/raid1/www/Hosts/bankrupt/TCR_Public/210715.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Thursday, July 15, 2021, Vol. 25, No. 195

                            Headlines

72 & SUNNUY: Seeks to Employ Alex Arreaza as Bankruptcy Counsel
A MERRYLAND OPERATING: Taps Hinman Straub as Special Counsel
ADMIRAL PROPERTY: Court Approves Disclosure Statement
AEROCENTURY CORP: To Seek Confirmation of Dual Plan on Aug. 31
AESTHETIC FAMILY: Seeks to Hire Parsons Farnell as Special Counsel

AISSA MEDICAL: Seeks to Hire Eric A. Liepins as Legal Counsel
ALION SCIENCE: Moody's Puts B1 CFR Under Review for Upgrade
ALPHATEC HOLDINGS: Reports Select Prelim Q2 Financial Results
AMERICAN MOBILITY: Bankr. Administrator Unable to Appoint Panel
AMERICAN TRAILER: Moody's Affirms B3 CFR, Outlook Stable

AMSTERDAM HOUSE: Unsecured Creditors to Recover 15% of Claims
AMWINS GROUP: Moody's Affirms B1 CFR Following Incremental Debt
AMWINS GROUP: S&P Rates New $890MM Senior Unsecured Debt 'B-'
ANGLO-DUTCH ENERGY: Taps Henke, Williams & Boll as Special Counsel
ARBOR PHARMACEUTICAL: S&P Affirms B- ICR, Alters Outlook to Stable

ARCADIA GROUP: Mazars to Oversee Winding-Up
ARCTIC GLACIER: Moody's Rates Amended $40MM Revolver Loan 'Caa1'
ASHWOOD DEVELOPMENT: Hearing Friday on Continued Cash Access
ASURION LLC: Moody's Affirms B1 CFR on Debt Funded Dividend
ATI HOLDINGS: Moody's Ups CFR to 'B1' & Rates 1st Lien Loan 'B1'

AVMED INC: A.M. Best Hikes Financial Strength Rating to B(Fair)
AXALTA COATINGS: U-POL Acquisition No Impact on Moody's Ba3 CFR
B2 INDUSTRIES: Taps Cokinos Young as Special Litigation Counsel
BCPE EMPIRE: S&P Assigns 'B-' Rating on Delayed-Draw Term Loan
BED BATH: Egan-Jones Keeps CC Senior Unsecured Ratings

BELVIEU BRIDGE: Court Prohibits Use of U.S. Bank's Cash Collateral
BGT INTERIOR: Seeks to Hire Waldron & Schneider as Legal Counsel
BLACKBERRY LIMITED: Egan-Jones Keeps CCC Senior Unsecured Ratings
BUCKINGHAM SENIOR LIVING: U.S. Trustee Appoints Committee
CALAMP CORP: Egan-Jones Keeps CCC Senior Unsecured Ratings

CAMBER ENERGY: Extends Maturity of $20.5M Notes to January 2024
CAMBER ENERGY: Raises $15 Million Via Preferred Stock Offering
CARMAX INC: Egan-Jones Hikes Senior Unsecured Ratings to BB+
CARNIVAL CORPORATION: Egan-Jones Cuts Sr. Unsecured Ratings to CCC+
CEN BIOTECH: Closes Clear Com Media Acquisition

CENTERFIELD MEDIA: Moody's Assigns 'B2' CFR & Rates New Notes 'B2'
CENTRAL GARDEN: Egan-Jones Keeps BB Senior Unsecured Ratings
CHART INDUSTRIES: Egan-Jones Keeps BB+ Senior Unsecured Ratings
CHICAGO DOUGHNUT: Taps Wilde & Associates as Bankruptcy Counsel
CHOBANI GLOBAL: S&P Places 'B-' ICR on Watch Pos. on S-1 Filing

CMC MATERIALS: Moody's Rates $350MM Secured Credit Facility 'Ba2'
CONUMA RESOURCES: S&P Affirms 'CCC+' ICR, Outlook Negative
CORECIVIC INC: Egan-Jones Keeps BB Senior Unsecured Ratings
CRC BROADCASTING: Cash Collateral Accord with Desert OK'd
CRC BROADCASTING: CRC Media Gets Access to Cash Until July 31

CURO GROUP: S&P Affirms 'B-' Long-Term ICR, Outlook Stable
DARDEN RESTAURANTS: Egan-Jones Hikes Sr. Unsecured Ratings to BB+
DAVE & BUSTER: S&P Upgrades ICR to 'B' on Improving Performance
DIOCESE OF WINONA-ROCHESTER: Further Fine-Tunes Plan Documents
DIRECTV FINANCING: Moody's Assigns Ba3 CFR, Outlook Stable

DUNN PAPER: Covenant Amendment No Impact on Moody's B3 Rating
ENERGY HARBOR: Court Okays Another Delay in House Bill 6 Case
EXCELITAS TECHNOLOGIES: S&P Alters Outlook to Pos, Affirms B- ICR
FOREVER 21: UST Urges Court to Reject Plan Voting Procedures
FORMETAL COMPANY: Seeks to Hire Jones & Walden as Legal Counsel

FORUM ENERGY: Moody's Upgrades CFR to Caa1, Outlook Remains Stable
GENERAL ELECTRIC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
HALLIBURTON CO: Egan-Jones Keeps B Senior Unsecured Ratings
HEALTHCARE ROYALTY: Moody's Assigns First Time 'Ba3' CFR
HOOD LANDSCAPING: Gets Court Approval to Hire New Manager

II-VI INCORPORATED: Egan-Jones Hikes Sr. Unsecured Ratings to BB
ILLINOIS SPORTS: Fitch Assigns BB+ Rating on $18.79MM Bonds
INNOVATIVE WATER: Solenis Merger No Impact on Moody's Caa1 Rating
INTERSTATE UNDERGROUND: Gets Interim Access to Woodmen's Cash
JEFFERSON CAPITAL: Moody's Assigns Ba2 CFR on Strong Profitability

JELD-WEN INC: Moody's Rates New $550MM Sr. Secured Term Loan 'Ba2'
JETBLUE AIRWAYS: Egan-Jones Keeps B- Senior Unsecured Ratings
KB HOME: Egan-Jones Keeps BB- Senior Unsecured Ratings
KINSER GROUP II: Gets Cash Collateral Access
KNOT WORLDWIDE: Moody's Affirms B3 CFR & Alters Outlook to Stable

KORNBLUTH TEXAS: Wins Cash Collateral Access
LATAM AIRLINES: Creditors' Committee Members Disclose Holdings
LIMETREE BAY: Files for Ch. 11 as Lenders Stop Injecting More Cash
LIT'L PATCH: Case Summary & 10 Unsecured Creditors
MAIN STREET INVESTMENTS III: Taps Stephens & Bywater as Counsel

MALLINCKRODT PLC: Creditors Slams $65 Million Acthar Deal
MALLINCKRODT PLC: Paul Weiss, LRC 2nd Update on Noteholders
MARIETTA AREA HEALTH: Fitch Affirms 'BB-' IDR, Outlook Negative
MASONITE INT'L: Moody's Rates New $300MM Sr. Unsecured Notes 'Ba1'
MAYFLOWER RETIREMENT: Fitch Rates 2021B Revenue Bonds 'BB+'

METROPOLITAN PIER: Fitch Withdraws Ratings on 2018A Bonds
MGM RESORTS: Infinity Agreement No Impact on Moody's Ba3 Rating
MICHAEL LEVINE: Case Summary & 6 Unsecured Creditors
MICROCHIP TECHNOLOGY: Fitch Alters Outlook on 'BB+' IDR to Pos.
MICROVISION INC: CEO to Receive $280K Annual Salary

MOBILE FUNDS: Wins Cash Collateral Access
MONEYGRAM INT'L: Moody's Hikes CFR to B3 & Rates 1st Lien Loans B2
MORAVIAN MANORS: Fitch Affirms BB+ Rating on $17.3MM 2019A Bonds
NASCAR HOLDINGS: Moody's Affirms Ba3 CFR & Alters Outlook to Stable
NATIONAL RIFLE ASSOC.: Schumer Wants Chapter 11 Fraud Probe

NAVISTAR INTERNATIONAL: Egan-Jones Keeps CCC+ Sr. Unsec. Ratings
NEPHROS INC: Acquires GenArraytion Inc.
NEW YORK CLASSIC: Bankruptcy Plan Gives Payout Choices to Creditors
ONEJET INC: Chapter 7 Trustee Objects to Investors' Settlement
PACIFIC LINKS: Seeks to Use Cash Collateral Thru Jan. 2022

PAPER SOURCE: Brookfield, MTA Out as Committee Members
PAREXEL INT'L: Moody's Puts B2 CFR Under Review for Downgrade
PARKS DIVERSIFIED: Taps Klein & Wilson as Litigation Counsel
PATTERSON COMPANIES: Egan-Jones Keeps B+ Senior Unsecured Ratings
PATTERSON COMPANIES: Egan-Jones Keeps B+ Senior Unsecured Ratings

PETROTEQ ENERGY: Unveils Equity, Debt Financings
PIPELINE FOODS: July 16 Deadline Set for Panel Questionnaires
PRA HEALTH SCIENCES: S&P Ups ICR to 'BB+' on Acquisition by ICON
PROJECT ANGEL: Moody's Raises CFR to B2, Outlook Stable
PUG LLC: Moody's Affirms B3 CFR & Alters Outlook to Positive

PURDUE PHARMA: West Virginia Opposes Bankruptcy Plan
RITE AID: Egan-Jones Keeps CCC Senior Unsecured Ratings
ROUGH COUNTRY: S&P Downgrades ICR to 'B-' on Leveraged Buyout
SC SJ: Bankruptcy Suit Pits Down Fairmont Hotel Owner vs. Manager
SD IMPORT: Seeks Approval to Hire Schafer and Weiner as Counsel

SHARITY MINISTRIES: Seeks to Employ Landis Rath & Cobb as Counsel
SHARITY MINISTRIES: Taps SOLIC Capital as Restructuring Advisor
SILVERSIDE SENIOR: Taps CND Law as Special Healthcare Counsel
SILVERSIDE SENIOR: Taps Cole, Newton & Duran as Accountant
SOLENIS HOLDINGS: Platinum Acquisition No Impact on Moody's B3 CFR

SPEEDWAY MOTORSPORTS: Moody's Alters Outlook on B1 CFR to Stable
STITCH ACQUISITION: Moody's Assigns B3 CFR & Rates $350MM Loan B3
STRATHCONA RESOURCES: S&P Assigns 'B+' Issuer Credit Rating
SUFFERN PARTNERS: Gets OK to Tap Thompson Coburn as Special Counsel
SYNNEX CORPORATION: Egan-Jones Keeps BB+ Senior Unsecured Ratings

TECT AEROSPACE: Court Approves $13 Million Ch. 11 Sale to Boeing
TOWN & COUNTRY: Case Summary & 8 Unsecured Creditors
TRADER INTERACTIVE: Moody's Assigns First Time B3 CFR
VANSH N MOKSH: Seeks to Hire Eric A. Liepins as Legal Counsel
VF CORPORATION: Egan-Jones Keeps BB+ Senior Unsecured Ratings

VIDEO DISPLAY: Incurs $745K Net Loss in First Quarter
WASHINGTON PRIME: Committee Taps Greenberg Traurig as Legal Counsel
WEBER-STEPHEN PRODUCTS: S&P Places 'B' ICR on Watch Positive
WEST DEPTFORD: S&P Lowers Sr. Secured Term Loan B Rating to 'B-'
WP CITYMD: S&P Hikes ICR to 'B' on Strong Demand; Outlook Stable

WWEX UNI: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable
[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

72 & SUNNUY: Seeks to Employ Alex Arreaza as Bankruptcy Counsel
---------------------------------------------------------------
72 & Sunny, LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of Florida to hire Alex Arreaza, Esq., of the
Arreaza Law Firm, LLC to serve as legal counsel in its Chapter 11
case.

Mr. Arreaza's services include:

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

     (b) advising the Debtor with respect to its responsibilities
in complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;

     (c) preparing legal documents necessary in the administration
of the case;

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

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

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

Mr. Arreaza holds office at:

    Alex Arreaza, Esq.
    Arreaza Law Firm LLC
    320 West Oakland Park Blvd,
    Wilton Manors, FL 33311
    Tel: 954-565-7743
    Email: alex@alexmylawyer.com

                      About 72 & Sunny
  
72 & Sunny, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-15045) on May 24,
2021.  At the time of the filing, the Debtor disclosed total assets
of up to $500,000 and total liabilities of up to $1 million. Judge
Mindy A. Mora oversees the case.  The Debtor is represented by
Arreaza Law Firm, LLC.


A MERRYLAND OPERATING: Taps Hinman Straub as Special Counsel
------------------------------------------------------------
A Merryland Operating, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Hineman Straub
P.C. as its special healthcare and general corporate counsel.

The firm's services include:

     a. advising the Debtor with respect to its license to operate
issued by the NYS Department of Health;

     b. advising the Debtor with respect to all legal healthcare
issues arising from its Certificate of Need application;

     c. representing the Debtor with respect to healthcare
operational transactions; and

     d. consulting the Debtor concerning its corporate
responsibilities.

The hourly rates for the firm's attorneys range from $230 to $400
per hour.  The billing rate for Philip Murphy, Esq., the firm's
attorney who will be providing the services, is $400 per hour.
Paralegals are billed at the rate of $65 per hour.

As disclosed in the court filings, Hineman Straub neither
represents nor holds any interest adverse to the Debtor.

The firm can be reached through:

     Philip Murphy, Esq.
     Hinman Straub, P.C.
     121 State Street
     Albany, NY 12207
     Phone: 518-436-0751
     Fax: 518-436-4751
     Email: pmurphy@hinmanstraub.com

                    About A Merryland Operating

A Merryland Operating LLC is a walk-in primary care medical clinic
located in underserved community of Coney Island.

A Merryland Operating filed a voluntary Chapter 11 petition (Bankr.
E.D.N.Y. Case No. 19-46475) on Oct. 28, 2019, disclosing $500,001
to $1 million in both assets and liabilities.  Judge Nancy Hershey
Lord oversees the case.  

The Debtor tapped Kirby Aisner & Curley LLP as its bankruptcy
counsel and Broder-Mansoor, Inc. as its accountant.  Hineman Straub
P.C. and Alexander M. Fear, P.C. serve as the Debtor's special
healthcare and general corporate counsel.

Eric Huebscher has been appointed as patient care ombudsman and is
represented by Farrell Fritz, P.C.


ADMIRAL PROPERTY: Court Approves Disclosure Statement
-----------------------------------------------------
Judge Nancy Hershey Lord has entered an order approving the Third
Amended Disclosure Statement explaining the Chapter 11 Plan of
Admiral Property Group LLC.

The hearing to consider confirmation of the Plan, and any
objections thereto, will be held on Aug. 17, 2021 at 3:00 p.m.,
before the Honorable Nancy Hershey Lord, United States Bankruptcy
Judge, United States Bankruptcy Court for the Eastern District of
New York, 271-C Cadman Plaza East, Brooklyn, New York 11201.

Any objections to the Plan must be filed and served by Aug. 10,
2021.

All ballots voting in favor of or against the Plan shall be
submitted on or before Aug. 10, 2021, at 5:00 p.m. prevailing
Eastern Time.

                    About Admiral Property Group

Admiral Property Group, LLC, is a single asset real estate debtor
(as defined in 11 U.S.C. Section 101(51B)).  It owns the property
at 157 Beach 96thStreet, Queens, New York.

On July 31, 2020, an involuntary petition was filed against Admiral
Property Group by Metro Mechanical LLC, N&K Plumbing and Heating
Corp, and Borowide Electrical Contractors (Bankr. E.D.N.Y. Case No.
20-42826).  The petitioning creditors are represented by Joel
Shafferman, Esq., at Shafferman & Feldman, LLP.  Judge Nancy
Hershey Lord oversees the Debtor's Chapter 11 case.  The Kantrow
Law Group, PLLC serves as the Debtor's legal counsel in its
bankruptcy case.


AEROCENTURY CORP: To Seek Confirmation of Dual Plan on Aug. 31
--------------------------------------------------------------
Judge John T. Dorsey has entered an order approving on an interim
basis the Combined Disclosure Statement and Plan of AeroCentury
Corp., et al.

The hearing to consider confirmation of the Plan is scheduled for
Aug. 31, 2021, at 10:00 a.m. (prevailing Eastern Time).

Objections to approval and confirmation of the Combined Disclosure
Statement and Plan must be filed and served no later than 4:00 p.m.
(prevailing Eastern Time) on August 23, 2021.

The Debtors shall, if they deem necessary in their discretion, and
any other party in interest may, file a reply to any objections or
brief in support of approval of the Combined Disclosure Statement
and Plan by no later than 12:00 p.m. (prevailing Eastern Time) on
August 30, 2021.

To be counted as votes to accept or reject the Combined Disclosure
Statement and Plan, a Ballot must be properly executed, completed,
and delivered, by mail, overnight courier, personal delivery, or by
submitting a properly completed E-Ballot to the Voting Agent in
accordance with the instructions on the Ballot or E-Ballot so that
it is actually received no later than 4:00 p.m. (prevailing Eastern
Time) on August 23, 2021.

                          Chapter 11 Plan

AeroCentury Corp., et al., submitted a solicitation version of the
Combined Disclosure Statement and Joint Chapter 11 Plan, which
fine-tunes the original version.

The combined Disclosure Statement and Plan consists of a toggle
between (i) the Sponsored Plan, which, pursuant to the terms of the
Plan Sponsor Agreement, the Debtors and the Plan Sponsor will agree
to a restructuring of the Debtors' businesses that will be
implemented through the Sponsored Plan, and (ii) the Stand-Alone
Plan, whereby the Debtors' remaining Assets will vest in the
Post-Effective Date Debtors and be monetized by the Plan
Administrator.  The Debtors will file a document detailing the
treatment to be accorded to Holders of Interests in Class 7 no
later than 14 days before the Voting Deadline. I

Class 5 General Unsecured Claims totaling $166,589 will recover
100%.  Under both the  Stand-Alone Plan and the Sponsored Plan,
each Holder of an Allowed General Unsecured Claim shall receive in
full and final satisfaction and release of and in exchange for such
Allowed Class 5 Claim: (A) Cash equal to the amount of such Allowed
General Unsecured Claim; or (B) such other treatment which the Plan
Administrator or the Reorganized Debtors, as applicable, and the
Holder of such Allowed General Unsecured Claim have agreed upon in
writing.

Counsel to the Debtors:

     Joseph M. Barry
     Ryan M. Bartley
     Joseph M. Mulvihill
     S. Alexander Faris
     YOUNG CONAWAY STARGATT & TAYLOR, LLP
     Rodney Square
     1000 North King Street
     Wilmington, DE 19801
     Phone: (302) 571-6600
     Fax: (302) 571-1253
     E-mail: jbarry@ycst.com
             rbartley@ycst.com
             jmulvihill@ycst.com
             afaris@ycst.com

     Lorenzo Marinuzzi
     Raff Ferraioli
     MORRISON & FOERSTER LLP
     250 West 55th Street
     New York, NY 10019-9601
     Telephone: (212) 468-8000
     Facsimile: (212) 468-7900
     E-mail: lmarinuzzi@mofo.com
             rferraiolo@mofo.com

A copy of the Order dated July 12, 2021,  is available at
https://bit.ly/3AZWGvo from Kccllc, the claims agent.

A copy of the Disclosure Statement dated July 12, 2021, is
available at https://bit.ly/2T7ONTB from Kccllc, the claims agent.

                      About AeroCentury Corp.

AeroCentury Corp. is engaged in the business of investing in used
regional aircraft equipment and leasing the equipment to foreign
and domestic regional air carriers.  Its principal business
objective is to acquire aircraft assets and manage those assets in
order to provide a return on investment through lease revenue and,
eventually, sale proceeds.  It is headquartered in Burlingame,
Calif.

AeroCentury Corp. and affiliates, JetFleet Holdings Corp. and
JetFleet Management Corp., sought Chapter 11 bankruptcy protection
(Bankr. D. Del. Lead Case No. 21-10636) on March 29, 2021.

The Debtors tapped Morrison & Foerster, LLP and Young Conaway
Stargatt & Taylor, LLP as legal counsel; B Riley Securities, Inc.
as financial advisor and investment banker; and BDO USA, LLP as
auditor.  Kurtzman Carson Consultants is the claims agent and
administrative advisor.


AESTHETIC FAMILY: Seeks to Hire Parsons Farnell as Special Counsel
------------------------------------------------------------------
Aesthetic Family Dentistry, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Alaska to employ the law firm
of Parsons Farnell & Grein, LLP as its special counsel.

The firm wull represent the Debtor in the pending appeal of an
order confirming an arbitration award in favor of creditor NIM, Inc
as well as in any further arbitration or Oregon state court
proceedings.

The firm will be paid at these rates:

     John D. Parsons        $425 per hour
     Associates             125 to $300 per hour

John Parsons, Esq., at Parsons Farnell & Grein, disclosed in a
court filing that his firm does not have any ownership or other
interest in the Debtor's business.

The firm can be reached through:

     John D. Parsons, Esq.
     Parsons Farnell & Grein, LLP
     1030 SW Morrison St.
     Portland, OR 97205
     Phone: +1 503-222-1812

                About  Aesthetic Family Dentistry

Aesthetic Family Dentistry, LLC -- www.akdental.com -- which
operates a dental clinic specializing in cosmetic dentistry,
general dentistry, invisalign, and emergency dentistry, filed a
Chapter 11 petition (Bankr. D. Alaska Case No. 21-00083) on April
25, 2021.

As of the petition date, the Debtor had estimated assets between $1
million and $10 million and liabilities within the same range.  The
petition was signed by Scott Allen Methven, managing member.  Judge
Gary Spraker oversees the case.  David H. Bundy, P.C., is the
Debtor's legal counsel.  


AISSA MEDICAL: Seeks to Hire Eric A. Liepins as Legal Counsel
-------------------------------------------------------------
Aissa Medical Resources, LP seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to hire Eric A. Liepins,
P.C. to serve as legal counsel in its Chapter 11 case.

The firm's hourly rates are as follows:

     Eric A. Liepins                    $275 per hour
     Paralegals and Legal Assistants    $30 - $50 per hour

The Debtor paid a retainer fee of $5,000 to the law firm, plus the
Chapter 11 filing fee.

Eric Liepins, Esq., the sole shareholder of the firm, disclosed in
a court filing that he is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Eric A. Liepins, Esq.
     Eric A. Liepins, P.C.
     12770 Coit Road, Suite 850
     Dallas, TX 75251
     Tel.: (972) 991-5591
     Fax: (972) 991-5788
     Email: eric@ealpc.com

                  About Aissa Medical Resources

Aissa Medical Resources, LP filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No.
21-41642) on July 9, 2021, disclosing total assets of up to $50,000
and total liabilities of up to $500,000.  Eric A. Liepins, P.C.
represents the Debtor as legal counsel.


ALION SCIENCE: Moody's Puts B1 CFR Under Review for Upgrade
-----------------------------------------------------------
Moody's Investors Service has placed ratings of Alion Science and
Technology Corporation under review for upgrade. The action
includes the company's B1 corporate family rating, the Ba1
first-out/first-lien revolving credit facility, the B1
second-out/first-lien term loan and the company's B1-PD probability
of default rating. The review for upgrade is based on the company's
planned sale to Baa3-rated Huntington Ingalls Industries, Inc.

The following ratings/assessments are affected by the action:

On Review for Upgrade:

Issuer: Alion Science and Technology Corporation

Corporate Family Rating, Placed on Review for Upgrade, currently
B1

Probability of Default Rating, Placed on Review for Upgrade,
currently B1-PD

Senior Secured 1st Lien Term Loan, Placed on Review for Upgrade,
currently B1 (LGD3)

Senior Secured 1st Lien Revolving Credit Facility, Placed on
Review for Upgrade, currently Ba1 (LGD1)

Outlook Actions:

Issuer: Alion Science and Technology Corporation

Outlook, Changed To Rating Under Review From Stable

The transaction is scheduled to close in the second half of 2021. A
change of control provision under Alion's first lien loan agreement
will cause repayment and termination of all rated debt facilities
concurrent with the company's sale.

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

The B1 CFR reflects supportive leverage and coverage levels despite
somewhat less robust scale. Alion is gaining market share, with new
bookings driving backlog and revenue growth. The company's strong
R&D heritage is becoming more relevant as US defense modernization
requires innovative adapters of new technology to existing systems.
Alion possesses a competitive set of qualifications for the
contracts it will likely lead because the range of US defense
sub-systems requiring incremental changes is very broad. Moody's
expects the company will generate free cash flow of $50 million
near term, or about 10%-15% of debt.

If Alion's rated debts are repaid during the review period Moody's
expects to withdraw all ratings at that time. Moody's expects to
conclude the review upon close of the company's sale or upon
termination of the merger agreement.


The principal methodology used in these ratings was Aerospace and
Defense Methodology published in July 2020.

Alion Science and Technology Corporation is a provider of advanced
engineering, intelligence surveillance and reconnaissance, research
development test and evaluation, live virtual and constructive
training, electronic warfare, and cybersecurity solutions primarily
to U.S. Department of Defense and Intelligence Community customers.
Last twelve months revenue as of March 31, 2021 were $1.1 billion.
Alion is majority-owned by entities of, financial sponsor, Veritas
Capital.


ALPHATEC HOLDINGS: Reports Select Prelim Q2 Financial Results
-------------------------------------------------------------
Alphatec Holdings, Inc. announced select preliminary revenue
results for the second quarter ended June 30, 2021.

  * U.S. revenue, excluding the impact of EOS imaging, expected to

    range from $55.4 million to $56.0 million, which reflects
growth
    of 92.1% to 94.2% compared to the second quarter of 2020

   * Total revenue, excluding the impact of EOS imaging, expected
to
     range from $55.8 million to $56.4 million, which reflects
     growth of 88.2% to 90.2% compared to the second quarter of
2020

   * Total cash at June 30, 2021, of at least $74.0 million, in
     addition to available borrowings of $40.0 million under
     existing term loan

The Company expects to announce second quarter financial and
operating results and provide updated full year 2021 revenue
guidance inclusive of the EOS imaging acquisition after the market
closes on Aug. 3, 2021.

"Portfolio-wide momentum is driving aggressive U.S. revenue growth
and gives us confidence that organic U.S. revenue growth will
exceed 50% this year," said Pat Miles, Chairman and CEO.  "The
spine prowess we are building has clearly begun to deliver, but we
are just getting started.  The PTP technique is gaining momentum
and can not only penetrate, but more importantly, expand the
minimally invasive market for spine.  Our increasingly competitive
portfolio is enabling us to capture more of each procedural
opportunity, and we have vast potential to continue to grow ATEC's
U.S. footprint.  We also just closed the EOS imaging transaction,
which will bring unprecedented clinical information into the O.R.
and extend our reach into EOS' high-caliber account base.  ATEC is
exceptionally well-positioned to continue to earn surgeon
confidence and market share."

The select preliminary financial results are based on the Company's
current expectations and may be adjusted as a result of, among
other things, completion of customary quarter-end close review
procedures and further financial review.

In conjunction with the release of second quarter financial and
operating results on Aug. 3, 2021, the Company will host a live
webcast at 1:30 p.m. PT / 4:30 p.m.

                      About Alphatec Holdings

Alphatec Holdings, Inc. (ATEC) (www.atecspine.com), through its
wholly-owned subsidiaries, Alphatec Spine, Inc. and SafeOp
Surgical, Inc., is a medical device company dedicated to
revolutionizing the approach to spine surgery through clinical
distinction.  ATEC architects and commercializes approach-based
technology that integrates seamlessly with the SafeOp Neural
InformatiX System to provide real-time, objective nerve information
that can enhance the safety and reproducibility of spine surgery.

Alphatec Holdings reported a net loss of $78.99 million for the
year ended Dec. 31, 2020, compared to a net loss of $57 million for
the year ended Dec. 31, 2019.  As of March 31, 2021, the Company
had $404.50 million in total assets, $70.15 million in total
current liabilities, $38.58 million in long-term debt, $20.75
million in operating lease liability (less current portion), $11.29
million in other long-term liabilities, $23.60 million in
redeemable preferred stock, $131.84 million in contingently
redeemable common stock, and $108.29 million in total stockholders'
equity.


AMERICAN MOBILITY: Bankr. Administrator Unable to Appoint Panel
---------------------------------------------------------------
The U.S. Bankruptcy Administrator for the Eastern District of North
Carolina on July 13 disclosed in a filing that no official
committee of unsecured creditors has been appointed in the Chapter
11 case of American Mobility, Inc.

                      About American Mobility

American Mobility, Inc. filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. N.C. Case No.
21-01352) on June 11, 2021.  William Ryan, president, signed the
petition.  In its petition, the Debtor disclosed total assets of up
to $500,000 and total liabilities of up to $10 million.  Judge
Joseph N. Callaway oversees the case.  J.M. Cook, Esq., at J.M.
Cook, PA, serves as the Debtor's legal counsel.


AMERICAN TRAILER: Moody's Affirms B3 CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service affirmed American Trailer World Corp.'s
("ATW") corporate family rating and probability of default rating
at B3 and B3-PD, respectively. Concurrently, Moody's affirmed the
B3 rating on the company's senior secured first lien term loan B
due 2028, which will be upsized by $475 million to $1,225 million
from $750 million, and the senior secured first lien revolving
credit facility. The outlook remains stable.

Proceeds from the incremental debt offering will be used to pay a
one-time $475 million distribution to shareholders and pay related
fees and expenses. Moody's views the distribution as aggressive
given the size and the corresponding increase in debt for a company
that operates in sectors with end market customers that are
cyclical.

The affirmation of the CFR reflects Moody's expectation that the
company will continue its solid performance in 2022, after
achieving double-digit revenue growth in 2021, which will drive
deleveraging and positive free cash flow over the next 12 to 18
months.

RATINGS RATIONALE

ATW's credit profile reflects its high financial leverage, with pro
forma debt-to-LTM EBITDA increasing to the low 6x (including
Moody's adjustments) from 4.1x at March 31, 2021. Moody's expects
leverage to improve slightly through 2021 to about 5.6x, based on
the continued strong recovery in the sectors the company sells into
and the cost reduction initiatives during 2020. Moody's expects the
company will continue to generate positive annual free cash flow
through 2022, benefiting from active industrial and construction
end markets; however, a shift in consumer spending to services from
durable goods as economies open up could temper top-line
performance. A stronger than usual backlog provides some revenue
visibility at least into 2022 and supports earnings growth.

Moody's expects that ATW will face ongoing headwinds over the next
12 months in connection with inflationary pressures on both labor
and raw material costs as well as the potential for supply chain
disruption that could cause manufacturing delays. In addition,
Moody's views recreational consumer demand as deferrable while high
unemployment levels continue. The company also operates in a
fragmented industry and faces competitive pricing pressures, which
has constrained organic margin expansion and contributed to a
downward trend in ATW's margins in 2018 and 2019.

Moody's views ATW's liquidity as adequate. Moody's expects ATW will
generate free cash flow in the $50 million range in the next twelve
months, as it continues to invest in working capital and capital
expenditures to meet heightened demand. The company has a $65
million cash flow revolving credit facility, an asset-based lending
(ABL) revolver of $155 million and about $50 million in cash as of
March 31, 2021. The ABL had about $150 million available as of June
30, 2021, based on its borrowing base and net of letters of credit.
Moody's expects the cash to be deployed towards bolt-on
acquisitions in the near term. Also, access to the revolver is
essential given seasonal working capital needs that contribute to
periods of cash burn, along with working capital investments as
order activity remains elevated.

The stable outlook reflects Moody's expectations that credit
metrics will remain supportive of the company's rating level and
specifically debt-to-EBITDA will improve to about 5.6x by the end
of 2021, driven by sustained demand for trailers in the company's
end markets. The outlook also considers that the company will
maintain at least adequate liquidity.

The following rating actions were taken:

Ratings Affirmed:

Issuer: American Trailer World Corp.

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Senior Secured 1st Lien Revolving Credit Facility, Affirmed B3
(LGD4)

Senior Secured 1st Lien Term Loan B, Affirmed B3 (LGD4)

Outlook Actions:

Issuer: American Trailer World Corp.

Outlook, Remains Stable

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

The ratings could be upgraded with meaningful and consistent
organic growth in revenue and earnings such that Moody's expects
EBITA margins to be sustained in the mid-to-high teens,
debt-to-EBITDA to remain below 4x and EBITA-to-interest above 2x.
This would be accompanied by expectations for sustainable
improvement in end market conditions along with the broader
macroeconomic environment. A stronger liquidity profile would also
be expected for higher ratings, including free cash flow to debt
consistently above 5%.

The ratings could be downgraded with expectations of margin
pressure or deteriorating liquidity, including sustained negative
free cash flow. A downgrade could also result from weakening credit
metrics, including debt-to-EBITDA expected to be sustained above
6.5x or EBITA-to-interest below 1.5x. Debt financed dividends or
acquisitions that meaningfully increase leverage or weaken
liquidity could also lead to a downgrade.

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

American Trailer World Corp. (ATW), based in Richardson, Texas, is
a manufacturer of professional grade and consumer grade utility
trailers and spare parts in North America. In August 2016, the
company acquired America Trailer Works, Inc. (ATWI), a manufacturer
of primarily consumer grade utility and cargo trailers. Revenue was
approximately $1.7 billion for the last twelve months ended June
30, 2021. The company is majority-owned by funds affiliated with
Bain Capital.


AMSTERDAM HOUSE: Unsecured Creditors to Recover 15% of Claims
-------------------------------------------------------------
Amsterdam House Continuing Care Retirement Community, Inc.,
submitted a Plan and a Disclosure Statement.

The deadline to vote on the Plan is August 13, 2021, at 4:00 p.m.
(Prevailing Eastern time).

The Member, and the Consenting Holders, as applicable, have agreed
to the terms of a Plan Support Agreement together with a
refinancing of the Debtor's bond obligations that collectively
provide for the following (the "Refinancing Transaction"):

    1. The funding of an additional $40,710,000 in new money bond
financing (the "Series 2021A Bonds") fund (i) $20,835,000 partial
repayment of outstanding and anticipated resident refund
obligations as of the Effective Date; (ii) $9,000,000 toward the
Debtor's minimum liquid reserve requirements ("MLRR") under
applicable New York State law, and (iii) a debt service reserve
fund, a contingency and the costs of issuance;

   2. The contribution of $9 million from the Member to the Debtor
to fund the balance of the MLRR;

   3. An exchange of the current 2014 A Bonds and 2014 B Bonds for
new Series 2021B Bonds ("Series 2021B Bonds", and together with the
Series 2021A Bonds, the "Series 2021 Bonds") in the aggregate
principal amount of $127,327,200 (the "Bond Refinancing"); and

   4. The provision of a Liquidity Support Agreement ("LSA") from
the Member to the Debtor to be fully funded from the closing of the
sale of a not-for-profit nursing home operated by an Affiliate of
the Debtor and Member, to be dedicated to regulatory compliance,
including the funding of future MLRR and entrance fee refund
obligations. The funds provided under the LSA in the original
principal amount of $9 million shall be held in a segregated
account at the Debtor and shall not be subject to the Trustee's
liens.

Under the Plan, General Unsecured Claims (Class 4) are impaired.
The Debtor will pay an amount equal to 15 percent of the Allowed
amount of such Class 4 Claim, in each case subject to all defenses
or disputes the Debtor may assert as to the validity or amount of
such Claims.

Proposed Counsel to the Debtor:

     Thomas R. Califano
     William E. Curtin
     Shafaq Hasan
     SIDLEY AUSTIN LLP
     787 Seventh Avenue
     New York, New York 10019
     Tel: (212) 839-5300
     Fax: (212) 839-5599
     Email: tom.califano@sidley.com
            wcurtin@sidley.com
            shafaq.hasan@sidley.com

     Jackson T. Garvey
     SIDLEY AUSTIN LLP
     One South Dearborn
     Chicago, IL 60603
     Tel: (312) 853-7000
     Fax: (212) 853-7036
     Email: jgarvey@sidley.com

                About Amsterdam House Continuing Care

Amsterdam House Continuing Care Retirement Community, Inc. (doing
business as The Amsterdam at Harborside) operates Nassau County's
first and only continuing care retirement community licensed under
Article 46 of the New York Public Health Law, which provides
residents with independent living units, enriched housing and
memory support services, comprehensive licensed skilled nursing
care, and related health, social, and quality of life programs and
services.

Amsterdam House Continuing Care Retirement Community filed a
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D.N.Y. Case No. 21-71095) on June 14, 2021. James
Davis, president and chief executive officer, signed the petition.
At the time of the filing, the Debtor had between $100 million and
$500 million in both assets and liabilities.

Judge Louis A. Scarcella oversees the case.

The Debtor tapped Sidley Austin, LLP as legal counsel and RBC
Capital Markets, LLC as investment banker.  Kurtzman Carson
Consultants, LLC is the Debtor's claims and noticing agent and
administrative advisor.


AMWINS GROUP: Moody's Affirms B1 CFR Following Incremental Debt
---------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating and B1-PD probability of default rating of Amwins Group,
Inc. following the company's announcement that it is increasing its
senior secured term loan by $500 million along with plans to issue
$890 million of other unsecured debt. The company will use net
proceeds to repay its existing senior unsecured notes, pay related
transaction expenses, make a restricted payment of up to $750
million, and for general corporate purposes. The rating agency also
affirmed Amwins' senior secured credit facility ratings at Ba3 and
its senior unsecured note rating at B3. The outlook for Amwins'
ratings is stable.

RATINGS RATIONALE

According to Moody's, the affirmation of Amwins' ratings reflects
its market position as the largest US property & casualty (P&C)
wholesale broker; its diversification across clients, retail
producers, insurance carriers and product lines; and its healthy
EBITDA margins. The company has achieved solid organic growth and
consistent profitability supported by effective technology
investments, high employee retention and an opportunistic
acquisition strategy. These strengths are offset by the company's
significant debt burden, integration risk associated with
acquisitions including its recent acquisition of Worldwide
Facilities, and potential liabilities arising from errors and
omissions, a risk inherent in professional services. The
acquisition of Worldwide Facilities, a top five P&C wholesale
broker headquartered in California, was financed largely with
equity, and broadens Amwins' specialty capabilities but carries
integration risk.

While the issuance of debt to fund a restricted payment is credit
negative, Amwins' has a good track record of reducing leverage
through earnings and free cash flow. For the 12 months through
March 2021, Amwins generated revenues of $1.5 billion with strong
organic growth driven by significant rate increases in commercial
and specialty lines and new business. The company's EBITDA margins
have held relatively steady through the 12 months ended March 2021
as compared to fiscal year 2020, per Moody's calculations.

Giving effect to the proposed incremental borrowings, Amwins will
have pro forma debt-to-EBITDA above 6x, (EBTIDA - capex) interest
coverage in the range of 2.5x-3x, and free-cash-flow-to-debt in the
mid-single digits, according to Moody's estimates. The rating
agency expects Amwins to reduce leverage below 6x by year-end
through healthy earnings and free cash flow. These pro forma
metrics reflect Moody's adjustments for operating leases, certain
non-recurring items and run-rate EBITDA from acquisitions.

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

Factors that could lead to an upgrade of Amwins' ratings include:
(i) continued profitable growth, (ii) debt-to-EBITDA ratio below
4.5x, (iii) (EBITDA - capex) coverage of interest exceeding 3.5x,
and (iv) free-cash flow-to-debt ratio above 8%.

Factors that could lead to a rating downgrade include: (i)
debt-to-EBITDA ratio above 6x, (ii) (EBITDA - capex) coverage of
interest below 2.5x, or (iii) free-cash-flow-to-debt ratio below
5%.

Moody's has affirmed the following ratings:

Corporate family rating B1;

Probability of default rating B1-PD;

$300 million senior secured revolving credit facility maturing in
February 2026 at Ba3 (LGD3);

$2,490 million (including pending $500 million add on) senior
secured term loan maturing in February 2028 at Ba3 (LGD3);

$650 million senior unsecured notes maturing in July 2026 at B3
(LGD5 from LGD6).

The rating outlook for Amwins is stable.

The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in June 2018.


AMWINS GROUP: S&P Rates New $890MM Senior Unsecured Debt 'B-'
-------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue rating to AmWINS Group
Inc.'s proposed $890 million senior unsecured notes due in 2029.
The recovery rating is '6', indicating its expectation for
negligible (0%-10%; rounded estimate: 0%) recovery of principal in
the event of default.

S&P said, "We expect the company to use the proceeds to repay its
existing $650 million senior unsecured notes while allowing it to
lower the coupon payment associated with the notes. In addition to
the interest savings, the company extended its maturity
profile--which we view as favorable. We expect the company will use
the balance of the incremental borrowings for general corporate
purposes that could include acquisitions and/or returns to
shareholders.”

The existing issue ratings on AmWINS' first-lien credit facility
and the long-term issuer credit ratings (both rated 'B+') are
unaffected by the refinancing.

AmWINS benefits from its leading presence in the U.S. wholesale
brokerage market, diverse business and geographic mix, and lack of
a substantial client or carrier concentration. Offsetting this are
its slightly smaller scale than lower rated retail broker peers and
limited involvement with the policyholders due to the role of a
wholesaler. AmWINS has shown its strength to expand the business
achieving organic growth well above its retail peers at 8.8% for
full-year 2020, albeit down from 15.9% for 2019 due to economic
contraction. First-quarter 2021 organic growth was robust at 11.1%,
led by wholesale brokerage, but also favorable across almost all
segments, except group benefits. AmWINS benefits from favorable
specialty market trends as rate increases for the property/casualty
line remain robust, increased complex risks lead to a shift of
business from admitted to nonadmitted markets, and
retailers/carriers consolidating wholesale panels result in market
share gains. The recent acquisition of Worldwide Facilities
provides greater regional opportunities and a better business mix,
enhancing the proportion of casualty business it underwrites. In
addition to top-line growth, AmWINS achieved net EBITDA margins
between 33%-34% for 2020 and the 12 months ended March 31, 2021,
aided by lower travel and entertainment (expected to come back in
the second half of 2021), top-line growth, and some business mix
changes due to a divestiture.

S&P said, "Our assessment of the company's financial risk profile
assumes a highly leveraged capital structure, but more conservative
than retail peers due to the significant employee ownership of the
business. Its leverage ratio, including the present value of
operating leases and potential earn-out liabilities, was 5.4x for
the 12 months ended March 31, 2021. We expect pro forma leverage to
rise modestly to about 6.2x before improving to near 6.0x by
year-end 2021 due to the issuance of the senior unsecured notes, as
well as the first-lien debt add-on of $500 million, but to remain
within the tolerance levels for the current ratings. As the
business grows, we expect leverage to improve due stable margin
levels on robust organic growth that boosts operating leverage. We
expect EBITDA interest coverage above 3.5x, benefitting from the
lower benchmark rate and reduced borrowing costs. We also expect
the company to operate within the range of our base-case
expectations with debt to EBITDA of 5.5x-6.0x and coverage above
3.5x."



ANGLO-DUTCH ENERGY: Taps Henke, Williams & Boll as Special Counsel
------------------------------------------------------------------
Anglo-Dutch Energy, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ Henke, Williams
& Boll, LLP as its special counsel.

The firm will represent the Debtor in connection with the lawsuit
styled Eva S. Engelhart, Chapter 7 Trustee, and Anglo-Dutch
(Tenge), LLC v. Greenberg Peden, PC and Gerard Swonke; Civil Action
No. 4:19-cv-03101 pending in the U.S. District Court for the
Southern District of Texas.

The firm will be paid on a contingent fee basis as follows:

     (a) a base contingent fee of 15 percent of any settlement or
recovery by or on behalf of the Debtor or its bankruptcy estate,

     (b) plus an additional 5 percent of any such settlement or
recovery for each level of appeal taken by any party; and

     (c) plus an additional 5 percent of any such settlement or
recovery for each remand that requires more than entry of an order
or judgment.

As disclosed in the court filings, Henke Williams is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached through:

     Jett Williams, III, Esq.
     Henke, Williams & Boll, LLP
     2929 Allen Pkwy Suite 3900
     Houston, TX 77019
     Phone: 713-940-4500
     Fax: 713-940-4545

                   About Anglo-Dutch Energy

Houston-based Anglo-Dutch Energy, LLC -- http://www.anglo-dutch.com
-- is an operator focused on exploration, acquisitions, and
development in the United States.  Its acquisitions team is
experienced in acquiring low-risk production life oil and gas
reserves throughout the Upper Gulf Coast, Permian Basin and
Mid-Continent.

Anglo-Dutch Energy filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No.
21-60036) on April 23, 2021.  Scott V. Van Dyke, member and
president, signed the petition.  At the time of the filing, the
Debtor disclosed assets of up to $50 million and liabilities of up
to $10 million. Judge Christopher M. Lopez oversees the case.  Okin
Adams LLP and Henke, Williams & Boll, LLP serves as the Debtor's
bankruptcy counsel and special counsel, respectively.


ARBOR PHARMACEUTICAL: S&P Affirms B- ICR, Alters Outlook to Stable
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Arbor Pharmaceuticals
Inc. to stable from negative and affirmed its 'B-' issuer credit
rating on the company.

S&P said, "The stable outlook reflects our expectation that Arbor
will generate relatively steady earnings and operating cash flows
over the next few years. It also reflects our view that long-term
prospects for positive FOCF generation should enable Arbor to
refinance its credit facility maturing in July of 2023, barring a
significant change in market conditions.'

Growth prospects for revenue and free operating cash flow look
solid, despite recent execution challenges with product
development. Arbor's AR-19, an abuse-deterrent amphetamine product
to treat ADHD, was not recommended for approval by the FDA Advisory
Committee and the Drug Safety and Risk Management Advisory
Committee in October of 2020, leading to Arbor eventually
cancelling the program. S&P said, "Despite this setback (we had
previously viewed AR-19 as one of the key growth drivers in the
pipeline), Arbor has outperformed our expectations and its own
internal budget over the past few quarters. Revenue and EBITDA for
the first quarter of 2021 came in 4% and 60% higher than budget,
respectively, driven by strong performance in the portfolio of
promoted brand products and effective cuts to operating expenses.
Given this outperformance, we now forecast that adjusted leverage
will be 5.4x (versus our previous expectation of 7.9x) at year-end
2021. Additionally, we expect that free operating cash flow
generation for 2021 will be between $40 million and $50 million
(versus our previous expectation of around $26 million)."

S&P said, "We believe that Arbor is in a good position to refinance
ahead of the July 2023 maturity of its credit facility.The improved
short- and medium-term forecast supports our belief that Arbor will
be able to refinance before the term loan comes due. We expect that
Arbor will continue to generate at least $40 million in free
operating cash flow annually--enough to fully cover mandatory debt
payments of $6.25 million per quarter ($25 million annually) and
minimal capital expenditures through the second quarter of 2023."

Recent product acquisitions should bolster a relatively depleted
pipeline. Arbor recently signed a U.S. in-licensing deal for three
new products in the endocrinology therapeutic category. S&P said,
"We expect the new products to launch at some point over the next
few years, but do not expect meaningful revenue contribution over
that same timeframe. Still, the acquisitions help to refuel the
late-stage development pipeline, which had been depleted by the
cancellation of AR-19. They also help support our base-case
expectation of flat year-over-year revenue growth, despite
increasing competition." Arbor's ability to replace lost sales
remains a key risk--particularly as it approaches patent expiration
for its top products in 2025.

S&P said, "The revolving credit facility matured on July 5, 2021,
but we believe that liquidity remains adequate due to a sizable
cash balance. Arbor had $134 million of cash on the balance sheet
as of March 31, 2021--a position that we expect to improve through
the end of the year. This relatively large balance supports our
continued assessment of liquidity as adequate, despite Arbor losing
access to the now matured $75 million revolving credit facility."
The cash balance also provides Arbor funding for potential business
development opportunities to further bolster its pipeline and
portfolio.

S&P said, "The stable outlook reflects our expectation that Arbor
will generate relatively steady earnings and operating cash flows
over the next few years, contributing to adjusted debt to EBITDA of
5x-6x and adjusted FOCF to debt of about 10%. The outlook also
incorporates our view that long-term prospects for positive FOCF
generation should enable Arbor to refinance its credit facility
maturing in July of 2023.

"We could lower our ratings on Arbor within the next 12 months if
operational challenges lead us to conclude that the company is less
likely to replace lost sales and that the capital structure is
unsustainable. In this scenario, the company will likely have
difficulty refinancing its upcoming debt maturities or cover its
fixed charges.

"An upgrade is unlikely within the next 12 months given the
company's limited scale and competitive pressures facing its
product portfolio. That said, we could consider upgrading the
company within the next 12 months if leverage is sustained below
6.0x and we believe that prospects to replace lost sales have
improved."



ARCADIA GROUP: Mazars to Oversee Winding-Up
-------------------------------------------
Retail Gazette (UK) reports that an auditing firm has been
appointed as liquidator to oversee the winding-up process of what
remains of Sir Philip Green's collapsed Arcadia Group empire.

Accountants from Mazars are set to wind up 21 firms that make up
the remnants of the Arcadia Group, which had collapsed into
administration in December before Asos and Boohoo swooped in and
bought its brands in separate deals.

Mazars was appointed following a "competitive tender process" and
has been tasked with administering the repayment of around GBP30
million owed to creditors.

The HMRC is likely to be main the main beneficiary, although it
will not receive the full GBP44 million it is owed.

Mazars' liquidation process could take up to a year to complete.

"The liquidation of the Arcadia companies is a large and complex
undertaking, and our team will draw on its collective experience to
maximise returns for creditors, including HMRC," joint liquidator
Adam Harris said.

"Over the coming months our aim is to repay as much as possible of
the group’s outstanding unpaid VAT liability."

The news comes just days after it emerged Sir Philip Green’s wife
Lady Tina Green, as a secured creditor, received the £50 million
she was owed in full.

Administrators to the main holding company of Arcadia Group -- the
one that went into administration late last year -- have already
recovered almost £250 million.

This was largely achieved through the GBP295 million sale of
Topshop, Topman Miss Selfridge and HIIT to Asos which enabled the
repayment of an intercompany loan.

Meanwhile, Boohoo Group agreed to acquire Burton, Dorothy Perkins
and Wallis for £25.2 million.

Both deals only pertained to the fascia’s brands and assets,
meaning Asos and Boohoo will operate them online only.

