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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

              Friday, April 30, 2021, Vol. 25, No. 119

                            Headlines

AAR CORPORATION: Egan-Jones Keeps BB- Senior Unsecured Ratings
ABC SUPPLY: S&P Assigns 'B+' Rating on New Senior Unsecured Notes
ACPRODUCTS HOLDINGS: Moody's Rates $1.4BB Term Loan 'B1'
ACPRODUCTS INC: S&P Lowers ICR to 'B-' on Acquisition by Platinum
ALASKA COMMUNICATIONS: Egan-Jones Keeps B Senior Unsecured Ratings

ALCOA CORPORATION: Egan-Jones Keeps BB+ Senior Unsecured Ratings
ALPHA MEDIA: Ex-CEO Battles Company in FCC Filings
AMERICAN CENTE: Katchen Can't Get Substantial Contribution Award
ANI PHARMACEUTICALS: S&P Assigns 'B+' ICR, Outlook Positive
ANNAGEN LLC: Trustee Seeks to Hire Brown Schultz as Accountant

ANNALY CAPITAL: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
ANWORTH MORTGAGE: Egan-Jones Keeps CCC Senior Unsecured Ratings
APEX TOOL: S&P Affirms 'CCC+' Issuer Credit Rating, Outlook Neg.
ASHFORD HOSPITALITY: Egan-Jones Keeps CCC- Sr. Unsecured Ratings
ASTA FUNDING: Faces SEC Charges for Deficient Form NT

AUTOMOTORES GILDEMEISTER: Clears to Road Block to Chapter 11 Exit
AUTONATION INCORPORATED: Egan-Jones Keeps BB+ Sr. Unsec. Ratings
AVIENT CORPORATION: Egan-Jones Keeps B+ Senior Unsecured Ratings
BASIC ENERGY: Weighs 2nd Bankruptcy Amid Debt Negotiations
BAYOU TOPCO: Fitch Assigns FirstTime 'BB-' LT IDR, Outlook Stable

BAYOU TOPCO: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable
BIOMARIN PHARMACEUTICAL: Egan-Jones Keeps B+ Sr. Unsecured Ratings
BLACKBERRY LIMITED: Egan-Jones Cuts Sr. Unsecured Ratings to CCC
BLTN GROUP: Seeks to Hire Marret & Company as Accountant
BOSTON SCIENTIFIC: Egan-Jones Keeps BB+ Senior Unsecured Ratings

BRILLIANT ENERGY: Amended Bid Procedures for Sale of Assets OK'd
BULLDOGGE FITNESS: Wins Cash Collateral Access Thru May 31
BY CROWN PARENT: Moody's Puts B2 CFR Under Review for Upgrade
BYRD FAMILY: Sale of Lebanon Property to Express Oil Approved
CABLE ONE: Moody's Assigns Ba2 Rating on $600MM Term Loan B-4

CAESARS ENTERTAINMENT: Egan-Jones Keeps CCC Sr. Unsecured Ratings
CAESARS HOLDINGS: Egan-Jones Keeps CCC LC Senior Unsecured Rating
CALERES INC: S&P Alters Outlook to Stable, Affirms 'B+' ICR
CANADIAN NATURAL: Egan-Jones Keeps BB+ Senior Unsecured Ratings
CARMAX INCORPORATED: Egan-Jones Keeps BB Senior Unsecured Ratings

CARNIVAL CORPORATION: Egan-Jones Keeps B Senior Unsecured Ratings
CARRIAGE SERVICES: Moody's Rates New $400MM Unsecured Notes 'B2'
CDT DE SAN SEBASTIAN: June 24 Disclosure Statement Hearing Set
CGC-MROZ ACCOUNTANTS: Court OKs Revised Deal on Cash Access
CROWN HOLDINGS: Egan-Jones Keeps BB- Senior Unsecured Ratings

CYCLE FORCE: May 24 Final Hearing on Cash Collateral Access
DANIELS CORPORATE: Faces SEC Charges for Deficient Form NT
DARDEN RESTAURANTS: Egan-Jones Keeps BB- Senior Unsecured Ratings
DELL INCORPORATED: Egan-Jones Keeps BB- Senior Unsecured Ratings
DELTA AIRLINES: Egan-Jones Keeps B Senior Unsecured Ratings

DENNIS M. DANZIK: US' Time to Object to Cars Sale Moved to April 30
DESOTO OWNERS: June 14 Plan Confirmation Hearing Set
DIOCESE OF ROCKVILLE CENTRE: Accused of Hiding Assets From Victims
DIRECT DIESEL: Bid to Use Cash Collateral Denied
DOW RUMMEL: Fitch Assigns 'BB' Issuer Default Rating

DWS CLOTHING: Disclosure Statement Hearing Continued to May 12
EAS GRACELAND: Wins Cash Collateral Access Thru May 7
EPIC ARCADES SC: Files for Chapter 11 Bankruptcy
EVOSITE LLC: Case Summary & 20 Largest Unsecured Creditors
FARR BUILDERS: Seeks to Hire Richard P. Garcia as Accountant

FERRO CORPORATION: Egan-Jones Keeps B Senior Unsecured Ratings
FIRST FLORIDA LIVING: Bid to Use Cash Collateral Denied
FLUOR CORPORATION: Egan-Jones Keeps BB- Senior Unsecured Ratings
FOOT LOCKER: Egan-Jones Hikes Senior Unsecured Ratings to BB
FORTEM RESOURCES: Faces SEC Charges for Deficient Form NT

FOSSIL GROUP: Egan-Jones Keeps CC Senior Unsecured Ratings
FOUNDATION FOR IUP: S&P Cuts 2008 Phase III Bond Rating to 'B-'
FOUNDATION FOR IUP: S&P Lowers 2007A Phase II Bond Rating to 'B+'
FREEDOM MORTGAGE: Fitch Alters Outlook on 'BB-' LT IDR to Stable
FRONTIER COMMUNICATIONS: Egan-Jones Keeps D Sr. Unsecured Ratings

GAP INCORPORATED: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
GENTIVA HEALTH: S&P Places 'B+' ICR on CreditWatch Positive
GENWORTH FINANCIAL: Egan-Jones Hikes Sr. Unsecured Ratings to B+
GEORGE WESTON: Egan-Jones Keeps BB Senior Unsecured Ratings
GLOBALSTAR INCORPORATED: Egan-Jones Keeps CC Sr. Unsecured Ratings

GNIRBES INC: Creditor Community Loan Says Disclosures Inaccurate
GRAHAM HOLDINGS: S&P Alters Outlook to Stable, Affirms 'BB' ICR
GREENBRIER COMPANIES: Egan-Jones Keeps BB- Sr. Unsecured Ratings
GREIF INCORPORATED: Egan-Jones Keeps B+ Senior Unsecured Ratings
GREYSTONE SELECT: Fitch Rates $325MM Secured Loan 'BB'

GREYSTONE SELECT: Moody's Rates New $325MM Term Loan 'Ba2'
GRIDDY ENERGY: ERCOT Objects to Adequacy of Disclosure Statement
GULFPORT ENERGY: Chapter 11 Plan Cutting $1.4 Bil. of Debt Cleared
H&R BLOCK: Egan-Jones Keeps BB+ Senior Unsecured Ratings
H. EDWARD PARIS DDS: Seeks to Hire Newell & Newell as Accountant

HARLEY-DAVIDSON: Egan-Jones Keeps BB Senior Unsecured Ratings
HERTZ GLOBAL: New Chapter 11 Plan Sponsor Auction Schedule Cleared
HERTZ GLOBAL: Wants to Revive $23 Million SEC Probe Coverage Suit
HEXCEL CORPORATION: Egan-Jones Keeps BB+ Senior Unsecured Ratings
HOLLYFRONTIER CORP: Egan-Jones Cuts Sr. Unsecured Ratings to BB

HOME POINT: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
HOVNANIAN ENTERPRISES: Egan-Jones Keeps CCC+ Sr. Unsecured Ratings
HQDA ELDERLY: Faces SEC Charges for Deficient Form NT
HUNTS POINT: Taps Cullen and Dykman as Substitute Counsel
HWY 24 LUMBER: Unsecureds to Get 65% of Allowed Claims in Plan

IGEN NETWORKS: Faces SEC Charges for Deficient Form NT
IMAX CORPORATION: Egan-Jones Lowers Sr. Unsecured Ratings to BB-
IMPRESA HOLDINGS: Court Clears Chapter 11 Plan After Settlements
INDEPENDENCE ENERGY: S&P Assigns 'B' ICR, Outlook Stable
INTERNATIONAL WEALTH: Court OKs Revised Cash Collateral Deal

INTERTAPE POLYMER: Egan-Jones Keeps BB Senior Unsecured Ratings
IRIDIUM COMMUNICATIONS: Egan-Jones Keeps B- Senior Unsec. Ratings
IRON MOUNTAIN: Egan-Jones Keeps B+ Senior Unsecured Ratings
J2 GLOBAL: Moody's Affirms 'B1' CFR Following Fax Business Split
J2 GLOBAL: S&P Places 'BB' ICR on Watch Neg. on Cloud Fax Spinoff

JOANN INC: S&P Upgrades ICR to 'B' on Debt Paydown, Outlook Stable
K3D PROPERTY: Confirmation Hearing Set for June 14
KAISER AND ASSOCIATES: Taps Walker and Edwards as Accountant
KB HOME: Egan-Jones Keeps BB- Senior Unsecured Ratings
KIRBY CORPORATION: Egan-Jones Keeps BB Senior Unsecured Ratings

KNOLL INCORPORATED: Egan-Jones Keeps BB- Senior Unsecured Ratings
KOHL'S CORPORATION: Egan-Jones Keeps BB- Senior Unsecured Ratings
L BRANDS: Egan-Jones Upgrades Senior Unsecured Ratings to CCC+
LAMAR ADVERTISING: Egan-Jones Keeps BB- Senior Unsecured Ratings
LASELL UNIVERSITY: S&P Rates 2021 Refunding Revenue Bonds 'BB+'

LATHAM POOL: S&P Upgrades ICR to 'B+' After IPO, Outlook Stable
LINDA M. ARMELLINO: $1.8M Sale of 3 Alexandria Townhouses Approved
LOST CAJUN: Wins Cash Collateral Access
MACERICH COMPANY: Egan-Jones Keeps BB+ Senior Unsecured Ratings
MACY'S INC: S&P Alters Outlook to Positive, Affirms 'B+' ICR

MACY'S INCORPORATED: Egan-Jones Keeps CCC+ Sr. Unsecured Ratings
MALLINCKRODT PLC: Adjusted Protection Payments to Lenders OK'd
MASONITE INT'L: Moody's Raises CFR to Ba1, Outlook Stable
MBIA INCORPORATED: Egan-Jones Keeps CCC Senior Unsecured Ratings
MEDICAL DEPOT: S&P Upgrades ICR to 'CCC+' on Distressed Exchange

MEDOLAC LABORATORIES: $500K DIP Loan, Cash Collateral Use OK'd
MERCER INTERNATIONAL: Egan-Jones Keeps B Senior Unsecured Ratings
MOSAIC COMPANY: Egan-Jones Keeps B+ Senior Unsecured Ratings
NAVISTAR INTERNATIONAL: Egan-Jones Keeps CCC+ Sr. Unsecured Ratings
NEW YORK COMMUNITY BANCORP: S&P Affirms 'BB+' ICR

NEXT PLC: Egan-Jones Keeps BB Senior Unsecured Ratings
NORTONLIFELOCK INC: Egan-Jones Keeps BB- Senior Unsecured Ratings
NOV INCORPORATED: Egan-Jones Keeps B+ Senior Unsecured Ratings
OFFICE DEPOT: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
OLYMPUS DEVELOPMENT: Trustee's $785K Sale of Nashville Asset OK'd

ONATAH FARMS: Morrows' Private Sale of Mountain Grove Property OK'd
OWENS & MINOR: Egan-Jones Keeps B- Senior Unsecured Ratings
OXFORD INDUSTRIES: Egan-Jones Cuts Senior Unsecured Ratings to B
PARAMOUNT SCHOOLS: S&P Assigns 'BB+' ICR, Outlook Stable
PBS BRAND: Fine-Tunes Plan Ahead of April 28 Hearing

PENN VIRGINIA: Fitch Assigns FirstTime 'B-' LT IDR, Outlook Stable
PENN VIRGINIA: S&P Assigns 'B-' ICR, Outlook Stable
PENNSYLVANIA REAL: Egan-Jones Keeps CCC- Senior Unsecured Ratings
PEYTO EXPLORATION: Egan-Jones Keeps B+ Senior Unsecured Ratings
PG&E CORPORATION: Egan-Jones Hikes Senior Unsecured Ratings to CCC

PHILLIPS 66: Egan-Jones Cuts Senior Unsecured Ratings to BB+
PHYTO-PLUS: Wins Cash Collateral Access
PIONEER NATURAL: Egan-Jones Keeps BB Senior Unsecured Ratings
PIONEER NATURAL: Egan-Jones Keeps BB Senior Unsecured Ratings
POWER CORPORATION: Egan-Jones Keeps BB+ Senior Unsecured Ratings

PRIME HEALTHCARE: S&P Rates New $150MM Senior Secured Notes 'B-'
PROFRAC SERVICES: S&P Upgrades ICR to 'CCC+', Outlook Stable
PROTECTIVE SPORTS: Defend Your Head Files for Chapter 7 Bankruptcy
PURDUE PHARMA: 3 Law Firms Give Up Fees in Chapter 11
PURDUE PHARMA: Chillicothe City Opposes Disclosure Statement

PURDUE PHARMA: CHN Creditors Say Disclosure Statement Inadequate
PURDUE PHARMA: DeSoto Says Key Document Absent in Discl. Statement
PVH CORPORATION: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
QEP RESOURCES: Egan-Jones Keeps B- Senior Unsecured Ratings
REVLON INCORPORATED: Egan-Jones Keeps C Senior Unsecured Ratings

RITE AID: Egan-Jones Keeps CCC Senior Unsecured Ratings
ROB'S TOWER: Wins Cash Collateral Access Thru July 14
ROKK3R INC: Faces SEC Charges for Deficient Form NT
SALON PROZ: Wins Cash Collateral Access Thru July 22
SANCHEZ TRUCKING: Wins Cash Collateral Access on Interim Basis

SCHREINER'S FINE SAUSAGES: Updates Unsecureds' Claim Pay Details
SCIENTIFIC GAMES: Egan-Jones Keeps CCC Senior Unsecured Ratings
SECURE HOME: Gets OK to Hire Kurtzman as Claims Agent
SHARPE CONTRACTORS: Unsecureds to Share Pro-Rata on $800K Payments
SHIFTPIXY INC: Faces SEC Charges for Deficient Form NT

SK MOHAWK: Fitch Affirms 'B' LongTerm IDR, Outlook Negative
SK MOHAWK: S&P Alters Outlook to Positive, Affirms 'B-' ICR
SLIDEBELTS INC: Seeks to Hire Goel & Anderson as Special Counsel
SMOKEY TOPCO: S&P Affirms 'B-' Rating on First-Lien Debt
SOLARWINDS HOLDINGS: S&P Downgrades ICR to 'B', Outlook Stable

SOUTHEAST HOSPITAL: Moody's Rates New 2021 Health Bonds 'Ba1'
SPEYSIDE HOLDINGS: Nebari Natural to Hold Auction on May 26
STA VENTURES: $1.5M Sale of 12-Acre Loganville Property Approved
STILL HOPES: Fitch Affirms BB Rating on 2017/2018A Bonds
STONEX GROUP: Egan-Jones Keeps B+ Senior Unsecured Ratings

SUMMIT MIDSTREAM: Egan-Jones Hikes Senior Unsecured Ratings to B
SYNCHRONOSS TECHNOLOGIES: Egan-Jones Keeps CCC- Sr. Unsec. Ratings
SYNNEX CORPORATION: Egan-Jones Keeps BB+ Senior Unsecured Ratings
TENET HEALTHCARE: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
TERADATA CORPORATION: Egan-Jones Keeps B+ Senior Unsecured Ratings

TKC HOLDINGS: S&P Raises Rating on First-Lien Term Loan to 'B'
TRANSALTA CORPORATION: Egan-Jones Keeps BB Sr. Unsecured Ratings
TRI-STATE PAIN INSTITUTE: Office Building Sold for $3.37 Million
TRI-STATE SPORTS: Ovation Service Objects to Disclosure Statement
TRUTANKLESS INC: Faces SEC Charges for Deficient Form NT

TUMBLEWEED TINY HOUSE: Unsecureds to Get 100% if $2.7M Claim Barred
TUPPERWARE BRANDS: Egan-Jones Upgrades Sr. Unsecured Ratings to B+
TUXEDO JUNCTION: Case Summary & 20 Largest Unsecured Creditors
U.S. STEEL: Egan-Jones Keeps CCC- Senior Unsecured Ratings
UAL CORPORATION: Egan-Jones Lowers Sr. Unsecured Ratings to CCC+

UNITED AIRLINES: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
UNIVAR SOLUTIONS: Moody's Upgrades CFR to Ba2 on Debt Reduction
USIC HOLDINGS: S&P Affirms B- Issuer Credit Rating, Outlook Stable
VAIL RESORTS: Egan-Jones Keeps B+ Senior Unsecured Ratings
VALERO ENERGY: Egan-Jones Lowers Senior Unsecured Ratings to BB

VASCULAR ACCESS: Trustee Sets Bidding Procedures for Assets Sale
VECTOR GROUP: Egan-Jones Keeps CCC Senior Unsecured Ratings
VERINT SYSTEMS: Egan-Jones Keeps B+ Senior Unsecured Ratings
VIZIV TECHNOLOGIES: Seeks to Hire RSM US as Auditor
W.R. GRACE: S&P Places 'BB' Issuer Credit Rating on Watch Negative

WASHINGTON PRIME: Forbearance Extended Again to May 5, 2021
WENDY'S COMPANY: Egan-Jones Keeps B- Senior Unsecured Ratings
WINEBOW GROUP: S&P Ups ICR to 'B-' on Refinancing, Outlook Stable
WR GRACE: Fitch Puts 'BB+' LongTerm IDR on Watch Negative
WYNN RESORTS: Egan-Jones Keeps CCC+ Senior Unsecured Ratings

XEROX CORPORATION: Egan-Jones Keeps BB Senior Unsecured Ratings
ZAYAT STABLES: Ahmed Zayat Defends Bid for Bankruptcy Trustee Probe

                            *********

AAR CORPORATION: Egan-Jones Keeps BB- Senior Unsecured Ratings
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Egan-Jones Ratings Company, on April 5, 2020, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by AAR Corporation.

Headquartered in Wood Dale, Illinois, AAR Corporation supplies
aftermarket products and services to the global aviation and
aerospace industry.



ABC SUPPLY: S&P Assigns 'B+' Rating on New Senior Unsecured Notes
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S&P Global Ratings assigned its 'B+' issue-level rating to American
Builders & Contractors Supply Co. Inc.'s (ABC; BB/Stable/--)
proposed $350 million senior unsecured notes, with a '6' recovery
rating. The '6' recovery rating indicates our expectation for
negligible recovery (0%-10%; rounded estimate: 0%) in the event of
a payment default.

ABC Supply, a U.S. wholesale distributor of building products, will
use the notes and $250 million cash on hand to redeem its $600
million senior notes due in 2026. S&P views the transaction as
credit-neutral, as S&P Global Ratings-adjusted leverage is
calculated as net debt. S&P expects ABC's S&P Global
Ratings-adjusted debt to EBITDA to remain about 3x in 2021 and
2022.



ACPRODUCTS HOLDINGS: Moody's Rates $1.4BB Term Loan 'B1'
--------------------------------------------------------
Moody's Investors Service assigned a B1 rating to the prospective
$1.4 billion term loan B of ACProducts Holdings, Inc. (aka
Cabinetworks Group). In addition, Moody's also assigned a Caa1
rating to the company's prospective $550 million senior unsecured
notes, B2 corporate family rating and B2-PD probability of default
rating. The senior unsecured notes will initially be issued out of
Victors Merger Corporation, the escrow issuer, before merging into
ACProducts Holdings, Inc. at close. The outlook is stable.

This transaction follows the announcement that Cabinetworks Group
will be acquired by Platinum Equity. Proceeds from the new term
loan and senior unsecured notes issued by ACProducts Holdings,
Inc., together with a $764 million cash contribution from the new
equity sponsor, will be used to acquire Cabinetworks Group for
$2.65 billion. The company is also entering into a new $200 million
asset-based revolving credit facility due 2026, which will be
unrated and is expected to be undrawn at closing. Cabinetworks
Group's existing debt, issued out of the entity ACProducts, Inc.,
of about $1.1 billion will be repaid at closing.

When the financing transaction closes and all related debt
obligations are repaid, Moody's will withdraw all existing ratings
of ACProducts, Inc., including the B2 CFR, B2-PD PDR, and B2 senior
secured first lien term loan rating.

Assignments:

ACProducts Holdings, Inc.

Corporate Family Rating, Assigned B2

Probability of Default Rating, Assigned B2-PD

Senior Secured 1st Lien Term Loan B, Assigned B1 (LGD3)

Senior Unsecured Regular Bond/Debenture, Assigned Caa1 (LGD5)

Outlook Actions:

Issuer: ACProducts Holdings, Inc.

Outlook, Assigned Stable

RATINGS RATIONALE

The B2 CFR considers Cabinetworks' high debt leverage, which will
be 8.1x on a pro forma basis for the transaction as of December 31,
2020, and is expected to decline to 5.7x by 2022. The B2 CFR is
somewhat prospective in nature, as it incorporates Moody's
expectations for strong topline growth coupled with margin
expansion due to favorable fundamentals that support both
investment in home improvement as well as new home construction,
which bolsters demand for cabinet products. Moody's expects the
overall building products sector to continue to benefit from a
shift in consumers' discretionary spending to home improvement over
the next twelve months as many employees continue to regularly work
from home as a result of the coronavirus pandemic. Furthermore,
margin improvement considers ongoing cost saving measures,
including raw material and component part procurement initiatives,
manufacturing consolidations, production line optimizations and the
active management of freight costs. Moody's rating also considers
the highly discretionary nature of cabinets relative to other
building products, in addition to customer concentration with big
box retailers that exposes the company to sudden shifts in demand.
Cabinetworks does, however, have a diverse sales channel that also
includes dealers, single-family and multi-family homebuilders,
which collectively make up close to three quarters of sales.

Cabinetworks Group's liquidity is expected to be good over the next
12 to 18 months and considers Moody's expectation of positive free
cash flow of approximately $80 million in both 2021 and 2022.
Liquidity is supported by the expectation of full availability
under the new $200 million asset-based revolver over Moody's
forecast horizon. The revolver is subject to a 1.0x springing fixed
charge covenant that is tested when availability falls below the
greater of 10% or $15 million, which Moody's does not expect the
company to trigger over the next 12-18 months. Alternative sources
of liquidity are limited as the majority of the company's assets
are encumbered by secured debt.

Governance considerations include Moody's expectations that
Cabinetworks Group will maintain an aggressive financial policy
that favors shareholders over creditors. The company has
historically grown through debt funded acquisitions and Moody's
expects that strategy to continue. The company is not expected to
pay out a regular distribution to its equity sponsors, with excess
capital likely reinvested back into the business or used for future
tack-on acquisitions.

The B1 rating assigned to Cabinetworks' senior secured first lien
term loan B is one-notch higher than the B2 CFR, and reflects their
senior position in the capital structure relative to the unsecured
notes (rated Caa1) and other junior claims including trade payables
and operating leases. The Caa1 rating on the unsecured notes
reflects their subordination to a significant amount of secured
debt and the expectation of considerable loss of value in a
distress scenario. The term loan has a first lien on substantially
all tangible and intangible assets of the borrower and guarantors
not pledged to the revolver while the revolver has a first lien
priority on the relatively more liquid ABL collateral, including
the company's accounts receivable, inventory, deposit accounts and
cash.

The stable outlook reflects Moody's expectation of stable demand
within the repair and remodel and new home construction segments as
well as maintenance of good liquidity.

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

The ratings could be upgraded if Cabinetworks operates with
adjusted debt-to-EBITDA consistently below 4.5x, adjusted
EBITA-to-interest consistently above 3.0x and adjusted free cash
flow to debt consistently above 5.0%.

The ratings could be downgraded if the company's adjusted
debt-to-EBITDA is sustained above 5.5x, adjusted EBITA-to-interest
falls below 2.0x, or the company experiences a deterioration in
liquidity.

Following are some of the preliminary credit agreement terms, which
remain subject to market acceptance.

As proposed, the new credit facility is expected to provide
covenant flexibility that if utilized could negatively impact
creditors. Notable terms include the following:

The ratings could be upgraded if Cabinetworks operates with
adjusted debt-to-EBITDA consistently below 4.5x, adjusted
EBITA-to-interest consistently above 3.0x and adjusted free cash
flow to debt consistently above 5.0%.

The ratings could be downgraded if the company's adjusted
debt-to-EBITDA is sustained above 5.5x, adjusted EBITA-to-interest
falls below 2.0x, or the company experiences a deterioration in
liquidity.

Following are some of the preliminary credit agreement terms, which
remain subject to market acceptance.

As proposed, the new credit facility is expected to provide
covenant flexibility that if utilized could negatively impact
creditors. Notable terms include the following:

Incremental Facilities

Incremental debt capacity on the incremental debt capacity on the
term loan is up to the greater of $300 million and one times
consolidated EBITDA, plus unlimited amounts subject to first lien
net leverage ratio not to exceed leverage at closing (if pari passu
secured). Amounts up to $150 million may be incurred with an
earlier maturity date than the initial term loan.

Unrestricted Subsidiary Asset Transfers

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.

Guarantee Releases

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.

Subordination/Anti-subordination

The credit agreement provides some limitations on up-tiering
transactions, including provisions that require the consent of each
affected lender for changes in pro rata sharing provisions and the
"waterfall".

The proposed terms and the final terms of the credit agreement may
be materially different.

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

Cabinetworks Group, headquartered in Ann Arbor, MI, is a national
manufacturer and distributor of kitchen and bathroom cabinetry.

For the 12 months ended December 31, 2020, the company generated
approximately $1.7 billion in revenue.


ACPRODUCTS INC: S&P Lowers ICR to 'B-' on Acquisition by Platinum
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on ACProducts
Inc. to 'B-' from 'B'. At the same time, S&P assigned its 'B-' and
'CCC' issue-level ratings to Victors Intermediate Holding II
Corporation's proposed $1.4 billion first-lien term loan and $550
million senior unsecured notes, respectively.

The stable outlook reflects S&P's view that strong end market
demand will mitigate a higher debt load.

S&P said, "The proposed capital structure will result in adjusted
leverage of about 8x by year-end 2021, which we view as
commensurate with a 'B-' ratingWe believe the proposed capital
structure indicates the company's aggressive financial policies,
such that we expect adjusted debt levels to increase by more than
50%. This will weaken credit measures and heighten credit risk. We
estimate pro forma S&P Global Ratings' adjusted debt to EBITDA of
almost 10x, based on $208 million of 2020 EBITDA and $2 billion of
proposed debt. Assuming 25% EBITDA growth in 2021, we believe debt
to EBITDA could improve to about 8x by year end. With the proposed
transaction, the company will have increased debt by $2 billion
since 2017 to fund $1.3 billion of acquisitions and about $700
million of equity takeout for a succession of financial sponsor
owners."

As part of the transaction, the company will issue a $1.4 billion
senior secured first-lien term loan and $550 million in senior
unsecured notes. The company will use proceeds from these issuances
along with $764 million in an equity contribution from the new
sponsors to fund the $2.65 billion purchase of ACProducts. The
company will also issue a $200 million asset-based lending (ABL)
facility (undrawn at close) for general corporate uses including
liquidity purposes.

Strong organic revenue growth combined with progress toward
achieving cost synergies, will offset some of the impact from
rising costs. S&P said, "We expect the company's organic revenues
to grow 10%-12% driven by tailwinds from residential end markets
(both, repair and remodel and new construction), new business wins
with big box retailers, and better pricing. As the company
continues to integrate the business of Masco cabinetry acquired in
2020, we expect it to realize some cost savings and synergistic
benefits over the next 12-18 months. While rising input costs will
pressure the company's earnings, we believe these cost savings will
provide some offset. As such we expect adjusted EBITDA margins to
remain the 12%-13% range over the next 12 months. We believe the
company's ability to pass through higher input costs (lumber,
metals, fuel) will be key to the sustainability of its margins and
earnings. For instance, if lumber prices increase averages more
than 20% year over year in 2021, margins could decline 50-100 bps,
and result in adjusted leverage trending toward 9x. On the other
hand, if the company achieves targeted synergies while passing
through higher costs, we could see better earnings and
faster-than-expected deleveraging over the next 12 months."

S&P said, "We expect the company's EBITDA interest coverage to be
2x and it will generate positive free cashflows over the next 12
monthsWe believe despite the increased interest costs, the
company's earnings will continue to support EBITDA interest
coverage of about 2x. Further, we expect the company to generate
operating cash flows of $85 million-$100 million after working
capital needs that will be higher due to the company's strong
revenue growth. We also expect capital expenditure of about $60
million. As such, we forecast the company to generate positive free
operating cash flow of about $20 million-$40 million over the next
12 months.

"The stable outlook reflects our view that strong revenue and
earnings growth will somewhat offset higher debt. Over the next 12
months we expect adjusted leverage of about 8x and EBITDA interest
coverage of 2x."

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

-- S&P views the capital structure as unsustainable, exhibited by
adjusted leverage deteriorating toward 10x, EBITDA interest
coverage trending below 2x, or free cash flow turning negative.
This scenario could materialize in the case of a severe downturn
such that demand for the company's products drastically declines or
higher-than-expected input prices cannot be passed on, compressing
margins by more than 100 bps; or

-- The company maintains an aggressive financial policy--for
instance, using debt to fund distributions or acquisitions--keeping
leverage elevated.

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

-- Earnings are stronger than its base-case scenario, resulting in
adjusted leverage lower than 6x and it expects the company will
maintain this level. This could occur if the company achieves the
targeted synergies faster than expected and/or has a
higher-than-expected pass through on costs; and

-- The financial sponsors commit to maintaining leverage below 6x
on a permanent basis.



ALASKA COMMUNICATIONS: Egan-Jones Keeps B Senior Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on April 7, 2020, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Alaska Communications Systems Group Incorporated.

Headquartered in Anchorage, Alaska, Alaska Communications Systems
Group Inc. is a full-service telecommunications provider in
Alaska.



ALCOA CORPORATION: Egan-Jones Keeps BB+ Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 21, 2020, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Alcoa Corporation.

Headquartered in Pittsburgh, Pennsylvania, Alcoa Corporation
manufactures metal products.



ALPHA MEDIA: Ex-CEO Battles Company in FCC Filings
--------------------------------------------------
Radio Online reports that in an attempt to block the license
renewals of four stations, former Alpha Media CEO Larry Wilson
filed with the FCC earlier in April 2021 accusing the company of
misleading the agency and making decisions without proper board
approval. He also challenged Alpha's qualifications as a broadcast
licensee. The move was an attempt to deny reassignment of Alpha
Media's licenses from debtor-in-possession status back to the
company as it begins to emerge from Chapter 11 bankruptcy.

In response, Alpha Media stated that Wilson is using the Commission
to retaliate against his old company for not accepting his plan to
infuse it with capital. "When one peels away the bombast of
Wilson's petition, it is clear that Wilson is inappropriately using
the agency as a platform for rehashing his differences with certain
members of the company's Board of Directors and management, and
vainly attempting to shoehorn assessment of his personal grievances
into the Commission's processes under the guise of spurious claims
that Alpha is unfit to hold its broadcast licenses," wrote Alpha
Media in the filing.

Wilson claims that two board members made a unilateral decision to
reject his plan to infuse money into the company as it struggled to
survive. Alpha Media responded that "Contrary to Wilson's
assertions, his plan was not "unilaterally rejected" by Mr. Strauss
and Mr. Mansour "without offering it to Alpha's entire Board."
Alpha Media said his plan was properly vetted by a committee of
disinterested directors and then unanimously rejected by the Board
which, in its business judgment, ultimately concluded that Wilson's
proposal was "materially inadequate" and there was "no evidence
that Mr. Wilson would be able to raise the money" required for his
proposal.

Alpha Media is now requesting the Commission dismiss Wilson's
petitions and the applications for four stations be granted,
allowing it to implement its Bankruptcy Court-approved
restructuring.

                      About Alpha Media Holdings

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

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

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

Judge Kevin R. Huennekens oversees the cases.

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

Stretto is the claims and noticing agent.

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

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

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



AMERICAN CENTE: Katchen Can't Get Substantial Contribution Award
----------------------------------------------------------------
Law360 reports that a New Jersey federal judge has refused to grant
attorney William S. Katchen's bid to grab nearly $98,000 from an
anti-terrorism nonprofit's Chapter 11 plan, reasoning that he
didn't show that his representation of an affiliate benefited the
nonprofit itself.

U.S. District Judge Freda L. Wolfson on Tuesday, April 22, 2021,
affirmed a bankruptcy court's dismissal of Katchen's application
for a substantial contribution award from the American Center for
Civil Justice Inc.  Katchen represented Religious Liberty &
Tolerance Inc., an ACCJ affiliate and the nonprofit's largest
creditor. RLT lodged a $14. 8 million claim in ACCJ's bankruptcy
estate.

                   About American Center for Civil Justice

American Center for Civil Justice, Inc., is a tax-exempt
organization that provides legal services.  The organization
defends human and civil rights by advocating and aiding lawsuits by
victims of oppression, acts of violence and other injustices.

American Center for Civil Justice filed voluntary petitions for
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J.
Lead Case No. 18-15691) on March 23, 2018. In the petition signed
by Elie Perr, president, the company was estimated to have $10
million to $50 million in assets and liabilities. The Honorable
Christine M. Gravelle oversees the case.  Timothy P. Neumann, Esq.,
of Broege, Neumann, Fischer & Shaver LLC, is the Debtors' counsel.


ANI PHARMACEUTICALS: S&P Assigns 'B+' ICR, Outlook Positive
-----------------------------------------------------------
S&P Global ratings assigned a 'B+' long-term issuer credit rating
with a positive outlook to Baudette, Minn.-headquartered ANI
Pharmaceuticals Inc.

The positive outlook reflects the upside to S&P's base case from
the potential approval and launch of ANI's Cortrophin product,
which would contribute substantial revenues, lessen the need for
M&A, and provide greater financial flexibility.

ANI Pharmaceuticals Inc. is offering a $300 million senior secured
term loan B and a $40 million senior secured revolving credit
facility to fund (with $99 million of equity) its acquisitions of
Novitium ($163.5 million) and four Dermatology products from Sandoz
Inc. ($20.6 million), refinance existing debt ($186.9 million), and
add cash to the balance sheet and pay fees and expenses.

The Novitium acquisition provides an organic development platform
to generate sustainable revenue, reducing its reliance on M&A, but
S&P sees risks in both the company's in-house development and its
opportunistic acquisition strategy.

S&P said, "We expect ANI to maintain adjusted gross debt to EBITDA
of 3x-4x. This reflects relatively quick deleveraging from the
low-4x area in 2021 to about 3x in 2022 from new product launches,
and a moderate level of acquisitions. We think the company will
successfully launch enough generic products from Novitium to offset
normal low-double-digit-percent revenue declines in the base
business in 2021, with additional launches exceeding revenue
declines in 2022. We expect EBITDA margin expansion in 2022 from
revenue growth outpacing growth in selling, general, and
administrative and research and development (R&D) expenses.

"We expect free cash flow to support a moderate level of asset
acquisitions ($30 million-$50 million annually) but do not expect
another significant debt-funded acquisition at least until the U.S.
Food and Drug Administration (FDA) approves Cortrophin's
supplemental New Drug Application (sNDA). Before acquiring
Novitium's pipeline, acquisitions were essential to sustaining the
business, but now we view them as slightly more discretionary.

"We do not include revenue from Cortrophin in our base case, but
the potential launch represents significant upside to our forecast.
We think it is uncertain if and when the FDA will approve the
product because it needs to be updated to meet stringent modern
regulatory requirements. The product was first approved in the
1950s and has been off the market since the 1980s. If launched, we
expect Cortrophin to capture significant market share from Acthar,
with margins higher than the core business. We think if Cortrophin
is not approved that ANI would feel greater pressure to make
another debt-financed acquisition to develop new sources of
growth."

Key risks include ANI's inexperience in product development and the
uncertainty inherent in growth through opportunistic acquisitions.
Novitium has a relatively brief record of development success, and
we think managing the complexity of a much larger, combined
business could mean development delays. The transaction structure
offers some confidence in ANI's ability to execute its development
pipeline because the former owners of Novitium took an equity stake
in ANI and the company plans to retain Novitium's president, who
has critical R&D experience. S&P said, "After executing the current
pipeline, we think ANI can identify new niche drugs for development
as competition in the generic market evolves. We think the markets
for smaller generic products, which are ANI's focus, are less of a
priority for large manufacturers, providing the opportunity to
launch new products and take market share."

Although ANI is now less dependent on opportunistic acquisitions to
sustain revenue, mergers and acquisitions (M&A) are still a key
component of its growth strategy and carry some risk. The strategy
relies on special situations (e.g. bankruptcies, antitrust
divestitures, and other divestitures) and reasonable prices; if
there are fewer opportunities or prices rise, ANI's credit metrics
could weaken. As the company grows, it may seek larger acquisition
targets that will have a larger impact on the business' overall
performance. ANI has made several disciplined acquisitions,
although Cortrophin, which was bought in 2016 for $75 million, has
not yet met original expectations.

S&P said, "We believe ANI has decent product diversification but
also has very small scale and is geographically concentrated. ANI's
top product represents about 5% of revenue and its top five
products represent about 35% of revenue, which we believe to be
about the same as other rated generic manufacturers." But the
business is very small relative to many other generic drug
companies. This smaller scale makes it more difficult to absorb a
low probability disruption to one of its facilities or other
hard-to-predict events like litigation that can occur in this
heavily regulated industry.

In addition, the business is almost entirely focused in the U.S.,
and competition in the U.S. generics industry has intensified in
recent years because of customer consolidation and faster approvals
by the FDA. S&P said, "The U.S. generics market still has higher
margins than Europe, but it is more volatile, in our view. Our
assessment of ANI's country risk reflects some exposure to emerging
markets including China and India for the procurement of Active
Pharmaceutical Ingredients, but most are sourced from developed
markets including the U.S. and Canada."

S&P said, "We view ANI's business as riskier than the largest
generic manufacturers including Teva and Viatris, slightly riskier
than Amneal and Glenmark, and stronger than Lannett. Compared to
the largest specialty and generic manufacturers, ANI has weaker
product and geographic diversification, much smaller scale, and
less experience developing and launching new products. We think
ANI's products are similarly or potentially more exposed to
competition because its product dosage forms are on average less
complex. Compared to Lannett, we think ANI has a stronger
development pipeline and a better track record of opportunistically
acquiring products without weakening credit metrics. ANI also
manufactures a product containing opioids but we view it as lower
risk for litigation than peers because it is relatively lower-dose
and less likely to be abused than products that are the focus of
the opioid multidistrict litigation.

"Our positive outlook reflects upside to our base case over the
next 12-18 months from the approval of ANI's Cortrophin sNDA. We
currently expect adjusted debt to EBITDA of about 4x in 2021 and 3x
in 2022, but also believe the company would pursue M&A more
aggressively if Cortrophin's approval is significantly delayed.

"We could consider a higher rating in the next 12-18 months if
Cortrophin is approved, providing a significant source of revenue
growth for the next two to three years and greater excess cash flow
to support larger acquisitions. In this scenario, we would still
expect adjusted debt to EBITDA of 3x-4x.

"We could revise the outlook to stable if we view the approval of
Cortrophin as unlikely; for example, if the sNDA is not accepted or
the company receives a complete response letter." In this
scenario:

-- S&P believes the company would likely feel pressure to more
aggressively pursue debt-financed acquisitions to supplement
Novitium's pipeline and create a more sustainable growth platform.

-- S&P would expect adjusted debt to EBITDA to remain 3x-4x,
potentially at the higher end of the range.


ANNAGEN LLC: Trustee Seeks to Hire Brown Schultz as Accountant
--------------------------------------------------------------
Lawrence Frank, the trustee appointed in Annagen, LLC's Chapter 11
case, seeks approval from the U.S. Bankruptcy Court for the Middle
District of Pennsylvania to employ Brown Schultz Sheridan & Fritz
as accountant.

The trustee requires an accountant to prepare the Debtor's 2020
federal and Pennsylvania income tax returns

The hourly rates charged by the firm are as follows:

     James A. Koontz          $290 per hour
     Tax Staff, CPA           $160 per hour
     Administrative Staff     $125 per hour

James Koontz, the accountant at Brown Schultz who will be providing
the services, disclosed in a court filing that he is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.

Brown Schultz can be reached through:

     James A. Koontz
     Brown Schultz Sheridan & Fritz
     210 Grandview Avenue
     Camp Hill, PA 17011
     Phone: 717.761.7171
     Fax: 717.737.6655

                        About Annagen LLC

Annagen, LLC is a privately held corporation that provides
colocation, infrastructure and application hosting services that
work side by side with a large variety of industries including
healthcare, financial, education, transportation and government to
accelerate their technology evolution from the ground to the cloud.
It operates a data center in Harrisburg, Pa.  Visit
https://www.netrepid.com/ for more information.

Annagen filed a Chapter 11 petition (Bankr. M.D. Pa. Case No.
19-03631) on Aug. 27, 2019.  Annagen president Samuel D. Coyl
signed the petition.  At the time of the filing, the Debtor was
estimated to have $1 million to $10 million in both assets and
liabilities.

Judge Henry W. Van Eck oversees the case.  

The Debtor tapped Purcell, Krug & Haller and the Law Offices of
John M. Hyams as its bankruptcy counsel; Thomas, Thomas & Hafer,
LLC as its special counsel; and RSB & Associates, P.C. as its
accountant.

Lawrence G. Frank, Esq., was appointed as trustee in the Debtor's
Chapter 11 case on Oct. 14, 2020.  The trustee is represented by
his own firm, the Law Office of Lawrence G. Frank.  Smigel Anderson
& Sacks, LLP and Gibraltar IT, LLC serve as the trustee's special
counsel and consultant.


ANNALY CAPITAL: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company, on March 30, 2021, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Annaly Capital Management, Inc. EJR also
maintained its 'C' rating on commercial paper issued by the
Company.

Headquartered in New York, New York, Annaly Capital Management,
Inc. is one of the largest mortgage real estate investment trusts.



ANWORTH MORTGAGE: Egan-Jones Keeps CCC Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 30, 2021, maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by Anworth Mortgage Asset Corporation. EJR also
maintained its 'C' rating on commercial paper issued by the
Company.

Headquartered in Santa Monica, California, Anworth Mortgage Asset
Corporation is a mortgage real estate investment trust.



APEX TOOL: S&P Affirms 'CCC+' Issuer Credit Rating, Outlook Neg.
----------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' issuer credit rating and
negative outlook on hand and power tool manufacturer Apex Tool
Group LLC.

The outlook speaks to Apex Tool's reliance on favorable business
end markets over the next 12 months such that the company will be
able to refinance its upcoming maturity in February 2023.

Upcoming debt maturities pose refinancing risks over the next 12-18
months. S&P said, "We take the critical view that with more time
passing, the riskiness of Apex Tool Groups creditworthiness
inherently increases. Our view incorporates the company's
relatively short debt maturity schedule for its $325 million senior
unsecured notes due in February 2023. Additionally, the company has
large debt maturities coming up over the next 3-3.5 years, which
includes $158.1 million secured revolving credit facility due in
April 2024 ($25 million outstanding as of December 2020), and $960
million senior secured term loan due in August 2024 (about $835
million currently outstanding as of December 2020). The senior
secured credit facilities could have accelerated maturities subject
to certain clauses and conditions. This states that, if on Nov. 16,
2022, the senior notes exceed $100 million, are not refinanced, or
the maturity is not extended to at least July 1, 2024, then the
maturation date for the revolver changes to Nov. 16, 2022. We view
this as an additional risk in the upcoming time frame."

S&P said, "Operating performance for the company should improve
over the next 12 months, yet we expect the margins to remain
stressed. We expect the company to generate
mid-single-digit-percent EBITDA expansion for 2021. This will
result in S&P Global Ratings calculated debt to EBITDA of 9x-9.5x
compared to just below 10x in 2020. We attribute the expansion to
the hand tools segment's increased volumes, driven by the continued
strength in the residential end markets (seen from late second
quarter of 2020). We expect the retail point-of-sales demand to
improve across markets as well, as the company benefits from
continued strength in demand from its Sata brand in China, a
segment that has been performing well. We forecast EBITDA interest
coverage to increase to above 1.5x for year-end 2021 from 1.3x in
2020. However, we expect margins to face some downside pressure in
2021 from the rising input costs, particularly from crude oil-based
products (which are likely to rebound from the lows of 2020),
increasing metal costs (particularly steel and copper), and other
overheads costs such as labor and freight.

"The negative outlook on Apex reflects our expectation that
leverage will remain above 9x, while interest coverage stays below
2x. The issuer's financial commitments appear to be unsustainable
in the long term, although the issuer may not face a credit or
payment crisis in the next 12 months."

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

-- Apex's senior unsecured notes become current in February 2022;
or

-- Apex's cash flows deteriorate, and we believe liquidity will
become constrained due to the upcoming maturity in 2023.

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

-- The company's overall business conditions improve, and earnings
reduce leverage to 7x-8x, and EBITDA interest coverage increases
toward 2x;

-- The company generates positive free operating cash flow; and

-- Apex refinances its 2023 senior unsecured notes.



ASHFORD HOSPITALITY: Egan-Jones Keeps CCC- Sr. Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 31, 2021, maintained its
'CCC-' foreign currency and local currency senior unsecured ratings
on debt issued by Ashford Hospitality Trust, Inc. EJR also
maintained its 'D' rating on commercial paper issued by the
Company.

Headquartered in Dallas, Texas, Ashford Hospitality Trust, Inc.
operates as a self-advised real estate investment trust focusing on
the lodging industry.



ASTA FUNDING: Faces SEC Charges for Deficient Form NT
-----------------------------------------------------
The Securities and Exchange Commission charged eight companies for
failing to disclose in SEC Form 12b-25 filings that their request
for seeking a delayed quarterly or annual reporting filing was
caused by an anticipated restatement or correction of prior
financial reporting. The violations were uncovered by an initiative
focused on Form 12b-25 filings by companies that quickly thereafter
announced financial restatements or corrections. Each of the
companies was a public reporting company at the time of the
violations and agreed to settle the Commission's charges and pay
civil penalties.

Public companies are required to file the SEC's Form 12b-25
"Notification of Late Filing," commonly known as "Form NT," when
"not timely" filing a Form 10-Q or Form 10-K and seeking additional
days to file their reports. Companies must disclose on the Form NT
why their quarterly or annual report could not be filed on time, as
well as any anticipated, significant changes in results of
operations from the corresponding period for the last fiscal year.

The SEC orders find that each of the companies announced
restatements or corrections to financial reporting within 4-14 days
of their Form NT filings despite failing to provide details
disclosing that anticipated restatements or corrections were among
the principal reasons for their late filings.  The orders also find
that the companies failed to disclose on Form NT, as required, that
management anticipated a significant change in quarterly income or
revenue.

"As today's actions show, we will continue to use data analytics to
uncover difficult to detect disclosure violations," said Melissa R.
Hodgman, Acting Director of the SEC's Enforcement Division, in a
statement April 29. "Targeted initiatives like this allow us to
efficiently address disclosure abuses that have the potential to
undermine investor confidence in our markets if left unaddressed."

"Reporting companies are required to provide investors with timely,
accurate, and full information with which investors can evaluate
the significance of reporting delays," said Anita B. Bandy,
Associate Director in the SEC's Enforcement Division.  "In these
cases, due to the companies' failure to include required disclosure
in their Form 12b-25, investors relying on the deficient Forms NT
were kept in the dark regarding the unreliability of the company's
financial reporting or anticipated material changes in operating
results."

The SEC's orders find that the below listed companies violated
Section 13(a) and Rule 12b-25 under the Securities Exchange Act of
1934 by failing to make the required Form NT disclosures. Without
admitting or denying the findings, the companies agreed to
cease-and-desist-orders that made the following findings and
require payment of the following penalties:

Fortem Resources, Inc. (FTMR) -- Filed one deficient Form NT. The
British Columbia-based company agreed to pay a penalty of $25,000.

TruTankless, Inc. (TKLS) -- Filed one deficient Form NT. The
Arizona-based company agreed to pay a penalty of $25,000.

ShiftPixy, Inc. (PIXY) -- Filed one deficient Form NT. The
Florida-based company agreed to pay a penalty of $25,000.

Rokk3r, Inc. (ROKK) -- Filed one deficient Form NT and filed one
untimely Form 8-K. The Florida-based company, now private, agreed
to pay a penalty of $50,000.

Daniels Corporate Advisory Company, Inc. (DCAC) -- Filed one
deficient Form NT. The New York-based company agreed to pay a
penalty of $25,000.

HQDA Elderly Life Network Corp. (HQDA) -- Filed two deficient Forms
NT. The California-based company agreed to pay a penalty of
$50,000.

Asta Funding, Inc. (ASTA) -- Filed one deficient Form NT and filed
one Form 10-Q outside the extension period. The New Jersey-based
company, now private, agreed to pay a penalty of $50,000.

Igen Networks Corp. (IGEN) -- Filed one deficient Form NT. The
California-based company agreed to pay a penalty of $25,000.

The SEC's investigation was conducted by Jonathan Cowen and
supervised by Jeffrey P. Weiss and Ms. Bandy.


AUTOMOTORES GILDEMEISTER: Clears to Road Block to Chapter 11 Exit
-----------------------------------------------------------------
Jeremy Hill of Bloomberg News reports that Automotores Gildemeister
SpA has a smoother path toward exiting Chapter 11 protection after
winning the support of Baion Group LLC, a noteholder that
previously opposed its bankruptcy plan.

U.S. Bankruptcy Judge Lisa Beckerman in a Wednesday, April 23,
2021, hearing approved a plan-support deal between Baion and
Gildemeister, a Chilean car importer.

The deal comes after Gildemeister agreed to alter Baion's treatment
under the plan; unsecured noteholders now have the option of
receiving junior secured notes or cashing out their claims through
a $3 million cash pool, a lawyer for the company said in the
hearing.

                     About Automotores Gildemeister

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

Automotores Gildemeister SpA and its affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Case No. 21010685) in New York on April
12, 2021. The Hon. Lisa G Beckerman is the case judge. Automotores
was estimated to have $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing. CLEARY GOTTLIEB STEEN &
HAMILTON LLP, led by Jane VanLare, and Adam Brenneman, is the
Debtors' counsel, and PRIME CLERK LLC is the claims agent.


AUTONATION INCORPORATED: Egan-Jones Keeps BB+ Sr. Unsec. Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 23, 2020, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by AutoNation Incorporated.

Headquartered in Fort Lauderdale, Florida, AutoNation, Inc. retails
automobiles.



AVIENT CORPORATION: Egan-Jones Keeps B+ Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 9, 2020, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Avient Corporation.

Headquartered in Avon Lake, Ohio, Avient Corporation is an
international polymer services company with operations in North
America, Europe, Asia, Australia, and South America.




BASIC ENERGY: Weighs 2nd Bankruptcy Amid Debt Negotiations
----------------------------------------------------------
Basic Energy Services Inc. is negotiating with creditors to
restructure its debt load, which could lead to a second bankruptcy
for the company, Bloomberg News reported, citing people with
knowledge of the matter.

The oil and gas services company is getting restructuring advice
from law firm Weil Gotshal & Manges and is weighing in-court and
out-of-court options to address its more than $300 million of debt,
said the people, who asked not to be identified discussing
confidential matters.

Basic Energy's creditors are being advised by law firm Davis Polk &
Wardwell and investment bank Ducera Partners, the people said.

                   About Basic Energy Services

Headquartered in Fort Worth, Texas, Basic Energy Services --
http://www.basices.com/-- provides well-site services essential to
maintaining production from the oil and gas wells within its
operating areas. The Company's operations are managed regionally
and are concentrated in major United States onshore oil-producing
regions located in Texas, California, New Mexico, Oklahoma,
Arkansas, Louisiana, Wyoming, North Dakota, Colorado and Montana.
Its operations are focused in prolific basins that have
historically exhibited strong drilling and production economics in
recent years as well as natural gas-focused shale plays
characterized by prolific reserves.  Specifically, the Company has
a significant presence in the Permian Basin, Bakken, Los Angeles
and San Joaquin Basins, Eagle Ford, Haynesville and Powder River
Basin.


BAYOU TOPCO: Fitch Assigns FirstTime 'BB-' LT IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has assigned a Long-Term Issuer Default Rating (IDR)
of 'BB-' with a Stable Rating Outlook to Bayou TopCo, Inc. (Cordis
Corp.) and Bayou Intermediate II, LLC. Fitch also assigned an
expected debt rating of 'BB+'/'RR1' to the first lien credit
facility at Bayou Intermediate II, LLC.

The 'BB-' IDR reflects Cordis' solid cardiology and endovascular
business and moderate leverage offset in part by execution risk
related to operating as an independent company, achieving synergies
and the need for meaningful contributions from its R&D pipeline,
which could require external funding over the long-term. The
ratings apply to $350 million of pro forma debt expected
post-transaction close.

KEY RATING DRIVERS

Solid Business Post-Carveout: Cordis' carveout from Cardinal
Health, Inc. (CAH) will present a solid stand-alone interventional
cardiology and endovascular device business that will be further
supported by private equity sponsor, Hellman & Friedman (H&F).
Cordis maintains global brand recognition and physician preference
for its products. CAH also invested significantly in Cordis' global
commercial footprint and independent manufacturing capabilities
since its ownership starting in 2015.

Cordis' products are critical medical devices used by over 16,000
hospitals globally in minimally invasive procedures. These products
are physician preference items in mature product categories with
minimal disruption risk. Physician familiarity with the product is
important and switching is uncommon (92% annual retention), and
Cordis' brand and products are known worldwide for their quality
and ease of use.

Moderate Leverage Expected: Fitch forecasts Cordis' gross
debt/EBITDA at 5.5x pro forma for the $1 billion purchase by H&F
and anticipates leverage could decline to 3.6x upon synergy
realization from carveout execution by FY2023. Longer term, Fitch
expects that capital will be deployed for R&D investments and M&A
rather than voluntary debt pay down, likely resulting in leverage
being maintained at or below 4.5x. H&F financed the deal with
roughly 70% equity and Fitch believes maintaining flexibility for
investments will be of higher importance than sponsor dividends.
Fitch would revisit this assumption should the sponsor's behavior
lean more towards shareholder friendly activities (e.g. upsizing of
issuance absent identified growth investments and payment of
material dividends.

