competition
from motor carriers or larger entrants; or

-- The company pursues a more aggressive financial policy, such as
a debt-financed dividend.

S&P could raise its ratings over the next 12 months if the
company's debt to EBITDA remains below 5x on a sustained basis, and
we believe management is committed to maintaining credit metrics at
this level.

This could occur if:

-- Higher spot market truck pricing persists longer than we
currently expect; or

-- The company is able to improve its pricing terms with customers
or agents.

Additionally, S&P would also expect the company to expand its
service offerings or geographic scale in order to consider a higher
rating.


ENERGY ACQUISITION: Moody's Alters Outlook on B3 CFR to Stable
--------------------------------------------------------------
Moody's Investors Service changed the ratings outlook for Energy
Acquisition Company, Inc. (dba Electrical Components International,
Inc., "ECI") to stable from negative. Concurrently, Moody's
affirmed the company's B3 corporate family rating and B3-PD
probability of default rating, along with its B2 first lien senior
secured rating and Caa2 senior secured second lien rating. Moody's
also assigned a B2 rating to the new $100 million of incremental
first lien term loan. Proceeds from the term loan will fund
acquisition of three companies serving automotive, defense,
appliance and industrial end markets.

"Stronger customer demand, recent market share gains and
deleveraging from the prospective acquisitions will drive stronger
credit metrics in 2021 and into 2022", says Shirley Singh, Moody's
lead analyst for the company.

Moody's anticipates that successful integration of these companies
will reduce leverage to 7.0x (on pro forma basis) from current
levels of 7.7x (as of December 2020). Liquidity will remain
adequate as internal cash generation continues to be constrained by
higher working capital usage and persisting COVID related cost.

The following rating actions were taken:

Affirmations:

Issuer: Energy Acquisition Company, Inc.

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Senior Secured 1st Lien Bank Credit Facility, Affirmed B2 (LGD3)

Senior Secured 2nd Lien Bank Credit Facility, Affirmed Caa2
(LGD5)

Assignments:

Issuer: Energy Acquisition Company, Inc.

Senior Secured 1st Lien Bank Credit Facility, Assigned B2 (LGD3)

Outlook Actions:

Issuer: Energy Acquisition Company, Inc.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

ECI's B3 CFR reflects the company's modest scale with relatively
high pro forma adjusted debt-to-EBITDA of 7.0x as of December 2020
(Moody's adjusted for acquisitions with add-backs for
restructuring, COVID and acquisition related costs). The company
serves cyclical sectors with a noteworthy concentration in the
North American and European white goods appliances sector. The
ratings are supported by the company's leading market position as a
wire harness manufacturer in North America and Europe, as well as
its low-cost manufacturing capabilities which provides a key
competitive advantage.

The stable outlook reflects Moody's expectation that ECI's leverage
over the course of 2021 will fall below 7.0x through a combination
of organic and acquisition-related earnings growth. The outlook
also assumes that the company will maintain adequate liquidity over
the course of next 12-18 months.

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

Ratings could be downgraded if Moody's expects debt-to-EBITDA to be
sustained above 7.5x as a result of weaker demand, operational
disruption or loss of a major customer. The ratings could be
downgraded if liquidity weakens for any reason, including sustained
negative free cash flow or increased revolver reliance. A sizable
debt-financed acquisition or dividend could also result prompt a
ratings downgrade.

Ratings could be upgraded if ECI is able to deleverage such that
Moody's adjusted debt-to-EBITDA below 6.0x and interest coverage
(EBITA-to-Interest) approaches 2.0x. Also, the company will have to
maintain good liquidity prior to an upgrade.

Headquartered in St. Louis, Missouri, Energy Acquisition Company,
Inc. (dba Electrical Components International, Inc.) is a leading
manufacturer of wire harnesses and a value-added assembly services
provider in North America, Europe, Asia and South America. The
company serves several industries including consumer appliances,
automotive, specialty transportation, HVAC, construction and
agricultural equipment. ECI is owned by the private equity firm
Cerberus Capital Management. Sales for the last twelve months ended
December 2020 were $915 million.

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.


EPIC ARCADES: Seeks to Hire Barton Brimm as Legal Counsel
---------------------------------------------------------
Epic Arcades SC, LLC seeks approval from the U.S. Bankruptcy Court
for the District of South Carolina to hire Barton Brimm, PA to
handle its Chapter 11 case.

The hourly rates of Barton Brimm's counsel and staff are as
follows:

     Christine E. Brimm   $350
     Brianna J. Morrison  $180
     Connie L. Fraser     $150

In addition, Barton Brimm will seek reimbursement for expenses
incurred.

Christine Brimm, Esq., an attorney at Barton Brimm, disclosed in a
court filing that her firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Christine E. Brimm, Esq.
     Barton Brimm, PA
     P.O. Box 14805
     Myrtle Beach, SC 29587
     Telephone: (803) 256-6582
     Facsimile: (803) 779-0267
     Email: cbrimm@bartonbrimm.com

                      About Epic Arcades SC

Epic Arcades SC, LLC sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. D. S.C. Case No. 21-101080) on April
16, 2021.  At the time of the filing, the Debtor disclosed $100,001
to $500,000 in assets and $500,001 to $1 million in liabilities.
Judge John E Waites presides over the case. Barton Brimm, PA
represents the Debtor as legal counsel.


EXCEL FITNESS: Moody's Hikes CFR to B3 & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service upgraded Excel Fitness Holdings, Inc.'s
Corporate Family Rating to B3 from Caa1, Probability of Default
Rating to B3-PD from Caa1-PD, and the rating for its senior secured
first lien bank credit facilities (revolver and term loan) to B3
from Caa1. The outlook is stable.

The upgrade of Excel Fitness' CFR to B3 reflect Moody's expectation
that operating performance including membership trends will
continue to recover in 2021 as a higher share of the public
receives vaccinations and the coronavirus pandemic subsides. As of
March 2021, total active due paying member count is trending at
about 95% of the pre-Covid level, which shows the resiliency of
Planet Fitness' high-value low-price point concept during the
pandemic once facilities reopened. Excel's lease adjusted
debt-to-EBITDA leverage was in the mid 8.0x for the fiscal year
ended December 31, 2020 (pro forma for the $10 million of add-on to
first lien in January 2021) and Moody's expects leverage will
decline to the low 6.0x range by year end 2021 due to a continuing
earnings recovery. The revision also reflects Moody's expectation
that Excel Fitness will maintain adequate liquidity over the next
year with an approximate $17 million cash balance at the end of
March 2021, access to an undrawn $10 million revolver due 2024 and
no meaningful maturities until the revolver expires in 2024.
Moody's also expects free cash flow to be about breakeven in FY21
and that the company will end FY21 with over $10 million of cash
and an undrawn revolver.

Moody's took the following rating actions:

Issuer: Excel Fitness Holdings, Inc

Corporate Family Rating, upgraded to B3 from Caa1

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

Senior Secured First Lien Credit Facilities (revolver and term
loan), upgraded to B3 from Caa1 (LGD3)

Outlook Actions:

Issuer: Excel Fitness Holdings, Inc

Outlook, revised to Stable from Negative

RATINGS RATIONALE

Excel Fitness' B3 CFR reflects its high leverage with Moody's
adjusted debt-to-EBITDA in the mid 8.0x at year end 2020 (pro forma
for the $10 million add-on in January 2021) due to the earnings hit
from facility closures during the coronavirus pandemic. Moody's
expect debt-to-EBITDA leverage will decline to the low 6.0x range
by year end 2021 based on an anticipated earnings recovery. The
rating also reflects Excel Fitness' very small scale, moderate
geographic concentration in the state of Texas and the business
risks associated with the highly fragmented fitness club industry
including high membership attrition rates, heavy competition from
multiple formats, and exposure to shifts in consumer spending and
economic cycles. In addition, the rating reflects the event and
financial policy risk due to private equity ownership. However, the
rating is supported by the company's franchise relationship with
Planet Fitness, the US's largest and fastest growing fitness club
chain that has a well-recognized national brand name. The rating
also benefits from longer term favorable demographic trends such as
the increased focus on health and fitness. Given the company is a
budget operator, Moody's believes its business would fare better
during a recession given its low price point as well as people
trading down from more expensive gyms.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
Excel Fitness from the current weak US economic activity and a
gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around Moody's forecasts is unusually high. Moody's
regard the coronavirus outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safety. Specifically, the weaknesses in Excel Fitness's credit
profile, including its exposure to discretionary consumer spending
have left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and the company remains
vulnerable to the ongoing coronavirus pandemic and social
distancing measures. Moody's expect the coronavirus concern for
fitness clubs will gradually ease over the next year once a growing
share of the public has been vaccinated.

Governance concerns reflect an aggressive financial policy and
limited financial disclosures under private equity ownership.

Fitness clubs have sensitive customer data including information
related to health, workout schedules, and credit cards. Protecting
data security is thus important to attracting and retaining
customers and increases operating costs. Rising labor costs are an
issue. Demographic and societal trends toward health and wellness
are positive social factors supporting demand growth, but growing
competition from technology-oriented workouts is likely to weaken
membership for facilities-based fitness providers unless they
invest to broaden their service offerings. Moody's views
environmental risks as low, but the company must meet environmental
regulations when locating and constructing new clubs.

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

The stable outlook reflects Moody's view that Excel Fitness'
leverage will improve over the next 12 to 18 months due to an
earnings recovery. The stable outlook also reflects Moody's view
that the company will have adequate liquidity over the next year
including an approximate $17 million of cash balance at end of
March 2021, access to an undrawn $10 million revolver and no
meaningful maturities until the revolver expires in October 2024.

Ratings could be upgraded if Excel Fitness delivers sustained
comparable club revenue growth while executing on its expansion
strategy. An upgrade would also require operating performance and
financial policies that support debt/EBITDA sustained below 5.5x,
and a larger revolver commitment to support its overall liquidity.

The ratings could be downgraded if there is deterioration of
membership levels, operating performance, credit metrics or
liquidity. Quantitatively, ratings could be downgraded should
debt/EBITDA remain above 7.0x for other than a temporary basis.

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

Headquartered in Austin, TX, Excel Fitness is a franchisee with 81
Planet Fitness clubs (at end of 2020) across six states. Excel
Fitness is owned by Altamont Capital Partners (slight majority)
with management (including certain founders) owning the remaining
equity. The company generated about $109 million in revenue in
2020.


EXCHANGE BUILDING: Seeks to Hire Bruner Wright as Legal Counsel
---------------------------------------------------------------
The Exchange Building Office Condominium Association seeks approval
from the U.S. Bankruptcy Court for the Northern District of Florida
to employ Bruner Wright, P.A. as legal counsel in its Chapter 11
case.

The hourly rates of Bruner Wright's counsel and staff are as
follows:

     Robert C. Bruner   $300
     Byron Wright III   $300
     Paralegal          $150

Bruner Wright received $11,738 as a retainer, of which $1,738 was
used to pay the filing fee and $1,020 for the firm's pre-bankruptcy
services.

Bruner Wright 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:

     Byron Wright III, Esq.
     Bruner Wright, PA
     2810 Remington Green Circle
     Tallahassee, FL 32308
     Telephone: (850) 385-0342
     Facsimile: (850) 270-2441
     Email: rbruner@brunerwright.com

                About The Exchange Building Office
                      Condominium Association

The Exchange Building Office Condominium Association sought
protection for relief under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Fla. Case No. 21-40129) on April 9, 2021, listing
under $1 million in both assets and liabilities.  Bruner Wright, PA
represents the Debtor as legal counsel.


FAITH CATHEDRAL: Seeks to Hire Windsor Aughtry as Realtor
---------------------------------------------------------
Faith Cathedral Look Up and Live Ministries, Inc. seeks approval
from the U.S. Bankruptcy Court for the District of South Carolina
to employ real estate firm Windsor Aughtry.

The Debtor requires the services of a real estate firm to liquidate
its property to help fund its Chapter 11 plan.  

The Debtor owns approximately 22 acres of land on which their
church building is situated.  Much of the acreage is unused.

Windosr Aughtry will get a 10 percent sales commission.

As disclosed in court filings, Windosr Aughtry does not hold or
represent an interest adverse to the Debtor's bankruptcy estate.

The firm can be reached through:

     Laurens Nicholson
     Windsor Aughtry
     40 W Broad Street, Suite 500
     Greenville, SC 29601
     Office: 864.271.9855
     Cell: 864.270.2706
     Fax: 864.370.0042
     Email: lnicholson@windsoraughtry.com

                   About Faith Cathedral Look Up
                       and Live Ministries

Faith Cathedral Look Up and Live Ministries, Inc., a tax-exempt
religious organization based in Piedmont, S.C., filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D.S.C. Case No. 20-03333) on Aug. 24, 2020. Jenette Cureton,
assistant administrator, signed the petition. At the time of the
filing, the Debtor disclosed $1 million to $10 million in both
assets and liabilities. Judge Helen E. Burris oversees the case.
Jason Ward Law, LLC is the Debtor's legal counsel.


FESTIVE WORKS: Court Conditionally Approves Disclosure Statement
----------------------------------------------------------------
Judge John K. Sherwood has entered an order conditionally approving
the Disclosure Statement of Festive Works, LLC dated April 20,
2021.

May 25, 2021 is fixed as the last day for filing and serving
written objections to the Disclosure Statement and confirmation of
the Plan.

May 25, 2021 is fixed as the last day for filing written
acceptances or rejections of the Plan.

A hearing will be held on June 1, 2021, at 10:00 am for final
approval of the Disclosure Statement and for confirmation of the
Plan before the Honorable John K. Sherwood, United States
Bankruptcy Court, District of New Jersey, 50 Walnut Street, Newark,
NJ 07102, in Courtroom 3D.

                        About Festive Works

Festive Works, LLC, sought Chapter 11 protection (Bankr. D.N.J.
Case No. 21-10445) on Jan. 20, 2021.  The case is assigned to Judge
John K. Sherwood.  In the petition signed by Agapios Kyritsis,
member, the Debtor disclosed $1 million to $10 million in assets
and liabilities.  The Debtor tapped John S. Mairo, Esq., at Porzio,
Bromberg & Newman, P.C. as counsel.  M. Greenwald Associates LLP
serves as the Debtor's financial advisor.


FF FUND: May 27 Continued Plan Confirmation Hearing Set
-------------------------------------------------------
Judge Laurel M. Isicoff has entered an on that the confirmation
hearing on the Plans of FF Fund I, L.P., F5 Business Investment
Partners, LLC, is continued to May 21, 2021 and May 27, 2021 at
9:30 a.m. via video conference.

The hearing on the Acadaca Motion is continued to May 21, 2021 at
9:30 a.m.

The hearing on the Final Fee Applications is continued to May 21,
2021 at 9:30 a.m.

The deadline for parties to object to confirmation of the Plans is
extended through May 7, 2021.

The deadline for the Debtors to file their Confirmation Affidavit
and Confirmation Report is extended through May 18, 2021.

                         About FF Fund

FF Fund I, L.P., is a limited partnership that was formed in August
2010.  FF Fund's general partner is FF Management.  FF Fund's
offering documents identified a broad range of investment
strategies to achieve its stated objectives of "capital
appreciation and current income."

FF Fund has 13 subsidiaries and affiliates that FF Management set
up and routinely evolved over the roughly 10 years since FF Fund's
formation for various accounting, tax, audit, insurance,
regulatory, liquidity, operational, and administrative reasons.

F3 Real Estate Partners, LLC, was established to invest in real
estate primarily from 2011 through 2019.  Prior to the CRO's
appointment, F3 purchased and then sold a residential complex
containing 87 condominium units in West Palm Beach, FL, which sale
transaction closed in May 2019.

F5 Business Investment Partners, LLC, held and currently owns the
majority of the current investments made by FF Fund with monies
received from the Limited Partners.  The investments made by the F5
consisted mainly of (i) illiquid, non-tradeable privately held
shares in early-stage or start-up companies, (ii) minority
interests in real estate partnerships, or (iii) unsecured
promissory notes.

F6 Standard Securities Partners, LLC, held liquid hedge fund
investments.

The remainder of the subsidiaries had nominal investments.

On Sept. 24, 2019, FF Management retained Soneet R. Kapila to
manage FF Fund.  FF Management was and is controlled by Andrew
Franzone.

FF Fund I L.P., an investment company based in Miami, Fla., filed a
voluntary petition for relief under Chapter 11 of Bankruptcy Code
(Bankr. S.D. Fla. Case No. 19-22744) on Sept. 24, 2019.  In the
petition signed by CRO Soneet R. Kapila, the Debtor estimated $50
million to $100 million in assets and $1 million to $10 million in
liabilities.  

On Jan. 24, 2020, F5 Business Investment Partners, LLC, an
affiliate of FF Fund, filed a Chapter 11 petition (Bankr. S.D. Fla.
Case No. 20-10996).  The case is jointly administered with that of
FF Fund.  At the time of the filing, F5 Business estimated assets
of between $10 million and $50 million and liabilities of between
$1 million and $10 million.

Chief Judge Laurel M. Isicoff oversees the cases.  

Paul J. Battista, Esq., at Genovese Joblove & Battista, P.A., is
serving as the Debtors' legal counsel.

No creditors' committee has been appointed in the case.  In
addition, no trustee or examiner has been appointed.


FLORIDA HOMESITE: Case Summary & 3 Unsecured Creditors
------------------------------------------------------
Debtor: Florida Homesite Developers, LLC
        13556 Kiltie Ct
        Delray Beach, FL 33446

Chapter 11 Petition Date: April 28, 2021

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 21-14081

Debtor's Counsel: Susan D. Lasky, Esq.
                  SUE LASKY, PA
                  320 SE 18 Street
                  Fort Lauderdale, FL 33316
                  Tel: 954-400-7474
                  E-mail: Jessica@SueLasky.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Valerie Johnson, the managing member.

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

https://www.pacermonitor.com/view/H2AIGBI/Florida_Homesite_Developers_LLC__flsbke-21-14081__0001.0.pdf?mcid=tGE4TAMA


FORD MOTOR: DBRS Assigns BB(high) Rating on Sr. Unsecured Notes
---------------------------------------------------------------
DBRS Limited assigned a rating of BB (high) with a Negative trend
to Ford Motor Company's new Senior Unsecured Convertible Notes.
Additionally, pursuant to "DBRS Morningstar Criteria: Recovery
Ratings for Non-Investment-Grade Corporate Issuers" (August 2020),
the Notes are assessed with a recovery rating of RR4. The Notes are
of an aggregate amount of $2 billion (with initial purchasers
having a 13-day option to purchase up to an additional $300 million
aggregate amount of the Notes to cover over-allotments, if any) and
have no regular interest (i.e., 0% interest). The initial
conversion rate for the Notes is 57.1886 of Ford common stock per
$1,000 principal amount of the Notes (equivalent to an initial
conversion price of approximately $17.49 per share). The Notes are
to mature on March 15, 2026, unless earlier repurchased, redeemed,
or converted, although the Company may not redeem the Notes prior
to March 20, 2024.

Ford has indicated that proceeds from the Notes will be used for
general corporate purposes, including the potential repayment of
debt. DBRS Morningstar notes that the Company, as with several
automotive original equipment manufacturers, raised substantial
indebtedness in early 2020 in response to liquidity concerns
stemming from the global escalation of the Coronavirus Disease
(COVID-19) pandemic. This included drawing down available
(revolving) loan facilities for a total amount of $15.4 billion as
well as unsecured notes issuance in an aggregate amount of $8.0
billion. As a function of a meaningful industry recovery in the
second half of 2020 (H2 2020) and Ford's favorable working capital
performance (both of which exceeded DBRS Morningstar's
expectations), the Company fully repaid its corporate revolver in
Q3 2020. This notwithstanding, Ford's long-term indebtedness as of
year-end 2020 was considerably higher year over year, essentially
reflecting the aforementioned unsecured notes issuance. DBRS
Morningstar observes that substituting the Notes for Ford's earlier
issuances (most notably those of last year) would result in a
meaningful reduction in interest expense.

While prior expectations for a significant recovery this year in
automotive conditions (following the 2020 supply/demand disruptions
substantially attributable to the coronavirus pandemic) have been
undermined by the semiconductor shortage (which is currently
estimated to persist through H1 2021), global demand levels are
nonetheless anticipated to trend positively over the near to medium
term. Ford's restructuring activities represent another current
headwind, although the Company is beginning to reap meaningful
rewards there from, as demonstrated by substantial progress in
Ford's migration of its portfolio toward commercial and utility
vehicles, with the Company having a very favorable product cadence
that includes recent/forthcoming launches of models such as the
F-150, Bronco, and Mustang Mach-E.

Notes: All figures are in U.S. dollars unless otherwise noted.


FRESH ACQUISITIONS: VitaNova DIP Loan, Cash Collateral Access OK'd
------------------------------------------------------------------
Fresh Acquisitions, LLC and its debtor-affiliates sought and
obtained permission from the U.S. Bankruptcy Court for the Northern
District of Dallas to enter into a senior secured loan facility of
up to $3,500,000 in aggregate principal amount with VitaNova
Brands, as the DIP Lender.

The DIP Lender is an entity that provides the Debtors with certain
administrative functions, such as accounting, cash management, tax,
payroll, HR, IT, marketing, legal, and insurance, and itself is
owned and controlled by certain individuals who control the
Debtors' ultimate owners and sit on the Debtors' respective
boards.

The DIP facility consists of $3,000,000 of New Money DIP Loans and
$500,000 of DIP Roll-Up Loans.  First priority liens will be
granted to the DIP Lender on the assets of all of the Debtors,
except the Furrs Debtors -- Fresh Acquisitions, LLC and FMP SA
Management Group, LLC -- as well as allowed super-priority claims,
pursuant to Section 364(c)(1) of the Bankruptcy Code, subject to
the Carve Out.  The DIP facility will provide the Debtors with
sufficient DIP financing to fund their Chapter 11 cases, bridging
to a sale of substantially all of the Debtors assets and
confirmation of a liquidating plan.

The Debtors sought to draw up to $1,000,000 in New Money DIP Loans
of interim financing, subject to the DIP Credit Agreement, the
Interim Order and the Approved Budget, from the entry of the
interim order until the date a final order is entered.

The DIP Facility will bear interest at 10% per annum, due and
payable only upon maturity.  After the occurrence and during the
continuation of an event of default under the DIP Credit Agreement,
interest on the DIP Loans shall accrue at the Interest Rate plus
2.00% per annum.

The DIP Financing will mature upon the earliest to occur of:

   * August 20, 2021,

   * the closing date of a sale of all or substantially all of the
Debtors' assets under Section 363 of the Bankruptcy Code,

   * the effective date of a confirmed Chapter 11 plan,

   * the failure to meet the milestones, or

   * the occurrence of an event of default.

One of the Milestones provided that, not later than 75 days after
the Petition Date, the Debtors shall have obtained entry of an
order approving the sale of substantially all of their assets, free
and clear of all liens, claims, encumbrances and interests, and the
assumption and assignment of certain executory contracts and
unexpired leases in connection with a sale under Section 363 of the
Bankruptcy Code, in form and substance acceptable to the DIP
Lender.

The Bankruptcy Court also authorized the Debtors to use, on an
interim basis, the cash collateral of the DIP Lender and continue
using the cash collateral of Arizona Bank & Trust (ABT), the
Debtors' prepetition lender.  AB&T has first priority liens on
substantially all assets of the Furrs Debtors.

On January 2, 2015, Fresh Acquisitions, LLC and non-Debtor Alamo
Dynamics, LLC, entered into a Commercial Loan Agreement with
Arizona Bank & Trust  in the original principal amount of
$8,707,500. The CLA was guaranteed by, among others, FMP SA
Management Group, LLC, one of the Debtors. On June 29, 2015, the
CLA was modified to incorporate, among ther things, a short term
bridge loan of $14,500,000. The CLA was further modified from time
to time thereafter, including on or about May 30, 2017, when FMP
was added as a borrower. The CLA is guaranteed by a variety of
non-Debtor entities and individuals.

On February 18, 2021, AB&T entered into a forbearance agreement
with Fresh, Alamo, FMP, and the Guarantors as a result of certain
alleged defaults under the CLA which, among other things, extended
the maturity date for the CLA to July 30, 2021.

As of the Petition Date, Fresh and FMP are indebted to AB&T of
$13,466,150 in principal and accrued interest, plus additional
costs and fees.

The DIP Order provides that the Pre-petition Lender and the DIP
Lender are entitled to (i) adequate protection liens and (ii)
adequate protection super-priority claims as adequate protection of
their interests in the Prepetition Collateral for the amount of
actual diminution in the value of their respective interests in the
Prepetition Collateral from and after the Petition Date.  Moreover,
the Pre-petition Lender shall have the right to credit bid the full
amount of (or any portion of) the pre-petition secured obligations
during any sale of all or any portion of the pre-petition
collateral

The Debtor said the DIP Financing, although effectively an insider
transaction, is the product of good faith, arm's-length
negotiations and approvals by the key disinterested parties, and
that the proposed $500,000 pre-petition roll up is well within
market standards.

The Court's Order provides for a Carve Out for:

     (i) all fees required to be paid to the Clerk of the Court, or
any claims and noticing agent acting in such capacity, and to the
Office of the United States Trustee under 28 U.S.C. section 1930(a)
plus interest at the statutory rate (without regard to the
Termination Declaration Date;

    (ii) all accrued and unpaid fees, disbursements, costs, and
expenses incurred by professionals or professional firms retained
by the Debtor or its Estate and any Creditors Committee, which
Allowed Professional Fees: (x) are allowed by the Court, at any
time, whether by interim order, procedural order, or otherwise; (y)
were incurred (regardless of when invoiced or applied for) on or
after the Petition Date, and prior to the Termination Declaration
Date, and (z) are generally provided for in the Approved Budget;
and

   (iii) Allowed Professional Fees of Professional Persons in an
aggregate amount not to exceed $250,000 for all such Professionals,
incurred after the first business day following delivery by the DIP
Lender of the Carve Out Trigger Notice, to the extent allowed at
any time, whether by interim order, procedural order, or otherwise
and such availability remains in the Approved Budget for the
payment of Allowed Professional Fees.

The hearing to consider entry of the Final Cash Collateral Order is
scheduled for May 6 at 9:30 a.m.

                  About Fresh Acquisitions

Fresh Acquisitions LLC and Buffets, LLC, operate independent
restaurant brands and are based in San Antonio, Texas.  Prior to
the COVID-19 pandemic, Fresh and its affiliates were a significant
operator of buffet-style restaurants in the United States with
approximately 90 stores operating in 27 states.  Fresh's concepts
include six buffet restaurant chains and a full service steakhouse,
operating under the names Furr's Fresh Buffet, Old Country Buffet,
Country Buffet, HomeTown Buffet, Ryan's, Fire Mountain, and Tahoe
Joe's Famous Steakhouse, respectively.

Buffets Holdings, Inc., filed for Chapter 11 relief in January 2008
and won confirmation of a reorganization plan in April 2009. In
January 2012, Buffets again sought Chapter 11 protection and
emerged from bankruptcy in July 2012.

On Aug. 19, 2015, Alamo Ovation, LLC, acquired Buffets Restaurants
Holdings, Inc., and as a result of the merger, Buffets operated
over 300 restaurants in 35 states.  Down to 150 restaurants in 25
states after closing unprofitable locations, Buffets LLC and its
affiliated entities sought Chapter 11 protection (Bankr. W.D. Tex.
Case No. Lead Case No. 16-50557) in San Antonio, Texas, on March 7,
2016.  On April 27, 2017, the Court confirmed the Debtors' Second
Amended Joint Plan of Reorganization. The Effective Date of the
Plan was May 18, 2017.

Fresh Acquisitions, LLC and 14 affiliates, including Buffets LLC
(a/k/a Ovation Brands), sought Chapter 11 protection (Bankr. N.D.
Tex. Lead Case No. 21-30721) on April 20, 2021. Fresh Acquisitions
was estimated to have $1 million to $10 million in assets and $10
million to $50 million in liabilities.  

The Hon. Harlin Dewayne Hale is the case judge.

In the 2021 cases, the Debtors tapped GRAY REED as counsel; and B.
RILEY ADVISORY SERVICES as financial advisor.  KATTEN MUCHIN
ROSENMAN LLP is special counsel.  BMC GROUP, INC., is the claims
and noticing agent.  HILCO REAL ESTATE, LLC is the real estate
consultant.

Arizona Bank & Trust, as creditor, is represented by:

     Patrick A. Clisham, Esq.      
     ENGELMAN BERGER, PC
     2800 North Central Avenue, Suite 1200
     Phoenix, AZ 85004
     E-mail: pac@eblawyers.com

The DIP Lender is represented by:

     J. Michael Sutherland, Esq.
     Carrington Coleman
     901 Main Street, Suite 5500
     Dallas, TX 75202
     E-mail: msutherlandfeccsb.com



FRONTERA HOLDINGS: Plan to Swap $799 Mil. Debt for Equity Okayed
----------------------------------------------------------------
Daniel Gill of Bloomberg Law reports that Electricity exporter
Frontera Holdings LLC will swap $799 million of debt for equity
after winning court approval of its bankruptcy plan.

The plan, approved Monday, April 26, 2021, hands ownership of the
business to the company's lenders.  Unsecured creditors, holding a
total of about $14.5 million in claims, will be paid in full.

Current shareholders' interests will be wiped out, according to
Frontera's plan disclosures.

Frontera likely won't be back in bankruptcy in the foreseeable
future, Judge Marvin Isgur of the U.S. Bankruptcy Court for the
Southern District of Texas said at a hearing Monday, April 26,
2021.

                      About Frontera Holdings

Frontera Holdings, LLC operates a 526-MW combined-cycle natural gas
plant near Mission, Texas, and exports power to Mexico.

On Feb. 3, 2021, Frontera Holdings LLC and five affiliated debtors
each filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. No. 21-30354) to
seek confirmation of a debt-for-equity plan that would reduce debt
by $800 million. At the time of the filing, Frontera Holdings had
estimated assets of between $100 million and $500 million and
liabilities of between $1 billion and $10 billion.

Judge Marvin Isgur oversees the cases.