The full list of the remaining Arcadia Group companies being
liquidated by Mazars are:

G Clothing (Holdings)
G Fashion
Arcadia Group Design & Development
Arcadia Group Holdings
Arcadia Group Retail
Arcadia Retail Group
Burton Property Trust
Burton Retail
Collier Finance
Dorothy Perkins
Dorothy Perkins Retail
Evans
Matte Card Services
Montague Burton Properties
Montague Burton Property Investments
Redcastle Properties
Redcastle Investments
Taveta Investments (No.2)
Taveta Investments
Top Shop/Top Man (Australia)
Wallis (London)

                     About Arcadia Group (USA)

Arcadia Group (USA) Limited is a London-based operator of a number
of retail stores throughout the United States, selling clothing and
accessories under the brand name Top Shop and Top Man. Visit
https://www.arcadiagroup.co.uk for more information.

Arcadia Group (USA) Limited sought Chapter 15 protection (Bankr.
S.D.N.Y. Case No. 19-11650) on May 22, 2019, to seek U.S.
recognition of its English law administration proceeding under the
Insolvency Act 1986.  Daniel Francis Butters and Ian C.
Wormleighton, as foreign representatives, signed the petition.

Judge James L. Garrity Jr. is assigned to the U.S. case.

Jamila J. Willis, Esq., Richard A. Chesley, Esq., and Oksana Koltko
Rosaluk, Esq., at DLA Piper LLP, serve as counsel in the U.S. case.
  


ARCTIC GLACIER: Moody's Rates Amended $40MM Revolver Loan 'Caa1'
----------------------------------------------------------------
Moody's Investors Service affirmed Arctic Glacier U.S.A., Inc.'s
ratings including its Corporate Family Rating at Caa1 and
Probability of Default Rating at Caa1-PD. At the same time, Moody's
affirmed the Caa1 rating on the company's senior secured first lien
term loan facility due 2024 and assigned a Caa1 rating to the
company's amended and extended $40 million senior secured first
lien revolving facility due 2023. The Caa1 rating on the previous
$60 million first lien revolver due 2022 will be withdrawn. The
outlook was changed to stable from negative.

The ratings affirmation and outlook change to stable reflects the
lower refinancing risks and improved liquidity following the
company's recent revolver amendment and extension, and Moody's
expectations for a gradual recovery in sales and earnings over the
next 12-18 months. The company extended its first lien revolving
credit facility to December 2023 from March 2022 and reduced the
facility's commitment to $40 million from $60 million. The
company's cash balance of approximately $20 million as of March 31,
2021, and access to an undrawn $40 million revolver provides Arctic
Glacier with financial flexibility to fund operating seasonality
and near-term working capital investments as sales and volumes
continue to sequentially improve.

Moody's expects the company's topline and earnings will continue to
sequentially improve over the next 12-18 months, benefiting from
continued strength in the retail channel supported by easing of
coronavirus related restrictions and a recovering US economy. A
gradual reopening in the foodservice sector throughout 2021 and
lapping weak results during 2020 will also contribute to improved
revenue and earnings over the next year. The company reported a
year-over-year revenue decline of -6% for the first quarter ending
March 31, 2021. However, this is an improvement from the -10% sales
decline in the fourth quarter of fiscal 2020.

The following ratings/assessments are affected by the action:

New Assignments:

Issuer: Arctic Glacier U.S.A., Inc.

Senior Secured 1st Lien Revolving Credit Facility, Assigned Caa1
(LGD3)

Ratings Affirmed:

Issuer: Arctic Glacier U.S.A., Inc.

Corporate Family Rating, Affirmed Caa1

Probability of Default Rating, Affirmed Caa1-PD

Senior Secured 1st Lien Term Loan, Affirmed Caa1 (LGD3)

Outlook Actions:

Issuer: Arctic Glacier U.S.A., Inc.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Arctic Glacier's Caa1 CFR reflects its small relative scale, high
financial leverage, and adequate liquidity. The company has a
narrow product focus with the vast majority of revenue related to
the sale of ice-related products. Efforts to contain the
coronavirus outbreak such as maintaining social distancing and
limits on large group gatherings and social events are negatively
affecting demand for the company's products, but these effects are
moderating as the pandemic eases. Arctic Glacier has high exposure
to weather and very high seasonality, generating most of its
revenue and earnings during the summer months. Governance factors
primarily relate to the company's aggressive financial policies
under private equity ownership. The company's adequate liquidity
reflects its cash balance of around $20 million as of March 31,
2021, access to an undrawn $40 million revolver facility due
December 2023, lack of required term loan amortization until 2023,
and Moody's projection for $3-5 million of free cash flow over the
next year.

The credit profile also reflects Arctic Glacier's position as the
second largest manufacturer and distributor of ice in the US and
leading position in the smaller Canadian market. The company
benefits from a relatively diverse customer base and its relatively
good EBITDA margin of around 23%. Moody's expects Arctic Glacier's
revenue and earnings will sequentially improve in fiscal 2021,
benefiting from increased demand as coronavirus related
restrictions are relaxed or lifted particularly during the key
summer months, and as the vaccine rollout in the US continues to
improve. Moody's projects debt/EBITDA leverage will decline but
remain high at around 7.8x, with breakeven to modest positive free
cash flow by end of fiscal 2021. However, there is uncertainty
around the timing and consumers' propensity to resume large group
gatherings to pre-covid levels and the potential impact of adverse
weather.

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

The stable outlook reflects Moody's expectations that Arctic
Glacier's revenue and earnings will improve as the coronavirus
related restrictions around group gatherings and social events are
lifted, and as the US economy continues to recover from the
coronavirus downturn, resulting in improving credit metrics over
the next 12-18 months. The stable outlook also reflects Moody's
expectations that the company will maintain at least adequate
liquidity supported by cash on balance sheet of $20 million as of
March 31, 2021 and access to an undrawn $40 million revolver due
2023, which provides financial flexibility to fund operating
seasonality and growth investments.

The ratings could be upgraded if the company's financial leverage
materially declines driven by improved operating results and
positive free cash flow generation, resulting in debt/EBITDA
sustained below 7.0x. A ratings upgrade would also require at least
adequate liquidity, highlighted by positive free cash flow
generation on an annual basis.

The ratings could be downgraded if operating performance remains
weak, or if debt/EBITDA leverage remains elevated. The ratings
could also be downgraded if liquidity deteriorates for any reason.

The principal methodology used in these ratings was Consumer
Packaged Goods Methodology published in February 2020.

Arctic Glacier U.S.A., Inc., a subsidiary of holding company Chill
Parent, Inc., is a manufacturer, marketer, and distributor of
packaged ice products in the US and Canada. The company sells to
more than 75,000 retail locations including mass merchants,
national and regional grocery chains, convenience stores, and gas
stations among others. Arctic Glacier's infrastructure includes 108
production and distribution facilities and over 52,000 stand-alone
merchandising freezer units. Arctic Glacier was sold to The Carlyle
Group in March 2017 for approximately $723 million. The company is
private and does not publicly disclose financial information.
Arctic Glacier generated approximately $266 million of revenue for
the last twelve months period (LTM) ending March 31, 2021.


ASHWOOD DEVELOPMENT: Hearing Friday on Continued Cash Access
------------------------------------------------------------
Judge Christopher Lopez authorized Ashwood Development Company to
use its cash collateral for necessary business expenses incurred in
the ordinary course of business, pursuant to the approved budget,
until July 16, 2021.

Judge Lopez ruled, among others, that:

   * the Debtor will not pay any funds to or for the benefit of
either Mark Strange or Rachel Strange, nor to or for the benefit of
any entity owned or controlled by Mark Strange or Rachel Strange,
pending further order;

   * the Debtor shall provide daily screen shots of all its bank
accounts, including those at Bank of America and First National
Bank, to counsel for the United States, U.S. Trustee, and the
Chapter 11 Trustee by 11 a.m. each business day for the prior
business day;

   * the Debtor will provide daily screen shots of the Bluevine
account if any funds are deposited into the account after June 30,
2021; and

   * before making any payment, the Debtor shall provide a copy of
the invoice by e-mail to both the Subchapter V Trustee and to
counsel for the United States with at least four hours' notice, and
the Debtor shall not make any payment unless neither the trustee
nor United States object to the payment within four hours of
receiving notice.

The U.S. Small Business Administration shall continue to have the
same liens, encumbrances and security interests in the cash
collateral generated or created post filing, as existed prior to
the filing date, Judge Lopez ruled.

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

The Court will continue hearing on the Debtor's Cash Collateral
Motion on July 16, 2021, at 1 p.m. by audio and video electronic
means.

                 About Ashwood Development Company

Ashwood Development Company sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No.
21-31853) on June 4, 2021, disclosing total assets of up to
$500,000 and total liabilities of up to $1 million.

Reese Baker, Esq., at Baker & Associates, represents the Debtor as
legal counsel.



ASURION LLC: Moody's Affirms B1 CFR on Debt Funded Dividend
-----------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating and B1-PD probability of default rating of Asurion, LLC
following the company's announcement of borrowings to help fund a
dividend to shareholders. The company is adding $500 million to its
first-lien term loan maturing in 2027 (affirmed at Ba3) and issuing
a new $2.8 billion seven and a half-year second-lien term loan
(assigned at B3). The rating agency has also affirmed the Ba3
ratings on Asurion's other existing first-lien credit facilities
and the B3 rating on its existing second-lien term loan. Asurion
will use proceeds from the new borrowings to fund a $3.25 billion
dividend to shareholders and pay related fees and expenses. Prior
to this pending transaction, Asurion allocated over $1.2 billion of
excess cash on hand to redeem certain equity holdings and prepay
$300 million of its first-lien term loan maturing in 2023. The
rating outlook for Asurion is stable.

RATINGS RATIONALE

According to Moody's, the affirmation of Asurion's ratings reflects
its dominant position in mobile device services distributed through
wireless carriers in the US, Japan and other selected international
markets (Mobility segment). The company has a record of efficient
operations, excellent customer service and profitable growth in
Mobility, which accounts for around 95% of its revenue and
earnings. Asurion also administers and underwrites extended
warranty and product service and replacement plans mainly in the US
(Retail segment), although this segment's revenue has declined due
to the loss of large clients in the past several years.

Credit challenges include Asurion's business concentrations among
leading wireless carriers, underscored by the recent loss of an
account following a merger, as well as its practice of borrowing
substantial sums from time to time to help fund payments to
shareholders. Risk management also becomes a greater challenge as
the firm expands its Mobility business internationally.

While the issuance of debt to fund a shareholder dividend is credit
negative, Asurion has a good record of reducing leverage through
healthy earnings and free cash flow. Following the dividend,
Moody's estimates that Asurion's pro forma debt-to-EBITDA will be
above 6x, with (EBITDA - capex) coverage of interest in the range
of 2.5x-3.0x, and a free-cash-flow-to-debt ratio in the mid-single
digits. These metrics incorporate Moody's adjustments for operating
leases and noncontrolling interest expense, and reflect interest
expense mainly on a cash basis to remove the effects of foreign
exchange hedging. The rating agency expects Asurion to reduce its
leverage below 6x over the next few quarters.

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

Factors that could lead to an upgrade of Asurion's ratings include
(i) debt-to-EBITDA ratio consistently below 5x, (ii) (EBITDA -
capex) coverage of interest exceeding 3.5x, (iii)
free-cash-flow-to-debt ratio above 8%, and (iv) EBITDA margins
exceeding 22%.

Factors that could lead to a rating downgrade include: (i)
debt-to-EBITDA ratio above 6.5x, (ii) (EBITDA - capex) coverage of
interest below 2x, (iii) free-cash-flow-to-debt ratio below 4%,
(iv) EBITDA margins below 18%, or (v) loss of a major carrier
relationship.

Moody's has affirmed the following ratings of Asurion:

Corporate family rating at B1;

Probability of default rating at B1-PD;

$250 million senior secured first-lien revolving credit facility
maturing in July 2024 at Ba3 (LGD3);

$3.3 billion ($1.8 billion outstanding) senior secured first-lien
term loan maturing in November 2023 at Ba3 (LGD3);

$2.2 billion senior secured first-lien term loan maturing in
November 2024 at Ba3 (LGD3);

$3.1 billion senior secured first-lien term loan maturing in
December 2026 at Ba3 (LGD3);

$2.0 billion (including pending $500 million increase) senior
secured first-lien term loan maturing in July 2027 at Ba3 (LGD3);

$1.6 billion senior secured second-lien term loan maturing in
January 2028 at B3 (to LGD5 from LGD6).

Moody's has assigned the following rating to Asurion:

$2.8 billion senior secured second-lien term loan maturing in
January 2029 at B3 (LGD5).

The rating outlook for Asurion is stable.

The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in June 2018.


ATI HOLDINGS: Moody's Ups CFR to 'B1' & Rates 1st Lien Loan 'B1'
----------------------------------------------------------------
Moody's Investors Service upgraded ATI Holdings Acquisition, Inc.'s
Corporate Family Rating to B1 from B3, its Probability of Default
Rating to B1-PD from B3-PD and the ratings on the company's
existing senior secured ratings to B1 from B2. Moody's also
assigned a B1 rating to the company's proposed new $150 million
five-year revolving credit facility and new $570 million seven-year
first lien term loan and assigned an SGL-1 Speculative Grade
Liquidity rating. The outlook remains stable.

The two-notch upgrade of the company's Corporate Family Rating
reflects the company's material reduction in debt following its
business combination with Fortress Value Acquisition Corp II. ATI
has repaid approximately $448 million of debt following the
conclusion of this business combination. Adjusted Debt/EBITDA
improved from approximately 6.0x to 4.0x pro-forma for the debt
payment for the LTM period ended March 31, 2021. Adjusted EBITDA
for the LTM period is temporarily elevated as earnings include
one-time grants associated with the CARES act. The upgrade also
reflects governance considerations as Moody's expects ATI will
operate with a more moderate leverage profile as it is now a
publicly traded company. Moody's expects the company will continue
to see a gradual return in patient volumes to pre-COVID-19 levels
over the course of 2021.

The one notch upgrade of the company's existing first lien debt
reflects the two-notch upgrade in ATI's Corporate Family Rating.
The upgrade also reflects that there is no longer any loss
absorption provided by junior ranking debt in the company's capital
structure as the company repaid in full its (unrated) $231 million
second lien term loan with proceeds from the business combination.
The B1 rating assigned to the new first lien revolving credit and
term loan facilities reflects that they will comprise the
preponderance of debt in the capital structure. Proceeds from the
new facilities will repay the existing facilities at close in a
largely leverage neutral transaction.

The SGL-1 Speculative Grade Liquidity rating reflects Moody's
expectations that the company will maintain very good liquidity
over the next 12 to 18 months. The company has approximately $100m
of cash on hand, pro-forma for its business combination, and
Moody's expects the company will generate about $50 million of free
cash flow in the next year. Liquidity will be bolstered by the
company's $150 million revolving credit facility which Moody's
expects will remain undrawn.

Rating actions:

Upgrades:

Issuer: ATI Holdings Acquisition, Inc.

Corporate Family Rating, Upgraded to B1 from B3

Probability of Default Rating, Upgraded to B1-PD from B3-PD

Senior Secured First Lien Term Loan, Upgraded to B1 (LGD3) from B2
(LGD3)

Senior Secured First Lien Revolving Credit Facility, Upgraded to
B1 (LGD3) from B2 (LGD3)

Assignments:

Issuer: ATI Holdings Acquisition, Inc.

Speculative Grade Liquidity Rating, Assigned SGL-1

Senior Secured First Lien Term Loan, Assigned B1 (LGD3)

Senior Secured First Lien Revolving Credit Facility, Assigned B1
(LGD3)

Outlook Actions:

Issuer: ATI Holdings Acquisition, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

ATI's B1 Corporate Family Rating reflects Moody's expectations that
debt/EBITDA will remain below five times over the next 12 to 18
months. The rating also reflects the company's overall moderate
scale and geographic concentration in the mid-western and
East-Coast regions of the US. ATI has exposure to the workers
compensation business, which can make the company vulnerable to
economic cycles and workers' compensation reimbursement changes.
The rating also reflects the relatively low barriers to entry in
the industry, which could increase competitive challenges in the
longer-term. The rating is supported by ATI's strong market
presence as the second largest owner/operator of physical therapy
clinics in the US as well its solid market share within the regions
where it operates.

The outlook is stable. Moody's expects the company will see patient
volumes continue to recover and will approach 2019 levels in the
next few quarters. Moody's also expects the company will continue
to successfully execute its growth strategy while maintaining
overall good liquidity.

ESG considerations are a factor in ATI's ratings. Like most
healthcare service providers ATI faces social risks around the
rising concerns around access and affordability of healthcare
services. Moody's does not consider physical therapy service
providers to have the same level of social risk because it is
typically a lower-cost treatment than more invasive procedures and
a safer option to treatments that rely on opioids. From a
governance perspective Moody's views the change in ownership as a
positive governance factor as Moody's expects ATI to operate with
moderate leverage as a public company, with a target leverage of
4.0x. However, the majority of shares remain owned by affiliates of
PE firm Advent International, who was the previous owner of ATI,
and as a result Moody's anticipates that ATI's financial policies
will remain aggressive given its growth strategy.

As proposed, the new credit facilities are expected to provide
covenant flexibility that could adversely affect creditors. Notable
terms include the following: first lien incremental debt capacity
up to the greater of 100% of Closing Date EBITDA and 100% of LTM
Consolidated EBITDA, plus unused amounts available under the
General Debt Basket, plus an additional amount of incremental
revolving facilities up to 75% of LTM Consolidated EBITDA, plus an
amount up to 0.25x outside of Closing Date First Lien Net Leverage
Ratio (if pari passu secured). Amounts up to 100% of Closing Date
EBITDA (including a "builder" component to be determined) may be
incurred with an earlier maturity date than the initial term loans.
The credit agreement permits the transfer of assets to unrestricted
subsidiaries, up to the carve-out capacities, subject to "blocker"
provisions which prohibit the transfer of material intellectual
property to unrestricted subsidiaries, with the exception of any
bona fide operational joint venture established for legitimate
business purposes. Non-wholly-owned subsidiaries are not required
to provide guarantees; dividends or transfers resulting in partial
ownership of subsidiary guarantors could jeopardize guarantees,
subject to protective provisions which only permit guarantee
releases if such disposition is a good faith disposition to a bona
fide unaffiliated third party for fair market value and for a bona
fide business purpose. The proposed terms and the final terms of
the credit agreement may be materially different.

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

In view of the company's moderate scale and geographic
concentrations there is limited upward rating pressure at this
time. Ratings could be upgraded if the company continues to
successful execute its growth strategies while broadening its
geographic footprint. Quantitatively ratings could be upgraded if
debt/EBITDA approached 3.5 times.

Ratings could be downgraded if the company were to undertake a more
aggressive financial policies including meaningful debt-financed
acquisitions or material distributions to shareholders. While not
anticipated an adverse change in reimbursement for physical therapy
proceeds could be negative. Quantitatively ratings could be
downgraded if debt/EBITDA was sustained above 5.0 times.

ATI Holdings Acquisition, Inc., a wholly-owned subsidiary of ATI
Physical Therapy, Inc. headquartered in Bolingbrook, IL, is an
outpatient physical therapy and rehabilitation provider. The
company operates about 900 clinics in 25 states concentrated around
the U.S. Midwest and East coast. ATI Holdings' LTM March 31, 2021
revenue was $559 million. ATI Physical Therapy is publicly traded
with funds affiliated with Advent International having a majority
stake.

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


AVMED INC: A.M. Best Hikes Financial Strength Rating to B(Fair)
---------------------------------------------------------------
AM Best has upgraded the Financial Strength Rating to B (Fair) from
C++ (Marginal) and the Long-Term Issuer Credit Rating (Long-Term
ICR) to "bb" (Fair) from "b+" (Marginal) of AvMed, Inc. (AvMed)
(Miami, FL). The outlook of the FSR has been revised to stable from
positive while the outlook for the Long-Term ICR is positive.

These Credit Ratings (ratings) reflect AvMed, Inc.'s balance sheet
strength, which AM Best assesses as adequate, as well as its
marginal operating performance, limited business profile, and
appropriate enterprise risk management.

The rating upgrades reflect the improvement in AvMed's
risk-adjusted capitalization to the strong level from adequate, as
measured by Best's Capital Adequacy Ratio (BCAR). The improvement
in AM Best's assessment was primarily driven by AvMed's solid
underwriting and net earnings results over the past three years,
leading to increased absolute capital and surplus levels. In
addition, a total premium has declined, reflecting AvMed's focus on
individual and small group commercial profitability, which has
further contributed to the strengthening of the BCAR. Coupled with
AvMed's growing levels of absolute capital and surplus, this has
resulted in a strong level of risk-adjusted capitalization in 2020,
and capital growth has continued its trend through the first half
of 2021. Furthermore, AvMed's balance sheet strength continues to
be supported by its conservative, high quality investment
portfolio, providing additional sources of liquidity, with
favorable liquidity metrics reported over the past few years.
However, this is offset by AM Best's concern about the financial
stability of the holding company, SantaFe HealthCare, Inc., which
results in a negative impact on AvMed's balance sheet strength
assessment. The holding company has high financial leverage and low
interest coverage, which limits its financial flexibility in the
event that AvMed needed support from the parent.

While operating performance remains assessed at marginal, the
positive Long-Term ICR outlook reflects AvMed's reported solid
operating results with net income over $14 million accompanied by a
double-digit return-on-equity ratio and other favorable
profitability metrics in each of the past three years. This trend
was driven by lower claims experience reflecting improvements in
underwriting practices, as well as an improvement in its medical
loss ratio driven by lower utilization during 2020 due to the
deferral of elective care as a result of the COVID-19 pandemic,
which contributed to stronger underwriting results. Furthermore,
AvMed reported positive operating results over the past three years
while implementing various performance improvement measures, which
included rate increases, enhanced medical management, and changes
to its benefit plan offerings structure. The organization has also
recently outsourced various functions, spanning from its
information technology infrastructure and support to claims
adjudication, in addition to converting all of its core operating
systems to state-of-the-art technologies, with the intention of
reducing its operating expense structure while driving greater
efficiencies and improved performance. AvMed expects earnings to
moderate, but still to be positive as the company will benefit from
newly created efficiencies from changes in its infrastructure. AM
Best will continue to monitor the impact of potential higher
utilization on its commercial and Medicare business caused by the
deferral of medical services during the COVID-19 pandemic, the
impact of its management's performance improvement plans, and the
impact of operating results at SantaFe HealthCare, Inc. over the
near-to-medium term.

AM Best notes that AvMed operates in a limited geographic area with
a high level of competition and pricing pressures leading to a
limited business profile.

The company's ERM program is appropriate. AvMed has a formalized
risk management program with an established governance structure,
risk tolerances, and operational controls. Risk culture is embedded
at every level of the organization. AvMed and its Board of
Directors work to identify and address risks with the appropriate
amount of oversight by senior management. Further refinements to
operational controls are ongoing and support net operating results.


AXALTA COATINGS: U-POL Acquisition No Impact on Moody's Ba3 CFR
---------------------------------------------------------------
Moody's Investors Service said that Axalta Coatings Systems Ltd.'s
acquisition of U-POL Holdings Limited is a modest credit-positive
development. Axalta will deploy approximately $590 million of cash
to add a strategic asset to its portfolio in a transaction expected
to close in the second half of 2021. The company reported about
$1.3 billion of cash at March 31, 2021.

"Using balance sheet cash to fund a strategic acquisition is
consistent with our expectations," said Ben Nelson, Moody's Vice
President -- Senior Credit Officer and lead analyst for Axalta
Coatings Systems Ltd.

Acquiring U-POL is consistent with management's efforts to expand
the automotive-oriented businesses. U-POL focuses on refinish
accessories and protective coatings with a global customer base and
principal operations located in the United Kingdom. Axalta stated
that U-POL expects 2021 net sales of approximately $145 million and
management-adjusted EBITDA of approximately $38 million. Management
estimates a transaction multiple of about 12.5x, including expected
operating synergies of about $10 million which are expected to be
realized within 18-24 months of closing, and expects the
transaction will be accretive to adjusted EBITDA margins. Based on
Moody's estimates, the acquisition will increase Axalta's EBITDA by
about 5% (inclusive of expected synergies). Moody's continues to
expect adjusted EBITDA (including Moody's standard adjustments) in
the range of $1 billion in 2021 followed by modest improvement in
2022.

Moody's believes that management will remain acquisitive in the
medium term. While management has articulated publicly aspirations
to achieve investment-grade ratings, including a long-term net
leverage target of 2.5x, Moody's expects that cash balances and
incremental free cash flow generation will be used to fund
acquisitions and share repurchases. The rating does not incorporate
expectations for absolute debt reduction. Moody's estimates
adjusted financial leverage of 5.0x (Debt/EBITDA; including
standard analytical adjustments) for the twelve months ended March
31, 2021. With anticipated improvement in earnings driven by the
global recovery from Covid-19 and cost actions at Axalta, Moody's
expects adjusted financial leverage will fall to the low 4 times
and retained cash flow-to-debt will remain above 10% (RCF/Debt) in
the coming quarters.

The stable outlook anticipates that Axalta will maintain
appropriate credit metrics for the rating level and maintain good
liquidity. Moody's could consider an upgrade with expectations for:
(i) adjusted financial leverage below 3.5x; (ii) retained cash flow
to debt sustained above 15%; and (iii) free cash flow to debt
sustained above 10% (FCF/Debt). Conversely, Moody's could consider
a downgrade with expectations for (i) adjusted financial leverage
sustained above 4.5x; (ii) retained cash flow-to-debt sustained
below 10%; or (iii) substantive deterioration in end market
conditions. Significant erosion in the company's liquidity position
or adoption of more aggressive financial policies could also have
negative rating implications.

Axalta Coating Systems Ltd. is one of the world's leading coatings
companies. Axalta was formed as a leveraged buyout of DuPont's
Performance Coatings business by an affiliate of Carlyle Group in
2013, became a public company through an initial public offering in
2014, and Carlyle exited by selling its remaining shares in 2016.


B2 INDUSTRIES: Taps Cokinos Young as Special Litigation Counsel
---------------------------------------------------------------
B2 Industries, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Texas to employ Cokinos Young as its
special litigation counsel.

The Debtor needs the firm's legal assistance in connection with the
claim filed by its creditor, kV Power, LP.

Stephanie Cook, Esq., and Christian Trevino, Esq., the firm's
attorneys who will be representing the Debtor, will be paid $425
per hour and $300 per hour, respectively.

Ms. Cook disclosed in a court filing that her firm is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy  Code.

The firm can be reached through:

     Stephanie H. Cook, Esq.
     Christian C. Trevino, Esq.
     Cokinos Young
     Las Climas IV
     900 S. Capitl of Texas Hwy, Suite 425
     Austin, TX 78746
     Tel: (512) 476-1080
     Fax: (512) 610-1184
     Email: SCook@cokinoslaw.com

                        About B2 Industries

B2 Industries, LLC, a Fentress, Texas-based foundation, structure
and building exterior contractor, filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas
Case No. 21-10104) on Feb. 17, 2021. Steven M. Beaird, manager,
signed the petition.  At the time of filing, the Debtor estimated
$10 million to $50 million in assets and $1 million to $10 million
in liabilities.  Judge H. Christopher Mott oversees the case.  Kell
C. Mercer, PC and Cokinos Young serve as the Debtor's bankruptcy
counsel and special litigation counsel, respectively.


BCPE EMPIRE: S&P Assigns 'B-' Rating on Delayed-Draw Term Loan
--------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating and '3'
recovery rating to U.S.-based food service packaging and facilities
maintenance supplies distributor BCPE Empire Holdings Inc.'s
proposed $280 million add-on to its first-lien term loan and $145
million delayed-draw term loan (undrawn at close). The '3' recovery
rating indicates its expectation for substantial recovery (50%-70%;
rounded estimate: 60%) in the event of a payment default.

BCPE will use the proceeds from the add-on to fund tuck-in
acquisitions that expand geographic reach and add cross-selling and
synergy opportunities. S&P said, "We expect it to remain
acquisitive and use the proceeds of the delayed-draw term loan to
fund potential acquisitions. Pro forma for the new debt and
earnings contribution, BCPE's leverage was about 8.5x as of June
30, 2021. We expect leverage will rise to the low-10x area in 2021
before declining to the low- to mid-8x area in 2022, primarily
through contributions from acquisitions and revenue growth in the
food service packaging segment from COVID-19 pandemic lows. We
expect BCPE will generate adjusted free operating cash flow (FOCF)
over $90 million in the next 12 months."

S&P could lower its 'B-' issuer credit rating if it believes FOCF
will be negligible through 2021, pressuring liquidity and rendering
the capital structure unsustainable. An upgrade would require
leverage consistently below 7x through revenue and EBITDA growth as
well as synergies from acquisitions.

ISSUE RATINGS - RECOVERY ANALYSIS

Key analytical factors

Pro forma for the proposed transaction, BCPE's debt capitalization
comprises:

-- A priority $245 million asset-based lending (ABL) facility
(perfected first-priority secured interest in the ABL priority
collateral consisting of accounts receivable and inventory); and

-- Senior secured first-lien loans ($660 million first-lien term
loan due in 2026, $130 million first-lien delayed-draw term loan
due in 2026, $180 million first-lien term loan due in 2026,
proposed incremental $280 million first-lien term loan due in 2026,
and proposed $145 million delayed-draw term loan due in 2026). They
rank pari passu with the first priority in the term loan collateral
along with the second priority in the ABL priority collateral).

BCPE Empire Holdings Inc. is the borrower under the ABL and
first-lien term loans. BCPE Empire New TopCo Inc. is the issuer of
the proposed $655 million senior unsecured notes.

S&P said, "Our simulated default scenario contemplates a default in
2023 precipitated by execution missteps and compressed margins due
to industry competition or poor acquisition integration that
materially reduce operating performance. We believe BCPE would
reorganize in a default rather than liquidate given its strong
customer relations, extensive supplier network, and high recurring
revenue. We therefore value the company as a going concern using a
5.5x multiple of our projected emergence EBITDA."

Simulated default assumptions

-- EBITDA at emergence: $198.4 million
-- Multiple: 5.5x
-- Gross enterprise value: $1.09 billion

Simplified waterfall

-- Valuation split (obligors/nonobligors): 100%/0%

-- Net recovery value after administrative expenses (5%): $1.04
billion

-- Secured first-lien debt claims: $1.4 billion

    --Recovery expectations: 50%-70% (rounded estimate: 60%)

-- Total unsecured claims: $1.2 billion

    --Recovery expectations: 0%-10% (rounded estimate: 0%)



BED BATH: Egan-Jones Keeps CC Senior Unsecured Ratings
------------------------------------------------------
Egan-Jones Ratings Company, on July 8, 2021, maintained its 'CC'
foreign currency and local currency senior unsecured ratings on
debt issued by Bed Bath & Beyond Inc. EJR also maintained its 'C'
rating on commercial paper issued by the Company.

Headquartered in Union, New Jersey, Bed Bath & Beyond Inc. operates
a nationwide chain of retail stores.



BELVIEU BRIDGE: Court Prohibits Use of U.S. Bank's Cash Collateral
------------------------------------------------------------------
Judge David E. Rice, at the behest of U.S. Bank National
Association, as Trustee for Velocity Commercial Capital Loan Trust
2017-2, prohibited Belvieu Bridge Properties Group from using the
cash collateral in which U.S. Bank has interest.  The Debtor may
not use U.S. Bank's cash collateral absent further order of the
Court.

Judge Rice directed the Debtor to provide U.S. Bank with a detailed
accounting of its cash collateral that has come into the possession
of the bankruptcy estate.

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

              About Belvieu Bridge Properties Group

Baltimore, Md.-based Belvieu Bridge Properties Group, LLC is the
owner of multi-unit residential apartment buildings located at 3915
Belvieu Avenue & 4610 Wallington Avenue, Baltimore, MD 21215; and
2427-2429 & 2431-2433 Lakeview Avenue, Baltimore, MD 21217.  The
company is the owner of fee simple title to the properties, having
a current value of $2.93 million.

Belvieu Bridge Properties Group filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case
No. 21-11452) on March 9, 2021.  Zenebe Shewayene, managing member,
signed the petition.  At the time of the filing, the Debtor
disclosed total assets of $3,115,322 and total liabilities of
$3,108,307.

Judge David E. Rice oversees the case. The Weiss Law Group, LLC
serves as the Debtor's legal counsel.




BGT INTERIOR: Seeks to Hire Waldron & Schneider as Legal Counsel
----------------------------------------------------------------
BGT Interior Solutions, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ
Waldron & Schneider, PLLC to serve as legal counsel in its Chapter
11 case.

The firm's services include:

     a. advising the Debtor with respect to its rights, duties and
powers in its bankruptcy case;

     b. assisting the Debtor in its consultations relative to the
administration of the case;

     c. assisting the Debtor in analyzing the claims of creditors
and in negotiating with such creditors;

     d. assisting the Debtor in the analysis of and negotiations
with any third party concerning matters relating to, among other
things, the terms of a plan of reorganization;

     e. representing the Debtor at all hearings and other
proceedings;

     f. reviewing and analyzing all applications, orders,
statements of operations and bankruptcy schedules filed with the
court and advising the Debtor as to their propriety;

     g. assisting the Debtor in preparing pleadings and
applications; and

     h. performing other necessary legal services.

Waldron & Schneider's current rates range from $225 to $375 per
hour for attorneys and from $150 to $175 per hour for clerks,
paraprofessionals and other staff of the firm.

The firm will be paid a retainer in the amount of $5,000 and
reimbursed for out-of-pocket expenses incurred.

Kimberly Bartley, Esq., a partner at Waldron & Schneider, disclosed
in a court filing that her firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

Waldron & Schneider can be reached at:

     Kimberly A. Bartley, Esq.
     Waldron & Schneider, PLLC
     15150 Middlebrook Drive
     Houston, TX 77058
     Tel: (281) 488-4438
     Fax: (281) 488-4597
     Email: kbartley@ws-law.com

                   About BGT Interior Solutions

Houston-based BGT Interior Solutions, Inc. owns and operates a
business known as BGT Interior Services, Inc., which provides
multi-family luxury interior finish packages to the construction
industry in Texas and nationwide.  It specializes in custom
turn-key flooring and countertop packages to fit a variety of
multi-family, hospitality, or commercial settings. It offers custom
design services and interior finish packages, providing its
customers a single point of contact from fabrication to
installation.

BGT Interior Solutions sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 21-32124) on June
23, 2021. In the petition signed by Robert Wagner, vice president
and director, the Debtor disclosed up to $50,000 in both assets and
liabilities.  Judge Eduardo V. Rodriguez oversees the case.
Waldron & Schneider, LLP is the Debtor's legal counsel.


BLACKBERRY LIMITED: Egan-Jones Keeps CCC Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on June 30, 2021, maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by BlackBerry Limited. 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.



BUCKINGHAM SENIOR LIVING: U.S. Trustee Appoints Committee
---------------------------------------------------------
The U.S. Trustee for Region 7 on July 12 appointed an official
committee to represent unsecured creditors in the Chapter 11 case
of Buckingham Senior Living Community, Inc.

The committee members are:

     1. Robert P. Larkins
        8580 Woodway Drive, Apt. 8611
        Houston, TX 77063
        Phone: (713) 416-7676
        E-mail: rplarkins2@aol.com

     2. David Mast, as representative of Mildred Mast
        3654 Holboro Drive
        Los Angeles, CA 90027
        Phone: (213) 308-2647
        E-mail: dmast7@mac.com

     3. Estate of Charles Hunter Montgomery
        c/o Kendall Charles Montgomery
        6210A Taggart Street
        Houston, TX 77007
        Phone: (713) 444-1960
        E-mail: kmontgomery@hagans.law

     4. Gayle Quisenberry
        8580 Woodway Drive, Apt. 8608
        Houston, TX 77063
        Phone: (713) 446-7628
        E-mail: gaylequisenberry@sbcglobal.net

     5. Martin Raymond
        8580 Woodway Drive, Apt. 8802
        Houston, TX 77063
        Phone: (832) 362-7086
        E-mail: msraymond001@comcast.net

     6. Estate of Maxine Woelfel
        c/o Randy Woelfel
        36 Camino Quien Sabe
        Santa Fe, NM 87505
        Phone: (410) 920-9290
        E-mail: rgwoelfel@yahoo.com

     7. Estate of Sharon Yapp
        c/o Carolyn Yapp
        3314 Albans Road
        Houston, TX 77005
        Phone: (713) 922-6336
        E-mail: yapp123@gmail.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                About the Buckingham Senior Living

The Buckingham Senior Living Community, Inc. is a Houston-based
continuing care retirement community (CCRC).

The Buckingham Senior Living Community sought Chapter 11 protection
(Bankr. S.D. Texas Case No. 21-32155) on June 25, 2021.  In its
petition, the Debtor disclosed assets of between $100 million and
$500 million and liabilities of the same range.  

The case is handled by Judge Marvin Isgur.  

Thompson & Knight, LLP and B. Riley Advisory Services serve as the
Debtor's legal counsel and financial advisor, respectively.
Stretto is the claims and noticing agent.


CALAMP CORP: Egan-Jones Keeps CCC Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company, on June 29, 2021, maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by CalAmp Corp. EJR also maintained its 'C' rating on
commercial paper issued by the Company.

Headquartered in Irvine, California, CalAmp Corp. delivers wireless
access and computer technologies.



CAMBER ENERGY: Extends Maturity of $20.5M Notes to January 2024
---------------------------------------------------------------
Camber Energy, Inc. previously executed and delivered to an
institutional investor a promissory note in the principal amount of
$6,000,000, accruing interest at the rate of 10% per annum and
maturing Dec. 11, 2022.  As disclosed in the Current Report on Form
8-K of Camber filed on Dec. 23, 2020, on Dec. 23, 2020, Camber
executed and delivered to the Investor a promissory note in the
principal amount of $12,000,000, accruing interest at the rate of
10% per annum and maturing on the Maturity Date.  As disclosed in
the Current Report on Form 8-K of Camber filed on April 27, 2021,
on April 23, 2021, Camber executed and delivered to the Investor a
promissory note in the principal amount of $2,500,000, accruing
interest at the rate of 10% per annum and maturing on the Maturity
Date, and containing a provision entitling the Investor to convert
amounts owing under the Third Investor Note into shares of common
stock of Camber at a fixed price of $1.00 per share, subject to
beneficial ownership limitations.

Effective July 9, 2021, Camber and the Investor executed amendments
to each of the Notes, pursuant to which (i) the Maturity Date of
each of the Notes was extended from Dec. 11, 2022, to Jan. 1, 2024;
and (ii) the Investor is permitted to convert amounts owing under
the Notes into shares of common stock of Camber at a fixed price of
$1.25 per share, subject to beneficial ownership limitations.

                        About Camber Energy

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

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

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


CAMBER ENERGY: Raises $15 Million Via Preferred Stock Offering
--------------------------------------------------------------
Camber Energy, Inc. and an institutional investor entered into a
stock purchase agreement, effective as of July 9, 2021.

Under the terms of the July 2021 Purchase Agreement, the Investor
purchased 1,575 shares of Series C Redeemable Convertible Preferred
Stock, for $15 million, at a 5% original issue discount to the
$10,000 face value of each share of preferred stock.

Pursuant to the July 2021 Purchase Agreement, as long as the
Investor holds any shares of Series C Preferred Stock, the Company
agreed that, except as contemplated in connection with the merger
contemplated by that certain Agreement and Plan of Merger entered
into between the Company and Viking Energy Group, Inc. on Feb. 15,
2021, as amended from time to time, the Company would not issue or
enter into or amend an agreement pursuant to which the Company may
issue any shares of common stock, other than (a) for restricted
securities with no registration rights, (b) in connection with a
strategic acquisition, (c) in an underwritten public offering, or
(d) at a fixed price.  The Company also agreed that it would not
issue or amend any debt or equity securities convertible into,
exchangeable or exercisable for, or including the right to receive,
shares of common stock (i) at a conversion price, exercise price or
exchange rate or other price that is based upon or varies with, the
trading prices of or quotations for the shares of common stock at
any time after the initial issuance of the security or (ii) with a
conversion, exercise or exchange price that is subject to being
reset at some future date after the initial issuance of the
security or upon the occurrence of specified or contingent events
directly or indirectly related to the business of the Company or
the market for the common stock.

The Company also agreed that if it issues any security with any
term more favorable to the holder of such security or with a term
in favor of the holder of such security that was not similarly
provided to the Investor, then it would notify the Investor of such
additional or more favorable term and such term, at the Investor's
option, may become a part of the transaction documents with the
Investor.

The July 2021 Purchase Agreement includes customary
representations, warranties and covenants, and provisions requiring
that the Company indemnify the Investor against certain losses.

Finally, the Company agreed to include proposals relating to the
approval of the July 2021 Purchase Agreement and the issuance of
the shares of common stock upon conversion of the Series C
Preferred Stock sold pursuant to the July 2021 Purchase Agreement,
as well as an increase in authorized common stock to fulfill our
obligations to issue such shares, at the Company's next Annual
Meeting, the meeting held to approve the Merger or a separate
meeting in the event the Merger is terminated prior to shareholder
approval, and to use commercially reasonable best efforts to obtain
such approvals as soon as possible and in any event prior to Jan.
1, 2022.

The Company plans to use the funds raised through the sale of
Series C Preferred Stock for working capital, new acquisitions
(directly or through the Company's majority-owned subsidiary),
operating expenses, general and administrative expenses and to
otherwise advance the Company's growth strategy.

                        About Camber Energy

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

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

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


CARMAX INC: Egan-Jones Hikes Senior Unsecured Ratings to BB+
------------------------------------------------------------
Egan-Jones Ratings Company, on June 30, 2021, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by CarMax, Inc. to BB+ from BB.

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



CARNIVAL CORPORATION: Egan-Jones Cuts Sr. Unsecured Ratings to CCC+
-------------------------------------------------------------------
Egan-Jones Ratings Company, on July 1, 2021, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Carnival Corporation to CCC+ from B. EJR also downgraded the
rating on commercial paper issued by the Company to B from A3.

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.



CEN BIOTECH: Closes Clear Com Media Acquisition
-----------------------------------------------
CEN Biotech Inc. closed on July 9, 2021 its share exchange
agreement to acquire all of the issued and outstanding capital
shares of Clear Com Media Inc., a Windsor, Ontario based digital
media company.  

At closing of the Agreement, the shareholders of Clear Com
exchanged all of their shares in Clear Com, constituting all of the
issued and outstanding capital stock of Clear Com, for an aggregate
total of 4,000,000 common shares of the Company and Clear Com
became a wholly owned subsidiary of the Company.

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

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

Pursuant to the Agreement, Larry Lehoux has been appointed as the
Company's chief technology officer and a member of the Company's
board on July 9, 2021.

              Planned Strategic Expansion of Business

CEN Biotech announced that it is seeking to expand its business to
include Cannabis, Psychedelic Mushrooms, and Digital Communities.


The Company said its mission is to strive to be an agriculture
based mindful provider of Phyto medical solutions developed to help
improve one's state of health and well-being and that its vision as
a biotech company is to focus on Quality, Reliability and
Transparency in all that it does while aiming to produce and
deliver Phyto Medical products through Education.

CEN Biotech said company values play an important role in defining
who it is and how it acts.  Its company values include:

   * TRANSPARENCY - Transparency is all about letting in and
     embracing new ideas, new technology, and new approaches. No
     individual, entity, or agency, no matter how smart, how old,
or
     how experienced, can afford to stop learning.

   * COMPLIANCE - We will seek to ensure that CEN and its
     collaborators follow all regulations, standards and ethical
     practices as an essential part of our business model.

   * EDUCATION - We aim to connect our customers, users and experts

     in one community to learn together how to use and obtain value

     from our products.

   * RELIABILITY - The CEN team seeks to work quickly and
     efficiently to offer efficacy products building trust with
     customers and exceeding their expectations."

                         About CEN Biotech

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

CEN Biotech reported net income of $14.25 million for the year
ended Dec. 31, 2020, compared to a net loss of $5.65 million for
the year ended Dec. 31, 2019. As of March 31, 2021, the Company had
$6.21 million in total assets, $16.68 million in total liabilities,
and a total shareholders' deficit of $10.46 million.

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


CENTERFIELD MEDIA: Moody's Assigns 'B2' CFR & Rates New Notes 'B2'
------------------------------------------------------------------
Moody's Investors Service has assigned to Centerfield Media Parent,
Inc. a B2 Corporate Family Rating and B2-PD Probability of Default
Rating. In connection with this rating action, Moody's assigned a
B2 rating to Centerfield's proposed $785 million 5-year senior
secured notes. The rating outlook is stable.

Net proceeds from the notes offering plus a new unrated $75 million
revolving credit facility (expected to be undrawn at closing), will
be used to fully refinance the existing unrated bank credit
facilities ($343 million outstanding) and finance the acquisition
of Datalot Intermediate Sub, Inc. ("Datalot") for $400 million.
Approximately $35 million of rollover equity from Datalot's
shareholders will be used to help fund the purchase price. With
roughly $150 million in revenue at LTM March 31, 2021, Datalot is a
Brooklyn, NY-based digital marketing services provider focused on
the insurance vertical.

Following is a summary of the rating actions:

Assignments:

Issuer: Centerfield Media Parent, Inc.

Corporate Family Rating, Assigned B2

Probability of Default Rating, Assigned B2-PD

$785 Million Gtd Senior Secured Regular Bond/Debenture due 2026,
Assigned B2 (LGD3)

Outlook Actions:

Issuer: Centerfield Media Parent, Inc.

Outlook, Assigned Stable

The assigned ratings are 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

Centerfield's B2 CFR reflects the company's small size and Moody's
expectation that Centerfield will remain acquisitive over the
rating horizon and maintain financial leverage at high levels to
help fund its strategic gr8owth initiatives. While average annual
revenue growth has been roughly 35% since 2016, revenue remains
small at approximately $325 million (as of LTM March 31, 2021),
representing a de minimis market share in the digital marketing
services industry. Much of this growth has been fueled through M&A
that enhanced Centerfield's digital properties portfolio, providing
editorial content and facilitating its end-to-end customer
acquisition solutions and sales conversion business. Moody's
expects continued acquisition activity as Centerfield seeks to add
new digital properties to scale its core Home Services segment
(comprising TV/internet/streaming and home security), expand its
smaller verticals that include the B2B small-to-medium sized
enterprise space (which tend to have 3-year contracts) and Other
segment (comprising products/services verticals), plus extend into
adjacent and new verticals such as insurance (with the Datalot
purchase) and a variety of online product and service industries.
Further expansion of the company's customer sales center operations
is also expected.

The B2 rating also considers the company's high pro forma financial
leverage of 6.5x total debt to non-GAAP EBITDA (Moody's adjusted at
LTM March 31, 2021), inclusive of Datalot's LTM EBITDA, one-time
adjustments, cost synergies and the proposed incremental debt.
Barring future re-leveraging events, Moody's projects adjusted
leverage as measured by total debt to GAAP EBITDA will decrease to
around 5.8x by the end of 2021 and 5x by year end 2022. While
leverage has the propensity to decline, primarily via profit
growth, given the company's aspirations to expand into other
verticals and the large number of independent digital marketing
companies currently available for purchase, Moody's expects
Centerfield will engage in future debt-funded acquisitions. This
will likely result in volatile credit metrics and leverage
fluctuating in the 5.5x-6.25x range on a GAAP basis (as calculated
by Moody's) over the rating horizon. Given Centerfield's small
size, even minor disproportionate changes in debt relative to
EBITDA can result in meaningful shifts in leverage metrics. The B2
rating is also influenced by the high dependence on Alphabet's
Google, absence of meaningful international diversification and
governance concerns related to private equity ownership.

Centerfield's B2 CFR is supported by the company's online customer
acquisition platform designed around a performance-based revenue
model (i.e., clients pay Centerfield only when a user converts to a
paying customer) and proprietary data-driven analytics that collect
and evaluate significant amounts of first-party user data in
real-time. These solutions enable algorithms to deliver high
customer traffic, greater sales conversions and meaningful ROI for
clients than traditional marketing channels. The application of
acquired first-party data to build a customer profile and adoption
of an omni-channel approach to engage and better target consumers
has helped Centerfield to improve sales conversion rates and, in
turn, sustain a high growth profile, which Moody's expects to
continue longer-term.

Owing to new revenue models and optimization initiatives,
Centerfield has expanded EBITDA margins to the 25%-30% range
compared to roughly 15% in 2018 and 20% in 2019 (all margins are
Moody's adjusted), a credit positive. As the economy gradually
emerges from recession and labor markets improve, Moody's believes
Centerfield will continue to benefit from the secular shift of
digital media spend and consumer purchase activity from traditional
channels to online platforms, and is poised to exploit these
pronounced trends during and after the COVID-19 pandemic as
consumers increasingly view episodic TV and theatrical content via
video-on-demand streaming platforms and continue to scale back
in-store shopping and rely more on e-commerce and online retail
sites.

Factors that weigh on the rating include Centerfield's sizable
exposure to a handful of clients and high revenue concentration in
the Home Services business segment. The top five clients presently
account for over half of gross profit, however on a pro forma basis
for the Datalot acquisition, this will decrease to below half.
Clients are chiefly in the Home Services segment, which accounts
for roughly 67% of Centerfield's fiscal 2020 pro forma LTM revenue
(approximately 45% pro forma for Datalot). Offsetting this is the
company's long-term client relationships, which range from 7 to 11
years, with the largest client having a 10+year relationship with
Centerfield. Additionally, since most of these big clients provide
internet connectivity or wireless data services, the risk of client
disengagement or advertising revenue cyclicality remains low given
that these sectors are experiencing strong demand growth, which
accelerated during the pandemic. Strong end market growth is one of
the reasons for the high client concentration. Expansion into
insurance and other verticals will help diversify the client base.
Pro forma for Datalot, the insurance will account for about 19% of
Centerfield's revenue. Moody's believes this vertical will
experience a faster growth profile for digital ad spend
(15%-16%/annum) relative to the entire US digital ad spend market
(10%-13%/annum) primarily due to the insurance industry's early
stage in transitioning to digital advertising channels as premium
writing moves online.