R&D, Investment Execution Necessary: Fitch views prior
underinvestment in R&D as one of the largest risks to Cordis'
long-term success and credit profile. The company plans to reinvest
roughly half of its cost savings from the carveout to its internal
R&D program. Fitch expects Cordis will augment the internal
investments with long-term capital deployment focusing on external
R&D investments and M&A.

Investment firm, Ajax Health, will be partners to H&F to create the
Cordis Accelerator. The Cordis Accelerator will be an independent
R&D engine that will develop and commercialize new, innovative
products through a strategic partnership structure. The Accelerator
will likely provide innovative opportunities in higher growth areas
where Cordis does not participate.

Stand-Up Execution in Focus: The 'BB-' IDR contemplates the
execution risk related to the carveout, which includes the
transition from CAH TSAs for finance, IT and supply chain functions
within 18 months following the close. Cordis has an experienced
management team, most of whom helped with the JNJ carveout and will
have H&F oversight and resources to build an independent
organization with a stronger internal R&D pipeline. Cordis'
manufacturing and inventory demand planning was invested in heavily
by CAH and will not need to be transitioned. The success of
standing up the carveout will be integral to maintaining
flexibility at the current rating.

EBITDA to Improve: Management has identified over $50 million of
cost savings over three years from optimizing quality, procurement,
manufacturing, supply chain, and other operational functions,
roughly half of which is expected to be realized in the first 18
months post-close. Fitch expects this will help increase EBITDA
margins to 11% by FY2023 from 8% at FY2020.

Cordis' diverse and stable revenue base is supported by over 4,000
SKUs and larger product categories include diagnostic catheters
(22% of 2020 COVID adjusted revenue), closure devices (20%),
guiding catheters (16%) and sheath introducers and stents (11%
each). The company maintains a global presence with 33% of revenue
from the US, 33% from APAC, 26% from EMEA, and 8% from LatAm and
Canada. China and LatAm represent larger growth opportunities for
the existing product portfolio, versus the mature US and EMEA
markets which are expected to provide relatively flat growth over
the forecast.

DERIVATION SUMMARY

Cordis has leading global market positions in the interventional
cardiology and endovascular device markets, but has a narrower
focus and weaker R&D pipeline versus its competitors. The company
is expected to operate with gross debt/EBITDA between 3.5x-4.5x.
Cordis' largest competitors include Boston Scientific Corp.
(BBB/Stable), which has larger scale and breadth, a focus in highly
innovative products, and a more conservative financial profile.

Fitch also considers the ratings of 'BB' range peers in its
analysis. Peers Jazz Pharmaceuticals plc (BB-/Stable) and Owens &
Minor, Inc. (BB-/Stable) have significantly larger scale than
Cordis, but have less revenue diversity versus competitors. These
companies operate with gross debt/EBITDA between 3.5x-4.5x and
3.0x-4.0x, respectively.

KEY ASSUMPTIONS

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

-- Cordis buyout closes by July 1, 2021 and is financed with
    $350m first lien TL and $770 H&F sponsor equity. Roughly $25m
    of cost synergies are achieved during FY2022-FY2023, debt
    declines only by annual amortization, and leverage declines to
    3.6x by FYE2023.

-- Organic revenue in low single digits; FY2022 revenue growth
    above average as surgical volumes return to normalized levels
    post-lockdowns.

-- EBITDA margin starts to improve in FY2022 as cost synergies
    are realized; half of the roughly $50m cost synergies are
    realized in the first 18 mos post-close. About half of
    realized cost synergies are invested back, primarily in R&D,
    resulting in low-teens EBITDA margins.

-- FCF shows as negative to breakeven in FY2022-2023 due to costs
    to carveout and achieve synergies. Positive FCF returns by
    FY2024.

-- No acquisitions or shareholder returns are included. Focus for
    the first 18 months post-close will likely be on standing up
    operations. Fitch expects acquisitions could become a part of
    capital deployment longer term.

-- Total debt/EBITDA declines to 4.7x in FY2022, and 3.6x in
    FY2023 as cost synergies are achieved.

-- CAH will retain full authority for lawsuits related to Cordis
    OptEase and TrapEase IVC filters in the US and Canada, as well
    as liability associated to these matters once Cordis is
    acquired by H&F. Fitch assumes no cash outflows related to
    these product liabilities.

RATING SENSITIVITIES

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

-- Gross debt/EBITDA expected to sustain below 3.5x;

-- Operational strength and success standing up business that
    results in (cash flow from operations - capex)/total debt
    around or above 7.5%.

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

-- Gross debt/EBITDA expected to sustain above 4.5x;

-- Integration issues, pressures to profitability or increased
    expenses that result in (cash flow from operations –
    capex)/total debt sustained below 6%;

-- Inability to successfully introduce new products to support
    mid-single digit revenue growth over the long term.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Liquidity Sufficient Post-Acquisition: H&F is allocating $100
million of cash to go to the balance sheet at close to help fund
carveout costs and costs to achieve cost savings. Cordis will also
have access to a $60 million committed first lien secured revolver
due 2026, which is expected to be undrawn at close.

Maturities Manageable: Maturities will only consist of annual
amortization of $3.5 million on the $350 million first lien term
loan due 2028, and the ECF sweep does not apply if first lien net
leverage is less than or equal to 4x. H&F capitalized the roughly
$1 billion deal with a solid amount of equity, reducing cash needs
for debt interest and required repayment. The company will only be
subject to a springing financial maintenance covenant of 8.3x first
lien net leverage if 35% or more of the revolver is drawn. Debt
incurrence and restricted payments covenants have a 4.75x first
lien net leverage test.

ESG CONSIDERATIONS

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


BAYOU TOPCO: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to Bayou
Topco Inc. At the same time, S&P assigned a 'B-' issue-level rating
and '3' recovery rating to the company's secured debt.

The stable outlook reflects S&P's expectation for a post-COVID-19
pandemic rebound in demand, improving margins, and its view that
Cordis has sufficient cash to emerge from the carve-out process and
return to positive free cash flow by fiscal 2023 (ending June 30,
2023).

Financial sponsor Hellman & Friedman LLC has agreed to a carve-out
acquisition of Cardinal Health Inc. subsidiary Cordis Corp., a
Dublin, Ohio-based manufacturer of interventional cardiovascular
technology. S&P is assigning ratings to newly formed parent Bayou
Topco Inc.

The company's capital structure will include a $60 million secured
revolving credit facility, undrawn at close, and $350 million
secured term loan.

Cordis's business risk profile reflects its leading positions and
narrow focus in the stable but low-growth interventional cardiology
market, below-average profitability among medical device peers, and
execution risk of a multiyear carve-out plan. partially offset by
strong customer retention, low customer concentration, and global
geographic diversification. S&P said, "We view interventional
cardiology as a stable but lower-growth segment of the broader
medical device market. Despite the low-growth environment, we
expect Cordis to increase revenue particularly from its exposure to
the Asia-Pacific region, which accounts for roughly one-third of
total revenue. The business has demonstrated solid retention and
customer loyalty among physicians and the educational community,
which supports demand resiliency across its diverse customer base.
At the same time, we expect EBITDA margins in the high-single-digit
percentages, below average among medical device peers. We believe
the company has opportunities for margin improvement as the
business previously accounted for less than 1% of Cardinal Health's
revenue and therefore did not receive focused attention toward
optimizing its growth and profitability. Despite these lower
margins, we expect the business will generate solid free cash flow
after it emerges from its carve-out process." The company's U.S.-
and Mexico-based manufacturing facilities are already independent
from Cardinal Health, but it will still need to execute a two-year
carve-out plan to establish itself on a stand-alone basis. This
includes initiatives related to information technology
transformation and back office functions.

S&P said, "We expect high-single-digit percentage revenue growth in
fiscal 2022 (ending June 30, 2022) driven by COVID-19 pandemic
recovery. We expect the business to generate low-single-digit
percentage revenue growth over the long term. With the emergence
and distribution of effective vaccines for COVID-19, we expect
pandemic impact to decline throughout 2021. This will lead to a
rebound in indiscretionary activities, including elective medical
procedures. Cordis revenue declines were smaller in fiscal 2020
than those of certain medical device peers since many of its
products are used in nondiscretionary procedures. We expect a
post-pandemic rebound will lead to high-single-digit percentage
revenue growth in fiscal 2022. Thereafter, we expect
low-single-digit revenue growth supported by high-single-digit
growth in Asia-Pacific.

"We believe the company may also pursue growth through mergers and
acquisitions (M&A). Long-term growth could benefit from its
partnership with the Cordis Accelerator, an independent entity that
will give it greater access to medical device innovation. While we
believe this strategy will preserve near-term cash flow and
margins, it also adds some uncertainty to technology acquisition
costs relative to a purely in-house research and development
strategy.

"Cordis will be financial sponsor-owned and highly leveraged, and
we expect negative free cash flow in fiscal 2022 after investments
required for the carve-out and cost-saving programs. The company
expects to spend less than $100 million in combined carve out and
cost initiative spending over the next 2 years. We expect that even
if the cost of these programs is modestly higher, the company has
sufficient cash cushion to manage through these projects. Upon
close of the transaction, Cordis will have $100 million cash on the
balance sheet, funded by the sponsor to cover carve out and cost
initiative spending, and full availability on its $60 million
revolver. We expect a rebound in demand and modest margin expansion
will enable it to generate credit measures appropriate for the
rating, including adjusted debt to EBITDA between 5x and 6x and
cash flow deficits in fiscal 2022, followed by positive free cash
flow generation in fiscal 2023. We do not net cash on hand from our
debt calculation due to the company's financial sponsor ownership.

"The stable outlook reflects our view that Cordis' liquidity is
sufficient to cover expected cash outflows for the carve-out
process and related cost-saving initiatives. Our rating also
reflects our expectation for near-term cash flow deficits in fiscal
2022. But we expect that by fiscal 2023 (ending June 30, 2023),
revenue growth and declining carve-out expenses will generate
modestly positive free cash flow with debt to EBITDA between 5x and
5.5x.

"We could lower the rating into the 'CCC' category if the company
encounters unexpected challenges leading to weaker than expected
cash flow generation with limited prospects for improvements. This
could occur if the carve-out process runs over budget and/or behind
schedule such that meaningful cash flow deficits persist into
fiscal 2023 and liquidity becomes constrained.

"We view a higher rating as unlikely over the next year. Longer
term, we could raise the rating if the company executes its
carve-out plan, realizes expected cost savings, and maintains
positive revenue growth. We would expect clear visibility to the
completion of these projects, debt to EBITDA remaining below 7x,
free operating cash flow to debt of over 3%, and an M&A strategy
that will allow it to maintain these metrics."


BIOMARIN PHARMACEUTICAL: Egan-Jones Keeps B+ Sr. Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 30, 2021, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by BioMarin Pharmaceutical Inc.

Headquartered in Novato, California, BioMarin Pharmaceutical Inc.
develops and commercializes therapeutic enzyme products.



BLACKBERRY LIMITED: Egan-Jones Cuts Sr. Unsecured Ratings to CCC
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by BlackBerry Limited to CCC from CCC+. EJR also
maintained its 'C' rating on commercial paper issued by the
Company.

Headquartered in Waterloo, Canada, BlackBerry Limited designs,
manufactures and markets wireless solutions for the worldwide
mobile communications market.



BLTN GROUP: Seeks to Hire Marret & Company as Accountant
--------------------------------------------------------
The BLTN Group seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Tennessee to employ Marret & Company, PLLC
as its accountant.

The firm will be assisting the Debtor in the preparation and filing
of 2019 and 2020 federal income tax returns and compiling
information needed to complete the Debtor's statement of financial
affairs.

The hourly rates charged by the firm are as follows:

     Principal             $250 per hour  
     Administrative Staff  $75 per hour

Greg Marret, CPA, assured the court that he is a disinterested
person within the meaning of Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Greg Marret, CPA
     Marret & Company, PLLC
     402 S Northshore Dr.
     Knoxville, TN 37919
     Phone: +1 865-521-9935

                      About BLTN Group

The BLTN Group filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tenn. Case No.
21-30559) on April 2, 2021.  At the time of the filing, the Debtor
disclosed assets of between $1 million and $10 million and
liabilities of the same range.  Moore & Brooks, led by James R.
Moore, Esq., serves as the Debtor's legal counsel.


BOSTON SCIENTIFIC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 13, 2020, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Boston Scientific Corporation.

Headquartered in Marlborough, Massachusetts, Boston Scientific
Corporation develops, manufactures, and markets minimally invasive
medical devices.



BRILLIANT ENERGY: Amended Bid Procedures for Sale of Assets OK'd
----------------------------------------------------------------
Judge David R. Jones of the U.S. Bankruptcy Court for the Southern
District of Texas authorized the amended bidding procedures
proposed by Randy W. Williams, the chapter 7 trustee for the estate
of Brilliant Energy, LLC, in connection with the sale of the
Debtor's right, title, and interest in its retail customer
contracts, associated receivables, and associated power hedges.

The Sale Hearing will be held on May 3, 2021, at 3:00 p.m., or at
such other time as the Court may have availability provided the
Trustee files and serves a notice identifying such other date and
time.

The procedures regarding the assumption and assignment of executory
contracts, including without limitation the Debtor's executory
contracts with customers in connection with the Sale are approved
and will govern the assumption and assignment of all Contracts
proposed to be assumed by the Trustee pursuant to section 365(b) of
the Bankruptcy Code and assigned to a purchaser or purchasers of
the Assets pursuant to section 365(b) of the Bankruptcy Code under
the applicable purchase agreement.

As soon as practicable after the Trustee has identified the
proposed Purchaser of the Assets, for which he will seek approval
at the Sale Hearing, the Trustee will serve on all Contract
Counterparties to any Contract that may be assumed by the Trustee
and assigned to the Purchaser the Contract Notice.

The Trustee is authorized to retain a noticing agent to assist with
service of the Contract Notice on Contract Counterparties.  Service
of the Contract Notice on a Contract Counterparty that is a retail
customer of the Debtor's business may be effectuated by e-mail to
the extent the Debtor maintained an e-mail address for such
Contract Counterparty in its business records.  The Contract
Objection Deadline is 14 days after the date of service of the
Contract Notice on the applicable Contract Counterparty.

The sale will be free and clear

The Trustee is authorized to take all actions necessary to
effectuate the relief granted pursuant to the Order.

The terms and conditions of the Order will be immediately effective
and enforceable upon its entry.

A copy of the Bidding Procedures and the form of Purchase Agreement
is available at https://tinyurl.com/wcapb4z3 from PacerMonitor.com
free of charge.                 

                About Brilliant Energy

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

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

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

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



BULLDOGGE FITNESS: Wins Cash Collateral Access Thru May 31
----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois has
authorized Bulldogge Fitness Group, Inc. to use the cash collateral
of Wells Fargo Bank, N.A. on an interim basis through May 31, 2021
in accordance with the budget, with a 10% variance.

Prior to the Petition Date, the Debtor borrowed money from Wells
Fargo, pursuant to promissory notes, business loan agreements,
security agreements, pledge agreements, collateral assignments, and
other agreements, instruments, certificates and documents. As of
the Petition Date, there was and remains due and owing from the
Debtor to the Secured Lender under the Secured Lender Loan
Documents, the total amount, including principal and interest of
$1,219.414.

As of the Petition Date, the Secured Lender held a perfected lien
on substantially all of the Debtor's pre-petition assets, including
but not limited to, cash on hand, inventory, accounts, accounts
receivable, and general intangibles, together with the proceeds
thereof.

In return for the Debtor's continued interim use of Cash
Collateral, and to protect Wells Fargo against any diminution in
value of the collateral the Prepetition Secured Lender will receive
an administrative expense claim pursuant to Section 507(b) of the
Bankruptcy Code equivalent to any diminution in the value of its
cash collateral after the petition date.

The Prepetition Secured Lender and any other subordinate lien
holders are granted replacement liens, attaching to the Collateral
and any dent-in-possession bank account, but only to the extent of
their prepetition liens and only to the extent of priority that
existed on the date of filing. The order is without prejudice to
any future avoidance of the subordinate liens.

The liens granted are valid, perfected, and enforceable without any
further action by the Debtor and/or the Prepetition Secured Lender
and need not be separately documents.

A further hearing on the matter is scheduled for May 24 at 1:30
p.m.

A copy of the order is available for free at https://bit.ly/32WiCYP
from PacerMonitor.com.

                About Bulldogge Fitness Group, Inc.

Bulldogge Fitness Group, Inc. operates a gymnasium and fitness
center in Downers Grove, Illinois, which is open to the general
public. Bulldogge has been adversely affected by the COVID-19
crisis and the disruption of business due to numerous State imposed
restriction on its operations.

Bulldogge sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Ill. Case No. 21-03336) on March 15, 2021. In the
petition signed by Scott Schroeder, president, the Debtor disclosed
up to $50,000 in assets and up to $10 million in liabilities.

Judge Timothy A. Barnes oversees the case.

Richard G. Larsen, Esq. at SPRINGERLARSENGREENE, LLC is the
Debtor's counsel.



BY CROWN PARENT: Moody's Puts B2 CFR Under Review for Upgrade
-------------------------------------------------------------
Moody's Investors Service placed BY Crown Parent, LLC's (doing
business as "Blue Yonder") ratings, including its B2 Corporate
Family Rating and the B1 and Caa1 ratings for senior secured and
senior unsecured debts, respectively, under review for upgrade. The
ratings action was prompted by the announcement [1] by Panasonic
Corporation ("Panasonic", Baa1 negative) that it has agreed to
acquire the remaining 80% equity interest in Blue Yonder Holding
Inc. that it did not own in a transaction valued at $7.1 billion,
including outstanding debt at the target. BY Crown Parent, LLC is
an indirect subsidiary of Blue Yonder Holding Inc. The acquisition
is subject to anti-trust and other regulatory approvals.

On Review for Upgrade:

Issuer: BY Crown Parent, LLC

Corporate Family Rating, Placed on Review for Possible Upgrade,
currently B2

Probability of Default Rating, Placed on Review for Possible
Upgrade, currently B2-PD

Senior Secured Bank Credit Facility, Placed on Review for Upgrade,
currently B1 (LGD3)

Senior Secured Regular Bond/Debenture, Placed on Review for
Upgrade, currently B1 (LGD3)

Senior Unsecured Regular Bond/Debenture, Placed on Review for
Upgrade, currently Caa1 (LGD6)

Outlook Actions:

Issuer: BY Crown Parent, 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 for upgrade reflects the acquisition of Blue
Yonder by the higher rated Panasonic. The acquisition by Panasonic
will require BY Crown Parent to offer to repurchase outstanding
debt under credit agreement and senior unsecured notes, but not the
senior secured notes. However, Panasonic has stated that it intends
to repay all of BY Crown Parent's outstanding indebtedness. If all
of BY Crown Parent's outstanding indebtedness is repaid, Moody's
would expect to withdraw all of BY Crown Parent's ratings. To the
extent any of BY Crown Parent's debt remains outstanding after the
acquisition, the ratings review will consider the amount of
outstanding debt, the terms of potential support from the parent,
adequacy of financial information for the issuer entity, and the
relative position of such remaining debt within Panasonic's capital
structure.

Blue Yonder's credit profile is constrained by its high financial
leverage and weak free cash flow generation. The company has made
good progress in the transition of its business model from
perpetual licenses to recurring Software as a Service offerings.
Its credit profile is also supported by its good operating scale,
well-regarded Supply Chain Management software products, and
growing proportion of recurring revenues. Blue Yonder has very good
liquidity.

BY Crown Parent, LLC is a provider of supply chain management and
retail software solutions. Affiliates of Blackstone Group and New
Mountain Capital, and Panasonic Corporation own majority equity
interest in the company.

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


BYRD FAMILY: Sale of Lebanon Property to Express Oil Approved
-------------------------------------------------------------
Judge Randal S. Mashburn of the U.S. Bankruptcy Court for the
Middle District of Tennessee authorized Byrd Family Properties'
sale of the real property at 1415 West Main Street, in Lebanon,
Tennessee, to Express Oil Change, LLC, free and clear of liens,
claims, and encumbrances.  

The Debtor will use the proceeds from the sale of the Property to
pay at closing (i) the lien of Liberty State Bank; (ii) any other
claims that constitute liens on the Property; and (iii) allowed
commissions to the Brokers.

Notwithstanding Bankruptcy Rule 6004(h), and as specifically
requested in the Motion, the Order will take effect immediately
upon entry.

The Court further finds that the proposed method of conducting the
sale is reasonable, appropriate, and designed to ensure fairness.
Therefore, the sale is entitled to the protections afforded by 11
U.S.C. Section 363(m).  

                    About Byrd Family Properties

Based in Franklin, Tenn., Byrd Family Properties sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case
No.
20-03017) on July 19, 2020, listing under $1 million in both
assets
and liabilities.  Judge Randal S. Mashburn oversees the case.
Denis Graham (Gray) Waldron, Esq., at Dunham Hildebrand, PLLC,
represents Debtor as legal counsel.  Timothy Stone is the
Subchapter V trustee in Debtor's bankruptcy case.  



CABLE ONE: Moody's Assigns Ba2 Rating on $600MM Term Loan B-4
-------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Cable One,
Inc.'s planned $600 million Senior Secured Term Loan B-4 (TLB-4)
due 2028. Cable One's Ba3 Corporate Family Rating, Ba3-PD
Probability of Default Rating, all existing instrument ratings and
the stable outlook are unaffected by the proposed transaction.

The incremental term loan has materially the same terms and
conditions as the existing Term Loan B. Cable One intends to use
the net proceeds to fully repay Hargray Acquisition Holdings, LLC's
(the ultimate parent of Hargray Communications Group, Inc.
(Hargray, B2 RUR)) outstanding Term Loan B in conjunction with the
purchase of the remaining interest in Hargray Acquisition Holdings,
LLC that Cable One does not already own. Moody's expectations for
debt levels at closing of the acquisition has not materially
changed.

Assignments:

Issuer: Cable One, Inc.

Senior Secured 1st Lien Term Loan B4, Assigned Ba2 (LGD3)

RATINGS RATIONALE

Cable One, Inc.'s Ba3 Corporate Family Rating (CFR) reflects a
diversified footprint, superior network speeds, a favorable
competitive environment, and a very profitable business model that
produces EBITDA margins approaching 50%. Constraining the rating is
the Company's declining video (and voice) services which exhibit
low penetration, and high loss rates. The service offering is
subject to intense competition and is being harvested for cash and
profits. There is moderate governance risk, with a tolerance for
leverage at 4.0x-4.5x (management's calculation) for M&A, and
dividends.

The Company has very good liquidity, supported by positive
operating cash flow, an undrawn $500 million revolving credit
facility (with approximately $470 million available at December 31,
2020), and good covenant cushion. The credit profile also benefits
from a favorable maturity profile with no maturities until 2025.

Moody's rate the senior secured credit facilities Ba2 (LGD3), one
notch above the Ba3 corporate family rating (CFR). Secured lenders
benefit from junior capital provided by senior unsecured notes
rated B2 (LGD5) and the unrated senior unsecured convertible notes.
The B2 rating on the unsecured notes reflects effective
subordination to the secured debt. The rated senior unsecured notes
are pari-passu with the convertible notes. The instrument ratings
reflect the probability of default of the company, as reflected in
the Ba3-PD Probability of Default Rating, and an average expected
family recovery rate of 50% at default given mixed capital
structure with multiple claim priorities.

The stable outlook reflects Moody's expectation that revenue will
rise to near $1.7 billion and EBITDA will rise to over $900
million, over the next 12-18 months, with EBITDA margins rising to
the mid 50% range. Net of capex (about 25% of revenue) and interest
(about 3.5% weighted average borrowing cost), Moody's project free
cash flow to rise over $150 million with free cash flow to debt in
the range of 2.5%-5.0%. Moody's expect leverage to fall to near
4.0x over the next 12-18 months. Moody's expect liquidity to remain
very good.

Note: all figures above are Moody's projected adjusted over the
next 12-18 months, pro forma for the acquisition of Hargray,
including an estimate of realized synergies.

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

Moody's could consider an upgrade if:

Gross debt / EBITDA (Moody's adjusted) sustained comfortably below
3.5x with commitment by management to sustain metrics at this
level, and

Free cash flow to gross debt (Moody's adjusted) sustained above
10%

Moody's could also consider a positive rating action if financial
policy was more conservative, the scale of the Company was larger,
or there was more diversity in the business model without negative
implications on profitability.

Moody's could consider a downgrade if:

Gross debt / EBITDA (Moody's adjusted) is sustained above 4.5x,
or

Free cash flow to gross debt (Moody's adjusted) is sustained below
5%

Moody's could also consider a negative rating action if liquidity
deteriorated, financial policy turned more aggressive, or there was
a material and unfavorable change in the scale, diversity or
operating performance.

The principal methodology used in this rating was Pay TV published
in December 2018.

Headquartered in Phoenix, AZ, Cable One, Inc. offers traditional
and advanced video services including digital television,
video-on-demand, high-definition television, as well as high-speed
Internet access and phone service. The Company passes 2.3 million
homes, in 21 states across the West, Mid-West, and South (including
Arizona, Idaho, Illinois, Mississippi, Missouri, Oklahoma, and
Texas), serving more than 900 thousand residential and commercial
customers. Revenue for the year ended December 31, 2020 was
approximately $1.3 billion.

Founded in 1947, Hargray is a regional telecommunications company
providing advanced Internet, television, and telephone
communications services to residential and business customers in 14
markets across Alabama, Florida, Georgia, and South Carolina.
Hargray offers gigabit-capable services to approximately 99% of its
customers. Approximately 60% of Hargray's total revenues for the
12-month period ended December 31, 2020 were derived from
residential data and business services customers.


CAESARS ENTERTAINMENT: Egan-Jones Keeps CCC Sr. Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 30, 2021, maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by Caesars Entertainment, Inc. EJR also maintained its
'C' rating on commercial paper issued by the Company.

Headquartered in Las Vegas, Nevada, Caesars Entertainment, Inc. is
a gaming company operating casino resorts.



CAESARS HOLDINGS: Egan-Jones Keeps CCC LC Senior Unsecured Rating
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 30, 2021, maintained its 'CCC'
local currency senior unsecured rating on debt issued by Caesars
Holdings, Inc.  EJR also maintained its 'C' rating on LC commercial
paper issued by the Company.

Headquartered in Las Vegas, Nevada, Caesars Holdings, Inc. operates
as a gaming company.




CALERES INC: S&P Alters Outlook to Stable, Affirms 'B+' ICR
-----------------------------------------------------------
S&P Global Ratings revised its rating outlook on U.S.-based
footwear retailer and wholesaler Caleres Inc. to stable from
negative. S&P also affirmed its 'B+' issuer credit rating on the
company. At the same time, S&P raised its rating on the company's
senior unsecured notes to 'B+' from 'B' and revised the recovery
rating on the notes to '4' from '5' as a result of its debt
pay-down to date from peak borrowings during the pandemic.

S&P said, "The stable outlook reflects our expectation that Caleres
will continue to improve its operations over the next 12 months,
driven by positive top-line and earnings trends at its Famous
Footwear segment leading to leverage improving to the mid- to
high-3x area over the next year. We expect the Brand Portfolio
segment's performance to gradually become stable in the second half
of 2021 as consumer demand for dress and formal footwear remains
challenged and that the company will continue to demonstrate a
balanced financial policy.

"We expect the resilient fourth quarter of 2020 operating
performance at its Famous Footwear Stores will set the tone for a
steady recovery in 2021, with adjusted leverage improving to the
mid-to high 3x area. We expect the company's Famous Footwear (FF)
segment (about 53% of pre-pandemic fiscal 2019 sales) to continue
its gradual recovery in fiscal 2021 (ending Jan. 31, 2022) as
consumer demand for casual and active styles will remain strong."
The fallout of COVID-19 significantly hit Caleres's operating
performance in fiscal 2020, with sales for the consolidated company
decreasing by about 27% compared with fiscal 2019.

However, declines in sales at FF moderated sequentially and were
limited to negative 6% in the fourth quarter of 2020 compared with
the same period in 2019, with comparable store sales only down
1.8%. This stronger-than-expected recovery in sales was driven by
both strong consumer demand for its comfort and sport offerings and
increased digital sales penetration (about 33% at year-end),
supported by the company's previous investments in its e-commerce
system. The FF segment also benefited from improved prospects in
its kids business and continued uplift from its rewards program.
S&P said, "We expect FF's revenue to grow in the high-teens percent
area in 2021 to nearly pre-pandemic levels, similar to the
company's recently upped guidance that FF would meet or exceed its
first quarter 2019 sales levels. As a result, we now forecast the
company to maintain leverage in the mid- to high-3x area, compared
with our previous expectations at the start of the pandemic for a
slower recovery and higher leverage."

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."

The adequate liquidity, stable cash flow, and balanced financial
policy (or company's debt repayment) support the rating. As a
result of cost control initiatives and disciplined sales general
and administrative (SG&A) management in addition to very lean
inventory positions, the company was able to limit gross margin
declines to less than 300 basis points (bps) in 2020 and generated
approximately $130 million of cash from operations with a
substantial portion coming from working capital benefits. As a
result, the company paid down about $190 million outstanding on its
revolver during fiscal 2020 while keeping meaningful balance sheet
cash to offset any short-term headwind the company could face. For
fiscal 2021, we expect the company to generate free operating cash
flow of about $80 million on a sustained basis due to working
capital investments normalizing which we expect will be directed
towards dividends, share repurchases and paydown of revolver
borrowings.

Industry headwinds persist in the Footwear apparel retail segment
while the company remains prone to merchandise missteps. S&P said,
"Our rating incorporates our view that the company remains
vulnerable to changes in consumer discretionary spending and
fashion risks. Given the fierce competition at the FF apparel
retail segment--including from new online players and the tough
industry dynamics, execution misses on product assortments could
pressure earnings and deteriorate credit metrics more than we
envision. Our rating also reflects the company's small scale and
significant merchandise sourcing exposure to China (which amount to
about 60% pre-pandemic). The company's Brand Portfolio segment
relies on wholesale partners and carries mostly dress and formal
footwear. It 2020, it suffered from the ongoing pandemic-related
effects and dampened wholesale performance with a 32% decline in
revenue in the fourth quarter, including declines at the Allen
Edmonds brand. We expect the shift in consumer preferences toward
wellness, comfort, and sport categories will likely continue in the
near term and Brand Portfolio to continue to experience sales
declines in the high 20% area in the first half of 2021, with a
slow recovery in the second half of the year."

S&P said, "The stable outlook reflects our expectation that Caleres
will continue to improve its operations over the next 12 months
driven by positive top-line and earnings trends at its Famous
Footwear segment, leading to leverage improving to the mid- to
high-3x area over the next year. We expect the Brand Portfolio
segment's performance to gradually become more stable in the second
half of 2021 as consumer demand for dress and formal footwear
remains challenged and that the company will continue to
demonstrate a balanced financial policy."

S&P could raise its rating on Caleres if:

-- S&P expected it to sustain leverage in the low-3x area; and

-- S&P viewed both business segments as having good business
prospects to sustain profitable growth.

S&P could lower its ratings on Caleres if the company's credit
metrics deteriorated such that adjusted leverage approached 4.5x.
This could occur if:

-- The company significantly underperformed S&P's expectations
with a decline in revenue and gross margins of over 300 bps due to
a steep drop in discretionary consumer spending in the footwear
sector, material merchandising missteps, a lack of consumer demand,
or increased competition; or

-- The company's financial policy became more aggressive,
resulting in persistently higher debt and weaker credit metrics.



CANADIAN NATURAL: Egan-Jones Keeps BB+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 5, 2020, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Canadian Natural Resources Ltd.

Headquartered in Calgary, Canada, Canadian Natural Resources Ltd.
acquires, explores for, develops, and produces natural gas, crude
oil, and related products.



CARMAX INCORPORATED: Egan-Jones Keeps BB Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 13, 2020, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by CarMax Incorporated.

Headquartered in Richmond, Virginia, CarMax, Inc. sells at retail
used cars and light trucks.



CARNIVAL CORPORATION: Egan-Jones Keeps B Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 15, 2020, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Carnival Corporation.

Headquartered in Miami, Florida, Carnival Corporation owns and
operates cruise ships offering cruises to all major vacation
destinations including North America, United Kingdom, Germany,
Southern Europe, South America, and Asia Pacific.



CARRIAGE SERVICES: Moody's Rates New $400MM Unsecured Notes 'B2'
----------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Carriage
Services, Inc.'s proposed $400 million senior unsecured notes due
2029. The net proceeds from the proposed notes will be used to
refinance the company's existing 6.625% senior unsecured notes due
2026 and to pay transaction fees and expenses. As part of the
transaction, the company is also amending and extending its
existing $190 million revolving credit facility due 2023 (not
rated) to a $150 million revolving credit facility due 2026. The
company expects that about $55 million of the new revolver will be
drawn at transaction close. The existing rating for the existing
senior unsecured notes due 2026 will be withdrawn once repaid. All
other ratings, including Carriage's B1 Corporate Family Rating and
stable outlook remain unchanged.

Assignments:

Issuer: Carriage Services, Inc.

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

The assigned rating is subject to review of final documentation and
no material change to the size, terms and conditions of the
transaction as advised to Moody's.

RATINGS RATIONALE

Carriage's B1 CFR reflects its small scale with about $330 million
of annual revenue, high leverage with debt to EBITDA of 4.7x as of
December 31, 2020, and modest free cash flow generation and
interest coverage. Pro forma for the transaction, Moody's expects
free cash flow to debt of about 8% and EBITA to interest expense of
about 3.5x over the next 12 to 18 months. The ratings also reflect
the fragmented and competitive deathcare industry dynamics with
larger and smaller competitors which could create pricing pressures
or limit revenue growth. Moody's expects declining average revenue
per service, a trend in the funeral industry for the past several
years, to continue to pressure Carriage's ability to grow
same-store revenue. The ongoing secular trends toward the
increasing use of cremation services, which often generate lower
revenue than traditional burial and funeral services, could also
weigh on financial performance or impede revenue and profit growth
over time.

The B2 rating on the new $400 million senior unsecured notes due
2029 reflects the B1-PD Probability of Default Rating and a Loss
Given Default Assessment of LGD4. The B2 instrument rating also
reflects the senior notes' position in the capital structure,
behind the unrated new $150 million secured credit facility due
2026.

The stable outlook reflects Moody's expectations for limited
organic revenue growth, free cash flow to debt over 5% before
acquisitions and good liquidity. The outlook also incorporates
Moody's expectation that Carriage's funeral and cemetery property
purchases will be funded primarily with free cash flow and some
debt proceeds.

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

The ratings could be upgraded if revenue scale is expanded and
Carriage demonstrates a track record of organic and inorganic
growth while maintaining balanced financial policies that result in
debt to EBITDA approaching 4x on a sustainable basis, free cash
flow to debt approaching 10%, and the maintenance of a very good
liquidity profile.

The ratings could be downgraded if revenues or margins meaningfully
decline, indicating a weakening competitive position, if financial
policies become more aggressive such that Moody's expects debt to
EBITDA will be sustained above 5.5x, or if liquidity deteriorates.

Carriage, headquartered in Houston, Texas, is a public company
which provides funeral and cemetery services and merchandise in the
US. As of March 31, 2021, Carriage operates 173 funeral homes in 26
states and 32 cemeteries in 12 states across the US. Carriage
generated $349 million revenue for the last twelve months ended
March 31, 2021.

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


CDT DE SAN SEBASTIAN: June 24 Disclosure Statement Hearing Set
--------------------------------------------------------------
Judge Edward A. Godoy has entered an order within which June 24,
2021 at 1:30 PM via Microsoft Teams is the hearing on approval of
the disclosure statement filed by CDT De San Sebastian Inc.

Objections to the form and content of the disclosure statement
should be filed with the court and served upon parties in interest
not less than 14 days prior to the hearing.

A full-text copy of the order dated April 27, 2021, is available at
https://bit.ly/3vv52I8 from PacerMonitor at no charge.

                  About CDT De San Sebastian

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


CGC-MROZ ACCOUNTANTS: Court OKs Revised Deal on Cash Access
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Riverside Division, has entered an order approving the revised
stipulation authorizing CGC-Mroz Accountants & Advisors to use cash
collateral and granting adequate protection to the secured
creditors.

The Debtor is authorized to use the cash collateral pursuant to the
terms and conditions provided in the stipulation, as modified.

As previously reported by the Troubled Company Reporter, the
parties agreed that the Debtor may use cash collateral in
accordance with the proposed budget, with a 10% variance, through
August 1, 2021.

The Debtor does not have sufficient available sources of working
capital and financing to carry on the operation of its business
over the next six month period in the bankruptcy case without the
use of the Cash Collateral.  Both Pacific Premier Bank and the U.S.
Small Business Administration  consent to the Debtor's use of the
Cash Collateral subject to the terms and conditions set forth in
the Stipulation, including the adequate protection for the Debtor's
use of the Cash Collateral and to protect against the diminution of
the Lender's and the SBA's interest in the Cash Collateral, if any
and consistent with their respective priorities.

As adequate protection to Lender and the SBA on account of the
Debtor's continued use of the Cash Collateral, and in all cases
subject to the Carve-Out, the Lender and the SBA are granted
replacement security interests in, and liens upon: (i) the Debtor's
assets to the same extent, validity, scope and priority of their
respective prepetition liens; and (ii) all of the Debtor's
equipment, inventory, general intangibles, claims and choses in
action.  The Replacement Liens will be, in the case of Lender a
first priority security interest, and in the case of the SBA, a
second priority security interest, subject only to properly granted
and perfected liens and encumbrances upon the collateral  granted
to Lender and the Lender in existence as of the Petition Date, that
were senior to the lien, if any, of Lender and the SBA, upon such
collateral as of the Petition Date.

A copy of the order is available for free at https://bit.ly/3xvM7yt
from PacerMonitor.com.

          About CGC-Mroz Accountants & Advisors

CGC-Mroz Accountants & Advisors sought protection for relief under
Chapter 11 of the Bankurptcy Code (Bankr. C.D. Calif. Case No.
20-16924) on Oct. 16, 2020, listing under $1 million in both assets
and liabilities.

Judge Wayne E. Johnson oversees the case.

Sklar Kirsh, LLP serves as the Debtor's counsel.

Pacific Premier Bank, as lender, is represented by Mitchell B.
Ludwig, Esq. at Knapp, Petersen & Clarke.



CROWN HOLDINGS: Egan-Jones Keeps BB- Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on April 22, 2020, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Crown Holdings Incorporated.

Headquartered in Philadelphia, Pennsylvania, Crown Holdings, Inc.
designs, manufactures, and sells packaging products for consumer
goods through plants located in countries around the world.



CYCLE FORCE: May 24 Final Hearing on Cash Collateral Access
-----------------------------------------------------------
Cycle Force Group, LLC asked the U.S. Bankruptcy Court for the
Southern District of Iowa to approve the stipulation it entered
into with Great Western Bank with respect to the cash collateral.
The Debtor and Great Western have reached a consensus on the
Debtor's use of cash collateral as well as the provision of
post-petition liens to Great Western Bank for said use.  A
full-text copy of the stipulation is available at
https://bit.ly/3eIWruz from PacerMonitor.com.

On April 27, the Court entered a minute order regarding the use of
cash collateral.  A final hearing on the matter is scheduled for
May 24 at 10 a.m.

                      About Cycle Force Group

Cycle Force Group, LLC -- https://www.cyclefg.com -- is a centrally
located importer of bicycles, parts and accessories serving all
facets of the cycling industry including independent retailers,
mass retailers, sporting goods retailers, e-commerce retailers,
premium and incentive distributors and jobbers and OEM customers
worldwide.

The Debtor filed a Chapter 11 petition (Bankr. S.D. Iowa Case No.
21-00571) on April 22, 2021.

In the petition, the Debtor reported $9,795,675 in total assets and
$8,516,707 in total liabilities.  The petition was signed by Nyle
Nims, president/CEO.

BRADSHAW, FOWLER, PROCTOR & FAIRGRAVE PC represents the Debtor as
bankruptcy counsel. CR3 is the Debtor's financial advisor.  MILLER
& CO is the Debtor's free trade zone counsel.



DANIELS CORPORATE: Faces SEC Charges for Deficient Form NT
----------------------------------------------------------
The Securities and Exchange Commission charged eight companies for
failing to disclose in SEC Form 12b-25 filings that their request
for seeking a delayed quarterly or annual reporting filing was
caused by an anticipated restatement or correction of prior
financial reporting. The violations were uncovered by an initiative
focused on Form 12b-25 filings by companies that quickly thereafter
announced financial restatements or corrections. Each of the
companies was a public reporting company at the time of the
violations and agreed to settle the Commission's charges and pay
civil penalties.

Public companies are required to file the SEC's Form 12b-25
"Notification of Late Filing," commonly known as "Form NT," when
"not timely" filing a Form 10-Q or Form 10-K and seeking additional
days to file their reports. Companies must disclose on the Form NT
why their quarterly or annual report could not be filed on time, as
well as any anticipated, significant changes in results of
operations from the corresponding period for the last fiscal year.

The SEC orders find that each of the companies announced
restatements or corrections to financial reporting within 4-14 days
of their Form NT filings despite failing to provide details
disclosing that anticipated restatements or corrections were among
the principal reasons for their late filings. The orders also find
that the companies failed to disclose on Form NT, as required, that
management anticipated a significant change in quarterly income or
revenue.

"As today's actions show, we will continue to use data analytics to
uncover difficult to detect disclosure violations," said Melissa R.
Hodgman, Acting Director of the SEC's Enforcement Division, in a
statement April 29. "Targeted initiatives like this allow us to
efficiently address disclosure abuses that have the potential to
undermine investor confidence in our markets if left unaddressed."

"Reporting companies are required to provide investors with timely,
accurate, and full information with which investors can evaluate
the significance of reporting delays," said Anita B. Bandy,
Associate Director in the SEC's Enforcement Division.  "In these
cases, due to the companies’ failure to include required
disclosure in their Form 12b-25, investors relying on the deficient
Forms NT were kept in the dark regarding the unreliability of the
company’s financial reporting or anticipated material changes in
operating results."

The SEC's orders find that the below listed companies violated
Section 13(a) and Rule 12b-25 under the Securities Exchange Act of
1934 by failing to make the required Form NT disclosures. Without
admitting or denying the findings, the companies agreed to
cease-and-desist-orders that made the following findings and
require payment of the following penalties:

Fortem Resources, Inc. (FTMR) -- Filed one deficient Form NT. The
British Columbia-based company agreed to pay a penalty of $25,000.

TruTankless, Inc. (TKLS) -- Filed one deficient Form NT. The
Arizona-based company agreed to pay a penalty of $25,000.

ShiftPixy, Inc. (PIXY) -- Filed one deficient Form NT. The
Florida-based company agreed to pay a penalty of $25,000.

Rokk3r, Inc. (ROKK) -- Filed one deficient Form NT and filed one
untimely Form 8-K. The Florida-based company, now private, agreed
to pay a penalty of $50,000.

Daniels Corporate Advisory Company, Inc. (DCAC) -- Filed one
deficient Form NT. The New York-based company agreed to pay a
penalty of $25,000.

HQDA Elderly Life Network Corp. (HQDA) -- Filed two deficient Forms
NT. The California-based company agreed to pay a penalty of
$50,000.

Asta Funding, Inc. (ASTA) -- Filed one deficient Form NT and filed
one Form 10-Q outside the extension period. The New Jersey-based
company, now private, agreed to pay a penalty of $50,000.

Igen Networks Corp. (IGEN) -- Filed one deficient Form NT. The
California-based company agreed to pay a penalty of $25,000.

The SEC's investigation was conducted by Jonathan Cowen and
supervised by Jeffrey P. Weiss and Ms. Bandy.


DARDEN RESTAURANTS: Egan-Jones Keeps BB- Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 12, 2020, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Darden Restaurants Incorporated.

Headquartered in Orlando, Florida, Darden Restaurants, Inc. owns
and operates full service restaurants.



DELL INCORPORATED: Egan-Jones Keeps BB- Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 29, 2021, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Dell Incorporated.

Headquartered in Round Rock, Texas, Dell is an American
multinational computer technology company that develops, sells,
repairs, and supports computers and related products and services.



DELTA AIRLINES: Egan-Jones Keeps B Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on April 22, 2020, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Delta Air Lines Incorporated.

Headquartered in Atlanta, Georgia, Delta Air Lines, Inc. provides
scheduled air transportation for passengers, freight, and mail over
a network of routes.



DENNIS M. DANZIK: US' Time to Object to Cars Sale Moved to April 30
-------------------------------------------------------------------
Judge Tim J. Ellis of the U.S. Bankruptcy Court for the District of
Wyoming extended the United States' time to and including April 30,
2021, to object to Dennis Meyer Danzik's proposed sale to Hinz
Consulting, LLC or its assigns for $380,000, of the following
automobiles free of all liens and encumbrances to:

      1. 1966 Batmobile [DC Comics license number 3] which has been
rebuilt on a 1967 Ford Fairlane and 1977 Lincoln Continental
frames, with a current motor and drive system consisting of a 2009
Ford 460 ci large block engine, and B&M racing transmission.  Along
with DC Comics License Tag.

         Arizona Title Number: 345E015047014 ODOMETER: 0 [Historic
Vehicles]
         Titled last as 1977 Lincoln Continental 4DSD
         Vehicles Identification Number: 7YB2A960425

      2. 1989 Batmobile [Warner Brothers licensed] which has been
rebuilt on a 1979 Chevrolet CCL frame, with a current motor and
drive system consisting of a 2013 L-3 6.2 liter Corvette C-6 engine
and a B&M racing transmission.  Along with Warner-Brothers
License.

         Arizona Title Number: 0L01013178055 ODOMETER: 0 [Historic
Vehicles]
         Titled last as 1979 Chevrolet CCL
         Vehicles Identification Number: 1N47L91338703

Dennis Meyer Danzik sought Chapter 11 protection (Bankr. D. Wyo.
Case No. 20-20010) on Jan. 10, 2020.  The Debtor tapped Ken
McCartney, Esq., as counsel.



DESOTO OWNERS: June 14 Plan Confirmation Hearing Set
----------------------------------------------------
Desoto Owners LLC and Desoto Holding LLC filed with the U.S.
Bankruptcy Court for the Eastern District of New York a motion for
entry of an order approving Proposed Disclosure Statement.  On
April 27, 2021, Judge Jil Mazer-Marino ordered that:

     * All objections to approval of the Disclosure Statement, to
the extent not previously resolved on the record of the DS Hearing,
or withdrawn, are overruled.

     * The Disclosure Statement contains adequate information
within the meaning of Section 1125 of the Bankruptcy Code and is
approved in all respects pursuant thereto.

     * June 1, 2021, is fixed as the last day to submit Ballots for
accepting or rejecting the Plan to be counted as votes.

     * June 14, 2021, at 10:00 a.m. is the hearing to consider
confirmation of the Plan.

     * June 7, 2021, at 5 p.m. is the deadline for filing and
serving objections to confirmation of the Plan.

     * June 10, 2021, is the deadline for Debtors to file and serve
a response to any timely filed and served objections to
confirmation and a statement of issues to be heard in connection
with the Confirmation Hearing.

A full-text copy of the order dated April 27, 2021, is available at
https://bit.ly/3aQbD7R from PacerMonitor at no charge.

Attorneys for the Debtors:

          NUTOVIC & ASSOCIATES
          Isaac Nutovic, Esq.
          261 Madison Avenue, 26th Floor
          New York, New York 10036
          Tel.: (212) 789-3100

                      About Desoto Owners

Desoto Owners LLC is a Single Asset Real Estate (as defined in 11
U.S.C. Section 101(51B)), owning a real property commonly known as
the Desoto Square Mall, which is located at 303 301 Blvd W.,
Bradenton, Fla. and is situated on a 58-acre parcel of land.

Desoto Owners LLC filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 20
43387) on Sep. 22, 2020.  The petition was signed by Moshe Fridman,
chief executive officer.  At the time of filing, the Debtor
estimated $1 million to $10 million in assets and $10  million to
$50 million in liabilities.  Isaac Nutovic, Esq., at NUTOVIC &
ASSOCIATES, represents the Debtor.


DIOCESE OF ROCKVILLE CENTRE: Accused of Hiding Assets From Victims
------------------------------------------------------------------
Law360 reports that the official committee of unsecured creditors
in the Chapter 11 case of the Roman Catholic Diocese of Rockville
Centre told a New York bankruptcy judge late Tuesday, April 22,
2021, that the debtor has failed to turn over requested financial
records and suggested the diocese is trying to hide assets from
sexual abuse survivors.

In a filing supporting its motion for an examination of electronic
accounting information, the committee said the diocese has not
complied with requests for the production of documents made by the
committee except for a dump of more than 200,000 documents related
to the diocese's independent advisory committee.

                      About The Roman Catholic
               Diocese of Rockville Centre, New York

The Roman Catholic Diocese of Rockville Centre, New York is the
seat of the Roman Catholic Church on Long Island.  The Diocese has
been under the leadership of Bishop John O. Barres since February
2017.  The State of New York established the Diocese as a religious
corporation in 1958.  The Diocese is one of eight Catholic dioceses
in New York, including the Archdiocese of New York.  The Diocese's
total Catholic population is approximately 1.4 million, roughly
half of Long Island's total population of 3.0 million.  The Diocese
is the eighth largest diocese in the United States when measured by
the number of baptized Catholics.

The Roman Catholic Diocese of Rockville Centre, New York, filed a
Chapter 11 petition (Bankr. S.D.N.Y. Case No. 20-12345) on Sept.
30, 2020. The Diocese was estimated to have $100 million to $500
million in assets and liabilities as of the filing.

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

The Diocese tapped Jones Day as legal counsel, Alvarez & Marsal
North America, LLC, as restructuring advisor, and Sitrick and
Company, Inc., as communications consultant.  Epiq Corporate
Restructuring, LLC, is the claims agent.

The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors in the Chapter 11 case.  The Committee retained
Pachulski Stang Ziehl & Jones LLP as its legal counsel.


DIRECT DIESEL: Bid to Use Cash Collateral Denied
------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of California
has issued an order denying, as moot, the Motion/Application To Use
Cash Collateral filed by Direct Diesel, Inc.

The matter was resolved without oral argument.

The Court previously dismissed the Debtor's case in an order dated
March 8, citing "failure to timely file documents."

A copy of the order is available for free at https://bit.ly/3sn98zZ
from PacerMonitor.com.

                    About Direct Diesel

Direct Diesel, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Calif. Case No. 21-20431) on Feb. 5,
2021.  Direct Diesel President Andrew P. Kolonay signed the
petition.

At the time of filing, the Debtor had estimated assets of between
$100,000 and $500,000 and liabilities of between $1 million and $10
million.

Judge Christopher D. Jaime oversees the case.

Farsad Law Office, P.C. is the Debtor's legal counsel.



DOW RUMMEL: Fitch Assigns 'BB' Issuer Default Rating
----------------------------------------------------
Fitch Ratings has assigned a 'BB' Issuer Default Rating (IDR) to
Dow Rummel Village (Dow Rummel) retirement community. Fitch has
also affirmed the 'BB' rating on the following bonds issued by the
City of Sioux Falls, SD on behalf of Dow Rummel:

-- $21.450 million health facilities revenue refunding bonds,
    series 2016;

-- $29.140 million health facilities revenue bonds, series 2017.

The Rating Outlook is Stable.

SECURITY

The bonds are secured by a pledge of Dow Rummel's gross revenues, a
first mortgage lien and a debt service reserve fund equal to
maximum annual debt service (MADS).

ANALYTICAL CONCLUSION

The 'BB' rating primarily reflects Dow Rummel's high debt load
following a new money issuance in 2017 to finance its most recent
capital project. Its business profile attributes are solidly
'midrange', with historically solid operations supported by high
occupancy across all levels of care. Recent capital projects to
expand and renovate the campus have remedied Fitch's concerns that
age and condition of plant will negatively impact Dow Rummel's
longer-term demand profile.

The rapid fill of the new memory care/high acuity assisted living
units (ALUs) and its track record of maintaining solid, stable
occupancy, even during the coronavirus pandemic, indicate that Dow
Rummel is providing adequate services and amenities to maintain
solid demand, despite operating in a very competitive primary
market area (PMA).

KEY RATING DRIVERS

Revenue Defensibility: 'bbb'

Stable, Strong Occupancy in Competitive Market

Dow Rummel operates in a very competitive market for senior living
facilities in Sioux Falls but continues to maintain strong
occupancy and an active wait list for units across the community.
It provides adequate services and amenities to compete effectively
and meet market demand, as evidenced by the rapid fill of its
newly-constructed memory care/high acuity ALUs and a track record
of stable, strong demand, even during the coronavirus pandemic. Dow
Rummel has a history of regular rate increases across the continuum
of care, and weighted average entrance and monthly service fees are
affordable relative to prevailing home values and income levels in
its PMA.

Operating Risk: 'bbb'

Midrange Operating Risk

Fitch's 'bbb' assessment of Dow Rummel's operating risk reflects
its track record of stable 'midrange' operating performance,
coupled with the successful completion of its recent largescale
capital project and predominantly type-C contract mix.
Capital-related metrics are weak, indicating a high debt burden,
but these ratios should moderate over time as the recent project
matures and begins to add to the community's cash flows.

Financial Profile: 'bb'

High Debt Load

Dow Rummel carries a high debt load following its new money
issuance in 2017 to fund its recent capital project. Based on
expectations for 'midrange' revenue defensibility and operating
risk, Fitch expects leverage metrics to remain weak but stable at
levels approximating its 42.0% cash-to-adjusted debt and 1.3x MADS
coverage in fiscal 2020, throughout Fitch's stress case scenario
analysis. Dow Rummel's liquidity profile characterized by 369 days
cash on hand (DCOH) in fiscal 2020 is neutral to the assessment of
its financial profile.

ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS

No asymmetric risk considerations are relevant to the rating.

RATING SENSITIVITIES

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

-- While not likely during the Outlook period, significant growth
    in liquidity and material moderation of Dow Rummel's debt
    burden could lead to positive rating action over a medium to
    longer-term time horizon.

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

-- Unexpected, sustained compression of Dow Rummel's operating
    performance or financial market performance, or the issuance
    of additional debt that results in weakened leverage and
    capital-related ratios.

BEST/WORST CASE RATING SCENARIO

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

CREDIT PROFILE

Dow Rummel is a type-C life plan community (LPC) situated on 13.2
acres in Sioux Falls, SD. Following its campus expansion, which was
completed in 2019, Dow Rummel now consists of 114 independent
living units (ILUs), 34 assisted living units (ALUs), 31 ILU/ALU
'flex' apartments, 60 memory care/high acuity ALUs and a 50-bed
skilled nursing facility (SNF). Dow Rummel had total revenues of
approximately $17.7 million in fiscal 2020.