The Debtors tapped Kirkland & Ellis and Jackson Walker L.L.P. as
their legal counsel, Alvarez & Marsal as financial advisor, and PJT
Partners LP as investment banker.  Prime Clerk LLC is the claims
agent.

The term loan lenders' advisors include Houlihan Lokey Inc. and
Akin Gump Strauss Hauer & Feld LLP.

The noteholders' advisors include Silver Foundry, LP and Morgan,
Lewis & Bockius LLP.


GC EOS: S&P Upgrades ICR to 'B-' on Deleveraging, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on aftermarket
auto parts supplier GC EOS Buyer Inc. (BBB Industries) to 'B-' from
'CCC+'. At the same time, S&P raised its rating on its first-lien
debt to 'B-' from 'CCC+' and its rating on its second-lien term
loan to 'CCC' from 'CCC-'.

S&P said, "The stable outlook reflects our expectation that BBB
Industries will maintain EBITDA margins close to 20%, allowing it
to generate a small amount of free cash flow. We expect the company
will maintain market share in its remanufactured product lines
while pursuing growth through acquisitions.

"We believe BBB Industries' credit measures will improve relative
to our prior expectations.Based on our improved margin assumptions,
we expect the company's credit measures to improve and its
financial commitments to appear more sustainable. We expect debt to
EBITDA to fall toward 7x this year and free operating cash flow
(FOCF) to debt to average about 2% longer term. However, we expect
FOCF will be modestly negative in 2021 as the company rebuilds
working capital. Additionally, we anticipate it will have adequate
liquidity despite its acquisitive nature, assuming it manages
acquisitions with fewer operational disruptions and large increases
to working capital."

The company's improved margins reflect cost savings, greater scale,
and the successful integration of Remy Power Products. BBB
Industries improved its purchasing scale after integrating Remy and
other large share gains from competitors. Cost savings recently
improved due to increased labor productivity. Also, it increased
the conversion of sales from gross to net through improved training
for its product installation, which reduced warranty costs and
returns. While BBB Industries' margins are historically volatile,
some of which could continue, S&P expects most improvements to be
sustainable.

S&P said, "We think the largest risks from the COVID-19 pandemic
are passed and expect vehicle miles traveled will continue to
increase. This is a key metric in determining demand for BBB
Industries' products. While still down over 10% in the first two
months of 2021, we believe they will recover as more people are
vaccinated and they gradually resume normal driving patterns. The
pace of the increase will depend on how higher use of personal
vehicles versus public transportation offsets reduced
commute-related travel as people continue to work from home, even
after the pandemic.

"We expect BBB Industries to continue to be acquisitive to propel
growth, which will prevent it from materially deleveraging. M&R
Precision Parts in Europe is the most recent significant
acquisition. Depending on the type of acquisition, the company must
initially invest in integration, which adds continuing risk to
operations.

"The stable outlook reflects our expectation that BBB Industries
will maintain EBITDA margins close to 20%, allowing it to generate
a small amount of free cash flow. We expect the company will
maintain market share in its remanufactured product lines and use
acquisitions to expand."

S&P could lower its rating on BBB Industries if:

-- EBITDA margins fall significantly or working capital needs
increase meaningfully, causing FOCF to become negative for multiple
quarters such that it affects liquidity; or

-- Leverage worsens from recent levels.

This would cause S&P to view BBB's financial commitments as
unsustainable. It could occur because of problems integrating
further acquisitions or the loss of a major customer because of
quality issues or increased competition.

S&P could raise the rating if:

-- BBB Industries' leverage falls below 6.5x;

-- The company generates an FOCF-to-debt ratio of more than 3% on
a sustained basis; and

-- S&P believes its private equity sponsor is unlikely to increase
leverage above 6.5x with acquisitions or dividends.



GDC TECHNICS: Files for Chapter 11 Bankruptcy
---------------------------------------------
Aisha Al-Muslim of The Wall Street Journal reports that Air Force
One supplier GDC Technics LLC has filed for bankruptcy and warned
that it would lay off more than 200 employees after Boeing Co.
canceled its contracts.

GDC, a Boeing subcontractor working on government executive fleets,
filed for chapter 11 protection Monday, April 26, 2021, in the U.S.
Bankruptcy Court in San Antonio. The Fort Worth, Texas-based
aerospace company valued both its assets and liabilities in the $10
million to $50 million range, according to court papers.

The decision to file for bankruptcy comes after Boeing and GDC sued
each other earlier in April 2021 over their business dealings in
building two new Air Force One aircraft, which would be used to
transport the U.S. president.

Chicago-based Boeing filed a lawsuit against GDC on April 7, 2021
in Texas state court alleging GDC was roughly a year behind
schedule in completing interior work on the two presidential
planes. The delays caused by missed deadlines allegedly resulted in
millions of dollars in damages to Boeing and jeopardized work that
is of critical importance to the U.S. Air Force and the president,
the lawsuit said.

Boeing, responsible for designing and manufacturing the military
aircraft, hired GDC as a subcontractor to design and build the
interiors of the planes. Boeing also hired GDC as a subcontractor
on existing Air Force One aircraft to help refurbish the
interiors.

A Boeing spokeswoman said Tuesday, April 27, 2021, that the company
canceled the contracts with GDC earlier this month "due to their
insolvency and failure to meet contractual obligations." Boeing
declined to comment on the bankruptcy filing.

GDC countersued Boeing on April 16, 2021, seeking at least $20
million. It alleged Boeing's mismanagement caused the delays in
completing the aircraft and that Boeing failed to pay what GDC was
owed for its work. It also alleged Boeing has damaged GDC's
reputation with the Air Force, its vendors and suppliers, and the
aviation industry.

"GDC’s financial stress resulted from Boeing holding up in excess
of $20 million in payments that should be paid to GDC from Boeing
for changes directed by Boeing and performance under the
subcontracts," GDC said in the lawsuit.

GDC, which is owned by aviation investment firm Oriole Capital
Group, plans to continue operating while restructuring its
finances, said Oriole Managing Partner Hossein Mousavi.

"GDC Technics looks forward to emerging from this process with a
bright future and will diligently work through the legal process to
keep its well-earned reputation," he said in a statement Tuesday,
April 27, 2021.

Boeing is working to mitigate any impact to the work on the
aircraft, as well as to GDC's suppliers, a Boeing spokeswoman said
Tuesday, April 27, 2021. Boeing plans to either shift the work
assigned to GDC to new suppliers or perform it in-house, she said.

In 2018, Boeing received a $3.9 billion contract from the U.S. Air
Force to convert two new 747-8 aircraft into presidential jets that
would replace the existing Air Force One models. The planes were to
be delivered by December 2024.

The modification to the two 747-8 aircraft includes electrical
power upgrades, a mission communication system, a medical facility,
interior improvements and autonomous ground operations
capabilities. The work is being performed at a Boeing facility in
San Antonio, the company spokeswoman said.

As a result of losing the Boeing contracts, GDC said it anticipated
permanently cutting 223 jobs in San Antonio and Fort Worth by May
9, 2021. The San Antonio facility is where the Air Force One work
was done.

"It is anticipated that most operations at the Fort Worth facility
will cease and that the San Antonio facility will close due to the
sudden and unexpected termination of a client contract," Brad
Foreman, chief executive of the company, wrote in a letter to the
Texas Workforce Commission dated April 9.

                       About GDC Technics

Headquartered in Fort Worth, Texas, GDC Technics LLC --
https://www.gdctechnics.com/ --  is a global aerospace company with
expertise in engineering & technical services, modifications,
electronic systems, R&D, and MRO services.

GDC Technics LLC sought Chapter 11 bankruptcy protection (Bankr.
W.D. Tex. Lead Case No. 21-50484) on April 26, 2021.  In the
petition signed by CEO Brad Foreman, it estimated assets between
$10 million and $50 million and liabilities between $10 million and
$50 million.  The case is handled by Honorable Judge Craig A.
Gargotta.  WICK PHILLIPS GOULD & MARTIN, LLP, led by Jason M. Rudd,
Esq., is the Debtor's counsel.


GENERAL CANNABIS: Lowers Net Loss to $7.7 Million in 2020
---------------------------------------------------------
General Cannabis Corp. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$7.68 million on $7.12 million of total revenue for the year ended
Dec. 31, 2020, compared to a net loss of $15.48 million on $3.67
million of total revenue for the year ended Dec. 31, 2019.

As of Dec. 31, 2020, the Company had $8.52 million in total assets,
$7.52 million in total liabilities, and $1 million in total
stockholders' equity.

The Company had an accumulated deficit of $75.0 million as of Dec.
31, 2020.  The Company had cash, cash equivalents, and short-term
and long-term investments of $1.0 million and $0.4 million as of
Dec. 31, 2020 and 2019, respectively.

General Cannabis said, "The Company believes that its cash, cash
equivalents, and short-term and long-term investments as of
December 31, 2020 will be sufficient to fund its operating expenses
and capital expenditure requirements for at least twelve months
from the date of filing this Annual Report on Form 10-K due to the
receipt of an additional $1.7 million of cash in February 2021 from
the issuance of a convertible note offering.  The Company will need
additional funding to support its planned investing activities.  If
the Company is unable to obtain additional funding, it would be
forced to delay, reduce or eliminate some or all of its acquisition
efforts, which could adversely affect its business prospects."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1477009/000155837021003925/cann-20201231x10k.htm

                    About General Cannabis Corp

Headquartered in Denver, Colorado, General Cannabis Corp --
http://www.generalcann.com-- offers a comprehensive national
resource to the regulated cannabis industry.  The Company is a
trusted partner to the cultivation, production and retail sides of
the cannabis business.

The Company reported a net loss of $16.97 million for the year
ended Dec. 31, 2018, following a net loss of $8.22 million for the
year ended Dec. 31, 2017.


GENERAL CANNABIS: Signs $5M Deal to Buy Cannabis Business Assets
----------------------------------------------------------------
General Cannabis Corp entered into an Agreement and Plan of
Reorganization and Liquidation among the Company, Trees Acquisition
Corp., a newly-formed indirect wholly-owned subsidiary of the
Company, and TDM, LLC and Station 2, LLC ("Colorado Sellers"), as
well as a separate Agreement and Plan of Reorganization and
Liquidation among the Company, Trees Acquisition, and Trees
Waterfront, LLC, Trees MLK Inc. and Trees Portland, LLC ("Oregon
Sellers").  Pursuant to the Plans, the Company has agreed to
purchase substantially all of the assets of each of the Colorado
Sellers and Oregon Sellers.  The Assets to be transferred to the
Company by each of the Colorado Sellers and Oregon Sellers
principally consist of the cannabis business licenses, inventory
and intellectual property related to the Sellers' cannabis
dispensaries located in Englewood and Denver, Colorado and
Portland, Oregon together with substantially all related assets.
The Company is not assuming any liabilities of any of the Sellers.
The Plan provides that the transaction qualifies as a tax-free
reorganization pursuant to Section 368 of the Internal Revenue
Code.  Closing of the transaction is subject to standard closing
conditions, including regulatory approval of the transfer of the
cannabis licenses by the applicable Colorado and Oregon cannabis
regulatory authorities.

The purchase price for the transaction consists of a cash payment
of $2 million at closing, and an additional $3 million in cash
payable in equal monthly amounts of $125,000 for a period of 24
months from the closing.  In the event the Company consummates a
capital raise of $5 million or greater during such 24-month period,
such monthly payments are increased to $200,000 per month and the
payout period decreases to 15 months from the closing, with a
one-time 'catch-up' payment such that the total additional cash
consideration equals $3 million.  In addition, at the closing, the
Company will issue to the Sellers 38,745,193 shares of the
Company's common stock.

The Company has agreed to appoint a designee of the Sellers to the
Company's Board of Directors following the closing.  Further, the
Sellers and members thereof have agreed, subject to certain
conditions and limitations, to vote the Seller Shares in favor of
any nominees for director approved by the Board; and in favor of
any other proposals submitted in proxy statements approved by the
Board relating to mergers or acquisitions; as well as refrain from
engaging in any proxy contests or related activity.

Subject to the terms of a definitive registration rights agreement
to be agreed by the parties, as part of the transaction, the
Company has agreed in principal to grant registration rights
covering the reoffer of the Seller Shares consisting of a demand
right commencing two years after the closing; and piggyback rights
commencing one year after the closing.  Furthermore, subject to
certain exceptions to be contained within the definitive agreement,
the parties have agreed that all Seller Shares will be locked up
and restricted from resale for a period of one year from the
closing; in years two to four after the closing, certain
percentages of the Seller Shares shall be eligible for resale; and
from the fourth anniversary of the closing onward, all Seller
Shares will be eligible for resale and no longer subject to lockup
restrictions.  In addition, Sellers and their affiliates are
subject to a two-year non-competition and non-solicitation covenant
prohibiting such parties from engaging in (other than with respect
to the Assets), the cultivation, manufacture and sale of marijuana
or marijuana-related products, and/or dispensaries in respect
thereof.

As part of the transaction, the Company has agreed to employ
Timothy Brown, managing member of the Colorado Sellers, to serve as
the Company's chief visionary officer for a term of two years,
subject to earlier termination upon certain conditions.  Mr. Brown
will receive a base salary of $400,000 per annum, subject to
downward adjustment based on a formula relating to sales by Mr.
Brown of Seller Shares owned thereby.  The Company has also agreed
to employ Trevor Hoffman, managing member of the Oregon Sellers, to
serve as the Head of Retail and President of the Retail Dispensary
division for a term of two years, with standard one-year
auto-renewals.  Mr. Hoffman will receive a base salary of $160,000
per annum and be eligible for a bonus of up to 50% of base salary.


              Convertible Notes and Warrants Offering

On April 20, 2021, the Company completed an offering with
accredited investors, pursuant to which the Company entered into a
Securities Purchase Agreement and issued and sold convertible notes
with an aggregate principal amount of $2.3 million to such
Investors.  The Notes are part of an over-allotment approved by the
existing noteholders in connection with the original convertible
note offering (and previous over-allotment) of $4.6 million
consummated on Dec. 23, 2020 and Feb. 8, 2021, as reported on
Current Reports on Form 8-K filed on Dec. 30, 2020 and Feb. 10,
2021.  Total proceeds from the Offering together with the Original
Offering is an aggregate of $6.9 million.

In connection with the Offering, each holder received warrants to
purchase shares of the Company's common stock equal to 20% coverage
of the aggregate principal amount at $0.56 per share, except that
the warrant coverage to one Investor acting as lead investor in the
Offering received approximately 35.5% of the aggregate principal
amount invested.

The Notes bear interest at an annual rate of 10% and will mature on
April 20, 2024.  The Investors have the option to convert up to 50%
of the outstanding unpaid principal and accrued interest of the
Notes into Common Stock at a variable price of 80% of the market
price but no less than $0.65 per share and no more than $1.00 per
share.  The Warrants are exercisable at an exercise price of $0.56
per Warrant, subject to adjustment as provided in the Warrants, at
any time prior to the earlier of the Maturity Date and an
Acquisition (as defined in the Warrants).

                    About General Cannabis Corp

Headquartered in Denver, Colorado, General Cannabis Corp --
http://www.generalcann.com-- offers a comprehensive national
resource to the regulated cannabis industry.  The Company is a
trusted partner to the cultivation, production and retail sides of
the cannabis business.

General Cannabis reported a net loss of $7.68 million for the year
ended Dec. 31, 2020, compared to a net loss of $15.48 million for
the year ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company had
$8.52 million in total assets, $7.52 million in total liabilities,
and $1 million in total stockholders' equity.

Marcum LLP, in Melville, NY, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated May 14,
2020, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


GENWORTH MORTGAGE: Moody's Puts Ba3 Rating on Review for Upgrade
----------------------------------------------------------------
Moody's Investors Service has placed the ratings of Genworth
Mortgage Insurance Corporation (GMICO) (Baa3 insurance financial
strength (IFS) rating), Genworth Mortgage Holdings, Inc. (GMHI)
(Ba3 long term issuer rating and senior unsecured debt), and
Genworth Holdings, Inc. (Genworth Holdings) (Caa1 backed senior
unsecured debt rating) on review for upgrade. This rating action
follows Genworth Financial, Inc.'s (Genworth) announcement of
GMHI's S-1 filing with the US Securities Exchange Commission on
April 19, 2021, which indicates that Genworth plans to pursue a
partial IPO (the transaction) of its US mortgage insurance (USMI)
business and plans for it to operate as a stand-alone entity.

The IFS ratings of Genworth's life insurance subsidiaries, Genworth
Life Insurance Company and Genworth Life Insurance Company of New
York (IFS rating Caa1, stable) and Genworth Life and Annuity
Insurance Company (IFS rating B3, stable) are unaffected by this
rating action.

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

US Mortgage insurance companies

The review for upgrade will focus on the US mortgage business'
prospective profitability and capital adequacy. Genworth plans to
pursue a partial IPO of its USMI business during Q2 2021, subject
to market conditions as well as the satisfaction of various
conditions and regulatory approvals. The announced transaction
reduces event risk for the USMI business related to Genworth's
possible inability to address its upcoming debt maturities and
restructure its organization. As part of the transaction, the
enhanced USMI governance structure with the expansion of external
board members and an independent capital committee are net credit
positive. The review also reflects Moody's expectation of USMI
management continuity, with the advancement of its current strategy
to proactively manage risk to protect future business performance
and capitalization.

Genworth Holdings

The review for upgrade reflects the anticipated execution by
Genworth Holdings to monetize a portion of its ownership in its
USMI business and to use the net proceeds to provide liquidity to
the company to reduce a portion of its outstanding debt. Genworth
Holdings' risk profile will improve with the anticipated infusion
of liquidity which the company expects to use to reduce its
September 2021 maturity and a portion of its outstanding debt
obligations, which improves Genworth Holdings' financial
flexibility.

US Mortgage insurance companies

The following factors could result in an upgrade of the mortgage
insurance companies' ratings: 1) closing of the transaction; 2)
improvement in Genworth's financial flexibility, including a clear
path to managing its debt maturities in 2021 and 2022; and 3) GMHI
maintaining adjusted financial leverage in the 20% range, or
below.

Given the mortgage insurance companies' ratings are on review for
upgrade, a downgrade of the ratings is unlikely. However, the
following factors could return the outlook to stable: 1) the
transaction does not close or is delayed; 2) Genworth does not
complete the associated actions to address its high debt leverage
and weakening financial flexibility; 3) GMHI's adjusted financial
leverage remains above 30%; 4) non-compliance with the PMIERs; or
5) significant deterioration in the USMI's profitability metrics.

Genworth Holdings

The following factors could result in an upgrade of Genworth
Holdings ratings: 1) closing of the transaction of its USMI
business; 2) improvement in Genworth's financial flexibility
including a clear path to managing its debt maturities in 2021 and
2022; and 3) an improvement of holding company financial
flexibility including increased dividend capacity.

Given Genworth Holdings ratings are on review for upgrade, a
downgrade of the ratings is unlikely. However, the following
factors could return the outlook to stable: 1) lack of progress in
developing alternative arrangements for its upcoming debt maturing
in 2021; 2) the plans to raise capital from the transaction of its
USMI business are insufficient, delayed or unsuccessful; or 3) a
deterioration in holding company financial flexibility including
decreased dividend capacity.

Moody's has placed the following ratings on review for upgrade:

Genworth Holdings, Inc.: backed senior unsecured at Caa1, and
backed junior subordinate at Caa2 (hyb);

Genworth Mortgage Insurance Corporation: Insurance financial
strength at Baa3;

Genworth Mortgage Holdings, Inc.: long-term issuer rating at Ba3,
and senior unsecured at Ba3.

Outlook Actions:

Genworth Holdings, Inc.: outlook changed from developing to ratings
under review;

Genworth Mortgage Insurance Corporation: outlook changed from
stable to ratings under review;

Genworth Mortgage Holdings, Inc.: outlook changed from stable to
ratings under review.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Mortgage
Insurers Methodology published in November 2019.

Genworth Holdings is the intermediate holding company of Genworth,
an insurance and financial services holding company headquartered
in Richmond, Virginia. Genworth Holdings also acts as a holding
company for its respective subsidiaries including its life and
international mortgage insurance businesses. In addition, Genworth
Holdings relies on the financial resources of Genworth including
the US mortgage business to meet its obligations. The group
reported 2020 GAAP net income (loss) available to Genworth's common
shareholders of $178 million. As of December 31, 2020, Genworth
reported total assets of $105.7 billion and shareholders' equity of
$15.8 billion.


GEORGE WASHINGTON: Amends Plan; Bid Protections Order Entered
-------------------------------------------------------------
George Washington Bridge Bus Station Development Venture LLC,
submitted the Modified First Amended Disclosure Statement with
respect to the First Amended Chapter 11 Plan dated April 27, 2021.

The Modified First Amended Disclosure Statement discusses that
certain Agreement of Purchase and Sale (the "Stalking Horse
Agreement", the "Asset Purchase Agreement" or the "APA") entered by
the Debtor and GWB Madison Purchaser LLC (the "Purchaser") after
good-faith, arms-length negotiation. On April 13, 2021, the Court
entered an Order granting the Bid Protections Motion. Pursuant to
the Bid Protections Order, the Court approved a $600,000 Break-Up
Fee and a $400,000 Expense Reimbursement payable to the Purchaser
in certain circumstances. The Bid Protections Order approved the
Debtor's agreement to work exclusively with the Purchaser, subject
to receiving an Alternative Bid by the Bid Deadline. The Bid
Deadline passed on April 20, 2021, at 4:00 p.m. without any
Alternative Bids having been received.

Marshalls of MA, Inc., Blink Broadway Marketplace, Inc., Tutor
Perini and the Port Authority were the only parties that timely
filed objections to the Cure Notice and Schedule of Assumed
Executory Contracts and Unexpired Leases. Accordingly, only
Marshalls of MA, Inc., Blink Broadway Marketplace, Inc., and the
Port Authority have valid, extant objections to the Cure Notice and
Schedule of Assumed Executory Contracts and Unexpired Leases, which
will be addressed at or before the Confirmation Hearing, provided,
however the Port Authority's objection is subject to the terms of
the Settlement Agreement and the Port Authority's Allowed Cure
Claim under the Ground Lease is subject to the same. All other
objections to the assumption and assignment to the Purchaser of any
executory contract or unexpired lease, including as to adequate
assurance of future performance or the identity of the Purchaser,
shall be filed by the Plan Objection Deadline or shall forever be
waived by the objecting party.

Notwithstanding anything to the contrary or in the Asset Purchase
Agreement, and for the avoidance of doubt: (i) the Ground Lease is
being assumed and assigned to the Purchaser pursuant to the First
Amended Plan; (ii) the Settlement Agreement itself is not being
assigned to the Purchaser and the Debtor's remaining obligations
shall remain with the bankruptcy estate; (iii) such assumption and
assignment of the Ground Lease to the Purchaser is subject in all
respects to the satisfaction of all requirements for assumption and
assignment under section 365 of the Bankruptcy Code, including the
payment in full of the Port Authority's Allowed Cure Claim under
the Ground Lease; (iv) all alleged defaults existing as of the
Effective Date shall be deemed cured upon the payment of the Port
Authority's Allowed Cure Claim under the Ground Lease, except for
the performance of the Punchlist Items which shall remain a
continuing obligation of the Purchaser following the assignment of
the Ground Lease; and (v) the Purchaser is assuming and is liable
for any and all obligations to the Port Authority, as lessor, under
the Ground Lease arising from and after the Effective Date.

Nothing in the First Amended Plan is intended or shall be deemed to
broaden or limit the requirements of Section 365 of the Bankruptcy
Code with respect to the assumption and assignment of the Ground
Lease to the Purchaser, or the consequences of such assumption and
assignment as provided for by Section 365 of the Bankruptcy Code.

The Modified First Amended Disclosure Statement does not alter the
proposed treatment for unsecured creditors and the equity holder:

     * Class 6 consists of General Unsecured Claims with $138
million projected amount of claims and will recover less than 1%.
Each Holder of a General Unsecured Claim shall receive such
Holder's Pro Rata share of distributions from the General Unsecured
Creditor Recovery Reserve.

     * Each Allowed Interest in the Debtor shall be canceled,
released, and extinguished, and will be of no further force or
effect and no Holder of Interests in the Debtor shall be entitled
to any recovery or distribution under the First Amended Plan on
account of such Interests.

The Debtor will fund distributions under the First Amended Plan on
the Effective Date and proceeds of the Sale Transaction, as well as
any proceeds from the General Unsecured Creditor Recovery Reserve.

A full-text copy of the Modified First Amended Disclosure Statement
dated April 27, 2021, is available at https://bit.ly/2SbIKwD from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Michael D. Sirota, Esq.
     Felice R. Yudkin, Esq.
     Ryan T. Jareck, Esq.
     Mark Tsukerman, Esq.
     Rebecca W. Hollander, Esq.
     COLE SCHOTZ P.C.
     1325 Avenue of the Americas, 19th Floor
     New York, NY 10019
     Tel: (212) 752-8000
     Fax: (212) 752-8393

                 About George Washington Bridge
                 Bus Station Development Venture

George Washington Bridge Bus Station Development Venture LLC is the
entity contracted to renovate the George Washington Bridge Bus
Station in New York.  The bus station was reopened in 2016
following a delayed and costly renovation.  As part of the deal,
the company was granted a 99-year lease to operate and maintain the
retail portion of the bus station.

George Washington Bridge Bus Station Development Venture LLC sought
Chapter 11 protection (Bankr. S.D.N.Y. Case No. 19-13196) on Oct.
7, 2019.  The Company estimated assets between $50 million and $100
million, and liabilities between $100 million and $500 million.  

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

Cole Schotz P.C. is the Debtor's counsel.  BAK Advisors Inc., is
the Debtor's financial advisor, and BAK's Bernard A. Katz is
presently serving as the Debtor's sole manager.


GEORGE WASHINGTON: June 3 Plan Confirmation Hearing Set
-------------------------------------------------------
George Washington Bridge Bus Station Development Venture LLC filed
with the U.S. Bankruptcy Court for the Southern District of New
York a motion for entry of an order approving the First Amended
Disclosure Statement.

On April 27, 2021, Judge David S. Jones granted the motion and
ordered that:

     * The First Amended Disclosure Statement is approved.

     * The Ballots are approved and to be distributed to the
holders of Claims in Class 3 (Senior Secured Claims), Class 4 (UMEZ
Claims), Class 5 (Building Secured Claims), and Class 6 (General
Unsecured Claims) under the First Amended Plan, which Classes are
entitled to vote to accept or reject the First Amended Plan.

     * May 25, 2021, is fixed as the last day to deliver all
ballots to be counted as votes.

     * Solely for purposes of voting to accept or reject the First
Amended Plan and not for the purpose of the allowance of, or
distribution on account of a Claim, and without prejudice to the
rights of the Debtor or the applicable creditor in any other
context, the Debtor proposes that each Claim within Class 3 (Senior
Secured Claims), Class 4 (UMEZ Claims), Class 5 (Building Secured
Claims), and Class 6 (General Unsecured Claims) be temporarily
allowed in an amount equal to the amount of such Claim as set forth
in a timely filed proof of Claim.

     * June 3, 2021, at 10:00 a.m. is the Confirmation Hearing.

     * May 27, 2021, at 4:00 p.m. is fixed as the last day to file
objections to confirmation of the First Amended Plan.

     * May 31, 2021, at 4:00 p.m. is fixed as the last day to file
responsive pleadings to any objection to confirmation of the First
Amended Plan.

A full-text copy of the order dated April 27, 2021, is available at
https://bit.ly/3xz5t5N from PacerMonitor.com at no charge.

Counsel to the Debtor:

     Michael D. Sirota, Esq.
     Felice R. Yudkin, Esq.
     Ryan T. Jareck, Esq.
     Mark Tsukerman, Esq.
     Rebecca W. Hollander, Esq.
     COLE SCHOTZ P.C.
     1325 Avenue of the Americas, 19th Floor
     New York, NY 10019
     Tel: (212) 752-8000
     Fax: (212) 752-8393

                 About George Washington Bridge
                 Bus Station Development Venture

George Washington Bridge Bus Station Development Venture LLC is the
entity contracted to renovate the George Washington Bridge Bus
Station in New York.  The bus station was reopened in 2016
following a delayed and costly renovation.  As part of the deal,
the company was granted a 99-year lease to operate and maintain the
retail portion of the bus station.

George Washington Bridge Bus Station Development Venture LLC sought
Chapter 11 protection (Bankr. S.D.N.Y. Case No. 19-13196) on Oct.
7, 2019.  The Company estimated assets between $50 million and $100
million, and liabilities between $100 million and $500 million.  

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

Cole Schotz P.C. is the Debtor's counsel.  BAK Advisors Inc., is
the Debtor's financial advisor, and BAK's Bernard A. Katz is
presently serving as the Debtor's sole manager.


GIRARDI & KEESE: Trustee Wants Lawyer to Chase Wife's Assets
------------------------------------------------------------
Law360 reports that Girardi Keese's bankruptcy trustee wants to
hire a social media-savvy lawyer who has criticized the law firm
founder's estranged wife, reality television star Erika Girardi, to
investigate whether she has assets belonging to the defunct
practice, according to court documents filed Tuesday, April 27,
2021.

If the court approves, attorney Ronald Richards would help Girardi
Keese trustee Elissa Miller of SulmeyerKupetz PC recover assets
from Erika Girardi in exchange for contingency fees of 35% to 45%.
The proposed deal is similar to one struck this month in the
parallel bankruptcy case of firm founder Thomas Girardi's personal
estate.

                       About Girardi & Keese

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

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

The petitioners' attorneys:

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

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

The Chapter 7 trustee can be reached at:

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


GOEASY LTD: Moody's Rates New Sr. Unsecured Notes Due 2026 'Ba3'
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to goeasy
Ltd.'s proposed senior unsecured notes due in 2026. The Ba3
long-term corporate family rating of the parent company, goeasy
Ltd., is unaffected. The outlook is stable.

Assignments:

Issuer: goeasy Ltd.