Notwithstanding the demand recovery in the services sector expected
in 2021-22 boosted by the economic rebound, the rating considers
the lingering economic scarring from the recession that could
affect consumers' purchasing behavior and advertisers' willingness
to maintain and/or increase marketing spending levels given income
weakness within some demographic segments and risks associated with
the timing of the abatement of the pandemic. Offsetting these risks
is Moody's view that advertisers will typically shift spend from
brand awareness marketing to measurable performance-based
advertising during periods of muted or less sustained economic
growth to reduce ROI risk, which benefits Centerfield's business
model. Moody's also believes consumers' increasing reliance on
TV/internet/streaming and wireless data services, which currently
comprise the bulk of Centerfield's clients, reflects
non-discretionary consumer spend. Consequently, marketing spend
from clients in these end markets are less likely to be cut.

The company is highly reliant on Alphabet's Google, which Moody's
estimates accounts for a significant amount of Centerfield's media
purchases primarily through paid search. Roughly 70% of
Centerfield's traffic is sourced through paid search (i.e., ads
placed at the top of the search engine results page, which
typically get the vast majority of traffic from search queries but
have lower gross margins) while 30% is derived from the company's
organic channels (higher gross margins). Notably, the company
derives around 50% of gross profit from its owned and operated
sites with the remaining 50% from client branded sites. Given
Google's search engine ubiquity and popularity with searchers,
bidding on Google's ad exchange can be very competitive and certain
industry keywords can be expensive. Centerfield buys ad impressions
in real-time (i.e., when the ad is to be simultaneously rendered
on-screen to the consumer) via auctions facilitated by real-time
bidding technology. Automated bid optimization automatically bids
to an optimal position to maximize volume and profit based on
estimated conversion rates for the ad copy and clients' expected
ROI. Google is the largest ad network with the largest internet
user reach in the world enabling advertisers to target practically
every demographic, a mitigating factor to Centerfield's dependency
on Google. Management believes Centerfield's high click through
rates, high conversions and quality ads have enabled it to buy
media at attractive prices and remain a long-standing partner with
Google, helping the ad giant to maximize profits, despite the
company's small size.

As Centerfield expands its sales centers, the labor intensity
associated with a larger sales operation could pressure margins if
sales agents' productivity falls below historical levels. The
company has mitigated margin pressure by offshoring and outsourcing
sales agents to low-cost regions and incorporating artificial
intelligence chat bots to minimize the need for human labor.

The stable outlook reflects Moody's view that Centerfield's
integrated end-to-end digital marketing platform, online customer
acquisition and sales center operating model will remain fairly
resilient and generate solid free cash flow. Moody's expects that
Centerfield will continue to experience favorable digital ad market
trends and achieve share gains as clients adopt its data-driven
approach to marketing, especially in end markets less affected by
the virus such as TV/internet/streaming, wireless data services,
e-commerce and insurance.

Centerfield's "asset-lite" operating model facilitates good
conversion of EBITDA to positive free cash flow (i.e., CFO less
capex less dividends), which supports the ability to de-lever;
however the willingness to de-lever may be delayed as the company
aggressively pursues debt-funded M&A. Over the next 12-15 months,
Moody's expects good liquidity supported by positive free cash flow
generation in the range of $35-$45 million, sufficient cash levels
to fund small M&A (cash balances totaled $18 million at March 31,
2021, $16 million pro forma for the pending debt raise) and access
to the new $75 million revolving credit facility.

As a portfolio company of private equity sponsor Platinum Equity,
Moody's expects Centerfield's financial strategy to be relatively
aggressive given that equity sponsors have a tendency to tolerate
high leverage and favor high capital return strategies for limited
partners. Governance risk related to cash distributions to
shareholders and/or acquisitions could increase over the
intermediate timeframe as EBITDA expands and debt is reduced.

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

A ratings upgrade is unlikely over the near-term, however over time
an upgrade could occur if the company demonstrates continued strong
revenue growth and EBITDA margin expansion leading to consistent
and increasing positive free cash flow generation and sustained
reduction in total debt to GAAP EBITDA leverage below 4.25x (as
calculated by Moody's) and free cash flow to debt of at least 5%
(as calculated by Moody's). Centerfield would also need to increase
scale, maintain at least a good liquidity profile and exhibit
prudent financial policies.

Ratings could be downgraded if financial leverage is sustained
above 6.25x total debt to GAAP EBITDA (as calculated by Moody's) or
EBITDA growth is insufficient to maintain free cash flow to debt of
at least 2% (as calculated by Moody's). Market share erosion,
significant client losses, sub-par organic revenue growth, weakened
liquidity or if the company engages in leveraging acquisitions or
sizable shareholder distributions could also result in ratings
pressure.

Headquartered in Los Angeles, CA, Centerfield Media Parent, Inc.
owns a portfolio of digital media properties that provide
authoritative editorial content and drive traffic from millions of
targeted prospective customers across the home services, B2B and
products/services verticals. In 2020, Platinum Equity acquired
Centerfield together with Digital Ventures for an aggregate
purchase price of approximately $700 million. Centerfield's revenue
totaled roughly $325 million for the twelve months ended March 31,
2021.

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


CENTRAL GARDEN: Egan-Jones Keeps BB Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on July 6, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Central Garden & Pet Company.

Headquartered in Walnut Creek, California, Central Garden & Pet
Company manufactures and distributes branded and private label
products.




CHART INDUSTRIES: Egan-Jones Keeps BB+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on July 6, 2021, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Chart Industries, Inc.

Headquartered in Ball Ground, Georgia, Chart Industries, Inc.
operates as a global manufacturer of equipment used in the
production, storage, and end-use of hydrocarbon and industrial
gases.



CHICAGO DOUGHNUT: Taps Wilde & Associates as Bankruptcy Counsel
---------------------------------------------------------------
Chicago Doughnut Franchise Company, LLC seeks approval from the
U.S. Bankruptcy Court for the District of Nevada to hire Wilde &
Associates, LLC to serve as legal counsel in its Chapter 11 case.

The firm's services include:

     (a) advising the Debtor of its rights and obligations as well
as the performance of its duties during the Chapter 11 case;

     (b) attending meetings and negotiations with other
parties-in-interest;

     (c) taking the necessary actions to protect and preserve the
Debtor's estate, including the prosecution and defense of all
actions, negotiations concerning the reorganizational efforts of
the Debtor, and potential objection to claims filed against the
estate which may be inaccurate;

    (d) negotiating and preparing a disclosure statement and
proposed plan of reorganization, as well as attending the related
court hearings;

    (e) appearing for the Debtor in the proceedings before the
court, including preparing and reviewing pleadings filed in the
case in order to protect the interest of the Debtor as well as the
estate;

    (f) assisting the Debtor in developing strategies to further
its reorganizational efforts;

    (g) preparing legal papers; and,

    (h) providing all other legal services for the Debtor, as may
be necessary.

The firm's hourly rates are as follows:

     Gregory L. Wilde, Esq.        $350 per hour
     Associate attorney            $275 per hour
     Paralegal/ law clerk          $125 per hour

The Debtor paid the filing fee of $1,738 and deposited the retainer
fee of $14,500 to the law firm's trust account.

Gregory Wilde, Esq., the firm's attorney who will be providing the
services, disclosed in a court filing that he is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

     Gregory L. Wilde, Esq.
     Wilde & Associates, LLC
     7473 W. Lake Mead Blvd., Suite 100
     Las Vegas, NV 89128
     Tel: (702) 562-1202
     Email: greg@wildelawyers.com

             About Chicago Doughnut Franchise Company

Chicago Doughnut Franchise Company, LLC sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
21-12278) on April 30, 2021.  At the time of the filing, the Debtor
disclosed total assets of up to $100,000 and total liabilities of
up to $500,000.  Judge Natalie M. Cox oversees the case.  Wilde &
Associates, LLC serves as the Debtor's legal counsel.


CHOBANI GLOBAL: S&P Places 'B-' ICR on Watch Pos. on S-1 Filing
---------------------------------------------------------------
S&P Global Ratings placed its ratings on Chobani Global Holdings
LLC, including its 'B-' issuer credit rating, on CreditWatch with
positive implications.

S&P said, "We expect to resolve the CreditWatch placement if the
company completes the IPO and reduces its debt balance. We will
also review our expectations for the company's business performance
at that time and assess its financial policy as a public company.

"The CreditWatch placement follows Chobani's S-1 confidential
filing, which indicates it could undertake an IPO in the coming
months. The company has not provided an estimate of expected
proceeds, but we believe a portion will be used to repay borrowings
under its credit facilities. We also expect the preferred equity
owned by HOOPP Capital Partners to be converted to common equity.
The S&P Global Ratings-adjusted debt outstanding as of March 31,
2021, was $2.27 billion, with a trailing 12-month debt to EBITDA
ratio of 12.5x (above 7.5x, excluding the company's preferred
equity, which we consider debt since we do not view it as permanent
capital and it is closely held instead of widely syndicated).

"We will seek to resolve the CreditWatch if the pricing of the IPO
takes place and we can quantify the proceeds applied to debt
repayment and assess the company's future financial policy. We will
also reassess our recovery ratings on the company's debt once debt
reduction is confirmed. We could affirm our ratings on Chobani or
raise them by one notch to the extent proceeds are used for debt
repayment.

"Alternatively, we could affirm our 'B-' issuer credit rating if
Chobani elects not to pursue an IPO."



CMC MATERIALS: Moody's Rates $350MM Secured Credit Facility 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to CMC Materials,
Inc. $350 million senior secured revolving credit facility. The
revolving credit facility is upsized from $200 million and the
maturity has been extended to 2026 from 2023. The interest rate and
other material terms under the credit agreement are unchanged. CMC
Materials' Ba2 Corporate Family Rating, Ba2 rating on the $1,065
million first lien term loan, and SGL-2 Speculative Grade Liquidity
Rating remain unchanged. The outlook is stable.

"The increase in the revolving credit facility further strengthens
the company's liquidity position while also extending the maturity
profile," said Domenick R. Fumai, Moody's Vice President and lead
analyst for CMC Materials.

Assignments:

Issuer: CMC Materials, Inc.

Senior Secured Bank Credit Facility, Assigned Ba2 (LGD4)

RATINGS RATIONALE

CMC Materials' Ba2 rating reflects its moderate leverage and
prudent financial policies. As of March 31, 2021, Debt/EBITDA,
including Moody's standard adjustments, measured 2.7x. The credit
profile also considers the company's ability to consistently
generate meaningful free cash flow, increased scale, and strong
industry positions in key end markets within the semiconductor and
oil and gas industry. Extensive product specification requirements
in the niche markets the company serves creates high barriers to
entry. The credit profile is further aided by favorable geographic
diversification and strong customer relationships.

The company's rating is principally constrained by limited end
market and product diversity. Customer concentration is another
factor limiting the credit profile as the top 5 customers in the
semiconductor industry represent a significant portion of revenue.
Further tempering CMC Materials' credit profile is exposure to the
cyclical semiconductor and oil and gas markets.

The stable outlook assumes that the company will continue to
maintain a conservative financial profile, including no meaningful
debt-financed acquisitions, dividends or share repurchases

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

Moody's could upgrade the rating with expectations for adjusted
financial leverage sustained below 2.5x and retained cash
flow-to-debt (RCF/Debt) sustained above 25%. Furthermore,
increasing the company's scale to over $1.5 billion in revenues and
expanding product diversity would also be important factors in
considering an upgrade.

Moody's would consider a downgrade with expectations for adjusted
financial leverage above 4.0x on a sustained basis, retained cash
flow-to-debt below 10%, lack of consistent free cash flow
generation, or a substantial deterioration in liquidity.

The SGL-2 Speculative Grade Liquidity Rating indicates good
liquidity to support operations in the near term, including $325
million of cash on the balance sheet as of March 31, 2021, and the
$350 million revolving credit facility maturing 2026. Moody's
expects CMC Materials to generate sufficient free cash flow over
the next 12-18 months and therefore do not anticipate the company
to rely on the credit facility, except perhaps for small strategic
tuck-in acquisitions.

The debt portion of the capital structure is comprised of a 5-year
$350 million senior secured revolving credit facility due 2026 and
7-year $1,065 million first lien senior secured term loan B. The
Ba2 ratings on the first lien term loan and the revolving credit
facility, in line with the Ba2 CFR, reflect the preponderance of
debt in the capital structure and the covenant lite nature of the
facility. The first lien secured term loan contains no financial
covenants while the revolving credit facility has a springing
maximum first lien secured net leverage ratio tested on any
outstanding amounts drawn at quarter-end. The revolving credit
facility and first lien senior secured term loan are backed by all
existing and future wholly-owned material domestic subsidiaries of
CMC Materials.

CMC Materials, Inc., headquartered in Aurora, Illinois, is a
leading supplier of electronic materials and performance materials.
Following the acquisition of KMG Chemicals, Inc. in 2018, the
company operates in two segments: Electronic Materials, which is
made up of CMP Slurries, CMP Pads and Electronic Chemicals and
Performance Materials, which includes the drag reducing agents
(DRAs) and wood treatment chemicals businesses, which the company
will exit by the end of 2021. CMC Materials had sales of
approximately $1.1 billion and adjusted EBITDA of roughly $355
million for the last twelve months ended March 31, 2021.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.


CONUMA RESOURCES: S&P Affirms 'CCC+' ICR, Outlook Negative
----------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' issuer credit rating on
Conuma Resources Ltd. and its 'B-' issue-level rating on the
company's senior secured notes. The '2' recovery rating on the
notes is unchanged.

The negative outlook reflects the risk that modest underperformance
in Conuma's operating results relative to its estimates could
exhaust its liquidity or increase the likelihood of a debt
restructuring transaction that S&P views as distressed.

S&P believes Conuma has limited financial flexibility to manage
unexpected near-term weakness in its operating results.

S&P said, "The company's liquidity position is constrained, and we
expect a free operating cash flow (FOCF) deficit this year and into
2022. Conuma has a small cash position (C$3 million as of March 31,
2021, plus C$41 million of loan proceeds received in April) and
limited availability under its US$25 million credit facility. In
addition, FOCF remains highly sensitive to lower-than-expected
prices or operating issues, and the company faces material debt
maturities that will need to be addressed over the next two years.
In our view, Conuma has limited capacity to underperform relative
to our cash flow estimates and we attribute risk to its refinancing
prospects."

The company incurred a material amount of new debt to cover cash
shortfalls in 2020. Sharply lower metallurgical coal prices and
production curtailments amid weakened global demand led to earnings
and cash flow well below S&P's expectations, including negative
EBITDA. The increase in debt was significant--about 50% higher than
pre-pandemic levels--with maturities that will need to be
addressed, likely in the near term. In S&P's view, Conuma is
vulnerable and dependent on favorable market conditions and
increasing production in line with pre-pandemic levels to continue
to service its financial commitments.

Refinancing risk is elevated following an increase in reported
debt.

The company generated a sizable cash flow deficit of C$70 million
over the past 12 months (ended March 31, 2021) that precipitated
the increase in debt to prevent a liquidity shortfall. Conuma
secured a C$120 million loan under the federal government's Large
Employer Emergency Financing Facility (LEEFF) program in October
2020 and made the final drawdown in April. Conuma now has C$24
million of LEEFF loans and about C$31 million of credit facility
drawings coming due in October 2022. The maturities are beyond the
next 12 months. However, in S&P's view, the company is reliant on
sustainably stronger metallurgical coal market conditions to limit
further deterioration in its liquidity position and increase the
prospects for refinancing its debt, since S&P does not envision
cash repayment of these obligations.

S&P said, "In addition, prospective leverage has weakened from our
previous expectations due to the increase in reported debt. We
estimate the company's reported leverage ratio, as calculated under
the terms of its revolving credit agreement, will be above 4x over
the next two years. Conuma was granted temporary relief from its
requirement to maintain a leverage ratio of 3x or less until Oct.
21, 2021, in light of weak market conditions last year. Based on
our earnings and cash flow estimates, we believe Conuma will
require continued financial covenant relief, of which there is no
assurance.

"We believe the company is dependent on favorable market
conditions, given the high sensitivity of cash flow and liquidity
to modest declines in prices."

Metallurgical coal prices have rallied since mid-May, driven by
supply constraints and recovering demand as global steelmaking
production rises. S&P said, "However, the increase is very recent
and we expect prices will remain highly volatile and revert back
toward our lower price assumption for the year. S&P Global Ratings
assumes a benchmark low volatility hard coking coal price of US$150
per metric ton (/mt) for the rest of 2021 and US$140/mt in 2022.
While the current-year assumption is close to 30% below prevailing
levels, we assume supply will return to the market and lead to
lower average prices for the year."

Conuma was proactive in contracting a portion of its volumes at a
premium to the aforementioned benchmark rate, which helped mitigate
the impact of depressed prices through most of 2020. The company
sold a larger proportion of its output to Chinese customers based
on a higher Chinese benchmark price, which increased due to China's
ban on Australian metallurgic coal imports. S&P has not assumed a
material impact from sales to Chinese customers for the remainder
of 2021 on Conuma's operating results, and there remains
uncertainty regarding the loosening of the ban.

S&P said, "Based on our price assumptions, we expect the company
will generate a FOCF deficit in 2021 and 2022, albeit to a much
smaller extent than last year. We estimate Conuma has sufficient
liquidity to fund the forecast cash outflows from the remaining
LEEFF funds, but with very limited capacity to absorb unanticipated
declines in prices or operating issues. For example, a realized
price slightly below our assumption could exhaust Conuma's
liquidity. We estimate a US$10/mt decrease in our benchmark
metallurgical coal price assumption of US$150/mt for the rest of
2021 would result in about a C$70 million FOCF deficit this year."

In our view, Conuma continues to face production risk.

The company is ramping up production at its Willow Creek mine
following a six-month curtailment in the second half of 2020 in
response to weak steelmaking coal prices. Conuma's per unit cost
profile is elevated because quarterly production volumes are about
25% below pre-pandemic levels. S&P said, "We assume Willow Creek
will ramp up to full capacity in the third quarter. We believe
reaching this threshold is key to achieving a competitive cost
structure, supporting stable production, and minimizing the
magnitude of cash outflows over the next two years."

S&P said, "Our FOCF forecast incorporates modest capital spending,
mostly allocated to stripping costs and truck maintenance. We have
not included spending for Hermann pit development (a project that
is expected to cost about C$50 million and increase production by
about 40%), given uncertainty created by ongoing permit delays (and
limited financial capacity). The project has experienced extended
delays to allow for consultation with First Nations groups about
water management and wildlife concerns. Permits are now expected by
the end of 2021, with production coming online by early 2023. Based
on our forecast assumptions, we estimate the company will need to
raise external sources of cash to fund the project, which are
likely contingent on its ability to refinance its existing debt.

"We believe Conuma faces the risk of a declining production profile
in a scenario where the start of project construction is delayed
beyond this year, particularly if challenging market conditions
create capital market access issues. In the interim, this risk is
tempered by the development of two new pits at Perry Creek. The pit
was initially expected to mine to completion in early 2021, but now
has an extended life out to 2023. Conuma is also exploring an area
adjoining the northern part of the Perry Creek pit, which could
further extend its life. Although the pit extensions help mitigate
potential downside to volumes, we believe the company's exposure to
this risk remains material, partially due to its single-product
focus and concentration of production at three mines, which
increase sensitivity to operational issues. The rail transportation
disruptions Conuma faced in late 2019 through mid-2020 have been
resolved, but illustrate an example where sales volumes dropped for
an extended period, constraining cash flow and liquidity.

"The negative outlook reflects the risk that modest
underperformance in Conuma's operating results relative to our
estimates could exhaust its liquidity or increase the likelihood
that the company could complete a debt restructuring transaction.
In our view, the company depends on sustainably stronger
metallurgical coal market conditions relative to last year's levels
to meet its financial obligations.

"We could lower the ratings if we believe Conuma will generate a
free cash flow deficit within the next 12 months to an extent that
could lead to a liquidity shortfall, or if we believe the company
is increasingly likely to proceed with a distressed exchange of its
debt. In our view, this could result from lower–than-expected
sales and cash flow related to weaker-than-expected metallurgical
coal prices, the curtailment of mining operations, or protracted
transportation disruptions. In this scenario, we would expect
Conuma to default without an unforeseen positive development.

"We could revise the outlook to stable or raise the ratings if
Conuma's liquidity sustainably improves, most likely from
meaningful positive free cash flow available to repay amounts drawn
on its revolving credit facility and materially increase its cash
position. In this scenario, we would expect sharply higher realized
metallurgical coal prices in tandem with visibility regarding the
planned Hermann project."



CORECIVIC INC: Egan-Jones Keeps BB Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on July 2, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by CoreCivic, Inc.

Headquartered in Nashville, Tennessee, CoreCivic, Inc. provides
detention and corrections services to governmental agencies.



CRC BROADCASTING: Cash Collateral Accord with Desert OK'd
---------------------------------------------------------
Judge Paul Sala authorized CRC Broadcasting Company, Inc. to use
cash collateral until July 31, 2021, on an interim basis, pursuant
to a one-month budget, to pay for relocation expenses of AM station
KQFN 1580 in accordance with the contracts with Kintronic Labs,
Inc., Max-Gain Systems, Inc., and La Rue Communications.  

The budget provided for $90,000 in total expenses from July 1
through July 31, 2021.  

Desert Financial Federal Credit Union has first-priority liens and
senior security interests in all of the Debtor's assets, including
the cash collateral, on account of certain loans extended to the
Debtor prepetition.

To avoid the costs of litigation in regards to the Debtor's request
to use Cash Collateral, the Parties entered into the current
Stipulated Order.  

The Debtor's prepetition loans obtained from Desert Financial are
as follows:

(a) Loan number 2900000248 for $725,000 in principal amount;

(b) Loan number 2900000249 for $90,000 in principal amount;

(c) Loan number 2900000250 for $200,000 in principal amount; and

(d) Loan number 2900000422 for $650,000 in principal balance.

The Debtor also guaranteed, and cross-collateralized with its own
assets, the debts of its sister company, CRC Media West, LLC, with
Desert Financial.  As of February 28, 2020, the Debtor owes Desert
Financial no less than $1,477,964 under the Loan Documents, as a
result of its own primary debts, and the debts of CRC Media that it
guaranteed and secured.

Judge Sala ruled that:

  -- As adequate protection to Desert Financial, to the extent of
any diminution in the value of its prepetition collateral from and
after the Petition Date, the Debtor is authorized to grant Desert
Financial replacement liens on all of the Debtor's property after
the Petition Date;

  -- The replacement liens also encumber estate property that
otherwise would be unencumbered in accordance with Section 552 of
the Bankruptcy Code;

  -- Desert Financial is also granted a superpriority
administrative expense claim under Section 507(b) of the Bankruptcy
Code to the extent the Replacement Liens granted do not adequately
protect Desert Financial for any diminution of collateral; and

  -- the Debtor must remit to Desert Financial, on or before August
3, 2021, no less than $8,000 in the aggregate among both of CRC
Broadcasting and CRC Media West, LLC.

Judge Sala also authorized the Debtor to use the remaining $5,000
of the Advance under the Economic Injury Disaster Loan Emergency
Advance program, only for the expenses set forth in the budget.

In addition, the Court ruled that nothing in the current stipulated
order or in any prior cash collateral orders entered in the
Debtor's case or in that of an affiliated Debtor, shall prime or
otherwise prejudice the validity or priority of the PMSI Claim
asserted by Crestmark Vendor Finance, a division of MetaBank.

Crestmark has asserted a perfected, first priority purchase money
security interest in certain specified collateral (the Crestmark
PMSI Claim) pursuant to an Equipment Finance Agreement between
Regents Capital Corporation and CRC Media West, LLC, which
Equipment Finance Agreement was subsequently assigned by Regents
Capital to Crestmark.

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

Counsel for Desert Financial Federal Credit Union:

   Kelly Singer, Esq.
   Squire Patton Boggs LLP
   1 E. Washington St., Suite 2700
   Phoenix, AZ 85004
   Telephone: 602 528 4000
   Telephone: 602 528 4099 (Direct)
   Facsimile: 602 253 8129
   Email: kelly.singer@squirepb.com

                    About CRC Broadcasting Co.

CRC Broadcasting Company, Inc., a broadcast media company based in
Scottsdale, Ariz., filed a voluntary petition under Chapter 11 of
the Bankruptcy Code (Bankr. D. Ariz. Case No. 20-02349) on March 6,
2020, listing under $1 million in both assets and liabilities.

Affiliate CRC Media West, LLC also filed for Chapter 11 petition
(Bankr. D. Ariz. Case No. 20-02352) on March 6, 2020, listing under
$1 million in both assets and liabilities.

The cases are jointly administered.

Judge Paul Sala oversees both cases.

Allan D. NewDelman, Esq., at Allan D. NewDelman, P.C., is the
Debtors' legal counsel.




CRC BROADCASTING: CRC Media Gets Access to Cash Until July 31
-------------------------------------------------------------
Judge Paul Sala authorized CRC Media West, LLC to use cash
collateral on an interim basis until July 31, 2021, pursuant to the
budget and according to the terms of the current stipulation order
reached with creditor, Desert Financial Federal Credit Union.

The budget provided for $18,000 in total expenses from July 1
through July 31, 2021.

As of February 28, 2020, the Debtor owed Desert Financial no less
than $1,477,964 under Loan number 2900000251 (for a principal
amount of $325,000), which the Debtor contracted for itself, and
for several loans of its affiliated Debtor, CRC Broadcasting
Company, Inc.  The Debtor guaranteed and cross-collateralized the
loans with its own assets.  Debtor CRC Media granted Desert
Financial first-priority liens and senior security interests in all
of its property.

The Court ruled that, as adequate protection, Desert Financial is
granted:

  * replacement liens on all Debtor's property after the Petition
Date, to the extent necessary to adequately protect Desert
Financial from any diminution in value of its interests in estate
property as of the Petition Date.  

  * a superpriority administrative expense claim under Section
507(b) of the Bankruptcy Code to the extent Replacement Liens
granted do not adequately protect Desert Financial for any
diminution of collateral;

The replacement liens will have the same validity, priority, and
enforceability as Desert Financial's liens on the same assets as of
the Petition Date, and also encumber estate property that otherwise
would be unencumbered in accordance with Section 552 of the
Bankruptcy Code.  The Replacement Liens also attach to causes of
action arising under Chapter 5 of the Bankruptcy Code.  

In addition, the Debtor must remit to Desert Financial, by August
3, 2021, at least $8,000 in aggregate among both of CRC Media West
and CRC Broadcasting.

The Court clarified that nothing in the stipulated order shall
prime or otherwise prejudice the validity or priority of the first
priority purchase money security interest that Crestmark Vendor
Finance, a  division of MetaBank, asserted in certain collateral of
the Debtor.  Crestmark is a successor in interest, by assignment,
with respect to an Equipment Finance Agreement the Debtor
contracted with Regents Capital Corporation.

A copy of the stipulated order is available for free at
https://bit.ly/2SYZd80 from PacerMonitor.com.

Counsel for Desert Financial Federal Credit Union:

   Kelly Singer, Esq.
   Squire Patton Boggs LLP
   1 E. Washington St., Suite 2700
   Phoenix, AZ 85004
   Telephone: 602 528 4000
   Telephone: 602 528 4099 (Direct)
   Facsimile: 602 253 8129
   Email: kelly.singer@squirepb.com

                    About CRC Broadcasting Co.

CRC Broadcasting Company, Inc., a broadcast media company based in
Scottsdale, Ariz., filed a voluntary petition under Chapter 11 of
the Bankruptcy Code (Bankr. D. Ariz. Case No. 20-02349) on March 6,
2020, listing under $1 million in both assets and liabilities.

Affiliate CRC Media West, LLC also filed for Chapter 11 petition
(Bankr. D. Ariz. Case No. 20-02352) on March 6, 2020, listing under
$1 million in both assets and liabilities.

The cases are jointly administered.

Judge Paul Sala oversees both cases.

Allan D. NewDelman, Esq., at Allan D. NewDelman, P.C., is the
Debtors' legal counsel.



CURO GROUP: S&P Affirms 'B-' Long-Term ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term issuer credit rating
on Curo Group Holdings Corp. The outlook remains stable. S&P also
assigned its 'B-' issue rating to the company's proposed $700
million of senior secured notes due 2028. The recovery rating is
'4', indicating its expectation of average recovery (30%-50%,
rounded estimate: 30%) in a simulated default scenario.

S&P said, "Our rating affirmation and stable outlook reflect our
view that Curo's liquidity and EBITDA interest coverage will remain
sustainable. The company's EBITDA interest coverage was 2.4x as of
March 31, 2021, and we project it will remain around 2x over the
next 12 months. Curo ended first-quarter 2021 with $135.4 million
of unrestricted cash after acquiring point-of-sale lender Flexiti
for over $85 million. Separately, the business combination between
Katapult Holdings Inc. and FinServ Acquisition Corp. resulted in
Curo receiving $146.9 million of cash in second-quarter 2021. We
expect the company's liquidity to remain sufficient as originations
normalize after the effects of the government stimulus checks
fade.

"The proposed $700 million of senior secured notes due 2028 is
largely leverage-neutral. Proceeds from the proposed notes will be
used to refinance the company's existing senior secured notes due
2025. We could lower our issue rating on the notes if our
expectation of recovery in a simulated default scenario were to
fall below our current 30% expectation.

"Debt to EBITDA was 5.3x as of March 31, 2021, and we project it
will rise further. We expect leverage to rise above 7x over the
next 12 months. The acquisition of Flexiti added almost $180
million of debt to Curo in first-quarter 2021, and we expect future
drawdowns on the Flexiti special-purpose entity (SPE) facility and
securitization of Flexiti loans to increase debt further. We also
think Curo's EBITDA will likely decline in 2021, even as
originations return to more normal levels post-government
stimulus." This is because provisions on rising originations will
hit profitability immediately, even though the revenue benefit
could take a few quarters to fully realize. The end of government
stimulus programs could also increase portfolio charge-offs and
delinquencies from current record lows, weakening credit
performance.

Curo has reduced its regulatory risk over the past few years by
diversifying outside of payday and high-cost installment loans, but
regulatory risk remains significant. The company's 2020 operating
results were hurt by the winding down of the installment loan
portfolio in California after the passage of California Assembly
Bill 539. New regulations in Virginia and Illinois will also hurt
Curo's operations in 2021.

S&P said, "The stable outlook reflects our view that over the next
12 months, Curo will maintain EBITDA interest coverage around 2x
and leverage above 5x debt to EBITDA.

"We could lower the ratings if EBITDA interest coverage approaches
1x, if the company meaningfully erodes its cushion relative to
covenants, or if regulatory changes create doubts about the
company's ability to continue as a going concern.

"An upgrade is unlikely over the next 12 months. Over the longer
term, we could raise the ratings if the company maintains debt to
EBITDA comfortably below 5x and EBITDA interest coverage above 3x.
An upgrade would also depend on credit performance remaining stable
and no material regulatory rules or findings."



DARDEN RESTAURANTS: Egan-Jones Hikes Sr. Unsecured Ratings to BB+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on June 29, 2021, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Darden Restaurants, Inc. to BB+ from BB-.

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




DAVE & BUSTER: S&P Upgrades ICR to 'B' on Improving Performance
---------------------------------------------------------------
S&P Global Ratings raised its rating on Dallas-based dining and
entertainment venue operator Dave & Buster's Inc.'s to 'B' from
'B-'. At the same time, S&P raised its issue-level rating on the
company's senior secured debt to 'B' from 'B-'. The '3' recovery
rating is unchanged.

S&P said, "The stable outlook reflects our expectation for
improvement above fiscal 2019 credit metrics in fiscal 2021 as a
significant increase in demand and successful execution of
operating initiatives increase EBITDA generation.

"We now forecast accelerated deleveraging to the mid-4x area by the
end of fiscal 2021, supported by pent-up demand and a strong
economic rebound as COVID-19 restrictions ease. The loosening of
social restrictions and surge in demand for out-of-home
entertainment and dining in recent months indicate an accelerated
pace of recovery for Dave & Buster's operations. Based on our
expectation for higher profitability and the company's relatively
low funded debt ($550 million of senior secured notes), we now
expect leverage in the mid-4x area by the end of fiscal 2021
(ending Jan. 30, 2022), further declining to the low-4x area in
fiscal 2022. We also forecast adjusted funds from operations (FFO)
to debt in the low- to mid-teens percentage area in fiscal 2021,
improving to the mid- to high-teens percentage area thereafter
based on good cash flow generation. As a result, we revised our
financial risk profile assessment to aggressive.

"Our forecast for improved profitability reflects a swift revenue
recovery as operating restrictions continue to ease and Dave &
Buster's benefits from pent-up demand for out-of-home
entertainment. Recovering sales and its aggressive cost-saving
actions from the COVID-19 pandemic improved EBITDA margin over 250
basis points (bps) during the first quarter (ended May 2, 2021).
However, we believe this is likely unsustainable because the
company will need to increase staffing as operations normalize and
ramp up its marketing spend to support brand awareness. We forecast
adjusted EBITDA margins in the low- to mid-30% area in fiscal 2021
relative to 30.4% in fiscal 2019 driven by good recovery in the
higher-margin entertainment segment of the business and a steady,
albeit slower, recovery in food and beverage sales.

The company's recent strategic and operational initiatives should
support sustained above pre-pandemic profitability over the medium
term. Following a swift recovery in the first quarter, a more
normalized cost base and inflationary pressures should partially
offset recent rapid profitability gains through the year. In
addition to rising commodity costs, Dave & Buster's announced it
would pay $5 million in the second quarter associated with hiring
incentives to address the widespread labor shortage. However, S&P
expects labor optimization and other initiatives to sustain a
100-bps improvement in EBITDA margins relative to 2019 over the
medium term. Dave & Buster's recently launched a new service model,
which includes utilizing tablets and a mobile web platform to
increase staffing efficiencies. It also completed a brand-wide
rollout of high-speed ovens, upgraded its kitchen management
system, and pared down its menu to simplify operations and reduce
cooking times. S&P expects these efforts will improve the guest
experience and deliver material cost savings, which are critical to
maintaining its market share amid the increasingly competitive
out-of-home entertainment and dining industry.

Dave & Buster's faces significant competition from alternative
out-of-home entertainment options, among other substitutes for
discretionary leisure and entertainment. The company operates in a
highly fragmented and competitive industry with competitors
including bars and casual dining restaurants, movie theaters,
bowling alleys, and other entertainment venues. Recently, Dave &
Buster's was subject to significant competitive pressure,
underlined by comparable-store sales declining in the past four
years (fiscal 2017-2020) as competitor openings ramped up. S&P
said, "We believe these competitive pressures will pose a
persistent threat and can intensify as there are very few barriers
to entry while the model provides enticing investment potential.
Given the intensity of competitive pressures and additional
susceptibility to economic downturns, we apply a negative
comparable ratings analysis modifier."

The stable outlook reflects S&P's expectation that strengthening
operating momentum will enable Dave & Buster's to sustain above
pre-pandemic profitability, leading to adjusted leverage in the
mid-4x area and FFO to debt in the mid-teens percentage area in
fiscal 2021.

S&P could lower its rating on Dave & Buster's if:

-- S&P expects adjusted leverage to remain above 5x or adjusted
FFO to debt to remain below 12%. This could occur if the positive
trajectory of its operating performance reverses and credit metrics
weaken or if the company pursues a more aggressive financial
policy; or

-- Operational missteps or intensifying competitive pressures
result in consistently negative comparable sales and declining
profitability, leading us to view the business less favorably.

S&P could raise the rating on Dave & Buster's if:

-- S&P expects S&P Global Ratings-adjusted leverage sustained
below 4x and FFO to debt maintained above 20%; or

-- It sustains profitable growth through continued successful new
unit development, increasing overall scale and market share; and

-- Credit metrics remain in line with its forecast and S&P does
not anticipate new leveraging transactions such as debt-funded
buybacks.



DIOCESE OF WINONA-ROCHESTER: Further Fine-Tunes Plan Documents
--------------------------------------------------------------
Diocese of Winona-Rochester and Official Committee of Unsecured
Creditors submitted a Joint Disclosure Statement for Corrected
Third Amended Joint Chapter 11 Plan of Reorganization dated July
13, 2021.

The Plan is based on two settlements:

     * One settlement is among the Diocese, the Catholic Entities,
and certain Settling Insurers and amounts to $6,500,000.00. This
settlement is evidenced by the LMI/Interstate Settlement Agreement,
which is subject to Bankruptcy Court approval. In general terms,
the LMI/Interstate Settlement Agreement provides for (a) the buy
back by certain Underwriters at Lloyd's, London, and certain London
Market Companies (collectively, "LMI") and Interstate Fire &
Casualty Company ("Interstate" and together with LMI,
"LMI/Interstate") of their policies from the Catholic Entities and
(b) injunctions which prohibit, among others, Tort Claimants from
suing LMI/Interstate. LMI/Interstate constitute "Settling Insurers"
under the Plan.

     * The second settlement is among the Diocese, certain Catholic
Entities, and the Committee and amounts to $13,560,000.00 to be
paid within five days after the Effective Date of the Plan, plus an
additional $7,746,000 to be paid as soon as practical but in no
event more than 12 months after the Effective Date. In addition,
the Debtor has agreed to pay up to an additional $750,000 to fund
the Impaired Unknown Tort Claim Reserve Fund. All of the settlement
amounts will be payable to the Trust set up through the Plan and
Disclosure Statement process. The funds will be allocated pursuant
to the Trust Distribution Plan.

The cash required to fund the Trust that will pay holders of Class
3 and 4B Claims, will come from (i) $13,560,000.00 of cash from the
Debtor to be paid within five days after the Effective Date of the
Plan, plus an additional $7,746,000 of cash from the Debtor and
certain Catholic Entities to be paid within 12 months after the
Effective Date, plus up to an additional $750,000 from the Debtor
to fund the Impaired Unknown Tort Claim Reserve Fund, (ii)
$6,500,000.00 of cash from LMI/Interstate, and (iii) the
Transferred Insurance Interests.

The Debtor currently has sufficient funds on hand to make the
initial cash payment required of it by the Plan, and the Plan
provides the Debtor up to 12 months to make the second cash payment
of $7,746,000, which the Debtor believes is sufficient time to
raise such funds via the sale or financing of certain assets and
contributions from certain nonDiocesan entity resources.

The Plan will treat claims as follows:

     * A Class 3 Claim means a Tort Claim other than an Impaired
Unknown Tort Claim ("Class 3 Claim"). Responsibility for preserving
and managing Trust Assets and distributing Trust Assets to Class 3
Claimants will be assigned to, assumed and treated by the Trust,
the Trust Agreement, and the Trust Distribution Plan. Class 3
Claims will be paid in accordance with the provisions of the Trust
and Trust Distribution Plan.

     * A Class 4B Claim means an Impaired Unknown Tort Claim
("Class 4B Claim"). Class 4B Claims will be paid in accordance with
the provisions of the Trust and Trust Distribution Plan. Class 4B
Claimants will provide sufficient information to allow the Tort
Claims Reviewer to make an evaluation of the Class 4B Claim
pursuant to the factors in the Trust Distribution Plan.

     * Class 5 General Unsecured Claims. Each holder of a Class 5
Claim will receive, directly from the Reorganized Debtor, payment
in full of such allowed Class 5 Claim, without interest, on the
Effective Date.

A full-text copy of the Joint Disclosure Statement dated July 13,
2021, is available at https://bit.ly/2U1C0CV from PacerMonitor.com
at no charge.

Attorneys for the Diocese:

     Thomas R. Braun
     Christopher W. Coon
     117 East Center Street Rochester, MN 55904
     Tel: (507) 216-8652
     E-mail: thomas@restovichlaw.com
             christopher@restovichlaw.com

     Robert J. Diehl, Jr.
     Brian R. Trumbauer
     Jaimee L. Witten
     BODMAN PLC
     6th Floor at Ford Field 1901 St. Antoine Street
     Detroit, Michigan 48226
     Tel: (313) 259-7777
     E-mail: rdiehl@bodmanlaw.com
             btrumbauer@bodmanlaw.com
             jwitten@bodmanlaw.com

Attorneys for the Creditors' Committee:

     Robert T. Kugler
     Edwin H. Caldie
     Andrew J. Glasnovich
     STINSON, LLP
     50 South Sixth Street, Suite 2600
     Minneapolis, MN 55402
     Telephone: 612-335-1500
     Facsimile: 612-335-1657
     E-mail: robert.kugler@stinson.com
             ed.caldie@stinson.com
             drew.glasnovich@stinson.com

              About The Diocese of Winona-Rochester

The Diocese of Winona-Rochester was established on Nov. 26, 1889
when Pope Leo XIII issued the apostolic constitution which erected
the diocese, and set its geographical boundaries. The Diocese
encompasses the 20 southernmost counties of the state of Minnesota
and measures 12,282 square miles.  The Diocese is home to 107
parishes, four high schools, 30 junior high, elementary or
preschools, and Immaculate Heart of Mary Seminary in Winona. The
Diocese of Winona-Rochester is headquartered at the Diocesan
Pastoral Center in Winona, Minnesota.

The Diocese of Winona-Rochester sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 18-33707) on
Nov. 30, 2018. In the petition signed by Reverend Monsignor Thomas
P. Melvin, vicar general, the Debtor estimated $10 million to $50
million in assets and $1 million to $10 million in liabilities.

Judge Robert J. Kressel oversees the case.

The Debtor tapped Bodman PLC as bankruptcy counsel, Restovich Braun
& Associates as local counsel, Burns Bowen Bair LLP as special
insurance litigation counsel, and Alliance Management, LLC as
financial consultant.

The U.S. Trustee for Region 12 appointed the official committee of
unsecured creditors in the Debtor's Chapter 11 case on Dec. 19,
2018.  The committee is represented by Stinson Leonard Street, LLP.


DIRECTV FINANCING: Moody's Assigns Ba3 CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service assigned a Ba3 corporate family rating
and Ba3-PD probability of default rating to DIRECTV Financing, LLC.
Moody's also assigned a Ba3 rating to the company's 5-year $500
million senior secured revolving credit facility and 6-year $3.1
billion senior secured term loan. The outlook is stable.

On February 25, 2021, AT&T Inc. (AT&T, Baa2 stable) announced the
sale of a 30% stake in AT&T's satellite and terrestrial video
services provider business to TPG Capital (TPG). The deal includes
AT&T's DirecTV, U-verse, and all of AT&T's virtual MVPD business,
AT&T TV, and was valued at about $16 billion. TPG will pay $1.8
billion for its 30% stake, which will include TPG receiving senior
preferred equity yielding 10%. AT&T will have about $4.25 billion
of junior preferred equity in DirecTV that will PIK 6.5% annually
until the TPG preferred is redeemed, and $4.2 billion of catch-up
equity. DirecTV will incur about $6.2 billion of new senior secured
debt, including the $3.1 billion term loan and $3.0 billion of
other secured debt. The proceeds are expected to be distributed to
AT&T at the close of the transaction. The transaction also includes
transferring $195 million of legacy DirecTV senior unsecured notes
(unrated) to new DirecTV, and AT&T's commitment to fund up to $2.5
billion of net losses from the NFL Sunday Ticket contract for the
time of close in 2021 to the end of the 2022 season, which is the
end of the current broadcast license contract.

Assignments:

Issuer: DIRECTV Financing, LLC

Probability of Default Rating, Assigned Ba3-PD

Corporate Family Rating, Assigned Ba3

Senior Secured 1st Lien Revolving Credit Facility, Assigned Ba3
(LGD3)

Senior Secured 1st Lien Term Loan, Assigned Ba3 (LGD3)

Outlook Actions:

Issuer: DIRECTV Financing, LLC

Outlook, Assigned Stable

RATINGS RATIONALE

DirecTV's Ba3 CFR reflects the company's modest financial leverage,
which Moody's expects to remain near or under 1.5x debt to EBITDA
(including Moody's adjustments) over the next 12 to 18 months, and
strong free cash flow generation, which is expected to be about
$1.5 billion annually. The Ba3 CFR also reflects DirecTV's
significant scale and programming content advantage given its large
subscriber base which will continue to advantage the company in
negotiating content costs relative to peers, albeit, offset by the
continuing secular decline of the US pay-tv market.

However, DirectTV's subscriber losses have been disproportionality
greater than industry metrics in recent years, which Moody's
believes is directly related to the ownership and direction of AT&T
which starved the company of marketing and retention capital in
lieu of higher AT&T corporate uses of cash. This likely led to
higher priced offerings than competitors starting in 2018, which in
turn led to particularly high and disproportionate net subscriber
losses and declines in revenue. Although Moody's expects a
continued decline in DirecTV DBS subscribers, due to the time it
will take to reverse the company specific negative trend and the
impact on the brand, as well as the ongoing overall industry
secular pressures, Moody's anticipate that losses will trend more
in-line with industry metrics as the company will strengthen its
marketing and smarter customer retention initiatives over several
years. As a result of the company specific and industry wide
secular pressure, the company's CFR is constrained at the Ba3
level.

Moody's anticipate that the company will strike a harder line with
cable networks and broadcast TV groups over rising carriage
affiliate fee rates which will help to manage margins. With the
separation of leadership from AT&T, Moody's expect promotional
offerings to be used as bargaining power to help reduce churn. But
as the NFL Sunday Ticket contract is not currently expected to be
renewed or at least not with exclusivity in FY2023, Moody's expects
a moderate spike in churn as loyal sports customers may migrate to
other providers with the NFL offering. Moody's believes that a new
materially less costly non-exclusive NFL Sunday Ticket agreement
could result in a more favorable outcome but is not considered in
Moody's analysis considering the uncertainty. Moody's also believe
that DirecTV has potential to benefit from being a provider of last
resort as wireline cable and telecom companies de-emphasize and
even eliminate their pay TV offerings as subscriber penetration
sinks to levels inconsistent with profitability over the medium to
long-term. This would create a longer tail for revenues and bolster
the companies leverage with networks.

The top line secular pressures will continue to be a headwind for
the linear television industry and Moody's believes that beyond
subscriber retention, emphasis on cost savings will be the primary
focus. The company's new streaming product, AT&T TV (likely to be
rebranded), will help offset declines at DirecTV and generate new
customer growth as the company will rely on its nationwide
internet-delivered premium product. Moody's anticipates that SACs
will be materially lower than the DBS service, which can be passed
on to consumers to alleviate secular pressures. The upfront costs
of AT&T TV will be more favorable relative to DirecTV due to less
equipment and self-installation capability, however, growth will
remain a question as overall vMVPD growth has sputtered. Moody's is
also concerned that high priced pay TV in any form other than full
a-la-carte will continue to face significant secular headwinds.

The credit profile is supported by the expected conservative
financial policy driven by AT&T, and in Moody's view, key debt
protection terms for debtholders that provides significant comfort
that investors face little self-inflicted financial policy event
risks. With DirecTV to be majority owned by AT&T, Moody's believes
that the financial policy will be managed conservatively and will
mitigate any event risks associated with the minority owned
financial sponsor. The debt protections include a change of control
provision being triggered if AT&T's economic ownership stake
declines to under 50% or under 50% controlling governance rights.
Limitations on debt incursion, an excess cashflow sweep and
restricted payments are also key terms that provide credit
protection and support for the credit ratings.

Moody's expects DirecTV to have a very good liquidity profile
supported strong free cash flow generation and a fully undrawn $500
million revolving credit facility. At close of the transaction,
DirecTV will have $300 million of cash on the balance sheet and
Moody's expects that the company will maintain cash balances at
this level with the excess of the company's expected $1.5 billion
of annual free cash flow to be allocated for debt repayment and
distributions to the company's shareholders. The company's term
loan amortizes 10% annually and includes a 50% excess cash flow
sweep with first lien net leverage-based step-downs to 25% and 0%.
The revolving credit facility also contains a springing first lien
net leverage ratio covenant of 2.25x, tested when more than 35% of
the revolver is drawn, which Moody's expects the company to
maintain substantial cushion.

The stable outlook reflects Moody's expectations of low to
mid-teens percentage subscriber losses over the next 12 to 18
months but improving closer to industry-wide metrics expected to be
high single digits to low teens losses after about 2 years. While
sales and EBITDA will remain pressured for the next couple of
years, Moody's expect the company to generate annual FCF of about
$1.5 billion. With moderating and stable capital expenditures of
about 1% of revenue annually for the projected period, Moody's
expect the company to use cash for debt repayment and maintain debt
to EBITDA (Moody's adjusted) under 1.5x.

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

Given the secular pressures causing substantial subscriber declines
within the company's DirecTV Pay-TV and U-Verse businesses, the
company's ratings are constrained at the Ba3 level so a ratings
upgrade is unlikely. However, an upgrade could occur if the company
invested in businesses consistent with material revenue growth and
leverage (Moody's adjusted debt to EBITDA) remained low.

Ratings could be downgraded if secular pressures accelerate further
resulting in more rapid subscriber declines in the company
businesses, if leverage (Moody's adjusted debt to EBITDA) is
sustained above 2.00x, or if the company is controlled by private
equity owners.

The principal methodology used in these ratings was Pay TV
published in December 2018.

DIRECTV Financing, LLC is comprised of the video entertainment
services operations of the AT&T Video Entertainment Business, which
include AT&T's DIRECTV, U-Verse video, AT&T TV, and WatchTV
operations in the United States and was created when TPG bought a
30% stake from AT&T in July 2021. As of the last twelve months
ended in March 31, 2021, DirecTV generated about $27.3 billion of
total revenue.


DUNN PAPER: Covenant Amendment No Impact on Moody's B3 Rating
-------------------------------------------------------------
Moody's Investors Service said all ratings of Dunn Paper Holdings,
Inc. (B3 stable) are unchanged after the company amended its credit
agreement, allowing for more headroom under the financial
maintenance covenant and improving liquidity.

Specialty tissue and paper producer, Dunn Paper Holdings, Inc.,
amended its consolidated total net leverage ratio to 6.75x from
5.50x starting in the quarter ended June 30, 2021 to avoid a
covenant breach as higher pulp prices have negatively impacted the
company's performance in the past twelve months.

The amendment improves headroom under the covenant to over 20%
based on Moody's projections and allows the company the full access
its $30 million revolver. The company holds minimum cash on hand
and revolver is the primary source of liquidity.

With the credit agreement amendment, a number of price increase
announcements and expectations of declining pulp prices going
forward, the company has improved its liquidity position supporting
its current rating and outlook. However, the company needs to
address is upcoming maturities to maintain the rating. The revolver
and the first lien term loan matures on August 26, 2022 and the
second lien term loan matures on August 26, 2023.

Moody's could downgrade the rating if the company's liquidity
profile deteriorates, if the company fails to refinance the capital
structure by the end of 2021 and if performance deteriorates such
that adjusted Debt/EBITDA was expected to rise above 7x.

Headquartered in Alpharetta, GA, Dunn Paper manufactures a broad
range of lightweight food packaging paper as well as absorbency and
specialty tissue products. The company operates seven mills with
annual capacity of 270,000 tonnes of specialty paper and tissue
products. Dunn Paper has been a portfolio company of Arbor
Investments since August 2016.