REVENUE DEFENSIBILITY

Dow Rummel's historically solid operations have been supported by
high occupancy across all levels of care. An average of
approximately 97.0% of ILUs, 95.0% of ALUs and 97.0% of SNF beds
were occupied in the last five fiscal years (FYE April 30). Its
recently opened memory care/high acuity ALUs were 92% occupied as
of Jan. 31, 2021. Like most LPCs, Dow Rummel experienced some
census volatility in its ALUs and SNF beds during the coronavirus
pandemic; however, its ILU occupancy remained resilient, averaging
95% for the nine months ended Jan. 31, 2021. Dow Rummel also
maintains a solid ILU wait list, indicating strong demand.

Approximately 55% of Dow Rummel's ILU residents originate from its
PMA, which is defined as Sioux Falls, SD. Dow Rummel's PMA is
competitive with five other LPCs located within a seven-mile radius
of its campus. Dow Rummel's recent capital projects to expand and
renovate the campus have remedied Fitch's concerns about the age
and condition of Dow Rummel's plant as having potential
implications for its longer-term demand profile. The rapid fill of
the new memory care/high acuity ALU and its track record of
maintaining solid, stable occupancy, even during the coronavirus
pandemic, indicate that Dow Rummel is providing adequate services
and amenities to compete effectively and meet market demand.

Dow Rummel has a consistent history of rate increases across the
continuum of care. While its ILU entrance fees increased in a
narrow range of between 0% and 4% in fiscal 2020, monthly service
fees increased between 3% and 4% in fiscal 2020 and are budgeted
for similar increases in fiscal 2021.

Socioeconomic indicators in Sioux Falls are stable, characterized
by low unemployment rates and median household income and poverty
rates that approximate both state and national averages. Dow
Rummel's weighted average entrance fee of approximately $127,000 is
affordable compared to the average home value of approximately
$242,000 (source: Zillow) and weighted average monthly service fees
are affordable relative to prevailing household income levels in
Sioux Falls.

OPERATING RISK

Dow Rummel offers both type-C (fee-for-service) entrance fee and
rental-only contract options. More than 90% of ILU residents are
under a type-C entrance fee contract. ILU entrance fees are up to
70% refundable, declining 5% per year, with refunds payable upon
re-occupancy of the unit and receipt of a new entrance fee.

Dow Rummel demonstrates 'midrange' operating cost flexibility, with
average operating ratio of 94.2%, NOM of 12.9% and NOM-adjusted of
17.8% in the last five fiscal years. It has received approximately
$2.9 million in COVID-19 relief funding that has largely offset the
revenue losses and expense increases that were associated with the
coronavirus pandemic in fiscal 2021. Dow Rummel had an operating
ratio of 87.7%, NOM of 22.6% and NOM-adjusted of 24.0% for the nine
months ended Jan. 31, 2021.

Dow Rummel's most recent campus expansion added 17 net new memory
care units (30 total) and 30 high-acuity ALUs to its continuum.
These units opened in January 2019 and filled ahead of feasibility
projections. Its age of plant averaged an elevated 14.0 years in
fiscals 2016-2019 but moderated considerably to 9.6 years as of
fiscal 2020, following the opening of the campus expansion, which
also included upgrades to common areas of the community. Near-term
capital expenditures are expected to be adequate and limited to
routine maintenance and renovation items. A SNF renovation is
possible over the longer-term, but Dow Rummel is at the very
beginning of the planning stages for this project, with cost and
size estimates not yet finalized.

Dow Rummel's capital-related metrics are weak, with MADS at 17.7%
of fiscal 2020 revenues and debt-to-net available of 11.9x
indicating a high debt burden and underscoring the 'BB' rating.
However, revenue-only MADS coverage was solidly 'midrange' at 0.9x
as of fiscal 2020, attributable to Dow Rummel's track record of
solid core operating performance.

FINANCIAL PROFILE

As of fiscal year-end 2020, Dow Rummel had approximately $17.8
million in unrestricted cash and investments (including a $3.4
million DSRF), representing 42.0% of adjusted debt and 369 DCOH.
Dow Rummel's cash position grew to approximately $21.9 million as
of Jan. 31, 2021 (unaudited), owing to relatively stable demand
during the coronavirus pandemic, as well as its receipt of
approximately $1.8 million of proceeds from a Paycheck Protection
Program (PPP) Loan (which has been forgiven), $625,000 in stimulus
relief under the CARES Act and $522,000 in COVID-19 relief grants
from South Dakota.

In light of expectations for 'midrange' revenue defensibility and
operating risk, Dow Rummel's financial profile is expected to
remain consistent with a 'bb' assessment throughout its
forward-looking stress case scenario, which factors in an assumed
degree of volatility in both economic conditions and its business
cycle. While the immediate concerns about Dow Rummel's age of plant
have been remedied with its most recent capital project, Fitch
believes the community's capital needs will remain elevated, owing
to its competitive market environment, which will likely keep its
debt load high over the next five fiscal years.

ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS

No asymmetric risk considerations are relevant to the rating. The
series 2016 and 2017 bonds represent all of Dow Rummel's currently
outstanding debt. Dow Rummel has neither variable rate debt nor
swap exposure.

ESG CONSIDERATIONS

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


DWS CLOTHING: Disclosure Statement Hearing Continued to May 12
--------------------------------------------------------------
Judge Erik P. Kimball of the U.S. Bankruptcy Court for the Southern
District of Florida granted the request of DWS Clothing Too, LLC to
continue hearing on the Debtor's Third Amended Disclosure Statement
to May 12, 2021, at 1:30 p.m.  The hearing will take place only by
video conference.

The Court directed the Debtor to file an Amended Plan and
Disclosure Statement on or before seven days before the hearing.

                      About DWS Clothing Too

Operating as Alene Too, DWS Clothing Too, LLC, sells women's
clothes.  DWS Clothing Too sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-25551) on Dec.
14, 2018.  In the petition signed by Maxine Schwartz, member, the
Debtor was estimated to have assets of less than $50,000 and
liabilities of $1 million to $10 million.  The case is assigned to
Judge Mindy A. Mora.  Rappaport Osborne & Rappaport, PLLC, is the
Debtor's counsel.


EAS GRACELAND: Wins Cash Collateral Access Thru May 7
-----------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Tennessee has
authorized EAS Graceland LLC to use cash collateral on an interim
basis through May 7, 2021, and to provide adequate protection.

The Debtor requires access to cash collateral to operate its
ongoing business and fund interim cash requirements, including for
maintenance, utilities, supplies, insurance, taxes, landscaping and
other services from third parties and other operational costs until
the subsequent hearing.

The Debtor is authorized to spend up to a maximum of 105% of each
line item listed under "Expenses" on the Budget and to spend up to
a maximum of 105% of the aggregate total amount identified in the
"Total Expenses" line item on the Budget.  The Debtor is also
authorized to pay quarterly fees due to the U.S. Trustee program
for disbursements made by the Debtor. The Debtor may spend cash
collateral for the items listed as CAPEX, except that the Debtor
may only spend cash collateral for the items listed as "Room
Repairs & Furniture (to bring more rooms online)" beginning in
November 2020 if Debtor is in compliance with the Interim Budget.
The Debtor may spend additional cash collateral to pay other
amounts as may be agreed by the Debtor and iBorrow REIT, L.P., as
lender, in writing.

iBorrow asserts a first priority perfected security interest and
liens in the Collateral.  iBorrow asserts that as of September 15,
2020, the Debtor owed it $3,337,831.

EAS Graceland asserts that iBorrow is adequately protected by an
equity cushion in the Debtor's Property.

As adequate protection for the Debtor's use of cash collateral,
iBorrow is granted a replacement, postpetition security interest in
and lien upon all of the Debtor's assets of the same type in which
iBorrow holds a prepetition lien or security interest, including
without limitation cash collateral, to the extent that the Debtor's
use of cash collateral results in any decrease, following the
petition date, in the value of the collateral securing iBorrow's
claims, with such replacement liens being subject to any prior
liens and encumbrances existing on the petition date and with such
replacement liens having the same validity as iBorrow's liens and
security interests in prepetition collateral.

The Debtor is also directed to make adequate protections payments
to iBorrow. The payments will consist of a payment of $25,600 plus
50% of any amount remaining after payment of items consistent with
the Interim Budget. The adequate protection payment for the month
of April 2021 will be remitted to iBorrow no later than May 3,
2021.

As additional adequate protection for the interests of iBorrow, the
Debtor will collect, segregate, and retain all postpetition revenue
collected from the operation of the Property in one or more Debtor
in possession accounts at depositories approved by the United
States Trustee that do not contain funds generated from other
properties owned or operated by the Debtor.

A copy of the Order is available at https://bit.ly/2S4oQDy from
PacerMonitor.com.

                      About EAS Graceland

EAS Graceland, LLC is a Single Asset Real Estate debtor. It sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.
Tenn. Case No. 20-24484) on Sept. 15, 2020.  In the petition signed
by Laure Marmontel, manager, the Debtor disclosed up to $50,000 in
assets and up to $10 million in liabilities.

Judge David S. Kennedy oversees the case.  

Glankler Brown PLLC serves as Debtor's legal counsel.

Attorneys for iBorrow Reit, L.P.:

     Ryan K. Cochran, Esq.
     WALLER LANSDEN DORTCH & DAVIS, LLP
     511 Union Street, Suite 2700
     Nashville, TN 37219
     Telephone: (615) 244-6380
     Facsimile: (615) 244-6804
     Email: ryan.cochran@wallerlaw.com



EPIC ARCADES SC: Files for Chapter 11 Bankruptcy
------------------------------------------------
Jay Rodriguez of The Post and Courier reports that Epic Arcades SC,
LLC, filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy
Court in the District of South Carolina in April 2021.

The business, which was started in February 2019, is a partnership
between Epic Lodging Partners and Ocean Boulevard Entertainment,
LLC. Chapter 11 usually provides for reorganization as debtors
provide a plan to pay creditors over time.

The company occupies two suites at 1410 N. Ocean Boulevard — the
same location as Tin Roof Myrtle Beach. The bankruptcy does not
affect the bar and grill.

Christine Brimm of Barton Brimm in Surfside Beach is the attorney
for the proceedings. Brimm did not return messages for comment.

The case was assigned to Judge John E. Waites.

The company has assets listed between $100,000 and $500,000, with
liabilities between $500,000 and $1 million.

                     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, is
the Debtor's legal counsel.


EVOSITE LLC: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Evosite, LLC
        7240 Brittmoore Rd Ste 100
        Houston, TX 77041-3225

Business Description: Evosite is a manufacturer of control room
                      furniture.

Chapter 11 Petition Date: April 29, 2021

Court: United States Bankruptcy Court
       Southern District of Texas

Case No.: 21-31450

Debtor's Counsel: Robert Lane, Esq.
                  THE LANE LAW FIRM
                  6200 Savoy Dr. Ste 1150
                  Houston, TX 77036-3369
                  Tel: (713) 595-8200
                  Fax: (713) 595-8201
                  E-mail: chip.lane@lanelaw.com

Total Assets: $410,441

Total Debts: $1,462,591

The petition was signed by Steve Will, 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/ESDMKMQ/Evosite_LLC__txsbke-21-31450__0001.0.pdf?mcid=tGE4TAMA


FARR BUILDERS: Seeks to Hire Richard P. Garcia as Accountant
------------------------------------------------------------
Farr Builders, LLC, seeks approval from the U.S. Bankruptcy Court
for the Western District of Texas to hire Richard J. Garcia, CPA,
PC as its accountant.

The Debtor requires an accountant to prepare its 2019 and 2020 tax
returns.

Richard Garcia, an accountant at the firm, will charge $3,000 for
his services.

In a court filing, Mr. Garcia disclosed that he does not represent
interest adverse to the Debtor or the estate.

Mr. Garcia can be reached at:

     Richard P. Garcia, CPA
     Richard J. Garcia, CPA, PC
     2208 San Pedro Avenue
     San Antonio, TX 78212
     Phone: (210) 349-1040
     Fax: (210) 736-0813
     Email: richardjgarciacpa@sbcglobal.net

                     About Farr Builders LLC

Farr Builders LLC is a private entity that performs government
contracts. The Debtor sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 21-50179) on Feb.
22, 2021. In the petition signed by Adrian Garcia, president, the
Debtor disclosed $1,000,373 in assets and $2,315,869 in
liabilities.  Judge Ronald B. King oversees the case.  Heidi McLeod
Law Office and Richard J. Garcia, CPA, PC serve as the Debtor's
legal counsel and accountant, respectively.


FERRO CORPORATION: Egan-Jones Keeps B Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2021, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Ferro Corporation. EJR also maintained its 'B'
rating on commercial paper issued by the Company.

Headquartered in Mayfield Heights, Ohio, Ferro Corporation produces
performance materials for industry by utilizing organic and
inorganic chemistry.



FIRST FLORIDA LIVING: Bid to Use Cash Collateral Denied
-------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Jacksonville Division, has issued an order denying the Motion for
authority to use cash collateral filed by First Florida Living
Options, LLC and affiliates.

The motion is denied as moot given the confirmation of the Debtors'
Plan.

In a separate order, the Court denied the Debtor's motion for
approval of post-petition financing (non-priming), and to grant
liens and administrative expense status as moot given the
confirmation of the Plan.

             About First Florida Living Options, LLC

First Florida Living Options LLC, formerly known as Surrey Place of
Ocala, conducts its business under the names Hawthorne Health and
Rehab of Ocala, Hawthorne Village of Ocala, and Hawthorne Inn of
Ocala.  The company is based in Ocala, Fla.

First Florida Living Options filed a Chapter 11 petition (Bankr.
M.D. Fla. Case No. 19-02764) on July 22, 2019.  The petition was
signed by John M. Crock, vice president.  The Debtor estimated $1
million to $10 million in both assets and liabilities as of the
bankruptcy filing.

Judge Jerry A. Funk oversees the case.

Johnson Pope Bokor Ruppel & Burns, LLP and Shawn Harrison
Associates, PLLC serve as the Debtor's bankruptcy counsel and
special counsel, respectively.

Michael Phillips has been appointed as patient care ombudsman.

On April 28, 2021, Judge Funk entered an order confirming the
Debtor's Chapter 11 Plan of Reorganization as Modified.


FLUOR CORPORATION: Egan-Jones Keeps BB- Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 30, 2021, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Fluor Corporation.

Headquartered in Irving, Texas, Fluor Corporation provides oil and
gas infrastructure construction services.



FOOT LOCKER: Egan-Jones Hikes Senior Unsecured Ratings to BB
------------------------------------------------------------
Egan-Jones Ratings Company, on March 29, 2021, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Foot Locker Retail, Inc. to BB from BB-.

Headquartered in New York, New York, Foot Locker Retail, Inc. is an
American sportswear and footwear retailer, with its headquarters in
Midtown Manhattan, New York City, and operating in 28 countries.



FORTEM RESOURCES: Faces SEC Charges for Deficient Form NT
---------------------------------------------------------
The Securities and Exchange Commission charged eight companies for
failing to disclose in SEC Form 12b-25 filings that their request
for seeking a delayed quarterly or annual reporting filing was
caused by an anticipated restatement or correction of prior
financial reporting.  The violations were uncovered by an
initiative focused on Form 12b-25 filings by companies that quickly
thereafter announced financial restatements or corrections.  Each
of the companies was a public reporting company at the time of the
violations and agreed to settle the Commission's charges and pay
civil penalties.

Public companies are required to file the SEC's Form 12b-25
"Notification of Late Filing," commonly known as "Form NT," when
"not timely" filing a Form 10-Q or Form 10-K and seeking additional
days to file their reports. Companies must disclose on the Form NT
why their quarterly or annual report could not be filed on time, as
well as any anticipated, significant changes in results of
operations from the corresponding period for the last fiscal year.

The SEC orders find that each of the companies announced
restatements or corrections to financial reporting within 4-14 days
of their Form NT filings despite failing to provide details
disclosing that anticipated restatements or corrections were among
the principal reasons for their late filings. The orders also find
that the companies failed to disclose on Form NT, as required, that
management anticipated a significant change in quarterly income or
revenue.

"As today's actions show, we will continue to use data analytics to
uncover difficult to detect disclosure violations," said Melissa R.
Hodgman, Acting Director of the SEC's Enforcement Division, in a
statement April 29. "Targeted initiatives like this allow us to
efficiently address disclosure abuses that have the potential to
undermine investor confidence in our markets if left unaddressed."

"Reporting companies are required to provide investors with timely,
accurate, and full information with which investors can evaluate
the significance of reporting delays," said Anita B. Bandy,
Associate Director in the SEC's Enforcement Division.  "In these
cases, due to the companies’ failure to include required
disclosure in their Form 12b-25, investors relying on the deficient
Forms NT were kept in the dark regarding the unreliability of the
company’s financial reporting or anticipated material changes in
operating results."

The SEC's orders find that the below listed companies violated
Section 13(a) and Rule 12b-25 under the Securities Exchange Act of
1934 by failing to make the required Form NT disclosures. Without
admitting or denying the findings, the companies agreed to
cease-and-desist-orders that made the following findings and
require payment of the following penalties:

Fortem Resources, Inc. (FTMR) -- Filed one deficient Form NT.  The
British Columbia-based company agreed to pay a penalty of $25,000.

TruTankless, Inc. (TKLS) -- Filed one deficient Form NT.  The
Arizona-based company agreed to pay a penalty of $25,000.

ShiftPixy, Inc. (PIXY) -- Filed one deficient Form NT. The
Florida-based company agreed to pay a penalty of $25,000.

Rokk3r, Inc. (ROKK) -- Filed one deficient Form NT and filed one
untimely Form 8-K. The Florida-based company, now private, agreed
to pay a penalty of $50,000.

Daniels Corporate Advisory Company, Inc. (DCAC) -- Filed one
deficient Form NT. The New York-based company agreed to pay a
penalty of $25,000.

HQDA Elderly Life Network Corp. (HQDA) -- Filed two deficient Forms
NT. The California-based company agreed to pay a penalty of
$50,000.

Asta Funding, Inc. (ASTA) -- Filed one deficient Form NT and filed
one Form 10-Q outside the extension period. The New Jersey-based
company, now private, agreed to pay a penalty of $50,000.

Igen Networks Corp. (IGEN) -- Filed one deficient Form NT. The
California-based company agreed to pay a penalty of $25,000.

The SEC's investigation was conducted by Jonathan Cowen and
supervised by Jeffrey P. Weiss and Ms. Bandy.


FOSSIL GROUP: Egan-Jones Keeps CC Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company, on April 5, 2020, maintained its 'CC'
foreign currency and local currency senior unsecured ratings on
debt issued by Fossil Group Incorporated. EJR also maintained its
'C' rating on commercial paper issued by the Company.

Headquartered in Richardson, Texas, Fossil Group, Inc. designs,
develops, markets, and distributes consumer fashion accessories.



FOUNDATION FOR IUP: S&P Cuts 2008 Phase III Bond Rating to 'B-'
---------------------------------------------------------------
S&P Global Ratings lowered its long-term rating to 'B-' from 'B' on
Pennsylvania Higher Educational Facilities Authority's series 2008
(phase III) revenue bonds, issued for the Foundation for Indiana
University of Pennsylvania. The outlook is negative.

"The downgrade reflects our view of the larger-than-anticipated
debt service reserve draw, given lower-than-expected spring
occupancy, likely leading to low reserve levels after the July debt
service payment," said S&P Global Ratings credit analyst Sean
Wiley. The downgrade also reflects a high degree of uncertainty
about whether the project will be at break-even operations in the
fall, given current demand.

S&P said, "The downgrade reflects our opinion of the operating and
financial risk that the IUP Foundation's Phase III housing faces,
in part due to COVID-19 as the university sent students home during
the spring 2020 semester. The project also gave students refunds
and only opened housing predominantly to freshmen during the
2020-2021 school year in attempts to de-densify the campus. We view
the risks from COVID-19 to public health and safety as a social
risk under our environmental, social, and governance factors. The
project also faces an additional social risk, given how declining
demographics have led to declines in enrollment and occupancy at
the project, even prior to COVID-19. Despite the elevated social
risk, we believe the project's environmental and governance risks
are in line with our view of the sector."

Credit factors that could lead to a lower rating include any
accelerations of the bonds or termination of the swap agreement,
which would lead to a default; below break-even debt service
coverage for fiscal 2022; or further deterioration of reserves that
the project in unable to replenish.

S&P could consider an outlook revision if the project is able to
operate at pre-COVID-19 occupancy, leading to surplus operations,
and begin to replenish its reserves with expectations of generating
coverage such that it can continue to replenish the diminished debt
service refunds.

  Preliminary Ratings

  CLASS    PRELIM. RATING*    CLASS SIZE (%)
   A           AAA (sf)          77.25
   B-Dfrd      AA (sf)            6.50
   C-Dfrd      A (sf)             4.75
   D-Dfrd      BBB (sf)           3.50
   E-Dfrd      BB (sf)            3.50
   F-Dfrd      B (sf)             1.50
   G-Dfrd      B- (sf)            1.25
   RFN         NR                 2.00
   Z-Dfrd      NR                 1.75
   X           NR                 TBD
   Y           NR                 TBD

*S&P said, "Our ratings address timely receipt of interest and
ultimate repayment of principal on the class A notes and the
ultimate payment of interest and principal on the other rated
notes. Our preliminary ratings on the class B-Dfrd to G-Dfrd notes
also address the payment of interest based on the lower of the
stated coupon and the net weighted-average coupon."



FOUNDATION FOR IUP: S&P Lowers 2007A Phase II Bond Rating to 'B+'
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term rating to 'B+' from 'BB-'
on Pennsylvania Higher Educational Facilities Authority's series
2007 (phase II) revenue bonds, issued for the Foundation for
Indiana University of Pennsylvania. The outlook is negative.

"The downgrade reflects our view of the larger-than-anticipated
debt service reserve draw, given lower-than-expected spring
occupancy, likely leading to low reserve levels after the July debt
service payment," said S&P Global Ratings credit analyst Sean
Wiley. The downgrade also reflects a high degree of uncertainty
about whether the project will be at break-even operations in the
fall, given current demand.

S&P said, "The downgrade reflects our opinion of the operating and
financial risk that the IUP Foundation's Phase III housing faces,
in-part, due to COVID-19 as the university, sent students home
during the spring 2020 semester. The project gave students refunds
and only opened housing predominantly to freshman during the
2020-2021 school years l in attempts to de-densify the campus. We
view the risks from COVID-19 to public health and safety as a
social risk under our environmental, social, and governance
factors. The project also faces an additional social risk, given
how declining demographics have led to declines in enrollment and
occupancy at the project, even prior to COVID-19. Despite the
elevated social risk, we believe the project's environmental and
governance risk are in line with our view of the sector."

Credit factors that could lead to a lower rating include any
accelerations of the bonds or termination of the swap agreement,
which would lead to a default; below break-even DSC for fiscal
2022; or further deterioration of reserves that the project in
unable to replenish.

S&P could consider an outlook revision if the project is able to
operate at pre-COVID-19 occupancy, leading to surplus operations,
and begin to replenish its reserves with expectations of generating
coverage such that it can continue to replenish the diminished debt
service funds.



FREEDOM MORTGAGE: Fitch Alters Outlook on 'BB-' LT IDR to Stable
----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of Freedom Mortgage Corporation (Freedom) at 'BB-'. The
Rating Outlook has been revised to Stable from Negative. Fitch has
also affirmed Freedom's senior unsecured debt rating at 'B+'.

KEY RATING DRIVERS

IDR AND SENIOR DEBT

Freedom's Rating Outlook revision reflects its ability to access
funding and shore up liquidity to meet the increased advancing
requirements on its servicing portfolio, as well as the reduction
in leverage below 5x given stronger profitability and retained
earnings. Fitch believes downside risks related to ongoing
delinquencies and forbearance in the servicing portfolio is reduced
from a year ago, although Freedom's elevated exposure to Ginnie Mae
loans remains a watch item.

The ratings affirmation reflects Freedom's historical track record
and strong execution in 2020, which enhanced its franchise within
the U.S. residential mortgage space, its dominant position within
the government lending channel, successful growth in the call
center channel, experienced senior management team and a
sufficiently robust and integrated technology platform. Fitch views
Freedom's multi-channel origination approach favorably and believes
its retained-servicing business model with high recapture rates may
serve as a natural hedge, although not a full offset, to the
cyclicality of the mortgage origination business.

Fitch believes the highly cyclical nature of the mortgage
origination business and the capital intensity and valuation
volatility of mortgage servicing rights (MSRs) in the servicing
business represent primary rating constraints for nonbank mortgage
companies, including Freedom. Furthermore, the mortgage business is
subject to intense legislative and regulatory scrutiny, which
increases business risk, and the imperfect nature of interest rate
hedging can introduce liquidity risks related to margin calls
and/or earnings volatility. These industry constraints typically
limit ratings assigned to nonbank mortgage companies to below
investment grade.

Rating constraints specific to Freedom include elevated exposure to
Ginnie Mae loans with higher advancing needs and potentially higher
regulatory scrutiny, and elevated key person risk related to its
founder and Chief Executive Officer, Stanley Middleman, who sets
the tone, vision and strategy for the company.

The announced extensions of some of the coronavirus-related
forbearance programs through Sep. 30, 2021 increases the potential
servicing advance needs for the Ginnie Mae portfolio, which
represented 69% of its Freedom's owned servicing book at YE20. For
the GSE loan portfolios, which were 31% of owned servicing,
advancing remains capped beyond four months. Process and conduct
related risk is also elevated for borrowers in forbearance as they
will need to be transitioned into longer-term loss mitigation
programs over the next few months.

Freedom is not subject to material asset quality risks as nearly
all originated loans are government or agency eligible and sold
shortly after origination. However, it has exposure to repurchase
or indemnification claims from third parties under certain warranty
provisions. Delinquencies of 60 days or more in the servicing
portfolio increased to 7.9% at YE20 from 2.3% a year ago,
reflecting the impact of the pandemic and government mandated
forbearance. Once forbearance programs cease, Fitch expects the
macroeconomic effects of the coronavirus will continue to pressure
asset quality metrics, leading to delinquencies remaining above
historic averages for some period of time.

Pre-tax returns on average assets (ROAA) and margins improved in
2020 given strong origination volume, elevated gain on sale (GOS)
margins and enhanced scale. Pre-tax ROAA was 6.7% in 2020; above
the 3.3% average between 2016 and 2019. Fitch expects profitability
to moderate in 2021, driven by the normalization of GOS margins,
incremental MSR related charges, higher interest expense and
operating costs associated with elevated delinquencies.

Freedom's leverage (gross debt to tangible equity) was 4.4x at
YE20, down modestly from 4.6x at YE19. Fitch expects leverage to
decline below 4.0x over the outlook horizon as origination-related
borrowings decline and retained earnings grow. Corporate debt to
tangible equity, which excludes borrowings on advance and warehouse
facilities, was 1.3x at YE20; down from 1.5x at YE19.

Consistent with other mortgage companies, Freedom is reliant on the
wholesale debt markets to fund operations. Secured debt was 84% of
total debt at YE20, comprised of warehouse facilities and bank
lines of credit secured by MSRs. As of YE20, 55% of Freedom's
secured warehouse lending had a maturity tenor greater than one
year and 34% of the secured facilities were committed, which
compares favorably relative to peers, but the short tenor of the
funding overall still exposes the firm to liquidity and refinancing
risk.

Fitch views Freedom's liquidity profile as adequate given projected
advancing needs and actions taken to access additional funding and
shore up liquidity in response to Covid-19. As of YE20, Freedom had
$558 million of unrestricted cash, $326 million availability on its
Key Bank Facility, and $470 million availability on its GMSR
facility, pro forma for the $300 million term note issuance secured
by the Company's GNMA Servicing Advances in March 2021. The GMSR
facility was amended to finance advances and has the potential to
periodically term out borrowings. Additionally, Freedom has $9.5
billion of borrowing capacity across committed and uncommitted
warehouse facilities that can be used to fund originations.

The unsecured debt rating is one-notch below Freedom's Long-Term
IDR, given the subordination to secured debt and a limited pool of
unencumbered assets, which suggests weaker recovery prospects in a
stressed scenario.

RATING SENSITIVITIES

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

-- Negative rating action could be driven by an inability to
    maintain sufficient liquidity to manage ongoing servicer
    advances stemming from the extension of forbearance programs
    and the potential for higher delinquencies following the lapse
    of forbearance programs, a sustained increase in leverage
    above 5.0x, an inability to refinance secured funding
    facilities, and/or a lack of appropriate staffing and resource
    levels relative to planned growth. Should regulatory scrutiny
    of the company or industry increase meaningfully, or if
    Freedom incurred substantial fines that negatively affect its
    franchise or operating performance, it could also drive
    negative rating momentum.

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

-- Fitch believes there is limited potential for positive rating
    momentum in the near term given the broader economic backdrop,
    but factors that could, individually or collectively, lead to
    positive rating action/upgrade include continued growth of the
    business that enhances the franchise and platform scale,
    improved earnings consistency, stronger asset quality, a
    reduction in and maintenance of leverage below 4.0x, an
    increase in longer-duration secured and unsecured debt, an
    increase in the proportion of committed funding, and a
    stronger liquidity profile.

-- The unsecured debt rating is primarily sensitive to changes to
    Freedom's Long-Term IDR and would be expected to move in
    tandem. However, a material increase in the proportion of
    unsecured funding and the size of the unencumbered asset pool
    could result in a narrowing of the notching between the
    unsecured debt and the IDR.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

Freedom has an ESG Relevance Score of '4' for Governance Structure
due to elevated key person risk related to its founder and Chief
Executive Officer, Stanley Middleman, who sets the tone, vision and
strategy for the company. An ESG Relevance Score of 4 means
Governance Structure is relevant to Freedom's rating but not a key
rating driver. However, it does have an impact to the rating in
combination with other factors.

Freedom also has an ESG Relevance Score of '4' for Customer Welfare
— Fair Messaging, Privacy and Data Security, due to its exposure
to compliance risks that include fair lending practices, debt
collection practices and consumer data protection, which has a
negative impact on the credit profile and is relevant to the rating
in conjunction with other factors.

Except for the matters discussed above, the highest level of ESG
credit relevance is a score of '3'. This means ESG issues are
credit neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


FRONTIER COMMUNICATIONS: Egan-Jones Keeps D Sr. Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2021, maintained its 'D'
foreign currency and local currency senior unsecured ratings on
debt issued by Frontier Communications Corporation. EJR also
maintained its 'D' rating on commercial paper issued by the
Company.

Headquartered in Norwalk, Connecticut, Frontier Communications
Corporation provides communications services to residential and
business customers in urban, suburban, and rural communities in the
United States.



GAP INCORPORATED: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 5, 2020, maintained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by The Gap Incorporated. EJR also maintained its 'C'
rating on commercial paper issued by the Company.

Headquartered in San Francisco, California, The Gap, Inc. is an
international specialty retailer operating retail and outlet
stores.



GENTIVA HEALTH: S&P Places 'B+' ICR on CreditWatch Positive
-----------------------------------------------------------
S&P Global Ratings placed all of its ratings on U.S. home care
provider Gentiva Health Services Inc., including its 'B+' issuer
credit rating, on CreditWatch with positive implications.

S&P said, "The CreditWatch placement reflects our view that upon
close of the acquisition, Gentiva would belong to a group with a
relatively stronger credit profile and that Humana would likely
provide some support to Gentiva in the event the company falls into
financial difficulty. In our view, these factors are likely to
result in an upgrade to Gentiva.

"The CreditWatch placement primarily reflects that, we are likely
to raise our ratings on Gentiva by at least one notch upon close of
the proposed acquisition by Humana Inc. In our view, Gentiva would
belong to a group with a relatively stronger credit profile and
Humana would likely provide some support to Gentiva in the event
the company falls into financial difficulty. Humana plans to
integrate Gentiva's home health segment into its Home Solutions
business to leverage its greater scale and geographic position. In
addition, Humana plans to divest the company's hospice and
community care segments but will retain a minority stake.

"We expect to resolve the CreditWatch in the second half of 2021
following the close of Humana's planned acquisition of Gentiva. At
that time, we also expect to have more information on Gentiva's
proposed debt structure, and the importance of Gentiva's business
to Humana's long-term strategy.

"We are likely to resolve the CreditWatch placement upon the close
of the proposed acquisition, which we expect to occur in the third
quarter of 2021. The CreditWatch placement primarily reflects that,
if the acquisition closes as proposed, we believe Gentiva would
belong to a group with a relatively stronger credit profile and
that Humana would likely provide some support to Gentiva in the
event the company falls into financial difficulty."


GENWORTH FINANCIAL: Egan-Jones Hikes Sr. Unsecured Ratings to B+
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 30, 2021, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Genworth Financial, Inc. to B+ from B. EJR also upgraded the
rating on commercial paper issued by the Company to B from C.

Headquartered in Richmond, Virginia, Genworth Financial, Inc.
offers insurance, wealth management, investment, and financial
solutions.





GEORGE WESTON: Egan-Jones Keeps BB Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on March 31, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by George Weston Limited.

Headquartered in Toronto, Canada, George Weston Limited operates as
a super market.



GLOBALSTAR INCORPORATED: Egan-Jones Keeps CC Sr. Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on April 5, 2020, maintained its 'CC'
foreign currency and local currency senior unsecured ratings on
debt issued by Globalstar Incorporated. EJR also maintained its 'C'
rating on commercial paper issued by the Company.

Headquartered in Covington, Louisiana, Globalstar, Inc. provides
mobile voice and data communications services via satellite.




GNIRBES INC: Creditor Community Loan Says Disclosures Inaccurate
----------------------------------------------------------------
Secured Creditor Community Loan Services, LLC, f/k/a Bayview Loan
Services, LLC, filed a limited objection to the First Amended
Disclosure Statement filed in conjunction with the First Amended
Plan of Reorganization for Gnirbes, Inc.

The Debtor, together with Granada Capital LLC, Steven Marabel, and
Community, entered into a settlement agreement (the Settlement
Agreement), in regards to the parties various interests in and the
disposition of, real and personal property located at 330 Highway
27 North a/k/a 332 & 334 US Highway 27, North Sebring, Florida (the
330 Property) and brought that settlement before the Court for
approval (the 9019 Motion).

Community claims that the Disclosure Statement inaccurately
describes the terms of the Settlement Agreement between the
parties, and fails to include certain steps that have already taken
place pursuant to the Settlement Agreement.

Community points out that the Disclosure Statement also
inaccurately describes how the releases that are part of the
Settlement Agreement are supposed to work. There is no independent
obligation on the part of Community to record a satisfaction of
mortgage in the public record as the Modification Agreement itself,
which contains the releases, is to be recorded pursuant to the
Settlement Agreement. Settlement Agreement p. 3.

Community asserts that the section titled "Pre-Petition Events
Causing Need for Reorganization" in the Disclosure Statement
contains a somewhat incomplete history of the events, which
Community believes should be supplemented to provide a complete
picture to all parties in interest to what precipitated the filing
of this case.

Community requests the Court deny the approval of the Disclosure
Statement, unless the Debtor corrects the inaccuracies identified
by Community and request that the Court require that any order
approving this or any Disclosure Statement or Plan, specifically
state that the terms of the Settlement Agreement control to the
extent there are any inconsistencies between the documents.

A full-text copy of Community's objection dated April 27, 2021, is
available at https://bit.ly/3e3Dzat from PacerMonitor.com at no
charge.  

Attorneys for Community Loan Services:

     AKERMAN LLP
     Three Brickell City Centre
     98 Southeast Seventh Street, Suite 1100
     Miami, FL 33131
     Telephone: (305) 374-5600
     Facsimile: (305) 374-5095
     Andrea S. Hartley, Esq.
     Florida Bar No.: 864234
     E-Mail: andrea.hartley@akerman.com
     Marc J. Gottlieb, Esq.
     Florida Bar No.: 827819
     E-Mail: marc.gottlieb@akerman.com

                       About Gnirbes Inc.

Gnirbes Inc. sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Fla. Case No. 20-13992) on March 26, 2020.  At
the time of the filing, the Debtor was estimated to have assets of
less than $50,000 and liabilities of between $100,001 and $500,000.
Judge Mindy A. Mora oversees the Debtor's case.  The Debtor is
represented by Kelley, Fulton & Kaplan, P.L.


GRAHAM HOLDINGS: S&P Alters Outlook to Stable, Affirms 'BB' ICR
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' issuer credit rating on
U.S.-based conglomerate Graham Holdings Co. and revised its outlook
to stable from negative.

The stable outlook reflects S&P's expectation that Graham will
continue to see recovery in its multiple businesses following the
negative impact of the pandemic in 2020, such that leverage will
remain 2.5x-3x over the next 12 months.

S&P said, "The outlook revision reflects our expectation the
company will maintain adjusted leverage of 2.5x-3x, aided by a
recovery in its education business. We expect the company's
education business (about 45% of 2020 revenue and 28% of EBITDA),
marketed under Kaplan, to grow 2%-4% in 2021 after contracting
about 10% in 2020. The business was adversely impacted last year by
social restrictions, business disruptions, and restrictions in
international travel from the pandemic. However, we expect a
rebound in segment revenue given loosening travel restrictions in
2021, positive enrollment trends in both online and in-person
offerings, and a resumption of professional licensing and
standardized exam courses and tests. Additionally, the company made
a concentrated effort to streamline costs in 2020, including
shifting more of its learning offerings online, which has reduced
leases expense and other fixed costs, enacted furloughs and salary
cuts, and has restructured its education business to better
streamline management and operations. We expect segment EBITDA to
increase to about $77 million from $73 million in 2020, but still
below 2019 levels of $89 million. We do not expect the education
business to return to 2019 levels until more widespread economic
recovery occurs. We calculate segment EBITDA as reported operating
income for the segment adjusted for depreciation and amortization.

"The television broadcasting segment's core advertising will
continue to recover, offset by a decline in political advertising
revenue. We expect the broadcast segment's total revenue to be down
8%-10% in 2021 to about $475 million. The company's broadcast
segment is the primary driver of company performance because
although it only represents about 15%-20% of total revenue, it
generates about 70%-80% of the company's total EBITDA. Graham's
political revenue increased $89 million in 2020, we expect the
majority of that revenue increase to reverse in 2021. Political
revenue is significantly weaker in the years without a presidential
or congressional election. Core advertising (excluding political)
is highly correlated with GDP growth because expectations for
consumer spending drive advertising budgets. We believe reduced
advertising spending from the U.S. recession brought on by the
pandemic reduced Grahams's core advertising revenue by 10%-15% in
2020. Core advertising has sequentially improved since its low
point in April, and we expect it will largely recover in 2021 to
about 90% of 2019 levels as spending improves throughout the year.
Relatively stable retransmission revenue helps to offset volatile
core advertising revenue. We expect retransmission to contribute
about 40% of Graham's television revenue in 2021.

"We forecast that improved economic activity will aid growth in the
company's other businesses, but uncertainty remains. Graham has a
diversified mix of businesses outside its education and broadcast
segments, including healthcare, manufacturing, restaurants,
marketing services, and automotive dealerships. The performance of
these businesses tends to be correlated with overall economic
activity. We believe these businesses may benefit in 2021 as the
economic recovery advances, although uncertainty about the pace of
recovery in these businesses remains. For example, Graham owns
Clyde's Restaurant Group (11 restaurants and entertainment venues
in the Washington, D.C., metropolitan area), whose recovery is
highly dependent on increased economic activity and a loosening of
indoor dining restrictions, which both remain highly uncertain.

"We expect the acquisition of Leaf Group Ltd. would have a neutral
impact on near-term credit metrics.Graham recently announced it
agreed to acquire online content creator and art market facilitator
Leaf Group Ltd. in an all-cash transaction valued at $323 million.
We have not included the potential acquisition in our base-case
forecast as it remains subject to shareholder approval at Leaf
Group and regulatory approval. We expect the transaction would have
a neutral impact on Graham's leverage if completed, as Leaf has
generated negligible EBITDA over the last two years. We would
expect it could take up to several years for the company to
generate any meaningful EBITDA contribution to Graham given its
past record. However, we believe there are opportunities for
synergies in corporate overhead reduction and business partnerships
and diversification benefits related to the acquisition. For
example, a partnership between art manufacturer and marketer
Society6 owned by Leaf, and Framebridge, a custom framing services
business owned by Graham, could be accretive to margins for both
businesses given complementary offerings.

"The stable outlook reflects our expectation that the company will
continue to see a recovery in its education business,
core-advertising broadcast revenue, and further improvement from
its other business lines such that leverage will remain at 2.5x-3x
over the next 12 months."

S&P could lower its rating if it expects the company's leverage to
exceed 3x on a sustained basis. This could occur if:

-- The recovery in the company's business stalls due to an
additional wave of the coronavirus that causes extended lockdowns,
business disruptions, and travel restrictions, which would
particularly hurt the recovery in the company's education segment;
or

-- The company makes a large debt-financed acquisition or
shareholder return.

S&P could raise the rating on Graham Holdings if leverage declines
below 2.5x on a sustained basis. This could occur if:

-- The company stabilizes its revenue base, optimizes its cost
structure, and uses excess cash flow to reduce its outstanding debt
balance.


GREENBRIER COMPANIES: Egan-Jones Keeps BB- Sr. Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 9, 2020, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by The Greenbrier Companies.

Headquartered in Lake Oswego, Oregon, The Greenbrier Companies,
Inc. supplies transportation equipment and services to the railroad
and related industries.



GREIF INCORPORATED: Egan-Jones Keeps B+ Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 29, 2021, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Greif, Inc.

Headquartered in Delaware, Ohio, Greif, Inc. manufactures and
markets industrial packaging products and services.




GREYSTONE SELECT: Fitch Rates $325MM Secured Loan 'BB'
------------------------------------------------------
Fitch Ratings expects to assign a rating of 'BB' to Greystone
Select Financial LLC's (Greystone) issuance of a $325 million,
seven-year senior secured term loan. Proceeds from the issuance are
expected to be used for general corporate purposes, which may
include the repayment of existing secured indebtedness.

KEY RATING DRIVERS

IDR AND SENIOR DEBT

The expected rating on the senior secured term loan is one notch
above Greystone's Long-Term Issuer Default Rating (IDR), reflecting
Fitch's expectation for good recovery prospects for the term loan
in a stressed scenario.

Greystone's leverage was 7.9x at fiscal year-end 2020 (FYE20),
which is consistent with Fitch's benchmark range for 'b and below'
balance sheet intensive finance and leasing companies with an 'a'
operating environment score. While leverage has come down from
11.6x at FYE16, Fitch believes leverage remains elevated compared
to peers and represents a rating constraint. Proforma for the
proposed $325 million term loan issuance, leverage would tick up to
8.1x as of FYE20, if Greystone uses $256.9 million of the term loan
proceeds to pay down existing debt, as currently contemplated.

Increased mortgage originations in 2020 have yielded higher
leverage as loan production has been funded with borrowings on
warehouse facilities. Greystone expects to reduce leverage over
time through increased retained earnings generation, as the firm
has benefitted from elevated gain on sale margins in the current
environment. Still, the maintenance of leverage above 7.0x on a
sustained basis could result in negative rating action.

Proforma for the secured debt issuance, Greystone's unsecured debt
as a percentage of total outstanding debt is expected to decline to
remain relatively unchanged at 1.6% before the issuance, which is
in-line with similarly rated peers and is consistent with Fitch's
funding, liquidity and coverage 'b' benchmark range of less than
10% for balance-sheet intensive finance and leasing companies with
an 'a' operating environment score. Fitch views unsecured debt as
an important component of a company's operational and financial
flexibility and would view an increase in the unsecured funding
percentage favorably.

Greystone's ratings reflect its solid franchise in the commercial
real estate (CRE) origination and servicing market, experienced
senior management team, historically strong asset quality
performance, absence of exposure to hotel, retail and office
assets, strong historical earnings generation, limited valuation
risk associated with mortgage servicing rights (MSRs), given the
presence of yield maintenance payments, demonstrated access to
diverse sources of funding and a solid liquidity profile.

Rating constraints include the monoline business model, the
challenging economic backdrop, which Fitch believes will continue
to pressure asset quality over the medium term, relatively high
leverage, a predominantly secured funding profile with relatively
limited duration and a weaker corporate governance structure given
the private ownership by the Rosenberg family and key person risk
associated with CEO Stephen Rosenberg.

Rating constraints for the sector as a whole include the highly
cyclical nature of the CRE market, and the intense legislative and
regulatory scrutiny of the mortgage market, which further increases
business risk. These industry constraints typically limit ratings
assigned to commercial mortgage companies to below investment
grade.

The Stable Rating Outlook reflects Fitch's expectations that
Greystone will maintain good asset quality, with elevated
delinquencies translating into modest losses given the loss-sharing
arrangements. The Outlook also reflects expectations for the
continued generation of strong earnings, while maintaining access
to diversified funding and sufficient liquidity. Fitch also expects
Greystone's leverage will decline over time given management's
strategy to increase retained earnings over the outlook horizon.

RATING SENSITIVITIES

IDR AND SENIOR DEBT

The expected rating on the term loan is sensitive to changes in
Greystone's Long-Term IDR and available collateral coverage for the
debt.

Factors that could, individually or collectively, lead to negative
rating action/downgrade of the IDR include:

-- An inability to extend financing facilities as they mature
    and/or maintain adequate funding diversity, a weakened
    liquidity profile, a sustained increase in leverage (gross
    debt/tangible equity) above 7.0x, and a material weakening in
    asset quality, as demonstrated by a significant increase in
    impaired loans. Negative rating momentum could also be driven
    by a sustained reduction in operating performance below
    historical levels.

-- Fitch believes that the challenging economic backdrop limits
    the likelihood of positive rating momentum in the near term.

Factors that could, individually or collectively, lead to positive
rating action/upgrade of the IDR longer term include:

-- An improvement in funding flexibility, as demonstrated by
    further extension of the maturity profile and an increase in
    the unsecured funding component, approaching 10%, and a
    reduction in gross leverage, approaching 5x. Positive rating
    momentum would also be conditioned upon greater revenue
    diversification and reduced reliance on gain on sale income,
    as well as the maintenance of solid asset quality, consistent
    earnings and sufficient liquidity.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

ESG Considerations:

Greystone has an ESG Relevance Score of '4' for Governance
Structure due to elevated key person risk related to its founder
and Chief Executive Officer, Stephen Rosenberg, who sets the tone,
vision and strategy for the company. An ESG Relevance Score of 4
means Governance Structure is relevant to Greystone's rating but
not a key rating driver. However, it does have an impact to the
rating in combination with other factors.

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


GREYSTONE SELECT: Moody's Rates New $325MM Term Loan 'Ba2'
----------------------------------------------------------
Moody's Investors Service has assigned a Ba2 backed long-term
senior secured rating to Greystone Select Financial, LLC's proposed
Term Loan B. Moody's has also affirmed the company's Ba2 long-term
corporate family rating. Greystone's outlook is stable.

Assignments:

Issuer: Greystone Select Financial, LLC

Backed Senior Secured Term Loan B, Assigned Ba2

Affirmations:

Issuer: Greystone Select Financial, LLC

Corporate Family Rating, Affirmed Ba2

Outlook Actions:

Issuer: Greystone Select Financial, LLC

Outlook, Remains Stable

RATINGS RATIONALE

The backed Ba2 long-term senior secured rating assigned to
Greystone's $325 million proposed Term Loan B reflects the loan's
senior secured position in the company's overall capital structure,
as well as the collateral coverage. Moody's expects that the
collateral provides sufficient coverage of the Term Loan B to
reduce its risk of loss compared to more subordinate forms of debt
capital.

Greystone's Ba2 corporate family rating reflects the benefits to
creditors from the company's solid franchise position in
agency-sponsored and government-sponsored enterprise (GSE)
multifamily lending and servicing, which has resulted in a history
of profitable operating performance; its sound credit risk
management practices, demonstrated by a long track record of low
losses through multiple credit cycles; the composition of its
lending portfolio, which Moody's views as less volatile than
certain peer commercial real estate lenders; and its commitment to
improve capitalization and reduce leverage. The rating also
reflects the credit challenges from Greystone's weaker-than-peer
capitalization, its funding profile that is almost entirely
dependent on confidence-sensitive secured funding, which results in
high refinancing risk, and its concentration in the agency and GSE
multifamily commercial real estate business.

Greystone benefitted from significantly higher industry origination
volumes in 2020 than in prior years, particularly in the second
half of the year, which led to an increase in its total net debt /
total equity leverage ratio as of 31 December 2020. However, the
company's total net leverage ratio declined in the first quarter of
2021. Although Greystone's leverage ratio will likely remain
volatile given its business model, Moody's expects its leverage to
decline and its capitalization to improve over the next several
years as the company continues to generate solid and consistent
earnings given its revenue diversity and its focus on high-quality,
first lien lending primarily in the multifamily space. The
company's growing servicing book provides some protection for
earnings against potentially lower agency volumes.

Management's stated leverage policy is to deleverage the company
over the next 24 months to its sustained corporate leverage range
in order to achieve its longer term financial operating and
leverage ratios. Greystone also has a flexible dividend policy to
help manage leverage ratios. Management projects total net debt /
total equity to decline to less than 3.0x by the end of 2022 based
on historical margins and origination volumes.

Certain factors unique to Greystone mitigate its funding
concentration, namely that sale commitments for its loans held for
sale occur prior to funding at the time the rate on the loan is
set, along with the quality of its agency and GSE eligible
multifamily loans. In addition, the warehouse lines funding agency
and GSE loans are non-mark-to-market and provide a 100% advance
rate because all the loans financed on the lines have purchase
commitments.

Greystone's outlook is stable, reflecting the strength of the
company's portfolio composition and its manageable exposure to
mark-to-credit provisions in its funding structure that position
the company to endure potential deterioration in asset performance
and real estate values, profitability and capital position relating
to the coronavirus pandemic.

Moody's assesses governance risk as high for finance companies but
it does not have any specific concerns on Greystone's governance
arrangements.

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

Moody's could upgrade Greystone's ratings if the company: 1)
reduces its reliance on confidence-sensitive secured funding and
increases unencumbered assets allowing accessing to alternative
funding sources; 2) improves its debt maturity laddering; 3)
maintains strong asset quality through the current credit cycle; 4)
demonstrates predictable earnings and profitability that compares
favorably with rated peers; 5) improves its tangible common equity
to tangible managed assets ratio to above 20%; and 6) achieves
greater diversity of commercial real estate finance offerings
without increasing its risk profile.

Moody's could downgrade Greystone's ratings if the company: 1)
reduces and maintains its tangible common equity to tangible
managed assets below 15%; 2) experiences deterioration in asset
quality that causes a meaningful increase in losses; 3) shows
evidence of weakening underwriting standards; or 4) reduces its
liquidity cushion, making it more vulnerable to market shocks.

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


GRIDDY ENERGY: ERCOT Objects to Adequacy of Disclosure Statement
----------------------------------------------------------------
Electric Reliability Council of Texas, Inc., (ERCOT) in an
objection to the Disclosure Statement accompanying the Amended Plan
of Liquidation of Griddy Energy, LLC, complained that the
Disclosure Statement does not contain adequate information required
by Section 1125 of the Bankruptcy Code.

Deborah M. Perry, Esq., at Munsch Hardt Kopf & Harr, P.C., counsel
for ERCOT, noted that the Disclosure Statement is silent with
regard to what efforts the Debtor has undertaken to investigate and
assess the existence and value of the claims and causes of action
proposed to be released.  "For example, the cursory statement,
'[t]he Debtor does not believe that it has material claims or
causes of action against the Released Parties and believes the
Debtor Release is in the best interest of the Debtor's estate and
well within the Debtor's business judgment ...' is insufficient to
justify the Debtor Releases," she said.

Ms. Perry also pointed out the Debtor's failure to identify what
claims the Debtor has against the Pre-petition Secured Lenders and
Collateral Agent since, according to Ms. Perry, the Pre-petition
Secured Lenders agreed to forego payment of approximately $550,000,
which the Pre-petition Secured Lenders assert as owing to them by
the Debtor.   Given that the Prepetition Secured Lenders made their
loan around 100 days preceding the Petition Date and seized the
Debtor's accounts shortly before the bankruptcy filing it would
appear that some claims may exist, she said.

Among other objections, ERCOT also noted deficiencies in the
Liquidation Analysis prepared by the Debtor and the rate of
post-petition interest the Debtor intends to pay in the event
post-petition interest will be required under the Plan.

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

                        About Griddy Energy

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

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

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

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

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

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


GULFPORT ENERGY: Chapter 11 Plan Cutting $1.4 Bil. of Debt Cleared
------------------------------------------------------------------
Law360 reports that bankrupt natural gas exploration company
Gulfport Energy received court approval Tuesday, April 22, 2021, in
Texas for its Chapter 11 plan of reorganization that cuts its
funded debt load by $1.4 billion and secures new post-bankruptcy
financing of $580 million to provide new liquidity going forward.

During a virtual hearing, debtor attorney Steven N. Serajeddini of
Kirkland & Ellis LLP said the company had revised the plan it filed
alongside its November 2020 bankruptcy petition, with the new
proposal resulting in a better recovery for unsecured creditor
groups.

                      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.


H&R BLOCK: Egan-Jones Keeps BB+ Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company, on April 5, 2020, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by H&R Block Incorporated.

Headquartered in Kansas City, Missouri, H&R Block, Inc. provides a
wide range of financial products and services through its
subsidiaries.



H. EDWARD PARIS DDS: Seeks to Hire Newell & Newell as Accountant
----------------------------------------------------------------
H. Edward Paris, DDS seeks approval from the U.S. Bankruptcy Court
for the Middle District of Georgia to hire Newell & Newell, P.C.,
as its accountant.

The accountant's services will include:

     (a) assisting in the preparation of routine financial
statements;

     (b) preparing year-end unaudited compilation reports;

     (c) preparing income tax returns; and

     (d) responding to inquiries or disputes with taxing
authorities.

The firm's hourly rates are as follows:

     Silvia Newell - $300
     Staff         - $75 to $185

Newell & Newell is a "disinterested person," as that phrase is
defined in Section 101(14) of the Bankruptcy Code, according to
court filings.

The firm can be reached through:

     Silvia Newell, CPA
     Newell & Newell, P.C.
     400 Brookstone Centre Pkwy #450
     Columbus, GA 31904
     Phone: +1 706-653-6919

                    About H. Edward Paris, DDS

H. Edward Paris, DDS, P.C., an endodontics practice in Columbus,
Ga., filed its voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Ga. Case No. 21-40150) on April 8,
2021.  H. Edward Paris, authorized representative, signed the
petition.  At the time of the filing, the Debtor had $50,000 to
$100,000 in assets and $1 million to $10 million in liabilities.
Fife M. Whiteside PC represents the Debtor as legal counsel.


HARLEY-DAVIDSON: Egan-Jones Keeps BB Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on April 22, 2020, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Harley-Davidson Incorporated.

Headquartered in Milwaukee, Wisconsin, Harley-Davidson, Inc.
designs, manufactures, and sells motorcycles.