Senior Unsecured Regular Bond/Debenture, Assigned Ba3

RATINGS RATIONALE

The Ba3 rating assigned to the proposed notes due in 2026 is based
on goeasy's ba3 standalone assessment, the priority and proportion
of the notes in goeasy's debt capital structure, and the strength
of the notes' asset coverage. Terms of the notes are consistent
with those of goeasy's existing senior unsecured notes. Proceeds of
the transaction will be used to finance the recently announced
acquisition of LendCare Holdings Inc.

The rating reflects Moody's view of goeasy's ba3 standalone
assessment, which is supported by its solid franchise as a leading
provider of alternative financial services within Government of
Canada's (Aaa stable) subprime consumer lending market, supporting
its strong profitability. The ratings take into consideration
goeasy's solid capitalization but also incorporates the risks to
creditors resulting from the company's evolving funding profile and
susceptibility to regulatory threats to its pricing and business
practices. Moody's also expects deterioration in asset quality
through second half of 2021, as government stimulus supporting
Canadian consumers through the coronavirus pandemic diminishes.

The ratings also reflect the benefits to creditors from goeasy's
revenue diversity and access to untapped verticals made possible
via the LendCare acquisition. While the transaction carries
integration risks, Moody's believes these are mitigated by goeasy
management's strong performance record and experience in the
Canadian consumer finance market, including point-of-sale channels
via its continuing partnership with PayBright.

The stable outlook reflects Moody's expectation that goeasy will
maintain strong profitability and its capital position will remain
solid over the next 12-18 months.

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

Given the limitations of the current operating environment score of
B2 for consumer finance companies, which combines macro and
industry risks, rating upgrades are unlikely over the next 12-18
months. However, improvement in liquidity and better
diversification of funding sources while maintaining strong
profitability and capital would be positive for the ratings. An
upgrade of the operating environment score could lead to a ratings
upgrade.

goeasy's corporate family rating could be downgraded if the company
encounters unexpected challenges with the integration of LendCare.
Additionally, a material deterioration in capital, profitability
and/or liquidity, could also lead to a ratings downgrade. A
reduction in unencumbered assets available to support unsecured
creditors would pressure the senior unsecured rating. Likewise, a
downgrade of the corporate family rating would likely lead to a
downgrade of the senior unsecured rating, from which it is
derived.

The principal methodology used in this rating was Finance Companies
Methodology published in November 2019.


GREENPOINT TACTICAL: Gets Court OK to Hire Mediator
---------------------------------------------------
Greenpoint Tactical Income Fund, LLC, GP Rare Earth Trading
Account, LLC and the official committee of equity security holders
received approval from the U.S. Bankruptcy Court for the Eastern
District of Wisconsin to employ retired judge Judith Fitzgerald to
serve as mediator in talks regarding the terms of a joint Chapter
11 plan of reorganization.

Judge Fitzgerald's services will include facilitating the mediation
session between the Debtors and the equity committee, preparing
agreements and reporting to the bankruptcy court.

Judge Fitzgerald will be paid $800 per hour for her services and
reimbursed for out-of-pocket expenses incurred.  

A deposit of $8,000 will be provided by the Debtors.

As disclosed in court filings, Judge Fitzgerald does not hold or
represent any interest adverse to the Debtors, the equity committee
and the bankruptcy estates.

Judge Fitzgerald can be reached at:

     Hon. Judith K. Fitzgerald
     600 Grant St., Suite 5490
     Pittsburgh, PA 15219
     Phone: +1 412-644-3541

               About Greenpoint Tactical Income Fund

Madison, Wisc.-based Greenpoint Tactical Income Fund, LLC is a
private investment fund.  Its wholly owned subsidiary, GP Rare
Earth Trading Account LLC, is the entity that holds the gems and
minerals.

Greenpoint and GP Rare Earth sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Wis. Lead Case No. 19-29613) on
Oct. 4, 2019.

At the time of the filing, Greenpoint estimated assets of $100
million to $500 million and liabilities of $10 million to $50
million.  GP Rare Earth estimated assets of $100 million to $500
million and liabilities of $10 million to $50 million.

Steinhilber Swanson, LLP and CliftonLarsonAllen, LLP serve as the
Debtors' bankruptcy counsel and accountant, respectively.  The
Debtors tapped Iavarone Law Firm PC, Landsman Law Firm LLC, Husch
Blackwell LLP, California Appellate Law Group LLP, Braganca Law
LLC, and Kopecky Schumacher Rosenburg LLC as special counsel.

On Dec. 5, 2019, the U.S. Trustee for Region 11 appointed an
official committee of equity security holders in the Debtors'
Chapter 11 cases.  Freeborn & Peters, LLP and Phoenix Management
Services, LLC serve as the equity committee's legal counsel and
financial advisor, respectively.


GROW CAPITAL: Hires OTC PR as Marketing Consultant
--------------------------------------------------
Grow Capital, Inc. entered into a consulting agreement with OTC PR
Group Inc.  

Under the agreement, OTC PR Group will provide consulting services
related to marketing to new investors.  The company will pay OTC PR
Group $4,000 per month for three months and issue 12,000 shares in
exchange for the consultant's services.

                        About Grow Capital

Grow Capital (f/k/a Grown Condos, Inc.) --
http://www.growcapitalinc.com-- was a call center that contracted
out as a customer contact center for a variety of business clients
throughout the United States.  Over time its main business became a
third-party verification service.  While continuing to operate as a
call center, in 2008 the Company expanded its business plan to
include the development of a social networking site called
JabberMonkey (Jabbermonkey.com) and the development of a location
based social networking application for smart phones called Fanatic
Fans.

Grow Capital reported a net loss of $2.35 million for the year
ended June 30, 2020, compared to a net loss of $2.33 million for
the year ended June 30, 2019.  As of Dec. 31, 2020, the Company had
$4.32 million in total assets, $13.51 million in total liabilities,
and a total stockholders' and members' deficit of $9.18 million.

L J Soldinger Associates, LLC, in Deer Park, Illinois, the
Company's auditor since 2017, issued a "going concern"
qualification in its report dated Oct. 13, 2020, citing that the
Company's significant operating losses raise substantial doubt
about its ability to continue as a going concern.


GULFPORT ENERGY: Bankruptcy Plan With New Creditor Deal Okayed
--------------------------------------------------------------
Daniel Gill of Bloomberg Law reports that Gulfport Energy Corp. won
court approval of its reorganization plan that incorporates a
recent settlement with unsecured creditors, nearly tripling their
recovery.

The plan, approved Tuesday, April 27, 2021, by Judge David R. Jones
of the U.S. Bankruptcy Court for the Southern District of Texas,
will cut the company’s funded debt of $2.4 billion by $1.25
billion, according to court-approved plan disclosures.

Note-holders will take about 94% of the shares in the company
emerging from bankruptcy in exchange for the debt cut, according to
the plan.

                       About Gulfport Energy

Gulfport Energy Corporation (NASDAQ: GPOR) --
http://www.gulfportenergy.com/-- is an independent natural gas and
oil company focused on the exploration and development of natural
gas and oil properties in North America and a producer of natural
gas in the contiguous United States.  Headquartered in Oklahoma
City, Gulfport holds significant acreage positions in the Utica
Shale of Eastern Ohio and the SCOOP Woodford and SCOOP Springer
plays in Oklahoma.  In addition, Gulfport holds non-core assets
that include an approximately 22% equity interest in Mammoth Energy
Services, Inc. (NASDAQ: TUSK) and has a position in the Alberta Oil
Sands in Canada through its 25% interest in Grizzly Oil Sands ULC.

Gulfport and its subsidiaries sought Chapter 11 protection (Bankr.
S.D. Tex. Lead Case No. 20-35562) on Nov. 13, 2020. As of Sept. 30,
2020, Gulfport had $2,375,559,000 in assets and $2,520,336,000 in
liabilities.

The Honorable David R. Jones is the case judge.

The Debtors tapped Kirkland & Ellis LLP as their bankruptcy
counsel; Jackson Walker L.L.P. as local bankruptcy counsel; Alvarez
& Marsal North America, LLC as restructuring advisor; and Perella
Weinberg Partners L.P. and Tudor, Pickering, Holt & Co. as
financial advisor; and PricewaterhouseCoopers LLP as tax services
provider. Epiq Corporate Restructuring LLC is the claims agent.

Wachtell, Lipton, Rosen & Katz is counsel for the special committee
of Gulfport's Board of Directors while Chilmark Partners is the
financial advisor.

Katten Muchin Rosenman LLP is counsel for the special committee of
the governing body of each Debtor other than Gulfport while M III
Partners, LP is the financial advisor.

The U.S. Trustee for Region 7 formed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases.  The
committee is represented by Norton Rose Fulbright US LLP and Kramer
Levin Naftalis & Frankel, LLP and Jefferies LLC as its investment
banker.



HARRY BECK GREENHOUSE: Seeks Approval to Hire Clayton Financial
---------------------------------------------------------------
Harry Beck Greenhouse seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to hire Clayton Financial and
Tax LLC to prepare its income tax returns.

The firm will be paid a flat fee of $2,100.

Russell Fox, principal at Clayton Financial, disclosed in a court
filing that his firm does not hold any pre-bankruptcy claim against
the Debtor.

The firm can be reached through:

     Russell Fox, EA
     Clayton Financial and Tax
     222 S Rainbow Blvd, Ste 205
     Las Vegas, NV 89145
     Phone: (702) 750-1757
     Fax: (702) 750-1157
     Email: rcfox@claytontax.com

                    About Harry Beck Greenhouse

Harry Beck Greenhouse sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-12844) on
March 26, 2021, listing under $1 million in both assets and
liabilities.  The Debtor is represented by Robert Charbonneau, Esq.


HELIOS SOFTWARE: Moody's Rates New $350MM 1st Lien Notes 'B2'
-------------------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family rating
and B2-PD probability of default rating of Helios Software
Holdings, Inc., an operating subsidiary of parent company, ION
Corporate Solutions Finance Limited. Concurrently, Moody's affirmed
the B2 rating of Helios' senior secured first lien credit facility
and assigned a B2 rating to the proposed $350 million first lien
senior secured notes issued by Helios. The net proceeds from the
new debt will predominantly be used to repay a similar amount of
the company's existing term loan debt in a largely debt leverage
neutral transaction. The outlook remains stable.

Affirmations:

Issuer: Helios Software Holdings, Inc.

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Secured Bank Credit Facility, Affirmed B2 (LGD4) from
(LGD3)

Issuer: ION Corporate Solutions Finance S.a.r.l.

Senior Secured Bank Credit Facility, Affirmed B2 (LGD4) from
(LGD3)

Assignments:

Issuer: Helios Software Holdings, Inc.

Senior Secured Regular Bond/Debenture, Assigned B2 (LGD4)

Outlook Actions:

Issuer: Helios Software Holdings, Inc.

Outlook, Remains Stable

Issuer: ION Corporate Solutions Finance S.a.r.l.

Outlook, Remains Stable

RATINGS RATIONALE

The B2 CFR of Helios reflects the high pro forma trailing debt
leverage of its parent company, ION, of approximately 6x (Moody's
adjusted) as well as ION's relatively limited scale as a niche
provider of software and services for treasury risk management,
foreign exchange processing, and energy and commodity trading risk
management ("E/CTRM") applications. Debt leverage is approximately
7x when expensing capitalized software costs.

The company's credit quality is also negatively impacted by ongoing
volatility in operating performance from non-recurring professional
services which caused overall sales to contract by 7% in 2020.
Following a moderate recovery in 2021, Moody's believes that the
software provider's organic revenue growth prospects will be modest
over the intermediate term due to maturing target markets.
Additionally, corporate governance concerns related to the
company's concentrated ownership by ION Investment Group ("ION
Investment") present an element of uncertainty as the potential for
incremental acquisitions and shareholder distributions could
constrain deleveraging efforts.

However, these credit risks are partially mitigated by ION's solid
market position within its niche offerings serving over 2,300 of
the world's largest corporations, financial institutions, central
banks, and energy and utility companies. The company's credit
quality is also supported by a largely subscription-based sales
model that provides a degree of top-line visibility given a
significant proportion of recurring revenue and minimal client
attrition. These factors, coupled with improving projected
profitability metrics, should facilitate healthy free cash flow
production.

The B2 ratings for the company's first lien bank debt and the
proposed senior secured bonds reflect the borrower's B2-PD PDR and
a Loss Given Default ("LGD") assessment of LGD4. The B2 secured
debt ratings are consistent with the CFR as the secured debt
instruments account for the preponderance of ION's debt structure.

ION Ltd's pro forma cash balance of approximately $128 million
following the completion of the proposed financing supports the
parent company's good liquidity that is also bolstered by Moody's
expectation of free cash flow generation of approximately 8% of
debt over the next 12 months. The company's liquidity is further
enhanced by an undrawn $30 million revolving credit facility, but
the revolver is considered small in relation to the company's
projected interest expense. While the term loans are not subject to
financial covenants, the revolving credit facility has a springing
covenant based on a maximum net leverage ratio which the company
should be comfortably in compliance with over the next 12-18
months.

The stable outlook reflects Moody's expectation that ION will
generate moderate organic revenue growth over the next 12 months,
but could be impacted by a degree of ongoing sales volatility
principally from professional services offerings. The realization
of anticipated cost synergies should fuel modest improvement in
adjusted EBITDA margins and drive a contraction in pro forma debt
leverage over the balance of 2021 towards the mid 5x level.

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

The ratings could be upgraded if ION realizes consistent revenue
and EBITDA growth while adhering to a conservative financial policy
such that debt to EBITDA (Moody's adjusted) is expected to be
sustained below 4.5x (below 5x when expensing capitalized software
costs) and annual free cash flow/debt exceeds 10%.

The ratings could be downgraded if ION were to experience a
weakening competitive position, revenue contracts and cash flow
generation weakens, or the company maintains aggressive financial
policies such that debt leverage is expected to approach 6x (6.5x
when expensing capitalized software costs) and annual free cash
flow/debt contracts to below 5%.

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

Helios and its parent company ION, both owned by ION Investment,
provide software and services for treasury risk management, foreign
exchange processing, and energy and commodity trading risk
management (E/CTRM) applications. Moody's expects the company's
revenues to approach $635 million in 2021.


HOME CAPITAL: DBRS Confirms BB (high) Long-Term Rating
------------------------------------------------------
DBRS Limited confirmed the long-term ratings of Home Capital Group
Inc. at BB (high) and the Group's short-term ratings at R-3. DBRS
Morningstar also confirmed the long-term ratings of HCG's primary
operating subsidiary, Home Trust Company at BBB (low) and the Trust
Company's short-term ratings at R-2 (middle). Additionally, DBRS
Morningstar changed the trends on all ratings to Stable from
Negative. The Intrinsic Assessment (IA) for HTC is BBB (low), while
its Support Assessment is SA1. HCG's Support Assessment is SA3, and
its Long-Term Issuer Rating is positioned one notch below HTC's
IA.

KEY RATING CONSIDERATIONS

The trend change to Stable reflects DBRS Morningstar's view that
the considerable uncertainties facing financial institutions,
particularly those with more limited business models, because of
the Coronavirus Disease (COVID-19) pandemic have begun to abate. At
the onset, DBRS Morningstar expected the economic impact of the
various lockdowns on businesses across Canada, particularly for
smaller firms and entrepreneurs, many of whom represent HCG's core
Alternative-A (Alt-A) borrowers, to disrupt the Group. However, HCG
performed well and was able to maintain origination volumes as it
utilized deferral programs and helped clients navigate through the
various government aid initiatives.

In confirming the ratings, DBRS Morningstar recognizes the
continued positive momentum in HCG's franchise and earnings. The
Group is in the process of implementing its strategic plan, which
includes investments in technology to launch new products while
enhancing efficiencies. Over the past few years, HCG has made
significant strides in regaining its position in the mortgage
finance industry all while maintaining strong asset quality.
Furthermore, HCG continues to diversify its funding sources and
improve its liquidity position. However, DBRS Morningstar remains
concerned about the combination of highly leveraged consumers and
elevated home prices, particularly in the greater Toronto and
Vancouver areas, and believes that housing prices remain
vulnerable. As a result, we view HCG as susceptible to any adverse
changes in the Canadian real estate market.

RATING DRIVERS

Sustained improvement in franchise and profitability while
maintaining a similar risk profile would lead to a ratings upgrade.
Moreover, an increase in the proportion of stable termed direct
deposits and further diversification of funding away from
dependence on brokered deposits would also lead to a ratings
upgrade.

Conversely, a ratings downgrade would occur should there be
significant losses in the loan portfolio as a result of unforeseen
weakness in underwriting and/or risk management. Furthermore,
disproportionate growth in commercial originations that weaken
HCG's risk profile would also lead to a ratings downgrade, as would
substantive funding pressure caused by deposit outflows.

RATING RATIONALE

HCG is one of Canada's leading Alt-A mortgage providers for
borrowers who are either self-employed, new immigrants, or
recovering from bruised credit. Residential Alt-A mortgages formed
around 63% of the Group's $17.5 billion loan portfolio as of
December 31, 2020. At the onset of the coronavirus pandemic, DBRS
Morningstar was concerned that the various lockdowns would have a
disproportionately negative impact on small businesses and those
who are self-employed, and as a result, the demand for Alt-A
mortgages and the performance of those mortgages would be
materially affected. However, government aid programs and an easing
of restrictions during the summer and autumn helped cushion some of
the economic impact. In addition, in 2019, HCG had launched a
multiyear strategic plan aimed at defending its core market
position while enhancing its various technology systems to
streamline operations and introduce new products and revenue
streams. These factors helped the Group maintain its loans under
administration in 2020 at $23.0 billion and drive stronger
originations, primarily insured residential and commercial
mortgages, which reached $7.0 billion in F2020, up 23% from F2019.

The Group recorded strong performance in F2020 as the lower
interest rate environment reduced funding costs at a faster rate
than at which HCG's mortgages were being repriced. As a result,
F2020 net income was 23% higher year over year at $176 million.
Furthermore, the Office of the Superintendent of Financial
Institutions (OSFI) instructed Canadian banks to take proactive
provisions for performing loans that could turn delinquent because
of the economic uncertainty from the pandemic. Consequently, HCG
recorded provision for credit losses (PCL) of $30.2 million in Q1
2020, which later started being released as it expects PCL levels
to normalize in 2021. Meanwhile, the Group continues to spend on
its Ignite Program, an investment to upgrade the Group's core
banking system and to add new digital tools. As such, HCG expects
the efficiency ratio, which improved to 49% in F2020 from 55% in
F2019, to vary over the near term.

Meanwhile, as DBRS Morningstar expected, the economic impact of
lockdowns has taken its toll and loan impairments have begun to
rise, which, although higher at 0.68% in F2020 versus 0.58% in
F2019, remain manageable. Like other financial institutions, HCG
offered its clients a chance to apply for mortgage payment
deferrals, which reached a peak of 23% of loans outstanding as of
April 30, 2020. The Group worked closely with its clients through
the crisis and there are currently no deferrals outstanding.
However, restrictions on real estate transactions because of the
social distancing measures, in addition to court closures, posed a
challenge for HCG in cases where it needed to efficiently foreclose
on a property, thus driving up impaired loans on the Group's
balance sheet. Furthermore, HCG's uninsured commercial loans of
$1.9 billion represented 11% of its on-balance sheet portfolio at
the end of 2020. We note this portfolio could face challenges if
businesses continue to face intermittent lockdowns.

We view HCG's funding and liquidity positions as stable. Although
unused, the Trust Company provided further funding and liquidity
flexibility with the ability to access some of the Canadian federal
government liquidity programs. Even though on a downward trend, the
Group continues to be highly dependent on broker-sourced deposits,
which comprise 71% of its $13.9 billion total deposits at December
31, 2020. Positively, HCG is growing its direct-to-consumer channel
through its Oaken Financial offering and diversifying its funding
sources through various securitization programs.

With OSFI's moratorium on dividend increases, HTC was able to
retain all of its earnings, which translated into a higher Common
Equity Tier 1 ratio of 19.8% as at YE2020, up from 17.6% in the
prior year. This implies a capital cushion of $983 million, which
is more than adequate to cover loan losses in a moderately stressed
economic environment, in DBRS Morningstar's opinion.

Notes: All figures are in Canadian dollars unless otherwise noted.


HORIZON GLOBAL: Expects $198 Million Net Sales in First Quarter
---------------------------------------------------------------
Horizon Global Corporation provided preliminary net sales results
for the first quarter of 2021 and announced a $10.0 million
increase in the maximum amount of credit available under its
revolving credit facility.

Horizon Global anticipates net sales for the first quarter of 2021
to be approximately $198.0 million.  This anticipated result would
reflect a net sales increase of approximately 22% compared to the
same period in 2020.

In connection with the continued success of Horizon Global's
operational and financial turnaround, the Company also executed an
amendment to its loan and security agreement with Encina Business
Credit, LLC to increase the maximum amount of credit available
under its revolving credit facility from $75.0 million to $85.0
million. The amendment also increased sub-limits relating to the
Company's ability to borrow against in-transit inventory as well as
inventory located at the Company's Reynosa, Mexico facilities.

"Horizon Global's strong sales performance, coupled with our
continuous improvement initiatives, are driving improved operating
leverage and margin performance across the business," stated Terry
Gohl, Horizon Global's president and chief executive officer.  "We
expect our continuous operational improvement, together with
heightened customer demand and order book momentum, to result in
substantially improved profitability in 2021."

Gohl continued, "As a result of our strong operational and
financial performance, we were able to increase the maximum
borrowing availability under our revolving credit facility.  This
provides us with additional liquidity and financial flexibility as
we continue to execute against our strategic plan.  We'd like to
thank the team at Encina for their continued support and confidence
in Horizon Global."

Martin Battaglia, chief executive officer of Encina Business
Credit, LLC, said, "Shortly after our transaction closed last year,
the pandemic hit and the country shut down.  Terry and his
leadership team have done a tremendous job of managing through this
unprecedented time to deliver strong operational and financial
results.  It is a pleasure to work with Horizon Global and our
support is unwavering as evidenced by the recent increase in our
financing commitment.  We are thankful for the relationship and
continue to hold this team in very high regard."

The Company will provide detailed quarterly financial results in
early May when it releases earnings and files its Quarterly Report
on Form 10-Q for the quarter ended March 31, 2021.  Horizon Global
cautions that its actual results for the quarter ended March 31,
2021 may differ from the preliminary results shown above.
Moreover, the Company cautions that it has not finalized its
financial statement reporting process for the quarter ended March
31, 2021.

                       About Horizon Global

Horizon Global -- http://www.horizonglobal.com-- is a designer,
manufacturer, and distributor of a wide variety of
custom-engineered towing, trailering, cargo management and other
related accessory products in North America, Australia and Europe.
The Company serves OEMs, retailers, dealer networks and the end
consumer.

Horizon Global reported a net loss attributable to the Company of
$36.56 million for the 12 months ended Dec. 31, 2020, compared to
net income attributable to the company of $80.75 million on $690.45
million of net sales for the 12 months ended Dec. 31, 2019. As of
Dec. 31, 2020, the Company had $456.49 million in total assets,
$480.34 million in total liabilities, and a total shareholders'
deficit of $23.85 million.


HOYA MIDCO: S&P Places 'B-' ICR on CreditWatch Positive
-------------------------------------------------------
S&P Global Ratings placed all of its ratings on U.S.-based
secondary ticketing marketplace Hoya Midco LLC (doing business as
Vivid Seats), including its 'B-' issuer credit rating, on
CreditWatch with positive implications.

S&P said, "The CreditWatch placement reflects that we could raise
our ratings on Vivid Seats by one notch or more at the close of the
transaction because we expect the company's pro forma leverage to
decline substantially under the proposed deal terms."

On April 22, 2021, Vivid Seats announced that it signed a
definitive agreement to merge with SPAC Horizon Acquisition Corp.
Following the completion of the proposed transaction, the combined
business will be a publicly listed company. Pro forma for the
transaction, Vivid Seats will receive approximately $769 million of
gross proceeds, including $225 million of proceeds from a private
investment in public entity (PIPE) transaction. The PIPE includes
investments from Fidelity Management & Research Co. LLC and
Eldridge Industries LLC. Vivid Seats intends to use the transaction
proceeds to repay debt, optimize its capital structure, and expand
its operations. The transaction is subject to customary closing
conditions and we expect it to close in the second half of 2021.

As of Dec. 31, 2020, Vivid Seats had S&P Global Ratings-adjusted
debt of $1.1 billion, which comprised outstanding term loans,
preferred shares, and operating lease liabilities. Although the
exact details of the company's pro forma capital structure have not
been announced, S&P expects its planned use of the net transaction
proceeds to partially repay Vivid Seats' outstanding debt and fund
its growth investments will substantially reduce its debt burden.
Notwithstanding the uncertainty surrounding the return of live
events and the company's currently depressed profitability amid the
pandemic, S&P believes the transaction will lead to a significant
improvement in its forecast leverage and cash flow metrics and
improve its credit quality.

S&P said, "We expect to resolve the CreditWatch following the
completion of the proposed transaction. Our review will involve
assessing its pro forma capital structure, ownership structure, and
financial policy. We could raise our ratings on Hoya Midco by one
notch or more depending on the executed deal terms and our
expectations for its pro forma leverage and cash flow. We would
also need to see continued positive momentum in the live events
industry and improving trends in the secondary ticketing market
before raising our ratings."



INTERJET SA: Considering Filing for Chapter 11 Bankruptcy
---------------------------------------------------------
Interjet SA's board voted Monday, April 26, 2021, to seek
bankruptcy protection in Mexico and is considering whether or not
to also file for Chapter 11 in the U.S., a company spokesman told
Bloomberg.

According to Simple Flying, Interjet's management and stakeholders
approved filing a bankruptcy and reorganization process under
Mexican law.  After nearly five months of not flying, the Mexican
low-cost carrier will attempt to reorganize and relaunch
financially.

Simple Flying recounts that Interjet stopped flying on December 11,
2020. Prior to the COVID-19 pandemic, the Mexican airline had three
years of continuous net losses. Then, the worldwide crisis served
as the final nail in the coffin, and Interjet lost its fleet, its
market share, and even its reputation.

Among Mexican travelers, Interjet was a favorite. It had a good
service, with decent connectivity throughout Mexico, the US,
Central, and South America. But now, the Interjet brand drags a
heavy weight of unreliable schedules, unredeemable travel vouchers,
and lost money.

                            About Interjet

Interjet is an international airline based in Mexico City carrying
almost 14 million passengers annually within Mexico and between
Mexico, the United States, Canada, Central, and South America.  In
all, it provides air service to 54 destinations in 10 countries
offering its passengers greater connections and travel options
through agreements with major airlines such as Alitalia, All Nippon
Airways (ANA), American Airlines, British Airways, Emirates, Air
Canada, LATAM Group, EVA Air, Iberia, Lufthansa, Hainan
Airlines,Hahn Air, Qatar Airlines and Japan Airlines.

As reported in the Troubled Company Reporter-Latin America on Sep.
3, 2019, Interjet Airlines re-iterated the airline is not in
"technical bankruptcy" as erroneously reported by a financial news
agency.

Interjet Airlines is in a dispute with Mexico's Tax Administration
Service (SAT), related to alleged taxes owed by the airline. An
attempt by SAT to seize control of the airline's bank accounts in
an effort to collect the alleged taxes was denied by the courts and
the airline is in negotiation with the tax authorities to determine
what back taxes are actually due.


INVENERGY THERMAL: Moody's Affirms Ba2 on Secured Credit Facilities
-------------------------------------------------------------------
Moody's Investors Service affirmed the Ba2 rating assigned to
Invenergy Thermal Operating I LLC's ("Invenergy", "ITOI") senior
secured credit facilities including the $366 million senior secured
term loan B due August 2025 and a $70 million revolving credit
facility due August 2023. The outlook is changed to negative from
stable.

RATINGS RATIONALE

The rating action incorporates the continued uncertainty and
ongoing dispute that remains between Ector County Energy Center
(Ector), an ITOI owned Texas-based generating plant and a heat rate
call option (HRCO) counterparty that arose following Winter Storm
URI which could potentially result in substantial claims against
Ector, which is part of the ITOI collateral package as well as the
possible unforeseen consequences for ITOI. The rating affirmation
recognizes efforts by ITOI to limit this potential Ector related
exposure by seeking a waiver from the ITOI lenders that, among
other things, prevents the occurrence of certain default provisions
in the credit facilities should the HRCO counterparty pursue its
financial settlement claim against Ector and terminate the HRCO.
While the waiver if granted would limit the contagion risk of the
Ector-related exposure to ITOI, it does not provide a specific
resolution of the potential claim that the HRCO counterparty could
assert against Ector but keeps the ITOI loan in good standing
beyond the expiration of the standstill agreement (see below).
Moody's do note however that a bankruptcy filing or proceeding
involving Ector is not included in the waiver as the ITOI lenders
will continue to retain the ability to enforce their rights in the
event of Ector's bankruptcy. Invenergy and the HRCO counterparty
have signed a standstill agreement that expires on May 10, 2021.

As background, Winter Storm URI caused energy prices to reach the
$9,000/MWh cap for 33 hours, while natural gas prices saw increases
of more than 14,000%. Ector, a 330MW merchant power plant operating
in the Electricity Reliability Council of Texas (ERCOT, A1, Neg),
has a HRCO for substantially all of its energy and ancillary
services generating capacity (approximately 300MW). According to
Invenergy, Ector issued a notice of force majeure to the HRCO
counterparty on February 13, 2021 and on February 23rd, notice was
given that the events giving rise to the force majeure had abated.
Moody's understand that Ector has remained available to operate in
the ERCOT market since.

While the amount of the actual claim is uncertain, Moody's believe
that the amount could be material relative to the value of the
Ector plant. Importantly, ITOI senior lenders' collateral includes
a pledge of the Ector asset and a pledge of the Ector equity such
that any claim asserted by the HRCO counterparty would be
subordinated to the secured position of the ITOI senior creditors
apart from $7 million in collateral pledged to the HRCO
counterparty under a letter of credit (L/C) issued under ITOI's $70
million revolving credit facility. That said, to the extent the
dispute remains unresolved, it could, in Moody's view, lead to a
bankruptcy filing by Ector which could lead to an impairment of the
ITOI collateral as it pertains to Ector, and have the potential for
incremental contagion effect at ITOI. In the event of a bankruptcy
filing by Ector, the lenders will have the right to enforce their
first-priority lien on Ector's collateral, although the value that
lenders' may receive for Ector in bankruptcy (which would be
applied as prepayment of the ITOI loan) is unknown at this time.