ENERGY HARBOR: Court Okays Another Delay in House Bill 6 Case
-------------------------------------------------------------
Laura A. Bischoff of The Columbus Dispatch reports that U.S.
Bankruptcy Court Judge Alan Koschik on Tuesday gave Akron-based
Energy Harbor a three-month delay in filing documents that detail
how four hired guns intervened in Ohio Statehouse politics and
House Bill 6.

Last 2020, Judge Koschik told four men at Akin Gump Strauss Hauer &
Feld to give him answers about their involvement in legislative
races and getting the energy bill passed. Energy Harbor hired Akin
Gump, an international law firm, to help with its bankruptcy and
lobbying efforts.  In January 2021, Judge Koschik agreed to a
six-month delay to getting answers.

Energy Harbor attorney Jonathan Streeter on Tuesday, July 13, 2021,
told Judge Koschik that the men completed the "declarations" but
making those statements public while Energy Harbor cooperates with
federal prosecutors would be detrimental.  Energy Harbor needs more
time to cooperate with federal prosecutors in secret, he argued.

Energy Harbor, formerly known as FirstEnergy Solutions and owner of
two nuclear power plants in northern Ohio, filed for Chapter 11
bankruptcy in March 2018 and emerged in February 2020.  During that
time, state lawmakers passed a $1.3 billion bailout bill that would
provide a subsidy to keep the nuclear plants operating as well as
other perks to utilities.

Now that bailout bill is the subject of a criminal racketeering
case. Two men charged in the case -- former Ohio House speaker
Larry Householder and former Ohio GOP chairman Matt Borges -- have
pleaded not guilty.  Two others -- lobbyist Juan Cespedes and
political strategist Jeff Longstreth -- signed guilty pleas in
October.  A fifth man, lobbyist Neil Clark, died by suicide in
March.

Energy Harbor and its former parent, FirstEnergy Corp., have said
publicly that they are cooperating with prosecutors and FirstEnergy
disclosed that it is in talks to get a deferred prosecution
agreement.

Koschik said he wants to "stay in his lane" and avoid interfering
in the U.S. District Court criminal case. He set Oct. 12 as the new
deadline for the Akin Gump officials to submit the declarations.

Laura Bischoff is a reporter for the USA TODAY Network Ohio Bureau,
which serves the Columbus Dispatch, Cincinnati Enquirer, Akron
Beacon Journal and 18 other affiliated news organizations across
Ohio.

                         About Energy Harbor

Energy Harbor, formerly FirstEnergy Solutions,  is a subsidiary of
FirstEnergy Corp (NYSE:FE). FES -- http://www.firstenergycorp.com/
-- provides energy-related products and services to retail and
wholesale customers; and owns and operates 5,381 MWs of fossil
generating capacity through its FirstEnergy Generation
subsidiaries. FES also owns 4,048 MWs of nuclear generating
capacity through its FirstEnergy Nuclear Generation subsidiary.
Nuclear generating plants are operated by FirstEnergy Nuclear
Operating Company (FENOC), which is a separate subsidiary of
FirstEnergy Corp.

On March 31, 2018, FirstEnergy Solutions and 6 affiliates,
including FENOC, each filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Ohio
Lead Case No. 18-50757). The cases are pending before the Honorable
Judge Alan M. Koschik and their cases be jointly administered under
Case No. 18-50757.

Parent company, First Energy Corp. and its other subsidiaries,
including its regulated subsidiaries, are not part of the filing
and will not be subject to the Chapter 11 process. First Energy
Corp. listed $42.2 billion in total assets against $4.07 billion in
total current liabilities, $21.1 billion in long-term debt and
other long-term obligations and $13.1 billion in non-current
liabilities as of Dec. 31, 2017.

The Debtors tapped Akin Gump Strauss Hauer & Feld LLP as bankruptcy
counsel; Brouse McDowell LPA as co-counsel; Lazard Freres & Co. as
investment banker; Alvarez & Marsal North America, LLC, as
restructuring advisor and Charles Moore as chief restructuring
officer; and Prime Clerk as claims and noticing agent. The Debtors
also tapped Willkie Farr & Gallagher LLP, Hogan Lovells US LLP and
Quinn Emanuel Urquhart & Sullivan, LLP as special counsel.

The U.S. Trustee for Region 9 appointed an official committee of
unsecured creditors on April 12, 2018. Milbank, Tweed, Hadley &
McCloy LLP and Hahn Loeser & Parks LLP serve as counsel to the
committee.


EXCELITAS TECHNOLOGIES: S&P Alters Outlook to Pos, Affirms B- ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Waltham, Mass.-based
Excelitas Technologies Corp. to positive from stable and affirmed
its 'B-' issuer credit rating on the company.

S&P said, "We affirmed our 'B-' issue-level rating on the company's
existing $980 million first-lien credit facilities and 'CCC+'
issue-level rating on its $260 million second-lien term loan.

"At the same time, we assigned our 'B-' issue-level rating to the
company's proposed $110 million add-on first-lien term loan."

The positive outlook reflects the potential for a higher rating
over the next 12-18 months if Excelitas is able to generate strong
earnings and solid free cash flow while following a conservative
financial policy such that its leverage levels improve and trend
below 6.5x consistently.

The outlook revision follows the company's good earnings growth
over the past 12 months and reflects its ability to maintain stable
margins amid the COVID-19 pandemic. Excelitas has reported rolling
12 months ended March 31, 2021 revenue growth of 5.1% and EBITDA
margin improvement of 180 basis points compared with the same
period last year. The company's earnings remained stable during
this time stemming from recovery in its commercial business and
benefits from its implemented productivity initiatives. S&P expects
these trends to persist over the next 12 months, which should allow
Excelitas' S&P Global Ratings-adjusted leverage to improve to
mid-6x area by the end of fiscal 2021.

S&P expects mid- to high-single-digit revenue growth over the next
12 months, given recent acquisitions and the strength of its
backlog. Excelitas had a strong backlog at the end of the first
quarter of 2021, which provides ample revenue visibility over the
next 12 months. In addition, the recent announcement of the PCO
Tech AG acquisition, strong demand in its industrial end markets,
and recovery in the life sciences and defense and aerospace (D&A)
markets should allow the company to increase its revenue by the
mid- to high-single digits in 2021.

S&P said, "We believe the company's liquidity position is good,
which provides some cushion for mergers and acquisitions. Excelitas
had good liquidity at the end of the first quarter ended March 31,
2021, with a strong cash balance of about $76 million and almost
full availability under its $100 million revolving credit facility
(limited by letter of credit borrowings). We do not expect the
company to face any liquidity crunch over the next 12 months, and
it should have enough funds to meet its capital requirements to
support growth."

The positive outlook reflects S&P's expectation that the company
will gradually reduce leverage to 6x-6.5x in the next 12-18 months,
driven by sufficient growth in its commercial and D&A segments,
coupled with an incremental margin improvement forecast during the
period.

S&P could raise the ratings on Excelitas if:

-- Operating performance and productivity initiatives continued to
improve operating results, such that we expected adjusted leverage
to remain below 6.5x consistently;

-- The company maintained financial policies, particularly around
future shareholder returns and acquisitions, that supported this
level of leverage; and

-- The company continued to generate positive free operating cash
flow (FOCF).

S&P could revise its outlook to stable on the company if:

-- Unforeseen weakness in operating performance prevented the
company from sustaining adjusted leverage below 6.5x; or

-- The company maintained financial policies, particularly around
future shareholder returns and acquisitions, that caused S&P to
believe the company would not support leverage below 6.5x on a
sustained basis.



FOREVER 21: UST Urges Court to Reject Plan Voting Procedures
------------------------------------------------------------
Law360 reports that the U. S. Trustee urged a Delaware bankruptcy
judge Tuesday, July 13, 2021, to reject Forever 21's proposal to
solicit creditor votes on its Chapter 11 plan, arguing that the
solicitation notice is confusing, contains inaccuracies and doesn't
jibe with the Bankruptcy Code.

In a 35-page objection filed with U.S. Bankruptcy Judge Mary F.
Walrath, the Office of the U.S. Trustee said that the bankrupt
retailer's proposed disclosure statement and solicitation
procedures are flawed and need to be revised. The Trustee said it
is concerned some creditors will be confused because the debtors
previously sent out an "opt-in" form.

                          About Forever 21

Founded in 1984 by South Korean husband and wife team Do Won Chang
and Jin Sook Chang and headquartered in Los Angeles, Calif.,
Forever 21, Inc. -- http://www.forever21.com/-- is a fast-fashion
retailer of women's, men's and kids clothing and accessories and is
known for offering the hottest, most current fashion trends at a
great value to consumers. Forever 21 delivers a curated assortment
of new merchandise brought in daily.

Forever 21, Inc. and seven of its U.S. subsidiaries each filed a
voluntary petition for relief under Chapter 11 of the United States
Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-12122) on Sept.
29, 2019. According to the petition, Forever 21 has estimated
liabilities on a consolidated basis of between $1 billion and $10
billion against assets of the same range.  

As of the bankruptcy filing, the Debtors operated 534 stores under
the Forever 21 brand in the U.S. and 15 stores under beauty and
wellness brand, Riley Rose.

The Debtors tapped Kirkland & Ellis LLP as legal advisor; Alvarez &
Marsal as restructuring advisor; and Lazard as investment banker;
and Pachulski Stang Ziehl & Jones LLP as local bankruptcy counsel.
Prime Clerk is the claims agent.

Andrew Vara, acting U.S. trustee for Region 3, appointed a
committee of unsecured creditors on Oct. 11, 2019. The committee is
represented by Kramer Levin Naftalis & Frankel LLP and Saul Ewing
Arnstein & Lehr LLP.

Counsel to the administrative agent under the Debtors' prepetition
revolving credit facility and the Debtors' DIP ABL financing
facility are Morgan, Lewis & Bockius LLP and Richards, Layton &
Finger, PA.

Counsel to the administrative agent under the Debtors' DIP term
loan facility is Schulte Roth & Zabel LLP.

                          *     *     *

In February 2020, the company was purchased by a consortium that
includes Authentic Brands Group, Simon Property Group and
Brookfield Property Partners for $81.1 million. As part of the
deal, ABG and Simon will each own 37.5% of the fast-fashion
retailer, while Brookfield controls the remaining 25% of Forever
21's operating and intellectual property businesses.


FORMETAL COMPANY: Seeks to Hire Jones & Walden as Legal Counsel
---------------------------------------------------------------
The Formetal Company, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to hire Jones & Walden,
LLC to serve as legal counsel in its Chapter 11 case.

The firm's services will include:

     (a) preparing pleadings and applications;

     (b) conducting examination;
  
     (c) advising the Debtor of its rights, duties and
obligations;

     (d) consulting with and representing the Debtor with respect
to a Chapter 11 plan;

     (e) legal services incidental and necessary to the day-to-day
operations of the Debtor's business, including but not limited to,
the institution and prosecution of necessary legal proceedings and
general business legal advice; and

    (f) taking other actions incident to the proper preservation
and administration of the Debtor's estate and business.

The firm's standard rates range from $225 to $400 per hour for
attorneys and from $100 to $125 per hour for paralegals.

Leslie Pineyro, Esq., a partner at Jones & Walden, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

Jones & Walden can be reached at:

     Leslie M. Pineyro, Esq.
     Jones & Walden LLC
     699 Piedmont Avenue, NE
     Atlanta, GA 30308
     Tel: (404) 564-9300
     Email: cmccord@joneswalden.com

                    About The Formetal Company

The Formetal Company, LLC is a Forest Park, Ga.-based company that
manufactures and distributes cold formed light gauge steel framing
used in the commercial construction of all types of buildings as
well as manufacturing companies.  

Formetal Company filed a Chapter 11 petition (Bankr. N.D. Ga. Case
No. 21-55029) on July 3, 2021.  Robert H. Boyd, manager, signed the
petition.  At the time of the filing, the Debtor disclosed $1
million to $10 million in both assets and liabilities.  Jones &
Walden, LLC represents the Debtor as legal counsel.  


FORUM ENERGY: Moody's Upgrades CFR to Caa1, Outlook Remains Stable
------------------------------------------------------------------
Moody's Investors Service upgraded Forum Energy Technologies,
Inc.'s Corporate Family Rating to Caa1 from Caa2, Probability of
Default Rating to Caa1-PD from Caa2-PD and convertible senior
secured notes rating to Caa2 from Caa3. The Speculative Grade
Liquidity rating is unchanged at SGL-3. The outlook remains
stable.

"The upgrade of Forum's ratings reflects reduced risk of default
and our expectation that Forum will grow revenue and EBITDA through
2022 driving reduced leverage and better interest coverage,"
commented Jonathan Teitel, a Moody's analyst. "Although the
company's leverage will remain high, the upgrade also considers
Forum's large cash balance and extended runway for operating
performance and credit metrics to improve because the company's
bonds do not mature until 2025."

Upgrades:

Issuer: Forum Energy Technologies, Inc.

Probability of Default Rating, Upgraded to Caa1-PD from Caa2-PD

Corporate Family Rating, Upgraded to Caa1 from Caa2

Senior Secured Conv./Exch. Notes, Upgraded to Caa2 (LGD4) from
Caa3 (LGD4)

Outlook Actions:

Issuer: Forum Energy Technologies, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

The upgrade of Forum's CFR to Caa1 reflects reduced risk of default
and Moody's expectation that Forum will grow revenue and EBITDA
through 2022, driving debt/EBITDA lower, though leverage will still
remain high. Forum's revenue is highly correlated to the US rig
count, which increased over the last year. The pace of revenue
growth is constrained by continued capital discipline by oil and
gas producers. To contend with challenging industry conditions,
Forum reduced expenses by lowering labor costs and consolidating
facilities. While new equipment sales weakened, the company
benefits from the sale of consumable products, which comprise a
large portion of revenue. Forum also benefits from geographic
diversification through its exposure to international markets.

Forum's Caa1 CFR reflects high leverage, though improving, amid
challenging conditions for oilfield equipment and service
providers. In August 2020, Forum exchanged a large portion of its
senior notes due 2021 for convertible senior secured notes due
2025. Since then, the remainder of the senior notes due 2021 were
repaid. The debt exchange addressed near-term refinancing needs.
However, the company still has a considerable amount of debt
relative to a low EBITDA base and a correspondingly high interest
expense burden that constrains the ability to generate positive
free cash flow. In December 2020, Forum sold assets related to two
valve brands, meaningfully boosting cash on the balance sheet. One
year following the sale of these assets, excess proceeds need to be
used to make an offer to bondholders to repurchase notes at par.
Also, a large portion of the company's notes are mandatorily
convertible into common stock if the company's stock reaches a
certain price for a period of time. These terms provide potential
paths for meaningfully reducing debt and interest expense, and
thereby improving the company's ability to generate positive free
cash flow.

The SGL-3 rating reflects Moody's view that Forum will maintain
adequate liquidity. As of March 31, 2021, the company had $101
million of cash. Also, as of March 31, 2021, the borrowing base of
the company's undrawn ABL revolver was $157 million ($15 million in
letters of credit were outstanding). The revolver matures in
October 2022, which has increasing likelihood of being extended or
renewed with improving operating performance and free cash flow
generation. The revolver has a maximum springing fixed charge
coverage ratio covenant based on excess availability which Moody's
thinks is unlikely of becoming operative given limited expected
revolver utilization.

Forum's $300 million of convertible senior secured notes due 2025
are rated Caa2, one notch below the Caa1 CFR. The notes are secured
by a first lien except with respect to ABL revolver priority
collateral which includes cash, receivables and inventory. The
notes have a second lien with respect to the ABL revolver priority
collateral.

The stable outlook reflects Moody's expectation that Forum will
meaningfully grow EBITDA and reduce debt/EBITDA through 2022 but
that leverage will remain high.

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

Factors that could lead to an upgrade of the ratings include
significant EBITDA growth, debt reduction, meaningful positive free
cash flow generation and maintenance of adequate liquidity
including the extension of the revolver maturity. Debt/EBITDA
approaching 5x and EBITDA/interest above 2x could support an
upgrade.

Factors that could lead to a downgrade of the ratings include
EBITDA/interest remaining below 1x or a deterioration in
liquidity.

Forum, headquartered in Houston, Texas, is a publicly traded
company with equipment sales primarily to the oil and gas
industry.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.


GENERAL ELECTRIC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on July 8, 2021, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by General Electric Company.

Headquartered in Boston, Massachusetts, General Electric Company is
a globally diversified technology and financial services company.



HALLIBURTON CO: Egan-Jones Keeps B Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on July 6, 2021, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Halliburton Company.

Headquartered in Houston, Texas, Halliburton Company provides
energy and engineering and construction services, as well as
manufactures products for the energy industry.



HEALTHCARE ROYALTY: Moody's Assigns First Time 'Ba3' CFR
--------------------------------------------------------
Moody's Investors Service assigned first-time ratings to HealthCare
Royalty, Inc. and its indirect subsidiary HCRX Investments HoldCo,
L.P. (collectively "HealthCare Royalty"). The assigned ratings
include a Ba3 Corporate Family Rating, a Ba3-PD Probability of
Default Rating, Ba2 (LGD2) senior secured ratings, and an SGL-1
Speculative Grade Liquidity Rating. The outlook is stable.

Proceeds of the term loan, together with IPO proceeds and proceeds
from an anticipated senior unsecured note offering, are to be used
to recapitalize the company by combining a series of limited
partnerships and offering public equity. At the close of the
transaction, Moody's anticipates pro forma gross debt/EBITDA of
approximately 2.9x. The assigned ratings prospectively assume
successful execution of the IPO offering with approximately $500
million of proceeds as well as a senior unsecured notes offering of
about $750 million; otherwise Moody's will reevaluate the ratings
being assigned.

Ratings assigned

Entity: HealthCare Royalty, Inc.:

Corporate Family Rating, assigned Ba3

Probability of Default Rating, assigned Ba3-PD

Speculative Grade Liquidity Rating, assigned SGL-1

Entity: HCRX Investments HoldCo, L.P.

Senior secured first-lien term loan, Ba2 (LGD2)

Senior secured first-lien revolving credit facility, assigned Ba2
(LGD2)

ESG factors are material to the ratings assignment. Social risk
exposures include policy efforts aimed at reducing drug pricing.
Among governance considerations, the company is likely to employ
moderately high financial leverage, and its track record as a
public company is limited.

RATINGS RATIONALE

HealthCare Royalty's Ba3 Corporate Family Rating reflects its niche
focus as an acquirer of royalty interests in pharmaceutical
products. The company specializes in mid-sized royalty acquisitions
with values generally between $20 million to $250 million. Many of
the products are for critical health conditions, and the underlying
sales outlook for the royalty-generating products is favorable.
HealthCare Royalty's cash flow will remain solid, reflecting
limited operating expenses and an efficient operating structure.

Offsetting these strengths, the existing portfolio is moderately
concentrated in three drugs that accounted for approximately 48% of
revenue in 1Q 2021 and which Moody's believes will generate about
half of 2021 royalty receipts, i.e. Vimpat, Shingrix and Zolgensma.
Many products in the portfolio are marketed by small
biopharmaceutical companies, exposing HealthCare Royalty to credit
risk, especially when it holds notes receivable from such entities.
With a portfolio duration of about 10 years from the time of
acquisition of a royalty, the company will be reliant on new
acquisitions for royalty replenishment, creating execution risk. As
the company grows, Moody's anticipates that it will contemplate
larger royalty transactions and face more competition.

The Ba2 ratings on the senior secured term loan and revolving
credit facility reflects Moody's anticipation that the company will
issue senior unsecured notes. The Ba2 ratings reflect the senior
position in the capital structure and the loss absorption provided
by unsecured creditors. Security for the credit agreement consists
of a first priority perfected lien on substantially all assets of
the borrower and its direct and indirect subsidiaries. The Ba2
ratings on the senior secured term loan and revolver reflect a
one-notch negative override to the Ba1 rating output from Moody's
Loss Given Default for Speculative-Grade Companies Rating
Methodology ("LGD"). This reflects the sensitivity to LGD
model-implied rating of Ba1 if the company's debt mix were to
modestly shift towards a greater portion of secured debt, which
Moody's believes is difficult to rule out.

The borrower under the credit agreement is HCRX Investments HoldCo,
LP. There is a downstream guarantee from an intermediate holding
company, but not from HealthCare Royalty, Inc., i.e. the ultimate
parent and filer of the financial statements. Moody's anticipates
receiving adequate financial information to ascertain that the
there are no material operations, cash flow, assets or liabilities
at the parent entity and intermediate entities other than equity
interest in their subsidiaries.

Moody's anticipates very good liquidity, reflected in the SGL-1
Speculative Grade Liquidity Rating. Cash on hand following the
transactions will total over $400 million, and the $540 million
revolving credit facility will be undrawn at close. Moody's
anticipates that only the revolver will have financial maintenance
covenants and that cushion will be good.

The credit facility is expected to contain covenant flexibility for
transactions that could adversely affect creditors. The proposed
credit facility contains incremental facility capacity up to the
greater of $521 million and 1x Consolidated EBITDA, plus an
additional amount subject to a 3.00x pro forma Secured Net Leverage
Ratio (if pari passu secured). Amounts up to the greater of $260.5
million and 50% of LTM Adjusted Consolidated EBITDA may be incurred
with an earlier maturity date than the initial term loans. There
are no express "blocker" provisions which prohibit the transfer of
specified assets to unrestricted subsidiaries; such transfers are
permitted subject to carve-out capacity and other conditions.
Material subsidiaries must provide guarantees whether or not
wholly-owned, eliminating the risk that guarantees will be released
because they cease to be wholly-owned; such releases are permitted
if they constitute bona fide joint ventures with an unaffiliated
third party. The credit agreement provides some limitations on
up-tiering transactions, including a requirement that all directly
affected lenders consent to any modifications to subordinate
obligations in right or payment under the credit facilities, or the
liens granted in favor of the secured parties under the documents,
to any other indebtedness or lien (except as otherwise not
prohibited by the credit agreement).

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

The outlook is stable, incorporating Moody's expectations for good
operating performance and ongoing acquisitions that adhere to a
long term debt/EBITDA target of 3.5x.

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

Factors that could lead to an upgrade include: solid performance of
products comprising the royalty streams; successfully establishing
a longer track record as a public company; and debt/EBITDA
sustained below 3.5x. Factors that could lead to a downgrade
include: adverse performance of core royalties due to competition
or early generics, unexpected challenges in collecting royalties
from marketers, or material debt-financed acquisitions.
Specifically, debt/EBITDA sustained over 4.5x could result in a
downgrade.

The principal methodology used in these ratings was Pharmaceutical
Industry published in June 2017.


HOOD LANDSCAPING: Gets Court Approval to Hire New Manager
---------------------------------------------------------
Hood Landscaping Products, Inc. received approval from the U.S.
Bankruptcy Court for the Middle District of Georgia to hire Scott
Corbett to manage its business.

Mr. Corbett is a mechanical and electrical engineer based in Lenox,
Ga., and is certified as a Georgia Master Timber Harvester.  He is
the chairman and chief executive officer of three closely held
business enterprises.

Mr. Corbett will assume management duties from Leon Hood, the
Debtor's sole shareholder and owner, with the goal of enhancing the
Debtor's business to fund a viable Chapter 11 plan.

In court papers, Mr. Corbett disclosed that he is "disinterested"
within the meaning of Section 101(14) of the Bankruptcy Code.

Mr. Corbett can be reached at:

     Scott Corbett
     50 N. Lindey Street
     Adel, GA 31637
     Phone: 229-546-5405
     Email: scorbett@globalbiomassenergy.com

                  About Hood Landscaping Products

Hood Landscaping Products, Inc., a wholesaler of landscaping
equipment and supplies in Adel, Ga., filed a voluntary petition
under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No.
19-70644) on June 3, 2019.  In the petition signed by CFO Leon
Hood, the Debtor disclosed total assets of up to $50,000 and total
liabilities of up to $10 million.  Judge John T. Laney III oversees
the case.  Kelley, Lovett, Blakey & Sanders, P.C. is the Debtor's
legal counsel.


II-VI INCORPORATED: Egan-Jones Hikes Sr. Unsecured Ratings to BB
----------------------------------------------------------------
Egan-Jones Ratings Company, on June 30, 2021, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by II-VI Incorporated to BB from BB-.

Headquartered in Saxonburg, Pennsylvania, II-VI Incorporated
designs engineered materials and optoelectronic components.



ILLINOIS SPORTS: Fitch Assigns BB+ Rating on $18.79MM Bonds
-----------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to the Illinois Sports
Facilities Authority's (ISFA) $18.79 million sports facilities
(state tax-supported) bonds series 2021. Additionally, Fitch has
affirmed outstanding ISFA sports facilities bonds at 'BB+'.

The Rating Outlook has been revised to Stable from Negative.

The series 2021 bonds are a public reoffering of bonds originally
purchased by RBC Capital Markets to restructure debt service due in
fiscal year 2021. Bonds will be offered via negotiated sale the
week of July 19.

SECURITY

ISFA sports facilities bonds (state tax-supported) are secured by a
pledge of and first lien on monies legislatively appropriated to
the bond trustee from the state-held Illinois Sports Facilities
Fund (ISFF). The ISFF receives money via state tax deposits,
consisting of a portion of the statewide hotel tax (statutory
advance amount); a $5 million annual state subsidy, also from the
state hotel tax (statutory state subsidy amount); and a $5 million
subsidy from the share of the state's local government distributive
fund (LGDF, which receives income tax revenues) that would
otherwise be allocated to the city of Chicago (statutory city
subsidy amount).

ANALYTICAL CONCLUSION

The 'BB+' rating and Stable Outlook on the ISFA bonds reflects the
weaker dedicated tax supporting the bonds, state hotel tax
collections. Projected coverage from state hotel tax collections is
narrow, offset by strong performance in recent months, acceleration
of reopening in the leisure and hospitality industry and additional
support from state support and available reserves. The city's local
government distributive fund (LGDF) share provides ample coverage
of the city subsidy amount with robust resilience, but this is only
a small portion of debt service.

KEY RATING DRIVERS

Limited Coverage with Liquidity Support: Fiscal 2021's deep hotel
tax revenue declines and reserve draws narrowed the margin for
pledged revenues to cover debt service. The state and city's
ongoing reopening is supporting a revenue rebound that should
provide adequate cushion. If state hotel tax collections fall short
of expectations, ISFA will rely on notable state support and
internal reserves. Coverage of the $5 million city subsidy from the
LGDF share allocated to Chicago is extremely resilient to downturns
with many multiples of coverage.

Modest Revenue Growth Anticipated: Looking through the current
pandemic-driven uncertainty, Fitch aligns growth prospects for both
state hotel tax revenues and the LGDF with the growth expectations
for the state's overall economy, near national inflation growth.
State hotel taxes are fairly sensitive to national and state
economic conditions.

Rating Linked to the State of Illinois: Transfer of pledged
revenues to the bond trustee requires state appropriation, capping
the rating at one notch below the state's Issuer Default Rating
(IDR,
'BBB-'/Positive). The rating does not consider ISFA's operations as
state tax deposits are collected and controlled entirely by the
state before being appropriated to the bond trustee.

RATING SENSITIVITIES

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

-- Robust hotel tax revenue recovery ahead of the current fiscal
    2022 budget indicating a sustainable path towards or exceeding
    pre-pandemic collection trends;

-- Although not currently an active constraint, upgrade of
    state's IDR, given the linkage.

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

-- Shortfall in hotel tax revenues relative to the enacted fiscal
    2022 budget, or indications of a more fundamental downward
    shift in hotel usage;

-- Significant unanticipated new money issuance;

-- Negative rating action on the state's IDR, given the linkage.

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.

CURRENT DEVELOPMENTS

The pandemic triggered steep declines in hotel occupancy and state
hotel tax collections at the end of fiscal 2020 and through fiscal
2021. The authority anticipated weakened revenues and planned for
$1 million monthly draws in the first eight months of the fiscal
year to cover debt service, while drawing on reserves for
subordinate obligations for facility maintenance and capital
improvements. Performance trailed budget and the ISFA drew down
$25.3 million to meet its obligations.

The last official estimate from the Governor's Office of Management
and Budget (GOMB) forecasts that $79.2 million was collected from
the 5% state hotel tax in 2021, versus $209.2 million in 2020 and
$247 million in 2019. Sixty percent of the estimated $79. 2
million, or $47.5 million, was available for deposit to the ISFF
for debt service in fiscal 2021 per statute. With a recent
refinancing, ISFA reduced fiscal 2021 debt service paid from the
state hotel tax to $19.9 million from $41.5 million. An additional
$5 million of debt service is paid from the city subsidy, derived
from the LGDF share allocated to Chicago.

While fiscal 2021 performance lagged fiscal 2020 collections, state
hotel tax revenue growth strengthened considerably in recent
months, as improving public health conditions supported a rebound
in the leisure and hospitality industry. The state's Department of
Revenue reported collections in April, May and June at 17%, nearly
100%, and 268% above the corresponding prior year levels. All three
months are still less than half of fiscal 2019 collections.

Narrow Coverage of Fiscal 2022 Obligations from State Hotel Tax

For fiscal 2022, the state's enacted budget anticipates a 32%
rebound from fiscal 2021 in the 5% state hotel tax, to $104.2
million. Of the $104.2 million projected, $62.5 million would be
available for deposit to the ISFF for debt service. Fiscal 2022
debt service is $45.4 million, indicating 1.4x coverage if revenue
growth meets budget. (The $45.4 million debt service nets out $5
million paid from the LGDF as the city subsidy and also excludes
certain non-debt service subordinate obligations payable from the
same revenues.)

With an escalating debt service schedule, budgeted fiscal 2022
revenues would cover MADS in 2032 of $85.5 million (excluding the
city subsidy amount) just 0.7x. Historically, available state hotel
deposits have steadily increased and provided at least 1.1x MADS
coverage from fiscal 2011 through fiscal 2020, peaking at 1.7x in
2019. Fitch anticipates the historical pattern to resume following
the recovery from the pandemic.

With the additional subordinate obligations, ISFA's full
obligations in fiscal 2022 total $62.3 million versus the budgeted
available state hotel tax revenues of $62.5 million, indicating
barely sum-sufficient coverage. The subordinate obligations are
contractual commitments ISFA has for maintenance and capital
improvements with the Chicago White Sox (for Guaranteed Rate Field)
and the Chicago Park District (primarily for Solider Field). While
the obligations are clearly subordinate to debt service and payable
if revenues are sufficient, repeated failure to meet the
contractual commitments would have negative long-term implications
for facility conditions. Dedicated reserves noted below mitigate
this risk.

Hotel Tax Revenues Trending Upward

Fitch considers the fiscal 2022 budget estimate of $62.5 million in
available state hotel tax achievable, but subject to
pandemic-driven uncertainty. Illinois and Chicago fully reopened
under COVID protocols on June 11. McCormick Place, the city's
convention center and a prime driver of hotel usage, hosted its
first post-pandemic event that month. After canceling more than 230
events since March 2020, the Metropolitan Pier and Exposition
Authority (MPEA, owner of McCormick Place) reports more than 120
additional events with an estimated nearly two million attendees
booked through December 2022.

April, May and June 2021 state hotel tax collections noted earlier
reflect strong and accelerating revenue momentum. The state's
department of revenue reports total collections of $43 million in
state hotel tax revenue over those three months, versus less than
half that amount, $21 million, in 2020. June 2021 state hotel tax
collections alone of $20.1 million were nearly four times ($5.4
million) the prior year signaling growing momentum. Importantly,
revenue collections still lag considerably behind fiscal 2019.

State Support and Available Liquidity Offset Coverage Risk

The rating also incorporates state support and ISFA liquidity that,
while not pledged to bondholders, Fitch considers important
cushions and would be sufficient to cover potential state hotel tax
shortfalls. As of July 1, the State Comptroller reported a $24.5
million balance in the ISFF. By statute, the state can sweep any
balances from the fund at the end of the fiscal year. But for
fiscal 2021 the state rolled those balances into fiscal 2022. They
remain available for ISFA obligations, including debt service. As
of July 5, that balance reached $25 million.

For fiscal 2022, the state's budget implementation act authorizes a
transfer of up to $20 million from the state's general revenue fund
to the ISFF. This transfer authorization has not previously been
included in state budgets and explicitly applies to fiscal 2022.
The governor is not required to request the transfer.

Additionally, the authority estimates available liquidity of $13.3
million in its hotel tax reserve and $150 thousand in its real
restate reserve. ISFA also maintains dedicated reserves to meet the
subordinate contractual obligations with $6.1 million in the
reserve for the management agreement with the Chicago White Sox
(versus $5.4 million payable in fiscal 2022), and $9.4 million in
the reserve for the Operation Assistance Agreement with the Chicago
Park District (equivalent to the amount payable in fiscal 2022),
both as of June 30, 2021.

City Subsidy Well-Covered by LGDF

Chicago's LGDF share continues to provide robust coverage of the $5
million fixed city subsidy used for debt service. For fiscal 2020
the LGDF share provide more than 50x coverage and Fitch anticipates
LGDF revenues increased solidly in fiscal 2021 given growth in
state income tax collections. The city's LGDF share derives from a
population-based allocation of 10% of the state's individual and
corporate income tax collections. As of May 2021, GOMB estimated
those taxes would be up 18.4% collectively in fiscal 2021 over the
prior year.

DEDICATED TAX CREDIT PROFILE

Rating Capped at State Appropriation Risk

ISFA sports facilities bonds are subject to state appropriation
risk given the appropriation requirement for the state tax deposits
used to pay debt service. Bonds are not exposed to operating risk
from ISFA or the city of Chicago as the state hotel tax revenues
and share of income taxes from the LGDF used for debt service are
solely state revenues, collected and controlled entirely by the
state itself before being appropriated directly to the bond trustee
for debt service.

Overview of Dedicated Tax Structure

Pledged revenues derive from state hotel taxes and the state's
allocation of a portion of Illinois' income tax revenues from its
LGDF to the city of Chicago. Payments to the trustee from the ISFF
are based an annual certification by the ISFA to the state
comptroller and treasurer.

State hotel tax revenues consist of a 5% tax, and an additional 1%
tax, levied statewide on persons engaged in renting, leasing or
letting hotel rooms. Sixty percent of the 5% tax is available for
deposit to the ISFF, and then appropriated to the trustee for debt
service on the bonds.

Income taxes deposited into the state's LGDF include portions of
the state's individual and corporate income taxes. Chicago's
distribution from LGDF is determined by a population-based
statutory formula. The state has made multiple changes to income
tax rates, and to the share of revenues allocated to the LGDF. The
amount available to bondholders is a fixed, $5 million draw from
Chicago's share.

ISFA utilized proceeds of its outstanding bonds to finance
construction of and improvements to Guaranteed Rate Field (which it
owns) and improvements to Soldier Field (which is owned by the
Chicago Park District) and related facilities. Guaranteed Rate
Field is home to the Chicago White Sox of Major League Baseball,
while Soldier Field is home to the Chicago Bears of the National
Football League.

Authority Hotel Tax Insufficient to Offset Appropriation Risk

Absent legislative appropriations, ISFA covenants under the
indenture to use its available revenues to meet debt service
requirements. These include ISFA's own dedicated tax revenues from
a 2% tax on hotel rooms within Chicago (authority hotel tax), which
are not subject to appropriation, and a separate hotel tax reserve.
ISFA funds the hotel tax reserve with excess hotel tax revenues
after meeting other operating and capital obligations. The
authority used the authority hotel tax and hotel tax reserve to pay
debt service during fiscal 2016 when the legislature did not
appropriate debt service from the ISFF.

Debt service on ISFA's bonds escalates steadily, and even the
pre-pandemic fiscal 2019 authority hotel taxes of $54.7 million
would be insufficient to cover debt service beginning in fiscal
2024 and are well short of maximum annual debt service (MADS) in
the final year of maturity (2032, $90.5 million). Accordingly,
Fitch does not consider the authority hotel tax as sufficient to
fully mitigate state appropriation risk. Under statute, ISFA uses
excess authority hotel tax revenues to repay the state for the
statutory state advance amount.

Modest Long-Term Pledged Revenue Growth Prospects Tied to
Expectations for State's Economy

Hotel tax revenues are levied statewide, although the Chicago area
is the dominant driver of collections. Prior to the pandemic,
historical revenue performance had been solid with nearly 4%
compound annual growth between fiscals 2009 and 2019. Despite solid
historical trends, Fitch assesses future long-term growth prospects
for the state hotel tax as slow and in line with national
inflation, which is consistent with Fitch's assessment of the
state's overall economic trajectory. Hotel taxes are levied on a
relatively narrow base and are very sensitive to shifts in economic
conditions, as demonstrated during the Global Financial Crisis (a
more than 20% decline) and over the past year (a 62% decline in
fiscal 2021).

Fitch assesses growth prospects for the LGDF share used for the
city subsidy similarly, also aligned with Fitch's view of the
state's overall growth prospects. Income taxes are the state's
largest tax revenue source and generally reflect Illinois' economic
condition and trajectory.

Adequate Resilience of the Security

Fitch assesses the resilience of the structure, considering both
state hotel tax revenues and the LGDF share, as adequate. Given the
estimated deep decline for state hotel tax in fiscal 2021, and
nascent signs of recovery, Fitch's analysis uses estimated fiscal
2021 revenues as the baseline for Fitch's resilience assessment of
the state hotel tax component of pledged revenues.

Fitch uses the Fitch Analytical Stress Test (FAST) model to
evaluate the sensitivity of the dedicated revenue streams (state
hotel tax revenues and the LGDF share) to cyclical decline with a
1% decline in national GDP scenario, as well as assessing the
largest historical decline in revenues. Prior to 2021, the largest
decline in pledged revenues was 21% between fiscals 2008 and 2010.

For state hotel tax revenues, based on the pledged revenue history
through fiscal 2020, FAST generates a high 7% scenario decline for
the state hotel tax in the first year of a moderate economic
downturn. The estimated available deposit amount from the state
hotel tax in fiscal 2021 equaled $47.5 million, below current MADS
of $85.5 million (this nets out $5 million paid solely from the
city subsidy amount). Fitch's expectations for a gradual return to
pre-pandemic revenue levels beginning in fiscal 2022 and the
authority's reserves and state support noted earlier inform Fitch's
assessment of the structure's adequate resilience.

For the LGDF share, using fiscal 2020 actual collections, FAST
generates a 4% decline in year one of a moderate economic downturn.
The $266.6 million 2020 LGDF share for Chicago covered the $5
million city subsidy amount more than 50x, allowing for a more than
98% decline before reaching the $5 million requirement. This is
more than 22x the FAST result and 5x the largest historical decline
(during the Global Financial Crisis).

Despite the robust resilience of the LGDF share, Fitch's overall
assessment of the sensitivity and resilience of the structure for
the bonds is limited by the state hotel tax. Only $5 million of the
city's LGDF share is available to bondholders under the indenture.
The remaining, and vast majority, of debt service must be provided
by deposits to the ISFF from the state hotel tax. The city's full
LGDF share is available to the state to repay its allocation of
state hotel tax revenues for debt service

No New Debt Anticipated

Fitch's analysis of the resilience of the structure for the bonds
is based on current leverage as ISFA indicated a clear intent to
avoid any new money debt issuances to meet its ongoing maintenance
and capital requirements for Guaranteed Rate Field and Soldier
Field. Under the contractual agreements noted above, the authority
makes regular operating and capital contributions for both
facilities on an annual basis, after debt service is paid.

The bond indenture does have an additional bonds test with multiple
prongs tied to the various revenue

streams used for debt service, including the state hotel tax and
allocation to the city from the state's LGDF. Also, the authority
retains authorization under statutory caps defined in the ISFA Act.
Debt service is on an ascending schedule with fiscal 2022 debt
service of $50.4 million and MADS of approximately $90.5 million in
2032.

ESG CONSIDERATIONS

Illinois has an ESG Relevance Score of '4' for Rule of Law,
Institutional & Regulatory Quality, and Control of Corruption due
to the state's repeated inability to address its structural
challenges due to an absence of consensus and resistance among key
stakeholders, which has a negative impact on the credit profile,
and is relevant to the ratings in conjunction with other factors.

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


INNOVATIVE WATER: Solenis Merger No Impact on Moody's Caa1 Rating
-----------------------------------------------------------------
Moody's Investors Service said that the ratings of Innovative Water
Care Global Corporation (dba Sigura Water, Caa1 negative) are not
impacted by the announcement that Platinum Equity plans to acquire
Solenis Holdings LLC (B3 Corporate Family Rating or "CFR") and
merge it with Sigura. Sigura Water's ratings should not be impacted
as the existing debt is expected to be repaid once the financing
for the merged entity is completed. The financing structure for the
new entity has not been disclosed. All of the ratings at Sigura
will be withdrawn upon the repayment of its debt.

On July 6, 2021, Platinum Equity announced that it has signed a
definitive agreement to acquire Solenis from Clayton, Dubilier &
Rice ("CD&R") and BASF in a transaction that implies an enterprise
value for Solenis of $5.25 billion. As part of the transaction,
Platinum Equity is expected to merge Solenis with its existing
company, Sigura Water, for a total combined transaction value of
approximately $6.5 billion. The acquisition of Solenis and merger
with Sigura are expected to be completed before the end 2021,
subject to regulatory approval and customary closing conditions.

After merging with Sigura Water, the combined company will become a
larger and more diversified company. Potential synergies from the
merger are hard to quantify given the limited overlap in end
markets and disparate chemistries involved. The combined company
would generate $3.4 billion in revenues on a pro forma basis,
versus $2.8 billion by Solenis alone for the last twelve months
ended March 31, 2021.

The merged company's credit profile will be highly dependent on the
amount of debt or debt -like instruments in the capital structure.
Although details are yet to be announced, the combined company's
financial policy will likely be aggressive with elevated leverage
given Platinum Equity's financial policies at Sigura Water.
Moreover, the company's operational strategy, integration plans and
financial policies will be key factors in the assessment of the
combined company's credit profile.

Both Solenis and Sigura Water have improved their operating results
in recent quarters. Solenis has increased the composition of higher
margin products and substantially reduced its selling, general and
administrative costs. Sigura Water has demonstrated operational
improvement under the new management team which implemented a
number of strategic initiatives including cost reductions, a
renewed focus on its business model, reducing and simplifying the
portfolio and expanding customer channels.

Solenis Holdings LLC produces chemicals used in the manufacturing
process for pulp and paper products and industrial water treatment.
Its products and service help customers improve operational
efficiency, enhance product quality and reduce environmental
impact. The private equity firm Clayton, Dubilier, and Rice (CD&R)
acquired Solenis from Ashland in 2014. In January 2019, BASF
completed the sale of its paper and water chemicals business to
Solenis in exchange for a 49% equity stake in the combined
company.

Innovative Water Care Global Corporation (dba Sigura Water)
headquartered in Alpharetta, GA, is a leading producer of pool
chemicals for the residential market worldwide), as well as a
provider of water care solutions to industrial, commercial and
municipal clients worldwide. The company operates in two primary
segments: Residential and IM (Industrial and Municipal). Sigura
Water generated pro forma revenue of approximately $608 million for
the last twelve months ended March 31, 2021.


INTERSTATE UNDERGROUND: Gets Interim Access to Woodmen's Cash
-------------------------------------------------------------
Judge Dennis R. Dow granted Interstate Underground Warehouse and
Industrial Park, Inc. permission, on an interim basis, to use cash
collateral, according to the budget, in amounts necessary to
sustain its operation prior to the final hearing on the motion.

The Debtor will use the cash collateral to finance ordinary course
of business operations, including maintain business relationships
with their customers and other parties; make payroll; make capital
expenditures; make adequate protection payments; pay the costs of
the administration of the Chapter 11 case; and satisfy other
working capital and general corporate purposes of the Debtor.

Woodmen of the World Life Insurance Society has interest in the
cash collateral.  The Debtor, however, dispute the interest
asserted by Great Western Bank and Floyd Anderson.

Judge Dow ruled that the Debtor shall not use Cash Collateral for
the payment of any prepetition obligations or claims, absent Court
order, after reasonable notice to Woodmen, the U.S. Trustee, and
other parties in interest, and an opportunity to be heard.

As adequate protection for Woodmen' interest in the cash
collateral, the Debtor will grant Woodmen, a valid, perfected
replacement security interest in and lien on all of the Collateral
to the same extent, validity, and priority of their respective
pre-petition liens, and only to the extent any Cash Collateral is
diminished post-petition together with any proceeds thereof.  The
Debtor will also continue remitting to Woodmen the monthly payment
of $41,123.

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

The Court will convene the final hearing on July 22, 2021 at 9 a.m.
(Central Time). Objections must be filed by 5 p.m. (Central Time)
on July 19.

              About Interstate Underground Warehouse
                    and Industrial Park, Inc.

Interstate Underground Warehouse and Industrial Park, Inc. sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
W.D. Mo. Case No. 21-40834) on July 1, 2021. In the petition signed
by Leslie Reeder, chief executive officer, the Debtor disclosed up
to $10 million in assets and up to $50 million in liabilities.

Pamela Putnam, Esq., at Armstrong Teasdale LLP is the Debtor's
counsel.

Judge Dennis R. Dow is assigned to the case.



JEFFERSON CAPITAL: Moody's Assigns Ba2 CFR on Strong Profitability
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 corporate family
rating and Ba3 long-term issuer rating to Jefferson Capital
Holdings LLC. Jefferson Capital is a debt purchaser headquartered
in St. Cloud, Minnesota, with operations in the US, Canada and the
UK. The outlook on Jefferson Capital is stable.

The following ratings/assessments are affected by the action:

New Assignments:

Issuer: Jefferson Capital Holdings LLC

LT Issuer Rating, Assigned Ba3

LT Corporate Family Rating, Assigned Ba2

Outlook Actions:

Issuer: Jefferson Capital Holdings LLC

Outlook, assigned Stable

RATINGS RATIONALE

The Ba2 CFR assigned to Jefferson Capital reflects the company's:
1) strong profitability and interest coverage; 2) relatively low
Debt/EBITDA leverage; 3) strong capitalization; and 4) relatively
long track record, with nearly 20 years of operating performance.
At the same time, the CFR reflects Jefferson Capital's: 5) evolving
liquidity and funding profile, with significant reliance on secured
credit facilities; 6) modest scale and franchise relative to peers;
with related inherent risks associated with its rapid growth; 7)
potential weakening in the company's profitability and increase in
earnings volatility, due to the ongoing coronavirus pandemic; as
well as 8) the challenging operating environment for debt
purchasers, with high regulatory risk.

Jefferson Capital's Ba3 issuer rating reflects the application of
Moody's Loss Given Default for Speculative-Grade Companies
methodology, applied to the priority of claims and asset coverage
associated with senior unsecured debt in the company's capital
structure.

Moody's views Jefferson Capital as moderately exposed to social
risks. Its business continues to be impacted by the coronavirus
crisis, which Moody's views as a social risk, given its substantial
implications for public health and safety. And similar to other
debt purchasers, customer relations represent important social
considerations to Jefferson Capital, given that institutions that
sell both performing and non-performing debt can be highly
regulated (e.g. banks) and rely on proper handling of customer data
and privacy. Changes to regulatory rules and legal practices
related to Jefferson Capital's activities could also affect its
recovery processes and collection efforts.

Moody's said Governance is highly relevant for Jefferson Capital,
as it is to all participants in the finance company sector. While
Moody's does not have any particular concerns around Jefferson
Capital's corporate governance practices, corporate governance
remains a key credit consideration and requires ongoing monitoring,
as is the case for all financial institutions.

Jefferson Capital's stable outlook reflects Moody's expectation
that its profitability and leverage in the next 12-18 months will
remain strong, although modestly volatile given the operating
environment.

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

Jefferson Capital's ratings could be upgraded if it continues to
demonstrate strong financial performance as it grows and increases
its scale, with consistently solid profitability and cash flows.
Maintaining Moody's-adjusted Debt/EBITDA at less than 2x, continued
improvement in its liquidity and funding profile (as evidenced by
reduced reliance on secured credit facilities) and reduced seller
concentrations could also result in upward rating pressure.

The ratings could be downgraded if the company's financial
performance materially deteriorates. For example, if
Moody's-adjusted Debt/EBITDA increases to above 3.5x or if the
company's profitability and cash flow meaningful deteriorate on a
sustained basis. A weakening of the company's liquidity profile or
regulatory developments that could significantly adversely impact
the company's franchise could also result in a downgrade.

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


JELD-WEN INC: Moody's Rates New $550MM Sr. Secured Term Loan 'Ba2'
------------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to JELD-WEN, Inc.'s
proposed $550 million senior secured term loan B due 2028. The
company's Ba3 Corporate Family Rating and all other ratings remain
unchanged. The rating outlook remains stable.

JELD-WEN's new $550 million term loan B will replace its existing
term loan of the same amount maturing in 2024. Additionally, the
company is planning to upsize its ABL revolving credit facility to
$500 million and extend its maturity to 2026. JELD-WEN's liquidity
benefits from the extension of its debt maturity profile and the
increased revolver capacity under the ABL. The refinancing results
in no change to the company's debt to EBITDA leverage of 4.3x at
March 31, 2021, and little change to its 3.6x EBITA to interest
coverage.

The following rating actions were taken:

Assignments:

Issuer: JELD-WEN, Inc.

Senior Secured Bank Credit Facility, Assigned Ba2 (LGD3)

RATINGS RATIONALE

JELD-WEN's Ba3 Corporate Family Rating is supported by the
company's: 1) strong market position as a manufacturer of doors and
windows and one of the largest players in its North American,
Australian, and European end markets; 2) large revenue base, global
scale and geographic diversification of sales across approximately
100 countries; 3) financial policy geared toward conservative debt
leverage; 4) long-term strategies targeted at productivity
enhancements, cost reductions, and price increases that are
expected to result in operating margin improvement; and 5)
favorable demand trends in the end markets.

At the same time, the company's credit profile is constrained by:
1) the cyclicality of the end markets served, particularly the new
residential construction segment; 2) the competitive landscape of
the building products sector; 3) an acquisitive growth strategy,
which requires good execution to realize expected synergies and
presents integration challenges; 4) the risk of shareholder
friendly activities, including share repurchases; and 5) risks
related to litigation proceedings which could result in cash
outlays.

The stable outlook reflects Moody's expectation that over the next
12 to 18 months the company will continue to delever through
earnings growth as end market trends remain supportive.