HERTZ GLOBAL: New Chapter 11 Plan Sponsor Auction Schedule Cleared
------------------------------------------------------------------
Law360 reports that car rental giant Hertz Global received
permission Wednesday, April 23, 2021, from a Delaware bankruptcy
court for its last-ditch plan to solicit a topping bid on its
Chapter 11 plan sponsorship deal that could trigger a competitive
auction by mid-May 2021.

During a virtual hearing, debtor attorney Thomas E. Lauria of White
& Case LLP said Hertz proposed the quickfire bid procedures in
response to an eleventh-hour proposal earlier in April 2021 from
its original plan sponsorship group led by Certares Opportunities
LLC and Knighthead Capital Management LLC, which in March 2021 had
been usurped by a higher offer from a group led by Centerbridge
Partners LP.

                    About Hertz Global Holdings

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

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

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

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

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


HERTZ GLOBAL: Wants to Revive $23 Million SEC Probe Coverage Suit
-----------------------------------------------------------------
Law360 reports that bankrupt car rental giant Hertz Global has
asked a New York federal judge to give it another chance to go
after two insurers the company says are on the hook for a $23
million legal bill relating to a U.S. Securities and Exchange
Commission probe.

On Tuesday, April 26, 2021,the company filed a memorandum
supporting its motion to alter or amend the court's March judgment
granting a motion to dismiss filed by National Union Fire Insurance
Co. of Pittsburgh, a unit of AIG, and U. S. Specialty Insurance Co.
U.S. District Judge Alison Julie Nathan closed the case last month,
March 2021.

                   About Hertz Global Holdings

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

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

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

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

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


HEXCEL CORPORATION: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 22, 2020, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Hexcel Corporation.

Headquartered in Stamford, Connecticut, Hexcel Corporation
develops, manufactures, and markets reinforcement products,
composite materials, and engineered products.



HOLLYFRONTIER CORP: Egan-Jones Cuts Sr. Unsecured Ratings to BB
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 30, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by HollyFrontier Corporation to BB from BB+.

Headquartered in Dallas, Texas, HollyFrontier Corporation, through
its affiliates, refines, transports, stores, and markets petroleum
products.



HOME POINT: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Home Point Financial Corporation's (Home
Point) Long-Term Issuer Default Rating (IDR) at 'B+'. Fitch has
also affirmed the Long-Term IDR of Home Point Capital Inc. (Home
Point Capital), the parent of Home Point and the debt-issuing
entity, at 'B+'. The Rating Outlooks are Stable. Concurrently,
Fitch has affirmed the ratings of Home Point Capital's $550
million, 5% senior unsecured notes at 'B'/'RR5'.

KEY RATING DRIVERS

IDRs and SENIOR DEBT

The rating affirmations reflect Home Point's growing market
position as a primarily wholesale and correspondent lender in the
U.S., an improved earnings profile, which has benefited from
growing platform scale, strong asset quality performance, and
execution on its first unsecured debt issuance, which Fitch
believes enhances funding flexibility.

Rating constraints include the challenging economic backdrop, which
Fitch believes may pressure asset quality over the medium term,
particularly as COVID-19-related government measures begin to
expire, short profitability track record, reliance on secured
short-term wholesale funding facilities and majority ownership by
private equity, which increases the potential for capital
extraction and constrains long-term strategic clarity.

Fitch believes the highly cyclical nature of the mortgage
origination business with its reliance on gain on sale income (GOS)
and the capital intensity and valuation volatility of mortgage
servicing rights (MSRs) within the servicing business are the
primary rating constraints for non-bank mortgage companies,
including Home Point. Furthermore, the mortgage business is subject
to intense legislative and regulatory scrutiny, which increases
business risk, and the imperfect nature of interest rate hedging
that can introduce liquidity risks related to margin calls or
earnings volatility. These industry constraints typically limit
non-bank mortgage companies' ratings to below investment grade.

Home Point is not subject to material asset quality risks as nearly
all originated loans are government or agency eligible and sold to
third parties shortly after origination. However, it has exposure
to repurchase or indemnification claims from third parties under
certain warranty provisions. Fitch considers the asset quality
performance of Home Point's servicing portfolio to be solid, as
delinquencies have been low relative to the overall market. While
its peak forbearance levels were above market averages, they have
declined and are below market levels currently. However, Fitch
expects delinquencies to trend above historical averages for some
time as forbearance programs cease and the macroeconomic effects of
COVID-19 continue, which could result in increased servicing costs
as well as increased regulatory scrutiny.

The company's pre-tax ROAA and margins improved in 2020 driven by
strong origination volume, elevated GOS margins and enhanced scale.
Home Point's ROAA was 21.8% in 2020, much improved from an average
of -1.3% between 2017 and 2019. Fitch expects profitability to
moderate from current levels, driven by the normalization of GOS
margins, incremental valuation hits on MSRs partially offset by MSR
hedges, and higher funding costs associated with the unsecured note
issuance.

Home Point's leverage (gross debt to tangible equity) was 3.8x as
of YE 2020 and estimated to be 6.0x pro forma for the 1Q21
unsecured issuance and shareholder distribution; up from 4.8x at YE
2019 but well below the current covenanted maximum of 10x to 1
under the MSR facility. Fitch expects leverage to decline below
5.0x over the outlook horizon given strong earnings generation
offset by shareholder dividends. Corporate debt to tangible equity,
which excludes borrowings on warehouse facilities, was 0.8x at YE
2020 pro forma for the note issuance and distribution.

Consistent with other mortgage companies, Home Point is reliant on
the wholesale debt markets to fund its operations. Secured debt,
which accounted for 86.3% of total debt pro forma for the unsecured
issuance, includes warehouse facilities, a servicing advance
facility, and a term loan facility secured by MSRs. Home Point's
secured funding is short duration mostly maturing within one year,
and only 19% of secured facilities at YE 2020 were made on a
committed basis which exposes the firm to increased liquidity and
refinancing risk. The recent unsecured issuance will help to
diversify funding and add some duration to the funding profile,
which Fitch views favorably. An increase in committed funding
capacity would be positive for ratings.

Fitch views Home Point's liquidity profile as adequate given
actions taken to shore up liquidity in response to COVID-19. As of
YE 2020, Home Point had $165.2 million of unrestricted cash, $1.2
billion of borrowing capacity on uncommitted warehouse facilities,
$88 million available on MSR facilities, $42 million on servicing
advance facilities, and $9 million on other facilities. Home Point
is in the process of arranging increased capacity on its MSR
financing facility to allow for additional funding of MSRs, which
Fitch believes would help its liquidity resources to be
commensurate with its increased scale and growth plans.

The Stable Rating Outlook reflects Fitch's expectations that Home
Point will maintain good asset quality and generate consistent
earnings, while maintaining access to diversified funding and
sufficient liquidity. Fitch also expects Home Point's leverage will
decline over time given management's strategy to increase retained
earnings over the Outlook horizon.

The unsecured debt rating is one notch below the Long-Term IDR with
a recovery rating of 'RR5' reflecting its weaker relative recovery
prospects, given subordination to secured debt in the capital
structure and a limited pool of unencumbered assets.

SUBSIDIARY AND AFFILIATED COMPANY

The ratings of Home Point Capital are equalized with the ratings of
Home Point given it is a holding company which owns 100% of Home
Point Financial Corporation which represents substantially all of
its assets.

RATING SENSITIVITIES

IDRs AND SENIOR DEBT

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

-- Fitch believes there is limited potential for positive rating
    momentum in the near term given the broader economic backdrop,
    but continued growth of the business that enhances Home
    Point's franchise, improved earnings consistency, a
    continuation of strong asset quality, a sustained reduction in
    leverage below 4.0x, an increase in longer-duration secured
    and unsecured debt, an increase in the proportion of committed
    funding, and a stronger liquidity profile, including an
    increase in committed funding and the proportion of unsecured
    funding, would be rating positive.

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

-- Negative rating action could be driven by an inability to
    maintain sufficient liquidity to manage elevated servicer
    advance requirements, a sustained increase in leverage above
    6.0x, a reduction in earnings closer to historical levels, an
    inability to refinance secured funding facilities, and/or a
    lack of appropriate staffing and resource levels relative to
    planned growth. Should regulatory scrutiny of the company or
    industry increase meaningfully, or if Home Point incurred
    substantial fines that negatively impact its franchise or
    operating performance, this could also drive negative rating
    momentum.

-- The unsecured debt rating is sensitive to changes in the Long
    Term IDR and would be expected to move in tandem. However, a
    material increase in unencumbered assets and/or an increase in
    the proportion of unsecured funding could result in the
    equalization of the senior unsecured debt rating with Home
    Point's Long-Term IDR.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

Home Point has an ESG Relevance Score of '4' for Governance
Structure due to private equity ownership and board effectiveness
as they relate to protection of creditor and shareholder rights. An
ESG Relevance Score of '4' means Governance Structure is relevant
to Home Point's rating but not a key rating driver. However, it
does have a negative impact on the rating in combination with other
factors.

Home Point also has an ESG Relevance Score of '4' for Customer
Welfare — Fair Messaging, Privacy and Data Security, due to its
exposure to compliance risks that include fair lending practices,
debt collection practices and consumer data protection, which has a
negative impact on the credit profile and is relevant to the rating
in conjunction with other factors.

Except for the matters discussed above, the highest level of ESG
credit relevance is a score of '3'. This means ESG issues are
credit neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


HOVNANIAN ENTERPRISES: Egan-Jones Keeps CCC+ Sr. Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 30, 2021, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Hovnanian Enterprises, Inc. EJR also maintained
its 'C' rating on commercial paper issued by the Company.

Headquartered in Matawan, New Jersey, Hovnanian Enterprises, Inc.
designs, constructs, and markets single-family homes, townhomes,
and condominiums in planned residential communities.



HQDA ELDERLY: Faces SEC Charges for Deficient Form NT
-----------------------------------------------------
The Securities and Exchange Commission charged eight companies for
failing to disclose in SEC Form 12b-25 filings that their request
for seeking a delayed quarterly or annual reporting filing was
caused by an anticipated restatement or correction of prior
financial reporting.  The violations were uncovered by an
initiative focused on Form 12b-25 filings by companies that quickly
thereafter announced financial restatements or corrections. Each of
the companies was a public reporting company at the time of the
violations and agreed to settle the Commission's charges and pay
civil penalties.

Public companies are required to file the SEC's Form 12b-25
"Notification of Late Filing," commonly known as "Form NT," when
"not timely" filing a Form 10-Q or Form 10-K and seeking additional
days to file their reports. Companies must disclose on the Form NT
why their quarterly or annual report could not be filed on time, as
well as any anticipated, significant changes in results of
operations from the corresponding period for the last fiscal year.

The SEC orders find that each of the companies announced
restatements or corrections to financial reporting within 4-14 days
of their Form NT filings despite failing to provide details
disclosing that anticipated restatements or corrections were among
the principal reasons for their late filings.  The orders also find
that the companies failed to disclose on Form NT, as required, that
management anticipated a significant change in quarterly income or
revenue.

"As today's actions show, we will continue to use data analytics to
uncover difficult to detect disclosure violations," said Melissa R.
Hodgman, Acting Director of the SEC's Enforcement Division, in a
statement April 29.  "Targeted initiatives like this allow us to
efficiently address disclosure abuses that have the potential to
undermine investor confidence in our markets if left unaddressed."

"Reporting companies are required to provide investors with timely,
accurate, and full information with which investors can evaluate
the significance of reporting delays," said Anita B. Bandy,
Associate Director in the SEC's Enforcement Division.  "In these
cases, due to the companies’ failure to include required
disclosure in their Form 12b-25, investors relying on the deficient
Forms NT were kept in the dark regarding the unreliability of the
company’s financial reporting or anticipated material changes in
operating results."

The SEC's orders find that the below listed companies violated
Section 13(a) and Rule 12b-25 under the Securities Exchange Act of
1934 by failing to make the required Form NT disclosures. Without
admitting or denying the findings, the companies agreed to
cease-and-desist-orders that made the following findings and
require payment of the following penalties:

Fortem Resources, Inc. (FTMR) -- Filed one deficient Form NT. The
British Columbia-based company agreed to pay a penalty of $25,000.

TruTankless, Inc. (TKLS) -- Filed one deficient Form NT. The
Arizona-based company agreed to pay a penalty of $25,000.

ShiftPixy, Inc. (PIXY) -- Filed one deficient Form NT. The
Florida-based company agreed to pay a penalty of $25,000.

Rokk3r, Inc. (ROKK) -- Filed one deficient Form NT and filed one
untimely Form 8-K. The Florida-based company, now private, agreed
to pay a penalty of $50,000.

Daniels Corporate Advisory Company, Inc. (DCAC) -- Filed one
deficient Form NT. The New York-based company agreed to pay a
penalty of $25,000.

HQDA Elderly Life Network Corp. (HQDA) -- Filed two deficient Forms
NT. The California-based company agreed to pay a penalty of
$50,000.

Asta Funding, Inc. (ASTA) -- Filed one deficient Form NT and filed
one Form 10-Q outside the extension period. The New Jersey-based
company, now private, agreed to pay a penalty of $50,000.

Igen Networks Corp. (IGEN) -- Filed one deficient Form NT. The
California-based company agreed to pay a penalty of $25,000.

The SEC's investigation was conducted by Jonathan Cowen and
supervised by Jeffrey P. Weiss and Ms. Bandy.



HUNTS POINT: Taps Cullen and Dykman as Substitute Counsel
---------------------------------------------------------
Hunts Point Enterprises, LLC, received approval from the U.S.
Bankruptcy Court for the Eastern District of New York to hire
Cullen and Dykman, LLP as substitute for Morrison-Tenenbaum, PLLC,
the firm that initially handled its Chapter 11 case.

Cullen and Dykman's services include:

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

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

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

     (d) advising the Debtor with respect to actions necessary to
protect and preserve the Debtor's estate, including prosecuting
actions on the Debtor's behalf, defending any action commenced
against the Debtor, and representing the Debtor in negotiations
concerning litigation in which it is involved;

     (e) preparing pleadings;

     (f) representing the Debtor in connection with obtaining any
required authorization to use cash collateral and obtain
post-petition financing;

     (g) advising the Debtor in connection with any potential sales
of its assets;

     (h) appearing before the bankruptcy court;

     (i) taking any necessary action to negotiate, prepare and
obtain approval of a disclosure statement, Chapter 11 plan and
related documents; and

     (j) other legal services necessary to administer the Debtor's
bankruptcy case.

The customary hourly rates charged by the firm are as follows:

     Members               $585 to $820 per hour
     Associates            $265 to $450 per hour
     Paraprofessionals     $125 per hour

Cullen and Dykman has capped its attorney rates at $650 an hour.

The firm received retainer fees in the total amount of $40,000.

Thomas Slome, Esq., a member of Cullen and Dykman, disclosed in a
court filing that his firm is "disinterested" within the meaning of
Section 101(14) of the Bankruptcy Code.

Cullen and Dykman can be reached through:

     Matthew G. Roseman, Esq.
     Thomas R. Slome, Esq.
     Michelle McMahon, Esq.
     Cullen & Dykman LLP
     100 Quentin Roosevelt Boulevard
     Garden City, NY 11530
     Tel: (516) 357-3700
     Email: MRoseman@cullenllp.com
            TSlome@cullenllp.com
            MMcMahon@cullenllp.com

                   About Hunts Point Enterprises

Hunts Point Enterprises, LLC, formerly known as BKD Holdings, LLC,
filed a voluntary petition under Chapter 11 of the Bankruptcy Code
(Bankr. E.D.N.Y. Case No. 20-42393) on June 24, 2020.  The case is
jointly administered with the Chapter 11 case filed by Featherstone
Distribution, LLC (Bankr. E.D.N.Y. Case No. Case No. 20-42673) on
July 20, 2020.

Hunts Point disclosed an estimated assets of $100,000 to $500,000
and $100,000 to $500,000 in liabilities.

Judge Carla E. Craig oversees Hunts Point's Chapter 11 case.  Hunts
Point is represented by Cullen and Dykman, LLP in its bankruptcy
case.


HWY 24 LUMBER: Unsecureds to Get 65% of Allowed Claims in Plan
--------------------------------------------------------------
HWY 24 Lumber & Feed, Inc., filed a Disclosure Statement
accompanying its Plan of Reorganization.  The Debtor proposes to
restructure its current indebtedness, continue its operations, and
provide a dividend to the unsecured creditors.

Classes 2, 3, 4, 5 and 6 Claims are impaired under the Plan and
will be treated as follows:

   * Class 2 Claimants (Allowed Ad Valorem Tax Claims)

The Allowed Ad Valorem Tax Creditor Claims will be paid to Delta
County out of the revenue from the continued operations of the
business.  Delta County has filed a proof of claim for $30,286,
which will be paid in full in 48 equal monthly payments with
interest at 12% per annum commencing on the Effective Date.  The
Taxing Authorities will retain their statutory senior lien position
regardless of other Plan provisions to secure their Tax Claims
until paid in full.  The Debtor may pre-pay this claim at any time
without penalty.

   * Class 3 Claimant (Allowed Priority Claims of the Internal
Revenue Service)

The IRS filed claims believed to be approximately $35,812.  Class 3
Claims will be paid out of the continued operations of the business
and will be paid in full in 60 equal monthly payments commencing on
the Effective Date with interest at 3% per annum.  Failure of the
Debtor to meet the payment obligations under the Plan will
constitute an event of default under the Plan, in which case, the
administrative collection powers and the rights of the IRS shall be
reinstated as they existed before the filing of the bankruptcy
petition.  

   * Class 4 Claimants (Allowed Secured Claimof NGSolutions, LLC)

NG Solutions, LLC has filed a secured Proof of Claim for $322,747,
secured by a UCC-1 Financing Statement claiming a blanket lien on
all Debtor's personal property assets.  NG bases its Proof of Claim
on an alleged Promissory Note dated May 22, 2018 purported to have
been executed by the Debtor in favor on Enloe that NG claims it
purchased from the FDIC.  Neither the FDIC nor NG can produce an
original or copy of the alleged Note.

   * Class 5 Claimants (Allowed Claim of Bank of the West)

Class 5 Claim arose out of a promissory note the Debtor executed in
favor of Bank of the West for $133,700 in original principal
amount, secured by a certain Deed of Trust on real property
commonly known as 1801 W Dallas, Cooper, Texas.  BOTW has filed a
Proof of Claim for $131,101, which under the Plan, will be paid in
full in 84 equal monthly payments, with interest at 5% per annum
commencing on the Effective Date.

   * Class 6 Claimants (Allowed Unsecured Creditors)

All allowed unsecured creditors shall share pro rata in the
unsecured creditors' pool, or approximately 65% of their Allowed
Claims.  The Debtor will make monthly payments of $2,500 into the
unsecured creditors' pool commencing on the Effective Date, and the
Debtor shall then make distributions to the Class 6 creditors every
90 days commencing 90 days after the Effective Date.  The Debtor
may prepay any Class 6 Claim at any time without penalty.

The Debtor is currently owned 100% by Jason Ingram.  Mr. Ingram
will receive no payments for his claim under Class 7 (Current
Owners) but will remain the sole owner of Debtor, upon
confirmation.  Mr. Ingram receives a weekly salary of $500.

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

                    About HWY 24 Lumber & Feed

HWY 24 Lumber & Feed, Inc., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Texas Case No. 20-42468) on Dec.
16, 2020.  At the time of filing, the Debtor disclosed less than
$50,000 in assets and up to $1 million in liabilities.

Judge Brenda T. Rhoades oversees the case.

Eric A. Liepins, P.C., serves as the Debtor's legal counsel.

NG Solutions, LLC, as Lender, is represented by Russell W. Mills,
Esq. and J. Reid Burley, Esq. at Bell Nunnally & Martin LLP.


IGEN NETWORKS: Faces SEC Charges for Deficient Form NT
------------------------------------------------------
The Securities and Exchange Commission charged eight companies for
failing to disclose in SEC Form 12b-25 filings that their request
for seeking a delayed quarterly or annual reporting filing was
caused by an anticipated restatement or correction of prior
financial reporting. The violations were uncovered by an initiative
focused on Form 12b-25 filings by companies that quickly thereafter
announced financial restatements or corrections. Each of the
companies was a public reporting company at the time of the
violations and agreed to settle the Commission's charges and pay
civil penalties.

Public companies are required to file the SEC's Form 12b-25
"Notification of Late Filing," commonly known as "Form NT," when
"not timely" filing a Form 10-Q or Form 10-K and seeking additional
days to file their reports. Companies must disclose on the Form NT
why their quarterly or annual report could not be filed on time, as
well as any anticipated, significant changes in results of
operations from the corresponding period for the last fiscal year.

The SEC orders find that each of the companies announced
restatements or corrections to financial reporting within 4-14 days
of their Form NT filings despite failing to provide details
disclosing that anticipated restatements or corrections were among
the principal reasons for their late filings. The orders also find
that the companies failed to disclose on Form NT, as required, that
management anticipated a significant change in quarterly income or
revenue.

"As today's actions show, we will continue to use data analytics to
uncover difficult to detect disclosure violations," said Melissa R.
Hodgman, Acting Director of the SEC's Enforcement Division, in a
statement April 29.  "Targeted initiatives like this allow us to
efficiently address disclosure abuses that have the potential to
undermine investor confidence in our markets if left unaddressed."

"Reporting companies are required to provide investors with timely,
accurate, and full information with which investors can evaluate
the significance of reporting delays," said Anita B. Bandy,
Associate Director in the SEC's Enforcement Division.  "In these
cases, due to the companies' failure to include required disclosure
in their Form 12b-25, investors relying on the deficient Forms NT
were kept in the dark regarding the unreliability of the company's
financial reporting or anticipated material changes in operating
results."

The SEC's orders find that the below listed companies violated
Section 13(a) and Rule 12b-25 under the Securities Exchange Act of
1934 by failing to make the required Form NT disclosures. Without
admitting or denying the findings, the companies agreed to
cease-and-desist-orders that made the following findings and
require payment of the following penalties:

Fortem Resources, Inc. (FTMR) -- Filed one deficient Form NT. The
British Columbia-based company agreed to pay a penalty of $25,000.

TruTankless, Inc. (TKLS) -- Filed one deficient Form NT. The
Arizona-based company agreed to pay a penalty of $25,000.

ShiftPixy, Inc. (PIXY) -- Filed one deficient Form NT. The
Florida-based company agreed to pay a penalty of $25,000.

Rokk3r, Inc. (ROKK) -- Filed one deficient Form NT and filed one
untimely Form 8-K. The Florida-based company, now private, agreed
to pay a penalty of $50,000.

Daniels Corporate Advisory Company, Inc. (DCAC) -- Filed one
deficient Form NT. The New York-based company agreed to pay a
penalty of $25,000.

HQDA Elderly Life Network Corp. (HQDA) -- Filed two deficient Forms
NT. The California-based company agreed to pay a penalty of
$50,000.

Asta Funding, Inc. (ASTA) -- Filed one deficient Form NT and filed
one Form 10-Q outside the extension period. The New Jersey-based
company, now private, agreed to pay a penalty of $50,000.

Igen Networks Corp. (IGEN) -- Filed one deficient Form NT. The
California-based company agreed to pay a penalty of $25,000.

The SEC's investigation was conducted by Jonathan Cowen and
supervised by Jeffrey P. Weiss and Ms. Bandy.


IMAX CORPORATION: Egan-Jones Lowers Sr. Unsecured Ratings to BB-
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 31, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by IMAX Corporation to BB- from BB.

Headquartered in Mississauga, Canada, IMAX Corporation offers
end-to-end cinematic solution combining proprietary software,
theater architecture, and equipment.




IMPRESA HOLDINGS: Court Clears Chapter 11 Plan After Settlements
----------------------------------------------------------------
Law360 reports that aerospace parts maker and Boeing supplier
Impresa Holdings won approval for its Chapter 11 plan from a
Delaware bankruptcy judge Wednesday, April 23, 2021, after selling
its holdings and settling with unsecured creditors and workers who
brought wage claims.

At a brief virtual hearing, U.S. Bankruptcy Judge Brendan Shannon
approved the plan — which incorporated settlements with the
unsecured creditors committee and claimants in a class action
wage-and-hour suit — after counsel for the California company
said it had support from all of its creditor classes for the plan
and had resolved all objections.

                     About Impresa Holdings

Impresa Holdings designs, manufactures, and supplies precision
sheet metal parts, CNC-machined components, and assemblies for
commercial jets, regional and business aircraft, military aircraft,
and civil/military helicopters. The company's services include
sheet metal fabrication, hydroform pressing, brake.

Impresa began operating in 1973 as Venture Aircraft and expanded
through a 2012 acquisition of Swift-Cor Aerospace. It then changed
its name Impresa Aerospace.

Operating from a production facility in Gardena, California,
Impresa provides machined parts, fabricated components, assembled
parts and tooling for the aerospace and defense industries.  In
addition to Boeing, the debtor's customers include Spirit
AeroSystems, Raytheon, Northrop Grumman, Cessna, Lockheed Martin
and Gulfstream.  It has provided parts and components for Boeing's
major airframes, including the 787, 777 and 747 as well as the
Airbus A380 and Gulfstream's G550 and G650 planes.

On Sept. 24, 2020, Impresa Holdings Acquisition Corp. and its
affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 20-12399).  At the time of the filing, Impresa Holdings had
estimated assets of less than $50,000 and liabilities of between
$10 million and $50 million.  

Robert J. Dehney, Matthew B. Harvey, Paige N. Topper and Taylor M.
Haga of Morris Nichols Arsht & Tunnell LLP, serve as counsel to
Impresa.  Duff & Phelps Securities, LLC, is the investment banker.
Stretto is the claims agent.


INDEPENDENCE ENERGY: S&P Assigns 'B' ICR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to
Privately held U.S.-based oil and gas exploration and production
(E&P) company Independence Energy LLC.

S&P said, "We also assigned our 'B+' issue-level and '2' recovery
ratings to the company's proposed senior unsecured notes due 2026.
The notes will be issued by wholly owned subsidiary Independence
Energy Finance LLC. The '2' recovery rating indicates our
expectation for substantial (70%-90%; rounded estimate: 85%)
recovery to creditors in the event of a default.

"The stable outlook reflects our view that the company will
generate funds from operations (FFO) to debt of more than 60% and
positive free cash flow over the next two years.

"We assigned our 'B' issuer credit rating to Independence Energy.
Our rating reflects the company's small proved reserve base and
production level; good geographic diversity in the onshore U.S.;
good product diversity among oil, natural gas, and natural gas
liquids (NGLs); and low natural decline rates; offset by weaker
profitability relative to peers. Our rating also reflects
Independence Energy's low leverage, consistent hedging strategy,
and our expectation that it will generate positive free cash flow.
The company is owned and controlled by financial sponsor
com.spglobal.ratings.services.article.services.news.xsd.MarkedData@223a3431"

Independence Energy's asset base is well-diversified, which
mitigates the risk of localized disruptions on production and cash
flow.The company holds oil and gas properties in several onshore
U.S. basins, including:

-- Eagle Ford in South Texas (33% of proved reserves and 31% of
production);

-- Barnett Shale in Central Texas (29% of reserves and 25% of
production).

-- Powder River Basin in Wyoming (12% of reserves and 11% of
production);

-- Denver-Julesberg (DJ) Basin in Colorado (10% of reserves and
13% of production); and

-- Permian Basin in West Texas (9% of reserves and 8% of
production).

The company's reserves are also balanced by product, with about 46%
oil, 38% natural gas, and 16% NGLs. About 73% of its reserves are
classified as proved developed. S&P viewd the high proportion of
proved developed reserves favorably, because it reduces the risk of
excess capital costs needed to bring undeveloped reserves on
production. In addition, the company's proved reserves have a low
natural decline rate relative to unconventional shale producers of
about 19%, limiting the amount of capital required to maintain
production. This is because of management's focus on acquiring
assets in known basins, where wells have already been producing for
years and are thus on the flatter part of their decline curves. The
company also owns midstream assets in some of its operating areas,
along with overriding royalty interests (ORRIs) and minerals
assets, which support operating margins.

The company's scale is relatively small, and profitability lags
that of peers. Independence Energy's total year-end 2020 proved
reserve base of 364 million barrels of oil equivalent (mmboe) and
expected 2021 production of 92,500 barrels of oil equivalent per
day (boe/d) places it in the middle to lower end of the scale
relative to peers in the 'B' rating category. In addition, the
company only operates about 50% of its total production, giving it
less control over the pace and method of development than many of
its peers, though the non-operated portion is primarily in regions
that already have well-defined development programs underway, and
it includes the ORRI and minerals assets. Finally, profitability
(on an unhedged EBIT per boe of production basis) is below average,
in part because of the maturity of its wells.

Solid hedges provide cash flow stability over the next two to three
years. Independence Energy is well hedged, with 75% of its expected
crude oil and 78% of its expected natural gas production hedged in
2021 and about 50% and 73%, respectively, hedged in 2022, all with
swaps. The company has already started hedging for 2023 and 2024,
and S&P expects the percentage of production hedged for those
periods to approach 70%-80% over the next 12 months. The company's
RBL requires it to hedge a minimum of 50% of production for the
next three years, and management targets hedging up to 80%, which
should limit cash flow volatility and protect cash flow in the
event of a commodity price decline.

S&P said, "We expect the company to generate substantial
discretionary cash flow (DCF) this year. Like most of its peers,
Independence Energy reduced capital spending by more than 60% in
2020 following the sharp decline in oil and natural gas prices, and
it intends to spend at a similar level in 2021. However, given the
strength in commodity prices so far this year, we expect capital
expenditure (capex) to expand in the second half of 2021 and
increase substantially in 2022, though remain below operating cash
flow. We expect the company to allocate most of the uptick in capex
to its operated position in the Eagle Ford shale. This cadence
should result in a modest production decline this year, slight
growth in 2022, and a nearly 10% uptick in 2023 as wells are
completed and brought online. Importantly, the company can scale
back spending if needed to keep capex at its targeted 50% of cash
flow without a sharp effect on production because of its overall
low base decline rate. Even after targeted distributions of about
10% of cash flow, we expect Independence Energy to generate more
than $250 million of DCF in 2021 and $20 million-$25 million in
2022, which we believe the company will use to pay down borrowings
on its new RBL facility.

"Independence Energy's credit measures are strong, but its
financial risk profile is constrained by its financial sponsor
ownership. We expect Independence Energy's FFO to debt to exceed
60% and debt to EBITDA to be below 1.5x in 2021 and 2022. We also
estimate the company will generate positive DCF in both years.
However, our view of the company's financial risk also considers
its financial sponsor ownership and control, which constrains the
financial risk assessment. We base the financial policy assessment
on our belief that there is risk of increasing leverage due to the
use of debt or debt-like instruments to fund a potential increase
in capital spending, acquisitions, or equity distributions beyond
what we have included in our assumptions. Independence Energy is
23% owned by financial sponsor KKR; and KKR holds 60% of the board
seats.

"The stable outlook on Independence Energy reflects our view that
it will maintain healthy credit measures and adequate liquidity
over the next two years, while keeping production declines modest
and generating positive DCF. We estimate the company's FFO to debt
will exceed 60% and anticipate debt to EBITDA of 1.0-1.5x in 2021
and 2022.

"We could lower our rating if we expect FFO to debt to fall below
30% for a sustained period, which would most likely occur if
commodity prices decline and the company fails to rein in its
spending levels accordingly, or if production falls short of our
expectations. We could also lower our rating if Independence Energy
pursues a large, debt-financed acquisition that does not add to
near-term cash flow or if it increases distributions beyond
internally generated cash flow.

"We could raise our rating if Independence Energy increases its
proved reserves and production to levels more in line with those of
higher-rated peers, while maintaining FFO to debt above 30%. We
could also raise the rating if the company were no longer
controlled by a financial sponsor, which would most likely occur in
conjunction with an IPO."


INTERNATIONAL WEALTH: Court OKs Revised Cash Collateral Deal
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York has
entered an order approving the Stipulation and Order Amending Order
and Budget authorizing International Wealth Tax Advisors, LLC, to
use cash collateral on a final basis  and to make certain
expenditures.

A Final Order authorizing the Debtor's use of JPMorgan Chase Bank's
cash collateral was entered on February 5, 2021.

The Order approved the continued use of cash collateral in
accordance with the Final Order Budget, however the Debtor became
aware that an obligation of the Debtor to pay certain estimates
with respect to both pre-petition and post petition income tax
obligations was inadvertently omitted from the Final Order Budget.

The Final Order Budget is amended to permit the Debtor to pay
$15,000 for estimated income taxes for pre-petition and
post-petition income taxes.

The Order is further amended to permit the Debtor to further modify
the Final Order Budget on 10 days' notice to the Chase, the
Trustee, the U.S. Trustee and creditors who have filed a notice of
appearance in the Debtor's Chapter 11 case. In the event an
objection to any subsequent budget is made, the Debtor will
schedule a hearing on its request to modify the budget before the
Bankruptcy Court.

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

          About International Wealth Tax Advisors, LLC

Founded in 2015 and located on Madison Avenue in the heart of New
York City, International Wealth Tax Advisors -- https://iwtas.com/
-- provides highly personalized, secure and private global tax and
accounting and consulting to clients worldwide.

International Wealth Tax Advisors sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-10041)
on Jan. 11, 2021.  At the time of filing, the Debtor estimated
assets of between $100,001 and $500,000 and liabilities of between
$1 million and $10 million.

Judge Shelley C. Chapman oversees the case.

The Debtor tapped Platzer, Swergold, Levine, Goldberg, Katz &
Jaslow, LLP as its counsel.

Yann Geron, Esq., is the Subchapter V Trustee appointed in the
Debtor's Chapter 11 case.

JPMorgan Chase Bank, as creditor is represented by:

     A. Albert Buonamici, Esq.
     222 Bloomingdale Road- Suite 301
     White Plains, NY 10605
     Tel: (914) 288-9200



INTERTAPE POLYMER: Egan-Jones Keeps BB Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 5, 2020, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Intertape Polymer Group Incorporated.

Headquartered in Montreal, Canada, Intertape Polymer Group
manufactures polyolefin, plastic and paper-based packaging
products.



IRIDIUM COMMUNICATIONS: Egan-Jones Keeps B- Senior Unsec. Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 23, 2020, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Iridium Communications Incorporated. EJR also
maintained its 'B' rating on commercial paper issued by the
Company.

Headquartered in McLean, Virginia, Iridium Communications Inc.
offers mobile satellite communications services.




IRON MOUNTAIN: Egan-Jones Keeps B+ Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on March 29, 2021, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Iron Mountain Incorporated.

Headquartered in Boston, Massachusetts, Iron Mountain Incorporated
is a storage and information management company.



J2 GLOBAL: Moody's Affirms 'B1' CFR Following Fax Business Split
----------------------------------------------------------------
Moody's Investors Service affirmed J2 Global, Inc's B1 corporate
family rating, B1-PD probability of default rating and the Ba3
rating on the company's senior notes due 2030. The speculative
grade liquidity rating is unchanged at SGL-1. The outlook is
stable.

The rating actions follow the company's announcement [1] that it
would be separating its digital fax business segment into a new
publicly listed company called Consensus. The transaction is
expected to close in Q3 2021 and remains conditional upon receipt
of a private letter ruling from the Internal Revenue Service
addressing certain aspects of the spin-off. While the split will
result in a decline in EBITDA, the company has publicly committed
to repaying its convertible notes and maintain leverage (as
reported by the company) of 3x. This commitment to reducing debt in
line with the EBITDA decline is a key driver of the rating action
and evidences a prudent financial policy going forward for the new
J2 Global entity.

Affirmations:

Issuer: J2 Global, Inc.

Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

Senior Unsecured Regular Bond/Debenture, Affirmed Ba3 (LGD3)

Outlook Actions:

Issuer: J2 Global, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

The affirmation of J2's B1 CFR reflects Moody's expectations that
the company's credit metrics will remain strong post-separation of
Consensus. The B1 also reflects the company's financial policy to
maintain reported gross debt/EBITDA at a maximum of 3x on a
run-rate basis, allowing for temporary increases in times of
sizeable M&A. The non-Consensus operations of J2 have a history of
good revenue growth, which will be bolstered once digital fax is
separated as this segment was growing at 2% annually.

The B1 rating also takes into account the inherent integration risk
that comes with J2's high appetite for M&A. The company has spent
$2.5 billion since 2013 in M&A (on over 70 companies), 95% of which
in its non-fax segments. While the remaining J2 operations,
post-separation, will have faster growth prospects they will also
offer less visibility and be more prone to cyclical shifts in
consumer spending and advertising demand.

The remaining J2 operations are expected to generate revenue of
around $1.3 billion in 2021 and the company has guided to EBITDA of
around $454-$467 million. At close of the transaction, J2 will
retain around 20% of Consensus which it expects to further divest
over time. J2 will call its 3.25% convertible notes due 2029, once
these become callable post June 2021; this will result in a $402.4
million reduction in debt resulting in pro-forma 2021 leverage of
around 2.9x for 2021.

The SGL-1 speculative grade liquidity rating indicates a very good
liquidity profile, supported by ongoing strong free cash flow
generation even post divestiture of the digital fax business.
Moody's expects the remaining operations of J2 to deliver more than
$200 million in free cash flow in 2021. The company retains full
access to its $100 million revolver which is expected to remain
undrawn given the company's cash balance which stood at $243
million at year end 2020. The revolver includes two financial
covenants which Moody's expects the company to continue to meet
with ample flexibility.

The instrument ratings reflect the probability of default of the
company, as reflected in the B1-PD Probability of Default Rating,
an average expected family recovery rate of 50% at default, and the
particular instruments' ranking in the capital structure. The Ba3
rating on J2's $750 million of senior unsecured notes due 2030
issued by J2 Global, Inc. reflects the fact the notes benefit from
guarantees from all material operating subsidiaries, and rank ahead
of the convertible notes (unrated).

The stable outlook reflects Moody's view that the company will
continue to balance its high M&A appetite with a financial policy
to maintain run-rate leverage (Moody's adjusted) below 3x.

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

Moody's could upgrade the ratings if leverage (Moody's adjusted)
declined below 2.0x on a sustained basis and free cash flow to debt
(Moody's adjusted) was sustained above 20%.

Moody's could downgrade the ratings if leverage (Moody's adjusted)
was sustained at or above 3.0x or free cash flow to debt (Moody's
adjusted) fell below 10% on sustained basis. Downward ratings
pressure would also ensue should the company's liquidity position
deteriorate.

Based in Los Angeles, CA, J2 Global, Inc. is a provider of business
cloud services and digital media. The company's main Cloud Services
subsidiary derives the majority of its revenue from telephone
number based subscription services, such as unified voice and
electronic fax services, with the remainder derived from
non-telephone number based services, specifically backup and
storage, email and endpoint security and customer relationship
management services.

Post separation of the electronic fax business into the new
Consensus entity, J2's Digital Media subsidiary will generate the
majority of revenue and EBITDA. Digital Media mainly operates web
properties providing reviews of technology and gaming products as
well as lifestyle and healthcare articles, related news and
commentary. It derives revenue primarily from display and video
advertising, performance-based advertising and some
subscription-based products.

In 2020, J2 generated approximately $1.49 billion in revenue and
$615.7 million in EBITDA.

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.


J2 GLOBAL: S&P Places 'BB' ICR on Watch Neg. on Cloud Fax Spinoff
-----------------------------------------------------------------
S&P Global Ratings placed all of its ratings on J2 Global, Inc.
including the 'BB' issuer credit rating, on CreditWatch with
negative implications.

S&P expects to update the CreditWatch placement when it has more
clarity on the expected structure of the transaction and intend to
resolve it near closing.

J2 Global announced its intention to separate its Cloud Fax
business, currently part of the Cloud Services division, into a
stand-alone, publicly-traded company through a tax-free spinoff to
its shareholders by the end of third-quarter 2021.

The transaction remains conditioned on receipt of a private letter
ruling from the Internal Revenue Service addressing specific
aspects of the spinoff, receipt of a tax opinion, and a Form 10
registration statement with the U.S. Securities and Exchange
Commission.

S&P said, "The rating action reflects the risk that upon completing
the transaction, we could lower our ratings on j2 if we view the
transaction to be incrementally negative for either the strength of
the company's remaining business or financial risk profiles.

"The spinoff could negatively impact profitability. After the
transaction, we expect j2 Global to have between $1.297 billion to
$1.334 billion in revenue. Although this is still a meaningful
scale, roughly $1 billion of this revenue is derived from digital
media assets, making the business a more advertising-centric
business. In our view, given the cyclical nature of advertising
revenues, this level of concentration could increase volatility in
the company's operating performance." A higher proportion of
digital media revenues should also erode the company's overall
profitability, given that these revenues carry lower EBITDA margins
when compared to that of its cloud services segment. Redundant
costs that the remaining businesses will absorb could add more
pressure to profitability, depending on the level of stranded costs
it creates.

The transaction could modestly weaken credit metrics. j2 Global has
about $1.7 billion of debt outstanding, including $750 million of
4.625% senior notes due in 2029, $402.5 million of 3.25% 2039
convertible debentures, which are currently eligible for conversion
by the holders and redeemable by the company on or after June 20,
2021, and $550 million of 1.75% 2026 convertible debentures. As
part of the proposed transaction, j2 plans on calling the 3.25%
convertible notes we estimate to have a conversion value of
approximately $700 million. j2 currently expects to receive a
dividend distribution from Consensus (Cloud Fax business) at the
time of the spinoff, which should cover the redemption of this
debt. However, the company has not yet finalized its capital
structure. Still, S&P believes j2's S&P Global Ratings'-adjusted
leverage could be at or above our 3x downgrade threshold for the
current rating at the close of the transaction.

The loss of predictable cash flow could have financial policy
implications. j2 is acquisitive, having spent more than $2.9
billion to acquire over 150 cloud backup, security, e-mail
marketing, and digital media businesses since 2010, and
occasionally pursues share repurchases. Still, by funding these
activities mostly with balance sheet cash and internally generated
cash flow, it has operated well below the 3x gross leverage target.
S&P said, "We believe a reduction in the more predictable and
higher-margin fax revenue stream could lead to a step down in
organic cash flow generation after the proposed spinoff. In this
scenario, j2 could be forced to temper acquisition activity or use
incremental debt financing. Notwithstanding, we believe the company
will continue to be well-capitalized and have good prospects for
free cash flow generation after the spinoff." Moreover, the
ownership stake (up to 19.9%) that j2 will retain in Consensus can
be monetized, providing additional capacity to fund these
activities or reduce debt.

S&P said, "We expect to resolve the CreditWatch negative placement
when we have fully assessed the transaction's effects on the
company's business, financial position, and the likelihood that it
will close as proposed (currently expected to close in the third
quarter of 2021). Our review will focus on the competitive position
of the remaining business, our expectations for profitability and
cash flow generation, as well as its post-transaction capital
structure and financial policy. We expect to affirm or lower our
ratings by one notch. Conversely, we would likely affirm our
existing ratings on j2 Global and remove them from CreditWatch if
the transaction is not completed."



JOANN INC: S&P Upgrades ICR to 'B' on Debt Paydown, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on fabric and
crafts retailer JOANN Inc. to 'B' from 'B-'. At the same time, S&P
raised its issue-level rating on the company's first-lien term loan
due 2023 to 'B' from 'B-'. The '3' recovery rating is unchanged.
S&P also withdrew itsour ratings on its second-lien term loan,
which has been fully repaid.

The stable outlook reflects S&P views that while sales trends are
likely to normalize over the coming year, competitive threats and
sponsor ownership could drive elevated leverage.

The upgrade reflects the company's reduced debt obligations
following the full repayment of its second-lien term loan. JOANN
received net proceeds from its IPO of $76.1 million, which it used,
along with additional borrowings under its recently upsized
asset-based lending (ABL) facility, to repay the entire $72.8
million balance under its second-lien term loan due 2024. This
follows earlier repurchases of its first- and second-lien term
loans that it completed in fiscal 2021.

Including revolver paydowns, the company has reduced its
outstanding debt by around $500 million since fiscal 2020 (end Feb.
1, 2020). S&P said, "We now anticipate S&P Global Ratings-adjusted
leverage in the mid- to high-3x area and believe future leveraging
transactions are less likely. In our view, its debt repayment
actions signal a less-aggressive financial policy by the sponsor,
Leonard Green, who currently owns about 66% of outstanding common
shares. Consequently, we have revised our financial policy modifier
to FS-5 from FS-6."

S&P said, "In addition to reduced debt, our leverage forecast
incorporates our expectation for continued good EBITDA generation
because we believe demand for at least a portion of JOANN's product
offerings has permanently shifted upward. In fiscal 2021 the
company generated significantly higher S&P Global Ratings-adjusted
EBITDA of $450 million compared to fiscal 2020 of $347 million.
This was through double-digit percent sales growth and some margin
expansion. While we expect similar good performance over the next
12 to 24 months, greater competitive pressures or a downward shift
in demand for its products could result in increasing leverage
beyond our base case forecast.

"We believe JOANN will retain most of its recently gained market
share in the arts and crafts category and continue to see strength
in its fabric and sewing category. The company grew sales by more
than 20% in fiscal 2021 (ending Jan. 30 2021) as the COVID-19
pandemic fueled a surge in demand for fabrics and sewing products
related to making masks as well as arts and crafts products as a
form of at home entertainment. We believe this drove a permanent
upward shift in the size of the creative products industry as many
consumers took up new crafting and sewing hobbies that they will
likely continue after the pandemic abates. Furthermore, while some
of its competitors temporarily closed their stores amid lockdown
restrictions, JOANN kept most of its stores open to provide
essential mask-making kits and related fabric and sewing products.
We believe this action helped to introduce JOANN's full range of
offerings to new customers who may otherwise have remained loyal to
other retailers.

"We therefore believe that while fiscal 2021 was an anomalous year
with record sales that will not be reached again this year,
revenues nevertheless have permanently shifted upward from
pre-pandemic levels. We believe fiscal 2022 revenues will remain
about 10%-15% above fiscal 2020, despite a slightly smaller store
base. This increase in revenue represents our view of the growth in
the creative products industry as well as JOANN's improved market
share. Furthermore, we believe a growing economy and increasing
consumer spending in 2021 could provide additional tailwinds.
However, significant uncertainty exists regarding the permanence of
the recent growth in the creative products industry. We continue to
apply a negative one-notch comparable rating analysis modifier to
reflect the risk that demand could revert to pre-pandemic levels
with changing consumer behavior. We also believe competitive
threats, especially from online peers, could challenge JOANN's
recent market share gains.

"We expect the company will effectively manage its working capital,
which should allow consistent free operating cash flow (FOCF).
JOANN's good working capital management allowed it to generate over
$300 million of operating cash flow in fiscal 2021. This is partly
attributed to inventory reduction as the company sold through older
inventory amid elevated demand for its products. We expect a leaner
inventory position moving forward with reduced clearance activity,
which should somewhat benefit gross margin. While we expect the
company's inventory position to remain lean, we forecast around $40
million to $50 million of working capital unwind as delayed
payables and accrued expenses from the prior year normalize in
2021. Nevertheless, we forecast around $20 million to $30 million
of FOCF for the full fiscal year. In 2022 and beyond, we believe
JOANN can consistently generate over $50 million of FOCF annually,
with normalized working capital flows.

"We expect the company will begin paying regular dividends this
year of $0.40 per share, which amounts to around $17 million
annually. In our view, this is a manageable payout that should
allow the company to maintain investments in its growth and store
remodel initiatives.

"The stable outlook on JOANN reflects our expectation that it will
consistently generate positive FOCF and maintain adjusted leverage
below 5x. We also believe its sponsor will support maintaining a
less-aggressive financial policy."

S&P could lower its rating on JOANN if:

-- S&P expects leverage to increase above 5x, either due to a
sponsor-led leveraging transaction, or deteriorating performance;

-- S&P believes the company cannot generate FOCF of at least $50
million annually; or

-- It is unable to maintain its recent market share gains,
demonstrated by negative comparable sales growth.

S&P could raise its rating on JOANN if:

-- It continues to generate consistently positive comparable sales
growth even after consumer behavior normalizes in a post pandemic
environment and the company demonstrates a track record defending
its market share against competitive threats; or

-- S&P expects the sponsor to exit its investment in the company
and it expects S&P Global Ratings-adjusted leverage to be
maintained below 4x.



K3D PROPERTY: Confirmation Hearing Set for June 14
--------------------------------------------------
Judge Shelley D. Rucker has set the hearing to approve the Amended
Disclosure Statement and confirm the Plan of K3D Property Services,
LLC for June 14, 2021, at 9:30 a.m., ET, by telephone.

Judge Rucker fixed June 4, 2021, as the last day for filing written
acceptances or rejections of the Plan, and for submitting ballots.


A copy of the order is available at https://bit.ly/3xuzR1h from
PacerMonitor.com at no charge.

                    About K3D Property Services

K3D Property Services, LLC offers a variety of services, including
home remodeling,  basement finishing, drywall installation and
finishing, tile installation, carpet installation, wall framing,
bathroom remodeling, kitchen remodeling, deck installation and
maintenance, interior and exterior painting, commercial painting,
wallpaper and popcorn ceiling removal, deck staining, concrete
floor coatings, and metal roof painting.

K3D Property Services filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 19
15361) on Dec. 23, 2019. The petition was signed by Kenneth Morris,
its managing member. At the time of filing, the Debtor had
estimated $1 million to $10 million in both assets and
liabilities.

Judge Shelley D. Rucker oversees the case.  

The Debtor tapped Farinash & Stofan and The Fox Law Corporation,
Inc. as bankruptcy counsel; The Law Offices of Stephan Wright PLLC
as special counsel; Lucove, Say & Co. as accountant; and Pointe
Commercial Real Estate, LLC as real estate broker.


KAISER AND ASSOCIATES: Taps Walker and Edwards as Accountant
------------------------------------------------------------
Kaiser and Associates, DDS, P.A., seeks approval from the U.S.
Bankruptcy Court for the Eastern District of North Carolina to hire
Walker and Edwards Financial Group, Inc. as its accountant.

The Debtor requires an accountant to prepare and file its federal
and state tax returns for 2019 and 2020.  

Walker and Edwards will receive a flat fee of $2,500 for its
services.

Carley Walker, an accountant at Walker and Edwards, disclosed in a
court filing that she and her firm do not hold any interest
materially adverse to the interest of the Debtor's bankruptcy
estate, creditors and equity security holders.

Walker and Edwards can be reached through:

     Carley Walker, PA
     Walker and Edwards Financial Group, Inc.
     P.O. Box 759
     Carrboro, NC 27510
     Phone: (919) 933-2101
     Fax: (919) 933-2102

                    About Kaiser and Associates

Kaiser and Associates, DDS, P.A., sought protection for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No.
21-00072) on Dec. 16, 2020, listing under $1 million in both assets
and liabilities.  Judge David M. Warren oversees the case.  William
H. Kroll, Esq., at Everett Gaskins Hancock LLP, is the Debtor's
legal counsel.

John G. Rhyne is the Chapter 11 trustee appointed in the Debtor's
case.  The trustee is assisted by his own firm, John G. Rhyne,
Attorney at Law.

Yellow Breeches Capital, LLC, as creditor, is represented by Louis
Spencer, Esq., at Alexander Ricks PLLC.


KB HOME: Egan-Jones Keeps BB- Senior Unsecured Ratings
------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by KB Home.

Headquartered in Los Angeles, California, KB Home builds
single-family homes in the United States, primarily targeting
first-time and first move-up homebuyers.



KIRBY CORPORATION: Egan-Jones Keeps BB Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 12, 2020, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Kirby Corporation.

Headquartered in Houston, Texas, Kirby Corporation operates a fleet
of inland tank barges.



KNOLL INCORPORATED: Egan-Jones Keeps BB- Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 21, 2020, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Knoll Incorporated.

Headquartered in East Greenville, Pennsylvania, Knoll, Inc. is an
American design firm that produces office systems, seating, files
and storage, tables and desks, textiles, and accessories for the
office, home, and higher education settings.



KOHL'S CORPORATION: Egan-Jones Keeps BB- Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 29, 2021, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Kohl's Corporation.

Headquartered in Menomonee Falls, Wisconsin, Kohl's Corporation
operates a chain of family-oriented department stores.




L BRANDS: Egan-Jones Upgrades Senior Unsecured Ratings to CCC+
--------------------------------------------------------------
Egan-Jones Ratings Company, on March 30, 2021, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by L Brands, Inc. to CCC+ from CCC-. EJR also maintained its 'C'
rating on commercial paper issued by the Company.

Headquartered in Columbus, Ohio, L Brands, Inc. sells women's
apparel and beauty products.



LAMAR ADVERTISING: Egan-Jones Keeps BB- Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 31, 2021, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Lamar Advertising Company.

Headquartered in Baton Rouge, Louisiana, Lamar Advertising Company
owns and operates outdoor advertising structures in the United
States.



LASELL UNIVERSITY: S&P Rates 2021 Refunding Revenue Bonds 'BB+'
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term rating to
Massachusetts Development Finance Agency's $55.8 million series
2021 refunding revenue bonds issued for Lasell University. At the
same time, S&P affirmed its 'BB+' issuer credit rating on the
university and its 'BB+' long-term rating on the series 2011
revenue bonds issued for Lasell University. The outlook remains
negative.

The series 2021 bonds are being issued to refinance all of the
existing bank and public bonds, terminate swaps relating to the
series 2006 and 2008 bonds, fund a debt service reserve fund, and
pay issuance costs. Post-issuance, total pro forma debt is expected
to be about $55.8 million.

"We assessed Lasell's enterprise profile as adequate, characterized
by consecutive enrollment declines in the past five years and a
limited demand profile," said S&P Global Ratings credit analyst
Ying Huang. "We assessed Lasell's financial profile as weak, with
full-accrual operating deficits posted in the last three years,
relatively high student dependence, and a high degree of contingent
liabilities, which pose liquidity risk, even after the refunding."
S&P said, "We understand that the university has a history of debt
covenant violation in fiscals 2017, 2018, for which waivers have
been secured and the related covenant has been removed later
through amendment. The university also breached the DSC covenant
based on second-quarter fiscal 2020 unaudited financial results.
The covenant violation didn't result in debt acceleration, hence we
don't consider it a material credit event."

S&P said, "Combined, these credit factors lead us to assign an
indicative stand-alone credit profile of 'bb'. We believe a final
rating of 'BB+' better reflects the higher endowment per
full-time-equivalent and the stronger retention rate relative to
that of 'BB' rated peers.

"The negative outlook reflects our opinion of the weakening demand
profile as well as continuous operating deficits seen in the last
three years. It also reflects our view of the history of debt
covenant violations, although we understand the proposed
refinancing will restructure the debt terms, which we view
favorably. While we understand the university is working on
leveraging its recent capital investments to stabilize the
enrollment trend and increase its auxiliary revenue, we believe
further deterioration in the demand profile, an increase in
potential for covenant breach, a material weakening in balance
sheet ratios, or sustained operating deficits along with elevated
endowment spending beyond fiscal 2021 could pressure the ratings.