Historically, Ector has not been a significant cash flow generator
to the portfolio, only contributing around $10.3 million of the
$123.3 million, or 8.3%, in EBITDA available to ITOI in FY 2019.
When using audited financials, Moody's calculates ITOI's DSCR for
FY 2019 at 1.63x and when excluding Ector's contribution to cash
flows, the DSCR would have a minor decrease to 1.59x. Per unaudited
results, in FY 2020, Ector's contribution to EBITDA was $14.8
million of the consolidated $137 million, or 10.8% of the EBITDA
available to ITOI. Prior to the recent weather event, Moody's
anticipated a DSCR of 1.49x in FY 2021. Excluding Ector and any
impact from the financial settlement, Moody's believe ITOI's DSCR
would decline to around 1.40x. Further, Moody's anticipated a
FFO/debt of 20.5% in FY 2021 which could decline to approximately
19% when removing Ector, excluding any impact from the HRCO
financial settlement.

The amendment also allows Ector to utilize $7 million in excess
cash reserves to reimburse lenders in the event the L/C is drawn,
and places a cap on any incremental ITOI liquidity support for
Ector under the revolving credit agreement which is positive for
ITOI lenders as no such restriction exists.

Apart from Ector related items, the amendment provides a consent to
the Nelson expansion project, an ability to execute shared
facilities agreements and a partial collateral release of Nelson's
33% interest in shared property (except ComEd easement). The Nelson
expansion project is a 314 MW, 2-unit (GE 7FA), simple cycle
expansion of the existing Nelson project that would utilize
existing premises, foundation and utilities already installed at
Nelson. The expansion is fully permitted, with commercial operation
date estimated at the end of 2022. Funding of remaining
construction expenses is expected to be provided by a combination
of equity from the sponsors and third-party financing at a later
date. Once operational, the expansion would provide shared
operating cost savings to the existing Nelson project, benefitting
the ITOI portfolio. The amendment allows Nelson to make certain
shared facilities' upgrades (including gas yard enhancements,
substation improvements and constructing a warehouse). The
amendment also covers insurance changes primarily to align
deductibles with current market conditions (higher deductibles),
and certain changes regarding earthquake and windstorm coverage
related to Grays Harbor and Hardee respectively.

The rating affirmation incorporates the fact that the portfolio
relies heavily on merchant-based cash flows derived from Nelson, a
combined cycle plant in northern Illinois for around 50% of CFADS,
whose recently improved financial performance has been aided by
transmission upgrades and who benefits from the receipt of PJM
capacity auction revenue. The rating affirmation also considers
that over 30% of CFADS comes from four contracted assets, each of
which are encumbered and subject to a 1.20x debt service coverage
ratio (DSCR) distribution test. Although there is some level of
stability with respect to CFADS, the four contracted projects are
encumbered and subject to a 1.20x debt service coverage ratio
(DSCR) distribution test. All projects have reasonable cushions
with respect to meeting such tests.

Total consolidated debt outstanding as of 12/31/2020 was $659
million, consisting of a $366 million term loan at Invenergy
Thermal and $293 million in structurally senior project level debt
attributable to Invenergy at the St. Clair, Hardee, Cannon Falls,
and Spindle Hill projects.

The security package includes a first lien pledge of the assets and
stock of Grays Harbor, Nelson and Ector as well as a first lien on
the stock of the indirect owners of the remaining four assets
(subject to a 65% limitation in the equity interests of non-U.S.
jurisdictional entities). There is a total of about $293 million of
project level debt attributable to Invenergy at the St. Clair,
Hardee, Cannon Falls, and Spindle Hill projects, paid down from
$342 million in FY 2018. The project does not have the ability to
incur additional debt, with the exception of refinancing
transactions at the opco level, and typical change of control
provisions. The project benefits from quarterly distributions
subject to a 1.2x DSCR distribution test and a six month debt
service reserve requirement, and a 1% minimum amortization.
Permitted asset sales with target minimum levels for both Ector and
Grays Harbor are in the documentation. There is also a 75% of
excess cash-flow sweep feature which further steps down to 50% in
the event the leverage ratio (Net Debt of Borrower/ consolidated
CFADS) drops to below 4.0x, and to 25% when the ratio is  2.5x DSCR
and > 20% FFO/debt on a consolidated basis.

The rating could be downgraded if a successful resolution to the
HRCO financial settlement is not achieved leading to continued
uncertainty and contagion risk for ITOI lenders, and cash flow
generation is lower than currently forecasted when excluding Ector,
in particular for the Nelson plant, leading to weaker consolidated
credit metrics of


INVESTVIEW INC: Gross Revenues Up 53% in Fiscal 2021
----------------------------------------------------
Investview, Inc. achieved record global revenues, net revenue and
net income in its preliminary financial results for the fourth
quarter and year ended March 31, 2021.

The Company also reported a near tripling of fourth quarter fiscal
2021 gross revenue as well as significant year-over-year growth in
other key financial performance metrics, including new,
all-time-high monthly revenue and operating profit margin in the
month of March 2021.

"It was a historic, record-breaking year and quarter for
Investview," stated Mario Romano, Investview's director of Finance.
"Global gross revenues for the year and the fourth quarter were
$40.1 million and $18 million respectively, increases of 53% and
291%, respectively, over the same year ago periods.  This was
driven by strong business momentum across all business verticals
including worldwide subscription growth from iGenius, our financial
education direct marketing firm and the establishment and
optimization of our Bitcoin mining operations, further enhanced by
a new generation of digital assets, NDAU, the world's first
adaptive digital currency."

"By nearly every measure 2021 was our best year ever, topped off by
a fantastic fourth quarter, the best quarter in our history in
terms of revenue and profitability," commented Joe Cammarata,
Investview CEO.  "Our entire team is meeting our global business
challenges and executing on our commitment to growth as we strive
to deliver continued record results to our shareholders."

"Financial education, transparency and trust remain a driving force
with consumers," explained Cammarata, "which is leading to
increased demand and rapid growth, especially within Gen X and Y,
where we are experiencing steadily improving participation rates.
Our expanding line of products – including the newly announced
NDAU digital currency product packages – will continue to define
Investview as a leading, forward-thinking Fintech brand with a full
offering of cutting-edge products that appeal to an increasingly
wider, worldwide audience."

Twelve Months Ended March 31, 2021 Financial Highlights

   * $40.1 million gross revenue for the full year (an increase of
     $13.9 million or 53% year over year)

   * $37.7 million net revenue for the full year (an increase of
     $13.5 million or 56% increase year over year)

   * $1.6 million net income for the full year (versus a $21.3
     Million loss for last fiscal year)

   * $6.5 million increase in cash, cash equivalents, and
restricted
     cash during the twelve months ended March 31, 2021 (from
     $137,000 at March 31, 2020 to $6.7 million at March 31, 2021)

   * $6.2 million in digital currency holdings

Fourth Quarter Fiscal 2021 Financial Highlights

   * Consolidated gross revenue was $18 million, the highest
     quarterly gross revenue in the Company's history, which was
an
     increase of $13.4 million or 291% year over year

   * Consolidated net revenue was $16.1 million for the 4th quarter

     2021, the highest quarterly revenue in the Company's history,
     which was an increase of $11.6 million or 258% year over year

   * Consolidated net income was $6 million for the 4th quarter
     2021, the highest quarterly net income in the Company's
     history, which was an increase of $18.7 million or 147% year
     over year

A full-text copy of the press release is available for free at:

https://www.sec.gov/Archives/edgar/data/862651/000149315221009430/ex99-01.htm

                         About Investview

Headquartered in Salt Lake City, Utah, Investview, Inc., is a
diversified financial technology organization that operates through
its subsidiaries, to provide financial products and services to
individuals, accredited investors and select financial
institutions.

Investview reported a net loss of $21.28 million for the year ended
March 31, 2020, compared to a net loss of $4.98 million for the
year ended March 31, 2019.  As of Dec. 31, 2020, the Company had
$10.77 million in total assets, $23.79 million in total
liabilities, and a total stockholders' deficit of $13.02 million.

Haynie & Company, in Salt Lake City, Utah, the Company's auditor
since 2017, issued a "going concern" qualification in its report
dated June 29, 2020, citing that the Company has suffered losses
from operations and its current cash flow is not enough to meet
current needs.  This raises substantial doubt about the Company's
ability to continue as a going concern.


ION GEOPHYSICAL: Completes Exchange Offer, Rights Offering
----------------------------------------------------------
ION Geophysical Corporation has completed its previously announced
offer to exchange the Company's 9.125% Senior Secured Second
Priority Notes due 2021 for newly issued 8.00% Senior Secured
Second Priority Notes due 2025 and the other consideration in the
form of cash and ION common stock, as described in the Company's
Prospectus dated as of March 10, 2021 and its previously announced
rights offering to its holders of common stock, par value $0.01 per
share to purchase (i) $2.78 principal amount of the New Notes per
Right, at a purchase price of 100% of the principal amount thereof
or (ii) 1.08 shares of Common Stock per Right, at a purchase price
of $2.57 per whole share of Common Stock, as described in the
Company’s Prospectus dated as of March 10, 2021.

"We are extremely pleased with the outcome of the transactions,
which strengthens our platform and supports our focus to grow and
diversify the business," said Chris Usher, ION's president and
chief executive officer.  "Not only does the exchange extend the
maturity to 2025 with a lower coupon, but also provides a path to
convert nearly all our debt to equity as we execute our strategy
over the next couple years.  On behalf of ION, I would like to
sincerely thank all our stakeholders, as this transformation would
not have been possible without their strong support and
participation.  We remain optimistic about promising growth
opportunities to continue evolving our core business and
diversifying into new markets associated with the energy
transition, sustainability and digitalization."

In the Exchange Offer, an aggregate principal amount of
$113,472,000, or approximately 94.1%, of the $120,569,000
outstanding Old Notes were accepted for exchange for (i)
$84,652,000 aggregate principal amount of its New Notes, (ii)
6,116,369 shares of the Company's Common Stock, including 1,542,201
shares issued as the Early Participation Payment and 4,574,168
shares issued as stock consideration in lieu of New Notes, and
(iii) $20,659,722 paid in cash, including $3,595,250 of accrued and
unpaid interest that became due on the Old Notes as part of the
exchange.  The Company has accepted for exchange all such Old Notes
validly tendered and not validly withdrawn in the Exchange Offer as
of the expiration time on April 12, 2021 at 11:59 p.m. New York
City time.  The amendment to the indenture governing the Old Notes
will be effective on such date.  Pursuant to the Exchange Offer,
post-closing, the Company will make an offer to participants to
repurchase New Notes at par for up to 50% of the proceeds raised in
excess of $35 million from the Rights Offering valued at
$3,417,643.

In the concurrent Rights Offering, an aggregate amount of
$41,835,286 of Rights (including over-subscriptions) was validly
exercised by the holders of the Company's Common Stock, $30,081,000
allocated in New Notes and $11,754,286 allocated in 4,573,652
shares of ION Common Stock.  All over-subscription rights were
exercised without proration as the $50 million limit on proceeds
was not exceeded.  Backstop parties were paid 5% backstop fees, in
kind, resulting in the issuance of an additional $1,460,000
aggregate principal amount of New Notes and 215,241 shares of
Common Stock.

In total, $116,193,000 in aggregate principal amount of New Notes
and 10,905,262 shares of Common Stock were issued and delivered
through the clearing systems of the Depository Trust Company on
April 20, 2021.  ION will receive approximately $14 million in net
proceeds from the transactions after deducting noteholder
obligations, estimated transaction fees and accrued and unpaid
interest paid on the Old Notes.  Post transactions, a total of
28,811,207 shares of Common Stock are outstanding as of April 20,
2021.

The Rights Offering and Exchange Offer were made pursuant to
registration statements on Form S-1 and Form S-4, respectively, on
file with the Securities and Exchange Commission.  To obtain a copy
of the Rights Offering Prospectus and the Exchange Offer Prospectus
free of charge, visit the SEC website at www.sec.gov or contact
D.F. King & Co., Inc. at 1 (877) 732-3617 or ion@dfking.com.

                             About ION

Headquartered in Houston, Texas, ION -- http://www.iongeo.com-- is
an innovative, asset light global technology company that delivers
powerful data-driven decision-making offerings to offshore energy,
ports and defense industries.  The Company is entering a fourth
industrial revolution where technology is fundamentally changing
how decisions are made.  The Company provides its services and
products through two business segments -- E&P Technology & Services
and Operations Optimization.

ION Geophysical reported a net loss of $37.11 million for the year
ended Dec. 31, 2020, compared to a net loss of $47.21 million on
$174.68 million for the year ended Dec. 31, 2019.  As of Dec. 31,
2020, the Company had $193.59 million in total assets, $264.68
million in total liabilities, and a total deficit of $71.09
million.

Houston, Texas-based Grant Thornton LLP, the Company's auditor
since 2014, issued a "going concern" qualification in its report
dated Feb. 11, 2021, citing that as of Dec. 31, 2020, the Company
had outstanding $120.6 million aggregate principal amount of its
9.125% Senior Secured Second Priority Notes, which mature on Dec.
15, 2021. The Notes, classified as current liabilities, caused the
Company's current liabilities to exceed its current assets by
$150.9 million and its total liabilities exceeds its total assets
by $71.1 million.  These conditions, along with other matters,
raise substantial doubt about the Company's ability to continue as
a going concern.

On March 30, 2020, the Company received a notice from the New York
Stock Exchange that the Company is non-compliant with NYSE listing
standards because its average market capitalization over a
consecutive 30 trading-day period was less than $50.0 million at
the same time that its stockholders' equity was less than $50.0
million.  The Company submitted a plan to the NYSE to return to
compliance with their listing standards, which was accepted on June
19, 2020.  If the Company is unable to comply with its plan or
otherwise unable to meet the continued listing standard before by
Dec. 9, 2021, the Company will be subject to delisting from the
NYSE.

                            *  *  *

As reported by the TCR on April 19, 2021, S&P Global Ratings
lowered its issuer credit rating on U.S.-based seismic company ION
Geophysical Corp. to 'SD' (selective default) from 'CC'.  S&P said,
"We lowered our ratings after ION completed the exchange of its
$121 million 9.125% second-lien senior secured notes due December
2021 for a combination of cash and new 8% second-lien senior
convertible notes due December 2025.  We view the transaction as
distressed and tantamount to a default."


IQ EATERY: Seeks to Hire Stichter Riedel as Legal Counsel
---------------------------------------------------------
IQ Eatery, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Florida to hire Stichter, Riedel, Blain &
Postler, P.A. as its legal counsel.

The firm's services include:

     a. advising the Debtor regarding its powers and duties, the
continued operation of its business, and the management of its
property;

     b. preparing legal papers;

     c. appearing before the court and the Office of the U.S.
Trustee;

     d. participating in negotiations with creditors and other
parties in interest in formulating a plan of reorganization and
taking necessary legal steps to confirm the plan;

     e. representing the Debtor in all adversary proceedings,
contested matters, and matters involving administration of its
Chapter 11 case;

     f. representing the Debtor in negotiations with potential
financing sources, and preparing the necessary documents to obtain
financing; and

     g. other legal services that may be necessary for the
administration of the case.

Stichter Riedel received $25,000 on account of pre-bankruptcy
services and as a retainer for post-petition services.

Edward Peterson, Esq., a partner at Stichter Riedel, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Edward J. Peterson, Esq.
     Stichter Riedel Blain & Postler, P.A.
     110 East Madison Street, Suite 200
     Tampa, FL 33602
     Tel: (813) 229-0144
     Email: epeterson@srbp.com

                          About IQ Eatery

IQ Eatery, LLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Fla. Case No. 21-30210)  on April 5, 2021,
listing under $1 million in both assets and liabilities. Stichter
Riedel Blain & Postler, P.A. represents the Debtor as legal
counsel.


ISAGENIX WORLDWIDE: S&P Lowers ICR to 'SD' on Debt Repurchases
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
Isagenix Worldwide Inc. to 'SD' (selective default) from 'CCC' and
its issue-level rating on its $375 million term loan to 'D' from
'CCC'. S&P's 'CCC' issue-level rating on the company's $40 million
revolving credit facility due 2023 is unchanged.

S&P expects to raise its issuer credit rating on Isagenix (most
likely to the 'CCC' category) in the coming days after reevaluating
its business prospects and liquidity position.

The downgrade reflects Isagenix's debt repurchases over the past
few quarters, which cumulatively represent a material portion of
the original principal amount. The company repurchased an aggregate
of about $65.5 million of the face value of its $375 million senior
secured term loan at about $0.65 per dollar. S&P views the
repurchases as distressed and tantamount to a default given that
the lenders participating in the repurchases received substantially
less than they were originally promised under the term loan.

S&P said, "We plan to reevaluate our issuer credit rating and
issue-level ratings on Isagenix in the coming days and will likely
raise our issuer credit rating to the 'CCC' category. Our review of
the company will focus on the long-term viability of its capital
structure, its business prospects, and its liquidity position."



J.H. BRYANT: Seeks to Hire Armory Consulting as Financial Advisor
-----------------------------------------------------------------
J.H. Bryant Jr., Inc. seeks approval from the U.S. Bankruptcy Court
for the Central District of California to hire Armory Consulting
Co. as its financial advisor.

The firm will render these services:

     a. provide strategic guidance to prepare and assist the Debtor
through its bankruptcy;

     b. assist the Debtor with the reporting requirements of the
bankruptcy court and the Office of the U.S. Trustee, including
schedules and statement of financial affairs and monthly operating
reports, cash flow projections;

     c. assist in negotiations and serve as a liaison between the
Debtor and the Subchapter V trustee or creditors;

     d. provide testimony;

     e. assist in the development of a plan of reorganization;

     f. prepare long-term projections and liquidation analysis;

     g. evaluate the possible rejection of any executory contracts
and unexpired leases;

     h. assist in the evaluation and analysis of avoidance actions
and causes of action;

     i. oversee analysis of creditors' claims; and

     j. provide additional services as may be mutually agreed upon
in writing between the Debtor and the firm.

Armory will be paid at these rates:

     James Wong       $475 per hour
     Senior Staff     $375 per hour

Prior to the petition date, the firm received a retainer of
$25,000.

James Wong, a principal at Armory, disclosed in court filings that
the firm is a "disinterested person" as that term is defined in
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     James Wong
     Armory Consulting Co.
     3943 Irvine Blvd., Suite 253
     Irvine, CA 92602
     Telephone: (714) 222-5552
     Email: jwong@armoryconsulting.com

                   About J.H. Bryant Jr. Inc.

J.H. Bryant Jr., Inc. -- http://www.jhbryant.com-- is a
family-owned and operated multi-solution contractor established in
1951 to provide contracting services.

J.H. Bryant filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-12463) on
March 26, 2021.  The petition was signed by John Henry Bryant III,
president.  In the petition, the Debtor disclosed between $1
million and $10 million in both assets and liabilities.   Judge
Ernest M. Robles oversees the case.  Danning, Gill, Israel &
Krasnoff, LLP and Armory Consulting Co. serve as the Debtor's legal
counsel and financial advisor, respectively.


KIWA BIO-TECH: Yvonne Wang Removed as Chairwoman, Director
----------------------------------------------------------
Yvonne Wang was removed as chairwoman and director of Kiwa Bio-Tech
Products Group Corporation by the consent of the holders of a
majority of the votes entitled to be cast on the matter and the
approval of the majority of the directors of the Company.
Immediately thereafter, the Board appointed Mr. Wade Li as a
chairman and director of the Company to be effective April 26,
2021.  Kiwa Bio-Tech said there was not any matter of dispute
between the Company and Ms. Wang.

Mr. Wade Li was one of the founders of Kiwa Bio-Tech Products Group
Corporation in 1999 . Previously, he was employed by the People's
Insurance Company of China.  In 1989, he established Xinhua
International Market Development Co., Ltd. and served as its
President, investing in a variety of growth industries companies of
high-tech, pharmaceutical, medical, real estate and related
enterprises.  He has extensive experience in corporate operation.
Over the past two decades, Mr. Li has focused on China's ecological
agriculture industry, and accumulated significant experience in the
field.  He has also gained high recognition in the market and
related government departments in microbial fertilizer, as well as
the planning and promotion of green safe agricultural products.

                        About Kiwa Bio-Tech

Headquartered in Ontario, California, Kiwa Bio-Tech Products Group
Corporation -- develops, manufactures, distributes and markets
innovative, cost-effective and environmentally safe
bio-technological products for agriculture use.  The Company's
products are designed to enhance the quality of human life by
increasing the value, quality and productivity of crops and
decreasing the negative environmental impact of chemicals and other
wastes.

New York-based Friedman LLP, the Company's auditor since 2017,
issued a "going concern" qualification in its report dated May 29,
2020, citing that the Company had an accumulated deficit of
$21,158,508 and $14,803,530 as at Dec. 31, 2019 and 2018,
respectively, the Company incurred a net loss of $6,635,296 for the
year ended Dec. 31, 2019.  These factors raise substantial doubt
about its ability to continue as a going concern.


KRUGER PRODUCTS: DBRS Confirms BB Issuer Rating
-----------------------------------------------
DBRS Limited confirmed Kruger Products L.P.'s (KPLP) Issuer Rating
at BB and its Senior Unsecured Notes rating at B (high). The
Recovery Rating on the Senior Unsecured Notes remains RR6. Both
trends are Stable. This rating action removes the ratings from
Under Review with Developing Implications, where they were placed
on March 1, 2021, following KPLP's announcement of a planned $240
million fully debt-funded investment to expand its Sherbrooke,
Quebec, plant (the Sherbrooke Expansion Project) through the
construction of a bathroom tissue converting line (the BT line), a
facial tissue converting line (the FT line), and a light dry crepe
tissue machine (the LDC machine).

The rating confirmations acknowledge the potential benefit of the
Sherbrooke Expansion Project over the medium term, as the
additional capacity generated by the project will facilitate the
expansion of the Company's product offering and grow its market
share. The rating confirmations also incorporate KPLP's strong
operating performance in 2020 in the context of the Coronavirus
Disease (COVID-19) pandemic. That said, DBRS Morningstar expects
that operating results and credit metrics will moderate as the
economy reopens, demand normalizes, and debt levels increase, and,
as such, has confirmed the ratings with Stable trends.

Over the medium term, DBRS Morningstar believes that the Sherbrooke
Expansion Project will enable the Company to expand its product
offering across its bathroom tissue, paper towel, and facial tissue
categories in both the Consumer and Away-From-Home (AFH) segments.
Furthermore, it will allow KPLP to increase its premium tissue
capacity, which is expected to help the Company strengthen its
leading market position in Canada and continue to expand in the
U.S. premium private-label market.

In terms of financing for the Sherbrooke Expansion Project, Kruger
Products SB Inc., a newly formed wholly owned unrestricted
subsidiary of KPLP that will operate the LDC machine and the FT
line, will raise $193 million of debt by way of a $75 million
convertible debenture and a $43 million subordinated loan from
Investissement Quebec (IQ), as well as a $75 million senior bank
facility. Kruger Products Sherbrooke Inc. will raise the remaining
$47 million, by way of a subordinated loan from IQ, to finance the
construction of the BT line.

DBRS Morningstar's confirmations of KPLP's Issuer Rating and Senior
Unsecured Notes rating on May 29, 2020, were based on the
expectation that the Company's credit risk profile would remain
within the BB category over the medium term despite the near-term
stress on the AFH segment because of the coronavirus pandemic.

As expected, in 2020, the Company's topline and earnings were
pressured by a contraction in demand from the AFH segment, an
increase in freight and warehousing costs, higher
compensation-related expenses, and a larger investment in
advertising and marketing. However, this was more than offset by
volume growth in the Consumer segment, lower input costs, and
benefits from cost-saving and productivity-improving initiatives
(the Operational Excellence Program). Consequently, the Company
achieved solid year-over-year EBITDA growth in 2020. In terms of
financial profile, operating cash flows increased in tandem with
earnings. Capital expenditure (capex) increased in 2020 and related
primarily to the Sherbrooke tissue plant (the TAD Sherbrooke
Project). Furthermore, KPLP's cash dividend increased because of a
reduction in Kruger Inc.'s (Kruger) Dividend Reinvestment Plan
(DRIP) participation to 50% from 100%. Consequently, KPLP's free
cash flow (FCF) after dividends and before changes in working
capital was negative in 2020. The Company applied cash inflows from
changes in working capital, proceeds from Kruger's DRIP
participation, and increased borrowings, to finance the remaining
investment in the TAD Sherbrooke Project, finance mandatory debt
repayments, and make IFRS 16 lease payments. Consequently,
debt-to-EBITDA strengthened as EBITDA increased by a greater
proportion than the increase in debt. That said, DBRS Morningstar
notes that the Company's financial metrics were in the context of
the coronavirus pandemic and expects them to moderate as the
economy reopens, demand normalizes, and debt levels increase, and,
as such, has confirmed the ratings with Stable trends.

DBRS Morningstar expects that AFH volumes will continue to trend in
line with population mobility and that they should recover by the
second half of 2021 as the dissemination of coronavirus vaccines
gains momentum. The topline should also continue to benefit from
strong Consumer segment volumes as pandemic-related behavioral
shifts, including enhanced cleaning and sanitization measures,
remain. That said, DBRS Morningstar believes that demand from the
Consumer segment will be curtailed as consumers are expected to
first reduce their existing tissue inventories. DBRS Morningstar
forecasts EBITDA margins to contract in 2021 on the back of rising
pulp prices and input and operating cost inflation, which will more
than offset the effect of potential selling-price increases and
benefits from the Operational Excellence Program. Consequently,
DBRS Morningstar anticipates that EBITDA will decline in 2021, but
that it should remain higher than pre-pandemic levels. In the
medium term, DBRS Morningstar expects KPLP's earnings profile to
benefit from a strengthening business risk assessment as the TAD
Sherbrooke and Sherbrooke Expansion Projects ramp up.

The anticipated reversion in operating income and corresponding
cash flows will moderate KPLP's near-term financial profile. DBRS
Morningstar forecasts FCF after dividends and before changes in
working capital to remain negative in 2021, as operating cash flows
decrease in tandem with earnings, capex trends upward because of
the Sherbrooke Expansion Project, and the cash dividend outlay
remains relatively flat on prior-year levels. DBRS Morningstar
anticipates that the forecast FCF shortfall, working capital
outlays, and mandatory debt and IFRS 16 repayments will be funded
by proceeds from Kruger's DRIP participation (which DBRS
Morningstar anticipates will remain at 50% in 2021) and higher
borrowings. Consequently, DBRS Morningstar forecasts credit metrics
to temporarily heighten, with the potential for a longer-term
improvement from growth in operating income and mandatory debt
repayment. Should leverage remain high for the BB rating category
as a result of weaker-than-expected operating performance and/or
more aggressive financial management, the ratings will be
pressured. Although unlikely, a positive rating action could be
influenced by a material reduction in leverage below 3.0 times on a
normalized and sustainable basis, based primarily on the growth in
operating income.

KPLP's current ratings continue to be supported by its strong
brands and leading market position in the Canadian tissue products
market, stable demand, and significant barriers to entry. The
current ratings also continue to reflect the intense competition,
input cost volatility, and product/market concentration.

Notes: All figures are in Canadian dollars unless otherwise noted.


LAKE CECILE RESORT: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Lake Cecile Resort Inc., according to court dockets.

                     About Lake Cecile Resort

Lake Cecile Resort Inc. is an Orlando, Fla.-based company primarily
engaged in renting and leasing real estate properties.

Lake Cecile Resort sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-01060) on March 12,
2021.  In the petition signed by Mary T. Nguyen, president, the
Debtor disclosed between $10 million and $50 million in both assets
and liabilities.  Judge Karen S. Jennemann oversees the case.
David R. McFarlin, Esq. at Fisher Rushner, P.A. is the Debtor's
legal counsel.


LANDMARK LIFE: A.M. Best Affirms B (Fair) Fin. Strength Rating
--------------------------------------------------------------
AM Best has affirmed the Financial Strength Rating of B (Fair) and
the Long-Term Issuer Credit Rating of "bb" of Landmark Life
Insurance Company (Brownwood, TX). The outlook of the Credit
Ratings is stable. Concurrently, AM Best has withdrawn the ratings
at the request of the company to no longer participate in AM Best's
interactive rating process.

The ratings reflect Landmark Life's balance sheet strength, which
AM Best assesses as strong, as well as the company's marginal
operating performance, limited business profile and marginal
enterprise risk management.

Landmark Life's capital and surplus growth has been mostly positive
in recent years, except for a slight decline in 2020 due to net
losses resulting from an increase in mortality claims stemming from
the pandemic. AM Best views Landmark Life's financial flexibility
as relatively weak given the company's small size and its limited
access to financial markets. In addition, the company's high
dependence on reinsurance remains elevated compared with industry
averages. However, the company's risk-adjusted capitalization,
historically at a very strong level as measured by Best's Capital
Adequacy Ratio (BCAR), along with its conservative investment
portfolio, will help mitigate the impact of any investment
impairments or earnings volatility as a result of the pandemic. AM
Best expects the company will maintain its risk-adjusted
capitalization at least at the very strong level, as measured by
BCAR, over the intermediate term.

Landmark Life historically has experienced modest profitability
that has generally declined over the last few years due to
investments in infrastructure and the aforementioned increase in
mortality claims over the past year. Premium growth has been
relatively steady with a noticeable increase in life insurance
premiums over the past year. The majority of the company's business
is sold as final expense, which AM Best considers to be a product
of low to medium risk; however the market is becoming increasingly
competitive. This product line is sold primarily through
independent brokers and agents. AM Best notes that the company also
generates a significant amount of its revenue from its third-party
administration platform, which it expects to become an increasing
source of revenue and earnings going forward.