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

The ratings could be upgraded if adjusted debt to EBITDA is
sustained below 3.5x, adjusted EBITA to interest coverage is above
4.5x, and adjusted EBITA margin exceeds 9%. In addition, the
upgrade will take into consideration the company's financial
policy, acquisition strategy, industry conditions, and liquidity.

The ratings may be downgraded if the company's adjusted debt to
EBITDA is sustained above 4.5x, adjusted EBITA to interest coverage
is sustained below 3.0x, operating margin declines or if liquidity
weakens meaningfully.

The principal methodology used in this rating was Manufacturing
Methodology published in March 2020.

JELD-WEN, Inc., headquartered in Charlotte, NC, is a vertically
integrated manufacturer of doors and windows that are marketed
primarily under the JELD-WEN brand name in the US and Canada and
under a variety of names in Europe and Australia. The company's
product offerings include interior and exterior doors, wood, vinyl,
and aluminum windows for the new residential construction, repair
and remodeling, and non-residential building markets. Onex Partners
III LP and certain affiliates hold approximately 15% of the
company's outstanding stock. In the LTM period ended March 31,
2021, JELD-WEN generated approximately $4.35 billion in revenue.


JETBLUE AIRWAYS: Egan-Jones Keeps B- Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on July 7, 2021, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by JetBlue Airways Corporation. EJR also maintained its
'B' rating on commercial paper issued by the Company.

Headquartered in Long Island City, New York, JetBlue Airways
Corporation provides non-stop passenger flight service through its
Airbus A320 aircraft.



KB HOME: Egan-Jones Keeps BB- Senior Unsecured Ratings
------------------------------------------------------
Egan-Jones Ratings Company, on June 28, 2021, 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.



KINSER GROUP II: Gets Cash Collateral Access
--------------------------------------------
The U.S. Bankruptcy Court for the District of Arizona has
authorized Kinser Group II, LLC to use cash collateral on an
interim basis in accordance with the budget, with a 10% variance
through August 9, 2021.

The Debtor is authorized to use Cash Collateral to pay ordinary and
necessary post-petition expenses. The Debtor may not pay any
Operating Expenses that would cause total payments the Revised
Budget plus the 10% allowed variance without the prior written
consent of First Financial Bank or further Court order.

First Financial is granted as adequate protection valid and
perfected security interests in the Debtor's postpetition assets of
the type and to the same extent (if any) provided in their
respective loan and security documents; provided, however, that if
the Court later determines that First Financial has no valid
security interest in any cash collateral held by the Debtor as of
the Petition Date or collected after the Petition Date, First
Financial will not have any Replacement Lien hereunder. The
Replacement Lien (if any) granted to First Financial: (a) will
secure repayment of the indebtedness owing to First Financial, but
will be limited in amount to the diminution in value of First
Financial's interest in collateral caused by the Debtor's use of
Cash Collateral in which First Financial holds a valid security
interest from and after the Petition Date; (b) will be evidenced by
First Financial's existing loan and security documents and this
Order; and (c) will have the same validity and priority as First
Financial's existing security interests in the Debtor’s assets as
of the Petition Date.

First Financial expressly reserves its right to assert a section
507(b) superpriority claim if and to the extent the Replacement
Liens are insufficient to provide adequate protection against the
diminution, if any, in value of the First Financial's interest in
any collateral resulting from the use of Cash Collateral.

During the pendency of the order, the Debtor will maintain
insurance on First Financial's collateral.

A continued hearing on the matter is scheduled for August 4 at 11
a.m.

A copy of the order and the Debtor's eight-week budget is available
at https://bit.ly/3hXAeL0 from PacerMonitor.com.

                    About Kinser Group II, LLC

Kinser Group II, LLC is the operator of a Holiday Inn Express hotel
located at 117 S. Franklin Road, Bloomington, Indiana. The Debtor
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Ariz. Case No. 2:21-bk-04208) on May 28, 2021. In the
petition signed by Kenneth L. Edwards, manager, the Debtor
disclosed up to $10 million in both assets and liabilities.

Judge Brenda K. Martin oversee the case.

Quarles & Brady LLP is the Debtor's counsel.



KNOT WORLDWIDE: Moody's Affirms B3 CFR & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed The Knot Worldwide Inc.'s ("The
Knot", formerly known as WeddingWire) B3 corporate family rating
and its B3-PD probability of default rating. Moody's affirmed the
B2 instrument ratings for The Knot's first-lien debt, including a
$439 million term loan (estimated balance for an assumed June 30th
amortization payment) and $50 million revolving credit facility.
The Caa2 rating on the company's $175 million second-lien term loan
has also been affirmed. Based on Moody's expectations for a return
to revenue growth and improved credit metrics as the COVID-19
crisis abates, Moody's has changed The Knot's outlook to stable,
from negative.

The rating action is driven by Moody's expectation for improved
operating performance as the pandemic-related social distancing
measures abate. The coronavirus pandemic is a social consideration
under Moody's ESG framework.

Affirmations:

Issuer: The Knot Worldwide Inc.

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Gtd Senior Secured First Lien Bank Credit Facility, Affirmed B2
(LGD3)

Gtd Senior Secured Second Lien Bank Credit Facility, Affirmed Caa2
(LGD5)

Outlook Actions:

Issuer: The Knot Worldwide Inc.

Outlook, Changed To Stable, From Negative

RATINGS RATIONALE

The change in The Knot's outlook to stable reflects Moody's
expectation for a return to healthy revenue growth for the balance
of 2021 after revenue declines occurred in 2020 and in the
first-quarter 2021 because of delays in wedding planning activities
stemming from the COVID-19 pandemic. As the crisis eases, a
geographically broad-based upswing in domestic wedding planning is
supporting vendors' commitment to advertising on The Knot's
website, which is used by couples preparing for their nuptials.
Moody's believes an acceleration in The Knot's revenue growth,
toward 10%, is likely in 2022. In the meantime, Moody's-adjusted
debt-to-EBITDA leverage will remain elevated, easing to below 8.0
times by the end of 2022, while modestly positive free cash flow
will hold in line with B3-rated service-industry peers.

Moody's recognizes the company's favorable business model, through
which revenue forfeited because of pandemic-induced postponed
wedding plans is not lost permanently, but is, rather, largely
delayed. A subscription-driven revenue model provides a moderately
stable baseline of sales. The Knot has demonstrated a degree of
resilience through the COVID-19 crisis, with 2020 revenues down
about 7% (which includes the closing of certain business lines) but
offset by strong customer loyalty, improved liquidity, and Moody's
expectation for a sustained operational rebound. Moody's expects
that low-double-digit percentage revenue improvement in the latter
three quarters of 2021 will produce about 6% sales growth for the
full year. Moody's believes that as the health crisis abates, the
company's revenue will recover strongly in 2022. The company's
ratings are supported by its strong competitive position in the
online wedding services marketplace, a position that was cemented
by WeddingWire's late-2018 combination with XO Group, the owner of
the high-profile The Knot online bridal registry service.

The stable outlook also reflects an improvement in The Knot's
liquidity, which Moody's views as good, given continued healthy
cash balances that have averaged $70 million for several quarters
through mid-2021 and current full availability under an enlarged,
$50 million revolver. Moody's does not expect that revolver
drawings will be necessary in the second half of 2021.

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

The ratings could be upgraded if the company demonstrates
significant top-line growth and if Moody's expects that
debt-to-EBITDA leverage (Moody's adjusted) will approach 6.5 times,
while free cash flow as a percentage of debt holds in the
mid-single-digits.

Alternatively, the ratings could be downgraded if revenue fails to
grow, liquidity deteriorates, covenant compliance becomes
uncertain, or if financial strategies become more aggressive.

With Moody's-expected 2021 revenues of about $310 million,
WeddingWire, as a result of its planned late-2018 merger with XO
Group (the owner of The Knot online bridal registry service), is a
leader in the online wedding services marketplace. The company
formally changed its name to The Knot Worldwide Inc. in May 2019.

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


KORNBLUTH TEXAS: Wins Cash Collateral Access
--------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, has authorized Kornbluth Texas, LLC  to use
$77,000 of cash collateral on an interim basis pending a final
hearing, to pay payroll, utilities, supplies, franchise fees, state
and local tax, internet and cable, maintenance supplies, food and
beverage supplies, insurance, 401k fees, and uniforms in accordance
with the budget.

The United States government and Wilmington Trust will receive
replacement liens encumbering property of the estate acquired after
the petition date in the same extent, validity, and priority to
which their liens attached before the petition.

The Court said all post-petition fees owed by the Debtor to Holiday
Hospitality Franchising, LLC pursuant to the Holiday Inn Hotel
Change of Ownership License Agreement dated October 20, 2016
between HHF, as licensor, and Debtor, as licensee, will be paid in
full on a monthly basis and in the ordinary course, and will not be
limited by the Budget.

A final cash collateral hearing is scheduled for July 21, 2021.

A copy of the order and the Debtor's budget is available at
https://bit.ly/3ATZ6fl from PacerMonitor.com.

The Debtor projects $279,000 in gross monthly income and $150,850
in total monthly expenses.

                    About Kornbluth Texas, LLC

Kornbluth Texas, LLC, which operates a Holiday Inn hotel, sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
S.D. Tex. Case No. 21-32261) on July 5, 2021. In the petition
signed by Cheryl M. Tyler, managing member, the Debtor disclosed up
to $10 million in both assets and liabilities.

Margaret M. McClure, Esq., at Law Office of Margaret M. McClure is
the Debtor's counsel.



LATAM AIRLINES: Creditors' Committee Members Disclose Holdings
--------------------------------------------------------------
In the Chapter 11 cases of LATAM Airlines Group S.A., et al., the
law firm of Kramer Levin Naftalis & Frankel LLP submitted a
verified statement under Rule 2019 of the Federal Rules of
Bankruptcy Procedure, to disclose that it is representing the
Parent Ad Hoc Claimant Group.

As of July 9, 2021, members of the Parent Ad Hoc Claimant Group and
their disclosable economic interests are:

Aurelius Capital Management, LP
535 Madison Avenue, 31st Floor
New York, NY 10022

* Holder of approximately $137,806,712.21 of Claims against
  LATAM, $1,000,000 of 2026 Notes, and 881,783 of local shares of
  common stock.

Citigroup Financial Products, Inc.
388 Greenwich Street
Tower Building
New York, NY 10013

* Holder of approximately $60,764,029.39 of Claims against LATAM,
  $25,900,000 of 2026 Notes, $24,750,000 of the Revolving Credit
  Facility, $53,600,000 in other Claims against subsidiary
  Debtors, and $335,000 in administrative expense claims.

Monarch Alternative Capital LP
535 Madison Avenue
New York, NY 10022

* Holder of approximately $178,082,985.95 of Claims against LATAM
  and certain related claims filed against Debtor subsidiaries,
  $78,127,000 of 2026 Notes, and $30,438,000 of 2024 Notes.

On or about June 9, 2021, the Parent Ad Hoc Claimant Group retained
Kramer Levin to represent it in connection with the above-captioned
Chapter 11 Cases.

Each member of the Parent Ad Hoc Claimant Group has consented to
Kramer Levin's representation.

Kramer Levin reserves the right to amend or supplement this
Statement.

Counsel to the Parent Ad Hoc Claimant Group can be reached at:

          KRAMER LEVIN NAFTALIS & FRANKEL LLP
          Kenneth H. Eckstein, Esq.
          Douglas H. Mannal, Esq.
          Rachael L. Ringer, Esq.
          Douglas Buckley, Esq.
          1177 Avenue of the Americas
          New York, NY 10036
          Telephone: (212) 715-9100
          Facsimile: (212) 715-8000
          Email: keckstein@kramerlevin.com
                 dmannal@kramerlevin.com
                 rringer@kramerlevin.com
                 dbuckley@kramerlevin.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3wzUyqN

                    About LATAM Airlines Group

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

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

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

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

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

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

The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC as
financial advisor.  Ferro Castro Neves Daltro & Gomide Advogados,
is the committee's Brazilian counsel.

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

Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel to the
Ad Hoc Committee of Shareholders.


LIMETREE BAY: Files for Ch. 11 as Lenders Stop Injecting More Cash
------------------------------------------------------------------
Laura Sanicola and Tim McLaughlin of Reuters report that the owners
of Limetree Bay, a refinery on the U.S. Virgin Islands that was
once the largest in the Western Hemisphere, filed for bankruptcy
after lenders balked at putting new cash into a project dogged by
environmental violations, cost overruns and regulatory troubles.

The St. Croix refinery overhaul was the most expensive effort in
nearly a decade to expand refining capacity in the hemisphere.
Investors plunged more than $4 billion into the project, aimed at
taking advantage of its prime location along shipping routes in the
Caribbean. The plan fizzled after construction delays and the
COVID-19 pandemic, which slashed demand for fuel worldwide.

The refinery finally restarted in February 2021-- only to shut
three months later when Limetree Bay ran afoul of U.S.
environmental regulators who ordered it shut after a series of
fires and noxious gas releases.

"Severe financial and regulatory constraints have left us no choice
but to pursue this path, after careful consideration of all
alternatives," Jeff Rinker, Limetree Bay's chief executive, said of
the bankruptcy filing in a statement.

The U.S. Environmental Protection Agency (EPA) in May 2021 ordered
the plant to shut temporarily after the gas releases contaminated
local drinking water, shut a school and led residents to complain
of breathing problems and foul odors.

The EPA order, and subsequent investigations by U.S. officials,
made investors wary of investing the additional money needed to get
the refinery restarted, the company said in court filings.

Late on Monday, Limetree and its debtors requested court approval
to obtain up to $25 million in so-called debtor-in-possession
financing.  This would allow the parties to immediately borrow $5.5
million, with approval for rest of the amount at subsequent
hearings.

More recently, lenders objected to the plant's call for new cash to
complete the project, according to the head of EIG Global Energy
Partners, the Washington-based private equity firm that leads the
largest investor group.

"EIG supports the company's efforts to secure funding," EIG
Chairman Blair Thomas said in a statement, adding "to date the
senior lenders have objected" to those efforts. The firm and its
partners became "the reluctant owners" earlier this year when its
original sponsor withdrew, he said.

Westbourne Capital, an Australian debt investor that provided a
$700 million term loan, holds the senior-most debt in the project
and could decide the plant's fate, according to a person familiar
with the matter who was not authorised to speak to media and
declined to be identified. Westbourne did not reply to requests for
comment.

In the absence of any interim funding, Limetree's refinery
operations are forecast to burn through nearly $7 million over the
next three weeks. The refinery only had about $3.5 million in cash
on hand when it filed its Chapter 11 petition.


                      About Limetree Bay Refining  

Limetree Bay Energy is a large-scale energy complex strategically
located in St. Croix, U.S. Virgin Islands.  The complex consists of
Limetree Bay Refining, a refinery with peak processing capacity of
650 thousand barrels of petroleum feedstock per day, and Limetree
Bay Terminal, a 34-million-barrel crude and petroleum products
storage and marine terminal facility serving the refinery and
third-party customers.

Limetree Bay Refining, LLC, restarted operations in February 2021,
and is capable of processing around 200,000 barrels per day.  Key
restart work at the site began in 2018, including the 62,000
barrels per day modern, delayed Coker unit, extensive
desulfurization capacity, and a reformer unit to produce clean,
low-sulfur transportation fuels. The restart project provided much
needed economic development in the U.S.V.I. and created more than
4,000 construction jobs at its peak.

Limetree Bay Refining, LLC and its affiliates sought Chapter 11
protection on July 12, 2021.  The lead case is In re Limetree Bay
Services, LLC (Bankr. S.D. Tex. Case No. 21-32351).  Limetree Bay
refining listed at least $1 billion in assets and at least $500
million in liabilities as of the bankruptcy filing.

Baker Hostetler is acting as legal counsel for the Company and B.
Riley Financial Inc. has been retained as restructuring advisor.


LIT'L PATCH: Case Summary & 10 Unsecured Creditors
--------------------------------------------------
Debtor: Lit'l Patch of Heaven Inc.
        8330 Clarkson St.
        Thornton, CO 80229

Business Description: The Debtor is the 100% owner of a property
                      located at 8330 Clarkson St. Thornton, CO
                      80229, having a comparable sale value of
                      $978,000.

Chapter 11 Petition Date: July 14, 2021

Court: United States Bankruptcy Court
       District of Colorado

Case No.: 21-13665

Debtor's Counsel: Aaron A. Garber, Esq.
                  WADSWORTH GARBER WARNER CONRARDY, P.C.
                  2580 West Main Street
                  Suite 200
                  Littleton, CO 80120
                  Tel: 303-296-1999
                  Email: agarber@wgwc-law.com

Total Assets: $1,555,236

Total Liabilities: $881,069

The petition was signed by Jeff Kraft, CEO.

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

https://www.pacermonitor.com/view/D2SKGZY/Litl_Patch_of_Heaven_Inc__cobke-21-13665__0001.0.pdf?mcid=tGE4TAMA


MAIN STREET INVESTMENTS III: Taps Stephens & Bywater as Counsel
---------------------------------------------------------------
Main Street Investments III, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Nevada to employ Stephens &
Bywater, P.C. to serve as legal counsel in its Chapter 11 case.

The firm will render these services:

     a. advise the Debtor with respect to its powers and duties in
the continued management and operation of its business and
properties;

     b. attend meetings and negotiate with representatives of
creditors and other parties in interest and advise and consult on
the conduct of the case, including all of the legal and
administrative requirements of operating in Chapter 11;

     c. take all necessary actions to protect and preserve the
Debtor's estate, including the prosecution of actions on Debtor's
behalf, the defense of any actions commenced against the bankruptcy
estate, negotiations concerning all litigation in which the Debtor
may be involved, and objections to claims filed against the
bankruptcy estate;

     d. prepare legal papers;

     e. negotiate and prepare a plan of reorganization, disclosure
statement and all related agreements and documents and take any
necessary action to obtain confirmation of such plan;

     f. advise the Debtor in connection with any sale of its
assets;

     g. appear before the bankruptcy court and the U.S. trustee;
and

     h. perform all other necessary legal services.

David Stephens, Esq., the firm's attorney who will be providing the
services, will be paid at the rate of $250 per hour, plus costs.

As disclosed in court filings, Stephens & Bywater neither
represents nor holds any interest adverse to the Debtor.

The firm can be reached through:

     David A. Stephens, Esq.
     Stephens & Bywater, P.C.
     3636 N. Rancho Drive
     Las Vegas, NV 89130
     Phone: (702) 656-2355
     Fax: (702) 656-2776
     Email: dstephens@sgblawfirm.com

                 About Main Street Investments III

Main Street Investments III, LLC sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Nev. Case No. 21-10841) on Feb.
22, 2021. At the time of the filing, the Debtor disclosed between
$1 million and $10 million in both assets and liabilities. Judge
Natalie M. Cox oversees the case. Stephens & Bywater, P.C., doing
business as Stephens Law Office, serves as the Debtor's legal
counsel.


MALLINCKRODT PLC: Creditors Slams $65 Million Acthar Deal
---------------------------------------------------------
Leslie A. Pappas of Bloomberg Law reports that Mallinckrodt Plc's
creditors urged a bankruptcy court to reject a proposed $65.75
million settlement resolving a securities fraud class action
related to the drugmaker's Acthar Gel.

The proposed settlement would benefit CEO Mark Trudeau and former
Chief Financial Officer Matthew Harbaugh at the expense of
Mallinckrodt's creditors and bankruptcy estate, the committee of
unsecured creditors said in an objection filed Monday, July 12,
2021.

The four-year-old shareholder lawsuit, filed in the U.S. District
Court for the District of Columbia, alleged that Trudeau and
Harbaugh made false and misleading statements in press releases,
conference calls, and Securities and Exchange Commission filings.

The Debtors seek approval of a $65,750,000 settlement in favor of
subordinated, out-of-the-money securities creditors, which provides
for broad releases of the Debtors' current and former directors and
officers for direct and derivative claims relating to swathes of
suspect conduct, including Mark Trudeau's blatant misrepresentation
of the company's reliance on Medicaid and Medicare and the sales
prospects for the Company's flagship branded product, ActharGel.

"The proposed settlement should be denied because it offers no
benefits to the Debtors' unsecured creditors, decreases the amount
of available D&O insurance, and releases potentially valuable
derivative claims for no consideration.  To the contrary, the only
benefits of the proposed settlement redound to the Debtors' CEO
(who stands to receive millions of dollars in incentive
compensation under a KEIP approved earlier this year) and former
CFO—both of whom the Debtors believe are entitled to releases in
the reorganization plan.  At bottom, the Debtors have not presented
any compelling reason for the Court to approve a large settlement
(in an amount that approximates 65% of total cash consideration
offered through the Plan to non-trade general unsecured creditors)
and grant broad releases on account of subordinated claims.  Nor
have the Debtors shown that the settlement should be approved on an
expedited standalone basis outside of the current plan process,"
the Committee said in court filings.

                      About Mallinckrodt 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.


MALLINCKRODT PLC: Paul Weiss, LRC 2nd Update on Noteholders
-----------------------------------------------------------
In the Chapter 11 cases of Mallinckrodt PLC, et al., the law firms
of Paul, Weiss, Rifkind, Wharton & Garrison LLP and Landis Rath &
Cobb LLP submitted a second amended verified statement under Rule
2019 of the Federal Rules of Bankruptcy Procedure, to disclose an
updated list of Unsecured Notes Ad Hoc Group that they are
representing.

The Unsecured Notes Ad Hoc Group formed by certain unaffiliated
holders of the Debtors' (i) 5.75% senior notes due 2022 issued
under that certain Indenture, dated as of August 13, 2014, the
guarantors party thereto from time to time and Deutsche Bank Trust
Company Americas, as trustee, (ii) 5.500% senior notes due 2025
issued under that certain Indenture, dated as of April 15, 2015 by
and among the Issuers, the guarantors party thereto from time to
time and the Trustee and (iii) 5.625% senior notes due 2023 issued
under that certain Indenture, dated as of September 24, 2015.

In or around June 2020, certain Members of the Unsecured Notes Ad
Hoc Group engaged Paul, Weiss to represent the Unsecured Notes Ad
Hoc Group in connection with the Members' holdings of the
Guaranteed Unsecured Notes. In September 2020, the Unsecured Notes
Ad Hoc Group also engaged LRC to represent it in connection with
the Unsecured Notes Ad Hoc Group's holdings of the Guaranteed
Unsecured Notes.

On October 21, 2020, Counsel filed the Verified Statement of Paul,
Weiss, Rifkind, Wharton & Garrison LLP and Landis Rath & Cobb LLP
Pursuant to Federal Rule of Bankruptcy Procedure 2019 [ECF No.
272]. On March 2, 2021, Counsel filed the Amended Verified
Statement of Paul, Weiss, Rifkind, Wharton & Garrison LLP and
Landis Rath & Cobb LLP Pursuant to Federal Rule of Bankruptcy
Procedure 2019 [ECF No. 1567]. Since then, the Members of the
Unsecured Notes Ad Hoc Group and the disclosable economic interests
in relation to the Debtors that such Members hold or manage have
changed. Accordingly, pursuant to Bankruptcy Rule 2019, Counsel
submits this Second Amended Statement.

As of June 18, 2021, members of the Unsecured Notes Ad Hoc Group
and their disclosable economic interests are:

Aurelius Capital Management, LP
535 Madison Avenue, 31st Floor
New York, NY 10022

* Revolving Credit Facility Obligations: $19,000,000
* 2024 Term Loan Obligations: $59,355,256
* 2025 Term Loan Obligations: $22,063,195
* First Lien Notes Obligations: $41,129,000
* Second Lien Notes Obligations: $5,673,000
* 5.500% Senior Notes Obligations: $49,284,000
* 5.625% Senior Notes Obligations: $33,200,000
* 4.75% Unsecured Notes Obligations: $37,640,000
* Shares: 3,225,000

Capital Research and Management Company
333 South Hope Street, 50th Floor
Los Angeles, CA 90071

* First Lien Notes Obligations: $84,510,000
* 5.500% Senior Notes Obligations: $17,118,000
* 5.625% Senior Notes Obligations: $3,096,000
* 5.750% Senior Notes Obligations: $12,025,000

Catalur Capital Management, LP
One Grand Central Place
60 East 42nd Street, Suite 2107
New York, NY 10165

* 5.500% Senior Notes Obligations: $2,000,000
* 5.625% Senior Notes Obligations: $5,000,000

Cedarview Capital Management, LP
One Penn Plaza, 45th Floor
New York, NY 10119

* First Lien Notes Obligations: $2,500,000

Cerberus Capital Management LP
875 Third Avenue
10th Floor
New York, NY 10022

* 2024 Term Loan Obligations: $14,063,271
* Second Lien Notes Obligations: $10,000,000
* 5.625% Senior Notes Obligations: $7,000,000
* 5.750% Senior Notes Obligations: $35,500,000

Cetus Capital LLC
8 Sound Shore Dr., #303
Greenwich, CT 06830

* 2024 Term Loan Obligations: $8,394,355.65
* First Lien Notes Obligations: $1,500,000
* Other Disclosable Economic Interests: 96,591 Shares

Citadel LLC
601 Lexington Avenue
New York, NY 10022

* Second Lien Notes Obligations: $3,000,000
* 5.625% Senior Notes Obligations: $5,000,000
* 5.750% Senior Notes Obligations: $15,000,000

Credit Suisse Securities (USA) LLC
11 Madison Avenue, 4th Floor
New York, NY 10010

* 2024 Term Loan Obligations: $12,275,458
* First Lien Notes Obligations: $6,250,000
* 5.500% Senior Notes Obligations: $7,350,000
* 5.625% Senior Notes Obligations: $1,140,000
* 9.50% Debenture Obligations: $200,000

Diameter Capital Partners LP
24 W. 40th Street, 5th Floor
New York, NY 10018

* Revolving Credit Facility Obligations: $105,000,000

Deutsche Bank Securities Inc.
60 Wall Street
New York, NY 10005

* 2024 Term Loan Obligations: $3,530,550
* 2025 Term Loan Obligations: $1,049,809
* First Lien Notes Obligations: $1,000,000
* Second Lien Notes Obligations: $799,000
* 5.500% Senior Notes Obligations: $1,435,000
* 5.625% Senior Notes Obligations: $37,043,000
* 5.750% Senior Notes Obligations: $79,820,000

Farmstead Capital Management, LLC
7 North Broad Street, 3rd Floor
Ridgewood, NJ 07450

* 5.500% Senior Notes Obligations: $21,900,000
* 5.625% Senior Notes Obligations: $8,000,000
* 5.750% Senior Notes Obligations: $34,131,000

Federated Investment Management Company
1001 Liberty Avenue
Pittsburgh, PA 15222

* 2024 Term Loan Obligations: $4,643,546
* 2025 Term Loan Obligations: $4,001,704
* 5.500% Senior Notes Obligations: $66,375,000
* 5.625% Senior Notes Obligations: $45,650,000
* 5.750% Senior Notes Obligations: $2,000,000

FFI Fund, Ltd., FYI Ltd. and
Olifant Fund, Ltd.
888 Boylston Street, 15th Floor
Boston, MA 02199

* 5.500% Senior Notes Obligations: $36,800,000
* 5.625% Senior Notes Obligations: $88,000,000
* 5.750% Senior Notes Obligations: $47,500,000

Hain Capital Group, LLC
301 Route 17, 7th Floor
Rutherford, NJ 07070

* 5.625% Senior Notes Obligations: $16,500,000
* 5.750% Senior Notes Obligations: $5,000,000

Hudson Bay Capital
777 3rd Ave, 30th Floor
New York NY 10017

* 5.625% Senior Notes Obligations: $10,900,000
* 5.750% Senior Notes Obligations: $12,180,000

JPMorgan Investment Management Inc. and
JPMorgan Chase Bank, N.A.
JPMorgan Investment Management Inc.
1 E. Ohio Street, IN1-0143 - Floor 6
Indianapolis, IN 46204-1912

* 5.500% Senior Notes Obligations: $63,005,000
* 5.625% Senior Notes Obligations: $51,172,000
* 5.750% Senior Notes Obligations: $8,330,000

Livello Capital Management LP
One World Trade Center, 85th Floor
New York, NY 10007

* 2024 Term Loan Obligations: $1,745,348
* 2025 Term Loan Obligations: $997,429

Luxor Capital Group, LP
1114 Avenue of the Americas, 28th Floor
New York, NY 10036

* 5.625% Senior Notes Obligations: $12,000,000
* 5.750% Senior Notes Obligations: $23,000,000

Mariner Glen Oaks
500 Mamaroneck Avenue
1st Floor Harrison
NY USA 10528

* 5.750% Senior Notes Obligations: $500,000

Moore Global Investments, LLC
11 Times Square
New York, NY 10036

* 2024 Term Loan Obligations: $28,825,000
* First Lien Notes Obligations: $19,750,000
* 5.500% Senior Notes Obligations: $3,000,000

Nomura Corporate Research and Asset Management Inc.
309 W 49th Street
New York, NY 10019

* First Lien Notes Obligations: $14,550,000
* 5.625% Senior Notes Obligations: $14,152,000
* 5.750% Senior Notes Obligations: $24,800,000

North America Credit Trading Group of
J.P. Morgan Securities LLC
383 Madison Ave.
New York, NY 10179

* Second Lien Notes Obligations: $1,000
* 5.500% Senior Notes Obligations: $5,249,000
* 5.625% Senior Notes Obligations: $14,334,000
* 5.750% Senior Notes Obligations: $11,167,000

Nut Tree Capital Management
55 Hudson Yards 550 West 34th Street
2nd Floor
New York, NY 10001

* 5.500% Senior Notes Obligations: $4,000,000
* 5.625% Senior Notes Obligations: $8,000,000
* 5.750% Senior Notes Obligations: $8,000,000

Oaktree Capital Management, L.P.
333 South Grand Avenue, 28th Floor
Los Angeles, CA 90071

* 5.625% Senior Notes Obligations: $43,768,000
* 5.750% Senior Notes Obligations: $79,215,000

OFM II, L.P.
8 Sound Shore Dr., #303
Greenwich, CT 06830

* 2024 Term Loan Obligations: $2,798,118.55
* First Lien Notes Obligations: $500,000

Pacific Investment Management Company LLC
650 Newport Center Drive
Newport Beach, CA 92660

* 2025 Term Loan Obligations: $1,061,709

Palindrome
1209 Orange Street
Wilmington, DE 19801

* Revolving Credit Facility Obligations: $1,356,000
* First Lien Notes Obligations: $961,000

Paloma Partners Management Company
Two American Lane
Greenwich, CT 06831

* 5.500% Senior Notes Obligations: $9,360,000
* 5.625% Senior Notes Obligations: $13,000,000
* 5.750% Senior Notes Obligations: $2,000,000

Pretium Partners, LLC
810 Seventh Avenue
New York, NY 10019

* 2024 Term Loan Obligations: $6,558,002
* 5.750% Senior Notes Obligations: $6,375,000

Quantum
190 Elgin Avenue
George Town KY1-9008
Cayman Islands

* Revolving Credit Facility Obligations: $13,644,000
* First Lien Notes Obligations: $11,519,000

Scoggin International Fund Ltd
660 Madison Avenue
New York, NY 10065

* 5.625% Senior Notes Obligations: $6,600,000
* 5.750% Senior Notes Obligations: $4,000,000

Scoggin Worldwide Fund Ltd
660 Madison Avenue
New York, NY 10065

* 5.500% Senior Notes Obligations: $818,000

Serengeti Lycaon MM LP
632 Broadway, 12th Floor
New York, NY 10012

* First Lien Notes Obligations: $1,750,000
* 5.500% Senior Notes Obligations: $1,000,000
* 5.625% Senior Notes Obligations: $7,000,000

Third Point LLC
55 Hudson Yards, 51st Floor
New York, NY 10001

* 2024 Term Loan Obligations: $26,645,467
* First Lien Notes Obligations: $29,000,000
* 5.500% Senior Notes Obligations: $29,280,000
* 5.625% Senior Notes Obligations: $17,500,000
* 5.750% Senior Notes Obligations: $30,872,000

Wells Fargo Securities LLC
550 S. Tyron Street, 4th Floor
Charlotte, NC 28202

* 5.500% Senior Notes Obligations: 5,000,000
* 5.625% Senior Notes Obligations: $7,000,000
* 5.750% Senior Notes Obligations: $11,023,000
* 4.75% Unsecured Notes Obligations: $500,000
* Shares: 178,834

Counsel to the Unsecured Notes Ad Hoc Group can be reached at:

          LANDIS RATH & COBB LLP
          Richard S. Cobb, Esq.
          Matthew R. Pierce, Esq.
          919 Market Street, Suite 1800
          Wilmington, DE 19801
          Telephone: (302) 467-4400
          Facsimile: (302) 467-4450
          E-mail: cobb@lrclaw.com
                  pierce@lrclaw.com

             - and -

          PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
          Andrew N. Rosenberg, Esq.
          Alice Belisle Eaton, Esq.
          Claudia R. Tobler, Esq.
          Neal Paul Donnelly, Esq.
          1285 Avenue of the Americas
          New York, NY 10019
          Telephone: (212) 373-3000
          Facsimile: (212) 757-3990
          E-mail: arosenberg@paulweiss.com
                  aeaton@paulweiss.com
                  ctobler@paulweiss.com
                  ndonnelly@paulweiss.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3ySn60r and https://bit.ly/3hFunuS

                    About Mallinckrodt PLC

Mallinckrodt 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.  On the Web:
http://www.mallinckrodt.com/    

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 them.

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

Judge John T. Dorsey oversees the cases.

The Debtors tapped Latham & Watkins LLP and Richards, Layton &
Finger P.A. as their bankruptcy counsel; Arthur Cox and Wachtell,
Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray
LLP as litigation counsel; Torys LLP as CCAA counsel; Guggenheim
Securities LLC as investment banker; and AlixPartners LLP as
restructuring advisor.  Prime Clerk, LLC is the claims agent.

The official committee of unsecured creditors retained Cooley LLP
as its legal counsel, Robinson & Cole LLP as co-counsel, and Dundon
Advisers LLC as its financial advisor.

On Oct. 27, 2020, the U.S. Trustee for Region 3 appointed an
official committee of opioid related claimants.  The OCC tapped
Akin Gump Strauss Hauer & Feld LLP as its lead counsel, Cole Schotz
as Delaware co-counsel, Province Inc. as financial advisor, and
Jefferies LLC as investment banker.


MARIETTA AREA HEALTH: Fitch Affirms 'BB-' IDR, Outlook Negative
---------------------------------------------------------------
Fitch Ratings has affirmed the 'BB-' revenue bond and IDR rating on
debt issued by Southeastern Ohio Port Authority on behalf of
Marietta Area Health Care's (doing business as Memorial Health
System; MHS).

The Rating Outlook remains Negative.

SECURITY

The bonds are secured by general revenues of the obligated group, a
mortgage on certain system facilities and a debt service reserve
fund.

ANALYTICAL CONCLUSION

The affirmation of the 'BB-' IDR and revenue bond rating
acknowledges MHS's operating improvement that began in fiscal 2019
but also the system's still-weak net leverage profile through
Fitch's forward-looking scenario analysis. The return to operating
EBITDA margins around 7% supports midrange operating risk profile
and midrange revenue defensibility. Management continues to focus
on growth and improved access to improve volumes and fuel top line
revenue growth and margin improvement.

MHS's low liquidity position has stabilized but not improved over
the past couple of years. Liquidity and debt metrics are not
expected to improve in the medium term as MHS pursues strategic
growth opportunities. Weak balance sheet metrics, anticipated
increase in operating leases and additional strategic capital
expenditures will restrain balance sheet growth despite improved
cash flow. This expectation, and the execution risk related to the
growth strategy, support the Negative Rating Outlook.

Any increase in debt or adjusted debt will further weaken the
balance sheet, which has become increasingly constrained over
recent years and, absent continued improvement in cash flow to
offset increasing leverage, would likely result in negative rating
action.

KEY RATING DRIVERS

Revenue Defensibility: 'bbb'

Leading Market Position

MHS has a leading primary service area market position that has
been supported by recent strategic initiatives and a large,
predominantly employed medical staff. Softer inpatient volumes are
somewhat offset by increasing outpatient visits and generally
increasing surgical procedures. MHS introduced cardiac surgery in
July 2020 and continues to build that program and benefit from
ancillary procedures. Competition for cardiac surgery is primarily
from West Virginia University Camden Clark located about 15 miles
to the south. Continued focus on expanding access, including the
recent acquisition of a critical access hospital, Sistersville
General Hospital in West Virginia (total annual revenues of about
$20 million) and growth in strategic locations should support the
leading market position and moderate revenue growth.

The service area is characterized by weaker demographics compared
to state and national averages and declining population trends.
Fitch expects the service area will continue to support a stable
payor mix which is about 19% Medicaid and self-pay totaled about
20% of gross revenues in fiscal 2020.

Operating Risk: 'bbb'

Operating Recovery Expected

MHS's operating performance has returned to levels more consistent
with the mid-range assessment with an operating EBITDA of about 8%
in fiscal 2019 and just under 7% in fiscal 2020, following a sharp
decline in operating profitability beginning in fiscal 2017.
Improvement beginning in fiscal 2019 is attributed to cost
structure and margin improvement initiatives focused on work force
efficiency, employee health benefits, group purchasing, reduction
of supplies and pharmaceutical expenses, and improvement in revenue
cycle and care management. Other initiatives have centered on
physician productivity and standards through a medical leadership
council.

CARES funding totaling about $45.5 million has been recognized in
fiscal 2020 and 2021 YTD, offsetting pandemic related revenue
losses and expenses, and additional funds of close to $14 million
remain and are expected to be recognized through the remainder of
fiscal 2021. Fitch expects operating EBITDA margins to stabilize at
around 7.5% in the five-year forward look. Capital plans are
elevated, consistent with the current growth strategy but are
manageable given recent and expected cash flow improvements, and
the average age of plant is somewhat elevated at about 15 years.

Financial Profile: 'b'

Financial Flexibility Remains Weak.

MHS's financial profile is assessed as weak and reflects MHS's
constrained liquidity position and relatively high levels of debt.
Improved operating cash flow will help to fund expansion and
preserve existing resources but is not expected to build the
balance sheet in any material way in the medium term. The use of
additional lease financing could further constrain the financial
profile and which remains consistent with the weak assessment
through Fitch's stress case given the midrange revenue
defensibility and midrange operating risk profile.

ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS

MHS's day's cash on hand (DCOH), as calculated by Fitch including
unrestricted cash and investments on an annual basis, is
consistently below 75 days, averaging about 69 days over the past
three years. The DCOH is fully factored into the current rating
affirmation.

RATING SENSITIVITIES

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

-- A revision to a Stable Outlook may be considered if MHS
    demonstrates sustained operating improvement with operating
    EBITDA margins exceeding 8%;

-- Successful execution of the MHS's growth strategy while
    maintaining midrange operating EBITDA margins and
    strengthening of the balance sheet through cash flow.

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

-- Continued weakening of the balance sheet due to an erosion of
    liquidity or an increase in adjusted debt;

-- Failure to maintain margins at or close to 8% while executing
    the aggressive growth strategy;

-- Volume weakness or a trend of decreasing market share.

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

MHS operates the 199-bed Marietta Memorial Hospital (MMH) and a
25-bed critical access hospital, Selby General Hospital (SGH), both
located in Marietta, OH, and the recently acquired Sisterville
General Hospital, a critical access hospital, as well as nine
outpatient care centers, 26 medical staff offices and clinical care
delivery locations in southeast Ohio.

The system delivers services primarily in Washington County (OH)
and Wood County (WV). The obligated group includes employed
physicians and the foundation and accounted for approximately 99%
of the total revenues and assets of the system in fiscal 2019.
Operating revenues totaled approximately $497.5 million in fiscal
2020.

ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS

No asymmetric additional risk considerations were applied in this
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.


MASONITE INT'L: Moody's Rates New $300MM Sr. Unsecured Notes 'Ba1'
------------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to Masonite
International Corporation's proposed $300 million senior unsecured
note offering due 2030. The company's Ba1 Corporate Family Rating,
Ba1-PD Probability of Default Rating, Ba1 rating on its existing
senior unsecured notes and the stable outlook remain unchanged. The
SGL-1 Speculative Grade Liquidity Rating also remains unchanged.

The proceeds of Masonite's new $300 million senior unsecured notes
will be used to retire its existing $300 million of senior
unsecured notes due 2026. At March 31, 2021, the company's debt to
EBITDA stood at approximately 2.4x. Masonite's liquidity improves
given the extension of its debt maturities. The company will also
benefit from the reduction in interest expense resulting from the
refinancing, with pro forma EBITA to interest coverage estimated to
rise to 6.1x from 5.4x at March 31, 2021.

The following rating actions were taken:

Assignments:

Issuer: Masonite International Corporation

Senior Unsecured Regular Bond/Debenture, Assigned Ba1 (LGD4)

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 technological 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 more stable than new construction; 5)
track record of operating margin improvement and solid free cash
flow.

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; 4) exposure to volatility in raw
material input costs including steel, wood and chemicals.

The stable outlook reflects Moody's expectation that Masonite will
benefit from solid trends in its residential end market and
maintain strong credit statistics over the next 12 to 18 months.

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

The ratings could be upgraded if the company meaningfully expands
scale, improves product diversity and customer mix, achieves
sustained EBITA margin above 14% and 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 margin declines 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 the LTM period ended March 31, 2021,
Masonite generated approximately $2.4 billion in revenue.


MAYFLOWER RETIREMENT: Fitch Rates 2021B Revenue Bonds 'BB+'
-----------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to the following Florida
Development Finance Corporation bonds expected to be issued on
behalf of the Mayflower Retirement Center (Mayflower):

-- $10,000,000 (Mayflower Retirement Community Project) senior
    living revenue bonds series 2021B-1;

-- $16,350,000 (Mayflower Retirement Community Project) senior
    living revenue bonds series 2021B-2.

The Rating Outlook is Stable.

The 2021B-1 and B-2 bonds will be issued as fixed rate. Bond
proceeds, along with the series 2021A bonds (rated 'BB+') will be
used to fund the construction of an independent living (IL)
expansion, refinance the series 2012 bonds, fund a debt service
reserve fund, and pay for capitalized interest and the cost of
issuance. The series 2021B-1 and B-2 bonds are Tax Exempt Mandatory
Paydown Securities (TEMP) bonds, and will be paid down with initial
entrance fees from the IL expansion. The series 2021B-1 and B-2
bonds are expected to price via negotiation the week of Aug 2nd.

SECURITY

The bonds are secured by a gross revenue pledge of obligated group
and a mortgage on certain property. A fully funded debt service
reserve fund provides additional bondholder security.

ANALYTICAL CONCLUSION

The 'BB+' rating reflects Mayflower's steady market position as a
single site life care community (LPC) provider, operating in a good
service area, and historically modest financial profile,
characterized by slightly elevated operating ratios (averaging 105%
in the four years leading up to 2020) and thinner net operating
margin (NOM), adjusted metrics that are typical for a Type 'A'
lifecare community.

The 'BB+' rating also reflects Mayflower's stressed financial
profile due to two sizable debt issuances in the past year to
support a campus repositioning project. Mayflower is building a new
skilled nursing and memory center, which is funded by proceeds from
the series 2020A bonds issued in late 2020 (project is underway),
and a 50-unit IL apartment expansion and new community center,
Bristol Landing, at the Mayflower, to be funded by 2021B bonds,
which will be short-term debt paid down by initial entrance fees,
and the 2021A bonds.

Mayflower is moving forward with the IL expansion with
approximately 62% of the units pre-sold, which is below Fitch's
general expectation of 70% pre-sales for IL expansions. However,
the velocity of pre-sales has recently been strong, with three
units pre-sold in February, three in March and four more in April.
In addition, 23 of the 25 largest units (1,922 square feet to 2,215
square feet), which are also the highest priced units, have been
pre-sold. As Mayflower's campus continues to open as the pandemic
recedes, and project construction progresses, Fitch believes
Mayflower should be able to pre-sell additional Bristol Landing IL
units.

Management reports the easing of a pandemic-related reluctance
among certain potential residents, especially as regional
positivity rates have dropped and the vaccine has become more
prevalent; 98% of the Mayflower's residents are currently
vaccinated.

Fitch's forward look shows Mayflower's financial profile remaining
consistent with a non-investment-grade credit as the repositioning
project progresses. Skilled nursing should be built and filled by
October 2022, and memory care should be built and filled by October
2023. Fill-up for the IL expansion units is not expected to begin
until early-to-mid 2023, with occupancy stabilizing in 2024.

Fiscal 2025 is expected to be the first full year of project
stabilization and the first year that Mayflower will be tested on
the $7.4 million maximum annual debt service (MADS). Metrics are
expected to be consistent with the higher end of the
non-investment-grade category in this first year of project
stabilization.

KEY RATING DRIVERS

Revenue Defensibility: 'bbb'

Good Market Position in a Competitive Service Area

The midrange revenue defensibility reflects Mayflower's market
position as a single site LPC operating in a competitive service
area with numerous competitors, both from full continuum of care
providers and providers who offer select continuum of care
services, such as standalone AL providers. The competitive service
area is balanced by a steady demand for services at the Mayflower,
its good reputation in the community (reputation was a main factor
in choosing the Mayflower among IL expansion depositors surveyed),
a demographically strong service area with good growth and wealth
indicators, and pricing consonant with area housing prices and
resident wealth.

Operating Risk: 'bbb'

Major Capital Project; Adequate Operating Performance

Mayflower's midrange operating risk assessment is supported by a
steady operating performance, albeit slightly thinner for a Type
'A' facility, and high levels of recent capital spending. Mayflower
has begun a major campus repositioning project, which is
temporarily pressuring Mayflower's capital-related metrics;
however, once IL expansion apartments begin to fill (the apartments
are expected to be available for occupancy in 2023) and occupancy
stabilizes, Fitch expects these metrics to improve, as it benefits
from the additional IL revenues and its elevated debt position
begins to moderate.

Financial Profile: 'bb'

Financial Profile Consistent with Rating Through Moderate Stress

Given Mayflower's midrange revenue defensibility and midrange
operating risk assessments and Fitch's forward-looking scenario
analysis, Fitch expects Mayflower's key leverage metrics to remain
consistent with the rating level through a moderate stress, as
Mayflower progresses on its campus repositioning project. The debt
associated with the project is stressing Mayflower's leverage
metrics; however, its debt position should moderate once occupancy
in the new IL units stabilizes, and the short-term construction
debt is paid down.

ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS

No asymmetric risks informed the rating assessment.

RATING SENSITIVITIES

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

-- Improved financial profile post-project stabilization such
    that cash to adjusted to debt is expected to stabilize above
    40% and MADS coverage is consistently above 1.7x.

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

-- Weakening in the financial profile such that cash to adjusted
    falls below 25%, and Mayflower fails to cover its lower actual
    debt service during the campus repositioning project's
    construction and fill up period;

-- Weaker than expected cash to adjusted debt and MADS coverage
    post-project stabilization;

-- Projected related challenges, such as construction delays,
    slow fill-up, or cost overruns that threaten to weaken the
    financial profile and the ability for Mayflower to paydown the
    short-term debt and cover MADS.

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.

Mayflower is a type-A Life Plan Community located on approximately
30 acres in Winter Park, Florida. The campus currently consists of
248 IL units (28 villas and 220 apartments), 31 assisted living
units (all private, with 15 utilized as memory care units), and 60
skilled nursing beds (26 semi-private and eight private). Mayflower
generated $27.4 million in total operating revenue in the fiscal
year ended Dec. 31, 2020.

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.


METROPOLITAN PIER: Fitch Withdraws Ratings on 2018A Bonds
---------------------------------------------------------
Fitch Ratings has withdrawn the 'BB+' rating on the following bonds
as they did not sell:

Metropolitan Pier & Exposition Authority (IL) (McCormick Place
Expansion Project) refunding bonds series 2018A. Previous rating:
'BB+'/Positive.

Fitch has withdrawn the ratings as the forthcoming debt issue
carrying an expected rating is no longer expected to proceed as
previously envisaged.


MGM RESORTS: Infinity Agreement No Impact on Moody's Ba3 Rating
---------------------------------------------------------------
Moody's Investors Service said that MGM Resorts International's
("MGM", Ba3 negative) July 1, 2021 announcement that it has entered
into a definitive agreement to purchase Infinity World Development
Corp's 50 percent interest in CityCenter Holdings, LLC
("CityCenter", B2 negative) for $2.125 billion and MGM's definitive
agreement with Blackstone to monetize CityCenter's Aria and Vdara
real estate assets, pending the close of the equity purchase
agreement between MGM and Infinity World, is credit negative. Under
terms of the agreement, funds managed by Blackstone will acquire
the Aria and Vdara real estate for $3.89 billion in cash. The
transaction is credit negative given the expectation for a
considerable amount of lease obligations related to the transaction
to come on the balance sheet (potentially higher than MGM's
consolidated 2020 rent multiple equivalent of around 11x),
increasing leverage and financial risk. Despite the expectation for
significant new lease obligations for MGM associated with the
transaction, Moody's does not expect the transactions to have a
meaningful impact on MGM's consolidated leverage in 2022, where
gross debt-to-EBITDA leverage is expected near 7x. The transaction
also preserves financial flexibility and liquidity for the company
while giving MGM full ownership of the two Las Vegas Strip
properties which are expected to continue their recovery towards
pre-pandemic levels.

The agreements have no immediate impact on the ratings of MGM or
CityCenter at this time. MGM's negative outlook reflects in part
that debt-to-EBITDA leverage - projected to be in a 7x range in
2022 - is elevated while the company continues to recover from
shutdowns and reduced visitation at US and China properties caused
by the pandemic. Resolving the negative outlook will relate
primarily to the pace and degree of the earnings recovery and
accompanying improvement in leverage. The effect on leverage from
the CityCenter transaction is likely an increase by a few tenths of
a turn in 2022 but also potentially de-leveraging depending on the
magnitude of CityCenter's earnings improvement and the ultimate
lease liability. As a result, the CityCenter transaction does not
materially alter Moody's assessment of MGM's deleveraging progress.
The transactions are also likely to bolster MGM's liquidity.
CityCenter's debt is expected to be repaid as a result of the
transaction. Upon the close of the transactions, expected in Q3
2021, and once CityCenter's debt is repaid, Moody's will likely
withdraw the standalone ratings of CityCenter.