"We would consider a lower rating during the outlook period if
enrollment declines materially, resulting in widening full-accrual
deficit; if available resources decrease from the current levels
such that they are no longer consistent with the current ratings;
or if the university were to issue additional debt without
commensurate growth in available resources. We could also consider
lowering the ratings if future covenant calculations deteriorate to
levels close to the covenant or if there is breach of covenants
that could result in acceleration of the university's debt. Further
unforeseen pressures from the pandemic that cause material
weakening of demand, finances, or the trajectory of the system's
plan to mitigate the effects of the COVID-19 outbreak could also
result in a negative rating action."

A return to stable outlook could occur if the university stabilizes
its enrollment trend and strengthens the demand metrics, improves
operating results to be near break even, improves its balance
sheet, and stays in compliance with its debt covenants.



LATHAM POOL: S&P Upgrades ICR to 'B+' After IPO, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S.-based
swimming pool manufacturer Latham Pool Products Inc. to 'B+' from
'B' and assigned its 'B+' issuer credit rating to Latham Group
Inc.

S&P said, "We are also raising our senior secured first-lien term
loan ratings to 'BB' with a revised recovery rating of '1'
indicting our expectations for very high (estimated: 95%) recovery
in the event of a payment default.

"The outlook is stable reflecting our expectation for continued
EBITDA growth given the favorable industry outlook for new pool
construction in the U.S. that will likely lead to leverage
declining near 2x over the next year."

The upgrade reflects lower pro forma adjusted leverage following
the IPO, but Latham continues to be a financial sponsor-controlled
company. S&P said, "We estimate that about $169 million of debt
will be repaid from a portion of the IPO proceeds resulting in pro
forma fiscal year-end 2020 debt to EBITDA of about 3x compared with
pro forma adjusted debt to EBITDA of just over 4x for a recent
dividend recapitalization this past January 2021. We expect the
company to reduce leverage over the next year closer to 2x given
the favorable operating outlook for pool construction. These
leverage expectations could support a higher rating absent
financial sponsor control. However, the company continues to be
controlled by its majority financial sponsor owner, Pamplona
Capital Management LLC, which owns more than 50% of the company.
Therefore, we believe leverage could increase back above 4x either
because of possible future acquisitions or shareholder returns as
occurred earlier this year. Although Latham has a demonstrated
history of operating with less-aggressive leverage than other
sponsor-controlled entities, and the just completed IPO further
supports our view the company would not operate with a highly
leveraged capital structure, our ratings also consider the
company's exposure to cyclical end markets and a high degree of
seasonality that can periodically weaken its cash flow ratios." In
short, despite modest leverage levels, a higher rating would be
predicated on both sustaining a debt to EBITDA ratio below 3x and
formally committing to such a leverage target given that it is
sponsor controlled.

Latham's operating outlook remains favorable, underpinned by strong
demand for new pools. Operating performance through the first nine
months of fiscal 2020 significantly outperformed expectations with
year-over-year sales growth more than doubling and EBITDA
increasing by close to 50%. Pool construction demand has benefited
from the pandemic, with more at-home leisure activities and
increased demand for housing in the U.S., where people are leaving
urban centers for suburban living. In fact, the company has a
historically high order backlog for new pool starts. This supports
the ongoing favorable growth outlook for the company and should
offset any near-term industry risks such as a labor supply shortage
or unexpected cyclical decline in new pool construction. These
factors do not appear overly optimistic as annual pool
installations remain below the industry's long-term average.

In addition, the company's product mix within new pool construction
should continue to yield above-average growth rates and better
margins. The company has a diverse pool construction portfolio that
is well balanced with No. 1 market positions across fiberglassand
vinyl with modest diversification into replacement liners and
covers. The vast majority of sales, which are evenly split between
dealers and distributors, result from less-cyclical remodeling
demand rather than new home construction demand. Importantly, the
continued market share gains for fiberglass pools over vinyl and
gunite pools given quick installation time for these pools and
lower maintenance costs, underpins S&P's expectation for
above-average industry growth rates. Just under 40% of the company
revenues are generated by fiberglass pools. In the past five years,
the U.S. market share for fiberglass pools has expanded by about
four percentage points to 18% of the market with the expectation
that the share will reach about 25% of the market over the next
five years. Moreover, fiberglass pools generate higher margins and
enable the company to leverage economies of scale with increased
manufacturing volumes of its broad portfolio of fiberglass molds.

The company continues to achieve modest improvement in product
diversification through acquisitions without materially increasing
leverage. The recent acquisitions of GLI Pools will provide the
company with a better growth platform in the vinyl pool category.
The company's minority stake in Premier Pools and Spas partners
Latham with the leading franchisor of the still-fragmented pool
building and pool service operations industry in the U.S. This will
provide the company significant sales synergies given Premier Pools
is the only franchisor with a national footprint and is
strategically committed to increase its share of fiberglass pool
installations. Although the company remains concentrated in
cyclical new pool construction (as opposed to diversifying into the
more stable aftermarket pool equipment segment of the market), its
acquisitions nonetheless complements its market-leading portfolio
and have been prudently financed primarily with common equity.

S&P said, "The stable outlook reflects our expectation that Latham
will continue to increase sales and EBITDA over the next year given
the currently favorable outlook for new pool construction,
including a healthy backlog of pool orders and still-strong
renovation spending in its key markets. Given the company's minimal
capital expenditure (capex) requirements we expect it to generate
about $50 million in annual free operating cash flow (excluding IPO
fees), which should allow the company to repay debt and maintain
debt to EBITDA well below 3x.

"We believe a pronounced and prolonged recession could cause sales
and EBITDA to decline by more than 30% and significantly weaken the
company's cash flow ratios. Therefore, we could lower the rating if
the company faced a severe economic slowdown and debt to EBITDA
were sustained above 4.5x.

"We could raise the rating if the company explicitly committed to
sustaining leverage below 3x. An upgrade would also be predicated
on our expectation that the company's sponsors would relinquish
control within the next few years. Alternatively, we could upgrade
the company if it significantly increases its scale and further
diversifies its product lines (particularly in the aftermarket
segment)."


LINDA M. ARMELLINO: $1.8M Sale of 3 Alexandria Townhouses Approved
------------------------------------------------------------------
Judge Brian F. Kenney of the U.S. Bankruptcy Court for the Eastern
District of Virginia authorized Linda M. and Michael J. Armellino
to sell to Thomas Foster and/or Foster Consulting, Inc., for
$1,795,000, pursuant to a contract dated Feb. 22, 2021, with
Addendums, of the properties known as 206, 208, and 210 Queen
Street, in Alexandria, Virginia 22314, with the Tax ID Numbers
065.03-09-04, 065.03-09-05, and 065.03-09-06, and otherwise
described as:

      Lot 500 of AWS Subdivision, as shown on a plat of a
subdivision prepared by John A. Kephart, dated Nov. 2, 1976, and
recorded March 10, 1977, In Deed Book 851 at Page 133, among the
records of the City of Alexandria, Virginia,

      and

      Lots 501 and 502, of AWS Subdivision, as shown on a plat of
subdivision prepared by John A. Kephart, dated Nov. 2, 1976 and
recorded March 10, 1977 in Deed Book 851 at page 133, among the
land records of the City of Alexandria, Virginia.

The sale includes the personal property and fixtures belonging to
Armac, Inc. as set forth in the Contract.

The proceeds of the sale will be disbursed at settlement in the
following order:

     (1) The ordinary and necessary costs of closing and
recondition, including all realtors' fees and commissions as
disclosed in the sales contract,

     (2) Real property taxes owed to the City of Alexandria,
including the secured portion of the City of Alexandria's claim,
Claim 4-1, and

     (3) The secured claim of with Burke and Herbert Bank, (Claim
No. 7, et seq.) which is to be paid in full, with the provision
that neither the payment of this claim nor anything in the Order
will constitute a waiver of or prejudice the Debtors' rights
against Burke and Herbert Bank under Title 11, Chapter V,
Subchapter III.

Any surplus proceeds of sale after the payments as described are
made will be turned over to the Debtors and placed in their DIP
Account, pending any further order of the Court.

The 14-day stay under Rule 6004(h) is waived.

Upon settlement, the Debtors will promptly prepare and file a
Report of Sale detailing the distribution of the sale proceeds as
described.

Linda M. and Michael J. Armellino sought Chapter 11 protection
(Bankr. E.D. Va. Case No. 20-12475) on Nov. 6, 2020.  The Debtors
tapped Richard Hall, Esq., as counsel.



LOST CAJUN: Wins Cash Collateral Access
---------------------------------------
The Bankruptcy Court for the District of Colorado has authorized
The Lost Cajun Enterprises, LLC and The Lost Cajun Spice Company,
LLC to use of cash collateral and provide adequate protection to
the U.S. Small Business Administration.  

The Debtors are authorized to use Cash Collateral for the period
set forth in the Budget. The Debtors are also authorized: (a) to
exceed any line item on the Budget by an amount equal to 15% of
each such line item; or (ii) to exceed any line item by more than
15% so long as the total of all amounts in excess of all line items
for the Budget do not exceed 10% in the aggregate of the total
Budget.

The SBA will have a perfected post-petition replacement lien
pursuant to 11 U.S.C. section 361(2) on and in all property of
Franchisor acquired or generated after the Petition Date, but
solely to the same extent and priority, and of the same kind and
nature, as the property of Franchisor securing the pre-petition
obligations to the SBA under Loan Authorization and Agreement. All
replacement liens will be valid and perfected without the need for
the execution or filing of any further documents or instruments.
Any replacement liens granted to the SBA pursuant to the terms
hereof be at all times subject and junior to: (i) the fees of the
Office of the United States Trustee pursuant to 28 U.S.C. section
1930; (ii) any court costs, and (iii) the fees and expenses for
Court approved professionals for the Debtors in the amounts and as
set forth in the Budget.

The Court will conduct a final hearing on the Motion on May 14,
2021, at 10 a.m.

A copy of the order is available for free at https://bit.ly/3nw0y0Y
from PacerMonitor.com.

                 About The Lost Cajun Enterprises

The Lost Cajun Enterprises, LLC, located at 204 Main St., Frisco,
CO 80443, filed a Chapter 11 petition (Bankr. D. Col. Case No.
21-12072) on April 21, 2021.  The Debtor disclosed between $100,000
and $500,000 in estimated assets, and between $1 million and $10
million in estimated liabilities.

Affiliate, The Lost Cajun Spice Company filed a petition under
Sub-chapter V of Chapter 11 of the Bankruptcy Code on April 21,
2021.  Lost Cajun Spice estimated up to $50,000 in assets, and
between $500,001 and $1 million in liabilities as of the Petition
Date.  The Debtors' cases are jointly administered.

Amy M. Leitch, Esq., at AKERMAN LLP, represents the Debtors as
counsel.  The petitions were signed by Raymond A. Griffin,
founder.



MACERICH COMPANY: Egan-Jones Keeps BB+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 13, 2020, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by The Macerich Company.

Headquartered in Santa Monica, California, The Macerich Company is
a fully integrated self-managed and self-administered real estate
investment trust.




MACY'S INC: S&P Alters Outlook to Positive, Affirms 'B+' ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from negative
and affirmed its ratings on Macy's Inc., including the 'B+' issuer
credit rating.

S&P said, "The positive outlook reflects that we could raise our
rating on Macy's with consistent performance gains in the next 12
to 18 months, resulting in our expectation for adjusted leverage
sustaining below 4x.

"Amid encouraging signs of economic recovery, we believe operating
conditions for the apparel retail segment are improving faster than
our expectations. We recently revised upwards our forecast of U.S.
GDP growth to 6.5% in 2021 and 3.1% in 2022. An improving
vaccination outlook, faster reopening schedule, and the $1.9
trillion stimulus "shot in the arm" have bolstered consumers'
confidence and financial health. The U.S. Census Bureau reported
clothing and accessories sales at pre-pandemic levels in March. We
believe pent-up demand following a year of suppressed social events
and traveling, will be a tailwind for apparel spending as these
activities resume.

"Macy's fourth-quarter sales and profit declines were not as steep
as we expected, with sequential improvement from the third quarter.
Most recently, the company reported that the momentum of the fourth
quarter of 2020 is continuing into the first quarter of 2021. While
the boost from government stimulus will taper, we expect further
vaccination progress, greater mobility, and improving consumer
confidence to fuel increased spending at Macy's and other apparel
retailers.

"Accelerated growth toward online shopping and new customer
acquisition present opportunities to regain sales and shares, while
an industry headwind remains. We expect Macy's will continue its
fleet transformation, with a focus on rightsizing the number of
stores, making omnichannel investments in remaining stores,
expanding Backstage, and testing the potential of other smaller
off-mall formats (i.e., Market by Macy's). Macy's accelerated
online sales during 2020 by 24%, representing about 44% of total
revenue for the year. The company boosted its omnichannel
capabilities, including enhanced buy online, pick up in store and
curbside pickup, to support higher digital sales. As competitors
such as J.C. Penney Co. Inc. and Belk Inc. filed for bankruptcy
protection, Macy's cited an influx of new customers (7 million in
the fourth quarter) and an opportunity to capture market share,
particularly in digital. In addition, Macy's Backstage continues to
be a growth opportunity in the favorable off-price segment, whose
value proposition will continue to resonate with consumers.

"Still, our longer-term view is that changing consumer preferences
will be difficult to navigate. Declining mall traffic, shifting
category preferences, and online price transparency are persistent
risks for Macy's business. We think Macy's could expedite or expand
its previously announced plan to close 125 stores over the next
three years (currently about 60 more to close). We envision the
shift toward online purchases to continue, which could lead to
lower traffic at brick-and-mortar locations even after they reopen.
As such, we believe Macy's will likely further invest in its
digital business and prune its store footprint, especially
considering the top performers in more favorable A and B malls
representing at least 85% of total sales following the closure of
the 125 stores."

The Polaris strategy and additional cost savings implemented during
the pandemic position Macy's for margin recovery, though execution
risk remains. Before the COVID-19 pandemic, Macy's announced its
three-year Polaris turnaround plan to boost performance by
addressing fleet, cost position, merchandise offering, online
capabilities, and other items. During fiscal 2020, the company
accelerated key initiatives such as increasing digital capabilities
and realigning its cost base, and paused others such as loyalty
tactics and expanding its off-mall presence for Backstage. In June
2020, Macy's announced a reduction in corporate and management
headcount by approximately 3,900 and cut staffing across its store
portfolio, supply chain, and customer support network. These
actions saved approximately $900 million in cost on an annualized
basis. It also generated greater full-price selling; improved
inventory turnover; a healthy stock-to-sales ratio; lower selling,
general, and administrative cost rate; and expense discipline.

S&P said, "We believe continued successful execution of Polaris is
essential in regaining profitability and counterbalancing a
sustained reduction to its top line. Although we expect continued
progress to its previously announced $2.1 billion of annual savings
(which it expects to realize by year-end 2022), we believe adjusted
EBITDA margin improvement to the more than 10% pre-pandemic level
will be gradual as sales deleveraging and higher delivery fee
related to digital sales continue to offset cost cutting in the
next two years. Key risks to our forecast include a
lower-than-anticipated recovery in apparel spending, inventory and
supply chain challenges, execution issues regarding Polaris
strategies, and heightened competition.

"We anticipate improving cash flow generation in the next two years
and liquidity to remain adequate. Macy's debt issuances in the past
12 months and new asset-based lending (ABL) revolving credit
facility bolstered its liquidity position. The company ended 2020
with approximately $1.7 billion cash and $3 billion of untapped ABL
capacity. In June 2020, it raised approximately $4.5 billion in new
financing through $1.3 billion 8.375% senior secured notes and a
$3.15 billion ABL. This addressed imminent liquidity needs,
including funding operations, inventory purchases, accrued payable
obligations, and upcoming debt maturities in fiscals 2020 and 2021.
Following the repayment of $530 million due in January 2021, Macy's
issued $500 million 5.875% senior notes due in 2029 in March to
repay its tender offers for upcoming maturities due between 2022
and 2024. This further extends the company's debt maturity profile
and relieves near-term liquidity concerns.

"Macy's free operating cash flow (FOCF) remained positive in fiscal
2020 despite a sharp revenue and earnings decline, owing to its
efficient inventory management and sharp cost reduction. It also
cut capital expenditure (capex) significantly by more than half
from $1.2 billion in 2019 to less than $500 million in 2020. We
project rising investment requirements in inventory and capex to
more than offset earnings recovery in 2021, resulting in a moderate
cash burn. We anticipate cash flow generation to improve in 2022,
supported by continued recovery in earnings, cash inflow from a
$500 million anticipated tax refund, and normalized inventory
requirement, resulting in FOCF of about $550 million for the
year."

The positive outlook reflects the potential for an upgrade if
Macy's demonstrates sustained consistent performance gains,
resulting in our expectations for adjusted leverage tracking to 4x
or less on sustained basis.

S&P could raise the ratings if it expects:

-- Continued economic improvement and successful execution of its
Polaris strategy result in consistent revenue and margin gains,
with sustained leverage of less than 4x; and

-- Macy's generates meaningful FOCF of at least $200 million
annually through operations as opposed to asset sale proceeds.

S&P could revise the outlook from positive to stable if:

-- A worsening macro environment or operational misstep stall
Macy's sales and profit recovery prospects, resulting in its
expected adjusted leverage remain above 4x; or

-- If S&P does not expect meaningfully FOCF generation of at least
$200 million annually in 2022 and beyond.


MACY'S INCORPORATED: Egan-Jones Keeps CCC+ Sr. Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 15, 2020, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Macy's Incorporated. EJR also upgraded the rating
on commercial paper issued by the Company to B from C.

Headquartered in Cincinnati, Ohio, Macy's, Inc. operates department
stores in the United States.



MALLINCKRODT PLC: Adjusted Protection Payments to Lenders OK'd
--------------------------------------------------------------
Judge John T. Dorsey of the U.S. Bankruptcy Court for the District
of Delaware approved the request of Mallinckrodt PLC and affiliated
debtors to modify the cash collateral order with respect to the
interest rate to be used for computing certain adequate protection
payments required under that order, consistent with the RSA Joinder
and amendment.

Accordingly, the cash collateral order is amended to provide that
the first lien adequate protection payments payable to the
administrative agent, for the ratable benefit of the term lenders
only, will be calculated based on the Adjusted LIBO Rate plus 250
basis points plus the Applicable Margin under the Credit
Agreement.

Any incremental interest resulting from the application of the
amended rate to said period will be payable on the next date after
entry of the order on which an adequate protection payment will be
paid to the term lenders.

In the event the term loans are paid in full in cash on or prior to
the Plan Effective Date, the Debtors will pay the administrative
agent a cash payment equal to the product of (i) 0.50% and (ii) the
Outstanding Amount, so long as the RSA Joinder and Amendment
remains in force with respect to the supporting term lenders.

In a separate order, the Bankruptcy Court held that the Challenge
Period Termination Date set forth in the Final Cash Collateral
Order is extended to the date that is 180 calendar days after the
date on which the Court entered the Final Cash Collateral Order --
for the avoidance of doubt, the extended date for the Challenge
Period Termination Date is May 19, 2021 -- applicable solely to the
Unsecured Creditors' Committee, the Official Committee of
Opioid-Related Claimants and the Future Claimants Representative,
solely in respect of:

     a. the validity, perfection, enforceability, priority or
extent of any Prepetition Liens on the Debtors' (i) insurance
receivables; (ii) cash and Deposit Accounts; (iii) Equity Interests
issued by any Foreign Subsidiary to any Domestic Subsidiary; (iv)
(A) tax refunds (if any) relating to the Debtors' tax year ending
September 25, 2020 or any subsequent tax year and (B) tax refunds
(if any) arising pursuant to the CARES Act (Public L. No. 116-136,
134 Stat. 281 (2020)); and (v) assets held in a rabbi trust; and

     b. avoidance of liens securing, and guarantees of, the
Prepetition Secured Indebtedness based upon theories under Chapter
5 of the Bankruptcy Code and analogous avoidance theories under
applicable non-bankruptcy law (in each case, under this clause (b),
other than with respect to validity, perfection, enforceability,
priority or extent of any Prepetition Liens on Prepetition
Collateral).

Notwithstanding anything to the contrary set forth in the Final
Cash Collateral Order, (i) fee owned Real Property (as defined in
the U.S. Collateral Agreement and the Second Lien U.S. Collateral
Agreement) and leasehold interests in Real Property comprise
Excluded Property (as defined in the U.S. Collateral Agreement and
the Second Lien U.S. Collateral Agreement, as applicable) and (ii)
except to the extent payments in respect thereof constitute
Proceeds (as defined in the U.S. Collateral Agreement and the
Second Lien U.S. Collateral Agreement, as applicable) or products
of Prepetition Collateral, no currently outstanding Commercial Tort
Claims were specified by the Debtors in any amendments,
modifications, or supplements to the Prepetition Documents or the
Second Lien Note Documents (as applicable) before the Petition
Date.

Nothing shall be deemed to extend, or otherwise obligate any party
to further extend the Challenge Period Extension Date beyond May
19, and nothing shall be deemed to prejudice any party's rights to
seek a further extension of the Challenge Period beyond May 19 for
cause. All parties' rights with respect to any such requests for
further extensions are reserved.

                     About Mallinckdrodt PLC

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

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

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

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

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

On April 20, 2021, the Debtors filed their Plan of Reorganization
and the Disclosure Statement related thereto. The Bankruptcy Court
will hold a hearing to consider approval of the Disclosure
Statement on May 26, 2021, at 1 p.m. (prevailing Eastern Time)
before the Honorable John T. Dorsey.



MASONITE INT'L: Moody's Raises CFR to Ba1, Outlook Stable
---------------------------------------------------------
Moody's Investors Service upgraded Masonite International
Corporation's Corporate Family Rating to Ba1 from Ba2 and
Probability of Default Rating to Ba1-PD from Ba2-PD. Moody's also
upgraded the ratings on the company's senior unsecured notes to Ba1
from Ba3. The outlook is stable. The SGL-1 Speculative Grade
Liquidity Rating was maintained.

The upgrade of Masonite's Corporate Family Rating to Ba1 reflects
Moody's expectation that strong credit metrics seen in 2020 will
persist. Credit metrics have recently benefited from a meaningful
improvement in Masonite's operating margin accomplished through
higher product pricing, favorable mix, productivity initiatives and
strong demand. Moody's expects further margin improvement in 2021.
Additionally, Moody's expects the company to maintain conservative
financial policies with respect to leverage, liquidity, acquisition
activity and shareholder friendly transactions. At January 3, 2021
Masonite's debt to EBITDA stood at approximately 2.6x, EBITA to
interest coverage at 5.1x, while EBITA margin exceeded 12%. The
company's residential end markets, including new construction and
repair and remodeling, are expected to remain strong in the next 12
to 18 months and support Masonite's revenue expansion and operating
results.

The upgrade of the rating on Masonite's senior unsecured notes to
Ba1 reflects their position as the majority of debt in the capital
structure and the expectation of a higher recovery rate in a
default scenario given the stronger credit profile. However, the
notes rank behind the claim on assets pledged to the ABL revolver
and general obligations of the operating subsidiaries due to a lack
of guarantees from subsidiaries generating the majority of EBITDA
and cash flow.

The following rating actions were taken:

Upgrades:

Issuer: Masonite International Corporation

Corporate Family Rating, Upgraded to Ba1 from Ba2

Probability of Default Rating, Upgraded to Ba1-PD from Ba2-PD

Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1 (LGD4)
from Ba3 (LGD4)

Outlook Actions:

Issuer: Masonite International Corporation

Outlook, Remains Stable

RATINGS RATIONALE

Masonite's Ba1 Corporate Family Rating is supported by the
company's: 1) strong market position as one of only two vertically
integrated interior molded door manufacturers in North America and
geographically diversified sales; 2) strong competitive position
that benefits from technology innovation and trendsetting products;
3) conservative financial policy and a strong balance sheet; 4)
significant exposure to the repair and remodeling end market, which
tends to be less volatile than new construction; and 5) track
record of operating margin improvement and solid free cash flow
supported by productivity initiatives such as automation, facility
redesigns, and economies of scale.

At the same time, the company's credit profile is constrained by:
1) the cyclicality of residential and commercial end markets; 2)
its active acquisition strategy, which requires good execution to
realize expected synergies, presents integration challenges and may
result in leverage increases; 3) shareholder friendly activities,
including share repurchases; and 4) exposure to volatility in raw
material input costs including steel, wood and chemicals.

The stable outlook reflects Moody's expectation that over the next
12 to 18 months Masonite will benefit from residential end market
tailwinds and demonstrate strong credit statistics.

Masonite's SGL-1 Speculative Grade Liquidity Rating reflects
Moody's expectation that the company will maintain very good
liquidity over the next 12 to 15 months. Masonite's liquidity is
supported by solid free cash flow, $365 million of cash at January
3, 2021, ample availability under the company's $250 million ABL
revolving credit facility, and the flexibility under its springing
fixed charge coverage covenant.

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

The ratings could be upgraded if the company meaningfully expands
scale, improves product diversity and customer mix, achieves
sustained EBITA margin above 14%, maintains conservative financial
policies with respect to leverage, acquisitions and shareholder
returns. Debt to EBITDA approaching 2.0x, EBITA to interest
coverage above 7.0x and consistently strong free cash flow
accompanied by stable end market conditions would be important
considerations for an upgrade.

The ratings could be downgraded if Masonite's debt to EBITDA is
sustained above 3.0x, EBITA to interest expense falls below 5.0x,
EBITA margins decline below 10%, or liquidity deteriorates.
Additionally if the company engages in substantial debt funded
acquisitions and/or shareholder friendly transactions, financial
and operating strategies become more aggressive, liquidity
deteriorates, or end markets weaken, the ratings could be
downgraded.

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

Masonite International Corporation is one of the largest vertically
integrated manufacturers of doors in the world. It offers interior
and exterior doors for both residential and commercial end uses and
serves approximately 7,600 customers in 60 countries. The company's
products include: interior molded, interior stile and rail,
exterior fiberglass and exterior steel residential doors, interior
architectural wood doors, wood veneers and molded door facings and
door core. Its primary geographies of operation include the US, the
UK, Canada, and Mexico. In 2020, Masonite generated approximately
$2.3 billion in revenue.


MBIA INCORPORATED: Egan-Jones Keeps CCC Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 5, 2020, maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by MBIA Incorporated. EJR also maintained its 'C'
rating on commercial paper issued by the Company.

Headquartered in Purchase, Harrison, New York, MBIA Inc. provides
financial guarantee insurance and other forms of credit
protection.



MEDICAL DEPOT: S&P Upgrades ICR to 'CCC+' on Distressed Exchange
----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Medical Depot
Holdings Inc. to 'CCC+' from 'SD' (selective default). The outlook
is negative.

At the same time, S&P raised the issue-level rating on the existing
first-lien debt to 'CCC' from 'D'. The recovery rating is '5'. It
is withdrawing its rating on the 1.5-lien convertible PIK loan
because it was converted into preferred shares (not rated).

The negative outlook reflects persistently high leverage and cash
flow deficits in 2021, limited capacity for underperformance and
the risk of another potential debt restructuring down the road.

The exchange transaction improved the company's liquidity and debt
maturity profile. The recently completed amendment to the
first-lien debt and the conversion of the 1.5-lien convertible PIK
loan into preferred shares provided the company with additional
runway through delayed cash payments to lenders. It also improved
the debt maturity profile by extending the maturity of the
first-lien debt to 2025 from 2023. While this transaction improved
the company's liquidity and debt maturity profile, S&P views the
transaction as distressed since lenders received less than the
original promise.

S&P said, "While the net effect of the COVID-19 pandemic has been
modest, we believe execution risk remains elevated. We project the
company will report a modest revenue decline in 2020, reflecting a
decline in the mobility products segment, partially offset by
growth in the beds and respiratory products business. We also
forecast that the company will report an EBITDA margin expansion of
at least 100 basis points in 2020, reflecting its tight costs
controls during the pandemic and the increase in higher-margin
oxygen concentrator sales. The company has identified value
capturing initiatives that aim to further improve EBITDA in 2021,
but we believe implementation and execution of these structural
changes related to commercial and supply chain improvement can be
challenging and may result in delays and additional costs."

High leverage and focus on commodity-like products lead to
continued pricing pressure and remain key risks. S&P said, "We
expect the company's total adjusted leverage to remain above 12x
and cash flow modestly negative in 2021-2022 as we project EBITDA
improvement to be gradual. We treat the company's new preferred
shares (about $200 million total) as debt because of their
debt-like features, including a PIK coupon and a strictly-defined
maturity date." This adds about 2.7x to Medical Depot's adjusted
leverage ratio.

Medical Depot's leading position in the durable medical device
space only partially offsets these risks. While the company
maintains its leading market position and benefits from selling a
diverse portfolio of products to a broad customer base, its limited
scale, low margins, and limited barriers to entry in this
fragmented and commodity-like product market leave the company
relatively susceptible to price-based competition.

The negative outlook reflects persistently high leverage and cash
flow deficits in 2021, limited capacity for underperformance and
the risk of another potential debt restructuring down the road.

S&P said, "We could lower the rating if Medical Depot's operating
performance deteriorates and free cash flow deficits grow,
constraining its ability to cover its financial obligations over
the subsequent 12 months and increasing the risk of a covenant
breach. We could also lower the rating if the company completes
another debt modification that we view as a distressed exchange or
payment default.

"We could revise the outlook to stable if the company's operational
performance consistently improves such that the risk of another
debt restructuring has decreased. This would include a continuous
improvement in its liquidity position, providing the company more
time to pursue the operational improvements that could make its
capital structure sustainable in the longer term."



MEDOLAC LABORATORIES: $500K DIP Loan, Cash Collateral Use OK'd
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Nevada has authorized
Medolac Laboratories, a Delaware public benefit corporation, to
among other things, use cash collateral and obtain postpetition
financing on a final basis.

The Debtor has an immediate and critical need to obtain the
Postpetition Financing. The Debtor's ability to obtain the
Postpetition Financing is critical to its ability to continue as a
going concern and maintain the going concern value of Debtor's
business during the course of the Chapter 11 Case. The Debtor
asserts that the use of cash collateral or alleged cash collateral
alone would be insufficient to meet Debtor's immediate postpetition
liquidity needs.

The Debtor is authorized to borrow under the DIP Loan Documents up
to the total advance amount of $500,000 in accordance with the
Final Order and the other DIP Loan Documents.

The Debtor may use the proceeds of the DIP Loan Facility and the
Cash Collateral solely to pay outstanding Obligations as provided
in the DIP Loan Documents and the Final Order in accordance with
the Budget.

As security for the full and timely payment of the Obligations,
Doug Hughes, the DIP Lender is granted valid, binding, enforceable,
unavoidable and fully perfected security interests, liens and
mortgages in and upon all the pre-petition and any and all
post-petition property of the Debtor.

The DIP Lender is also granted, subject only to the Carve-Out,
pursuant to section 364(c)(1) of the Bankruptcy Code, an allowed
administrative expense claims in the Chapter 11 Case having
priority over all claims against the Debtor.

The liens and claims (including the DIP Superpriority Claims)
granted to the DIP Lender in the Final Order and the DIP Loan
Documents will be subject to the payment, without duplication, of
these fees and claims (collectively, the "Carve-Out"): (a) fees
owed to the Office of the United States Trustee; (b) fees payable
to the Clerk of the Bankruptcy Court; (c) the fees and expenses of
professionals of the Debtor retained under sections 327 or 328 of
the Bankruptcy Code that are incurred or accrued on or prior to the
Maturity Date, to the extent: (i) they are in the Budget; and (ii)
that such amounts are later approved by the Bankruptcy Court
pursuant to the Bankruptcy Code.

The Postpetition Liens will not be subject to challenge and will
attach and become valid, perfected, enforceable, non-avoidable and
effective by operation of law as of the Petition Date without any
further notice, act or action of or by any Person or entity, and
without the necessity of execution by the Debtor, or the filing or
recordation, of any financing statements, security agreements,
vehicle lien applications, mortgages, filings with the U.S. Patent
and Trademark Office or U.S. Copyright Office, or other documents.


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

                   About Medolac Laboratories

Medolac Laboratories, A Public Benefit Corporation --
https://www.medolac.com -- is a producer of human milk-based
nutritional and therapeutic products intended to provide breast
milk to preterm babies.

Medolac Laboratories filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
21-11271) on March 17, 2021.  Elena M. Medo, chairman and chief
executive officer, signed the petition.  

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

Judge August B. Landis oversees the case.

The Debtor tapped Larson & Zirzow, LLC as its bankruptcy counsel,
Hone Law, LLC as special counsel, and Helmut Koehn, PC as
accountant.



MERCER INTERNATIONAL: Egan-Jones Keeps B Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 14, 2020, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Mercer International Incorporated.

Headquartered in Vancouver, Canada, Mercer International, Inc. owns
and operates three modern pulp mills.



MOSAIC COMPANY: Egan-Jones Keeps B+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on March 31, 2021, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by The Mosaic Company.

Headquartered in Tampa, Florida, The Mosaic Company produces and
distributes crop nutrients to the agricultural communities.




NAVISTAR INTERNATIONAL: Egan-Jones Keeps CCC+ Sr. Unsecured Ratings
-------------------------------------------------------------------
Egan-Jones Ratings Company, on April 5, 2020, maintained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by Navistar International Corporation. EJR also
maintained its 'C' rating on commercial paper issued by the
Company.

Headquartered in Lisle, Illinois, Navistar International
Corporation manufactures and markets medium and heavy trucks,
school buses, mid-range diesel engines, and service parts.



NEW YORK COMMUNITY BANCORP: S&P Affirms 'BB+' ICR
-------------------------------------------------
S&P Global Ratings affirmed its 'BB+' issuer credit rating on New
York Community Bancorp Inc. (NYCB) and its 'BBB-/A-3' ratings on
New York Community Bank. S&P revised the outlook to positive from
negative.

On April 26, 2021, New York-based New York Community Bancorp Inc.
(NYCB) announced a definitive agreement to acquire Michigan-based
Flagstar Bancorp in an all-stock transaction.

In S&P's view, the acquisition will somewhat improve NYCB's
business line and revenue diversification, customer deposit
funding, and interest rate risk position; however, the combined
company will still have concentrations in commercial real estate
and be exposed to residential mortgage banking volatility.

The outlook revision reflects S&P's views about the benefits of
NYCB's planned acquisition of Flagstar (not rated), including some
business and revenue diversification, and improved funding and
interest rate risk positioning. It also reflects the increased
likelihood that NYCB's asset risk from the New York City area
downturn will lessen, given the recovery underway in the local
economy and NYCB's expectation about a reduction in modified
commercial real estate (CRE) loans. However, the rating affirmation
at a low investment-grade bank level rating considers that NYCB's
exposures to the higher-risk lending businesses of CRE lending and
mortgage banking will still be larger than most regional bank
peers, while its capital, funding, and liquidity positions will be
satisfactory but not strong. Positively, NYCB continues to have a
record of low loan losses.

NYCB, with $58 billion in assets, has definitively agreed to
acquire Troy, Mich.-based Flagstar Bancorp ($29 billion in assets)
in an all-stock transaction valued at about $2.6 billion. The
acquisition will be consistent with NYCB's strategy of operating
branches in noncontiguous regions of the U.S., and adds 158
branches, mostly in Michigan, and also Indiana, Wisconsin, and
Ohio, as well as 87 loan production offices related to Flagstar's
national residential mortgage business. In total, NYCB will have
about 400 branches in nine states. NYCB will retain the Flagstar
marketing banner--in line with its use of multiple banners in
different geographic markets.

Post-acquisition, NYCB's pro forma exposure to multifamily loans
will decline to 56% of loans from 75%; its exposure to other CRE
will increase slightly to 17% of loans from 16%.NYCB's CRE
concentration relative to regulatory capital will decline to 550%
from 750%. While improved, these concentrations are significantly
higher than most rated regional banks. However, NYCB has an
excellent asset-quality record for its largest portfolio:
multifamily loans on rent-regulated properties in the New York City
area. Flagstar will add mortgage warehouse loans to the mix (11% of
loans). Commercial and industrial (C&I) loans will be only 9% of
pro forma total loans (including NYCB's syndicated specialty
finance portfolio), but S&P expects NYCB will focus on the growth
of C&I loans as a major part of its strategy.

The addition of Flagstar should substantially improve the
contribution of noninterest revenue to total revenue at NYCB.Using
2015-2020 averages, pro forma noninterest income to total revenue
improves significantly to 35% of revenue, although with some
concentration in mortgage fees that are highly cyclical. This
compares favorably with NYCB's currently low noninterest income
proportion of about 14% of total revenue.

The acquisition will help NYCB's funding profile and shift its
interest rate position so that it can benefit from rising rates,
but the mortgage banking business adds complexity. In line with
NYCB's key strategy of improving its customer deposit funding, NYCB
expects that its pro forma ratio of loans to deposits will decrease
to 108% from 126%, and its cost of funds will decline to 0.70% from
0.88%. While each of these metrics will be better than NYCB's
stand-alone metrics, they are still worse than many regional bank
peers. As a positive, NYCB's noninterest bearing deposits will rise
to about 21% from 10% of total funding. However, Flagstar's large
mortgage business--an originate-and-sell model--relies on the
securitization market as a major funding source; S&P views this as
a risk.

A key benefit of the transaction is NYCB's expectation that its
interest rate risk position will shift to an asset-sensitive
position, so that net interest income will likely increase when
interest rates rise. NYCB has a long history of being
liability-sensitive and has been seeking this change for several
years. Still, NYCB will need to manage the interest rate risk
complexities that stem from Flagstar's mortgage origination and
servicing businesses, including its potentially volatile mortgage
servicing rights asset, which has grown sharply in the past year to
$428 million as of March 31, 2021.

Asset quality has held up reasonably well at both companies,
despite the economic downturn. As of March 31, 2021, Flagstar's
nonperforming loans to total loans was about 0.40% and NYCB's was
0.08%. Flagstar had a net recovery in first-quarter 2021, while
NYCB had zero net charge-offs. NYCB estimates that the combined
company had only 20 basis points of cumulative losses over the past
three years.

Still, NYCB has high exposure to multifamily and other CRE
(including retail and office) loans in the New York City area that
have been particularly vulnerable to the economic downturn stemming
from the pandemic. As of March 31, 2021, NYCB continued to have
about $2.5 billion, or 6%, of total loans that are modified to pay
interest only. Notably, the company said the majority of these
loans are scheduled to exit their deferral period during the second
quarter and it expects the majority of these to return to
full-payment status. Still, S&P is somewhat cautious about the
health and future performance of borrowers who have needed payment
deferrals.

Post-acquisition, risk-adjusted capital ratios should remain
adequate, while earnings generation should be stronger.NYCB
estimates that its common equity Tier 1 (CET1) ratio will increase
to 10.4% at closing from 9.84% as of March 31, 2021. The company
does not plan any common share repurchases and it expects its
dividend payout ratio--which historically has been quite high--to
decline to below 50%. NYCB's risk-adjusted capital ratios may
increase-—which S&P views positively, but it expects that NYCB's
tangible common equity ratio will remain lower than many peers, in
the 7% area. Still, NYCB expects improved earnings generation, such
as a return on average assets of about 1.20%.

S&P said, "We believe that the merger will likely cause some
integration risk, but we don't expect this risk to be unusually
high.NYCB plans to retain experienced senior executives at
Flagstar--for example in mortgage banking and commercial
banking--which should aid the transition, and importantly, help
growth and stability in those businesses. Both banks use the same
core system provider, which should lessen operational risks, in our
view. NYCB expects the acquisition will close by the end of 2021,
pending shareholder and regulatory approvals.

"The positive outlook indicates that we could upgrade our ratings
on NYCB by one notch over the next two years if the company
successfully integrates the Flagstar acquisition and shows a track
record of improved funding, interest rate risk management, and
earnings while maintaining good asset quality and adequate capital.
NYCB would have to maintain key financial metrics commensurate with
higher rated peers and well manage operational risks associated
with its major businesses. We also factor in our expectation that
the recovery will continue in the local New York City economy as
well as nationally, and asset quality will remain broadly
resilient.

"We could revise the outlook to stable if nonperforming assets or
net charge-offs rise, possibly reflecting a stall in the New York
City area recovery. We could also revise the outlook if unexpected
risks emerge in Flagstar's mortgage banking business or if
integration risk from the acquisition poses management,
operational, or financial issues."



NEXT PLC: Egan-Jones Keeps BB Senior Unsecured Ratings
------------------------------------------------------
Egan-Jones Ratings Company, on April 9, 2020, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Next Plc.

Headquartered in Leicester, Next Plc conducts retailing, home
shopping, and customer services management operations.



NORTONLIFELOCK INC: Egan-Jones Keeps BB- Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 13, 2020, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by NortonLifeLock Incorporated.

Headquartered in Tempe, Arizona, NortonLifeLock Inc. provides
consumer cybersecurity solutions.



NOV INCORPORATED: Egan-Jones Keeps B+ Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company, on April 13, 2020, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by NOV Incorporated.

Headquartered in Houston, Texas, NOV Inc. offers equipment and
components used in oil and gas drilling and production operations,
oilfield services, and supply chain integration services to the
upstream oil and gas industry.



OFFICE DEPOT: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2021, maintained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by Office Depot, Inc. EJR also maintained its 'C'
rating on commercial paper issued by the Company.

Headquartered in Boca Raton, Florida, Office Depot, Inc. operates a
chain of office product warehouse stores in North America, Europe,
Asia, and Central America.



OLYMPUS DEVELOPMENT: Trustee's $785K Sale of Nashville Asset OK'd
-----------------------------------------------------------------
Judge Randal S. Mashburn of the U.S. Bankruptcy Court for the
Middle District of Tennessee authorized the proposed private sale
by William Timothy Stone, Chapter 11 trustee for Olympus
Development Group, LLC, of the real property located at 5731 Knob
Road, in Nashville, Davidson County, Tennessee, to Julie Yriart and
Will Choppin for $785,000, minus payment of the Buyers' closing
costs of up to $7,000 and payment for certain repairs up to
$24,500, pursuant to the terms of the Agreement.

The Trustee is authorized to enter into all documents necessary in
order to effectuate the expeditious sale of the Property to the
Buyers for the Final Sale Price.  He is authorized to execute sale
documents on behalf of himself and the bankruptcy estate.

The Property is to be sold as is, where is, and free and clear of
any liens, pursuant to the terms of the Agreement.  Any valid and
proper lien will attach to the proceeds of the sale. The Trustee
will convey by valid bankruptcy trustee's deed, or appropriate
instrument, the right, title and interest that the Trustee has the
right to convey.  All real estate taxes due and other customary
closing costs will be paid from the proceeds of the sale at
closing.  Current year's taxes will be prorated to date of deed.

RE/MAX Choice Properties, the Buyers' agent, will be paid 3%
commission on the sale of the Property.  No other party is entitled
to a real estate commission.

                  About Olympus Development Group

Olympus Development Group, LLC is the fee simple owner of three
residential properties in Nashville, Tenn., having a total current
value of $1.61 million.

Olympus Development Group sought Chapter 11 protection (Bankr.
M.D.
Tenn. Case No. 21-00459) on Feb. 17, 2021.  Josephine Saffert,
manager, signed the petition.  In the petition, the Debtor
disclosed total assets of $1,665,967 and total debt of $1,685,896.
Judge Randal S. Mashburn oversees the case.  

The Debtor tapped Griffin S. Dunham, Esq., at Dunham Hildebrand,
PLLC, as its legal counsel.

William Timothy Stone is the trustee appointed in the Debtor's
Chapter 11 case.  The trustee is represented by Thompson Burton,
PLLC.



ONATAH FARMS: Morrows' Private Sale of Mountain Grove Property OK'd
-------------------------------------------------------------------
Judge Robert E. Grant of the U.S. Bankruptcy Court for the Northern
District of Indiana, Fort Wayne Division, authorized the private
sale proposed by Movants Douglas W. Morrow and Mary Beth Morrow,
affiliates of Debtors Onatah Farms, LLC, MBD Farms LLC, and NCI
Farms LLC, of the real estate, commonly known as 221 Route 2, in
Mountain Grove, Missouri 65711, pursuant to the terms of the
Purchase Agreement.

The sale is free from any claims, liens, or encumbrances.  

                     About Onatah Farms LLC

Onatah Farms LLC and its affiliates sought protection under
Chapter
11 of the Bankruptcy Code (Bankr. N.D. Ind. Lead Case No.
21-10091)
on Feb. 3, 2021.  Douglas Morrow, member, signed the petitions.

At the time of filing, the Debtor disclosed assets of between $1
million and $10 million and liabilities of between $10 million and
$50 million.

Judge Robert E. Grant oversees the case.

Overturf Fowler LLP and Steeplechase Advisors, LLC serve as the
Debtors' legal counsel and financial advisor, respectively.



OWENS & MINOR: Egan-Jones Keeps B- Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on April 12, 2020, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Owens & Minor Incorporated. EJR also maintained its
'B' rating on commercial paper issued by the Company.

Headquartered in Virginia, Owens & Minor, Inc. distributes medical
and surgical supplies throughout the United States.



OXFORD INDUSTRIES: Egan-Jones Cuts Senior Unsecured Ratings to B
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Oxford Industries Incorporated to B from B+. EJR
also downgraded the rating on commercial paper issued by the
Company to B from A3.

Headquartered in Atlanta, Georgia, Oxford Industries, Inc. operates
as an international apparel design, sourcing, and marketing
company.



PARAMOUNT SCHOOLS: S&P Assigns 'BB+' ICR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issuer credit rating (ICR) to
Paramount Schools of Excellence, Ind. The outlook is stable.

"We assessed Paramount's enterprise profile as strong,
characterized by its excellent academics, growing enrollment,
seasoned management, and favorable charter standing," said S&P
Global Ratings credit analyst Mikayla Mahan. S&P said, "We assessed
Paramount's financial profile as vulnerable due to the school's
modest pro forma lease-adjusted maximum debt service (MADS)
coverage for the rating, even when adjusting for one-time revenues
and expenses related to the pandemic in fiscal 2020. We view the
school's declining cash position as a weakness. While we expect
reserves may strengthen in the near term, they may moderate again
over time as the school continues to expand."

The school's sufficient level of revenue, low debt burden compared
with that of peers, and historically robust operating margins
balance these risks. S&P's view of these factors, combined, leads
to an anchor of 'bb'. Paramount's long operating history and strong
enterprise profile, coupled with its low debt burden, provide a
holistic uplift to the rating, resulting in an issuer credit rating
of 'BB+'.

S&P said, "We view the risks posed by COVID-19 to public health and
safety as an elevated social risk for the charter school sector
under our environmental, social, and governance (ESG) factors.
However, in our view, Paramount's social risk is not as elevated,
as the school's enrollment has grown throughout the pandemic and
its virtual education has been received well, prompting a permanent
online academy opening in fall 2021. Indiana's per-pupil funding
has also remained steady through fiscal years 2020 and 2021,
although we will continue to monitor the impact of the pandemic on
state budgets over the longer term. We consider the school's
governance and environmental risks as in line with the sector.

"We could consider a positive rating action in the outlook period
if Paramount is able to meet enrollment projections while improving
its cash position and MADS coverage to levels commensurate with a
higher rating.

"We could lower the rating or revise the outlook to negative if the
school's margins, coverage, or cash were to deteriorate as the
school expands its operations. We would also view a softening of
the school's demand profile negatively. Although we think that
Paramount has taken proactive steps to address COVID-19, we could
consider a negative rating action during the outlook period should
unforeseen pressures related to the pandemic materially affect the
school's demand, finances, or trajectory."


PBS BRAND: Fine-Tunes Plan Ahead of April 28 Hearing
----------------------------------------------------
PBS Brand Co., LLC, et al., on April 27, 2021, submitted a Second
Modified First Amended Combined Disclosure Statement and Chapter 11
Plan of Liquidation dated March 17, 2021.

The Confirmation Hearing has been scheduled for April 28, 2021 at
10:00 a.m. to consider final approval of the Plan as providing
adequate information and Confirmation of the Plan.

The Combined Plan and Disclosure Statement contemplates the
fulfillment and consummation of a number of transactions and
commitments evidenced in part by a Restructuring Support Agreement
by and among the Debtors, the Committee, and the Prepetition
Secured Lender and DIP Lender, pursuant to which, among other
things, the Prepetition Secured Lender will (i) remit payment of
Allowed Administrative and Priority Claims, and (ii) fund a trust
for the liquidation of the Estates' remaining assets, including
pursuing certain Causes of Action.

The Debtors, together with the Committee, CrowdOut and Sortis,
reached agreement upon a proposed form of order consistent with the
Court's ruling at the March 10, 2021 hearing, and on March 16,
2021, the Court entered an Order approving the sale (the "Sale
Order"). On March 18, 2021, the Sale to Crowdout closed.

On March 31, 2021, the Bankruptcy Court entered an Order approving
the Private Sale Motion, and on March 31, 2021, the private sale to
Sortis' designee closed. After the approval of the Private Sale
Motion and subsequent closing, all Sortis Claims against the
Debtors, including but not limited to all Claims in Class 1 of the
Plan have been waived and released.

On January 21, 2021, the Debtors filed their Schedules and
Statements of Financial Affairs. The total amount of claims on the
Petition Date was approximately $73,200,000, not including
duplicates. That including secured claims of approximately
$22,000,000, priority claims of approximately $800,000, general
unsecured claims against the estates, totaling approximately
$19,100,000, and intercompany claims of approximately $31,250,000.
The Debtors expect that a significant portion of those claims will
be paid and/or otherwise assumed by the Purchaser.

On February 12, 2020, the Debtors filed a motion to establish a bar
date of approximately April 5, 2021 for filing of claims, including
claims arising under Section 503(b)(9), and a separate bar date of
June 29, 2021, for governmental authorities.

Like in the prior iteration of the Plan, Class 5 General Unsecured
Claims totaling 14,500,000 will recover 3% to 6% of their claims,
while Class 6 Convenience Class of Unsecured Claims totaling
$381,653 will recover 5% of their claims.

A copy of the Second Modified First Amended Combined Plan and and
Disclosure Statement dated April 27, 2021, is available at
https://bit.ly/3vs7QW9 from Omniagentsolutions, the claims agent.

Counsel to the Debtors:

     Jeffrey R. Waxman
     Eric J. Monzo
     Brya M. Keilson
     Sarah M. Ennis
     Morris James LLP
     500 Delaware Avenue, Suite 1500
     Wilmington, DE 19801
     Telephone: (302) 651-7700
     E-mail: jwaxman@morrisjames.com
     E-mail: emonzo@morrisjames.com
     E-mail: bkeilson@morrisjames.com
     E-mail: sennis@morrisjames.com

                      About PBS Brand Co.

Denver-based PBS Brand Co. LLC and its affiliates own and operate
"Punch Bowl" restaurants and bars across the United States.

PBS Brand Co. and its affiliates concurrently filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Lead Case No. 20-13157) on Dec. 21, 2020. Stacy
Johnson Galligan, authorized representative, signed the petitions.
In its petition, PBS Brand disclosed assets of between $10 million
and $50 million and liabilities of the same range.

Judge John T. Dorsey oversees the cases.

The Debtors tapped Morris James LLP as their legal counsel; SSG
Advisors, LLC as investment banker; Omni Agent Solutions as the
claims, noticing and balloting agent; and Gavin/Solmonese LLC and
B. Riley Advisory Services as restructuring advisors.  Edward Gavin
of Gavin/Solmonese and Mark Shapiro of B. Riley both serve as chief
restructuring officers.

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors on Jan. 6, 2021.  Porzio, Bromberg & Newman,
P.C., and Province, LLC, serve as the committee's legal counsel and
financial advisor, respectively.


PENN VIRGINIA: Fitch Assigns FirstTime 'B-' LT IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has assigned a first-time Long-Term Issuer Default
Rating (IDR) of 'B-' with a Stable Outlook to Penn Virginia
Corporation (PVAC) and Penn Virginia Holdings, LLC. Fitch has also
assigned issue-level ratings of 'BB-'/'RR1' to the senior secured
reserve-based lending (RBL) credit facility and a 'B+'/'RR2' rating
to the second lien term loan issued by Penn Virginia Holdings,
LLC.

PVAC's 'B-' rating reflects the company's high margin,
liquids-weighted assets in the Eagle Ford, advantaged Gulf Coast
market access which leads to generally higher unhedged realized
prices versus peers, strong PDP-linked hedge book, expectations for
moderately positive FCF and forecast sub-1.5x leverage metrics.
Offsetting factors include the company's long-term inventory
uncertainty which heightens the need for a credit-conscious capital
allocation policy to extend inventory life. The company's currently
high RBL utilization weakens the liquidity profile and increases
refinance risk; however, the ratings also incorporate Fitch's
current expectation that management will proactively refinance the
second lien term loan and reduce outstanding RBL borrowings to
alleviate liquidity and refinance risks.

KEY RATING DRIVERS

Limited Liquidity, Refinance Risk: The company's currently high
revolver utilization ($228 million outstanding with a borrowing
base of $350 million) as of March 31, 2020 heightens liquidity and
refinance risks as both the RBL and second lien term loan mature in
2024. However, Fitch expects management will address the RBL
borrowings and maturity profile through a refinancing transaction.
Fitch believes this is consistent with peers that have similar
capital structures and will allow for meaningful reduction of RBL
borrowings and second lien term loan debt which will improve
liquidity and reduce refinance risk.

Two-Rig, Returns-Focused Capital Program: Fitch expects PVAC's
two-rig drilling program will generate modest production growth
through the rating horizon. The company was producing over 20 mbopd
and 25 mboepd for the seven days ended March 31, 2021 with modest
growth expected by year-end, and management's returns-focused
approach should help maintain positive FCF. Fitch believes
management's 2021 capital budget will be largely aimed at the more
oil-weighted, north-eastern part of its acreage footprint. The
company has already seen strong preliminary well results since 2H20
and Fitch believes the continued use of multi-well pads and
efficiency improvements is consistent with management's focus of
cash-on-cash returns and supports overall higher EURs and FCF.

Strong, PDP-Linked Hedge Book: PVAC maintains substantial PDP hedge
coverage that mimics the pay-out profile of its wells to lock in
returns and also mitigates downside pricing risks. The company
primarily uses collars which provide additional upside potential
and currently has a substantial portion of its PDP reserve base
hedged through 1H 2023. Fitch expects management to continually
layer in hedges to lock in attractive returns and believes the
company's proactive hedging program supports FCF generation and
improves overall financial flexibility which helps de-risk future
RBL repayment.

Positive FCF, Sub-1.5x Leverage: Fitch's base case forecasts
moderately positive FCF generation of approximately $20 million-$30
million per year over the rating horizon given the company's strong
hedge book and its disciplined, returns-focused drilling program
which should result in mid-to-low-teen production growth rates.
Fitch forecasts PVAC's capital program to be in-line with guidance
at around $220 million in 2021 with growth-linked spending
increases thereafter as the company will look to continue its
operational momentum and expand the PDP base. Fitch-calculated
gross debt/EBITDA is forecast at 1.6x in 2021 and is expected to
improve to sub-1.5x levels thereafter following production growth
momentum and the expected prioritization of FCF towards reducing
RBL borrowings.