M TRAN CONSTRUCTION: Unsecureds' Recovery Hiked to 40% in Plan
--------------------------------------------------------------
M Tran Construction Inc. submitted an Amended Combined Chapter 11
Plan of Reorganization and Disclosure Statement dated April 22,
2021.

The Amended Combined Plan and Disclosure Statement alters the
proposed treatment for unsecured creditors in Class 2:

     * Class 2(a) consists of Small Claims. This class includes any
creditor whose allowed claim is $ 10,000.00 or less, and any
creditor in Class 2(b) whose allowed claim is larger than $
10,000.00,but agrees to reduce its claim to $ 10,000.00. This class
will be paid a lump Sum of $12,938.48, pro rata per creditor on the
Effective Date or a single payment equal to 40% of its allowed
claim.  

     * Class 2(b) consists of [Other] General Unsecured Claims. EDD
unsecured claim is the only creditor in this Class. This Class will
be paid $1,651.17 monthly for 60 months pro-rata, for a total 40%
of allowed Unsecured Claims.

The Debtor has withdrawn its Objection to the EDD's POC and
accepted the filed claim.

The Plan proposes 60 monthly payments on all claims, due on the
15th day of the month, starting on the Effective Date of the plan.
The number of payments (60) reflects EDD's willingness to agree to
treatment other than that required under certain conditions, as
memorialized in the EDD communication.  The statute allows for the
plan to provide treatment for claims entitled to priority—such as
EDD's priority claim—other than over a period ending not later
than 5 years after the petition date where a claimant agrees to
different treatment. Accordingly, this Plan complies with Section
1129(a)(9).

EDD has also agreed to suspend the interest on its Priority Claim
during the pendency of this Chapter 11 case.  In the event this
case is dismissed or converted prior to discharge, the amount of
interest accrued under California law and suspended on account of
this Chapter 11 proceeding will immediately apply to all
outstanding amounts due to EDD.

The Debtor agrees that the discharge of debts owed to EDD shall not
be effective until completion of plan payments as a condition of
its agreement to alternate treatment for its priority claim.

A full-text copy of the Amended Combined Plan and Disclosure
Statement dated April 22, 2021, is available at
https://bit.ly/32QRNFf from PacerMonitor.com at no charge.

                   About M Tran Construction

M Tran Construction, Inc., operates a construction business.  It
was formed in 2004.  Minh Tran is the sole shareholder and
President of the corporation.  

M Tran Construction filed for Chapter 11 bankruptcy protection
(Bankr. N.D. Cal. Case No. 19-51856) on Sept. 13, 2019, listing
under $1 million in both assets and liabilities.  The Debtor is
represented by Mufthiha Sabaratnam, Esq., in Oakland, California.


MARTIN MIDSTREAM: Reports First Quarter Net Income of $2.5 Million
------------------------------------------------------------------
Martin Midstream Partners L.P. announced its financial results for
the first quarter of 2021.

"For the first quarter of 2021, the Partnership exceeded our
internal earnings forecast by $3.7 million despite headwinds from
the February winter storm that plunged Texas and surrounding areas
into a deep freeze," stated Bob Bondurant, president and chief
executive officer of Martin Midstream GP LLC, the general partner
of the Partnership.  "The majority of the impact from winter storm
Uri was centered around our transportation and sulfur services
segments as refineries ran at reduced rates or halted operations
entirely. Our Smackover Refinery was down approximately nine days
due to the storm, during which time we began preparations for the
previously scheduled turnaround in March.  This allowed us to
minimize the amount of downtime at the refinery which was back in
operation by March 9th.  In the NGL segment, butane and propane
margins were strong as customary seasonal demand returned.

"At this time the refineries we service have restored operations
and utilization has climbed back to 86% of Gulf Coast capacity.
The COVID-19 pandemic continues to impact demand but appears to be
lessening as vaccinations become more widespread and the economy
improves as a result.  The Partnership remains focused on our
leverage reduction goals and optimizing our assets to maximize free
cash flow generation."

     FIRST QUARTER 2021 OPERATING RESULTS BY BUSINESS SEGMENT

Terminalling and Storage

T&S Operating Income for the three months ended March 31, 2021 and
2020 was $3.4 million and $1.0 million, respectively.

Adjusted segment EBITDA for T&S was $10.6 million and $11.5 million
for the three months ended March 31, 2021 and 2020, respectively,
reflecting the sale of Mega Lubricants in December of 2020 and
expired capital recovery fees at the Smackover Refinery offset by
improved margins on packaged lubricants products from lower
production costs and operating efficiencies.

Transportation

Transportation had an operating loss of $1.3 million for the three
months ended March 31, 2021 and operating income of $2.4 million
for the three months ended March 31, 2020.

Adjusted segment EBITDA for Transportation was $2.7 million and
$7.9 million for the three months ended March 31, 2021 and 2020,
respectively, reflecting lower marine utilization and reduced day
rates along with lower land transportation load count related to
demand destruction and lower refinery utilization as a result of
COVID-19 and the impact from winter storm Uri in February of 2021.

Sulfur Services

Sulfur Services Operating Income for the three months ended
March 31, 2021 and 2020 was $6.4 million and $11.3 million,
respectively.

Adjusted segment EBITDA for Sulfur Services was $9.2 million and
$10.1 million for the three months ended March 31, 2021 and 2020,
respectively, reflecting increased fertilizer demand compared to
the first quarter of 2020 offset by lower refinery utilization
volumes during the first quarter of 2021 as a result of COVID-19
and the impact from winter storm Uri.  The first quarter of 2020
also benefited from business interruption insurance proceeds
received of $2.7 million as a result of storm damage to the Neches
shiploader.

Natural Gas Liquids

NGL Operating Income for the three months ended March 31, 2021 and
2020 was $11.1 million and $5.2 million, respectively.

Adjusted segment EBITDA for NGL was $12.2 million and $5.5 million
for the three months ended March 31, 2021 and 2020, respectively,
primarily reflecting increased margins within the butane
optimization and propane businesses.

Unallocated Selling, General and Administrative Expense

USGA expenses included in operating income for the three months
ended March 31, 2021 and 2020 were $3.9 million and $4.4 million,
respectively.

USGA expenses included in adjusted EBITDA for the three months
ended March 31, 2021 and 2020 were $3.7 million and $4.0 million,
respectively, primarily reflecting a reduction in overhead
allocated from Martin Resource Management.

Liquidity

At March 31, 2021, the Partnership had $176 million drawn on its
$300 million revolving credit facility, a $28.0 million increase
from Dec. 31, 2020.  The increase was attributable to the
redemption of the $28.8 million of senior unsecured notes that
matured in February 2021.  After the redemption, the Partnership
has the following outstanding senior notes: senior secured notes of
$53.8 million due 2024 and senior secured notes of $291.9 million
due 2025, for a total of senior notes outstanding of $345.7
million.  The Partnership's leverage ratio, as calculated under the
revolving credit facility, was 5.4 times on both March 31, 2021 and
Dec. 31, 2020.  The Partnership is in compliance with all debt
covenants as of March 31, 2021.

Quarterly Cash Distribution

The Partnership has declared a quarterly cash distribution of
$0.005 per unit for the quarter ended March 31, 2021.  The
distribution is payable on May 14, 2021 to common unitholders of
record as of the close of business on May 7, 2021.  The ex-dividend
date for the cash distribution is May 6, 2021.

COVID-19 Response

The Partnership continues to evaluate protocols in response to the
COVID-19 pandemic.  Where possible, employee work from home
initiatives remain and travel restrictions have been lifted.
Employees are encouraged to continue to exercise safety measures to
protect the welfare of each other and the communities they serve.

Results of Operations

The Partnership had net income for the three months ended March 31,
2021 of $2.5 million, or $0.06 per limited partner unit.  The
Partnership had net income for the three months ended March 31,
2020 of $8.8 million, or $0.22 per limited partner unit.  Adjusted
EBITDA for the three months ended March 31, 2021 was $30.9 million
compared to the three months ended March 31, 2020 of $31.0 million.
Distributable cash flow for the three months ended March 31, 2021
was $12.8 million compared to the three months ended March 31, 2020
of $18.3 million. Revenues for the three months ended March 31,
2021 were $200.9 million compared to the three months ended March
31, 2020 of $198.9 million.

A full-text copy of the the press release is available for free
at:

https://www.sec.gov/Archives/edgar/data/1176334/000117633421000085/exhibit991earningspressrel.htm

                       About Martin Midstream

Martin Midstream Partners L.P. is a publicly traded limited
partnership with a diverse set of operations focused primarily in
the United States Gulf Coast region.  The Partnership's primary
business lines include: (1) terminalling, processing, storage, and
packaging services for petroleum products and by-products; (2) land
and marine transportation services for petroleum products and
by-products, chemicals, and specialty products; (3) sulfur and
sulfur-based products processing, manufacturing, marketing and
distribution; and (4) natural gas liquids marketing, distribution
and transportation services.

Martin Midstream reported a net loss of $6.77 million for the year
ended Dec. 31, 2020, compared to a net loss of $174.95 million for
the year ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company had
$579.64 million in total assets, $626.51 million in total
liabilities, and a total partners' deficit of $46.87 million.

                             *   *   *

As reported by the TCR on Aug. 17, 2020, Moody's Investors Service
upgraded Martin Midstream Partners L.P.'s Corporate Family Rating
to Caa1 from Caa3.  "The upgrade of MMLP's ratings reflect the
extended debt maturity profile and improved liquidity," Jonathan
Teitel, a Moody's analyst, said.


MATTRESS FIRM: Moody's Alters Outlook on B2 CFR to Positive
-----------------------------------------------------------
Moody's Investors Service changed Mattress Firm, Inc.'s ratings
outlook to positive from stable. All of the company's ratings were
affirmed, including the B2 corporate family rating, B2-PD
probability of default rating and B1 term loan rating.

The outlook change to positive from stable reflects Mattress Firm's
outperformance relative to expectations in Q1 FY 2021 as a result
of both strong demand for home-related products and internal growth
initiatives. The change in outlook also reflects the potential for
the improvement in credit metrics to be sustained despite Moody's
view that demand for mattresses will subside as consumers redirect
their spending habits.

The affirmation of the ratings reflects Moody's expectations for
solid near-term earnings performance. The pandemic-related pivot in
consumer spending towards home goods including mattresses is likely
to continue over the next several quarters, and is further
supported by the current strength in the US housing market.
However, demand could weaken as 2021 progresses into 2022 and
health and safety concerns abate, prompting consumers to redirect
their spending habits towards categories such as leisure and
entertainment. The support from government stimulus checks is also
unlikely to continue when the pandemic abates. Nevertheless, there
is the potential that any demand weakness would be mitigated by
share gains due to the company's ongoing operational initiatives.
In 2020, Mattress Firm reintroduced TempurSealy products, continued
to close unprofitable stores, and invested in digital marketing. In
2021, the company is focused on additional omnichannel and digital
investments, customer engagement tools, and expansion in private
label brands and bedding categories.

Moody's took the following rating actions for Mattress Firm, Inc.:

Corporate family rating, affirmed B2

Probability of default rating, affirmed B2-PD

Senior secured term loan, affirmed B1 (LGD3)

Outlook, changed to positive from stable

RATINGS RATIONALE

Mattress Firm's B2 CFR is constrained by governance considerations,
including the financial strategy risks associated with control by
hedge funds and other former creditors following its emergence from
bankruptcy in 2018. In addition, although current operating trends
are very strong, there is significant risk that consumer demand in
the mattress category will decline in 2022. Mattress Firm also has
a narrow product focus in a highly competitive product category,
which remains dependent on cyclical discretionary consumer
spending. In addition, as a retailer, the company needs to make
ongoing investments in its brand and infrastructure, as well as in
social and environmental drivers including responsible sourcing,
product and supply sustainability, privacy and data protection.

Nevertheless, the rating reflects the company's recognized brand
name and leading position in the mattress retail industry. Credit
metrics are relatively strong compared to similarly rated peers,
with Moody's-adjusted debt/EBITDA at 3.5x and EBITA/interest
expense at 2.7x (pro-forma for the run-rate impact of the 2020
refinancing, as of December 29, 2020). Moody's models that in a
downside scenario of a significant earnings decline, debt/EBITDA
would be at 3.9x and EBITA/interest expense at 2.1 times in FY
2022. In addition, Moody's expects the company to have very good
liquidity over the next 12-18 months, including solid cash
balances, positive free cash flow, full ABL revolver availability
and lack of near-term maturities.

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

Ratings could be upgraded if the company demonstrates sustained
earnings growth beyond the current period of strong demand. An
upgrade would also require a commitment to conservative financial
policies and maintenance of good liquidity. Quantitatively, the
ratings could be upgraded if Moody's expects debt/EBITDA to be
sustained below 4.0 times, and EBITA/interest expense above 2.25
times.

The ratings could be downgraded if liquidity deteriorates or
operating performance declines. Quantitatively, Moody's-adjusted
debt/EBITDA above 5.25 times or EBITA/interest expense below 1.5
times could result in a downgrade.

Headquartered in Houston, Texas, Mattress Firm, Inc. is a leading
US mattress retailer offering mattresses and related products
through over 2,400 stores across the United States and its website.
Revenues for the twelve months ended December 29, 2020 were around
$3.5 billion. The company is owned by its former creditors and
Steinhoff International Holdings N.V.

The principal methodology used in these ratings was Retail Industry
published in May 2018.


MAVENIR SYSTEMS: Koch Transaction No Impact on Moody's B2 CFR
-------------------------------------------------------------
Moody's Investors Service says Mavenir Systems, Inc.'s ("Mavenir"
or "the Company") announcement that Koch Strategic Platforms
("KSP"), a subsidiary of Koch Investments Group (Koch), has signed
an agreement for a $500 million strategic minority equity
investment (the "Transaction") in the Company is credit positive.

The new $500 million incremental investment demonstrates a high
degree of continued confidence in Mavenir's business. KSP focuses
on growth equity and is partnering with Mavenir to support
Mavenir's effort to deploy 5G wireless services and drive
innovation in mobile networks.

Moody's believes the credit impact will depend on the extent to
which the proceeds of the offering are retained by the company and
used for internal investment or debt repayment instead of used to
buy out existing shareholders. Pro forma for the transaction, we
expect Siris Capital Group will continue to hold a majority stake
in the Company. All of Mavenir's existing credit ratings, including
the B2 Corporate Family Rating (CFR), B2-PD Probability of Default
Rating (PDR) and B2 first lien senior secured Bank Credit Facility,
are currently unaffected by the Transaction and the outlook remains
stable.

Mavenir sells core network infrastructure software solutions for 4G
deployed/5G, to mobile network operators. The company is a
combination of the former mobile division of Mitel Networks
Corporation and Xura Inc., excluding Xura's enterprise messaging
business. The Company generated approximately $530 million in
revenue during the last 12 months ended January 31, 2021. Mavenir
is majority owned and controlled by the private equity firm, Siris
Capital, which acquired its interest through a series of
acquisitions in 2016 and 2017.


MAVIS TIRE: Moody's Assigns B3 CFR Amid Proposed Leveraged Buyout
-----------------------------------------------------------------
Moody's Investors Service assigned ratings to Mavis Tire Express
Services TopCo, L.P., including a B3 corporate family rating and a
B3-PD probability of default rating, as well as B2 ratings on the
proposed senior secured bank credit facilities and a Caa2 rating
for the proposed senior unsecured notes. The outlook is stable. All
ratings are subject to receipt and review of final documentation.

Assignments:

Issuer: Mavis Tire Express Services TopCo, L.P.

Probability of Default Rating, Assigned B3-PD

Corporate Family Rating, Assigned B3

Senior Secured Revolving Credit Facility, Assigned B2 (LGD3)

Senior Secured Term Loan, Assigned B2 (LGD3)

Senior Unsecured Regular Bond/Debenture, Assigned Caa2 (LGD5)

Outlook Actions:

Issuer: Mavis Tire Express Services TopCo, L.P.

Outlook, Assigned Stable

The proposed credit facilities, together with a substantial level
of cash equity, a convertible preferred PIK issue, and rollover
equity from prior owners, will support Mavis' acquisition by
affiliates of BayPine and TSG Consumer.

"The assignments acknowledge the initial increase in Mavis'
leverage that will occur as a result of its acquisition by
affiliates of BayPine and TSG Consumer in a fully-priced
transaction, which comes on the heels of the November 2020
acquisition of Town Fair Tire, which added roughly $470 million in
debt, " stated Moody's Vice President Charlie O'Shea. "Out of the
box leverage following close of this new financing structure will
be well-above our 8 times downgrade trigger, however it is Moody's
view that favorable industry fundamentals, as well as solid recent
performance of its largely legacy business, combined with the
addition of Town Fair, will result in leverage reducing over the
next 12-18 months such that it will be within our band of tolerance
for the B3 rating, which is a critical rating factor," continued
O'Shea. "Moody's notes that Mavis maintains good liquidity, and
this new financing structure pushes the revolver maturity out to
2026, with the proposed term loan maturing in 2028 and senior
unsecured notes in 2029." The ratings assignments also reflect
governance considerations particularly Mavis' financial strategies
under private ownership which support the initial very high
leverage.

RATINGS RATIONALE

Mavis' B3 corporate family rating considers its high leverage,
which is well-over 10 times LTM March 2021 pro-forma for this new
structure without add-backs for new center ramp-ups. The rating is
supported by Moody's expectation that as the new locations mature
and EBITDA improves that leverage will trend down to 8 times over
the next eighteen months. Ratings also consider Mavis' favorable
market position in a highly fragmented segment of retail, with
penetration and brand recognition evident in its chosen markets,
both of which have been strengthened by the late-2020 Town Fair
acquisition, its improving online capability, strong execution
ability, and experienced management team. Mavis' liquidity profile,
which Moody's characterizes as good, is another key factor, and the
upsized $200 million revolver provides meaningful cushion, as does
the lengthening of meaningful maturities until 2028. Ratings also
consider the potential for shareholder-friendly financial policies
associated with the company's financial sponsor ownership.
Previously, Mavis' financial strategies focused on debt financed
acquisitions; going forward, Moody's expects the new sponsors will
embark on a more greenfield/brownfield growth strategy vs.
acquisitions, which reduces risk of increased leverage.

The stable outlook hinges on Mavis' ability to significantly and
steadily deleverage over the next 12-18 months, which will require
increasing levels of EBITDA and no additional incremental debt.

As proposed, the new credit facility is expected to provide
covenant flexibility that if utilized could negatively impact
creditors, including (i) an incremental facility capacity not to
exceed the greater of $385 million and 100% of Consolidated EBITDA
plus (ii) unlimited amounts not exceeding 5.25x First Lien Leverage
Ratio (for pari passu secured debt ). The incremental may be
secured by collateral up to the greater of $193 million and 50% of
EBITDA which does not secure the secured credit facilities.

Amounts up to the greater of $385 million and 100% of Consolidated
EBITDA may be incurred with an earlier maturity date than the
initial term loans. There are no express "blocker" provisions which
prohibit the transfer of specified assets to unrestricted
subsidiaries; such transfers are permitted subject to carve-out
capacity and other conditions. Non-wholly-owned subsidiaries are
not required to provide guarantees; dividends or transfers
resulting in partial ownership of subsidiary guarantors could
jeopardize guarantees, with no explicit protective provisions
limiting such guarantee releases. There are no express protective
provisions prohibiting an up-tiering transaction.

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

Ratings could be upgraded if debt/EBITDA reduces below 6.25 times,
EBIT/interest was sustained around 1.5 times and financial
strategies support credit metrics remaining at this levels. Ratings
could be downgraded if liquidity were to weaken, or if credit
metrics do not show a reasonable path to improvement such that
debt/EBITDA can be maintained below 8 times and EBIT/interest
remains below 1 time.

Mavis Tire Express Services TopCo, L.P. is the parent company of
Mavis Tire Express Services Corp., which includes Mavis Discount
Tire, Inc. and Express Oil Change & Tire Engineers, and is the
acquisition vehicle being utilized by the affiliates of BayPine and
TSG Consumer. Mavis operates 1,106 service centers and franchises
84 centers. Pro forma revenue was about $1.8 billion for the year
ended December 31, 2020.

The principal methodology used in these ratings was Retail Industry
published in May 2018.


MAXIM CRANE: S&P Alters Outlook to Stable, Affirms 'B-' ICR
-----------------------------------------------------------
S&P Global Ratings revised the outlook on Maxim Crane Works, L.P.
to stable from negative. At the same time, S&P affirmed its 'B-'
issuer credit rating and issue rating on the company's second-lien
notes. The '4' recovery rating on the notes remains unchanged.

S&P said, "We anticipate demand for Maxim's services to improve
along with the macroeconomic environment. After difficult
macroeconomic conditions in 2020, we expect demand for the
company's equipment to increase moderately in 2021, though we
forecast nonresidential construction levels to remain flat in 2021.
At the same time, we expect GDP growth of around 6.5%, which we
believe bodes well for sales to Maxim's industrial customers. With
Maxim's end markets modestly recovering, specifically in
infrastructure and power, we believe revenue and EBITDA will return
to pre-COVID levels by 2022. As the mergers and acquisitions market
remains strong, we believe Maxim could pursue bolt-on acquisitions.
We believe these acquisitions could help to mitigate end market
headwinds and result in mid-single-digit revenue growth in 2021.
Unlike typical equipment rental companies, Maxim provides the
operator to the crane it rents a majority of the time, which
results in lower EBITDA margins compared to those of general rental
equipment companies, but also provides flexibility within the cost
base during periods of lower demand. In 2021, we anticipate the
company will continue managing expenses to maintain S&P Global
Ratings-adjusted EBITDA margins in the mid-20% area supported by no
one-time costs relating to restructuring and transactions, which
will help drive leverage to the low-6x area in 2021.

"We expect Maxim to continue generating strong positive free
operating cash flow (FOCF) in 2021 due to reduced capital
expenditures (capex). Maxim generated strong FOCF in 2020, aided by
good working capital performance and lower capex. Cash flows from
operations increased $41.4 million to $141.4 million in 2020 due to
strong net working capital performance. Similar to other equipment
rental companies we rate, Maxim significantly reduced capex to
protect cash flows during the pandemic. It spent just $39 million
in 2020, a 57% decline from 2019 spend. The reduction resulted in
S&P Global Ratings-adjusted FOCF of $127 million in 2020 compared
to $36 million in 2019. We view this ability to flex capital
spending and generate good FOCF during recessionary environments as
key strengths that help mitigate a portion of the earnings
volatility. While we expect a much-improved macroeconomic landscape
in 2021 and many equipment rental companies are increasing their
equipment spending, we believe Maxim will continue to be cautious
around its capex spend in 2021. In our view, this will result in
continued strong FOCF of approximately $100 million-$120 million in
2021.

"The stable outlook reflects our view that demand for the company's
equipment will moderately increase as its end markets
improve--specifically infrastructure and power-- and that it will
continue to generate positive FOCF. We expect Maxim's adjusted debt
to EBITDA to be around 6x in 2021.

"We could raise our rating on Maxim if the company sustains S&P
Global Ratings-adjusted debt to EBITDA below 6x, including
potential acquisitions and dividends, and we believed that Maxim's
management was supportive of this level of improved leverage."

S&P could lower our rating on Maxim if the company:

-- Draws significantly on its asset-based lending (ABL) facility,
resulting in reduced availability;

-- Generates negative FOCF, which will result in increased
reliance on its ABL; or

-- The capital structure becomes unsustainable, in S&P's view.



MEDALLION GATHERING: S&P Alters Outlook to Pos., Affirms 'B-' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Texas-based crude oil
gathering and processing company Medallion Gathering & Processing
LLC to positive from negative and affirmed its 'B-' issuer credit
rating and its 'B-' issue-level rating on its senior secured term
loan. S&P's '3' recovery rating on the term loan is unchanged,
indicating its expectation for meaningful (50%-70%; rounded
estimate: 65%) recovery in the event of a default.

S&P said, "The positive outlook reflects our expectation that
Medallion will continue to increase its throughput volumes and
EBITDA while reducing its leverage to the low 5x range in 2021 and
below 5x in 2022. In addition, we expect the company to refinance
its revolving credit facility before it becomes current.

"The improving fundamentals in the Midland Basin support our
expectation for an increase in Medallion's volumes. The company's
total volumes increased by 29% to 532,000 barrels per day in 2020
due to the recovery in drilling activity and well completions in
the Midland Basin in the second half of the year. Specifically, the
number of active rigs on Medallion's dedicated acreage increased in
late 2020 and currently stands at about 75% of pre-pandemic levels.
We expect the expansion in the company's volumes to be supported by
improving well productivity and a further decline in well
completion costs. We see a scenario in which exploration and
production companies in the Midland basin increase their drilling
activity in the second half of 2021 given our forecast for West
Texas Intermediate (WTI) spot prices of more than $50 per barrel,
which is higher than their $30-$35 per barrel break-even level.

"We expect the company's credit metrics to improve over the next 12
months. Medallion's adjusted leverage declined to about 6.2x in
2020, from 6.6x in the previous year, on a 9% increase in its
annual EBITDA (to $125 million) and its mandatory debt
amortization. We expect the company's leverage to decline further
to about 5x in 2021 supported by its excess cash sweep. As
Medallion's system is built out, we anticipate it will continue to
generate positive free cash from operations in the $90 million-$100
million range, which it could use to repay its debt.

Medallion is small relative to other midstream companies. While the
company operates one of the largest crude gathering and processing
systems in the Permian basin (based on total capacity and dedicated
acreage), it is relatively small given our expectation for EBITDA
of $140 million-$150 million in 2021 and 2022. Medallion is also
exposed to volumetric risk given that its portfolio of acreage
dedication contracts contains minimal minimum volume commitments
(MVCs) and it derives about half of its volumes from producers with
weaker credit quality. S&P estimates the company's asset
utilization will be approximately 50% for 2021.

S&P said, "The positive outlook on Medallion reflects our
expectation that it will continue to increase its throughput
volumes and EBITDA while reducing its leverage to the low 5x range
in 2021 and below 5x in 2022. We anticipate the company will
generate strong free operating cash flow supported by the expansion
of production in its dedicated acreage. We also expect Medallion to
refinance its revolving credit facility (RCF) before it becomes
current in October 2021.

"We could revise our outlook on Medallion to stable if we expect
its leverage to remain above 6x on a sustained basis. This could
occur if its volumes remain flat or its debt increases due to
significant capital expenditures or dividends.

"We could raise our rating on Medallion if it continues to increase
its throughput volumes and generate positive free cash flow while
reducing its leverage below 6x on a sustained basis. Before raising
our rating, we would also expect Medallion to refinance its RCF
prior to it becoming current."


MINAL PHARMACY: Seeks to Hire Stevenson & Bullock as Legal Counsel
------------------------------------------------------------------
Minal Pharmacy, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Michigan to hire Stevenson & Bullock,
PLC to handle its Chapter 11 case.

Stevenson & Bullock will be paid at these rates:

     Michael A. Stevenson     $425 per hour
     Charles D. Bullock       $400 per hour
     Kimberly Bedigian        $350 per hour
     Sonya N. Goll            $325 per hour
     Michelle Stephenson      $325 per hour
     Ernerst M. Hassan, III   $300 per hour
     Elliot G. Crowder        $300 per hour
     Leslie D. Haas           $150 per hour
     Legal Assistants         $100 per hour

The firm received $9,238 for pre-bankruptcy fees and expenses.

Elliot Crowder, Esq., a member of Stevenson & Bullock, disclosed in
a court filing that he and his firm are disinterested persons as
defined by Section 101(14) of the Bankruptcy Code.

Stevenson & Bullock can be reached at:

         Elliot G. Crowder, Esq.
         Stevenson & Bullock, PLC
         26100 American Drive, Suite 500
         Southfield, MI 48034
         Tel: (248) 354-7906
         Fax: (248) 354-7907
         Email: ecrowder@sbplclaw.com

                       About Minal Pharmacy

Organized in 2008, Minal Pharmacy, LLC is an independent,
community-based pharmacy in Hamtramck, Mich.  Minal Pharmacy takes
great pride in its ability to service the Hamtramck community and
its patients, many of whom receive government assistance.  

Minal Pharmacy sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 21-43364) on April 16,
2021.  In the petition signed by Syed Saeed, Responsible Person,
the Debtor disclosed up to $50,000 in assets and up to $1 million
in liabilities.  Stevenson & Bullock, PLC is the Debtor's legal
counsel.


MUSCLE MAKER: Incurs $10.1 Million Net Loss in 2020
---------------------------------------------------
Muscle Maker, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$10.10 million on $4.47 million of total revenues for the year
ended Dec. 31, 2020, compared to a net loss of $28.39 million on
$4.96 million of total revenues for the year ended Dec. 31, 2019.

As of Dec. 31, 2020, the Company had $10.50 million in total
assets, $4.71 million in total liabilities, and $5.79 million in
total stockholders' equity.

Melville, NY-based Marcum LLP, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated April
15, 2021, citing that the Company has incurred significant losses
and net cash used in operations and needs to raise additional funds
to meet its obligations and sustain its operations.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.

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

https://www.sec.gov/Archives/edgar/data/1701756/000149315221008848/form10-k.htm

                         About Muscle Maker

Headquartered in League City, Texas, Muscle Maker is a fast casual
restaurant concept that specializes in preparing healthy-inspired,
high-quality, fresh, made-to-order lean, protein-based meals
featuring chicken, seafood, pasta, hamburgers, wraps and flat
breads.  In addition, the Company features freshly prepared entree
salads and an appealing selection of sides, protein shakes and
fruit smoothies.


NATIONAL RIFLE ASSOCIATION: Objects to Ex-CFO's D&O Access Attempt
------------------------------------------------------------------
Daniel Gill of Bloomberg Law reports that the National Rifle
Association is opposing its former CFO's attempt to tap the
organization's director and officer liability insurance coverage
for defending a lawsuit brought by the New York Attorney General.

New York Attorney General Letitia James sued the NRA in August
2020, alleging it violated non-profit laws by diverting charitable
donations to enrich the organization's top executives, including
Wilson Phillips. The lawsuit names Phillips as a co-defendant, the
NRA said.