The purchase price represents an implied valuation of $5.8 billion
based on net debt of $1.5 billion, after giving effect to the
recently closed sale of a two-acre parcel. The agreement will make
MGM the 100 percent owner of CityCenter on the Las Vegas Strip,
which is comprised of Aria Resort & Casino and Vdara Hotel and Spa.
The agreement with Blackstone represents a multiple of 18.1x rent.
Following the acquisition, both properties will be leased to MGM
for initial annual rent of $215 million. Following the
transactions, MGM's liquidity is expected to be bolstered by
approximately $200 million on a net basis and will allow the
company to consolidate the financial results of CityCenter.
Maintaining sufficient liquidity is important to navigating the
downturn, and MGM's SGL-2 rating reflects the company's good
liquidity.

CityCenter Holdings, LLC owns a mixed-use development on the Las
Vegas Strip that opened in 2009. CityCenter is comprised of ARIA
Resort & Casino, a 4,004-room casino resort; Vdara Hotel and Spa, a
1,495-room luxury condominium-hotel; and the Veer Towers, which
contain 669 luxury condominium residences. The company sold the
Mandarin Oriental hotel property in August 2018 for $214 million.
The company reported revenue of approximately $392 million for the
12-month period ended March 31, 2021.

MGM owns and operates casino resorts in Las Vegas, Nevada;
Springfield, Massachusetts; and, through its majority ownership
stake of MGM China Holdings Limited, the MGM Macau resort and
casino and MGM Cotai, which opened in February 2018. MGM also owns
50% of CityCenter in Las Vegas and a 42% stake in MGM Growth
Properties LLC (MGP), a real estate investment trust formed in
April 2016. MGM has entered into a long-term triple net master
lease with MGP pursuant to which the company leases and operates
properties for MGP. Consolidated net revenue for the last
twelve-month period ended March 31, 2021 was approximately $4.6
billion, down sharply from $12.9 billion in 2019.



MICHAEL LEVINE: Case Summary & 6 Unsecured Creditors
----------------------------------------------------
Debtor: Michael Levine, Inc.
        920 S. Maple Avenue
        Los Angeles, CA 90015

Business Description: Michael Levine, Inc. is in the fabric
                      store business.

Chapter 11 Petition Date: July 14, 2021

Court: United States Bankruptcy Court
       Central District of California

Case No.: 21-15683

Debtor's Counsel: Susan K. Seflin, Esq.
                  BRUTZKUS GUBNER
                  21650 Oxnard Street, Suite 500
                  Woodland Hills, CA 91367
                  Tel: (818) 827-9000
                  Fax: (818) 827-9099
                  E-mail: sseflin@bg.law

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Laurence A. Freidin, president and chief
executive officer.

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

https://www.pacermonitor.com/view/POY64XA/Michael_Levine_Inc__cacbke-21-15683__0001.0.pdf?mcid=tGE4TAMA


MICROCHIP TECHNOLOGY: Fitch Alters Outlook on 'BB+' IDR to Pos.
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings for Microchip Technology,
Inc., including the Long-Term Issuer Default Rating at 'BB+' and
revised the Rating Outlook to Positive from Stable. ,. Fitch also
removed the ratings from Under Criteria Observation (UCO) and
affirmed the First-Lien Senior Secured Ratings at 'BBB-'/'RR1' and
Senior Unsecured Rating at 'BB+'/'RR4'. The affirmation of the
First-Lien Senior Secured and Senior Unsecured ratings reflect
Fitch's application of the agency's updated Corporates Recovery
Ratings and Instrument Ratings Criteria to Microchip's debt
ratings. The ratings were placed on UCO following the publication
of the updated criteria on April 9, 2021.

The ratings and Rating Outlook reflect Fitch's expectations that
robust broad-based demand recovery following last year's
coronavirus pandemic-induced economic lockdowns will drive strong
near-term operating performance. Acute semiconductor shortages will
push some revenue growth in certain end markets into calendar 2022.
Over the longer term, Fitch expects increasing semiconductor
content to drive low- to mid-single-digit average revenue growth
but remains concerned about a sharp intermediate-term market
correction given shifting buying patterns amid significant capacity
additions across the industry.

Enhanced near- to intermediate-term demand visibility should
amplify operating leverage-driven profit margin expansion. Fitch's
expectation for Microchip to use $1.0 billion-$1.5 billion of
annual FCF should enable the company to achieve Fitch's 3.0x total
debt to operating EBITDA positive rating trigger within the next 12
months-24 months (Fitch-estimated 3.9x for fiscal 2021). While debt
maturities are minimal over the next two fiscal years, continued
capital markets access will be required should Microchip's
cumulative cash flow fall short of considerable ($6.6 billion)
maturities in 2023 and 2024.

KEY RATING DRIVERS

Deleveraging Focus Continues: Fitch expects Microchip to use FCF
for debt reduction, which, in addition to profitability growth,
should drive total debt to operating EBITDA below Fitch's positive
rating sensitivity of 3.0x and closer to Microchip's 2.5x target
within the next 12 months-24 months. Upon achieving
investment-grade (IG) ratings, Fitch anticipates Microchip will use
cash flow for organic investments and capital returns rather than
acquisitions.

Poised to Outgrow Markets: Fitch expects Microchip will outgrow the
broader semiconductor markets over the longer term due to vendor
consolidation and its product breadth set, which enables increased
penetration with custom integrated solutions with longer-product
life cycles. Microchip's acquisition of Microsemi strengthened its
positions in faster growing markets, including automotive and
industrial.

Reduced Acquisition Activity: Fitch expects minimal acquisition
activity from Microchip going forward, given the company's total
systems solution as the result of historical acquisition activity.
Deal flow continues despite intensified regulatory scrutiny and
elevated transaction multiples. Meanwhile, Microchip has committed
to focusing on integrating Microsemi, debt reduction and organic
growth opportunities rather than incremental deals, which should
result in more stable credit protection metrics.

Revenue Diversification: Despite still cyclical end markets,
Microchip's meaningful end market, product and customer
diversification should drive comparatively even operating results
despite exposure to cyclical end markets. The acquisition of
Microsemi increased communications and datacenter (DC), computing,
and aerospace and defense end market exposure but also added to
Microchip's already significant industrial end market sales. The
deal also strengthened Microchip's solutions systems capabilities
while reducing customer concentration.

High Operating Leverage: Fitch believes Microchip's higher mix of
in-house manufacturing and packaging than peers drive higher
operating leverage. As a result, Fitch expects considerable profit
margin expansion upon the resumption of top line growth but lower
fixed cost absorption within the context of weaker demand
environments.

The 1st-Lien Senior Secured RCF, term loan and bonds are secured by
substantially all assets of Microchip and its subsidiaries. As a
result, Fitch notches up the secured debt by one notch to
'BBB-'/'RR1' representing Fitch's expectation for superior recovery
for the first-lien debt.

DERIVATION SUMMARY

Fitch believes Microchip's operating profile is strongly positioned
for the rating given its leading share in growth markets,
diversified customer base and broad product set, which enables
customized solutions with long product life cycles. This leads
Fitch to expect top-line growth that exceeds the broader market and
profitability that is more in-line with the 'BBB' category. A
number of competitors are more highly rated, including Samsung
Electronics Co. Ltd. (AA-/Stable) and NXP Semiconductors N.V.
(BBB-/Positive), due to greater FCF scale and more conservative
financial profiles, including greater focus on organic growth.

Fitch expects strengthening credit metrics on higher annual FCF and
resumption of top-line growth, at which point Microchip should be
positioned to migrate to IG. Fitch does not expect Microchip to
meaningfully participate in further industry consolidation but to
use cash flow for organic investments and shareholder returns given
its full set of capabilities, elevated multiples and a less
accommodating regulatory environment.

KEY ASSUMPTIONS

-- Fitch expects mid- to high-single digit revenue growth in
    fiscal 2022, driven by recovery in more cyclical end markets
    and resumption of growth in cloud and service provider
    spending, in addition to ongoing share gains.

-- Revenue growth moderates in fiscal 2023 and corrects in fiscal
    2024 before resuming long-term low- to mid-single-digit
    revenue.

-- Gross profit margins expand from a combination of higher
    revenue, enhanced visibility over the next one to two years,
    internalization of Microsemi's outsourced assembly and test
    and consolidation of Microsemi's smaller and less efficient
    fabs.

-- Opex remains near $1.2 billion for fiscal 2021 (22.5% of
    revenue) from compensation reductions and other cost saving
    initiatives but ticks up to $1.3 billion to $1.4 billion
    through the remainder of the forecast period.

-- The company uses FCF for debt reduction until leverage metrics
    until it achieves IG ratings.

-- Modest dividend growth until total debt to operating EBITDA
    reaches 2.5x, at which point the company will refinance debt
    maturities and cash flow for capital returns.

RATING SENSITIVITIES

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

-- Microchip achieves and sustains total debt to operating EBITDA
    below 3.0x from use of FCF for debt reduction and acceleration
    of revenue growth and further profit margin expansion.

-- Microchip's top line growth exceeds that of underlying
    markets, supporting the case for share gains and, therefore
    faster profitability and cash flow growth from considerable
    operating leverage.

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

-- Microchip does not use FCF for debt reduction resulting in
    total debt to operating EBITDA sustained above 3.5x (3.0x to
    stabilize the ratings at BB+).

-- Microchip's top line growth rate lags that of its core growth
    end markets resulting in slower than anticipated profitability
    and cash flow growth from considerable operating leverage in
    the company's model.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: As of March 31, 2021, Fitch believes
Microchip's liquidity was adequate and supported by $280 million of
cash, cash equivalents and short-term investments and approximately
$1.2 billion of remaining availability under the company's $3.57
billion RCF. Fitch anticipates cash will remain in the $400 million
to $600 million range through the forecast period. Fitch's
expectation for $1.0 billion to $1.5 billion of annual FCF also
supports liquidity, although Fitch expects Microchip will use its
FCF for debt reduction until the company achieves its 2.5x total
leverage target.

ISSUER PROFILE

Microchip Technology, Inc. (Microchip) is a Chandler, AZ-based
provider of microcontrollers, analog and mixed-signal solutions
primarily serving a diversified set of end markets, including
industrial, automotive, DC, communications and consumer markets.
Microchip is a top 3 player in the more than $15 billion
microcontroller market, with $2.8 billion of microcontroller
revenue representing more than half of total revenue. Following the
May 29, 2018 $9.3 billion acquisition of Microsemi Corp., Microchip
strengthened its specialty semiconductor solutions by expanding
analog capabilities, particularly in high voltage power chips, and
adding field-programmable gate array products.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has made no material financial statement adjustments to the
published financial statements for Microchip Technology, Inc.

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.


MICROVISION INC: CEO to Receive $280K Annual Salary
---------------------------------------------------
The compensation committee of MicroVision, Inc.'s Board of
Directors approved certain compensation arrangements for the
company's chief financial officer, Stephen P. Holt.  

The compensation committee approved an annual base salary of
$280,000, effective Jan. 1, 2021, payable in accordance with the
company's standard payroll practices, a one-time cash bonus of
$200,000, payable immediately, and a long-term equity award
comprised of 90,000 restricted stock units scheduled to vest in
three equal installments of each of the first, second, and third
anniversaries of grant.  The RSU award is to be granted pursuant to
the 2020 MicroVision, Inc. Incentive Plan and subject to the terms
and conditions of that plan and the award agreement thereunder.

                         About MicroVision

MicroVision -- http://www.microvision.com-- is a pioneering
company in MEMS based laser beam scanning technology that
integrates MEMS, lasers, optics, hardware, algorithms and machine
learning software into its proprietary technology to address
existing and emerging markets.  The Company's integrated approach
uses its proprietary technology to provide solutions for automotive
lidar sensors, augmented reality micro-display engines, interactive
display modules and consumer lidar modules.

MicroVision reported a net loss of $13.63 million for the year
ended Dec. 31, 2020, compared to a net loss of $26.48 million for
the year ended Dec. 31, 2019.  As of March 31, 2021, the Company
had $79.61 million in total assets, $11.65 million in total
liabilities, and $67.96 million in total shareholders' equity.


MOBILE FUNDS: Wins Cash Collateral Access
-----------------------------------------
The U.S. Bankruptcy Court for the Southern District of Alabama has
authorized Mobile Funds, LLC to use cash collateral to maintain the
operation of the Port City Inn.

The Debtor entered into a commercial mortgage with Namita, Inc. in
November, 2018.

As a result of these continuing loans, there exists an unpaid
balance of approximately $800,000.

As part of the loan procedure, the Debtor granted Namita a security
interest in all of its present and future accounts, instruments,
contract rights, chattel paper, general intangibles and any
proceeds from items.

As adequate protection for the Debtor's use of cash collateral,
Namita is granted a post-petition lien on its new accounts
receivables, to have the same force and effect as the lien that
existed as to the pre petition receivables.

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

                        About Mobile Funds

Mobile Funds, LLC is the owner of fee simple title to the Port City
Inn located at 1520 Matzenger Drive, Mobile, Ala., valued at $1.2
million.

Mobile Funds filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Ala. Case No. 21-10394) on
March 1, 2021. Eldad Cohen, member, signed the petition.  In the
petition, the Debtor disclosed $1,340,701 in assets and $1,133,600
in liabilities.  

Judge Jerry C. Oldshoe, Jr. oversees the case.

Barry A. Friedman, Esq., at Barry A. Friedman & Associates, PC
represents the Debtor as counsel.



MONEYGRAM INT'L: Moody's Hikes CFR to B3 & Rates 1st Lien Loans B2
------------------------------------------------------------------
Moody's Investors Service upgraded MoneyGram International Inc.'s
Corporate Family Rating from B3 to B2 and Speculative Grade
Liquidity rating from SGL-3 to SGL-2. The Probability of Default
Rating of B3-PD was affirmed. The proposed first lien secured
credit facilities were assigned a rating of B2. The rating outlook
was changed to stable from negative. The proceeds from the issuance
of the new first lien credit facilities and potential other secured
debt will be used to refinance MoneyGram's existing first lien and
second lien debt.

"MoneyGram's strategic actions have improved business positioning
over the last eighteen months, but competition is further
intensifying and business portfolio dynamics remain highly complex"
said Peter Krukovsky, Moody's Senior Analyst. "From this
perspective, the recent equity capital raise, debt reduction and
the pending refinance at lower interest rates provide the needed
flexibility."

The following rating actions were taken:

Upgrades:

Issuer: MoneyGram International, Inc.

Corporate Family Rating, Upgraded to B2 from B3

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

Assignments:

Issuer: MoneyGram International, Inc.

Senior Secured First Lien Term Loan B, Assigned B2 (LGD3)

Senior Secured First Lien Revolving Credit Facility, Assigned B2
(LGD3)

Affirmations:

Issuer: MoneyGram International, Inc.

Probability of Default Rating, Affirmed B3-PD

Outlook Actions:

Issuer: MoneyGram International, Inc.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

MoneyGram's credit profile reflects its recently improved
competitive positioning in the growing cross-border money transfer
industry, potential for consistent albeit modest revenue growth and
stable profitability. The resolution of DOJ monitoring in May 2021,
followed by a $100 million equity offering and the pending debt
capital structure refinancing at lower interest rates combine for a
substantial credit profile and FCF improvement. Pro forma for the
refinance and excluding monitor costs and Ripple contra-expense as
non-recurring items, Moody's estimates adjusted total leverage as
of LTM ending June 2021 at 4.1x. Pro forma FCF/debt in 2021 is 5%,
excluding the forfeiture payment and the estimated $24.1 million
one-time tax payment in Q4 2021.

While Moody's expects remittances to grow solidly in 2021 following
the modest decline in 2020 and to remain a growth market over the
intermediate term, competition in the cross-border money transfer
industry is increasingly intense, and the channel shift from cash
to digital continues to have a deflationary effect on pricing. The
strong performance of MoneyGram's digital business is an important
credit positive, supporting the company's long-term strategic
positioning. Industry leaders with strong digital services may
continue to gain share from the informal channel, banks and
regional operators, but face pressure from digital wallets and
digital-led competitors that benefit from breadth of customer
engagement and are not burdened by leverage or need to support a
cash channel EBITDA stream.

Following DOJ monitoring resolution and capital structure
refinancing, continued debt reduction remains a strategic priority
for MoneyGram. With FCF improved, the company will be able to
prepay debt over time, and the first prepayment may occur in the
first half of 2022. MoneyGram maintains ample liquidity with
estimated pro forma cash balance of $125 million as of June 2021,
and Moody's projects the company to be able to make debt
prepayments while maintaining solid operating cash balances.

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

The stable outlook reflects Moody's expectation of modest revenue
and EBITDA growth combined with debt reduction driving adjusted
total debt/EBITDA to about 4x by the end of 2022. The ratings could
be upgraded if MoneyGram demonstrates consistent revenue and EBITDA
growth, and if leverage is reduced below 4x. The ratings could be
downgraded if MoneyGram experiences a sustained EBITDA decline, if
free cash flow weakens, or if total leverage is sustained above
5x.

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

With estimated revenues of $1.275 billion for the last twelve
months ended June 2021, MoneyGram is a global provider of
cross-border money transfer services.


MORAVIAN MANORS: Fitch Affirms BB+ Rating on $17.3MM 2019A Bonds
----------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' rating on the following bonds
issued by the Lancaster County Hospital Authority on behalf of
Moravian Manors, Inc. (Moravian or MM):

-- $17.3 million health care facilities revenue bonds series
    2019A;

The Rating Outlook is Stable.

In addition, Fitch has assigned Moravian a 'BB+' Issuer Default
Rating (IDR).

SECURITY

Security interest in pledged assets (including gross receipts), a
mortgage on Moravian's property and series specific debt service
reserve funds.

ANALYTICAL CONCLUSION

Despite the pandemic's challenges, MM continues to post adequate
demand indicators consistent with historical performance.
Operations and liquidity have both improved or stabilized since
2019 (YE December 31), which Fitch views positively. Fitch
attributes improvement to management's sound cost containment
strategies (especially relating to labor expenses) and the receipt
of stimulus payments from the federal and local governments and a
Paycheck Protection Program (PPP) loan.

MM's debt burden is elevated, consistent with the 'BB+' rating.
Proceeds from recent debt issues were used for the construction and
renovation of 210 new independent living units (ILUs), completed in
two phases. Both Phase I and II of the project were completed on
time and successfully filled despite some minor construction delays
related to the pandemic for Phase II. While the debt burden is
elevated, Fitch views recent capital investments favorably because
they are cash flow accretive and demonstrate strong demand.

KEY RATING DRIVERS

Revenue Defensibility: 'bbb'

Stable Independent Living Occupancy

Moravian maintained strong occupancy in its ILUs even during the
pandemic, whereas assisted living unit (ALU) and skilled nursing
facility (SNF) bed census levels modestly declined in that same
period. There is some competition in the primary market area (PMA),
but nearby comparable life plan community (LPCs) have not
materially impacted MM's ability to fill its units. Moravian's
pricing for entrance fee contracts are affordable relative to
residents' average net worth and prevailing home values, and
management has implemented consistent rate increases for monthly
fees and entrance fees each year.

Operating Risk: 'bbb'

Expectations for Improved Operations and Capital-Related Metrics

Moravian demonstrates an adequate ability to absorb operating cost
volatility due to its Type C contracts, evidenced by its sufficient
operating ratio, which has averaged 97.9% over the last five years.
Its net operating margin (NOM) and NOM-adjusted (NOMA) respectively
averaged a weaker 2.9% and 7.4% over the same time period; however,
Fitch expects these will improve to levels more consistent with a
'midrange' operating risk assessment now that the project is
complete. MM's capital-related metrics are weak, driven by recent
debt issues to finance the new ILUs; however, Fitch expects these
to moderate as the expansion projects mature.

Financial Profile: 'bb'

Long-Term Liabilities Elevated; Stable Liquidity

MM has a higher debt burden due to recent capex, and unrestricted
cash and investments (including a $2.8 million PPP loan) have
remained modest, but stable over the last year. Fitch expects core
operations to be relatively in line with recent performance and
entrance fee cash flows to remain consistent; however, days cash on
hand (DCOH) is expected to remain around 250-300 days in the
near-to-medium term.

ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS

There are no asymmetric risk factors affecting this rating
determination.

RATING SENSITIVITIES

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

-- Consistent growth in unrestricted cash and investments,
    resulting in over 50% cash-to-adjusted debt even in Fitch's
    stress case scenario.

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

-- Decrease in demand for existing ILUs or deterioration in
    operating performance resulting in lower operating ratio
    sustained at above 100%;

-- Unanticipated borrowing or significant deterioration in cash
    to-adjusted debt to sustained levels below 30%.

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

Moravian is a LPC with a total of 299 ILUs, (comprised of 115
apartments, 16 cottages, 12 townhomes, 156 carriage homes), 25
personal care units (eight of which are licensed for double
occupancy), 40 ALUs (four of which are licensed for double
occupancy) and 119 SNF beds. MM is governed by an independent board
of directors, which currently consists of 17 members (including one
resident) who can serve three successive four-year terms. The
Moravian Church in Pennsylvania founded the organization in the
1950s to care for its aging members and only has a limited
governance role.

Moravian's main campus opened in 1974 and is located about 10 miles
north of Lancaster, PA and 30 miles east of Harrisburg, PA in the
town of Lititz. In late 2017, Moravian opened its Warwick Woodlands
project, which currently includes the 85 carriage homes and a
54-unit apartment building on a 72-acre property that is located
several blocks from the main campus on a former landscape nursery.
Moravian has a single subsidiary that holds certain real estate and
is consolidated in its financial statements. Fitch's analysis and
all figures cited in this report reflect the consolidated entity.
During fiscal 2020, the consolidated entity generated $28.2 million
of total revenues and held $168 million of total assets.

REVENUE DEFENSIBILITY

MM's IL demand has been strong, with sustained occupancy levels of
above 93% since 2018. Through three months of fiscal 2021, ILU
occupancy was still around 98% even during the pandemic. ALU
occupancy and SNF census have averaged 87% over the last five
fiscal years. In 2020, AL and SNF occupancies fell to 76% and 72%,
respectively, because of pandemic-related disruptions. Thus far in
2021, both AL and SNF have shown improvements, and management
indicates that demand is on the rise for these service lines.

There are five competing LPCs in the PMA, including Luther Care,
Brethren Village (BB+/Stable), Pleasant View, Woodcrest Village,
and Willow Valley (A/Stable), but none of these has made a
meaningful impact on MM's ability to fill ILUs. MM has been able to
maintain strong demand because it offers carriage homes which are
unique in its PMA, and it is conveniently located within walking
distance of downtown Lititz.

Moravian also has a consistent history of rate increases across the
continuum of care. ILU entrance fees typically increase by 5% per
year, whereas monthly service fees for IL, AL and SNF rise by
3.5%-6% annually. Fiscal 2021 fees are budgeted to stay at the same
levels for the ILUs, but AL and SNF rate increases will be lowered
slightly to 4%.

MM's weighted average (WA) entrance fee is roughly $329,000, which
is affordable relative to average resident net worth of
approximately $2.0 million. Median home values in Lititz (according
to Fitch's review of public sources) have appreciated roughly 13.5%
over the last year and are $319,000, which is in line with
Moravian's WA entrance fee.

OPERATING RISK

Moravian is a Type C (fee-for-service) LPC. The most prevalent
entrance fee plan (64% of ILU residency agreements) is a
traditional plan in which the entrance fee is nonrefundable and is
amortized at 2% per month over 50 months. Moravian also offers a
60% refundable plan (18% of ILU residency agreements), a 90%
refundable plan (10% of ILU residency agreements), and a rental fee
plan (8% of ILU residency agreements) that includes a small
nonrefundable fee at entry.

Any refunds that would be due are subject to payment of a new
entrance fee by the next resident that occupies the respective
unit. Fitch views the prevalence of nonrefundable entrance fee
contracts favorably since they provide longer-term cash flow and
working capital benefits.

Fitch attributes MM's lower five-year averages for NOM and NOMA to
its recent IL expansion that required elevated ramp-up spending in
2018 and 2019. The project is now complete, resulting in some
expense declines in 2020 and thus moderately improved NOM of 5.4%
and NOMA of 8.5% in 2020. MM received $700,000 in CARES Act
stimulus and $64,000 in assistance from Lancaster County, further
boosting profitability.

Management also implemented a series of cost-cutting initiatives,
including non-clinical workforce reductions, freezing open
positions and engaging a consultant to right-size hours per patient
day for nursing staff. The estimated cost savings are roughly $1.5
million; however, the expense efficiencies will not be fully
realized until fiscal 2022, when the severance benefits expire.
Once the cost reductions are fully realized, Fitch expects NOM and
NOMA show further improvement, particularly as newer ILUs continue
to generate revenues and census levels in the AL and SNF recover.

Moravian recently completed the second and final phase of its IL
expansion project. Phase I consisted of building 139 new ILUs,
whereas Phase II consisted of constructing 71 additional carriage
homes (which are a type of ILU). The new units from Phases I and II
have been successfully filled (as of June 2021, they are 100%
occupied) and have thus far performed in line with third party
estimates.

MM is also in the early stages of undertaking an additional small
expansion project expected to add another 16 carriage homes. The
cost of the new ILUs is about $6 million and would be funded by a
short-term bank loan, whereby entrance fee proceeds would pay down
the debt. As of June 2021, 15 of the 16 proposed carriage homes are
presold. Fitch views the new ILUs as positive given the presales
velocity, and expects the new units to fill relatively quickly and
allow MM to accrue new cash flows.

Capex to depreciation is 'strong,' averaging a sizable 835.2% over
the last five fiscal years. Average age of plant has also declined
over time, averaging a healthy 10.4 years, which is on par with the
higher end of a 'midrange' assessment. The improvement in average
age of plant and the very high historical capex to depreciation are
mainly because of the recent IL expansion.

Aside from the $6 million for the new carriage homes and up to $4
million for other smaller ancillary capital projects (such as
affordable housing, some road work, and investing in
community-based services) Fitch expects capex to be otherwise
routine in the near-term, hovering around 65% of depreciation.

MM's capital-related metrics are weak, with maximum annual debt
service (MADS) at 16.4% of fiscal 2020 revenues and revenue-only
MADS averaging 0.5x over the last five years, which Fitch believes
indicates recent capital projects that have increased the overall
debt burden and created some temporary ramp-up costs. In line with
that, debt-to-net available averaged 18.0x over the last five
years, which is also 'weak.' Fitch expects these key metrics to
show improvement as the new ILUs continue to generate strong
demand, the debt burden is paid down, and the 16 new carriage homes
reach stabilized occupancy in the near-term.

FINANCIAL PROFILE

As of 2020, Moravian had approximately $20.0 million in
unrestricted cash and investments (including a $1.7 million debt
service reserve fund), representing 33% of adjusted debt and 308
days cash on hand. Cash fell slightly to approximately $18.5
million as of March 31, 2021 (unaudited) due to more modest
investment returns, but was stabilized by consistent demand during
the coronavirus pandemic, good cost management, the receipt of a
roughly $2.8 million PPP loan, and accrual of about $764,000 in
government stimulus.

Assuming Fitch's standard portfolio stress, MADS coverage including
entrance fees reaches roughly 1.5x by year four of Fitch's stress
case, which exceeds MM's covenant requirement of 1.2x. Under
Fitch's stress case scenario, Fitch expects MM's cash position to
benefit from demand for its existing and newer ILUs, reaching
250-300 days cash on hand during the forward-look. In addition,
Fitch believes the 16 new carriage homes (assumed to be completed
by year three) will add additional profitability and boost
liquidity. However, accretive aspects of new construction will take
time to materialize.

ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS

There are no asymmetric risk factors affecting this 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.


NASCAR HOLDINGS: Moody's Affirms Ba3 CFR & Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Investors Service affirmed NASCAR Holdings, LLC's Ba3
Corporate Family Rating and Ba3 rating on the senior secured
facility (including a $150 million revolver and term loan B). The
outlook was changed to stable from negative.

The affirmation of NASCAR's CFR and the change in the outlook to
stable reflects the easing of capacity limitations and other health
restrictions as the pandemic subsides which is projected to lead to
substantial higher attendance levels at the racetracks during the
rest of 2021 and into 2022. NASCAR is expected to maintain a good
liquidity position supported by full access to the revolving credit
facility, cash on the balance sheet of $141 million, and good free
cash flow.

A summary of the actions are as follows:

Affirmations:

Issuer: NASCAR Holdings, LLC

Corporate Family Rating, Affirmed Ba3

Probability of Default Rating, Affirmed Ba3-PD

Senior Secured Bank Credit Facility, Affirmed Ba3 (LGD3)

Outlook Actions:

Issuer: NASCAR Holdings, LLC

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

NASCAR's Ba3 CFR reflects Moody's expectation that leverage (4.9x
as of Q1 2021) will decrease modestly in 2021 with additional
deleveraging in 2022 as the impact of the pandemic continues to
subside. The easing of capacity limitations and other health
restrictions by local health officials is expected to result in
higher revenue and EBITDA per race going forward. NASCAR benefits
from its significant size and ownership of the NASCAR sanctioning
body as well as its position as the largest track owner of NASCAR
and other race events. The TV broadcast agreements with contracted
increases through 2024, support performance and contribute to
EBITDA at a high margin level. Contractual media revenues reduced
the impact of the pandemic and helped NASCAR outperform many other
live entertainment companies that are more reliant on attendance
related revenue. NASCAR has a joint venture in a casino at the
company's Kansas Speedway which was also been impacted by the
pandemic, but has recovered significantly in recent quarters and
Moody's projects it to continue to grow in 2021. Historically,
there have been high levels of capital spending on renovations to
existing tracks and developments on its properties, but capex will
be below prior levels in the near term to support liquidity. NASCAR
has generated good free cash flow which has been directed in part
toward debt reduction, which Moody's expects will continue going
forward.

NASCAR has faced multiyear declines in attendance pre-pandemic due
to reduced fan interest in NASCAR racing. Several changes to the
sport have been made to increase fan interest, attract different
demographic groups and new team owners, but reduced spectator
interest will continue to be a challenge for the company. While the
TV broadcast agreement has offset declines in revenue from other
race related segments prior to the pandemic, the broadcast
agreements expire at the end of 2024 while the term loan matures in
2026. Races were postponed and rescheduled later in the season
during the beginning of the pandemic, but NASCAR racing resumed in
May 2020 and was able to hold events with increasing levels of
spectators in attendance in recent quarters which is expected to
continue.

A governance consideration that Moody's considers in NASCAR's
credit profile is the projected conservative financial policy going
forward. While leverage levels increased following the merger with
International Speedway Corporation in 2019, Moody's projects a
portion of free cash flow will continue to be used to repay debt.
NASCAR is a privately owned company by members of the France
family.

Moody's expects NASCAR will maintain a good liquidity position
supported by $141 million of cash on the balance sheet as of Q1
2021 and access to an undrawn $150 million revolver due 2024. Capex
was reduced to $19 million LTM as of Q1 2021 in order to support
liquidity during the pandemic, but is projected to increase to
approximately $50 million in 2021. Free cash flow (FCF) as a
percentage of debt was 11% LTM as of Q1 2021 and NASCAR used a
portion of available cash to repay over $235 million in debt
(including $90 million previously outstanding on the revolver)
during the last three quarters. Moody's expects NASCAR will
continue to use a portion of FCF for debt repayment.

The term loan is covenant lite with the revolver subject to a
springing first lien net leverage ratio of 6.25x (as defined in the
credit agreement) when more than 35% of the revolver is drawn.
Moody's projects NASCAR will maintain a significant cushion of
compliance going forward.

The stable outlook reflects the easing of health and capacity
restrictions which will likely support higher attendance related
revenue per event in 2021 and 2022. The total number of NASCAR Cup
races will be the same as last year, but due to scheduling changes,
one more Cup race was held in Q1 2021, and one less Cup race will
be held during the balance of 2021. Moody's expects higher
attendance related revenue during the rest of 2021 will be partly
offset by one less NASCAR Cup race scheduled at Company owned
tracks during the same period compared to last year. NASCAR is
projected to generate good free cash flow after modest member
distributions during the remainder of 2021 and 2022 with a portion
directed to debt reduction. Moody's expects leverage to decrease
modestly from current levels in 2021 with a more significant
decline well below 4x by the end of 2022.

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

An upgrade could occur with a stabilization of fan interest in
NASCAR racing as reflected by attendance revenue growth and
positive broadcast viewership trends along with improving credit
metrics, good liquidity and confidence that the financial policy of
the firm would be consistent with a higher rating. Credit metrics
consistent with a higher rating include Debt-to-EBITDA below 4x,
and free cash flow to debt in the high single digit percentages.

The ratings could be downgraded if Debt-to-EBITDA leverage was
sustained above 5x due to major development projects or a sustained
decline in profitability due to a deterioration in spectator
interest in NASCAR. A weak liquidity position including a free cash
flow to debt percentage in the low single percentages could also
lead to a downgrade.

NASCAR Holdings, LLC, headquartered in Daytona Beach, Florida is
the sanctioning body of NASCAR and other race series. The company
also owns and/or operates sixteen (16) racetracks within the
territory of the United States, which includes ovals, road courses
and a drag strip. In Q3 2019, NASCAR acquired International
Speedway Corporation, which was previously a publicly traded
company (ISCA). Members of the France family own 100% of NASCAR.

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


NATIONAL RIFLE ASSOC.: Schumer Wants Chapter 11 Fraud Probe
-----------------------------------------------------------
Michael Balsamo and Michael R. Sisak of the Associated Press report
that U.S. Senate Majority Leader Chuck Schumer on July 11, 2021,
called on the Justice Department to investigate the National Rifle
Association for bankruptcy fraud, saying the financially stable
gun-rights group abused the system when it sought bankruptcy
protection in the wake of a New York lawsuit seeking to put it out
of business.

A judge rejected the NRA's bankruptcy case in May 2021, ruling the
nonprofit organization had not acted in good faith. NRA leaders
made clear that the organization was "in its strongest financial
condition in years" and was seeking bankruptcy protection so it
could change its state of incorporation from New York to
gun-friendly Texas.

Schumer, a New York Democrat, said the NRA's continued heavy
spending on advertising criticizing proposed gun control measures
and the nomination of gun control lobbyist David Chipman to run the
Bureau of Alcohol, Tobacco Firearms and Explosives are further
evidence that its bankruptcy filing was inspired by legal, not
financial, concerns.

"They recently told the judicial branch of government that they are
bankrupt after the lawsuit by Tish James, and at the same time
they're saying they're bankrupt, they're spending millions of
dollars on ads to stop universal background checks," Schumer said,
referencing New York Attorney General Letitia James. "That demands
an investigation by the Justice Department."

The NRA said it was working on a statement. The Justice Department
declined comment.

The organization filed for bankruptcy protection in January 2021,
months after James sued the NRA, seeking its dissolution over
claims that top executives illegally diverted tens of millions of
dollars for lavish personal trips, no-show contracts for associates
and other questionable expenditures. That lawsuit is ongoing.

In dismissing the NRA's bankruptcy case, Judge Harlin Hale wrote
that it appeared "less like a traditional bankruptcy case in which
a debtor is faced with financial difficulties or a judgment that it
cannot satisfy and more like cases in which courts have found
bankruptcy was filed to gain an unfair advantage in litigation or
to avoid a regulatory scheme."

Schumer, speaking to reporters Sunday, July 11, 2021, highlighted a
$2 million advertising blitz the NRA announced in April, aimed at
fighting gun control proposals, while the bankruptcy case was still
pending. The organization said it was placing ads on TV and digital
platforms, sending out mailers and holding town hall meetings in at
least 12 states.

In West Virginia, Schumer said, the organization spent $250,000 on
TV ads encouraging people to call U.S. Sen. Joe Manchin, a
Democrat, and tell him to reject Chipman's confirmation. Chipman, a
former ATF agent, has worked as a policy adviser at an organization
that supports gun control.

"How can you say you're bankrupt at the same time you have millions
of dollars to spend on ads throughout the country trying to prevent
universal background checks fundraising and other things that will
stop the killings on the streets?" Schumer said.

"The bottom line is the NRA shot itself in the foot when they
declared bankruptcy and still have millions of dollars," he said.

                 About National Rifle Association

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

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

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

Judge Harlin Dewayne Hale oversees the cases.

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

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


NAVISTAR INTERNATIONAL: Egan-Jones Keeps CCC+ Sr. Unsec. Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on July 6, 2021, maintained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by Navistar International Corporation. EJR also
maintained its 'B' 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.



NEPHROS INC: Acquires GenArraytion Inc.
---------------------------------------
Nephros, Inc. has acquired substantially all of the assets of
Rockville, MD-based GenArraytion, Inc.

GenArraytion is a recognized market leader in infectious disease
monitoring and measurement.  This acquisition will give Nephros
access to GenArraytion's many proprietary assays, multiplexing
technology, and selection methods for detecting waterborne
pathogens and other microorganisms using Polymerase Chain Reaction
(PCR) technology.  GenArraytion's assets will be integrated into
the Nephros Pathogen Detection Systems platform.

"The strategic acquisition of GenArraytion further cements our
position in the emerging PCR testing market for waterborne
pathogens, expanding our abilities to detect and mitigate the
spread of infectious disease in premise plumbing," said Andy Astor,
chief executive officer of Nephros.  "In addition to acquiring
GenArraytion's MultiFLEX Bioassays and other technologies, Dr. R.
Paul Schaudies, GenArraytion's Chief Executive Officer, will
partner with our own Dr. Kimothy Smith, Vice President of Pathogen
Detection Systems.  Working together, our unified organization will
provide customers the ability to use on-site testing with fast,
accurate, and actionable data as part of their water management
programs."

About the acquisition, Dr. Schaudies said, "Our team at
GenArraytion has spent over thirteen years developing infectious
disease diagnostics for hospital-acquired infections and other
water safety targets.  Joining Nephros will enhance our ability to
commercialize our broad array of MultiFLEX bioassays.  I am very
much looking forward to partnering with the Nephros team and
realizing our shared vision around water safety."

At closing, the Company issued 123,981 shares of Company common
stock, par value $0.001 per share, to GenArraytion, reflecting an
aggregate purchase price of $1.2 million.   Fifty percent of these
shares were issued without a risk of forfeiture and the remaining
fifty percent of the shares are subject to a risk of forfeiture.
This risk of forfeiture will lapse upon the satisfactory completion
of certain intellectual property transition services.  The Company
will also make royalty payments to GenArraytion based on net sales
of GenArraytion products over the next five years and has agreed to
file a registration statement covering the shares issued to
GenArraytion within 60 days from the date of the Agreement.

                           About Nephros

South Orange, New Jersey-based Nephros -- www.nephros.com -- is a
water technology company in medical and commercial water
purification and pathogen detection.

Nephros reported a net loss of $4.53 million for the year ended
Dec. 31, 2020, compared to a net loss of $3.18 million for the year
ended Dec. 31, 2019.  As of March 31, 2021, the Company had $17.94
million in total assets, $2.40 million in total liabilities, and
$15.54 million in total stockholders' equity.


NEW YORK CLASSIC: Bankruptcy Plan Gives Payout Choices to Creditors
-------------------------------------------------------------------
Daniel Gill of Bloomberg Law reports that a bankrupt unit of
Classic Car Club Manhattan is proposing a Chapter 11 plan to pay
its creditors a portion of their claims over a five-year period.

New York Classic Motors LLC's plan takes advantage of Subchapter V,
which offers a streamlined and less expensive method for small
businesses to reorganize in Chapter 11. Created by the Small
Business Reorganization Act of 2019, Subchapter V is available to
companies with debts of $7.5 million or less.

The company's plan, filed Thursday, would pay secured creditor HIL
Holdings I LLC’s $2.9 million claim monthly over 60 months, along
with 10% interest.

                       About New York Classic Motors

New York Classic Motors LLC, a classic car dealer in New York,
filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case
No. 21-10670) on April 9, 2021. At the time of the filing, the
Debtor had between $10 million and $50 million in both assets and
liabilities.  The Debtor is represented by Kirby Aisner & Curley,
LLP.

Judge Martin Glenn oversees the case.  

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on April 29, 2021. Arent Fox, LLP and CBIZ
Accounting, Tax and Advisory of New York, LLC serve as the
committee's legal counsel and financial advisor, respectively.


ONEJET INC: Chapter 7 Trustee Objects to Investors' Settlement
--------------------------------------------------------------
Law360 reports that the Chapter 7 trustee for bankrupt airline
OneJet objected to a proposed settlement with a group of jilted
investors, arguing that the settlement might be paid through assets
that should be rolled into the bankruptcy estate.

Trustee Rosemary Crawford told the federal bankruptcy court for the
Western District of Pennsylvania that she objected to a proposed
settlement in an adversary case between the investors, and OneJet
founder Matthew Maguire and the estate of his father, Patrick
Maguire. She believed it would involve the Maguires' selling a
business jet the bankruptcy estate had been pursuing in a separate
adversary case.

                        About OneJet Inc.

OneJet Inc. was a virtual airline that specialized in scheduled
point-to-point flights operated by small business jets and regional
aircraft. Flights were operated utilizing a public charter
arrangement.

OneJet was forced into involuntary Chapter 7 bankruptcy (Bankr.
W.D. Pa. Case No. 18-24070) by several investors in October 2018,
two months after it stopped flying. It later reported it had no
assets and $43 million in liabilities.

The Chapter 7 Trustee:

       Rosemary C. Crawford
       Crawford McDonald, LLC. P.O. Box 355
       Allison Park, PA 15101

The Chapter 7 Trustee's counsel:

       Kirk B. Burkley
       Bernstein-Burkley, P.C.
       Tel: 412-456-8108
       E-mail: kburkley@bernsteinlaw.com

           - and -

       Rosemary C. Crawford
       Crawford Mcdonald, Llc.
       Tel: 724-443-4757
       E-mail: crawfordmcdonald@aol.com


PACIFIC LINKS: Seeks to Use Cash Collateral Thru Jan. 2022
----------------------------------------------------------
Affiliate Hawaii MVCC LLC asked the Bankruptcy Court to authorize
its use of the cash collateral to pay for operating expenses,
pursuant to a six-month budget for the period from August 1, 2021
through January 31, 2022.  Tianjin Dinhui Hongjun Equity Investment
Partnership (CDH) is a secured creditor of the Debtor and has
interest in the cash collateral.

The budget provided for $567,792 in total operating expenses over
the sixth-month period, distributed on a monthly basis, as
follows:

                        Total
      Month          Operating Expense
     -------         -----------------
     August 2021        $88,200

     September 2021     $101,475

     October 2021       $93,871

     November 2021      $93,850

     December 2021      $94,925

     January 2021       $95,471

MVCC proposes to provide adequate protection for the use of Cash
Collateral by providing CDH replacement liens in the estate's
postpetition assets and the proceeds thereof, to the same extent
and priority as any lien held by CDH in the prepetition collateral
as of the Petition Date, limited to the amount of prepetition
collateral as of the Petition Date.

The replacement liens would be granted with the same validity and
priority and to the same extent and as CDH's prepetition liens, and
would be subject to the same rights and challenges by or on behalf
of MVCC.  The amount secured by the replacements liens shall be
equal to any actual net diminution of CDH's cash collateral due to
MVCC's use thereof.

A copy of the motion is available for free at
https://bit.ly/3wqko0A from PacerMonitor.com.

                About Pacific Links U.S. Holdings

Pacific Links US Holdings, Inc. is a golf club that offers global
reciprocal programs to members and participating clubs.

Pacific Links US Holdings sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Hawaii Case No. 21-00094) on Feb. 1,
2021. Wei Zhou, director, signed the petition.

Affiliates that also sought Chapter 11 protection are Hawaii MVCC
LLC, Hawaii MGCW LLC, MDRE LLC, MDRE 2 LLC, MDRE 3 LLC, MDRE 4 LLC,
and MDRE 5 LLC. On Feb. 2, 2021, Judge Robert J. Faris authorized
the joint administration of the cases.

At the time of filing, Pacific Links disclosed assets of between
$50,000 and $100,000 and liabilities of between $50 million and
$100 million.

Choi & Ito and KDL CPAs, LLC serve as the Debtors' legal counsel
and accountant, respectively.


PAPER SOURCE: Brookfield, MTA Out as Committee Members
------------------------------------------------------
The U.S. Trustee for Region 4 on July 12 announced in a court
filing the removal of Brookfield Properties Retail, Inc. and
Metropolitan Transportation Authority from the official committee
that represents unsecured creditors of Paper Source, Inc. and Pine
Holdings, Inc.

The pre-bankruptcy claims of Brookfield and MTA have been satisfied
in full, according to the U.S. Trustee.

As of July 12, the remaining members of the committee are:

     1. Hachette Book Group USA
        53 State Street
        Boston, MA 02109

     2. Rifle, Inc. d/b/a Rifle Paper Co.
        558 West New England Avenue, Suite 150
        Winter Park, FL 32789

     3. FedEx Corporate Services, Inc.
        3680 Hacks Cross Road, Building H
        Memphis, TN 38125

               About Paper Source and Pine Holdings

Paper Source, Inc. operates as lifestyle brand and retailer of
premium paper products, crafting supplies and related gifts,
including custom invitations, greeting cards and personalized
stationery and stamps.  It sells fine and artisanal papers, wedding
paper goods, books and gift wrap through its 158 domestic stores
and e-commerce website.  Its administrative headquarter is in
Chicago.

Paper Source and Pine Holdings, Inc. sought Chapter 11 protection
(Bankr. E.D. Va. Case No. 21-30660) on March 2, 2021.  At the time
of the filing, Paper Source disclosed assets of between $100
million and $500 million  and liabilities of the same range.
Meanwhile, Pine Holdings disclosed assets of up to $50,000 and
liabilities of between $100 million and $500 million.

The Hon. Keith L. Phillips is the case judge.

The Debtors tapped Willkie Farr & Gallagher LLP and Whiteford
Taylor & Preston LLP as bankruptcy counsel, M-III Advisory LP as
restructuring advisor, SSG Capital Advisors LLC as investment
banker, and A&G Real Estate Partners as real estate advisor.  Epiq
Corporate Restructuring, LLC is the claims agent.

The U.S. Trustee for Region 4 appointed a committee to represent
unsecured creditors in the Debtors' Chapter 11 cases.  The
committee tapped Hahn & Hessen LLP as bankruptcy counsel, Hirschler
Fleischer, PC as Virginia local counsel, and Province, LLC as
financial advisor.


PAREXEL INT'L: Moody's Puts B2 CFR Under Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service placed Parexel International
Corporation's ratings on review. This follows an announcement that
Parexel will be acquired by EQT Private Equity and Goldman Sachs
Asset Management. The ratings being placed on review for downgrade
include the B2 Corporate Family Rating, B2-PD Probability of
Default Rating, and B2 rating on the senior secured credit
facilities (revolver and term loan B). The outlook was revised to
Ratings Under Review from stable.

On July 2, 2021, Parexel announced that it was being acquired for a
total purchase price of $8.5 billion, including its existing debt.
Parexel is currently owned by Pamplona Capital. The deal is
expected to close later in the second half of 2021.

Moody's took the following action on Parexel International
Corporation:

On review for downgrade:

Parexel International Corporation

Corporate Family Rating, Placed on Review for Downgrade, currently
B2

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

Senior secured term loan B due 2024, Placed on Review for
Downgrade, currently B2 (LGD3)

Senior secured revolving credit facility due 2026, Placed on
Review for Downgrade, currently B2 (LGD3)

Outlook Actions:

Outlook, Changed To Rating Under Review From Stable

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

Excluding the ratings review, Parexel's B2 Corporate Family Rating
reflects Moody's expectation for high financial leverage, offset by
good cash flow. Parexel's rating benefits from good scale and
breadth of service offerings as a CRO. Underlying demand for CRO
services continues to be strong. In Moody's view, CROs have good
long-term growth prospects as the biopharmaceutical industry
continues to increase outsourcing of R&D functions, which will
benefit Parexel.

ESG considerations include Parexel's financial policy, which
Moody's believes is aggressive, a key governance risk. The company
has maintained high financial leverage, in part due to a past
debt-funded dividend in August 2018.

Parexel's liquidity is very good, supported by more than $450
million of cash at March 31, 2021. While Parexel's cash generating
ability is strong, Moody's expects only modestly positive free cash
flow in 2021, reflecting increased capital investments and working
capital headwinds. Moody's expects free cash flow to return to a
more normalized level of more than $200 million beyond 2021.
Parexel also has a $300 million undrawn revolver that expires in
February 2026. The revolver has a springing net senior secured
leverage financial covenant that only applies if more than 35% is
drawn. Given the substantial cash balance, Moody's does not expect
the revolver to be drawn in the next 12 months.

The review for downgrade will focus on (1) the amount of
incremental debt to be incurred as part of the transaction and its
impact on financial leverage (2) final capital structure
composition (3) Parexel management's financial policy under new
ownership (4) recent operating performance.

Dually headquartered in Newton, Massachusetts, and Durham, North
Carolina, Parexel International Corporation is a global
biopharmaceutical services company providing clinical research and
logistics, technology solutions and consulting services for the
pharmaceutical, biotechnology, and medical device industries.
Reported revenue for the twelve months ended March 31, 2021 was
approximately $2.7 billion. The company is privately held by
Pamplona Capital and publicly available information is limited.

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


PARKS DIVERSIFIED: Taps Klein & Wilson as Litigation Counsel
------------------------------------------------------------
Parks Diversified, LP seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ Klein & Wilson as
its special litigation counsel.

The firm's services include:

     a. advising the Debtor regarding matters of bankruptcy law,
including the rights and remedies of the estate with respect to the
pre-bankruptcy transfers and the recovery of those transfers;

     b. assisting the Debtor in the investigation and recovery of
its pre-bankruptcy transfers;

     c. conducting examinations of witnesses, claimants or adverse
parties in connection with the investigation and assisting in the
preparation of reports, accounts and pleadings related to the
pre-bankruptcy transfers;

     d.  making bankruptcy court appearances; and

     e.  performing other legal services in connection with the
pre-bankruptcy transfers.  

The firm received a retainer in the amount of $15,000 from the
Debtor's general partner, David Klein, who has also guaranteed
payment of the firm's invoices.

Michael LeBoff, Esq., a partner at Klein & Wilson, disclosed in a
court filing that his firm is a disinterested person within the
meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Michael S. LeBoff, Esq.
     Amy H. Nguyen, Esq.
     Klein & Wilson
     4770 Von Karman Avenue
     Newport Beach, CA 92660
     Phone: (949) 631-3300
     Fax: (949) 631-3703
     Email: leboff@kleinandwilson.com
            anguyen@kleinandwilson.com

                      About Parks Diversified

Parks Diversified, LP, a San Juan Capistrano, Calif.-based company
engaged in activities related to real estate, filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
C.D. Calif. Case No. 21-11558) on June 22, 2021.  David Klein,
general partner, signed the petition.  At the time of the filing,
the Debtor disclosed $30,020,500 in assets and $200,000 in
liabilities.  Judge Erithe A. Smith presides over the case.  Goe
Forsythe & Hodges, LLP and Klein & Wilson serve as the Debtor's
bankruptcy counsel and special litigation counsel, respectively.