Liquids-Rich Asset, Long-Term Inventory Uncertainty: Fitch believes
PVAC's asset base is high quality given its concentrated,
liquids-rich footprint in the Eagle Ford and advantaged Gulf Coast
pricing, but long-term drilling inventory is limited and increases
the need for future development capital to maintain inventory life.
Management has identified approximately 500 drilling locations,
which assuming approximately 40 gross well spuds per year, implies
an inventory life of approximately 12 years. Two-thirds of those
locations, representing approximately eight years of inventory
life, are estimated to have an average well-level IRR of 55% at
$55/bbl. Fitch believes the company has sufficient acreage to
regain operational momentum in the medium and near term, but
recognizes there is uncertainty around maintenance of unit
economics of the bottom third of inventory in addition to resource
life extension in the medium and long term.

DERIVATION SUMMARY

With 24.3 mboepd sales volume in 2020, PVAC is much larger than
Eagle Ford peer BlackBrush Oil & Gas L.P. (CCC+; 6.5 mboepd in
3Q20, 73% liquids), but is materially smaller than growth-focused
Midland operator Double Eagle III Midco 1 LLC (B/RWP; 45.8 mboepd
in 3Q20, 85% liquids) and SM Energy Company (B/Stable; 126.9 mboepd
in 2020, 63% liquids). PVAC's oily acreage footprint in the
northeast part of the Eagle Ford supports their peer-leading 90%
liquids mix for 2020 and strong margin profile.

The company benefits from strong gulf coast pricing and more
advantaged market access, which typically leads to unhedged
realized prices higher than Fitch's E&P peer average.
Fitch-calculated operating costs of $12.0/boe were higher than SM
Energy ($9.8/boe) in 2020, but remain consistent with the Eagle
Ford peer average.

PVAC maintained relatively conservative leverage metrics in 2020
with Fitch-calculated debt/EBITDA of just 2.1x, supported by
approximately $80 million of commodity cash settlements given their
strong PDP-linked hedging program. This is similar to both Double
Eagle (1.9x, 2020 forecast) and SM Energy (2.3x, 2020). Fitch
forecasts leverage will improve to sub-1.5x levels following
production growth and the expected prioritization of FCF towards
reducing RBL borrowings.

KEY ASSUMPTIONS

-- WTI oil price of $55/bbl in 2021 and $50/bbl in 2022 and
    thereafter;

-- Henry Hub natural gas price of $2.75/mcf in 2021 and $2.45/mcf
    in 2022 and thereafter;

-- Single-digit production growth in 2021 followed by growth in
    the mid-to-low teens thereafter;

-- Capex of approximately $220 million in 2021 followed by
    production-linked spending thereafter;

-- Prioritization of forecast FCF towards RBL repayment.

RATING SENSITIVITIES

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

-- Production growth resulting in average daily production
    approaching 50 Mboepd while maintaining inventory life;

-- Mitigate future liquidity and refinance risks through cash
    retention and/or economic inventory life extension;

-- Mid-cycle debt/EBITDA sustained at or below 2.0x.

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

-- Loss of operational momentum resulting in average daily
    production sustained below 20 Mboepd;

-- Inability to mitigate future liquidity and refinance risks
    through cash retention and/or economic inventory life
    extension;

-- Mid-cycle debt/EBITDA sustained at or above 3.0x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Limited Liquidity: As of March 31, 2021, PVAC had $11.9 million of
cash on hand and $228.9 million outstanding under the $350 million
RBL credit facility, which limits liquidity and increases refinance
risks as both the RBL and second lien term loan mature in 2024.
Fitch expects management will address the liquidity and maturity
profiles through a refinancing transaction, which is consistent
with peers that have similar capital structures and high RBL
balances.

The liquidity profile is also supported by the company's strong
hedge book, management's focus on cash-on-cash returns and
continued operational efficiencies, which Fitch believes should
generate approximately $20 million-$30 million of FCF per year.

ESG CONSIDERATIONS

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


PENN VIRGINIA: S&P Assigns 'B-' ICR, Outlook Stable
---------------------------------------------------
S&P Global Ratings assigned a 'B-' issuer credit rating to Houston,
Texas-based exploration and production company Penn Virginia Corp.

The stable outlook reflects S&P's expectation of positive free cash
flow generation and credit measures that are appropriate for the
rating.

Penn Virginia has a relatively small production and reserve base
but high exposure to liquids production. The company has about
90,100 net acres across Gonzales, Fayette, Lavaca, and DeWitt
counties in the Eagle Ford Basin. Penn Virginia's average
production in 2020 was 24,281 barrels of oil equivalent per day
(BOEPD) and April 1, 2021 reserves totaled 136.5 million barrels of
oil equivalent (MMBOE), on the smaller side of our rating universe.
It operates 99% of its acres and 92% of acreage is held by
production. Reserves were about 60% proved undeveloped as of Dec.
31, 2020, and will require meaningful additional capital to
develop. However, the company has significant exposure to oil, with
over 75% of both production and reserves weighted towards oil,
which provides for stronger profitability compared to peers.
Additionally, the company's access to Gulf Coast markets provides
an opportunity to receive higher prices for its production. Penn
Virginia has identified approximately 500 drilling locations in its
inventory, equating to about 12 years of drilling at its current
pace with two-thirds of those drilling locations averaging more
than 55% well level rate of return at $55/barrel (bbl) West Texas
Intermediate (WTI) oil price. Additionally, the company does not
have any acres on federal lands, which eases potential regulatory
burdens. Penn Virginia plans to utilize two drilling rigs in 2021,
drill 43 gross wells, and turn 40 gross wells on line while closely
monitoring commodity prices and costs.

S&P said, "Our assessment of its financial risk as highly leveraged
reflects its private equity ownership. On Jan. 15, 2021, Penn
Virginia closed on transactions with affiliates of Juniper Capital
whereby Juniper contributed $150 million of cash and oil and gas
assets to Penn Virginia in exchange for approximately 60% of the
total voting power and economic interest in the company.
Additionally, Juniper has five of the nine board seats at Penn
Virginia with Juniper's Managing Partner as chairman. We expect
Penn Virginia will maintain conservative financial policies with
debt to EBITDA between 1x-1.5x; however, companies with financial
sponsors will typically follow a more aggressive financial policy
at some point to achieve desired returns. We expect Penn Virginia
to generate some free cash flow in 2021 and reduce debt/EBITDA
towards 1x. We also expect the company to continue to hedge
production to support cash flows, evidenced in 2021 with over 75%
of expected 2021 production hedged. And we expect Penn Virginia
will continue to focus on its cost structure and capital returns.

"The stable outlook reflects our view that Penn Virginia will
increase production and reserves while maintaining adequate
liquidity and financial measures in-line with the current rating
over the next 12 months, including funds from operations (FFO)/debt
above 50%. Additionally, the company's strong hedging program
provides a measure of cash flow protection and we expect free cash
flow will be used for debt reduction.

"We could lower the rating if we viewed leverage as unsustainable
or if liquidity becomes constrained. This could occur if commodity
prices fall below our expectations, if the company does not meet
expected production targets, or if its capital spending is
significantly above our expectations. Additionally, liquidity could
be constrained by any reduction in the company's current borrowing
base.

"We could raise our ratings on Penn Virginia if the company
improves the scale of its reserves and production to levels more
consistent with higher rated peers, while maintaining adequate
liquidity. Additionally, an upgrade would require us to re-evaluate
Penn Virginia's private equity ownership and potential impact to
financial policies in conjunction with a decrease in sponsor
ownership."



PENNSYLVANIA REAL: Egan-Jones Keeps CCC- Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 16, 2020, maintained its
'CCC-' foreign currency and local currency senior unsecured ratings
on debt issued by Pennsylvania Real Estate Investment Trust. EJR
also downgraded the rating on commercial paper issued by the
Company to D from C.

Headquartered in Philadelphia, Pennsylvania, Pennsylvania Real
Estate Investment Trust is a self-administered real estate
investment trust involved in acquiring, managing, and holding real
estate interests for current yield and long-term appreciation.



PEYTO EXPLORATION: Egan-Jones Keeps B+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 5, 2020, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Peyto Exploration & Development Corporation.

Headquartered in Calgary, Canada, Peyto Exploration & Development
Corporation is an oil and gas exploration and production company.



PG&E CORPORATION: Egan-Jones Hikes Senior Unsecured Ratings to CCC
------------------------------------------------------------------
Egan-Jones Ratings Company, on April 12, 2020, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by PG&E Corporation to CCC from CCC-. EJR also upgraded the rating
on commercial paper issued by the Company to C from D.

Headquartered in San Francisco, California, PG&E Corporation is a
holding company that holds interests in energy-based businesses.



PHILLIPS 66: Egan-Jones Cuts Senior Unsecured Ratings to BB+
------------------------------------------------------------
Egan-Jones Ratings Company, on April 14, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Phillips 66 to BB+ from BBB-.

Headquartered in Houston, Texas, Phillips 66 is a downstream energy
company.



PHYTO-PLUS: Wins Cash Collateral Access
---------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, has authorized Phyto-Plus Inc. to use cash collateral
retroactive to March 16, 2021 and provide adequate protection.

The Debtor is authorized to use the cash collateral of Swift
Financial, LLC as Servicing Agent for WebBank and Ascentium Capital
to pay: (a) amounts expressly authorized by the Court, including
payments to the United States Trustee for quarterly fees; (b) the
current and necessary expenses set forth in the budget, plus an
amount not to exceed 10% for each line item; and (c) additional
amounts as may be expressly approved in writing by the Secured
Creditors.

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

As adequate protection, the Secured Creditors will have perfected
post-petition liens against cash collateral to the same extent and
with the same validity and priority as their prepetition liens,
without the need to file or execute any document as may otherwise
be required under applicable non bankruptcy law.

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

A copy of the order is available for free at https://bit.ly/3aM3h0Y
from PacerMonitor.com.

                      About Phyto-Plus Inc.

Phyto-Plus Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-01225) on March 16,
2021. In the petition signed by Marco A. Abbiati, president, the
Debtor disclosed up to $500,000 in both assets and liabilities.

Judge Michael G. Williamson oversees the case.

Buddy D. Ford, P.A. is the Debtor's counsel.



PIONEER NATURAL: Egan-Jones Keeps BB Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 31, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Pioneer Natural Resources Company.

Headquartered in Irving, Texas, Pioneer Natural Resources Company
operates as an independent oil and gas exploration and production
company.





PIONEER NATURAL: Egan-Jones Keeps BB Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on April 5, 2020, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Pioneer Natural Resources Company.

Headquartered in Irving, Texas, Pioneer Natural Resources Company
operates as an independent oil and gas exploration and production
company.



POWER CORPORATION: Egan-Jones Keeps BB+ Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 5, 2020, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Power Corporation of Canada.

Headquartered in Montreal, Canada, Power Corporation of Canada
operates as a diversified management and holding company.



PRIME HEALTHCARE: S&P Rates New $150MM Senior Secured Notes 'B-'
----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level and '3' recovery
ratings (indicating an expected recovery of 55%) to Prime
Healthcare Services Inc.'s proposed offering of $150 million 7.25%
senior secured notes due 2025. The new notes are to be issued under
the indenture of the company's existing $700 million 7.25% senior
unsecured notes due 2025. Prime Healthcare will use proceeds from
the notes to repay outstanding amounts under its MPT (Medical
Properties Trust) Loan Agreements and for general corporate
purposes. S&P's 'B-' issuer credit rating and stable outlook are
unchanged by this announcement.

S&P said, "Despite the company's relatively large scale (31
hospitals in 14 states) and adjusted leverage of less than 5x, we
view Prime Healthcare's business model as vulnerable, given its
overly hospital-centric strategy and its high reliance on emergency
room admissions. This vulnerability is highlighted by its
comparatively low margins and limited, volatile free cash flow. The
company has returned to being acquisitive, having acquired St.
Francis Medical Center in Lynwood, California, in August 2020, its
first acquisition since 2017. We expect the company to seek similar
acquisitions with the proceeds it raises from the proposed
transaction. Acquisitions will add to Prime Healthcare's scale and
further diversify its revenue base. We project the company's
adjusted net leverage will remain in the 4x-5x range."



PROFRAC SERVICES: S&P Upgrades ICR to 'CCC+', Outlook Stable
------------------------------------------------------------
S&P Global Ratings raised its issuer credit and senior secured
ratings on ProFrac Services LLC to 'CCC+' from 'CCC'.

S&P said, "Our stable outlook reflects the strengthening market
conditions, which we expect will support an improvement in the
company's liquidity and financial performance, particularly in the
second half of 2021 and into 2022 when we expect its average debt
to EBITDA to improve below 3x and its funds from operations (FFO)
to debt to rise above 30%."

The market conditions in the U.S. oilfield services (OFS) sector
are improving but remain challenging.

S&P said, "We expect an excess supply of completions equipment and
restrained drilling activity by the E&P industry to limit any
near-term improvement in the market conditions for the OFS sector.
Nevertheless, we do expect market conditions to improve in the
latter half of 2021 as this equipment is used and not replaced and
drilling levels improve, followed by a more significant improvement
in 2022. We believe this will be supported by an increase in crude
oil prices, including our WTI price assumption of $55 per barrel
(/bbl) for the remainder of 2021 and 2022. We also expect ProFrac
to benefit from its young fleet and the recent increase in its
market share as some of its competitors exited the sector in 2020.
Nevertheless, the well completion segment of the OFS sector remains
among the most volatile markets in the energy industry and its
nascent recovery could be short-lived if crude oil prices retreat
from our expectations and the E&P industry maintains its newfound
capital discipline by quickly reducing its completions activity.

"We expect ProFrac's financial performance to improve materially in
2021 and 2022.We anticipate the company's revenue and EBITDA will
rebound in 2021 on an increase in its utilization levels and some
margin improvement stemming from its 2020 cost reductions. Although
we believe it will continue to face pricing pressure for much of
2021, ProFrac will likely benefit from its modern and efficient
fleet, most of which uses lower-cost field gas as a fuel. However,
our expectation for an improvement in its performance remains
dependent on the pace of the recovery in E&P spending. We view our
price assumptions, particularly WTI of $55 per barrel in 2021 and
2022, as supportive of an industry-wide increase in spending
relative to the second half of 2020. Although we expect the E&P
industry to remain capital disciplined, we expect wear-and-tear on
existing equipment to reduce the oversupply of completions
equipment, which will likely have a positive effect on ProFrac's
performance beginning in the latter part of 2021. Therefore, we
expect the company's financial measures to materially improve such
that its FFO to debt exceeds 25% and its debt EBITDA falls below 3x
before improving further in 2022. We treat ProFrac's preferred
stock as debt in our calculation of its adjusted debt.

"We expect the company's liquidity to improve in 2021.We anticipate
ProFrac's liquidity will improve gradually through 2021 as its
increasing receivables and cash flow offset its negative working
capital, which will allow it to expand its borrowing base and repay
debt. Nevertheless, we continue to view the company's liquidity as
less than adequate at this time due to the limited availability
under its asset-based lending (ABL) facility and minimal cash
balances. We expect ProFrac to face some working capital usage in
the first half of 2021 as its markets begin to recover, though we
anticipate that its receivables and cash flow will likely improve
in the second half of 2021 as its markets strengthen and support an
increase in its operating cash flow. The company's liquidity will
remain a key factor for our ratings over the next year and could be
the catalyst for a rating action in the future.

"The stable outlook on ProFrac reflects its improving industry
conditions and our expectation that it will generate sufficient
cash flow to support the current rating over the next 12–18
months. We expect that both the company's liquidity and financial
measures will likely improve during 2021 and into 2022, including
debt to EBITDA of less than 3x and FFO to debt of about 30%, if the
nascent recovery in its market is sustained. We expect ProFrac to
use its cash flows to support its near-term working capital needs
before refocusing on repaying its outstanding ABL balance in the
second half of 2021.

"We could lower our ratings on ProFrac over the next 12 months if
its debt to EBITDA approaches 5x or its liquidity weakens
materially from current levels. This would most likely occur if the
recovery in the U.S. economy stalls, leading to a decline in
domestic oil and gas prices that reduces the level of completions
activity. Alternatively, if we believe that ProFrac will pursue
transactions we view as a selective default, most likely due to
weaker conditions in its markets and an increase in its term loan
yield, we could lower our ratings.

"We could raise our ratings on ProFrac if its liquidity improves
while its financial measures remain strong, including FFO to debt
of about 30%. Given the relatively small scale of the company's
operations and the very high volatility in its well completions
business, we would expect it to significantly strengthen its
liquidity to help offset the cyclical swings in its cash flows we
expect to persist throughout the industry. Specifically, we believe
a sustained recovery in E&P drilling levels combined with
restrained new equipment orders by the OFS industry could lead to
such an improvement in ProFrac's liquidity and financial measures
over the next 12–18 months."


PROTECTIVE SPORTS: Defend Your Head Files for Chapter 7 Bankruptcy
------------------------------------------------------------------
John George of Philadelphia Business Journal reports that a Chester
County company focused on developing protective headgear for
football players has filed for U.S. Bankruptcy Court protection.
Protective Sports Equipment International of Chester Springs, which
operates under the name Defend Your Head, filed for Chapter 7 at
the Bankruptcy Court in Philadelphia.

Defend Your Head, in its filing, listed assets of $1.9 million and
liabilities of just under $1.8 million -- including $988,000 owed
to secured creditors and $788,000 owed to unsecured creditors.

Its largest secured creditor is Safer Sports Technologies of
Middletown, Delaware, which is owed $737,000. The company listed 42
unsecured creditors with the largest amount of money, $125,000,
owed to Ted Gaffney of Wakefield, Massachusetts.

Ben Franklin Technology Partners of Southeastern Pennsylvania —
which provided the company with a total of $500,000 in seed funding
in 2014 and 2015 — is listed as an unsecured creditor, but the
amount of money it is owed is listed as $0.

The company's assets consist primarily of $1.4 million in
machinery, equipment and vehicles; $447,000 in intellectual
property including patents, and $90,000 in inventory.

Defend Your Head's core product is the ProTech, which it introduced
in 2016. The ProTech is a patented shell made of specialized
polyurethane foam that fits over sports helmets to reduce the risk
of brain injury due to blunt force trauma. The foam is designed to
absorb and dissipate the energy caused by a hit — extending the
time of impact to the cranium and reducing the risk of traumatic
brain injury.

In addition to using the ProTech with a variety of sports helmets,
Defend Your Head has also studied military applications for its
technology.

In 2018, the company announced it had signed deals for its ProTech
product with Temple University and the University of Pennsylvania.
At that time, Defend Your Head stated the product was being used by
players on more than 250 football teams at the youth, high school
and college levels.

According to its bankruptcy filing, Defend Your Head generated
revenue of $73,500 in 2020 and $133.8 million in 2019.

When the Philadelphia Business Journal profiled Defend Your Head in
2016, John Roman, a former New York Jets lineman who became a
financial services executive after retiring from the NFL, was
serving as the company's CEO. The bankruptcy filing lists Glenn
Tilley, a former All-Ivy League Princeton football player, as the
company's chief executive. Tilley is also listed among the
company's unsecured creditors. He is owed $74,800, according to the
filing.

In the 2016 interview, Roman said he had assembled a leadership
team for the company that also included former Philadelphia Eagles
President Joe Banner, former Villanova and Boston College Athletic
Director Gene DeFilippo, former Boston College quarterback John
Loughery, and Hospital for Special Surgery’s Dr. Brian Kelly.

It could not be determined who, other than Tilley, is still
involved with the company.

Defend Your Head is the successor to a previous company, Protective
Sports Entertainment, that designed the original version of the
company's soft shell technology.

                     About Defend Your Head

Defend Your Head is a Chester County, Pennsylvania-based sports
equipment manufacturer.

Protective Sports Equipment International Inc., doing business as
Defend Your Head, sought Chapter 7 bankruptcy protection (Bankr.
E.D. Pa. Case No. 21-10994) on April 13, 2021.  In the petition,
the Debtor listed assets of $1.9 million and liabilities of just
under $1.8 million and liabilities.

The Debtor's counsel:

       DAVID M. KLAUDER
       Bielli & Klauder, LLC
       Tel: 302-803-4600
       E-mail: dklauder@bk-legal.com



PURDUE PHARMA: 3 Law Firms Give Up Fees in Chapter 11
-----------------------------------------------------
Law360 reports that Skadden Arps Slate Meagher & Flom LLP,
WilmerHale and Dechert LLP have agreed to a settlement with the
U.S. Department of Justice to relinquish $1 million in fees earned
in their representation of Purdue Pharma in its ongoing bankruptcy
cases, after concerns were raised about the adequacy of the firms'
disclosures.

The DOJ Trustee Program said Thursday that the firms failed to
disclose a joint defense and common interest agreement between
Purdue and the Sackler family, the company's owners, in their
retention applications. The agreement created obligations for the
firms to the Sacklers in their defense of hundreds of lawsuits.

                       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.


PURDUE PHARMA: Chillicothe City Opposes Disclosure Statement
------------------------------------------------------------
The City of Chillicothe, Ohio, objected to the Disclosure Statement
filed by Purdue Pharma L.P., and its debtor-affiliates saying the
Disclosure Statement fails to provide adequate information because
the Debtors failed to attach the proposed NOAT Documents, a key
component of the Plan, according to Chillicothe.  The Disclosure
Statement also failed to include specific criteria in the Statement
itself clearly defining which claimants will be treated as
Municipality Claimants in the non-attached NOAT Documents,
Chillicothe added.

Corey D. Moll, Esq., counsel for the City of Chillicothe, at
PORTEOUS, HAINKEL AND JOHNSON, LLP, cited Section 4.4(b) of the
Plan:

"On the Effective Date, pursuant to the Plan, each Holder of a
Non-Federal Domestic Governmental Claim shall have its Claim
permanently channeled to NOAT, and such Non-Federal Domestic
Governmental Claim shall thereafter be asserted exclusively against
NOAT and resolved in accordance with the terms, provisions and
procedures of the NOAT Documents. Pursuant to the Plan, Holders of
Non-Federal Domestic Governmental Claims are enjoined from filing
against any Debtor, Released Party or Shareholder Released Party
any future litigation, Claims or Causes of Action arising out of
such Non-Federal Domestic Governmental Claims, and may not proceed
in any manner against any Debtor, Released Party or Shareholder
Released Party on account of such Claims in any forum whatsoever,
including any state, federal or non-U.S. court or administrative or
arbitral forum, and are required to  pursue such Claims exclusively
against NOAT, solely as and to the extent provided in the NOAT
Documents."

Without including the NOAT Documents, the Disclosure Statement
cannot be considered complete, Mr. Moll contended.  Having failed
to provide detailed information with clear and simple language
delineating the effect of the Plan on Municipality Claimants such
as Chillicothe, Mr. Moll said the Debtor creates an artificiality
as to its plan that
undermines the legal requirements of a Disclosure Statement.

A copy of the objection is available for free at
https://bit.ly/3aK2cqF PacerMonitor.com.

The City of Chillicothe, Ohio, is represented by:

     Corey D. Moll, Esq.
     PORTEOUS, HAINKEL & JOHNSON, L.L.P.
     704 Carondelet Street
     New Orleans, LA
     Tel: (504) 412-6278
     E-mail: cmoll@phjlaw.com

                      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.


PURDUE PHARMA: CHN Creditors Say Disclosure Statement Inadequate
----------------------------------------------------------------
Individual Hospital Claimants, collectively known as Carpenter
Health Network (CHN Creditors), objected to the Disclosure
Statement accompanying the Chapter 11 Plan of Purdue Pharma L.P.,
and its affiliated debtors, complaining that the Disclosure
Statement fails to properly identify the eligibility or
qualifications for any CHN Creditor or Hospital Claimant to perfect
a claim in the Debtors' bankruptcy.  The CHN Creditors also
reported that the draft trust distribution procedures described in
the Disclosure Statement "but the details of which remain shielded
by confidentiality" fail to provide fair or adequate relief for
Hospital Claimants like the CHN Creditors.

According to Corey D. Moll, Esq., of PORTEOUS, HAINKEL AND JOHNSON,
LLP, counsel for the CHN Creditors, the Hospital Trust Documents
were not attached to the Plan or filed with the Disclosure
Statement.  Nevertheless, he pointed out, all CHN Creditors' Claims
will be governed by the terms of the undisclosed Hospital Trust
Documents.

Moreover, each CHN Creditor, who provides healthcare treatment
services, now holds a "Hospital Claim" in the Debtors' bankruptcy
proceeding.  No CHN Creditor, however, is a member of the "Ad Hoc
Group of Hospitals, Mr. Moll noted.

The CHN Creditors filed a Complaint in the National Opioid MDL
against Purdue Pharma, L.P., among other named defendants, on June
12, 2019, setting forth allegations that Purdue Pharma, L.P.
foreseeably caused damages to the CHN Creditors including the
unreimbursed or unrecouped costs of providing medical care and
other treatments for its patients suffering from opioid-related
addiction or disease, as well as overdoses and deaths.  CHN
Creditors have incurred costs to provide adequate treatment to its
opioid-addicted patients at the CHN Creditors' own expense because
insurance covers patient costs associated with addiction treatment
for only a small window of time.

A copy of the objection is available for free at
https://bit.ly/32V91S4 from PacerMonitor.com

The CHN Creditors are represented by:

     Corey D. Moll, Esq.
     PORTEOUS, HAINKEL AND JOHNSON, LLP
     704 Carondelet Street
     New Orleans, LA 70130-3774
     Phone: (504) 581-3838
     Fax: (504) 581-4069
     Email: cmoll@phjlaw.com

                      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.


PURDUE PHARMA: DeSoto Says Key Document Absent in Discl. Statement
------------------------------------------------------------------
Parish of DeSoto, an incorporated political subdivision of the
State of Louisiana, filed an objection to the Disclosure Statement
accompanying the Chapter 11 Plan of Purdue Pharma L.P. and its
affiliated debtors.

Corey D. Moll, Esq., at PORTEOUS, HAINKEL & JOHNSON, L.L.P, counsel
for Parish of DeSoto, said the Disclosure Statement fails to
provide adequate information from which any creditor (including
DeSoto) is able to make an informed decision on the Plan because:

     * the Debtors failed to attach the proposed NOAT Documents,
which is a key component of the Plan, and

     * the Debtors failed to include specific criteria in the
Statement itself clearly defining which claimants will be treated
as Municipality Claimants in the non-attached NOAT Documents.

"Failing to disclose this information is fundamentally unfair as it
deprives DeSoto and other claimants of critical information
necessary to determine how to vote on the Plan and, given the
importance of these issues, could delay confirmation, further
prejudicing all creditors," Mr. Moll said.

Mr. Moll believes that the Plan, as currently constituted, is
patently unconfirmable because it contains unconstitutional
releases and contains a non-consensual channeling injunction.

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

DeSoto filed a complaint against Debtor Purdue Pharma, L.P. (among
other named defendants) on February 6, 2019, setting forth
allegations that Purdue Pharma, L.P. (and other named defendants)
foreseeably caused damages to DeSoto, such as incurring increased
costs and other services for patients and other affected persons
due to opioid-related addiction or disease, including overdoses and
deaths in its community, as well as costs associated with law
enforcement and public safety relating to the opioid epidemic.

Parish of DeSoto is represented by:

     Corey D. Moll, Esq.
     PORTEOUS, HAINKEL & JOHNSON, L.L.P.
     704 Carondelet Street
     New Orleans, LA
     Tel: (504) 412-6278
     E-mail: cmoll@phjlaw.com

                      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.


PVH CORPORATION: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 7, 2020, maintained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by PVH Corporation. EJR also maintained its 'C' rating
on commercial paper issued by the Company.

Headquartered in New York, New York, PVH Corporation designs,
sources, manufactures, and markets men's, women's, and children's
apparel and footwear.



QEP RESOURCES: Egan-Jones Keeps B- Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on March 29, 2021, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by QEP Resources, Inc. EJR also maintained its 'B'
rating on commercial paper issued by the Company.

Headquartered in Denver, Colorado, QEP Resources, Inc. operates as
an independent natural gas, oil exploration, and production
company.



REVLON INCORPORATED: Egan-Jones Keeps C Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 7, 2020, maintained its 'C'
foreign currency and local currency senior unsecured ratings on
debt issued by Revlon Incorporated. EJR also maintained its 'D'
rating on commercial paper issued by the Company.

Headquartered in New York, New York, Revlon, Inc. manufactures,
markets, and sells beauty and personal care products.



RITE AID: Egan-Jones Keeps CCC Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company, on April 20, 2020, maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by Rite Aid Corporation. EJR also maintained its 'C'
rating on commercial paper issued by the Company.

Headquartered in Camp Hill, Pennsylvania, Rite Aid Corporation
operates a retail drugstore chain in various states and the
District of Columbia.



ROB'S TOWER: Wins Cash Collateral Access Thru July 14
-----------------------------------------------------
The U.S. Bankruptcy Court for the District of Maryland has
authorized Rob's Tower Motors Sales & Service of Taneytown, LLC to
use cash collateral on an interim basis in accordance with the
budget through July 14, 2021.

The Debtor has requested that it be allowed to use claimed or
potential cash collateral pursuant to Section 363(c) of the
Bankruptcy Code of Vehicle Acceptance Corporation, Westlake
Flooring Company, LLC, U.S. Small Business Administration, and
Auction Credit Enterprises, LLC in order to provide funds to be
used solely as set forth in the 90-Day Budget in order to avoid
immediate and irreparable harm to the Debtor's estate which will
occur if the Debtor's request is not approved.

The Secured Creditors claim or may claim a security interest in
property of the Debtor consisting of, among other things, Debtor's
accounts receivable and inventory, as well as proceeds thereof.
ACE, Westlake, and VAC and the Debtor have agreed that: (i) ACE has
a properly perfected first priority security interest in the
vehicles financed by ACE, (ii) Westlake has a perfected
first-priority security interest in the vehicles financed by
Westlake, and (iii) VAC has a perfected first-priority security
interest in the vehicles financed by VAC.

The Court says any Secured Vehicle Creditor will hold possession of
all motor vehicle certificates of title for any and all remaining
motor-vehicle inventory financed by that Secured Vehicle Creditor
located on Debtor's lot or in Debtor's possession, custody,
control, or ownership as of the bankruptcy filing date of March 17,
2021.

The Debtor is also authorized to continue to sell the Secured
Vehicle Creditor's Inventory and other motor-vehicles for cash
sales only, subject to the terms of the Consent Order.

On April 30, 2021, the Debtor will tender by wire transfer to ACE's
counsel payment in the remaining amount of $5,501 pursuant to the
Debtor's sale of the 2011 Ford Explorer, VIN # 1FMHK8P84BGA2557,
after application of a partial payment of $7,000 by the Debtor, and
the Debtor will tender by wire transfer to ACE's counsel payment in
the amount of $13,626 pursuant to the Debtor's sale of the 2016
Jeep Patriot, VIN # 1C4NJRFB3GD545077.

On May 10, 2021, the Debtor will tender by wire transfer to VAC's
counsel payment in the amount of $4,763 pursuant to the Debtor's
sale of the 2008 Chevrolet Suburban, VIN # 1GNFK16348J214, into
VAC's counsel's IOLTA account, and payment on or before May 24,
2021 in the amount of $12,185 pursuant to the Debtor's sale of the
2017 KIA Sportage, VIN # KNDPMCAC7H71 into VAC's counsel's IOLTA
account.

As adequate protection to the Secured Creditors for the continued
use of their claimed cash collateral, the Secured Creditors will
receive replacement liens on post-petition accounts receivable and
cash as adequate protection, which replacement liens will be held
by the Secured Creditors in the same extent, validity, priority,
and value as they existed prior to the Petition Date. The
replacement liens will secure an amount equal to the sum of the
aggregate diminution, if any, subsequent to the Petition Date, in
the value of the claimed cash collateral of the respective Secured
Creditors, provided this grant: (i) will be subject to any prior
perfected liens, and (ii) the exercise and enforcement of this lien
remains subject to the Court's determination that a diminution has
occurred.

The Debtor will also maintain insurance coverage on all inventory
and other property constituting the Secured Creditors' collateral.

A hearing on the matter is scheduled for May 19 at 1 p.m.
Objections are due May 14.

A copy of the order and the Debtor's budget is available for free
at https://bit.ly/2Py75eZ from PacerMonitor.com.

The Debtor projects total income of $69,690 and total expenses of
$27,414.78 for the 90-day period from April 14 to July 14, 2021.

                     About Rob's Tower Motors

Rob's Tower Motors Sales & Service of Taneytown, LLC sells used
motor vehicles and provides repair services related to the sale of
the vehicles. Its assets consist primarily of cash, inventory, and
machinery & equipment. It finances its inventory by floor-plan
financing provided by three financing companies.

Rob's operates from a leased facility at 529 E. Baltimore Street,
Taneytown, MD 21787. The property is leased from an unrelated
third-party landlord.

Rob's sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Md. Case No. 21-11670) on March 17, 2021. In the
petition signed by Robert J. Freels, Jr., member, the Debtor
disclosed up to $50,000 in assets and up to $1 million in
liabilities.

The Debtor is owned by its members, Robert J. Freels, Jr. (50%) and
Catherine G. Freels (50%). Primarily due to a significant judgment
being entered against them as guarantors under the Debtor's loan
with Dallas Growth Capital and Funding LLC, d/b/a Sprout Funding,
Mr. and Mrs. Freels filed a Chapter 13 bankruptcy case on March 16,
2021.

Edward M. Miller, Esq. at Miller & Miller, LLP is Rob's counsel.

Auction Credit Enterprises LLC, as Secured Creditor, is represented
by:

     Alan B. Padfield, Esq.
     Padfield & Stout LLP
     420 Throckmorton St., Ste. 1260
     Fort Worth, TX 76102

Vehicle Acceptance Corporation, as Secured Creditor, is represented
by:

     Dennis J. Shaffer, Esq.
     Whiteford, Taylor & Preston LLP
     7 St. Paul St., Ste.15
     Baltimore, MD 21202

Westlake Flooring Company, LLC, as Secured Creditor, is represented
by:

     Jason T. Kutcher, Esq.
     Troutman Pepper Hamilton Sanders LLP
     401 9th St. N.W. #1000
     Washington, DC, 20004




ROKK3R INC: Faces SEC Charges for Deficient Form NT
---------------------------------------------------
The Securities and Exchange Commission charged eight companies for
failing to disclose in SEC Form 12b-25 filings that their request
for seeking a delayed quarterly or annual reporting filing was
caused by an anticipated restatement or correction of prior
financial reporting. The violations were uncovered by an initiative
focused on Form 12b-25 filings by companies that quickly thereafter
announced financial restatements or corrections. Each of the
companies was a public reporting company at the time of the
violations and agreed to settle the Commission's charges and pay
civil penalties.

Public companies are required to file the SEC's Form 12b-25
"Notification of Late Filing," commonly known as "Form NT," when
"not timely" filing a Form 10-Q or Form 10-K and seeking additional
days to file their reports. Companies must disclose on the Form NT
why their quarterly or annual report could not be filed on time, as
well as any anticipated, significant changes in results of
operations from the corresponding period for the last fiscal year.

The SEC orders find that each of the companies announced
restatements or corrections to financial reporting within 4-14 days
of their Form NT filings despite failing to provide details
disclosing that anticipated restatements or corrections were among
the principal reasons for their late filings. The orders also find
that the companies failed to disclose on Form NT, as required, that
management anticipated a significant change in quarterly income or
revenue.

"As today's actions show, we will continue to use data analytics to
uncover difficult to detect disclosure violations," said Melissa R.
Hodgman, Acting Director of the SEC's Enforcement Division, in a
statement April 29. "Targeted initiatives like this allow us to
efficiently address disclosure abuses that have the potential to
undermine investor confidence in our markets if left unaddressed."

"Reporting companies are required to provide investors with timely,
accurate, and full information with which investors can evaluate
the significance of reporting delays," said Anita B. Bandy,
Associate Director in the SEC's Enforcement Division.  "In these
cases, due to the companies' failure to include required disclosure
in their Form 12b-25, investors relying on the deficient Forms NT
were kept in the dark regarding the unreliability of the company's
financial reporting or anticipated material changes in operating
results."

The SEC's orders find that the below listed companies violated
Section 13(a) and Rule 12b-25 under the Securities Exchange Act of
1934 by failing to make the required Form NT disclosures. Without
admitting or denying the findings, the companies agreed to
cease-and-desist-orders that made the following findings and
require payment of the following penalties:

Fortem Resources, Inc. (FTMR) -- Filed one deficient Form NT. The
British Columbia-based company agreed to pay a penalty of $25,000.

TruTankless, Inc. (TKLS) -- Filed one deficient Form NT. The
Arizona-based company agreed to pay a penalty of $25,000.

ShiftPixy, Inc. (PIXY) -- Filed one deficient Form NT. The
Florida-based company agreed to pay a penalty of $25,000.

Rokk3r, Inc. (ROKK) -- Filed one deficient Form NT and filed one
untimely Form 8-K. The Florida-based company, now private, agreed
to pay a penalty of $50,000.

Daniels Corporate Advisory Company, Inc. (DCAC) -- Filed one
deficient Form NT. The New York-based company agreed to pay a
penalty of $25,000.

HQDA Elderly Life Network Corp. (HQDA) -- Filed two deficient Forms
NT. The California-based company agreed to pay a penalty of
$50,000.

Asta Funding, Inc. (ASTA) -- Filed one deficient Form NT and filed
one Form 10-Q outside the extension period. The New Jersey-based
company, now private, agreed to pay a penalty of $50,000.

Igen Networks Corp. (IGEN) -- Filed one deficient Form NT.  The
California-based company agreed to pay a penalty of $25,000.

The SEC’s investigation was conducted by Jonathan Cowen and
supervised by Jeffrey P. Weiss and Ms. Bandy.


SALON PROZ: Wins Cash Collateral Access Thru July 22
----------------------------------------------------
The U.S. Bankruptcy Court for the District of South Carolina has
authorized Salon Proz, LLC to use cash collateral on an interim
basis through July 22, 2021, in accordance with the budget, with a
10% variance.

The Debtor requires the use of cash collateral to pay its ordinary
expenses associated with its business operation and administration
of the bankruptcy estate. The Debtor's primary business purpose is
to collect rent.

The only creditor which may claim a lien on cash collateral is
South Carolina Community Bank d/b/a Optus insofar as it holds an
assignment of rents.  Optus Bank and the United States Trustee's
Office have filed timely objections, which are resolved by the
Order.

On July 16, 2009, the Debtor obtained financing through an SBA loan
from Optus' predecessor, South Carolina Community Bank.  In 2011,
SCCB filed a foreclosure action against the Debtor in Richland
County Case No. 2011-CP-40-7187. The Debtor contested the
Foreclosure Action and numerous matters regarding the Optus note
were disputed as of the petition date.

On October 12, 2020, the State Court entered an Order appointing a
Receiver over the Property in the Foreclosure Action based on,
among other reasons, the Debtor's failure to pay taxes and
insurance on the Property.

The Debtor anticipates its future income to be around $11,150 due
to a combination of new tenants and increasing the rents received
from the two long term tenants owned by Yvonne Jones, The Event
Hall, LLC and Office Suites, LLC so as to run the income and
expenses for the Property through the DIP accounts solely.

The Debtor is budgeting $1,500 per month to be saved towards
property taxes on the Property.

In its objection the UST requested further information. The UST was
interested in knowing whether any insider will be paid in the
budget. Presently, Debtor does not intend to pay any insiders prior
to confirmation. The owner of the Debtor has a separate job and
does not rely on the rent for her livelihood.

The UST requested information about rent paid to the Debtor by
insiders. The Debtor represents at the time of the bankruptcy
filing, it had 7 leases, three of which, Inez New Beginnings, LLC,
Office Suites, LLC and The Event Hall, LLC, are to companies
belonging to the principal of the Debtor Yvonne Jones and 4 to
non-insiders. Total rent paid to the Debtor under the leases
existing on the petition date was $5,250 and the 7 leases were
month to month. Of this rent, the 3 companies owned by Ms. Jones
each paid the Debtor $100 per month rent plus varying expenses the
Debtor could not afford to carry, such as utilities, then subleased
space for additional rent at a profit. The rent Debtor collected at
the time of the filing in particular for the space rented to Ms.
Jones' companies, was at sub-market rent in exchange for these
companies paying the operating expenses.

All rent to be paid to Debtor by Ms. Jones' companies or others was
current as of the petition date. For transparency, new leases at
higher rent and longer terms are being executed with all tenants,
including Ms. Jones' 3 companies with the Debtor paying all
corporate expenses itself. This change requires the Debtor to use
its cash collateral in order to pay utilities, maintenance and
upkeep on its property.

The parties have agreed the Debtor may manage the Property as
Debtor-in-Possession on an interim basis through July 22, 2021,
pending any further Court order regarding any request from Optus or
the UST for appointment of a chapter 11 Trustee or a receiver to
act as manager of the Debtor.

The Debtor will pay $1,500 monthly as adequate protection to Optus
for ninety days beginning May 1, 2021, absent further order from
the court.

The Debtor will also maintain all insurance policies on the
Property and timely pay all post-petition taxes on the Property.

Optus will maintain its purported lien on cash collateral, absent
any future modification made by the court, and will be granted a
replacement lien and security interest in all postpetition rents,
and such lien will be deemed perfected upon entry of this order
without the necessity of any further filings or actions by Optus to
protect its interest, but only to the extent and priority that such
lien existed as of the petition date.

A continued hearing on the matter is set for July 22 at 11 a.m.

A copy of the order is available at https://bit.ly/3aPH0j7 from
PacerMonitor.com.

                         About Salon Proz

Salon Proz, LLC, a Columbia, S.C.-based single asset real estate
debtor (as defined in 11 U.S.C. Section 101(51B)), filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. S.C. Case No. 21-00820) on March 23, 2021.  Yvonne
Jones, managing member and owner, signed the petition.  At the time
of filing, the Debtor disclosed $500,000 to $1 million in assets
and $1 million to $10 million in liabilities.

Moore Taylor Law Firm, PA represents the Debtor as legal counsel.



SANCHEZ TRUCKING: Wins Cash Collateral Access on Interim Basis
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas,
Lubbock Division, has authorized Sanchez Trucking Transport, LLC to
use cash collateral on an interim basis and provide adequate
protection.

The Debtor is authorized to use cash collateral consisting of the
Debtor's $2,174.32 held in a checking account at Lubbock National
Bank of Lubbock, Texas. The deposit account may be subject to the
lien of the Internal Revenue Service. The Debtor seeks to use the
money in the account to pay normal and ordinary expenses incurred
in continuing its operations until such time as the Court enters
the Final Order.

As adequate protection for the Debtor's use of cash collateral, the
Debtors will provide the IRS with a lien on post-petition assets of
the same class and amount as those in which there exists a properly
perfected pre-petition security interest, which would secure the
allowed secured claims of IRS.

The Debtor would pay back any usage of the deposited amount as a
cash collateral payment in the Debtors' Plan.

The IRS is entitled to a superpriority lien pursuant to 11 U.S.C.
section 507(b) to the extent that the value of the collateral
securing its lien against the Debtors' cash collateral is
diminished.

A final hearing on the use of cash collateral has been conducted to
May 26, 2021 at 1:30 p.m.

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

          About Sanchez Trucking Transport, LLC

Sanchez Trucking Transport, LLC is a locally owned company based
out of Petersburg, Texas. The company started business in 1995.
Sanchez Trucking hauls agriculture commodities from Petersburg Coop
Gin. In addition, it also hauls manure from South Plains Compost.
Sanchez Trucking mainly works locally, but in the past it has
hauled products state wide.

Sanchez Trucking filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No.
21-50007) on Jan. 23, 2021.

Judge Robert L. Jones oversees the case.

Tarbox Law, PC, led by Max R. Tarbox, Esq., serves as the Debtor's
counsel.



SCHREINER'S FINE SAUSAGES: Updates Unsecureds' Claim Pay Details
----------------------------------------------------------------
Schreiner's Fine Sausages, Inc., submitted a First Amended
Disclosure Statement in support of First Amended Plan of
Reorganization dated April 27, 2021.

Class 6 consists of Non-Priority Unsecured Claims. Allowed Class 6
claims shall be paid 100% of their claims within 66 months
following the effective date, with interest accruing at the federal
judgment rate on the unpaid balance starting from the petition
date, at the judgment rate in effect in the petition date (0.16%).


The known claims total approximately $310,000, including
approximately $108,900 received by the Debtor on account of the
United States Small Business Paycheck Protection Program, made
available to the Debtor in response to the Covid-19 pandemic, which
is expected to be forgiven. If forgiven as expected, the total
amount of claims would approximate $201,100. Class 6 is impaired
and entitled to vote on the Plan.

Debtor believes that the Paycheck Protection Program loan will be
forgiven as Debtor has met the requirements required for
forgiveness which was to use at least 70% for allowable payroll
expenses and the remaining 30% for other allowable expenses. In the
event that the loan is not forgiven, the interest rate on the loan
would be at 1% and payable after 2 years. Debtor has requested loan
forgiveness which is expected to be received before the
Confirmation Hearing on the Plan of Reorganization.

Class 8 consists of the equity interests in the Debtor. These
equity interests are unaffected by this Plan.

The source of funding for the Plan will come from cash on hand on
the effective date, expected to approximate $200,000, and income
generated from the Debtor's ongoing business operations. The Debtor
shall pay a minimum of $10,000 per month toward payments to allowed
claims under the Plan.

The Plan provides for minimum monthly payments of $10,000 to pay
all creditors in full within 66 months. Total claims to be paid
under the Plan, with interest, are projected to approximate
$450,000 to $500,000, with the potential for increase due to the
final determination of any disputed claims, any claims resulting
from a rejection of a lease or executory contract, and in the event
the approximately $108,900.00 received by the Debtor on account of
the United States Small Business Paycheck Protection Program, is
not forgiven despite anticipated forgiveness. The Debtor's sales
history and projections for business operations support sufficient
income to provide the $10,000.00 monthly payments, which, if paid
over 60 months would equal $600,000.00.

Further, the Debtor's historical financials and projections would
support increased payments above and beyond the $10,000.00 if
necessary to satisfy increased claim amounts in accordance with
their treatment under the Plan, including in the event the amount
received by the Debtor on account of the United States Small
Business Paycheck Protection Program is not forgiven. As detailed
in the projections, with projected gross sales averaging
$167,000.00 for 2021, net income for 2021 is projected to
approximate $180,000.00, which even if overstated by 35%, would
still be sufficient to satisfy the Debtor's plan obligations, and
the projections continue to increase over the coming years.

The hearing where the Court will determine whether or not to
confirm the Plan will take place on June 16, 2021 at 10:00 a.m., in
Courtroom 1568, in the Federal Courthouse located at Roybal Federal
Building, 255 East Temple Street, Los Angeles, CA 90012.

Ballots must be received by May 12, 2021 or it will not be counted.
Objections to the confirmation of the Plan must be filed with the
Court and served upon Robert B. Rosenstein (counsel for the Debtor)
by no later than June 2, 2021.

A full-text copy of the First Amended Disclosure Statement dated
April 27, 2021, is available at https://bit.ly/2Pz6tpz from
PacerMonitor.com at no charge.   

Attorneys for Debtor:

     Robert  B. Rosenstein
     Rosenstein and Associates
     28600 Mercedes Street, Suite 100
     Temecula, CA 92590
     Telephone: (951)296-3888
     Facsimile: (951)296-3889
     E-mail: Robert@thetemeculalawfirm.com

                   About Schreiner's Fine Sausages

Schreiner's Fine Sausages, Inc., operates a wholesale and retail
fine meat market, known as Schreiner's Fine Sausages, located at
3417 Ocean View Blvd, Glendale, California  91208. The Debtor filed
Chapter 11 Petition (Bankr. C.D. Cal. Case No. 20-14808) on May 26,
2020. Robert B. Rosenstein, Esq. of ROSENSTEIN & ASSOCIATES is the
Debtor's Counsel.


SCIENTIFIC GAMES: Egan-Jones Keeps CCC Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2021, maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by Scientific Games Corporation. EJR also maintained
its 'C' rating on commercial paper issued by the Company.

Headquartered in Las Vegas, Nevada, United States, Scientific Games
Corporation provides services, systems, and products to both the
pari-mutuel gaming and instant ticket lottery industries.




SECURE HOME: Gets OK to Hire Kurtzman as Claims Agent
-----------------------------------------------------
Secure Home Holdings, LLC, received approval from the U.S.
Bankruptcy Court for the District of Delaware to hire Kurtzman
Carson Consultants, LLC as claims and noticing agent.

The firm will oversee the distribution of notices and will assist
in the maintenance, processing and docketing of proofs of claim
filed in the Chapter 11 cases of Secure Home Holdings and its
affiliates.

The firm's hourly rates are as follows:

     Analyst                                 $25.50 - $42.50
     Technology/Programming Consultant       $29.75 - $80.75
     Consultant/Senior Consultant/Director   $55.25 - $165.75  
     Securities/Solicitation Consultant           $174.25
     Securities Director/Solicitation Lead        $182.75

Prior to the petition date, the Debtors provided the firm a
retainer in the amount of $20,000.

Evan Gershbein, executive vice president of Kurtzman's corporate
restructuring services, disclosed in court filings that the firm is
"disinterested" as defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Evan Gershbein
     Kurtzman Carson Consultants LLC
     222 North Pacific
     Coast Highway, 3rd Floor
     El Segundo, CA 90245

                    About Secure Home Holdings

Newtown Square, Pa.-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.

Judge J. Kate Stickles oversees the cases.

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 and noticing agent.


SHARPE CONTRACTORS: Unsecureds to Share Pro-Rata on $800K Payments
------------------------------------------------------------------
Sharpe Contractors, LLC, filed with the U.S. Bankruptcy Court for
the Northern District of Georgia an Amended Disclosure Statement in
support of its Chapter 11 Plan.

Funds for distribution under the Plan will be derived from two
sources:

   (a) The payments to the Class 1 creditors will be made by the
Debtor from its operating income.

   (b) The payments to unsecured creditors will be made by Shane
Sharpe, the Debtor's sole member.  Mr. Sharpe will contribute a
total of $800,000 to the General Unsecured Creditors over a
seven-year time frame.

Impaired Classes and their treatment under the Plan:

   * Class 1 (Bank of America).  BOA has filed a proof of claim for
$751,365, secured by a first priority security interest in Debtor's
accounts receivable and a blanket lien on all Debtor's assets.
This claim, however, is subject to objection by Debtor for
miscalculation.  Debtor values BOA's collateral at $176,000
pursuant to Sec. 506 of the Bankruptcy Code.  The Debtor will make
monthly principal and interest payments on BOA's secured claim
amortized over six years at 4.5% interest, in the estimated amount
of $2,794.  Any payments in excess of the said monthly payment
after the Effective Date will be applied to the principal balance
of the Secured Class 1 Claim.  The deficiency claim of BOA will be
treated as a general unsecured claim with voting rights in Class
8.

The following classes of claims are secured claims with liens
junior to that held by Class 1 Bank of America Claim, and shall
therefore be treated as an unsecured claim in Class 8 under the
Plan.  The Debtor's collateral has no equity for these claims:

   * Classes 2 (Selective Insurance Co. of America)

   * Class 3 (Century Fire Protection, LLC) for $24,128

   * Class 4 (24 Capital, LLC) for $359,250

   * Class 5 (American Funding Services) for $349,150

   * Class 6 (Alfa Advance Funding)

   * Class 7 (Ridge Petroleum, Inc.)

   * Class 8 (Non-insider general unsecured creditors).  Holders of
Class 8 claims will be paid a pro rata share in distributions
totaling $800,000 to be funded entirely by Mr. Shane Sharpe.
Disbursements to Class 8 Claims will be in 14 semi-annual payments
of $40,000 beginning six months following the Effective Date and
continuing every six months until the 14th payment is made.  Mr.
Sharpe will also make lump-sum payments of $80,000 on month 24,
month 48, and month 72 following the Effective Date.

   * Class 9 (Equity Interest Holders).  Each equity security
holder will retain its/his Interest in the Reorganized Debtor as
such Interest existed as of the Petition Date. This class is not
impaired and is not eligible to vote on the Plan.

Upon the effective date of the Plan, the Debtor will be
conclusively deemed to have rejected all executory contracts and/or
unexpired leases not expressly assumed under the Plan or before the
date of the Plan confirmation Order.  

Mr. Sharpe will remain the Managing Member of the Debtor and will
be compensated at approximately $240,000 annually.

A copy of the Amended Disclosure Statement is available at
https://bit.ly/3t3em41 from PacerMonitor.com at no charge.

                     About Sharpe Contractors

Sharpe Contractors, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. N.D. Ga. Case No. Case 20-72638) on Dec. 14, 2020.  At the
time of filing, the Debtor estimated 100,001 to $500,000 in assets
and $1,000,001 to $10 million in liabilities.  The Debtor hired
Wiggam & Greer, LLC, as counsel, and Simmons & Jamieson, CPA as
accountant.


SHIFTPIXY INC: Faces SEC Charges for Deficient Form NT
------------------------------------------------------
The Securities and Exchange Commission charged eight companies for
failing to disclose in SEC Form 12b-25 filings that their request
for seeking a delayed quarterly or annual reporting filing was
caused by an anticipated restatement or correction of prior
financial reporting. The violations were uncovered by an initiative
focused on Form 12b-25 filings by companies that quickly thereafter
announced financial restatements or corrections. Each of the
companies was a public reporting company at the time of the
violations and agreed to settle the Commission's charges and pay
civil penalties.

Public companies are required to file the SEC's Form 12b-25
"Notification of Late Filing," commonly known as "Form NT," when
"not timely" filing a Form 10-Q or Form 10-K and seeking additional
days to file their reports.  Companies must disclose on the Form NT
why their quarterly or annual report could not be filed on time, as
well as any anticipated, significant changes in results of
operations from the corresponding period for the last fiscal year.

The SEC orders find that each of the companies announced
restatements or corrections to financial reporting within 4-14 days
of their Form NT filings despite failing to provide details
disclosing that anticipated restatements or corrections were among
the principal reasons for their late filings. The orders also find
that the companies failed to disclose on Form NT, as required, that
management anticipated a significant change in quarterly income or
revenue.

"As today's actions show, we will continue to use data analytics to
uncover difficult to detect disclosure violations," said Melissa R.
Hodgman, Acting Director of the SEC's Enforcement Division, in a
statement April 29. "Targeted initiatives like this allow us to
efficiently address disclosure abuses that have the potential to
undermine investor confidence in our markets if left unaddressed."

"Reporting companies are required to provide investors with timely,
accurate, and full information with which investors can evaluate
the significance of reporting delays," said Anita B. Bandy,
Associate Director in the SEC's Enforcement Division.  "In these
cases, due to the companies' failure to include required disclosure
in their Form 12b-25, investors relying on the deficient Forms NT
were kept in the dark regarding the unreliability of the company's
financial reporting or anticipated material changes in operating
results."