Allowing Phillips to access the policy to cover his own defense
costs or liability would deplete the NRA’s bankruptcy estate, the
NRA said in its objection filed Monday, April 26, 2021.

            About National Rifle Association of America

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

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

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

Judge Harlin Dewayne Hale oversees the cases.

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

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


NN INC: Moody's Withdraws B3 CFR Following Debt Repayment
---------------------------------------------------------
Moody's Investors Service has withdrawn all ratings on NN, Inc.
debt, specifically the B3 senior secured and corporate family
ratings, the B3-PD probability of default rating and the SGL-3
Speculative Grade Liquidity Rating, as well as the stable rating
outlook.

RATINGS RATIONALE

The remaining $70 million on NN's term loans due in 2022 was repaid
in full and NN's revolving credit facility set to expire in 2022
was replaced with a new revolving facility. As such Moody's
withdrew all debt ratings.

Moody's took the following rating actions on NN, Inc.:

Withdrawals:

Corporate Family Rating, Withdrawn , previously rated B3

Probability of Default Rating, Withdrawn , previously rated B3-PD

Speculative Grade Liquidity Rating, Withdrawn , previously rated
SGL-3

Senior Secured 1st Lien Bank Credit Facility, Withdrawn ,
previously rated B3 (LGD3)

Outlook Action:

Outlook, Changed To Rating Withdrawn From Stable

NN, Inc., a diversified industrial company, combines advanced
engineering and production capabilities with in-depth materials
science expertise to design and manufacture high-precision
components and assemblies for a variety of markets on a global
basis. Headquartered in Charlotte, North Carolina, NN has 32
facilities in North America, Europe, South America, and China.
Revenues for the year ended December 31, 2020 were nearly $430
million.


NOVA CHEMICALS: S&P Alters Outlook to Stable, Affirms 'BB-' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on NOVA Chemicals Corp. to
stable from negative. At the same time, S&P Global Ratings affirmed
its 'BB-' issuer credit rating on the company and its 'BB-'
issue-level rating on NOVA's senior unsecured debt. The '4'
recovery rating on the debt is unchanged.

The stable outlook reflects S&P's view that the continued
strengthening in product prices will support improved credit
measures over our forecast period.

S&P said, "We believe NOVA's earnings will continue to recover in
2021, supported by strong product pricing. NOVA experienced a sharp
decline in earnings in the second-quarter 2020 due to lower oil and
polyolefins pricing amid the COVID-19 pandemic. However, polyolefin
prices firmed up in the second half of the year spurred by strong
demand from end markets serving e-commerce, food packaging, and
health and hygiene products. As a result, NOVA generated
better-than-expected operating performance and credit metrics in
2020. Specifically, it generated leverage of 5x relative to our
previous expectation of above 10x. Prices have continued to remain
strong into 2021, further supported by weather-related supply
disruptions in the U.S. Gulf Coast and demonstrated by hikes the
industry has implemented. Accordingly, we project NOVA's earnings
to be significantly better than expected in 2021, resulting in FFO
to debt improving to 25% from 14% in 2020. While we believe new
industry capacity additions, which are expected to come online in
the second half of 2021, will pressure margins, we project adjusted
FFO to debt of close to 20% and adjusted debt to EBITDA of 4x on a
weighted-average three-year period (2020-2022).

"We expect continued growth spending and resumption of dividend
payments but believe downside risk has diminished. We expect
capital spending to remain high over the next two years as the
company progresses with its second advanced SCLAIRTECH technology
facility (AST2: 65% completed) and expansion of the Corunna
cracker. The AST2 project is expected to be completed by year-end
2022, which should provide for higher volumes—a 20% increase in
polyethylene (PE) volumes is expected once the facility ramps up by
2024. In addition, based on the expectation for stronger cash
flows, we believe NOVA will resume paying dividends (assumed at
US$250 million annually) to parent Mubadala Investment Co. (MIC).
Despite these high cash outflows and expectation for negative
discretionary cash flows, credit measures on average will likely
remain aligned within our current expectations. The company also
has a fully available credit facility of US$1.5 billion that
provides it with a strong mechanism to withstand temporary market
disruptions. At the same time, we believe the potential for damages
in the E3 litigation case has been reduced following the favorable
decision relating to the appeal arguments.

"Our business risk assessment reflects the company's relatively
good market position, improved scale and feedstock diversity, and
structurally advantageous cost position. NOVA has a good market
position in the North American ethylene and PE industry, which has
favorable growth prospects. We expect its scale and market position
will continue to improve as the company completes growth projects
under NOVA's 2020 strategic plan--specifically the new PE facility
in Sarnia, Ont. (additional capacity of 950 million pounds per
year), and expansion of its Corunna cracker by approximately 50%.
In addition, we believe the company's feedstock diversity and
conversion of the Corunna facility to use up to 100% ethane from
the Marcellus and Utica shale basins have improved profitability
and reduced volatility relative to the naphtha feedstock it
previously used.

"Our assessment also factors in NOVA's cost-advantaged position in
North America, given access to lower-cost natural gas relative to
that of global peers that use naphtha as an input. We estimate
NOVA's EBITDA margins on a five-year weighted-average basis at
above 25%, in the top quartile of our commodity chemicals peer
group. The aforementioned strengths are partially offset by NOVA's
relatively limited product and operational diversity. We believe
the company has less comprehensive scale, scope, and diversity
compared with that of larger peers such as Westlake Chemical Corp.
and LyondellBasell Industries N.V., which are significantly larger
and have better product diversification.

"We believe the parent will remain supportive of NOVA. We continue
to view NOVA as moderately strategic to direct parent MIC, as part
of the rated government-related entity Mamoura Diversified Global
Holding PJSC (AA/Stable/A-1+), because we believe the parent is
likely to provide indirect support, if needed. While we project
dividends to resume, no payments were made during 2020 given weak
industry conditions. Accordingly, our rating on NOVA is enhanced
one notch due to our perception of parental support under our group
rating methodology criteria.

"We expect NOVA to generate improved credit measures in 2021, with
adjusted FFO to debt of about 25%. While we project credit measures
will weaken in 2022 due to new capacity additions, the stable
outlook reflects our expectation of adjusted FFO to debt remaining
well above 12% over our forecast period.

"We could lower the rating over the next 12 months if NOVA's
average adjusted FFO to debt weakened below 12% on a sustained
basis. In such a scenario, we believe PE prices weakened more than
our expectations due to industry capacity additions. We could also
lower the rating if we revised our assessment of NOVA's strategic
importance to the parent. This could occur if, in our view, we
perceived the parent would be unlikely to lend support to NOVA
during stress conditions.

"We could raise the rating if we expect the company's adjusted FFO
to debt to approach and remain about 30%. We believe this could
occur if oil and product prices improved better than our
expectations and management articulated a financial policy that
supports maintenance of credit measures at this level."


NUVERRA ENVIRONMENTAL: Appoints Patrick Bond as CEO
---------------------------------------------------
Nuverra Environmental Solutions, Inc. has appointed Patrick L. Bond
as the chief executive officer of Company, effective April 21,
2021. Charlie Thompson, the Company's current chief executive
officer, will continue to serve as Chairman of the Company's Board
of Directors following the transition.

"Pat has a long and distinguished history in the oilfield services
sector, and we are excited to have him lead the Nuverra team," said
Mr. Thompson.  "As a 30-year industry veteran, Pat brings not only
tremendous operational expertise, but also a deep commercial focus
that will be critically important to the Company as the industry
emerges from the effects of the COVID-19 pandemic and the oil price
collapse in 2020.  He is a petroleum engineer who has successfully
undertaken numerous business development and management roles
throughout the United States and internationally, including senior
leadership positions at Halliburton, Weatherford, Schlumberger and
several of its affiliated companies, and most recently as Co-CEO of
Gravity Oilfield Services.  Pat has spent the better part of the
last ten years leading smaller private companies like Gravity and
its predecessors, and we believe he will be an excellent fit for
Nuverra, our customers and our employees," Mr. Bond will be based
in the Company's corporate office in Houston.

As previously announced, David J. Nightingale joined the Board of
Directors of the Company effective April 6, 2021.  Mr. Nightingale
brings relevant industry experience having served as executive vice
president, Wellsite Services of Select Energy Services, Inc. and as
the executive vice president and chief operating officer of
Rockwater Energy Solutions, Inc.  "We are looking forward to the
strategic insights that David will bring as a result of his many
years in the broader oil service industry as well as the water
sector specifically," said Mr. Thompson.

"The addition of Pat and David to these key leadership roles adds
formidable commercial strength, strategic insight and operating
expertise to help Nuverra address the challenges and uncertainties
the business is facing."

                         About Nuverra

Nuverra Environmental Solutions, Inc. provides water logistics and
oilfield services to customers focused on the development and
ongoing production of oil and natural gas from shale formations in
the United States.  Its services include the delivery, collection,
and disposal of solid and liquid materials that are used in and
generated by the drilling, completion, and ongoing production of
shale oil and natural gas.  The Company provides a suite of
solutions to customers who demand safety, environmental compliance
and accountability from their service providers.

Nuverra Environmental reported a net loss of $44.14 million for the
year ended Dec. 31, 2020, compared to a net loss of $54.94 million
for the year ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company
had $191.07 million in total assets, $58.78 million in total
liabilities, and $132.28 million in total shareholders' equity.


O.P. INVESTMENT: Unsecured Claims Under $15K to Recover 80% in Plan
-------------------------------------------------------------------
O.P. Investment Group, LLC, filed with the U.S. Bankruptcy Court
for the Eastern District of Michigan a Combined Plan of
Reorganization and Disclosure Statement dated April 27, 2021.

The Debtor, a Michigan limited liability company, was formed in
2019 to purchase, own, and operate the Property, which is a
commercial strip mall located at 35252-35240 23 Mile Road, New
Baltimore, Michigan 48047.  The Property is leased to 12 tenants
with 5 additional storefronts available for rent.  The Property is
Debtor's sole income- producing asset.

The Debtor filed the Chapter 11 case prior to the scheduled
foreclosure sale to preserve its assets and operations and to
reorganize its business in a way that is most beneficial to Debtor
and its creditors.

Class I consists of Allowed Claims of Greenleaf Income Trust II
("Bank") (the "Class I Claim").  The Bank has asserted or may
assert it is owed $4,237,247 in outstanding principal plus accrued
interest, costs, and fees and that its Claim is secured by a
recorded first priority mortgage and assignment of rents
encumbering the Property (the "Bank's Mortgage").

   -- If the Bank votes in favor of the Plan, then:

      * The Class I Claim shall be Allowed in an amount equal to
the amount of principal outstanding debt on the Petition Date as
reported on the Bank's February 2021 statement issued to the Debtor
(the "Bank's Claim").

      * The Bank shall be treated as though it had made a timely
election to have its Class I Claim treated as a fully Secured
Claim.

      * If the Bank votes to accept the Plan, the value of the
Property securing the Bank's Claim shall be $2,000,000.

      * The Class IV Interest Holders shall collectively pay
$130,000.00 to the Bank within 30 days after the Effective Date,
which shall be applied to the Bank's Claim.

      * The Bank's Claim will be fully paid on or before 10 years
after the Effective Date.  The Bank's Claim shall be paid with
monthly payments of $16,667.67. The first monthly payment shall be
made on the date that is 60 days after the Effective Date of the
Plan and on the same date of each month thereafter for the next 118
months with a final balloon payment in the amount of
$2,662,362.12.

   -- If the Bank votes against the Plan, then:

     * The Bank's Claim shall be bifurcated into the Bank's Secured
Claim and the Bank's Unsecured Claim.

     * The Debtor or Reorganized Debtor shall pay the Secured Claim
to Bank in monthly payments over a 30 year term bearing interest at
the rate of 2.6% per annum, which is equal to the 52-week T-bill
rate as of March 22, 2021 plus 2%. The first such monthly payment
shall be paid on a date that is 60 days after the Effective Date.

     * The value of the Claim securing the Bank's Mortgage shall be
equal to the Bank's Secured Claim and upon full payment of the
Bank's Secured Claim to the Bank, the Bank's Mortgage shall be
released and discharged by the Bank.

     * The Bank's Unsecured Claim shall be a Class III Claim.

   -- Until the Property is sold or the Class I Claim is satisfied
in full, the Bank shall retain its Liens, including the Bank's
Mortgage, to secure the Bank's Claim or that portion of the Class I
Claim that is a Secured Claim. Such Liens shall have the same
priority as existed immediately before the Petition Date.

Class II is a convenience Class consisting of all Allowed Unsecured
Claims of $15,000 or less and those Class III Claims electing to
reduce their Claim to $15,000.  The members of this Class include
DTE Energy, Frangie Law Firm, Lakeshore Outdoor Services, LLC, and
SEMCO Energy Gas Company.

The Holder of each Allowed Class II Claim shall be paid, without
interest, a total of 80% of the face amount of its Class II Claim
in 2 equal payments.  The first payment shall be paid 30 days after
the Effective Date of the Plan and the second payment shall be paid
60 days after the Effective Date of the Plan.  Upon the Effective
Date and except for Avoidance Actions commenced prior to the
Effective Date, the Debtor and Reorganized Debtor waive any
Avoidance Actions against any Holder of an Allowed Class II Claim.
This Class is Impaired.

Class III consists of Holders of Allowed Unsecured Claims that are
not Class II Claims. In full and final satisfaction of Allowed
Class III Claims, Holders of Class III Claims shall receive a Pro
Rata distribution of the Unsecured Distribution Pool, which shall
be funded with the net proceeds of the Equity Auction.

In the event that Class I votes to accept this Plan, this Class III
shall be vacant. Neither pre-confirmation interest nor
post-confirmation interest shall be paid to or for any Class III
Claims.  The Reorganized Debtor will make distributions from the
Unsecured Distribution Pool to Holders of Allowed Class III Claims
within 90 days after all Allowed Administrative Claims have been
fully and indefeasibly. Class III is impaired.
     
The Debtor reasonably believes that ongoing operations shall be
sufficient to fund the Plan. The Debtor intends to continue in
business by reorganizing its operations and debt structure. In
particular and consistent with the Plan, the Debtor anticipates
restructuring its operations to reduce the payments due on the
obligations owed to the Bank.

A full-text copy of the Combined Plan and Disclosure Statement
dated April 27, 2021, is available at https://bit.ly/3sZeEZO from
PacerMonitor.com at no charge.

Counsel for the Debtor:

     DANIEL J. WEINER
     MICHAEL E. BAUM
     JOHN STOCKDALE, JR.
     SCHAFER AND WEINER, PLLC
     40950 Woodward Ave., Ste. 100
     Bloomfield Hills, MI 48304
     (248) 540-3340
      jstockdale@schaferandweiner.com

                  About O.P. Investment Group

O.P. Investment Group, LLC owns a commercial strip mall located at
35252-35240 23 Mile Road, New Baltimore, Michigan 48047.  O.P.
Investment Group filed its Chapter 11 petition (Bankr. E.D. Mich.
Case No. 21-40722) on January 28, 2021.  The Petition was signed by
Bassam Kallabat, member.  In its petition, the Debtor estimated its
assets and liabilities at $1 million to $10 million.  

Judge Thomas J. Tucker oversees the case.

The Debtor is represented by Daniel J. Weiner, Esq., at Schafer and
Weiner, PLLC.


OCEAN POWER: Deploys PB3 PowerBuoy for Enel Green Power in Chile
----------------------------------------------------------------
Ocean Power Technologies, Inc. announced the deployment of a PB3
PowerBuoy for Enel Green Power (EGP) off the coast of Las Cruces,
Chile to support the country's transition to clean energy.

In September 2019, EGP purchased a PB3 PowerBuoy and associated
equipment from OPT to support Chile's Marine Energy Research and
Innovation Center (MERIC) Project, a hub for innovation in marine
energy in Chile and internationally.  OPT's PB3 PowerBuoy converts
wave motion into clean, reliable electricity to supply continuous
and autonomous power and enable secure collection and transmission
of data from the sea.  The autonomous offshore platform will
eventually power a suite of oceanographic sensors and transmit
real-time environmental data to a dedicated shore station studying
the potential effect of marine energy under real-world sea
conditions with minimal carbon footprint.

"We are proud of the work performed to deploy the PB3 PowerBuoy for
EGP and help bring new clean energy solutions to Chile," said
George H. Kirby, president and chief executive officer of OPT.  "We
look forward to continuing to expand our presence in Chile and
throughout South America."

"Chile has excellent conditions in terms of marine resources to
produce wave energy.  This type of energy production has several
advantages: it is available 24 hours a day, 365 days a year; it is
silent, and; it is not located in populated areas.  The
installation of this device represents great progress on the path
towards the development of renewable energies in Chile," said James
Lee Stancampiano, Chairman of the Board of MERIC.

An associated shore station was developed and supplied by OPT and
assembled and installed by Chile-based Salmoboats.  OPT also worked
with Italy-based iSat to provide a shore-based wave radar system
installed by local contractor BZ Naval.

OPT originally scheduled the Chile deployment in April 2020, but
international travel restrictions and operational limits on work
activities within the country related to the COVID-19 pandemic
prevented implementation until this year.  To complete the
installation while adhering to COVID-19 restrictions, OPT project
engineers and marine operations technicians utilized remote
collaboration tools to work closely with contractors on site.
Salmoboats performed all onshore preparations and acted as OPT's
site representative.  Louisiana-based SeaTrepid International, LLC,
which has experience working in the region, deployed the assembled
PB3 PowerBuoy.

OPT will continue to monitor the operational performance of the PB3
PowerBuoy and provide remote diagnostics and support as needed.

The project is scheduled to run through October 2023.  For more
information, visit www.meric.cl.

                     About Ocean Power Technologies

Headquartered in Monroe Township, New Jersey, Ocean Power
Technologies, Inc. -- http://www.oceanpowertechnologies.com-- is a
marine power solutions provider that designs, manufactures, sells,
and services its products while working closely with partners that
provide payloads, integration services, and marine installation
services. Its PowerBuoy solutions platform provides clean and
reliable electric power and real-time data communications for
remote offshore and subsea applications in markets such as offshore
oil and gas, defense and security, science and research, and
communications.

Ocean Power reported a net loss of $10.35 million for the 12 months
ended April 30, 2020, compared to a net loss of $12.25 million for
the 12 months ended April 30, 2019.  As of Oct. 31, 2020, the
Company had $18.56 million in total assets, $4.91 million in total
liabilities, and $13.65 million in total stockholders' equity.

As of Jan. 31, 2021, the Company had $82.89 million in total
assets, $4.69 million in total liabilities, and $78.20 million in
total stockholders' equity.

KPMG LLP, in Philadelphia, Pennsylvania, the Company's auditor
since 2004, issued a "going concern" qualification in its report
dated June 29, 2020, citing that the Company has suffered recurring
losses from operations and has an accumulated deficit that raise
substantial doubt about its ability to continue as a going concern.


ORIGINCLEAR INC: Signs Exchange Deals With Preferred Stockholders
-----------------------------------------------------------------
Between March 17, 2021 and April 15, 2021, OriginClear, Inc.
entered into exchange agreements with holders of the Company's
Series I Preferred Stock, Series K Preferred Stock, and Series O
Preferred Stock pursuant to which such holders exchanged an
aggregate of 170 shares of Series I Preferred Stock, an aggregate
of 765 Series K Preferred Stock, and an aggregate of 100 Series O
Preferred Stock for 1,035 shares of the Company's Series R
Preferred Stock.

On April 14, 2021, the Company entered into exchange agreements
with holders of the Company's Series G Preferred Stock pursuant to
which such holders exchanged an aggregate of 25 shares of Series G
Preferred Stock for 25 shares of the Company's Series S Preferred
Stock.

                Dividends in Shares of Common Stock

As previously reported, on May 1, 2020, the Company filed a
certificate of designation of Series O Preferred Stock.  Pursuant
to the Series O COD, the Company designated 2,000 shares of
preferred stock as Series O.  The Series O has a stated value of
$1,000 per share, is convertible into shares of the Company's
common stock on the terms set forth in the Series O COD, and
holders are entitled to receive certain dividends, including in
shares of common stock at an annual rate of 4% of stated value
based on the terms and conditions set forth in the Series O COD.

On March 31, 2021, the Company issued an aggregate of 236,205 in
shares of the Company's common stock as dividends to certain
holders of Series O Preferred Stock.

                  Conversion of Preferred Shares

As previously reported, on Aug. 19, 2019, the Company filed a
certificate of designation of Series L Preferred Stock.  Pursuant
to the Series L COD, the Company designated 100,000 shares of
preferred stock as Series L.  The Series L has a stated value of
$1,000 per share, and is convertible into shares of the Company's
common stock, on the terms and conditions set forth in the Series L
COD.

On April 6, 2021, holders of Series L Preferred Stock converted an
aggregate of 12.5 Series L shares into an aggregate of 453,828
shares, including make-good shares, of the Company's common stock.

As previously reported, on May 1, 2020, the Company filed a
certificate of designation of Series O Preferred Stock.  Pursuant
to the Series O COD, the Company designated 2,000 shares of
preferred stock as Series O.  The Series O has a stated value of
$1,000 per share, and is convertible into shares of the Company's
common stock, on the terms and conditions set forth in the Series O
COD.

Between April 1, 2021 and April 6, 2021, holders of Series O
Preferred Stock converted an aggregate of 137.5 Series O shares
into an aggregate of 3,627,966 shares of the Company's common
stock.

As previously reported, on May 1, 2020, the Company filed a
certificate of designation of Series P Preferred Stock.  Pursuant
to the Series P COD, the Company designated 500 shares of preferred
stock as Series P.  The Series P has a stated value of $1,000 per
share, and is convertible into shares of the Company's common
stock, on the terms and conditions set forth in the Series P COD.

Between April 1, 2021 and April 7, 2021, holders of Series P
Preferred Stock converted an aggregate of 74 Series P shares into
an aggregate of 1,073,490 shares of the Company's common stock.

As previously reported, on Nov. 23, 2020, the Company filed a
certificate of designation of Series R Preferred Stock.  Pursuant
to the Series R COD, the Company designated 5,000 shares of
preferred stock as Series R.  The Series R has a stated value of
$1,000 per share, and is convertible into shares of the Company's
common stock, on the terms and conditions set forth in the Series R
COD.

Between April 1, 2021 and April 6, 2021, holders of Series R
Preferred Stock converted an aggregate of 162 Series R shares into
an aggregate of 4,276,032 shares of the Company's common stock.

                       Consultant Issuances

Between March 31, 2021 and April 19, 2021, the Company issued to
consultants and one employee an aggregate of 7,892,987 shares of
the Company's common stock for services and 68,571 shares of the
Company's common stock in exchange for Series D-1 preferred stock.

                         About OriginClear

Headquartered in Los Angeles, California, OriginClear --
http://www.originclear.com-- is a provider of water treatment
solutions and the developer of a breakthrough water cleanup
technology.  Through its wholly owned subsidiaries, OriginClear
provides systems and services to treat water in a wide range of
industries, such as municipal, pharmaceutical, semiconductors,
industrial, and oil & gas.

OriginClear reported a net loss of $27.47 million for the year
ended Dec. 31, 2019, compared to a net loss of $11.35 million for
the year ended Dec. 31, 2018.  As of Sept. 30, 2020, the Company
had $1.72 million in total assets, $20.56 million in total
liabilities, and a total shareholders' deficit of $24.13 million.

M&K CPAS, PLLC, in Houston, TX, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated May 29,
2020, citing that the Company suffered a net loss from operations
and has a net capital deficiency, which raises substantial doubt
about its ability to continue as a going concern.


PALMCO HOMES: Seeks Court Approval to Hire EXP Realty
-----------------------------------------------------
Palmco Homes II, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to employ real estate firm EXP
Realty, LLC.

The Debtor requires the services of a real estate firm to sell its
property located at 10144 Spyglass Way, Bora Raton, Fla.

The firm's commission will be 3 percent of the sales price.

Paul Saperstein of EXP Realty disclosed in a court filing that his
firm is a disinterested person as required by Section 327(a) of the
Bankruptcy Code.

EXP Realty can be reached through:

     Paul Saperstein
     EXP Realty LLC
     5039 Ocean Boulevard,
     Siesta Key, FL l4242
     Phone: 561-251-5296
     Email: paul.saperstein@exprealty.com

                       About Palmco Homes II

Palmco Homes II, LLC sought protection from the U.S. Bankruptcy
Code for the Southern District of Florida (Bankr. S.D. Fla. Case
No. 21-12044) on March 1, 2021, listing under $1 million in both
assets and liabilities.  Judge Erik P. Kimball oversees the case.
Van Horn Law Group, PA serves as the Debtor's legal counsel.


PARKLAND CORPORATION: DBRS Confirms BB Issuer Rating
----------------------------------------------------
DBRS Limited confirmed the Issuer Rating and Senior Unsecured Notes
rating of Parkland Corporation at BB and the Recovery Rating on the
Senior Unsecured Notes at RR4. All trends are Stable. The
confirmations reflect Parkland's F2020 operating results, which
were stronger than DBRS Morningstar's revised forecast at the onset
of the Coronavirus Disease (COVID-19) pandemic. The Stable trends
reflect DBRS Morningstar's view that, while there are still
uncertainties related to the pace of global distribution of
coronavirus vaccines, the relaxation of virus containment measures,
and the macroeconomic aftereffects, the Company is now well placed
to navigate the current environment and improve within the current
rating category without the need for materially stringent capital
preserving measures. Parkland's ratings continue to be supported by
its strong position as Canada's largest independent marketer and
distributor of fuels as well as by its efficient operations,
diversified customer and supplier base, and geographic
diversification. The ratings also continue to reflect the intense
competition, exposure to economic cycles, and volatility in
refinery margins as well as the risks associated with environmental
liability.

During F2020, Parkland's total fuel volume decreased to 21.4
billion liters from 22.3 billion liters in F2019. The decrease was
primarily because of lower fuel demand as a result of coronavirus
containment measures, particularly the restrictions on
non-essential businesses and travel. DBRS Morningstar notes,
however, that the Company benefited from increased fuel volume
attributed to its acquisition-driven growth initiatives primarily
in the U.S. market. Furthermore, Parkland's operating earnings
benefited from improved fuel margins, strong convenience store
sales growth, and proactive cost reduction initiatives. As such,
the Company's EBITDA decreased to approximately $1.0 billion in
F2020 from $1.3 billion in F2019 largely because of the economic
impact of the coronavirus pandemic and the F2020 Burnaby refinery
turnaround.

DBRS Morningstar expects fuel volume recovery to continue tracking
the pace of economic reopening in Parkland's key markets. DBRS
Morningstar further expects fuel volume growth to accelerate over
the near term as a result of investments in new-to-industry sites
and strategic acquisitions, primarily in the U.S. market. As such,
DBRS Morningstar forecasts Parkland's fuel volume to increase to
approximately 23 billion liters in F2021 and to above 25 billion
liters in F2022. In terms of margins, DBRS Morningstar expects the
Company to continue to benefit from efficiency-improving
initiatives implemented at the onset of the coronavirus pandemic
and also from operating leverage as fuel volume increases. DBRS
Morningstar expects Parkland's EBITDA to reach approximately $1.2
billion in F2021, up from $1.0 billion in F2020. Thereafter, DBRS
Morningstar expects EBITDA to grow above $1.4 billion with the
increase in operating earnings primarily driven by enhancements in
the Company's past transactions as well as future acquisitions.

In terms of Parkland's financial profile, DBRS Morningstar expects
cash flow from operations to continue to track operating income.
Capital expenditure is expected to increase to above $500 million
in F2021 from $345 million in F2020 largely because of maintenance
work that was delayed last year in response to the pandemic. DBRS
Morningstar expects Parkland's dividend policy to remain stable,
resulting in free cash flow (FCF; after dividends but before
changes in working capital) to be approximately $110 million in
F2021. DBRS Morningstar expects Parkland will use its FCF and
incremental debt for further acquisitions, predominantly in the
U.S. market. DBRS Morningstar also expects the Company to acquire
the 25% interest in SOL that it does not currently own with debt
financing as the option becomes available in F2022. DBRS
Morningstar forecasts Parkland's lease-adjusted debt-to-EBITDAR
will return to below 3.50 times (x) during the course of F2022,
from 3.90x in F2020 and 2.93x in F2019, as the rate of growth in
operating income should outpace the proportion of any incremental
debt incurred for acquisitions. As such, should Parkland's
lease-adjusted debt-to-EBITDAR improve towards the mid-three-times
range on a sustainable basis, based on operating earnings growth
and supportive financial management, a positive rating action may
occur by the end of F2021.

Notes: All figures are in Canadian dollars unless otherwise noted.



PIERCE CONTRACTORS: Unsecureds Will Get 10% of Claims in 24 Months
------------------------------------------------------------------
Pierce Contractors, Inc., submitted a First Amended Combined Plan
of Reorganization and Disclosure Statement dated April 27, 2021.

Class 1 consists of Secured Creditors.  The Debtor will pay the
entire amount contractually due by making all post-confirmation
regular monthly payments, and by paying all pre-confirmation
arrears with interest in 24 equal monthly payments, due the 1st day
of the month, starting April 2021 on the above-secured claims.
Creditors in these classes will retain their interest in the
collateral until paid in full:

     * Class 1C consists of Superior Loan Servicing Claim to
receive a regular monthly payment of $13,254 and $156,083 estimated
arrears.

     * Class 1D consists of Ford Motor Credit Claim to receive a
regular monthly payment of $1,095 and $18,621 estimated arrears.

Class 2(a) consists of the General Unsecured Claim of Richard and
Yong Joyce in an amount of $487,800 to receive a monthly payment of
$2,033 with $48,780 total amount to be paid.  In addition, Class
2(a) consists of the General Unsecured Claim of Richard and Yong
Joyce in an amount of $311,362 to receive a monthly payment of
$1,297 with $31,137 total amount to be paid.

Creditors in Class 2(a) will receive 10% percent of their allowed
claim in 24 equal monthly installments, due on the 1st day of the
month, starting April 2021.