PATTERSON COMPANIES: Egan-Jones Keeps B+ Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on June 28, 2021, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Patterson Companies Inc. EJR also downgraded the
rating on commercial paper issued by the Company to B from A3.

Headquartered in Saint Paul, Minnesota, Patterson Companies Inc.
distributes dental products, veterinary supplies for companion
pets, and rehabilitation supplies.



PATTERSON COMPANIES: Egan-Jones Keeps B+ Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on July 9, 2021, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Patterson Companies Inc. EJR also maintained its 'B'
rating on commercial paper issued by the Company.

Headquartered in Saint Paul, Minnesota, Patterson Companies Inc.
distributes dental products, veterinary supplies for companion
pets, and rehabilitation supplies.



PETROTEQ ENERGY: Unveils Equity, Debt Financings
------------------------------------------------
Petroteq Energy Inc. has received irrevocable subscription
agreements for gross proceeds of US$2,144,999.92 for an aggregate
of 17,874,996 units of the ‎Company at US$0.12 per Unit.  

Each Unit shall consist of (i) one common share of the ‎Company,
and (ii) one transferable ‎common share purchase warrant.  Each
warrant shall ‎‎entitle the holder thereof to acquire one
‎additional common share of the Company ‎at US$0.12 ‎per
share, 9,541,663 for ‎24 months from issuance and 8,333,333 for
60 months from issuance.‎  The subscriptions include a US$225,000
subscription from Mr. Alex Blyumkin, an officer and director of
Petroteq, for 1,875,000 Units.‎  

In connection with the issue and sale of the Units pursuant to the
Equity Offering, the Company has agreed to compensate ‎registered
dealers ‎(i) cash commissions of an aggregate of US$37,999.99,
and (ii) non-‎transferable compensation options to purchase an
aggregate of 577,082 ‎common shares at US$0.12 per share, 316,666
for 24 months from issuance and 260,416 for 48 months from
issuance.‎

The Company also has agreed to a fourth follow on debt financing
with a previous arm's length lender.  The lender has provided an
irrevocable subscription agreement for (i) a US$3,000,000 principal
amount (including a 20% OID) convertible secured debenture of
the‎ Company, and (ii) 20,833,333 transferable common share
purchase warrants, for the total subscription price of
US$2,500,000.  The debenture will have a term of 48 months and
shall bear interest at a rate of 10.0% per annum, payable
‎quarterly, and at the option of the subscriber, ‎subject to a
forced conversion right of the Company, will be ‎convertible into
common shares of the Company at US$0.12 per share‎.  Each warrant
shall entitle the holder thereof to acquire one (1) additional
common share of the Company at US$0.12 per share until the date
that is 48 months from issuance.  In connection with the
subscription, a registered dealer is entitled on closing to (i) a
‎cash ‎commission equal to 8% ($200,000) of the subscription
price, and (ii) compensation options to purchase 5,208,333 common
shares of the Company at US$0.12 per share until the date that is
48 months from issuance. ‎ In addition, the Company will
reimburse the subscriber for its costs, expenses and due diligence
fees in connection with the subscription. ‎

An affiliated party to the previous lender has also provided an
irrevocable subscription agreement for (i) a US$300,000 principal
amount convertible debenture of the Company, and (ii) 2,500,000
‎transferable common share purchase warrants, for the total
subscription price of US$300,000.  The ‎debenture will have a
term of 24 months and shall bear interest at a rate of 8.0% per
annum, payable quarterly, and at the option of the ‎subscriber,
‎subject to a forced conversion right of the Company, will be
convertible into common shares of the Company at US$0.12 per
share‎.  Each warrant shall entitle the holder thereof to acquire
one additional common share of the Company at US$0.12 per share
until the date that is 24 months from issuance.  In connection with
the subscription, a registered dealer is entitled on closing to
‎compensation options to ‎purchase 625,000 common shares of the
Company at US$0.12 per share until the date that is 48 months from
issuance.‎

The Company has also received an irrevocable subscription agreement
for (i) US$120,000 principal amount (including a 20% OID)
convertible debenture of the‎ Company, and (ii) 833,333
transferable common share purchase ‎warrants, for the total
subscription price of US$100,000.  The debenture will have a term
of 24 months and shall bear interest at a rate of 8.0% per annum,
payable quarterly, and at the option of the subscriber will be
convertible into common shares of the Company at US$0.12 per
share‎.  Each warrant shall entitle the holder thereof to acquire
one additional common share of the ‎Company at US$0.12 per share
until the date that is 24 months from issuance.

The net proceeds of the Equity Offering and the debt offerings will
be used by the Company on its extraction technology in Asphalt
Ridge, Utah and for working capital.

‎"I believe that the subscriptions for more than US$5 million,
including US$225,000 of my own money, is an indication that there
is confidence in support in our company, our technology and our
prospects," said Alex Blyumkin, executive chairman of Petroteq.
"We are excited ‎to continue to develop our technology and
commence consistent commercial production at our plant".

In addition, the Company announced its intention to complete a debt
conversion transaction with an arm's length service providers
pursuant to ‎which the Company will issue an aggregate of
5,583,333 common shares of the Company at a deemed price of ‎US
$0.12 per share in satisfaction of US$670,000 and 250,000 shares in
satisfaction of $30,000.  The Company (with the service provider's
consent) determined to satisfy the indebtedness with common shares
to ‎‎preserve the ‎Company's cash for use on its extraction
technology in Asphalt Ridge, Utah, and for working ‎capital.‎

                     About Petroteq Energy Inc.

Petroteq -- www.Petroteq.energy -- is a clean technology company
focused on the development, implementation and licensing of a
patented, environmentally safe and sustainable technology for the
extraction and reclamation of heavy oil and bitumen from oil sands
and mineable oil deposits.  Petroteq is currently focused on
developing its oil sands resources at Asphalt Ridge and upgrading
production capacity at its heavy oil extraction facility located
near Vernal, Utah.

Petroteq reported a net loss and comprehensive loss of $12.38
million for the year ended Aug. 30, 2020, compared to a net loss
and comprehensive loss of $15.78 million for the year ended Aug.
31, 2019.

Vancouver, British Columbia, Canada-based Hay & Watson, the
Company's auditor since 2012, issued a "going concern"
qualification in its report dated Dec. 15, 2020, citing that the
Company has had recurring losses from operations and has a net
capital deficiency, which raises substantial doubt about its
ability to continue as a going concern.


PIPELINE FOODS: July 16 Deadline Set for Panel Questionnaires
-------------------------------------------------------------
The United States Trustee is soliciting members for an unsecured
creditors committee in the bankruptcy case of Pipeline Foods LLC et
al.

If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://bit.ly/3xDhVkI and return it to
Jane.M.Leamy@usdoj.gov a at the Office of the United States Trustee
so that it is received no later than 4:00 p.m., on July 16, 2021.

If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.

                        About Pipeline Foods

Pipeline Foods is the first U.S.-based supply chain solutions
company focused exclusively on non-GMO, organic, and regenerative
food and feed. Its dedicated team brings transparent, sustainable
supply chain solutions to connect the dots for its farming partners
and end users of organic grains and ingredients.  On the Web:
https://www.pipelinefoods.com/

Pipeline Foods LLC sought Chapter 11 protection (Bankr. D. Del.
Lead Case No. 21-11002) on July 8, 2021.  In the petition signed by
CRO Winston Mar, Pipeline Foods estimated assets between $100
million and $500 million and estimated liabilities of between $100
million and $500 million.  The cases are handled by Honorable Judge
Karen B. Owens.

Pipeline Foods is represented by Saul Ewing Arnstein & Lehr, LLP
with Michael Gesas as lead counsel.  Bryan Cave Leighton Paisner
LLP acts as counsel to the Board of Directors.  The Debtor's
financial advisor is SierraConstellation Partners, and its chief
restructuring officer is Winston Mar of SierraConstellation
Partners.  Stretto serves as claims agent to the Debtor.  


PRA HEALTH SCIENCES: S&P Ups ICR to 'BB+' on Acquisition by ICON
----------------------------------------------------------------
S&P Global Ratings raised the issuer credit rating on PRA Health
Sciences Inc. to 'BB+' with a stable outlook, the same as the
rating on ICON. Meanwhile, S&P withdrew its rating on PRAH's debt
because it has been repaid.

Ireland-based ICON PLC has closed its acquisition of PRA Health
Sciences Inc.

ICON closed its acquisition of PRAH. We raised the issuer credit
rating on PRAH to 'BB+' with a stable outlook, the same as the
rating on ICON. Meanwhile, we withdrew the rating on PRAH's debt,
which has been repaid.



PROJECT ANGEL: Moody's Raises CFR to B2, Outlook Stable
-------------------------------------------------------
Moody's Investors Service upgraded Project Angel Holdings, LLC's
corporate family rating to B2 from B3 and its probability of
default rating to B2-PD from B3-PD. Concurrently, Moody's upgraded
the rating on the issuer's senior secured first lien credit
facility to B1 from B2. The upgrades were driven by Project Angel's
solid business performance in recent quarters and Moody's
expectation of continued improvement in operating trends in 2021.
The outlook is stable.

Upgrades:

Issuer: Project Angel Holdings, LLC

Corporate Family Rating, Upgraded to B2 from B3

Probability of Default Rating, Upgraded to B2-PD from B3-PD

Senior Secured Bank Credit Facility, Upgraded to B1 (LGD3) from B2
(LGD3)

Outlook Actions:

Issuer: Project Angel Holdings, LLC

Outlook, Remains Stable

RATINGS RATIONALE

Project Angel's B2 CFR is principally constrained by high debt
leverage with debt to EBITDA of modestly above 5x (LTM as of March
31, 2021, Moody's adjusted for operating leases) as well as limited
scale and a concentrated vertical market focus as a software
provider for banks, credit unions, mortgage lenders, and other
financial services providers. Project Angel's credit quality is
also negatively impacted by its concentrated private equity
ownership structure and the risk of incremental debt-financed
acquisitions and shareholder distributions which are indicative of
an aggressive financial strategy that could constrain deleveraging
efforts. Governance risks will be somewhat mitigated if the company
can successfully complete an IPO following a recent S-1 filing.
Business risks are partially offset by Project Angel's solid
presence as provider of SaaS-based solutions within its target
market of financial services clients, high revenue predictability
driven by historically strong retention rates, and a capital
structure supported by a meaningful equity cushion. The company's
credit quality also benefits from Project Angel's strong
profitability margins and expectations of healthy free cash flow
generation.

Project Angel's good liquidity is supported by the company's cash
balance of approximately $75.6 million as of March 31, 2021 as well
as Moody's expectation of free cash flow generation as a percentage
of debt in the high single digits (before factoring in
extraordinary working capital related outflows) in the next 12
months. The company's liquidity is also bolstered by an undrawn $35
million revolving credit facility. While Project Angel's term loans
are not subject to financial covenants, the revolving credit
facility has a springing covenant based on a maximum net first lien
leverage ratio which the company should be comfortably in
compliance with over the next 12-18 months.

The stable ratings outlook reflects Moody's expectation that
Project Angel's revenues will expand at a mid-single digit rate
(pro forma for acquisitions) in 2021 with EBITDA growing at a more
modest pace during this period due to higher operating cost
assumptions. Accordingly, debt leverage (Moody's adjusted) is
projected to approximate 5.5x at the end of 2021. While the timing
and use of proceeds of a potential IPO described in the company's
recent S-1 filing is unknown and is not presently incorporated into
the company's credit ratings, such a development could have
positive implications on Project Angel's CFR to the extent a
portion of such proceeds are applied towards meaningful debt
repayment of the borrower. Moody's notes, however, that a change in
the composition of the debt capital structure resulting from
prospective debt repayment could alter the company's instrument
ratings.

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

The rating could be upgraded if the company realizes meaningful
revenue and EBITDA growth while adhering to a conservative
financial policy such that debt to EBITDA (Moody's adjusted) is
expected to be sustained below 4.5x and annual free cash flow/debt
exceeds 10%.

The rating could be downgraded if the company were to experience a
weakening competitive position, revenue contracts and cash flow
generation weakens, or the company maintains aggressive financial
policies such that debt leverage is sustained above 6.5x and annual
free cash flow/debt contracts to below 5%.

Project Angel, owned by Thoma Bravo, LLC ("Thoma Bravo"), is a
leading provider of SaaS-based software solutions to financial
institutions to support loan and deposit account origination and
related workflow applications.

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


PUG LLC: Moody's Affirms B3 CFR & Alters Outlook to Positive
------------------------------------------------------------
Moody's Investors Service affirmed the B3 Corporate Family Rating
of PUG LLC (Viagogo) and affirmed the B3 senior secured ratings on
the company's term loan facilities. The outlook was changed to
positive from negative reflecting Moody's expectation for continued
recovery in demand for in-person live events and secondary tickets,
particularly in the U.S.

A summary of the actions follows:

Affirmations:

Issuer: PUG LLC (Viagogo)

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Senior Secured First Lien Bank Credit Facility, Affirmed B3
(LGD4)

Outlook Actions:

Issuer: PUG LLC (Viagogo)

Outlook, Changed To Positive From Negative

RATINGS RATIONALE

The change in the outlook to positive reflects a faster than
expected increase in the number of scheduled live events,
particularly in the U.S., and pent up consumer demand for in-person
live sports and entertainment. "In addition to greater visibility
regarding the increased number of live events over the next year,
attendance at these events will also be greater than Moody's
initially anticipated reflecting vaccination distribution and the
subsequent easing of capacity limitations by local authorities,"
said Carl Salas, Moody's Senior Credit Officer.

As of June 2021, gross merchandise sales (GMS) had significantly
improved compared to estimated pacing in 1Q21. Based on scheduled
events over the next year globally, Moody's expects revenues for
Viagogo will approach pre-pandemic levels in 2022 with enhanced
EBITDA margins due to significant cost reductions and the winding
down of unfavorable contracts. In contrast to most of 2020, Viagogo
has been generating positive free cash flow each month since this
past April, and Moody's projects continued free cash flow
generation will allow for near term debt repayment. Viagogo's
financial policies include maintaining debt to EBITDA at less than
3x (as defined) and no material M&A over the medium term. Moody's
does not expect Viagogo will fund dividends or distributions until
target credit metrics are reached.

Viagogo's credit profile benefits from its asset-lite business
model and large scale, with leading market positions in most major
global regions including North America. Financial metrics are
supported by historically attractive adjusted EBITDA margins,
typically positive working capital cash flows, and minimal capex
leading to good conversion of EBITDA to free cash flow. Given
realization of additional cost cuts (e.g. optimizing marketing
spend) after Viagogo is permitted by UK regulators to combine
operations with StubHub globally, Moody's believes Viagogo will be
able to exceed historical EBITDA margins as live events and
secondary tickets sales approach 2019 levels. Nevertheless, there
is the potential that variant forms of COVID-19 could delay
Viagogo's full recovery, and the ticketing market remains very
competitive with Vivid Seats, the next largest secondary ticketing
provider, planning to go public and Sports Illustrated launching
its own ticketing platform, SI Tix.

Viagogo has good liquidity supported by more than $500 million of
cash balances, working capital inflows from upfront cash receipts
in advance of reimbursements to ticket sellers, minimal capital
expenditures, and up to 35% availability under the $125 million
revolving credit facility due 2025 (undrawn) before the springing
leverage covenant is tested (5.70x first lien leverage maximum).
Free cash flow has been positive each month since April 2021.
Payments due to ticket sellers will increase from current levels
supporting positive working capital as the roll-off of historical
payments due to sellers continues to be offset by cash inflows from
new receipts.

The ticketing industry faces regulatory scrutiny and the potential
for legislation that could adversely impact Viagogo's business
model. Social risks include concerns regarding ticket prices in the
secondary market both in the U.S. and abroad. There is also the
potential for changes in consumer practices or regulations that
could reduce profitability or require greater disclosures for the
sector evidenced by prior regulatory actions taken against
secondary ticket providers, including StubHub, Ticketmaster, and
Viagogo. Concentrated voting control, lack of public financial
disclosure, and the absence of board independence are also
incorporated in Viagogo's B3 CFR. Financial discipline is evidenced
by Viagogo's issuing incremental preferred equity during the
pandemic to ensure liquidity remains solid. Moody's treats the
preferred shares as equity; however, initial investors in Series G
and H preferred shares have the right to request that Viagogo
conduct a sale process if an IPO or public listing of common stock
has not occurred within eight years of the February 2020
acquisition.

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

The positive outlook for Viagogo is driven by the expected recovery
in demand for in-person live events and secondary ticket sales,
particularly in the U.S. Moody's expects the recovery will continue
to expand beyond the U.S. with further relaxing of restrictions on
attendance at sporting and entertainment events. The outlook
incorporates Moody's expectations for improving liquidity as
Viagogo continues to grow its top line and generate monthly free
cash flow followed by debt repayment in the near term. The outlook
does not include shareholder distributions, redemption of preferred
shares with cash or debt, or changes to regulations or consumer
practices in major regions that could have a negative impact on
secondary ticket sales.

Ratings could be upgraded if demand for in-person live events and
secondary tickets continues to recover, leading to consistent top
line growth and adjusted debt to EBITDA approaching 6x without
addbacks. Viagogo would also need to maintain good liquidity (net
of payments due to ticket sellers) with 25% adjusted EBITDA
margins. Ratings could be downgraded if Moody's expects adjusted
debt to EBITDA will be sustained above 7.5x due to underperformance
or debt financed transactions. There would also be downward
pressure on ratings if Viagogo's liquidity cushion erodes or if
regulatory actions or developments in the competitive landscape
adversely affect Viagogo's profitability or market share.

Viagogo provides an online marketplace for secondary tickets along
with payment support, logistics, and customer service. The
acquisition of StubHub at the beginning of 2020 created a leading
ticket marketplace globally. Viagogo is majority owned by Madrone
Capital Partners, Bessemer Venture Partners, and Eric Baker, CEO
and founder, with Mr. Baker holding majority voting control.

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


PURDUE PHARMA: West Virginia Opposes Bankruptcy Plan
----------------------------------------------------
Associated Press reports that West Virginia opposes Purdue Pharma
bankruptcy plan.

West Virginia Attorney General Patrick Morrisey said he will oppose
OxyContin maker Purdue Pharma's bankruptcy plan, arguing that his
state, one of the hardest hit by the opioid epidemic, would get
shorted in settlement money.

"I remain vigorously opposed to a proposed allocation formula that
would distribute settlement funds largely based on a state or local
government's population – not intensity of the problem," Morrisey
said Tuesday, July 13, 2021.

Purdue's plan to reorganize into a new entity that helps combat the
U.S. opioid epidemic got a big boost in the second week of July
2021 as 15 states that had previously opposed the new business
model gave their support.

The agreement from multiple state attorneys general, including
those who had most aggressively opposed Purdue's original
settlement proposal, was disclosed last Wednesday in a filing in
U.S. Bankruptcy Court in White Plains, New York. It followed weeks
of intense mediations that resulted in changes to Purdue’s
original exit plan.

But nine states and the District of Columbia did not sign onto the
proposal. Some criticize it for not demanding more from members of
the wealthy Sackler family who own the company and have not
accepted any blame.

Morrisey, a Republican, had previously said he opposed the proposal
on separate grounds. He reiterated Tuesday that the allocation
formula "fails to recognize the disproportionate harm caused by
opioids in our state."

For years, West Virginia has had the nation’s highest fatal
opioid overdose rate.

"I look forward to arguing our case in court this August," he
added. Following August 2021's hearing, a federal bankruptcy judge
will decide whether to confirm the deal.

Purdue sought bankruptcy protection in 2019 as a way to settle
about 3,000 lawsuits it faced from state and local governments and
other entities. They claimed the company’s continued marketing of
its powerful prescription painkiller contributed to a crisis that
has been linked to nearly 500,000 deaths in the U.S. over the last
two decades.

                       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.


RITE AID: Egan-Jones Keeps CCC Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company, on June 29, 2021, 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.



ROUGH COUNTRY: S&P Downgrades ICR to 'B-' on Leveraged Buyout
-------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Rough
Country LLC, a U.S.-based supplier of suspensions and related
accessories for light trucks, to 'B-' from 'B'. S&P also assigned
its 'B-' issuer credit rating to the company's parent borrower, RC
Buyer Inc.

S&P said, "At the same time, we assigned our 'B-' issue-level
rating and '3' recovery rating to the proposed first-lien credit
facilities and our 'CCC' issue-level rating and '6' recovery rating
to its second-lien term loan. The '3' recovery rating indicates our
expectation for meaningful recovery (50%-70%; rounded estimate:
55%) in the event of payment default. The '6' recovery rating
indicates our expectation for negligible (0%-10%; rounded estimate:
0%) recovery prospects. Upon the close of the LBO, we will
discontinue our issuer credit rating and debt ratings on Rough
Country LLC while maintaining our ratings on RC Buyer Inc.

"The stable outlook reflects our expectation that the company will
generate positive discretionary cash flow despite its high S&P
Global Ratings-adjusted leverage over the next 12 months.

"The downgrade reflects our expectation for a significantly higher
debt burden following the LBO. The company's financial flexibility
had weakened following its most recent debt-financed dividend in
January 2021, which occurred just three months after it initiated a
similar transaction (in October 2020) under its previous owner
Gridiron Capital. TSG has acquired a majority stake in Rough
Country and we anticipate the company's new capital structure will
comprise a $50 million revolving credit facility (undrawn) due
2026, a $555 million first-lien senior secured term loan due 2028,
and a $205 million second-lien senior secured term loan due 2029.
Pro forma for the current transaction, we expect Rough Country's
debt to EBITDA to be about 6.8x and remain above 6.0x over the next
two years, which is weaker than our prior expectation for leverage
in the 4.5x-5.0x range."

Profit margin headwinds could test Rough Country's operational
performance over the next 12-18 months. The demand for auto parts
and accessories remained surprisingly resilient over the past year
despite the economic slowdown stemming from the global coronavirus
pandemic and related quarantine efforts. S&P said, "We believe
government stimulus checks and a shift in consumer preferences
toward online shopping may have had an outsized benefit on Rough
Country's sales because of its strong online presence and ongoing
focus on the direct-to-consumer (DTC) channel. We also believe
these factors may have led to the pull-forward of some of the
demand for trucks accessories, which boosted the company's top-line
sales. However, we believe the reopening of society following the
pandemic will lead to a slowdown in Rough Country's expansion, thus
we anticipate its growth will moderate in 2021 and 2022.
Additionally, we anticipate commodity price inflation will lead to
some margin pressure in 2021." Steel is the company's main direct
raw material and the price of this commodity has more than doubled
over the past year. That said, Rough Country's strong brands and
pricing power will likely somewhat insulate its margins from
potential inflationary pressures and any adverse shifts in its
product mix toward less-profitable products.

The company's positive discretionary cash flow will likely limit
additional downside risks. In 2020, Rough Country's credit metrics
improved on the surprisingly resilient consumer demand for auto
parts and accessories and a shift in consumer preferences toward
online shopping, where the company has a strong presence. S&P said,
"With higher interest costs, we expect its cash flow to weaken
slightly in 2021 as consumer demand normalizes and commodity price
inflation somewhat pressures its margins. However, given the
company's low capital expenditure requirements and high profit
margins, we anticipate it will likely generate positive
discretionary cash flow over the next 24 months."

S&P said, "The stable outlook on Rough Country reflects our
expectation that it will continue to generate positive cash flow
over the next 12 months despite the significant increase in its
debt and related interest costs.

"We would consider upgrading Rough Country if it appears likely
that its financial sponsor will manage its debt to EBITDA below
6.0x. Notwithstanding potential future debt-financed dividends, we
would require the company to sustain discretionary cash flow to
debt of at least 3% on a sustained basis before we would raise our
rating.

"Though unlikely over the next 12 months, we could lower our
ratings on RC Buyer if its margins weaken materially and its cash
flows turn negative on a sustained basis such that its financial
commitments appear unsustainable. This could occur because of
higher commodity prices or weaker-than-expected consumer demand for
its products amid a deteriorating economic environment or a sharp
increase in gas prices that limits consumer discretionary
spending."



SC SJ: Bankruptcy Suit Pits Down Fairmont Hotel Owner vs. Manager
-----------------------------------------------------------------
The Mercury News reports that the owner and the operator of the
downtown San Jose Fairmont hotel are locked in widening legal
hostilities after the filing of a lawsuit tied to the hotel’s
bankruptcy proceeding.

The conflict has morphed into a full-scale battle after the launch
of the litigation, which was filed on June 29 as a sibling
proceeding arising from the ongoing Chapter 11 bankruptcy case.

On Tuesday, July 13, 2021, in a follow-up filing with the
Bankruptcy Court, the hotel owner accused hotel operator Accor of
deliberately blocking the efforts to reorganize the hotel's
shattered finances through the bankruptcy proceeding.

"Through its actions in these cases, Accor has made its position
abundantly clear: If Accor cannot manage the Hotel, then it will do
all it can to prevent any other brand manager from managing the
Hotel," the hotel owner stated in a court filing on July 13, 2021.

SC SJ Holdings, the affiliate led by business executive Sam Hirbod
that owns the Fairmont San Jose, filed the lawsuit in the U.S.
Bankruptcy Court against Accor Management U.S., a large company
that manages and operates hotels.

The lawsuit is asking the court to find that operator Accor
Management has illegally interfered with the owner's efforts to
stabilize and protect the 805-room hotel, which has been closed
since March 5, 2021, the day the bankruptcy was filed.

"This is really contentious now," said Alan Reay, president of
Irvine-based Atlas Hospitality Group, which tracks the California
lodging market. "The relationship between the owner and the
operator has gone off the rails."

The lawsuit also disclosed that the hotel’s finances and
operations were already wobbly even ahead of the outbreak of the
coronavirus that triggered business shutdowns to combat the deadly
bug.

"Before the COVID-19 pandemic, the hotel's revenues suffered under
Accor’s management and limited reservation pipeline," the hotel
owner stated in the lawsuit.

The economic impact of the coronavirus caused the hotel's fortunes
to implode, the court filing stated.

"Revenues took a dramatic and sudden downturn following the spread
of the COVID-19 virus," according to the lawsuit.

The hotel's future turned decidedly murky in late June when a set
of decisions by a U.S. Bankruptcy Court judge enabled the start of
an arbitration proceeding to resolve a dispute between the bankrupt
hotel’s owner and the iconic lodging's operator.

It could take five to six months for the arbitration case to be
settled.

"We do not have a firm date on the property's reopening," hotel
spokesperson Sam Singer said in late June.

The lawsuit claims that the hotel operator blocked the owner from
being able to access key computer systems, financial records, and
even the tech network that helps control the locking and unlocking
of the doors to each of the guest rooms in the hotel.

"The lockout recklessly put the hotel at risk," the hotel owner
stated in the court papers. "The key management system that
controls access to guest rooms became inaccessible prohibiting
access to guest rooms. That could have been disastrous had there
been a leak or other emergency."

In a separate filing related to the bankruptcy case, Accor
Management accused the hotel ownership group of failing to provide
enough financial support to the hotel operator until revenue and
occupancy levels could return to the pre-COVID levels.

"This stance led to a number of disputes," Paul Tormey, an Accor
regional vice president, declared in a statement to the bankruptcy
court.

However, the hotel owner said that because the operator Accor
failed to provide enough financing to keep the hotel afloat, the
ownership group decided to terminate its contract with the
operator.

The bankruptcy filing was crafted to allow the hotel to reorganize
its finances, inject capital into the property, terminate the
management agreement with operator Accor, and bring a new operator
on board.

In May 2021, the ownership group picked Hilton Hotels & Resorts as
the new manager and operator.

Court papers show that Hilton has agreed to inject about $45.8
million in financing to help stabilize the hotel.

JPMorgan Chase Bank has also agreed to provide another $25 million
in funding for the hotel to assist its emergence from bankruptcy.

The biggest creditor that is owed money by the hotel is Colony
Capital, which holds a mortgage on the hotel of $173.5 million.
Colony Capital, though, has been providing some financial
assistance to help keep the hotel afloat.

The hotel owner has filed multiple proposed plans to reorganize the
hotel's finances. Email exchanges between the hotel owner's legal
team and the legal team for the operator suggested that another
revised plan is being prepared.
The hotel owner believes Accor is attempting to send a message to
the lodging industry at large and any hotel owners that might seek
to terminate their own management contracts with Accor.

"Accor will do everything it can to put the hotel out of business"
if a hotel owner seeks to terminate its management agreement with
Accord, the hotel owner stated in court papers.

This news organization requested a comment from Accor about the
situation.

For now, as the dispute and the bankruptcy case proceed, widespread
uncertainty looms over the hotel's future.

"The hotel remains closed, precluding employees and local
businesses from benefiting from the hotel's re-branding, capital
infusion, and opening," the hotel’s owner stated in the Tuesday,
July 13, 2021, filing.

                          About SC SJ Holdings and FMT SJ

San Ramon, California-based Eagle Canyon Management's SC SJ
Holdings LLC owns The Fairmont San Jose, an 805-room luxury hotel
located at 170 South Market St., San Jose, Calif. The hotel is near
many of the largest Fortune 1000 corporations and is a popular
location for conferences and conventions, particularly in the
technology industry.

On March 5, 2021, SC SJ Holdings' affiliate, FMT SJ LLC, filed a
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case No. 21-10521). On March 10, 2021, SC SJ
Holdings sought Chapter 11 protection (Bankr. D. Del. Case No.
21-10549).  The cases are jointly administered under Case No.
21-10549.

At the time of the filing, SC SJ Holdings disclosed assets of
between $100 million and $500 million and liabilities of the same
range. FMT SJ disclosed that it had estimated assets of between
$500,000 and $1 million and liabilities of between $100 million and
$500 million.

The Debtors tapped Pillsbury Winthrop Shaw Pittman, LLP, as their
bankruptcy counsel, Cole Schotz P.C. as local counsel, and Verity
LLC as financial advisor. Stretto is the claims agent and
administrative advisor.


SD IMPORT: Seeks Approval to Hire Schafer and Weiner as Counsel
---------------------------------------------------------------
Select Distributors, LLC and SD Import, LLC, seek approval from the
U.S. Bankruptcy Court for the Eastern District of Michigan to hire
Schafer and Weiner, PLLC to serve as legal counsel in their Chapter
11 cases.

The firm will be paid at these rates:

     Daniel J. Weiner       $485 per hour
     Michael E. Baum        $485 per hour
     Howard Borin           $395 per hour
     Joseph K. Grekin       $395 per hour
     Leon Mayer             $320 per hour
     Kim Hillary            $345 per hour
     John J. Stockdale, Jr. $375 per hour
     Jeff Sattler           $330 per hour
     Brandi M. Dobbs        $280 per hour
     Legal Assistant        $160 per hour

As disclosed in court filings, Schafer and Weiner is a
disinterested person pursuant to Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Michael E. Baum, Esq.
     John J. Stockdale, Jr., Esq.
     Schafer and Weiner, PLLC
     40950 Woodward Avenue, Ste. 100
     Bloomfield Hills, MI 48304
     Phone: (248) 540-3340
     Email: mbaum@schaferandweiner.com
            istockdale@schaferandweiner.com

                 About SD Import

Select Distributors, LLC and SD Import, LLC collectively operate a
import and wholesale business, which wholesales, among other
novelty products, vape pens under various trade names.

Select Distributors and SD Import filed their voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.
Mich. Case No. 21-45689 and Case No. 21-45687, respectively). At
the time of filing, SD Import estimated $50,000 in assets and
$500,001 to $1 million in liabilities, and Select Distributors
estimated $50,000 in assets and $100,001 to $500,000 in
liabilities.

Schafer and Weiner, PLLC, represents the Debtors as legal counsel.


SHARITY MINISTRIES: Seeks to Employ Landis Rath & Cobb as Counsel
-----------------------------------------------------------------
Sharity Ministries, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to hire Landis Rath & Cobb, LLP
to serve as legal counsel in its Chapter 11 case.

The firm's services include:

     (a) providing legal advice regarding Delaware local rules,
practices, precedents, and procedures and providing substantive and
strategic advice on how to accomplish the Debtor's goals in
connection with the prosecution of its case;

     (b) advising the Debtor with respect to its rights, powers and
duties and taking all necessary actions to protect and preserve the
Debtor's estate, including prosecuting actions on the Debtor's
behalf, defending any actions commenced against the Debtor,
negotiating all disputes involving the Debtor, and preparing
objections to claims filed against the estate;

     (c) preparing and filing legal documents and reviewing all
financial reports to be filed in the Debtor's case;

     (d) handling inquiries and calls from creditors and counsel to
interested parties regarding pending matters and the general status
of the case;

     (e) appearing in the bankruptcy court and any appellate
courts;

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

     (g) advising and assisting the Debtor in maximizing value in
its case, including, without limitation, in connection with
debtor-in-possession financing, use of cash collateral, sales of
assets, and the preparation and promulgation of a Chapter 11 plan;
and

     (h) performing all other necessary legal services for the
Debtor, including, but not limited to: (i) analyzing the Debtor's
leases and contracts and the assumption, rejection or assignment
thereof, (ii) analyzing the validity of liens against the Debtor,
(iii) advising the Debtor on litigation matters, and (iv)
developing a reorganization or liquidation strategy.

The firm's hourly rates are as follows:

     Partners            $675 - $1,025 per hour
     Associates          $360 - $495 per hour
     Paralegals          $265 - $280 per hour
     Legal assistants    $135 - $170 per hour

The Debtor paid $75,000 to the firm as a retainer fee.

Matthew McGuire, Esq., a partner at Landis Rath & Cobb, disclosed
in a court filing that his firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

Landis Rath & Cobb can be reached at:

     Matthew B. McGuire, Esq.
     Adam G. Landis, Esq.
     Nicholas E. Jenner, Esq.
     Landis Rath & Cobb, LLP
     919 Market Street, Suite 1800
     Wilmington, DE 19801
     Tel: 302.467.4400
     Fax: 302.467.4450
     Email: landis@lrclaw.com
            mcguire@lrclaw.com
            jenner@lrclaw.com

                   About Sharity Ministries Inc.

Established in 2018, Sharity Ministries Inc. is a 501(c)(3)
faith-based nonprofit corporation in Roswell, Ga., that operates a
health care sharing ministry, a medical cost-sharing arrangement
among persons of similarly and sincerely held religious beliefs.

Sharity Ministries sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 21-11001) on July 8, 2021.
As of March 31, 2021, the Debtor had total assets of $4,496,871
and total liabilities of $2,922,214.  Judge John T. Dorsey oversees
the case.

The Debtor tapped Landis Rath & Cobb, LLP and Baker & Hostetler,
LLP as legal counsel, and SOLIC Capital Advisors, LLC as
restructuring advisor.  Neil Luria of SOLIC serves as the Debtor's
chief restructuring officer.  BMC Group, Inc. is the claims and
noticing agent and administrative advisor.


SHARITY MINISTRIES: Taps SOLIC Capital as Restructuring Advisor
---------------------------------------------------------------
Sharity Ministries, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to hire SOLIC Capital Advisors,
LLC as its restructuring advisor, and designate Neil Luria as chief
restructuring officer, Raoul Nowitz as assistant chief
restructuring officer, and Kevin Tavakoli as director of finance.

The firm's services include:

     (a) reviewing the Debtor's weekly cash reports, including
review and follow-up on weekly actual receipts and disbursements,
and inter-bank account transfers;

     (b) supporting various liquidity management activities as
requested by the Debtor to maintain adequate liquidity, including
the effectiveness of liquidity stabilization initiatives;

     (c) assessing and validating the Debtor's cash and financial
projections, including assumptions of weekly cash forecast
projections as it relates to the implementation of strategic and
operational alternatives;

     (d) reviewing and supporting financial elements associated
with new third party contracts plus other operational initiatives
including validation of timing (and development of associated
timelines and milestones) and financial impact of same;

     (e) contingency planning and executing support for potential
strategic alternatives including an in-court plan of reorganization
or plan of liquidation;

     (f) doing bankruptcy preparations including assistance to the
Debtor's legal counsel in the development of first day motions and
bankruptcy schedules;

     (g) supporting with strategy and approaches to member
retention and transition in key states;

     (h) supporting the development of communication strategies to
the Debtor's members; and
  
     (i) assisting the management and the Debtor's legal counsel in
the review of any threatened or unforeseen litigation, contingent
liabilities, and regulatory-related or submission requirements, at
the request of the Debtor.

The firm's hourly rates are as follows:

     Senior Managing Directors/Seniors Advisors     $870 - 1,150
per hour
     Managing Directors                              $835 - $870
per hour
     Directors                                       $660 - $715
per hour
     Vice President                                  $495 - $595
per hour
     Senior Associate                                $420 - $475
per hour
     Associate/Analyst                               $345 - $370
per hour
     Paraprofessionals                               $155 - $220
per hour

The Debtor paid $200,000 to the firm as a retainer fee.

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

The firm can be reached at:

     Neil F. Luria
     SOLIC Capital Advisors, LLC
     425 West New England Avenue, Suite 300
     Winter Park, FL 32789
     Phone: 847.583.1618
     Email: info@soliccapital.com

                   About Sharity Ministries Inc.

Established in 2018, Sharity Ministries Inc. is a 501(c)(3)
faith-based nonprofit corporation in Roswell, Ga., that operates a
health care sharing ministry, a medical cost-sharing arrangement
among persons of similarly and sincerely held religious beliefs.

Sharity Ministries sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 21-11001) on July 8, 2021.
As of March 31, 2021, the Debtor had total assets of $4,496,871
and total liabilities of $2,922,214.  Judge John T. Dorsey oversees
the case.

The Debtor tapped Landis Rath & Cobb, LLP and Baker & Hostetler,
LLP as legal counsel, and SOLIC Capital Advisors, LLC as
restructuring advisor.  Neil Luria of SOLIC serves as the Debtor's
chief restructuring officer.  BMC Group, Inc. is the claims and
noticing agent and administrative advisor.


SILVERSIDE SENIOR: Taps CND Law as Special Healthcare Counsel
-------------------------------------------------------------
Silverside Senior Living, LLC and Graceway South Haven, LLC
received approval from the U.S. Bankruptcy Court for the Eastern
District of Michigan to hire CND Law to serve as special healthcare
counsel.

The Debtors need the firm's legal assistance in healthcare matters,
including Medicare and Medicaid issues and the potential sale of
Graceway's Certificate of Need in its Chapter 11, Subchapter V
case, and all related matters.

The firm's hourly rates are as follows:

     Peter Domas, Esq.      $395 per hour
     Associates             $185 - $295 per hour

Peter Domas, Esq., the firm's attorney who will be providing the
services, disclosed in a court filing that he is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

CND Law can be reached at:

     Peter Domas
     CND Law
     33762 Schoolcraft Rd
     Livonia, MI 48150
     Phone: (248) 464-3066 / (734) 427-2030
     Email: pdomas@cnd-law.com
            pdomas@healthlawconnect.com
            info@cnd-law.com

                   About Silverside Senior Living

Silverside Senior Living, LLC and its affiliate, Graceway South
Haven, LLC, sought Chapter 11 protection (Bankr. E.D. Mich. Lead
Case No. 21-44887) on June 7, 2021.  In a petition signed by
Anthony Fischer, Jr., chief executive officer, the Debtors
disclosed total assets of up to $50,000 and liabilities of up to
$10 million.

Judge Lisa S. Gretchko oversees the case.

The Debtors tapped Strobl Sharp PLLC as bankruptcy counsel and CND
Law as special healthcare counsel.  Cole, Newton & Duran serves as
the Debtors' accountant.


SILVERSIDE SENIOR: Taps Cole, Newton & Duran as Accountant
----------------------------------------------------------
Silverside Senior Living, LLC and Graceway South Haven, LLC
received approval from the U.S. Bankruptcy Court for the Eastern
District of Michigan to hire Cole, Newton & Duran as accountant.

The firm's services include:

     (a) advising the Debtors with respect to their accounting and
financial responsibilities and duties in the continued management
and operation of their business;

     (b) advising and consulting the Debtors regarding tax matters;
and

     (c) performing all necessary financial consulting services for
the Debtors in connection with their Chapter 11, Subchapter V
cases.

The firm's hourly rates range between $155 and $425.

Jacqueline Nicolas, a member of Cole, Newton & Duran, disclosed in
a court filing that her firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Jacqueline Nicolas
     Cole, Newton & Duran
     33762 Schoolcraft Road
     Livonia, MI 48150
     Phone: 734-427-2030
     Email: jnicolas@cndcpa.com

                   About Silverside Senior Living

Silverside Senior Living, LLC and its affiliate, Graceway South
Haven, LLC, sought Chapter 11 protection (Bankr. E.D. Mich. Lead
Case No. 21-44887) on June 7, 2021.  In a petition signed by
Anthony Fischer, Jr., chief executive officer, the Debtors
disclosed total assets of up to $50,000 and liabilities of up to
$10 million.

Judge Lisa S. Gretchko oversees the case.

The Debtors tapped Strobl Sharp PLLC as bankruptcy counsel and CND
Law as special healthcare counsel.  Cole, Newton & Duran serves as
the Debtors' accountant.


SOLENIS HOLDINGS: Platinum Acquisition No Impact on Moody's B3 CFR
------------------------------------------------------------------
Moody's Investors Service said that the ratings of Solenis Holdings
LLC (B3 Corporate Family Rating or "CFR", and term loan ratings)
are not impacted by the announced acquisition by Platinum Equity
and the planned merger with Innovative Water Care Global
Corporation (dba Sigura Water, Caa1 negative). All outstanding debt
at Solenis is expected to be repaid at closing due to the change of
ownership. Solenis' new financing structure after merging with
Sigura Water has not yet been disclosed.

On July 6, 2021, Platinum Equity announced that it has signed a
definitive agreement to acquire Solenis from Clayton, Dubilier &
Rice ("CD&R") and BASF in a transaction that implies an enterprise
value for Solenis of $5.25 billion. As part of the transaction,
Platinum Equity plans to merge Solenis with its existing portfolio
company, Sigura Water, for a total combined transaction value of
approximately $6.5 billion. The acquisition of Solenis and merger
with Sigura Water are expected to be completed before the end 2021,
subject to regulatory approval and customary closing conditions.

After merging with Sigura Water, Solenis will become a larger and
more diversified company. Potential synergies from the merger are
yet to be determined and hard to quantify at this stage given the
limited overlap in end markets and disparate chemistries involved.
The combined company would generate $3.4 billion in revenues on a
pro forma basis, versus $2.8 billion by Solenis alone for the last
twelve months ended March 31, 2021.

The merged company's credit profile will be highly dependent on the
amount of debt or debt-like instruments in the capital structure.
Although details are yet to be announced, the combined company's
financial policy will likely be aggressive with elevated debt
leverage given Platinum Equity's track record with Sigura Water.
Moreover, the company's operational strategy, integration plans and
financial policies will be key factors in the assessment of the
combined company's credit profile.

Both Solenis and Sigura Water have improved their operating results
in recent quarters. Solenis has increased the composition of higher
margin products and substantially reduced its selling, general and
administrative costs. Sigura Water has demonstrated operational
improvement under the new management team which implemented a
number of strategic initiatives including cost reductions, a
renewed focus on its business model, reducing and simplifying the
portfolio.

Solenis Holdings LLC produces chemicals used in the manufacturing
process for pulp and paper products and industrial water treatment.
Its products and service help customers improve operational
efficiency, enhance product quality and reduce environmental
impact. The private equity firm Clayton, Dublier, and Rice (CD&R)
acquired Solenis from Ashland in 2014. In January 2019, BASF
completed the sale of its paper and water chemicals business to
Solenis in exchange for a 49% equity stake in the combined
company.

Innovative Water Care Global Corporation (dba Sigura Water)
headquartered in Alpharetta, GA, is a leading producer of pool
chemicals for the residential market worldwide), as well as a
provider of water care solutions to industrial, commercial and
municipal clients worldwide. The company operates in two primary
segments: Residential and IM (Industrial and Municipal). Sigura
Water generated pro forma revenue of approximately $608 million for
the last twelve months ended March 31, 2021.



SPEEDWAY MOTORSPORTS: Moody's Alters Outlook on B1 CFR to Stable
----------------------------------------------------------------
Moody's Investors Service affirmed Speedway Motorsports, LLC's B1
Corporate Family Rating and B2 rating on the senior unsecured
notes. The outlook was changed to stable from negative.

The affirmation of Speedway's CFR and the change in the outlook to
stable reflects the easing of capacity limitations and other health
restrictions as the pandemic subsides which is projected to lead to
substantially higher attendance levels at the racetracks during the
rest of 2021 and into 2022. Speedway is expected to maintain a good
liquidity position supported by full access to the revolving credit
facility, cash on the balance sheet of $38 million, and positive
free cash flow over the rest of 2021.

A summary of the actions are as follows:

Affirmations:

Issuer: Speedway Motorsports, LLC

Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

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

Outlook Actions:

Issuer: Speedway Motorsports, LLC

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Speedway's B1 CFR reflects Moody's expectation that leverage (4.4x
as of Q1 2021) will be relatively unchanged in 2021, but will
decline more significantly in 2022 as the impact of the pandemic
continues to subside. The easing of capacity limitations and other
health restrictions by local health officials is expected to result
in higher revenue and EBITDA per race going forward. Speedway
benefits from its market position within the motor sports industry
supported by entitlements to 13 NASCAR Cup races and other motor
sports events at 7 owned facilities, and broadcast rights under a
10 year NASCAR agreement lasting through 2024. The TV broadcast
agreement provides Speedway higher broadcast revenue which
contributes to EBITDA at a high margin level and partly offsets
persistent declines in admissions, food and beverage, and
merchandise revenue. Contractual media revenues reduced the impact
of the pandemic and helped Speedway outperform many other live
entertainment companies that are more reliant on attendance related
revenue. Speedway has generated good free cash flow historically
that has been directed in part toward debt reduction, which Moody's
expects will continue going forward.

Speedway has faced multiyear declines in attendance pre-pandemic
due to reduced fan interest in NASCAR racing. Several changes to
the sport have been made to increase fan interest, attract
different demographic groups and new team owners, but reduced
spectator interest will continue to be a challenge for the company.
While the TV broadcast agreement has partly offset declines in
revenue from other race related segments prior to the pandemic, the
broadcast agreements expire at the end of 2024 while the notes
mature in 2027. Races were postponed and rescheduled later in the
season during the beginning of the pandemic, but NASCAR racing
resumed in May 2020 and was able to hold events with increasing
levels of spectators in attendance in recent quarters which is
expected to continue.

A governance consideration that Moody's considers in Speedway's
credit profile is the relatively conservative financial policy.
While leverage increased as part of the merger transaction in 2019,
Speedway has consistently used a portion of free cash flow to repay
debt and Moody's expects this will continue going forward. Speedway
was previously a public company, but became a private company as
part of a debt funded merger transaction in 2019. Speedway is owned
by members of the Smith family.

Speedway's liquidity position is good and supported by $38 million
of cash on the balance sheet as of Q1 2021 and an undrawn $100
million revolving credit facility maturing in 2024. Capital
expenditures declined to $10 million as of LTM Q1 2021 in order to
preserve liquidity during the pandemic, but are projected to
increase to the $20 to $30 million range in 2021. Historically,
Speedway used a portion of cash flow for dividends, but has not
made a dividend payment since the company became a private company
in September 2019. Moody's projects Speedway will generate free
cash flow as a percentage of debt in the low to mid-single digit
range in 2021.

Speedway is subject to financial covenants on its credit facility
including a total leverage ratio of 4.5x with additional step downs
going forward and an interest coverage ratio of 3x for the life of
the credit facility, but the company executed an amendment to the
credit agreement which suspends the testing of the total leverage
financial covenant through Q1 2022.

The stable outlook reflects the easing of health and capacity
restrictions which will likely support higher attendance related
revenue per event in 2021 and 2022. The total number of NASCAR Cup
races will be the same as last year, but more events were held in
Q1 2021 with fewer races during the balance of 2021 compared to the
same period last year. Moody's expects higher attendance related
revenue during the rest of 2021 will be largely offset by fewer
NASCAR Cup races held by Speedway during the same period compared
to last year. Speedway is projected to continue to generate good
free cash flow during the remainder of 2021 and 2022 with a portion
directed to debt reduction. Moody's expects leverage will remain
largely unchanged in 2021 from current levels as a result of the
shifts in race schedules, but decline well below 4x by the end of
2022.

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

An upgrade could occur with a stabilization of fan interest in
NASCAR racing as reflected by attendance revenue growth and
positive broadcast viewership trends along with improving credit
metrics, good liquidity and confidence that the financial policy of
the firm would be consistent with a higher rating. Credit metrics
consistent with a higher rating include Debt-to-EBITDA below 4x,
and free cash flow to debt in the high single digit percentages.

The ratings could be downgraded if Debt-to-EBITDA leverage was
sustained above 5x due to major development projects or a sustained
decline in profitability due to a deterioration in spectator
interest in NASCAR. A weak liquidity position or an ability to
obtain an amendment to its financial covenants if needed could also
lead to a downgrade.

Speedway Motorsports, LLC, headquartered in Concord, NC, is the
second largest promoter, marketer and sponsor of motor sports
activities in the U.S. primarily through its ownership of eight
major racetracks. NASCAR sanctioned events account for the vast
majority of Speedway's revenue. Speedway became a private company
in 2019 and is owned by members of the Smith family.

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


STITCH ACQUISITION: Moody's Assigns B3 CFR & Rates $350MM Loan B3
-----------------------------------------------------------------
Moody's Investors Service assigned ratings to Stitch Acquisition
Corporation (doing business as SVP Worldwide), including a B3
Corporate Family Rating and a B3-PD Probability of Default Rating.
Moody's also assigned a B3 rating to the company's proposed $350
million senior secured first lien term loan due 2028. The outlook
is stable.

Proceeds from the proposed $350 million first lien term loan, along
with a contribution of new common equity from Platinum Equity
Capital Partners (Platinum Equity) and rollover equity from
existing shareholders, will fund the leverage buyout (LBO) of SVP
Worldwide by Platinum Equity, refinance existing debt, and pay
related fees and expenses. Concurrent with the transaction the
company is expected to enter into a $70 million asset based lending
(ABL) revolving credit facility due 2026 (unrated) that is expected
to be undrawn at close.