The SEC's orders find that the below listed companies violated
Section 13(a) and Rule 12b-25 under the Securities Exchange Act of
1934 by failing to make the required Form NT disclosures. Without
admitting or denying the findings, the companies agreed to
cease-and-desist-orders that made the following findings and
require payment of the following penalties:

Fortem Resources, Inc. (FTMR) -- Filed one deficient Form NT. The
British Columbia-based company agreed to pay a penalty of $25,000.

TruTankless, Inc. (TKLS) -- Filed one deficient Form NT. The
Arizona-based company agreed to pay a penalty of $25,000.

ShiftPixy, Inc. (PIXY) -- Filed one deficient Form NT. The
Florida-based company agreed to pay a penalty of $25,000.

Rokk3r, Inc. (ROKK) -- Filed one deficient Form NT and filed one
untimely Form 8-K. The Florida-based company, now private, agreed
to pay a penalty of $50,000.

Daniels Corporate Advisory Company, Inc. (DCAC) -- Filed one
deficient Form NT. The New York-based company agreed to pay a
penalty of $25,000.

HQDA Elderly Life Network Corp. (HQDA) -- Filed two deficient Forms
NT. The California-based company agreed to pay a penalty of
$50,000.

Asta Funding, Inc. (ASTA) -- Filed one deficient Form NT and filed
one Form 10-Q outside the extension period. The New Jersey-based
company, now private, agreed to pay a penalty of $50,000.

Igen Networks Corp. (IGEN) -- Filed one deficient Form NT. The
California-based company agreed to pay a penalty of $25,000.

The SEC's investigation was conducted by Jonathan Cowen and
supervised by Jeffrey P. Weiss and Ms. Bandy.


SK MOHAWK: Fitch Affirms 'B' LongTerm IDR, Outlook Negative
-----------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of SK Mohawk Holdings, SARL and Polar U.S. Borrower, LLC, at
'B'. Fitch has also affirmed the long-term, senior first-lien
secured ratings at 'BB-'/'RR2'. The Rating Outlook is Negative.

The 'B' rating reflects the company's diverse mix of intermediate
and additive products, modest cyclicality, elevated leverage and
limited near-term maturities. The Negative Outlook reflects the
company's need to address its 2023 revolver maturity in the next
12-18 months while earnings growth and debt repayment drive total
debt with equity credit/operating EBITDA below 5.5x.

KEY RATING DRIVERS

Preferred Equity Redemption: SK Mohawk is seeking to amend its
Credit Agreement to permit $300 million in new unsecured notes, the
proceeds for which would be used in combination with about $100
million in cash from the balance sheet to redeem roughly $300
million in preferred shares and accrued interest, as well as to pay
down $100 million of the first-lien term loan. Fitch believes that
management views redeeming the preferred shares, which have a
dividend rate of over 16%, as important in terms of managing cost
of capital.

The company's capital structure presently consists of a first-lien
revolver due in 2023 and a first-lien term loan due in 2025. Fitch
therefore notes that with the addition of medium-term unsecured
notes, in order to address the 2023 revolver maturity, the company
may have to simultaneously address the 2025 maturities as well as
those of any newly issued notes. Should the business environment
continue to improve and cash flow generation remain strong, Fitch
believes that the company will be able to adequately address the
capital structure in the near to medium term.

Stability Throughout Coronavirus Pandemic: SK Mohawk exhibit strong
cash flow generation in 2020 despite its products' end uses in
fuel, lubricants and rubber. Though the onset of the coronavirus
pandemic saw a sharp decline in both volumes and price --
particularly in Asia, where the company faced a less favorable
pricing environment -- the company's pharma business served as a
bright spot throughout the pandemic, with solid demand for
ibuprofen and rising demand for propofol, which is used in
intubation.

Though Fitch-calculated EBITDA fell by about 16.6% from 2019 to
2020, management's proactive liquidity management, particularly as
it relates to working capital, resulted in FCF generation of over
$100 million. This allowed the company to maintain an ample
liquidity buffer without taking on additional debt even as it faced
a material demand impact related to the pandemic. Fitch believes
that the company's relative financial health as it emerged from the
pandemic is what allowed it to pursue the unsecured notes.

Ongoing Integration and Centralization: Prior to its acquisition,
SI Group's facilities followed an affiliate model, with each
subsidiary as its own profit center and with its own staff. The
combined company is reviewing its facilities for redundancies,
having already shut down its Songjiang facility with several others
under review, including ongoing attempts to sell the Industrial
Resins business. Additionally, a more disciplined capex process has
resulted in slower spending and a lower go-forward maintenance
capex. Fitch believes that the ongoing optimization of the
company's manufacturing footprint is achievable and has already
materially benefited cash generation.

DERIVATION SUMMARY

Compared with other chemical peers in the 'B' category, SK Mohawk
has relatively high gross leverage. Typically, the greater degree
to which a chemical manufacturer's products are specialized or
otherwise defensible, the greater amount of debt the firm can
support at the same rating level. Kronos Worldwide (B+/Negative)
generally operates with total debt with equity credit/operating
EBITDA of under 2.0x, but its titanium dioxide (TiO2) offerings'
price is highly volatile, leaving the company exposed to large
swings in leverage and volatile cash flows. In contrast, SK
Invictus Intermediate II S.a.r.l. (B+/Negative), which operates at
a similar level of leverage as SK Mohawk, but has a higher rating,
enjoys a number one market position in both of its segments,
including its fire safety retardants segment, which acts as the
sole supplier of fire retardants to the U.S. government, among
other governmental entities. The relative insulation from
competition yields more defensible cash flows, allowing SK Invictus
to operate with higher leverage than these peers. SK Mohawk's
business and cash flow risk profiles are towards the middle of
these peers, with moderately diverse offerings in the additives
space, fragmented competition, and a modest (but improving) cost
advantage.

KEY ASSUMPTIONS

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

-- Vehicle usage roughly at historical levels by YE 2021;

-- Organic revenue growth thereafter in low to mid-single digits,
    driven primarily by volumes;

-- Industrial Resins sold in FY 2022;

-- Successful refinancing in FY 2022;

-- Initial margin expansion driven by continued realization of
    cost synergies and jumping during the forecast's 2022
    industrial resins divestiture - rising utilization rates aid
    margin expansion thereafter;

-- Term loan amortization completed as anticipated with some
    prepayments related to the Excess Cash Flow sweep;

-- Capital deployment primarily toward organic growth.

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

SK Mohawk's GC EBITDA assumption is based on forecast 2021 EBITDA.
The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which the
valuation of the company is based. The going-concern EBITDA depicts
a scenario in which severe volume headwinds in the Rubber and
Adhesives business, and weak growth in other segments due to slower
macroeconomic activity, potentially due to residual softness from
the coronavirus pandemic, leads to a severe drop in both EBITDA and
cash generation. The assumption also reflects corrective measures
taken in the reorganization to offset the adverse conditions that
triggered default such as cost cutting efforts and industry
recovery.

An EV multiple of 6.0x EBITDA is applied to the GC EBITDA to
calculate a post-reorganization enterprise value. The multiple is
comparable to the range of historical bankruptcy case study exit
multiples for peer companies, which ranged from 5.0x-8.0x.
Bankruptcies in this space related either to litigation or to deep
cyclical troughs. The revolving credit facility is assumed to be
drawn at 80%. Fitch's recovery assumptions result in a recovery
rating for the senior secured debt within the 'RR2' range and
results in a 'BB-' rating.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to a
stabilization of the rating outlook:

-- Continued cost synergy capture and/or timely divestiture of
    the Industrial Resins business, resulting in total debt with
    equity credit/operating EBITDA between 4.5x and 5.5x;

-- Proactive addressing of medium-term debt maturities before the
    2023 revolver maturity goes current.

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

-- Continued cost synergy capture, timely divestiture of the
    Industrial Resins business, and greater-than-anticipated
    application of FCF to debt repayment, resulting in total debt
    with equity credit/operating EBITDA durably below 4.5x;

-- Consistently positive FCF generation.

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

-- Slow demand growth, potentially alongside an inability to
    realize a substantial portion of projected synergies and total
    debt with Equity Credit/Operating EBITDA durably above 5.5;

-- FFO fixed-charge coverage durably below 2.0x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Solid Liquidity: SK Mohawk has access to a $250 million revolving
credit facility and a moderate cash balance. In the onset of the
coronavirus pandemic, the company aggressively targeted working
capital reduction in an effort to bolster liquidity. As a result,
the company generated FCF of greater than $100 million in 2020. The
surplus of cash generated during this period will be used alongside
with $300 million in proceeds from the issuance of unsecured notes
to redeem roughly $300 million in preferred equity and $100 million
in first lien term loan debt. Though the company will likely give
some of the working capital back as volumes and operations
normalize, Fitch believes that the revolver will remain mostly
undrawn throughout the forecast horizon. Term loan amortization is
modest at approximately $14.6 million per year, with no significant
maturities until 2025. However, Fitch notes that in order to
address the 2023 revolver maturity, the company may have to
simultaneously address the 2025 term loan and any new unsecured
bond maturities as well.


SK MOHAWK: S&P Alters Outlook to Positive, Affirms 'B-' ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook on SK Mohawk Holdings SARL
(doing business as SI Group) from negative to positive and affirmed
the 'B-' issuer credit rating and existing issue-level ratings.

S&P said, "The positive outlook reflects our expectations for
moderate demand growth in 2021 as the global economy recovers in
key end markets, coupled with cost synergies leading to improved
credit metrics and adequate liquidity.

"We view the proposed amendment as credit neutral.The company is
seeking an amendment to its existing credit agreement to permit the
company to issue up to $300 million of unsecured debt to redeem the
outstanding preferred equity. As we currently treats the preferred
equity as 100% debt in our leverage calculations, this transaction
is leverage neutral." The issuance would not have any impact on the
company's issuer credit rating or existing 'B-' secured issue-level
rating. The unsecured issuance will not have a material impact on
the secured debt holders' recovery prospects. As a result, the '3'
(rounded estimate: 55%) recovery rating on the company's existing
secured debt remains unchanged .

Despite a challenging operating environment, SI Group began to see
a rebound in the second half of 2020 in some key end markets, which
we expect to continue in 2021 as the global economy recovers from
the COVID-19 pandemic. The company experienced a sharp decline in
demand in the second quarter of 2020, including rubber and
adhesives, oilfield solutions, industrial resins, and fuel and
lubricants. Through the second half of 2020, the company has seen
some of these end markets recover as the economy began to reopen.
Through 2020, the company's pharmaceuticals business (ibuprofen and
Propofol) and food packaging products were resilient. Although
full-year 2020 EBITDA was below 2019 levels, it was greater than we
previously expected, leading to stronger-than-forecasted credit
metrics. S&P Global Ratings now predicts moderate U.S., EMEA, and
Asia-Pacific GDP growth for 2021, which will further support growth
for SI Group in 2021.

SI Group continues to remain cash flow positive and has a good
track record of executing synergies. To date, the company has
successfully recognized and exceeded its previously targeted $77
million in cost synergies through 2020, drastically reduced capital
expenditures, focused on managing working capital, and continues to
focus on cost-savings initiatives. Additionally, S&P expects SI
Group to maintain adequate liquidity levels over the next 12
months.

SI Group will continue to benefit from scale, geographic and
end-market diversity, and customer stickiness. S&P believes SI
Group will continue to benefit over the longer term from
longstanding customer relationships in diverse end markets, scale,
and strong geographic diversification, with approximately 55% of
its sales generated internationally (roughly split between Europe
and Asia). Many of the company's performance additives products are
critical to its customers' products while only making up a small
portion of the customers overall spending, leading to customer
loyalty and stickiness. Somewhat offsetting this is the company's
moderate customer concentration, and relatively small overall
market share in the combined additives, intermediates, and health
and wellness addressable markets. Also, the company is exposed to
volatile key raw materials phenol and isobutylene, which account
for approximately 50% of the combined company's raw material
spending. The company has multiple suppliers for these key raw
materials, but unexpected swings in pricing could pressure
profitability.

S&P said, "The positive outlook on SI Group reflects our
expectations for earnings improvement from 2020 levels and stable
to strengthening credit metrics over the next year. We project SI
Group's S&P Global Ratings'-adjusted weighted average debt to
EBITDA will be between 6.0x and 7.0x over the next couple of years.
We expect the company will see improvement in EBTIDA and EBITDA
margins through earnings growth and cost out initiatives.
Supporting the positive outlook is our belief that demand in key
end markets will recover faster than our previous expectations in
the U.S., EMEA, and Asia-Pacific. Before considering an upgrade, we
would likely need to see sequential quarter over quarter earnings
improvement, as the company was heavily affected in key end markets
during 2020, while other end markets such as pharma may have peaked
in 2020.

"We could raise our ratings on SI Group over the next 12 months if
the company continues to show quarter-over-quarter earnings
improvement globally through its key end markets and segments it
serves. In such a scenario, we believe S&P Global Ratings'-adjusted
debt to EBITDA would be sustained below 6.5x on a weighted-average
basis, which would occur with a 100bps improvement in margins from
our base case. Before considering an upgrade, we would need to
believe these credit metrics are sustainable, even after
considering the company's growth initiatives.

"We could revise the outlook to stable if an increase in EBITDA
does not materialize in the first few quarters of 2021 or if
earnings weaken, driven by weaker demand across key end markets
because of a slowdown in the global economic recovery. Although
unlikely, we could lower the rating within the next 12 months if
the global macroeconomic recovery weakens beyond our expectations
leading to S&P Global Ratings' weighted average debt to EBITDA
approaching double digits, which could occur if revenue and margins
decline 500bps from our base case. In addition, we could lower the
rating if the company's liquidity declines such that free cash flow
turns negative and liquidity sources fall below 1.2x uses; however,
given the company's current liquidity position, we do not view this
scenario as likely over the next 12 months."


SLIDEBELTS INC: Seeks to Hire Goel & Anderson as Special Counsel
----------------------------------------------------------------
SlideBelts, Inc. seeks approval from the U.S. Bankruptcy Court for
the Eastern District of California to employ Goel & Anderson, LLC,
as its special counsel.

The firm's services will include the preparation and fling of an
H-1B visa petition with U.S. Citizenship and Immigration Services,
for the benefit of Debtor's employee, Saranya Prakash Babu.

The firm has agreed to a retainer of $2,000 from the Debtor.

The firm does not hold or represent any interest adverse to the
estate, as disclosed in the court filings.

The firm can be reached through:

     Vivek Goel, Esq.
     Goel & Anderson, LLC
     12100 Sunset Hills Road, Third Floor
     Reston, VA 20190
     Tel: +1 703 796 9898
     Fax: +1 703 796 9005

                      About SlideBelts Inc.

SlideBelts, Inc. -- https://slidebelts.com -- is an El Dorado
Hills, Calif.-based belt company founded in 2004.

SlideBelts sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Calif. Case No. 20-24098) on Aug. 25, 2020.  Brig
Taylor, president and chief executive officer, signed the petition.
At the time of the filing, the Debtor disclosed assets of between
$1 million and $10 million and liabilities of the same range.  

Judge Fredrick E. Clement oversees the case.

The Debtor tapped Reynolds Law Corporation as bankruptcy counsel,
Goel & Anderson, LLC, as special counsel, and Frances Hernandez as
accountant.


SMOKEY TOPCO: S&P Affirms 'B-' Rating on First-Lien Debt
--------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issue-level rating on
U.S.-based Smokey TopCo Ltd.'s (d/b/a SmartBear Software)
first-lien debt. The '3' recovery rating is unchanged, indicating
S&P's expectation for meaningful (50%-70%; rounded estimate: 60%)
recovery for lenders in the event of a payment default. SmartBear,
provider of devops tools used in software development and
information technology operations, has announced a definitive
agreement to acquire Bugsnag, an error monitoring technology
software provider. The company intends to finance the acquisition
by upsizing its existing first-lien term loan by $70 million to
$455 million, with additional funding from an incremental
second-lien term loan and new cash equity from sponsors.

S&P said, "Our 'B-' issuer credit rating on SmartBear reflects the
company's small scale in a fragmented competitive landscape, offset
by an expanding devops end market that will support continued
revenue growth. The company recently increased revenues in the
mid-to-high teens percentage area, driven by strong demand for its
API lifecycle management and test management products. We expect
the company to maintain its momentum going forward, and
contribution from Bugsnag should further bolster growth. While this
transaction will meaningfully increase the company's debt burden,
strong revenue and bookings growth will mitigate the impact on
financial metrics, with free cash flow of about $35 million for
2021. We model leverage to remain elevated near 12x through the end
of 2021. Our stable outlook reflects our view that SmartBear will
continue to grow while maintaining profitability and sufficient
cash flow generation."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P affirmed its '3' recovery rating to the company's upsized
$455 million seven-year first-lien term loan due in fiscal 2028 and
$50 million five-year revolving credit facility due in 2026.

-- The '3' recovery rating reflects its expectation that in a
hypothetical default scenario, first-lien lenders would receive
meaningful (50%-70%; rounded estimate: 60%) recovery in the event
of payment default.

-- S&P's simulated default scenario analysis on SmartBear
contemplates a default in 2023 following a significant decline in
revenue from increasing competition. Severe attrition among its
client base and failure to expand into adjacent markets could also
result in an inability to cover its debt and interest expense.

-- In S&P's analysis, it values SmartBear as a going concern,
which would maximize value to creditors.

-- S&P applies a 6.5x EBITDA multiple to an assumed distressed
emergence EBITDA to derive an estimated gross recovery value of
about $345 million. The valuation multiple is consistent with what
it applies to similar software companies and rated industry peers.

Simulated default assumptions

-- Simulated year of default: 2023
-- EBITDA multiple: 6.5x

Simplified waterfall

-- Gross recovery value: $345 million

-- Net enterprise value (after 5% administrative costs): $328
million

-- Valuation split (obligors/nonobligors): 100%/0%

-- Value available to first-lien debt claims: $328 million

-- Secured first-lien debt claims: $505 million

    -- Recovery expectations: 50%-70% (rounded estimate: 60%)



SOLARWINDS HOLDINGS: S&P Downgrades ICR to 'B', Outlook Stable
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on SolarWinds
Holdings Inc. to 'B' from 'B+' and its issue-level rating on its
senior secured debt to 'B' from 'B+' and removed the ratings from
CreditWatch, where S&P placed them with negative implications on
Dec. 22, 2020.

S&P said, "The stable outlook reflects our view that the company
has managed the fallout from the Sunburst breach with minimal
revenue losses and maintained the profitability of its business.
Despite the increase in its leverage following the N-able
divestment, we expect SolarWinds to generate positive free cash
flow and maintain leverage of less than 7x.

"The downgrade reflects our expectation that SolarWinds' S&P Global
Ratings-adjusted gross leverage will be sustained above 6x over the
next 12 months, which is above our downside trigger for the current
rating. While the pace of the company's new sales appears healthy
and it provided better-than-expected preliminary results for the
March quarter, a combination of EBITDA losses from the N-able
divestment (about $121 million), the lack of a reduction in its
debt following the divestment, costs related to the Sunburst breach
(less than $25 million), and modestly lower revenue in 2021 will
cause its S&P Global Ratings-adjusted leverage to remain elevated.

"N-able divestment is credit negative. We expect SolarWinds'
run-rate EBITDA to drop to under $350 million primarily due to its
divestment of N-able, which accounted for about 25% of the
company's 2020 EBITDA. While SolarWinds will receive less than $300
million of proceeds through an inter-company note, we don't expect
it to use these funds to pay down its debt, which will cause its
S&P Global Ratings-adjusted leverage to increase above 6x."

SolarWinds has managed the fallout from the Sunburst breach well.
S&P said, "The company provided preliminary results from the March
2021 quarter that exceeded our base-case expectations for both its
revenue and EBITDA. We believe the company has been proactive in
communicating with its customers about the effects of the Sunburst
breach." It has also received support from other larger companies
(such as Microsoft and FireEye, which were both impacted by the
breach), its government customers as well as during its hearing
before the U.S. Senate Intelligence Committee. Most of its
customers have upgraded Orion (through patches that the company
provided almost immediately following the Sunburst announcement)
and continue to use SolarWinds' network monitoring products.

SolarWinds has indicated that it expects a decline in its renewal
rates (dropping to the low-80% area from the low-90% area prior to
the Sunburst breach) and said it will incur up to $25 million of
annual costs to beef up its security initiatives. Nonetheless, the
company appears to have weathered the worst effects stemming from
the Sunburst breach.

S&P sid, "The stable outlook on SolarWinds reflects our view that
it has managed the fallout from the Sunburst breach with minimal
revenue losses and maintained the profitability of its business.
Despite the increase in its leverage following the N-able
divestment, we expect SolarWinds to generate positive free cash
flow and maintain leverage of less than 7x."

S&P could lower our rating on SolarWinds if its revenue declines or
it faces significantly higher one-time costs related to the
Sunburst breach such that:

-- It sustains S&P Global Ratings-adjusted gross leverage of above
mid-7x; or

-- Its reported free cash flow falls below $40 million.

S&P could raise its rating on SolarWinds if it uses its cash to pay
down debt such that:

-- It sustains S&P Global Ratings-adjusted gross leverage of less
than 6x; and

-- It sustains reported free cash flow to debt of more than 10%.



SOUTHEAST HOSPITAL: Moody's Rates New 2021 Health Bonds 'Ba1'
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to Southeast
Hospital (d/b/a SoutheastHEALTH), MO's (SEH) proposed Health
Facilities Revenue Bonds, Series 2021 of approximately $60 million.
The Series 2021 issuance is expected to be issued as tax exempt
fixed rate with final maturity in 2046. Simultaneously, Moody's has
affirmed the Ba1 rating on SEH's outstanding debt, affecting $118
million of rated debt (approximately $178 million of total rated
debt to be outstanding). The outlook has been revised to positive
from negative.

RATINGS RATIONALE

The assignment and affirmation of the Ba1 reflects expectations
that SoutheastHEALTH's (SEH) will sustain favorable operating
performance and strengthen liquidity over the near-term. SEH's
operating performance will be driven by strong orthopedic volumes
from the system's newly installed and growing orthopedic group and
increased utilization of other specialty service lines. Further,
SEH's favorable market share should be maintained given the success
of the system's narrow network health plan and strategic physician
recruiting efforts. While fiscal 2020 performance saw volume
disruption from the COVID-19 shutdown, expense mitigation
strategies, federal stimulus funds and rapid recovery of surgical
volumes minimized the financial impact, with performance in fiscal
2020 marking a historic high after below average results in 2019.
The Ba1 will anticipate some tempering from 2020's lofty results
given SEH's near-term results that show some leveling off of
performance. Offsetting considerations will include a proposed
material increase in financial leverage and resultant impact on
leverage ratios, an elevated competitive risks given the presence
of a sizable competitor and an aging population with growing
dependency on Medicare and government payors. A defined
contribution benefit plan and minimal lease obligations will not
add additional leverage to the adjusted debt measures.

RATING OUTLOOK

The positive outlook reflects Moody's expectations that SEH will
sustain operating cash flow margins in the 7% to 9% range while
continuing to maintain and grow market share through investments in
specialty service lines. Further, liquidity is expected to
strengthen given that the near-term capital projects will be funded
through bond proceeds.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

-- Continued growth in liquidity

-- Sustained improvement of stronger operating performance levels

-- Continued execution of strategies which translate into market
presence and enterprise growth

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

-- Inability to show durability of operating performance as
anticipated in FY2021

-- Weakening of liquidity

-- Additional debt which materially weakens leverage metrics

-- Material loss of market share or volumes

LEGAL SECURITY

Bonds are secured by a joint and several pledges of unrestricted
receivables of the obligated group, consisting solely of SouthEast
Health hospital. There is a negative mortgage lien with permitted
encumbrances. Additional indebtedness is permitted under the Master
Trust Indenture (MTI).

Financial covenants under the MTI include a debt service coverage
ratio (DSCR) of at least 1.25 times measured semiannually (mid-year
based on a trailing twelve months) and annually based on audited
financial performance, with provisions in place relating to
retention of a consultant if those levels are not met. If the
annual debt service covenant is above 1.25 in the immediately
preceding fiscal year, the obligated group shall not be required to
perform a mid-year debt service calculation. An event of default
will occur if coverage of at least 1.00 is not attained at the time
of measurement. Additionally, there is a liquidity covenant equal
to 60 days cash on hand measured annually. As of fiscal 2020, the
obligated group reported adequate headroom to covenants with
reported maximum annual debt service coverage of 3.87 times and
days cash on hand of 196 days.

A springing MTI will be executed with the Series 2021 issuance and
will take effect once the Series 2021 bonds constitute 51% of
outstanding debt. Under the new MTI, the debt service coverage
ratio requirement will be changed from 1.25 times to 1.10 times and
the requirement to compute and report a mid-year debt service
coverage ratio requirement will be eliminated. Additionally,
failure for the obligated group to achieve the annual debt service
coverage ratio will not constitute an event of default, so long as
a consultant is secured and days cash on hand remains above 60
days. Failure to achieve a historical debt service coverage ratio
of at least 1.00 for two consecutive fiscal years shall constitute
an event of default.

USE OF PROCEEDS

Proceeds will be used to construct a new medical office building,
renovate existing health facilities on the main campus, acquire a
medical office building and purchase of capital equipment.

PROFILE

Southeast Hospital, d/b/a SoutheastHEALTH is a not-for-profit
501(c)(3) health system located in Missouri. The system operates a
flagship hospital of 245 licensed beds in Cape Girardeau, a rural
community hospital in Dexter, and numerous outpatient clinics.

METHODOLOGY

The principal methodology used in these ratings was Not-For-Profit
Healthcare published in December 2018.


SPEYSIDE HOLDINGS: Nebari Natural to Hold Auction on May 26
-----------------------------------------------------------
Nebari Natural Resources Credit Fund I LP ("Secured party") is
selling all of the Delaware and New York Limited Liability Company
Membership Interests of Speyside Holdings LLC, Speyside Holdings II
LLC and CEM III LLC ("Debtors"), that own the real property and
other assets known as the Highland Mills Quarry located in
Highlands Mills, New York, via virtual public auction on May 26,
2021, at 10:00 a.m. EST, by Foley & Lardner LLP.  A link to
participate in the auction will be provided only to the qualified
bidders.

Secured party has the right to credit bid its debt.  The Debtors
are entitled to an accounting of the unpaid debt at no charge.  The
sale may be adjourned.  Notice of any adjourned sale date will be
given only to those that sign a non-disclosure agreement.

For further information regarding the sale, or to review documents
relating to the collateral to be sold, contact:

   Harold Bordwin
   Principal and Managing Director
   Keen-Summit Capital Partners LLC
   500 W 111th St. Apt. 6C
   New York, NY 10025-1908
   Tel: 646-381-9201
   Email: hbordwin@keen-summit.com

Speyside Holdings LLC is located in Highland Mills, New York, and
is part of the Nonmetallic Mineral Mining & Quarrying Industry.


STA VENTURES: $1.5M Sale of 12-Acre Loganville Property Approved
----------------------------------------------------------------
Judge Sage M. Sigler of the U.S. Bankruptcy Court for the Northern
District of Georgia authorized STA Ventures, LLC's sale of its
12-acre subdivision property in Loganville, Walton County, Georgia,
to Applewood VDL Ventures, LLC, for $1.5 million, pursuant to their
Purchase and Sale Agreement.

The Bay Point Capital Limited Objection is sustained and all other
objections to the Debtor's Sale Motion and the Debtor's Sale Motion
Amendment or relief requested therein are overruled.

On the closing date of the Purchase and Sale Agreement executed by
the parties, the Debtor is authorized and directed to execute
documents required by the Purchase and Sale Agreement in order to
transfer the Loganville/Walton County 12-Acre Property to Applewood
free and clear of liens.

The sale is free and clear of all mortgages, security interests,
conditional sale or other title retention agreements, pledges,
liens, judgments and demands of any kind or nature.

From the sale proceeds, the following ad valorem tax payments will
be deducted and paid to tax commissioners as follows:  

     (i) $9,200.96 of tax year 2020 ad valorem taxes due Walton
County on the Loganville/Walton County 35.449-Acre Property because
the Loganville/Walton County 12-Acre Property is included in the
tax parcel for the Loganville/Walton County 35.449-Acre Property;


     (ii) $3,735.17 of tax year 2020 ad valorem taxes due the City
of Loganville on the Loganville/Walton County 35.449-Acre Property
because the Loganville/Walton County 12-Acre Property is included
in the tax parcel for the Loganville/Walton County 35.449-Acre
Property; and  

     (iii) closing costs to be paid by Debtor STA Ventures under
the Purchase and Sale Agreement, which will include cost of
document preparation, courier services, and other normal and
customary charges paid by seller in a real estate closing and
provided in the Purchase and Sale Agreement.

The U.S. Trustee's fees due as a result of the sale of the
Loganville/Walton County 12-Acre Property will not be deducted or
otherwise paid from sale proceeds.

Bay Point Capital's lien as to the Loganville/Walton County 12-Acre
Property, will be transferred to the proceeds of sale of the
Loganville/Walton County 12-Acre Property that remain after payment
of the items specified.

The Debtor, and any escrow agent upon the Debtor's written
instruction, will immediately disburse the sale proceeds identified
to Bay Point Capital at closing of the sale.  Bay Point Capital
will provide the Debtor with written wire instructions in
furtherance of same.  Bay Point is further authorized to apply such
sale proceeds to its claims against the Debtor in accordance with
the applicable loan documents.

The provisions of the Order set out apply in the same manner in the
event purchaser Applewood assigns the Purchase and Sale Agreement
to Sandalwood Capital, LLC as allowed in the Purchase and Sale
Agreement.

                       About STA Ventures

STA Ventures, LLC is a limited liability corporation with
principal
office address at 145 Houze Way, Roswell, Fulton County, Ga.

On June 1, 2020, STA Ventures filed a Chapter 11 bankruptcy
petition (Bankr. N.D. Ga. Case No. 20-66843).  The petition was
signed by Stephen T. Allen, its managing member.  At the time of
the filing, the Debtor disclosed assets of $1 million to $10
million and estimated liabilities of the same range.

The Debtor has tapped Chamberlain, Hrdlicka, White, Williams &
Aughtry as legal counsel; Peach Appraisal Group, Inc. as
appraiser;
and Magaro & Conine, CPA as accountant.



STILL HOPES: Fitch Affirms BB Rating on 2017/2018A Bonds
--------------------------------------------------------
Fitch Ratings has affirmed the 'BB' rating assigned to the
following South Carolina Jobs-Economic Development Authority bonds
issued on behalf of South Carolina Episcopal Home at Still Hopes
(Still Hopes):

-- $39,130,000 Residential Care Facilities revenue bonds (South
    Carolina Episcopal Home at Still Hopes) series 2017;

-- $67,950,000 Residential Care Facilities revenue and revenue
    refunding bonds (South Carolina Episcopal Home at Still Hopes)
    series 2018A.

Fitch has also assigned an Issuer Default Rating of 'BB' to Still
Hopes.

The Rating Outlook is Stable.

SECURITY

Both the series 2017 and 2018A bonds are secured by a gross revenue
pledge and a mortgage on the community and debt service reserve
fund.

ANALYTICAL CONCLUSION

The 'BB' rating and Stable Outlook reflects Fitch's expectation
that Still Hopes' pre-pandemic operating performance will return
and then slightly improve once its recently completed expansion
project generates new cash flows and revenues, allowing the
community to maintain a stable financial profile throughout Fitch's
five-year forward-looking scenario analysis.

As a result of disruptions caused by the pandemic, Still Hopes had
some depressed profitability metrics and softer demand in 2020 (YE
Sept 30). Like many life plan communities (LPCs) in the sector,
Still Hopes witnessed a slowdown in sales and marketing for its
independent living units (ILUs), as well as lower census levels in
assisted living (AL) and its skilled nursing facility (SNF).
However, management notes there has been some recent moderate
recovery in demand for all service lines as the rate of infection
has slowed within and outside the community, and vaccines have been
administered to both staff and residents.

Still Hopes absorbed increased expenses and generated lower
revenues, which should be somewhat offset by government stimulus
when realized in the coming months. Fitch also notes that, although
the community encountered some construction delays with their ILU
expansion project (WellPointe), the units were completed roughly
one week in advance. Sales and marketing are on track with initial
third-party projections, and Fitch believes if the new ILUs are
filled on-time and on-budget, they will be accretive to
operations.

KEY RATING DRIVERS

Revenue Defensibility: 'bbb'

Consistent Occupancy Across Service Lines

Occupancy at Still Hopes aligns with a midrange assessment and has
stayed at consistent levels over recent years, averaging 91%-93% in
all segments of the campus. The pandemic dampened marketing and
sales efforts for ILUs and hurt census levels at the AL and SNF,
but management reports signs of recovery in all areas.

Operating Risk: 'bb'

Adequate Operations Despite Pandemic's Challenges

Increased expenses from recent expansion and renovation projects,
plus pandemic-related expenditures, contributed to weaker
profitability in recent years. However, Fitch believes these higher
expenses should dissipate, improving margins in to be more
consistent with historical performance. Recent capex plans include
a two-phased expansion plan financed by two bond issues in 2017 and
2018. Phase I, called HealthPointe, was completed in March 2019.
Phase II, called WellPointe, was recently finished slightly ahead
of schedule. As of Dec. 31, 2020, Still Hopes had 66 depositors
(approximately 83%) for the 80 new ILUs constructed for
WellPointe.

Financial Profile: 'bb'

Stable Operations and New Units Drive Moderate Cash Growth

Based on Fitch's assessments of Still Hopes' revenue defensibility
and operating risk, Fitch expects the community's cash to adjusted
debt to remain consistent with a 'bb' assessment of its financial
profile. Fitch expects Still Hopes' pre-pandemic operating
performance to return to historical averages and then slightly
improve once the WellPointe project generates new cash flows and
revenues, and the community rebuilds its census in the SNF and AL.

ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS

There are no asymmetric risk factors affecting this rating
determination.

RATING SENSITIVITIES

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

-- ILU occupancy rises to 95%-97% and stabilizes at that level;

-- Operating metrics show stronger cash flow generation and core
    profitability, resulting in operating ratio of 95%-100%, net
    operating margin (NOM) of 5%-7% and net operating margin
    adjusted (NOMA) of close to 20%.

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

-- Recent improvements in ILU marketing reverse course, leading
    to ILU occupancy around 88%;

-- Downturn in demand for newly built units at WellPointe,
    leading to lower than expected entrance fee cash flows that do
    not support new debt or help offset recent elevated expenses.

BEST/WORST CASE RATING SCENARIO

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

CREDIT PROFILE

Still Hopes is a South Carolina nonprofit LPC organized in 1975
located in West Columbia, SC. The organization also provides home
care services to residents on campus, as well as individuals and
families in Lexington and Richland Counties. Still Hopes is the
only member of the obligated group. At Sept. 30, 2020, Still Hopes
had 190 ILUs, 24 dementia assisted living units (ALUs), 22 ALUs and
70 skilled nursing beds, and generated total operating revenue of
$28.8 million.

REVENUE DEFENSIBILITY

There is some competition in Still Hopes' primary market area, but
Fitch does not view nearby communities as a threat to its ability
to sell units or maintain market position. Still Hopes' closest
competitor is Laurel Crest (not rated by Fitch), which is a type-B
community roughly two miles away. Still Hopes' management notes
Laurel Crest decided not to move forward on a planned expansion
project.

Still Hopes has applied consistent rate increases for both entrance
fees and monthly fees of approximately 3.5% annually. Similar to
other local real estate markets, West Columbia has seen strong
demand for homes. Management claims some homes sell very quickly
and above asking prices. According to Fitch's review of public
sources for the entire city of West Columbia, average home values
are about $160,000, which represents an 8% increase between
February 2020 and February 2021.

Still Hopes' weighted average entrance fees are $297,000 for older
apartments with 50% refunds, $460,000 for newer apartments with 50%
refunds, $467,000 for cottages with 50% refunds, and $430,000 for
apartments with 90% refunds. Residents typically have an average
net worth of about $2.7 million, which is well in excess of the
different entrance fee price points Still Hopes offers.

OPERATING RISK

Still Hopes is a type-C community that owns and operates a
single-site LPC.

The community's core operating performance is on par with a weak
assessment, whereas its entrance fee generation is more midrange.
The community's five-year averages for operating ratio, NOM and
NOMA are 102.5%, 1.2% and 16.6%, respectively. These results are in
line with Fitch's expectations given the current rating level.
Financial performance generally softened in 2020 due to increased
expenses for testing and supplies, as well as some lost revenue due
to lower census levels in the AL and SNF.

Despite some operating disruption during the coronavirus pandemic,
management was able to obtain about $650,000 of Coronavirus Aid,
Relief, and Economic Security (CARES) Act funds from the federal
government, as well as a roughly $2.8 million Paycheck Protection
Program (PPP) loan. Management has not realized the stimulus
funding and expects the PPP loan to be forgiven, which will further
boost operating metrics in the near term. Although 2020 performance
was slightly depressed, metrics were not significantly different
from historical trends, and Fitch believes external funding sources
will speed up recovery.

Still Hopes' capital investment has been very healthy in recent
years due to the significant capex spend for the HealthPointe and
WellPointe projects. Capex to depreciation averaged roughly 487%
over the last five years, and average age of plant decreased over
time, resting at about 10 years in 2020.

The HealthPointe project primarily focused on the community's
health center, adding 22 private ALUs, increasing the SNF bed count
to 48 from 40, as well as constructing a skilled nursing dining
venue. Residents moved into the new facility in March 2019 and it
has generated solid demand. The pandemic has dampened census levels
overall for the AL and SNF, but Fitch believes HealthPointe project
better aligns the campus with the residents' preference for larger,
private units.

Construction for WellPointe was slightly delayed because of the
pandemic, but ended up finishing slightly ahead of schedule. The
project consists of building 80 new ILUs and management reports
there are 66 depositors as of April 2021. Due to the pandemic,
Still Hopes encountered some difficulties in meeting deposit
targets in 2020, but implemented a host of corrective measures to
boost sales, such as purchasing a new mailing list and hosting
limited on-site visits to forge relationships with prospective
residents.

FINANCIAL PROFILE

Still Hopes' unrestricted cash and investments totaled about $38
million as of fiscal 2020, representing 31.2% of adjusted debt and
sufficient 340 days cash on hand (DCOH). According to Fitch's
calculation, MADS coverage is a solid five-year average of 0.9x
(including the debt service on the Series 2018 bonds), which is
adequate considering both new entrance fees and revenues from
WellPointe are not yet included in the calculation. Management's
calculation per the MTI, which excludes the 2018 debt, shows
coverage is roughly 1.4x, which is in excess of the covenant
requirement of 1.2x. Bond documents also dictate that once
WellPointe reaches stabilized occupancy, MADS will include debt
service for the 2018 bonds per the rate covenant.

Fitch believes Still Hopes will continue to improve marketing and
sales of its ILUs as they address the challenges of the pandemic.
WellPointe's apartments show signs of solid presales numbers,
indicating these units should boost demand indicators as they
approach stabilized occupancy. As campus access restrictions start
to subside, Fitch expects the upward trend in AL and SNF census to
continue, which should generate additional revenues.

As a result of these anticipated improvements, Fitch expects Still
Hopes' balance sheet metrics to stabilize over time, as cash flows
from entrance fees accrue from existing and new ILUs. Fitch expects
the community to sustain cash to adjusted debt of about 30%-32% and
MADS coverage of roughly 1.5x by year four of the base case
scenario, which factors in Fitch's standard portfolio stress. Fitch
also expects Still Hopes to continue to grow its cash position and
maintain adequate DCOH of roughly 275 days throughout the base case
scenario, which is neutral to the rating.

ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS

No asymmetric additional risk considerations were relevant to the
rating determination.

ESG CONSIDERATIONS

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


STONEX GROUP: Egan-Jones Keeps B+ Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company, on April 12, 2020, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by StoneX Group Incorporated. EJR also maintained its
'B' rating on commercial paper issued by the Company.

Headquartered in New York, New York, StoneX Group Inc. is an
institutional-grade financial services network that connects
companies, organizations, and investors to the global markets
ecosystem through digital platforms, end-to-end clearing, and
execution services.



SUMMIT MIDSTREAM: Egan-Jones Hikes Senior Unsecured Ratings to B
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2021, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Summit Midstream Partners LP to B from B-. EJR also maintained
its 'B' rating on commercial paper issued by the Company.

Headquartered in Atlanta, Georgia, Summit Midstream Partners LP is
focused on owning and operating midstream energy infrastructure
that is strategically located in the core producing areas of
unconventional resource basins, primarily shale formations, in
North America.



SYNCHRONOSS TECHNOLOGIES: Egan-Jones Keeps CCC- Sr. Unsec. Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on April 8, 2020, maintained its 'CCC-'
foreign currency and local currency senior unsecured ratings on
debt issued by Synchronoss Technologies Incorporated. EJR also
maintained its 'C' rating on commercial paper issued by the
Company.

Headquartered in Bridgewater Township, New Jersey, Synchronoss
Technologies, Inc. provides e-commerce transaction management
solutions to the communications services marketplace.



SYNNEX CORPORATION: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 16, 2020, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by SYNNEX Corporation.

Headquartered in Fremont, California, SYNNEX Corporation provides
information technology supply chain services.




TENET HEALTHCARE: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 23, 2020, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Tenet Healthcare Corporation. EJR also upgraded
the rating on commercial paper issued by the Company to B from C.

Headquartered in Dallas, Texas, Tenet Healthcare Corporation,
through its subsidiaries, owns or operates general hospitals and
related health care facilities serving communities in the United
States.



TERADATA CORPORATION: Egan-Jones Keeps B+ Senior Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on April 8, 2020, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Teradata Corporation.

Headquartered in San Diego, California, Teradata Corporation
operates as a database management company in the technology
industry.



TKC HOLDINGS: S&P Raises Rating on First-Lien Term Loan to 'B'
--------------------------------------------------------------
S&P Global Ratings raised the issue-level rating on St. Louis,
Mo.-based commissary, food service, and technology products
provider TKC Holdings Inc.'s first-lien term loan to 'B' from 'B-'
and revised the recovery rating to '2' from '3'. The '2' recovery
rating indicates its expectation of substantial (70%-90%; rounded
estimate: 75%) recovery in the event of a payment default. Our
'CCC' issue-level rating and '6' recovery rating (rounded estimate:
0%) on TKC's senior unsecured notes are unchanged.

This rating action follows a revision to TKC's capital structure as
part of its proposed refinancing. The revised capital structure
includes $925 million outstanding on the first-lien term loan
compared to $1.125 billion initially, and $700 million outstanding
on its senior unsecured notes compared to $500 million initially.
The lower level of first-lien debt improves recovery expectations
for those lenders.

Issue Ratings - Recovery Analysis

Key analytical factors

-- TKC's proposed debt capitalization comprises of a $50 million
first-lien revolving credit facility maturing in 2026 (undrawn at
close), a $925 million first-lien term loan maturing in 2028, and
$700 million in senior unsecured notes maturing in 2029.

-- TKC Holdings Inc. is the borrower under the first-lien facility
and senior unsecured notes. The first-lien facility benefits from
guarantees from parent TKC Intermediate Holdings LLC and its
material subsidiaries.

-- S&P assumes that the first-lien collateral represents
substantially all of the company's emergence enterprise value.

-- S&P's simulated default scenario assumes a default occurring in
2023 following a deterioration in TKC's operating performance due
to lost customer contracts amid quality and reputational issues or
unfavorable changes in government policy.

-- S&P believes the company's business model would remain viable
if it were to default, given its extensive products, established
relationships in the corrections system, and the recurring need for
its services. Therefore, S&P values the company on a going-concern
basis using a 6.0x multiple of our projected emergence-level
EBITDA.

Simulated default assumptions

-- Simulated year of default: 2023
-- EBITDA at emergence: About $136 million
-- EBITDA multiple: 6.0x

Simplified water

-- Net enterprise value (gross enterprise value, $816 million,
less 5% administrative costs $41 million): About $775 million

-- Estimated first-lien debt claims: $985 million

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

-- Remaining value available to unsecured debt: none

-- Estimated unsecured debt claims: About $945 million

    --Recovery expectations: 0%-10% (rounded estimate: 0%)

Note: All debt amounts include six months of prepetition interest.



TRANSALTA CORPORATION: Egan-Jones Keeps BB Sr. Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by TransAlta Corporation.

Headquartered in Calgary, Canada, TransAlta Corporation is a
non-regulated electric generation and marketing company with its
growth focused in developing coal and gas-fired generation.




TRI-STATE PAIN INSTITUTE: Office Building Sold for $3.37 Million
----------------------------------------------------------------
Ed Palattella of Erie Times-News reports that a new owner is poised
to take over the spacious offices of a well-known Erie pain clinic,
but the building could go up for sale again soon.

The 31,784-square-foot longtime home of Tri-State Pain Institute,
at 2374 Village Common Drive in Millcreek Township, sold for $3.37
million at an auction in U.S. Bankruptcy Court in Erie on
Wednesday.

The pandemic and a previous MRSA outbreak at the clinic contributed
to its financial woes and forced the sale of the building,
according to court records.

The buyer is Wells Fargo, owed $3.6 million in a loan on the
property and owed a total of $4.1 million related to Tri-State and
its founder and owner, Joseph M. Thomas, M.D., according to court
records and information presented in court.

Tri-State, Thomas and the Thomas-controlled entity that owns the
office building are all in Chapter 11 bankruptcy, which forced the
sale of the building to raise money to pay creditors — the
largest of which is Wells Fargo. Tri-State, which has been in the
office building since it was constructed about 17 years ago, is
scheduled in May to reopen in a much smaller leased building on
Peach Street in Millcreek.

On Wednesday, Wells Fargo could have stood by to let an Erie
businessman, Joseph C. Kramer, make a final bid of $3.36 million
for the office building and an adjacent 2.5-acre vacant parcel.
Wells Fargo instead outbid Kramer, allowing Wells Fargo to buy the
property for $3.37 million and eventually try to resell it at a
price closer to the $4.1 million that the Thomas-related entities
owe the bank.

Kramer and Wells Fargo were the only bidders on Wednesday, though
eight to 10 other prospective buyers had toured the property but
declined to make bids, lawyers told U.S. Bankruptcy Judge Thomas P.
Agresti. Among the interested parties were the Lake Erie College of
Osteopathic Medicine and the Allegheny Health Network, Agresti
said.

Kramer was the initial bidder when he entered Wednesday's auction,
held via Zoom before Agresti. Kramer in advance of the hearing
submitted a bid of $3.15 million for the building and vacant land,
a move that set that amount as the base bid.

                           Bidding War

Kramer and Wells Fargo on Wednesday got into a bidding war.  They
raised their respective offers by increments of $10,000 until
Kramer declined to challenge Wells Fargo's final bid of $3.37
million. Kramer's final bid was $10,000 less.

Of the $3.37 million, $3.17 million will go toward the purchase the
office building on Village Common Drive, off Zuck Road and north of
Interchange Road.  The remaining $200,000 will go toward the
purchase of the adjacent vacant lot, which Thomas owns personally.
The owner of the office building is 2374 Village Common Drive LLC,
of which Thomas is the sole member.

The closing is expected to occur in a month, the lawyers said.

The sale of the property does not stop Thomas' plans to stay in
business. As part of his Chapter 11 plans, he is selling his office
building; has arranged to sell his residence on South Shore Drive
in Erie, for $1.065 million, also to raise money for creditors; and
he is relocating Tri-State to a 4,680-square-foot building at 5442
Peach St., the former home of Rose Floral.

Thomas had initially planned to relocate to the Peach Street
building by April 15. The new tentative reopening date is May 20,
lawyers said in court on Wednesday.

Thomas is making the move to cut costs as his business has suffered
due to the pandemic and other difficulties, according to court
records.

The decline started following an outbreak of MRSA at Tri-State in
2017.  The MRSA cases led to a slew of lawsuits, and Tri-State in
January 2020 filed for Chapter 11 bankruptcy, which allows a
business to reorganize its debts and pay back creditors over time.
Thomas filed for Chapter 11 in May 2020, and 2374 Village Common
Drive LLC filed this past March.

The bankruptcy filings paused the MRSA litigation in Erie County
Court, though Judge Agresti, overseeing the bankruptcies, in March
2020 ordered the MRSA cases into mediation in the Tri-State
bankruptcy.  That process produced a $4.5 million settlement that
Agresti approved in July. A total of 11 plaintiffs with
MRSA-related legal claims received a portion of the $4.5 million,
the amount that insurers agreed to pay.

Since then, the bankruptcy lawyers and Agresti have focused on
liquidating the assets of Tri-State and Thomas to pay creditors.
Thomas in November sold a house and 57 acres on Wattsburg Road in
Greene Township for $300,000 to help pay the debt to Wells Fargo,
according to the bankruptcy filings.

As part of the pending sale of his residence on South Shore Drive,
Thomas is selling his art and antiques collection, valued at
$300,000, according to the bankruptcy records. Thomas had proposed
hiring an auctioneer to sell those holdings, but the negotiations
for the sale of his house include the purchase of some of the art
and antiques, the lawyer in Thomas' personal bankruptcy, Michael
Kruszewski, said in court.

Even with the sales and overall reorganization, Thomas and
Tri-State will be unable to repay all their creditors in full,
which is typically the case in bankruptcy proceedings.

Agresti said on Wednesday that unsecured creditors in the Chapter
11 case of 2374 Village Common Drive LLC -- or creditors who do not
have mortgages and other instruments to secure their debts -- are
all but certain to get nothing out of the sale of the Village
Common Drive office building and property.

Unsecured creditors in the other Chapter 11 cases, for Tri-State
and Thomas, are on course to get a percentage of what they are
owed.  Those unsecured creditors include vendors and supply
companies, said Guy Fustine, the lawyer who represents the
committee of unsecured creditors in the Tri-State case.

The sale of the office building will not generate enough revenue to
repay Wells Fargo in full. But it will provide enough to cover all
of the overdue real estate taxes of $593,000 on the property, the
lawyers said in court.  The amount of overdue taxes are listed in
court records.

In addition to Wells Fargo, another secured creditor with a
mortgage on the office building is the U.S. Small Business
Administration.  That mortgage stands at $2.4 million.

The SBA loaned the money to 2374 Village Common Drive LLC in 2016,
according to court records. Tri-State was the debtor on the loan,
which the SBA secured with a mortgage on the office building.

The SBA's mortgage on the real estate, however, is second to Wells
Fargo's, and the SBA's claims are behind taxing authorities' claims
for the overdue property taxes.  The SBA will get nothing out of
Wells Fargo's purchase of the property because Wells Fargo did not
get enough to satisfy its own mortgage in full.

"The SBA is woefully under-secured," Judge Agresti said.  "There
are no available monies to even approach the claims of the SBA."

                     About Tri-State Pain Institute

Tri-State Pain Institute LLC is a well-known Erie pain specialist
founded by Joseph M. Thomas, M.D.

Tri-State Pain Institute, LLC, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Pa. Cas No. 20-10049) on Jan.
23, 2020.  At the time of the filing, the Debtor had estimated
assets of between $500,001 and $1 million and liabilities of
between $1,000,001 and $10 million.

Judge Thomas P. Agresti oversees the case.  

The Debtor tapped Marsh, Spaeder, Baur, Spaeder, and Schaaf, LLP,
as the legal counsel and Coldwell Banker Select, Realtors as real
estate broker.

On Feb. 14, 2020, the U.S. Trustee for Regions 3 and 9 appointed a
Committee of unsecured creditors in the Debtor's Chapter 11 case.
The Committee is represented by Knox, McLaughlin, Gornall &
Sennett, P.C.


TRI-STATE SPORTS: Ovation Service Objects to Disclosure Statement
-----------------------------------------------------------------
Ovation Service LLC, as agent for FGMS Holdings LLC, objected to
the Disclosure Statement accompanying the Plan of Tri-State Sports
Entertainment, Inc., saying that the Disclosure Statement failed to
provide sufficient information because it does not identify the
sources of the additional funds that would be required for the
Debtor to be able to make the monthly payments to creditors under
the Plan.

Creditor Ovation said that its claims of approximately $150,000
against the Debtor's estate (arising from loans granted and which
have all matured pre-petition) will be paid over 120 months under
the Plan.  This treatment, Mary Elizabeth Heard, Esq., counsel for
Ovation, contends, is not economically feasible.  And even if it
were to agree to fixed payments over 120 months, the Debtor would
have to pay at least $3,000 monthly to Ovation alone, in addition
to attorneys' fees and costs pursuant to Section 506(b) of the
Bankruptcy Code - and there are at least $150,000 of additional tax
claims in the Debtor's case, she pointed out.  Moreover, the
Debtor, Ms. Heard said, has provided only a promise and no other
evidence that it is generating $6,300 a month in rents.

For this reason, among others, Ovation asked the Court to deny
approval of the Disclosure Statement.

A copy of the objection is available for free at
https://bit.ly/3ns30FA from PacerMonitor.com.

Ovation Service LLC is represented by:

     Mary Elizabeth Heard
     M.E. HEARD, ATTORNEY, PLLC
     100 NE Loop 410, Suite 605
     San Antonio, Texas 78216
     Telephone: (210) 572-4925
     Email: meheard@heardlawfirm.net


               About Tri-State Sports Entertainment

Tri-State Sports Entertainment, Inc., sought protection under
Chapter 11 of the US Bankruptcy Code (Bankr. N.D. Tex. Case No.
20-42675) on August 25, 2020, disclosing under $1 million in both
assets and liabilities.  Eric A. Liepins, Esq. represents the
Debtor as counsel.



TRUTANKLESS INC: Faces SEC Charges for Deficient Form NT
--------------------------------------------------------
The Securities and Exchange Commission charged eight companies for
failing to disclose in SEC Form 12b-25 filings that their request
for seeking a delayed quarterly or annual reporting filing was
caused by an anticipated restatement or correction of prior
financial reporting.  The violations were uncovered by an
initiative focused on Form 12b-25 filings by companies that quickly
thereafter announced financial restatements or corrections.  Each
of the companies was a public reporting company at the time of the
violations and agreed to settle the Commission's charges and pay
civil penalties.

Public companies are required to file the SEC's Form 12b-25
"Notification of Late Filing," commonly known as "Form NT," when
"not timely" filing a Form 10-Q or Form 10-K and seeking additional
days to file their reports.  Companies must disclose on the Form NT
why their quarterly or annual report could not be filed on time, as
well as any anticipated, significant changes in results of
operations from the corresponding period for the last fiscal year.

The SEC orders find that each of the companies announced
restatements or corrections to financial reporting within 4-14 days
of their Form NT filings despite failing to provide details
disclosing that anticipated restatements or corrections were among
the principal reasons for their late filings.  The orders also find
that the companies failed to disclose on Form NT, as required, that
management anticipated a significant change in quarterly income or
revenue.