The Debtor acts as a holding company for the Property commonly
known as 194 Lantz Drive, Morgan Hill, CA and several vehicles that
are used in the business of the owner, Richard Pierce. Mr. Pierce's
business has not yet recovered from the damage that COVID 19 did to
it, however, he is expecting to receive a large personal injury
settlement prior to the Plan's Effective Date related to a plane
crash that killed his wife, Stacey Pierce.

Completed ballots must be received by Debtor's counsel, and
objections to confirmation must be filed and served, no later than
May 4, 2021.  The court will hold a hearing on confirmation of the
Plan on May 11, 2021, at 10:00 a.m.

A full-text copy of the First Amended Combined Plan and Disclosure
Statement dated April 27, 2021, is available at
https://bit.ly/3dZjOkv from PacerMonitor.com at no charge.

                   About Pierce Contractors

Pierce Contractors, Inc., acts as a holding company for the
property commonly known as 194 Lantz Drive, Morgan Hill, CA, and
several vehicles that are used in the business of the owner,
Richard Pierce.  Mr. Pierce runs a plumbing company in his own
name.

Pierce Contractors, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Cal. Case No. 20-50182) on Jan. 31,
2020, listing under $1 million on both assets and liabilities.
William Winters, Esq., is serving as the Debtor's counsel.


PLUS THERAPEUTICS: Incurs $2.7M Net Loss for Quarter Ended March 31
-------------------------------------------------------------------
Plus Therapeutics, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $2.72 million on zero development revenue for the three months
ended March 31, 2021, compared to a net loss of $1.09 million on
$118,000 of development revenues for the three months ended March
31, 2020.

As of March 31, 2021, the Company had $18.34 million in total
assets, $8.82 million in total liabilities, and $9.51 million in
total stockholders' equity.

As of March 31, 2021, the Company's cash balance was $14.4 million,
compared to $8.3 million as of Dec. 31, 2020.

Total operating expenses for the first quarter of 2021 was $2.5
million, compared to total operating expenses of $2.56 million for
the same quarter in 2020.

The Company has an accumulated deficit of $436.2 million as of
March 31, 2021.  Additionally, the Company used net cash of $3.0
million to fund its operating activities for the three months ended
March 31, 2021.  These factors raise substantial doubt about the
Company's ability to continue as a going concern.

Plus Therapeutics said, "To date, these operating losses have been
funded primarily from outside sources of invested capital in our
common stock, proceeds raised from the Loan and Security Agreement,
and gross profits.  We have had, and we will continue to have, an
ongoing need to raise additional cash from outside sources to fund
our future clinical development programs and other operations.  Our
inability to raise additional cash would have a material and
adverse impact on operations and would cause us to default on our
loan."

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

https://www.sec.gov/Archives/edgar/data/1095981/000156459021020103/pstv-10q_20210331.htm

                      About Plus Therapeutics

Headquartered in Austin, Texas, Plus Therapeutics, Inc. --
http://www.plustherapeutics.com-- is a clinical-stage
pharmaceutical company focused on the discovery, development, and
manufacturing scale up of complex and innovative treatments for
patients battling cancer and other life-threatening diseases.

Plus Therapeutics reported a net loss of $8.24 million for the year
ended Dec. 31, 2020, compared to a net loss of $10.89 million for
the year ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company had
$12.10 million in total assets, $9.07 million in total liabilities,
and $3.03 million in total stockholders' equity.

BDO USA, LLP, in San Diego, Calif., the Company's auditor since
2016, issued a "going concern" qualification in its report dated
Feb. 22, 2021, citing that the Company has suffered recurring
losses and negative cash flows from operations that raise
substantial doubt about its ability to continue as a going concern.


PMG CINCINNATI: Seeks to Hire Strauss Troy as Bankruptcy Counsel
----------------------------------------------------------------
PMG Cincinnati Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Ohio to hire Strauss Troy Co., LPA as
its bankruptcy counsel.

The firm's services include:

     a. advising the Debtor with respect to its rights, powers and
duties;

     b. assisting the Debtor in the preparation of its bankruptcy
schedules and statement of financial affairs;

    c. assisting the Debtor in connection with the administration
of its Chapter 11 case;

    d. analyzing the claims of creditors;

    e. investigating the act, conduct and financial condition of
the Debtor;

    f. representing the Debtor in sale negotiations;

    g. investigating and prosecuting litigation;

    h. proposing a plan of reorganization;

    i. representing the Debtor at hearings, conferences and other
proceedings;

    j. preparing legal papers;

    k. instituting or continuing any appropriate proceedings to
recover assets of the estate;

    l. other legal services.

Strauss Troy Co. will be paid at these rates:

     Philomena S. Ashdown, Esq.  $375 per hour
     Partners                    $325 - $650 per hour
     Associates                  $275 - $350 per hour
     Paraprofessionals           $150 - $275 per hour

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

Philomena Ashdown, Esq., attorney at Strauss Troy Co., 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:

     Philomena S. Ashdown, Esq.
     Strauss Troy Co., LPA
     150 E 4th St #4
     Cincinnati, OH 45202-4018
     Phone: 513-629-9456
     Email: psashdown@strausstroy.com

                       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.  At the time of the
filing, the Debtor disclosed $100,001 to $500,000 in both assets
and liabilities.  Judge Jeffery P. Hopkins oversees the case.
Strauss Troy Co., LPA represents the Debtor as legal counsel.


POWERSCHOOL: Moody's Puts B3 CFR Under Review for Upgrade
---------------------------------------------------------
Moody's Investors Service placed Severin Acquisition, LLC's (dba
"PowerSchool") B3 corporate family rating, B3-PD probability of
default rating, and respective B2 and Caa2 first- and second-lien
debt ratings on review for upgrade. The outlook has been revised to
rating under review, from stable.

On April 6th, PowerSchool announced the submission of a draft
registration statement on Form S-1 with the Securities and Exchange
Commission outlining its plan for a proposed IPO, which Moody's
anticipates will be undertaken by mid-2021[1].

On Review for Upgrade:

Issuer: Severin Acquisition, LLC

Corporate Family Rating, Placed on Review for Upgrade, currently
B3

Probability of Default Rating, Placed on Review for Upgrade,
currently B3-PD

Senior Secured 1st Lien Bank Credit Facility, Placed on Review for
Upgrade, currently B2 (LGD3)

Senior Secured 2nd Lien Bank Credit Facility, Placed on Review for
Upgrade, currently Caa2 (LGD5)

Outlook Actions:

Issuer: Severin Acquisition, LLC

Outlook, Changed To Rating Under Review From Stable

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

The ratings review reflects Moody's expectation that PowerSchool
will use the IPO proceeds primarily for debt repayment, including
retiring a $320 million bridge loan assumed for a late-March 2021
acquisition, and then, in order according to which the amount of
proceeds will allow, a $365 million second-lien term loan and $829
million of first-lien term loan debt. (As of year-end 2020,
PowerSchool also had in place a $180 million revolving credit
commitment, under which $40 million had been outstanding.) While
the amount of proceeds is not speculated in the S-1 filing, Moody's
assumes proceeds will be at least enough to retire PowerSchool's
bridge loan, which was raised to make an all-debt-financed
acquisition in March 2021.

The review for upgrade is based on the clear message conveyed in
the S-1 that PowerSchool's primary objective is deleveraging.
Employing an assumed wide range of IPO proceeds, Moody's estimates
that PowerSchool's debt-to-EBITDA leverage could improve
moderately, to a still high 7.3 times, or, if proceeds approached
$1.0 billion, substantially, to below 4.0 times, from above 9.0
times at present. Moody's expects that after the IPO there will not
be a material change to the current heavy ownership position of
private equity sponsors Vista and Onex. (All financial metrics
cited reflect Moody's standard adjustments.)

Given the still aggressive leverage levels that may result after
the IPO, the ongoing PE control, and Moody's expectations for a
continued active acquisition platform, Moody's anticipates the
ratings review will conclude with no more than a one-notch upgrade,
to a B2 CFR. Moody's expects to conclude the review upon completion
of the IPO and reasonable assurance as to the quantum of debt that
will be repaid. If, however, only a minimum amount of proceeds is
raised such that leverage remains at roughly 6.5 times or higher,
it is possible that Moody's would confirm PowerSchool's B3 CFR upon
completion of the review. Additionally, individual debt-instrument
ratings will depend upon the allocation of proceeds and the final
composition of senior versus junior debt in PowerSchool's post-IPO
capital structure.

With improved albeit still modest free cash flow and balance sheet
cash through 2021, PowerSchool, in Moody's view, continues to have
adequate liquidity.

The ratings could be upgraded if, after the IPO, Moody's expects
PowerSchool's debt-to-EBITDA leverage will be sustained near 6.0
times; if acquisitions are integrated successfully (requiring
lesser earnings adjustments), and if the size and scope of the
business, as well as profits, expand, and; if Moody's anticipates
that the company will generate free cash flow representing mid- to
upper-single-digit percentages of debt.

Given that the ratings are under review for upgrade, a negative
rating action is unlikely in the near term. However, the ratings
could be downgraded if: leverage fails to remain below 8.0 times
over the next 12 to 18 months; if liquidity deteriorates,
reflective, perhaps, of an aggressive acquisition strategy, or; if
planned synergy execution fails to translate into improved EBITDA
and positive free cash.

With Moody's-expected 2021 revenues of about $600 million,
pro-forma for the early 2021 acquisition of certain business lines
of Hobsons, PowerSchool provides SIS, ERP and LMS software that
facilitates the management, operations, communications, and
teaching functionality for kindergarten through twelfth-grade
educational institutions largely in North America. Vista Equity
Partners acquired PowerSchool's core SIS business from Pearson Plc
in 2015, and has executed many acquisitions since then.

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


PREFERRED EQUIPMENT: Taps Peter M. Iascone as Legal Counsel
-----------------------------------------------------------
Preferred Equipment Resource, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Rhode Island to hire Peter M.
Iascone & Associates, Ltd. as its legal counsel.

The firm's services include:

     a. advising the Debtor regarding its powers and duties in the
continued operation of its business, management of its property and
reorganization;

     b. prepare legal paper;

     c. assisting the Debtor in the formulation of a Chapter 11
reorganization plan and in negotiations; and

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

The firm will be paid at the rate of $300 per hour and reimbursed
for work-related expenses it incurred.  The retainer fee is
$10,000.

Peter Iascone, Esq., and Gregory Sorbello, Esq., at Peter M.
Iascone & Associates, disclosed in court filings that all of the
attorneys at the firm are "disinterested persons" as that term is
defined by Section 101(14) of the Bankruptcy Code.

The Firm can be reached through:

     Peter M. Iascone, Esq.
     Gregory Sorbello, Esq.
     Peter M. Iascone & Associates, Ltd.
     117 Bellevue Ave
     Newport, RI 02840
     Tel: (401) 848-5200
     Email: piascone@aol.com

                About Preferred Equipment Resource

Preferred Equipment Resource, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. R.I. Case
No. 21-10308) on April 16, 2021, listing $100,001 to $500,000 in
assets and $500,001 to $1 million in liabilities.  Peter M. Iascone
& Associates, Ltd. serves as the Debtor's legal counsel.


PURDUE PHARMA: Docs Lack Info, Says Newborn Opioid Victims Group
----------------------------------------------------------------
Law360 reports that a group representing the interests of victims
of neonatal abstinence syndrome in the bankruptcy case of opioid
maker Purdue Pharma told a New York judge late Monday, April 26,
2021, that the debtor's Chapter 11 plan documents don't provide
enough information about their treatment.

In the 100-page objection to Purdue's plan disclosure statement,
the NAS Children Ad Hoc Committee said the document lacks critical
information needed in order to cast a ballot in favor of or against
the proposed plan, especially details about what amount of recovery
may be available for NAS victims from a $750 million trust.

                      About Purdue Pharma LP

Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.

Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.

Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.

OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.

On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation facing the Company.

The Company's consolidated balance sheet at Aug. 31, 2019, showed
$1.972 billion in assets and $562 million in liabilities.

U.S. Bankruptcy Judge Robert Drain, in White Plains, New York, has
been assigned to oversee Purdue's Chapter 11 case.

Davis Polk & Wardwell LLP and Dechert LLP are serving as legal
counsel to Purdue.  PJT Partners is serving as investment banker,
and AlixPartners is serving as financial advisor.  Prime Clerk LLC
is the claims agent.


QUANTUM CORP: Appoints Former NVIDIA Exec as General Counsel
------------------------------------------------------------
Brian Cabrera has joined Quantum Corporation's executive leadership
team as general counsel and chief compliance officer.  Cabrera has
extensive experience in the legal and regulatory field, both as a
senior tech industry executive at NVIDIA and multiple software
companies, and as a former Assistant United States Attorney (AUSA)
in the Criminal Division of the Northern California federal
prosecutor's office.

"Brian's extensive legal experience in the software and technology
industry will be instrumental as Quantum continues its transition
to software-defined solutions for storing and managing video and
unstructured data," said Jamie Lerner, president and CEO of
Quantum.

Cabrera brings more than 25 years of legal experience to Quantum.
Prior to his appointment as AUSA, he was senior vice president &
general counsel for NVIDIA, a leader in semiconductors for
graphics, autonomous driving, and artificial intelligence.  While
at NVIDIA, Cabrera helped the company grow from a market valuation
of $15 billion to over $100 billion.  He was responsible for a
global team of 150 staff, handling legal, compliance,
cyber-security, physical security, as well as government and
regulatory matters.  Prior to NVIDIA, he held various legal roles
at software and other technology companies including Synopsys,
Inc., Callidus Software, PeopleSoft, Inc., Netscape Communications,
and Silicon Graphics.

"I am very excited to join Jamie and the rest of the executive
leadership team at Quantum as they continue to build leading
platforms supporting the large and growing video and unstructured
data market," said Cabrera.  "I look forward to contributing to the
company's future growth and success."

Cabrera is a member of the Congressional Hispanic Caucus Institute
Advisory Committee as well as president and executive committee
member of the Law Foundation of Silicon Valley.  He is a Senior
Fellow with the American Leadership Forum -- Silicon Valley and has
been a guest lecturer at Stanford Law School as well as a member of
the Dean's Committee on Legal Education at USC Gould School of Law.
During his career, he has been honored with a Legend in Law award
as one of the nation's top 10 general counsel by The Burton Awards,
held in association with the Library of Congress and co-sponsored
by the American Bar Association.  In addition, he has been named
one of the Top 25 Leading General Counsel in California by The
Daily Journal and has been recognized by the Law Foundation of
Silicon Valley with its Innovation Award.  The National Law Journal
has described Cabrera as a "top-notch innovator."

                        About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com-- provides technology and services that
stores and manages video and video-like data delivering the
industry's top streaming performance for video and rich media
applications, along with low cost, high density massive-scale data
protection and archive systems.  The Company helps customers
capture, create and share digital data and preserve and protect it
for decades.

Quantum Corporation reported a net loss of $5.21 million for the
year ended March 31, 2020, a net loss of $42.80 million for the
year ended March 31, 2019, and a net loss of $43.35 million for the
year ended March 31, 2018.  As of Dec. 31, 2020, the Company had
$185.78 million in total assets, $379.76 million in total
liabilities, and a total stockholders' deficit of $193.97 million.


RAYBURN COUNTY ELECTRIC: Hopeful in Avoiding Chapter 11
-------------------------------------------------------
Allison McNeely and Eliza Ronalds-Hannon of Bloomberg News report
that the troubled rural Texas utility cooperative, Rayburn County
Electric Cooperative, is hopeful about the state rescue bill in
helping avert Chapter 11 bankruptcy filing.

Amid a wave of bankruptcies by Texas electricity providers
following February's crippling freeze, one cooperative says it can
avoid Chapter 11 if state lawmakers pass legislation allowing it to
pass on costs stemming from February 2021's crippling winter
storm.

"We have pretty high confidence in what the legislature is doing,"
David Naylor, chief executive officer of the Rayburn County
Electric Cooperative Inc. said in a phone interview.

Texas lawmakers are advancing bills to reform the state's power
market and address exorbitant costs resulting from the freeze,
which knocked out nearly half of the state's power generation
capacity.

              About Rayburn County Electric Cooperative

Formed in 1976 -- https://www.rayburnelectric.com/about/ -- Rayburn
County Electric Cooperative is a non-profit generation and
transmission electric cooperative in Northeast Texas. It generates,
distributes abd supplies electricity to the urban and rural
consumers.


RR DONNELLEY: Moody's Affirms B2 CFR, Outlook Stable
----------------------------------------------------
Moody's Investors Service upgraded R.R. Donnelley & Sons Company's
(RRD) speculative grade liquidity rating to SGL-2 from SGL-3 and
affirmed the company's B2 corporate family rating, B2-PD
probability of default rating, B1 ratings on its senior secured
term loan B and senior secured notes, and B3 ratings on its senior
unsecured notes and debentures. The outlook remains stable.

"The SGL rating was upgraded to reflect RRD's maturity extension of
its ABL facility, which has improved the company's liquidity
position", said Peter Adu, Moody's Vice President and Senior
Analyst.

Affirmations:

Issuer: R.R. Donnelley & Sons Company

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Secured Bank Credit Facility, Affirmed B1 (LGD3)

Senior Secured Regular Bond/Debenture, Affirmed B1 (LGD3)

Senior Unsecured Regular Bond/Debenture, Affirmed B3 (LGD5)

Upgrades:

Issuer: R.R. Donnelley & Sons Company

Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-3

Outlook Actions:

Issuer: R.R. Donnelley & Sons Company

Outlook, Remains Stable

RATINGS RATIONALE

RRD's B2 CFR is constrained by: (1) high business risk from
continuing decline in revenue and profitability due to digital
substitution; (2) execution risks as it transforms itself from a
commercial printer focused on manuals, publications, brochures,
business cards to innovative businesses such as packaging, labels,
direct marketing and digital print in order to mitigate secular
pressures in commercial printing; and (3) leverage (adjusted
Debt/EBITDA) that is expected to be sustained around 5x in the next
12 to 18 months (4.8x for 2020), a level that is still high given
ongoing secular pressures. The rating benefits from: (1) good
market position, large scale and client diversity; (2) management's
focus on debt repayment from free cash flow and asset sale
proceeds; (3) continued cost reduction, which partially mitigates
the pressure on EBITDA; and (4) good liquidity, including its
ability to generate positive free cash flow despite ongoing
pressures.

RRD has good liquidity (SGL-2). Sources approximate $860 million
while it has $79 million of senior unsecured notes due in February
2022. Liquidity is supported by $289 million of cash at year end
2020, Moody's expected free cash flow of about $50 million over the
next 12 months and about $520 million of availability under its
amended ABL facility due April 2026 (subject to a borrowing base
and after $56 million of letters of credit). RRD's facility is
subject to a springing fixed interest charge coverage covenant and
cushion is expected to exceed 25% if it becomes applicable. The
company has limited ability to generate liquidity from asset
sales.

The stable outlook reflects Moody's expectation that RRD will
maintain good liquidity (including generating positive free cash
flow) and sustain leverage around 5x as the company manages its
cost structure in line with revenue decline through the next 12 to
18 months. Moody's expects that the majority of proceeds from any
asset sale would be used to repay debt.

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

The rating could be upgraded if the company generates sustainable
positive organic growth in revenue and EBITDA and sustains leverage
below 4x (4.8x for 2020).

The rating could be downgraded if the company is not able to
successfully execute its transformation into innovative businesses
to minimize pressure from commercial printing. Quantitatively this
would reflect Moody's expectations of ongoing revenue and EBITDA
declines or if leverage is sustained above 5x (4.8x for 2020). Weak
liquidity could also cause a downgrade.

RRD has moderate environmental risk. The company has exposure to
hazardous substances and although there have been no material
environmental liabilities in the past few years, it could face
material costs related to remediation of contaminated manufacturing
facilities should that occur.

RRD has high social risk tied to the coronavirus pandemic and data
breaches. The company's revenue was negatively impacted in 2020
because of the pandemic, and Moody's expects continued headwinds in
2021. Due to digital substitution, RRD is transforming its business
model into higher margin innovative digital products and services,
which exposes the company to increasing data security and customer
privacy risk. The shift to digital will require a continuing focus
on cost reduction for RRD.

RRD has moderate governance risk. Although the company does not
have a publicly stated leverage target, its financial policy has
been prudent, characterized by management's attention to debt
repayment rather than shareholder-friendly actions. RRD does not
make share repurchases and suspended its dividend payments because
of the pandemic in order to conserve liquidity.

The principal methodology used in these ratings was Media Industry
published in June 2017.

Headquartered in Chicago, Illinois, RRD is the leader in the North
American commercial printing industry. Revenue for the year ended
December 31, 2020 was $4.8 billion.


SEANERGY MARITIME: Receives Commitment for $37.45M Loan Facility
----------------------------------------------------------------
Seanergy Maritime Holdings Corp. received a commitment letter from
one of its existing lenders for a $37.45 million facility.  The
proceeds will be used to refinance the $24.45 million existing
facility secured by the M/V Squireship and the M/V Leadership and
will be secured as well by currently unencumbered M/V Lordship.

Pursuant to the commitment letter, the earliest maturity date of
the New Facility will be in December 2024 and the interest rate
will be 3.5% plus LIBOR per annum.  The approval is subject to
completion of definitive documentation.

The incremental liquidity of approximately $12 million is expected
to be used for the financing of the Company's recently announced
new vessel acquisitions.

Moreover, the Company is in advanced discussions for the financing
of one of its previously announced vessel acquisitions, the M/V
Flagship, through a $20.5 million leasing arrangement at
competitive terms.

Stamatis Tsantanis, the Company's chairman and chief executive
officer stated:

"We are very pleased to announce the successful conclusion of the
financing by one of our long-term lenders for the upsizing and
extension of one of our existing facilities.  The New Facility in
combination with our advanced discussions with other current
lenders of Seanergy represent a strong vote of confidence to our
Company. Regarding general market conditions, the current average
of the 5-TC routes of the Capesize index is in excess of $26,000
per day, while the performance of the freight futures (FFA) points
to a significantly improved earnings environment for the remainder
of 2021. We believe Seanergy is well-positioned to benefit
substantially from improving market conditions."

                       About Seanergy Maritime

Greece-based Seanergy Maritime Holdings Corp. --
http://www.seanergymaritime.com-- is the only pure-play Capesize
ship-owner publicly listed in the US.  Seanergy provides marine dry
bulk transportation services through a modern fleet of Capesize
vessels. Upon delivery of the new vessels, the Company's operating
fleet will consist of 14 Capesize vessels with an average age of 12
years and aggregate cargo carrying capacity of approximately
2,461,138 dwt.  The Company is incorporated in the Marshall Islands
and has executive offices in Glyfada, Greece.

Seanergy Maritime reported a net loss of $18.35 million for the
year ended Dec. 31, 2020, compared to a net loss of $11.70 million
for the year ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company
had $295.24 million in total assets, $199.55 million in total
liabilities, and $95.69 million in total stockholders' equity.


SEARS HOLDING: Tells Court Its $81M Short for Administrative Claims
-------------------------------------------------------------------
Law360 reports that Sears Holding Co. Tuesday, April 27, 2021, told
a New York bankruptcy judge that it believes it is still running
just under $81 million short of covering the expected
administrative claims in its Chapter 11 case and will need
litigation recoveries from its ex-CEO to close the gap.

At a virtual status conference counsel for Sears told U. S.
Bankruptcy Judge Robert Drain that while 2½ years into its
bankruptcy the company has narrowed the gap with successful
clawback actions and the settlement and denial of claims, the end
of its Chapter 11 case remains contingent on success in litigation.
Sears declared bankruptcy in October 2020.

                     About Sears Holdings Corp.

Sears Holdings Corporation (OTCMKTS: SHLDQ) --
http://www.searsholdings.com/-- began as a mail ordering catalog
company in 1887 and became the world's largest retailer in the
1960s. At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes. Sears claims to be a market leader in the
appliance, tool, lawn and garden, fitness equipment, and automotive
repair and maintenance retail sectors.

Sears and Kmart merged to form Sears Holdings in 2005 when they had
3,500 US stores between them. Kmart emerged in 2005 from its own
bankruptcy.

Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018. At that time, the Company employed
68,000 individuals, of whom 32,000 were full-time employees.

As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.

Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018. The Hon. Robert D. Drain is the case judge.

The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel;
M-III Partners as restructuring advisor; Lazard Freres & Co. LLC as
investment banker; DLA Piper LLP as real estate advisor; and Prime
Clerk as claims and noticing agent.

The U.S. Trustee for Region 2 appointed nine creditors, including
the Pension Benefit Guaranty Corp., and landlord Simon Property
Group, L.P., to serve on the official committee of unsecured
creditors. The committee tapped Akin Gump Strauss Hauer & Feld LLP
as legal counsel; FTI Consulting as financial advisor; and Houlihan
Lokey Capital, Inc. as investment banker.

The U.S. Trustee for Region 2 on July 9, 2019, appointed five
retirees to serve on the committee representing retirees with life
insurance benefits in the Chapter 11 cases.

                         *     *     *

In February 2019, Bankruptcy Judge Robert Drain authorized Sears
Holdings approval to sell the business to majority shareholder and
CEO Eddie Lampert for approximately $5.2 billion. Lampert's ESL
Investments, Inc., won an auction to acquire substantially all of
Sears' assets, including the "Go Forward Stores" on a going-concern
basis. The proposal would allow 425 stores to remain open and
provide ongoing employment to 45,000 employees.


SECURE HOME HOLDINGS: Court Okays Mid-May Chapter 11 Plan Hearing
-----------------------------------------------------------------
Law360 reports that a Delaware bankruptcy judge Tuesday, April 27,
2021, set home and commercial security company Secure Home Holdings
LLC's prepackaged Chapter 11 plan on course for a mid-May 2021
approval hearing after being told speed was essential to a
successful reorganization.

At a virtual hearing, U.S. Bankruptcy Judge J. Kate Stickles
approved a May 25, 2021 combined disclosure and confirmation
hearing for Secure Home's proposed $197 million debt-for-equity
swap after being told a too-long stay in Chapter 11 could see the
company's residential customers jumping ship. "Customer confidence
is a very important part of the business," Secure Home counsel Van
Durrer II said.

                   About Secure Home Holdings

Newtown Square, Pennsylvania-based Secure Home Holdings LLC, along
with its affiliates, is a national provider of technologically
advanced security solutions, including residential and commercial
security systems, home automation systems, smoke and carbon
monoxide detectors, and other security solutions in communities
throughout the United States.

On April 25, 2021, Secure Home Holdings LLC and its affiliates
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
21-10745).

Secure Home estimated assets and liabilities of $100 million to
$500 million.

The Debtors tapped Chipman Brown Cicero & Cole, LLP, as bankruptcy
counsel; SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP as special
bankruptcy counsel; M3 ADVISORY PARTNERS, LP, as financial advisor;
and RAYMOND JAMES & ASSOCIATES, INC., as investment banker.
KURTZMAN CARSON CONSULTANTS LLC is the claims agent.


SECURE HOME: Court Okays Bankruptcy Loan for Speedy Chapter 11
--------------------------------------------------------------
Maria Chutchian of Reuters reports that Secure Home Holdings LLC on
Tuesday, April 27, 2021, secured Delaware bankruptcy court approval
to access a loan that will fund what it expects to be a brief trip
through Chapter 11.

During a remote hearing, U.S. Bankruptcy Judge Kate Stickles signed
off on the Newtown Square, Pennsylvania-based company's $15 million
loan on an interim basis. Secure Home, represented by Skadden,
Arps, Slate, Meagher & Flom and Chipman Brown Cicero & Cole, filed
for Chapter 11 protection on Monday with a prepackaged
restructuring plan that would eliminate $235 million in debt.

                    About Secure Home Holdings

Newtown Square, Pennsylvania-based Secure Home Holdings LLC and its
affiliates are a national provider of technologically advanced
security solutions, including residential and commercial security
systems, home automation systems, smoke and carbon monoxide
detectors, and other security solutions in communities throughout
the United States.

On April 25, 2021, Secure Home Holdings LLC and its affiliates
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
21-10745).

Secure Home estimated assets and liabilities of $100 million to
$500 million.

The Debtors tapped Chipman Brown Cicero & Cole, LLP, as bankruptcy
counsel; SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP as special
bankruptcy counsel; M3 ADVISORY PARTNERS, LP, as financial advisor;
and RAYMOND JAMES & ASSOCIATES, INC., as investment banker.
KURTZMAN CARSON CONSULTANTS LLC is the claims agent.


SHAMROCK FINANCE: Taps William Dewey of Mid-Market as CRO
---------------------------------------------------------
Shamrock Finance, LLC received approval from the U.S. Bankruptcy
Court for the District of Massachusetts to hire Mid-Market
Management Group, Inc. and designate William Dewey, IV as its chief
restructuring officer.

As CRO, Mr. Dewey will have all of the rights and powers of the
Debtor's manager.  To the extent of any disagreement between Mr.
Dewey and Kevin Devaney, the Debtor's current manager, the CRO's
decisions shall control.  Mr Devaney is required to report to the
CRO.



Mr. Dewey will be paid at the rate of $300 per hour.  The hourly
rates for other professionals at Mid-Market who may provide
services to the Debtor range from $250 to $500.

Mid-Market received a retainer in the amount of $50,000.

Mr. Dewey, director at Mid-Market, disclosed in a court filing that
his firm is a disinterested person within the meaning of Section
101(14) of the Bankruptcy Code.

The firm can be reached through:

     William R. Dewey, IV
     Mid-Market Management Group
     8 Cabot Road | Suite 1900
     Woburn, MA 01801
     Tel: 781-221-8421

                      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 and the Law Offices of James J. McNulty as special counsel.
William R. Dewey, IV, a director at Mid-Market Management Group,
is the Debtor's chief restructuring officer.


SOUTHERN CLEARING: Seeks to Hire T. Lynn Davis as Appraiser
-----------------------------------------------------------
Southern Clearing & Grinding, Inc. seeks approval from the U.S.
Bankruptcy Court for the Middle District of Georgia to employ T.
Lynn Davis Realty & Auction Co., Inc. to appraise its equipment.

The firm will be paid the sum of $750 for its appraisal services.

James Davis, chief executive officer of T Lynn Davis, disclosed in
a court filing that his firm does not hold or represent an interest
adverse to the Debtor's bankruptcy estate.