The following ratings/assessments are affected by the action:

New Assignments:

Issuer: Stitch Acquisition Corporation

Corporate Family Rating, Assigned B3

Probability of Default Rating, Assigned B3-PD

Senior Secured 1st Lien Term Loan, Assigned B3 (LGD4)

Outlook Actions:

Issuer: Stitch Acquisition Corporation

Outlook, Assigned Stable

RATINGS RATIONALE

SVP Worldwide's B3 CFR broadly reflects its high financial leverage
with debt/EBITDA estimated at 3.9x as of the last twelve months
period (LTM) ending March 31, 2021, and pro forma for the LBO
transaction. Demand for the company's products has been very high
this past year driven by increased sewing participation due to
consumers spending more time at home because of the coronavirus
outbreak. Moody's anticipates a demand pull-back over the next
12-18 months as discretionary consumer spending shifts back to
categories that were limited during the pandemic such as travel and
dining. As result, Moody's project SVP Worldwide's revenue and
EBITDA to decline in the low-teen percent over the next 12-18
months, resulting in debt/EBITDA increasing to around 5.7x. The
rating also reflects the uncertainty around the sustainability of
current positive free cash flow generation relative to the modest
to slightly negative levels prior to fiscal 2020. SVP Worldwide has
small scale with revenue around $550 million and a narrow product
focus. Demand for the company's products is exposed to cyclical
consumer discretionary spending, somewhat offset by its exposure to
"need to sew" markets like Asia and Latin America. Governance
factors primarily consider the inherent risks related to its
ownership by a private equity firm, including debt-financed
shareholder distributions.

The rating also reflects SVP Worldwide's strong market position in
the global consumer sewing machines and related products market,
supported by its portfolio of well-recognized brands. The company
has good geographic and customer diversification, and benefits from
its sizable ecommerce and direct to consumer businesses. SVP
Worldwide's good liquidity reflects Moody's expectations for
positive free cash flow of around $30 million over the next 12-18
months, and its access to an undrawn $70 million ABL revolver pro
forma for the LBO transaction.

The B3 assigned to the company's proposed $350 million first lien
term loan, considers that the first lien term loan represents the
preponderance of the company's pro forma capital structure.

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

The stable outlook reflects Moody's expectations for revenue and
earnings decline over the next 12-18 months due to difficult comps
following strong demand over the past year, but that debt/EBITDA
leverage will remain below 6.0x. The stable outlook also reflects
that notwithstanding the anticipated earnings decline Moody's
expects the company will generate positive free cash flow and
maintain good liquidity over the next 12-18 months.

The ratings could be upgraded if the company demonstrates
consistent organic revenue and EBITDA growth, debt/EBITDA is
sustained below 5.0x, and free cash flow/debt sustained in the high
single digits. The company would also need to maintain at least
good liquidity and financial policies that support credit metrics
at the above levels.

The ratings could be downgraded if the company's operating
performance deteriorates beyond Moody's expectations with
consistent declines in revenue or profit margin deterioration, or
if debt/EBITDA is sustained above 6.5x. Ratings could also be
downgraded if the company completes a large debt-financed
acquisition of shareholder distribution that materially increases
financial leverage, or if liquidity deteriorates for any reason
including free cash flows turning negative on an annual basis or
high reliance on revolver borrowings.

The proposed first lien credit agreement contains provisions for
incremental debt capacity up to the sum of the greater of $75
million and 100% of pro forma trailing four quarter consolidated
EBITDA, plus unlimited amounts subject to pro forma first lien net
leverage not exceeding 3.5x (if pari passu secured). No portion of
the incremental may be incurred with an earlier maturity than the
term loans. Non-wholly-owned subsidiaries are not required to
provide guarantees; dividends or transfers resulting in partial
ownership of subsidiary guarantors could jeopardize guarantees,
with no explicit protective provisions limiting such guarantee
releases. There are no express "blocker" provisions which prohibit
the transfer of specified assets to unrestricted subsidiaries; such
transfers are permitted subject to carve-out capacity and other
conditions. The credit agreement is expected to provide some
limitations on up-tiering transactions, including the requirement
for affected lenders consent with respect to modification of the
pro rata sharing or payment waterfall provisions, and 100% lender
consent to modification to any of the voting percentages. The above
are proposed terms and the final terms of the credit agreement may
be materially different.

The principal methodology used in these ratings was Consumer
Durables Industry published in April 2017.

Headquartered in Nashville, TN, Stitch Acquisition Corporation
(doing business as SVP Worldwide) through its subsidiaries
manufactures and distributes consumer sewing machines and
accessories under the Singer, Husqvarna Viking, and Pfaff brands.
Pro forma for the pending acquisition transaction, the company is
majority owned by Platinum Equity Partners. SVP Worldwide's revenue
for the last twelve months period (LTM) approximates $554 million.


STRATHCONA RESOURCES: S&P Assigns 'B+' Issuer Credit Rating
-----------------------------------------------------------
S&P Global Ratings assigned its 'B+' issuer credit rating to
Calgary-based Strathcona Resources Ltd., a midsize exploration and
production company, and assigned its 'BB-' issue-level and '2'
recovery rating to the proposed senior unsecured notes.

The ratings reflect current production of about 80,000 barrels of
oil equivalent (boe) per day, a long reserve life, and a low
decline rate offset by relatively high-cost structure and exposure
to heavy oil differentials.

The stable outlook reflects S&P's expectation that adjusted funds
from operations (FFO) to debt will average about 30% over the next
two years and management will adhere to conservative financial
policies to maintain leverage within our current expectations.

Strathcona has a high proved reserves base and a long reserve life,
but its relatively higher cost structure constrains potential
upside to our business risk assessment. Strathcona has relatively
good scale of production (about 80,000 boe per day expected in
2021), operating in key Canadian plays, such as the Cold Lake
region, Montney, and Cactus Lake. While 55% to 60% of the average
daily production is from heavy oil, the company also produces
natural gas (25%) and condensate (about 15%) at its Montney assets,
which provide a natural hedge as these are used in the bitumen
production process. With 665 million boe (mmboe) of net proved
reserves and its current daily average production, the company has
a long reserve life index of about 20 years.

That said, the company's relatively high cost structure compared
with that of peers focused on conventional development constrains
upside to our business risk profile. Although the company has a low
decline rate (about 10%) and its all-in finding and development
costs are among the lowest of its peer group, its cash operating
costs and EBIT breakeven are relatively higher than those of peers
like Baytex Energy Corp (B/Stable/--) and Crownrock L.P.
(B+/Stable/--), which have a similar scale of production and
product mix. S&P said, "We expect cash costs on a per boe basis to
improve as production increases and assess the company's
profitability (calculated on a five-year unit EBIT/thousand cubic
feet basis) in the midrange of our North American peer group; but
we believe the cost structure will still lag that of peers due to
the heavy oil-weighted product mix."

S&P said, "We estimate the company will generate relatively strong
credit measures over our forecast period. We expect Strathcona will
generate adjusted FFO to debt averaging 30% and debt to EBITDA
averaging 3x over the next two years (fiscal 2022-fiscal 2023) led
by lower absolute debt and higher production levels. Although the
company has expanded through acquisitions and mergers, most of the
transactions to date have been funded with equity. As a result, the
company has a relatively lower amount of absolute debt than peers.
We also expect production to rise to about 105,000 boe per day in
2023 as management invests in debottlenecking and brownfield
opportunities, using existing infrastructure and facilities. While
we expect the company will generate positive free cash flows in
2022, we estimate it could outspend internal cash flows in 2023 by
about C$50 million as it continues to spend on optimization
projects under our pricing assumptions. However, we expect
Strathcona will have full availability under the C$800 million
covenant-based credit facility post completion of the proposed
transaction, which provides strong financial flexibility."

The active hedging program provides effective but limited
protection to the volatile heavy oil pricing environment. S&P said,
"Despite forecasting strong credit measures, our financial
assessment incorporates potential for volatility in cash flows and
credit measures. With most of the heavy oil production being sold
in the Western Canadian Select (WCS) spot market, the company's
cash flows are exposed to WCS differentials, which tend to be
highly volatile. To put into context, a US$5 increase in WCS
differential, assuming all else constant, could weaken the
FFO-to-debt ratio from about 40% to 20% in 2022. While the company
has material hedges in 2021 (60% of oil and 85% of gas production
hedged), it has minimal hedges for 2022 and 2023 in place. We
assume management will layer in additional hedges for outer years
but believe a portion of production is likely to remain unhedged
and will be sensitive to modest changes in commodity prices."

S&P said, "We assume owners Waterous Energy Fund (WEF) will adhere
to moderate financial policies focused on maintaining low debt
levels. While we view WEF as a financial sponsor, it has so far
maintained a somewhat conservative financial policy despite its
acquisitive growth strategy. WEF has made several acquisitions
since 2017, mostly funded with 70% to 75% equity. The company's
strategy has been to focus on sustainable free cash flows (free
cash flows less sustaining capital expenditure). Although WEF does
not expect to pay out dividends under our base-case assumptions, we
have included an estimated dividend payout during our forecast
period. That said, we believe management will cut back on
discretionary spending (growth and dividends), particularly if it
could lead to a material increase in leverage, given its long-term
target leverage level of lower than 1.0x debt to EBITDA.
Accordingly, we believe Strathcona should maintain leverage well
below the threshold needed to support our current financial risk
profile.

"The stable outlook reflects our expectation that the company will
generate an adjusted FFO-to-debt ratio averaging 30% and an
adjusted debt-to-EBITDA ratio of close to 3x over our two-year
forecast period (2022-2023). The outlook also reflects our
expectation that management will adhere to prudent financial
policies and cut back on discretionary spending if prices
meaningfully decline from our current expectations such that
leverage is maintained within our rating threshold. We also expect
Strathcona to have full availability under its credit facility post
completion of the transaction.

"We could lower the rating over the next 12 months, if we expect
FFO to debt to decline below 20%, with limited prospects of
improvement, while the company also generates negative free cash
flows. This could occur if hydrocarbon prices underperformed our
current assumptions, and the company continued to spend on growth
projects. We could also lower the rating if management pursues more
aggressive financial policies, such as debt-funded shareholder
returns.

"As the majority of the company's cash flows is exposed to heavy
oil and bitumen production, we believe an upgrade is highly
unlikely absent a meaningful expansion in Strathcona's operational
or geographic diversification. Under this scenario, we would also
expect the company to improve and maintain its adjusted FFO-to-debt
ratio above 45%."



SUFFERN PARTNERS: Gets OK to Tap Thompson Coburn as Special Counsel
-------------------------------------------------------------------
Suffern Partners, LLC received approval from the U.S. Bankruptcy
Court for the Southern District of New York to employ Thompson
Coburn Hahn & Hessen to substitute for Hahn & Hessen, LLP.

Hahn & Hessen, the firm initially hired by the Debtor as special
litigation and real estate counsel, merged into Thompson Coburn
Hahn & Hessen effective July 1, 2021.

Thompson Coburn will be paid as follows:

     Gilbert Backenroth       $1,025 per hour
     Stephen J. Grable        $750 per hour
     Mark Graham              $785 per hour
     Steven R. Aquino         $570 per hour
     Other Attorneys          $360 to $1,050 per hour
     Paralegal assistants     $150 to $300 per hour

As disclosed in court filings, Thompson Coburn is a "disinterested
person" as defined in Bankruptcy Code Section 101(14).

The firm can be reached through:

     Stephen J. Grable, Esq.
     Thompson Coburn Hahn & Hessen
     488 Madison Avenue
     New York, NY 10022
     Tel: 212-478-7200
     Fax: 212-478-7400
     Email: sgrable@thompsoncoburn.com

                       About Suffern Partners

Suffern Partners, LLC is a single asset real estate debtor based in
Suffern, N.Y.  It is the fee simple owner of a property located at
25 Old Mill Road, Suffern, N.Y., valued at $52.5 million.

Suffern Partners filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
21-22280) on May 16, 2021.  Isaac Lefkowitz, chief executive
officer, signed the petition.  In its petition, the Debtor
disclosed $58 million in assets and $48.72 million in liabilities.

Judge Sean H. Lane presides over the case.  

The Debtor tapped Davidoff Hutcher & Citron, LLP as its bankruptcy
counsel. Thompson Coburn Hahn & Hessen, Stavitsky & Associates, LLC
and Oved & Oved, LLP serve as the Debtor's special counsel.


SYNNEX CORPORATION: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on June 29, 2021, 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.



TECT AEROSPACE: Court Approves $13 Million Ch. 11 Sale to Boeing
----------------------------------------------------------------
Law360 reports that bankrupt aviation industry parts supplier TECT
Aerospace received court approval Tuesday. July 13, 2021, from a
Delaware judge for a $13. 5 million sale of its operations in
Kansas to affiliates of secured lender Boeing Co.

During a virtual hearing, debtor attorney Paul N. Heath of Richards
Layton & Finger PA said the sale of its two manufacturing
facilities in Kansas to the Boeing affiliates in exchange for the
forgiveness of $13. 5 million of secured debt held by Boeing was
being proposed on a fully consensual basis, as all objections to
the transaction had been resolved.

                 About TECT Aerospace Holdings Inc.

TECT Aerospace Group Holdings, Inc., and its affiliates manufacture
high precision components and assemblies for the aerospace
industry, specializing in complex structural and mechanical
assemblies, and, machined components for a variety of aerospace
applications. TECT produces assemblies and parts used in flight
controls, fuselage/interior structures, doors, wings, landing gear,
and cockpits.

TECT operates manufacturing facilities in Everett, Washington, and
Park City and Wellington, Kansas and their corporate headquarters
is located in Wichita, Kansas. TECT currently employs approximately
400 individuals nationwide.

TECT and its affiliates are privately held companies owned by Glass
Holdings, LLC and related Glass-owned or Glass controlled
entities.

TECT Aerospace Group Holdings, Inc., and six affiliates sought
Chapter 11 protection (Bankr. D. Del. Case No. 21-10670) on April
6, 2021.

TECT Aerospace estimated assets of $50 million to $100 million and
liabilities of $100 million to $500 million as of the bankruptcy
filing.

The Debtors tapped RICHARDS, LAYTON & FINGER, P.A., as counsel;
WINTER HARBOR, LLC, as  restructuring advisor; and IMPERIAL
CAPITAL, LLC, as investment banker. KURTZMAN CARSON CONSULTANTS LLC
is the claims agent.

The Boeing Company, as DIP Agent, is represented by:

     Alan D. Smith, Esq.
     Perkins Coie LLP
     E-mail: ADSmith@perkinscoie.com

          - and -

     Kenneth J. Enos, Esq.
     Young Conaway Stargatt & Taylor, LLP
     E-mail: kenos@ycst.com

                             *   *   *

As reported by Troubled Company Reporter on June 2, 2021, Judge
Brendan Linehan Shannon of the U.S. Bankruptcy Court for the
District of Delaware authorized the bidding procedures proposed by
TECT Aerospace Group Holdings Inc. and affiliates in connection
with the auction sale of their Everett, Washington assets.  An
auction was scheduled for mid-June 2021.



TOWN & COUNTRY: Case Summary & 8 Unsecured Creditors
----------------------------------------------------
Debtor: Town & Country Partners LLC
        9501 W. 144th Place
        Suite 304
        Orland Park, IL 60462

Chapter 11 Petition Date: July 14, 2021

Court: United States Bankruptcy Court
       Northern District of Illinois

Case No.: 21-08430

Judge: Hon. Jacqueline P. Cox

Debtor's Counsel: Kevin Benjamin, Esq.
                  BENJAMIN LEGAL SERVICES PLC
                  1016 W. Jackson Blvd.
                  Chicago, IL 60607-2914
                  Tel: (312) 853-3100
                  Fax: (312) 577-1707
                  E-mail: attorneys@benjaminlaw.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Antonio Barnes, Mgr. Warburg Equities,
manager of Town & Country Partner.

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

https://www.pacermonitor.com/view/JRXNA2Q/Town__Country_Partners_LLC__ilnbke-21-08430__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's Eight Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Dynasty Holdings, LLC                                  $400,000
5403 S. LaGrange Road
Countryside, IL60525

2. Indian American Water                                   $75,000
650 Madison Street
Gary, IN 46402

3. Jordan and Morgan Estates                              $100,000
c/o Carlson Dash
216 S. Jefferson Street
Suite 504
Chicago, IL 60661

4. Nipsco                                                 $100,000
1261 Dakota Street
Gary, IN 46403

5. Pinnacle Asset                                         $750,000
Management, LLC
9501 W. 144th Place
Suite 304
Orland Park, IL 60462

6. Portgage Utility Services                               $30,000
6070 Central Avenue
Portage, IN 46368

7. Sage Workinger                                         $175,000
c/o Carlson Dash
216 S. Jefferson Street, Suite 504
Chicago, IL 60661

8. Toorak Capital Partners                              $7,200,000
15 Maple Street
Summit, NJ 07901


TRADER INTERACTIVE: Moody's Assigns First Time B3 CFR
-----------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating and
B3-PD Probability of Default Rating to Trader Interactive, LLC.
Moody's also assigned B3 senior secured ratings to the company's
proposed $410 million first lien term loan due 2028 and $35 million
revolving credit facility due 2026. The outlook is stable. This is
the first time Moody's has rated Trader Interactive.

carsales.com Ltd. ("carsales"), a global digital automotive
marketplace provider, is acquiring a 49% ownership stake in Trader
Interactive. The proceeds from the term loan will largely be used
to refinance Trader Interactive's existing debt and also partially
fund carsales' acquisition from Trader Interactive's existing
owners.

Assignments:

Issuer: Trader Interactive, LLC

Corporate Family Rating, Assigned B3

Probability of Default Rating, Assigned B3-PD

Senior Secured 1st Lien Term Loan B, Assigned B3 (LGD4)

Senior Secured 1st Lien Revolving Credit Facility, Assigned B3
(LGD4)

Outlook Actions:

Issuer: Trader Interactive, LLC

Outlook, Assigned Stable

RATINGS RATIONALE

Trader Interactive's B3 CFR rating is constrained by (1) Moody's
expectation that leverage (adjusted debt/EBITDA) will be sustained
at approximately 7x through 2022 (projected to be 6.9x for 2022E,
based on Moody's adjustments and projections); (2) its small scale
(revenue of $110 million); (3) risk of new entrants to the online
marketplace for recreational vehicles (RVs), powersport vehicles
(motorcycles, ATVs) and commercial trucks segments and potential
for increased competition from existing players in the industry;
and (4) risk of aggressive financial strategies under majority
private equity ownership, which is partially mitigated by the
significant ownership by carsales, a public company with a tendency
to maintain more moderate financial policies.

The company's rating benefits from (1) its solid market position as
one of the leading providers of online marketplaces for its three
segments; (2) high stability of operating results through
subscription-based recurring revenue from dealers and
manufacturers; (3) diversification in its target markets; (4) good
liquidity; and (5) strong margins.

The stable outlook reflects Moody's expectation that the company
will sustain stable operating results and gradually delever towards
7x.

Trader Interactive has good liquidity. Sources are approximately
$70 million compared to about $5 million of cash usage over the
next 12 months. Sources consist of $4 million of cash upon the
closing of the debt issuance transaction, full availability under
its $35 million revolving credit facility due July 2026, and
positive free cash flow of approximately $30 million. Trader
Interactive's cash usage consists of approximately $5 million of
mandatory term loan amortization. Trader Interactive's revolver has
a springing covenant which is triggered only when over 35% of the
revolver commitment is drawn. The financial covenant will be set to
have a 35% cushion on the Closing Date. Moody's do not expect this
covenant to be applicable in the next four quarters, but there
would be sufficient cushion for the covenant should it become
applicable. Trader Interactive has limited flexibility to boost
liquidity from asset sales.

As proposed the new credit facilities are expected to provide
covenant flexibility that if utilized could negatively impact
creditors. Notable terms include the following: (1) incremental
debt capacity up to the sum of (x) Closing Date EBITDA and the
Reallocated General Debt Basket Incremental Component (which is
defined as the Closing Date EBITDA), plus (y) additional amounts
subject to the Closing Date First Lien Net Leverage Ratio. Amounts
up to the Closing Date EBITDA plus any incremental term loans
incurred in the form of a one-year bridge loan may be incurred with
an earlier maturity date than the initial term loan; (2) the credit
agreement permits the designation of unrestricted subsidiaries,
however, there are blocker provisions which will prohibit the
transfer of specified assets to unrestricted subsidiaries; (3)
subsidiary guarantors are required to be wholly-owned and there are
provisions that prevent or restrict the releases of guarantees from
such subsidiaries if they cease to be wholly-owned; (4) there are
no express protective provisions prohibiting an up-tiering
transaction. The above are proposed terms and the final terms of
the credit agreement may be materially different.

Social considerations for Trader Interactive include the growing
consumer trend towards e-commerce and the digitalization of the
marketplaces for the sale of RVs, powersports equipment and
commercial trucks. Trader Interactive has adapted well to the
changing dynamics in the non-auto vehicle marketplace and continues
to be at the forefront of the industry.

The governance considerations Moody's make in Trader Interactive's
credit profile include the majority private-equity ownership and a
potential for an aggressive financial policy, including the
maintenance for high leverage and the potential for leveraged
dividends or acquisitions.

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

The ratings could be upgraded if there is a significant increase in
scale, if leverage is sustained below 6x (6.9x for 2022E, based on
Moody's projections) with the company maintaining at least adequate
liquidity.

The ratings could be downgraded if leverage is sustained above 8x
(6.9x for 2022E, based on Moody's projections), or if liquidity
deteriorates significantly, possibly due to a prolonged period of
negative free cash flow generation.

Headquartered in Norfolk, Virginia, Trader Interactive is a leading
provider of branded online marketplaces in the United States,
providing digital marketplace solutions for the recreational
vehicles (RV), powersports, commercial truck and equipment
industries. Revenue for the twelve months ended March 31, 2021 was
approximately $110 million. carsales.com will own 49% of Trader
Interactive. Goldman Sachs Asset Management, Eurazeo and Trader
Interactive's management team will collectively own the remaining
51% interest.

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


VANSH N MOKSH: Seeks to Hire Eric A. Liepins as Legal Counsel
-------------------------------------------------------------
Vansh N Moksh, Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Texas to hire Eric A. Liepins, P.C. to
serve as legal counsel in its Chapter 11 case.

The firm's hourly rates are as follows:

     Eric A. Liepins                    $275 per hour
     Paralegals and Legal Assistants    $30 - $50 per hour

The Debtor paid a retainer fee of $5,000 to the law firm, plus the
Chapter 11 filing fee.

Eric Liepins, Esq., the sole shareholder of the firm, disclosed in
a court filing that he is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Eric A. Liepins, Esq.
     Eric A. Liepins, P.C.
     12770 Coit Road, Suite 850
     Dallas, TX 75251
     Tel.: (972) 991-5591
     Fax: (972) 991-5788
     Email: eric@ealpc.com

                     About Vansh N Moksh Inc.

Vansh N Moksh, Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No.
21-40809) on May 28, 2021, listing $100,001 to $500,000 in both
assets and liabilities.  Judge Brenda T Rhoades presides over the
case.  Judge Brenda T. Rhoades oversees the case.  Eric A. Liepins,
P.C. represents the Debtor as legal counsel.


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

Headquartered in Denver, Colorado, VF Corporation is an
international apparel company.



VIDEO DISPLAY: Incurs $745K Net Loss in First Quarter
-----------------------------------------------------
Video Display Corporation filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $745,000 on $1.86 million of net sales for the three months
ended May 31, 2021, compared to a net loss of $8,000 on $3.71
million of net sales for the three months ended May 31, 2020.

As of May 31, 2021, the Company had $8.80 million in total assets,
$5.27 million in total liabilities, and $3.53 million in total
shareholders' equity.

The Company reported a net loss and a decrease in working capital
for the three month period ending May 31, 2021 primarily due to a
decrease in revenues in three of four divisions.  The Company did
have an increase in liquid assets for the three month period
primarily as a result of tight management of its resources.  The
Company has sustained losses for the last three of five fiscal
years and has seen overall a decline in working capital and liquid
assets during this five year period.  Annual losses over this time
are due to a combination of decreasing revenues across certain
divisions without a commensurate reduction of expenses.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/758743/000119312521213156/d196507d10q.htm

                        About Video Display

Headquartered in Cocoa, Florida, Video Display Corporation
manufactures and distributes a wide range of display devices,
encompassing, among others, industrial, military, medical, and
simulation display solutions.

Video Display reported net income of $812,000 for the year ended
Feb. 28, 2021, compared to a net loss of $1.21 million for the year
ended Feb. 29, 2020.  As of Feb. 28, 2021, the Company had $9.90
million in total assets, $5.63 million in total liabilities, and
$4.27 million in total shareholders' equity.

Peachtree Corners, Georgia-based Hancock Askew & Co., LLP, the
Company's auditor since 2017, issued a "going concern"
qualification in its report dated May 28, 2021, citing that the
Company has historically reported net losses or breakeven results
along with reporting low levels of working capital.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


WASHINGTON PRIME: Committee Taps Greenberg Traurig as Legal Counsel
-------------------------------------------------------------------
The official committee of unsecured creditors of Washington Prime
Group Inc. and its affiliates seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire
Greenberg Traurig, LLP as its legal counsel.

The firm's services include:

     (a) advising the committee with respect to its rights, duties
and powers in the Debtors' Chapter 11 cases;

     (b) assisting the committee in its consultations with the
Debtors in connection with the administration of the cases;

     (c) assisting the committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of the
Debtors, operation of the Debtors' businesses and the desirability
of continuing or selling such businesses or assets under Section
363 of the Bankruptcy Code, the formulation of a Chapter 11 plan,
and other matters relevant to the cases;

     (d) assisting the committee in analyzing the claims of
creditors and the Debtors' capital structure, and in negotiating
with holders of claims and equity interests;

     (e) advising and representing the committee in matters
generally arising in the Debtors' cases, including the sale of
assets and the rejection or assumption of executory contracts and
unexpired leases;

     (f) appearing before the bankruptcy court and any other
federal, state or appellate court;

     (g) preparing legal papers; and

     (h) performing other necessary legal services.

The firm's hourly rates are as follows:

     Shari L. Heyen     $1,425 per hour
     David B. Kurzweil  $1,425 per hour
     Nathan A. Haynes   $1,125 per hour
     Karl D. Burrer     $775 per hour
     Ryan Wagner        $950 per hour
     Matthew A. Petrie  $695 per hour
     Patrick Wu         $545 per hour
     Gail Jamrok        $450 per hour
     Sandy Bratton      $395 per hour

     Shareholders  $400 - $1,700 per hour
     Of Counsel    $370 - $1,605 per hour
     Associates    $230 - $940 per hour
     Paralegals    $120 - $495 per hour

Shari Heyen, Esq., a shareholder of Greenberg Traurig, disclosed in
a court filing that her firm is "disinterested" as defined in
Section 101(14) of the Bankruptcy Code.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Ms.
Heyen disclosed that:

     -- Greenberg Traurig has not agreed to any variations from, or
alternatives to, its standard or customary billing arrangements for
this engagement;

     -- none of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case;

     -- the firm has not represented the committee in the 12 months
prior to the Debtors' Chapter 11 filing; and

     -- the committee and Greenberg Traurig are developing a budget
and staffing plan given the expedited nature of these cases.

Greenberg Traurig can be reached through:

     Shari L. Heyen, Esq.
     Greenberg Traurig, LLP
     1000 Louisiana Street, Suite 1700
     Houston, TX 77002
     Direct: +1 713-374-3564
     Tel: +1 713-374-3500
     Fax: +1 713-374-3505
     Email: heyens@gtlaw.com

                    About Washington Prime Group

Washington Prime Group Inc. (NYSE: WPG) --
http://www.washingtonprime.com/-- is a retail REIT and a
recognized leader in the ownership, management, acquisition and
development of retail properties. It combines a national
realbestate portfolio with its expertise across the entire
shoppingbcenter 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 and its affiliates sought Chapter 11
protection (Bankr. S.D. Texas Lead Case No. 21-31948) on June 13,
2021. At the time of the filing, Washington Prime Group's property
portfolio consists of material interests in 102 shopping centers in
the United States totaling approximately 52 million square feet of
gross leasable area. The company operates 97 of the 102
properties.

As of March 31, 2021, Washington Prime Group had total assets of
$4.029 billion against total liabilities of $3.471 billion.

The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as lead bankruptcy counsel; Jackson Walker, LLP
as co-counsel; Alvarez & Marsal North America, LLC as restructuring
advisor; Guggenheim Securities, LLC as investment banker; Deloitte
Tax, LLP as tax services provider; and Ernst & Young, LLP as
auditor.  Prime Clerk LLC is the claims agent, maintaining the page
http://cases.primeclerk.com/washingtonprime   

SVPGlobal, the Debtors' lender, tapped Davis Polk & Wardwell, LLP
and Evercore Group, LLC as its legal counsel and investment banker,
respectively.

The U.S. Trustee for Region 6 appointed an official committee of
unsecured creditors in the Debtors' cases on June 25, 2021.  The
committee is represented by Greenberg Traurig, LLP.


WEBER-STEPHEN PRODUCTS: S&P Places 'B' ICR on Watch Positive
------------------------------------------------------------
S&P Global Ratings placed its ratings on Weber-Stephen Products
LLC, including its 'B' issuer credit rating, on CreditWatch with
positive implications.

S&P plans to resolve the CreditWatch once the IPO closes and it
knows how much of the proceeds will be used for debt repayment and
what Weber's financial policy will be.

Weber Inc., parent of Weber-Stephen Products LLC, filed an S-1 for
an IPO on the New York Stock Exchange. S&P believes it will use net
proceeds to repay an undermined amount of debt.

Per the filing, S&P expects the company's owners will retain at
least 50% ownership.

S&P said, "The CreditWatch placement follows Weber's S-1 filing,
which indicates it could undertake an IPO on the NYSE in the coming
months. The company has not specified expected proceeds, but we
believe a portion will be used to repay borrowings under its credit
facilities. Its total debt outstanding as of March 31, 2021, was
$1.2 billion with a trailing-12-months debt-to-EBITDA ratio of
4.6x. Leverage could approach 4x or lower depending on the amount
of IPO proceeds. We expect Weber-Stephen's owners would continue to
exert majority control and operate as a "controlled company" upon
completion of the IPO. Although the contemplated ownership
percentage hasn't been disclosed, we believe the controlling owners
will continue to dictate financial policy.

"We intend to resolve the CreditWatch upon IPO pricing, when we can
quantify the proceeds applied to debt repayment and assess the
company's future financial policy. We will also reassess our
recovery ratings on Weber-Stephen's senior secured debt once debt
reduction is confirmed. We could affirm our ratings or raise them
at least one notch (possibly two) to the extent proceeds are used
for debt repayment and the company commits to leverage at least
below 5x."



WEST DEPTFORD: S&P Lowers Sr. Secured Term Loan B Rating to 'B-'
----------------------------------------------------------------
S&P Global Ratings lowered its rating on West Deptford Energy
Holdings LLC's (WDE) senior secured term loan B and credit facility
to 'B-' from 'B+'. The '2' (70%-90%) recovery rating is unchanged,
though S&P revised its rounded estimate to 70% from 75% to indicate
its expectation for higher projected debt levels in a default
scenario.

The negative outlook reflects S&P's view that WDE's DSCR ratios
could drop below 1.10x on a sustained basis. This would most likely
occur if the project continues to face a soft market environment
and pricing fundamentals or weaker results from the December base
residual auction (BRA) that pressure its DSCRs and reduce its
potential cash sweeps, causing its level of debt outstanding at
maturity to exceed $379 million.

WDE is a 744-megawatt (MW) combined-cycle natural gas-fired power
plant in Gloucester County, N.J. It dispatches into the Eastern
Mid-Atlantic Area Council (EMAAC) zone of the PJM Interconnection.
The project is owned by LS Power Group (17.8%), Marubeni Corp.
(17.5%), Kansai Electric Power Co. Inc. (17.5%), ULLICO Group
(14.5%), Arctic Slope Regional Corp. (11.6%), Prudential & Lincoln
(11.1%), and Sumitomo Corp. (10%).

S&P said, "WDE could face further cash flow challenges. The PJM BRA
for EMAAC cleared at $97.86 per MW-day for the 2022/2023 delivery
year, which was lower compared to our expectation of $125 per
MW-day. Given the expiration of WDE's revenue put in 2020 and the
lower capacity prices, the project's reliance on its volatile
energy margins has increased. We expect the lower capacity prices
will likely negatively affect WDE's cash flow generation and
increase its amount of debt outstanding at maturity to $379
million, which is up from our previous expectation of $360
million-$370 million. Furthermore, we now forecast a minimum DSCR
of 0.93x in 2022 and an average DSCR of 1.10x over the life of the
project.

"The negative outlook on WDE reflects our view that its minimum
DSCRs could drop below 1.10x on a sustained basis. This could occur
if the project does not sweep any cash on the term loan in 2021 or
2022 or experiences deteriorating energy margins that cause its
amount of debt outstanding at maturity to exceed $379 million. At
present, we expect WDE's average DSCR to be about 1.10x over the
life of the project and a minimum DSCR of 0.93x in 2022 and
anticipate its power and capacity prices will not decline
materially from our current base-case assumptions. We expect the
project to pay down at least $25 million of its term loan prior to
the facility's maturity.

"We could consider lowering our rating on WDE's debt if we view its
capital structure as unsustainable. This would likely occur if the
project failed to sweep cash prior to maturity, such that its
expected DSCRs fall below 1.0x on a sustained basis, or if we
expect its amount of debt outstanding at maturity to exceed $379
million. This would likely be due to further mild weather,
continued COVID-19-related headwinds, a further deterioration in
its energy margins, unplanned operational outages, or materially
lower auction results in December.

"While we consider an upside scenario to be unlikely in the near
term, we could raise our rating on WDE's debt if its minimum DSCR
rises above 1.1x on a sustained basis in our base case, including
the refinancing period, and the project deleverages through its
cash flow sweep mechanism over the next several quarters. This
could occur due to an improved operational performance combined
with a strong secular rebound in power and capacity prices in the
PJM EMAAC zone."



WP CITYMD: S&P Hikes ICR to 'B' on Strong Demand; Outlook Stable
----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating to 'B' from
'B-'. The outlook is stable. S&P raised its issue-level rating on
the first-lien term loan to 'B' from 'B-'. The '3' recovery rating
indicates its expectation for meaningful (50%-70%; rounded
estimate: 55%) recovery in the event of a payment default.

S&P's stable outlook reflects its expectation of revenue growth in
the midteens percent area in 2021 and high-single-digit percent
area in 2022 leading to improving margins and solid cash flow
generation.

The company's revenues have significantly increased. Summit
Health's revenue rose a robust 89% in 2020, reflecting the 2019
merger of CityMD and Summit Health along with significant demand
for COVID-19-related testing and services at its CityMD's urgent
care facilities. S&P said, "Although we expect COVID-19-related
demand to moderate in the second half 2021 and 2022, we expect a
continued solid rebound at the company's multispecialty unit as
deferred office visits and some discretionary procedures return. We
also believe many patients who visited a CityMD facility for the
first time during the pandemic may return as repeat patients for
other medical services after having favorable experiences using
CityMD services."

S&P said, "We expect solid free operating cash flow generation in
2021 and 2022 comparable to other 'B' rated peers. We believe
Summit Health will sustain free operating cash flow to debt above
3% over the next two years driven by solid revenue growth and
improving margins. Excluding the repayment of CARES Act-related
deferred payroll taxes, we expect cash flow generation of about $75
million to $85 million annually in 2021 and 2022. The company
already repaid the CMS Medicare Advanced Payments in 2020.

"We expect the company to remain highly leveraged. Our forecast
estimates adjusted debt to EBITDA of between 5.0x-5.5x in 2021 and
2022. We believe Summit Health will continue to pursue inorganic
growth through a combination of acquisitions, joint ventures, and
new startups that may require the use of debt financing. We also
believe the company's financial sponsors would prioritize
shareholder returns over debt repayment."

Lingering effects from the COVID-19 pandemic with new variants
could adversely affect patient volume at its multi-specialty
facilities if elective procedures are postponed. Currently, S&P
expects volume to continue returning to normal levels as
inoculation rates rise and COVID-19 cases decline. Still, some
discretionary procedures may continue to experience soft volume in
2021 and 2022 if the new variants prolong the pandemic, and there
remains some avoidance of health care facilities.

S&P said, "The stable outlook reflects our expectations of solid
revenue growth in the high-single-digit to midteens percent areas
in 2021 and 2022 as the pandemic subsides. We expect improving
volume trends at its multi-specialty facilities aided by
acquisitions and new startups to offset moderating growth at the
company's urgent care facilities.

"We could lower the rating if the company is unable to successfully
integrate new facilities or acquisitions or if there are sizable
patient volume declines for an extended period resulting in
softer-than-expected revenue and cash flow generation. In such a
scenario we believe revenue and EBITDA margin could decline by more
than 300 basis points (bps), resulting in free operating cash flow
(FOCF) to debt below 3%.

"We could raise the ratings if the company continues to expand its
market presence and sustains adjusted debt to EBITDA leverage below
5x and free operating cash flow (FOCF) to debt above 7.5%. This
could happen if margins improve by 150 to 200 basis points above
our base case or through a combination of lower capital
expenditures or working capital needs."



WWEX UNI: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable
---------------------------------------------------------------
On July 13, 2021, S&P Global Ratings assigned its 'B-' issuer
credit rating to U.S.-based third-party logistics provider WWEX UNI
TopCo Holdings LLC. The outlook is stable.

S&P said, "At the same time, we assigned our 'B-' issue-level
rating to the company's proposed first-lien term loan and revolving
line of credit. The recovery rating is '3', indicating our
expectation for meaningful (50%-70%; rounded estimate: 55%)
recovery in the event of a payment default. We also assigned our
'CCC' issue-level rating to the company's second-lien term loan.
The recovery rating is '6', indicating our expectation for
negligible (0%-10%; rounded estimate: 0%) recovery in the event of
a payment default.

"The stable outlook reflects that although pro forma for the
transaction adjusted debt leverage will increase above our previous
expectations to about 7x, we assume the combined company will
continue its good operating performance in 2021, resulting in
improved debt to EBITDA in 2022."

WWEX is acquiring GlobalTranz Enterprises LLC (CCC+/Stable/--). The
proposed capital structure will include a $1.275 billion first-lien
term loan due 2026, $300 million second-lien term loan due 2028,
and $200 million revolving credit facility (undrawn at close) due
2029.

S&P said, "We assume WWEX will maintain stable profitability
following the acquisition. We forecast EBITDA margins will remain
stable in the high-single-digit percent area over the next several
years. This is somewhat of a decrease from WWEX margins on a
stand-alone basis, due to the increase in freight transportation
logistics pro forma for the acquisition, and susceptibility to spot
market prices. WWEX and GlobalTranz experienced a challenging first
half of 2020 as COVID-19 spread in the U.S. and spot market prices
tumbled, but volumes and spot market prices rebounded through the
latter part of the year. We expect this trend to continue through
2021. WWEX maintains a strong market position in the niche small
parcel space serving small and midsize businesses (SMBs), which
supports its profitability compared with the broader market. While
we view the barriers to entry in this segment as low, our forecast
assumes the company maintains its market position in its end
markets.

"We believe adjusted debt leverage will improve and funds from
operations (FFO) to debt will remain in the mid- to
high-single-digit percent area in 2021 and 2022.Pro forma for the
acquisition, we anticipate adjusted debt to EBITDA about 7x in
2021, an increase from 2020 debt leverage levels. However, we
assume improving credit measures with stable profitability. The
company may use working capital to support topline growth, but we
do not anticipate material intra-year swings. Pro forma, we expect
WWEX will remain asset-light with relatively low maintenance
capital expenditure requirements (estimated at less than 1% of
revenue), which should aid free operating cash flow (FOCF)
generation.

"We expect WWEX's franchise acquisition strategy of converting
franchise locations into company-owned facilities to continue.
WWEX's franchise acquisition strategy should continue to allow it
to capture a larger portion of its total systemwide revenue, versus
receiving royalty streams. Although not assumed in our near-term
base case, GlobalTranz's acquisitive history could result in
tuck-in acquisitions funded with internally generated cash. Over
the next several years, we assume the company will employ FOCF for
franchise and tuck-in acquisitions, rather than meaningful debt
reduction.

"The stable outlook on WWEX reflects that pro forma for the
transaction, good operating performance will continue; however
spot-market prices could moderate in 2022. In 2021, pro forma for
the transaction, we forecast debt to EBITDA above 6.5x and FFO to
debt of about 9%."

S&P could lower its rating on WWEX in the next 12 months if:

-- Revenue and margins deteriorated substantially, resulting in
negative free operating cash flow or constrained liquidity;

-- S&P viewed the capital structure as unsustainable; or

-- S&P believed the company were vulnerable and depended on
favorable business, financial, and economic conditions to meet its
financial commitments.

Although not expected, these could occur if the industry's
competitive dynamics shift such that WWEX were unable to renew its
agreement with United Parcel Service Inc. (UPS).

S&P could raise its rating on WWEX in the next 12 months if:

-- Its debt leverage remained comfortably below 6.5x for a
sustained period;

-- Its FFO-to-debt ratio remained above 9%; and

-- S&P believed the company's financial sponsor would allow it to
maintain this improvement. This could occur because of
stronger-than-expected revenue and cash flow due to
stronger-than-expected end-market demand that allowed management to
use free cash flow for debt reduction.



[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Theodore Roosevelt Williamson
   Bankr. D. Ariz. Case No. 21-05241
      Chapter 11 Petition filed July 7, 2021

In re Jerome Anthony Stefani and Anne Preston Stefani
   Bankr. C.D. Cal. Case No. 21-11687
      Chapter 11 Petition filed July 7, 2021
         represented by: Michael Jones, Esq.

In re Eric Seongwoo Seo
   Bankr. N.D. Ill. Case No. 21-08250
      Chapter 11 Petition filed July 7, 2021
         represented by: Gregory Stern, Esq.

In re Great Lakes Region Housing LLC
   Bankr. N.D. Ind. Case No. 21-30944
      Chapter 11 Petition filed July 7, 2021
         See
https://www.pacermonitor.com/view/SONTKRY/Great_Lakes_Region_Housing_LLC__innbke-21-30944__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Soo Hotels, Inc.
   Bankr. E.D. Mich. Case No. 21-45708
      Chapter 11 Petition filed July 7, 2021
         See
https://www.pacermonitor.com/view/YKQKSMY/Soo_Hotels_Inc__miebke-21-45708__0001.0.pdf?mcid=tGE4TAMA
         represented by: Robert Bassel, Esq.
                         Email: bbassel@gmail.com

In re Psalms Funeral Home, LLC
   Bankr. S.D. Tex. Case No. 21-32310
      Chapter 11 Petition filed July 7, 2021
         See
https://www.pacermonitor.com/view/DTRYQDI/Psalms_Funeral_Home_LLC__txsbke-21-32310__0001.0.pdf?mcid=tGE4TAMA
         represented by: Susan Tran Adams, Esq.
                         TRAN SINGH, LLP
                         E-mail: stran@ts-llp.com

xxx

In re Robert Nicholas Phan
   Bankr. C.D. Cal. Case No. 21-11705
      Chapter 11 Petition filed July 8, 2021
         represented by: Michael Jones, Esq.

In re Seawind, Inc.
   Bankr. D. Del. Case No. 21-10999
      Chapter 11 Petition filed July 8, 2021
         See
https://www.pacermonitor.com/view/5P53WMQ/Seawind_Inc__debke-21-10999__0001.0.pdf?mcid=tGE4TAMA
         represented by: Daniel K. Astin, Esq.
                         CIARDI CIARDI & ASTIN
                         E-mail: dastin@ciardilaw.com

In re Lifetime Warranty Administration Corporation
   Bankr. N.D. Ga. Case No. 21-55162
      Chapter 11 Petition filed July 9, 2021
         See
https://www.pacermonitor.com/view/K67SCSA/Lifetime_Warranty_Administration__ganbke-21-55162__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Boston Solutions, Inc.
   Bankr. S.D. Ind. Case No. 21-03158
      Chapter 11 Petition filed July 8, 2021
         See
https://www.pacermonitor.com/view/Z4ONZBI/Boston_Solutions_Inc__insbke-21-03158__0001.0.pdf?mcid=tGE4TAMA
         represented by: Morgan A. Decker, Esq.
                         RUBIN & LEVIN, P.C.
                         E-mail: mdecker@rubin-levin.net

In re Dusan Pittner
   Bankr. D. Mass. Case No. 21-11009
      Chapter 11 Petition filed July 8, 2021
         represented by: David Baker, Esq.

In re Laura Patricia Heras
   Bankr. D. Mass. Case No. 21-11005
      Chapter 11 Petition filed July 8, 2021

In re Serge Ohanes Karamoussayan
   Bankr. D. Mass. Case No. 21-11013
      Chapter 11 Petition filed July 8, 2021
         represented by: David Baker, Esq.

In re Hapnel Financial Group, Inc.
   Bankr. W.D.N.C. Case No. 21-30397
      Chapter 11 Petition filed July 8, 2021
         See
https://www.pacermonitor.com/view/V3J2RMA/Hapnel_Financial_Group_Inc__ncwbke-21-30397__0001.0.pdf?mcid=tGE4TAMA
         represented by: Robert Lewis, Jr., Esq.
                         THE LEWIS LAW FIRM, P.A.
                         E-mail: rlewis@thelewislawfirm.com

In re Nex Level Transport, Inc.
   Bankr. W.D.N.C. Case No. 21-30400
      Chapter 11 Petition filed July 9, 2021
         See
https://www.pacermonitor.com/view/TMPW3II/Nex_Level_Transport_Inc__ncwbke-21-30400__0001.0.pdf?mcid=tGE4TAMA
         represented by: Matthew A. Winer, Esq.
                         HAMILTON STEPHENS STEELE + MARTIN, PLLC
                         E-mail: mwiner@lawhssm.com

xxx

In re Richard H. Conant and Ruth H. Conant
   Bankr. D. Md. Case No. 21-14540
      Chapter 11 Petition filed July 9, 2021
         represented by: Richard Rosenblatt, Esq.

In re Justin L. Heinzler and Kara N. Heinzler
   Bankr. W.D. Mo. Case No. 21-40858
      Chapter 11 Petition filed July 9, 2021
         represented by: Elizabeth S. Lynch, Esq.
                         LYNCH SHARP & ASSOCIATES, LLC

In re Christopher Chwirut
   Bankr. M.D. Tenn. Case No. 21-02095
      Chapter 11 Petition filed July 9, 2021
         represented by: Henry Hildebrand, Esq.
                         DUNHAM HILDEBRAND, PLLC

xxx

In re Bradley Cutlip and Tara Cutlip
   Bankr. D. Ariz. Case No. 21-05357
      Chapter 11 Petition filed July 12, 2021
         represented by: Joseph Urtuzuastegui, Esq.

In re Omer Kassa
   Bankr. N.D. Cal. Case No. 21-50923
      Chapter 11 Petition filed July 12, 2021
         represented by: Arasto Farsad, Esq.

In re Sebsen Electric, LLC
   Bankr. M.D. Fla. Case No. 21-03626
      Chapter 11 Petition filed July 12, 2021
         See
https://www.pacermonitor.com/view/5MBLDWY/Sebsen_Electric_LLC__flmbke-21-03626__0001.0.pdf?mcid=tGE4TAMA
         represented by: Buddy D. Ford, Esq.
                         BUDDY D. FORD, P.A.
                         E-mail: All@tampaesq.com

In re Copper Mechanical, Inc.
   Bankr. E.D.N.Y. Case No. 21-41797
      Chapter 11 Petition filed July 12, 2021
         See
https://www.pacermonitor.com/view/V4AHBJQ/Copper_Mechanical_Inc__nyebke-21-41797__0001.0.pdf?mcid=tGE4TAMA
         represented by: Alla Kachan, Esq.
                         LAW OFFICES OF ALLA KACHAN, P.C.
                         E-mail: alla@kachanlaw.com

In re Black Forge Coffee, LLC
   Bankr. W.D. Pa. Case No. 21-21594
      Chapter 11 Petition filed July 12, 2021
         See
https://www.pacermonitor.com/view/T5CQICY/Black_Forge_Coffee_LLC__pawbke-21-21594__0001.0.pdf?mcid=tGE4TAMA
         represented by: Salene Kraemer, Esq.
                         BERNSTEIN-BURKLEY, P.C.
                         E-mail: skraemer@bernsteinlaw.com

In re Black Forge Coffee McKees Rocks, LLC
   Bankr. W.D. Pa. Case No. 21-21595
      Chapter 11 Petition filed July 12, 2021
         See
https://www.pacermonitor.com/view/QAWZBTI/Black_Forge_Coffee_McKees_Rocks__pawbke-21-21595__0001.0.pdf?mcid=tGE4TAMA
         represented by: Salene Kraemer, Esq.
                         BERNSTEIN-BURKLEY, P.C.
                         E-mail: skraemer@bernsteinlaw.com

In re Harris CRC, Inc.
   Bankr. N.D. Tex. Case No. 21-20161
      Chapter 11 Petition filed July 12, 2021
         See
https://www.pacermonitor.com/view/IXLB5JI/Harris_CRC_Inc__txnbke-21-20161__0001.0.pdf?mcid=tGE4TAMA
         represented by: Patrick A. Swindell, Esq.
                         SWINDELL LAW FIRM

In re Michael David Harris
   Bankr. N.D. Tex. Case No. 21-20162
      Chapter 11 Petition filed July 12, 2021
         represented by: Patrick Swindell, Esq.

In re Peter Johannesen, Jr.
   Bankr. N.D. Tex. Case No. 21-31273
      Chapter 11 Petition filed July July 12, 2021
         represented by: Robert DeMarco, Esq.

In re SCM Dallas, LLC
   Bankr. N.D. Tex. Case No. 21-31271
      Chapter 11 Petition filed July 12, 2021
         See
https://www.pacermonitor.com/view/6GRQG2A/SCM_Dallas_LLC__txnbke-21-31271__0001.0.pdf?mcid=tGE4TAMA
         represented by: Stephen A. Roberts, Esq.
                         CLARK HILL PLC
                         E-mail: sroberts@clarkhill.com

In re Leonard Carl England
   Bankr. E.D. Wash. Case No. 21-00909
      Chapter 11 Petition filed July 12, 2021
         represented by: Dan ORourke, Esq.

In re Lopa Ahmed
   Bankr. C.D. Cal. Case No. 21-15662
      Chapter 11 Petition filed July 13, 2021
         represented by: Thomas Ure, Esq.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
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