"As today's actions show, we will continue to use data analytics to
uncover difficult to detect disclosure violations," said Melissa R.
Hodgman, Acting Director of the SEC's Enforcement Division, in a
statement April 29.  "Targeted initiatives like this allow us to
efficiently address disclosure abuses that have the potential to
undermine investor confidence in our markets if left unaddressed."

"Reporting companies are required to provide investors with timely,
accurate, and full information with which investors can evaluate
the significance of reporting delays," said Anita B. Bandy,
Associate Director in the SEC's Enforcement Division.  "In these
cases, due to the companies’ failure to include required
disclosure in their Form 12b-25, investors relying on the deficient
Forms NT were kept in the dark regarding the unreliability of the
company’s financial reporting or anticipated material changes in
operating results."

The SEC's orders find that the below listed companies violated
Section 13(a) and Rule 12b-25 under the Securities Exchange Act of
1934 by failing to make the required Form NT disclosures. Without
admitting or denying the findings, the companies agreed to
cease-and-desist-orders that made the following findings and
require payment of the following penalties:

Fortem Resources, Inc. (FTMR) -- Filed one deficient Form NT. The
British Columbia-based company agreed to pay a penalty of $25,000.

TruTankless, Inc. (TKLS) -- Filed one deficient Form NT. The
Arizona-based company agreed to pay a penalty of $25,000.

ShiftPixy, Inc. (PIXY) -- Filed one deficient Form NT. The
Florida-based company agreed to pay a penalty of $25,000.

Rokk3r, Inc. (ROKK) -- Filed one deficient Form NT and filed one
untimely Form 8-K. The Florida-based company, now private, agreed
to pay a penalty of $50,000.

Daniels Corporate Advisory Company, Inc. (DCAC) -- Filed one
deficient Form NT. The New York-based company agreed to pay a
penalty of $25,000.

HQDA Elderly Life Network Corp. (HQDA) -- Filed two deficient Forms
NT. The California-based company agreed to pay a penalty of
$50,000.

Asta Funding, Inc. (ASTA) -- Filed one deficient Form NT and filed
one Form 10-Q outside the extension period. The New Jersey-based
company, now private, agreed to pay a penalty of $50,000.

Igen Networks Corp. (IGEN) -- Filed one deficient Form NT. The
California-based company agreed to pay a penalty of $25,000.

The SEC's investigation was conducted by Jonathan Cowen and
supervised by Jeffrey P. Weiss and Ms. Bandy.


TUMBLEWEED TINY HOUSE: Unsecureds to Get 100% if $2.7M Claim Barred
-------------------------------------------------------------------
Tumbleweed Tiny House Company, Inc., filed with the Bankruptcy
Court a Disclosure Statement to its Second Amended Plan of
Reorganization.  Payments and distributions under the Plan will be
funded by (i) cash from operations, (ii) a debtor-in-possession
loan previously approved by the Bankruptcy Court, (iii) litigation
proceeds, and (iv) any amounts paid by the New Company in exchange
for the equity interest, if necessary.

The Debtor is contemplating two alternative scenarios for
reorganization under the Plan, considering in each scenario the
litigation against FreedomRoads Holding Company, LLC and others,
outside of the Bankruptcy Court.

    (1) If the Contested Unsecured Claim of FreedomRoads is Allowed
in full or in part:

        - the New Company (owned 40% by a third party and 60% by
Steve Weissmann, current owner of the Debtor) will pay $1 million
to the Debtor in exchange for all the Equity Interest in the
Debtor.  Unsecured Creditors in Class 10 would then receive their
pro-rata portion of $1.79 million paid out over 5 years. The Debtor
estimates that under this scenario, Allowed Unsecured Creditors
will receive a 50% return ($1,790,000 / $3,552,936 is 50%).

    (2) If the Contested Unsecured Claim of FreedomRoads is
disallowed:

        - Mr. Weissmann will retain the Equity Interest and Allowed
Unsecured Creditors in Class 10 would receive their pro-rata
portion of $790,000 paid out over 5 years or until the Claims are
paid in full.  The Debtor estimates that under this scenario,
Allowed Unsecured Creditors will receive a 100% return.  The
distributions shall not exceed the amount of the Allowed Unsecured
Claim plus interest calculated at 2.5% per annum.  Unsecured
Creditor Claims in the Debtor's case total $3,552,936, inclusive of
the $2,797,153 Disputed/Contested FreedomRoads Claim.  Only
$755,792 of this total will be allowed in Class 10 under the Plan
in this scenario.

Other impaired Classes under the Plan are treated as follows:

   * Class 1 (Allowed Impaired Secured Claim of Janine Sagert)

Under the Plan, the Reorganized Debtor will pay Janine Sagert
$150,000 with 8% interest over 7 years with payments beginning the
first full month following the Effective Date.  Payments during the
first year will be for interest only. The Reorganized Debtor, at
its discretion, may satisfy or pay off the Class 1 Claim any time
after the Effective Date.

   * Class 2 (Allowed Impaired Secured Claim of Redi Gunn 1, LLC)

The Reorganized Debtor will pay Redi Gunn 1, LLC, $100,000 with 8%
interest over 7 years with payments beginning the first full month
after the Effective Date. Payments during year 1 will be for
interest only. The Reorganized Debtor, at its discretion, may
satisfy or pay off the Class 2 Claim any time after the Effective
Date.

   * Class 3 (Allowed Impaired Secured Claim of PIRS Capital, LLC)

Under the Plan, the Debtor will transmit 3% of all payments made by
cash, check, electronic transfer, credit card transactions or other
form of monetary payments to Debtor in the ordinary course of its
business for the payment of Debtor's sale of goods until $323,326
is paid to PIRS.  Such payments shall be made on a monthly basis
beginning the first full month after following Effective Date. The
Reorganized Debtor, at its discretion, may satisfy or pay off the
Class 3 Claim at any time after the Effective Date.

   * Class 4 (Allowed Impaired Unsecured Claim of Forward
Financing, LLC)

The Debtor is treating the Claim of Forward Financing for $85,000
an Allowed Unsecured Claim, and thus as Class 10 under the Plan,
pursuant to Sections 551 and 544(a)(1) and (2) of the Bankruptcy
Code.  Forward Financing did not file a UCC Financing Statement
prior to the Petition.

   * Class 5 (Allowed Impaired Secured Claim of Ford Motor Credit
Company, LLC)

Class 5 is comprised of the Allowed Impaired Secured Claim of Ford
Motor Credit Company, LLC estimated at $8,437.  The Debtor believes
the Class 5 Claim to be fully secured by a 2014 Ford F-250, VIN
1FT7X2EEB18550, which the Debtor used in its business.  

Under the Plan, the Debtor will retain the 2014 Ford F250, cure any
default under the parties' Pre-Petition financing agreement
(estimated at approximately $5,000) on the Effective Date, and
resume normal monthly payments under the financing agreement.  The
Reorganized Debtor, at its discretion, may satisfy or pay off the
Class 5 Claim any time after the Effective Date.

   * Class 6 (Allowed Impaired Priority Claims Under Section
507(a)(7) – Completed Houses)

Class 6 is comprised of creditors with whom the Debtor had
Pre-Petition executory contracts and who would have held Priority
Claims under Section 507(a)(7) of the Bankruptcy Code.  The Class 6
creditors, however, will have no claim under the Plan, except for
allowed warranty claims, since the Debtor will assume each of the
pre-petition contracts.

   * Class 7 (Allowed Impaired Priority Claims Under Section
507(a)(7) – Houses Not Yet Completed)

The Class 7 Claimants are individuals who are parties with the
Debtor to Pre-Petition sales contracts for which a home has not yet
been completed.  The Plan provides that the Debtor's pre-petition
contract with Class 7 Claimants will be assumed.  The deposit
amounts received by the Debtor will be applied to the Class 7
Claimant's purchase so long as each Claimant complies with the
obligations under the sales agreement within 12 months after the
Effective Date.  Otherwise, the Debtor will be entitled to retain
the deposit.

   * Class 8 (Allowed Impaired Priority Claims Under Sec. 507(a)(7)
– Rejected Sales Contracts)

Class 8 creditors hold priority claims under Section 507(a)(7)of
the Bankruptcy Code, of up to $3,025 for each individual for
deposit of money made before the Petition Date in connection with
the purchase of property.  Each creditor is a party to an executory
contract for which a home has not yet been completed and which
executory contract the Debtor intends to reject.  

   * Class 9 (Executory Contracts and Unexpired Leases)

Class 9 Claims shall be treated as Class 10 Unsecured Claims under
the Plan, subject to the limitations of Section 502 of the
Bankruptcy.  Any Class 9 claimant asserting a claim for damages
arising from rejection of an executory contract or unexpired lease
shall file a proof of claim with the Bankruptcy Court by the later
of the Effective Date or thirty days after entry of the Order
granting the motion to reject or the claim shall be forever barred.


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

                About Tumbleweed Tiny House Company

Tumbleweed Tiny House Company, Inc., a manufacturer of tiny house
RVs, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Colo. Case No. 20-11564) on March 4, 2020. At the time
of the filing, the Debtor estimated between $500,000 and $1 million
in assets and between $1 million and $10 million in liabilities.  

Judge Kimberley H. Tyson oversees the case.

Wadsworth Garber Warner Conrardy, P.C., and Gerard Fox Law, P.C.,
serve as the Debtor's bankruptcy counsel and special counsel,
respectively.  Stockman Kast Ryan + Company is the Debtor's
accountant.


TUPPERWARE BRANDS: Egan-Jones Upgrades Sr. Unsecured Ratings to B+
------------------------------------------------------------------
Egan-Jones Ratings Company, on April 8, 2020, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Tupperware Brands Corporation to B+ from B. EJR also upgraded
the rating on commercial paper issued by the Company to B from C.

Headquartered in Orlando, Florida, Tupperware Brands Corporation is
a portfolio of global direct selling companies which sell products
across multiple brands and categories through an independent sales
force.




TUXEDO JUNCTION: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Tuxedo Junction, Inc.
        1725 Military Road
        Niagara Falls, NY 14304

Business Description: Tuxedo Junction is a wholesale of
                      men's clothing.

Chapter 11 Petition Date: April 28, 2021

Court: United States Bankruptcy Court
       Western District of New York

Case No.: 21-10445

Debtor's Counsel: Frederick J. Gawronski, Esq.
                  COLLIGAN LAW, LLP
                  12 Fountain Plaza
                  Suite 600
                  Buffalo, NY 14202-3613
                  Tel: 716-885-1150
                  Fax: 716-885-4662
                  E-mail: fgawronski@colliganlaw.com

Total Assets: $570,449

Total Liabilities: $3,628,298

The petition was signed by Randy Krueger, president.

A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at PacerMonitor.com at:

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/YKQRJHQ/Tuxedo_Junction_Inc__nywbke-21-10445__0001.0.pdf?mcid=tGE4TAMA


U.S. STEEL: Egan-Jones Keeps CCC- Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, maintained its 'CCC-'
foreign currency and local currency senior unsecured ratings on
debt issued by United States Steel Corporation. EJR also maintained
its 'C' rating on commercial paper issued by the Company.

Headquartered in Pittsburgh, Pennsylvania, United States Steel
Corporation operates as an integrated steel producer.



UAL CORPORATION: Egan-Jones Lowers Sr. Unsecured Ratings to CCC+
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 22, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by UAL Corporation to CCC+ from B-. EJR also maintained
its 'B' rating on commercial paper issued by the Company.

Headquartered in Chicago, Illinois, UAL Corporation is a holding
company.



UNITED AIRLINES: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 7, 2020, maintained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by United Airlines Incorporated. EJR also maintained
its 'C' rating on commercial paper issued by the Company.

Headquartered in Chicago, Illinois, United Airlines, Inc. provides
commercial airline services.



UNIVAR SOLUTIONS: Moody's Upgrades CFR to Ba2 on Debt Reduction
---------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Ratings of
Univar Solutions Inc. to Ba2 from Ba3. Moody's also upgraded the
senior secured term loans ratings to Ba2 from Ba3, and the senior
unsecured rating to B1 from B2. The upgrades reflect improving
operating performance, strengthening metrics supported by
divestitures and debt reduction, portfolio streamlining, and cost
reduction efforts since the acquisition of Nexeo Solutions, LLC
roughly two years ago. The outlook on the ratings remains stable.
The Speculative Grade Liquidity Rating remains SGL-2.

"Metrics are expected to improve further as EBITDA benefits from
recovery in business activity in key end markets and as debt is
reduced further in 2021," according to Joseph Princiotta, Moody's
SVP and senior analyst covering Univar Solutions. "The company is
committed to reducing net debt by $400 million this year and
expects unadjusted net leverage to improve below 3x by year end,"
Princiotta added.

Upgrades:

Issuer: Univar Solutions Inc.

Corporate Family Rating, Upgraded to Ba2 from Ba3

Probability of Default Rating, Upgraded to Ba2-PD from Ba3-PD

Senior Secured Term Loan, Upgraded to Ba2 (LGD4) from Ba3 (LGD4)

Senior Unsecured Regular Bond/Debenture, Upgraded to B1 (LGD5)
from B2 (LGD5)

Outlook Actions:

Issuer: Univar Solutions Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Since the $1.8 billion acquisition of Nexeo Solutions just over 2
years ago and the subsequent divestiture of Nexeo Plastics for $667
million, Univar Solutions has reduced costs and streamlined its
portfolio and is using the proceeds from asset sales to reduce debt
and improve metrics. The company reports to have reduced costs by
$76 million at year end 2020 of the total $120 million
Nexeo-related synergy target, with the balance expected to be
achieved by year end 2021. Synergy costs of $225 million, offset by
$100 million in expected real estate sales proceeds, remain on
track with the final roughly $70 million left to be spent this
year.

As part of its Streamline 2022 (S22) program, the company has
announced it expects to achieve divestitures totaling roughly $240
million, which together with free cash flow will be used to reduce
net debt by $400 million in 2021, helping to improve net leverage
below 3.0x by year end (which roughly corresponds to Moody's gross
adjusted leverage of 3.7x). Univar Solutions expects to achieve an
adjusted EBITDA margin of 9.0% on a run rate basis by the end of
2022, supported by further cost reduction and economies from volume
growth as volumes in key industrial, chemical and energy end
markets continue to recover. Once Univar achieves its leverage and
margin goals we expect the priority use of cash flow to shift to
bolt-on acquisitions and to be returned to shareholders.

Univar Solutions' credit profile is supported by leading market
share in North America, large market share in Europe and the rest
of the world, operational diversity and scale providing a strong
competitive position. Moreover, the combination of Univar with
Nexeo Solutions created a global leading distribution company with
$8.3 billion in revenues for the December 31, 2020 period. The
transaction continues to be viewed as a good strategic fit with
business profile benefits, improved operational scale and
footprint, enhanced market positions in specialty chemicals and
ingredients, and realized and prospective acquisition synergies and
IT upgrades, which were among Nexeo's strengths.

Offsetting factors to Univar Solutions' credit profile include
challenges to organic topline and margin growth beyond the robust
recovery that's taking place this year, and a historically active
bolt-on acquisition strategy that may occasionally stress leverage.
Margins are inherently modest in the distribution sector but Univar
Solutions shows good potential to achieve the 9% target putting it
in line with other leaders in the industry.

ESG CONSIDERATIONS

Environmental, social and governance factors are relevant to Univar
Solutions' credit quality, but the company is less exposed to
future environmental risks typical for commodity chemical companies
as chemical distributors do not use or manufacture hazardous and
potentially toxic intermediates or finished products. However,
legacy exposure to environmental sites is high for a distribution
company, with environmental reserves associated with 107 currently
or formerly owned or operated sites and 20 non-owned sites of $79.6
million at December 31, 2020. Environmental payments were $16.1
million in 2020, roughly unchanged compared to 2019 and not
expected to be a meaningful drain on annual cash flow.

Social risks are not serious but include asbestos related lawsuits
stemming from a 1986 transaction wherein Univar Solutions acquired
McKesson Chemicals Company, providing indemnification related to
asbestos and other exposures. Asbestos cases peaked at about 16,000
cases in Mississippi, but no new cases have been filed in the last
10 years, and about 180 cases in 12 other states. The company has
not recorded a reserve for asbestos liabilities.

Governance considerations and financial policy decisions are
important to the ratings. As a publicly traded company Univar
Solutions has transparent and disciplined governance and financial
policies, as evident by the use of equity in the financing of the
Nexeo acquisition, the use of proceeds from the Nexeo plastics
divestiture to reduce debt; and its public commitment to reducing
debt and achieve reasonable leverage targets.

Univar Solutions' SGL-2 speculative grade liquidity rating reflects
its good liquidity as of December 31, 2020, supported by $387
million of balance sheet cash and about $470 million of
availability under the company's ABL credit facilities. Univar
Solutions will have positive free cash flow in 2021 and together
with proceeds from asset sales are expected to support the
company's $400 million net debt reduction target. The ABL and term
loans do not contain financial maintenance covenants; the ABL has a
debt incurrence test if availability falls below 10%. The term
loans are secured by a first priority lien on all tangible and
intangible assets and a second priority lien on working capital.

The stable outlook assumes that Univar Solutions will continue to
deliver synergies through integration, use proceeds from asset
sales to reduce net debt by an additional $400 million this year,
and make further progress with SAP migration outside the US. The
stable outlook also anticipates that Univar Solutions will achieve
or exceed its leverage target of 3.0x by year end (on a net,
unadjusted basis, which currently corresponds to about 3.7x on a
Moody's gross adjusted basis).

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

Moody's would be unlikely to consider an upgrade given the
company's current financial policies and net leverage target of
3.0x (gross adjusted leverage of 3.7x) and the company's intent to
resume M&A activity and shareholder renumeration once its leverage
target is achieved. However, Moody's would consider an upgrade if
policies become more conservative and gross adjusted leverage were
to decline towards 3.0x and retained cash flow to debt were to rise
above 20%, both on a sustained basis.

Moody's would consider a downgrade if EBITDA margins were to trend
negatively or if gross adjusted leverage were to rise above 4.0x on
a sustained basis, or if free cash flow or liquidity were to
materially decline.

Univar Solutions Inc. is one of the largest global chemical and
ingredient distributors and providers of related services,
operating hundreds of distribution facilities to service a diverse
set of customers end markets in the US, Canada, Europe, the Middle
East, Latin America and the Asia Pacific region. Univar Solutions'
top 10 customers account for roughly 6% of sales, while its top 20
suppliers represent roughly 40% of its total chemical expenditures.
For the 12 months ended December 31, 2020, the publicly-traded
company generated approximately $8.3 billion in revenue.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.


USIC HOLDINGS: S&P Affirms B- Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on
Indianapolis-based USIC Holdings Inc. The outlook is stable.

S&P said, "At the same time, we assigned our 'B-' issue-level
ratings and '4' recovery ratings to the company's proposed $955
million first-lien term loan and a revolving line of credit. The
'4' recovery ratings indicate our expectation for average recovery
(30%-50%; rounded estimate: 40%) in the event of a payment
default.

"We also assigned our 'CCC' issue-level rating and '6' recovery
rating to the proposed $335 million second-lien term loan. The '6'
recovery rating indicates our expectation for negligible recovery
(0%-10%; rounded estimate: 0%).

"The stable outlook reflects our forecast for steady profitability
in 2021, with S&P Global Ratings-adjusted debt to EBITDA above 7x
pro forma for the transaction. We also expect continued free
operating cash flow (FOCF) generation.

"We expect increased leverage this year pro forma for the
transaction, but good profitability will improve credit metrics
over the next few years. We anticipate leverage will increase
materially from 2020 because of the increased debt burden related
to the proposed transaction, following an improvement in 2020
compared to 2019. Contract renewal price increases and improving
volumes from lows at the outset of the coronavirus pandemic have
benefited operating performance. We expect profitability expansion
initiatives USIC enacted in 2020 will sustain over the next few
years, with EBITDA margins in the mid-teens percent area.
Nonetheless, we believe the company's financial sponsor ownership
will preclude any meaningful near-term debt reduction.

"FOCF to debt should remain positive this year and next, in the
low-single-digit percent area. USIC has relatively low maintenance
capital expenditures (capex; 1% of revenue) and can deploy its
flexible cost structure to preserve FOCF through 2021. Following
the proposed transaction, we estimate FOCF to debt will approach
the mid-single-digit percent area in 2022 as the top line increases
and capex and working capital needs remain relatively minimal. We
also expect availability on USIC's revolver and other facilities
will support adequate liquidity.

"We expect demand for the company's locating services will
strengthen as construction markets rebound. Demand for USIC's
line-locating services is driven by infrastructure construction
(underground facility operators), residential, and commercial
construction. S&P Global Ratings economists expect residential
construction will increase 11.9% and nonresidential construction
0.6% this year, up from previous expectations.

"The stable outlook on USIC reflects our expectation of continued
improved operating performance through top-line growth and
increased profitability, resulting in positive FOCF. We also expect
S&P Global Ratings-adjusted debt to EBITDA above 7x in 2021."

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

-- FOCF turns negative on a sustained basis;

-- Liquidity becomes constrained. This could occur because of a
demand decline stemming from a slowdown in construction end markets
or a decline in EBITDA margins from larger-than-anticipated damage
expenses; or

-- S&P views the company's long-term financial commitments as
unsustainable, even though USIC may not face a credit or payment
crisis within the next 12 months.

Although unlikely, S&P could raise its rating on USIC in the next
12 months if:

-- FOCF to debt improves to 5% on a sustained basis; and

-- Debt to EBITDA remains below 6.5x on a sustained basis. This
could occur, for example, through further benefit from recent
operational initiatives beyond S&P's expectations and if proceeds
from improved operating performance were used to pay down debt.


VAIL RESORTS: Egan-Jones Keeps B+ Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Vail Resorts Incorporated.

Headquartered in Broomfield, Colorado, Vail Resorts, Inc. operates
resorts in Colorado.



VALERO ENERGY: Egan-Jones Lowers Senior Unsecured Ratings to BB
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 12, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Valero Energy Corporation to BB from BB+.

Headquartered in San Antonio, Texas, Valero Energy Corporation is
an independent petroleum refining and marketing company that owns
and operates refineries in the United States, Canada, and Aruba.



VASCULAR ACCESS: Trustee Sets Bidding Procedures for Assets Sale
----------------------------------------------------------------
Stephen Falanga, the chapter 11 trustee for Vascular Access
Centers, L.P., and affiliates, asks the U.S. Bankruptcy Court for
the Eastern District of Pennsylvania to authorize the following:

     a. his asset purchase agreement ("Central Jersey APA") with
Piscataway Endovascular Center LLC in connection with the sale of
certain assets for $250,000, plus the fair market value of any
acquired disposable medical supply inventory ("CNJ Purchased
Inventory") on hand as of the closing date that is not within 90
days of the manufacturer's expiration date, subject to overbid;

     b. his asset purchase agreement ("West Orange APA") with West
Orange Endovascular LLC in connection with the sale of (i) any
furniture and equipment, including medical equipment, tools, and
other tangible personal property owned by the Debtor or VAC West
Orange; (ii) the West Orange Purchased Inventory; (iii) rhe
Equipment Leases, the Real Property Lease, and any other assumed
and/or assigned contracts and/or leases; and (iv) all transferable
licenses and permits for $350,000, subject to overbid; and

     c. his sale of all or substantially all of the assets of
Vascular Access Center of Central New Jersey, LLC.

On May 7, 2020, the Court approved the Trustee's application to
employ SSG Capital Advisors LLC as his investment banker to assist
him with his efforts, on behalf of the Debtor, to explore strategic
alternatives, including a potential sale, of the Debtor's business
and/or some or all of the Debtor's assets in furtherance of the
Trustee's duties under the Bankruptcy Code.

In early April 2021, an additional written expression of interest
was received for the Purchased Assets, which contemplated cash
consideration in excess of the offer submitted by the Purchasers.
The Trustee considered the preliminary proposal too speculative and
undeveloped to proceed in light of the extensive and nearly
completed months-long negotiations with the Purchasers and with the
Purchaser's due diligence period nearing conclusion.

The Trustee believes, in his business judgment, that Piscataway
Endovascular has the expertise, experience, and financial
capability to consummate the contemplated transaction.  Piscataway
Endovascular's principals own and/or manage surgical facilities in
New Jersey performing services similar to those provided by VAC
Central Jersey and are well suited to incorporate VAC Central
Jersey’s assets into their own operations.  The Trustee, in his
business judgment, believes that a sale of the assets of VAC
Central Jersey is in the best interests of the Debtor, its estate,
creditors, and other stakeholders.

The Central Jersey APA includes the following key terms:

      a. Purchase Price: Upon closing of the Transaction,
Piscataway Endovascular will tender in cash the amount of $250,000
plus the fair market value of any acquired disposable medical
supply inventory ("CNJ Purchased Inventory") on hand as of the
closing date that is not within 90 days of the manufacturer's
expiration date, which payment will be made 10 days after
completion of a mutually performed inventory assessment. In
addition, pending the Closing, Piscataway Endovascular will assume
the balance of the Real Property Leases through their existing
terms and any remaining obligations under the Equipment Leases
subject to the terms and conditions of the Central Jersey APA.

      b. Deposit: Within two business days of execution of the
Central Jersey APA, Piscataway Endovascular will tender to the
counsel to the Trustee a cash deposit equal to 10% of the purchase
price ($25,000) via wire transfer or other certified funds, which
will be held in a non-interest-bearing trust account subject to the
conditions of the Central Jersey APA.   

      c. The Purchased Assets ("CNJ Purchased Assets ") include,
without limitation:             

            i. Any furniture and equipment, including medical
equipment, tools, and other tangible personal property owned by the
Debtor, or the Central New Jersey Center;  

            ii. The CNJ Purchased Inventory;

            iii. The Equipment Leases, the Real Property Lease, and
any other assumed and/or assigned contracts and/or leases; and

            iv. All transferable licenses and permits.

      d. Transaction Fee and Expense Reimbursement: In the event
that Piscataway Endovascular is not the successful bidder for the
Purchased Assets, it will be entitled to receive from the proceeds
of such sale the sum of $10,000 as a transaction fee for having set
the opening bidding floor for the assets, as well as reimbursement
of out-of-pocket expenses, including reasonable attorneys' fees,
incurred in connection with conducting its due diligence, preparing
and submitting the Central Jersey APA and proceeding with the
proposed acquisition, in an amount not to exceed $10,000.

      e. Conditions to Closing: The closing of the Transaction is
subject to and contingent upon, among other things:

            i. A successfully approved Change in Ownership ("CNJ
CHOW"), along with the successful transfer of all related
exceptions to allow Piscataway Endovascular to provide dialysis
vascular access procedure, peripheral access procedures and
ambulatory surgery at the Facility, including, without limitation,
unconditional approvals from the DOH with respect to the Transfer.


      f. Closing Date: The closing of the Transaction will occur no
later than five days after the satisfaction or waiver of the
closing conditions.

The Trustee believes, in his business judgment, that West Orange
Endovascular has the expertise, experience, and financial
capability to consummate the contemplated transaction.  West Orange
Endovascular's principals own and/or manage surgical facilities in
New Jersey performing services similar to those provided by VAC
West Orange and are well suited to incorporate VAC West Orange's
assets into their own operations.  The Trustee, in his business
judgment, believes that a sale of the assets of VAC West Orange is
in the best interests of the Debtor, its estate, creditors, and
other stakeholders.  

The West Orange APA contains the following key terms:

     a. Purchase Price: The aggregate consideration for the
Purchased Assets equals $350,000, to be tendered in the manner set
forth in the West Orange APA.

     b. Deposit and Payments: Within two business days following
the later of (a) West Orange Endovascular's receipt of a Tax
Clearance Letter or payment of the Bulk Sale Amount, or (b) entry
of a Sale Order in a form reasonable acceptable to West Orange
Endovascular, West Orange Endovascular will pay Seller the amount
of $80,000 ("Initial Installment").  Upon receipt of the Initial
Installment, Seller will sell, transfer, assign, convey and deliver
to West Orange Endovascular good, valid, and marketable title to
the assets listed on Schedule C to the West Orange APA ("Initial
Purchased Assets").  Simultaneously with the payment of the Initial
Installment, West Orange Endovascular will tender to counsel to the
Trustee a cash deposit equal to $120,000 ("Initial Deposit") and a
cash deposit equal to $150,000 ("Closing Deposit").  In addition,
pending the Closing, West Orange Endovascular will assume the
balance of the Real Property Leases through their existing terms
and any remaining obligations under the Equipment Leases subject to
the terms and conditions of the West Orange APA.  Within one
Business Day after the Filing Date, Escrow Agent will release the
Initial Deposit to the Seller ("Second Installment").
Notwithstanding anything in this Agreement to the contrary, upon
Escrow Agent’s release of the Second Installment to the Seller,
such funds will be deemed non-refundable.  Subject to the terms and
conditions of the West Orange APA, at the Closing, Escrow Agent
will release from the Closing Deposit, in immediately available
funds by wire transfer to one or more bank accounts (designated in
writing by the Seller at least two business days prior to the
Closing Date), an amount equal to the Purchase Price less (i) any
remaining balance of the Bulk Sale Amount not otherwise satisfied
pursuant to Section 2.2.1; (ii) the Initial Installment; (iii) the
Second Installment; and (iv) any applicable Transfer Taxes to the
extent set forth in Section 10.1 (such amount, the “Closing Date
Payment”).   In the event the Transaction is not consummated, or
the West Orange APA is terminated prior to the Closing, the
disposition of the Initial Deposit and Closing Deposit will be
governed in all respects by the terms of the West Orange APA.   

     c. The Purchased Assets Under the West Orange APA include,
without limitation: (i) any furniture and equipment, including
medical equipment, tools, and other tangible personal property
owned by the Debtor or VAC West Orange; (ii) the West Orange
Purchased Inventory; (iii) rhe Equipment Leases, the Real Property
Lease, and any other assumed and/or assigned contracts and/or
leases; and (iv) all transferable licenses and permits.

     d. Transaction Fee and Expense Reimbursement: In the event
that West Orange Endovascular is not the successful bidder for the
Purchased Assets, it will be entitled to receive from the proceeds
of such sale the sum of $10,000 for having set the opening bidding
floor for the assets, as well as reimbursement of out-of-pocket
expenses, in an amount not to exceed $15,000.

     e. Sublease: VAC West Orange and Purchaser will enter into a
sublease agreement pursuant to which VAC West Orange will sublease
to the Purchaser (or the Purchaser's designee), on an exclusive
basis, the Leased Property, until the Licensure Date or earlier
termination of the West Orange APA or the Sublease, as applicable.


     f. Conditions to Closing: The closing of the Transaction is
subject to and contingent upon, among other things: (i) a
successfully approved Change in Ownership ("CHOW"), along with the
successful transfer of all related exceptions to allow West Orange
Endovascular to provide dialysis vascular access procedure,
peripheral access procedures and ambulatory surgery at the
Facility, including, without limitation, unconditional approvals
from the DOH with respect to the Transfer.

     g. Closing Date: The closing of the Transaction will take
place not later than five days after the satisfaction or waiver of
all conditions precedent pursuant to the West Orange APA.

In connection with the proposed sale, the Trustee requests
approval of the following timeframe:

     a. Sale Objection Deadline: April 30, 2021, at 4:00 p.m.
(EST)

     b. Deadline to Object to Assumption/Assignment and/or Cure:
Seven days after the Trustee files the Schedule of Potential
Executory Contracts and Unexpired Leases That May be Assumed and/or
Assigned to the Buyer

     c. Sale Hearing: May 4, 2021

The Trustee requests that the Court approves the bidding procedures
and the bid protections:

     a. A bid for the CNJ Purchased Assets must be at least (i)
$280,000, net of all adjustments, including payment of all Cure
Amounts for contracts and leases to be assumed and/or assigned; and
(ii) only if included as part of its bid, a separate cash
allocation for any Excluded Assets which the bidder seeks to
include as part of its bid.

     b. A bid for the West Orange Purchased Assets must be for at
least (i) $400,000 net of all adjustments, including payment of all
Cure Amounts for contracts and leases to be assumed and/or
assigned; and (ii) only if included as part of its bid, a separate
cash allocation for any Excluded Assets which the bidder seeks to
include as part of its bid.

     c. Deposit: 10% of the aggregate bid amount

     d. Bid Increments: $10,000

     e.  If one or more Qualified Bids are received, an Auction
Sale may be conducted for the Purchased Assets at the Sale Hearing
or at such time thereafter as agreed to by the parties and/or set
by the Court.

The Trustee requests that if any party objects to the relief
requested in the Motion, that such party be required to file an
objection on or before the Sale Objection Deadline and serve a copy
of the Sale Objection, so as to be actually received by the Sale
Objection Deadline, upon the Notice Parties.

Prior to the Sale Hearing, the Trustee will provide notice to the
counterparty of any executory contract or unexpired lease of the
Debtor and/or the New Jersey Centers that may be subject to
assumption and/or assignment and the cure amounts reflected in the
Debtor's books and records.  Any objections to the assumption
and/or assignment of the Assigned Contracts or to the Cure Amounts
must be filed and served so as to actually be received within seven
days after the Trustee files the Schedule of Potential Executory
Contracts and Unexpired Leases That May be Assumed and/or Assigned
to the Buyer.

By the Motion, pursuant to sections 105, 363, and 365 of the
Bankruptcy Code, Rules 2002, 6004, and 6006 of the Federal Rules of
Bankruptcy Procedure, and Local Bankruptcy Rule 6004-1, the Trustee
requests entry of (1) an Order: (a) approving the Asset Purchase
Agreements; (b) approving the sale of all or substantially all of
the assets of the New Jersey Centers and certain related assets
free and clear of liens, claims, interests, and encumbrances; (c)
authorizing and approving the assumption and/or assignment of
certain related executory contracts and unexpired leases; (d)
waiving the 14-day stay; and (e) granting other related relief.

                   About Vascular Access Centers

Vascular Access Centers -- https://www.vascularaccesscenters.com/
-- provides comprehensive dialysis access maintenance including
thrombectomy and thrombolysis, fistulagrams, fistula maturation
procedures, vessel mapping, central venous occlusion treatment and
complete catheter services.  Its centers offer an alternative
setting for a wide spectrum of vascular interventional procedures,
including central venous access for oncology, nutritional and
medication delivery, venous insufficiency (including venous ulcer
and non-healing ulcer treatments), peripheral arterial disease
(PAD), limb salvage, uterine fibroid embolization and pain
management.

On Nov. 12, 2019, an involuntary Chapter 11 petition was filed
against Vascular Access Centers (Bankr. E.D. Pa. Case Number.
19-17117).  The petition was filed by creditors Philadelphia
Vascular Institute, LLC, Metter & Company and Crestwood
Associates,
LLC.  David Smith, Esq., at Smith Kane Holman, LLC, is the
petitioners' counsel.

On Nov. 13, 2019, the Debtor consented to the relief sought under
Chapter 11.

Judge Ashely M. Chan is the presiding judge.

The Debtor tapped Dilworth Paxson LLP as its legal counsel.



VECTOR GROUP: Egan-Jones Keeps CCC Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on March 31, 2021, maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by Vector Group Ltd. EJR also maintained its 'C' rating
on commercial paper issued by the Company.

Headquartered in Miami, Florida, Vector Group Ltd. operates as a
holding company.




VERINT SYSTEMS: Egan-Jones Keeps B+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on April 12, 2020, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Verint Systems Incorporated.

Headquartered in Huntington, New York, Verint Systems Inc. provides
analytic solutions for communications, interception, digital video
security and surveillance, and enterprise business intelligence.



VIZIV TECHNOLOGIES: Seeks to Hire RSM US as Auditor
---------------------------------------------------
Viziv Technologies, LLC seeks approval from the U.S Bankruptcy
Court for the Northern District of Texas to employ RSM US LLP as
its auditor.

The firm has agreed to audit the consolidated financial statements
of the Debtor and its subsidiaries, which comprise of the
consolidated balance sheet as of Dec. 31, 2020, the related
consolidated statements of operations, members' equity and cash
flows for the year then ended, and the related notes to the
consolidated financial statements.

The firm will be paid at these rates:

     Partner                        $620 - $730 per hour
     Manager                        $310 - $390 per hour
     Senior Associate/Supervisor    $245 - $300 per hour
     Associate                      $175 - $205 per hour
     Administrative                 $130 - $150 per hour

Lance Cox, a partner at RSM, disclosed in a court filing that the
firm is a "disinterested person" within the meaning of the
Bankruptcy Code Sec. 101(14).  

The firm can be reached through:

     Lance Cox
     RSM US LLP
     13155 Noel Road, Suite 2200
     Dallas, TX 75240
     Phone: 972-764-7100

                    About Viziv Technologies

Viziv Technologies, LLC is an electronics company specializing in
the field of electromagnetic surface waves.

On Oct 7, 2020, creditors Surface Energy Partners LP, Kendol C.
Everroad and Jamison Partners, LP filed an involuntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas
Case No. 20-32554) against Viziv Technologies.  The creditors are
represented by Kenneth Stohner Jr., Esq., at Jackson Walker, LLP.

Judge Stacey G. Jernigan oversees the case.

Cavazos Hendricks Poirot, PC is the Debtor's bankruptcy counsel.
The Debtor tapped Allred & Wilcox, PLLC, The Beckham Group and King
& Fisher Law Group, PLLC as special counsel; Stout Risius Ross, LLC
as its investment banker; and RSM US LLP as auditor.


W.R. GRACE: S&P Places 'BB' Issuer Credit Rating on Watch Negative
------------------------------------------------------------------
S&P Global Ratings placed all of its ratings on W.R. Grace & Co.,
including its 'BB' issuer credit rating, on CreditWatch with
negative implications.

S&P plans to resolve the CreditWatch when additional information on
the debt structure is available or upon the completion of the
transaction.

Standard Industries Holdings (unrated) announced it has entered
into a definitive agreement to acquire W.R. Grace & Co. in an
all-cash transaction valued at approximately $7.0 billion,
including Grace's pending pharma fine chemistry acquisition.

The CreditWatch placement follows the announcement that W.R. Grace
and Standard Industries Holdings have entered into a definitive
agreement under which Standard Industries Holdings will acquire
W.R. Grace for about $7 billion. The announcement indicated that
Grace is expected to operate as a stand-alone company within the
portfolio of unrated Standard Industries Holdings and that the
acquisition will close in the fourth quarter of 2021. Upon
completion of the transaction, Grace will become a privately held
company and Grace's common stock will no longer be listed on the
New York Stock Exchange. S&P said, "We believe this transaction
could potentially be leveraging in nature. Our CreditWatch listing
indicates that we could lower our issuer credit rating on Grace
upon the close of the transaction."

S&P said, "We expect to resolve the CreditWatch when additional
information on the debt structure is available or following the
completion of the transaction. We will monitor any developments
related to the transaction, including the receipt of the necessary
shareholder approvals and regulatory clearances. We expect that the
transaction will be credit negative for W.R. Grace given the
possible leveraging nature of the acquisition. If the transaction
is completed as proposed, we will likely lower our issuer credit
rating on Grace.

"If the acquisition is not completed, we will likely affirm our
'BB' issuer credit rating on the company, remove the rating from
CreditWatch, and assign a stable outlook. This assumes its
operating performance and credit measures remain in our expected
range for the current rating."


Webuild S.p.A. (formerly Salini Impregilo S.p.A.) generated
material free operating cash flow (FOCF) and decreased its net debt
in second-half 2020, which mitigated a decline in EBITDA.
The company also progressed on its integration of Italy-based
construction company Astaldi S.p.A. and refinanced its bonds due
2021.

Webuild will finalize the acquisition of Astaldi around mid-year
2021. In November 2020, Webuild successfully completed the
acquisition of 66.28% of Astaldi S.p.A. S&P said, "We note that the
consolidation of Astaldi brought an about EUR200 million positive
cash contribution, which helped reduce group net debt. By August
2021, Webuild will acquire the remaining Astaldi shares and proceed
with the spin-off of the liquidation perimeter, which will not be
integrated into the group. We believe this is a key milestone in
the company's strategy of consolidating the Italian construction
market. Webuild has also initiated a cost-saving and synergies
program and aims for EUR120 million of savings by 2023. At this
stage, we see this cost-saving program as ambitious. We will
monitor the integration of Astaldi, and particularly any potential
setbacks resulting from the merger."

S&P said, "We believe that refinancing risks have eased. Between
December 2020 and January 2021, Webuild issued EUR550 million of
unsecured notes and a EUR200 million add-on to reimburse the EUR600
million bonds due June 2021. Following this refinancing, the
company has limited debt maturities until mid-year 2022. The next
bond maturity is in 2024. As a result, it extended its debt
maturity profile to about four years--or about three years
including the drawn revolving credit facility (RCF). We also note
that prices for Webuild's bonds in the secondary market have
improved and approach par.

"We expect Webuild's credit metrics will remain commensurate with
the 'BB-' rating.We expect FFO to debt of about 17%-18% in
2021-2022, supported by an improvement in profitability from lows
related to the COVID-19 pandemic. We also assume that Webuild will
continue to improve its FOCF, particularly in Italy where it should
benefit from increased advance payments.

"We believe that Webuild's strategy is supportive of the credit
rating in the medium-term.Over recent years, Webuild gradually
decreased its exposure to high-risk countries and won major
projects in North America, Australia, and Western Europe. It also
materially decreased its project concentration, with the top 10
projects accounting for about 36% of revenue in 2020 versus 48% in
2018. In our view, this could decrease risk and materiality from
adverse project costs overruns or court rulings in the future."

Webuild's growth prospects are solid. Webuild's construction
backlog was about EUR33 billion in 2020 and covers most revenue
streams for the next two years. S&P said, "Its plan to enter the
road maintenance business in Italy could also add scale and
diversification, although we do not consider this in our base case
yet because we lack sufficient information, including on the
timing. In addition, we believe that Webuild could benefit from the
announced recovery funds in Europe and the U.S. In the U.S., the $2
trillion plan under President Biden's administration could boost
investments into the country's infrastructure, particularly roads
and bridges." In Italy, some key infrastructure projects that
Webuild is part of have relaunched, such as the Genoa railway hub
and the Verona-Padua highspeed/high-capacity railway.

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."


WASHINGTON PRIME: Forbearance Extended Again to May 5, 2021
-----------------------------------------------------------
Washington Prime Group said in a regulatory filing its forbearance
was extended to May 5, 2021, as it continues to negotiate with
creditors and lenders over a restructuring transaction.

On March 16, 2021, Washington Prime Group, L.P., the operating
partnership of Washington Prime Group Inc., entered into a
forbearance agreement with certain beneficial owners of its senior
notes due 2024 (the "Forbearing Noteholders") and forbearance
agreements with certain lenders (the "Forbearing Lenders") under
the agreements governing its corporate credit facilities (each, as
amended, a "Forbearance Agreement").  As previously reported, on
April 9, 2021, the Forbearing Noteholders and Forbearing Lenders,
respectively, agreed to extend the forbearance period under each
applicable Forbearance Agreement to no later than April 28, 2021.
On April 26, 2021, the Forbearing Noteholders and Forbearing
Lenders, respectively, agreed to extend the forbearance period
under the applicable Forbearance Agreement to the earlier of May 5,
2021 at 11:59 p.m., Eastern time, and the occurrence of any of the
specified early termination events described in the applicable
Forbearance Agreement.

The Company is continuing to engage in negotiations and discussions
with the Forbearing Noteholders and Forbearing Lenders to
restructure its capital structure.

                    About Washington Prime Group

Headquartered in Columbus Ohio, Washington Prime Group Inc. --
http://www.washingtonprime.com/-- is a retail REIT and a
recognized company in the ownership, management, acquisition and
development of retail properties. The Company combines a national
real estate portfolio with its expertise across the entire shopping
center sector to increase cash flow through rigorous management of
assets and provide new opportunities to retailers looking for
growth throughout the U.S. Washington Prime Group is a registered
trademark of the Company.

                           *    *    *

As reported by the TCR on Feb. 22, 2021, Fitch Ratings downgraded
the Long-Term Issuer Default Ratings (IDRs) of Washington Prime
Group, Inc. and Washington Prime Group, L.P. (collectively WPG) to
'C' from 'CC'. Fitch expects WPG's operating performance to
deteriorate further in the near term.

As reported by the TCR on Nov. 17, 2020, S&P Global Ratings lowered
its issuer credit rating on Washington Prime Group Inc. (WPG) to
'CC' from 'CCC'. The downgrade reflects the strong likelihood of a
technical default in the near term.

Moody's Investors Service also downgraded the senior unsecured debt
and corporate family ratings of Washington Prime Group, L.P. to
Caa3 from Caa1. "WPG's Caa3 corporate family rating reflects its
large, geographically diversified portfolio of retail assets, which
includes a mix of enclosed malls (71% of Comp NOI) and open-air
centers (29%) across the US," Moody's said, according to a TCR
report dated June 1, 2020.




WENDY'S COMPANY: Egan-Jones Keeps B- Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on March 31, 2021, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by The Wendy's Company. EJR also maintained its 'B'
rating on commercial paper issued by the Company.

Headquartered in Dublin, Ohio, The Wendy's Company operates
fast-food restaurants.




WINEBOW GROUP: S&P Ups ICR to 'B-' on Refinancing, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings raised the issuer credit rating to 'B-' from
'CCC', revised its outlook to stable, and subsequently withdrew all
its ratings on U.S.–based Winebow Group LLC. The new capital
structure is unrated.

The stable outlook reflects S&P's expectation for EBITDA
improvements and leverage reduction over the next 12 months as the
on-premise channel steadily reopens and the company realizes
operating efficiencies.

The upgrade reflects the company's improved financial flexibility
following the refinancing of its near-term debt maturities. Under
the new facilities, Winebow will not face near-term debt maturities
until 2025. Its liquidity profile also improved, with significant
availability on its new $135 million ABL revolver.

The upgrade also incorporates expected operating performance
improvement as the company benefits from operational cost
efficiencies and return of on-premise sales. Winebow's fiscal
year-end earnings (June 30, 2020) were severely impaired due to the
on-premise shutdown (about 45% of sales) resulting from coronavirus
related restrictions. Sales decreased 7.4% in the third quarter and
13% in the fourth quarter. The company strategically shifted some
sales to the retail channel, gaining some market share over the
last year. This partially offset the continued lower on-premise
sales in the first half of fiscal 2021. With the market share gains
in retail sales and on-premise reopening, S&P estimates revenues
will increase 5%-5.5% in fiscal 2021. Winebow's operating cost
efficiencies and increased average selling prices will result in
better than previously expected EBITDA.

EBITDA growth in the first half of fiscal 2021 (ended Dec. 31,
2020) was 29% year over year. S&P expects EBITDA to increase just
over 30% by fiscal year-end. Better than expected EBITDA should
lead to improved free cash flow and modest debt repayments. Thus,
S&P forecasts adjusted leverage to decline to around 7.7x by June
30, 2021, compared to 10.4x a year ago.



WR GRACE: Fitch Puts 'BB+' LongTerm IDR on Watch Negative
---------------------------------------------------------
Fitch Ratings has placed W. R. Grace & Co. and W. R. Grace & Co. -
Conn's 'BB+' Long-Term Issuer Default Ratings (IDRs) on Rating
Watch Negative following the company's April 26, 2021 announcement
of its pending acquisition by Standard Industries Holdings Inc., a
privately owned global industrial company. Fitch has also affirmed
W. R. Grace & Co. - Conn's 'BB+'/'RR4' unsecured ratings and the
'BBB-'/'RR1' ratings on the existing secured debt.

The Negative Watch reflects the uncertainty regarding the final
structure of the transaction, including the long-term capital
structure and the strength of the linkages between W. R. Grace,
their new owners, and other portfolio companies. Fitch anticipates
that the transaction will be finalized by year-end, at which point
Fitch intends to resolve the Rating Watch.

KEY RATING DRIVERS

Standard Industries Acquisition: Per a definitive agreement,
Standard Industries Holdings will acquire Grace in an all-cash
transaction valued at approximately $7.0 billion, including Grace's
pending pharma fine chemistry acquisition. The move comes after a
several attempts by 40 North Management LLC, Standard Industries'
investment platform, to acquire Grace. Fitch believes that Grace's
cash-generative catalyst offerings, coupled with the opportunity to
invest in the Materials Technologies business, made the company an
attractive acquisition target. Grace has publicly stated that it
will operate as a standalone company within Standard Industries
Holdings' portfolio.

Leveraging Transaction, Deleveraging Capacity: Grace's acquisition
of Albemarle's Fine Chemistry Services business, while
strategically sound, adds a material amount of financial risk to
the standalone company. With 0% equity credit awarded to the $270
million in new preferred shares and $300 million in new secured
debt, Fitch believes that Grace will face an extended period of
gross leverage in excess of 3.5x. There is a path to deleveraging,
which includes strong EBITDA generation as Refining Catalyst demand
returns to historical levels, strong, stable free cash flow
generation, and gross debt reduction, including the redemption of
the preferred shares and some term loan prepayment.

Specialized Chemical Portfolio: Grace's two business segments offer
highly specialized products with high margins and pricing power.
Grace has been able to pass through costs to customers, and the
catalysts segment has consistently generated EBITDA margins of
around 35%, while the material technologies business is in the low
20% range. These margins are on the high end for specialty chemical
companies and, although somewhat volatile, are partially insulated
by solid pass-through rates. In the medium term, Fitch believes
that the company will continue to deploy capital in order to build
out the Materials Technologies segment.

Refinery Production Drives Growth: Growth in the refining catalysts
sub-segment, which accounts for roughly 41.5% of Grace's revenue,
is determined primarily by refinery production utilization levels.
Products in this sub-segment have various uses, including cracking
hydrocarbon chains in distilled crude oil to produce transportation
fuels, maximizing propylene production, and converting methanol
into petrochemical feeds. These are valuable inputs to a refinery's
operations that support the optimization of crack spreads; as such,
Fitch expects volumes to track refinery production utilization
levels, with high pass-through rates keeping gross margins
relatively stable.

DERIVATION SUMMARY

Graces EBITDA margins are consistently above 25%, placing the
company firmly within the 'specialty manufacturer' group. The
company is smaller than direct competitor Albemarle Corporation
(BBB/Stable), which also produces lithium and bromine to complement
its catalysts. Like NewMarket Corp. (BBB/Stable), Grace is a leader
in a highly specialized industry, but has a greater appetite for
debt funded M&A, and typically operates with total debt to EBITDA
at or around 3.5x versus Newmarket, which is generally at or below
2.0x.

Like many chemicals peers, Fitch anticipates Grace's growth to
roughly track economic activity. Fitch projects Grace to generate
consistent FCF margins in the mid-single digits over the forecast
period, given low maintenance capex requirements and relatively
stable earnings, which is consistent with Fitch's views on
Newmarket. Fitch projects Albemarle to generate neutral to negative
FCF throughout the forecast period, given committed large-scale
capital projects.

KEY ASSUMPTIONS

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

-- Sharp near-term recovery in Catalysts Technologies, with a
    more modest, longer-dated recovery in Materials Technologies;

-- EBITDA margins roughly flat throughout the forecast;

-- Albemarle FCS transaction closes in 2021, with the cash
    portion funded fully with debt and 0% equity credit awarded;

-- Maintenance of a steady dividend and bolt-on M&A in Specialty
    Catalysts and Materials Technologies prioritized, with
    redemption of the preferred shares in 2023 and the remainder
    of excess cash going toward share repurchases. Solidly
    positive FCF throughout the forecast period;

-- For Grace as a standalone company, total debt with equity
    credit/operating EBITDA peaks around 4.8x in 2021, falling
    sharply thereafter as the normalization of refinery output and
    voluntary debt reduction drives leverage to around 3.4x by
    2024.

RATING SENSITIVITIES

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

-- Failure to complete the merger as contemplated will result in
    removal of the Negative Watch.

On a Standalone Basis:

-- A shift to a more conservative capital deployment strategy
    coupled with continued cash generation and earnings stability,
    leading to total debt with equity credit/operating EBITDA
    durably below 2.5x and/or FFO-adjusted leverage durably below
    3.0x;

-- Successful completion of Materials Technologies and Specialty
    Catalysts buildout, resulting in a more conservative capital
    deployment strategy and a move towards an unsecured capital
    structure.

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

To resolve the Negative Watch:

-- Completion of the contemplated merger.

On a Standalone Basis:

-- Loss of leading market positions, particularly in the
    Catalysts segment, leading to total debt with equity
    credit/operating EBITDA durably above 3.5x and/or FFO-adjusted
    leverage durably above 4.0x;

-- Reduced ability to pass through costs to customers, leading to
    less stable margins and heightened cash flow risk;

-- More aggressive than anticipated M&A activity, including
    transformative, credit-unfriendly acquisitions, or shareholder
    return strategy otherwise incompatible with management's
    articulated capital deployment policy.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Following the June 2020 refinancing, the company
will face limited maturities throughout the ratings horizon on a
standalone basis, with full availability on the company's $400
million revolving credit facility due 2023. Additionally, Fitch
anticipates solid free cash flow generation upon the normalization
of the company's sales volumes as refinery volumes return to
historical levels.


WYNN RESORTS: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on April 14, 2020, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Wynn Resorts Limited. EJR also upgraded the
rating on commercial paper issued by the Company to B from C.

Headquartered in Las Vegas, Nevada, Wynn Resorts, Limited owns and
operates luxury hotels and destination casino resorts in Las Vegas,
Nevada, Macau, and China.



XEROX CORPORATION: Egan-Jones Keeps BB Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 22, 2020, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Xerox Corporation.

Headquartered in Norwalk, Connecticut, Xerox Corporation develops
document management technology solutions.



ZAYAT STABLES: Ahmed Zayat Defends Bid for Bankruptcy Trustee Probe
-------------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that the bankrupt owner of
Triple Crown winner American Pharoah accused his lender of
attempting to influence his bankruptcy, elaborating on why he's
seeking to subpoena information related to a Chapter 7 trustee’s
investigation of his finances.

Ahmed Zayat's Tuesday court filing is the latest development in a
dispute with lender MGG Specialty Finance Fund LP over trustee
Donald Biase's look into the value of the businessman's real and
personal property.

MGG and its affiliates are using the bankruptcy process to get an
upper hand in litigation against Zayat and his family members over
more than $24 million in loans.

                        About Zayat Stables

Headquartered in Hackensack, New Jersey, Zayat Stables owned 203
thoroughbred horses. The horses, which are collateral for the bank
loan, are worth $37 million, according an appraisal mentioned in a
court paper. Ahmed Zayat said in a court filing that he personally
invested $40 million in the business.

The Company filed for Chapter 11 bankruptcy protection (Bankr.
D.N.J. Case No. 10-13130) on Feb. 3, 2010.  The Company estimated
$10 million to $50 million in assets and the same range of
liabilities as of the bankruptcy filing. The Debtor tapped Cole,
Schotz, Meisel, Forman & Leonard, P.A., as bankruptcy counsel.


                            *********

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
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                   *** End of Transmission ***