The firm can be reached through:

     James Davis
     T. Lynn Davis Realty & Auction Co., Inc
     4459 Broadway
     Macon, GA 31206
     Phone: +1 478-788-4091
     Email: admin@tlynndavis.com

                About Southern Clearing & Grinding

Southern Clearing & Grinding, Inc. sought protection under Chapter
11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 20-51567) on
Dec. 10, 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 James P. Smith oversees the case. Paul Reece
Marr, P.C. is the Debtor's legal counsel.


STONEMOR INC: Proposes to Offer $400 Million Senior Secured Notes
-----------------------------------------------------------------
StoneMor Inc. intends to offer $400 million aggregate principal
amount of its senior secured notes due 2029 in a private offering
exempt from the registration requirements of the Securities Act of
1933, as amended, subject to market and other conditions.  The
Notes will be senior secured obligations of the Company and will be
guaranteed by certain of the Company's domestic subsidiaries and by
any foreign subsidiary that guarantees any future credit facility.

The Company intends to use a substantial portion of the net
proceeds of the Offering to redeem all of the currently outstanding
approximately $345 million of 9.875%/11.500% Senior Secured PIK
Toggle Notes due 2024 issued by its wholly-owned subsidiaries
StoneMor Partners L.P. and Cornerstone Family Services of West
Virginia Subsidiary, Inc., and to pay related fees and expenses.
Any remaining proceeds will be used for general corporate purposes,
which may include acquisitions.

The Notes have not been registered under the Securities Act or any
state securities laws and are expected to be offered only to
persons who are reasonably believed to be qualified institutional
buyers in reliance on Rule 144A under the Securities Act and to
non-U.S. persons in offshore transactions in reliance on Regulation
S.  Unless so registered, the Notes may not be offered or sold in
the United States or to U.S. persons except pursuant to an
exemption from the registration requirements of the Securities Act
and applicable state securities laws.

                           About StoneMor Inc.

StoneMor Inc. (http://www.stonemor.com),headquartered in Bensalem,
Pennsylvania, is an owner and operator of cemeteries and funeral
homes in the United States, with 304 cemeteries and 70 funeral
homes in 24 states and Puerto Rico.  StoneMor's cemetery products
and services, which are sold on both a pre-need (before death) and
at-need (at death) basis, include: burial lots, lawn and mausoleum
crypts, burial vaults, caskets, memorials, and all services which
provide for the installation of this merchandise.

StoneMor reported a net loss of $8.36 million for the year ended
Dec. 31, 2020, compared to a net loss of $151.94 million for the
year ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company had
$1.63 billion in total assets, $1.72 billion in total liabilities,
and a total owners' equity of($92.41 million).


TGS HOSPITALITY: Wins Cash Collateral Access Thru May 4
-------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of North
Carolina, Asheville Division, has authorized TGS Hospitality, LLC
to use cash collateral on an interim basis through May 4, 2021, the
date of the final hearing. The Debtor is authorized to use cash
collateral in the ordinary course of business for the expenses
specified in the budget, with a 10% variance per line item on a
cumulative basis.

TGS Hospitality seeks to use cash collateral, in which Branch
Banking and Trust Company/Truist Bank holds an interest, to pay for
operating expenses in the ordinary course of business, pursuant to
the budget.  The budget provided for $18,390 in total expenses for
the period of April 21, 2021 through April 30, 2021, and $64,823
for the month of May 2021.  A copy of the budget is available for
free at https://bit.ly/2QRBTYj from PacerMonitor.com.  

The Debtor believes Truist will assert a first lien on
substantially all of the Debtor's assets to secure the Debtor's
obligations to Truist aggregating $150,612.  The Debtor said it has
assets valued in excess of $161,070 so that Truist enjoys a
substantial equity cushion to adequately protect its interests in
the Debtor's property.  Moreover, the Debtor proposed to grant
Truist replacement liens on its post-petition assets of the same
character and type, to the same extent and validity, as Truist's
liens on the Debtor's pre-petition assets.

The Interim Order is without prejudice to the rights of Truist or
other creditors to seek additional adequate protection or other
relief available under the Bankruptcy Code, and entry of the
Interim Order is without prejudice to the rights of Truist or other
interested parties to challenge or otherwise contest entry of a
final order authorizing the use of Cash Collateral.

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

                       About TGS Hospitality

TGS Hospitality LLC, a North Carolina limited liability company
that operates one restaurant in Asheville, North Carolina under the
name Green Sage Cafe, filed a petition under Subchapter V of
Chapter 11 (Bankr. W.D.N.C. Case No. 21-10073) on April 20, 2021.

In the petition signed by James R. Talley, member manager, the
Debtor disclosed total assets at $177,270 and total liabilities at
$1,043,155.  Judge George R. Hodges is assigned to the case.  MOON
WRIGHT & HOUSTON, PLLC is the Debtor's counsel.



THUNDERBIRD OIL: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Thunderbird Oil & Gas, LLC
        515 Fourth St.
        Graham, TX 76450

Chapter 11 Petition Date: April 28, 2021

Court: United States Bankruptcy Court
       Northern District of Texas

Case No.: 21-41010

Debtor's Counsel: Behrooz P. Vida, Esq.
                  THE VIDA LAW FIRM, PLLC
                  3000 Central Drive
                  Bedford, TX 76021
                  Tel: (817) 358-9977
                  Fax: (817) 358-9988

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Kerwin Burl Stephens, managing member.

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

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

https://www.pacermonitor.com/view/K7QCHBA/Thunderbird_Oil__Gas_LLC__txnbke-21-41010__0001.0.pdf?mcid=tGE4TAMA


THUNDERBIRD RESOURCES: Voluntary Chapter 11 Case Summary
--------------------------------------------------------
Debtor: Thunderbird Resources, LLC
        515 Fourth St.
        Graham, TX 76450

Chapter 11 Petition Date: April 28, 2021

Court: United States Bankruptcy Court
       Northern District of Texas

Case No.: 21-41011

Debtor's Counsel: Behrooz P. Vida, Esq.
                  THE VIDA LAW FIRM, PLLC
                  3000 Central Drive
                  Bedford, TX 76021
                  Tel: (817) 358-9977
                  Fax: (817) 358-9988

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Kerwin Stephens, the managing member.

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

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

https://www.pacermonitor.com/view/LE4L43I/Thunderbird_Resources_LLC__txnbke-21-41011__0001.0.pdf?mcid=tGE4TAMA


TITAN INTERNATIONAL: Closes Offering of $400M Senior Notes Due 2028
-------------------------------------------------------------------
Titan International, Inc. has closed its offering of $400 million
aggregate principal amount of 7.00% Senior Secured Notes due 2028.
The 2028 Notes were offered and sold in a private offering to
persons reasonably believed to be qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as amended,
and outside the United States in compliance with Regulation S.

Titan intends to use the net proceeds from the offering and cash on
hand to finance the redemption of its 6.500% Senior Secured Notes
due 2023, including all call premiums, accrued interest, costs and
expenses associated therewith.  The 2023 Notes were called for
redemption on April 7, 2021 in accordance with the applicable
provisions of the indenture governing the 2023 Notes. The 2023
Notes will be redeemed on May 7, 2021.

                            About Titan

Titan International, Inc. -- http://www.titan-intl.com-- is a
global manufacturer of off-highway wheels, tires, assemblies, and
undercarriage products.  Headquartered in Quincy, Illinois, the
Company globally produces a broad range of products to meet the
specifications of original equipment manufacturers (OEMs) and
aftermarket customers in the agricultural,
earthmoving/construction, and consumer markets.

Titan International reported a net loss of $65.08 million for the
year ended Dec. 31, 2020, compared to a net loss of $51.52 million
for the year ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company
had $1.03 billion in total assets, $830.62 million in total
liabilities, $25 million in redeemable noncontrolling interest, and
$176.26 million in total equity.

                         *    *    *

As reported by the TCR on April 5, 2021, Moody's Investors Service
upgraded its ratings for Titan International, Inc., including the
company's corporate family rating to Caa1 from Caa3, the
probability of default rating to Caa1-PD from Caa3-PD and the
senior secured rating to Caa1 from Ca.  The upgrades reflect
Moody's expectations that favorable demand recovery in Titan's end
markets, specifically agricultural equipment, will translate to
Moody's adjusted EBITDA margin near 5% (from 3% in 2020) and
material deleveraging in 2021 to about 7x debt/EBITDA (from above
13x in 2020).


TRIDENT BRANDS: Incurs $539,357 Net Loss for Quarter Ended Feb. 28
------------------------------------------------------------------
Trident Brands Incorporated filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $539,357 on $144,048 of net revenues for the three months ended
Feb. 28, 2021, compared to a net loss of $4.26 million on $161,885
of net revenues for the three months ended Feb. 29, 2020.

As of Feb. 28, 2021, the Company had $1.77 million in total assets,
$30.73 million in total liabilities, and a total stockholders'
deficit of $28.96 million.

As of Feb. 28, 2021, the Company had $48,932 in cash and a working
capital deficit of $6,922,675.  The Company also has generated
losses and has an accumulated deficit as of Feb. 28, 2021.  These
factors raise substantial doubt about the ability of the Company to
continue as a going concern.  The Company said that unless
management is able to obtain additional financing, the Company may
not be able to meet its funding requirements during the next 12
months.  The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.

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

https://www.sec.gov/Archives/edgar/data/1421907/000147793221002499/tdnt_10q.htm

                       About Trident Brands

Based in Brookfield, Wisconsin, Trident Brands Incorporated, f/k/a
Sandfield Ventures Corp., was initially formed to engage in the
acquisition, exploration and development of natural resource
properties, but has since transitioned and is now focused on
branded consumer products and food ingredients.  The Company is in
the early growth stage and has commenced commercial activities
following a period of organization and development of its business
plan.

Trident Brands reported a a net loss of $5.39 million for the 12
months ended Nov. 30, 2020, compared to a net loss of $12.22
million  for the 12 months ended Nov. 30, 2019.  As of Nov. 30,
2020, the Company had $1.93 million in total assets, $30.34 million
in total liabilities, and a total stockholders' deficit of $28.42
million.

MaloneBailey, LLP, in Houston, Texas, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
March 16, 2021, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raises
substantial doubt about its ability to continue as a going concern.


US STEEL: S&P Alters Outlook to Positive, Affirms 'B-' ICR
----------------------------------------------------------
S&P Global Ratings revised its outlook on U.S. Steel Corp. to
positive from stable and affirmed its 'B-' issuer credit rating.
S&P's 'B-' issue-level rating and '3' recovery rating on the
company's unsecured debt are unchanged.

The positive outlook reflects the improvement in U.S. Steel's
balance sheet, coupled with potentially favorable steel demand and
pricing in 2021 and 2022, which could lead to an improvement in its
earnings and cash flow.

U.S. Steel's credit metrics will likely improve in 2021 given
strong market conditions, which will enable it to reduce its
leverage and bolster its liquidity while it contemplates
investments to sustain its large integrated steelmaking operations.
Moreover, the company's Big River Steel subsidiary is also
improving its credit measures as it continues to ramp-up its Phase
II expansion project. These expectations incorporate our projection
for about $1.4 billion-$1.5 billion of adjusted EBITDA over the
next two years assuming Hot Rolled Coil (HRC) prices of about $850
per ton over the next year and about $700 per ton in 2022, which
compare favorably with the historical average of about $600 per
ton. The price of HRC recently topped $1,300 per ton in a
remarkable runup that likely accelerated the improvement in the
company's financial performance. These beneficial industry
conditions come at a time when U.S. Steel has taken significant
steps to improve its balance sheet. For example, the company repaid
over $1 billion of its S&P Global Ratings-adjusted debt balance of
about $5.1 billion in the first quarter of 2021.

S&P said, "We also expect that U.S. Steel's acquisition of Big
River Steel will start to incrementally improve its credit quality
as it potentially benefits from cash distributions if the
subsidiary meets the covenants and restrictions under its credit
agreements. After a period of heavy capital spending on its Phase
II capacity expansion project, which added a second electric arc
furnace (EAF) to Big River's assets, we believe the subsidiary will
generate positive free cash and improve its credit ratios. We
continue to view Big River as part of U.S. Steel's credit group but
maintain separate ratings, partly because there are no upstream or
downstream guarantees in place. Although we expect our ratings on
U.S. Steel and Big River to remain linked under almost any
circumstances, we could envision delinking the ratings if U.S.
Steel liquidated some of its Big River holdings to defend its
credit profile. The assets of the two companies are not highly
integrated operationally thus U.S. Steel's ownership of Big River
provides it with some financial flexibility, though this would
mostly be useful if the company was in deeper financial stress and
needed to sell the asset to generate cash.

"We expect that U.S. Steel will sustain its material capital
expenditure (capex) as it invests in the maintenance of its older
blast furnace assets. The company could also restart some of the $1
billion of strategically important capex that it delayed in 2020.
We expect that U.S. Steel will allocate capital between these
assets as well as for potential further investment in EAFs, which
are more cost-efficient and environmentally friendly than its older
blast furnaces. The company has idled 2 million-3 million tons of
capacity over the past year (or about a third of its U.S. output).
Even if the conditions in the steel markets remain favorable, we
believe that U.S. Steel's deferred capex will consume much of its
improved cash flow for several years. Still, we believe the company
could be moderately free cash flow positive in 2021.

"Our positive outlook on U.S. Steel Corp. reflects its recent debt
repayment and improved cash flow amid a period of elevated steel
prices. We believe the company's liquidity remains ample even after
accounting for its acquisition of the remaining equity in Big River
in 2020. We anticipate that U.S. Steel's leverage could improve to
about 3x over the next few years; however, we believe it still
faces some risks from its exposure to HRC prices and the high
capital spending requirements for its blast furnaces.

"We could raise our rating on U.S. Steel if it and Big River both
generate profits and positive free cash flow over the next year.
Specifically, we would expect the company to sustain debt to EBITDA
of about 5x amid the current pricing environment and less than 7x
in a more normalized pricing environment.

"We could revise our outlook on U.S. Steel to stable if we expect
its leverage to increase above 7x, which would potentially cause it
to generate a breakeven level of free cash flow over the next year.
If the company's weak cash flow persisted through 2021, we estimate
that this would consume its liquidity and limit its ability to
deploy strategic capital, thus preventing it from undertaking
competitively important capital projects to improve its efficiency.
Even if the conditions in the steel markets remain supportive, we
believe that U.S. Steel's deferred capex could consume much of its
improved cash flow for several years."



VANDEWATER INTERNATIONAL: Case Summary & Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Vandewater International, Inc.
        8551 W. Sunrise Blvd
        Suite 204
        Plantation, FL 33322

Chapter 11 Petition Date: April 28, 2021

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 21-14098

Judge: Hon. Peter D. Russin

Debtor's Counsel: Bradley S. Shraiberg, Esq.
                  SHRAIBERG LANDAU & PAGE PA
                  2385 NW Executive Center Dr
                  Suite 300Boca Raton, FL 33431
                  Tel: 561-443-0800
                  Email: bss@slp.law

Total Assets: $1,467,519

Total Liabilities: $2,203,922

The petition was signed by Neil Ruebens, president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/4NX6C2I/Vandewater_International_Inc__flsbke-21-14098__0001.0.pdf?mcid=tGE4TAMA


VERITAS FARMS: Incurs $7.6 Million Net Loss in 2020
---------------------------------------------------
Veritas Farms, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$7.59 million on $6.23 million of sales for the year ended Dec. 31,
2020, compared to a net loss of $11.15 million on $7.29 million of
sales for the year ended Dec. 31, 2019.

As of Dec. 31, 2020, the Company had $12.41 million in total
assets, $4.76 million in total liabilities, and $7.65 million in
total stockholders' equity.

Hackensack, New Jersey-based Prager Metis CPA's LLC, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated April 15, 2021, citing that the Company has sustained
substantial losses from operations since its inception.  As of and
for the year ended Dec. 31, 2020, the Company had an accumulated
deficit of $26,667,147, and a net loss of $7,592,539.  These
factors, among others, raise substantial doubt about the ability of
the Company 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/1669400/000121390021022151/f10k2020_veritasfarmsinc.htm

                           About Veritas

Fort Lauderdale, Florida-based Veritas Farms, Inc. --
www.TheVeritasFarms.com -- is a vertically-integrated agribusiness
focused on producing, marketing, and distributing superior quality,
whole plant, full spectrum hemp oils and extracts containing
naturally occurring phytocannabinoids.  Veritas Farms owns and
operates a 140 acre farm in Pueblo, Colorado, capable of producing
over 200,000 proprietary full spectrum hemp plants containing
naturally occurring phytocannabinoids which can potentially yield a
minimum annual harvest of 250,000 to 300,000 pounds of
outdoor-grown industrial hemp.


YELLOW CORP: William Davidson Retires as Director
-------------------------------------------------
William R. Davidson notified the Board of Directors of Yellow
Corporation of his decision to retire from the Board effective
April 20, 2021.

Mr. Davidson has served since July 2014 as a Series A Director
appointed to the Board by the International Brotherhood of
Teamsters.  The size of the Board was reduced from 10 directors to
nine directors in connection with the retirement of Mr. Davidson.

The Company said the decision by Mr. Davidson to retire was not the
result of any disagreement with the Company or its management on
any matter relating to the Company's operations, policies, or
practices.  The Board is grateful for the many contributions of Mr.
Davidson to the Board and the Company and wish him well going
forward.

                     About Yellow Corporation

Yellow Corporation -- www.myyellow.com -- is a holding company
that, through its operating subsidiaries, offers its customers a
wide range of transportation services.

The Company reported a net loss of $53.5 million for the year ended
Dec. 31, 2020, compared to a net loss of $104 million for the year
ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company had $2.18
billion in total assets, $700.7 million in total current
liabilities, $1.22 billion in long-term debt (less current
portion), $16.7 million in pension and postretirement, $172.6
million in operating lease liabilities, $297.7 million in in claims
and other liabilities, and a total shareholders' deficit of $223.3
million.

                         *    *    *

As reported by the TCR on July 14, 2020, S&P Global Ratings raised
its issuer credit rating on Overland Park, Kan.-based
less-than-truckload (LTL) and logistics company YRC Worldwide Inc.
to 'CCC+' from 'CCC' after the company announced the U.S.
Department of the Treasury will lend it an aggregate of $700
million under the Coronavirus Aid, Relief, and Economic Security
(CARES) Act, and that it has amended its term loan agreement to
waive the minimum EBITDA covenant through December 2021.

In July 2020, Moody's Investors Service confirmed the ratings of
truck carrier YRC Worldwide Inc., including the Caa1 corporate
family rating, following YRC's announcement that the United States
Department of Treasury intends to provide a $700 million loan to
YRC under authorization of the CARES Act. The Caa1 CFR considers
the company's position as one of the largest less-than-truckload
truck carriers in North America, thin operating margins and
substantial debt balance, in part due to Moody's adjustments
related to underfunded pension obligations.


YOUNGEVITY INTERNATIONAL: Inks Agreement to Settle Mangless Suit
----------------------------------------------------------------
Youngevity International, Inc. entered into an agreement to settle
all claims related to a lawsuit filed by Daniel Mangless against
the company and its wholly owned subsidiary, CLR Roasters LLC.

On Feb. 10, 2021, Mangless sued Youngevity and CLR Roasters for
alleged breach of their obligations under a Senior Secured
Promissory Note and a Pledge and Security Agreement they issued to
Mangless (Mangless v. Youngevity International, Inc. and CLR
Roasters LLC, Case No. 2021-CA-996-O (Fla. Cir. Ct.)).  

Pursuant to the settlement agreement, Mangless has agreed to
dismiss the lawsuit, with prejudice within five days of Youngevity
making all of payments required under the deal.  The settlement
agreement requires Youngevity to make an initial payment of
$195,000 to Mangless and make a $101,668.35 payment beginning on
May 1, 2021, and on the first day of every month thereafter through
and including Jan. 1, 2022.  

Youngevity has agreed to issue Mangless 1,000,000 shares of its
common stock and that following the date the company has completed
the audit of its financial statements for the years ended Dec. 31,
2019 and 2020, if it is then necessary to register the shares with
the Securities and Exchange Commission to allow Mangless to resell
the shares in the open market, to file a registration statement on
Form S-1 within 60 days after bringing its audit filings up to
date.

A full-text copy of the Settlement Agreement is available for free
at:

https://www.sec.gov/Archives/edgar/data/1569329/000165495421004484/ex10-1.htm

                          About Youngevity

Chula Vista, California-based Youngevity International, Inc. --
https://ygyi.com -- is a multi-channel lifestyle company offering a
hybrid of the direct selling business model that also offers
e-commerce and the power of social selling.  Assembling a virtual
main street of products and services under one corporate entity,
the Company offers products from the six top selling retail
categories: health/nutrition, home/family, food/beverage (including
coffee), spa/beauty, apparel/jewelry, as well as innovative
services.

Youngevity reported a net loss attributable to common stockholders
of $23.50 million for 2018 following a net loss attributable to
common stockholders of $12.69 million for 2017.  As of Sept. 30,
2019, the Company had $141.18 million in total assets, $85.01
million in total liabilities, and $56.17 million in total
stockholders' equity.

Mayer Hoffman McCann P.C., in San Diego, California, the Company's
auditor since 2011, issued a "going concern" qualification in its
report dated April 15, 2019, on the consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has recurring losses and is dependent on additional
financing to fund operations.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern.


[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Minal Pharmacy, LLC
   Bankr. E.D. Mich. Case No. 21-43364
      Chapter 11 Petition filed April 16, 2021
         See
https://www.pacermonitor.com/view/26T7NPA/Minal_Pharmacy_LLC__miebke-21-43364__0001.0.pdf?mcid=tGE4TAMA
         represented by: Elliot G. Crowder, Esq.
                         STEVENSON & BULLOCK, P.L.C.
                         E-mail: ecrowder@sbplclaw.com

In re Preferred Equipment Resource, LLC
   Bankr. D.R.I. Case No. 21-10308
      Chapter 11 Petition filed April 16, 2021
         See
https://www.pacermonitor.com/view/CMDSVIA/Preferred_Equipment_Resource_LLC__ribke-21-10308__0001.0.pdf?mcid=tGE4TAMA
         represented by: Peter M. Iascone, Esq.
                         PETER M. IASCONE & ASSOCIATES, LTD.
                         E-mail: pmiascone.law@gmail.com

In re Nick Berliner and Amy Berliner
   Bankr. C.D. Cal. Case No. 21-12188
      Chapter 11 Petition filed April 21, 2021
         represented by: John Harbin, Esq.

In re Navdip S. Badhesha
   Bankr. E.D. Cal. Case No. 21-11001
      Chapter 11 Petition filed April 21, 2021

In re Mark F. Lucido
   Bankr. N.D. Cal. Case No. 21-40548
      Chapter 11 Petition filed April 21, 2021
         represented by: Iain Macdonald, Esq.

In re The Lost Cajun Spice Company, LLC
   Bankr. D. Colo. Case No. 21-12076
      Chapter 11 Petition filed April 21, 2021
         See
https://www.pacermonitor.com/view/FSSG6HY/The_Lost_Cajun_Spice_Company_LLC__cobke-21-12076__0001.0.pdf?mcid=tGE4TAMA
         represented by: Amy M. Leitch, Esq.
                         AKERMAN LLP
                         E-mail: amy.leitch@akerman.com

In re Constant Beta Motion Picture Company, LLC
   Bankr. E.D.N.Y. Case No. 21-41048
      Chapter 11 Petition filed April 21, 2021
         See
https://www.pacermonitor.com/view/DSNXHDI/Constant_Beta_Motion_Picture_Company__nyebke-21-41048__0001.0.pdf?mcid=tGE4TAMA
         represented by: Anne Penachio, Esq.
                         PENACHIO MALARA, LLP
                         E-mail: frank@pmlawllp.com

In re Stanley Ray Hunt
   Bankr. N.D. Tex. Case No. 21-40943
      Chapter 11 Petition filed April 21, 2021
         represented by: Behrooz Vida, Esq.

In re Rooftoppers, Inc.
   Bankr. C.D. Cal. Case No. 21-13334
      Chapter 11 Petition filed April 22, 2021
         See
https://www.pacermonitor.com/view/4KHJTOA/Rooftoppers_Inc__cacbke-21-13334__0001.0.pdf?mcid=tGE4TAMA
         represented by: Reza Ghaboosi, Esq.
                         ANDRADE & ASSOCIATES, APLC
                         E-mail: rghaboosi@andradelaw.com

In re Rajesh Puri
   Bankr. N.D. Cal. Case No. 21-40554
      Chapter 11 Petition filed April 22, 2021
         represented by: Elise Mitchell, Esq.

In re Yaana Technologies, LLC
   Bankr. N.D. Cal. Case No. 21-50561
      Chapter 11 Petition filed April 22, 2021
         See
https://www.pacermonitor.com/view/5MASZPA/Rajesh_Yaana_Technologies_LLC__canbke-21-50561__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Vilma Rodriguez
   Bankr. D. Mass. Case No. 21-10578
      Chapter 11 Petition filed April 22, 2021
         represented by: Michael Van Dam, Esq.

In re Abraham Lincoln Christian Spiritist
   Bankr. W.D.N.C. Case No. 21-30232
      Chapter 11 Petition filed April 22, 2021
         See
https://www.pacermonitor.com/view/5IYIV5Y/Abraham_Lincoln_Christian_Spiritist__ncwbke-21-30232__0001.0.pdf?mcid=tGE4TAMA
         represented by: Robert Lewis, Jr., Esq.
                         THE LEWIS LAW FIRM, P.A.
                         E-mail: rlewis@thelewislawfirm.com

In re MMM Masonary, Inc.
   Bankr. S.D. Ind. Case No. 21-01819
      Chapter 11 Petition filed April 23, 2021
         See
https://www.pacermonitor.com/view/OHWBFHQ/MMM_Masonary_Inc__insbke-21-01819__0001.0.pdf?mcid=tGE4TAMA
         represented by: KC Cohen, Esq.
                         KC COHEN, LAWYER, PC
                         E-mail: kc@esoft-legal.com

In re Jamie Craig
   Bankr. E.D. Mich. Case No. 21-43612
      Chapter 11 Petition filed April 23, 2021
         represented by: Yuliy Osipov, Esq.

In re Layron O Long
   Bankr. W.D. Wash. Case No. 21-10818
      Chapter 11 Petition filed April 23, 2021
         represented by: Keith D. Karnes, Esq.

In re Milapkumar P. Patel
   Bankr. E.D. Mo. Case No. 21-41571
      Chapter 11 Petition filed April 25, 2021
           represented by: Angela Redden-Jansen, Esq.

In re Steven David Johns
   Bankr. C.D. Cal. Case No. 21-12270
      Chapter 11 Petition filed April 26, 2021
         represented by: Summer Shaw, Esq.

In re Top Flight Investments, LLC
   Bankr. C.D. Cal. Case No. 21-10736
      Chapter 11 Petition filed April 26, 2021
         See
https://www.pacermonitor.com/view/LEBMSHY/Top_Flight_Investments_LLC__cacbke-21-10736__0001.0.pdf?mcid=tGE4TAMA
         represented by: Matthew Abbasi, Esq.
                         ABBASI LAW CORPORATION
                         E-mail: matthew@malawgroup.com

In re Robert Mitchell Coen
   Bankr. M.D. Fla. Case No. 21-02041
      Chapter 11 Petition filed April 26, 2021
         represented by: Kelley Petry, Esq.
                         LAW OFFICES OF ROBERT M. GELLER, P.A.

In re Briars Investments Inc
   Bankr. S.D. Miss. Case No. 21-00740
      Chapter 11 Petition filed April 26, 2021
         See
https://www.pacermonitor.com/view/GVLJMDQ/Briars_Investments_Inc__mssbke-21-00740__0001.0.pdf?mcid=tGE4TAMA
         represented by: R. Michael Bolen, Esq.
                         HOOD & BOLEN, PLLC
                         E-mail: rmb@hoodbolen.com

In re James C. Gayler, III
   Bankr. D.N.J. Case No. 21-13399
      Chapter 11 Petition filed April 26, 2021
         represented by: Scott Sherman, Esq.

In re Elizabeth Johnson
   Bankr. E.D. Cal. Case No. 21-11053
      Chapter 11 Petition filed April 27, 2021

In re Charlie Hampton
   Bankr. E.D. La. Case No. 21-10573
      Chapter 11 Petition filed April 27, 2021
         See
https://www.pacermonitor.com/view/KOMHFCA/Charlie_Hampton__laebke-21-10573__0001.0.pdf?mcid=tGE4TAMA
         represented by: Evan Howell, Esq.
                         EVAN PARK HOWELL III
                         E-mail: ehowell@ephlaw.com

In re Cassi Corinn Wigington
   Bankr. D. Neb. Case No. 21-80405
      Chapter 11 Petition filed April 27, 2021
In re Del Dwain Howard Allison and Donna Marie Allison
   Bankr. D.N.J. Case No. 21-13459
      Chapter 11 Petition filed April 27, 2021
         represented by: David Stevens, Esq.

In re John S. Shiau
   Bankr. D.N.J. Case No. 21-13443
      Chapter 11 Petition filed April 27, 2021
         represented by: David L. Stevens, Esq.

In re Luis Manuel Morales Seda and Sylvia Enid Cabrera Roman
   Bankr. D.P.R. Case No. 21-01269
      Chapter 11 Petition filed April 27, 2021
         represented by: Homel Mercado Justiniano, Esq.

In re Pedro Luis Rivera Febo
   Bankr. D.P.R. Case No. 21-01274
      Chapter 11 Petition filed April 27, 2021
         represented by: Javier Vilarino, Esq.

In re Valentina Capital, LLC
   Bankr. W.D. Tex. Case No. 21-10319
      Chapter 11 Petition filed April 27, 2021
         See
https://www.pacermonitor.com/view/FIKZWUA/Valentina_Capital_LLC__txwbke-21-10319__0001.0.pdf?mcid=tGE4TAMA
         represented by: Jacob Sparks, Esq.
                         SPENCER FANE
                         E-mail: jsparks@spencerfane.com


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2021.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

                   *** End of Transmission ***